滔搏(06110) - 2024 - 年度业绩

Financial Performance - Total revenue for the year ended February 29, 2024, was RMB 28,933.2 million, an increase of 6.9% from RMB 27,073.2 million in the previous year[3]. - Gross profit for the same period was RMB 12,080.8 million, up from RMB 11,284.2 million, resulting in a gross margin of 41.8% compared to 41.7%[3]. - Operating profit increased to RMB 2,786.5 million, representing a growth of 14.7% from RMB 2,430.9 million, with an operating margin of 9.6%[3]. - Profit attributable to equity holders of the company rose to RMB 2,213.0 million, a 20.5% increase from RMB 1,836.6 million, leading to an earnings per share of RMB 35.69, up from RMB 29.62[4]. - The cost of goods sold amounted to RMB 16,816.2 million, up 6.6% from RMB 15,773.2 million in the prior year[23]. - Total income tax expense for the year ended February 29, 2024, was RMB 547.9 million, compared to RMB 485.8 million for the previous year, indicating an increase of approximately 12.8%[8]. - Basic earnings per share rose to RMB 35.69 for the year ended February 29, 2024, up from RMB 29.62 in the previous year, reflecting an increase of about 20.5%[28]. - Profit attributable to equity holders increased by 20.5% year-on-year to RMB 2,213.0 million, with a profit margin improvement of 0.8 percentage points to 7.6%[42]. Dividends and Shareholder Returns - The company declared a total dividend of RMB 36.00 cents per share, including a special dividend of RMB 15.00 cents, consistent with the previous year[3]. - The company plans to distribute a total dividend of RMB 0.36 per share for the fiscal year ending February 29, 2024, with a payout ratio of 100.9%[45]. - The board of directors proposed a final dividend of RMB 0.05 per share, totaling RMB 310.1 million, consistent with the previous year[91]. - A special dividend of RMB 0.15 per share was also proposed, amounting to RMB 930.2 million, unchanged from the prior year[91]. - The actual exchange rate for dividends paid in HKD is RMB 1.00 = HKD 1.0648, resulting in a final dividend of HKD 0.0532 and a special dividend of HKD 0.1597 per share[91]. Cash Flow and Financial Position - The company's operating cash flow for the year ended February 29, 2024, was RMB 3,729.4 million, a decrease of 29% from RMB 5,241.5 million for the year ended February 28, 2023[11]. - Net cash position maintained, with no significant debt, reflecting a strong balance sheet[3]. - The company reported a net financing cash outflow of RMB 3,332.3 million, slightly improved from RMB 3,440.3 million in the previous year[11]. - The company's cash and cash equivalents at the end of the year were RMB 1,956.0 million, down from RMB 2,357.4 million at the end of the previous year[11]. - As of February 29, 2024, the company maintained a net cash position of RMB 1,362.0 million, down from RMB 2,098.4 million in 2023[85]. Inventory and Asset Management - Inventory turnover period decreased to 136.1 days from 149.5 days, reflecting improved inventory management[3]. - The company's inventory as of February 29, 2024, was RMB 6,283.8 million, slightly up from RMB 6,247.3 million as of February 28, 2023, showing a growth of about 0.6%[31]. - Total assets decreased to RMB 14,544.0 million from RMB 16,820.7 million, primarily due to a reduction in cash and cash equivalents[7]. - Total liabilities decreased to RMB 4,693.6 million from RMB 6,987.1 million, indicating a reduction in financial obligations[9]. - The company's cost of inventory was RMB 16,816.2 million for the year ended February 29, 2024, compared to RMB 15,773.2 million for the previous year, indicating an increase of approximately 6.6%[31]. Market and Operational Strategy - The company plans to continue expanding its market presence in China, focusing on enhancing product offerings and operational efficiency[13]. - The company aims to expand its outdoor sports industry scale to RMB 3 trillion by 2025, supported by government policies[37]. - The company focuses on a consumer-centric, multi-brand, and multi-category retail operation platform to enhance market responsiveness[43]. - The company emphasizes the importance of maintaining supply-demand balance and expanding offerings in a fluctuating consumer environment[39]. - The company established retail partnerships with international brands such as HOKA ONE ONE and KAILAS to enhance product offerings and services[40]. Employee and Training Initiatives - Employee costs increased to RMB 2,931.1 million, a rise of 1.4% from RMB 2,890.5 million in the previous year[23]. - The total number of employees decreased by 4.9% year-on-year to 29,458, reflecting a narrowing decline in line with the overall recovery trend in the retail environment[60]. - The company upgraded its "Bo Academy" learning platform and conducted nearly 200 offline training sessions, achieving a training coverage rate of over 95% for employees[61]. Sustainability and Governance - The MSCI ESG rating for the company is BBB, positioning it at a leading level among listed companies in the Chinese sports footwear and apparel industry[62]. - The company aims to create long-term value for consumers, shareholders, partners, and society by adhering to sustainable development principles and responding to new market demands[64]. - The company has established sustainability goals, with over 70% of brand partners setting carbon targets and over 50% committing to carbon neutrality[66]. - The company continues to enhance its governance framework, receiving multiple awards for best management and ESG practices in Asia[66]. Digital and User Engagement - The user base has grown from 10.2 million in August 2018 to over 70 million, indicating significant user accumulation[53]. - The company launched the "Douyin Membership Pass" system, leading to a notable increase in new members on the Douyin platform[55]. - Membership contribution to in-store retail sales (including VAT) was 93.4% for the fiscal year, demonstrating a stable sales contribution despite fluctuations in the consumer environment[56]. - The average spending per high-value member continues to significantly exceed that of overall members, with high-value members contributing nearly 40% to total sales despite only representing a low single-digit percentage of total spending members[56]. - The company has connected with users through over 80,000 corporate WeChat groups, enhancing user interaction and engagement[50].