Yue Yuen Industrial (holdings) Limited · HKEX:551
Yue Yuen Industrial (holdings) — FY2024 Earnings Presentation
63 slides from Yue Yuen Industrial (holdings)'s earnings presentation, Mar 11, 2025
Slide 1: Yue Yuen Industrial 2024 Annual Results
Yue Yuen Industrial 2024 Annual Results 11 Mar 2025
Slide 2: Disclaimer
Disclaimer Yue Yuen and Pou Sheng have taken every reasonable care in preparing this presentation. However, please be reminded that the information, materials, opinions and statements contained or referred to in this presentation are all provided on an "as is" basis. None of the aforesaid informatio
Slide 3: Table of Contents
Table of Contents 01 03 05 Group Manufacturing Overview Business Appendix p 4-12 p 13-24 p 25-35 p 36-52 p 53-62 02 04 Group Operation Retail Business Highlights Pou Sheng Yue Yuen 2024 Annual Results | 3
Slide 4: 01 Group Overview
Yue Yuen Industrial 01 Group Overview
Slide 5: Company Profile
Company Profile Founded in 1988, and listed on the HKEX in 1992 (551.HK) A yield play with solid performance – committed to driving return and value for shareholders FY24 Business Structure Soles, Components & Others 5.5% (FY23: 5.1%) Pou Sheng^ Athletic / Outdoor Shoes 31.3% (FY23: 35.9%) 53.8% (FY
Slide 6: 2024 Financial Performance Overview
2024 Financial Performance Overview Profit Attrib. to Dividend Operating Revenue Free Cash Flow Owners Per Share Cash Flow* $8,182mn $393mn HK$1.30 $626mn $326mn 2024 +$292mn +$118mn +42.9% -$319mn -33.8% -$423mn -56.5% (US$) (Y-o-Y Change) (% of Revenue) (Payout Ratio) (% of Revenue) (% of Revenue)
Slide 7: Balance Shareholder Return & Future Investments
Balance Shareholder Return & Future Investments Dividend & Repurchase CAPEX and R&D In US$’mn In US$’mn MFG R&D and CAPEX maintained 3-4% of MFG Rev. respectively 76% 77% 68% 69% 4.6% 3.0% 3.1% 2.8% 269 44.6% 3.4% (dividend only) 3.0% 228 226 2.5% 2.5% 201* 396 HK$0.90 HK$0.70 per share 118 per shar
Slide 8: Digital Transformation Supports Growth Strategy
Digital Transformation Supports Growth Strategy SAP 5 Values SCM OCP PLM 4 Directions Speed 3 Segments BI Design 2 E2E Platform Flexibility Footwear 1 Equipment OEM / ODM World’s Leading Sporting Goods DRS Innovation Apparel MFG Platform Material Retail Quality ERP Accessories Process Sustainability
Slide 9: Corporate Social Responsibility
Corporate Social Responsibility Sustainable Manufacturing The Only FLA Accredited Footwear Following customers’ commitments to SBTi^ OEM/ODM Globally to achieve the goal of reducing our emissions Investing in human capital, lifting workplace by 46.2% by 2030, as compared with the base standards & fa
Slide 10: Sustainable Manufacturing
Sustainable Manufacturing Green Energy Water Recycling Waste Recycling Energy Intensity Carbon Intensity 24% 41.4% 32% 6.5-22.7 1.3-4.1 8pp 6.0pp FY22: 32% MJ/pair kg CO2e/pair Female Local Voluntary Management Management CBA Turnover Remuneration 55.6% 85.1% 94.5% 13.4% FLA Fair FY22: 56.3% 1.
Slide 11: Recognition and Achievement
Recognition and Achievement CORPORATE · ESG · · · Yue Yuen landed 9 awards · · including ‘Most Honored · · Company’ in the 2024 Asia · · (ex-Japan) Executive Team - · · Consumer/Discretionary - · MSCI ESG Rating CDP Climate Change: B · Rest of Asia · BB (Updated in Feb 2025) CDP Water Security: B- (
Slide 12: Manpower Structure
Manpower Structure FY24: 285,500 No. of Employees FY23: 264,700 7.9% As at 31 Dec 2024 MFG Manpower Distribution − by Region (%) 12.8 -7.8 -11.1 -12.8 -14.3 -9.5 8.4 9.4 -1.4 -1.2 -14.9 -14.6 36.1 CN 29.6 25.8 33.3 20.0 9 22.1 VN 38 6 311.7 287.6 265.2 284.2 265.5 242.6 47 Others IN 2019 2020 2021 2
Slide 13: 02 Group Operation Highlights
Yue Yuen Industrial 02 Group Operation Highlights
Slide 14: YY Strategies & Operating Highlights
YY Strategies & Operating Highlights ① Shoes Order Fulfilment Strengthened QoQ, and Demand for Business Review Production Capacity Continued to Outstrip Supply • Robust footwear shipment volume growth with shipment increased quarter • Amid the ongoing normalization of the global footwear by quarter
Slide 15: Key Financial Highlights for FY 2024
Key Financial Highlights for FY 2024 Revenue Net Cash Dividend Group US$ 8,182.2 mn US$ 185.9 mn HK$ 1.30 per share +3.7% +9.7% Payout ratio: 69% Revenue GP Margin Profit Attrib. to Owners MFG US$ 5,620.8 mn 19.9% US$ 349.7 mn +11.1% +0.7pp +51.1% Revenue OP Margin Profit Attrib. to Owners Retail RM
Slide 16: YoY Revenue by Category
YoY Revenue by Category FY24: US$ 8,182.2 mn Total Revenue FY23: US$ 7,890.2 mn 3.7% Athletic / Casual Shoes Outdoor Shoes & Sport Sandals 85% 4,403.6 15% US$ 5,169.0 mn 9.0% Athletic / Outdoor Shoes 4,041.1 YoY: 11.0% 765.4 Casual Shoes 24.2% 616.4 & Sport Sandals Offline Sales∆ 72% 451.8 Soles, Co
Slide 17: FY24 Manufacturing Revenue by Destination
FY24 Manufacturing Revenue by Destination Europe FY24: US$ 5,620.8 mn MFG Revenue FY23: US$ 5,059.5 mn 11.1% 25.5% FY23: 25.5% YoY: +11.1%# US 27.4% Mainland China FY23: 27.8% 18.5% YoY: +9.5%# FY23: 17.7% YoY: +16.1%# Others* 28.6% FY23: 29.0% YoY: +9.6%# # YoY changes in revenue amount Yue Yuen 20
Slide 18: Shoe Volume by Region
Shoe Volume by Region FY24: 255.3 mn pairs Shoe Volume FY23: 218.3 mn pairs 16.9%# 1% 6% 5% 4% 100% 17.2%# 80% 31% 46% 49% 54% 28.6%# 60% 34% Others* 40% Indonesia 38% 34% 31% 3.8%# Vietnam 20% 34% Mainland 10% 12% 11% 7.0%# China 0% 2013 2022 2023 2024 # YoY changes in volume (pairs) Yue Yuen 2024
Slide 19: Manufacturing Operation Efficiency Indicator
Manufacturing Operation Efficiency Indicator Productivity (pairs per person) 2019 1,028 2020 848 Profit per person continued to improve in 2024, ↑56.7% YoY & 2021 862 ↑100% vs 2019 2022 954 2023 829 2024 1,005 Remark: used average No. of MFG Headcount for all calculations. Yue Yuen 2024 Annual Resul
Slide 20: YY Group Financial Highlights
YY Group Financial Highlights (US$’000) FY 2024 FY 2023 YoY Revenue 8,182,161 7,890,168 +3.7% Gross Profit 1,992,710 1,925,314 +3.5% Gross Profit Margin 24.4% 24.4% +0.0pp Operating Profit 546,438 403,898 +35.3% Operating Profit Margin 6.7% 5.1% +1.6pp Profit Attrib. to Owners 392,415 274,710 +42.8%
Slide 21: YY Group Financial Ratios
YY Group Financial Ratios (US$’mn) FY 2024 FY 2023 YoY Depreciation & Amortization^ 383.0 407.7 -6.1% EBITDA 899.7 777.5 +15.7% Capital Expenditure∆ 211.3 200.6 +5.3% Product Development 142.2 157.9 -9.9% Total Borrowings* 757.3 972.7 -22.1% Net Cash* 185.9 169.4 +9.7% As of Total Borrowings to Equi
Slide 22: Enhanced Capital Structure & Finance Cost Analysis
Enhanced Capital Structure & Finance Cost Analysis FY24: US$ 757.3 mn Borrowings FY23: US$ 972.7 mn 22.1% Finance Cost In US$’mn FY24 vs. FY23 Bank Borrowings Composition 85.0 12.1 33% 63.3 25.5% 1% 0.9 9.1 24.7% 34% 1% 0.3 66.7% 72.0 53.9 25.1% 65% FY23 FY24 66% Pou Sheng – Interest exp. on Lease L
Slide 23: YY Group Sources and Uses of Fund
YY Group Sources and Uses of Fund (US$’mn) Net CFO*: +537.1 Net CFI: -58.5 +734.6 -88.7 Net CFF: -631.0 -108.8 -211.3 +152.8 -116.5 Tax -255.1 Disputes Tax^ CAPEX Proceeds Lease -52.8 -206.6 from Liabilities disposal, Repayment Div & Interest -46.5 Adj. Cash^ int., div and Share Int. on loan from &
Slide 24: YY Group ROE & ROA Trend
YY Group ROE & ROA Trend 8.8 8.8 8.0 7.3 7.1 6.5 5.3 5.0 2.8 2.9 5.7 5.8 4.4 4.0 4.2 3.7 0.3 3.2 3.0 -0.8 1.6 1.3 -0.1 -2.3 1H19 FY19 1H20 FY20 1H21 FY21 1H22 FY22 1H23 FY23 1H24 FY24 ROA (%) ROE (%) Remark: ROE = Profit (Loss) attributable to owners of the company / (Total Equity - Minority Interes
Slide 25: 03 Manufacturing Business
Manufacturing 03 Manufacturing Business Note: The figures in the following slides cover the core manufacturing operations of the consolidated entity of Yue Yuen Group, and are for analytical purposes only (prepared using the Company management accounts).
Slide 26: Manufacturing Financial Highlights
Manufacturing Financial Highlights (US$’000) FY 2024 FY 2023 YoY Revenue 5,620,753 5,059,438 +11.1% Gross Profit 1,117,027 972,170 +14.9% Gross Profit Margin 19.9% 19.2% +0.7pp Operating Profit 441,060 294,775 +49.6% Operating Profit Margin 7.8% 5.8% +2.0pp Profit Attrib. to Owners 349,744 231,432 +
Slide 27: Manufacturing – Optimization Strategies & Industry Trends Drive ASP Changes
Manufacturing – Optimization Strategies & Industry Trends Drive ASP Changes (US$ per pair) YoY flat 22.06 21.80 21.80 21.55 20.65 20.38 20.73 19.54 19.41 19.65 21.53 18.94 18.25 18.33 20.28 17.78 20.25 17.26 19.55 18.65 Inventory 15.72 17.92 17.79 Pandemic in Vietnam de-stocking affecting seasonalit
Slide 28: Manufacturing – GP Margin Trend
Manufacturing – GP Margin Trend Gross Profit Margin (%, MFG only) Gross Profit Margin (%, incl. MFG & TCHC*) 22.8 19.7 20.6 19.6 18.7 18.5 19.2 19.3 18.2 18.2 18.3 17.9 17.1 17.8 16.0 20.3 19.2 20.5 18.2 17.9 12.7 18.0 16.8 15.7 One-off reversal 11.7 offset some costs 6.0 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q
Slide 29: Manufacturing – OP Margin Trend
Manufacturing – OP Margin Trend Operating Profit Margin (%) 11.0 9.1 6.6 4.5 4.6 5.2 5.3 5.8 5.8 3.6 1.1 8.4 7.8 4.9 6.1 3.6 3.6 4.4 4.4 2.9 -4.8 -1.0 -9.7 -14.1 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 4.1% -2.3% 0.3% 5.
Slide 30: Manufacturing – Utilization & COGS Analysis
Manufacturing – Utilization & COGS Analysis 93% 88% 87% 79% Revenue Utilization 73% +11% Rate 72% YoY GPM 18.5% 14.7% 15.5% 18.4% 19.2% 19.9% 14.9% 36.9% 36.6% 37.1% Material 38.2% 36.5% 35.7% 8.8% Labor & 44.6% 48.7%^ 47.4%^ 43.4% 44.3% 44.4% 11.3% Overhead (% of Revenue) Amount (YoY) FY19 FY20 FY2
Slide 31: Enhanced SG&A Expense and Other Expenses
Enhanced SG&A Expense and Other Expenses SG&A and Net Other Expenses +0.5pp Amount (US$’mn) & % of Revenue SG&A Expense • Utilization & Revenue ↑ 582.4 Utilization rate FY24: 93% ↑ 14pp YoY 2H24: 95% ↑ 13pp YoY Revenue 10.9% 10.4% 2H24: ↑ 20.0% YoY 11.1% 10.6% 10.8% 10.1% • Expenses Control FY24 SG&
Slide 32: Manufacturing – Net Profit Margin
Manufacturing – Net Profit Margin (%) GPM Lean Management +0.7 +1.3 +1.2 +0.1 +0.2 -0.6 +0.8 -0.1 Other Share of Tax Income & results of Disputes# Labor & SG&A + RD Material Expenses^ A&JV & Others Overhead Streamlining Absence of Change in product mix UT%*↑ offset increase of severance 6.3 4.7 labo
Slide 33: 4Q24 Net Profit & Net Profit Margin Analysis
4Q24 Net Profit & Net Profit Margin Analysis 2024 Quarterly NP & NPM 4Q21-4Q24 NP & NPM 9.9% (-0.4%) 6.8% (-2.4%) 9.7% (-2.3%) (-2.7%) (-1.7%) (+0.3%) 5.2% 3.3% -7.6 (-1.1%) (-2.7%) -36.4 3.3% 1.0% -11.2 -14.4 -24.4 +2.8 -40.5 0.2% -40.5 148.6 Tax Tax Dispute 123.0 Dispute 85.5 71.7 49.7 49.7 3.4 20
Slide 34: Manufacturing Operation Efficiency – FY24
Manufacturing Operation Efficiency – FY24 Inventory Level Trade Receivable Days In US$’mn 51^ FY23: 56^ 587 662 12.8% Inventory Days Working Capital Days Inventory Level 51^ FY23: 60^ 75^ Cash Position In US$’mn FY23: 89^ Trade Payable Days 27^ 739 575 22.2% FY23: 27^ Cash Position FY23 FY24 Yue Yue
Slide 35: Manufacturing – Financial Ratios
Manufacturing – Financial Ratios (US$’mn) FY 2024 FY 2023 YoY Depreciation & Amortization 231.1 230.6 +0.2% EBITDA 649.4 496.6 +30.8% Capital Expenditure 159.8 152.0 +5.1% Total Borrowings* 751.9 967.2 -22.3% As of Net Borrowings* 177.3 228.3 -22.3% 31 Dec Total Borrowings to Equity# 18.8% 25.5% -6.
Slide 36: 04 Retail Business – Pou Sheng
Pou Sheng 04 Retail Business – Pou Sheng Note: The figures in the following slides are based on Pou Sheng’s management accounts and announcements, and Pou Sheng adopts RMB as its reporting currency
Slide 37: Pou Sheng
MAICE SPORTS YOUR LIFE —ikemmn \ ES —
Slide 38: Pou Sheng Strategy & Operating Highlights
Pou Sheng Strategy & Operating Highlights ① Strategic Alliance with Business Partners Prioritize Profitability Connected Inventory Programme → share products with brand partners, together with PSP ─ to enhance sales efficiency • Inventory amount 5.1% YoY, 10.1% QoQ vs 3Q24, FY24 Sales 8.0% YoY
Slide 39: Pou Sheng Financial Highlights (in RMB)
Pou Sheng Financial Highlights (in RMB) FY 2024 FY 2023 YoY RMB’mn % RMB’mn % % pp Revenue 18,454 100.0 20,064 100.0 -8.0 -- Cost of Sales (12,145) -65.8 (13,308) -66.3 -8.7 +0.5 Gross Profit 6,309 34.2 6,756 33.7 -6.6 +0.5 SG&A (5,888) -31.9 (6,340) -31.6 -7.1 -0.3 Other Income & Expenses, net 288
Slide 40: Pou Sheng GP Margin Trend
Pou Sheng GP Margin Trend Gross Profit Margin (%) 36.1 36.4 35.4 34.5 34.2 34.2 33.9 34.8 33.7 33.5 31.0 30.0 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 34.1% 30.6% 35.5% 35.9% 33.7% 34.2% Yue Yuen 2024 Annual Results | 40
Slide 41: Pou Sheng OP Margin Trend
Pou Sheng OP Margin Trend Operating Profit Margin (%) 7.1 5.8 4.3 4.8 3.3 5.0 2.1 2.4 2.9 2.7 1.7 0.0 1H19 2H19 1H20 2H20 1H21 2H21 1H22 2H22 1H23 2H23 1H24 2H24 FY 2019 FY 2020 FY 2021 FY 2022 FY 2023 FY 2024 5.4% 2.6% 4.0% 2.2% 3.7% 3.8% Yue Yuen 2024 Annual Results | 41
Slide 42: Pou Sheng SG&A Expenses Breakdown
Pou Sheng SG&A Expenses Breakdown SG&A Ratio Strategically Right-size Retail Network, % of Revenue Amount (YoY) Optimize Rental Expenses • Holistic approach in channel planning to avoid low-efficiency store opening & closing 35.5% • Number of direct operated stores ↓ 2% YoY 31.6% 31.9% 7.1% • Facili
Slide 43: Pou Sheng – Net Profit Margin
Pou Sheng – Net Profit Margin (%) COS Operating Analysis Deleverage GPM +0.5 SG&A% -0.3 +0.8 -0.3 +0.4 -0.4 +0.2 +0.1 -0.2 -0.1 -0.3 Staff Rental Others Other Tax Net Net Costs Expenses Losses Channel Discount Other Finance Mix & Others Operating Costs 2.5 Income 2.7 FY23 FY24 Yue Yuen 2024 Annual R
Slide 44: Operation Efficiency – FY24
Operation Efficiency – FY24 (Based on RMB) Inventory Level Trade Receivable Days In RMB’mn 19 FY23: 17 4,705 4,946 5.1% Working Inventory Days Capital Days 145 130 Working Capital FY23: 148 FY23: 137 In RMB’mn Trade Payable Days 5,273 4,689 11.1% 34 FY23: 28 FY23 FY24 Yue Yuen 2024 Annual Results |
Slide 45: Healthy Aging & Well-managed Inventory
Healthy Aging & Well-managed Inventory (RMB’mn) ↓ 18.5% -10.1% 6,072 5,684 5,499 4,672 4,909 4,705 4,724 4,650 4,946 Dynamic inventory management 4Q22 1Q23 2Q23 3Q23 4Q23 1Q24 2Q24 3Q24 4Q24 >12 months inventory % among which 10-15% from 4Q22-3Q23, HSD% from 4Q23-4Q24 Yue Yuen 2024 Annual Results |
Slide 46: Pou Sheng Financial Ratios (in RMB)
Pou Sheng Financial Ratios (in RMB) (RMB’mn) FY 2024 FY 2023 YoY Depreciation of PPE & Amortization 335.8 372.7 -9.9% Depreciation of ROUA 758.3 882.5 -14.1% EBITDA 1,850.2 2,004.2 -7.7% EBITDA minus Depreciation of ROUA 1,091.9 1,121.7 -2.7% Capital Expenditure∆ 371.4 344.2 +7.9% Total Borrowings*
Slide 47: Pou Sheng’s turnover efficiency continues to improve, contributing strong cash flow
Pou Sheng’s turnover efficiency continues to improve, contributing strong cash flow (RMB’mn) - RMB 170.8 mn Net CFO: +1,184.6 Net CFI: -296.6 Net CFF: -1,060.2 +1,393.4 -208.8 -371.4 +74.8 -817.9 Tax CAPEX Others -242.3 Interest +1.4 received Cash & others Lease from Liabilities Div & Others operati
Slide 48: Pou Sheng Retail Strategy
Pou Sheng Retail Strategy Pou Sheng is one of the largest retailers and sports services providers for world renowned sportswear brands in the Greater China region Brick & Mortar Retail Omni-channel Directly Operated Stores: B2B: Wholesale arrangement with online 3rd Parties • Mono-Brands Stores: 3,4
Slide 49: Right-Sizing B&M Network
Right-Sizing B&M Network Directly Operated Stores Number of Stores vs. FY20 ↓ 34% YoY: -2.1% 5,240 4,631 4,093 3,523 3,448 -75 31 Dec 31 Dec 31 Dec 31 Dec 31 Dec 2020 2021 2022 2023 2024 Number of Stores Net Stores +/- Yue Yuen 2024 Annual Results | 49
Slide 50: Customized Pan-WeChat Ecosphere
Customized Pan-WeChat Ecosphere Establishing solid relationship with consumer through comprehensive platforms, enhancing Sales conversion rate, Full-price in-season sales and Repeat purchases Shopping Mall Membership Platforms Douyin Livestreaming Localized operations by upgrading regional and store
Slide 51: Critical Missions in 3 Years
Critical Missions in 3 Years “Creating Value-added Services & Quality Experiences to Customers” Strategic Alliance • Best of Choice Omni-Channel • Offline & Online Integration Strive to be the best choice to business partners & Strengthen multi-faceted operation matrix further deepen strategic partn
Slide 52: Growth by Multi-faceted Operation Matrix
Growth by Multi-faceted Operation Matrix XEXYMIX Price range (High) Price range (Middle) Price range (Low) Fashion Athleisure/Athletic Professional New Brands: Crocs, DYNAFIT, HOKA, Pony 1972, Saucony, XEXYMIX Scaling up Brands: Jack Wolfskin, UA Yue Yuen 2024 Annual Results | 52 Sole Distribution B
Slide 53: 05 Appendix
Yue Yuen Industrial 05 Appendix
Slide 54: Shareholding Structure
Shareholding Structure Pou Chen (9904.TT) 51.36%^ Yue Yuen Industrial (Holdings) Ltd. (551.HK) 100.00% 62.55% Manufacturing Pou Sheng (3813.HK) * As at 31 Dec 2024 ^ Yue Yuen cancelled 3,632,000 and 3,995,500 repurchased shares on 6 Nov 2024 and 20 Dec 2024 respectively. After the cancellation, tota
Slide 55: Company Milestones
Company Milestones Sole distribution rights for XEXYMIX brand (Mainland China) 2024 Completed the construction of new factory in Central Java, Indonesia; SAP ERP system went live start work on the setup of new production base in India 2023 Entered into a MOU with India for capacity expansion 2022 CD
Slide 56: Revenue & Profit Attributable to Owners
Revenue & Profit Attributable to Owners Pou Sheng Pou Sheng Revenue MFG Profit Attrib. to Owners MFG In US$’mn In US$’mn 7,890 8,182 4% 393 43% 2,561 10% 43 2,831 275 43 350 51% 5,059 5,621 11% 232 FY23 FY24 FY23 FY24 The above figures of Pou Sheng exclude profit attributable to “Non-YY” shareholder
Slide 57: YY Group Financial Highlights – FY24
YY Group Financial Highlights – FY24 FY 2024 FY 2023 YoY US$'000 % US$'000 % % Revenue 8,182,161 100.0 7,890,168 100.0 +3.7 Cost of Sales (6,189,451) -75.6 (5,964,854) -75.6 +3.8 Gross Profit 1,992,710 24.4 1,925,314 24.4 +3.5 SG&A (1,391,558) -17.0 (1,440,775) -18.3 -3.4 Other Income & Expenses, ne
Slide 58: Manufacturing Financial Highlights – FY24
Manufacturing Financial Highlights – FY24 FY 2024 FY 2023 YoY US$'000 % US$'000 % % Revenue 5,620,753 100.0 5,059,438 100.0 +11.1 Cost of Sales (4,503,726) -80.1 (4,087,268) -80.8 +10.2 Gross Profit 1,117,027 19.9 972,170 19.2 +14.9 SG&A (582,365) -10.4 (553,332) -10.9 +5.2 Other Income & Expenses,
Slide 59: Pou Sheng Financial Highlights (in USD) – FY24
Pou Sheng Financial Highlights (in USD) – FY24 FY 2024 FY 2023 YoY US$’000 % US$’000 % % Revenue 2,561,408 100.0 2,830,730 100.0 -9.5 Cost of Sales (1,685,725) -65.8 (1,877,586) -66.3 -10.2 Gross Profit 875,683 34.2 953,144 33.7 -8.1 SG&A (809,193) -31.6 (887,443) -31.4 -8.8 Other Income & Expenses,
Slide 60: Manufacturing – Revenue Trend
Manufacturing – Revenue Trend Revenue (US$’mn) YoY (%) 6,203 6,001 5,621 5,059 4,914 4,736 84.7 22.8 23.1 17.2 5.0 8.3 12.2 16.6 12.1 4.7 2.7 1.3 -0.4 -0.8 -0.1 -9.6 -17.1 -18.1 -20.4 -24.0 -10.1 -24.6 -30.4 -18.9 1,600 1,400 1,200 1,000 800 600 400 200 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q
Slide 61: Manufacturing – Shoe Volume Trend
Manufacturing – Shoe Volume Trend Shoe Volume (mn pairs) YoY (%) 322 273 244 255 238 60.5 218 29.4 16.6 19.3 6.7 7.4 9.1 10.7 -1.0 3.9 1.7 -1.4 -4.5 -5.0 -7.6 -12.5 -12.9 -9.7 90 -20.7 -24.0 -23.3 -26.1 -28.3 80 -36.0 70 60 50 40 30 20 10 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q
Slide 62: Pou Sheng Revenue Trend
Pou Sheng Revenue Trend Revenue (RMB’mn) YoY (%) 27,190 25,611 23,350 47.7 20,064 19.9 18.9 21.9 19.1 18,638 6.5 16.8 8.9 18,454 0.3 -0.4 1.1 -1.0 -8.4 -7.5 -10.5 -10.8 -3.3 -15.1 -25.0 -25.1 -26.7 -25.0 -24.0 -20.4 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1,000 - 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4Q 1Q 2Q 3Q 4
Slide 63: Thank you Q&A
Yue Yuen Industrial Thank you Q&A
Yue Yuen Industrial (Holdings) — FY2024 Earnings Presentation on 6ix