annual results presentation...
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Annual Results Presentation
全 年 业 绩 公 布21 February 2020
Annual Results Presentation
全 年 业 绩 公 布March 2020
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This presentation and subsequent discussion may contain certain forward-
looking statements with respect to the financial condition, results of
operations and business of Cabbeen Fashion Limited and its subsidiaries
(collectively “Cabbeen”). These forward-looking statements represent
Cabbeen’s expectations or beliefs concerning future events and involve known
and unknown risks and uncertainties which could cause actual results,
performance or events to differ materially from those expressed or implied in
such statements.
Disclaimer
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Agenda议程
2
Results Highlights of FY2019
2019年全年业绩摘要
Business & Operational Reviews
业务及运营评估
Financial Highlights
财务摘要
Future Development
未来发展
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Results Highlights of FY20192019年全年业绩摘要
❖ In 2019, the Group’s net profit recorded a 24.8% drop while revenue remained generally flat. It was a
result of the headwind caused by macro-economic uncertainty, slowing economic growth and fierce
market competition in mainland China.
❖ The Group’s performance was affected by increased promotion efforts and more sales discounts
offered to customers on the one hand and slowing growth in e-commerce business on the other.
❖ 二零一九年,受到宏观经济不明朗,中国内地经济增长放缓,以及市场竞争激烈的冲击下,集团业务的收益虽然持平,纯利则下降24.8%。
❖ 集团的业绩表现主要受到促销活动增加及零售折扣上升所影响,而电商业务增长亦同时放缓。
Revenue
收入Gross Profit
毛利Profit from
Operation
经营溢利
Net Profit
年内溢利
1,275.0
560.1
243.4158.1
RMB M
(百万元)
7.5HK cents
港仙
Interim dividend
中期股息
3.0HK cents
港仙
Final dividend
末期股息
10.5HK cents
港仙
Total dividend
全年股息
40%Dividend payout ratio
派息比率approx.
約
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Retail Channel Performance 零售渠道表现
Total retail revenue from physical stores
实体零售店收入总额
SSSG for physical stores
实体店同店销售
Average retail discount at physical stores
实体店铺平均零售折扣
Sell-through rate of 2019 collections
二零一九系列售罄率
Retail Channel Performance 零售渠道表現
Total retail revenue from both online and offline stores
在线及线下店铺零售收益总额
Wechat fans and members
卡宾微信会员及粉丝
Sales from VIP 粉絲零售收益
VIP sales percentage
会员及粉丝收入佔比
Total retail revenue from online shops
电商零售店收入总额
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Distribution Network Coverage分销网络覆盖
4
5
1
113
5
12
22
15
20
37101
96
1828
92
88
35
4994
12935
6
3
2
18
6
15
10
Inner Mongolia内蒙古
Hubei 湖北
Hunan 湖南Jiangxi 江西
Anhui安徽
Henan 河南
Shanxi山西
Beijing 北京
Fujian 福建
Guangdong 广东
Zhejiang浙江
Jiangsu 江苏
Shandong 山东
Liaoning 辽宁
Jilin 吉林
Heilongjiang 黑龙江
Xinjiang 新疆
Tibet 西藏
Qinghai 青海
Gansu 甘肃
Ningxia 宁夏
Shaanxi 陕西
Sichuan 四川
Yunnan 云南
Guizhou 贵州
Guangxi 广西
Chongqing 重庆
Hainan 海南
Tianjin 天津Hebei河北
Shanghai上海
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Wholesale
批发Consignment
代销
Total
总计
Eastern China 华东 - 70 70
Northern
China华北 1 67 68
North-western
China西北 - 56 56
South-western
China西南 56 125 181
Southern
China华南 22 250 272
North-eastern
China东北 - 10 10
Central China 华中 197 33 230
Cambodia 柬埔寨 1 - 1
Total 总值 277 611 888
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Retail Outlets by Operation Models零售店舖分佈
2019As of 31 Dec 2019
截至二零一九年
十二月三十一日
Wholesale
批发Consignment
代销
611
68.8%
277
31.2%
Retail Outlets by Operation Models
按经营模式划分的零售店铺
2018As of 31 Dec 2018
截至二零一八年
十二月三十一日
626
68.8%
284
31.2%
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No. of Stores 店铺数目
As of 31/12/2018 As of 31/12/2019
Brand
品牌
Cabbeen 卡宾 638 70.1% 629 70.8%
Cabbeen Urban 卡宾都市 102 11.2% 95 10.7%
Cabbeen Love 卡宾Love 12 1.3% 16 1.8%
2AM 凌晨兩點 0 0 2 0.2%
Multi-brand stores 集合店 158 17.4% 146 16.5%
Total 910 100% 888 100%
Retail
Distribution
Channel
零售渠道
Shopping mall 商场 341 37.5% 370 41.7%
Department store 百货公司 366 40.2% 326 36.7%
Street store 街铺 203 22.3% 192 21.6%
Total 910 100% 888 100%
City Tiers
地区
Tier 1 一线 65 7.1% 65 7.3%
Tier 2 二线 296 32.5% 273 30.7%
Tier 3 三线 424 46.7% 432 48.6%
Tier 4 四线 125 13.7% 118 13.3%
Total 总值 910 100% 888 100%
Retail Outlets by Operation Models零售店舖分佈
• Definition of tier 1, 2, 3, 4 cities see appendix
• 一、 二、三、四线城市之注释见附录
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业务及运营评估
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Design and Product Development 设计及产品开发
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As of December 2019, the Group had
four design workshops in Guangzhou
City, Hong Kong, Milan and Paris,
with a team of 48 designers, joining
from mainland China, Hong Kong,
other Asian countries and Europe
于二零一九年底,集团分别于广州
市、香港、米兰及巴黎有四间工作
室,包括48名来自中国、香港、亚洲
及欧洲的设计师
The group also works with design
institutes and contract designers
from around the world
In 2019, we offered over 4,600
new stock-keeping units (SKUs)
for 2019 product collections
集团亦与世界各地的设计师及合约
设计师合作。集团的2019年产品系
列共超过4,600个新款
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Fashion Shows & Promotion Campaigns时装表演及推广活动
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Mr. Cabbeen as the Brand Icon卡宾先生为品牌代表
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Develop an Omni-channel Sales Experience 完善全渠道的销售配套
The Group has invested in building omni-channel
capabilities in markets with retail outlets operated
by consignment distributors
本集團已投資與代銷分銷商經營的零售店舖的市場全
渠道建設
Its ERP system facilitated a single view of inventory
across channels, connecting physical stores directed
to WeChat store. The Group offers a reserve online,
pick up in store service to its customers which
allows customers to select in-store inventory from
WeChat platform
其ERP系統簡化了跨渠道的統一存貨視圖,直接將實體
店舖與微商城相連。本集團向其客戶提供線上預訂及
上門取件服務,可讓客戶自微商城挑選店內存貨
The Group has also started to fulfill orders from
WeChat stores by shipping products either from
logistics centre or consignment stores.
本集團亦己開始通過物流中心或代銷店舖付運產品以
完成微商城的訂單。
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财务摘要
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FY2019 Results Highlights2019年度业绩重点
(RMB ’000)
(人民币千元)
For the year ended 31/12
截至十二月三十一日止年度
2018 2019Change
变动
Revenue 收益 1,273,473 1,274,966 +0.1%
Gross profit
% on revenue
毛利(收益占比 )
578,743
45.4%
560,091
43.9%
-3.2%
-1.5 ppt
Profit from operations
% on revenue
经营溢利(收益占比 )
311,032
24.4%
243,440
19.1%
-21.7%
-5.3 ppt
EBITDA
% on revenue
息税前利润(收益占比 )
325,821
25.6%
273,831
21.5%
-16.0%
-4.1 ppt
Profit for the year
% on revenue
年内溢利(收益占比 )
210,243
16.5%
158,142
12.4%
-24.8%
-4.1 ppt
Basic EPS (RMB cents)* 每股盈利* (人民币分 ) 31.71 23.58 -25.6%
Interim dividend (HK cents) 中期股息 (港仙 ) 13.2 7.5 -43.2%
Annual dividend (HK cents) 末期股息 (港仙 ) 4.8 3.0 -37.5%
Total dividend (HK cents) 总股息 (港仙 ) 18.0 10.5 -41.7%
Dividend payout ratio 派息比率 50% 40% -10 ppt
* Based on a total of 668,593,000 issued shares of the Company as at 31 December 2019
* 基于二零一九年十二月三十一日的合共 668,593,000 股本公司已发行股份计算
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309.8286.9
535.9506.5
430.5
481.5
2018 2019
Wholesale revenue
批发收益
Consignmentsales revenue
代销销售收益
E-commerce
电商
Revenue Analysis by Sales Channel按销售渠道分析之营业额
(RMB m)
(人民币百万元 )
Revenue for the year ended 31 December 2019 remained flat which was a combined effect of an
increase in revenue from online shops and a decrease in revenue from offline shops
2019年度收入基本持平乃由于线上销售收入增加而线下店铺销售减少所致
Revenue
收入
Revenue
收入
(RMB m)
(人民币百万元 )
* In 2018, there was RMB 1.4 million revenue generated from self-operated stores and 4.1 million related to product repurchase
* 於2018年度, 約有人民幣1.4 百萬元之自營店舖收入, 以及人民幣4.1 百萬元之銷售回購
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1,071.1 1,043.2
182.9 185.8
12.7 15.60.0 7.96.8 22.6
Revenue Analysis营业额分析
(RMB m) (人民币百万元 )2018 2019
Revenue by Brands
按品牌划分的收益
The Group adopts multi-brand strategy while it is expected that Cabbeen will continue to
contribute majority of the Group’s revenue.
采纳多品牌策略,预期卡宾将继续贡献大部分收益。
卡宾 卡宾都市 凌晨两点
Others
卡宾LOVE 其他 卡宾 卡宾都市 凌晨两点
Others
卡宾LOVE 其他
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Revenue Analysis营业额分析
(m units) (百万单位 )
7.4
7.8
2018 2019
1,275.01,273.5
(RMB m) (人民币百万元 )
Sales revenue remained at a constant level for year 2019, but total sales volume was up
5.4%, reflecting the amount per unit has dropped slightly
2019年之营业额与2018年大致持平,然而总销售量则上升,反映每件货品售价轻微下调
Sales in 1H & 2H
上下半年之营业额Total Sales Volume
总销售数量
YoY
+5.4%
558.1 559.9
715.4 715.1
2018 2019
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2018 2019
Wholesale 批发 35% 32.5%
Consignment 代销 43% 38.1%
Self-managed 自营 86% NA
E-commerce 电商 51% 49.3%
Overall 整体 45.4% 43.9%
Profit Analysis盈利分析
578.7 560.1
45.4%43.9%
2018 2019
(RMB m) (人民币百万元 )
The decrease in gross profit margin was attributable to the increase in provision for sales
rebates and an increase in sales discounts
毛利率下降乃由于积分反利拨备增加及提高銷售折扣。
GP and GP Margin
毛利及毛利率
GP Margin Breakdown by Business Mode
毛利率 (按营运模式划分)
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Profit Analysis盈利分析
EBITDA =
• Profit from operations + depreciation + amortisation
• 经营溢利 + 折旧 + 摊销
210.2
158.1
16.5%
12.4%
2018 2019
325.8273.8
25.6%
21.5%
2018 2019
(RMB m) (人民币百万元 )(RMB m) (人民币百万元 )
Decrease in net profit margin was mainly due to decrease in gross profit margin and
increase in operating expenses.
净利润率下降主要因为毛利率下降及營運開支上升。
NP and NP Margin
纯利及纯利率EBITDA(1) and EBITDA Margin
EBITDA利润率
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SD&A Expenses销售、分销及行政开支
146,388 164,513
110,455128,026
68,968
90,889
11.5%12.9%14.1%
17.2%
2018 2019
Advertising and Promotion
Total Selling & Distribution Expenses
Total Administrative Expenditure
% of Revenue (Admin. Exp.)
% of Revenue (S&D Exp.)
广告和推广
销售及分销开支
行政开支
占收益百分比 (行政开支)
占收益百分比 (销售及分销开支)
The increase in administrative expenses for FY 2019 was mainly attributable to an increase in in depreciation
charges and staff costs.
The increase in selling and distribution expenses was attributable to more promotion expenses for online
platforms and launch of new brands.
行政开支增加乃主要由于折舊費用及員工成本增加。
销售及分销开支增加乃主要由于为在线平台及推出新品牌产生更多推广开支。
(RMB ’000) (人民币千元 )
Administrative Expenses and Selling & Distribution Expenses
行政开支、销售及分销开支
179,423218,915
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189 196
2018 2019
Operational Cycle周期天数
(Days) (天数 ) (Days) (天数 ) (Days) (天数 )
243231
2018 2019
87
123
2018 2019
• Please refer to appendix for calculation of these financial ratios
• 财务比率的计算公式见附件
Average Inventory
Turnover Days (1)
平均存货周转天数
Average Trade and Bills
Receivables Turnover Days (2)
平均应收账款周转天数
Average Trade and Bills
Payables Turnover Days (3)
平均应付账款周转天数
The increase in average turnover days of trade and bills receivables was attributable to longer credit term granted
to distributors during the year ended 31 December 2019.
The decrease in average trade and bills receivables turnover days was due to change of settlement method with
more trade payables were settled by bank direct fund transfer rather than 6-month bank bills
平均应收账款周转天数增加乃由于截至二零一九年十二月三十一日止年度向分銷商授予較長信用期。
贸易应收款项及应收票据平均周转天数减少,乃由于较贸易应付款项以银行直接汇款方式而非以六个月银行票据方式结清。
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Cash Flow Statement现金流量表
220,484
266,992
45,663
123,168
34,028 3,031
Cash andcash equivalentsas at 01/01/2019
Net cash used in
operating activities
Net cash generated from
investing activities
Net cash used in
financing activities
Effect offoreign exchange
rate
Cash andcash equivalentsas at 31/12/2019
(RMB ’000) (人民币千元 )
于2019年1月1日
的现金及现金等价物
经营活动
所用净现金
投资活动
所得净现金
外汇汇率
变动影响
于2019年12月31日
的现金及现金等价物
融资活动
所用净现金
Addition 增加
Reduction 减少
Total 合计
Net increase in cash and cash equivalents for RMB43,477,000
現金及現金等價物增加淨額為人民幣43,477,000
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Note:
1. Net debt includes all borrowings net of cash and cash equivalents.
2. Interest coverage ratio equals profit before interest and tax for one period divided by interest expenses of the same period.
3. Net debt to equity ratio equals net debt divided by total equity as of the end of the year.
4. Gearing ratio equals total debts divided by total equity.
注:
1. 债务净额包括扣除现金及现金等价物的所有借款
2. 利息覆盖比率等于一个期间的扣除利息及税项前溢利除以同期利息开支
3. 净债权比率等于年末债务净额除以权益总额
4. 资产负债比率等于债务总额除以权益总额
Balance Sheet and Ratios资产负债表及财务比率
(RMB ’000)
(人民币千元)31/12/2018 31/12/2019
Total assets 资产总值 2,097,666 2,240,935
Total equity 权益总额 1,173,756 1,235,822
Net current assets 流动资产净值 1,170,028 818,349
Net debt position(1) 净负债(1) 66,968 87,745
Bank borrowings 银行借款 287,452 354,737
Current ratio 流动比率 2.71 1.82
Interest coverage ratio(2) 利息覆盖比率(2) 15.6 11.3
Net debt to equity ratio(3) 净负债比率(3) 5.7 7.1%
Gearing ratio(4) 资产负债比率(4) 24.5% 28.7%
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Financial Assets and Bank Deposits金融资产及银行存款
(RMB ’000)
(人民币千元)
31/12/2018 31/12/2019
Other
financial assets其他金融资产 60,000 -
Deposits with original
maturity > 3 months
原到期日逾三个月的银行存款
443,944 303,254
Pledged bank deposits 已抵押银行存款 240,485 119,824
Cash and
cash equivalents现金及现金等价物 220,484 266,992
Total 总值 964,913 690,070
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未来发展
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Adversities Faced in 2020于2020年面对的不利影响
Outbreak of the coronavirus in China has caused severe disruption to the
Group’s operations. It is expected that the operating results for 2020
will be materially and adversely affected
中国内地爆发的新型冠状病毒肺炎疫情,导致集团业务被严重中断,预计2020年的经营业绩将会受到重大不利影响
As a result, the Group has started to cut back purchase orders for
2020 summer collection and put on hold of opening new shops and
other material investments
有见及此,集团已开始削减二零二零年夏季系列产品的采购订单,并且已搁置设立新店铺及其他重大投资
As a result, we will also provide extended credit terms for our distributors
此外,我们亦将提供延长信贷期予分销商
Temporary closure of more than 90% of the retail stores from 28 January
2020 to 9 February 2020. Operation of retail stores
in Hubei Province remained suspended as of the date of the report
由二零二零年一月二十八日至二零二零年二月九日,集团短暂关闭了超过90%的零售店铺,于本报告日期,集团于湖北省的零售店铺
仍然暂停营业
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Future Development Strategies未来发展策略
Improvingin-store
experience
提升店内体验
Investment inbrand building
投资至品牌建议
Prudentin physical
store expansion
于实体店铺扩展方面保持谨慎
Development ofCRM capabilities
发展CRM能力
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问答环节
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附录
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Appendix附录
tier-1 cities: Beijing, Shanghai, Shenzhen, Guangzhou
tier-2 cities: the capital cities of each province
(excl. Guangzhou), municipalities
(excl. Shanghai and Beijing) and the
capitals of each autonomous regions
tier-3 cities: prefecture-level cities except tier-1 and
tier-2 cities
tier-4 cities: county-level and township-level cities
一线城市包括: 北京、上海、深圳、广州
二线城市包括: 中国各省省会 (除广州)、直辖市 (除上海及北京) 及自治区首府
三线城市为: 除一线和二线城市外的中国地级市
四线城市为: 县级市及其他镇级市
Average Inventory Turnover Days
(average value of inventory at the beginning and end
of the relevant period/cost of sales of the relevant
period)× 365 days
Average Trade and Bills Receivables Turnover Days
(average value of trade and bills receivables at the
beginning and end of the relevant period/revenue
(including VAT) of the relevant period) × 365 days
Average Trade and Bills Payables Turnover Days
(average value of trade and bills payables at the
beginning and end of the relevant period/cost of sales
of the relevant period) × 365 days
平均存货周转天数有关期间库存的期初及期末结余的平均值 /相关期间的销售成本 × 365天
平均应收账款周转天数有关期间贸易应收款项及应收票据的期初及期末结余的平均值/相关期间的销售收益(含增值税 ) × 365天
平均应付账款周转天数有关期间贸易应付款项及应付票据的期初及期末结余的平均值/相关期间的销售成本 × 365天
City tier definition 城市分级
Financial ratios 财务指标