业绩会时间：2024年5月14日 公司参会领导： Kyle Francis Gendreau，首席执行官 执行董事 Reza Taleghani，执行副总裁、首席财务官兼财务主管 William Yue，投资者关系高级总监 回放链接： http://webcast.live.wisdomir.com/samsonite_24q1/index_en.php 注：以下材料仅为公开资料整理，不涉及分析师的研究观点和投资建议，记录和翻译可能产生误差，仅供参考，如有异议，请联系删 除。 联系人：韩亦佳 15901974050/马睿晴 13841319835 一、新秀丽 24Q1业绩简报 🔅23Q1高基数（旅游复苏&Tumi补库恢复正常销售），24Q1收入yoy+0.9%，货币中性yoy+4%;SSSG +2.2% 🔅新秀丽品牌/Tumi/美旅收入货币中性yoy+7%/+2%/+3% 🔅亚洲/北美洲/欧洲/拉丁美洲收入货币中性yoy+8%/+0.3%/-0.5%/+18%；拉丁美洲/欧洲/亚洲SSSG+7%/+4%/+3% 🍬中国大陆:Q1收入货币中性yoy+23% 🔅GPM+2.4ppt至60.4%，经调整EBITDA ...

Financial Data and Key Metrics - Revenue increased by 26% YoY to RMB 37.2 billion, driven by a 19% increase in average store count and a 9% YoY comparable same-store sales growth [9] - Adjusted net profit rose by 28% YoY to RMB 6.2 billion, with an adjusted net margin of 16.6%, up 0.2 percentage points YoY [16] - Gross margin reached a historical high of 43.4%, up 4.1 percentage points YoY, primarily due to increased overseas revenue contribution and TOP TOY's margin optimization [9][16] Business Line Performance - **MINISO Mainland China**: Revenue grew by 16% YoY to RMB 25.0 billion, with same-store sales recovering to 98% of 2023 levels [16][21] - **MINISO Overseas**: Revenue surged by 53% YoY to RMB 12.2 billion, with direct-operated markets contributing 58% of overseas revenue, up from 46% in 2023 [16][23] - **TOP TOY**: Revenue increased by 55% YoY to RMB 2.1 billion, with 160 stores operating across nearly 70 cities [12][18] Market Performance - **North America**: GMV grew by 108% YoY, contributing 13% to overseas GMV, up from 7% in 2021 [24] - **Latin America**: GMV increased by 40% YoY, remaining the largest contributor to overseas GMV at 38% [24] - **Asia (excluding China)**: GMV rose by 34% YoY, contributing 36% to overseas GMV [24] Company Strategy and Industry Competition - The company aims to achieve 50% IP product sales by 2028, leveraging its strong IP conversion capabilities and partnerships with brands like Disney and Chiikawa [9][12] - TOP TOY's profitability improved significantly, with gross margin increasing by 8 percentage points YoY, driven by optimized product mix and higher bargaining power with suppliers [8][12] - The company plans to open 900-1,100 new stores globally in 2024, with a focus on high-quality locations and direct-operated markets [9][12] Management Commentary on Operating Environment and Future Outlook - Management highlighted the strong growth potential in overseas markets, particularly in North America and Europe, where the company has seen rapid GMV growth [24] - The company remains confident in achieving its full-year growth targets, supported by its strategic focus on IP products and high-quality store expansion [6][9] Other Important Information - The company's IP product sales accounted for 26% of total sales, with overseas IP shipments growing by over 100% YoY [12] - TOP TOY's store count increased by 44 YoY to 160, with plans to expand to over 250 stores by the end of 2024 [12][18] Q&A Session Q: Domestic same-store performance by city tier and the impact of large stores on average transaction value? - The company is refining its large-store strategy, with successful openings in key locations like Guangzhou, Shanghai, and Beijing, aiming to optimize the store model [2] Q: Single-store performance and location selection in the US? - The US market continues to show strong growth, with same-store sales increasing by 30-40% YoY in Q1 2024 The company plans to add 80-100 new stores in the US in 2024 [3] Q: Domestic gross profit margin (GPM) decline and future trends? - Domestic GPM is lower than the group average, with tier-1 cities recovering to 98% of pre-pandemic levels, while lower-tier cities saw a low single-digit decline Future GPM improvement will be driven by product mix optimization, including increased sales of blind boxes and travel-related products [4] Q: Drivers behind the 21% YoY increase in overseas same-store sales? - The increase was primarily driven by higher brand awareness, new customer acquisition, and product mix optimization, with IP products now accounting for 40% of sales [5] Q: Plans for Chiikawa pop-up stores? - The company plans to open over 10 pop-up stores in cities with high youth populations, such as Wuhan, Chengdu, and Xi'an [6] Q: US market unit economics (UE) model? - The company did not provide detailed UE metrics but noted significant cost-saving opportunities in logistics and distribution [7] Q: Reasons for TOP TOY's target adjustment and same-store sales growth drivers? - TOP TOY's improved profitability is attributed to a healthier competitive landscape, increased bargaining power with suppliers, and optimized product mix, leading to an 8 percentage point increase in gross margin [8]

Financial Data and Key Metrics - The company expects a double-digit growth in overseas markets, potentially between 10% to 20% [2] - Domestic market revenue is expected to remain flat [2] - Free brand business is projected to grow by 10% to 20% [2] - Medical sector is expected to see a high single-digit to low double-digit growth, excluding additional R&D investments [2] - Capital expenditure for 2024 is estimated to be around 1 billion, similar to 2023 [2] - The company aims to maintain a dividend payout ratio of around 35% [2] Business Line Data and Key Metrics - Growth in 2024 is expected to be driven mainly by disposable products, while refillable products may see a slight decline [1][2] - Cannabis vaporizers are expected to maintain a growth rate of over 20% [2] - The company is investing in new product lines, particularly in medical and beauty sectors, with expected returns in 2025 and 2026 [2][3] Market Data and Key Metrics - The US market saw a decline in the second half of 2023 due to the impact of non-compliant disposable products [6] - The company is preparing for potential bans on disposable products in Europe and the US by developing new product lines [4][5] - The company's free brand, VAPORESSO, is expanding in Europe with new product offerings [5] Company Strategy and Industry Competition - The company is focusing on differentiated products and new technological routes to stay competitive [1] - It is preparing for potential regulatory changes in Europe and the US by diversifying its product portfolio [4][5] - The company is investing in R&D to develop new solutions and technologies, particularly in the medical and beauty sectors [2][3] Management Commentary on Operating Environment and Future Outlook - The company is optimistic about future growth, particularly in 2025 and 2026, as new product lines mature [2][3] - Management is cautious about the regulatory environment in the US and Europe, particularly regarding disposable products [1][4] - The company is prepared to adapt to market changes and regulatory shifts by leveraging its R&D capabilities [4][5] Other Important Information - The company has a strong cash position, with cash and deposits totaling approximately 16 billion [5] - It is open to increasing share buybacks if necessary [5] - The company uses a mix of USD and RMB for customer settlements, with complex arrangements for large clients [6] Q&A Session Summary Question: Trends for refillable and disposable products in 2024 - Disposable products are expected to drive market growth, while refillable products may see a decline due to regulatory pressures [1] Question: CBD growth trends in 2024 - CBD growth is expected to recover in the second half of 2024, driven by new product launches and market recovery [2] Question: Cash flow, capital expenditure, and dividend guidance for 2024 - The company expects strong cash flow, with capital expenditure similar to 2023 and a dividend payout ratio of around 35% [2] Question: Revenue and profit guidance for 2024 - Revenue is expected to grow in overseas markets, while domestic revenue remains flat. Profit growth is expected to be in the high single-digit to low double-digit range, excluding medical R&D investments [2] Question: Impact of US flavor ban and FDA enforcement - The company is cautious about FDA enforcement and the potential impact of flavor bans, but remains optimistic about its product portfolio [4] Question: New product launches in Europe - The company is preparing to launch new products in Europe, including larger-capacity refillable products, to adapt to potential bans on disposable products [4] Question: Pricing pressure from large clients - Pricing pressure from large clients is decreasing as the focus shifts to differentiated products and innovation [5] Question: R&D investment in HMB market - The company is investing in R&D to develop new solutions and technologies, particularly in the HMB market, with expected returns in the future [5] Question: Free brand strategy in Europe - The company is expanding its free brand, VAPORESSO, in Europe with new product offerings, including bottled e-liquids [5] Question: Share buyback plans - The company is open to increasing share buybacks if necessary, given its strong cash position [5] Question: US market decline in H2 2023 - The decline in the US market in H2 2023 was due to the impact of non-compliant disposable products and changes in customer stocking patterns [6] Question: Currency settlement arrangements - The company uses a mix of USD and RMB for customer settlements, with complex arrangements for large clients [6]

金铲铲子在本季度交付了创纪录的 DAU，并在中国所有移动游戏中的总收入中排名第三，受到受欢迎的内容更新的 推动，如可定制的竞技场。《穿越火线：枪战王者》移动版在本季度实现了付费用户和总收入的历史新高，得益于新 的 PVE 内容和增强的奖励系统。而《竞技场突围》在 DAU、付费用户和总收入方面取得了新的里程碑，因为我们发 布了一个扩大的地图，配备了车辆，并引入了受古代中国文化启发的盔甲和武器。我们计划在今年发布几款高产值的 游戏，包括下周的《地下城与勇士》移动版、《塔瑞斯世界》、《极品飞车：无尽竞速》、《航海王：燃烧意志》和 《三角洲》。 更多一手调研纪要和研报数据加V：shuinu9870 在我们的国际游戏中，PUBG Mobile 在第一季度的 DAU 和总收入均同比增长了两位数百分比，受益于流行的新模式 和特色活动，如影子力量模式和金月活动。值得注意的是，PUBG Mobile 正在从游戏产品转变为游戏平台，用户在 更多一手调研纪要和研报数据加V：shuinu9870 原始战斗皇家之外花费在新模式上的时间正在增加，尤其是提取射击者模式 Metro Royale。《大乱斗之星》在第一季 度的 DAU 平均增 ...

时间：2024年5月9日 嘉宾：陆总 纪要核心要点 1.经营情况：24年一季度订单量同比下降30%，客单价下降十几个点，去除23年一季度高基数影响依旧疲软，没有明 显向上或向下的迹象。 2.市场竞争：行业早就是充分竞争，不担心新上市竞对加剧竞争环境，预计头部品牌有集中机会，没有大规模降价的 紧迫性。 3.未来增长：增长点主要来自门槛降低后加盟店增长和海外扩张，期待国内需求修复。 纪要正文 一、经营情况： 从2021年8月开始，尽管疫情相对稳定，但收入下滑非常快。22 年当然都很差。23年一季度相对乐观，因为看到恢复 速度非常快，一直到 4 月份表现都是很好的，五一之后市场持续疲软，到现在24 年的 5 月份没有变得更烂，但也没 有好转迹象。2024年1-5月市场很疲软，也有去年高基数影响，抛去以后还是不行。未来走势不好说，向上向下都没 有明显痕迹。 二、未来展望： 公司过去节流已经做的很多了：自动化改造减少了全职员工，转而使用兼职员工；降低了培训需求和损耗，优化了供 应链管理等 接下来要做的是开源： ① 加盟商方面：下线城市的加盟是一个新增长点，目标是今年开设数百至1000家加盟店（实际可能无法达到），目 前 ...

Financial Data and Key Metrics Changes - The industry experienced a growth rate of approximately 10% in revenue, with national registration numbers increasing by about 13%-14% [1][2] - The company aims to maintain a pass rate of 10%, with profit margins expected to reach 18% this year, 20% next year, and a target of 25% [4][6] Business Line Data and Key Metrics Changes - The company has three main product lines: membership services, large classes, and small classes, with the small class segment showing the highest growth and revenue contribution [3][4] - The average revenue per teacher is projected to increase from 570,000 in the previous year to approximately 800,000 next year, driven by efficiency improvements through AI [4][5] Market Data and Key Metrics Changes - The number of teaching positions in the public sector is increasing by about 3%-4%, while the number of teaching positions in private institutions is declining [2][3] - The competitive landscape has shifted, with the market share of leading institutions like Huatu and Fenbi increasing, while Zhonggong's share and revenue are declining [3][6] Company Strategy and Development Direction - The company focuses on balancing pass rates, profits, and revenue growth, with a strategic emphasis on maintaining a pass rate of 10% and improving profit margins [4][6] - The use of AI technology is enhancing teaching efficiency and student satisfaction, which is expected to further improve profit margins [4][5] Management's Comments on Operating Environment and Future Outlook - Management noted that while the industry is experiencing growth, many registrations are driven by employment pressures, indicating that actual training participation may not be as high as reported [1][2] - The company anticipates a gradual increase in job positions over the next few years, with a projected annual growth rate of around 3% [2][6] Other Important Information - The company plans to implement share buybacks and dividends as part of its capital allocation strategy [6][9] - The company has seen a reduction in the number of teachers, from 3,900 at the end of 2022 to 3,200 by the end of 2023, while maintaining efficiency [4][9] Q&A Session Summary Question: What is the current market share of the company? - The company believes that the CR3 market share is around 30%, with expectations of continued growth in market concentration [6][9] Question: How does the company plan to achieve a profit margin of 25%? - The company aims to improve the gross profit margin of its small class segment, which is currently below 50%, by leveraging AI to enhance teaching efficiency [4][5] Question: What is the impact of the economic environment on registration numbers? - Management indicated that while registration numbers may slow down in a recovering economy, they do not expect a significant drop due to the consistent demand from various demographics [7][8] Question: How does the company differentiate itself from competitors? - The company emphasizes its online model and superior teacher quality, which allows it to maintain higher pass rates compared to competitors [6][9] Question: What are the company's plans regarding teacher recruitment? - The company does not plan to significantly increase its teaching staff this year, focusing instead on improving efficiency with the current team [9]

Financial Data and Key Metrics Changes - In Q1 2024, the company's overall revenue increased by a low single-digit percentage year-on-year, with offline sales declining slightly while online sales grew by 20%-30% [1][2] - The same-store sales (SSSG) decreased in Q1, with direct sales and wholesale down by low single digits and mid-double digits respectively, while e-commerce saw a growth of 20%-30% [1][2] - The inventory turnover ratio improved to around 4.0, with nearly 90% of inventory being new products within six months [1] Business Line Data and Key Metrics Changes - Direct sales performance was better than wholesale, driven by outlet stores, with same-store sales for direct and wholesale both experiencing double-digit declines [1][2] - The total number of stores decreased by 26 compared to the end of last year, with direct stores increasing by 1 and wholesale stores decreasing by 27 [2] Market Data and Key Metrics Changes - The company is focusing on Southeast Asia for overseas expansion, with plans to open stores in markets like Singapore, Malaysia, Thailand, Indonesia, and the Philippines [6][7] - The company aims to maintain a steady growth in the domestic market while exploring overseas opportunities as a supplementary strategy [6][7] Company Strategy and Development Direction - The company plans to enhance its product offerings and marketing strategies, particularly in professional categories like basketball and running, while also focusing on low-tier cities [6][13] - The marketing budget will be directed towards professional categories, leveraging resources from CBA and other events to strengthen brand presence [6][13] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving the annual performance guidance, with expectations of low double-digit net profit margin and mid-single-digit revenue growth [4][5] - The company anticipates a gradual improvement in sales performance in the second half of the year, especially in Q4, due to lower base effects [5] Other Important Information - The company is not planning significant channel expansions this year, with a focus on product upgrades and maintaining healthy inventory levels [9][11] - The new CMO has been instrumental in integrating marketing resources and enhancing brand strategy, with plans for significant promotional activities around the upcoming Olympics [10] Q&A Session Summary Question: What is the status of wholesale revenue and inventory? - Management indicated that both wholesale and direct sales have healthy inventory levels, with a turnover ratio of 4-4.5, and no adjustments to Q2 shipments are planned [3] Question: How are the new product lines performing? - New products like the "Ultra Light 21" and "Red Rabbit 7" have shown good growth, with the "Red Rabbit" series particularly popular among students, achieving nearly 50% growth year-on-year [3] Question: What are the expectations for the semi-annual report? - Management maintained the annual performance guidance, expecting revenue growth to be lower in the first half due to high base effects [4] Question: What is the outlook for the e-commerce channel? - E-commerce performance exceeded expectations in Q1, driven by a return of online traffic and effective price control, with hopes for profit margins to recover to over 20% [12] Question: How is the company addressing competition in lower-tier cities? - The company has a foundation in lower-tier markets and plans to expand product offerings to meet local demand, focusing on running and basketball shoes [6][13]

Anton Oilfield Services Group (03337) H2 2023 Earnings Call April 22, 2024 04:45 PM ET Speaker0 Good morning, ladies and gentlemen. Welcome to attend Oilfield Services Group twenty twenty three annual results announcement webcast. I'm in charge of Anton's capital market issues. I will be the moderator of the webcast today. First, I'm glad to introduce to you the management who attend the presentation today. They are mister Luo Lin, chairman of Anton Oilfield Services Group, Mister Peter Fong, chief executiv ...

Financial Data and Key Metrics Changes - In Q1 2024, the overall revenue growth for Li Ning's multi-channel was low single digits, with offline sales declining slightly and online sales increasing by 20%-30% [2][4] - Same-store sales (SSSG) decreased in low single digits, with direct sales and wholesale both showing declines, while e-commerce experienced growth [2][4] - The inventory turnover ratio improved to 4-4.5, indicating healthy inventory levels [2][5] Business Line Data and Key Metrics Changes - Direct sales showed better performance than wholesale, driven by outlet stores, while same-store sales for both channels declined [2][4] - The number of stores decreased slightly, with a net reduction of 26 stores compared to the end of last year [3][4] - The children's clothing segment aims for double-digit growth, with Q1 showing low single-digit growth [22] Market Data and Key Metrics Changes - E-commerce performance exceeded expectations in Q1, driven by the return of online traffic and effective price control [18][20] - The company is focusing on Southeast Asia for overseas expansion, with plans to open stores in markets like Singapore and Indonesia [9] Company Strategy and Development Direction - The company aims for steady growth with a revenue target of mid-single-digit growth for the year, maintaining a cautious approach due to market uncertainties [10][24] - Marketing efforts will focus on professional categories such as basketball and running, leveraging partnerships and events to enhance brand visibility [12][19] Management Comments on Operating Environment and Future Outlook - Management expressed confidence in the overall business performance, with expectations for gradual improvement in same-store sales as the high base effect diminishes [2][8] - The company anticipates challenges in Q2 due to high base comparisons but expects better performance in the second half of the year [8][10] Other Important Information - The new CMO has initiated significant changes in brand planning and marketing strategies, aiming to enhance brand recognition and consumer engagement [15] - The company plans to maintain a healthy inventory structure and manage costs effectively, especially with increased marketing expenses related to the upcoming Olympics [24] Q&A Session Summary Question: What is the status of wholesale revenue and inventory in Q1? - Management indicated that both wholesale and direct sales have healthy inventory levels, with a turnover ratio of 4-4.5, and no adjustments to Q2 shipments are planned [5] Question: How are the new product lines performing? - New products like the "超轻 21" and "赤兔 7" have shown good growth, with the latter experiencing nearly 50% year-on-year growth [6] Question: What are the expectations for the half-year report? - The company maintains its full-year guidance, expecting low double-digit net profit margin and mid-single-digit revenue growth [7] Question: What is the outlook for the e-commerce channel? - E-commerce is expected to outperform offline sales this year, with hopes to restore profit margins above 20% [18] Question: How is the company addressing competition in lower-tier cities? - The company has a foundation in lower-tier markets and plans to expand product offerings to meet local demand [11] Question: What are the plans for marketing expenditures? - Marketing expenditures will focus on professional categories, with a significant push for the upcoming Olympics [12][24] Question: What is the outlook for children's clothing? - The target for children's clothing is double-digit growth, with Q1 showing low single-digit growth [22] Question: How is the company managing its inventory and costs? - The company is focused on maintaining a healthy inventory structure and controlling costs, with marketing expenses expected to increase due to Olympic-related activities [24]

Q&A Q1:今年Q1火锅业态的翻台率可能面临哪些压力? 4t.去年下半年火锅业态的翻台率增长乏力，主要受到外合环境变化和产品丰富度不足的影 响。为了适应更广泛的顾套需求，已进行产品调鞋，包括常加自助小料菜、改进器商设计、 上线大学生折相等，以提高顾客体验和性价比。未来还将调整荣品结构、分量和单价并推出 新的锅底，以丰富产品线并提升用餐体验。同时，将谨慎开新店，重点布局已有市场 Q2:今年Q1销售承压的原因是人流量问题还是品牌定位问题? A2:太二品牌在Q1的销售环比有所提升，但受到去年同期高基数的影响。怂品牌的人均消 费略有下降，这主要是由于客流量减少所致 Q3:目前品牌的利润率趋势如何?尤其是与去年下半年相比? A8:去年门店层面的利润车大约为12%6，目标是达到20%，虽然模型调整不会直接影喻利洞 率，但由于成本优化空间较大，特别是在人员和营理方面，因此对于利润车的特续是开持有 信心。今年的广告推广费用不会大幅上升，虽有更多促销活动，但费用可控 Q4:能否提供前三个月的月度销售情况，以及4月和二季度的翻台恢复情况? A4:1月和2月份的销售受到去年同期高基数的影响，3月份进入淡季，同比下滑幅度有所收 窄 ...