A股又一例主动退市。 5月20日晚间，玉龙股份（601028）发布的公告显示，公司当日收到上交所作出的《关于山东玉龙黄金股份有限公司股票终止上市的决定》，上交所决定 终止公司股票上市。公司股票将于2025年5月27日(下周二)终止上市暨摘牌。 值得注意的是，这是A股市场又一起主动终止上市案例。 玉龙股份主动终止上市5月27日将摘牌 5月20日晚间，玉龙股份发布股票终止上市暨摘牌的公告。 公告称，2025年5月20日，公司收到上交所作出的《关于山东玉龙黄金股份有限公司股票终止上市的决定》，上交所决定终止公司股票上市。 值得注意的是，玉龙股份此番并非强制终止上市，而是主动终止上市。 此前，玉龙股份决定以股东大会决议方式主动撤回A股股票在上海证券交易所的上市交易，并申请股票进入全国中小企业股份转让系统退市板块继续交 易。本次终止上市事项已于2025年4月7日经公司2025年第二次临时股东大会审议通过。根据《上海证券交易所股票上市规则》的相关要求，公司于2025年 4月25日向上交所提交了《山东玉龙黄金股份有限公司关于撤回公司股票在上海证券交易所交易的申请》。 根据《上海证券交易所股票上市规则》第9.7.11条规定， ...

Financial Performance - Revenue for the year ended December 31, 2024, was RMB 1,391,552, a decrease of 9.6% from RMB 1,539,942 in 2023[27]. - Gross profit for 2024 was RMB 786,889, down from RMB 871,436 in 2023, resulting in a gross profit margin of 56.5%[27]. - Profit before income tax decreased to RMB 68,400 in 2024 from RMB 95,156 in 2023[27]. - Profit for the year attributable to owners of the Company increased to RMB 48,247 in 2024 from RMB 20,830 in 2023[27]. - Basic and diluted earnings per share for 2024 were both 2.32 RMB cents, compared to 1.00 RMB cent in 2023[27]. - The net profit margin for 2024 improved to 3.5%, up from 1.4% in 2023[27]. Operational Efficiency - Average inventory turnover improved to 192.7 days in 2024 from 216.0 days in 2023[27]. - Average account receivable turnover increased to 43.0 days in 2024 from 35.9 days in 2023[27]. - Average payable turnover increased slightly to 73.2 days in 2024 from 71.2 days in 2023[27]. - The liquidity ratio for 2024 was 397.6, a slight decrease from 403.9 in 2023[27]. - The company is implementing a digital transformation plan to enhance efficiency in personnel and inventory management, starting in 2025[47]. - The company aims to increase gross profit and reduce inventory levels by 2025[52]. - The Group will continue to optimize its retail network and streamline store operations to avoid excessive inventory accumulation[189][192]. - The Company aims to improve single-store efficiency and control inventory, striving to increase same-store sales growth[200]. Market Trends and Growth Drivers - In 2024, China's GDP reached RMB 134,908.4 billion, marking a year-on-year growth of 5.0%[33]. - The footwear market in China has shown resilience, with increasing consumer demand for diversified and personalized products[34]. - The expansion of the middle class and demand for high-quality branded footwear are key drivers of market growth[37]. - E-commerce has opened new sales channels, significantly boosting sales, especially in second- and third-tier cities[38]. - Rising inflationary pressures are suppressing sales revenue and increasing inventory levels, impacting profitability[41]. - The government plans to implement policies to boost consumption and stabilize household spending, which is expected to enhance consumer market expansion[182][184]. - There are favorable conditions for sustained consumption growth, including stable employment and the expansion of new consumption scenarios[183]. Strategic Initiatives - The company aims to maintain its market leadership through a multi-brand strategy centered on its core brand, C.banner[45]. - The company is committed to innovation, quality, and service as core values to navigate the complex business environment[49]. - The company plans to develop five additional special systems for stores by 2025 to improve operational efficiency[50]. - The company will prioritize the creation of blockbuster products and enhance core products in 2025, shifting from a goods-oriented to a customer-centric approach[57]. - The company is exploring profit models for shopping mall stores, currently operating nearly 90 shopping mall stores, with plans to gradually increase this number[196]. - The Group has strengthened strategic cooperation with chain groups such as SHANSHAN, SASSEUR, and Bailian, planning to open more than 10 new outlet stores in 2025[199]. Corporate Governance and Compliance - The Group has complied with all relevant laws and regulations concerning labor rights, environmental protection, product safety, and health during the year[75]. - The Group is committed to providing a pleasant working environment and competitive remuneration packages to maintain a high employee retention rate[72]. - The Group has established long-term relationships with renowned international brands to ensure high-quality customer service[73]. - The Group's suppliers must meet specific assessment criteria and comply with anti-bribery policies[74]. - The Company is committed to maintaining high standards of corporate governance practices[163]. Shareholder Information - As of December 31, 2024, the Company had reserves available for distribution of approximately RMB584.7 million, up from approximately RMB189.4 million as of December 31, 2023[92]. - The Board did not recommend a final dividend for the year ended 31 December 2024, consistent with the previous year[76]. - The Company has adopted a share award scheme as an incentive for eligible employees[109]. - The Share Award Scheme has a total of 187,000,000 shares available for grant as of both January 1, 2024, and December 31, 2024[159]. - The Company did not enter into any equity-linked agreements during the review period[160].

重要新闻提示 社保基金：已主动增持国内股票，近期将继续增持 中国诚通：拟使用股票回购增持再贷款资金1000亿元，用于增持上市公司股票 呈和科技（688625）：筹划收购映日科技不低于51%股权，预计构成重大资产重组 财经新闻 1. 中国人民银行新闻发言人4月8日就支持中央汇金公司稳定资本市场答记者问表示，中国人民银行坚定 支持中央汇金公司加大力度增持股票市场指数基金，并在必要时向中央汇金公司提供充足的再贷款支 持，坚决维护资本市场平稳运行。 2. 记者8日从国家金融监督管理总局获悉，《关于调整保险资金权益类资产监管比例有关事项的通知》 近日印发，优化保险资金比例监管政策，加大对资本市场和实体经济的支持力度。 3. 4月8日，中央汇金有关负责人在就2025年4月7日公告答记者问时表示，中央汇金公司一直是维护资本 市场稳定的重要战略力量，是资本市场上的"国家队"，发挥着类"平准基金"作用。下一步，中央汇金公 司将坚定增持各类市场风格的ETF，加大增持力度，均衡增持结构。中央汇金公司具有充分信心、足够 能力，坚决维护资本市场平稳运行。 4. 国务院国资委8日表示，将全力支持推动中央企业及其控股上市公司主动作为，不断 ...

Financial Performance - Total revenue for the year ended December 31, 2024, was RMB 1,391,552, a decrease of 9.6% from RMB 1,539,942 in 2023[2] - Gross profit for the same period was RMB 786,889, down from RMB 871,436, resulting in a gross margin of 56.5% compared to 56.6% in 2023[2] - Profit before tax decreased to RMB 68,400 from RMB 95,156, reflecting a decline of 28.2%[4] - Net profit for the year was RMB 48,293, significantly up from RMB 20,954 in 2023, marking a year-on-year increase of 130.8%[4] - Basic and diluted earnings per share increased to RMB 2.32 from RMB 1.00, representing a 132% rise[6] - Total comprehensive income for the year was RMB 38,686, compared to RMB 17,810 in 2023, indicating a growth of 117.5%[4] Assets and Liabilities - Non-current assets increased to RMB 332,207 from RMB 331,382, while current assets decreased to RMB 1,148,858 from RMB 1,418,152[8] - Total liabilities decreased from RMB 351,123 in 2023 to RMB 288,944 in 2024, showing a reduction of 17.7%[10] - The company's total equity decreased to RMB 1,184,969 from RMB 1,391,870, reflecting a decline of 14.9%[10] - The company reported a net cash position of RMB 429,748, down from RMB 663,455 in the previous year, indicating a decrease of 35.2%[8] - Total assets decreased to RMB 1,481,065 thousand in 2024 from RMB 1,749,534 thousand in 2023, a decline of 15.4%[21] - Total liabilities decreased to RMB 296,096 thousand in 2024 from RMB 357,664 thousand in 2023, a reduction of 17.2%[21] Revenue Breakdown - Retail and wholesale footwear external sales decreased to RMB 1,150,904 thousand in 2024 from RMB 1,356,413 thousand in 2023, representing a decline of 15.1%[19] - Contract manufacturing footwear external sales increased to RMB 161,483 thousand in 2024 from RMB 123,299 thousand in 2023, showing a growth of 30.9%[19] - Toy retail external sales rose to RMB 79,165 thousand in 2024 from RMB 60,230 thousand in 2023, marking an increase of 31.5%[19] - Revenue from external customers in China was RMB 1,233,006 thousand in 2024, down from RMB 1,417,612 thousand in 2023, a decrease of 13.0%[24] - Revenue from the United States market increased to RMB 158,546,000 in 2024, up 29.6% from RMB 122,330,000 in 2023[27] Cash Flow and Dividends - The company declared dividends totaling RMB 463,430,000, subject to a 10% withholding tax[38] - The company declared a special dividend of HKD 0.13 per share, totaling approximately RMB 245,587,000, which was fully distributed on July 22, 2024[41] - Cash and cash equivalents as of December 31, 2024, were RMB 429.7 million, down from RMB 663.5 million in 2023[109] Trade Receivables and Payables - Trade receivables decreased to RMB 159,431,000 in 2024 from RMB 169,117,000 in 2023, indicating a reduction of about 5.5%[48] - The provision for trade receivables loss decreased to RMB 374,000 in 2024 from RMB 1,505,000 in 2023, reflecting improved credit management[48] - Trade payables decreased from RMB 135,399 thousand in 2023 to RMB 106,443 thousand in 2024[56] - The aging analysis of trade payables shows that amounts overdue for 0 to 90 days decreased from RMB 130,267 thousand in 2023 to RMB 101,556 thousand in 2024[56] Operational Strategies and Market Outlook - The company aims to maintain stability while enhancing operational efficiency and competitiveness in the footwear industry[65] - The company plans to open 20 shopping center stores by 2025, aiming to exceed 110 shopping center stores by the end of 2025[71] - The company is actively exploring a profitable model for shopping center stores, currently operating nearly 90 such stores[70] - Digital transformation is expected to reduce costs by 7.8% and increase revenue by 33.3% in the retail industry, addressing high inventory and stockout issues[74] - The company aims to implement a unified data business sharing center to manage product information, inventory visibility, and multi-brand membership systems[75] Economic Context - China's GDP growth for 2024 reached 5.0%, with total retail sales of consumer goods amounting to RMB 487,895 billion, a 3.5% increase from the previous year[61] - The World Bank forecasts a global economic growth of 2.7% for 2025 and 2026, with China's growth forecast adjusted to 4.5% for 2025[60] Audit and Compliance - The independent auditor raised a qualified opinion regarding trade receivables amounting to approximately RMB 214,207,000, which were overdue as of May 31, 2024[125] - Management acknowledges uncertainty regarding the recoverability of trade receivables but believes it is premature to confirm impairment losses at this stage[129] - The audit committee has acknowledged the inability of the auditors to obtain sufficient appropriate audit evidence regarding the recoverability of trade receivables as of December 31, 2024[130] Employee and Corporate Governance - The group has 4,412 employees as of December 31, 2024, down from 4,594 employees in 2023[117] - The company has adopted a code of conduct for directors regarding securities trading, in compliance with the standards set forth in the listing rules[133]

下周解禁市值为401.65亿元。 昨日晚间，黄金概念股玉龙股份(601028)公告称，由于经营状况不佳、现金流持续恶化，公司经营面临 重大不确定性，为保护中小股东利益，拟主动撤回A股股票在上交所的上市交易。本议案尚需提交公司 股东大会审议。股东大会审议通过后，本次终止上市尚需获得上海证券交易所的同意。 玉龙股份成为2025年拟主动退市的首家公司。本次终止上市方案设置异议股东及其他股东保护机制，由 济高资本向其它股东提供现金选择权。现金选择权的行权价格为13.20元/股，高于30日交易均价，股权 登记日拟定为2025年4月16日。 最近，公司还因欠税遭到约谈警示。玉龙股份在3月18日公告称，因公司2023年1月1日至2024年9月30日 期间存在766.32万元税款逾期未缴纳，国家税务总局济南高新技术产业开发区税务局对公司开展约谈警 示，并就欠税缴纳情况进行核实。 受益于近期黄金价格持续走高的影响，黄金概念股近期涨幅明显，玉龙股份3月以来股价累计上涨 16.01%，停牌前的3月18日，玉龙股份当日大涨7.24%，收报13.04元/股，总市值达102亿元。截至2024 年三季度末，玉龙股份的股东数量为38049户 ...

Financial Performance - For the six months ended June 30, 2024, revenue was RMB 720,643,000, a decrease of 8.5% compared to RMB 787,909,000 in the same period of 2023[10]. - Gross profit for the same period was RMB 419,946,000, down from RMB 461,179,000, reflecting a gross margin of approximately 58.2%[10]. - Profit for the period attributable to owners of the Company was RMB 52,594,000, compared to RMB 45,156,000 in the prior year, representing an increase of 16.4%[10]. - Earnings per share increased to 2.52 RMB cents, up from 2.19 RMB cents, indicating a growth of 15.1%[10]. - Revenue from retail and wholesale decreased by 12.2% to RMB 612.4 million, accounting for 85.0% of total revenue[63]. - Gross profit for the same period decreased by 9.0% to RMB 419.9 million, with a gross profit margin of 58.3%, down from 58.5% in the previous year[64][65]. - Profit for the period amounted to RMB 52.6 million, an increase of 16.4% compared to RMB 7.4 million in the same period last year[60][62]. - Total comprehensive income for the period was RMB 44,217,000, slightly down from RMB 46,911,000 in 2023[99]. Economic Outlook - The World Bank raised its global economic growth forecast for 2024 to 2.6%, and China's growth forecast was increased to 4.8%[13]. - China's GDP for the first half of 2024 was RMB 61,683.6 billion, reflecting a year-on-year increase of 5.0%[14]. - The management highlighted the recovery of external demand and the effects of macro policy as new support factors for economic development[14]. - Economic risks such as upward inflation, renewed trade tensions, and geopolitical uncertainty are becoming more prominent, impacting future growth prospects[45]. - The International Monetary Fund (IMF) forecasts global economic growth of 3.2% in 2024, with an optimistic outlook for China's economic performance due to a rebound in private consumption and strong exports[45]. Market Strategy - The company remains cautiously optimistic due to the complex external environment and ongoing domestic structural adjustments[13]. - The company is focusing on new product development and market expansion strategies to adapt to the changing economic landscape[14]. - C.banner's strategy includes restructuring measures and improving distribution channel efficiency to maintain stable performance[20]. - C.banner aims to leverage its brand value to achieve sustainable growth and respond to emerging market challenges[18]. - The company is focusing on digital-driven precision marketing and exploring unique private traffic development paths[58][61]. Retail and E-commerce - The number of retail outlets for C.banner decreased to 1,047 by the end of June 2024, a net decrease of 14 outlets since the beginning of the year[21]. - C.banner's operational focus is on integrating online and offline retail to effectively reach target customers[20]. - National online retail sales in China reached RMB 70.991 billion in the first half of 2024, representing a year-on-year increase of 9.8%[30]. - The popularity of the company's WeChat official account has contributed to increased consumer engagement and sales through its micro-mall[30]. - The company will continue to enhance its marketing efforts on high-traffic social media platforms to connect with young consumers[30]. Inventory and Cash Management - The company has streamlined its store operations to avoid excess inventory and maintain a solid market position[20]. - The company aims to improve single store efficiency and inventory control to increase same-store sales growth[28]. - Net cash generated from operating activities was RMB 26.7 million, a decrease of RMB 76.3 million compared to RMB 103.0 million in the same period last year[67]. - Net current assets decreased by RMB 199.4 million or 18.7% to RMB 867.6 million as of June 30, 2024, compared to RMB 1,067.0 million as of December 31, 2023[67]. Shareholder Information - The Directors do not recommend the payment of an interim dividend for the six months ended June 30, 2024, consistent with the previous year[73]. - As of June 30, 2024, Mr. Chen Yixi holds 280,000,000 shares, representing a 13.48% interest in the company[83]. - Ms. Cheng Xuanxuan owns 820,759,436 shares, accounting for 39.52% of the company's interest[83]. Operational Efficiency - The Group's distribution and selling expenses reached RMB 346.6 million, a decrease of RMB 25.9 million or 7.0% from the same period last year, accounting for 48.1% of revenue from continuing operations[66]. - The Group's employee benefits expenses, including directors' emoluments, totaled RMB 163,185,000, a slight decrease from RMB 169,962,000 in the previous year[147]. - The Group's financial management employs a vertical centralized management model to enhance operational efficiency and improve financial management levels[43]. Product Development - C.banner is committed to optimizing research and development to continue product innovation, ensuring high-quality offerings for urban women[34]. - C.banner has released its Generation V noiseless step shoes, featuring patented technologies including double-density silent and noiseless technology, and upgraded designs for heel and ankle care[37]. - The company is actively exploring cooperation opportunities with designers to develop cost-effective original footwear products targeting young and high-spending groups[37]. Financial Position - As of June 30, 2024, the Group had bank balances and cash of RMB646.3 million, down from RMB663.5 million as of December 31, 2023[67]. - The Group's total equity attributable to owners decreased to RMB 1,175,666,000 from RMB 1,382,633,000, a decline of approximately 15%[105]. - Current liabilities increased to RMB 560,174,000 from RMB 351,123,000, marking a significant rise of approximately 60%[101].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 720,643, a decrease of 8.5% compared to RMB 787,909 for the same period in 2023[1] - Gross profit for the same period was RMB 419,946, down 9.0% from RMB 461,179 in 2023[3] - Profit before tax was RMB 68,897, slightly up from RMB 68,627 in the previous year[3] - Net profit for the period was RMB 52,594, an increase of 16.4% compared to RMB 45,156 in 2023[1] - Basic and diluted earnings per share were both RMB 2.52, compared to RMB 2.19 in the same period last year, reflecting a 15.1% increase[1] - Total comprehensive income for the period was RMB 44,217, a decrease from RMB 46,911 in 2023[4] Assets and Liabilities - Non-current assets as of June 30, 2024, amounted to RMB 322,133, a slight decrease from RMB 331,382 at the end of 2023[6] - Current liabilities decreased to RMB 560,174 from RMB 351,123 at the end of 2023, indicating a significant increase in obligations[6] - The company's total equity attributable to owners was RMB 1,175,666, down from RMB 1,382,633 at the end of 2023[7] - Cash and cash equivalents were RMB 646,257, a decrease from RMB 663,455 at the end of 2023[6] - Total assets as of June 30, 2024, amounted to RMB 1,749,895,000, slightly up from RMB 1,749,534,000 as of December 31, 2023[15] - Total liabilities decreased to RMB 564,812,000 from RMB 357,664,000, reflecting a reduction in retail and wholesale footwear liabilities[15] Segment Performance - The retail and wholesale footwear segment generated external sales of RMB 612,389,000, down from RMB 697,092,000, reflecting a decline of approximately 12.2%[14] - The contract manufacturing footwear segment saw external sales increase to RMB 72,398,000, up from RMB 63,037,000, representing a growth of about 14.5%[14] - The toy retail segment reported external sales of RMB 35,856,000, an increase from RMB 27,780,000, marking a growth of approximately 29.1%[14] Financial Management - The company reported a financial cost of RMB (512,000), a decrease from RMB (1,069,000) in the previous year, showing an improvement in financial management[14] - The income tax expense for the period was RMB (16,303,000), down from RMB (23,471,000), reflecting a decrease of approximately 30.5%[14] - The company emphasizes refined financial management, focusing on inventory management, cash flow management, and timely accounts receivable tracking[44] - The company has established an internal audit department to enhance oversight of daily operations and financial management[45] Market and Economic Context - In the first half of 2024, China's GDP grew by 5.0% year-on-year, reaching RMB 616,836 billion, indicating a recovery in the economic landscape[32] - Retail sales of consumer goods in China for the first half of 2024 totaled RMB 23.6 trillion, reflecting a year-on-year increase of 3.7%[32] - The World Bank has raised its forecast for China's economic growth in 2024 to 4.8%, up from an earlier estimate of 4.5%, driven by various economic policies aimed at stabilizing growth[32] Strategic Initiatives - The company is actively negotiating repayment plans with the former subsidiary regarding outstanding trade debts, which have not yet been resolved[29] - The company has implemented effective measures to leverage its competitive advantages and brand value to achieve sustainable growth amid economic challenges[33] - The company remains focused on maintaining stability while pursuing future development opportunities in emerging markets[33] Retail Operations - The total number of retail stores decreased to 1,047 by the end of June 2024, a net reduction of 14 stores since the beginning of the year[34] - The number of self-operated footwear retail stores is 862, down by 13 stores year-to-date, while third-party retail stores decreased by 1 to 185[34] - The company plans to strategically close more unprofitable stores in the second half of the year while ensuring market share remains unaffected[36] E-commerce and Digital Strategy - Online retail sales in China reached RMB 70.991 billion in the first half of 2024, representing a year-on-year growth of 9.8%[37] - The online retail sales of physical products amounted to RMB 59,596 billion, with a year-on-year increase of 8.8%, accounting for 25.3% of total retail sales of consumer goods[37] - The company aims to enhance same-store sales growth and improve operational efficiency through the expansion of outlet stores, with approximately 100 existing stores adopting the outlet model[36] - The company will continue to strengthen its WeChat operations to maintain customer loyalty and enhance sales through its WeChat official account and mini-store[38] Product Development and Innovation - The company has upgraded its Silent Shoe technology to the fifth generation, incorporating dual-density noise reduction technology and new soft materials for enhanced comfort[41] - The company emphasizes collaboration with designers to develop innovative footwear products that appeal to young and high-spending consumers[42] - The company is leveraging big data from its extensive customer database to empower product upgrades and enhance product development[42] Corporate Governance - The company has adhered to all applicable corporate governance codes as of June 30, 2024, ensuring shareholder rights and enhancing corporate value[63] - The audit committee reviewed the accounting principles and policies adopted by the group for the six months ending June 30, 2024[65]

Contents 目錄 | Corporate Profile | | Independent Auditor's Report | | | --- | --- | --- | --- | | 公司簡介 | 2 | 獨立核數師報告 | 178 | | Corporate Information | | Consolidated Statement of Profit or Loss | | | 公司資料 | 5 | and Other Comprehensive Income | | | Financial Highlights | | 綜合損益及其他全面收益表 | 184 | | 財務摘要 | 8 | Consolidated Statement of Financial Position | | | | | 綜合財務狀況表 | 186 | | Chairman's Statement | | | | | 主席報告 | 9 | Consolidated Statement of Changes in Equity | | | Report of the Directors | | 綜合權益變動表 | 188 ...

Financial Performance - The company's total revenue for the year ended December 31, 2023, was RMB 1,539,942 thousand, representing an increase of 11.5% from RMB 1,381,742 thousand in 2022[26]. - Gross profit for the same period was RMB 871,436 thousand, with a gross margin of 56.6%, compared to RMB 767,060 thousand and a gross margin of 55.5% in 2022[26]. - Profit before tax increased significantly to RMB 95,156 thousand from RMB 17,335 thousand in the previous year, indicating a substantial improvement in operational efficiency[26]. - Net profit for the year was RMB 20,954 thousand, up from RMB 14,766 thousand in 2022, resulting in a net profit margin of 1.4% compared to 1.1%[26]. - Basic and diluted earnings per share were both RMB 1.00, an increase from RMB 0.71 in the previous year[26]. - The company reported other income and gains of RMB 79,877 thousand, up from RMB 55,008 thousand in 2022, reflecting growth in ancillary revenue streams[27]. - Distribution and selling expenses rose to RMB 740,724 thousand from RMB 694,879 thousand, indicating increased investment in marketing and sales efforts[27]. - The company reported a net profit attributable to owners of RMB 20,830,000 for the year ended December 31, 2023, up from RMB 14,789,000 in 2022, indicating an increase of approximately 40.5%[77]. - The company declared dividends totaling RMB 463,430,000 to its subsidiaries in China, subject to a 10% withholding tax[76]. Assets and Liabilities - The total liabilities of the group increased to RMB 357,664 thousand from RMB 344,545 thousand[4]. - The company's total assets decreased slightly to RMB 1,749,534 thousand in 2023 from RMB 1,718,605 thousand in 2022[60]. - Cash and cash equivalents increased significantly to RMB 663,455 thousand in 2023, compared to RMB 496,252 thousand in 2022, marking a growth of approximately 33.6%[1]. - The net current assets rose to RMB 1,067,029 thousand in 2023, up from RMB 803,698 thousand in 2022, reflecting an increase of about 32.9%[1]. - Non-current liabilities related to lease liabilities decreased to RMB 6,541 thousand in 2023 from RMB 27,168 thousand in 2022, a reduction of approximately 76.1%[32]. - The company's equity increased to RMB 1,391,870 thousand in 2023 from RMB 1,374,060 thousand in 2022, showing a growth of about 1.3%[32]. - Inventory levels decreased to RMB 333,985 thousand in 2023 from RMB 457,265 thousand in 2022, a decline of approximately 26.9%[1]. - Trade receivables increased to RMB 167,612 thousand in 2023 from RMB 135,510 thousand in 2022, representing a growth of about 23.7%[1]. Market and Business Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[35]. - The company is optimizing its retail network and adjusting its offline retail presence while enhancing its online business to better reach target customers[114]. - The company is focusing on enhancing brand positioning and developing new retail business to respond to emerging market risks[136]. - The company is committed to improving store efficiency and controlling inventory to enhance same-store sales growth[117]. - The company aims to strengthen its private traffic system, focusing on member operations and integrating various consumer services[124]. - The company is actively participating in e-commerce platform development, particularly on platforms like Xiaohongshu and Douyin, to boost brand awareness and customer loyalty[171]. - The company is focusing on enhancing online and offline integration through a new retail business matrix starting in 2023[142]. - The company aims to improve product quality and cost-effectiveness to target the middle-class consumer segment[144]. - The company is leveraging big data and AI technologies to enhance product development and upgrade offerings[154]. Economic and Industry Context - The global economic growth is projected to slow down for the third consecutive year in 2024, with many developing countries continuing to face challenges[109]. - The retail sales of consumer goods in China grew by 7.2% in 2023, with total retail sales reaching RMB 47.15 trillion (approximately USD 6.63 trillion)[110]. - The company believes that the fundamentals of long-term economic growth in China will not change, supported by government measures to stimulate consumption recovery[112]. - In 2023, China's online retail sales reached RMB 15.4 trillion, an increase of 11.0% year-on-year, indicating robust growth in live e-commerce[120]. Operational Efficiency - The company has achieved a significant increase in accounts receivable from a former subsidiary, rising to RMB 210.999 million in 2023 from RMB 4.255 million in 2022[127]. - The company has reduced 30 self-operated retail stores while adding 2 third-party retail stores during the review period[138]. - The company has expanded its outlet store model, with over 100 stores currently operating, which has proven effective in improving operational efficiency[140]. - The company maintains strict monitoring of overdue receivables and regularly reviews overdue balances[102]. - The company is actively exploring new offline consumption scenarios to enhance distribution channel efficiency[141]. Future Plans and Developments - The company plans to increase the number of shopping center stores from 60 to approximately 150 in the future[117]. - The group plans to enhance the use of AR in brand promotion in 2024, aiming to improve engagement with consumers and frontline employees[172]. - The company has established a WeChat mini-store to enhance customer experience and facilitate online-to-offline shopping[123]. - The company aims to enhance user coverage and conversion rates through precise marketing and multi-dimensional operational models[199]. - The company is committed to improving store efficiency and controlling inventory to enhance same-store sales growth[117]. Shareholder Information - As of November 29, 2023, Orchid Valley Holdings Limited announced a conditional cash offer to acquire all issued shares of the company[200]. - The offer will be available for acceptance on December 20, 2023, and is expected to become unconditional by January 15, 2024[200]. - Following the offer's conclusion on March 18, 2024, the offeror will hold approximately 39.52% of the company's total issued shares[200].

智通财经APP讯，千百度(01028)及要约人Orchid Valley Holdings Limited联合公布，于2024年1月29日下午四时正，要约人已根据要约接获就约7.15亿股股份(占于本联合公告日期全部已发行股份约34.44%)的有效接纳。 要约人已决定将要约进一步延长至2024年2月19日(星期一)下午四时正(或要约人根据收购守则可能厘定及公布的其他时间及╱或日期)，以提供额外时间予股东接纳要约。 紧随2024年1月29日后，经计及根据要约提呈的有效接纳(待完成将该等股份转让予要约人后)，连同于要约之前或期间已拥有或收购或同意收购的股份，要约人持有、控制或指示约8.19亿股股份(占本联合公告日期全部已发行股份约39.43%);及要约人及要约人一致行动人士合共持有、控制或指示约12.55亿股股份(占本联合公告日期全部已发行股份约60.41%)。 ...