Distinguished investors, good afternoon. Welcome to the investor presentation session on ANTA Sports. We just announced the interim results, so we are still growing at a high rate and achieved results that exceeded expectations of the market. Before the presentation, we have prepared an interim results video. Please enjoy. Let me introduce our management in attendance. Chairman and Executive Director, Mr. Ding Shizhong; Executive Director and Co-Chief Executive Officer, Mr. Lai Shixian; Executive Director and CEO, Mr. Wu Yonghua; Executive Director, Mr. Zheng Jie; and Executive Director and CFO, Mr. Bi Mingwei. In today's presentation, Mr. Bi will first introduce the interim results and financial performance. After that, Mr. Lai will go through a business review and outlook. Finally, in the Q&A, Mr. Ding, together with other members of the management, will take your questions. May I invite Mr.
Bi to go through the 2023 first half financial results. Mr. Bi, please. Investors, good afternoon. I'm very happy to meet you all here physically. I'm going to present to you the main financial performance in the first half of 2023, and I will also do some analysis. The group strategy of Single-Focus, Multi-Brand, and Globalization showed strong performance on the back of economic recovery. In the first half of 2023, overall revenue increased by 14.2% year-on-year to 29.65 billion RMB. Compared with same period of 2019, our overall revenue more than doubled. Every brand achieved high-quality growth. In the first half this year, operating efficiency has improved. Operating profit margin increased by 3.4 percentage points year-on-year to 25.7%. This actually reached a very high, very good historical level of our group....
profit attributable to shareholders, excluding Amer Sports loss, well, it is an increase. Profit is RMB 4.75 billion, up 32% year-on-year. This year, for Amer Sports joint venture, it has achieved good results. Revenue is up 37% to RMB 13.27 billion. EBITDA increased by 150%. This revenue level is the best level since acquisition. In the first half, our operating cash flow is RMB 10 billion. Same period last year, RMB 5 billion, a year-on-year increase of 100%. This is because of our very good control of receivables and inventory in the first half. After D2C transformation, you can see that this is a very good cash-generating capability. Our overall revenue, up 14.2% at RMB 29.6 billion.
If we look at different brands, FILA, RMB 11.2 billion, up 13.5%, ANTA, RMB 14.17 billion, up 6.1%. All other brands, RMB 3.2 billion, up 77.6%, so overall, up 14.2%. Overall speaking, our revenue is rising steadily. Gross profit, 63.3%. Gross profit margin, up 1.3 percentage points. For ANTA, 55.8%, up 0.7 percentage point. For ANTA, gross profit improvement, that is because D2C's share has increased. FILA brand GP margin 69.2%, up 0.6 percentage points.
At the beginning of the year, we said that starting from last year, FILA had lowered inventory, this year, for new product, sell-out rate, it is high, discount has improved, GP margin improved. All other brands, GP margin 73.4%. This, there is some impact from impairment of inventory. Apart from that factor, overall speaking, GP margin for other brands is rising steadily. Operating profit margin, 25.7%, up 3.4 percentage points. Let me explain. For operating profit margin improvement, the main reason is that at the retail end, because store efficiency has improved, our staff costs decreased, store and manpower efficiency went up. For the ANTA brand, the store productivity rose a high single digits on a year-on-year basis. FILA shop productivity, a high double-digit improvement.
FILA's store productivity is almost 1 million. This is a benefit derived from the business model of the group. Now, retail accounts for a bigger share, and on the retail end, after COVID-19, all the physical stores resumed operation, store productivity improved. That's why there is this satisfactory operating efficiency. Then operating expenses. A&P expenses down 3.2 percentage points year-on-year to 7.1%. This is because last year, there was expenses related to Beijing Winter Olympics, this year, first half, there are fewer large-scale A&P expenses. For staff costs, the share is 15.5%. Staff costs remained stable. At the same time, we continued to invest in R&D. In the first half, R&D cost ratio, 2.3%, more or less flat year-on-year.
This year, for the JV, as I said just now, revenue RMB 13.2 billion, up 37% year-on-year, and net loss on operation level, EBITDA increased quite well, mainly because of Amer Sports' Peak Performance, one-off impairment. This is in accordance with accounting standards. We made that impairment, and in the future, impairment will be small. This is just a one-off impact. For the group's shareholders, well, profit attributable to shareholders, including Amer Sports, up 2.2 percentage points to 16%. That is margin of profit attributable to equity shareholders. Management of working capital, overall inventory turnover days, down 21 days to 142 days. Looking at the total inventory, for each brand, there is double digits decline in the total inventory amount.
Our retail sell-through achieved single digit and double-digit increase, but inventory down, single digits. We used the least amount of inventory to achieve the maximum yield. We have a number of measures to control inventory. When we made purchase and also for old stock clearance, we did a lot to improve the situation. Overall speaking, for ANTA and FILA brands, they already resumed a below five very healthy inventory sales ratio. Operating cash flow, RMB 10.1 billion. Free cash flow, RMB 9.5 billion as of 30th June. Total cash and equivalent, RMB 45.4 billion. Total debt and net cash position, RMB 31.6 billion. We have an additional RMB 16.6 billion of cash.
In total, we have a lot of cash, adequate cash to face up to future growth, this is a very sound cash level. Finally, let me talk about our dynamic management on operation level. Our business model is brand plus retail. As you all know, for retail, every month, on the retail end, the results will be seen in our financial statements in each quarter after each month. From operation and business level, at the middle and back office, we can respond fast, based on our results. This is dynamic management. On business level, where we have consumer experience, product management, channel management, and from operation side, we have operation data analysis, holistic budget management, operating standard database, and so on. The final target is to achieve high-quality growth.
When we say high-quality growth, that means we want to achieve our retail sell-through target. At the same time, we would like to maintain long-term, stable profitability. For our consumers, the society, our shareholders, and our employees, we'd like to achieve sustainable value. That's all from me. Thank you. Thank you, Mr. Bi. We have a globalization strategy, so in this way, we are able to achieve our strength. Now, I'm going to invite Mr. Lai to see how we can achieve high-quality growth by strengthening our overall layout. Investors, friends, good afternoon. Now, I'm going to report to you our first half business and future outlook. First of all, let me talk about our overall market. In first half of 2023, the economy steadily recovered, and for government policies, they were frequently introduced to stimulate consumption.
According to data from the National Bureau of Statistics, total amount of social retail consumer goods resumed growth. It returned to growth with an increase of 8.2% in first half, and sales of clothing, shoes, hats and needles and so on, in the first half of the year, increased by 12.8% comparing with the same period last year. Consumer confidence index also rebounded, but did not return to the benchmark value. GDP growth was 4.5% in the first quarter, 6.3% in second quarter, and accelerated quarterly. The Chinese government launched a series of economic stimulus measures. We believe that in the future, they can supplement the driving force of economic growth and boost consumption. Concerning the operating environment of the second half, we are cautiously optimistic.
In the first half, there are changes in the consumption market. First of all, for the development of the sportswear industry, it is still optimistic. Many sports events are resumed, multiple ministries and departments have released various measures. There are the Opinions on Deepening the Integration of Sports and Education to Promote Healthy Development of adolescents or youths, this will lead to an increase in physical education classes for children. With the decentralization and diversification of sports, consumers have raised higher demands for brand differentiation, leading to new demands. Number four, trend of continued rise of Chinese sports goods brands. They are being praised by domestic consumers more and more, especially young consumers, where they recognize domestic brands more and more.
All these, for our company, as a multi-brand sports company, meaning that we will see a lot of good opportunities. Now, business review of various brands. ANTA brand, we insist on professional development and also our brand building, so we will continue to be led by Olympic technology. Olympic technology is being converted to our professional and functional products, so that's why our functional products are more and more well-liked by consumers. Secondly, for our endorser portfolio. Well, in the first half, we have signed with NBA star Owen, and in the second half of the year, next year, we will also launch some events and products in the name of Owen. Our brand power is rising. Because of affiliation with the Olympic and overall professional standing has been enhanced.
Number 4, our coverage of core markets is rising. We have better layout in high-tier cities and also major cities. We opened flagship stores. ANTA Kids, we lead to win the children's sportswear market. We are number 1 in market share. In the first half, for girls wear, we developed a number of additional sports scenario, for example, dance, and also kid yoga, body shape training, and so on. We expanded children's footwear's share. We continue to promote exclusive technology, particularly for children, and we enhanced the functionality of our footwear products. The operation of children's communities are very successful, so we joined hands with world champions, Olympic champions, and also national team athletes to offer some professional sports courses for children.
For D2C progress, as of the end of June, for ANTA and ANTA Kids, there are 9,633 stores. 7,700 of these stores are operated in the D2C model. For ANTA core brand, 43% are directly operated, 57% are operated by franchisees. For children, 66 of the stores were directly operated, 34% by franchisees, so around 50/50, overall speaking, for FILA. We stay on top of trends to lift brand salience. We continue to emphasize top-notch products, top-notch brands, and top-notch channels. For the brand, we are number one in fashion awareness among sportswear brands, and in fact, we are 23% in this regard. For our products or merchandise, footwear, performance sports like golf and tennis, growth is very good, better than overall growth rates.
We strengthened professional sports mindshare, and we enhanced performance sports as an important growth driver. Operating efficiency is greatly enhanced, as Mr. Bi said. FILA's operating profit margin improved significantly. In the future, for example, there is smart logistics center, and our logistics and supply chain capabilities will further strengthen. For the subsidiary brand, FILA Kids and FILA Fusion, where they achieve good development. FILA Kids will focus on sports scenario, and there will be additional product series. FILA Fusion will focus on crossovers, and there will be brand new brand concepts and ideas in order to make the brand more diversified and young. DESCENTE and KOLON SPORT. Well, in the first half, they achieved very good results. For DESCENTE, revenue grew by almost 70%. KOLON SPORT, almost 100% growth.
For DESCENTE, we continue to develop it into a high-end and high-quality professional sports brand. For branding, in triathlon and golf, we have achieved some enhancement, and then, members' activity level is rising. For products, there are many flagship products, like female training, running shoes, and so on. They have achieved good performance. Retail experience. Offline, stores have increased. For high-level stores with more than 30 million store productivity, there are now more than 40 such stores. For DESCENTE, there are altogether 100 odd stores. For high-productivity stores, the number increased 100%. Discount, retail discount has decreased, productivity keeps on improving. KOLON SPORT has become an outdoor lifestyle brand that consumers look up to.
For branding and operation, we have developed a number of high salience products. Our brand awareness and reputation improved. Our sell-out rates and retail discounts also improved. From time to time, we organize very focused core activities and events to drive contribution from young customers and members. In some core areas and shopping malls, we opened good quality stores. For e-commerce, our growth is very fast. Discount is also small. Retail channel management. ANTA Adult or core brand, at the end of June, has 6,941 stores. ANTA Kids, 2,692 stores. This is stable. There is only an increase or decrease by a few dozen. Overall store productivity, RMB 300,000. For kids, RMB 170,000. FILA has 1,942 stores.
Comparing with the past, there is a slight decrease because we have closed down some low-tier city, low-productivity stores. FILA store productivity has improved significantly at around RMB 1 million. At the same period last year, it's only RMB 800,000. For DESCENTE and KOLON, the number of stores is stable, 100 odd. Store productivity improved significantly. For DESCENTE, it rose more than 60% at RMB 1.8 million. For KOLON SPORT's, store productivity is above RMB 900,000, around double to that of last year. E-commerce and digitalization. E-commerce revenue contributed 31% of the total overall revenue of the group. We continued to make horizontal layout of our brand portfolio. According to live streaming and traditional e-commerce platforms, we set different operating standards to make sure that that is consistent with our brand image, and we can strengthen our competitiveness.
For FILA in the first half, for short video and live streaming, the brand achieved fast growth. For products, online and offline products, online exclusive products, in-season and off-season products, we did some very good positioning and fine-tuning. For e-commerce in the first half this year, they successfully cleared inventory. Supply chain platform. We implemented the 5+N logistic network strategy. We built five first-tier regional warehouses and multiple second-tier cloud warehouses in China. Now, in Guangdong, Suzhou, Chengdu, and Zhengzhou, and our headquarters region, there are five these first-tier regional warehouses. In Suzhou, there is an integrated operation center, and we believe that in the second half this year, construction will start. We joined a Sustainable Apparel Coalition, SAC, to continue to optimize supply chain effectiveness.
In the first half, ANTA self-produced footwear and apparel accounted for 18.7% and 9.7%, respectively. For FILA, 7.1% and 3.7%, respectively, for self-produced footwear and apparel share. In the second half of the year, we believe that the economy still has some uncertainty. However, for strategies, there are many strategies in relation to consumption, and we believe that they will bear effects gradually. We are full of confidence. We will continue to invest in talents, team, products, and innovation so as to drive our business development. For ANTA, we will be positioned for the mass market, and we will achieve breakthrough in the fields of performance, sports, and focus on brand upgrades. We will reinforce our market share in the mass market.
Besides, after signing contract with Kyrie lrving, we will seize the opportunities to reinforce ANTA Basketball's status. Next year, is the Paris Olympics. That would also effectively add value to our brand. For FILA, we'll continue to develop some high-potential products. We'll focus on elite sports category. Again, we will focus on enhancing brand salience and excellence in retail to continue to improve our efficiency. For the outdoor brands, the two outdoor brands, we will continue to strengthen these two brands' positioning and focus on their differentiation so as to achieve high-quality growth. We will not blindly increase the number of stores. We'll continue to enhance their same-store growth, and then we will introduce more and more iconic products. At the same time, we will increase the share of footwear of these two brands.
For Amer Sports, in the first half this year, we achieved good results. We set the 5, EUR 1 billion targets, and these have been gradually implemented and achieved. In the second half of the year, we believe that Amer Sports will maintain healthy growth, and differentiation will also widen, and the brand influence will be stronger globally. Our vision is that we would like to be a world-leading, multiple-brand sportswear group, and we will focus on healthy development of our brand in terms of brand value, scientific innovation, social responsibility, engagements of staff, and so on. We want to become industry benchmark, and we will continue to make improvements. Thank you.