CHINA LILANG LIMITED
中 國 利 郎 有 限 公 司
Stock Code 股份代號 : 1234
2024 INTERIM REPORT 中期 報 告
CONTENTS 目錄
2 Financial Highlights
財務摘要
4 Management Discussion and Analysis
管理層討論及分析
24 Review Report of the Auditor
核數師審閱報告
26 Condensed Consolidated Statement of Profit or Loss and
Other Comprehensive Income
簡明綜合損益及其他全面收益表
27 Condensed Consolidated Statement of Financial Position
簡明綜合財務狀況表
29 Condensed Consolidated Statement of Changes in Equity
簡明綜合權益變動表
30 Condensed Consolidated Statement of Cash Flows
簡明綜合現金流量表
31 Notes to the Unaudited Interim Financial Report
未經審核中期財務報告附註
46 Other Information
其他資料
FINANCIAL HIGHLIGHTS
財務摘要
Six months ended 30 June | ||||
截至六月三十日止六個月 | ||||
2024 | 2023 | Changes | ||
二零二四年 | 二零二三年 | 變幅 | ||
(RMB million) | (RMB million) | (%) | ||
（人民幣百萬元） | （人民幣百萬元） | |||
Revenue | 收入 | 1,600.0 | 1,491.1 | +7.3 |
Gross profit | 毛利 | 800.5 | 772.6 | +3.6 |
Profit from operations | 經營利潤 | 313.8 | 305.4 | +2.8 |
Profit for the period | 期內利潤 | 280.1 | 270.5 | +3.6 |
(RMB cents) | (RMB cents) | |||
（人民幣分） | （人民幣分） | (%) | ||
Earnings per share | 每股盈利 | |||
- Basic | - 基本 | 23.4 | 22.6 | +3.6 |
- Diluted | - 攤薄 | 23.4 | 22.6 | +3.6 |
Interim dividend per share | 每股中期股息 | HK13 cents | HK13 cents | |
每股特別中期股息 | 13 港仙 | 13 港仙 | - | |
Special interim dividend per share | HK5 cents | HK5 cents | ||
5 港仙 | 5 港仙 | - | ||
(% points) | ||||
(%) | (%) | （百分點） | ||
Gross profit margin | 毛利率 | 50.0 | 51.8 | -1.8 |
Operating profit margin | 經營利潤率 | 19.6 | 20.5 | -0.9 |
Net profit margin | 淨利潤率 | 17.5 | 18.1 | -0.6 |
Return on average shareholders' | 平均股東權益回報 (1) | - | ||
equity(1) | 有效稅率 | 7.0 | 7.0 | |
Effective tax rate | 18.0 | 17.5 | +0.5 | |
Advertising, promotional and | 廣告、宣傳及裝修 | |||
renovation expenses | 開支 | |||
(as percentage of revenue) | （佔收入百分比） | 13.3 | 13.6 | -0.3 |
Six months ended | Year ended | Six months ended | ||
30 June 2024 | 31 December 2023 | 30 June 2023 | ||
截至二零二四年 | 截至二零二三年 | 截至二零二三年 | ||
六月三十日 | 十二月三十一日 | 六月三十日 | ||
止六個月 | 止年度 | 止六個月 | ||
Average inventory turnover days(2) | 平均存貨週轉天數 (2) | 189 | 170 | 211 |
Average trade receivables turnover | 平均應收貿易賬款 | |||
days(3) | 週轉天數 (3) | 39 | 42 | 51 |
Average trade payables turnover | 平均應付貿易賬款 | |||
days(4) | 週轉天數 (4) | 162 | 130 | 140 |
02 CHINA LILANG LIMITED 中國利郎有限公司
FINANCIAL HIGHLIGHTS (CONTINUED)
財務摘要（續）
Notes:
- Return on average shareholders' equity is equal to profit for the period divided by the average of the beginning and closing balances of total shareholders' equity.
- Average inventory turnover days is equal to the average of the beginning and closing inventory balances divided by cost of sales and multiplied by the number of days in the relevant period.
- Average trade receivables turnover days is equal to the average of the beginning and closing trade receivables balances divided by revenue (including value-added tax) and multiplied by the number of days in the relevant period.
- Average trade payables turnover days is equal to the average of the beginning and closing trade and bills payables balance divided by cost of sales and multiplied by the number of days in the relevant period.
附註：
- 平均股東權益回報以期內利潤除以股東權益 總額的期初及期末平均結餘計算。
- 平均存貨週轉天數以期初及期末平均存貨結 餘除以銷售成本，再乘以有關期內天數計算。
- 平均應收貿易賬款週轉天數以期初及期末平 均應收貿易賬款結餘除以收入（含增值稅）， 再乘以有關期內天數計算。
- 平均應付貿易賬款週轉天數以期初及期末平 均應付貿易賬款及應付票據結餘除以銷售成 本，再乘以有關期內天數計算。
二零二四年中期報告 INTERIM REPORT 2024 | 03 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
INDUSTRY REVIEW
In the first half of 2024, despite the complex and challenging international environment and the domestic impact comprised of extreme weather, rain and waterlogging disasters and other factors, China's GDP grew by 5% year- on-year, in line with the growth target for the year. On a quarterly basis, GDP grew by 4.7% year- on-year in the second quarter, 0.6 percentage points slower than the first quarter. In terms of social consumer goods across the country, total retail sales increased by 3.7% year-on-year in the first half of the year, of which, retail sales of apparel, footwear, headwear and knitwear increased by 1.3% year-on-year. Even though growth rates were lower than those of GDP and total retail sales, the market development remained steady. As the clothing consumers have adopted an increasingly cautious attitude towards consumption, cost- effective products and promotional activities have become even more popular. At the same time, the increased competition among apparel brands has led to their corresponding adjustments in terms of product pricing, promotional strategies and market positioning.
During the period, China Lilang Co., Ltd. (the "Company" or "China Lilang", together with its subsidiaries, the "Group") differentiated its simple and stylish menswear design through its dual collections - the "LILANZ" core collection and the "LESS IS MORE" smart casual collection in response to the challenging market environment. In promoting the collections, famous artists have been enlisted to serve as brand ambassadors, and together with its diversified publicity strategies to lead fashion apparel trend. In addition, China Lilang has increased the promotion of
its e-commerce business, responding to personalization needs of the new generation of consumers and their preference to value-for-money products. This enabled the Group to achieve better performance than its competitors and enlarge its market shares.
Facing with the ever-evolving market environment and the increasing diversification of consumer demands, the Lilang Group has unwaveringly embraced changes of its sales channels, striving to achieve higher- quality and healthy growth. As a pioneer in the Group's retail business, the "LESS IS MORE" smart casual collection has not only achieved remarkable results after years of cultivation, but also accumulated valuable direct-to-retail experience for the Group. Therefore, the Group decided to first implement the DTC model (hybrid operation of direct-to-retail stores and stores of sub - distributors) of the LILANZ core collection in Heilongjiang sub- during the period to replace the previous business model operated by distributors and increased the proportion of DTC model adopted by the Group. As of the end of June 2024, the Group had a total of 2,709 stores nationwide, including 959 consignment stores and 15 direct-to- retail stores under the core collection.
During the period, the Group continued to promote its new retail business by organizing more promotional activities and introducing e-commerce products which were popular among consumers through vigorously developing its e-commerce live streaming, in order to initiate round-the-clock interaction with consumers. During the 618 E-commerce Shopping Festival, the Group launched hot pants products, which were well received. This, combined with impressive sales of other items, resulted in the Group ascending to the fourth bestselling brand in menswear in terms of total sales on Tmall for the festival period. The Group also leveraged the complementary advantages of its online and offline business operations through its WeChat Mall to promote consistent growth in store performance. In terms of online stores, its retail sales for the period increased by 37%.
04 CHINA LILANG LIMITED 中國利郎有限公司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
行業回顧 | 面 對 市 場 環 境 的 不 斷 演 變 與 消 費 者 |
二 零 二 四 年 上 半 年， 儘 管 國 際 環 境 | 需 求 的 日 益 多 樣 化， 利 郎 集 團 堅 定 |
不 移 地 擁 抱 渠 道 變 革， 實 現 更 高 質 | |
複 雜 嚴 峻， 內 部 受 極 端 天 氣、 雨 澇 | |
量的健康增長。LESS IS MORE 輕商務 | |
災 害 等 因 素 影 響， 國 內 生 產 總 值 同 | |
系 列 作 為 集 團 零 售 業 務 的 先 行 者， | |
比增長 5%，與全年增長目標持平。 | |
經 過 多 年 的 培 育， 不 僅 取 得 了 顯 著 | |
分 季 度 而 言， 國 內 生 產 總 值 第 二 季 | |
的 業 績， 還 為 集 團 積 累 了 寶 貴 的 直 | |
同 比 增 長 4.7%， 較 首 季 增 幅 放 緩 0.6 | |
營 經 驗。 因 此， 期 內 集 團 決 定 在 黑 | |
個 百 分 點。 全 國 社 會 消 費 品 方 面， | |
龍 江 地 區 率 先 推 行 LILANZ 主 系 列 的 | |
上 半 年 零 售 總 額 同 比 增 長 3.7%， 其 | |
直面消費者（DTC）模式（集團直營店 | |
中 服 裝、 鞋 帽、 針 紡 織 品 類 零 售 額 | |
與二級分銷商店混合營運），取代過 | |
同 比 增 長 1.3%； 雖 然 增 幅 較 國 內 生 | |
去 由 一 級 分 銷 商 經 營 的 模 式 的 經 營 | |
產 總 值 及 零 售 總 額 較 低， 但 仍 然 顯 | |
模式，加大集團 DTC 模式的比重。截 | |
示 出 市 場 的 穩 定 發 展。 服 裝 消 費 者 | |
至 二 零 二 四 年 六 月 底， 集 團 於 全 國 | |
在 購 買 上 表 現 出 更 加 謹 慎 的 消 費 態 | |
共有 2,709 家門市，主系列下代銷店 | |
度， 高 性 價 比 產 品 和 促 銷 活 動 越 來 | |
及直營店分別有 959 家及 15 家。 | |
越 受 歡 迎。 同 時， 服 裝 品 牌 之 間 的 | |
競 爭 也 變 得 更 加 激 烈， 這 促 使 各 品 | 期 內， 集 團 繼 續 推 動 新 零 售 業 務， |
牌 在 產 品 定 價、 促 銷 策 略 和 市 場 定 | |
增 加 促 銷 活 動， 並 通 過 大 力 發 展 直 | |
位上做出相應的調整。 | |
播 帶 貨 推 出 受 消 費 者 歡 迎 的 電 商 款 | |
期內，中國利郎有限公司（「本公司」 | 產 品， 全 天 候 地 和 消 費 者 開 展 互 |
動。 集 團 於 6.18 電 商 購 物 節 期 間 推 | |
或「中國利郎」，及其附屬公司統稱 | |
出 的 褲 類 爆 款 產 品 廣 受 歡 迎， 連 同 | |
「集團」）應對嚴峻的市場環境，透過 | |
其 他 產 品 理 想 銷 售， 集 團 在 該 期 間 | |
旗 下 雙 系 列 ─ 主 系 列「 利 郎 LILANZ」 | |
銷 售 總 計 在 天 貓 男 裝 銷 售 排 行 榜 攀 | |
及 輕 商 務 系 列「 利 郎 LESS IS MORE」 | |
升 至 第 四 位。 集 團 亦 繼 續 利 用 微 商 | |
─ 品 牌 差 異 化 經 營 簡 約 男 裝， 引 領 | |
城 業 務 充 分 發 揮 線 上 線 下 互 補 之 優 | |
中 國 男 裝 的 時 尚 和 潮 流， 邀 請 知 名 | |
勢， 帶 動 店 效 持 續 增 長。 期 內 網 店 | |
藝 人 擔 任 品 牌 代 言 人， 配 合 多 元 化 | |
零售額增加 37%。 | |
宣 傳 策 略。 此 外 更 加 大 對 電 商 業 務 | |
的 宣 傳 推 廣， 以 回 應 新 時 代 消 費 群 | |
的 個 性 化 要 求， 及 對 性 價 比 產 品 的 | |
偏 好， 得 以 實 現 比 競 爭 對 手 更 優 異 | |
表現，提高市場份額。 |
二零二四年中期報告 INTERIM REPORT 2024 | 05 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
The Group made significant progress in achieving the development goals of "Multi-brands and Internationalization". The Group has entered into a joint venture agreement with its partners, and is expected to launch officially the MUNSINGWEAR brand products next year. In addition, the Group has registered a new company in Malaysia and is preparing to open the first overseas store in the country.
For the six months ended 30 June 2024, the Group's sales revenue increased by 7.3% to RMB1,600.0 million. Net profit amounted to RMB280.1 million with a gross profit margin of 50.0%. Earnings per share were RMB23.4 cents.
During the period, the Group maintained a healthy financial position with sufficient cash flow. The Board of Directors resolved to declare an interim dividend of HK13 cents per share and a special interim dividend of HK5 cents per share, thereby maintaining a stable payout ratio.
集 團 在「 多 品 牌、 國 際 化 」的 發 展 目 標 下 均 邁 出 重 要 一 步。 集 團 已 與 合 作 夥 伴 簽 訂 合 資 協 議， 預 計 在 下 一 年 度 正 式 推 出 MUNSINGWEAR 品牌的產品。另外，集團已 經在馬來西亞註冊新公司，正籌備在馬來 西亞開設海外首家門店。
截至二零二四年六月三十日止上半年，集 團銷售收入增長 7.3% 至人民幣 1,600.0 百萬 元，淨利潤為人民幣 280.1 百萬元，毛利率 為 50.0%，每股盈利為人民幣 23.4 分。
集團於期內保持財政穩健，現金流充裕。 董事會決議派發中期股息每股 13 港仙及特 別中期股息每股 5 港仙。維持穩定派息比 率。
FINANCIAL REVIEW
Revenue
The Group's sales amounted to RMB1,600.0 million for the period, representing a year-on-year increase of 7.3%. This increase was mainly attributable to the promotion of sales of the smart casual collection through in-store operations and new retail during the first half of the year. This resulted in an increase of 17.3%, maintaining the growth from the fourth quarter of the previous year. The core collection has managed to record revenue growth of 4.5% despite the decrease in sales of distribution operations caused by the transformation to DTC model in Heilongjiang, as well as a reduction in sales revenue resulting from the repurchase of inventory from former distributors and compensation paid to distributors for termination of co-operation.
財務回顧
收入
在報告期內，集團銷售額同比增長 7.3%， 達到人民幣 1,600.0 百萬元。此增長主要由 於上半年輕商務在門店運營和新零售的帶 動下，延續了去年第四季度的增長勢頭， 實 現 17.3% 的 增 長。 主 系 列 方 面， 黑 龍 江 省銷售渠道受 DTC 模式的調整導致分銷業 務銷售有所下跌，且從原分銷商回購庫存 需扣減銷售收入及扣減對分銷商因終止合 作而支付的補償金。縱使如此，主系列收 入仍實現 4.5% 的增長。
Revenue by collection
按系列劃分收入
2024 | 2023 | |||||
二零二四年 | 二零二三年 | |||||
Collections | RMB million | % of revenue | RMB million | % of revenue | Increase | |
系列 | 人民幣百萬 | 佔收入 | 人民幣百萬 | 佔收入 | 增加 | |
Core collection | 主系列 | 1,212.4 | 75.8% | 1,160.7 | 77.8% | 4.5% |
Smart casual collection | 輕商務 | 387.7 | 24.2% | 330.4 | 22.2% | 17.3% |
Total | 總計 | 1,600.0 | 100.0% | 1,491.1 | 100.0% | 7.3% |
06 CHINA LILANG LIMITED 中國利郎有限公司
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
By product category, tops accounted for 60.1% of total sales, an increase of 11.8% compared with the same period last year, with the down jacket product category being the standout performer. Pants accounted for 25.2% of sales, representing a year-on-year increase of 12.7%.
按產品類別劃分，上衣類產品佔總銷售的 60.1%， 較 去 年 同 期 增 長 11.8%， 其 中 羽 絨 服類產品表現最為突出。褲子類產品佔銷 售比重的 25.2%，同比增長 12.7%。
Revenue by Region | 按區域劃分收入 |
From a regional perspective, sales performance in North-Western China | 在區域銷售表現方面，西北地區則受惠於 |
benefited from strong sales at outlet stores, which experienced year-on- | 奧 特 萊 斯 銷 售 理 想， 銷 售 額 同 比 增 幅 達 |
year growth of 15.0%. | 15.0%。 |
In Eastern China, sales increased by 13.2% year-on-year, mainly due to | 華 東 地 區 的 銷 售 額， 同 比 增 長 13.2%， 主 |
the positive impact of the inclusion of e-commerce sales in its scope of | 要受到電商銷售納入華東經營區的積極影 |
business. In particular, the TikTok platform recorded strong sales, leading to | 響，特別是抖音平台銷售表現理想，帶動 |
significant sales growth in the region. | 華東區銷售錄得顯著增長。 |
During the period, Northern China and Central and Southern China | 華北及中南地區期內的銷售相當不錯，銷 |
recorded decent sales, with the former seeing an increase in sales due to | 售額增幅分別由於分銷商增加門店及奧特 |
the expansion of new distributor stores, while the latter benefited from | 萊斯門店銷售增加所致。 |
increased sales at outlet stores. | |
However, sales in North-Eastern China and South-Western China declined | 然而，東北地區和西南地區的銷售額分別 |
by 53.7% and 3.7%, respectively. In North-Eastern China, due to the | 下 跌 53.7% 及 3.7%。 東 北 地 區 方 面， 隨 著 |
termination of co-operation with distributors in Heilongjiang, one-off | 終止與黑龍江省分銷商的合作，作出一次 |
measures such as the repurchase of inventory from former distributors, | 性舉措包括回購原分銷商庫存，加上對分 |
and compensation paid to distributors, both led to a deduction in current | 銷商作出補償，均會扣減當期銷售收入。 |
sales revenue. As for the South-Western China region, the main reason | 西南地區方面，主要由於重慶地區更換分 |
for the increase was the temporary effect of changes in distributors in the | 銷商所帶來的短暫影響。 |
Chongqing area. |
二零二四年中期報告 INTERIM REPORT 2024 | 07 |
MANAGEMENT DISCUSSION AND ANALYSIS
管理層討論及分析
Revenue by region for the period is set out below: | 下表按區域劃分期內的收入： | |||||
Six months ended 30 June | ||||||
截至六月三十日止六個月 | ||||||
First half of 2024 | First half of 2023 | |||||
二零二四年上半年 | 二零二三年上半年 | |||||
Region | RMB million | % of revenue | RMB million | % of revenue | Changes (%) | |
區域 | 人民幣百萬 | 佔收入% | 人民幣百萬 | 佔收入 % | 變動 (%) | |
Northern China(1) | 華北 (1) | 125.3 | 7.8% | 112.6 | 7.6% | 11.4% |
North-Eastern China(2) | 東北 (2) | 17.4 | 1.1% | 37.5 | 2.5% | -53.7% |
Eastern China(3) | 華東 (3) | 716.8 | 44.8% | 633.2 | 42.5% | 13.2% |
Central and Southern China(4) | 中南 (4) | 365.3 | 22.8% | 346.9 | 23.2% | 5.3% |
South-Western China(5) | 西南 (5) | 205.4 | 12.8% | 213.2 | 14.3% | -3.7% |
North-Western China(6) | 西北 (6) | 169.8 | 10.6% | 147.7 | 9.9% | 15.0% |
Total | 總計 | 1,600.0 | 100.0% | 1,491.1 | 100.0% | 7.3% |
- Northern China includes Beijing, Hebei, Shanxi, Tianjin and Inner Mongolia.
- North-EasternChina includes Heilongjiang, Jilin and Liaoning.
- Eastern China includes Jiangsu, Zhejiang, Shanghai, Anhui, Fujian, Shandong and Jiangxi.
- Central and Southern China includes Henan, Hubei, Hunan, Guangdong, Guangxi and Hainan.
- South-WesternChina includes Chongqing, Sichuan, Guizhou, Yunnan and Tibet.
- North-WesternChina includes Shaanxi, Gansu, Qinghai, Ningxia and Xinjiang.
- 華北包括北京、河北、山西、天津和內蒙古。
- 東北包括黑龍江、吉林、遼寧。
- 華 東 包 括 江 蘇、 浙 江、 上 海、 安 徽、 福 建、 山東和江西。
- 中 南 包 括 河 南、 湖 北、 湖 南、 廣 東、 廣 西 及 海南。
- 西南包括重慶、四川、貴州、雲南和西藏。
- 西北包括陝西、甘肅、青海、寧夏和新疆。
Cost of Sales and Gross Profit Margin | 銷售成本及毛利率 |
Cost of sales increased by 11.3% year-on-year to RMB799.5 million. The | 銷售成本同比增加 11.3% 至人民幣 799.5 百 |
gross profit margin decreased by 1.8 percentage points year-on-year to | 萬 元。 毛 利 率 為 50.0%， 同 比 下 跌 1.8 個 百 |
50.0%, mainly due to compensation for the termination of co-operation | 分點，主要由於就終止與分銷商合作支付 |
with distributors and the decrease in average unit price due to changes in | 的補償金及平均單價因產品組合變化有所 |
product mix. | 下降所致。 |
Other net income | 其他收入淨額 |
Other net income amounted to RMB66.2 million (first half of 2023: RMB5.4 | 其 他 收 入 淨 額 為 人 民 幣 66.2 百 萬 元（ 二 零 |
million), which included China's local government grants of RMB62.3 million | 二三年上半年：人民幣 5.4 百萬元），其中 |
(first half of 2023: RMB1.7 million). These local government grants are | 包括中國地區政府補助人民幣 62.3 百萬元 |
awarded unconditionally and at the discretion of the relevant authorities. | （二零二三上半年：人民幣 1.7 百萬元）。中 |
國地區政府補助為無條件授予，由有關機 | |
構酌情決定。 |
08 CHINA LILANG LIMITED 中國利郎有限公司