佐丹奴国际2025 中期报告

目 錄CONTENTS Financial Highlights1 Management Discussion and Analysis2 Report on Review of Interim Financial Information30 Consolidated Income Statement32 Consolidated Statement of Comprehensive Income Consolidated Balance Sheet34 Consolidated Cash Flow Statement36 Consolidated Statement of Changes in Equity38 Notes to the Unaudited Condensed ConsolidatedInterim Financial Statements40 Other Information69 Corporate Information79 管 理 層 之 論 述 及 分 析MANAGEMENT DISCUSSION AND ANALYSIS MANAGEMENT DISCUSSION AND ANALYSISOF GROUP RESULTS OF OPERATIONS ANDFINANCIAL POSITION (“MD&A”) 2 0 2 52 0 2 463 0 Unless otherwise stated, the following commentaries refer tothe year-on-year (“YOY”) comparison for the six months endedJune 30, 2025, and 2024. OVERVIEW •The Group achieved a notable 1.6% increase in revenuefor the first half of 2025 – despite the volatile politicaland economic climate – driven by the strong performanceof the Group’s online business, which achieved 26.1%YOY growth, as well as the significant improvement ofour wholesale and franchise businesses. This growthaligns with our strategic choices; that is, the ‘Digital-First’ strategy and ‘Winning in Greater China’ under our‘Beyond Boundaries’ 5-year strategic plan. Excludingthe adverse impact from our Non-Giordano Brands inIndonesia, our revenue would have achieved a 3.8%growth for the period. •2 6 . 1 %2 0 2 51 . 6 %3 . 8 % •3 . 35 5 . 6 %2 . 92 0 2 52 . 5 % •The Group recorded gross margin of 55.6%, a declineof 3.3 percentage points. If we exclude the impactof the Non-Giordano Brands, our gross margin wouldhave only dropped by 2.9 percentage points. Thisdecrease is partly due to a shift in the channel mix, witha higher contribution from our e-commerce businessand wholesale channels, which typically operate atslightly lower gross margins as compared to traditionaloffline channels, and from the additional strategic stockclearance of aged inventories built up from previousyears. In addition, the Spring/Summer 2025 merchandisecost was 2.5% higher than the same period in theprevious year, resulting in a margin decline. Movingforward, our future pricing strategy with respect to ourvarious channels will seek to strike a balance betweenrevenue growth and gross margin, which aligns with ouromnichannel strategy. •0 . 64 8 . 9 %2 0 2 44 9 . 5 % •O p e r a t i n g e x p e n s e s a s a p e r c e n t a g e o f r e v e n u edecreased by 0.6 percentage points to 48.9% (2024:49.5%). This reduction in our operating expense ratio,despite investments undertaken in association with theGroup’s ‘Beyond Boundaries’ 5-year strategy, reflects ourdisciplined approach to expense management. 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) •1 . 2 12 0 2 41 . 2 04 8 . 5 %1 . 4 6 •The net profit attributable to the shareholders (“PATS”) ofthe Company was HK$121 million (2024: HK$120 million).The Group would have posted a more significant PATSgrowth, but improvements and gains in many areas of ourbusiness were adversely offset by the underperformanceof Non-Giordano Brands in Indonesia and our joint-venture(“JV”) business in South Korea (in which we hold a48.5% stake). If the profitability of the above-mentionedbusiness segments could have been maintained at lastyear’s level, our PATS would have achieved HK$146million. •The Group’s inventory balance closed at HK$513 million –a reduction of HK$1 million YOY (2024: HK$514 million).Moreover, the inventory turnover on cost (ITOC) closedat 108 days, with a significant reduction of 11 days YOY(2024: 119 days). The substantial improvement in ITOCillustrates our determination towards managing ourinventory more effectively, which gives us the agilityto bring in new merchandise based on the latest salestrends. •5 . 1 31 0 02 0 2 45 . 1 41 0 81 12 0 2 41 1 9 •7 . 2 22 0 2 47 . 2 0 •Cash and bank balances, net of bank loans, increased YOYto HK$722 million (2024: HK$720 million). Our financialposition remains robust, providing a solid foundation forfuture growth. •Basic earnings per share were 7.5 HK cents (2024: 7.4 HKcents). •7 . 52 0 2 47 . 4 •The Board of Directors has declared an interim dividendof 7.5 HK cents per share (2024: 8.0 HK cents per share).The total dividend payable will amount to approximatelyHK$121 million, reflecting our commitment to returningvalue to shareholders while balancing investment ingrowth opportunities. •7 . 52 0 2 48 . 01 . 2 1 管 理 層 之 論 述 及 分 析（ 續 ）MANAGEMENT DISCUSSION AND ANALYSIS (continued) RESULTS OF OPERATIONS 121 0 %341234 “Group revenue” comprises consolidated revenue from direct-operated stores’retail sales, and wholesale to franchisees. “Group same-store sales” means retail revenue save for revenue derived from theretail sales of newly-opened and terminated stores and stores temporarily closedfor more than 10% of operating days of comparable periods for renovation or otherpurposes. These are at constant exchange rates. “Global brand sales/gross profit