业 务 发 展 - 国 内 区 域 市 场 -...
TRANSCRIPT
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01/08/2018
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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
Highlights of 2018 Interim Results
2018年中期业绩摘要
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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Highlights of 2018 Interim Results 2018中期业绩摘要
Revenue
收入Gross Profit
毛利Profit from
Operation
经营溢利
Net Profit
期内溢利
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Increase in payout ratio
增加派息比率Encourage growth in financial results
业绩录得理想增长
Earnings per
share
每股盈利
Interim dividend
中期股息
Payout ratio
派息比率
16.4
RMB cents
人民币分
13.2
HK cents
港仙
70%
RMB 558.1M
百万元
RMB 267.3M
百万元RMB 169.9M
百万元 RMB 109.1M百万元
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Retail Channel Performance 零售渠道表现
Retail Sales
零售收益 Total retail revenue from both online and offline stores
在线及线下店铺零售收益总额
Retail revenue from physical stores
实体零售店铺所产生的零售收益
Retail revenue generated from online shops
网上店铺所产生的收益
Retail Outlets by Operation Models 按经营模式划分的零售店铺
Consignment
代销
Wholesale
批发As of 31 Dec 2017截至二零一八年十二月三十一日
As of 30 Jun 2018
截至二零一八年六月三十日
Self-managed
自营
541 64.0%
1 0.1%
546 64.5%
301 35.5%303 35.9%
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Retail Sales from Physical Stores线下零售渠道表现
Benefited from the positive
momentum in consumption in
the second half of 2017 and first
quarter of 2018, the Group’s
same store sales restored to a
growth trend during the period
Same stores sales growth: +8.5%
in 2018 1H (2017 1H: -4.9%)
Average discount rate at
physical stores was 19.0% (2017
1H: 20.8%)
于二零一七年下半年及二零一八年第一季度,消费呈现良好势头,因此本集团于期内同店销售亦回复增长。
同店销售录得正增长:+8.5% in 2018 1H
(2017 1H: -4.9%)
实际店铺平均零售折扣:19.0% (2017 1H: 20.8%)
Total retail revenue
from physical stores
实体零售店收入总额
SSSG forphysical stores
实体店同店销售
Averageretail
discountat physical
stores
实体店铺平均零售折扣
Sell-through rate
of 2017 collections
二零一七系列售罄率
Sell-through rate
of 2018 spring/summer
collections
二零一八春夏售罄率
Retail Channel Performance 零售渠道表现
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Distribution Network Coverage分销网络覆盖
9
6
4
123
5
18
16
9
19
3398
96
2034
133
81
35
4377
11628
7
3
4
15
10
12
8
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
10
(RMB ’000)
(人民币千元)
Wholesale
批发Consignment
代销Total
总计
Eastern China 华东 — 54 54
Northern
China华北 — 79 79
North-western
China西北 — 65 65
South-western
China西南 54 116 170
Southern
China华南 20 213 233
North-eastern
China东北 — 19 19
Central China 华中 227 - 227
Total 总值 301 546 847
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No. of Stores 店铺数目
As of 31/12/2017
二零一七年十二月三十一日止
As of 30/06/2018
二零一八年六月三十日为止
Brand
品牌
Cabbeen Lifestyle 卡宾休闲 622 73.6% 615 72.6%
Cabbeen Urban 卡宾都市 76 9.0% 87 10.3%
2AM 凌晨两点 0 0% 0 0%
Multi-brand stores 集合店 147 17.4% 145 17.1%
Total 845 100% 847 100%
Distribution Network 分销网络
• Definition of tier 1, 2, 3, 4 cities see appendix
• 一、 二、三、四线城市之注释见附录
Retail
Distribution
Channel
零售渠道
Shopping mall 商场 268 31.7% 279 32.9%
Department store 百货公司 369 43.7% 363 42.9%
Street store 街铺 208 24.6% 205 24.2%
Total 845 100% 847 100%
City Tiers
地区
Tier 1 一线 57 6.7% 58 6.8%
Tier 2 二线 238 28.2% 241 28.5%
Tier 3 三线 426 50.4% 427 50.4%
Tier 4 四线 124 14.7% 121 14.3%
Total 总值 845 100% 847 100%
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E-commerce Business电子商贸收益显着增长
128.2
214.0
2017 1H 2018 1H
(RMB ’000) (人民币千元 )
Retail revenue from online channels amounted to
RMB 175.3 M, contributed 31.4% of the Group’s
total revenue
网上销售之营业额达人民币175.3百万元,占集团总营业额之31.4%
Gross Retail Revenue from E-commerce
电子商贸零售额
+66.9%
Gross sales proceeds from online channels
increased significantly by 66.9% to RMB214.0 M
Online platforms mainly include T-mall,
JD.com, VIP.com and WeChat mall
卡宾在电子商贸平台之零售額进一步增加66.9%至人民币214.0百万元
電商平台主要包括天猫、京东、唯品会及微商城
175.3M
31.4%
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Membership and fan accounts on a Rise微信會員及粉絲显着增长
2017 1H 2018 1H
1,944,000
Membership and fan accounts
微信會員及粉絲
+60%
Number of membership and fan accounts on
WeChat as of June 30 2018 were 3,119,000, of
which 360,000 members (1H 2017: 337,000) made
purchase during the 1H 2018 with sales amount of
RMB 788.6 million (1H 2017: RMB 681.6 million)
截至二零一八年六月三十日,微信的会员及粉丝账户数量为3,119,000,其中360,000名会员(二零一七年六月三十日:337,000)于二零一八年上半年度购买金额为人民币788.6百万元(二零一七年六月三十日:人民币681.6百万元)。
3,119,000
VMS System and VIP Club for VIP Management
垂直营销系统及VIP俱乐部管理
Scan the QR Code
扫瞄二维条码
Wechat store
微商店铺
Customize personal needs
定制个人需要
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Inventory Sources 存货管理
Develop an Omni-channel Sales Experience 完善全渠道的銷售配套
Delivery 交收
Integrates inventories
management and financial
reporting, and covers
all physical retail stores
集成库存管理及财务报告功能,
覆盖全部实体零售店
Home Delivery
付运到家
Collection
Point
提货点
Store
店铺
Store
店铺
Sales 銷售
We have an ERP system which integrates our inventories management and financial reporting functions,
and covers all of our physical retail stores.
擁有集成庫存管理及財務報告功能、覆蓋全部實體零售店舖的ERP系統。
Targets 全方位的配套
We have upgraded the logistics centre with semi-automated product
conveying systems. The first phrase logistics centre has been in use.
我们持续投资发展分销基础设施,对物流中心进行半自动化输送系统升级。物流中心一期已投入使用
Market
place
网上商店
Online
官网
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Fashion Shows & Promotion Campaigns时装表演及推广活动
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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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(RMB ’000)
(人民币千元)
For six months ended 30/06
截至六月三十日止年度
2017 2018Change
变动
Revenue 收益 405,988 558,128 +37.5%
Gross profit
% on revenue
毛利(收益占比 )
217,283
53.5%
267,331
47.9%
+23.0%
-5.6 ppt
Profit from operations
% on revenue
经营溢利(收益占比 )
138,059
34.0%
169,910
30.4%
+23.1 %
-3.6 ppt
EBITDA
% on revenue
息税前利润(收益占比 )
147,184
36.3%
176,773
31.7%
+20.1%
-4.6 ppt
Profit for the period
% on revenue
期內溢利(收益占比 )
87,979
21.7%
109,138
19.6%
+24.1%
-2.1 ppt
Basic EPS (RMB cents)* 每股盈利* (人民币分 ) 12.49 16.40 +31.3%
Interim dividend (HK cents) 中期股息 (港仙 ) 6.0 13.2 +120.0%
Dividend payout ratio 派息比率 40% 70% +300 ppt
2018 Interim Results Highlights2018年度中期业绩重点
* Based on a total of 668,593,000 issued shares of the Company as at 30 June 2018 (as at 30 June 2017: 693,241,000)
* 基于二零一八年六月三十日的合共 668,593,000 股本公司已发行股份计算 (二零一七年六月三十日: 693,241,000)
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Sales Revenue
销售收入
115.0 105.7
253.3275.6
30.71.6
77.6
175.3
-70.6
0
Wholesale revenue
批发收益
Consignmentsales revenue
代销销售收益
Self-operated store
自營
E-commerce
电商
Productsrepurchased
產品回購
Revenue Analysis by Sales Channel按销售渠道分析之营业额
Increase in sales revenue was mainly attributable to the rapid growth of online sales
The Group has completed its transformation to consignment model and no product repurchase was made
The Group doesn’t operate physical self-owned stores now, therefore no revenue was recorded for this segment
收益增加主要由于网上业务继续取得高速增长
集团已完成向代销模式转移,期内没有产品回购
集团目前并无经营自营店,故期内此部份收益为零
(RMB m) (人民币百万元 )2017 1H 2018 1H
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312.9
457.9
69.488.6
11.9 8.611.7 3.1
Revenue Analysis营业额分析
Will continue to adopt multi-brand strategy. While Cabbeen Lifestyle will continue to contribute majority of the
Group’s revenue, the business scale of Cabbeen Urban will grow with improved brand awareness and increase in retail
channels. The Group has also started a rebranding exercise for the 2AM brand.
采纳多品牌策略,预期卡宾休闲将继续贡献大部分收益,但卡宾都市的知名度提升及零售渠道亦会增加。集团已就「凌晨两点」开展品牌重塑活动。
Revenue by Brands
按品牌划分的收益
(RMB m) (人民币百万元 )2017 1H 2018 1H
卡宾休闲 卡宾都市 凌晨两点 Others其他
卡宾休闲 卡宾都市 凌晨两点 Others其他
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Profit Analysis盈利分析
Decrease in GP margin was attributable to the increase in provision for sales rebates of RMB21.3 million,
and decrease in percentage contribution from self-managed offline business
毛利率減少乃由於積分返利撥備增加人民幣21.3百萬元及線下自營零售業務貢獻百分比減少。
(RMB m) (人民币百万元 )
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)
2017 1H 2008 1H
Wholesale 批发 45.1% 38.9%
Consignment 代销 46.8% 45.2%
Self-managed 自营 86.3% 85.7%
E-commerce 电商 51.2% 56.9%
Overall 整体 53.5% 47.9%
556 538
217.3267.3
47.9% 49.4%
53.5%
47.9%
2016 2017 2017 1H
2017年上半年2018 1H
2018年上半年
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Profit Analysis盈利分析
EBITDA = Profit from operations + depreciation + amortisation of intangible assets 经营溢利 + 折旧 + 无形资产推销
The increase in net profit was mainly a result of increase in revenue.
純利增加乃主要由於收益增加所致。
(RMB m) (人民币百万元 )
273
319
147177
23.5%
29.3%
36.3%
31.7%
2016 2017 2017 1H
2017年上半年2018 1H
2018年上半年
EBITDA(1) and EBITDA Margin
利润率
(RMB m) (人民币百万元 )
182
203
88109.1
15.7%
18.7%
21.7%
19.6%
2016 2017 2017 1H
2017年上半年2018 1H
2018年上半年
NP and NP Margin
纯利及纯利率
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SD&A Expenses销售、分销及行政开支
44,166 50,575
57,65671,349
11,857
25,285
10.9%9.1%
14.2%12.8%
2017 1H 2018 1H
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)
(RMB ’000) (人民币千元 )
As a result of the Group’s continued efforts to improve cost and logistics efficiency and closure of non-performing self-
managed retail stores, selling and distribution expenses as a percentage on revenue decreased to 12.8% for the six months
ended 30 June 2018.
The increase in administrative expenses for the six months ended 30 June 2018 was mainly attributable to a reversal of
provision for doubtful debts of RMB14.0 million in the same period last year.
本集團持續致力提升成本及物流效益,並關閉低產自營店,二零一八年度上半年銷售及分銷開支佔收益的百分比下降至12.8%
截至二零一八年六月三十日止六個月,行政開支增加乃主要由於在去年同期有壞賬撥備回撥人民幣14.0百萬元。
Administrative Expenses and Selling & Distribution Expenses
行政开支、销售及分销开支
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296
200
2017 1H 2018 1H
Operational Cycle周期天数
(Days) (天数 ) (Days) (天数 ) (Days) (天数 )
* Please refer to appendix for calculation of these financial ratios
* 财务比率的计算公式见附件
The decrease was attributable to
the increase in proportion of
online revenue for which the
Group offered shorter credit
period.
减少乃由于线上销售收入占比增加而该等销售的账期较短。
The improvement was
because of SSSG and increase
in sales volume during the
period.
存货周转改善乃由于期內同店销售增长及销量增加。
Average Trade and
Bills Receivables Turnover Days(*)
平均应收账款周转天数
Average Trade and
Bills Payables Turnover Days(*)
平均应付账款周转天数
Average Inventory
Turnover Days(*)
平均存货周转天数
135
91
2017 1H 2018 1H
307
247
2017 1H 2018 1H
Consistent with the Group’s
practice of using 6-month bank
bills to settle trade payables.
有关天数与本集团以6个月银行汇票支付贸易应付款项的惯例一致
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Cash Flow Statement现金流量表
134,593
267,080
48,139
134,654
-52,226
1,920
Cash andcash equivalent
as at 31/12/2017
Net cash generated from
operating activities
Net cash used in
investing activities
Net cash generated from
financing activities
Effect offoreign exchange
rate
Cash andcash equivalentas at 30/6/2018
于2017年12月31日
的现金及现金等价物
经营活动
所得净现金
投资活动
所用净现金
外汇汇率
变动影响
于2018年6月30日
的现金及现金等价物
融資活动
所得净现金
Addition 增加
Reduction 减少
Total 合计
(RMB ’000)
(人民币千元 )
Better inventories
sell-through rate &
faster settlement
from customers
存货售罄率更好及客户付款更快
Decrease in other
financial assets
其他金融资产减少
Payment of 2017 final
dividend of RMB45.7 million
& bank loan interests
派付二零一七年末期股息人民
幣45.7百萬元及支付貸款利息
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Note:
1. Net cash equals cash and cash equivalents less bank borrowings.
2. Interest coverage ratio equals profit before interest and tax forone period divided by interest expenses of the same period.
3. Gearing ratio equals total debts divided by total equity.
注:
1. 现金净额等于现金及现金等价物减银行借款
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. 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 )
31/12/2017 30/06/2018
Total assets 资产总值 1,965,134 1,907,757
Total equity 权益总额 1,055,296 1,120,082
Net current assets 流动资产净值 1,101,901 1,197,817
Net cash (debt) position(1) 净现金 (负债)(1) (153,504) (25,287)
Current ratio 流动比率 2.76 3.35
Net debt to equity ratio 净债权比率 14.5% 2.3%
Interest coverage ratio(2) 利息覆盖比率(2) 18.2 18.1
Gearing ratio(3) 资产负债比率(3) 27.3% 26.1
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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 )
31/12/2017 30/06/2018
Other
financial assets其他金融资产 253,159 168,539
Deposits with original
maturity > 3 months
原到期日逾三个月的银行存款
452,860 437,749
Pledged bank deposits 已抵押银行存款 105,015 121,551
Cash and
cash equivalents现金及现金等价物 134,593 267,080
Total 总值 945,627 994,919
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Cabbeen’s Multi-brand strategies继续推行多品牌策略
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Cabbeen Love
28
“Cabbeen Love”, a brand for children’s wear
推出卡宾童装品牌「Cabbeen Love」
A mid-tier fashion brand targeted at
3 to 12 years old kids, which extends the
street and sports style of Cabbeen Lifestyle
定位为专为3至12岁的孩子设计的中档时尚童装品牌,延续Cabbeen Lifestyle街头与运动风格
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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
City tier definition 城市分级
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)× 181 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) × 181 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) × 181 days
Financial ratios 财务指标
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 × 181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 ) × 181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 × 181天