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Xtep International Holdings Limited (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 1368.HK

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Xtep International Holdings Limited (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 1368.HK Xtep International Holdings Limited (Incorporated in the Cayman Islands with Limited Liability) Stock Code: 1368.HK 2019 Interim Results Presentation 21 August 2019 1H2019 Financial Highlights Revenue Operating profit RMB 3,357 m 23% RMB 717 m 21% Profit attributable to Net cash inflow from ordinary equity holders operating activities 1H2018: RMB RMB 463 m 23% 422 m RMB 225 m Net cash and cash equivalents Interim dividend per Share RMB 3,618 m HK 12.5 cents Payout ratio: 59.3% 2 1H2019 Operational Highlights 6,312 82 in 1H2019 Low-teens Number of Xtep branded Same store sales stores in Mainland China and growth1 in 1H2019 overseas as at 30 June 2019 Multi-brand portfolio Jeremy Lin to expand market share Xtep brand spokesperson and build new basketball business 1 Same store sales growth reflects sales performance of those physical Xtep brand stores in operation for longer than one year 3 Financial Review Income Statement RMB m 1H2019 1H2018 YoY change Revenue 3,356.9 2,729.0 +23.0% Gross profit 1,497.3 1,193.1 +25.5% Selling & distribution and general & 917.8 743.9 +23.4% administration expenses (“SG&A”) Operating profit 717.3 592.0 +21.1% Profit attributable to ordinary equity 463.0 375.2 +23.4% holders Basic earnings per Share RMB 20.2 cents RMB 17.3 cents +16.8% Gross profit margin 44.6% 43.7% +0.9% pt SG&A to revenue ratio 27.3% 27.3% - Operating profit margin 21.4% 21.7% -0.3% pt Net profit margin 13.8% 13.7% +0.1% pt 5 Revenue by Product Category (RMB m) YoY change 3,357 +23.0% 2,729 2,535 2,391 2,311 57.0% +8.1% 64.9% 62.5% 68.6% 66.4% 40.4% +50.4% 35.3% 29.0% 31.4% 33.0% 2.2% 2.4% 2.2% 2.1% 2.6% +53.2% 1H2015 1H2016 1H2017 1H2018 1H2019 Footwear Apparel Accessories RMB m 1H2019 1H2018 YoY change Footwear 1,912 1,769 +8.1% Apparel 1,356 902 +50.4% Accessories 89 58 +53.2% Overall 3,357 2,729 +23.0% 6 Gross Profit and Gross Profit Margin Gross profit (RMB m) Gross profit margin (%) 44.6% 43.9% YoY 43.7% 1H2019 1H2018 43.3% change 41.8% YoY change Footwear 44.8% 44.8% - 1,497 +25.5% Apparel 44.7% 42.0% +2.7% pts 1,193 1,099 999 1,016 Accessories 37.9% 37.0% +0.9% pt Overall 44.6% 43.7% +0.9% pt 1H2015 1H2016 1H2017 1H2018 1H2019 Gross profit As a % to revenue 7 SG&A Analysis (RMB m) 27.3% 27.3% 27.3% 24.0% 22.2% % to YoY revenue change 918 +23.4% % to 744 revenue % to 449 13.4% +33.6% Advertising and promotions 632 % to revenue 574 % to Research and development revenue 563 revenue 336 12.3% Staff costs 1 282 12.2% Others 235 9.3% 82 2.4% +17.1% As a % to revenue 321 13.4% 70 2.6% 64 2.8% 161 4.8% +69.5% 58 2.3% 95 3.5% 75 3.2% 49 2.0% 70 2.8% 49 2.0% 243 8.9% 226 6.7% -7.0% 200 211 9.1% 155 6.5% 7.9% 1H2015 1H2016 1H2017 1H2018 1H2019 1 Excluding the staff costs related to the cost of sales and R&D 8 Operating Profit (RMB m) 23.0% 20.9% 20.7% 21.7% 21.4% YoY change 717 +21.1% 583 592 501 479 1H2015 1H2016 1H2017 1H2018 1H2019 Operating profit As a % to revenue 9 Income Tax and Net Profit Income tax breakdown (RMB m) Profit attributable to ordinary equity holders (RMB m) 15.0% RMB m 1H2019 1H2018 14.4% 13.8% 13.4% 13.7% Tax provision for the period 164.9 147.7 YoY change 463 +23.4% Under provision in prior 5.2 7.3 periods 380 375 344 Deferred tax 48.0 20.0 310 Total income tax (A) 218.2 175.0 Profit before tax (B) 681.0 550.6 Effective tax rate = (A) / (B) 32.0% 31.8% 1H2015 1H2016 1H2017 1H2018 1H2019 Profit attributable to ordinary equity holders As a % to revenue 10 Dividend Payout Ratio 59.3% 54.5% 2019 interim dividend 52.0% 52.4% 52.4% per Share HK 12.5 cents 19% (1H2018: HK 10.5 cents) 1H2015 1H2016 1H2017 1H2018 1H2019 Interim dividend payout ratio 11 Working Capital Analysis Working capital turnover (day) Working capital balance breakdown (RMB m) 164 30 Jun 31 Dec RMB m Change 134 128 130 2019 2018 113 107 105 122 90 104 Inventories 806 836 -3.6% 75 98 67 80 81 Trade 1,989 1,953 +1.8% receivables Trade 1H2017 FY2017 1H2018 FY2018 1H2019 960 879 +9.2% payables (30 Jun) (31 Dec) (30 Jun) (31 Dec) (30 Jun) Inventory turnover Trade receivables turnover Trade payables turnover Inventory turnover at retail channel: About 4 months in 1H2019 12 Trade Receivables Write-back of provision / Trade receivables turnover (day) (provision) of trade receivables (RMB m) 60.9 164 56.4 130 113 22.8 105 107 (34.5) (32.3) 1H2017 2017 1H2018 2018 1H2019 1H2017 2H2017 1H2018 2H2018 1H2019 (30 Jun) (31 Dec) (30 Jun) (31 Dec) (30 Jun) (30 Jun) (31 Dec) (30 Jun) (31 Dec) (30 Jun) Trade receivables turnover (Provision) of trade receivables Write-back of provision of trade receivables 13 Balance Sheet RMB m 30 Jun 2019 31 Dec 2018 Change Current assets 9,238.7 8,059.6 +14.6% Current liabilities 3,458.3 3,277.8 +5.5% Cash and cash equivalents (A) 3,956.9 3,195.8 +23.8% Structured bank deposits and pledged bank deposits (B) 1,444.7 1,185.5 +21.9% Bank borrowings (C) 1,783.6 1,943.7 -8.2% Net cash and cash equivalents = (A)+(B)-(C) 3,618.0 2,437.6 +48.4% Net current assets 5,780.4 4,781.8 +20.9% Current asset ratio (times) 2.7x 2.5x +0.2x Gearing ratio1 (%) 16.7% 21.1% n/a Shareholders’ equity 6,833.8 5,326.3 +28.3% Net assets value per Share RMB 2.76 RMB 2.38 +16.0% 1 Defined as the total bank borrowings divided by the Group’s total assets 14 Cash Flows Analysis (RMB m) Cash and Net Share Deposit Net bank Dividend Structured Other Cash and cash operating placing paid for borrowings paid and movements cash equivalents cash and acquisition repaid pledged equivalents (31 Dec 18) inflow subscription of bank (30 Jun 19) subsidiaries deposits 15 Business Review Our Multi-brand Portfolio 17 Xtep Retail Network Update – 1H2019 6,312 82 net openings number of Xtep stores in Mainland China and overseas 80% of the total store count are in international style store format Xiamen, Fujian Province, Mainland China (262 m2) Mainland China Middle East India Vietnam Thailand Anqing, Anhui Province, Mainland China (342 m2) 18 Xtep Retail Experience – Run Clubs 7 Run Clubs in Mainland China as at 30 June 2019 Xtep Run Club highlights 200,000+ members 430+ running events1 organized ~20km running tracks2 Run Club in Wuhan East Lake, Hubei 14 rest stops Province, Mainland China (270 m2) 1 Included but not limited to marathon training camps, technical analysis courses and festive sports events 2 Running tracks are located in Beijing, Changsha and Xiamen 19 Xtep Retail Experience – New Store Layout & E-commerce New store layout E-commerce and O2O 20%+ of the Group’s revenue No. 1 running footwear seller by volume on Tmall platform in 1H2019 Shenyang, Liaoning Province, Strengthen omni-channel Mainland China (307 m2) retail with more offline products available online Xtep Tmall flagship store Jilin, Jilin Province, Mainland China (292 m2) 20 Xtep Branding and Marketing – Marathon & Sports Sponsorships No. 1 domestic brand in marathon’s market share1 in Mainland China 21 marathons sponsored in Mainland China Xtep Penguin Run in Hangzhou (June 2019) Xtep Changan College Town Nanjing Pukou International Half Marathon (May 2019) Women’s Half Marathon (March 2019) 1 Source: Joyrun – footwear worn by participants who finished the full marathon within three hours 21 Xtep Branding & Marketing – Celebrities & Other Entertainment Marketing Celebrity spokesperson TV show sponsorship “The Coming One” official designated footwear & apparel sponsor Lin Gengxin to promote “Urban” series Jing Tian to promote “Street Dance of cross-training China” official products designated apparel sponsor Jeremy Lin as our brand spokesperson 22 Xtep Products – Performance Sports First running research laboratory in Mainland China RC160 40+ Proprietary technology via International collaboration with 3M, scientists and The Dow Chemical engineers and INVISTA Dynamic Foam Reactive Coil Air Mega 23 Xtep Products – Lifestyle and Crossover Xtep x Smiley® Jiro Wang for “Combat” and “Transformers” collections Xtep x NEX7 - “Volcano” series Xtep x A.FOUR Labs 24 Updates on Saucony & Merrell Products debut on Tmall flagship store since July 2019 First standalone store expected to be opened in 2Q2020 in tier I cities in Mainland China Perfect synergies in R&D and marketing Saucony Tmall flagship store launched in July 2019 Harness our sales network to cater more sophisticated customers Tmall flagship store to be kicked-off in early 2020 New standalone stores to be opened in 2H2020 in tier I and II cities in Mainland China Enrich our product offerings to unleash the outdoor market potential in Mainland China 25 Acquisition of K-Swiss & Palladium Acquisition factsheet Acquisition of 100% of K-Swiss Holdings Inc.
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