Financial Performance - For the fiscal year ending December 31, 2024, the group's revenue decreased by 7.1% to HKD 10,427.1 million from HKD 11,219.4 million in 2023[4] - Gross profit also fell by 7.1%, amounting to HKD 4,764.5 million compared to HKD 5,130.3 million in the previous year[4] - The loss attributable to equity holders was HKD 70.4 million, a reduction of 40.8% from HKD 119.0 million in 2023[4] - Adjusted EBITDA decreased by 3.3% to HKD 908.4 million from HKD 939.1 million year-on-year[4] - Clarks brand revenue declined by 6.6% to HK$9,007,555, accounting for 86.3% of total revenue[49] - Bossini's revenue decreased by 25.3% to HK$455,563, representing 4.4% of total revenue[49] - Overall revenue for the Group fell by 7.1% to HK$10,427,051 compared to HK$11,219,416 in 2023[49] - The Group's gross profit for 2024 was HK$4,764.5 million, a decrease of 7.1% from HK$5,130.3 million in 2023, consistent with the revenue decline[59] - The adjusted net profit of Li Ning Co for the year amounted to HK$3,291.4 million, representing a year-on-year decrease of 27.1% from HK$4,512.9 million in 2023[79] - The Group shared profits less losses of associates and joint ventures amounting to HK$384.4 million, down from HK$527.2 million in 2023, primarily due to the change in reporting period for Li Ning Co[81] Operational Challenges - The decline in revenue was primarily due to weak consumer sentiment in Europe and the US, influenced by high inflation and living costs[5] - The company anticipates ongoing challenges in the retail market due to persistent economic uncertainties and potential inflationary pressures[21] - The Group has observed cautious consumer behavior and a decline in consumption frequency in major markets, yet the pursuit of a high-quality life persists among consumers[22] - The company is focusing on product and channel repositioning, including the closure of underperforming retail stores, particularly affecting the bossini brand[5] - The company undertook brand optimization and cost reduction measures to enhance operational efficiency, although these did not lead to profitability in the fiscal year[6] Strategic Initiatives - The Group aims to prudently promote brand transformation and repositioning to meet changing consumer preferences and behaviors[30] - The Group has actively accelerated brand repositioning to provide more suitable products and better services, aiming to increase market share[24] - Clarks, the Group's primary revenue source, focused on cost reduction and efficiency improvement to stabilize market share amid sluggish consumption in Europe and the US[24] - The Group's strategic initiatives included developing "China for China" products to cater to local consumer needs[35] - The establishment of a joint venture with LionRock Capital aims to expand into the outdoor sports market in Greater China[40] Cost Management - Selling and distribution expenses decreased by 16.8% to HK$3,815.1 million, primarily due to better cost control and closure of inefficient retail stores[64] - Administrative and other operating expenses decreased by 4.9% to HK$1,523.7 million, mainly due to reduced staff costs from organizational restructuring[68] - The Group maintained stable cash flow and reduced losses through strict cost control and resource allocation[34] Market Expansion - The Group opened several concept and direct-operated stores in the Asia Pacific region to enhance Clarks' market presence[35] - Bossini launched new products integrating cycling elements and urban light-sport styles, establishing a strategic partnership with the Chinese National Cycling Team[25] - The Italian luxury brand testoni successfully launched its first women's footwear and handbag collections, with plans to open a global flagship store in Milan in the first half of 2025[26] Financial Position - The Group's net assets value decreased from HK$9,056.4 million as at 31 December 2023 to HK$8,197.2 million as at 31 December 2024[104] - Current assets decreased by HK$963.3 million from HK$5,966.6 million at the beginning of the year to HK$5,003.3 million at year-end, with significant declines in cash and bank balances from HK$1,283.6 million to HK$757.3 million[106] - Total current liabilities decreased by HK$326.8 million or 8.6% to HK$3,476.4 million, primarily due to reductions in accruals and trade payables[107] - The Group's banking facilities increased to approximately HK$2,589.5 million, with HK$613.1 million utilized as of December 31, 2024[115] Governance and Management - The company is expanding its board with independent directors to enhance governance and strategic decision-making processes[191] - The appointment of independent directors reflects the company's commitment to maintaining high standards of corporate governance and independent judgment[190] - The company is actively seeking to enhance its strategic capabilities through the addition of experienced professionals to its board[195] - The company has a strong board with members holding advanced degrees, including an MBA from Tsinghua University and a PhD from Wharton School, indicating a high level of academic and professional expertise[194]
非凡领越(00933) - 2024 - 年度业绩