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Public company info - China Anchu Energy Storage Group Limited , 02399.HK
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China Anchu Energy Storage Group Limited, 02399.HK - Company Profile
Chairman Kwok Kin Sun
Share Issued (share) 2,092,000,000
Par Currency Hong Kong Dollar
Par Value 0.0025
Industry Apparel
Corporate Profile Business Summary: The principal activities of the Group are manufacturing and wholesaling of menswear in the mainland China. Performance for the year: Revenue of the Group decreased by 24.8% to RMB270.1 million (2019: RMB359.0 million). Gross profit of the Group decreased by 43.1% to RMB76.9 million (2019: RMB135.2 million). Net loss of the Group was RMB552.2 million (2019: net loss of RMB303.7 million). Basic and diluted loss per share was RMB28.71 cents (2019: basic and diluted loss per share of RMB15.79 cents). Business Review Distribution Network As of 31 December 2020, the Group's distribution network comprised 45 distributors (including one online distributor) and 39 sub- distributors who operated 315 retail outlets, spanning over 250 cities and 29 provinces, autonomous regions and central government-administered municipalities in the PRC. the Group also sell the Group's products directly to end customers through the Group's 2 self- operated retail outlets in Quanzhou, Fujian Province and 19 self-operated retail outlets in Beijing. The Group adopted a cautious view, suspended the Group's expansion plan, and continued to consolidate the Group's sales network and close down certain under-performing retail outlets in 2020. The Group primarily sells its products on a wholesale basis to its third-party distributors, who then sell the products to end customers through retail outlets or resell the products to their subdistributors, who in turn sell the products to end customers through retail outlets operated by those sub-distributors. We have 2 self-operated retail outlets in Quanzhou, Fujian Province, which are flagship stores to showcase the Group's expectation and standards of a store environment to the Group's distributors and their sub-distributors. the Group also have 19 self-operated retail outlets in Beijing since the Group acquired 北京浩垠服飾有限公司 (Beijing Haoyin Clothing Co., Ltd), which engages in menswear retail business in the PRC, during the year of 2017. As of 31 December 2020, the Group had 336 retail outlets (including the 2 self-operated retail stores in Quanzhou and self- operated 19 retail outlets in Beijing), representing a net decrease of 162 retail outlets from 498 retail outlets as at 31 December 2019. The Group continued the consolidation strategy on the retail outlet network during the Year and closed down inefficient retail stores. As of 31 December 2020, 84.2% of the retail outlets were located in department stores or shopping malls whereas 9.5% of the retail outlets were standalone stores. As of 31 December 2020, approximately 41.9% of the Group's retail outlets were located in first-tier cities and second-tier cities and the remaining retail outlets were located in lower tier cities including third-tier and fourth-tier cities. the Group believe the Group's footprint has provided us with a strong foundation to capture future growth opportunities arising from different regions in the PRC. Besides, the Group started to place more efforts on online distributor in light of the unsatisfactory retail performance. The Group sells its products to online distributors which then resell the products to end customers through different third-party online platforms such as Tmall.com and JD.com. Prospects: Although the Group are facing unprecedented challenges and uncertainties ahead, the Group remain cautiously optimistic towards the Group's business development in medium and long run. As the COVID-19 vaccination is getting common, many cities across China are loosening restrictions and resuming normal business and social activities, therefore Industries including tourism, entertainment and retailing will be benefit from that. the Group's retail business was significantly affected in 2020 and the Group believe that it will recover in 2021. the Group also expect that the demand of the Group's products will increase when the economy restores. The Group will continue to monitor the menswear business operations, control and reduce unnecessary expenses and save costs. In addition, the Group believes that the expansion into the automotive sales business segment can allow the Group to share the benefit of the development of China’s huge automotive market and thus achieve greater value for the Shareholders of the Company in the near future.

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