Financial Performance - For the year ended December 31, 2023, the company's revenue was RMB 207.7 million, representing a slight increase of 0.6% compared to RMB 206.5 million in 2022[3]. - Gross profit for the same period was RMB 101.3 million, which is an increase of 24.4% from RMB 81.4 million in the previous year, resulting in a gross margin of 48.8%, up by 9.4 percentage points[3]. - The operating loss decreased to RMB 125.0 million, a reduction of 40.0% from RMB 208.2 million in 2022, leading to an operating loss margin of 60.2%, down by 40.6 percentage points[3]. - Loss attributable to equity holders of the parent was RMB 142.5 million, down 43.5% from RMB 252.2 million in the prior year, with basic loss per share improving to RMB (4.34) from RMB (7.68)[3]. - The company reported a total comprehensive loss of RMB 140.1 million for the year, compared to RMB 224.9 million in 2022[8]. - The company reported a net loss of RMB 144.1 million for the year 2023, compared to a loss of RMB 253.7 million in 2022, indicating an improvement[83]. - Loss before tax decreased from RMB 203.2 million in 2022 to RMB 113.8 million in 2023, a decline of approximately 44.0%[81]. - Income tax expenses decreased from RMB 50.4 million in 2022 to RMB 30.3 million in 2023, a decline of approximately 39.9%[82]. Assets and Liabilities - Total non-current assets decreased to RMB 418.0 million from RMB 498.8 million in 2022, while current assets decreased to RMB 906.5 million from RMB 970.6 million[10]. - The company's net asset value was RMB 1,130.99 million, down from RMB 1,269.05 million in the previous year[11]. - Total assets as of December 31, 2023, amounted to RMB 1,324,595,000, a decrease from RMB 1,469,399,000 in 2022, reflecting a decline of 9.8%[27][28]. - The company’s total liabilities decreased to RMB 193,606,000 in 2023 from RMB 200,351,000 in 2022, showing a reduction of 3.7%[27][28]. Revenue Breakdown - Revenue from external customers in mainland China for 2023 was RMB 202,357,000, slightly down from RMB 203,803,000 in 2022, a decrease of 0.71%[29]. - Revenue from self-operated retail points increased from RMB 169.1 million in 2022 to RMB 171.3 million in 2023, a growth of RMB 2.2 million or about 1.3%, accounting for approximately 82.5% of total revenue[65]. - Revenue from sales to third-party retailers decreased from RMB 12.1 million in 2022 to RMB 10.9 million in 2023, a decline of RMB 1.2 million or about 9.9%, representing 5.2% of total revenue[67]. - Online sales revenue increased from RMB 25.3 million in 2022 to RMB 25.5 million in 2023, a growth of RMB 0.2 million or about 0.8%, maintaining a share of 12.3% of total revenue[67]. - Revenue from self-owned brands increased from RMB 118.1 million in 2022 to RMB 136.1 million in 2023, a growth of approximately 15.2%[69]. - Self-owned brand revenue accounted for 65.5% of total revenue in 2023, up from 57.2% in 2022[70]. Expenses and Cost Management - Cost of sales decreased from RMB 125.2 million in 2022 to RMB 106.3 million in 2023, a decline of approximately 15.1%[71]. - Selling and distribution expenses decreased from RMB 196.0 million in 2022 to RMB 163.5 million in 2023, a decline of approximately 16.6%[74]. - Administrative expenses increased from RMB 46.3 million in 2022 to RMB 50.9 million in 2023, a growth of approximately 9.9%[76]. - The cost of sold inventory decreased to RMB 55,676,000 in 2023 from RMB 76,680,000 in 2022, reflecting a reduction of 27.4%[41]. Dividends and Shareholder Returns - The company proposed a special final dividend of HKD 2.0 per share, which was not applicable in the previous year[3]. - The proposed special final dividend for 2023 is HKD 0.02 per share, totaling RMB 59,501,000, compared to no dividend in 2022[50]. - Basic loss per share for 2023 was RMB 43.4 cents, improving from RMB 76.7 cents in 2022[51]. Operational Highlights - The company continues to focus on the design, production, marketing, and sales of apparel products, particularly men's clothing, with no significant changes in its main business operations during the year[13]. - The company is actively engaged in property development in China, which remains a key area of its business strategy[13]. - The retail network consisted of 134 self-operated retail points and 39 points operated by third-party retailers as of December 31, 2023, down from a total of 236 points in 2022[97]. - The company continues to expand its online sales channels, including participation in the Just-in-time delivery program on platforms like Vipshop[101]. - An exclusive master franchise agreement was signed with Interasia USA for the Saint Paul brand, effective from July 1, 2023, to June 30, 2037, to operate in mainland China, Hong Kong, and Macau[102]. Employee and Governance - The total employee cost for 2023 was RMB 23.1 million, down from RMB 32.9 million in 2022[116]. - As of December 31, 2023, approximately 661 sales personnel and production workers were outsourced, down from 921 in the previous year[115]. - The company has adhered to all corporate governance codes as of December 31, 2023, except for the separation of the roles of Chairman and CEO, which are held by the same individual[121]. Future Outlook - The company plans to increase brand exposure on social media platforms such as Xiaohongshu, Douyin, and WeChat in 2024[118]. - The company aims to enhance online sales through digital tools like the O2O system and customer loyalty programs[118]. - The company is exploring new business opportunities such as brand licensing and group purchasing[122]. - The company plans to develop new online and offline third-party retailers to expand its retail network[122].
中国服饰控股(01146) - 2023 - 年度业绩