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Annual Results Presentation

全 年 业 绩 公 布21 February 2020

Annual Results Presentation

全 年 业 绩 公 布March 2020

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

2

Results Highlights of FY2019

2019年全年业绩摘要

Business & Operational Reviews

业务及运营评估

Financial Highlights

财务摘要

Future Development

未来发展

3

Results Highlights of FY20192019年全年业绩摘要

❖ In 2019, the Group’s net profit recorded a 24.8% drop while revenue remained generally flat. It was a

result of the headwind caused by macro-economic uncertainty, slowing economic growth and fierce

market competition in mainland China.

❖ The Group’s performance was affected by increased promotion efforts and more sales discounts

offered to customers on the one hand and slowing growth in e-commerce business on the other.

❖ 二零一九年，受到宏观经济不明朗，中国内地经济增长放缓，以及市场竞争激烈的冲击下，集团业务的收益虽然持平，纯利则下降24.8%。

❖ 集团的业绩表现主要受到促销活动增加及零售折扣上升所影响，而电商业务增长亦同时放缓。

Revenue

收入Gross Profit

毛利Profit from

Operation

经营溢利

Net Profit

年内溢利

1,275.0

560.1

243.4158.1

RMB M

(百万元)

7.5HK cents

港仙

Interim dividend

中期股息

3.0HK cents

港仙

Final dividend

末期股息

10.5HK cents

港仙

Total dividend

全年股息

40%Dividend payout ratio

派息比率approx.

約

4

Retail Channel Performance 零售渠道表现

Total retail revenue from physical stores

实体零售店收入总额

SSSG for physical stores

实体店同店销售

Average retail discount at physical stores

实体店铺平均零售折扣

Sell-through rate of 2019 collections

二零一九系列售罄率

Retail Channel Performance 零售渠道表現

Total retail revenue from both online and offline stores

在线及线下店铺零售收益总额

Wechat fans and members

卡宾微信会员及粉丝

Sales from VIP 粉絲零售收益

VIP sales percentage

会员及粉丝收入佔比

Total retail revenue from online shops

电商零售店收入总额

5

Distribution Network Coverage分销网络覆盖

4

5

1

113

5

12

22

15

20

37101

96

1828

92

88

35

4994

12935

6

3

2

18

6

15

10

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

8

5

Wholesale

批发Consignment

代销

Total

总计

Eastern China 华东 - 70 70

Northern

China华北 1 67 68

North-western

China西北 - 56 56

South-western

China西南 56 125 181

Southern

China华南 22 250 272

North-eastern

China东北 - 10 10

Central China 华中 197 33 230

Cambodia 柬埔寨 1 - 1

Total 总值 277 611 888

6

Retail Outlets by Operation Models零售店舖分佈

2019As of 31 Dec 2019

截至二零一九年

十二月三十一日

Wholesale

批发Consignment

代销

611

68.8%

277

31.2%

Retail Outlets by Operation Models

按经营模式划分的零售店铺

2018As of 31 Dec 2018

截至二零一八年

十二月三十一日

626

68.8%

284

31.2%

7

No. of Stores 店铺数目

As of 31/12/2018 As of 31/12/2019

Brand

品牌

Cabbeen 卡宾 638 70.1% 629 70.8%

Cabbeen Urban 卡宾都市 102 11.2% 95 10.7%

Cabbeen Love 卡宾Love 12 1.3% 16 1.8%

2AM 凌晨兩點 0 0 2 0.2%

Multi-brand stores 集合店 158 17.4% 146 16.5%

Total 910 100% 888 100%

Retail

Distribution

Channel

零售渠道

Shopping mall 商场 341 37.5% 370 41.7%

Department store 百货公司 366 40.2% 326 36.7%

Street store 街铺 203 22.3% 192 21.6%

Total 910 100% 888 100%

City Tiers

地区

Tier 1 一线 65 7.1% 65 7.3%

Tier 2 二线 296 32.5% 273 30.7%

Tier 3 三线 424 46.7% 432 48.6%

Tier 4 四线 125 13.7% 118 13.3%

Total 总值 910 100% 888 100%

Retail Outlets by Operation Models零售店舖分佈

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

• 一、 二、三、四线城市之注释见附录

88

业务及运营评估

8

9

Design and Product Development 设计及产品开发

9

As of December 2019, the Group had

four design workshops in Guangzhou

City, Hong Kong, Milan and Paris,

with a team of 48 designers, joining

from mainland China, Hong Kong,

other Asian countries and Europe

于二零一九年底，集团分别于广州

市、香港、米兰及巴黎有四间工作

室，包括48名来自中国、香港、亚洲

及欧洲的设计师

The group also works with design

institutes and contract designers

from around the world

In 2019, we offered over 4,600

new stock-keeping units (SKUs)

for 2019 product collections

集团亦与世界各地的设计师及合约

设计师合作。集团的2019年产品系

列共超过4,600个新款

10

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

10

11

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

11

12

Develop an Omni-channel Sales Experience 完善全渠道的销售配套

The Group has invested in building omni-channel

capabilities in markets with retail outlets operated

by consignment distributors

本集團已投資與代銷分銷商經營的零售店舖的市場全

渠道建設

Its ERP system facilitated a single view of inventory

across channels, connecting physical stores directed

to WeChat store. The Group offers a reserve online,

pick up in store service to its customers which

allows customers to select in-store inventory from

WeChat platform

其ERP系統簡化了跨渠道的統一存貨視圖，直接將實體

店舖與微商城相連。本集團向其客戶提供線上預訂及

上門取件服務，可讓客戶自微商城挑選店內存貨

The Group has also started to fulfill orders from

WeChat stores by shipping products either from

logistics centre or consignment stores.

本集團亦己開始通過物流中心或代銷店舖付運產品以

完成微商城的訂單。

1313

财务摘要

13

14

FY2019 Results Highlights2019年度业绩重点

(RMB ’000)

(人民币千元)

For the year ended 31/12

截至十二月三十一日止年度

2018 2019Change

变动

Revenue 收益 1,273,473 1,274,966 +0.1%

Gross profit

% on revenue

毛利(收益占比 )

578,743

45.4%

560,091

43.9%

-3.2%

-1.5 ppt

Profit from operations

% on revenue

经营溢利(收益占比 )

311,032

24.4%

243,440

19.1%

-21.7%

-5.3 ppt

EBITDA

% on revenue

息税前利润(收益占比 )

325,821

25.6%

273,831

21.5%

-16.0%

-4.1 ppt

Profit for the year

% on revenue

年内溢利(收益占比 )

210,243

16.5%

158,142

12.4%

-24.8%

-4.1 ppt

Basic EPS (RMB cents)* 每股盈利* (人民币分 ) 31.71 23.58 -25.6%

Interim dividend (HK cents) 中期股息 (港仙 ) 13.2 7.5 -43.2%

Annual dividend (HK cents) 末期股息 (港仙 ) 4.8 3.0 -37.5%

Total dividend (HK cents) 总股息 (港仙 ) 18.0 10.5 -41.7%

Dividend payout ratio 派息比率 50% 40% -10 ppt

* Based on a total of 668,593,000 issued shares of the Company as at 31 December 2019

* 基于二零一九年十二月三十一日的合共 668,593,000 股本公司已发行股份计算

15

309.8286.9

535.9506.5

430.5

481.5

2018 2019

Wholesale revenue

批发收益

Consignmentsales revenue

代销销售收益

E-commerce

电商

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

(RMB m)

(人民币百万元 )

Revenue for the year ended 31 December 2019 remained flat which was a combined effect of an

increase in revenue from online shops and a decrease in revenue from offline shops

2019年度收入基本持平乃由于线上销售收入增加而线下店铺销售减少所致

Revenue

收入

Revenue

收入

(RMB m)

(人民币百万元 )

* In 2018, there was RMB 1.4 million revenue generated from self-operated stores and 4.1 million related to product repurchase

* 於2018年度, 約有人民幣1.4 百萬元之自營店舖收入, 以及人民幣4.1 百萬元之銷售回購

16

1,071.1 1,043.2

182.9 185.8

12.7 15.60.0 7.96.8 22.6

Revenue Analysis营业额分析

(RMB m) (人民币百万元 )2018 2019

Revenue by Brands

按品牌划分的收益

The Group adopts multi-brand strategy while it is expected that Cabbeen will continue to

contribute majority of the Group’s revenue.

采纳多品牌策略，预期卡宾将继续贡献大部分收益。

卡宾 卡宾都市 凌晨两点

Others

卡宾LOVE 其他 卡宾 卡宾都市 凌晨两点

Others

卡宾LOVE 其他

17

Revenue Analysis营业额分析

(m units) (百万单位 )

7.4

7.8

2018 2019

1,275.01,273.5

(RMB m) (人民币百万元 )

Sales revenue remained at a constant level for year 2019, but total sales volume was up

5.4%, reflecting the amount per unit has dropped slightly

2019年之营业额与2018年大致持平，然而总销售量则上升，反映每件货品售价轻微下调

Sales in 1H & 2H

上下半年之营业额Total Sales Volume

总销售数量

YoY

+5.4%

558.1 559.9

715.4 715.1

2018 2019

18

2018 2019

Wholesale 批发 35% 32.5%

Consignment 代销 43% 38.1%

Self-managed 自营 86% NA

E-commerce 电商 51% 49.3%

Overall 整体 45.4% 43.9%

Profit Analysis盈利分析

578.7 560.1

45.4%43.9%

2018 2019

(RMB m) (人民币百万元 )

The decrease in gross profit margin was attributable to the increase in provision for sales

rebates and an increase in sales discounts

毛利率下降乃由于积分反利拨备增加及提高銷售折扣。

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)

19

Profit Analysis盈利分析

EBITDA =

• Profit from operations + depreciation + amortisation

• 经营溢利 + 折旧 + 摊销

210.2

158.1

16.5%

12.4%

2018 2019

325.8273.8

25.6%

21.5%

2018 2019

(RMB m) (人民币百万元 )(RMB m) (人民币百万元 )

Decrease in net profit margin was mainly due to decrease in gross profit margin and

increase in operating expenses.

净利润率下降主要因为毛利率下降及營運開支上升。

NP and NP Margin

纯利及纯利率EBITDA(1) and EBITDA Margin

EBITDA利润率

20

SD&A Expenses销售、分销及行政开支

146,388 164,513

110,455128,026

68,968

90,889

11.5%12.9%14.1%

17.2%

2018 2019

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)

The increase in administrative expenses for FY 2019 was mainly attributable to an increase in in depreciation

charges and staff costs.

The increase in selling and distribution expenses was attributable to more promotion expenses for online

platforms and launch of new brands.

行政开支增加乃主要由于折舊費用及員工成本增加。

销售及分销开支增加乃主要由于为在线平台及推出新品牌产生更多推广开支。

(RMB ’000) (人民币千元 )

Administrative Expenses and Selling & Distribution Expenses

行政开支、销售及分销开支

179,423218,915

21

189 196

2018 2019

Operational Cycle周期天数

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

243231

2018 2019

87

123

2018 2019

• Please refer to appendix for calculation of these financial ratios

• 财务比率的计算公式见附件

Average Inventory

Turnover Days (1)

平均存货周转天数

Average Trade and Bills

Receivables Turnover Days (2)

平均应收账款周转天数

Average Trade and Bills

Payables Turnover Days (3)

平均应付账款周转天数

The increase in average turnover days of trade and bills receivables was attributable to longer credit term granted

to distributors during the year ended 31 December 2019.

The decrease in average trade and bills receivables turnover days was due to change of settlement method with

more trade payables were settled by bank direct fund transfer rather than 6-month bank bills

平均应收账款周转天数增加乃由于截至二零一九年十二月三十一日止年度向分銷商授予較長信用期。

贸易应收款项及应收票据平均周转天数减少，乃由于较贸易应付款项以银行直接汇款方式而非以六个月银行票据方式结清。

22

Cash Flow Statement现金流量表

220,484

266,992

45,663

123,168

34,028 3,031

Cash andcash equivalentsas at 01/01/2019

Net cash used in

operating activities

Net cash generated from

investing activities

Net cash used in

financing activities

Effect offoreign exchange

rate

Cash andcash equivalentsas at 31/12/2019

(RMB ’000) (人民币千元 )

于2019年1月1日

的现金及现金等价物

经营活动

所用净现金

投资活动

所得净现金

外汇汇率

变动影响

于2019年12月31日

的现金及现金等价物

融资活动

所用净现金

Addition 增加

Reduction 减少

Total 合计

Net increase in cash and cash equivalents for RMB43,477,000

現金及現金等價物增加淨額為人民幣43,477,000

23

Note:

1. Net debt includes all borrowings net of cash and cash equivalents.

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

3. Net debt to equity ratio equals net debt divided by total equity as of the end of the year.

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

注：

1. 债务净额包括扣除现金及现金等价物的所有借款

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. 净债权比率等于年末债务净额除以权益总额

4. 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)31/12/2018 31/12/2019

Total assets 资产总值 2,097,666 2,240,935

Total equity 权益总额 1,173,756 1,235,822

Net current assets 流动资产净值 1,170,028 818,349

Net debt position(1) 净负债(1) 66,968 87,745

Bank borrowings 银行借款 287,452 354,737

Current ratio 流动比率 2.71 1.82

Interest coverage ratio(2) 利息覆盖比率(2) 15.6 11.3

Net debt to equity ratio(3) 净负债比率(3) 5.7 7.1%

Gearing ratio(4) 资产负债比率(4) 24.5% 28.7%

24

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

(RMB ’000)

(人民币千元)

31/12/2018 31/12/2019

Other

financial assets其他金融资产 60,000 -

Deposits with original

maturity > 3 months

原到期日逾三个月的银行存款

443,944 303,254

Pledged bank deposits 已抵押银行存款 240,485 119,824

Cash and

cash equivalents现金及现金等价物 220,484 266,992

Total 总值 964,913 690,070

2525

未来发展

25

26

Adversities Faced in 2020于2020年面对的不利影响

Outbreak of the coronavirus in China has caused severe disruption to the

Group’s operations. It is expected that the operating results for 2020

will be materially and adversely affected

中国内地爆发的新型冠状病毒肺炎疫情，导致集团业务被严重中断，预计2020年的经营业绩将会受到重大不利影响

As a result, the Group has started to cut back purchase orders for

2020 summer collection and put on hold of opening new shops and

other material investments

有见及此，集团已开始削减二零二零年夏季系列产品的采购订单，并且已搁置设立新店铺及其他重大投资

As a result, we will also provide extended credit terms for our distributors

此外，我们亦将提供延长信贷期予分销商

Temporary closure of more than 90% of the retail stores from 28 January

2020 to 9 February 2020. Operation of retail stores

in Hubei Province remained suspended as of the date of the report

由二零二零年一月二十八日至二零二零年二月九日，集团短暂关闭了超过90%的零售店铺，于本报告日期，集团于湖北省的零售店铺

仍然暂停营业

26

27

Future Development Strategies未来发展策略

Improvingin-store

experience

提升店内体验

Investment inbrand building

投资至品牌建议

Prudentin physical

store expansion

于实体店铺扩展方面保持谨慎

Development ofCRM capabilities

发展CRM能力

2828

问答环节

28

2929

附录

29

30

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

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)× 365 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) × 365 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) × 365 days

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 × 365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 ) × 365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 × 365天

City tier definition 城市分级

Financial ratios 财务指标