Bosideng International Holdings Limited · HKEX:3998
Bosideng International — 1H FY2023/24 Earnings Presentation
38 slides from Bosideng International's earnings presentation, Nov 28, 2023
Slide 1: 2023/24 Interim Results
2023/24 Interim Results November 28, 2023
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 Financial Review 1 Business Review 2 Future Development Plan 3 3
Slide 4: Financial Review
Financial Review
Slide 5: Financial Highlights
Financial Highlights For the six months ended Sep 30 (RMB million) Change 2023 2022 Revenue 7,471.7 6,180.5 +20.9% Gross profit 3,733.5 3,089.1 +20.9% Profit from operations 1,231.0 945.2 +30.2% Profit attributable to equity holders of 918.6 734.3 +25.1% the Company Earnings per share (RMB cents) –
Slide 6: Financial Performance Highlights
Financial Performance Highlights: All business units achieved stable and high-quality growth, operating profit margin reached a new high, and inventory turnover continued to improve ❖ Both revenue and operating profit margin kept growing steadily and hit another record high despite the adverse marke
Slide 7: Revenue Breakdown
Revenue Breakdown RMB 6,180.5 million RMB 7,471.7million (RMB million) (RMB million) 340.2 87.8 392.7 96.4 (5.5%) (1.4%) (5.3%) (1.3%) Revenue increased by 1,895.4 2,042.9 (30.7%) 1H +20.9% (27.3%) 1H FY22/23 3,857.1 (62.4%) FY23/24 4,939.7 (66.1%) Branded down appareal OEM management Ladieswear Div
Slide 8: Revenue Breakdown by Business
Revenue Breakdown by Business For the six months ended Sep 30 (RMB million) Change 2023 2022 Branded down apparel 4,939.7 3,857.1 +28.1% OEM management 2,042.9 1,895.4 +7.8% Ladieswear 392.7 340.2 +15.4% Diversified apparels 96.4 87.8 +9.8% Total 7,471.7 6,180.5 +20.9% 8
Slide 9: Revenue Breakdown - Branded Down Apparel Business
Revenue Breakdown - Branded Down Apparel Business For the six months ended Sep 30 (RMB million) Change % Change 2023 2022 Bosideng 4,421.0 3,522.0 +899.0 +25.5% Snow Flying 265.4 174.4 +91.0 +52.2% Bengen 12.8 36.8 -24.0 -65.3% Other* 240.5 123.9 +116.6 +94.1% Total 4,939.7 3,857.1 +1,082.6 +28.1% *
Slide 10: Revenue Breakdown - Ladieswear Business
Revenue Breakdown - Ladieswear Business For the six months ended Sep 30 (RMB million) Change % Change 2023 2022 JESSIE 138.7 114.7 +24.0 +20.9% BUOU BUOU 103.0 86.3 +16.7 +19.4% KOREANO & KLOVA 151.0 139.2 +11.8 +8.5% Total 392.7 340.2 +52.5 +15.4% 10
Slide 11: Revenue Breakdown - Diversified Apparels Business
Revenue Breakdown - Diversified Apparels Business For the six months ended Sep 30 (RMB million) Change % Change 2023 2022 Sameite 85.1 76.2 +8.9 +11.7% Other brands and others* 11.3 11.6 -0.3 -2.2% Total 96.4 87.8 +8.6 +9.8% * Included children’s wear, menswear and Bosideng HOME 11
Slide 12: Gross Margin
Gross Margin For the six months ended Sep 30 Business Change 2023 2022 Branded down apparel 61.2% 63.6% -2.4 ppt. OEM management 20.4% 20.4% - Ladieswear 67.7% 66.2% +1.5 ppt. Diversified apparels 26.3% 26.9% -0.6 ppt. The Group 50.0% 50.0% - 12
Slide 13: Gross Margin - Branded Down Apparel
Gross Margin - Branded Down Apparel For the six months ended Sep 30 Change 2023 2022 Bosideng 65.4% 66.5% -1.1 ppt. Snow Flying 44.1% 46.4% -2.3 ppt. Bengen 26.7% 25.8% +0.9 ppt. Branded Down Apparel 61.2% 63.6% -2.4 ppt. 13
Slide 14: Gross Margin - Ladieswear
Gross Margin - Ladieswear For the six months ended Sep 30 Change 2023 2022 JESSIE 66.5% 64.6% +1.9 ppt. BUOU BUOU 61.2% 65.6% -4.4 ppt. KOREANO & KLOVA 73.3% 67.8% +5.5 ppt. Ladieswear 67.7% 66.2% +1.5 ppt. 14
Slide 15: Operation Expenditure
Operation Expenditure • Distribution Expenses: The ratio of distribution Expense-to- Expense-to- expenses to the total revenue of the Group (RMB million) sales ratio sales ratio increased by 0.9 percentage points, mainly 3,000 because the Group carried out brand building activities and store refurbi
Slide 16: Inventories
Inventories As at As at (RMB million) % Change Sep 30, 2023 Sep 30, 2023 Raw materials 1,202.4 1,022.2 +17.6% Work in progress 16.4 28.7 -42.9% Finished goods 2,653.9 2,382.9 +11.4% Total 3,872.7 3,433.8 +12.8% 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 2023 2022 Change Average inventory turnover days(1) 160 181 -21 days Average trade and bills receivable turnover days (2) 64 84 -20 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, 2023 Mar 31, 2023 Sep 30, 2022 Cash and cash equivalents 2,807.8 3,718.2 1,766.9 Time deposits with maturity over 3 months 1,011.8 1,646.2 569.5 Pledged bank deposits 1,260.4 1,028.2 1,368.6 Other financial assets 3,039.4 4,069.0 4,080.
Slide 19: Total Cash and Net Cash (Cont'd)
Total Cash and Net Cash (Cont’) As at As at As at (RMB million) Sep 30, 2023 Mar 31, 2023 Sep 30, 2022 Net cash inflow/(outflow) from operating activities (585.5) 3,050.7 (1,665.3) Net cash inflow/(outflow) from investment activities 1,161.2 616.6 1,817.6 Net cash inflow/(outflow) from financing act
Slide 20: Business Review
Business Review
Slide 21: Branded Down Apparels Business
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Branded Down Apparels Business RMB 3,857.1 million RMB 4,939.7million (RMB million) (RMB million) 36.8 123.9 12.8 240.5 174.4 (1.0%)(3.2%) 265.4 (0.2%)(4.9%) (4.5%) (5.4%) Revenue incr
Slide 22: Revenue by Sales Category
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Revenue by Sales Category (RMB million) 5,000 4.9% For the six months ended (RMB million) Sep 30 4,000 Change 3.2% 2023 2022 61.6% 3,000 Self-operated 1,654.8 1,220.2 +35.6% 65.2% 2,00
Slide 23: Operation Management
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Operation Management The ability to “deliver high quality in In the 1H, the supply chains underwent quick response” is an important Continuously replenished on a Realized a shorter tur
Slide 24: Business Highlights in 1H FY23/24
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Business Highlights in 1H FY23/24 Adhering to the “brand-driven” development model, strengthening the 1 positioning as the world’s leading expert in down apparel Consistent product inn
Slide 25: Adhering to the brand-driven development model
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 1. Adhering to the “brand-driven” development model, strengthening the positioning as the world’s leading expert in down apparel Received a number of recognitions: ❖ Bosideng improved
Slide 26: Consistent product innovation leads to success in newly developed businesses
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 2. Consistent product innovation leads to success in newly developed businesses ❖ Sun-protective Clothing ❖ Advancing 2nd round of iterative upgrades for Enhanced the enduring sun ultr
Slide 27: Upgrading the sales channel mix, building up model Top stores
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 3. Upgrading the sales channel mix, building up model Top stores ❖ Continued to steadily improve the existing sales channels’ mix, layout, quality and the image of the retail outlets,
Slide 28: Retail Network
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 3. Upgrading the sales channel mix, building up model Top stores Retail Network Total As at Sep 30, 2023 No. of No. of No. of No. of Change Change Change Change stores stores stores st
Slide 29: Improving quality and efficiency of single stores' operation
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 4. Improving further both the quality and efficiency of single stores’ operation Centering on store operations Mountaineering Theme Store Customer need- Consolidate oriented Form a its
Slide 30: Steady and high-quality growth in business on online platforms
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 5. Steady and high-quality growth in business on online platforms Emphasizing core product categories Excelled in platform category rankings Focused on Aggregating brand enhancing the
Slide 31: Innovation in new retail operation, membership value proposition
1. Branded Down Apparel Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business 6. Consistent innovation in new retail operation, enhancement of membership value proposition Enhance members’ Build a unified omni- loyalty and raise the channel member level of the m
Slide 32: OEM Management Business
1. Ladieswear Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business OEM Management Business ❖ The OEM management business maintained stable and healthy development, mainly due to: 1. A steady increase in orders from existing core customers (RMB million) 2. The e
Slide 33: Ladieswear Business
1. Ladieswear Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Ladieswear Business ❖ Though facing many challenges and uncertainties, ladieswear business Revenue by Brand segment of the Group can (RMB million) still achieve steady and 400 392.7 healthy grow
Slide 34: Ladieswear Business Retail Network
1. Ladieswear Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Ladieswear Business Retail Network Total As at Sep 30, 2023 No. of No. of No. of No. of No. of Change Change Change Change Change stores stores stores stores stores Specialty stores Operated by
Slide 35: Diversified Apparels Business
1. Ladieswear Business 2. OEM Management Business 3. Ladieswear Business 4. Diversified Apparels Business Diversified Apparels Business ❖ Revenue from the diversified apparels business (mainly operated under the Sameite brand) continued to record solid growth with an increase of 9.8% year- on-year,
Slide 36: Future Development Plan
Future Development Plan
Slide 37: Future Development Plan
Future Development Plan Down Apparels Business OEM Management Business Fashion Ladieswear Business ❖ Positioned itself as “the world’s leading ❖ Establishing a special working group ❖ Committed to becoming an expert in down apparel” and will drive at the Group level that can ensure the OEM/ODM exper
Slide 38: EAA A PRAT MMH RM |
EAA A PRAT MMH RM | iz) & BOSIDENG
Bosideng International Holdings — 1H FY2023/24 Earnings Presentation on 6ix