Cosmo Lady (china) Holdings Co. Ltd. · HKEX:2298
Cosmo Lady (china) — H1 2022 Earnings Presentation
51 slides from Cosmo Lady (china)'s earnings presentation, August 2022
Slide 1: 2022 Interim Results Corporate Presentation
都市丽人2022年上半年业绩演示 2022 Interim Results Corporate Presentation Cosmo Lady（China）Holdings Co. Ltd. 都市麗人（中國）控股有限公司 股份代碼 Stock code: 2298 August 2022 2022年8月
Slide 2: Contents
目录 Contents 01 Macroeconomic situation in 1H 2022 二零二二年上半年宏观经济情况 Financial highlights for 1H 2022 02 二零二二年上半年财务摘要 Measures taken and to be taken by the 03 Group 本集团已采取及将采取的措施 04 Open forum 问答时间 1
Slide 3: Macroeconomic situation in 1H 2022
Macroeconomic situation in 1H 2022 二零二二年上半年 宏观经济情况 2
Slide 4: Macroeconomic situation in 1H 2022
Macroeconomic situation in 1H 2022 二零二二年上半年宏观经济情况 3
Slide 5: Macroeconomic situation in 1H 2022
Macroeconomic situation in 1H 2022 二零二二年上半年宏观经济情况 行业分散和电商品牌冒起 消费者行为变化 原材料价格大幅上涨 Change in market and rise of Consumers’ behavior Significant increase in raw internet brands changing material prices 根据行业白皮书 ，国内贴身衣物市场 近年来，消费者更加注重贴身衣物 疫情继续对全球供应链有重大打击， 高度分散，仍有较高的发展潜力 。另 的舒适性和健康程度。 原材料价格继续上升 (其中棉花价格 一方面，
Slide 6: Financial highlights for 1H 2022
Financial highlights for 1H 2022 二零二二年上半年 财务摘要 5
Slide 7: Financial highlights for 1H 2022
Financial highlights for 1H 2022 二零二二年上半年财务摘要 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） 2022 2021 Revenue 1,618,373 1,827,227 收入 Gross profit 754,234 890,178 毛利 Operating expenses 761,565 865,247 经营费用 Operating profit 46,803 34,702 经营利润 Profit attributable to owners of the Company
Slide 8: Revenue by sales channel
Revenue by sales channel 按销售渠道划分的收入 Breakdown of revenue The sales performance in Q2 2022 was affected by the pandemic, as such during 1H 2022: 收入构成 0.6 二零二二年第二季的销售表现受到疫情的影响， 因此于二零二二年上半年： 0.5 3.6 3.3 • Retail sales declined by about 13.6%; 5.3 4.7 零售收入下跌约13.6%; • Sales to franchisees declined by abo
Slide 9: Gross profit margin
Gross profit margin 毛利率 Reasons for decline in gross profit margin Gross profit margin 毛利率 毛利率下跌原因： 48.7% 46.6% • Surge in raw material prices 原材料价格大幅上升 • Provision for inventories of about RMB 46 million 提取存货拨备约人民币0.46亿元 Actions taken 采取行动： • Improving supply chain management, product operation and
Slide 10: 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 RMB’000 Change 人民币千元 2022 2021 变动 Selling and marketing expenses Expenses decreased by about 644,351 738,689 销售及营销费用 费用减少约12.8% General and administrative expenses Expenses decreased by about 117,214 126,558 一般及行政费用 费用减少约 7.4% Oper
Slide 11: Other financial information (1)
Other financial information 其他财务资料（1） 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) 2022 2021 Reversal of/ (provision for ) net impairment losses on financial assets 51,493 (9,843) 金融资产净减值沖回/(损失)凈额 Income tax expense (29,719) (3,155) 所得税费用 Reversal of net impairment losses on financia
Slide 12: 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) 2022 2021 Bank balances and cash 银行结余及现金 712,871 755,839 Bank borrowings 银行貸款 360,416 369,077 Gearing ratio 贷款比率（%） 19.0% 19.5% Net gearing ratio 净贷款比例（%）- net cash 净现金 -18.6% -20.4% Current ratio 流动比率 1.6 1.3 Ba
Slide 13: Other financial information (3)
Other financial information 其他财务资料（3） Details of inventories 30 June 2022 • Inventory level at 30 June 2022 has dropped by around RMB 205 存货明细 二零二二年 六月三十日 million when compared with that at 31 December 2021. RMB’000 • 二零二二年六月三十日的存货水平较二零二一年十二月三十一日 % 比例 人民币千元 的下降约人民币2.05亿元。 Value of inventories by yea
Slide 14: Other financial information (4)
Other financial information 其他财务资料（4） 30 June 31 December 六月三十日 十二月三十一日 2022 2021 Average trade receivables turnover days 30 days 天 32 days 天 平均应收账款周转天数 Average trade payables turnover days 172 days 天 162 days 天 平均应付账款周转天数 There was no significant fluctuation for the average trade receivables turnov
Slide 15: Measures taken and to be taken by the Group
Measures taken and to be taken by the Group 本集团已采取及将采取的措施 14
Slide 16: Measures taken - brand upgrading
已采取和将采取的措施 - 品牌升级 Measures taken and to be taken - brand upgrading 品牌升级 产品升级 渠道升级 其他方面 Brand upgrading Product upgrading Distribution channel Others upgarding Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, consectetur adipiscing elit.
Slide 17: Clearly define the market position
已采取和将采取的措施 -品牌升级 Measures taken and to be taken - brand upgrading 明确品牌的市场定位，以“全国销量领先的专业内衣”推广产品和吸引消费者 Clearly define the market position of our brands, and promote products and attract consumers by stating “leading sales position and specialty in intimate wear in mainland China” 16
Slide 18: Upgrade store image
已采取和将采取的措施 – 品牌升级 Measures taken and to be taken – brand upgrading Upgrade store image 门店形象升级 为进一步推进品牌发展战略（全国销量领先 的专业内衣），对全国业绩较好的店铺门头 进行升级。 Changing store entrance head design to show “leading sales position and specialty in intimate wear in mainland China ” for the better-sales-performance stores 1
Slide 19: China Ladies Intimate Wear White Paper
已采取和将采取的措施 -品牌升级 Measures taken and to be taken - brand upgrading 携手权威机构首推中国女性内衣白皮书 The Group, JD apparel, China Nonwovens & Industrial Textiles Association （intimate wear committee) and Forward Business and Intelligence Co., Ltd. jointly published the “China Ladies Intimate Wear White Paper ”to enh
Slide 20: Engaging lady-consumers to promote products
已采取和将采取的措施 -品牌升级 Measures taken and to be taken - brand upgrading 借助“百人代言征集计划”推动产品 Engaging 100 lady-consumers from various industries to promote our products New brand ambassador 唐艺昕 New brand ambassador 唐艺昕 19
Slide 21: Videos, articles and posters for promoting products
已采取和将采取的措施 -品牌升级 Measures taken and to be taken - brand upgrading 以大量视频、文章及海报推广产品 Using numerous videos, articles and posters for promoting products 爆款图文 爆款视频 爆款笔记 通过测评实验手段展现产 上半年双微产生6篇阅读量超10w+推文 品卖点，种草产品 投放笔记15条 其中领先公关战福利篇推文阅读量达32w+ 产生4条爆文 发布视频号，获大量转发 及点赞，赋能终端销售 S级爆文1篇 大爆文1篇 小爆文2篇 20
Slide 22: Trade fair and fashion show for franchisees
已采取和将采取的措施 -品牌升级 Measures taken and to be taken - brand upgrading 安排订货会和内衣秀吸引加盟商 Arranging intimate wear trade fair and fashion show for franchisees 22年秋冬新品订货会 订货会场馆视觉打造 品牌信任状/品类视觉/爆品橱窗/创意设计 21
Slide 23: Membership management
已采取和将采取的措施 -品牌升级 Measures taken and to be taken - brand upgrading 会员管理方面，将继续优化会员系统、精细化会员管理和精准产品推荐给6000万会员 并推动线上私域流量与线下门店联动推广活动 Continuing to optimize membership system, refine membership management, introduce appropriate products to our 60 million members and drive the promotion activities between o
Slide 24: Measures taken - product upgrading
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading 品牌升级 产品升级 渠道升级 其他方面 Brand upgrading Product upgrading Distribution channel Others upgarding Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, consectetur adipiscing elit
Slide 25: Building specialty intimate wear
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading Building specialty intimate wear 打造专业内衣 Specialty quality Specialty materials Specialty functions Specialty R&D - inspection - Specialty bra cups - higher than national 7 creative type of cups - over 90 good quality - over 20 diffe
Slide 26: Continuing to upgrade hero products
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading 持续升级爆品及推出高性价比的新优质产品 Continuing to upgrade hero products and launch value-for-money new quality products 无尘棉家居服累计销量 柔心杯累计销量 无尺码系列累计销量 超过200万件 超过440万件 约500万件 Dust-free cotton loungewear Soft cup bra products: One -size underwear and
Slide 27: Increase self-developed products and classic products
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading 将继续提升自主研发占比及专利数量 继续精简库存单位数量，提升常青款占比 Continuing to increase self-developed products and Continuing to reduce SKU and increase percentage number of patent rights of classic products 自主研发和专利数量趋势 SKU及常青款占比趋势 常青款占比提升 460 Pe rce n tage
Slide 28: Product regionalization, changing order placing model
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading Product regionalization, changing order placing model 产品区域化，订货模式改变 产品区域化 - 组织流行趋势部，强化对不同区 订货模式从“期货模式”逐步转至“现货 将合适的产品放在合适的区域 域的市场洞察力 模式”，视乎市场情况补货，降低存货风 险 ， 并 减 短 减 快 速 反 应 的 时 间 Product regionalization - Putting appropriate Setting u
Slide 29: Development of new raw materials
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading 开发新原材料用于新产品 Development of new raw materials for use in new products Fibre suppliers Supplementary material suppliers 创新材料 肖像确认 研发机构/ 顶级材料商 定向开发 创新材料 强化与专业机构及顶级原材料供应商的合作，开发新原材料 爆品开发 Strengthening the cooperation with professional a
Slide 30: Cooperating with over 20 strategic suppliers
已采取和将采取的措施 - 产品升级 Measures taken and to be taken - product upgrading Cooperating with over 20 strategic suppliers and connecting with their IT systems to enhance sales and production coordination, improve quality of products and shorten response time 与二十余家战略供应商合作和连接其IT系统，以提高产销协同，改善产品质量及减短快反时间 精益流程 精
Slide 31: Measures taken - distribution channel upgrading
已采取和将采取的措施 - 渠道升级 Measures taken and to be taken - distribution channel upgrading 品牌升级 产品升级 渠道升级 其他方面 Brand upgrading Product upgrading Distribution channel Others upgarding Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, consectetur ad
Slide 32: Omni-channel
已采取和将采取的措施 - 渠道升级 Measures taken and to be taken - distribution channel upgrading Omni - channel 全渠道布局 全渠道 步行街门店 商超门店 营销 小程序 (正价、奥莱) 购物中 各种直播( 抖音， 心门店 其他电商平台、门 店、区域等) 京东、唯品、 Realizing omni - channel by setting up offline store 天猫、拼多多 network and by stepping up investments in e-commerce channel and m
Slide 33: 1+N+outlets store model
已采取和将采取的措施 - 渠道升级 Measures taken and to be taken - distribution channel upgrading 以商圈为单位进行“1+N+特”店型规划 Using the “1 + N + outlets” model in business districts 1 N 特 7S形象门店 32
Slide 34: Offline stores in untapped markets
已采取和将采取的措施 - 渠道升级 Measures taken and to be taken - distribution channel upgrading 线下门店 - 继续往空白市场寻求开店机会(例如 低线地区和某些超市) O f f l i n e st o re - c o n t i n u o u s t o o p e n s t o re s i n u n t a p p e d m a r ke t ( e . g . l o w e r - t i e r re g i o n s a n d c e r t a i n s u p e r m a r ke t s
Slide 35: Entering shopping malls under Cotton Regions
已采取和将采取的措施 - 渠道升级 Measures taken and to be taken - distribution channel upgrading 2022年上半年以新品牌“纯棉居物”和新形象，进入购物中心 Entering shopping mall channel under a new brand “Cotton Regions”with new store image in 1H 2022 34
Slide 36: E-commerce channel live-streams
已采取和将采取的措施 - 渠道升级 Measures taken and to be taken - distribution channel upgrading 电商渠道 E-commerce channel 在多个电商平台安排多场直播 Arranging hundreds of live-streams in various e-commerce platforms 新兴直播 live-streams with Tik Tok and Kwai 抖音& 快手 加快抖音直播建设步伐。 传统店播 live-streams with Tmall, JD, Vip and PDD in store
Slide 37: E-commerce channel
已采取和将采取的措施 -渠道升级 Measures taken and to be taken - distribution channels upgrading 电商渠道 除跟多个平台合作直播 外，也进行视觉形象升 级、传递品牌价值、推出 线上爆品及推动线上线下 协同等工作。 37E-commerce channel Apart from cooperation with various platforms on live- steams, our e-commerce channel steps up to enhance visual images, deliver our brand
Slide 38: Measures taken - others
已采取和将采取的措施 - 其他 Measures taken and to be taken - others 品牌升级 产品升级 渠道升级 其他方面 Brand upgrading Product upgrading Distribution channel Others upgarding Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, Lorem ipsum dolor sit amet, consectetur adipiscing elit. Integer con
Slide 39: Clearing aged inventories
已采取和将采取的措施 - 其他 Measures taken and to be taken - others 二零二二年上半年在线上、线下和海外各渠道加大力度清理旧存货 Stepping up effort on clearing aged inventories in online, offline and overseas distribution channels in 1H 2022 38
Slide 40: Stringent expense control
已采取和将采取的措施 - 其他 Measures taken and to be taken - others 二零二二年上半年严控费用 Adopting stringent measures to control expenses in 1H 2022 39
Slide 41: Streamlining corporate structure
已采取和将采取的措施 - 其他 Measures taken and to be taken - others 二零二二年上半年逐步简化集团架构和合并部门, 以减低人力成本 Streamlining corporate structure in 1H 2022 by gradually simplifying and merging departments to reduce staff costs 降本增效 简化架构 40
Slide 42: Cooperating with JD on digitization
已采取和将采取的措施 –其他 Measures taken and to be taken - others 二零二二年三月，与京东签订数字化战略合作协议，全面启动数字化转型，推动业务升级优化 Cooperating with JD on digitization in March 2022 for optimizing IT operation system 京东的优势资源和能力 5.中台建设 云 大 计 物 数 算 联 1.全渠道库存管理 据 网 4.数字化门店 人 工 数 字 智 移 能 动 会员管理 市 主要 技 场 业务 术 引入变革性数字化技术 布 线 支 局 撑 助力企业数字化转
Slide 43: New IT application framework
已采取和将采取的措施 –其他 Measures taken and to be taken - others 对现有应用架构进行了诊断分析，制定了全新的应用架构，支撑业务运营 Formulating new IT application framework to support business operation 决 策 1. 战略决策应用组（2） 支 管理驾驶舱 数据中台 持 2. 大商品应用组（15） 智能设计 商品企划协同管理 产品敏捷研发协同 需求与流行趋势洞察 商品全生命周期管理 智慧物流 （CAD、PGM等） 供应链可视化控制塔 供应链智能管理 业务中台 – 订单中心 业务中台
Slide 44: Digitalization in 3 phases
已采取和将采取的措施 –其他 Measures taken and to be taken - others 根据积极稳妥的原则，制定了三阶段实现数字化转型的规划 Realizing digitalization by 3 phases 第三阶段 Phase 3 (2025-2026年) 第二阶段 Phase 2 (2024年) 持续优化 Optimization 第一阶段 Phase 1 (2022-2023年) 深化推广 Deepening reforms 解决核心问题 夯实基础 Foundation 商品、供应数字化全面升级： 解决核心问题 • 利用RFID技术实现产品从生产、上
Slide 45: Application system for product management
已采取和将采取的措施 –其他 Measures taken and to be taken - others 以大商品管理为例，我们将建立起支持业务端到端拉通，高效协同的应用系统，助力商品管理提升 Setting up application system for coordination and enhancing product management 上市前 在市 A1. 需求与流行趋势智能洞察 • 设计开发规划 A.企划开发 产品组合规 品类规划 划 A2. 数字企划协同一体化管理 • 波段上新规划 A3. 面向需求的产品精准研发 产品设计 试销 战略目 标 B.商品运营 OTB计划制
Slide 46: Open forum
PT ARA SHERERENSEWAK RpMmA mete A fe Zor
Slide 47: Appendix
Appendix 附件 46
Slide 48: 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 Hong Kong 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
Slide 49: Shareholding structure as at 30 June 2022
Shareholding structure as at 30 June 2022 于二零二二年六月三十日的股份架构 Tencent, JD and VIP: Fosun International 4.2%腾讯、京东及唯 Limited: 10.7% 复星 品会 国际有限公司 Public shareholeders Chairman Mr. Zheng and other institutional and other 2 founders: investors: 33% 公众及 52.1%主席郑先生及 其机构投资者 其他2位创办人 Chairman Mr. Zheng and other
Slide 50: Offline retail network on 30 June 2022
Offline retail network on 30 June 2022 于二零二二年六月三十日的线下零售网络 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 西藏 Qinghai Gansu 陕西 河南 江苏Jiangsu Xizang Shanxi Henan安徽 湖北 上海Shanghai 四川 Anhui 重庆 Hubei The following colors
Slide 51: Profit and loss account - extracts
Profit and loss account - extracts损益表摘要 RMB’000 人民币千元 For the year ended 31 December 截至12月31日止年度 2017年 2018年 2019年 2020年 2021年 Revenue 收入 4,542,483 5,096,453 4,081,885 3,057,491 3,355,403 Cost of sales 销售成本 (2,577,960) (2.972,889) (3,159,299) (1,566,711) (1,942,780) Gross profit 毛利 1,964,523 2,123,5
Cosmo Lady (China) Holdings — H1 2022 Earnings Presentation on 6ix