China Lilang (01234.HK) announced its interim results on August 13th. For the six months ended June 30, 2024, the group's sales revenue increased by 7.3% to CNY1.6 billion, with a net income of CNY0.28 billion and a gross margin of 50.0%. Earnings per share were CNY23.4. The board of directors resolved to issue an interim dividend of HKD0.13 per share and a special interim dividend of HKD0.05 per share.
During the reporting period, the group's sales increased by 7.3% year-on-year to CNY1.6 billion. This growth was mainly driven by the performance of the light commercial business in store operations and new retail in the first half of the year, continuing the growth momentum from the fourth quarter of last year, achieving 17.3% growth. For the main series, sales channels in Heilongjiang Province saw a decline in distribution business sales due to adjustments made to the DTC model, and sales revenue and compensation paid to distributors for terminating cooperation needed to be deducted from inventory repurchased from the original distributors. Despite this, main series revenue still achieved 4.5% growth.
Divided by product category, tops accounted for 60.1% of total sales, an increase of 11.8% compared to the same period last year. Among them, down jacket products performed the best. Pants accounted for 25.2% of sales, a year-on-year increase of 12.7%.
