2024
Annual Results
全年业绩
2025, Hong Kong
Agenda
议程
01
02
03
04
05
Results Highlights
业绩亮点
Financial Review
财务表现回顾
Business and Operational Review
业务及营运回顾
Outlook and Strategy
前景及策略
Open Forum
答问时间
1. Results Highlights
业绩亮点
Strategic Transformation Drives Sustainable Growth
战略转型驱动可持续增长
Revenue up by 3.0% to RMB 3,650 mn，recorded the Profit Attributable to Equity Shareholders of RMB 460.8 mn， with a gross
profit margin of 47.7%
收入增长3.0%至人民币36.5亿元, 股东应占利润录得人民币4.611亿元，毛利率47.7%
Smart Casual realized a revenue growth of 27.2%, continuing the positive momentum from 2023 轻商务系列整体营业额录得27.2%增长，延续二零二三年的良好势头
Recovered distribution rights from the distributors of North-Eastern China and Jiangsu Province, and first implemented the DTC(direct-to- consumer) model for core collection. The operating performance of the new business model appears positive.
在东北及江苏省份向分销商购回分销权，转为率先推行主系列的直面消费者（DTC）模式，新经营模式的营运情况正面
New retail sales recorded a rapid growth of 24%, reflecting the Group's successful efforts in strengthening Tik-tok and other e-commerce
platforms development, as well as the addition of new platforms including "Pinduoduo" and "POIZON", to enrich the coverage of e-commerce platforms, which have yielded desirable outcomes.
新零售销售录得24%的快速增长，体现了集团加强在抖音和其他电商平台发展力度、新增包括拼多多及得物在内等平台以丰富电商平台覆盖面
的工作取得了理想成绩。
Continued to proactively explore new and diversified marketing approaches, through initiatives such as brand strategy upgrades,
celebrity endorsements and digital marketing efforts, outperforming peers
不断积极探索多元营销新方式，通过品牌战略升级、代言人、数字化营销等多维度举措，实现优于同业表现
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Maintaining Stable Dividend Payout
维持稳定派息比率
Dividends per share
每股派息
末期股息 Final Dividends
中期股息Interim Dividends
股息比率(%) Dividend Payout Ratio (%)
72 | 74 | 74 | 73 |
34 | 32 | 36 | 30 | |||||
16 | 14 | 18 | 12 | |||||
18 | 18 | 18 | 18 | |||||
2021 | 2022 | 2023 | 2024 |
- Final dividend HK9 cents per share and special final dividend HK3 cents per share to be distributed
- Total dividends for 2024 amounted to HK30 cents per share
- Dividend payout ratio reached 73.1%
-
Total dividend declared since IPO:
HK$7.3 Billion. Total dividend per share since IPO: HK$6.1 - 派发末期股息每股9港仙及特别末期股 息每股3港仙
- 2024年合共派息每股30港仙
- 股息比率达到73.1%
- 上市至今已累计派息73亿港元，每股派 息已达到每股6.1港元
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2. Financial Review
财务表现回顾
Revenue and Gross Margin
收入及毛利率
Revenue increased by 3.0% YoY to RMB 3,650.0 mn
- Smart casual collection revenue grew by 27.2%, driven by strong expansion in outlets and effective live-streaming sales on Tik-tok
- Core collection revenue dropped by 3.0%, primarily due to the buybacks of distributor operations in Northeast and Jiangsu regions, transitioning to a DTC model, which led to a decline in distributor sales. The Group paid one-off compensation to former distributors, the amount of which was directly deducted from sales revenue
年度收入同比增长 3.0%，达人民币 3,650.0百万元
- 轻商务系列得益于奥特莱斯渠道的强劲拓展以 及抖音直播带货的显著成效，营收增长 27.2%
-
主系列营收下跌3.0%，主要因集团于年内收回 东北和江苏地区分销商的分销权并转为DTC模
式，导致分销业务销售下降。集團需向原分銷 商支付一次性補償金，並直接從銷售收入扣減
48.2%47.7%
(RMB mn) | 3,543.8 | 3,650.0 |
3.0%
FY 2023 | FY 2024 | |
Revenue收入 | Gross Margin毛利率 | |
Gross profit margin was 47.7%, decreased by 0.5 p.p. YoY
- The decrease in gross profit margin was primarily due to one-off compensation payments to distributors and a decrease in the reversal of inventory provisions
- The reversal of inventory provisions decreased by RMB 31.42 mn in 2024 compared to 2023, further increasing the cost of sales
毛利率为47.7%，同比下降0.5个百分点
- 毛利率下降主要因向分销商支付一 次性补偿金，以及存货拨备回拨减 少所致
-
2024年存货拨备回拨较2023年减少 人民币 3,142万元，进一步增加了销
售成本
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SD & A Expenses
销售、分销及行政开支
Selling and Distribution Expenses
销售及分销开支
(RMB mn)
A | B | C | ||
220.1
148.1
287.8355.6
521.4
483.2
FY 2023 | FY 2024 |
Selling and distribution expenses totaled 1,058.9 mn, an increase of 101.6 mn from 2023:
- Advertising and renovation expenses accounted for 13.1% of revenue, a decrease of 38.2 mn to 483.2 mn compared to 2023
- Expenses of direct retail stores and online stores increased by 67.8 mn to 355.6 mn, representing 9.7% of revenue
- Other selling and distribution expenses increased by 72.0 mn to 220.1 mn, accounting for 6.0% of total revenue
销售及分销开支总计1,058.9百万，较2023年增 加101.6百万：
-
广告及装修费用占收入13.1%，较2023年
减少38.2百万至483.2百万元 -
直营店及电商营运费用占收入9.7%，增加
67.8百万元至 355.6百万元 -
其他销售及分销开支增加 72.0百万元至
220.1百万元，占总收入6.0%
Administrative Expenses
行政开支
(RMB mn)
5.2%
5.0%
177.1188.2
FY 2023 | FY 2024 |
- Administrative expenses were RMB188.2 mn, with an expenses-to-sales ratio of 5.2%
- The increase is primarily due to higher employee salaries and bonuses
- 行政开支为人民币188.2百万元，占销售比率 至5.2%
- 增加主要由于员工工资及奖金增加
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Profit & Margin
盈利及利润率
Gross Profit & Margin | Operating Profit & Margin | ||
毛利及毛利率 | 经营利润及经营利润率 | ||
(RMB mn) | |||
(RMB mn) | |||
48.2% | |||
47.7% |
Profit Attributable to | |
Equity Shareholders & | |
(RMB mn) | Margin |
股东应占利润及净利润率 |
1,739.3
1,706.8
17.2%
15.1%
15.0% |
12.6% |
610.6
552.5
530.4 |
1.9%
FY 2023 | FY 2024 |
- Gross profit margin decreased by 0.5p.p. YoY to approx. 47.7%
- Reversal of inventory provision decreased by RMB 31.42 mn compared to 2023
- 毛利率同比下降0.5个百分点至约47.7%
-
存货拨备回拨较2023年减少人民币3,142万
元
9.5%
FY 2023 | FY 2024 |
- Operating profit decreased by 9.5% to RMB 552.5 mn
- Operating margin decreased by 1.9 p.p. to 15.1%
- 经营利润减少9.5%至人民币608.7百万元
- 经营利润率下降1.9个百分点至15.1%
461.1 |
13.1% |
FY 2023 | FY 2024 |
- Profit Attributable to Equity Shareholders was RMB 461.1 mn, down 13.1%
- Margin of Profit Attributable to Equity Shareholders decreased by 2.4 p.p. to 12.6%
-
股东应占利润为人民币461.1百万元，下降
13.1% - 股东应占利润率下降2.4个百分点至12.6%
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Working Capital Cycle
营运资金周转天数
Average Trade
Receivables Turnover Days
平均应收贸易账款周转天数
(Days)
54 | 54 | 51 | 42 | 39 | 36 |
Average Inventory
Turnover Days
平均存货周转天数
(Days)
217 195 211 170 189 183
Average Trade
Payables Turnover Days
平均应付贸易账款周转天数
(Days) | 157 | ||
140 | |||
111 | 130 | ||
91 | 162 | ||
1H 2022 FY 2022 1H 2023 FY 2023 1H 2024 FY 2024
- Turnover days reduced as a result of increase in sales proportion of direct retail sales during the year
- 周转天数减少乃由于年内以直营销售的销 售比例增加
1H 2022 FY2022 1H 2023 FY2023 1H 2024 FY 2024
- The increase of average inventory turnover days is mainly due increase in proportion of sales in direct retail and consignment during the year. Besides, sales of winter collection decreased because of warm winter effect in late 2024.
- Total inventory balance increased by RMB261.2 mn
- As at 31 December 2024, total provision of RMB49.0 mn was made in accordance with the Group's inventory provision policy
-
平均存货周转天数减少乃主要由于年内直营及代 销的销售比例增加。此外。受2024年底的暖冬影
响，冬季系列销售有所下降 - 总存货结余增加人民币261.2百万元
- 于2024年12月31日已按照集团之存货拨备政策作 出拨备总额人民币49.0百万元
1H 2022 FY 2022 1H 2023 FY 2023 1H 2024 FY 2024
- The increase in trade payables turnover days is mainly because of the increase in usage of trade bills which will be settled in later stage
- Trade and bills payables balance increased by RMB185.0 mn during the year to RMB914.9 mn
- 应付贸易账款周转天数增加乃由于将于 稍后阶段偿还的贸易票据用量增加
- 年内应付贸易账款及应付票据结余增加 人民币185.0百万元至人民币914.9百万元
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