For the year ended 31 December

Profitability data (RMB million)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	14,345.5	12,930.4	10,013.2	8,171.9	8,182.7	6,383.2	5,113.4	5,396.6	5,295.1	4,777.6	4,343.1	5,550.3	5,539.6	4,457.2	3,545.3	2,867.2
Gross profit	6,049.7	5,291.7	4,177.9	3,198.4	3,550.4	2,828.3	2,244.5	2,331.3	2,236.7	1,946.9	1,747.6	2,257.7	2,257.6	1,811.7	1,387.8	1,064.3
Operating profit	1,579.9	1,464.3	1,396.2	918.2	1,234.0	1,044.3	724.5	917.0	921.0	808.7	895.4	1,131.3	1,219.3	978.0	701.4	590.6
Profit attributable to ordinary equity holders	1,030.0	921.7	908.3	513.0	727.7	656.5	408.1	527.9	622.6	478.0	606.0	810.0	966.4	813.7	647.5	508.2
Basic earnings per Share (RMB cents) (Note 1)	40.76	36.61	36.35	20.83	30.72	30.19	18.81	23.89	28.97	21.95	27.84	37.22	44.41	37.42	29.79	26.84

Profitability ratios (%)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Gross profit margin	42.2	40.9	41.7	39.1	43.4	44.3	43.9	43.2	42.2	40.8	40.2	40.7	40.8	40.6	39.1	37.1
Operating profit margin	11.0	11.3	13.9	11.2	15.1	16.4	14.2	17.0	17.4	16.9	20.6	20.4	22.0	21.9	19.8	20.6
Net profit margin	7.2	7.1	9.1	6.3	8.9	10.3	8.0	9.8	11.8	10.0	14.0	14.6	17.4	18.3	18.3	17.7
Effective tax rate	28.7	33.0	30.9	33.7	34.8	31.4	33.5	33.8	28.7	36.9	30.1	27.0	20.3	16.8	7.8	12.0

Operating ratios (as a percentage of revenue) (%)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Advertising and promotional costs	13.7	11.9	10.2	11.2	14.4	15.2	12.9	11.8	14.7	13.1	11.2	11.4	11.3	11.7	11.8	9.1
Staff costs	10.1	11.3	11.1	12.1	11.0	11.6	12.1	10.5	9.0	9.4	9.3	7.1	4.8	4.7	5.3	5.5
R&D costs	2.8	2.3	2.5	2.7	2.4	2.6	2.8	2.6	2.3	2.2	2.6	1.7	1.8	1.8	1.6	1.6

As at 31 December

Assets and liabilities data (RMB million)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Non-current assets	5,281.0	4,155.4	4,183.1	3,544.4	3,056.7	1,139.0	1,051.9	956.9	1,063.2	917.3	954.6	663.3	495.0	307.6	275.0	198.3
Current assets	12,044.4	12,338.1	10,432.4	9,027.3	9,265.9	8,059.6	7,881.8	7,217.0	7,050.8	6,947.1	6,352.2	5,836.2	5,000.1	3,976.6	3,365.6	3,079.9
Current liabilities	5,850.6	6,644.8	4,053.0	3,334.3	3,671.1	3,277.8	2,488.8	3,029.4	2,966.4	2,350.3	2,356.0	1,436.8	1,400.2	892.0	629.3	637.6
Non-current liabilities	2,551.5	1,542.0	2,580.0	1,938.7	1,691.2	589.8	1,116.3	121.7	275.9	803.8	443.2	782.9	183.6	39.9	27.3	2.8
Non-controlling interests	60.7	62.5	53.1	75.4	69.8	4.7	107.7	69.3	19.8	9.9	1.9	5.4	3.9	-	-	-
Total equity holders’ equity	8,862.6	8,244.2	7,929.3	7,223.3	6,890.5	5,326.3	5,220.9	4,953.5	4,851.9	4,700.4	4,505.7	4,274.4	3,907.4	3,352.3	2,984.1	2,637.8

Asset and working capital data	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Current asset ratio	2.1	1.9	2.6	2.7	2.5	2.5	3.2	2.4	2.4	3.0	2.7	4.1	3.6	4.5	5.3	4.8
Gearing ratio (%) (Note 3)	20.3	19.6	17.4	17.2	19.1	21.1	20.7	18.4	19.8	23.4	20.9	16.1	12.6	-	-	4.7
Net asset value per Share (RMB) (Note 4)	3.38	3.15	3.03	2.87	2.77	2.38	2.40	2.26	2.22	2.16	2.07	1.97	1.80	1.54	1.37	1.21
Average inventory turnover days (days) (Note 5) (Note 8)	90	90	77	74	77	80	75	51	58	71	79	70	63	50	47	49
Average trade receivables turnover days (days) (Note 6) (Note 8)	106	98	107	120	96	105	130	119	98	91	92	74	64	51	54	48
Average trade payables turnover days (days) (Note 7) (Note 8)	113	121	120	107	88	98	122	107	96	85	76	54	63	74	69	44
Overall working capital days (days)	83	67	64	87	85	87	83	63	60	77	95	90	64	27	32	53

Notes:

1The calculation of basic earnings per Share is based on the profit attributable to ordinary equity holders of the Company divided by the weighted average number of ordinary shares in issue during the relevant year.
2Return on average total equity holders’ equity is equal to the profit attributable to ordinary equity holders of the Company for the year divided by the average of opening and closing total equity holders’ equity.
3The calculation of gearing ratio is based on the total borrowings divided by the total assets of the Group at the end of the year. Figures from 2008 to 2011 is equal to the total borrowings divided by the sum of share capital and reserves of the Company at the end of the year.
4The calculation of net asset value per Share is based on the total number of Shares in issue at the end of the year.
5Average inventory turnover days is equal to the average of opening and closing inventory divided by costs of sales and multiplied by 365 days (or 366 days in 2008, 2012, 2016 and 2020).
6Average trade receivables turnover days is equal to the average of opening and closing trade receivables divided by revenue and multiplied by 365 days (or 366 days in 2016 and 2020). Figures from 2008 to 2013 is equal to the average of opening and closing trade and bills receivables divided by revenue and multiplied by 365 days (or 366 days in 2012 and 2008).
7Average trade payables turnover days is equal to the average of opening and closing trade payables divided by cost of sales and multiplied by 365 days (or 366 days in 2016 and 2020). Figures from 2008 to 2013 is equal to the average of opening and closing trade and bills payables divided by cost of sales and multiplied by 365 days (or 366 days in 2012 and 2008).
8When calculating the average inventory turnover days, trade receivables turnover days and trade payable turnover days for 2019, the opening balances of inventories, trade receivables and trade payables include the respective consolidated balances of K-Swiss Holdings, Inc. (previously known as E-Land Footwear USA Holdings Inc.) and its subsidiaries as if it had been part of the Group since 1 January 2019, and the revenue and cost of sales used for the calculations include the annualised consolidated revenue and cost of sales of K-Swiss Holdings, Inc. and its subsidiaries recorded since the Group’s acquisition on 1 August 2019.

For the six months ended 30 June

Profitability data (RMB million)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Revenue	6,522.4	5,683.6	4,134.9	3,679.1	3,356.9	2,729.0	2,310.8	2,534.6	2,390.6	2,135.0	2,098.0	2,607.3	2,570.3	2,040.2	1,677.4	1,408.2
Gross profit	2,797.1	2,386.8	1,729.4	1,489.1	1,497.3	1,193.1	1,015.6	1,098.5	999.4	862.1	843.1	1,067.6	1,051.5	830.8	647.8	517.8
Operating profit	986.6	921.7	683.6	500.7	717.3	592.0	479.1	583.4	500.6	425.8	475.5	593.8	564.3	451.9	331.3	300.8
Profit attributable to ordinary equity holders	665.4	590.4	426.5	247.9	463.0	375.2	310.3	380.1	343.5	284.2	340.9	467.8	466.2	373.5	306.5	254.7
Basic earnings per Share (RMB cents) (Note 1)	26.36	23.47	17.09	10.10	20.19	17.26	13.98	17.25	15.86	13.05	15.66	21.50	21.43	17.18	14.10	16.01

Profitability ratios (%)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Gross profit margin	42.9	42.0	41.8	40.5	44.6	43.7	43.9	43.3	41.8	40.4	40.2	40.9	40.9	40.7	38.6	36.8
Operating profit margin	15.1	16.2	16.5	13.6	21.4	21.7	20.7	23.0	20.9	19.9	22.7	22.8	22.0	22.2	19.8	21.4
Net profit margin	10.2	10.4	10.3	6.7	13.8	13.7	13.4	15.0	14.4	13.3	16.2	17.9	18.1	18.3	18.3	18.1
Effective tax rate	26.8	33.2	34.7	39.6	32.0	31.8	28.1	29.9	29.6	31.1	28.6	22.7	18.1	17.9	7.4	14.2
Return on average total equity holders’ equity (annualized) (Note 2)	15.7	14.6	11.5	7.1	15.2	14.1	12.2	15.3	14.4	12.3	15.6	23.2	26.7	24.6	22.8	35.4

Operating ratios (as a percentage of revenue) (%)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Advertising and promotional costs	13.2	10.2	10.6	10.8	13.4	12.3	12.2	9.3	13.4	12.5	9.0	11.4	11.8	11.7	11.6	8.0
Staff costs	10.0	11.9	12.4	12.4	10.8	10.7	10.6	9.4	8.7	9.8	8.5	6.7	5.3	4.7	4.8	5.3
R&D costs	2.7	1.9	2.5	2.8	2.4	2.6	2.8	2.3	2.0	2.4	2.3	1.6	1.4	1.3	1.7	1.6

As at 30 June

Assets and liabilities data (RMB million)	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Non-current assets	4,648.8	3,907.7	3,682.0	3,628.2	1,438.6	1,117.7	946.4	1,090.6	941.9	1,039.8	813.5	549.9	594.3	279.6	224.7	124.8
Current assets	11,974.4	11,891.5	8,936.0	9,310.9	9,238.7	8,320.1	7,493.7	7,140.2	7,253.8	6,729.4	6,137.6	5,382.9	4,130.7	3,644.1	3,047.0	3,206.5
Current liabilities	5,832.5	4,916.5	3,295.5	3,810.9	3,458.3	3,091.9	2,267.4	2,979.5	2,854.0	2,140.2	1,941.1	1,298.1	1,050.8	814.0	521.7	733.4
Non-current liabilities	1,993.2	2,552.6	1,677.9	2,041.7	320.7	830.1	889.2	156.5	548.4	999.4	611.2	496.4	52.3	35.3	7.2	-
Non-controlling interests	69.1	52.9	70.3	88.1	64.5	108.3	94.7	48.3	6.8	2.3	4.9	8.0	5.0	-	-	-
Total equity holders' equity	8,728.4	8,277.2	7,574.3	6,998.4	6,833.8	5,407.4	5,188.8	5,046.5	4,786.5	4,627.3	4,393.9	4,130.3	3,616.9	3,074.4	2,742.8	2,597.9

Asset and working capital data	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014	2013	2012	2011	2010	2009	2008
Current asset ratio	2.1	2.4	2.7	2.4	2.7	2.7	3.3	2.4	2.5	3.1	3.2	4.1	3.9	4.5	5.8	4.4
Gearing ratio (%) (Note 3)	19.7	18.9	15.4	18.1	16.7	21.0	19.1	18.9	26.2	22.4	19.0	18.7	6.0	-	-	9.4
Net asset value per Share (RMB) (Note 4)	3.34	3.16	2.91	2.81	2.76	2.46	2.38	2.31	2.20	2.13	2.02	1.90	1.66	1.41	1.26	1.18
Average inventory turnover days (days) (Note 5)	115	106	79	94	81	104	67	55	72	94	86	82	81	46	49	58
Average trade receivables turnover days (days) (Note 6)	106	102	112	137	107	113	164	122	104	96	96	74	58	57	60	47
Average trade payables turnover days (days) (Note 7)	123	138	114	142	90	134	128	120	91	101	84	60	73	76	68	43
Overall working capital days (days)	98	70	77	89	98	83	103	57	85	89	98	96	66	27	41	62
Rolling average inventory turnover days (days) (Note 8)	107	93	81	74	86
Rolling average trade receivables turnover days (days) (Note 9)	92	87	110	105	95
Rolling average trade payables turnover days (days) (Note 10)	111	112	123	108	102
Rolling overall working capital days (days)	88	68	68	71	79

Notes:

1The calculation of basic earnings per Share is based on the profit attributable to ordinary equity holders of the Company divided by the weighted average number of ordinary shares in issue during the relevant period.
2Return on average total equity holders’ equity is equal to the profit attributable to ordinary equity holders of the Company for the period divided by the average of opening and closing total equity holders’ equity.
3The calculation of gearing ratio is based on the total borrowings divided by the total assets of the Group at the end of the period. Figures from 2008 to 2012 is equal to the total borrowings divided by the sum of share capital and reserves of the Company at the end of the period.
4The calculation of net asset value per Share is based on the total number of Shares in issue at the end of the period.
5Average inventory turnover days is equal to the average of opening and closing inventory divided by costs of sales and multiplied by the number of days in the relevant period.
6Average trade receivables turnover days is equal to the average of opening and closing trade receivables divided by revenue and multiplied by the number of days in the relevant period. Figures from 2008 to 2013 is equal to the average of opening and closing trade and bills receivables divided by revenue and multiplied by the number of days in the relevant period.
7Average trade payables turnover days is equal to the average of opening and closing trade payables divided by cost of sales and multiplied by the number of days in the relevant period. Figures from 2008 to 2012 is equal to the average of opening and closing trade and bills payables divided by cost of sales and multiplied by the number of days in the relevant period.
8Rolling average inventory turnover days is equal to the average of opening and closing inventory of the 12-month period up to 30 June of the relevant year divided by costs of sales during the corresponding period and multiplied by 365 dats (or 366 days in 2020).
9Rolling average trade receivables turnover days is equal to the average of opening and closing trade receivables of the 12-month period up to 30 June of the relevant year divided by revenue during the corresponding period and multiplied by 365 days (or 366 days in 2020).
10Rolling average trade payables turnover days is equal to the average of opening and closing trade payables of the 12-month period up to 30 June of the relevant year divided by costs of sales during the corresponding period and multiplied by 365 days (o 366 days in 2020).

Year	Interim Dividend Per Share HK$	Final Dividend Per Share HK$	Special Dividend Per Share HK$	Total Dividend Per Share HK$
2023	0.1370	0.0800	-	0.2170
2022	0.1300	0.0710	-	0.2010
2021	0.1150	0.1350	-	0.2500
2020	0.0650	0.0750	-	0.1400
2019	0.1250	0.0750	-	0.2000
2018	0.1050	0.0950	-	0.2000
2017	0.0850	0.0450	0.1000	0.2300
2016	0.1050	0.0325	0.0275	0.1650
2015	0.1000	0.0700	0.0350	0.2050
2014	0.0850	0.0500	0.0300	0.1650
2013	0.1000	0.0800	-	0.1800
2012	0.1320	0.1000	0.0450	0.2770
2011	0.1300	0.1450	-	0.2750
2010	0.1000	0.1200	-	0.2200
2009	0.0700	0.1000	0.0500	0.2200
2008	0.0500	0.0800	0.0500	0.1800

Company Name

Xtep International Holdings Limited

Listing

Hong Kong Stock Exchange

Stock Constituent

Hang Seng Composite Index Series
MSCI China Small Cap Index
MSCI Emerging Market Index
MSCI All Country Far East Ex Japan Index

Stock Code

1368

Board Lot Size

500

Issued Share Capital

2,641,457,207 (As at 31 December 2023)

Listing Date

3 June 2008

Cayman Islands Principal Share Registrar and Transfer Office

Suntera (Cayman) Limited
Suite 3204, Unit 2A, Block 3
Building D, P.O. Box 1586
Gardenia Court, Camana Bay
Grand Cayman, KY1-1100, Cayman Islands

Hong Kong Branch Share Registrar and Transfer Office

Computershare Hong Kong Investor Services Limited
Shops 1712-1716,
17/F, Hopewell Centre
183 Queen’s Road East
Wanchai, Hong Kong