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安踏體育(02020.HK)公佈年度業績 經營溢利達91.52億元 DTC轉型進展順利
格隆匯 03-24 16:48

格隆匯3月24日丨安踏體育(02020.HK)公佈,截至2020年12月31日止年度,公司收益355.12億元人民幣,同比增長4.7%;毛利206.51億元,同比增長10.7%;經營溢利91.52億元,同比增長5.3%,年度溢利達55.69億元;每股基本盈利191.92分,末期股息每股47分。

利潤率方面,整體毛利率上升至58.2%(2019年:55.0%),整體經營溢利率上升至25.8%(2019年:25.6%),兩者均創下新高,可見零售策略得宜,費用控制有效,多品牌模式發展成熟。毛利率上升主要歸因於採用DTC模式導致零售業務貢獻增加,而其毛利率相對高;及安踏業務模式轉變至DTC模式,導致應付批發分銷商退款負債有所衝回;然而在批發模式下,針對若干產品進行了銷售退貨及存貨回購,而該等產品後續的再次銷售的毛利率較低;及受疫情影響的存貨撇減,抵銷部分影響。

該年度自由現金流入增長3.0%至人民幣66億,反映公司在疫情下健康的現金產出能力。此外,現金及現金等價物、存款期超過三個月的銀行定期存款以及已抵押存款的合計為人民幣203億元。

公吿顯示,FILA分部貢獻集團整體收益的49.1%,分部收益較2019年增長18.1%至人民幣174.5億元。FILA分部收益增長主要歸因於電子商貿的增長,然而疫情期間店鋪暫時關閉的情況抵銷部分影響。集團的電子商貿收益貢獻整體收益的26%(2019年:18%),按絕對金額計較2019年增長53%。

安踏於本財政年度啟動了DTC模式轉型,在中國11個地區包括長春、長沙、成都、重慶、廣東、昆明、南京、上海、武漢、西安及浙江,開展混合營運模式,涉及的安踏店共約有3,500家,當中約有60%會由公司直營,40%由加盟商按照安踏新運營標準營運。截至2020年12月,安踏的DTC轉型進展順利,並有望在2021年提前完成。截至2020年12月31日,公司共有約41,000名員工(2019:30,800名員工)。

公司表示,2021年是安踏體育成立三十週年,對公司來説亦是意義非凡的一年。在過去的三十年,公司展現了克服挑戰及實現可持續增長的能力。未來,公司將繼續依靠安踏體育的堅實基礎及敏捷性邁向成功,與公司的口號永不止步呼應。無論外在環境如何不確定,公司打勝仗的能力、清晰戰略思維、核心競爭力及鐵軍文化將引領公司在快速轉變的環境中踏上有質素的增長之路。

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