Cosmo Lady (china) Holdings Co. Ltd. · HKEX:2298
Cosmo Lady (china) — H1 2021 Earnings Presentation
52 slides from Cosmo Lady (china)'s earnings presentation, 2021
Slide 1: 2021 Interim Results Corporate Presentation
都市丽人2021上半年业绩演示 股份代码 Stock Code: 2298 都市麗人（中國）控股有限公司 Cosmo Lady（China）Holdings Co. Ltd. 2021 Interim Results Corporate Presentation 1
Slide 2: Content
01 Continuous improvement in operating performance 经营表现持续改善 CONTENT 02 Macroeconomic situation in 1H 2021 二零二一年上半年宏观经济情况 目录 03 Financial highlights 财务摘要 04 Measures taken and to be taken by the Group 本集团已采取及将采取的措施 05 Open forum 问答时间 06 Appendix 附件 2
Slide 3: Continuous improvement in operating performance
Continuous improvement in operating per formance 经营表现持续改善 3
Slide 4: Impact of transformation gradually manifested in 1H 2021
Continuous improvement in operating performance 经营表现持续改善 二零二一年上半年改革转型的成效逐步显现 Impact of transformation gradually manifested in 1H 2021 销售同比增长 同店可比提升 Year-on-year sales growth Same-store-sales growth • 销售同比增长约 • 直营店上升约23.8% 37.1% • 加盟店上升约10.7% • Year-on-year sales growth about 37.1% • Self-managed sto
Slide 5: 1H 2021 profit about RMB15.1 million
Continuous improvement in operating performance 经营表现持续改善 • 2021年上半年: 盈利约人民币1,511万元 ( 2020 年上半年: 亏损約人民币1.31 亿元 ) • 1H 2021 : profit about RMB15.1 million ( 1H 2020 : loss about RMB131 million ) 5
Slide 6: Mini Program sales growth and healthy stock level
Continuous improvement in operating performance 经营表现持续改善 Year-on-year sales 小程序 26.1% increased by about: Mini Program 同比增长约: 26.1% Cumulative users over 5 million 累計用戶超过500万 库存健康水平 继续清理旧存货, 存货货龄改善, Healthy stock level 二零一九年及以前的旧存货只 占整体存货约27.0% (按成本) Continued to clear aged inventories and improve a
Slide 7: Sold-out rate and AW trade fair orders increased
Continuous improvement in operating performance 经营表现持续改善 9.9% 36.0% 2021年春夏产品季度售罄率 2021年秋冬订货会订单 同比上升 同比上升 2021 SS season product sold-out 2021 AW trade fair rate increased year-on-year orders increased year-on-year 7
Slide 8: Macroeconomic situation in 1H 2021
M a c ro e c o n o m i c s i t u a t i o n i n 1 H 2 0 2 1 二零二一年上半年宏观经济情况 8
Slide 9: Macroeconomic situation in 1H 2021
Macroeconomic situation in 1H 2021 二零二一年上半年宏观经济情况 In 1H 2021, mainland China’s economy has gradually Mainland China’s GDP expanded 7.9% year-on- regained its resilience and dynamic. Rising raw year in Q2 2021, yet lower than the market material costs and fresh COVID-19 cases, however, ex p e c tat i
Slide 10: Clothing expenditure and intimate wear market competition
Macroeconomic situation in 1H 2021 二零二一年上半年宏观经济情况 The mainland China intimate wear market is very Clothing expenditure remained the second smallest part of fragmented , and competition is fierce as people’s consumption, accounting for only about 6.5% of characterized by the high discount offered by
Slide 11: Financial highlights
财务摘要 Financial highlights 11
Slide 12: Financial highlights
Financial highlights 财务摘要 For the six months ended 30 June 截至六月三十日止六个月 (RMB’000 人民币千元） 2021 2020 Change 变动 Revenue 收入 1,827,227 1,332,575 37.1% Gross profit 毛利 890,178 649,384 37.1% Operating expenses 经营费用 865,247 758,441 14.1% 扭亏为盈 Operating profit/(loss) 经营利润/(亏损) 34,702 (108,636) Turnaround Profi
Slide 13: Breakdown of revenue
Breakdown of revenue 销售收入明細 Increase by 37.1% Reasons for fluctuation 变动原因 上升37.1% 0.6 - Impact of transformation gradually 3.8 Increase in manifested; and 改革转型效果逐渐显现; 及 retail sales 0.2 - Mainly focused on direct-to-consumers sales 5.3 3.8 零售增加 model. 专注推动直接面对消费者的销售模 式。 5.1 8.6 Retail sales excludi
Slide 14: Gross profit margin remained stable
Gross profit margin remained stable amid surge in raw material prices 毛利率维持稳定虽然原材料价格大幅上升 Actions taken 采取行动 - Improving supply chain management, Transformation product operation and merchandising. 改革转型 改善供应链管理，产品营运和企划。 48.70% 48.70% Better - Better product capabilities, competitiveness products and
Slide 15: Operating expenses
Operating expenses 经营费用 For the six months ended 30 June 截至六月三十日止六个月 2021 2020 Change RMB’000 As % of revenue RMB’000 As % of revenue 变动 人民币千元 占收入比例 人民币千元 占收入比例 Selling and marketing expenses 738,689 40.4% 609,442 45.7% 21.2% 销售及营销费用 General and administrative expenses 126,558 6.9% 148,999 11.2% -15
Slide 16: Other financial information (1)
Other financial information 其他财务资料（1） 30 June 31 December 六月三十日 十二月三十一日 (RMB’000 人民币千元) 2021 2020 Bank balances and cash 银行结余及现金 929,412 980,913 Bank borrowings 银行贷款 477,477 537,751 Gearing ratio 贷款比率（%） 19.8% 22.3% Net gearing ratio 净贷款比例（%） -- net cash 净现金 -18.7% -18.4% Current ratio 流动比率 1.5 1.7
Slide 17: Other financial information (2)
Other financial information 其他财务资料（2） 30 June 31 December 六月三十日 十二月三十一日 (RMB’000 人民币千元) 2021 2020 Average trade and notes receivables turnover days 41 days 天 35 days 天 平均应收账款及应收票据周转天数 Average trade and notes payables turnover days 147 days 天 137 days 天 平均应付账款及应付票据周转天数 Average inventories turnover da
Slide 18: Clearance of aged inventories
Other financial information 其他财务资料（3） Clearance of aged inventories 30 June 31 December 清理旧存货 六月三十日 十二月三十一日 (RMB’000 人民币千元) 2021 2020 Cost of inventories by year 存货成本按购年度： 1H 2021 上半年 390,617 - 2020 312,797 519,402 2019 or before 或以前 259,594 564,691 Total costs 总成本 963,008 1,084,093 Stock provision
Slide 19: Measures taken and to be taken
Measures taken and to be taken 已采取及将采取的措施 19
Slide 20: Measures taken - rebuilding products
Measures taken and to be taken - rebuilding products 已采取及将采取的措施 - 重造产品 Measures taken and to be taken are based on the following strategies: 已采取及将采取的措施主要围绕以下战略方向 ： 重造产品 重构渠道 重塑品牌 重建组织 Rebuilding Restructuring Rebranding Re-establishing products distibution organization channels 20
Slide 21: Product positioning, hero products, reducing SKUs
Measures taken and to be taken - rebuilding products 已采取及将采取的措施 - 重造产品 产品定位 Product positioning Shifting from fast-moving-fashionable-sexy products to healthy , comfortable, high technology, good-looking and value-for-money products 自快时尚性感产品转至健康、舒适、高科技、美观和高性价比的产品 打造健康、 爆品和提升质量 Hero products and impr
Slide 22: Hero products in 1H 2021
Measures taken and to be taken - rebuilding products 已采取及将采取的措施 -重造产品 2021年上半年爆品 Hero products in 1H 2021 产品 柔 类别 心 无 无 杯 尺 尺 码 码 内 內 无 衣 裤 尘 棉 >120万件 >210万件 >120% >180万件 从20秋冬起，3季累计订单 21全年订单 20秋冬到21秋冬订单复合增长 从20秋冬起，3季累计订单 Dust-free cotton Soft cup bra products: One-size underwear: One-size panty: lo
Slide 23: Upgrading hero products across generations
Measures taken and to be taken - rebuilding products 已采取及将采取的措施 -重造产品 现场、现物、现实以了解消费者的需求，结合市场反馈，优化 功能，提升美观度，上移价格 To optimize function and beauty, and elevate prices by staying close to market and customers 第一代 G1 第二代 G2 第三代 G3 2021SS 柔心杯1.0 柔心杯2.0 柔心杯3.0 柔心杯 爆品迭代升级 Soft cup bras 无尺码 高弹裤1.0 高弹裤2.0 高弹裤
Slide 24: Expanding hero product family
Measures taken and to be taken - rebuilding products 已采取及将采取的措施 -重造产品 柔心杯 无尺码内衣 无尘棉 无尺码內裤 Soft cup bras One-size underwear Dust-free cotton One-size panty New hero 延伸爆品矩阵 products: 新爆品： 柔型杯 玻尿酸保暖衣 Rou’xing cup bras Hyaluronic thermal cloth Expand hero product family 24
Slide 25: Reducing numbers of patterns and SKUs
Measures taken and to be taken - rebuilding products 已采取及将采取的措施 - 重造产品 缩 减 款 式 ， 精 简 S K U 数 量 Re d u c i n g t h e n u m b e r s o f p a t t e r n s a n d S K U s 2019-2021秋冬内衣款式和SKU减少 以内衣为例，二零二一年秋冬产 品款式和SKU的数目分别同比下 降约15.9%及21.5%。 Taking underwear as an example, the numbers of patterns and SKUs 款式
Slide 26: Measures taken - restructuring distribution channels
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 Measures taken and to be taken are based on the following strategies: 已采取及将采取的措施主要围绕以下战略方向 ： 重造产品 重构渠道 重塑品牌 重建组织 Rebuilding Restructuring Rebranding Re-establishing products distibution organization channels 26
Slide 27: Offline stores - 7th generation image store
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 Offline stores 线下门店 - 7th generation image store第7代形象门店 New stores opened 1H 2021: 373 stores End of June 2021: 1,441 stores Average sales of the Group’s new self- managed stores in 1H 2021: higher than those of o
Slide 28: Offline stores - family life concept shopping mall stores
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 Offline stores－“family l i f e c o n c e p t ”s h o p p i n g mall stores 线下门店－「家庭生活理念」 购物中心门店 New store opened in 1H 2021: 1 store End of June 2021: 16 stores Same-store-sales growth in 1H 2021: about 63.7% 二零二一年
Slide 29: Factory outlets and discount stores
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 Offline stores 线下门店 - factor y outlets/discount stores工厂特卖/折扣店 There were 104 factory outlets /discount stores at the end of June 2021 for clearing aged inventories. 于二零二一年六 月底有104间工厂特卖店/折扣店以清理旧存货。 29
Slide 30: Open stores in untapped lower tier areas
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 Offline stores - open stores in untapped market of lower tier areas 线下门店 - 在低线地区的空白市场继续寻求开店机会 各省份空白区县数量Untapped areas in each province 注：括号（）内为人口超过30万的空白县数量1 重点区域：含10个以上人口达30万的空白县 黑龙 江 75 (18) 内蒙古 吉 53 林 (3) 辽 40
Slide 31: E-commerce channel - unit price and gross margin improvement
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 E-commerce channel - improvement in average unit price and gross profit margin 电商渠道 - 平均件单价和毛利率提升 Improving product capabilities for long-term development of our brands. Average unit price and gross profit margin
Slide 32: E-commerce channel
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 E-commerce channel 电商渠道 Apart from the 3 major e-commerce platforms (Alibaba, JD and VIP), the Group started cooperation with other e-commerce platforms （e.g. TikTok, Kwai and Pinduoduo）in 1Q 2021. 除了三大电商平台（阿里巴巴、京
Slide 33: E-commerce live-streams with celebrities
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 E-commerce channel 电商渠道 Arranging hundreds of live-streams with celebrities in various e-commerce platforms, realizing GMV of over RMB 38 million in 1H 2021 二 零 二 一 年 上 半 年 安 排 多 场 直 播 ， 跟 头 部 达 人 / 明 星 合 作 ， 实现成交
Slide 34: Cooperation with online celebrity in Taobao live-stream
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 天猫淘宝达人直播——薇娅 Cooperation with online celebity薇娅 in Taobao live-stream 616合作薇娅，无尘棉礼盒销 量超2万套，成为薇娅直播间 618期间家居服成交TOP 1， 薇娅公众号次条和主预热阅 读量均超10W+，直播前后有 大量消费者涌入直播间咨询 此款礼盒。 34
Slide 35: 618 event performance
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 E-commerce channel 电商渠道 核心平台，大促活动表现突出： Good performance on major e-commerce platforms in the “618 event”, with year-on-year sales growth of about 15 % 618活动在主要电商平台表现突出，同 比增长约15% 35
Slide 36: Tmall customer service ratings
Measures taken and to be taken - restructuring distribution channels 已采取及将采取的措施 - 重构渠道 E-commerce channel 电商渠道 二零二一年上半年天猫店铺3项客户服务评级表现，均有明显改善。 最近180天，各项DSR均超过4.8 日期 描述DSR 服務DSR 物流DSR 二零二一年最近180天 4.804 4.834 4.808 (3月中－8月中) 二零二零年上半年 4.724 4.718 4.759 36
Slide 37: Measures taken - rebranding
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 Measures taken and to be taken are based on the following strategies: 已采取及将采取的措施主要围绕以下战略方向 ： 重造产品 重构渠道 重塑品牌 重建组织 Rebuilding Restructuring Rebranding Re-establishing products distibution organization channels 37
Slide 38: Thank you my soulmate campaign
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 致最亲密的你 真实会员故事改编的推广活动以提升品牌力 Thank you my soulmate Enhancing brand equity based on real stories 唤醒都市丽人在其中扮演的重要角色 Participants 参与用户总数达1,230,000人 New loyalty plan members 新增会员 43,520人 Bring sales 带动销售核销 人民币 19,180,000元 38
Slide 39: AW product fashion show and SS press conference
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 2 0 2 1 AW p r o d u c t f a s h i o n s h o w a n d 2 0 2 1 S S p r o d u c t p r e s s c o n f e r e n c e 二零二一年秋冬产品大秀及二零二一年春夏产品发布会 全网传播观阅人数超过百万人次 Over million views online 01星光熠熠 02闪耀蜕变 03无畏潮前 04萌宠相伴 05爱无止境 39
Slide 40: Creative videos promoting hero products
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 二零二一年上半年爆品推广 创意视频 U s i n g c r e a t i ve v i d e o s f o r p r o m o t i n g 1 H 2 0 2 1 h e r o p r o d u c t s 无尘棉 柔心杯 无尺码内衣 无尺码內裤 无尘棉-天猫测评 无尺码内衣-花絮片 小视频 40
Slide 41: Promotion activities on social platforms
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 深耕双微，开启小红书种草，布局抖音 P r o m o t i o n a c t i v i t i e s o n We i b o , We c h a t , X i a o h o n g s h u a n d T i k To k 爆品推广-全渠道内容布局，契合平台受众多场景联动 千万级粉丝服务大号 冷启动&种草基地 趣味短视频 百万级公号 从0到1布局，最高峰冲 趣味视频植入，扩展受众范围，同时实现 到服饰类目NO.2 内容带货及私域裂变。 深耕内容，跨平
Slide 42: College design competition
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 正青年高校创意设计大赛 作为首届设计大赛主办方， 与超过100所高校通过校园社群进行宣 超100位学生集赞打Call，前15位 本赛事在穿针引线网取得同期最 传，3场进校活动场场爆满，吸引共72 集赞量达到6,392，最高单人集赞 高关注。 所学校，总计1,146人报名大赛。 2,121。 成立“高校种草团”，共58人参与 More than 100 colleges involved, and 新品种草，产生34篇笔记。 42 total participants: 1
Slide 43: Membership management
Measures taken and to be taken - rebranding 已采取及将采取的措施 - 重塑品牌 Membership management 会员管理 Enhancing membership system and refining membership management 优化会员系统和精细化会员管理 Introducing appropriate products and promotion activities 精准产品推荐和精准促销活动 Total members: about 59.5 million as at 30 June 2021 于二零二一年六月
Slide 44: Measures taken and to be taken
Measures taken and to be taken 已采取及将采取的措施 Measures taken and to be taken are based on the following strategies: 已采取及将采取的措施主要围绕以下战略方向 ： 重造产品 重构渠道 重塑品牌 重建组织 Rebuilding Restructuring Rebranding Re-establishing products distibution organization channels 44
Slide 45: Re-establishing organization - supply chain management
Measures taken and to be taken - re-establishing organization 已采取及将采取的措施 - 重建组织 Supply chain management 供应链管理 调整供应链组织结构，从而提升产销协同效率，对市场变化快速反应、准时交货、降低采购成 本、保证质量，并改善创新能力 Re-establishing the supply chain organization with a view to enhancing sales and production coordination, responding to the market ch
Slide 46: Establishing efficient IT team
Measures taken and to be taken - re-establishing organization 已采取及将采取的措施 - 重建组织 Establishing efficient IT team 打造高效IT团队 五大策略和对应的行动方案 1 完善核心系统和架构 2 打造安全稳定基础平台 3 优化决策支持 4 优化IT营运体系 5 打造高效IT团队 Improving core Building safe and Optimization for Optimizing IT Establishing high systems and stable platforms
Slide 47: Open forum
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Slide 48: Appendix
Appendix 附件 48
Slide 49: Background information
Background information 背景资料 The Cosmo-Lady brand was launched in 1998. 都市丽人品牌于一九九八年推出。 The Company was listed on main board of the HK Stock Exchange in 2014. 本公司于二零一四年香港联合交易所主版上市。 Principally engaged in the designing, marketing and selling of intimate wear products in mainland China. 主要业务于中国内地从事设计、营
Slide 50: Shareholding structure as at 30 June 2021
Shareholding structure as at 30 June 2021 于二零二一年六月三十日的股份架构 Fosun International Tencent, JD and VIP: Limited: 10.7% 复星 4.2% 腾讯、京东及 国际有限公司 唯品会 Chairman Mr. Zheng Public shareholeders and other 2 founders: and other 52.0% 主席郑先生及 institutional 其他两位创办人 investors: 33.1% 公 众及其机构投资者 Chairman Mr. Zheng and o
Slide 51: Retail network on 30 June 2021
Retail network on 30 June 2021 于二零二一年六月三十日的零售网络 黑龙江 Heilongjiang 吉林Jilin 新疆 Xinjiang 内蒙古 北京 辽宁Liaoning Inner Mongolia Beijing 河北 天津Tianjin 宁夏 山西 Hebei 青海 甘肃 Ningxia Shanxi 山东 Shandong Qinghai Gansu 西藏 陕西 河南 江苏Jiangsu Xizang Shanxi Henan 安徽 上海Shanghai 四川 湖北 重庆 Anhui The following colors represent Sic
Slide 52: Profit and loss account
Profit and loss account 损益表摘要 RMB’000 人民币千元 For the year ended 31 December 截止年底 2017年 2018年 2019年 2020年 Revenue 收入 4,542,483 5,096,453 4,081,885 3,057,491 Cost of sales 销售成本 (2,577,960) (2.972,889) (3,159,299) (1,566,711) Gross profit 毛利 1,964,523 2,123,564 922,586 1,490,780 Other income 其它收入 55,354
Cosmo Lady (China) Holdings — H1 2021 Earnings Presentation on 6ix