卡宾中期报告2025

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 covers29 provinces, autonomous regions, municipalities and specialadministrative regions and several online platforms in the People’sRepublic of China. 29 CONTENTS Corporate Information BOARD OF DIRECTORS Executive DirectorsDr. 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 LeungDr. Ziming Yang NOMINATION COMMITTEE Dr. Ziming Yang(Chairman)Mr. Ming Shu LeungMs. Jing Gu CORPORATE GOVERNANCECOMMITTEE Dr. Ziming Yang(Chairman)Mr. Yung Kwok TsuiMr. Ming Shu Leung AUTHORIZED REPRESENTATIVES Mr. Rongqin KeMr. Wai Fung Lui COMPANY SECRETARY Mr. Wai Fung Lui 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 1026A Unit A, 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 offering appareland accessories for men and women. Its main brandsinclude Cabbeen and 2AM. The revenue of CabbeenFashion Limited (the “Company”) and its subsidiaries (the“Group”) is mainly derived from the sale of its productsthrough franchise stores and online shops. Most of theproducts sold under its brands are designed by the Group,and majority of the products sold are manufactured byindependent manufacturers in the People’s Republic ofChina (the “PRC”). 41995636 As of 30 June 2025, the Group had 4 wholesaledistributors, 19 consignment distributors and 95 sub-distributors operating a total of 636 retail shops in mainlandChina, and it also operated 2 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, Douyin and also sells products to otheronline distributors. 17 As of 30 June 2025, the Group had three designworkshops in Guangzhou, Milan and Paris, respectively,with a team of 17 designers joining from mainland China,other Asian countries, Hong Kong and Europe. The Groupalso works with design institutes and contract designersfrom 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 2025 aresummarized below. 8.2% —Total retail revenue from all retail channels for the sixmonths ended 30 June 2025 decreased by 8.2%as compared to the same period in 2024. Management Discussion and Analysis(continued) 0.7% —Retail sales revenue from physical retail stores forthe six months ended 30 June 2025 decreased by0.7% as compared to the same period in 2024.– 24.7% —Retail revenue from online platforms decreased by24.7% for the six months ended 30 June 2025 ascompared to the same period in 2024.– 4.1 —Cabbeen had 4.1 million WeChat fans and membersas of 30 June 2025. 27.4%25.7% —The average retail discount at physical stores for thesix months ended 30 June 2025 was approximately27.4% (six months ended 30 June 2024: 25.7%).– 78.3%55.2% —As of 30 June 2025, the sell-through rate of theGroup’s 2024 collections and 2025 spring/summercollections was approximately 78.3% and 55.2%,respectively.– Management