Core Viewpoint - Yulong Co., Ltd. has voluntarily decided to terminate its stock listing on the Shanghai Stock Exchange, with the delisting date set for May 27, 2025, marking another case of voluntary delisting in the A-share market [1][2][5]. Group 1: Delisting Announcement - On May 20, 2025, Yulong Co., Ltd. received a decision from the Shanghai Stock Exchange regarding the termination of its stock listing [4]. - The company will officially delist on May 27, 2025 [6]. Group 2: Voluntary Delisting Process - Yulong Co., Ltd. opted for voluntary delisting rather than being forced to delist, as approved by a resolution at the company's second extraordinary general meeting on April 7, 2025 [5]. - The company submitted an application to withdraw its stock from trading on the Shanghai Stock Exchange on April 25, 2025, in accordance with relevant stock exchange rules [5]. Group 3: Transition to Alternative Trading System - After delisting, Yulong Co., Ltd.'s stock will transition to the National Equities Exchange and Quotations (NEEQ) system for continued trading [6]. - The company has appointed Zhongtai Securities Co., Ltd. as the sponsor to facilitate the transfer of shares and manage the delisting process [6]. Group 4: Cash Option for Shareholders - Yulong Co., Ltd. has provided a cash option for shareholders at a price of 13.20 yuan per share, with approximately 4.49 million shares being effectively declared during the cash option application period [7]. Group 5: Context of Voluntary Delisting in A-share Market - Voluntary delisting cases have been rare in the A-share market, with Yulong Co., Ltd. being one of the few recent examples, alongside Yaxing Bus Co., Ltd. and Jingwei Textile Machinery Co., Ltd. [8][9].

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].

Group 1: Market Support Initiatives - The National Social Security Fund has actively increased its holdings in domestic stocks and plans to continue this trend in the near future, reflecting a long-term investment strategy [3][6] - Central Huijin Investment has committed to increasing its holdings in various market-style ETFs and will provide sufficient re-lending support to stabilize the capital market [2][4] - The State-owned Assets Supervision and Administration Commission (SASAC) is supporting central enterprises to actively increase share buybacks and enhance shareholder value, aiming to boost market confidence in listed companies [2][4] Group 2: Corporate Actions - China Chengtong plans to use 100 billion yuan for stock repurchases to support listed companies, aligning with national strategies [4] - Several companies, including China Petroleum and China National Offshore Oil Corporation, have announced plans to repurchase shares, with amounts ranging from 5 billion to 56 billion yuan [5] - Chenghe Technology is planning to acquire at least 51% of Yingri Technology, which is expected to constitute a major asset restructuring [6][7] Group 3: Financial Performance Expectations - CITIC Securities expects a 32% year-on-year increase in net profit for Q1 2025 [6] - China Haifeng anticipates a staggering 693% year-on-year increase in net profit for the same period [6] - Other companies, such as BYD and China Shipbuilding, are also projecting significant year-on-year profit growth, indicating a positive outlook for the sector [7]

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]

Group 1 - The core point of the news is that Yulong Co., Ltd. plans to voluntarily withdraw its A-shares from the Shanghai Stock Exchange due to poor operating conditions and deteriorating cash flow, marking it as the first company to propose voluntary delisting in 2025 [1] - Yulong Co. will provide a cash option to shareholders at a price of 13.20 yuan per share, which is above the 30-day trading average, with the record date set for April 16, 2025 [1] - The company has also been warned by tax authorities for overdue tax payments amounting to 7.6632 million yuan [1] Group 2 - Next week, 37 stocks will face a total unlock market value of 40.165 billion yuan, with Xingchen Technology and Junpu Intelligent having the largest unlock values of 10.272 billion yuan and 8.551 billion yuan respectively [2] - Among the 37 stocks, 4 stocks have an unlock ratio exceeding 50%, with Huarong Chemical having the highest at 71.63% [3] Group 3 - The average stock price increase for the 37 stocks facing unlock next week is 1.48% since March, with Lingyun Co., Ltd. and Yingli Co., Ltd. showing significant increases of 18.42% and 16.33% respectively [4] - Conversely, Shouyao Holdings-U has the largest decline, with a drop of 13.29% since March [5] Group 4 - Among the stocks facing unlock, 26 have released performance forecasts, with several companies like Mengke Pharmaceutical-U and He Yuan Biological reporting losses [5] - Nine of the unlock stocks are expected to perform well in 2024, including Shengmei Shanghai and Huaming Equipment, which are projected to achieve profit growth [6]

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]

Company Overview - C.banner International Holdings Limited is a leading retailer of mid-to-premium women's formal and casual footwear in China[2]. - The Group operates self-developed brands including C.banner, EBLAN, MIO, Badgley Mischka, and natursun, targeting a diverse customer base across first- to third-tier cities[3]. - C.banner's brand values are centered around elegance, charm, and fashion, appealing to a broad demographic of female consumers[2]. Business Strategy - The Group is actively expanding its online business to enhance its customer base and sales distribution network[3]. - The company emphasizes a diversified brand strategy and product portfolio to cater to various market segments[4]. - The Group's strategic focus includes leveraging its OEM and ODM capabilities for international markets[3]. - The Group aims to strengthen its brand position and focus on product design and quality to meet the demands of emerging consumer groups[43]. - The Group has identified the athleisure market as a rising trend, effectively broadening its customer base to the younger generation and increasing market share[48]. - The Group plans to expand its online and offline networks to seize market share and optimize its business model in response to changing consumer preferences[52]. - The Group's diversified branding strategy has allowed it to effectively capture new business opportunities despite complex market conditions[56]. Financial Performance - Revenue for the year ended December 31, 2023, reached RMB 1,539,942,000, a 11.5% increase from RMB 1,381,742,000 in 2022[22]. - Gross profit increased to RMB 871,436,000, resulting in a gross profit margin of 56.6%, up from 55.5% in the previous year[22]. - Profit before income tax surged to RMB 95,156,000, compared to RMB 17,335,000 in 2022, indicating a significant recovery[22]. - The average inventory turnover improved to 216.0 days from 280.3 days in 2022, reflecting better inventory management[22]. - For the twelve months ended December 31, 2023, the Group's total revenue increased by 11.4% year-on-year to RMB 1,539.9 million, compared to RMB 1,381.7 million in 2022[189]. - The Group's operating profit grew by 41.9% to approximately RMB 21.0 million, up from RMB 14.8 million in 2022[189]. Market Outlook - Future outlook includes expanding its market presence and enhancing brand recognition in the competitive footwear industry[4]. - The footwear industry is projected to generate global revenue of US$412.9 billion in 2024, with an annual growth rate of 3.43%[28]. - The International Monetary Fund forecasts China's real GDP growth to slow to 4.6% in 2024[182]. - The Group anticipates facing economic challenges in the short term but remains well-prepared to leverage its business model in the post-pandemic era[52]. Sustainability and Corporate Responsibility - The Company is committed to sustainability and environmental protection while enhancing brand value and user experience[42]. - The Group is dedicated to sustainable growth and environmental protection, aiming to enhance efficiency and reduce resource usage in production processes[65]. - The Group has taken multiple environmental protection measures, including waste reduction and recycling initiatives[69]. - The Group has complied with all relevant laws and regulations concerning labor rights, environmental protection, product safety, and health during the year ended December 31, 2023[70]. Employee and Governance - The Group organizes comprehensive training programs to enhance employees' capabilities and efficiency in daily operations[71]. - The company has established a remuneration committee to review the emolument policy and structure for all directors and senior management, considering the group's operating results and individual performance[107]. - The company has adopted a share award scheme as an incentive for eligible employees[107]. Shareholding Structure - The total number of shares held by substantial shareholders indicates a concentrated ownership structure, with significant interests held by a few entities[124][126]. - The company has maintained its shareholding structure without any changes in the year, reflecting stability in its ownership[134]. - As of December 31, 2023, the Company had reserves available for distribution of approximately RMB189.4 million, compared to nil as of December 31, 2022[92]. Retail Network and Expansion - As of December 31, 2023, the Group operated 875 proprietary retail outlets and 186 third-party retail outlets across China, maintaining a strong presence in 31 provinces, municipalities, and autonomous regions[196]. - The Group recorded a net reduction of 30 proprietary shoe retail outlets during the year, while increasing third-party shoe retail outlets by 2[196]. - The Group's strategy includes optimizing its retail network and establishing a more visible online presence to effectively reach target customers[195].

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%)。 ...