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Company Vision




Dear Shareholders,

I am pleased to present the annual results of Pou Sheng International (Holdings) Limited (the “Company” and together with its subsidiaries, the “Group”) for the financial year ended December 31, 2020, to the shareholders of the Company (the “Shareholders”).

2020 was a challenging year for everyone. The novel coronavirus (COVID-19) pandemic (the “Pandemic”) inevitably impacted our operational and financial performance. Fortunately, thanks to the resolute actions of the Chinese government in containing the Pandemic, retail sentiment gradually recovered throughout the year, allowing us to resume sales momentum starting from the second quarter of 2020.

Over the last few years, we have been initiating new initiatives to enhance the fundamental operations of our physical store network by integrating and growing our omni-channels and investing in sports services. The Pandemic has pushed forward the need for us to succeed in each of these areas. Fortunately, it also provided the impetus for the Group to accelerate in each of these areas as well.

The most consequential of these was the growth and further integration of our omni-channels. Online sales contributed a record high for the Group in the year. This was achieved by, among other things, significant improvements of business flow efficiency of omni-network, expanding and deepening our strategic alliances with major online platforms in China, and launch of stores on WeChat. Alongside our YYsports mobile application, these WeChat stores also incorporated our Group’s ExP (Energy x Power) membership platform which delivers quality products, sports events related services and other high-quality and diverse content to our customers. The 24-hour digital interface is operated by our designated ‘key opinion staff’ who worked at our brick and mortar (“B&M”) stores – in which we are bridging and integrating our omni-channels with our physical stores. These initiatives were some of the key reasons why online B2C sales accelerated sharply in 2020 and are expected to continually outpace our online B2B sales in the coming years.

The Pandemic related lockdowns in 2020 escalated the shift of shopping from offline to online and we expect such pattern will continue to be incremental. However, the essential role that B&M stores play in discovering new sports products and experiences, especially in the participatory and performance-based sector will not be threatened. Consumers continue to explore and so that they will seek advice and know-how. Physical advisory and interaction will remain to be the most significant and effective ways of communication, other than online and social media channels. By integrating the offline and online sales channels, we will retain our leading position in the fast-growing sports market with premium contents in our omni-channels.

Investment in sports services was another major focus in 2020, despite the Pandemic forced most physical sports events in China being cancelled. To cope with the dilemma, we made up through organisation of online sports events which continued to provide memorable customer experiences and drive engagement. We also successfully pushed sports services into the reality realm with the launch of our first ‘Next Store’ in Taiwan, which has already gained higher conversion rates by offering a vast range of in-store sports services. We are already well on the way to opening new ‘Next Store’ in Northern China and beyond. We are extremely excited about the prospects, as well as the positive impact these experimental stores will have on our B&M network in the future.

Even before the Pandemic, we have already embarked on a strategy of closing non-contributing and under-performing stores in favour of larger-format stores. Our goals are to introduce selective modularised sports services which successfully pioneered within our ‘Next Store’ into these larger-format stores and tailor such stores specifically for the location and the customer base. By personalising these stores at the local level, we aim to achieve higher conversion rates, greater customer loyalty and more full-price in-season sales.

We also made very good progress in improving our operational performance and productivity, taking the Pandemic as an impetus to accelerate our transformation. Despite the shutdowns we faced in the first quarter of 2020, we doubled our efforts to control our inventory through swift promotional events and prompt adjustments to our procurements supported by our brand partners. As a result, the inventory level decreased by 26.8% as of 31 December 2020, as compared to the end of 2019. Selling, general and administrative expenses also decreased by 8.3% after we adopted strict cost controls, attained efficiency improvements and entered into active rental negotiations with landlords. All of these saw the Group recover quickly following the lockdowns and get into a very strong position for improving our profitability further in 2021.

We remain optimistic about the prospect of 2021. The Pandemic has not discouraged the persistence of consumers to their exercise habits and their enthusiasm for sports. The outlook of sports-related consumption remains incredibly strong. Official government support to the sports sector is also expected to expand further due to the lead-up to nationally-important events, such as Beijing 2022 Winter Olympics.

I am incredibly humbled by the diligent support of my colleagues and our highly dedicated team in helping the Group to overcome all the massive challenges in 2020. Also, I would like to express my thanks for the ongoing and invaluable supports provided by our business partners, financial institutions and Shareholders.


Wu, Pan-Tsu
Chairman

Hong Kong
March 23, 2021

SENIOR MANAGEMENT

Ms. CHANG, Su-Ching

CHANG, Su-Ching, is currently a Vice President of the Company and its subsidiaries (the “Group”), in charge of Omni Channel Platform, Operation & Business Management Department, Product Management Department and Wholesale Department. She is also a director of various subsidiaries, a joint venture and an associate of the Company, and a supervisor of certain subsidiaries of the Company. She was appointed as the Vice President of Finance Department of the Group in September 2011. Ms. Chang graduated with a Master degree in Finance from National Taiwan University. She has more than 20 years’ working experience in treasury, cash management and financial planning.

Mr. WANG Jun

WANG Jun, is currently an Executive Vice General Manager of the Group, in charge of Retail Operations Headquarters and Strategy Channel Development Department. He is also a director of various subsidiaries of the Company. He joined the Group as a Vice President, in charge of Brand and Merchandising Management Department in April 2014. Mr. Wang graduated from the Department of Marketing of the Capital University of Economics and Business in Beijing. He has extensive experience and achievements in strategic planning, sales marketing, product branding, and retail operation.

CORE TEAM

Mr. LIN Wang-Chyan

LIN Wang-Chyan, is currently a Vice General Manager of the Group, in charge of Human Resources Department and General Administration Department. Before joining the Group in March 2021, he worked as an assistant vice president at human resources department of Pou Chen Group from 2016 to early 2021. Mr. Lin holds a Master degree of the Institute of Philosophy of Tunghai University in Taiwan. He has extensive experience in human resources and administrative management.

Mr. LIN Tao

LIN Tao, is currently the General Manager of the First Division of the Retail Operations Headquarters of the Group and a director of certain subsidiaries of the Company. He joined the Group as the General Manager of the Anhui Division in July 2007. Mr. Lin graduated from Foreign Trade Economy Stream of Economics and Management and System Science Department of University of Science and Technology of China. He has extensive experience and good achievements in strategic planning, corporate management and talent cultivation.

Mr. SONG Hua

SONG Hua, is currently the General Manager of the Second Division of the Retail Operations Headquarters of the Group and a director of certain subsidiaries of the Company. He joined the Group as the General Manager of Shanxi Division in December 2008. Mr. Song graduated from the Department of Industrial Electrical Automation of North University of China. He has extensive experience and good performance in market development, business negotiation, strategic decision-making and business system operation.

Mr. TANG Guoxing

TANG Guoxing, is currently the General Manager of the Third Division of the Retail Operations Headquarters of the Group and a director of certain subsidiaries of the Company. He joined the Group as the General Manager of Nanjing Division in December 2010. Mr. Tang graduated from Jiangsu Radio and Television University with a major in Business Enterprise Management. He has more than 20 years of working experience in large-scale retail management.

Mr. TANG Yongdong

TANG Yongdong, is currently the General Manager of the Fourth Division of the Retail Operations Headquarters of the Group and also in charge of Brand and Commodity Management Department, as well as a director of certain subsidiaries of the Company. He joined the Group in October 2003. Mr. Tang graduated from Wuhan University of Technology with a major in Business Administration. He has extensive experience in retail management and commodity operation, and continually leads his team to achieve good results.

Mr. LI Zhi

LI Zhi, is currently the General Manager of the Fifth Division of the Retail Operations Headquarters of the Group, and a director of certain subsidiaries and a joint venture of the Company. He joined the Group in November 2001 and has grown together with the Group. Mr. Li graduated from Marketing Department of Beijing University of Technology. He has over 20 years of working experience in market development, business negotiation and large-scale retail management.