Financial Performance - Total revenue for the six months ended December 31, 2023, was RMB 2,975.5 million, an increase of 26.1% compared to RMB 2,360.0 million for the same period in 2022[9]. - Gross profit for the same period was RMB 1,947.7 million, reflecting a growth of 27.6% from RMB 1,526.2 million year-on-year[9]. - Operating profit increased by 55.2% to RMB 803.1 million, up from RMB 517.3 million in the previous year[9]. - Net profit rose by 54.5% to RMB 574.1 million, compared to RMB 371.7 million for the same period last year[9]. - Cash flow from operating activities increased significantly by 173.5% to RMB 1,059.7 million, up from RMB 387.4 million[9]. - The company reported total comprehensive income of RMB 577,126 thousand, compared to RMB 375,802 thousand in the same period last year, an increase of about 53%[57]. - Basic earnings per share rose to RMB 1.14, compared to RMB 0.74 in the prior year, showing a 54% increase[57]. - The company's profit attributable to shareholders for the six months ended December 31, 2023, was RMB 574,121,000, representing a 54.5% increase from RMB 371,716,000 in the same period of 2022[90]. Operational Efficiency - The company’s gross margin improved to 65.5%, up from 64.7% in the previous year[9]. - The operating margin increased to 27.0%, compared to 21.9% in the prior year[9]. - The net profit margin rose to 19.3%, up from 15.8% year-on-year[9]. - Sales and marketing expenses for the first half of fiscal year 2024 were RMB 926.3 million, representing 31.1% of total revenue, a decrease from 34.6% in the previous year, indicating improved operational efficiency[22]. - The total operating expenses for the six months ended December 31, 2023, were RMB 1,172,462 thousand, compared to RMB 1,042,710 thousand in 2022, representing an increase of approximately 12.4%[81]. Retail Expansion - The number of independent retail stores increased from 1,990 as of June 30, 2023, to 2,036 as of December 31, 2023[11]. - The comparable store sales for offline retail stores recorded a growth of 23.9% in the first half of fiscal year 2024, driven by strategic investments in store image upgrades and the introduction of new retail concepts[16]. - The revenue from the mature brand JNBY increased by 24.0%, amounting to RMB 328.6 million, while the growth brands collectively saw a revenue increase of 29.7%[18]. Cash and Assets - Cash and cash equivalents as of December 31, 2023, amounted to RMB 1,093.3 million, up from RMB 525.1 million as of June 30, 2023[26]. - Total assets amounted to RMB 4,529,440 thousand, an increase from RMB 4,065,827 thousand as of June 30, 2023, representing a growth of approximately 11.4%[58]. - Current assets increased to RMB 2,852,977 thousand from RMB 2,222,646 thousand, reflecting a significant rise of approximately 28.4%[58]. - The company’s cash reserves for statutory surplus reserves were RMB 241,000 as of December 31, 2023, compared to RMB 249,000 as of June 30, 2023, showing a decrease of approximately 3.2%[105]. Corporate Governance - The company has adopted the corporate governance code as per the Hong Kong Stock Exchange's listing rules and has complied with all applicable provisions during the six months ending December 31, 2023[36]. - The audit committee, consisting of three independent non-executive directors, has reviewed the unaudited interim results for the six months ending December 31, 2023[38]. - The company will continue to review and monitor its corporate governance practices to ensure compliance with the governance code[36]. Dividends - The board declared an interim dividend of HKD 0.46 per share (approximately RMB 0.42) for the six months ended December 31, 2023[33]. - A special interim dividend of HKD 0.39 per share (approximately RMB 0.36) was also declared to celebrate the company's 30th anniversary[34]. - The final dividend paid for the six months ended December 31, 2023, was RMB 322,591,350, compared to RMB 259,004,000 for the same period in 2022, reflecting a 24.6% increase[91]. Shareholder Information - Wu Jian and Li Lin each hold 318,458,000 shares, representing 61.39% of the company, as beneficiaries of a trust[41]. - Wu Huateng holds 9,694,000 shares, representing 1.87% of the company, as a beneficial owner[41]. - Cititrust Private Trust (Cayman) Limited holds 309,258,000 shares, representing 59.62% of the company, as a trustee[44]. - The company has adopted a restricted share plan with a total of 70,000,000 shares, not exceeding 13.5% of the issued shares, effective until June 30, 2029[47]. Financial Risk Management - The company’s financial risk management includes assessing the impact of economic changes on fair value estimates, particularly regarding interest rates and inflation[74]. - The fair value of financial assets measured at fair value as of December 31, 2023, totaled RMB 252,290 thousand, with RMB 181,976 thousand classified as Level 3 instruments[75].
江南布衣(03306) - 2024 - 中期财报