[Company Information](index=3&type=section&id=%E5%85%AC%E5%8F%B8%E8%B3%87%E6%96%99) This section provides fundamental details about the company [Management Discussion and Analysis](index=5&type=section&id=%E7%AE%A1%E7%90%86%E5%B1%A4%E8%A8%8E%E8%AB%96%E5%8F%8A%E5%88%86%E6%9E%90) This section reviews the company's operational performance, financial results, and future strategies [Business Review](index=5&type=section&id=%E6%A5%AD%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's business performance significantly improved in the first half of 2021, driven by strategic optimization of channels, focus on store efficiency, and advancement of new retail initiatives Key Business Performance Indicators | Indicator | H1 2021 | H1 2020 | Growth Rate | | :--- | :--- | :--- | :--- | | Total Revenue | RMB 521.1 million | RMB 324.6 million | +60.5% | - The retail network was optimized, with the total number of stores decreasing by approximately **8.9%** from 1,003 at the end of 2020 to 914 as of June 30, 2021[10](index=10&type=chunk) - The company's operating strategy focuses on "developing new businesses and deepening existing ones," refining traditional retail management while vigorously promoting new retail to empower offline channels[11](index=11&type=chunk) - Multiple management measures were implemented to enhance operational efficiency, including strengthening performance appraisal, optimizing product-supply chain collaboration, implementing information management, and building talent pipelines and corporate culture[12](index=12&type=chunk) [Financial Review](index=6&type=section&id=%E8%B2%A1%E5%8B%99%E5%9B%9E%E9%A1%A7) The company's financial performance rebounded strongly, with total revenue increasing by 60.5% and gross profit by 54.0%, leading to a turnaround from loss to a net profit attributable to owners of RMB 6.3 million [Revenue Analysis](index=6&type=section&id=%E6%94%B6%E5%85%A5) Total revenue increased by 60.5% to RMB 521.1 million, primarily due to the recovery of offline channels and successful development of online e-commerce and new retail businesses Revenue by Sales Channel | Sales Channel | H1 2021 (RMB thousand) | Share | H1 2020 (RMB thousand) | Share | | :--- | :--- | :--- | :--- | :--- | | Sales to distributors | 39,703 | 7.6% | 17,849 | 5.5% | | E-commerce platforms | 97,610 | 18.7% | 49,148 | 15.1% | | Self-operated retail stores | 99,676 | 19.1% | 59,349 | 18.3% | | Cooperative arrangements | 221,756 | 42.6% | 181,107 | 55.8% | | Professional wear | 53,982 | 10.4% | 8,657 | 2.7% | | Others | 8,363 | 1.6% | 8,450 | 2.6% | | **Total** | **521,090** | **100%** | **324,560** | **100%** | Revenue by Brand | Brand | H1 2021 (RMB thousand) | Share | H1 2020 (RMB thousand) | Share | | :--- | :--- | :--- | :--- | :--- | | FIRS | 241,731 | 46.4% | 108,690 | 33.5% | | SHANSHAN | 267,556 | 51.3% | 203,299 | 62.6% | | LUBIAM | 4,611 | 0.9% | 5,826 | 1.8% | | Others | 7,192 | 1.4% | 6,745 | 2.1% | | **Total** | **521,090** | **100%** | **324,560** | **100%** | [Gross Profit and Expense Analysis](index=7&type=section&id=%E6%AF%9B%E5%88%A9%E5%8F%8A%E9%96%8B%E6%94%AF) Gross profit increased by 54.0% to RMB 260.5 million, driven by revenue growth, while selling and distribution expenses slightly increased and finance costs decreased - Gross profit increased by **54.0%** from RMB 169.2 million to **RMB 260.5 million** year-over-year[22](index=22&type=chunk) - Selling and distribution expenses slightly increased by **3.2%** from RMB 218.8 million to **RMB 225.7 million**[27](index=27&type=chunk) - Finance costs decreased by **26.6%** from RMB 7.9 million to **RMB 5.8 million**[31](index=31&type=chunk) [Profit and Loss](index=9&type=section&id=%E5%88%A9%E6%BD%A4%E8%88%87%E8%99%A7%E6%90%8D) The company achieved a significant turnaround, reporting a profit attributable to owners of RMB 6.3 million compared to a loss of RMB 70.6 million in the prior period Profit/Loss Attributable to Owners | Indicator | H1 2021 | H1 2020 | | :--- | :--- | :--- | | Profit/(Loss) attributable to owners of the Company | Profit RMB 6.3 million | Loss RMB 70.6 million | [Working Capital Management](index=9&type=section&id=%E7%87%9F%E9%81%8B%E8%B3%87%E6%9C%AC%E7%AE%A1%E7%90%86) The company significantly improved its working capital management efficiency, notably reducing average inventory turnover days Working Capital Turnover Days | Indicator | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Average inventory turnover days | 286 days | 357 days | | Average trade receivables turnover days | 63 days | 71 days | | Average trade payables turnover days | 108 days | 153 days | [Liquidity and Financial Resources](index=10&type=section&id=%E6%B5%81%E5%8B%95%E8%B3%87%E9%87%91%E5%8F%8A%E8%B2%A1%E5%8B%99%E8%B3%87%E6%BA%90) The Group maintained a sound financial position, with cash and cash equivalents decreasing due to repayment of bank borrowings and reduced trade payables Liquidity and Financial Position | Indicator | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | Cash and cash equivalents | RMB 49.0 million | RMB 111.3 million | | Total bank borrowings | RMB 176.9 million | RMB 202.2 million | | Gearing ratio | 21.4% | 22.8% | [Use of Proceeds from Share Offer](index=11&type=section&id=%E8%82%A1%E4%BB%BD%E7%99%BC%E5%94%AE%E6%89%80%E5%BE%97%E6%AC%BE%E9%A0%85%E7%94%A8%E9%80%94) As of June 30, 2021, RMB 51.8 million of the RMB 55.2 million net proceeds from the 2018 share offer has been utilized, with the remaining RMB 3.4 million allocated for IT system upgrades - The remaining **RMB 3.4 million** from the share offer proceeds is designated for information technology system upgrades, expected to be utilized in the fourth quarter of 2021[45](index=45&type=chunk) [Interim Dividend](index=11&type=section&id=%E4%B8%AD%E6%9C%9F%E8%82%A1%E6%81%AF) The Board of Directors resolved not to declare any interim dividend for the period - The Board has resolved not to declare any interim dividend for the six months ended June 30, 2021[46](index=46&type=chunk) [Employees and Remuneration Policy](index=12&type=section&id=%E5%83%B1%E5%93%A1%E5%8F%8A%E8%96%AA%E9%85%AC%E6%94%BF%E7%AD%96) The Group's employee count decreased to 448 as of June 30, 2021, while employee costs for the period increased to approximately RMB 48.3 million - Employee count decreased from 523 at the end of 2020 to **448** as of June 30, 2021[49](index=49&type=chunk) - Employee costs for the period were approximately **RMB 48.3 million**, an increase of approximately **19.3%** year-over-year[49](index=49&type=chunk) [Outlook and Plans](index=13&type=section&id=%E5%89%8D%E6%99%AF%E5%8F%8A%E8%A8%88%E5%8A%83) For the second half of 2021, the Group plans to enhance the competitiveness of its core brands, FIRS and SHANSHAN, by deepening reforms, strengthening channel management, and optimizing product and supply chain collaboration - The Group will continue to focus on "innovation-driven and intrinsic development" to enhance the competitiveness of its two core brands, FIRS and SHANSHAN[58](index=58&type=chunk) - Operational priorities include strengthening distributor and direct sales systems, improving supply chain responsiveness, optimizing supplier structure, increasing gross profit margin, controlling expenses, reducing inventory, and seeking new business growth points[58](index=58&type=chunk) [Corporate Governance and Other Information](index=14&type=section&id=%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%8F%8A%E5%85%B6%E4%BB%96%E8%B3%87%E6%96%99) This section details the company's corporate governance practices, including shareholding structures and compliance with relevant codes [Directors, Supervisors, and Major Shareholders' Shareholding](index=14&type=section&id=%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%A3%E4%BA%8B%E5%8F%8A%E4%B8%BB%E8%A6%81%E8%82%A1%E6%9D%B1%E6%8C%81%E8%82%A1) The report details the shareholding of directors, supervisors, and major shareholders, with Chairman Mr. Luo Yefei and his spouse holding 27.996% and Shanshan Co., Ltd. and its associates holding 70.463% - Chairman Mr. Luo Yefei and his spouse Ms. Zhou Yumei (Non-executive Director) collectively hold **27.996%** of the total issued shares through controlled corporations[62](index=62&type=chunk)[63](index=63&type=chunk)[64](index=64&type=chunk) - Major shareholder Shanshan Co., Ltd. and its concert parties (Shanshan Group, Shanshan Holdings, etc.) collectively hold **70.463%** of the total issued shares[66](index=66&type=chunk)[70](index=70&type=chunk) [Compliance with Corporate Governance Code](index=18&type=section&id=%E9%81%B5%E5%AE%88%E4%BC%81%E6%A5%AD%E7%AE%A1%E6%B2%BB%E5%AE%88%E5%89%87) The company generally complied with the Corporate Governance Code, with two noted deviations regarding the separation of Chairman and CEO roles and the Chairman's attendance at the AGM - There was a deviation from Code Provision A.2.1: the roles of Chairman and Chief Executive Officer were not separated, both held by Mr. Luo Yefei[80](index=80&type=chunk) - There was a deviation from Code Provision E.1.2: Chairman Mr. Luo Yefei was unable to attend the Annual General Meeting held on June 4, 2021[81](index=81&type=chunk) [Condensed Consolidated Interim Financial Statements](index=19&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8) This section presents the condensed consolidated interim financial statements, including the statement of profit or loss, financial position, and cash flows [Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income](index=20&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E6%90%8D%E7%9B%8A%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%A8%E9%9D%A2%E6%94%B6%E5%85%A5%E8%A1%A8) For the six months ended June 30, 2021, the company reported revenue of RMB 521 million and gross profit of RMB 260 million, successfully turning around from a loss to a profit of RMB 3.5 million Condensed Consolidated Statement of Profit or Loss and Other Comprehensive Income (RMB) | Item (RMB) | Six Months Ended June 30, 2021 | Six Months Ended June 30, 2020 | | :--- | :--- | :--- | | Revenue | 521,090,457 | 324,560,034 | | Gross profit | 260,467,996 | 169,189,343 | | Profit/(Loss) before income tax | 4,377,709 | (76,503,473) | | Profit/(Loss) for the period | 3,538,782 | (72,791,415) | | Profit/(Loss) attributable to owners of the Company | 6,282,208 | (70,615,112) | | Basic earnings/(loss) per share | 0.05 | (0.53) | [Condensed Consolidated Statement of Financial Position](index=21&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E8%B2%A1%E5%8B%99%E7%8B%80%E6%B3%81%E8%A1%A8) As of June 30, 2021, the company's total assets were RMB 826 million, total liabilities RMB 616 million, and net assets RMB 210 million, with net current assets of RMB 113 million Condensed Consolidated Statement of Financial Position (RMB) | Item (RMB) | June 30, 2021 | December 31, 2020 | | :--- | :--- | :--- | | **Assets** | | | | Non-current assets | 116,990,585 | 130,185,908 | | Current assets | 709,442,724 | 758,427,567 | | **Total assets** | **826,433,309** | **888,613,475** | | **Liabilities and Equity** | | | | Current liabilities | 596,652,465 | 658,432,693 | | Non-current liabilities | 19,566,433 | 23,505,153 | | **Total liabilities** | **616,218,898** | **681,937,846** | | **Net assets** | **210,214,411** | **206,675,629** | | **Total equity** | **210,214,411** | **206,675,629** | [Condensed Consolidated Statement of Cash Flows](index=24&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E7%8F%BE%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For the six months ended June 30, 2021, the company experienced net cash outflows from operating, investing, and financing activities, resulting in a net decrease of RMB 62.3 million in cash and cash equivalents Condensed Consolidated Statement of Cash Flows (RMB) | Item (RMB) | Six Months Ended June 30, 2021 | | :--- | :--- | | Net cash used in operating activities | (12,177,470) | | Net cash used in investing activities | (7,070,652) | | Net cash used in financing activities | (43,091,266) | | **Net decrease in cash and cash equivalents** | **(62,339,388)** | | Cash and cash equivalents at beginning of period | 111,326,251 | | **Cash and cash equivalents at end of period** | **48,986,863** | [Notes to the Financial Statements (Summary)](index=25&type=section&id=%E7%B0%A1%E6%98%8E%E7%B6%9C%E5%90%88%E4%B8%AD%E6%9C%9F%E8%B2%A1%E5%8B%99%E5%A0%B1%E8%A1%A8%E9%99%84%E8%A8%BB) The notes provide detailed explanations of financial statement items, including the single reporting segment, trade receivables, bank borrowings, and a post-reporting period event regarding a subsidiary's voluntary liquidation - The Group operates in a single reportable segment, clothing trading in China, with all revenue derived from China[114](index=114&type=chunk)[120](index=120&type=chunk) - Total bank borrowings amount to **RMB 177 million**, consisting of USD, EUR, and RMB borrowings, all unsecured and due within one year, but guaranteed by the Company's shares held by non-controlling shareholders[151](index=151&type=chunk)[152](index=152&type=chunk) - Post-reporting period event: The voluntary liquidation of subsidiary Ningbo Lubiam Garment Co., Ltd. is in progress and expected to be completed by the end of 2021, which may negatively impact the Group's operating results for the year[167](index=167&type=chunk)

杉杉品牌運營股份有限公司 Shanshan Brand Management Co., Ltd. (a joint stock company incorporated in the People's Republic of China with limited liability) Stock Code : 1749 年報 2020 | ANNUAL REPORT （於中華人民共和國註冊成立的股份有限公司） 股份代號 : 1749 2020 | 年 報 目錄 | --- | |----------------------------| | | | 公司簡介 | | 公司資料 | | 財務概要 | | 主席報告 | | 管理層討論 及分析 | | 董事、監事及高級管理層履歷 | | 企業管治報告 | | 董事會報告 | | 監事會報告 | | 獨立核數師報告 | | 綜合損益及其他全面收入表 | | 綜合財務狀況表 | | 綜合權益變動表 | | 綜合現金流量表 | | 綜合財務報表附註 | | 財務資料概要 | 148 頁次 2 3 5 7 9 18 26 45 60 62 68 69 71 72 74 公 ...

杉杉品牌運營股份有限公司 Shanshan Brand Management Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1749 2 0 2 0 中 期 報 告 目錄 公司資料 2 管理層討論及分析 4 企業管治及其他資料 13 簡明綜合損益及其他全面收益表 18 簡明綜合財務狀況表 19 簡明綜合權益變動表 21 簡明綜合現金流量表 22 簡明綜合中期財務報表附註 23 頁次 公司資料 | --- | --- | |----------------------------------------------------------|----------------------------------------------------| | | | | 上市資料 | 董事委員會 | | 上市地點：香港聯合交易所有限公司（「 聯交所 」）主板 | 審核委員會 | | 股票代碼： 1749 | 歐陽寶豐先生（主席） | | | 王亞山先生 | | 董事會 執行董事 | 武學凱先生 | | 駱葉飛先生（主席） （於 2020 年 6 月 26 日獲委任為主席） | 薪酬委員會 | ...

杉杉品牌運營股份有限公司 Shanshan Brand Management Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1749 2019 # # 目錄 頁次 公司簡介 2 公司資料 3 財務概要 5 主席報告 7 管理層討論及分析 9 董事、監事及高級管理層履歷 17 企業管治報告 25 環境、社會及管治報告 44 董事會報告 62 監事會報告 78 獨立核數師報告 80 綜合損益及其他全面收入表 85 綜合財務狀況表 86 綜合權益變動表 88 綜合現金流量表 89 綜合財務報表附註 91 財務資料概要 158 公司 簡介 杉杉品牌運營股份有限公司（「本公司」）的前身寧波杉杉服裝品牌經 營有限公司（「杉杉服裝品牌」）於2011年8月23日在中華人民共和國 （「中國」）成立為有限公司。於2016年5月18日，杉杉服裝品牌改制為 股份有限公司，並更名為杉杉品牌運營股份有限公司。其註冊辦事 處及總部地點的地址為中國浙江省寧波市望春工業園區雲林中路 238號。本公司境外上市外資股（「H股」）自2018年6月27日（「上市日 期」）起在香港聯合交易所有限公司（「聯交所」）上市（「上市 ...

2019 中期報告 杉杉品牌延管股份有限公司 Shanshan Brand Management Co., Ltd. (於中華人民共和國在博成立的政府有限公司) 股份代號 : 1749 2 4 12 | --- | |--------------------| | | | 目錄 | | 公司資料 | | 管理層討論及分析 | | 企業管治及其他資料 | | 簡明綜合全面收益表 | | 簡明綜合財務狀況表 | | 簡明綜合權益變動表 | | 簡明綜合現金流量表 | 簡明綜合中期財務報表附註 23 頁次 18 19 21 22 公司資料 公司名稱 杉杉品牌運營股份有限公司 上市資料 上市地點：香港聯合交易所有限公司（「聯交所」）主板 股票代碼：1749 董事會 執行董事 曹陽先生 駱葉飛先生 嚴靜芬女士 | --- | --- | --- | |----------|------------------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | 非執行董事 | | | | | | | | | | | | | | | | 莊巍先生（主席 ...

２０１８ 年報 *10F y 2018 AN MOF AN 杉杉品牌運營股份有限公司 Shanshan Brand Management Co., Ltd. (於中華人民共和國註冊成立的股份有限公司) 股份代號：1749 LIGHT BUSINES | --- | --- | --- | --- | |--------------------------------|-------|-------|-------| | | | | | | CASUAL 有型有范新杉杉 2018 A | | | | ' 'GHT BUSINESS MOF IOF _8 AN MORE Ch. & EPORT SHANSHAN --------- _5S MOF ` MORE CASUAL 有型有范新杉杉 2018 AM 目錄 | --- | --- | |----------------------------|-------| | | | | | 頁次 | | 公司簡介 | 2 | | 公司資料 | 3 | | 財務概要 | 5 | | 主席報告 | 7 | | 管理層討論與分析 | 9 | | 董事、監事及高級管理層履歷 ...