Core tips: According to the data disclosed by Bosideng, by the end of September 2020, Bosideng has achieved a revenue of 4.661 billion yuan, with a year-on-year growth of about 5.07%;Realized attributable net profit of 486 million yuan, a year-on-year increase of about 41.84%.The branded down jacket business remained the main revenue source of Bosideng, with the revenue reaching 2.989 billion yuan, accounting for 64.1% of the total revenue, up 18% year-on-year.
At bosideng's interim results conference on November 27, Zhu Gaofeng, Bosideng's chief financial officer, presented the results for the six months ended September 30, 2020.
According to the data disclosed by Bosideng, by the end of September 2020, Bosideng has achieved a revenue of 4.661 billion yuan, with a year-on-year growth of about 5.07%.Realized attributable net profit of 486 million yuan, a year-on-year increase of about 41.84%.The branded down jacket business remained the main revenue source of Bosideng, with the revenue reaching 2.989 billion yuan, accounting for 64.1% of the total revenue, up 18% year-on-year.Among them, bosideng brand revenue increased 19.7% year on year to about 2.726 billion yuan.Xuezhongfei brand revenue was about 103 million yuan, up 5.2% year on year;Bingjie brand revenue was about 109 million yuan, up 2.1% year on year.
In addition to the brand down jacket business, Bosideng business also includes OEM processing management business, women's business and diversified clothing business.By the end of September 2020, bosideng OEM processing and management business revenue is about 1.29 billion yuan, accounting for 26.4% of the total revenue, down 8.9% year-on-year;The revenue of Women's Clothing business was about 412 million yuan, accounting for 8.8% of the total revenue, down 18.5% year on year.The revenue of diversified clothing business was about 31.3 million yuan, accounting for 0.7% of the total revenue, down 35.6% year-on-year.
As for the improvement of performance, Bosideng said that the sales revenue proportion of bosideng brand self-owned stores increased significantly, which had a relatively obvious help to the improvement of the gross profit margin of the brand down jacket business segment.At the same time, the group has increased the cost of raw materials such as down.
The report data shows that by the end of September 2020, Bosideng gross profit rate is 47.8%, up 4.3%.Among them, the gross profit margin of brand down jacket business is 56.4%, up 3.5%;Gross margin of OEM management increased 3.8% to 18.1%.
Cheng Weixiong, textile shoe and clothing brand management expert and general manager of Shanghai Liangqi Brand Management Co., LTD., believes that the improvement in performance, on the one hand, benefits from the implementation of its strategy of "focusing on the main channel and focusing on the down specialty", the investment in product development and sales, and the high gross profit behind the high price of the products.On the other hand is also because into the winter, down jacket products usher in the sales season, plus bosideng in recent years, the brand publicity, so got a good income.
High gross margin behind bosideng transformation to the high-end market, for the future development, Bosideng said that it will continue to increase the high-end market layout.Zhu said that the group will continue to transform to the middle and high-end market. Considering the changes in consumer psychology under the epidemic, the group will increase its mid-price product line in the first half of the fiscal year. The average price of the whole product is 1,500 yuan, and the average price is expected to rise to 1,800 yuan to 2,000 yuan in the next two to three years.According to its data, in 2017 bosideng's mid-to-high-end price range of 1,800 yuan to 2,000 yuan accounted for less than 10%;In 2019, the figure reached 30 percent;It is expected to exceed 40 percent this year.
Mr Cheng said Bosideng, originally positioned as a mass brand, was now facing some challenges as it adjusted its strategy to focus on the mid-to-high-end market and achieve high margins.For itself, there is uncertainty in the increase of cost;For consumers, the acceptance of higher prices is also uncertain.
In addition, Zhu Also introduced the development of Bosideng's channel. By the end of September 2020, Bosideng's self-run channel sales revenue reached 1.09 billion yuan, up 144.3%, accounting for an increase of 19.2% to 37.1%.
Offline Bosideng emphasizes the refined operation of single stores, rent reduction and efficiency increase, and the sales ability of store manager guide shopping. It opens new image stores and large stores in the mainstream business circle, and closes inefficient stores in the area.The newly opened stores are mainly self-operated retail outlets, while the emphasis is on improving the operational efficiency of self-operated sales outlets.Zhu Said that bosideng in the next 1-2 years the number of channels will not change greatly, but the channel structure will change.
In addition to the rapid development of online business, Bosideng has not stopped in accelerating intelligent manufacturing.Although bosideng reduced the total number of retail outlets due to the impact of the epidemic, the operational efficiency and flat efficiency of self-operated retail outlets improved significantly.According to the financial report, Bosideng's self-sales revenue (both offline and online) in the first half of the fiscal year increased by 144.3% year on year, accounting for 37.1% of the brand's down jacket sales, up from 17.9% in the same period of last year.
At the same time, bosideng stocks remained healthy despite the impact of the epidemic and off-peak season.According to the data, from April to September 2020, bosideng's overall inventory scale was 2.6 billion yuan, which was lower than 2.73 billion yuan as of March 31, 2020.
In addition, Bosideng's online sales revenue was 538 million yuan, up 76.4 percent year on year.From April 1 to November 11, bosideng down jacket business online flow increased by more than 45% year-on-year, among which Bosideng brand online flow increased by more than 35% year-on-year.
Based on the sales performance of the company's brand down jacket business during National Day and double 11, zhu said he was confident of the growth of down jacket sales from December this year to February next year.
By the end of September 2020, the total retail outlets of Bosden brand down jacket business had decreased by 202 to 4,664 compared with 31 March 2020.Among them, the net number of self-owned retail outlets increased by 19 to 1,880, while the net number of retail outlets operated by third-party distributors decreased by 221 to 2,784.At present, Bosideng's own retail outlets and third-party resellers account for about 40.3% and 59.7% of the total retail network, respectively.
