BOSIDENG(03998)2024-07-26 14:34Financial Performance - For the fiscal year ending March 31, 2024, the company reported revenue of RMB 23,214.03 million, a 38.5% increase from RMB 16,774.22 million in the previous year[14]. - Gross profit for the same period was RMB 13,833.54 million, reflecting a gross margin of 59.6%, slightly up from 59.5% in the prior year[14]. - Operating profit increased to RMB 4,397.56 million, resulting in an operating margin of 18.9%, compared to 16.8% in the previous year[14]. - The net profit attributable to equity shareholders was RMB 3,074.07 million, a 43.8% increase from RMB 2,138.57 million in the previous year[14]. - The company declared a total dividend of 25.0 HKD cents per share, up from 18.0 HKD cents in the previous year[14]. - The company maintained a debt ratio of 18.0%, down from 18.9% in the previous year, indicating improved financial stability[14]. - For the fiscal year 2023/24, the company achieved a revenue of RMB 23.21 billion, representing a year-on-year growth of 38.4%, and a net profit attributable to shareholders of RMB 3.07 billion, up 43.7% year-on-year[20]. - The gross profit for the fiscal year 2023/24 increased by 38.7% to approximately RMB 13,833.5 million, with a gross margin of 59.6%[123][124]. - Operating profit surged by 55.6% to approximately RMB 4,397.6 million, with an operating margin of 18.9%[127]. Brand and Market Position - Bosideng was ranked 47th in Brand Finance's "2023 Global Most Valuable Apparel Brands" list, highlighting its strong brand value[11]. - The company has been recognized as one of the top 50 most valuable apparel brands globally by Brand Finance and ranked 462nd in the World Brand Lab's 2023 Global Brand 500 list[23]. - The company’s brand campaigns are designed to deepen consumer recognition and enhance brand reputation, contributing to sales growth[46]. - The company is committed to sustainable fashion, participating in the UN Sustainable Development Goals Summit and maintaining an MSCI ESG rating of A[25]. - The company is focusing on the core business of down jackets, aiming to become a global leader in the down jacket industry while also expanding into "fashion functional technology apparel" categories[157]. Product Innovation and Development - The company launched innovative products, including lightweight down jackets and multifunctional outdoor apparel, which have received international design awards[23]. - The company has launched a new line of sun-protective clothing in spring/summer 2023, which received positive consumer feedback due to its innovative fabric and design[46]. - The company introduced innovative down jacket designs, including cross-border combinations with sweatshirts and other fashion items, enhancing versatility and style[75]. - The new Puff-themed series focuses on comfort and warmth, utilizing advanced technology to improve product performance[77]. - The company is committed to creating differentiated products through innovative design and technology, targeting the outdoor and urban commuting markets[59]. - The company emphasizes product innovation by integrating consumer preferences into the design process, resulting in a series of new products[70]. Operational Efficiency and Management - The inventory turnover days decreased to 144 days, down from 150 days in the previous year, indicating better inventory management[15]. - The company’s cash flow from operating activities remained robust, with inventory turnover days decreasing by 29 days and accounts receivable turnover days decreasing by 4 days year-on-year[22]. - The company’s logistics strategy focuses on digitalization to ensure efficient product operations across various sales channels[53]. - The company maintains a flexible supply chain model with a first-order control of approximately 40%, allowing for rapid replenishment and efficient turnover during peak sales seasons[58]. - The company has achieved a 99% replenishment availability rate for top-selling products, ensuring that popular items remain in stock while avoiding production of slow-moving items[60]. - The company emphasizes digital transformation to drive business growth and enhance organizational efficiency, transitioning from traditional management to digital management[34]. Retail Strategy and Sales Channels - The company’s retail strategy emphasizes optimizing channel structure and enhancing customer service, leading to a strong online sales presence[24]. - The company is focusing on online sales channels, achieving significant growth in e-commerce rankings and sales performance[83]. - The total revenue from the brand down jacket business for the fiscal year ending March 31, 2024, was RMB 19,521.3 million, representing a 43.8% increase from RMB 13,574.5 million in the previous year[85]. - Self-operated sales accounted for 73.5% of the brand down jacket revenue, totaling RMB 14,345.1 million, up 38.4% from RMB 10,367.5 million in the previous year[85]. - The company opened over 1,400 seasonal stores during the fiscal year, primarily in provincial capitals, focusing on popular seasonal products[90]. Sustainability and Corporate Responsibility - The company is committed to sustainable development, aiming for net-zero emissions in operational processes by 2038, aligning with the UN Sustainable Development Goals[30]. - The overall business strategy focuses on long-term value creation, integrating social responsibility and environmental sustainability into corporate practices[30]. - The company emphasizes sustainable fashion and aims to achieve its mission of "warming the world" while pursuing a long-term goal of becoming a century-old brand[170]. Governance and Management Structure - The board consists of eight directors, with five executive directors and three independent non-executive directors, ensuring compliance with listing rules[172]. - The board has committed to reviewing and monitoring the company's practices to ensure compliance with governance codes[183]. - The company maintains high standards of corporate governance, emphasizing accountability and transparency to meet shareholder expectations[163]. - The board reviews its structure and composition at least annually to maintain a balanced mix of executive and non-executive directors[188]. - The company aims to enhance the proportion of female board members when suitable candidates are identified, based on a comprehensive review of their capabilities and experience[199].