Financial Performance - Total revenue for the six months ended December 31, 2022, was RMB 2,360.0 million, a decrease of 5.0% compared to RMB 2,484.7 million for the same period in 2021[9]. - Gross profit for the same period was RMB 1,526.2 million, down 3.0% from RMB 1,573.8 million in 2021[10]. - Operating profit decreased by 15.7% to RMB 517.3 million from RMB 613.8 million year-on-year[10]. - Net profit for the six months was RMB 371.7 million, a decline of 16.2% compared to RMB 443.8 million in the previous year[10]. - The revenue from the mature brand JNBY decreased by 4.8% or RMB 68.7 million, while the growth brand segment saw a decline of 5.6%[21]. - The net profit for the first half of fiscal year 2023 was RMB 371.7 million, a decrease of 16.2% or RMB 72.1 million from RMB 443.8 million in the same period of fiscal year 2022, with a net profit margin dropping from 17.9% to 15.8%[26]. - The profit before tax decreased from RMB 614.6 million in the first half of fiscal year 2022 to RMB 514.5 million in the first half of fiscal year 2023, a decline of 16.3%[28]. - Basic earnings per share for the period were RMB 0.74, down from RMB 0.89 in the same period last year[63]. - The profit attributable to shareholders for the six months ended December 31, 2022, was RMB 371,716,000, a decrease of 16.3% compared to RMB 443,836,000 for the same period in 2021[94]. Margins and Ratios - The company maintained a gross profit margin of 64.7%, up from 63.3% in the previous year[12]. - Operating profit margin decreased to 21.9% from 24.7% year-on-year[12]. - Net profit margin also declined to 15.8% from 17.9% in the previous year[12]. - The company's asset-liability ratio improved to 56.1% from 58.9% year-on-year[12]. Cash Flow and Liquidity - Cash flow from operating activities decreased significantly by 49.9% to RMB 387.4 million from RMB 772.8 million[11]. - The net cash inflow from operating activities in the first half of fiscal year 2023 was RMB 387.4 million, a decrease of 49.9% from RMB 772.8 million in the first half of fiscal year 2022[29]. - The company incurred a net cash outflow from financing activities of RMB 338,227 thousand, compared to RMB 706,964 thousand in the previous year, indicating a reduction in financing costs[70]. - The total cash and cash equivalents at the end of the period was RMB 657,787 thousand, a decrease of 23% from RMB 853,180 thousand at the end of the previous year[70]. Store Expansion and Membership - The number of independent retail stores increased from 1,956 as of June 30, 2022, to 2,004 as of December 31, 2022[13]. - Membership accounts exceeded 6.4 million as of December 31, 2022, up from over 5.9 million on June 30, 2022, with active members contributing over 80% of total retail sales[20]. - As of December 31, 2022, the total number of independent retail stores globally reached 2,004, an increase from 1,956 on June 30, 2022, representing a growth of 2.4%[14]. Expenses - Sales and marketing expenses for the first half of fiscal year 2023 were RMB 817.5 million, representing 34.6% of total revenue, an increase from 32.1% in the previous year[25]. - Administrative expenses rose to RMB 211.7 million in the first half of fiscal year 2023, accounting for 9.0% of total revenue, compared to 7.7% in the previous year[25]. - The total employee cost for the first half of fiscal year 2023 was RMB 201.9 million, representing 8.6% of revenue, compared to 7.1% in the first half of fiscal year 2022[34]. Corporate Governance - The company adhered to all applicable provisions of the corporate governance code during the six months ended December 31, 2022[41]. - The company continues to review and monitor its corporate governance practices to ensure compliance with the corporate governance code[41]. - The company has established a standard code for securities trading by directors, which was adhered to during the reporting period[42]. Shareholder Information - The board declared an interim dividend of HKD 0.30 per share, approximately RMB 0.27 per share, expected to be paid on April 20, 2023[39]. - Directors and senior management held a total of 320,681,000 shares, representing 61.82% of the company[47]. - Credit Suisse Trust Limited holds 308,881,000 shares, representing 59.54% of the company's issued shares[50]. - Ninth Capital Limited owns 154,100,000 shares, equivalent to approximately 29.71% of the company's issued shares[50]. - The company paid dividends amounting to RMB 259,004 thousand, a decrease of 44% compared to RMB 459,613 thousand in the previous year[70]. Assets and Liabilities - As of December 31, 2022, the company's cash and cash equivalents amounted to RMB 657.8 million, an increase from RMB 591.7 million as of June 30, 2022[29]. - Total liabilities amounted to RMB 2,332,763 thousand, up from RMB 2,214,870 thousand, indicating a growth of 5.30%[64]. - The company’s lease liabilities increased to RMB 440,687 thousand, up from RMB 342,658 thousand, reflecting a growth of 28.60%[64]. - The total number of restricted shares granted under the restricted share plan is capped at 70,000,000 shares, valid until June 30, 2029[53]. Future Outlook - The company plans to optimize its designer brand portfolio through self-incubation or acquisitions, enhancing design and R&D capabilities[37]. - The company plans to continue its market expansion and product development strategies to enhance future growth prospects[71]. - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[97].
江南布衣(03306) - 2023 - 中期财报