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Public company info - Cosmo Lady (China) Holdings Co. Ltd. , 02298.HK

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Cosmo Lady (China) Holdings Co. Ltd., 02298.HK - Company Profile
Chairman ZHENG Yaonan
Share Issued (share) 2,249,000,000
Par Currency U.S. Dollar
Par Value 0.01
Industry Apparel
Corporate Profile Business Summary: The Group is principally engaged in the designing, marketing and selling of intimate wear products in the People’s Republic of China (the “PRC”). Performance for the year: The revenue of the Group declined by approximately 19.9% to approximately RMB4,081,885,000. During the year, the gross profit margin of the Group dropped to around 22.6% (2018: 41.7%). Business Review: Against the backdrop of a weakening economy, the retail market in China encountered unprecedented challenges brought by, inter alia, fast-changing consumption patterns, more diverse consumer preferences, and technologydriven innovation. According to the National Bureau of Statistics of China, the growth rate of the industrial value added in the apparel industry for 2019 was 0.9%, a drop of 3.5% when compared with last year while the cumulative finished cloth volume of apparel enterprises above designated size for the year fell by 3.3%. The Group faced headwinds that impacted adversely upon the apparel industry which is consumer-oriented, and hence the operating performance of the Group. The rapid network expansion in the past have led to the success of the Group and its market leadership. However, the abilities of different franchisees of the Group on retailing and re-ordering products are uneven, and the structural adjustments in respect of sales channel diversification, product quality and mix of products in the mainland China intimate wear market have resulted in the build-up of inventory in the Group’s own stores and the stores of franchisees. In addition, certain business strategies previously adopted by the Group, such as its focus on fast-moving-fashionable-sexy intimate wear products, did not meet the needs of the majority of female consumers on practical, functional and value-for-money products. As such, store productivity and profitability were adversely affected, leading to weakened financial positions of the Group and its franchisees. The board of directors of the Company (the “Board”) understands that it will be difficult for many franchisees to make improvement only with their own resources. Prospects: To face the challenging business environment and adapt itself to the evolving market, the Group has formulated and is implementing various measures and initiatives. the Group will also step into personal hygiene business in 2020. Quality face masks and anti-bacterial intimate wear products, including bras, underwear, vests and sleepwear, will be launched to the market in the second quarter or second half of 2020. In addition, air sanitizing and purifying liquid and spray will also be launched in the foreseeable future. Management believes that these can broaden product portfolio of the Group and bring fruitful returns to shareholders in the future. The Group will closely monitor the manner and progress of execution of the plans and measures instituted in order to revitalize the Group’s business.

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