0

01/08/2018

1

This presentation and subsequent discussion may contain certain forward-

looking statements with respect to the financial condition, results of

operations and business of Cabbeen Fashion Limited and its subsidiaries

(collectively “Cabbeen”). These forward-looking statements represent

Cabbeen’s expectations or beliefs concerning future events and involve known

and unknown risks and uncertainties which could cause actual results,

performance or events to differ materially from those expressed or implied in

such statements.

Disclaimer

2

Agenda议程

Highlights of 2018 Interim Results

2018年中期业绩摘要

Business & Operational Reviews

业务及运营评估

Financial Highlights

财务摘要

Future Development

未来发展

2

3

Highlights of 2018 Interim Results 2018中期业绩摘要

Revenue

收入Gross Profit

毛利Profit from

Operation

经营溢利

Net Profit

期内溢利

3

Increase in payout ratio

增加派息比率Encourage growth in financial results

业绩录得理想增长

Earnings per

share

每股盈利

Interim dividend

中期股息

Payout ratio

派息比率

16.4

RMB cents

人民币分

13.2

HK cents

港仙

70%

RMB 558.1M

百万元

RMB 267.3M

百万元RMB 169.9M

百万元 RMB 109.1M百万元

444

5

Retail Channel Performance 零售渠道表现

Retail Sales

零售收益 Total retail revenue from both online and offline stores

在线及线下店铺零售收益总额

Retail revenue from physical stores

实体零售店铺所产生的零售收益

Retail revenue generated from online shops

网上店铺所产生的收益

Retail Outlets by Operation Models 按经营模式划分的零售店铺

Consignment

代销

Wholesale

批发As of 31 Dec 2017截至二零一八年十二月三十一日

As of 30 Jun 2018

截至二零一八年六月三十日

Self-managed

自营

541 64.0%

1 0.1%

546 64.5%

301 35.5%303 35.9%

6

Retail Sales from Physical Stores线下零售渠道表现

Benefited from the positive

momentum in consumption in

the second half of 2017 and first

quarter of 2018, the Group’s

same store sales restored to a

growth trend during the period

Same stores sales growth: +8.5%

in 2018 1H (2017 1H: -4.9%)

Average discount rate at

physical stores was 19.0% (2017

1H: 20.8%)

于二零一七年下半年及二零一八年第一季度，消费呈现良好势头，因此本集团于期内同店销售亦回复增长。

同店销售录得正增长：+8.5% in 2018 1H

(2017 1H: -4.9%)

实际店铺平均零售折扣：19.0% (2017 1H: 20.8%)

Total retail revenue

from physical stores

实体零售店收入总额

SSSG forphysical stores

实体店同店销售

Averageretail

discountat physical

stores

实体店铺平均零售折扣

Sell-through rate

of 2017 collections

二零一七系列售罄率

Sell-through rate

of 2018 spring/summer

collections

二零一八春夏售罄率

Retail Channel Performance 零售渠道表现

7

Distribution Network Coverage分销网络覆盖

9

6

4

123

5

18

16

9

19

3398

96

2034

133

81

35

4377

11628

7

3

4

15

10

12

8

Inner Mongolia内蒙古

Hubei 湖北

Hunan 湖南Jiangxi 江西

Anhui安徽

Henan 河南

Shanxi山西

Beijing 北京

Fujian 福建

Guangdong 广东

Zhejiang浙江

Jiangsu 江苏

Shandong 山东

Liaoning 辽宁

Jilin 吉林

Heilongjiang 黑龙江

Xinjiang 新疆

Tibet 西藏

Qinghai 青海

Gansu 甘肃

Ningxia 宁夏

Shaanxi 陕西

Sichuan 四川

Yunnan 云南

Guizhou 贵州

Guangxi 广西

Chongqing 重庆

Hainan 海南

Tianjin 天津Hebei河北

Shanghai上海

10

(RMB ’000)

(人民币千元)

Wholesale

批发Consignment

代销Total

总计

Eastern China 华东 — 54 54

Northern

China华北 — 79 79

North-western

China西北 — 65 65

South-western

China西南 54 116 170

Southern

China华南 20 213 233

North-eastern

China东北 — 19 19

Central China 华中 227 - 227

Total 总值 301 546 847

7

8

No. of Stores 店铺数目

As of 31/12/2017

二零一七年十二月三十一日止

As of 30/06/2018

二零一八年六月三十日为止

Brand

品牌

Cabbeen Lifestyle 卡宾休闲 622 73.6% 615 72.6%

Cabbeen Urban 卡宾都市 76 9.0% 87 10.3%

2AM 凌晨两点 0 0% 0 0%

Multi-brand stores 集合店 147 17.4% 145 17.1%

Total 845 100% 847 100%

Distribution Network 分销网络

• Definition of tier 1, 2, 3, 4 cities see appendix

• 一、 二、三、四线城市之注释见附录

Retail

Distribution

Channel

零售渠道

Shopping mall 商场 268 31.7% 279 32.9%

Department store 百货公司 369 43.7% 363 42.9%

Street store 街铺 208 24.6% 205 24.2%

Total 845 100% 847 100%

City Tiers

地区

Tier 1 一线 57 6.7% 58 6.8%

Tier 2 二线 238 28.2% 241 28.5%

Tier 3 三线 426 50.4% 427 50.4%

Tier 4 四线 124 14.7% 121 14.3%

Total 总值 845 100% 847 100%

9

E-commerce Business电子商贸收益显着增长

128.2

214.0

2017 1H 2018 1H

(RMB ’000) (人民币千元 )

Retail revenue from online channels amounted to

RMB 175.3 M, contributed 31.4% of the Group’s

total revenue

网上销售之营业额达人民币175.3百万元，占集团总营业额之31.4%

Gross Retail Revenue from E-commerce

电子商贸零售额

+66.9%

Gross sales proceeds from online channels

increased significantly by 66.9% to RMB214.0 M

Online platforms mainly include T-mall,

JD.com, VIP.com and WeChat mall

卡宾在电子商贸平台之零售額进一步增加66.9%至人民币214.0百万元

電商平台主要包括天猫、京东、唯品会及微商城

175.3M

31.4%

10

Membership and fan accounts on a Rise微信會員及粉絲显着增长

2017 1H 2018 1H

1,944,000

Membership and fan accounts

微信會員及粉絲

+60%

Number of membership and fan accounts on

WeChat as of June 30 2018 were 3,119,000, of

which 360,000 members (1H 2017: 337,000) made

purchase during the 1H 2018 with sales amount of

RMB 788.6 million (1H 2017: RMB 681.6 million)

截至二零一八年六月三十日，微信的会员及粉丝账户数量为3,119,000，其中360,000名会员（二零一七年六月三十日：337,000）于二零一八年上半年度购买金额为人民币788.6百万元（二零一七年六月三十日：人民币681.6百万元）。

3,119,000

VMS System and VIP Club for VIP Management

垂直营销系统及VIP俱乐部管理

Scan the QR Code

扫瞄二维条码

Wechat store

微商店铺

Customize personal needs

定制个人需要

11

Inventory Sources 存货管理

Develop an Omni-channel Sales Experience 完善全渠道的銷售配套

Delivery 交收

Integrates inventories

management and financial

reporting, and covers

all physical retail stores

集成库存管理及财务报告功能，

覆盖全部实体零售店

Home Delivery

付运到家

Collection

Point

提货点

Store

店铺

Store

店铺

Sales 銷售

We have an ERP system which integrates our inventories management and financial reporting functions,

and covers all of our physical retail stores.

擁有集成庫存管理及財務報告功能、覆蓋全部實體零售店舖的ERP系統。

Targets 全方位的配套

We have upgraded the logistics centre with semi-automated product

conveying systems. The first phrase logistics centre has been in use.

我们持续投资发展分销基础设施，对物流中心进行半自动化输送系统升级。物流中心一期已投入使用

Market

place

网上商店

Online

官网

12

Fashion Shows & Promotion Campaigns时装表演及推广活动

12

13

Fashion Shows & Promotion Campaigns时装表演及推广活动

13

14

Mr. Cabbeen as the Brand Icon卡宾先生为品牌代表

14

151515

16

(RMB ’000)

(人民币千元)

For six months ended 30/06

截至六月三十日止年度

2017 2018Change

变动

Revenue 收益 405,988 558,128 +37.5%

Gross profit

% on revenue

毛利(收益占比 )

217,283

53.5%

267,331

47.9%

+23.0%

-5.6 ppt

Profit from operations

% on revenue

经营溢利(收益占比 )

138,059

34.0%

169,910

30.4%

+23.1 %

-3.6 ppt

EBITDA

% on revenue

息税前利润(收益占比 )

147,184

36.3%

176,773

31.7%

+20.1%

-4.6 ppt

Profit for the period

% on revenue

期內溢利(收益占比 )

87,979

21.7%

109,138

19.6%

+24.1%

-2.1 ppt

Basic EPS (RMB cents)* 每股盈利* (人民币分 ) 12.49 16.40 +31.3%

Interim dividend (HK cents) 中期股息 (港仙 ) 6.0 13.2 +120.0%

Dividend payout ratio 派息比率 40% 70% +300 ppt

2018 Interim Results Highlights2018年度中期业绩重点

* Based on a total of 668,593,000 issued shares of the Company as at 30 June 2018 (as at 30 June 2017: 693,241,000)

* 基于二零一八年六月三十日的合共 668,593,000 股本公司已发行股份计算 (二零一七年六月三十日: 693,241,000)

17

Sales Revenue

销售收入

115.0 105.7

253.3275.6

30.71.6

77.6

175.3

-70.6

0

Wholesale revenue

批发收益

Consignmentsales revenue

代销销售收益

Self-operated store

自營

E-commerce

电商

Productsrepurchased

產品回購

Revenue Analysis by Sales Channel按销售渠道分析之营业额

Increase in sales revenue was mainly attributable to the rapid growth of online sales

The Group has completed its transformation to consignment model and no product repurchase was made

The Group doesn’t operate physical self-owned stores now, therefore no revenue was recorded for this segment

收益增加主要由于网上业务继续取得高速增长

集团已完成向代销模式转移，期内没有产品回购

集团目前并无经营自营店，故期内此部份收益为零

(RMB m) (人民币百万元 )2017 1H 2018 1H

18

312.9

457.9

69.488.6

11.9 8.611.7 3.1

Revenue Analysis营业额分析

Will continue to adopt multi-brand strategy. While Cabbeen Lifestyle will continue to contribute majority of the

Group’s revenue, the business scale of Cabbeen Urban will grow with improved brand awareness and increase in retail

channels. The Group has also started a rebranding exercise for the 2AM brand.

采纳多品牌策略，预期卡宾休闲将继续贡献大部分收益，但卡宾都市的知名度提升及零售渠道亦会增加。集团已就「凌晨两点」开展品牌重塑活动。

Revenue by Brands

按品牌划分的收益

(RMB m) (人民币百万元 )2017 1H 2018 1H

卡宾休闲 卡宾都市 凌晨两点 Others其他

卡宾休闲 卡宾都市 凌晨两点 Others其他

19

Profit Analysis盈利分析

Decrease in GP margin was attributable to the increase in provision for sales rebates of RMB21.3 million,

and decrease in percentage contribution from self-managed offline business

毛利率減少乃由於積分返利撥備增加人民幣21.3百萬元及線下自營零售業務貢獻百分比減少。

(RMB m) (人民币百万元 )

GP and GP Margin

毛利及毛利率GP Margin Breakdown by Business Mode

毛利率 (按营运模式划分)

2017 1H 2008 1H

Wholesale 批发 45.1% 38.9%

Consignment 代销 46.8% 45.2%

Self-managed 自营 86.3% 85.7%

E-commerce 电商 51.2% 56.9%

Overall 整体 53.5% 47.9%

556 538

217.3267.3

47.9% 49.4%

53.5%

47.9%

2016 2017 2017 1H

2017年上半年2018 1H

2018年上半年

20

Profit Analysis盈利分析

EBITDA = Profit from operations + depreciation + amortisation of intangible assets 经营溢利 + 折旧 + 无形资产推销

The increase in net profit was mainly a result of increase in revenue.

純利增加乃主要由於收益增加所致。

(RMB m) (人民币百万元 )

273

319

147177

23.5%

29.3%

36.3%

31.7%

2016 2017 2017 1H

2017年上半年2018 1H

2018年上半年

EBITDA(1) and EBITDA Margin

利润率

(RMB m) (人民币百万元 )

182

203

88109.1

15.7%

18.7%

21.7%

19.6%

2016 2017 2017 1H

2017年上半年2018 1H

2018年上半年

NP and NP Margin

纯利及纯利率

21

SD&A Expenses销售、分销及行政开支

44,166 50,575

57,65671,349

11,857

25,285

10.9%9.1%

14.2%12.8%

2017 1H 2018 1H

Advertising and Promotion

Total Selling & Distribution Expenses

Total Administrative Expenditure

% of Revenue (Admin. Exp.)

% of Revenue (S&D Exp.)

广告和推广

销售及分销开支

行政开支

占收益百分比 (行政开支)

占收益百分比 (销售及分销开支)

(RMB ’000) (人民币千元 )

As a result of the Group’s continued efforts to improve cost and logistics efficiency and closure of non-performing self-

managed retail stores, selling and distribution expenses as a percentage on revenue decreased to 12.8% for the six months

ended 30 June 2018.

The increase in administrative expenses for the six months ended 30 June 2018 was mainly attributable to a reversal of

provision for doubtful debts of RMB14.0 million in the same period last year.

本集團持續致力提升成本及物流效益，並關閉低產自營店，二零一八年度上半年銷售及分銷開支佔收益的百分比下降至12.8%

截至二零一八年六月三十日止六個月，行政開支增加乃主要由於在去年同期有壞賬撥備回撥人民幣14.0百萬元。

Administrative Expenses and Selling & Distribution Expenses

行政开支、销售及分销开支

22

296

200

2017 1H 2018 1H

Operational Cycle周期天数

(Days) (天数 ) (Days) (天数 ) (Days) (天数 )

* Please refer to appendix for calculation of these financial ratios

* 财务比率的计算公式见附件

The decrease was attributable to

the increase in proportion of

online revenue for which the

Group offered shorter credit

period.

减少乃由于线上销售收入占比增加而该等销售的账期较短。

The improvement was

because of SSSG and increase

in sales volume during the

period.

存货周转改善乃由于期內同店销售增长及销量增加。

Average Trade and

Bills Receivables Turnover Days(*)

平均应收账款周转天数

Average Trade and

Bills Payables Turnover Days(*)

平均应付账款周转天数

Average Inventory

Turnover Days(*)

平均存货周转天数

135

91

2017 1H 2018 1H

307

247

2017 1H 2018 1H

Consistent with the Group’s

practice of using 6-month bank

bills to settle trade payables.

有关天数与本集团以6个月银行汇票支付贸易应付款项的惯例一致

23

Cash Flow Statement现金流量表

134,593

267,080

48,139

134,654

-52,226

1,920

Cash andcash equivalent

as at 31/12/2017

Net cash generated from

operating activities

Net cash used in

investing activities

Net cash generated from

financing activities

Effect offoreign exchange

rate

Cash andcash equivalentas at 30/6/2018

于2017年12月31日

的现金及现金等价物

经营活动

所得净现金

投资活动

所用净现金

外汇汇率

变动影响

于2018年6月30日

的现金及现金等价物

融資活动

所得净现金

Addition 增加

Reduction 减少

Total 合计

(RMB ’000)

(人民币千元 )

Better inventories

sell-through rate &

faster settlement

from customers

存货售罄率更好及客户付款更快

Decrease in other

financial assets

其他金融资产减少

Payment of 2017 final

dividend of RMB45.7 million

& bank loan interests

派付二零一七年末期股息人民

幣45.7百萬元及支付貸款利息

24

Note:

1. Net cash equals cash and cash equivalents less bank borrowings.

2. Interest coverage ratio equals profit before interest and tax forone period divided by interest expenses of the same period.

3. Gearing ratio equals total debts divided by total equity.

注：

1. 现金净额等于现金及现金等价物减银行借款

2. 利息覆盖比率等于一个期间的扣除利息及税项前溢利除以同期利息开支

3. 资产负债比率等于债务总额除以权益总额

Balance Sheet and Ratios资产负债表及财务比率

(RMB ’000)

(人民币千元 )

31/12/2017 30/06/2018

Total assets 资产总值 1,965,134 1,907,757

Total equity 权益总额 1,055,296 1,120,082

Net current assets 流动资产净值 1,101,901 1,197,817

Net cash (debt) position(1) 净现金 (负债)(1) (153,504) (25,287)

Current ratio 流动比率 2.76 3.35

Net debt to equity ratio 净债权比率 14.5% 2.3%

Interest coverage ratio(2) 利息覆盖比率(2) 18.2 18.1

Gearing ratio(3) 资产负债比率(3) 27.3% 26.1

25

Financial Assets and Bank Deposits金融资产及银行存款

(RMB ’000)

(人民币千元 )

31/12/2017 30/06/2018

Other

financial assets其他金融资产 253,159 168,539

Deposits with original

maturity > 3 months

原到期日逾三个月的银行存款

452,860 437,749

Pledged bank deposits 已抵押银行存款 105,015 121,551

Cash and

cash equivalents现金及现金等价物 134,593 267,080

Total 总值 945,627 994,919

262626

27

Cabbeen’s Multi-brand strategies继续推行多品牌策略

27

28

Cabbeen Love

28

“Cabbeen Love”, a brand for children’s wear

推出卡宾童装品牌「Cabbeen Love」

A mid-tier fashion brand targeted at

3 to 12 years old kids, which extends the

street and sports style of Cabbeen Lifestyle

定位为专为3至12岁的孩子设计的中档时尚童装品牌，延续Cabbeen Lifestyle街头与运动风格

292929

303030

31

Appendix附录

tier-1 cities: Beijing, Shanghai, Shenzhen, Guangzhou

tier-2 cities: the capital cities of each province

(excl. Guangzhou), municipalities

(excl. Shanghai and Beijing) and the

capitals of each autonomous regions

tier-3 cities: prefecture-level cities except tier-1 and

tier-2 cities

tier-4 cities: county-level and township-level cities

City tier definition 城市分级

一线城市包括： 北京、上海、深圳、广州

二线城市包括： 中国各省省会 (除广州)、直辖市 (除上海及北京) 及自治区首府

三线城市为： 除一线和二线城市外的中国地级市

四线城市为： 县级市及其他镇级市

Average Inventory Turnover Days

(average value of inventory at the beginning and end

of the relevant period/cost of sales of the relevant

period)× 181 days

Average Trade and Bills Receivables Turnover Days

(average value of trade and bills receivables at the

beginning and end of the relevant period/revenue

(including VAT) of the relevant period) × 181 days

Average Trade and Bills Payables Turnover Days

(average value of trade and bills payables at the

beginning and end of the relevant period/cost of sales

of the relevant period) × 181 days

Financial ratios 财务指标

平均存货周转天数有关期间库存的期初及期末结余的平均值 /相关期间的销售成本 × 181天

平均应收账款周转天数有关期间贸易应收款项及应收票据的期初及期末结余的平均值/相关期间的销售收益(含增值税 ) × 181天

平均应付账款周转天数有关期间贸易应付款项及应付票据的期初及期末结余的平均值/相关期间的销售成本 × 181天