2023-12-18 10:31Financial Performance - The company's revenue increased by 20.9% to approximately RMB 7,471.7 million for the first half of the 2023/24 fiscal year[8]. - Profit attributable to equity shareholders rose by 25.1% to approximately RMB 918.6 million[8]. - Operating profit rose by 30.2% to approximately RMB 1,231.0 million, with an operating margin of 16.5%[117]. - The company reported a total comprehensive income of RMB 859,855 thousand for the period, compared to RMB 504,144 thousand in the previous year, marking a growth of 70.5%[170]. - The profit before tax for the six months ended September 30, 2023, was RMB 1,300,534,000, representing a 29.0% increase from RMB 1,007,195,000 in 2022[194]. - The company reported a net loss of RMB 11.9 million from its joint ventures and associates as of September 30, 2023[109]. - The company incurred a foreign exchange loss of RMB 67,033 thousand from overseas operations during the period[176]. Revenue Breakdown - The brand down jacket business generated revenue of approximately RMB 4,939.7 million, accounting for 66.1% of total revenue, with a year-on-year increase of 28.1%[14]. - The women's wear business recorded revenue of approximately RMB 392.7 million, representing a year-on-year increase of 15.4%[14]. - The OEM/ODM business generated approximately RMB 2,042.9 million in revenue for the first half of the 2023/24 fiscal year, accounting for 27.3% of total revenue, representing a 7.8% increase year-over-year[70]. - The diversified clothing business segment generated revenue of approximately RMB 96.4 million, representing a year-on-year growth of 9.8%[93]. - The school uniform business under the brand "Saimite" achieved revenue of approximately RMB 85.1 million, an increase of 11.7% compared to the same period last year[100]. Product Innovation and Development - The company launched functional products such as sun-protective clothing in the spring/summer of 2023, successfully expanding its product offerings[17]. - The brand launched a new line of sun-protective clothing in Spring/Summer 2023, which received positive consumer feedback due to its innovative fabric and stylish design[20]. - Bosideng launched a new generation of lightweight down jackets, redefining the product with cross-disciplinary designs and materials, enhancing versatility and style for consumers[41]. - The company introduced a three-in-one down jacket, featuring a breathable design and advanced moisture-wicking technology, catering to the growing outdoor sports market[43]. - The upgraded sun protection clothing series utilizes Tri-Tech+ fabric technology, maintaining UPF100+ after hundreds of washes, ensuring long-lasting sun protection[45]. Brand Development and Marketing - The company continues to focus on brand development and was ranked 47th in the Brand Finance "Global 50 Most Valuable Apparel Brands" list[18]. - The company continues to enhance its brand image through various consumer engagement initiatives and marketing campaigns[19]. - The group has developed a cross-channel membership system that enhances user engagement and reduces customer acquisition costs[36]. - The company is actively expanding its business in Greater China through partnerships and collaborations with celebrities and KOLs to enhance brand exposure[108]. Operational Efficiency and Management - The company aims to enhance its operational efficiency through improved store management and channel structure[17]. - In the first half of the 2023/24 fiscal year, Bosideng's inventory turnover days decreased to 160 days, down by 21 days compared to the same period in 2022[24]. - The company maintained a low initial order ratio of approximately 40% and implemented a pull-based replenishment mechanism, enhancing inventory management and sales responsiveness[27]. - The group has implemented advanced algorithms in logistics to maximize service efficiency while maintaining reasonable costs, significantly enhancing user experience[32]. Awards and Recognitions - Bosideng received multiple industry recognitions, including the "Favorite Chinese Brand" award from the China National Brand Network in the first half of the fiscal year[19]. - The group has been recognized as a "Standard Leader" in down jackets for four consecutive years by the National Market Supervision Administration[38]. - The group has received multiple design awards, including the ISPO Award and Red Dot Design Award, for its innovative products in the first half of the fiscal year[39]. Financial Position and Investments - As of September 30, 2023, the group had cash and cash equivalents of approximately RMB 2,807.8 million, with net cash used in operating activities of approximately RMB 585.5 million and net cash generated from investing activities of approximately RMB 1,161.2 million[125]. - The group's bank borrowings amounted to approximately RMB 918.4 million as of September 30, 2023, an increase from RMB 770.4 million as of March 31, 2023, with a debt-to-equity ratio of 21.6%[127]. - The company completed the acquisition of non-controlling interests in Jesse Group, resulting in a payment of RMB 14,157 thousand[180]. Employee and Talent Development - The group employed 11,929 full-time employees, a decrease of 254 from March 31, 2023[139]. - The company has successfully cultivated 736 outstanding university students, 112 backup managers, 37 backup directors, and 18 backup retail general managers through its "Eagle System" talent development program[153]. - The group aims to enhance its brand influence and attract top university graduates through initiatives like the "Million Annual Salary Plan" and the "Eagle Plan" for campus recruitment[139]. Future Outlook - The company plans to continue expanding its market presence and product offerings in the upcoming fiscal year[186]. - The company expects to see continued growth in the second half of the fiscal year, driven by seasonal demand for down jackets[188].