滔搏(06110) - 2024 - 中期财报

Financial Performance - Revenue for the six months ended August 31, 2023, reached RMB 14,176.5 million, a 7.3% increase from RMB 13,218.0 million in 2022[4] - Gross profit for the same period was RMB 6,340.8 million, with a gross margin of 44.7%, down from 45.6% in the previous year[4] - Operating profit increased to RMB 1,725.9 million, representing an operating margin of 12.2%, compared to 12.0% in 2022[4] - Profit attributable to equity holders rose to RMB 1,337.2 million, with a profit margin of 9.4%, up from 8.7% in the prior year[4] - Basic and diluted earnings per share increased to RMB 21.56, compared to RMB 18.47 in the previous year[4] - Revenue for the first half of the fiscal year 2023/24 increased by 7.3% year-on-year to RMB 14,176.5 million[11] - Retail business revenue grew by 8.8% year-on-year to RMB 11,987.7 million, driven by demand recovery and marketing activities[11] - Core operating profit (excluding other income) rose by 22.9% year-on-year to RMB 1,679.7 million, with a core operating profit margin of 11.8%[12] - Profit attributable to equity holders increased by 16.7% year-on-year to RMB 1,337.2 million, with a profit margin of 9.4%[12] - Cash generated from operating activities increased by 57.8% year-on-year to RMB 2,550.8 million, 1.9 times the profit attributable to equity holders[17] Inventory and Receivables Management - Inventory decreased by 10.1% compared to August 31, 2022, and the average inventory turnover period decreased by 26.7 days to 140.9 days[17] - The average trade receivables turnover period improved to 14.8 days from 16.4 days in 2022[4] - Trade receivables increased to RMB 1,230.6 million as of August 31, 2023, up 15.9% from RMB 1,061.2 million as of February 28, 2023[132] Store Operations - The number of stores decreased by 10.4% year-on-year to 6,209, while total sales area decreased by 3.5%[18] - Same-store sales growth was driven by improved new product sales, contributing to a healthier retail environment[11] - Rental cost ratio decreased by 0.5 percentage points to 13.3% due to improved store efficiency[19] Employee and Cost Management - Total employee count decreased by 8.7% year-on-year to 29,896, with a quarter-on-quarter decline of 3.5%[25] - The employee cost ratio decreased by 1.3 percentage points year-on-year to 10.0%, despite an increase in average employee costs[25] - Total employee costs for the six months ended August 31, 2023, amounted to RMB 1,413.4 million, accounting for 10.0% of total revenue, down from 11.3% in the previous year[66] Cash and Financial Health - The company reported significant growth in bank balances and cash compared to the previous year, indicating improved financial health[9] - As of August 31, 2023, the company held cash and cash equivalents totaling RMB 3,394.2 million, resulting in a net cash position of RMB 2,554.2 million after deducting short-term borrowings[58] - Cash generated from operating activities increased to RMB 2,680.7 million, up from RMB 2,133.7 million, reflecting a growth of 25.7%[93] - The company's total liabilities decreased to RMB 5,528.9 million from RMB 6,987.1 million, a reduction of approximately 21%[86] Strategic Initiatives - The company expanded its brand collaboration matrix, including partnerships with "HOKA ONE ONE" and "Kailas" to enhance product offerings[9] - Investment was made in professional ski equipment retailer "Cold Mountain" and outdoor content organization "Mounster" to diversify product categories[9] - The company is focusing on innovative business models and services to cater to the interests of the younger consumer demographic[31] - Future strategies include focusing on user engagement, global retail, and innovative business models to ensure long-term growth[40] Market Environment - The overall economic environment in China showed a GDP growth of 5.5% in the first half of 2023, supporting consumer demand recovery[7] - The overall consumption environment is recovering, and the company remains optimistic about future market demand[38] Corporate Governance - The company has adopted the corporate governance code as its own governance practices and has complied with all applicable code provisions except for one[150] - The audit committee, consisting of three independent non-executive directors, has reviewed the financial reporting procedures and internal control systems, discussing the interim financial data for the six months ending August 31, 2023[154] Dividends and Shareholder Information - The interim dividend declared is RMB 0.16 per share, with a payout ratio of 74.2%, up from 70.4% in the previous year[17] - The company declared an interim dividend of RMB 0.16 per share for the year ending February 29, 2024, totaling RMB 992.2 million[125] - The major shareholder HHBH Investment, L.P. holds 34.89% of the company's shares, totaling 2,163,605,107 shares[145]