CEO Statement
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Dear Shareholders,
The past few years were unusually challenging for businesses in China due to economic disruptions caused by COVID-19 pandemic control measures. During this difficult period, in which the Group recorded losses amounting to RMB33.04 million in the previous financial period of 18 months from 1 January 2021 to 30 June 2022 (“FY2022”), we are pleased to report that the Group returned to profitability in the financial year end 30 June 2023 (“FY2023”). The Group achieved profit after tax of RMB20.68 million in FY2023.
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Revenue in FY2023 amounted to RMB967.56 million with gross profit margin on direct sales activities at 11.3% in FY2023, which is marginally lower than the 11.7% level in FY2022. China began easing back on COVID-19 restrictions in December 2022, leading to an overall economic recovery. Consequently, the Group was able to achieve a stronger second half in FY2023 with profit after tax of RMB29.47 million in the second half of FY2023.
The Group took proactive measures in closing underperforming stores when we closed Lvcuo Store and Qingyang Store in August 2022, and Wanxiang Store in September 2022. These measures were necessary to allow us to better manage our resources.
Our net cash flow generated from operating activities amounted to RMB89.17 million in FY2023. The second half year of FY2023 saw an even better performance, with net cash flow from operating activities of RMB97.11 million as compared to RMB82.37 million in the previous financial period.
Contributions from associates and joint ventures, which were largely from our two outlet malls in Changsha and Wuxi, amounted to RMB16.30 million in FY2023 as compared to RMB8.95 million in FY2022. Wuxi Yueshang Outlets began operations on 9 September 2022 and experienced losses of RMB24.30 million as it is still in the early gestation period. Wuxi Yueshang Outlets had achieved average occupancy rates of more than 90% for FY2023. Meanwhile, Changsha Sasseur Outlets continued to be making positive contributions in the reported periods.
Our overall funding situation remains stable, with interest-bearing loans of RMB180.14 million, an increase of RMB10.00 million over the previous financial period. The Chinese government has been pursuing a loose economic policy with a trend of lower borrowing costs. Consequently, we are experiencing stable to lower funding costs.
The Group has planned to open one new store, which is a supermarket store in Haicang District in Xiamen City, expected to be operational at the end of 2023 or the beginning of 2024. In the process of planning this store, the Group will remain cautious and ensure stability.
Chen Kaitong
CEO
7 November 2023
过去几年，由于新冠肺炎疫情控制措施，中国企业面临着挑战。在这一困难时期，本集团在截至 2022 年 6 月 30 日 18 个月财务年度（“2022 财年”）录得总计人民币 3304.40 万元的亏损。而今年比较庆辛的报告，本集团已在截至 2023 年 6 月 30 日的财务期间（“2023 财年”）恢复盈利。2023 财年，集团实现税后利润人民币 2068.15 万元。
2023 财年的收入为人民币 9.68 亿元，2023 财年直销毛利率为 11.3%，略低于 2022 财年 11.7% 的水平。自 2022 年 12 月中国开始放松对新冠肺炎的限制，经济已经基本复苏。因此，该集团在 2023 财年下半年实现更强劲的业绩，税后利 润为人民币 2946.80 万元。
去年集团采取了积极措施，关闭了表现不佳的门店。我们于 2022 年 8 月关闭了吕厝店和庆阳店，并于 2022 年 9 月关闭 了万祥店。这些措施使我们能够更好地管理我们的资源。
在 2023 财年，我们经营活动产生的净现金流为人民币 8917.34 万元。2023 财年下半年的业绩甚至更好，经营活动产生 的净现金流为人民币人民币 9710.50 万元，而同期为人民币人民币 8236.70 万元。
在 2023 财年，子和合资公司盈利额为人民币 1630.01 万元，高于 2022 财年的人民币 895.04 万元。无锡悦尚奥莱于 2022 年 9 月 9 日开始运营，由于仍处于早期运营期，因此亏损了人民币 2430.04 万元。无锡悦尚奥特莱斯 2023 财年的 平均出租率超过 90%。同时，长沙砂之船中闽百汇奥莱在报告期内继续盈利。
我们的整体资金状况稳定，有息贷款人民币 1.80 亿元，比上期增加人民币 1000 万元。中国政府一直在推行宽松的经济 政策，并有降低借贷成本的趋势。因此，我们正在经历稳定到较低的融资成本。
该集团计划增开一家即厦门市海沧区的一家超市，预计将于 2023 年底或 2024 年初开业。集团在开店计划中仍将保持谨 慎，但会稳中求进。
陈开通
总裁
2023 年 11 月 7 日 |
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