Yue Yuen Industrial (holdings) Limited · HKEX:551
Yue Yuen Industrial (holdings) — FY2023 Earnings Presentation
63 slides from Yue Yuen Industrial (holdings)'s earnings presentation, Mar 13, 2024
Slide 1: Yue Yuen Industrial 2023 Annual Results
Yue Yuen Industrial 2023 Annual Results 13 Mar 2024
Slide 2: Disclaimer
Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid informatio
Slide 3: Table of Contents
Table of Contents 01 Group Overview p 4-11 02 Group Operation Highlights p 12-23 03 Manufacturing Business p 24-33 04 Retail Business – Pou Sheng p 34-52 05 Appendix p 53-62 Yue Yuen 2023 Annual Results | 3
Slide 4: 01 Group Overview
Yue Yuen Industrial 01 Group Overview
Slide 5: Company Profile
Company Profile Founded in 1988, and listed on the HKEX in 1992 (551.HK) A yield play with solid performance – committed to driving return and value for shareholders FY23 Business Structure Soles, Components & Others 5.1% (FY22: 5.5%) Pou Sheng^ Athletic / Outdoor Shoes 35.9% (FY22: 30.9%) 51.2% (FY
Slide 6: 2023 Financial Performance Overview
2023 Financial Performance Overview Profit Attrib. to Dividend Operating Revenue Free Cash Flow Owners Per Share Cash Flow $7,890mn $275mn HK$0.90 $945mn $749mn 2023 -$1,080mn -$21mn -7.1% +$37mn +4.1% +$45mn +6.4% (US$) (Y-o-Y Change) (% of Revenue) (Payout Ratio) (% of Revenue) (% of Revenue) -12.
Slide 7: Digital Transformation Supports Growth Strategy
Digital Transformation Supports Growth Strategy SAP 5 Values SCM OCP PLM 4 Directions Speed 3 Segments BI Design 2 E2E Platform Flexibility Footwear 1 Equipment OEM / ODM World’s Leading Sporting Goods DRS Innovation Apparel MFG Platform Material Retail Quality ERP Accessories Process Sustainability
Slide 8: Corporate Social Responsibility
Corporate Social Responsibility Sustainable Manufacturing The Only FLA Accredited Footwear Following customers’ commitments to SBTi^ OEM/ODM Globally to achieve the goal of reducing our emissions Investing in human capital, lifting workplace by 46.2% by 2030, as compared with the base standards & fa
Slide 9: Sustainable Manufacturing
Sustainable Manufacturing Green Energy Water Recycling Waste Recycling Energy Intensity Carbon Intensity 16% 35.4% 32% 11.6-18.7 2.6-3.5 7pp 2.3pp 7pp MJ/pair kg CO2e/pair Female Local Voluntary Management Management CBA Turnover Remuneration 56.3% 84.1% 92.9% 8.5% FLA Fair 1.1pp 1.1pp 0.
Slide 10: Recognition and Achievement
Recognition and Achievement CORPORATE ESG Yue Yuen landed 8 awards including ‘Most Honored Company (3rd Place Overall)’ in the 2023 Asia (ex-Japan) Executive Team - Consumer/Discretionary Yue Yuen’s MSCI ESG Rating CDP Climate Change: B- was upgraded since 2021 CDP Water Security: B and maintained a
Slide 11: Manpower Structure
Manpower Structure FY23: 264,700 As at 31 Dec 2023 No. of Employees 14.6% MFG Employees by Region (%) FY22: 310,000 CN 10 92% 92% VN 8% 8% 39 IN 5 Others 46 Retail MFG 22,100 14.3% 14.6% 242,600 FY22 FY23 Yue Yuen 2023 Annual Results | 11
Slide 12: 02 Group Operation Highlights
Yue Yuen Industrial 02 Group Operation Highlights
Slide 13: YY Strategies & Operating Highlights
YY Strategies & Operating Highlights Challenges 1. Resilient High-end Demand for Footwear despite a High Base • ASP ↑ 2.0% YoY to US$21.34 per pair, reaching a historical high • A highly agile capacity allocation strategy to combat S-T pressures • Global demand for footwear remained subdued amid the
Slide 14: Balance Return to Shareholders & Invt. for Future
Balance Return to Shareholders & Invt. for Future Dividend & Repurchase Capital Allocation & Invt. In US$’mn In US$’mn Div + ~US$15mn Share Repurchase MFG R&D or CAPEX /MFG Rev. 73% Total Shareholder Return Stable at 3-4% respectively 87% 76% 77% 4.6% 3.6% 4.4% 3.0% 25% 2.5% ~70% 228 226 55% 396 201
Slide 15: Key Financial Highlights for FY 2023
Key Financial Highlights for FY 2023 Revenue OP Margin Profit Attrib. to Owners Group US$ 7,890.2 mn 5.1% US$ 274.7 mn -12.0% +0.5pp -7.3% Revenue GP Margin Shoe Volume / ASP MFG US$ 5,059.5 mn 19.2% 218.3 mn pairs / US$ 21.34 per pair -18.4% +0.8pp -19.9% / +2.0% Revenue OP Margin Pan-WeChat Sales
Slide 16: YoY Revenue by Category
YoY Revenue by Category FY23: US$ 7,890.2 mn 12.0% Total Revenue FY22: US$ 8,970.2 mn Athletic / Casual Shoes Outdoor Shoes & Sport Sandals 87% 4,041.1 13% US$ 4,657.5 mn 17.4% Athletic / Outdoor Shoes 4,890.5 YoY: 18.4% 616.4 Casual Shoes 24.5% 816.1 Direct B&M Retail & Sport Sandals Pan-WeChat & O
Slide 17: FY23 Manufacturing Revenue by Destination
FY23 Manufacturing Revenue by Destination Europe FY23: US$ 5,059.5 mn 18.4% MFG Revenue FY22: US$ 6,203.1 mn 25.5% FY22: 26.8% YoY: -22.6%# US 27.8% Mainland China FY22: 32.9% 17.7% YoY: -31.1%# FY22: 14.6% YoY: -0.8%# Others* 29.0% FY22: 25.7% YoY: -7.9%# # YoY changes in revenue amount Yue Yuen 20
Slide 18: Shoe Volume by Region
Shoe Volume by Region FY23: 218.3 mn pairs 19.9%# Shoe Volume FY22: 272.7 mn pairs 1% 5% 6% 5% 100% 41.4%# 80% 31% 48% 46% 49% 13.9%# 60% 34% Others* 40% Indonesia 35% 38% 34% 26.3%# Vietnam 20% 34% Mainland 12% 10% 12% 10.7%# China 0% 2013 2021 2022 2023 # YoY changes in volume (pairs) Yue Yuen 202
Slide 19: YY Group Financial Highlights
YY Group Financial Highlights (US$’000) FY 2023 FY 2022 YoY Revenue 7,890,168 8,970,228 -12.04% Gross Profit 1,925,314 2,137,214 -9.91% Gross Profit Margin 24.40% 23.83% +0.57pp Operating Profit 403,898 416,827 -3.10% Operating Profit Margin 5.12% 4.65% +0.47pp Profit Attrib. to Owners 274,710 296,3
Slide 20: YY Group Financial Ratios
YY Group Financial Ratios (US$’mn) FY 2023 FY 2022 YoY Depreciation & Amortization^ 407.7 494.5 -17.6% EBITDA 777.5 894.4 -13.1% Capital Expenditure 195.9 204.3 -4.1% Product Development 157.9 189.7 -16.8% Total Borrowings* 972.7 1,434.9 -32.2% (Net Cash)/ Net Borrowings* (169.4) 416.7 N/A As of Tot
Slide 21: Enhanced Capital Structure & Finance Cost Analysis
Enhanced Capital Structure & Finance Cost Analysis FY23: US$ 972.7 mn Borrowings FY22: US$ 1,434.9 mn 32.2% Finance Cost In US$’mn FY23 vs. FY22 Bank Borrowings Composition 85.04 25.6%* 34% 67.71 12.08 24.8% 0.95 89.1% 15% 1% 16.07 5% 8.69 72.01 67.7% 42.95 80% FY22 FY23 65% Pou Sheng – Interest exp
Slide 22: YY Group Sources and Uses of Fund
YY Group Sources and Uses of Fund (US$’mn) Net CFO: +944.7 Net CFI: -151.7 +1,045.1 -100.4 Net CFF: -859.7 -195.9 +44.2 -135.1 Tax -462.0 CAPEX Proceeds from Lease Disposal, Liabilities -190.9 Int., Div. Repayment +190.5 & etc. and Net -71.7 interest Cash Bor. Div. & from Repaid Interest Others Othe
Slide 23: YY Group ROE & ROA Trend
YY Group ROE & ROA Trend (%) 8.0 7.4 7.3 7.1 6.5 5.3 5.0 2.8 2.9 4.1 4.4 4.0 4.2 3.7 0.3 3.2 3.0 -0.8 1.6 1.3 -0.1 -2.3 FY18 1H19 FY19 1H20 FY20 1H21 FY21 1H22 FY22 1H23 FY23 ROA ROE Remark: ROE = Profit (Loss) attributable to owners of the company / (Total Equity - Minority Interests); half year da
Slide 24: 03 Manufacturing Business
Manufacturing 03 Manufacturing Business Note: The figures in the following slides cover the core manufacturing operations of the consolidated entity of Yue Yuen Group, and are for analytical purposes only (prepared using the management accounts).
Slide 25: Manufacturing Financial Highlights
Manufacturing Financial Highlights (US$’000) FY 2023 FY 2022 YoY Revenue 5,059,438 6,203,137 -18.44% Gross Profit 972,170 1,144,275 -15.04% Gross Profit Margin 19.21% 18.45% +0.76pp Operating Profit 294,775 351,983 -16.25% Operating Profit Margin 5.83% 5.67% +0.16pp Profit Attrib. to Owners 231,432
Slide 26: Manufacturing – GP Margin Trend
Manufacturing – GP Margin Trend (%) Gross Profit Margin (MFG only) Gross Profit Margin (incl. MFG & TCHC*) +3.5 22.8 21.4 21.3 20.1 19.9 19.6 18.7 18.5 19.2 19.7 19.3 18.2 18.2 18.3 17.1 17.8 17.9 16.0 20.2 20.3 18.7 18.9 19.2 18.2 17.9 12.7 16.8 15.7 11.7 6.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Slide 27: Manufacturing – OP Margin Trend
Manufacturing – OP Margin Trend (%) Operating Profit Margin +5.2 11.0 6.7 6.6 5.8 5.7 5.2 5.3 5.8 4.9 4.6 3.6 1.1 4.8 4.8 4.5 3.6 3.6 4.4 4.4 -4.8 2.9 -1.0 -9.7 -14.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 5.5% 4.1% -2.
Slide 28: Manufacturing – Utilization & COGS Analysis
Manufacturing – Utilization & COGS Analysis 88% 87% 79% Revenue Utilization 73% -18% Rate 72% YoY GPM 18.5% 14.7% 15.5% 18.4% 19.2% 15.0% 36.9% 36.6% 37.1% Material % 38.2% 36.5% 22.1% Labor & 44.6% 48.7%^ 47.4%^ 43.4% 44.3% 16.6% Overhead % (% of Revenue) Amount (YoY) FY19 FY20 FY21 FY22 FY23 ^ Idl
Slide 29: Enhanced SG&A Expense and Other Expenses
Enhanced SG&A Expense and Other Expenses SG&A and Net Other Expenses Ratio % of Revenue Operating Deleverage offset by Expenses Control • FY23 SG&A % ↑ by 0.8pp YoY • 4Q23 SG&A % ↓ by 1.4pp vs 3Q23 14.0% 14.3% 13.5% 12.8% 13.4% 11.7% Efficiency Improvement • UT%* 11.1% FY23: 79% ↓ 8pp YoY 11.1% 11.5
Slide 30: Manufacturing – Net Profit Margin YoY Movement
Manufacturing – Net Profit Margin YoY Movement (%) GPM +0.76 Operating Deleverage +1.73 -0.97 -0.88 +0.28 +0.22 -0.16 Labor & Material Overhead SG&A Other Share of Others UT%↓ & Finance Income & results of cost↑ Change in Operating product mix Idle Capacity Expenses A&JV deleverage & Tax rate & effi
Slide 31: Manufacturing – Net Profit Margin QoQ Movement
Manufacturing – Net Profit Margin QoQ Movement (%) Net Profit Margin +5.10 GPM +3.42 +0.50 -0.61 +1.35 +0.44 +3.51 Share of Tax Other results of better profit Income & → more tax SG&A A&JV deleveraging Expenses & Others offset by -0.09 expense control 9.71 Material Labor & Overhead 4.61 Dynamic opti
Slide 32: Manufacturing Operation Efficiency – FY23
Manufacturing Operation Efficiency – FY23 Inventory Level Trade Receivable Days In US$’mn 54 1,000 FY22: 48 748 587 21.5% Inventory Days Working 0 Capital Days Inventory Level 52 FY22: 54 79 Cash Position FY22: 80 In US$’mn Trade Payable Days 27 846 739 12.6% FY22: 22 Cash Position FY22 FY23 Yue Yue
Slide 33: Manufacturing – Financial Ratios
Manufacturing – Financial Ratios (US$’mn) FY 2023 FY 2022 YoY Depreciation & Amortization 230.6 261.0 -11.6% EBITDA 496.6 599.3 -17.1% Capital Expenditure 152.0 158.0 -3.8% Total Borrowings* 967.2 1,369.1 -29.4% As of Net Borrowings* 228.3 522.7 -56.3% 31 Dec Total Borrowings to Equity# 25.5% 36.6%
Slide 34: 04 Retail Business – Pou Sheng
Pou Sheng 04 Retail Business – Pou Sheng Note: The figures in the following slides are based on Pou Sheng’s management accounts and announcements, and Pou Sheng adopts RMB as its reporting currency
Slide 35: Pou Sheng
_ AKE SP RTS YOU | LIF — Lie chat Nine —
Slide 36: Pou Sheng Strategy & Operating Highlights
Pou Sheng Strategy & Operating Highlights 1. Strategic Alliance with Business Partners Prioritize Profitability Connected Inventory Programme to efficiently share products with brand partners, together with PSP, PDA & other initiatives to enhance inventory & cash efficiency FY23 OPM 1.5pp YoY • In
Slide 37: Pou Sheng Financial Highlights (in RMB)
Pou Sheng Financial Highlights (in RMB) FY 2023 FY 2022 YoY RMB’mn % RMB’mn % % pp Revenue 20,064 100.0 18,638 100.0 +7.7 -- Cost of Sales (13,308) -66.3 (11,950) -64.1 +11.4 -2.2 Gross Profit 6,756 33.7 6,688 35.9 +1.0 -2.2 SG&A (6,340) -31.6 (6,616) -35.5 -4.2 +3.9 Other Income & Expenses, net 320
Slide 38: Pou Sheng GP Margin Trend
Pou Sheng GP Margin Trend (%) Gross Profit Margin 36.1 36.4 34.5 33.5 33.5 33.9 35.4 34.8 33.7 33.5 31.0 30.0 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 33.5% 34.1% 30.6% 35.5% 35.9% 33.7% Yue Yuen 2023 Annual Results | 38
Slide 39: Pou Sheng OP Margin Trend
Pou Sheng OP Margin Trend (%) Operating Profit Margin 7.1 5.8 4.7 4.3 3.3 5.0 2.4 3.8 2.9 1.7 2.1 -0.0 1H18 2H18 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 FY 2018 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 4.3% 5.4% 2.6% 4.0% 2.2% 3.7% Yue Yuen 2023 Annual Results | 39
Slide 40: Pou Sheng SG&A Expenses Breakdown
Pou Sheng SG&A Expenses Breakdown SG&A Ratio Right-size Retail Network & % of Revenue Amount (YoY) Enhance Manpower Efficiency • Holistic approach in channel planning to avoid low-efficiency store opening & closing 35.5% • Number of direct operated stores ↓ 14% YoY 33.5% • Sales/ door & sales/ m2 ↑
Slide 41: Pou Sheng – Net Profit Margin
Pou Sheng – Net Profit Margin (%) COS Analysis Operating Leverage GPM -2.2 SG&A% +3.9 +0.5 -0.1 +0.1 +1.3 -0.2 Other Tax Net Net Losses ETA: +1.0 Other Finance 23.4% 2.5 -2.7 Others Operating Costs 0.5 +1.6 Income FY22 Rental FY23 Expenses +0.5 Staff Channel Discount, Costs Mix & Activity Purchase R
Slide 42: Operation Efficiency – FY23
Operation Efficiency – FY23 Based on RMB Inventory Level Trade Receivable Days In RMB’mn 17 FY22: 20 6,072 Working 4,705 22.5% Inventory Days Capital Days 148 137 FY22: 208 Working Capital FY22: 190 In RMB’mn Trade Payable Days 28 6,601 5,273 20.1% FY22: 38 FY22 FY23 Yue Yuen 2023 Annual Results | 4
Slide 43: Pou Sheng Financial Ratios (in RMB)
Pou Sheng Financial Ratios (in RMB) (RMB’mn) FY 2023 FY 2022 YoY Depreciation of PPE & Amortization 372.7 490.1 -24.0% Depreciation of ROUA 882.5 1,082.6 -18.5% EBITDA 2,004.2 2,002.3 +0.1% EBITDA minus Depreciation of ROUA 1,121.7 919.7 +22.0% Capital Expenditure^ 344.2 311.6 +10.5% Total Borrowing
Slide 44: Pou Sheng's turnover efficiency continues to improve, contributing strong cash flow
Pou Sheng’s turnover efficiency continues to improve, contributing strong cash flow (RMB’mn) + RMB 1.68 bn Net CFO: +3,404.2 Net CFI: -268.7 +3,610.5 -206.3 Net CFF: -1,450.7 -344.2* +75.5 -936.9 Tax CAPEX Others Proceeds -417.7 from Rental -8.2 -87.9 -0.7 Deposits Lease & Int. − Liabilities Net Pay
Slide 45: Pou Sheng Retail Strategy
Pou Sheng Retail Strategy Pou Sheng is one of the largest retailers and sports services providers for world renowned sportswear brands in the Greater China region Omni-channel Brick & Mortar Retail Omni-channel consisted of B2B and B2C, Directly Operated Stores: and reached 27% of total sales B2C co
Slide 46: Channel Mix To Be Improved
Channel Mix To Be Improved Temp. lower contribution from better-margin channels Committed to optimising channel mix in the future Improving mix in 4Q vs. 3Q 50% 52% 48% 56% 4Q23 FY23 vs. vs. 3Q23 FY22 24% 14% 14% 20% 20% 10% 21% 13% 11% 3% 2023 strategy of 11% 3% 12% 4% clearing excess inventory: 11
Slide 47: Right-Sizing B&M Network
Right-Sizing B&M Network Directly Operated Stores Large Store Mix Number of Stores ↓ 40% YoY: -13.9% 5,883 9% 5,240 4,631 13% 4,093 16% 3,523 19% 761 724 21% 3,332 -570 2,799 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 2019 2020 2021 2022 2023 Stores >300m2 Stores ≤300m2 Net Stores +/- Yue Yuen 2023 Annual R
Slide 48: Pou Sheng Same Store Sales Growth (SSSg)
Pou Sheng Same Store Sales Growth (SSSg) (%) Same Store Sales Growth 32.3% 10.1% 8.9% 12.7% 12.1% 6.0% 0.0% -1.0% 8.7% 8.4% 4.2% 1.9% -13.0% -10.3% 2.2% -17.8% -2.8% -11.4% -21.1% -25.3% -24.7% -27.1% -32.5% -28.9% 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2018 FY 20
Slide 49: Our Customized Omni-channel & Pan-WeChat Ecosphere
Our Customized Omni-channel & Pan-WeChat Ecosphere Stable and solid foundation of Pan-WeChat stores with much better conversion, return rate and full-price in-season sales All-round membership integration to enhance seamless consumer experience Account for 20.9% of offline direct retail revenue (or
Slide 50: Our Customized Omni-channel & Pan-WeChat Ecosphere (Cont.)
Our Customized Omni-channel & Pan-WeChat Ecosphere (Cont.) Comprehensive relations with members by designated Key Opinion Staff (KOS) and interesting contents to develop a holistic consumer experience 24-hr digital YYsports & WeChat interface by membership program stores designated KOS ~51.4m YYspor
Slide 51: Critical Missions in 3 Years
Critical Missions in 3 Years “Creating Value-added Services & Quality Experiences to Customers” Strategic Alliance • Best of Choice Omni-Channel • Offline & Online Integration Strive to be the best choice to business partners & Strengthen multi-faceted operation matrix further deepen strategic partn
Slide 52: Growth by Multi-faceted Operation Matrix
Growth by Multi-faceted Operation Matrix Athletic / Athleisure Outdoor & Yoga New Brands: HOKA, Saucony, XEXYMIX, BOSIDENG Yue Yuen 2023 Annual Results | 52
Slide 53: 05 Appendix
Yue Yuen Industrial 05 Appendix
Slide 54: Shareholding Structure
Shareholding Structure Pou Chen (9904.TT) 51.11% Yue Yuen Industrial (Holdings) Ltd. (551.HK) 100.00% 62.55% Pou Sheng Manufacturing (3813.HK) * As at 31 Dec 2023 Yue Yuen 2023 Annual Results | 54
Slide 55: Company Milestones
Company Milestones SAP ERP system went live 2024 Pan-WeChat contributed over 13% of total sales 2023 Entered into a MOU with India for capacity expansion 2022 CDP Climate Change Score was upgraded to our highest-ever level of ‘B’ (Management level) Omni-channel contributed over 20% of total sales 20
Slide 56: Revenue & Profit Attributable to Owners
Revenue & Profit Attributable to Owners Revenue Profit Attrib. to Owners In US$’mn In US$’mn 8,970 296 7,890 12% 8 275 7% 2,767 43 438% 2,831 2% 288 6,203 232 19% 5,059 18% FY22 FY23 FY22 FY23 Pou Sheng Pou Sheng MFG MFG The above figures of Pou Sheng exclude profit attributable to “Non-YY” sharehol
Slide 57: YY Group Financial Highlights
YY Group Financial Highlights FY 2023 FY 2022 YoY US$'000 % US$'000 % % Revenue 7,890,168 100.00 8,970,228 100.00 -12.04 Cost of Sales (5,964,854) -75.60 (6,833,014) -76.17 -12.71 Gross Profit 1,925,314 24.40 2,137,214 23.83 -9.91 SG&A (1,440,775) -18.26 (1,597,584) -17.81 -9.82 Other Income & Expen
Slide 58: Manufacturing Financial Highlights
Manufacturing Financial Highlights FY 2023 FY 2022 YoY US$'000 % US$'000 % % Revenue 5,059,438 100.00 6,203,137 100.00 -18.44 Cost of Sales (4,087,268) -80.79 (5,058,862) -81.55 -19.21 Gross Profit 972,170 19.21 1,144,275 18.45 -15.04 SG&A (553,332) -10.93 (623,227) -10.05 -11.22 Other Income & Expe
Slide 59: Pou Sheng Financial Highlights (in USD)
Pou Sheng Financial Highlights (in USD) FY 2023 FY 2022 YoY US$’000 % US$’000 % % Revenue 2,830,730 100.00 2,767,091 100.00 +2.30 Cost of Sales (1,877,586) -66.33 (1,774,152) -64.12 +5.83 Gross Profit 953,144 33.67 992,939 35.88 -4.01 SG&A (887,443) -31.35 (974,357) -35.21 -8.92 Other Income & Expen
Slide 60: Manufacturing – Revenue Trend
Manufacturing – Revenue Trend Revenue (US$’mn) YoY (%) 6,203 5,881 6,001 5,059 4,914 4,736 84.7 22.8 5.0 8.3 12.2 16.6 12.1 -4.5 -2.6 -0.4 2.7 1.3 -0.4 -0.8 -6.7 -9.6 -24.6 -30.4 -18.9 -17.1 -18.1 -20.4 -24.0 -10.1 1,600 1,400 1,200 1,000 800 600 400 200 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3
Slide 61: Manufacturing – Shoe Volume Trend
Manufacturing – Shoe Volume Trend Shoe Volume (mn pairs) YoY (%) 326 322 273 244 238 60.5 218 16.6 2.5 4.3 6.7 3.9 7.4 0.0 -1.0 -1.4 1.7 -5.1 -7.6 -4.5 -5.0 -12.5 -12.9 -9.7 100 -20.7 -24.0 -23.3 -26.1 -28.3 90 -36.0 80 70 60 50 40 30 20 10 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 62: Pou Sheng Revenue Trend
Pou Sheng Revenue Trend Revenue (RMB’mn) YoY (%) 27,190 25,611 23,350 22,677 47.7 20,064 24.4 22.0 19.9 18.9 21.9 19.1 17.7 17.7 18,638 6.5 16.8 8.9 0.3 -0.4 1.1 -1.0 -8.4 -15.1 -25.0 -25.1 -26.7 -25.0 -24.0 -20.4 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 63: Thank you Q&A
Yue Yuen Industrial Thank you Q&A
Yue Yuen Industrial (Holdings) — FY2023 Earnings Presentation on 6ix