云杉咨询创始人孙晓黎表示，通过前期调研及近期沟通，深刻了解到拉夏贝尔国民女装品牌的认知基础 牢固，多年来在产品设计和品质把控上的坚持。云杉咨询将协助公司打造精准的品牌形象，开发具有场 景化功能的产品系列，构建全渠道的营销网络，借助社交电商实现精准触达，双方共筑国民女装新生 态。 拉夏贝尔表示，公司与云杉咨询的战略合作是重新启航的一个重要开始，公司将以重整成功和本次战略 启航为契机，打造一个全新的拉夏贝尔。 据介绍，云杉咨询是一家新锐战略咨询公司，创始团队均来自国际知名咨询团队，擅长挖掘年轻消费群 体心理及行为趋势，以"竞争战略+新一代消费洞察"为核心方法论，专注企业战略定位与品牌升级并提 供增长策略，团队服务案例包括分众传媒（002027）、波司登、猫人、GXG等多家百亿级企业。 会上，拉夏贝尔实际控制人王国良表示，基于公司重整大背景，拉夏贝尔此前面临的债务负担、业务包 袱均已消除，广穗集团也将为拉夏贝尔注入全新的互联网基因和发展动能，推动公司重回良性增长轨 道。本次与云杉咨询战略合作，即为公司梳理未来战略定位提供助力，从而实现品牌价值的持续增长。 记者从拉夏贝尔获悉，拉夏贝尔集团日前在上海召开全新战略启动会 ...

Core Viewpoint - La Chapelle is undergoing a significant transformation after experiencing A+H share delisting and bankruptcy restructuring, with a new major shareholder and a shift towards a light asset brand authorization model [1][3][6]. Company Restructuring - The recent change in control marks a critical step in La Chapelle's nearly two-year restructuring journey, with Wang Guoliang becoming the new actual controller and the first major shareholder, holding 65% of the shares through his company [1][2][3]. - The restructuring plan involved a capital reserve conversion to increase the total share capital to 2.438 billion shares, with 1.584 billion shares allocated to Jin Sui Fenghua, alleviating some financial pressure [3][4]. Business Model Transformation - La Chapelle has shifted from a heavy asset direct sales model to a light asset brand authorization model, which has helped improve profitability but raises concerns about brand dilution and quality control [2][6]. - The company aims to leverage the online channel advantages of its new controlling shareholder, Jin Sui Fenghua, to enhance brand recovery through product innovation and supply chain restructuring [2][4]. Financial Situation - As of February 28, 2025, La Chapelle has 281 creditors with a total claim amount of approximately 4.7 billion yuan, indicating significant financial obligations that need to be managed during the restructuring process [8]. - The company reported that its brand comprehensive service revenue reached 6.137 million yuan in 2024, accounting for 47% of total revenue, with a gross margin of 100% [6]. Market Position and Challenges - The fashion industry is highly competitive, with many regional brands and a trend towards online sales, which poses challenges for La Chapelle to maintain its market position [9]. - The company plans to expand its offline presence by adding 2,000 new stores over the next three years, while also focusing on profitability and optimizing its business model [9].

Group 1 - Xinjiang La Chapelle Fashion Co., Ltd. has invested 1 million RMB to establish Hangzhou La Chapelle Fashion Co., Ltd., holding 100% of the shares [1] - Hangzhou La Chapelle Fashion Co., Ltd. was established on July 28, 2025, with a registered capital of 1 million RMB [1] - The company is located in Hangzhou and operates in the textile and apparel industry, engaging in various activities including wholesale and retail of clothing and accessories, sales of daily necessities, and brand management [1]

Core Viewpoint - La Chapelle has announced that Hangzhou Jinsui Fenghua Enterprise Management Partnership has become its controlling shareholder, which is expected to enhance the company's business capabilities through the new shareholder's resources and expertise [1][2]. Group 1: New Shareholder and Business Synergy - Hangzhou Jinsui Fenghua's managing partner is Guangsui Jintong Holdings, controlled by Wang Guoliang, which is known for its e-commerce operations [1]. - Guangsui E-commerce, a subsidiary of Guangsui Jintong, is a leading service provider in the industry, focusing on brand empowerment, distribution services, and supply chain integration [1]. - The new controlling shareholder is expected to gradually enhance La Chapelle's business through operational synergies, particularly in online sales channel development and resource sharing [1]. Group 2: Operational Improvements and Market Position - La Chapelle can leverage Guangsui E-commerce's extensive experience in e-commerce operations to optimize product planning, marketing, and online channel development [2]. - As a national women's clothing brand, La Chapelle still possesses significant commercial value and social influence, with over 12.63 million registered members and substantial followings on various social media platforms [2]. - The company aims to present a new brand image post-restructuring, setting a benchmark for transformation in the fast fashion industry in China [2].

Core Viewpoint - La Chapelle is undergoing a judicial restructuring process approved by the Shanghai Third Intermediate People's Court, marking the beginning of its return to the market with a focus on fashion business and leveraging its main brand's competitive advantages [1][4][8]. Group 1: Restructuring Plan - The restructuring plan has received high approval from creditors and investors, with significant investments pledged to help La Chapelle settle debts and improve its financial situation [4][5]. - La Chapelle has signed a restructuring investment agreement with investors, including a 220 million yuan investment from Guangsu Jin Investment Holdings and a 199 million yuan interest-free liquidity support from Dongzheng Innovation [4][5]. - The company aims to enhance its operational efficiency and profitability by focusing on core brand development, optimizing its business structure, and improving its credit system [5][8]. Group 2: Market Position and Challenges - La Chapelle was once a leading domestic women's clothing brand, achieving revenues of 10 billion yuan in 2018, but has faced significant declines since then, with revenues dropping to 1.819 billion yuan in 2020 [7]. - The company has struggled with a growing debt crisis, leading to bankruptcy proceedings and the termination of its A-share listing in 2022 [7]. - Analysts express skepticism about La Chapelle's ability to regain its former market position, citing the evolving competitive landscape in the women's fashion market and the need for innovation and brand differentiation [5][8]. Group 3: Future Strategy - La Chapelle plans to concentrate on its women's clothing brand while differentiating its other brands to cater to diverse consumer needs [9]. - The company aims to reshape its brand matrix and explore multiple growth avenues by enhancing brand storytelling and emotional connections with consumers [8][9]. - The focus will be on sustainable development, quality, and consumer experience to align with current market trends towards personalization and diversity [8].

Core Viewpoint - La Chapelle has successfully entered the execution phase of its restructuring plan, approved by the Shanghai Third Intermediate People's Court, marking a significant step towards overcoming its financial difficulties and market challenges [1] Group 1: Restructuring Progress - In April 2023, La Chapelle's restructuring plan draft received high approval from creditors and investors, indicating strong support from various stakeholders [1] - The company officially entered the restructuring process in September 2023 and began recruiting restructuring investors [1] - In July 2024, La Chapelle signed a restructuring investment agreement with Hangzhou Guangsui Jin Investment Holding Co., Ltd. and Shanghai Dongfang Securities Innovation Investment Co., Ltd. [1] Group 2: Financial Support - Guangsui Jin Investment will provide 220 million yuan in restructuring investment to help La Chapelle repay debts [1] - Dongfang Innovation is expected to offer 199 million yuan in interest-free liquidity support to enhance the company's working capital [1] Group 3: Future Directions - The restructuring plan focuses on several key areas: executing the plan under management supervision, resolving historical debts, and enhancing profitability [2] - The company aims to divest inefficient assets, optimize its equity structure, and dispose of subsidiaries with no substantial business [2] - Strengthening core brand development and implementing tailored strategies for each brand are also priorities [2] - La Chapelle plans to enhance business control for sustainable development and improve its credit system to boost financing capabilities [2]

Core Viewpoint - La Chapelle, known as "China's version of ZARA," has announced its delisting from the Hong Kong Stock Exchange after previously being delisted from the A-share market in 2022, marking a significant decline in its stock performance over the years [1][2]. Group 1: Company History and Performance - La Chapelle was the first clothing company in China to be listed on both A-shares and H-shares, with its establishment dating back to 1998 and its Hong Kong listing occurring in 2014 [1]. - The company experienced a peak stock price of 14.426 HKD during its H-share listing, but it plummeted by 97.52% to just 0.25 HKD before delisting [1]. - In 2017, La Chapelle's A-share price reached a high of 31.42 CNY shortly after its listing, but it began to face continuous declines starting in 2019 [1][2]. Group 2: Financial Challenges - La Chapelle's A-share stock was terminated on April 22, 2022, with a final trading price of 0.59 CNY [2]. - The company reported a net loss of 21.66 billion CNY in 2019, attributed to the closure of unprofitable stores and increased operational costs [3]. - In the first half of 2024, La Chapelle's revenue decreased by 17.4% to 6.935 million CNY, with a net loss of 4.04 million CNY, primarily due to a reduction in the number of operational stores [4]. Group 3: Strategic Decisions - In 2015, La Chapelle acquired a 54.05% stake in Hangzhou Anse E-commerce Co., Ltd. for 200 million CNY to enhance its online sales capabilities [2]. - The company sold its stake in Hangzhou Anse in 2019 for 200 million CNY as part of a strategic adjustment to improve its financial position [3][4]. - La Chapelle attempted to auction off its industrial property and equipment in January 2024, with an estimated value of 1.35 billion CNY, but the auction ended without any bids [4].

Financial Performance - For the six months ended June 30, 2024, the company reported revenue of RMB 69,354,000, a decrease of 17.4% compared to RMB 83,988,000 in the same period of 2023[6]. - The gross profit for the same period was RMB 53,498,000, down 15.2% from RMB 63,063,000 year-on-year[6]. - The net loss attributable to shareholders was RMB 40,402,000, a significant reduction of 93.0% compared to a net loss of RMB 578,832,000 in the previous year[6]. - Total revenue for the first half of 2024 was RMB 693.54 million, down from RMB 839.88 million in the same period of 2023, reflecting a 2.0% decrease[12]. - The total comprehensive income for the first half of 2024 was a loss of RMB 40,402,000, compared to a loss of RMB 578,832,000 in the same period of 2023, showing significant improvement[60]. - The net profit attributable to the parent company for the first half of 2024 was a loss of RMB 13,341,000, improving from a loss of RMB 565,165,000 in the same period of 2023[60]. Assets and Liabilities - As of June 30, 2024, the total assets of the company were RMB 555,880,000, a decrease of 7.0% from RMB 597,849,000 at the end of 2023[6]. - The current liabilities as of June 30, 2024, were RMB 3,430.4 million, slightly down from RMB 3,436.2 million as of December 31, 2023[18]. - Total liabilities slightly decreased from RMB 3,922,857,000 to RMB 3,921,290,000, a change of approximately 0.04%[54]. - The total equity attributable to shareholders decreased from RMB (3,240,854,000) to RMB (3,254,195,000), reflecting a decline of approximately 0.4%[55]. - The bank borrowings amount to RMB 1,077.6 million as of June 30, 2024, unchanged from RMB 1,077.6 million as of December 31, 2023, primarily consisting of loans due within one year[20]. Operational Changes - The number of operational outlets decreased by 28.6%, from 217 at the end of 2023 to 155 as of June 30, 2024[9]. - The number of retail outlets in first-tier cities dropped from 31 to 19, a decrease of 38.7%[26]. - The number of retail outlets in second-tier cities decreased from 73 to 57, a decline of 21.9%[26]. - The number of retail outlets for the brand La Chapelle decreased by 34, accounting for 54.8% of the total net closures in the first half of 2024[29]. Revenue Segmentation - Revenue from the brand comprehensive services segment was RMB 30,185,000, accounting for 43.5% of total revenue[10]. - Revenue from specialty stores decreased from RMB 223 million in the first half of 2023 to RMB 123 million in the first half of 2024, a decline of 44.9%[11]. - Online revenue dropped significantly from RMB 64 million in the first half of 2023 to RMB 13 million in the first half of 2024, a decrease of 80.1%[11]. - Franchise and joint venture revenue increased from RMB 74 million in the first half of 2023 to RMB 119 million in the first half of 2024, an increase of 60.4%[11]. - Revenue from the La Chapelle brand accounted for 55.9% of total revenue in the first half of 2024, with a gross margin of 75.5%[12]. Cost Management - The group's operating costs decreased from RMB 209 million in the first half of 2023 to RMB 159 million in the first half of 2024, a reduction of 24.2%[17]. - The company's financial expenses for the first half of 2024 were RMB 37,810,000, down from RMB 47,057,000 in the same period of 2023, indicating a decrease of 19.5%[59]. - The company's sales expenses for the first half of 2024 were RMB 34,370,000, a decrease of 32% compared to RMB 50,613,000 in the same period of 2023[59]. Restructuring Efforts - The company is actively pursuing restructuring efforts to stabilize its core business and promote innovation[7]. - The company plans to actively promote restructuring efforts to alleviate historical debt burdens and improve operational capabilities[30]. - The restructuring investment agreement has been signed with investors, and a draft restructuring plan will be submitted for creditor approval[31]. - The company aims to divest inefficient assets to enhance asset quality post-restructuring[32]. Legal and Compliance Issues - The company has faced multiple legal disputes, including a loan contract dispute with Citic Bank, which has resulted in a first-instance judgment received on August 1, 2023[22]. - The company is involved in a rental contract dispute with a real estate development company, which has resulted in a retrial judgment[22]. - The company has 96 frozen bank accounts with a total frozen amount of approximately RMB 5.47 million as of June 30, 2024[24]. - The company is involved in 13 litigation cases affecting one property with a book value of approximately RMB 213 million, which is at risk of judicial auction[24]. Shareholder Information - As of June 30, 2024, major shareholders include Shanghai Qijin Enterprise Management Partnership with 85,200,000 shares, representing 25.59% of the total shares[38]. - The company does not recommend any dividend distribution for the six months ending June 30, 2024, consistent with the previous period[42]. Corporate Governance - The company has complied with the corporate governance code as per the Hong Kong Stock Exchange rules, except for the lack of insurance for directors against legal actions, which the board deemed not cost-effective[45]. - All directors and supervisors confirmed compliance with the company's securities trading policy for the six months ending June 30, 2024[46]. - The audit committee reviewed the unaudited interim results for the six months ending June 30, 2024, discussing accounting standards and internal controls with management[48]. Cash Flow and Liquidity - Cash and cash equivalents as of June 30, 2024, totaled RMB 31.4 million, down from RMB 41.6 million as of December 31, 2023[18]. - The average inventory turnover days increased to 187 days in the first half of 2024, compared to 133 days in the first half of 2023[18]. - Cash flow from operating activities showed a net outflow of RMB 8,312,000, compared to a smaller outflow of RMB 1,572,000 in the first half of 2023[62]. - The company did not report any cash inflows from financing activities, indicating a focus on internal cash management[63]. Accounting Policies - The accounting basis for the financial statements is based on actual transactions and events, following the relevant accounting standards[86]. - The company prepares consolidated financial statements based on its own and subsidiaries' financial reports, ensuring consistency in accounting policies and periods[104]. - The company recognizes revenue from contracts with sales return clauses by excluding expected returns from the recognized revenue[194]. - The company assesses whether it acts as a principal or agent in transactions based on control over the goods or services before transfer[196].

Financial Performance - Revenue for the six months ended June 30, 2024, was RMB 69,354,000, a decrease of 17.4% compared to RMB 83,988,000 in the same period of 2023[1] - Gross profit for the same period was RMB 53,498,000, down 15.2% from RMB 63,063,000 year-on-year[1] - The operating loss improved significantly to RMB (62,555,000), representing an 87.8% reduction from RMB (510,898,000) in the previous year[1] - Net loss narrowed to RMB (40,402,000), a 93.0% improvement compared to RMB (578,832,000) in 2023[1] - Basic and diluted loss per share improved to RMB (0.02) from RMB (1.04) in the prior year, reflecting a 98.1% reduction in loss per share[1] - Total revenue for the six months ended June 30, 2024, was 69,354 million, a decrease from 83,988 million in the same period of 2023, representing a decline of approximately 17.5%[41] - The main business revenue was 64,136 million for the six months ended June 30, 2024, down from 73,904 million in 2023, indicating a decrease of about 13.2%[41] - The company reported a total impairment loss of (8,517) million for the six months ended June 30, 2024, compared to (4,976) million in 2023, indicating an increase in impairment losses[45] - The company recorded a loss of (13,500) million from equity method investments for the six months ended June 30, 2024, compared to a gain of 1,773 million in 2023[46] - The company’s total credit impairment loss for the six months ended June 30, 2024, was 1,642 million, significantly lower than 17,176 million in 2023, showing a decrease of approximately 90.5%[44] Asset and Liability Management - Total assets as of June 30, 2024, were RMB 555,880,000, a decrease of 7.0% from RMB 597,849,000 at the end of 2023[2] - As of June 30, 2024, the total liabilities amounted to RMB 3,921,290 thousand, slightly down from RMB 3,922,857 thousand as of December 31, 2023, indicating a decrease of 0.04%[7] - The total current liabilities as of June 30, 2024, were RMB 3,430,386 thousand, a slight decrease from RMB 3,436,244 thousand as of December 31, 2023, showing a reduction of 0.17%[7] - The company’s total liabilities and equity as of June 30, 2024, amounted to RMB 555,880 thousand, down from RMB 597,849 thousand as of December 31, 2023, reflecting a decrease of 7.03%[7] - The company’s total borrowings as of June 30, 2024, amounted to RMB 1,077,598 million, with an interest rate range of 4.55% to 7.00%[60] - The company reported a provision for estimated liabilities of RMB 484.7 million due to potential joint repayment responsibilities related to loan disputes[91] Cash Flow and Liquidity - The net cash flow from operating activities for the six months ended June 30, 2024, was negative RMB 8,312 thousand, compared to negative RMB 1,572 thousand for the same period in 2023, reflecting a worsening cash flow situation[8] - Cash received from sales of goods and services was RMB 63,370 thousand for the six months ended June 30, 2024, down 19.7% from RMB 78,946 thousand in the same period of 2023[8] - The company reported a total cash balance of RMB 36,839 thousand as of June 30, 2024, down from RMB 49,930 thousand as of December 31, 2023[50] - The company’s cash and cash equivalents included restricted cash of RMB 5,472 thousand as of June 30, 2024, down from RMB 8,288 thousand as of December 31, 2023[51] Inventory and Receivables - The company reported a decrease in inventory to RMB 31,568,000 from RMB 38,857,000, indicating better inventory management[5] - The total inventory balance as of June 30, 2024, was RMB 97,147 million, with a provision for inventory impairment of RMB 65,579 million[58] - The company made a provision for inventory impairment of RMB 8,517 million during the reporting period[59] - Accounts receivable as of June 30, 2024, amounted to RMB 1,578,602 thousand, with a provision for bad debts of 1,568,708 thousand, resulting in a net receivable of RMB 9,894 thousand[51] - The top five accounts receivable totaled RMB 1,456,817 thousand, representing 93% of the total accounts receivable balance[52] Operational Changes - As of June 30, 2024, the number of domestic operating outlets was 155, a net decrease of 62 outlets from 217 at the end of 2023, representing a decline of 28.6%[64] - The number of retail outlets categorized as specialty stores increased from 23 to 38, representing a growth of 65.2%[94] - The number of franchise/partner outlets decreased from 135 to 100, a decline of 25.9%[94] - The company plans to focus on restructuring efforts to alleviate historical debt burdens and improve operational capabilities, aiming for a return to positive growth[97] - The restructuring plan has been agreed upon with investors, and if approved by the court, it will enhance the company's asset-liability structure[98] Legal and Compliance Issues - A total of 96 bank accounts were frozen, with the frozen amount approximately RMB 5.47 million as of June 30, 2024[92] - The company is involved in 13 litigation cases affecting one property with a book value of approximately RMB 212 million as of June 30, 2024, which is at risk of judicial auction to repay debts[110] - The company signed a restructuring investment agreement with investors on July 24, 2024, following the approval of its restructuring plan by the Taicang People's Court[109] - The company is actively communicating with relevant courts and creditors to resolve the frozen equity issues and maintain operational stability[109] Future Outlook - The company aims to enhance business control measures to ensure long-term sustainable development, including establishing a partner directory and a negative list[101] - If the restructuring is successful, the company will work on restoring its credit system and enhancing financing capabilities through improved communication with financial institutions[102] - The company warns shareholders and potential investors to act cautiously when trading its securities due to ongoing uncertainties[114]

Financial Performance - Total revenue for 2023 was RMB 170,233,000, a decrease of 13.93% compared to RMB 197,841,000 in 2022[14] - Gross profit for 2023 was RMB 123,147,000, with a gross margin of 72.34%, up from 68.78% in 2022[14] - Operating loss for 2023 was RMB 575,432,000, improving from a loss of RMB 942,023,000 in 2022[14] - The net loss attributable to shareholders for the period was approximately RMB 753.3 million, a reduction of 29.8% from the previous year's loss[32] - The company reported a decrease in operating loss by 38.9% to RMB 575.4 million in 2023[32] - The pre-tax loss narrowed to RMB 750.8 million in 2023 from RMB 1,074.2 million in 2022, a reduction of 30.1%[58] - The net loss for 2023 was RMB 753.3 million, compared to RMB 1,073.8 million in 2022, representing a 29.8% improvement[60] - The company incurred a provision for contingent liabilities of RMB 475.2 million due to potential joint repayment obligations related to loan disputes[74] - The company reported a negative distributable profit as of December 31, 2023, leading to a recommendation of no cash dividends or other forms of distribution for the fiscal year[127] Assets and Liabilities - Total assets decreased to RMB 597,849,000 in 2023 from RMB 1,156,191,000 in 2022[15] - Total liabilities increased to RMB 3,922,857,000 in 2023, compared to RMB 3,729,400,000 in 2022[15] - As of December 31, 2023, the company's current liabilities were RMB 3,436.2 million, up from RMB 3,227.8 million in 2022, with a debt-to-asset ratio of 656.2% compared to 322.6% in 2022[66] - The equity attributable to shareholders of the parent company was RMB -3,240.9 million as of December 31, 2023, compared to RMB -2,505.8 million in 2022[67] Restructuring and Operational Strategy - The company is actively pursuing restructuring to alleviate historical debt burdens and improve operational capabilities[18] - Plans to divest inefficient assets to enhance asset quality and optimize the group’s equity structure post-restructuring[20] - The restructuring plan draft will be submitted for creditor meeting approval, aiming for court endorsement[19] - The company aims to focus on its core business and gradually increase the scale and profitability of its main operations[19] - The company is committed to enhancing brand image and retail business efficiency through ongoing reforms[18] - The company is focusing on brand revitalization, product innovation, and channel optimization to return to a positive growth trajectory[29] - Efforts will be made to restore the credit system and improve financing capabilities post-restructuring[101] Revenue Streams and Market Performance - The brand comprehensive service business revenue increased by 88.3% year-on-year, reaching approximately RMB 53.4 million[36] - The retail sales of clothing, shoes, and textiles in China grew by 12.9% year-on-year, indicating a recovering consumer demand[28] - La Chapelle brand revenue increased by 50.9% to RMB 92,287 thousand, while USHGEE brand revenue grew by 47.2% to RMB 14,761 thousand[39] - Revenue from integrated brand services surged to RMB 53,359 thousand, representing 31.4% of total revenue, compared to 14.4% in the previous year[42] Operational Challenges - The company has faced liquidity difficulties and operational challenges, leading to a failure to repay a €37.4 million acquisition loan[76] - The company is currently undergoing bankruptcy reorganization, which has led to significant uncertainties regarding its ability to continue as a going concern[182] - Four subsidiaries of the company have entered bankruptcy liquidation or reorganization procedures, which may lead to liabilities for the company if debts are not fully settled[185] - The company has temporarily used RMB 50 million of raised funds to supplement working capital, which has not yet been returned to the designated bank account[198] Corporate Governance and Compliance - The board presented the audited consolidated results for the year ending December 31, 2023, highlighting the group's business review and future development outlook[120] - The audit committee reviewed the financial performance for the year ending December 31, 2023, and discussed accounting policies and risk management with external auditors[174] - The supervisory board has conducted five meetings during the reporting period, reviewing 20 proposals, and has confirmed that the company operates in compliance with relevant laws and regulations[188][194] - The company has confirmed the independence of its independent non-executive directors as per the listing rules[145] Employee and Outlet Management - The company has 297 full-time employees as of December 31, 2023, down from 421 employees a year earlier[80] - The total number of net retail outlets decreased by 1 in 2023, compared to a decrease of 82 in 2022[92] - The company has 135 franchise/partner outlets, which increased from 104 outlets (47.7%) in the previous year to 62.2% of total outlets[86] - The number of retail outlets in first-tier cities decreased from 35 (16.1%) to 31 (14.3%), while second-tier cities saw a drop from 97 (44.5%) to 73 (33.6%) outlets[85] Legal and Financial Risks - The company is involved in 13 litigation cases, affecting one property with a book value of approximately RMB 216 million, which is at risk of judicial auction[79] - As of December 31, 2023, 92 bank accounts have been frozen, with a total frozen amount of approximately RMB 8.69 million[78] - The company has faced risks and uncertainties that may impact future business development, as outlined in the management discussion and analysis section[122]