Consumer China

Xinyu Hengdeli (3389:HKG)

  • Published 10 Dec 2009

The luxury watch retailer still has some way to run as sales at its new mainland sales outlets take time to ramp up.

Recent financials:The luxury watch retailer, which distributes over 50 famous brands across Greater China, realised revenues of Rmb 2.7bn ($394m, €266m, £241m) in 1H, down 1.12% year on year, while net profits attributable to shareholders hit Rmb 212.2m, down 10.69%. However, the group's mainland China sales hit Rmb 1.27bn, up 6.75% year on year, while Hong Kong sales were up only 0.23% to Rmb 681.9m. Hengdeli's retail business accounted for 72.4% of total sales in 1H, up 4.4% year on year and compared with the 25.3% commanded by its wholesale business, which helped drive up gross margins 7.1 percentage points year on year to 24.1%.

Issue icon

Latest Issue

12 Jan 2012

Browse the archive

Get two weeks free trial Subscribe now to access all of China Confidential

China Confidential Funds

China Confidential Funds, a new research service launched by FT China Confidential, is dedicated to illuminating the mainland fund industry. Our team of fund industry experts in Shanghai search out the interesting trends in fund performance, strategy, interactions with overseas funds, regulatory changes, distribution and management. We also use a proprietary system to track the emerging flows of Chinese money. Click here to find out more.

Find out more