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The group's net income was 1.43 billion, an increase of 160 million, or 12.5%, which was a drop from the 18% increase in 2011.
The group's gross profit margin was 50%, an increase of 3.1 percentage points, which was a 3.4 percentage point drop from 2011 and a rebound.
Down apparel business revenue 6.119 billion, accounting for 73% of the group's total revenue, an increase of 7.7% over last year, a profit of 1.28 billion, an increase of 54 million over last year. The four major brands "Bosideng", "Snow Flying", "Kangbo" and "Bingjie" accounted for 34.5% of the market share, ranking first in the industry. Down apparel business maintained its growth mainly due to five reasons: 1. High brand awareness and huge sales network; 2. Scale effect of effective control of raw materials and labor costs; 3. Experience of sales teams; 4. Launch of â€œspinning memoryâ€ down apparel innovative products; 5. The ordering mechanism has progressed smoothly and controls inventory.
In the non-down apparel business, revenue was 1.34 billion yuan, accounting for 16.1% of the group's total revenue, an increase of 7.7% compared with last year's 8.4%, and profit of 310 million yuan, an increase of 142 million yuan over the previous year. In addition, the Group acquired â€œJesseâ€, a well-known womenâ€™s brand, with a tentative consideration of RMB 892.5 million for the current year (or adjustments in accordance with the agreement, including a cash consideration of RMB 297 million and a share price of 235 million shares issued). The brand received financial support from the group and achieved a net profit of 0.41 billion in the five months ended this financial report.
For other non-down apparel business, sales of â€œBosideng Menswearâ€ increased by 18.3%. The number of stores decreased by 78 to 901, a decrease of 7.8%. This is because brand companies are very cautious in choosing dealers to ensure healthy sales growth and inventory control. In addition, "Bosideng Men's Wear" has introduced design teams in the UK and Hong Kong to improve the quality of men's wear.
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