Bosideng International Holdings Limited · HKEX:3998
Bosideng International — FY2023/24 Earnings Presentation
37 slides from Bosideng International's earnings presentation, Jun 27, 2024
Slide 1: 2023/24 Annual Results
2023/24 Annual Results June 27, 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: Financial Review, Business Review, Future Development Plan
01 02 03 Financial Business Future Review Review Development Plan 3
Slide 4: Financial Review
' Financial ™ Review
Slide 5: Financial Highlights
Financial Highlights For the year ended March 31 (RMB million) 2024 2023 Change Revenue 23,214.0 16,774.2 +38.4% Gross profit 13,833.5 9,975.9 +38.7% Profit from operations 4,397.6 2,826.4 +55.6% Profit attributable to equity 3,074.1 2,138.6 +43.7% holders of the Company Earnings per share (RMB cent
Slide 6: Financial Highlights (Cont’)
Financial Highlights (Cont’) For the year ended March 31 2024 2023 Change Gross profit margin 59.6% 59.5% +0.1 ppt. Operating profit margin 18.9% 16.8% +2.1 ppt. Effective tax rate 31.3% 25.3% +6.0 ppt. Net profit margin* 13.2% 12.7% +0.5 ppt. Dividend pay-out ratio 81.1% 83.4% -2.3ppt. * Net profit
Slide 7: Financial Performance Highlights
Financial Performance Highlights: Four main business units have achieved stable and high-quality growth; operating profit has stabilized and increased significantly; operating profit margin hit another record high; inventory turnover days have been further effectively reduced (RMB million) Revenue (
Slide 8: Revenue Breakdown
Revenue Breakdown RMB 16,774.2 million RMB 23,214.0 million (RMB million) 703.0 202.6 (RMB million) 819.8 203.2 (4.2%) (1.2%) (3.5%) (0.9%) 2,294.1 2,669.7 (13.7%) Revenue (11.5%) increased by +38.4% FY22/23 FY23/24 Branded down apparels OEM management 13,574.5 Ladieswear apparels Diversified appare
Slide 9: Revenue Breakdown by Business
Revenue Breakdown by Business For the year ended March 31 (RMB million) 2024 2023 Change Branded down apparels 19,521.3 13,574.5 +43.8% OEM management 2,669.7 2,294.1 +16.4% Ladieswear apparels 819.8 703.0 +16.6% Diversified apparels 203.2 202.6 +0.3% Total 23,214.0 16,774.2 +38.4% 9
Slide 10: Revenue Breakdown - Branded Down Apparels Business
Revenue Breakdown - Branded Down Apparels Business For the year ended March 31 (RMB million) 2024 2023 Change % Change Bosideng 16,784.5 11,762.8 +5,021.7 +42.7% Snow Flying 2,018.9 1,221.5 +797.4 +65.3% Bengen 145.4 125.5 +19.9 +15.9% Other* 572.5 464.7 +107.8 +23.2% Total 19,521.3 13,574.5 +5,946.
Slide 11: Revenue Breakdown - Ladieswear Apparels Business
Revenue Breakdown - Ladieswear Apparels Business For the year ended March 31 (RMB million) 2024 2023 Change % Change JESSIE 302.7 254.9 +47.8 +18.8% BUOU BUOU 198.1 167.7 +30.4 +18.1% KOREANO & KLOVA 319.0 280.4 +38.6 +13.8% Total 819.8 703.0 +116.8 +16.6% 11
Slide 12: Revenue Breakdown - Diversified Apparels Business
Revenue Breakdown - Diversified Apparels Business For the year ended March 31 (RMB million) 2024 2023 Change % Change Sameite school 188.5 186.1 +2.4 +1.3% uniform Others brands and 14.7 16.5 -1.8 -10.8% others* Total 203.2 202.6 +0.6 +0.3% * Represents children’s wear, menswear, etc. 12
Slide 13: Gross Margin
Gross Margin For the year ended March 31 Business 2024 2023 Change Branded down apparels 65.0% 66.2% -1.2 ppt. OEM management 20.6% 19.9% +0.7 ppt. Ladieswear apparels 67.5% 68.6% -1.1 ppt. Diversified apparels 20.2% 25.7% -5.5 ppt. The Group 59.6% 59.5% +0.1 ppt. 13
Slide 14: Gross Margin - Branded Down Apparels Business
Gross Margin - Branded Down Apparels Business For the year ended March 31 2024 2023 Change Bosideng 69.6% 70.8% -1.2 ppt. Snow Flying 46.0% 46.0% Unchanged Bengen 39.2% 33.6% +5.6 ppt. Branded Down Apparels 65.0% 66.2% -1.2 ppt. 14
Slide 15: Gross Margin - Ladieswear Apparels Business
Gross Margin - Ladieswear Apparels Business For the year ended March 31 2024 2023 Change JESSIE 64.8% 66.6% -1.8 ppt. BUOU BUOU 59.9% 64.0% -4.1 ppt. KOREANO & KLOVA 74.9% 73.0% +1.9 ppt. Ladieswear Apparels 67.5% 68.6% -1.1 ppt. 15
Slide 16: Operation Expenditure
Operation Expenditure (RMB million) Expense-to- Expense-to sales ratio -sales ratio • Distribution Expenses：The ratio of distribution 10,000 9,563.0 expenses to the total revenue of the Group effectively decreased by 1.8 percentage points, mainly because 1) 1,507.9 6.5% the core down apparel busines
Slide 17: Inventories
Inventories As at As at (RMB’000) Mar 31, 2024 Mar 31, 2023 Change Raw materials 921,703 878,207 +5.0% Work in progress 13,718 11,930 +15.0% Finished goods 2,262,076 1,799,146 +25.7% Total 3,197,497 2,689,283 +18.9% 17
Slide 18: Working Capital Management
Working Capital Management – Inventories Turnover Days, Trade and Bills Receivables and Payables Turnover Days For the year ended March 31 2024 2023 Change Average inventory turnover days(1) 115 144 -29 days Average trade and bills receivable turnover days (2) 19 23 -4 days Average trade and bills p
Slide 19: Total Cash and Net Cash
Total Cash and Net Cash As at As at (RMB million) Mar 31, 2024 Mar 31, 2023 Cash and cash equivalents 6,227.0 3,718.2 Time deposits with maturity over 3 months 3,668.7 1,646.2 Pledged bank deposits 671.4 1,028.2 Other financial assets 3,963.0 4,069.0 Total cash 14,530.1 10,461.6 Minus: Bank borrowin
Slide 20: Total Cash and Net Cash (Cont’)
Total Cash and Net Cash (Cont’) As at As at (RMB million) Mar 31, 2024 Mar 31, 2023 Net cash inflow/(outflow) from operating activities 7,338.8 3,050.7 Net cash inflow/(outflow) from investment activities (2,426.5) 616.6 Net cash inflow/(outflow) from financing activities (2,379.6) (2,493.0) Net inc
Slide 21: Business Review
Business Review
Slide 22: Branded Down Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Branded Down Apparels Business RMB 13,574.5 million RMB 19,521.3 million (RMB million) (RMB million) 125.5 464.7 145.4 572.5 (0.9%) (3.4%) (0.8%) (2.9%) 1,221.5 2,018.9 (9.0%
Slide 23: Branded Down Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Branded Down Apparels Business (RMB million) For the year ended Percentage By Sales Category March 31 25,000 (RMB million) 2024 2023 Change 20,000 2.9% 23.6% Self- 14,345.1 1
Slide 24: Operation Management
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Operation Management The ability to “deliver high quality in Continuously replenished on a Realized a shorter turnover cycle The Group’s supply chains underwent quick respons
Slide 25: Business Highlights in FY2023/24
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Business Highlights in FY2023/24 Continued to solidify its brand image of 1 being the world’s leading expert in down apparel with “brand-driven” development model 2 Consisten
Slide 26: Continued to solidify its brand image as leading down apparel expert
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 1. Continued to solidify its brand image of being the world’s leading expert in down apparel with “brand-driven” development model Launched a new line of sun-protective Rebui
Slide 27: Consistent product innovation led to success in newly developed businesses
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 2. Consistent product innovation led to success in newly developed businesses Advancing 2nd round of iterative New Line of Sun-protective Clothing upgrades for ultralight dow
Slide 28: Optimized sales channels and Top Stores’ development
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 3. Further optimized its sales channels quality and allocated resources precisely for the Top Stores’ development 品牌quality, and store Continued to steadily improve the exist
Slide 29: Retail Network
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 3. Further optimized its sales channels quality and allocated resources precisely for the Top Stores’ development (Cont’) Retail Network Total As at Mar 31, 2024 No. of No. o
Slide 30: Multi-platform collaborative promotion and online growth
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business 4. Implemented multi-platform collaborative promotion and achieved rapid and high-quality business growth on online platforms Ranked first in Double 11 for both Tmall Apparel
Slide 31: OEM Management Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business OEM Management Business • Despite such factors as geopolitical risks and downturn in some (RMB million) Revenue regional consumer markets, the OEM management business 3,000 m
Slide 32: Ladies Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Ladies Apparels Business (RMB million) Revenue by Brand 1,000 819.8 800 703.0 319.0 38.9% 600 280.4 39.9% 400 198.1 24.2% 167.7 23.8% • Though still facing many challenges an
Slide 33: Retail Network (Ladieswear)
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Retail Network (Ladieswear) Total As at Mar 31, 2024 No. of No. of No. of No. of No. of Change Change Change Change Change stores stores stores stores stores Specialty stores
Slide 34: Diversified Apparels Business
1. Branded Down 2. OEM Management 3. Ladieswear Apparels 4. Diversified Apparels Apparels Business Business Business Business Diversified Apparels Business (RMB million) Revenue by Brand • Revenue from the diversified apparels business (mainly operated 250 under the Sameite brand) recorded a slight
Slide 35: Future Development Plan
Future Development Plan
Slide 36: Future Development Plan
Future Development Plan Branded Down Apparels Business OEM Management Business Brand Product Channel leadership innovation upgrade • Deepen existing good and stable partnerships with core • Convey Bosideng • Focus on • Further enhance clients brand’s core enhancing its the single stores’ • Cultivate
Slide 37: ikl S&S
ikl S&S BOSIDENG SRAMAAA PRAT AMMA!
Bosideng International Holdings — FY2023/24 Earnings Presentation on 6ix