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CEO's Statement
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Dear Shareholders,
Economic activities in China were disrupted by the on-set of
COVID-19 in 1Q2020 but the progress to normality in phases occurred from late March 2020. By April
2020, all our stores are operating on normal hours after having to operate on shortened operating
hours in early February 2020. During this unfortunate pandemic, our supply lines were largely unaffected,
measures to ensure the safety of our staff and customers were successfully implemented and the Group’s
finances and operations were largely unaffected.
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Despite the adverse effects of COVID-19 in 1H2020, we managed to achieve
respectable performance for fiscal year 2020. Our same store sales growth
in 2020 was 2.0%, a slight improvement from 1.0% in 2019. Gross profit margin
on direct sales was steady at 12.1%, a slight decline from 12.7%. Revenue
grew a healthy 17.1% to RMB1,230.2 million and net profit grew 5.8% to RMB55.2
million. Cash flow from operations in 2020 amounted to RM133.3 million. The better
performance for the Group was achieved due to the closure of an underperforming
store in 2019, the opening of five new stores between mid-2019 and early 2020,
efforts to increase sales, such as several large direct procurement of Kweichow
Moutai liquor, and the strong performance of our maiden outlet mall in Changsha.
It is worth noting that despite a 2-month closure due to COVID-19 in FY2020, the
Changsha outlet, which opened in December 2018, contributed net profit of RMB15.5
million in FY2020, from RMB5.9 million.
Our expansion plan is largely on schedule, slight delay notwithstanding. For our
traditional format stores, we have opened a new 7,700 sqm integrated store in March
2021. Within the next 12 months, we plan to add a 3,500 sqm store in Anxi County,
Quanzhou City and a 1,200 sqm store in Quangang, Quanzhou City. These openings will
raise our self-owned store GFA by 6.9% to 195,400 sqm. Together with three managed
stores, we will have a total of 21 stores, excluding the outlets.
We have recognised the attraction of outlet malls in China. These malls are located
just outside the city and offer attractive value propositions to consumers. As such,
we have put in efforts to expand our footprint in the outlet mall management and operation
business. Our next outlet mall project in Wuxi, which is managed by a 50/50 joint venture
entity, is scheduled to be operational late 2021. We have also announced joint venture
agreements to operate and manage other outlet malls located in Longwen, Zhangzhou City
and Nan’an, Quanzhou City.
Barring unforeseen circumstances, we hope to bring another year of satisfactory performance in 2021.
Mr Chen Kaitong
CEO
13 July 2021
中国的经济活动在2020 年第一季度受到新冠肺炎的影响，但从2020 年3 月下旬开始逐步恢复正常。到2020 年4 月，我们
所有的商店都将正常营业。在这场不幸的疫情中，我们的供应线基本没有受到影响，确保员工和客户安全的措施得到成功实施，
集团的财务和运营基本没有受到影响。
尽管新冠肺炎在2020 年上半年产生了一点不利影响，我们在2020 年还是取得了良好业绩。2020 年，我们的同店销售额增
长率为2.0%，略高于2019 年的1.0%。毛利率稳定在12.1%，略低于12.7%。收入增长17.1%，至人民币12.3 亿元而净利润
增长5.8%，至人民币5524 万元。2020 年经营活动产生的现金流为人民币1.33 亿元。2020 年的净利润镇长的因素是由于
2019 年集团关闭了一家表现不佳的门店、2019 年年中至2020 年初集团开设了5 家新、集团努力增加销售额，例如直接
采购大量的贵州茅台酒、以及长沙奥莱的强劲表现。值得注意的是，于2018 年12 月开业的长沙奥莱尽管受了新冠肺炎关闭
了2 个月，但在2020 财年贡献了人民币1550 万元的净利润，高于前年的590 万元人民币。
我们的扩建计划基本上是按计划进行的，尽管有点延误。对于我们的传统形式的商店，我们在2021 年3 月新开了一家
7700 平方米的综合商店。在未来12 个月内，我们计划在泉州市安溪县增加一间3500 平方米的门店和在泉州市泉港增加一
间1200 平方米的门店。这些开业将使我们的自营商店销售面积提高6.9%，达到195400 平方米。加上三个管理商店，我们
将有21 个商店。
我们已经看到奥莱商场在中国有一定的吸引力。这些大型购物中心位于城外，为消费者提供物有所值的物品消费需求。因此，
我们致力于扩大我们在奥特莱斯购物中心管理和运营业务的足迹。我们在无锡的下一个奥特莱斯购物中心项目，由一个50/50
的合资公司管理，计划在2021 年底投入运营。我们还宣布了合资协议，经营和管理位于漳州市龙文和泉州市南安的其他奥特莱斯购物中心。
除非出现不可预见的情况，我们希望在2021 年取得令人满意的业绩。
陈开通
总裁
2021 年 7 月 13 日
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