Financial Performance - For the six months ended June 30, 2022, the company's revenue was RMB 2,895,977 thousand, a decrease of 5.93% compared to RMB 3,078,375 thousand in 2021[9]. - Gross profit for the same period was RMB 2,167,467 thousand, down 4.19% from RMB 2,262,198 thousand in 2021[9]. - Net profit decreased by 7.86% to RMB 257,742 thousand from RMB 279,737 thousand in the previous year[9]. - Basic earnings per share for the six months ended June 30, 2022, was RMB 41.8, reflecting a decline of 7.89% from RMB 38.5 in 2021[9]. - Profit before tax decreased to RMB 293,754 thousand from RMB 331,966 thousand, representing a decline of 11.5% year-on-year[61]. - Net profit for the period was RMB 257,742 thousand, compared to RMB 279,737 thousand in the previous year, indicating a decrease of 7.9%[63]. - The overall gross profit margin slightly increased to 74.84% from 73.49% in the first half of 2021[31]. - The company’s total comprehensive income for the period was RMB 260,552,000, reflecting a positive performance despite the challenges faced[67]. Revenue Breakdown - Revenue from directly operated retail stores decreased by 6.74% to RMB 2,279.81 million from RMB 2,444.58 million in the first half of 2021[23]. - Revenue from distributors decreased by 28.42% to RMB 162.23 million from RMB 226.63 million in the first half of 2021[23]. - Revenue from e-commerce platforms increased by 14.88% to RMB 443.40 million from RMB 385.98 million in the first half of 2021[23]. - The main brand Koradior saw a revenue decrease of 9.47% to RMB 1,013.76 million from RMB 1,119.85 million in the first half of 2021[29]. - Direct retail store revenue was RMB 2,279,809 thousand, down 6.7% from RMB 2,444,579 thousand in 2021[75]. - Wholesale revenue to distributors decreased by 28.4% to RMB 162,225 thousand from RMB 226,631 thousand in 2021[75]. - E-commerce platform revenue increased by 15% to RMB 443,399 thousand compared to RMB 385,984 thousand in the previous year[75]. Assets and Liabilities - As of June 30, 2022, the total current assets of the group were RMB 2,422.76 million, a decrease from RMB 2,616.10 million as of December 31, 2021[37]. - The company's asset-liability ratio as of June 30, 2022, was 10.22%, compared to 12.49% in the previous year[9]. - Total assets as of June 30, 2022, amounted to RMB 6,060,720 thousand, compared to RMB 6,232,067 thousand as of December 31, 2021[64]. - Current liabilities totaled RMB 1,495,245 thousand, down from RMB 1,634,022 thousand, indicating a decrease of 8.5%[64]. - The company's total issued share capital remained at 704,050,000 shares as of June 30, 2022, with a nominal value of RMB 5,766,000[100]. - The total number of retail stores decreased from 2,041 on January 1, 2022, to 2,023 on June 30, 2022[23]. Cash Flow and Financing - The net cash inflow from operating activities for the period was RMB 980.82 million, representing a 27.12% increase compared to RMB 771.55 million for the six months ended June 30, 2021[38]. - Operating cash flow for the six months ended June 30, 2022, was RMB 1,075,543,000, representing a 26.5% increase compared to RMB 850,850,000 for the same period in 2021[69]. - The company reported a net cash outflow from investing activities of RMB 316,843,000, an improvement from RMB 444,599,000 in the previous year[69]. - Financing activities resulted in a net cash outflow of RMB 924,864,000, compared to RMB 367,278,000 in the prior year, indicating increased financial strain[69]. - The company reported a significant increase in bank interest income to RMB 736 thousand from RMB 420 thousand in 2021[76]. Operational Efficiency - The inventory turnover days increased to 222.78 days from 184.11 days, indicating potential challenges in inventory management[18]. - The company is actively pursuing innovation projects in product management and supply chain integration, aiming to enhance operational efficiency[19]. - Operating expenses decreased by 1.57% to RMB 1,902.53 million from RMB 1,932.88 million in the first half of 2021[32]. - The company aims to continue product innovation and brand communication to meet customer needs and enhance brand appeal[7]. Shareholder Information - Major shareholders include Koradior Investments Limited with 269,715,000 shares (38.31% of issued share capital) and Apex Noble Holdings Limited with 198,713,195 shares (28.22% of issued share capital)[56]. - The company has adopted a share award scheme, granting a total of 40,973,000 award shares, with the first tranche of 8,058,200 shares (approximately 1.18% of total issued shares) vesting on May 15, 2020[49][50]. - The company aims to retain existing participants and recruit additional participants through the share award scheme, aligning with long-term business goals[49]. Awards and Recognition - The company received the "2022 Annual Competitive Advantage Enterprise" award from the China National Textile and Apparel Council, highlighting its brand strength[20]. - The company was included in several Hang Seng indices effective September 5, 2022, which is expected to enhance shareholder base and liquidity[44].
赢家时尚(03709) - 2022 - 中期财报