卡宾中期报告2024

CABBEEN FASHION LIMITED卡賓服飾有限公司 (Incorporated in the Cayman Islands with limited liability)Stock code:2030 ABOUT CABBEEN CABBEEN IS ONE OFTHE LEADING CHINESEDESIGNER BRANDS. The Group designs and sells apparels for men and women.Its main brands include Cabbeen and 2AM. Its retail network covers28 provinces, autonomous regions, municipalities and specialadministrative regions and several online platforms in the People’sRepublic of China. 28 CONTENTS Corporate Information BOARD OF DIRECTORS Executive DirectorsMr. Ziming Yang(Chairman and Chief Executive Officer)Mr. Rongqin Ke Independent Non-Executive Directors Mr. Yung Kwok TsuiMr. Ming Shu LeungMs. Jing Gu AUDIT COMMITTEE Mr. Yung Kwok Tsui(Chairman)Mr. Ming Shu LeungMs. Jing Gu REMUNERATION COMMITTEE Mr. Yung Kwok Tsui(Chairman)Mr. Ming Shu LeungMr. Ziming Yang NOMINATION COMMITTEE Mr. Ziming Yang(Chairman)Mr. Ming Shu LeungMs. Jing Gu CORPORATE GOVERNANCECOMMITTEE Mr. Ziming Yang(Chairman)Mr. Yung Kwok TsuiMr. Ming Shu Leung AUTHORIZED REPRESENTATIVES FCPA Mr. Rongqin KeMr. Wai Fung Lui(appointed on 16 April 2024)Ms. Lai Wah Wong,FCPA(resigned on 16 April 2024) COMPANY SECRETARY FCPA Mr. Wai Fung Lui(appointed on 16 April 2024)Ms. Lai Wah Wong,FCPA(resigned on 16 April 2024) Corporate Information(continued) REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 2030 STOCK CODE2030 www.ir.cabbeen.com WEBSITEwww.ir.cabbeen.com HEADQUARTERS IN CHINA 8C9510700 9th Floor, Block CNo. 8 Kai Tai Da RoadHuang Pu District, Guangzhou CityGuangzhou 510700PRC PRINCIPAL PLACE OF BUSINESS INHONG KONG 1026AB Unit A&B, 26/F, Billion Plaza II10 Cheung Yue StreetCheung Sha WanKowloonHong Kong CAYMAN ISLANDS SHARE REGISTRARAND TRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1110Cayman Islands Corporate Information(continued) HONG KONG BRANCH SHAREREGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617/F, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong AUDITOR KPMG,Certified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting CouncilOrdinance LEGAL ADVISOR AS TO HONG KONGLAW Morgan, Lewis & Bockius PRINCIPAL BANKERS China Construction Bank CorporationChina Minsheng Banking Corp., Ltd.Industrial Bank Co., Ltd.Shanghai Pudong Development Bank Financial Highlights Financial Highlights(continued) Notes: Management Discussion and Analysis BUSINESS REVIEW Overview Cabbeen is a Chinese designer brand. Cabbeen FashionLimited (the “Company”) and its subsidiaries (the“Group”) offer apparel and accessories for men andwomen. Its main brands include Cabbeen and 2AM.The Group derives its revenue from sales of its productsthrough franchise stores and online shops. Most of theproducts sold under its brands are designed by the Groupand majority of the products sold are manufactured byindependent manufacturers in the People’s Republic ofChina (the “PRC”). 420102594 As of 30 June 2024, the Group had 4 wholesaledistributors, 20 consignment distributors and 102 sub-distributors operating a total of 594 retail shops in mainlandChina, and it also operated 5 retail shops in Hong Kong.In addition, the Group operates WeChat store and otheronline shops on e-commerce platforms including T-mall,JD.com, vipshop, Tiktok and sells products to onlinedistributors. 23 As of 30 June 2024, the Group had four designworkshops in Guangzhou City, Hong Kong, Milan andParis, respectively, with a team of 23 designers joiningfrom mainland China, other Asian countries, Hong Kongand Europe. The Group also works with design institutesand contract designers from around the world. Retail channel performance The retail performance of physical retail stores and onlineshops operated by the Group, its distributors and sub-distributors for the six months ended 30 June 2024 aresummarized below. 12.6% —Total retail revenue from all retail channels for the sixmonths ended 30 June 2024 decreased by 12.6%as compared to the same period in 2023. Management Discussion and Analysis(continued) 11.2% —Retail sales revenue from physical retail stores forthe six months ended 30 June 2024 decreased by11.2% as compared to the same period in 2023.– 15.5% —Retail revenue from online platforms decreased by15.5% for the six months ended 30 June 2024 ascompared to the same period in 2023.– 4.1 —Cabbeen had 4.1 million WeChat fans and membersas of 30 June 2024. 25.7%25.4% —The average retail discount at physical stores for thesix months ended 30 June 2024 was approximately25.7% (six months ended 30 June 2023: 25.4%).– 81.3%57.7% —