2021 年第三季度报告 证券代码：600137 证券简称：浪莎股份 四川浪莎控股股份有限公司 2021 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中 财务报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是√否 一、 主要财务数据 主要会计数据和财务指标 | | | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | --- | | | | 本报告期比上 | | 年初至报告期末 | | 项目 | 本报告期 | 年同期增减变 | 年初至报告期末 | 比上年同期增减 | | | | 动幅度(%) | | 变动幅度(%) | | 营业收入 | 106,951,211.59 | 25.73 | 248,853,151.05 ...

Financial Performance - The company achieved operating revenue of CNY 141.90 million in the first half of 2021, representing a 29.39% increase compared to the same period last year[20]. - The net profit attributable to shareholders decreased by 4.06% to CNY 8.69 million compared to the previous year[20]. - The net profit after deducting non-recurring gains and losses increased by 10.66% to CNY 8.40 million[20]. - Basic earnings per share decreased by 4.30% to CNY 0.089[21]. - The weighted average return on net assets was 1.71%, a decrease of 0.11% compared to the previous year[21]. - The gross margin for the main business increased by 1.33 percentage points to 15.98%[38]. - Domestic sales revenue reached 139.04 million RMB, up 28.91% year-on-year, with a gross margin of 16.17%[38]. - Export sales revenue surged by 494.35% to 2.68 million RMB, although the gross margin decreased by 28.19 percentage points to 6.00%[38]. - The company reported a total revenue of 1.417 billion RMB, with a year-on-year increase of 30.85%[50]. - The company’s total comprehensive income for the first half of 2021 was a loss of CNY 261,100,120, an improvement from a loss of CNY 299,344,140 in the first half of 2020[104]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -40.49 million, a decline of 47.23% from the previous year[20]. - Cash and cash equivalents decreased by 67.29% to CNY 128.71 million, primarily due to CNY 165 million in structured deposits that have not yet matured[52]. - Accounts receivable decreased by 16.39% to CNY 45.06 million[52]. - Inventory increased by 12.38% to CNY 92.16 million[52]. - The total assets decreased by 8.95% to CNY 633.86 million compared to the end of the previous year[20]. - The total current assets as of June 30, 2021, amount to ¥491,789,692.81, a decrease from ¥554,642,006.56 as of December 31, 2020[94]. - The total amount of monetary funds at the end of the period was 128,713,826.42 yuan, down from 393,476,343.01 yuan at the beginning of the period[196]. Research and Development - The company invested 5.45 million RMB in R&D during the first half of 2021, representing 3.85% of total revenue, focusing on improving product comfort and functionality[29]. - Research and development expenses increased by 32.98% to 5.45 million RMB due to higher direct investments and wages[37]. - The company is increasing R&D investments to enhance its technological innovation capabilities and core competitiveness, which are currently lower compared to developed countries[63]. - The company is eligible for a 100% tax deduction on R&D expenses incurred from January 1, 2021, allowing for a 200% deduction for expenses that form intangible assets[195]. Market Strategy and Operations - The company emphasizes a dual-channel sales strategy, integrating online and offline sales to enhance brand influence and market reach[30]. - The company is adapting to market changes by leveraging e-commerce and social media platforms to expand sales channels[30]. - The company maintains a competitive edge through brand enhancement, quality management, and product innovation[31]. - The company operates 2 direct stores and 320 franchise stores, along with 3 foreign trade brands, indicating a strong distribution network[25]. - The company plans to enhance internal management and expand its retail network, focusing on both online and offline sales channels[33]. Legal and Compliance Issues - The company faced a lawsuit from Langsha Underwear Co., claiming a refund of deposits and advance payments totaling ¥5,597,092.20, including double refund of deposits, interest, and penalties[74]. - The company has fully accrued a bad debt provision of ¥3,465,968.60 related to the lawsuit against Yiwu Tiancan Clothing Co., which has been in execution since 2016[74]. - The company has been involved in multiple lawsuits with various customers, resulting in significant provisions for bad debts during the reporting period[74]. - The total amount involved in litigation during the reporting period is approximately 12,634,562.38 CNY[75]. Shareholder and Equity Information - The top shareholder, Langsha Holdings Group Co., Ltd., holds 41,495,355 shares, representing 42.68% of the total shares[88]. - The total equity attributable to shareholders reached CNY 513,043,945.87, up from CNY 512,132,051.79, indicating a marginal increase of 0.18%[96]. - The company’s total liabilities and equity at the end of the first half of 2021 were consistent with the previous year, maintaining financial stability[113]. - The company did not propose any profit distribution plan or capital reserve transfer to share capital during this reporting period[5]. Industry Outlook - The textile and apparel industry is showing signs of recovery, driven by domestic economic growth and a rise in consumer demand for local brands[25]. - The textile and apparel industry is experiencing accelerated consumption upgrades and increased consolidation, but competition remains fierce with rising uncertainties[61]. - The company faces market risks as it adapts to changing consumer demands for high-quality and aesthetically pleasing products[61]. - Fluctuations in cotton futures prices due to geopolitical tensions may impact raw material procurement costs, leading to uncertainties in cost control[62].

Financial Performance - Operating revenue increased by 37.38% to CNY 66,700,483.73 year-on-year[7] - Net profit attributable to shareholders rose by 22.57% to CNY 5,934,810.54 compared to the same period last year[7] - Basic and diluted earnings per share both rose by 22.00% to CNY 0.061[7] - The net profit after deducting non-recurring gains and losses increased by 32.02% to CNY 5,969,089.25[7] - Total operating revenue for Q1 2021 reached ¥66,700,483.73, a 37.4% increase from ¥48,553,000.08 in Q1 2020[39] - Net profit for Q1 2021 was ¥5,934,810.54, representing a 22.6% increase compared to ¥4,842,132.56 in Q1 2020[40] Cash Flow and Liquidity - Net cash flow from operating activities improved by 43.46%, reaching -CNY 15,161,953.80[7] - The company reported a net cash flow from operating activities of -15,161,953.80 RMB, an improvement of 43.46% compared to the previous year[27] - The net cash flow from operating activities for Q1 2021 was -15,161,953.80 RMB, an improvement from -26,816,041.54 RMB in Q1 2020[47] - Cash and cash equivalents were reported at ¥169,592,775.12, down from ¥393,476,343.01, indicating a significant decrease in liquidity[32] - The cash and cash equivalents at the end of Q1 2021 were 116,274,933.80 RMB, compared to 73,015,851.97 RMB at the end of Q1 2020, showing a significant increase[48] Assets and Liabilities - Total assets decreased by 4.51% to CNY 664,770,816.72 compared to the end of the previous year[7] - Total liabilities as of March 31, 2021, were ¥146,703,954.39, down 20.2% from ¥184,045,517.23 on December 31, 2020[33] - Total current assets amounted to ¥521,744,093.78, a decrease of 5.9% from ¥554,642,006.56 on December 31, 2020[32] - Total non-current assets reached ¥143,026,722.94, a slight increase of 1.1% from ¥141,535,562.46 on December 31, 2020[32] - Total equity as of March 31, 2021, was ¥469,129,316.54, slightly down from ¥469,221,467.53 at the end of 2020[36] Operational Metrics - The number of retail stores increased from 312 to 317, with 5 new franchise stores opened during the reporting period[13] - Domestic sales accounted for 97.43% of total revenue, with a year-on-year increase of 10.26%[22] - Online sales contributed 71.12% of total revenue, with a gross profit margin of 14.63%[22] - The overall gross profit margin decreased by 2.15 percentage points to 16.88%[25] - The operating cost for the same period was 55,330.99 million RMB, which increased by 44.55% compared to the previous year[25] Investment and Expenses - Research and development expenses for Q1 2021 were ¥1,498,268.61, compared to ¥1,406,174.95 in Q1 2020, indicating a focus on innovation[39] - The company invested 184,800,000.00 RMB in Q1 2021, slightly down from 200,000,000.00 RMB in Q1 2020, indicating a 7.6% decrease in investment activity[48] - The company incurred management expenses of 103,704.22 RMB in Q1 2021, up from 94,408.36 RMB in Q1 2020, reflecting a 9.4% increase[44] Accounting and Reporting Changes - The company implemented new lease accounting standards starting in 2021, affecting the financial statements from the beginning of the year[52] - There were no retrospective adjustments made to prior comparative data under the new lease accounting standards[52] - The audit report is not applicable for this quarter[52]

Financial Performance - In 2020, the company achieved a net profit of CNY 17,756,596.02, representing a year-on-year increase of 12.11%[5]. - The total operating revenue for 2020 was CNY 346,533,245.24, which is a 4.67% increase compared to 2019[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 10,496,303.65, reflecting an 18.19% growth from the previous year[21]. - The company's cash flow from operating activities increased by 40.52% to CNY 34,605,485.94 in 2020[21]. - The basic earnings per share for 2020 was CNY 0.183, up 12.27% from CNY 0.163 in 2019[22]. - The total profit for 2020 was 1,995.97 million CNY, which is an increase of 10.59% year-on-year, while the net profit reached 1,775.66 million CNY, up by 12.11%[51]. - The company reported a significant increase in cash flow from operating activities, with a net cash flow of 34,605,485.94 CNY, up by 40.52% year-on-year[52]. - The company reported a total liability of RMB 696,177,569.02, with current liabilities not specified in the provided data[188]. Revenue and Sales - The company achieved total operating revenue of 347 million yuan in 2020, an increase of 4.67% compared to 2019[43]. - Online sales accounted for 61.43% of total sales, amounting to 211.98 million yuan, while offline sales made up 38.57% at 133.12 million yuan[37]. - The total revenue for Q1 2020 was CNY 48.55 million, which increased to CNY 61.12 million in Q2 and further to CNY 85.06 million in Q3, indicating a positive trend throughout the year[26]. - Domestic sales revenue was 342,872,726.44 CNY, growing by 6.67%, while export sales dropped by 74.57% to 2,225,443.59 CNY[55]. - The revenue from the East China region was CNY 31,253.75 million, accounting for 90.56% of total revenue, with a year-on-year increase of 7.52%[83]. Costs and Expenses - The company's main business cost for the reporting period was CNY 301,442,197.90, an increase of 10.56% compared to the previous year[62]. - The gross profit margin for the main business was 12.65%, a decrease of 4.78 percentage points compared to the previous year[55]. - Sales expenses decreased by 34.07% to CNY 9,658,195.93, primarily due to reduced sales through television shopping and supermarkets[66]. - Management expenses decreased by 24.85% to CNY 6,890,507.24, mainly due to the impact of COVID-19 on operations[66]. Assets and Liabilities - The company's total assets as of December 31, 2020, were CNY 696,177,569.02, a slight increase of 0.41% from the previous year[21]. - The company's cash and cash equivalents at the end of the period were CNY 393,476,343.01, an increase of 7.38% from CNY 366,434,407.65 at the end of the previous period[71]. - The total amount involved in litigation during the reporting period is CNY 12,118,097.40[108]. - Total liabilities decreased from CNY 189,214,508.44 in 2019 to CNY 184,045,517.23 in 2020, a reduction of approximately 2%[189]. Research and Development - R&D investment reached 9.74 million yuan, constituting 2.81% of total operating revenue[38]. - The total R&D expenditure was CNY 9,743,990.28, which is 2.81% of operating revenue[67]. - The company emphasizes product research and development, having established a postdoctoral workstation for new underwear product development to meet consumer demands[153]. Strategic Initiatives - The company has outlined a strategy focusing on technological innovation and market expansion to enhance its operational capabilities[23]. - The company aims to enhance customer experience and brand influence through improved service and product quality[41]. - The company plans to enhance internal management and operational efficiency in 2021, focusing on brand development and channel optimization[48]. - The company aims to strengthen innovation and product development, emphasizing self-research and collaboration with external research institutions[50]. Legal Matters - The lawsuit initiated by Langsha Underwear Company against supplier Yiwu Tiancan Garment Co., Ltd. involves a claim for the return of a deposit and advance payment totaling ¥5,597,092.20, including double return of the deposit, interest, and penalties[107]. - The company has been actively pursuing legal actions to recover outstanding debts from various customers[108]. - The total amount involved in the litigation cases reflects the company's ongoing legal challenges and financial implications[107]. Governance and Compliance - The company has established various governance rules to ensure compliance and effective management[148]. - The company has implemented strict regulations for external guarantees and investments, ensuring financial risk control and safety of investment funds[150]. - The audit report indicates that there are no significant uncertainties regarding the company's ability to continue as a going concern[184]. - The company has established a comprehensive internal control system, covering all major aspects of its operations, with 100% of total assets and revenue included in the evaluation scope[165].

Financial Performance - Operating revenue for the first nine months decreased by 12.90% to CNY 194,731,925.23 compared to the same period last year[4] - Net profit attributable to shareholders decreased by 15.27% to CNY 14,353,059.26 compared to the same period last year[4] - Basic earnings per share decreased by 14.94% to CNY 0.148 compared to the same period last year[4] - The weighted average return on equity decreased by 0.51 percentage points to 2.87% compared to the previous year[4] - The company reported a decrease in net profit after tax impact of CNY -129,659.01 for the current period[7] - The company anticipates potential significant changes in net profit compared to the previous year, indicating a cautious outlook[14] Cash Flow and Assets - Net cash flow from operating activities for the first nine months was negative at CNY -76,263,921.85, a decline of 27.21% compared to the previous year[4] - Cash and cash equivalents decreased by 61.18% to ¥142,252,586.24 due to investments in structured deposit products[10] - Net cash flow from investing activities worsened by 39.68% to -¥157,957,162.24, reflecting higher investments in structured deposit products[14] Shareholder Information - The total number of shareholders at the end of the reporting period is not specified but is documented[8] - Total number of shareholders reached 7,996[9] - The top ten shareholders hold a combined 42.68% of shares, with Langsha Holdings Group Co., Ltd. owning 41,495,355 shares[9] Income and Expenses - Non-operating income included government subsidies totaling CNY 1,133,598.40 for the first nine months[6] - Sales expenses decreased by 44.65% to ¥5,633,597.37, primarily due to reduced wages and promotional costs amid the pandemic[12] - Other income surged by 327.66% to ¥1,635,780.69, mainly from increased government subsidies[13] Other Financial Metrics - The company recognized a debt restructuring loss of CNY -181,512.82 during the reporting period[6] - Other current assets increased by 1,263.96% to ¥158,460,335.43, attributed to new investments in structured deposit products[10] - Construction in progress rose by 87.43% to ¥18,925,635.30 due to increased payments for factory construction[10] - The company reported a significant increase in credit impairment losses, amounting to ¥5,610,672.31, due to enhanced collection efforts on receivables[13]

Financial Performance - Operating revenue for the first nine months was CNY 194,731,925.23, a decrease of 12.90% year-on-year[6] - Net profit attributable to shareholders decreased by 15.27% to CNY 14,353,059.26 for the first nine months[6] - Basic earnings per share decreased by 14.94% to CNY 0.148[6] - The company reported a total revenue of RMB 19,330.80 million, a decrease of 13.36% compared to the same period last year[14] - The gross profit margin for the company was 14.17%, down by 5.73 percentage points year-on-year[15] - Total operating revenue for Q3 2020 was approximately $85.06 million, a decrease of 15.1% compared to $100.20 million in Q3 2019[33] - Net profit for Q3 2020 was $5.30 million, representing a decline of 32.7% from $7.89 million in Q3 2019[34] - Total profit for the first three quarters of 2020 was approximately $16.49 million, a decline of 16.0% from $19.73 million in the same period of 2019[33] Cash Flow and Investments - Net cash flow from operating activities was negative at CNY -76,263,921.85, worsening by 27.21% compared to the same period last year[6] - Net cash flow from investing activities decreased by 39.68% to CNY -157,957,162.24, mainly due to increased investments in short-term structured bank products[23] - Cash inflow from investment activities increased significantly to ¥173,005,219.17 in 2020 from ¥76,522,722.57 in 2019, primarily due to cash received from investment recoveries[39] - The cash outflow for investment activities rose to ¥330,962,381.41 in 2020, compared to ¥189,603,977.41 in 2019, reflecting increased investment expenditures[39] - The net cash flow from financing activities showed a slight improvement, with a net outflow of ¥9,721,758.80 in 2020 compared to ¥11,666,110.56 in 2019[39] Assets and Liabilities - Total assets decreased by 6.40% to CNY 648,909,091.61 compared to the end of the previous year[6] - The total net assets attributable to shareholders increased by 0.92% to CNY 508,728,515.03 compared to the end of the previous year[6] - As of September 30, 2020, total liabilities amounted to CNY 140,180,576.58, a decrease of 26% from CNY 189,214,508.44 as of December 31, 2019[28] - Current liabilities totaled CNY 139,623,202.16, down 26% from CNY 188,232,498.99 in the previous year[28] - Non-current liabilities totaled CNY 557,374.42, a decrease of 43% from CNY 982,009.45 as of December 31, 2019[28] Shareholder Information - The total number of shareholders reached 7,996, with the top ten shareholders holding a combined 42.68% of shares[11] - The company's retained earnings increased to CNY 56,159,571.72 from CNY 51,528,271.26, marking an increase of approximately 9.3%[28] Operational Changes - The company opened 51 new stores but closed 134 during the reporting period, resulting in a net decrease in store count[12] - The North China region saw a significant revenue decline of 72.41%, while the Central South region experienced a revenue increase of 72.48%[17] - The company’s export revenue dropped by 81.12%, contributing only 0.78% to total revenue[17] - The company’s operating costs decreased by 7.17% year-on-year, reflecting efforts to manage expenses amid declining revenues[15] Expenses and Income - Management expenses decreased by 32.08% to CNY 5,226,891.67 due to reduced wages and other cost-saving measures[21] - Sales expenses decreased by 44.65% to CNY 5,633,597.37 primarily due to reduced wages and promotional costs amid the pandemic[21] - Other income increased by 327.66% to CNY 1,635,780.69 due to an increase in government subsidies related to daily operations[21] - The company reported a significant increase in credit impairment losses, with a change of 762.53% to CNY 5,610,672.31, reflecting efforts to recover receivables[21] Taxation - Tax payable increased by 48.94% to CNY 2,112,294.27 due to an increase in unremitted income tax, VAT, and property tax[19] - The company reported a tax expense of $1.05 million for Q3 2020, slightly up from $1.02 million in Q3 2019[34] Miscellaneous - The company did not apply new revenue and lease standards for the year 2020, indicating a stable accounting approach[42] - The audit report for the financial statements was not applicable for the current period, suggesting no significant changes in auditing practices[42]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 109.67 million, a decrease of 11.11% compared to the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY 9.06 million, showing a slight increase of 0.05% year-on-year[19]. - The net profit after deducting non-recurring gains and losses was CNY 7.59 million, down 7.77% from the previous year[19]. - The net cash flow from operating activities was CNY -27.50 million, an improvement of 10.82% compared to the same period last year[19]. - The total assets at the end of the reporting period were CNY 654.04 million, a decrease of 5.66% from the end of the previous year[19]. - The net assets attributable to shareholders of the listed company were CNY 503.43 million, a slight decrease of 0.13% compared to the end of the previous year[19]. - The basic earnings per share remained at CNY 0.093, unchanged from the same period last year[20]. - The weighted average return on net assets was 1.82%, a decrease of 0.02 percentage points year-on-year[20]. - Total revenue for the company was CNY 10,830.83 million, representing a decrease of 12.00% compared to the previous year[56]. - The company reported a total revenue of 12,126,327.50 RMB for the first half of 2020[74]. Business Operations - The company's main business includes the manufacturing and retail of knitted underwear and fabrics, with a total of 2 direct stores and 307 franchise stores[26]. - In the first half of 2020, the company's main business sales revenue was 108.31 million yuan, with online sales accounting for 61.81% (66.95 million yuan) and offline sales accounting for 38.19% (41.36 million yuan)[30]. - The company highlighted the impact of the pandemic on the economy and consumer market, affecting sales and operations[20]. - The textile and apparel industry is facing challenges due to the COVID-19 pandemic, leading to a significant contraction in the consumer market[26]. - The company is focusing on product innovation and brand enhancement to adapt to the increasingly segmented consumer market[32]. - The company is actively promoting a digital transformation strategy, integrating online and offline sales channels[32]. - The company aims to enhance product comfort and functionality through continuous improvement in production processes and new material development[31]. - The company is leveraging e-commerce and social media tools to expand its sales channels and increase brand influence[32]. Research and Development - The company's R&D investment in the first half of 2020 was 4.10 million yuan, representing 3.74% of total operating revenue[31]. - The company aims to improve product comfort and functionality through continuous R&D and collaboration with external research institutions[38]. - The company has been increasing R&D investment to improve its technological innovation capabilities and core competitiveness, addressing the challenges posed by low innovation levels in the domestic lingerie industry[67]. Financial Position - Cash and cash equivalents decreased by 21.87% to CNY 125,021,654.75, primarily due to investments in structured deposits[57]. - Accounts receivable decreased by 25.46% to CNY 49,149,319.96, attributed to improved collection efforts despite a decline in revenue[57]. - Inventory decreased by 5.01% to CNY 106,808,745.46, reflecting reduced procurement due to lower sales volumes[57]. - The company reported a significant reduction in other payables by 85.44%, amounting to CNY 1,964,625.99, mainly due to the absence of dividend payments compared to the previous year[57]. - The company reported a decrease in cash and cash equivalents at the end of the period, totaling CNY 60,582,916.97, down from CNY 91,118,076.01 at the end of the first half of 2019[103]. Legal Matters - The company is currently involved in a civil lawsuit against a supplier for the return of a deposit and advance payment, with the amount in dispute totaling RMB 5,597,092.20[72]. - The company has fully provided for bad debt reserves amounting to RMB 34,652,968.60 related to a previous legal case[72]. - The company has received partial execution payments totaling RMB 9,303.99 from a previous lawsuit, with ongoing efforts to recover remaining amounts[72]. - A civil lawsuit was filed against customer Dai Xiutian for an outstanding payment of 807,856.20 CNY, currently awaiting judgment as of June 30, 2020[73]. - The company won a civil lawsuit against customer Shen Changhua, with a judgment amount of 745,840.88 CNY, and has made a bad debt provision of 690,766.44 CNY as of June 30, 2020[73]. Shareholder Information - The company reported a total of 41.505355 million shares held by shareholders at the annual general meeting, representing 42.6932% of the total voting shares[69]. - The largest shareholder, Langsha Holding Group Co., Ltd., held 41,495,355 shares, representing 42.68% of the total shares, with 32 million shares pledged[88]. - The second-largest shareholder, Tibet Giant Wave Technology Co., Ltd., held 19,288,888 shares, accounting for 19.84% of the total shares, with 19,284,400 shares pledged[88]. Compliance and Governance - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial statements accurately reflect its financial position and operating results[120]. - The financial statements are prepared based on the assumption of going concern, with no significant doubts regarding the company's ability to continue operations for the next 12 months[119]. - The company has not reported any significant changes in its stock incentive plans or employee shareholding plans during the reporting period[74]. Taxation and Subsidies - The company is subject to a corporate income tax rate of 25%, while its subsidiary Zhejiang Langsha Underwear Co., Ltd. benefits from a reduced rate of 15% due to high-tech enterprise status[178]. - The company has received government subsidies totaling 1,063,097.16 yuan, including various local government support programs[23]. - The company has received a 100% reduction in urban land use tax for its subsidiary due to its classification as an A-level enterprise in the previous year's comprehensive evaluation[180].

Financial Performance - Operating revenue fell by 19.09% to CNY 48,553,000.08 year-on-year[6] - Net profit attributable to shareholders decreased by 11.14% to CNY 4,842,132.56 compared to the same period last year[6] - Basic and diluted earnings per share decreased by 10.71% to CNY 0.050[6] - The company's total operating revenue for the reporting period was 4,725.78 million RMB, representing a decrease of 21.05% compared to the same period last year[14] - The gross profit margin decreased by 3.91 percentage points to 19.03% due to a higher rate of increase in operating costs compared to revenue[14] - The company reported a net cash flow from operating activities of -26,816,041.54 RMB, a decrease of 272.04% compared to the previous year, primarily due to reduced sales volume[24] - The company reported a decrease in sales expenses to ¥1,457,874.04 in Q1 2020 from ¥2,404,902.34 in Q1 2019, reflecting a cost-cutting strategy[33] - The net profit for Q1 2020 was 4,842,132.56 CNY, down from 5,449,353.06 CNY in Q1 2019, reflecting a decrease of about 11.1%[34] - The total comprehensive income for Q1 2020 was 4,842,132.56 CNY, down from 5,449,353.06 CNY in Q1 2019, a decline of approximately 11.1%[34] Assets and Liabilities - Total assets decreased by 4.67% to CNY 660,944,796.49 compared to the end of the previous year[6] - The total current assets decreased to RMB 522,603,861.55 from RMB 556,735,746.63, representing a reduction of about 6.13%[26] - Cash and cash equivalents were reported at RMB 138,301,130.96, down from RMB 366,434,407.65, indicating a significant decrease of approximately 62.24%[26] - Total current liabilities decreased to RMB 151,164,984.92 from RMB 188,232,498.99, a decline of about 19.66%[27] - The company's total equity increased to RMB 508,939,347.13 from RMB 504,097,214.57, showing a slight increase of about 0.56%[27] - The retained earnings rose to RMB 56,370,403.82 from RMB 51,528,271.26, marking an increase of approximately 9.88%[27] - The company reported a decrease in inventory to RMB 99,092,638.95 from RMB 101,917,507.22, a decline of about 2.77%[26] - The non-current liabilities totaled RMB 840,464.44, down from RMB 982,009.45, indicating a decrease of approximately 14.43%[27] - Total liabilities as of March 31, 2020, were ¥358,916.40, a decrease from ¥370,755.87 as of December 31, 2019[30] Investment and Expenses - Research and development expenses decreased by 45.12% to 1,406,174.95 RMB, attributed to reduced direct investment and payroll costs[23] - The company invested 200 million RMB in bank financial products during the reporting period, which has not yet matured[22] - The company incurred operating expenses of 94,408.36 CNY in Q1 2020, slightly up from 93,988.72 CNY in Q1 2019[37] - The company reported a tax expense of 672,023.09 CNY in Q1 2020, down from 864,778.86 CNY in Q1 2019, a decrease of approximately 22.2%[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 9,708[10] - The largest shareholder, Langsha Holdings Group Co., Ltd., holds 42.68% of the shares, with 32,000,000 shares pledged[10] Sales Performance - Online sales accounted for 53.30% of total revenue, generating 2,518.66 million RMB, while offline sales contributed 46.70% with 2,207.11 million RMB[20] - The North China region saw a significant decline in revenue, down 86.81% to 17.00 million RMB, while the Central South region increased by 163.76% to 695.13 million RMB[20] Cash Flow - The net cash flow from operating activities in Q1 2020 was -26,816,041.54 CNY, worsening from -7,207,761.89 CNY in Q1 2019[39] - The company experienced a cash outflow from operating activities totaling 82,135,006.20 CNY in Q1 2020, compared to 91,061,442.51 CNY in Q1 2019[39] - Cash outflow from operating activities decreased significantly to 56,692.11 yuan from 96,831.30 yuan in Q1 2019, representing a reduction of about 41%[41] Other Information - The company received government subsidies totaling CNY 377,500, contributing to other income[7] - The company received government subsidies amounting to 250,000 RMB, which was not present in the previous year[23] - The company did not implement new revenue or leasing standards for the year 2020, as indicated in the report[42]

Financial Performance - In 2019, the company achieved a net profit of CNY 15,838,248.19, a decrease of 45.69% compared to the previous year[4]. - The company's operating revenue for 2019 was CNY 331,056,364.45, down 14.59% from CNY 387,587,246.91 in 2018[19]. - The basic earnings per share for 2019 was CNY 0.163, a decline of 45.67% from CNY 0.300 in 2018[20]. - The company’s net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 8,880,774.18, a decrease of 61.71% from CNY 23,193,676.55 in 2018[19]. - The total profit for the year was 1,804.83 million RMB, down 45.30% year-on-year, while net profit fell by 45.69% to 1,583.82 million RMB[48]. - The company’s net profit for 2019 was CNY 15,838,248.19, down 45.5% from CNY 29,161,776.09 in 2018[193]. - The comprehensive income for 2019 amounted to 15,838,248.19 RMB, contributing positively to the equity[200]. Cash Flow - The net cash flow from operating activities was CNY 24,627,056.10, a significant improvement from a negative cash flow of CNY -26,214,879.80 in 2018[19]. - The total cash flow from operating activities in Q4 2019 was 84.58 million RMB, indicating a strong recovery in cash flow management[25]. - The net cash flow from operating activities for 2019 was -423,014.03 RMB, an improvement from -1,090,762.77 RMB in 2018, indicating a reduction in cash outflow[198]. - The net cash flow from investment activities improved to 12,000,000.00 RMB in 2019 from -85,822,787.52 RMB in 2018, showing a positive turnaround[198]. Assets and Liabilities - The total assets of the company at the end of 2019 were CNY 693,311,723.01, a slight decrease of 0.48% from CNY 696,664,011.14 in 2018[19]. - Total liabilities decreased to CNY 189,214,508.44 from CNY 196,591,178.55 in the previous year, indicating a reduction of approximately 3.5%[187]. - Current assets totaled CNY 556,735,746.63, down from CNY 561,888,312.42 in 2018, reflecting a decrease of about 0.9%[186]. - Accounts receivable decreased to CNY 57,622,319.28 from CNY 73,533,932.54, a decline of about 21.6%[186]. - Inventory rose to CNY 101,917,507.22 from CNY 89,251,483.49, marking an increase of approximately 14.3%[186]. Dividends and Shareholder Returns - The company proposed a cash dividend of CNY 1.00 per 10 shares for 2019, subject to shareholder approval[4]. - The company distributed cash dividends amounting to CNY 9,721,758.80, which is 61.38% of the net profit attributable to ordinary shareholders[98]. - The cash dividend per 10 shares for 2019 was CNY 1.00, compared to CNY 1.20 in 2018 and CNY 0.60 in 2017, showing a decrease in dividend payout[98]. - The company distributed dividends totaling 11,666,110.56 RMB in 2019, compared to 5,833,055.28 RMB in 2018, indicating an increase in shareholder returns[200]. Research and Development - The company invested 10.95 million yuan in R&D, representing 3.31% of total revenue, focusing on improving product comfort and functionality[35]. - The total R&D expenditure was CNY 10,954,654.98, representing 3.31% of operating revenue[64]. - The company emphasized enhancing its research and development capabilities to drive innovation and improve market competitiveness[22]. Market and Sales Performance - Online sales accounted for 58.22% of total sales, amounting to 192.23 million yuan, while offline sales contributed 41.78%, totaling 137.96 million yuan[34]. - The company’s strategic focus includes enhancing brand influence through mobile e-commerce and optimizing business layout to adapt to market demands[21]. - The company faced challenges due to economic downturns and increased competition, necessitating a focus on optimizing business layout and market management[39]. - The overall market environment remains challenging, with intensified competition and economic downturn affecting sales performance[54]. Legal and Compliance - The company is involved in multiple legal disputes, including a contract dispute with supplier Yiwushi Tiancan Garment Co., Ltd., with a claimed amount of RMB 5,597,092.20[105]. - The company has established repayment agreements with several customers, indicating a focus on maintaining distributor relationships[106]. - The company has committed to transparency in financial reporting by adhering to the revised financial statement formats issued by the Ministry of Finance[99]. Internal Controls and Governance - The company has established a robust internal control system to ensure compliance and safeguard assets, enhancing operational efficiency[164]. - The audit committee confirmed that the company's annual financial statements accurately reflect its financial condition for 2018[160]. - No significant internal control deficiencies were identified as of December 31, 2019, ensuring effective financial reporting controls[165]. - The company has implemented strict financial risk controls regarding external guarantees and investments, following regulatory guidelines[152].

Financial Performance - Net profit attributable to shareholders decreased by 22.07% to CNY 16,939,245.53 year-on-year[9] - Basic earnings per share decreased by 22.32% to CNY 0.174[9] - The company reported a decrease in net profit after deducting non-recurring gains and losses by 16.74% to CNY 14,859,574.37[9] - Total operating revenue for Q3 2019 was ¥100,195,119, a slight decrease of 0.38% compared to ¥100,575,841 in Q3 2018[35] - Net profit for Q3 2019 was ¥7,886,563, a decrease of 28.5% from ¥11,071,322 in Q3 2018[36] - Total profit for the first three quarters of 2019 was ¥19,730,220, compared to ¥25,009,628 in the same period of 2018, reflecting a decline of 21.1%[35] - The total comprehensive income for Q3 2019 was ¥7,886,563, down from ¥11,071,322 in Q3 2018[36] - The total comprehensive income for the first three quarters of 2019 was -406,677.45 yuan, a decrease from 2,666,144.31 yuan in the same period of 2018, indicating a decline of approximately 115.3%[39] Revenue and Income - Operating income increased by 1.72% to CNY 223,574,247.94 compared to the same period last year[9] - Total revenue for the reporting period was CNY 22,312.54 million, an increase of 1.80% year-on-year[16] - The company received government subsidies that increased operating income by 185.06% to CNY 886,270.00[24] Assets and Liabilities - Total assets decreased by 3.52% to CNY 672,170,093.95 compared to the end of the previous year[9] - Total net assets attributable to shareholders increased by 1.05% to CNY 505,345,967.56 compared to the end of the previous year[9] - Total current liabilities decreased to ¥165,850,413.20 from ¥195,204,258.89, a reduction of approximately 15%[31] - Total non-current liabilities decreased to ¥973,713.19 from ¥1,386,919.66, a reduction of about 30%[31] - Total liabilities decreased to ¥166,824,126.39 from ¥196,591,178.55, representing a decline of around 15%[31] Cash Flow - Net cash flow from operating activities improved by 44.10%, reaching -CNY 59,950,411.96[9] - The company experienced a net cash outflow from operating activities of -59,950,411.96 yuan in the first three quarters of 2019, an improvement from -107,245,210.19 yuan in the same period of 2018[41] - Investment activities resulted in a net cash outflow of -113,081,254.84 yuan in the first three quarters of 2019, compared to -51,668,221.16 yuan in the same period of 2018, indicating increased investment expenditures[42] Expenses - The company reported a 38.15% increase in management expenses to CNY 7,696,001.96, driven by higher salaries, travel expenses, and consulting fees[24] - Research and development expenses for Q3 2019 were ¥2,884,857, a decrease of 15.4% from ¥3,412,662 in Q3 2018[35] Store Operations - The number of retail stores decreased from 456 to 399, with 49 new openings and 106 closures during the reporting period[14] - The company opened 46 new franchise stores but closed 101 during the reporting period[14] Market Performance - Export revenue surged by 62.04% to CNY 794.73 million, indicating strong international demand[19] - Online sales accounted for 55.60% of total revenue, with a gross margin of 19.13%, while offline sales made up 44.40% with a gross margin of 20.87%[18] Financial Adjustments - The company has not yet implemented the new revenue recognition standards as per regulations[48] - The company has made adjustments to its financial statements due to the first-time execution of new financial instrument and leasing standards[47]