卡宾：二零二五年度业绩公告

CabbeenFashion Limited2030 Cabbeen is one of the leadingChinese designer brands. The Group designs and sells apparels for men and women. Its main brandsinclude Cabbeen and 2AM. Its retail network covers 30 provinces,autonomous regions, municipalities and special administrative regions in thePeople’s Republic of China, as well as overseas and several online platforms. 卡賓是中國領先的設計師品牌之一。 30 CONTENTS Corporate InformationFinancial HighlightsChairman’s StatementManagement Discussionand AnalysisCorporate Governance ReportBiographical Details of Directors andSenior ManagementReport of the DirectorsIndependent Auditor’s ReportConsolidated Statement of Profit or Loss andOther Comprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityConsolidated Cash Flow StatementNotes to the Financial StatementsFive Years Summary246931637087101103105106108216 CORPORATE INFORMATION BOARD OF DIRECTORS Executive Directors Dr. Ziming Yang(Chairman and Chief Executive Officer)Mr. Rongqin Ke Independent Non-Executive Directors Mr. Yung Kwok TsuiMr. Ming Shu LeungMs. Jing Gu AUDIT COMMITTEE Mr. Yung Kwok Tsui(Chairman)Mr. Ming Shu LeungMs. Jing Gu REMUNERATION COMMITTEE Mr. Yung Kwok Tsui(Chairman)Mr. Ming Shu LeungDr. Ziming Yang NOMINATION COMMITTEE Dr. Ziming Yang(Chairman)Mr. Ming Shu LeungMs. Jing Gu CORPORATE GOVERNANCE COMMITTEE Dr. Ziming Yang(Chairman)Mr. Yung Kwok TsuiMr. Ming Shu Leung AUTHORIZED REPRESENTATIVES Mr. Rongqin KeMr. Wai Fung Lui COMPANY SECRETARYMr. Wai Fung Lui REGISTERED OFFICE Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands Cricket Square, Hutchins DriveP.O. Box 2681Grand Cayman KY1-1111Cayman Islands 2030 STOCK CODE2030 CORPORATE INFORMATION (CONTINUED) www.ir.cabbeen.com WEBSITE www.ir.cabbeen.com HEADQUARTERS IN CHINA 8C9510700 9th Floor, Block CNo. 8 Kai Tai Da RoadHuang Pu District, Guangzhou CityGuangzhou 510700PRC PRINCIPAL PLACE OF BUSINESS IN HONG KONG 1026A Unit A, 26/F, Billion Plaza II10 Cheung Yue StreetCheung Sha WanKowloonHong Kong CAYMAN ISLANDS SHARE REGISTRAR ANDTRANSFER OFFICE Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1110Cayman Islands Suntera (Cayman) LimitedSuite 3204, Unit 2ABlock 3, Building DP.O. Box 1586, Gardenia CourtCamana Bay, Grand CaymanKY1-1110Cayman Islands HONG KONG BRANCH SHARE REGISTRAR 183171712-1716 Computershare Hong Kong Investor Services LimitedShops 1712-171617/F, Hopewell Centre183 Queen’s Road EastWanchaiHong Kong AUDITOR KPMG,Certified Public AccountantsPublic Interest Entity Auditor registered in accordance withthe Accounting and Financial Reporting CouncilOrdinance LEGAL ADVISOR AS TO HONG KONG LAW Morgan, Lewis & Bockius PRINCIPAL BANKERS China Construction Bank CorporationChina Merchants Bank Co., Ltd.China Minsheng Banking Corp., Ltd.Industrial Bank Co., Ltd.Shanghai Pudong Development Bank FINANCIAL HIGHLIGHTS (CONTINUED) Notes:(1)EBITDA is earnings before interest, taxes, depreciation andamortization.(2)Return on total assets equals net profit for the year divided by theclosing balance of total assets.(3)Return on equity equals net profit for the year divided by theclosing balance of total shareholders’ equity.(4)Average inventory turnover days is equal to the average of thebeginning and closing inventory balance divided by cost of salesand multiplied by the number of days in the year.(5)Average trade and bills receivables turnover days is equal to theaverage of the beginning and closing trade and bills receivablesbalance divided by revenue (including value-added tax) andmultiplied by the number of days in the year.(6)Average trade and bills payables turnover days is equal to theaverage of the beginning and closing trade and bills payablesbalance divided by costs of sales and multiplied by the numberof days in the year.(7)Interest coverage ratio equals profit before interest and tax for theyear divided by interest expenses of the same year.(8)Net debt to equity ratio equals net debt divided by total equityas of the end of the year. Net debt includes all borrowings net ofcash and cash equivalents.(9)Gearing ratio equals total debts divided by total equity.(1)EBITDA(2)(3)(4)(5)(6)(7)(8)(9) Chairman’sStatement CHAIRMAN’S STATEMENT (CONTINUED) DEAR SHAREHOLDERS, On behalf of the board (the “Board”) of directors(the “Director(s)”) of Cabbeen Fashion Limited (the“Company”), I am pleased to present the annual resultsof the Company and its subsidiaries (collectively referredto as the “Group” or “Cabbeen”) for the year ended 31December 2025. In 2025, China’s macroeconomic environment overallmaintained a steady and positive trend. However, dueto factors such as structural divergence, generally weakdomestic demand, intense brand competition and risingcosts, the Chinese apparel industry faced significantoperational and profitability pressures during the year.