Bosideng International Holdings Limited · HKEX:3998
Bosideng International — 1H FY2024/25 Earnings Presentation
36 slides from Bosideng International's earnings presentation, Nov 29, 2024
Slide 1: 2024/25 Interim Results
2024/25 Interim Results November 29, 2024
Slide 2: Disclaimer
Disclaimer The information contained in this presentation is intended solely for your personal reference. Such information is subject to change without notice, its accuracy is not guaranteed and it may not contain all material information concerning Bosideng International Holdings Limited (the “Comp
Slide 3: Contents
Contents 01 Financial Review 02 Business Review 03 Future Development Plan 3
Slide 4: Financial Review
Financial Review
Slide 5: Financial Highlights
Financial Highlights For the six months ended Sep 30 (RMB million) Change 2024 2023 Revenue 8,804.1 7,471.7 +17.8% Gross profit 4,391.3 3,733.5 +17.6% Profit from operations 1,471.8 1,231.0 +19.6% If excluding operating profit from the 1,610.2 1,254.9 +28.3% ladieswear apparel business* Profit attri
Slide 6: Financial Performance Highlights
Financial Performance Highlights: • Main business units achieved stable and high-quality growth • Net profit has stabilized and increased significantly 1H FY24/25 Operating Profit Margin Excluding (RMB million) Revenue Operating Profit Margin the Ladieswear Apparel Business* +2.5% 10,000 8,804.1 +1.
Slide 7: Revenue Breakdown
Revenue Breakdown RMB 7,471.7million RMB 8,804.1 million (RMB million) (RMB million) 392.7 96.4 308.1 116.9 (5.3%) (1.3%) (3.5%) (1.3%) Revenue 2,042.9 increased by 2,316.4 (26.3%) (27.3%) 1H +17.8% 1H FY23/24 FY24/25 4,939.7 6,062.7 (66.1%) (68.9%) Branded down apparel OEM management Ladieswear app
Slide 8: Revenue Breakdown by Business
Revenue Breakdown by Business For the six months ended Sep 30 (RMB million) 2024 2023 Change Branded down apparel 6,062.7 4,939.7 +22.7% OEM management 2,316.4 2,042.9 +13.4% Ladieswear apparel 308.1 392.7 -21.5% Diversified apparels 116.9 96.4 +21.3% Total 8,804.1 7,471.7 +17.8% 8
Slide 9: Revenue Breakdown - Branded Down Apparel Business
Revenue Breakdown - Branded Down Apparel Business For the six months ended Sep 30 (RMB million) 2024 2023 Change % Change Bosideng 5,279.9 4,421.0 +858.9 +19.4% Snow Flying 390.4 265.4 +125.0 +47.1% Bengen 20.7 12.8 +7.9 +61.5% Other* 371.7 240.5 +131.2 +54.5% Total 6,062.7 4,939.7 +1,123.0 +22.7% *
Slide 10: Revenue Breakdown - Ladieswear Apparel Business
Revenue Breakdown - Ladieswear Apparel Business For the six months ended Sep 30 (RMB million) 2024 2023 Change % Change JESSIE 116.3 138.7 -22.4 -16.1% BUOU BUOU 70.8 103.0 -32.2 -31.3% KOREANO & KLOVA 121.0 151.0 -30.0 -19.9% Total 308.1 392.7 -84.6 -21.5% 10
Slide 11: Revenue Breakdown - Diversified Apparels Business
Revenue Breakdown - Diversified Apparels Business For the six months ended Sep 30 (RMB million) 2024 2023 Change % Change Sameite 111.0 85.1 +25.90 +30.4% Other brands and 5.9 11.3 -5.40 -47.3% others* Total 116.9 96.4 +20.50 +21.3% * n lud d MAN, OME and Ch ld n’s W a Bus n ss 11
Slide 12: Gross Margin
Gross Margin For the six months ended Sep 30 Business 2024 2023 Change Branded down apparel 61.1% 61.2% -0.1 ppt. OEM management 20.1% 20.4% -0.3 ppt. Ladieswear apparel 61.8% 67.7% -5.9 ppt. Diversified apparels 27.6% 26.3% +1.3 ppt. The Group 49.9% 50.0% -0.1 ppt. 12
Slide 13: Gross Margin - Branded Down Apparel
Gross Margin - Branded Down Apparel For the six months ended Sep 30 2024 2023 Change Bosideng 66.3% 65.4% +0.9 ppt. Snow Flying 50.1% 44.1% +6.0 ppt. Bengen 19.1% 26.7% -7.6 ppt. Branded Down Apparel 61.1% 61.2% -0.1 ppt. 13
Slide 14: Gross Margin – Ladieswear Apparel
Gross Margin – Ladieswear Apparel For the six months ended Sep 30 2024 2023 Change JESSIE 59.4% 66.5% -7.1 ppt. BUOU BUOU 52.5% 61.2% -8.7 ppt. KOREANO & KLOVA 69.6% 73.3% -3.7 ppt. Ladieswear 61.8% 67.7% -5.9 ppt. 14
Slide 15: Operation Expenditure
Operation Expenditure • Distribution Expenses: The distribution expenses as a percentage of the G oup’s total (RMB million) Expense-to- Expense-to- revenue decreased by 1.4 ppt., mainly 3,600 sales ratio sales ratio comprising of advertising and promotion expenses, depreciation charge of right-of-us
Slide 16: Inventories
Inventories As at As at (RMB million) % Change Sep 30, 2024 Sep 30, 2023 Raw materials 2,081.2 1,202.4 +73.1% Work in progress 34.3 16.4 +108.6% Finished goods 3,823.7 2,653.9 +44.1% Total 5,939.2 3,872.7 +53.4% 16
Slide 17: Working Capital Management
Working Capital Management – Inventories Turnover Days, Trade and Bills Receivables and Payables Turnover Days For the six months ended Sep 30 2024 2023 Change Average inventory turnover days(1) 189 160 +29 days Average trade and bills receivables turnover days (2) 63 64 -1 days Average trade and bi
Slide 18: Total Cash and Net Cash
Total Cash and Net Cash As at As at As at (RMB million) Sep 30, 2024 Mar 31, 2024 Sep 30, 2023 Cash and cash equivalents 1,962.7 6,227.0 2,807.8 Time deposits with maturity over 3 months 2,739.8 3,668.7 1,011.8 Pledged bank deposits 1,313.6 671.4 1,260.4 Other financial assets 3,113.7 3,963.0 3,039.
Slide 19: Total Cash and Net Cash (Cont’)
Total Cash and Net Cash (Cont’) As at As at As at (RMB million) Sep 30, 2024 Mar 31, 2024 Sep 30, 2023 Net cash inflow/(outflow) from operating activities (3,483.1) 7,338.8 (585.5) Net cash inflow/(outflow) from investment activities 1,084.4 (2,426.5) 1,161.2 Net cash inflow/(outflow) from financing
Slide 20: Business Review
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Slide 21: Branded Down Apparel Business
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Branded Down Apparel Business RMB 4,939.7million RMB 6,062.7 million (RMB million) (RMB million) 12.8 240.5 20.7 371.7 265.4 (0.2%)(4.9%) 390.4 (0.4%) (6.1%) (5.4%) (6.4%) Reve
Slide 22: Revenue by Sales Category
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Revenue by Sales Category (RMB million) Percentage By Sales Category 7,000 For the six months ended (RMB million) Sep 30 6,000 6.1% 2024 2023 Change 5,000 4.9% Self-operated 2,
Slide 23: Operation Management
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Operation Management Supply Chain Management Logistics and Delivery Digital Operation Th ab l ty to “d l v h gh-quality Continuously adopted a system to Made significant achiev
Slide 24: Business Highlights in 1H FY24/25
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Business Highlights in 1H FY24/25 Focus on Consistent Optimize Sales Channel Product Innovation and Quality and Focus on Efficiency Improving Capabilities of Enhancement Led to
Slide 25: Strengthen Brand Leadership as the World’s Leading Expert in Down Apparel
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business 1. Strengthen Brand Leadership and Consolidate the Positioning as the World’s Leading Expert in Down Apparel *Honored with several prestigious awards, demonstrating its strengt
Slide 26: Focus on Consistent Product Innovation and Efficiency Enhancement
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business 2. Focus on Consistent Product Innovation and Efficiency Enhancement Led to Rapid Revenue Growth Sun-protective Clothing - Sun Guard Collection Windbreaker Goose Down • All-in-
Slide 27: Optimize Sales Channel Quality and Top Stores
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business 3. Optimize Sales Channel Quality and Focus on Improving Capabilities of Top Stores and Single Store’s Operation • Further consolidated and expanded its Top Stores system by cu
Slide 28: Retail Network
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business 3. Optimize Sales Channel Quality and Focus on Improving Capabilities of Top Stores and Single Store’s Operation (Cont’) Retail Network Total As at Sep 30, 2024 No. of No. of N
Slide 29: Enhance Online Platform Capabilities and Operational Efficiency
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business 4. Enhance Online Platform Capabilities and Operational Efficiency to Achieve High-quality Business Growth Revenue of Online Sales of Double 11 Sales Ranking for Tmall Apparels
Slide 30: OEM Management Business
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business OEM Management Business (RMB million) Revenue • Despite the impact of multiple challenges such as geopolitical 2,500 risks and downturn in some regional consumer markets, the O
Slide 31: Ladieswear Apparel Business
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Ladieswear Apparel Business (RMB million) Revenue by Brand • Affected by the persistently sluggish market environment, 500 revenue from ladieswear business was approximately RM
Slide 32: Ladieswear Apparel Business Retail Network
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Ladieswear Apparel Business Retail Network Total As at Sep 30, 2024 No. of No. of No. of No. of No. of Change Change Change Change Change stores stores stores stores stores Spe
Slide 33: Diversified Apparels Business
1. Branded Down Apparel 2. OEM Management Business 3. Ladieswear Apparel 4. Diversified Apparels Business Business Business Diversified Apparels Business (RMB million) Revenue by Brand 140 116.9 120 5.9 5.1% 96.4 100 11.3 11.7% 80 • Revenue from the diversified apparels business (mainly 60 94.9% 111
Slide 34: Future Development Plan
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Slide 35: Future Development Plan
Future Development Plan Down Apparel Business OEM Management Business • Concentrating advantageous resources on the development of its • Deepen existing good and stable partnerships with core competitiveness, striving to become a leader in the global key clients, cultivate new customers relationship
Slide 36: BOSIDENG
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Bosideng International Holdings — 1H FY2024/25 Earnings Presentation on 6ix