中国利郎2025中期报告

Stock Code1234 CONTENTS目錄 Financial HighlightsManagement Discussion and AnalysisReview Report of the Auditor閱Condensed Consolidated Statement of Profit or Loss andOther Comprehensive IncomeCondensed Consolidated Statement of Financial PositionCondensed Consolidated Statement of Changes in EquityCondensed Consolidated Statement of Cash FlowsNotes to the Unaudited Interim Financial ReportOther Information2425272830313247 FINANCIAL HIGHLIGHTS財務摘要 FINANCIAL HIGHLIGHTS (CONTINUED)財務摘要（續） Notes: (1)(2)(3)(4) (1)Return on average shareholders’ equity is equal to the profit attributable to equityshareholders for the period divided by the average of the beginning and closingbalances of total shareholders’ equity.(2)Average inventory turnover days is equal to the average of the beginning andclosing inventory balances divided by cost of sales and multiplied by the number ofdays in the relevant period.(3)Average trade receivables turnover days is equal to the average of the beginningand closing trade receivables balances divided by revenue (including value-addedtax) and multiplied by the number of days in the relevant period.(4)Average trade payables turnover days is equal to the average of the beginning andclosing trade and bills payables balance divided by cost of sales and multiplied bythe number of days in the relevant period. MANAGEMENT DISCUSSION AND ANALYSIS管理層討論及分析 In the first half of 2025, the United Statesproclaimed heavy tariffs on goodsfrom different countries, making theinternational trade environment harshand complex. In view of this, exporterssped up shipments during the Sino-US trade negotiation window, and thatbuttressed foreign trade performance.I n a d d i t i o n , w i t h t h e m a i n l a n dgovernment introducing consumptionsubsidies, retail consumption had aboost in the first half year, and China'sgross domestic product (GDP) recordeda moderate growth of 5.3% year-on-year. More than half of the economicgrowth in China was contributed byconsumption. In the first half year, totalretail sales of consumer goods in thecountry increased by 5.0% year-on-year,with consumer goods entitled to trade-in policy performing outstandingly,and retail sales of apparel, footwear,headwear and knitwear saw a 3.1%growth(1), reflective of consumersbeing cautious with spending on non-essential goods. interim dividend of HK11 cents pershare and a special interim dividendof HK5 cents per share, therebymaintaining a stable payout ratio. platforms, with targeted promotionalcontent and strategies designed to driveoverall sales growth, while strengtheningretailing capability for new products. Thesuccess of such efforts was reflected infinancial performance, with online salesclimbing year-on-year by 24.6% duringthe period, better than the Group's overallperformance. During the period, China Lilangw a s c o m m i t t e d t o e n h a n c i n gcompetitiveness of its brands – thecore collection “LILANZ” and smartcasual collection “LESS IS MORE”, soas to improve operational efficiencyand increase market share. Afterthe “LILANZ” main series trialed atransition to a Direct-to-Consumer(“DTC”) model in certain regions lastyear, operations showed significantimprovement. Consequently, in thefirst half of this year, the Group furtheracquired the operating rights of first-tier distributors in Shandong Provinceand Chongqing City to continue thetransition to the DTC model. The Group also took its “Multi-brandsand Internationalization” developmentanother step forward. It opened its firstoverseas store in SkyAvenue, ResortsWorld Genting, Malaysia in May, sellingproducts of its core collection. At thesame time, it commenced online salesof its golf apparel brand MUNSINGWEARin the first half of the year and receivedpositive market response. The Group also continued to optimizeits sales channels, opening new storesin shopping malls and outlet storesin prime locations as planned, whileclosing non-performing stores. Asat the end of June 2025, the Grouphad a total of 2,774 stores with anet increase of one store during theperiod, with total retail floor area upby 1.8% compared with the end ofthe previous year. The store networkof the Group has continued to be itsmost important sales channel. China Lilang Limited (the “Company”or “China Lilang”, and together withits subsidiaries, the “Group”) diligentlyadvanced its strategic transformationduring the period, plus continuedto implement its “Multi-brands andInternationalization” developmentstrategy to expandbusiness. For thesix months ended 30 June 2025, theGroup’s revenue increased by 7.9% toRMB1,727.2 million. Profit attributableto Equity Shareholders was RMB242.5million, ear nings per share wereRMB20.2 cents. Taking into accountthe Group's solid financial positionand sufficient cash flow, the Board ofDirectors has resolved to declare an Thanks to the synergies betweeni t s o n l i n e a n d o f f l i n e b u s i n e s soperations, the good developmentmomentum of new retail businessha