Financial Performance - The company's operating revenue for the first half of 2022 was ¥62,622,113.68, a decrease of 12.18% compared to ¥71,308,978.58 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2022 was -¥40,610,280.15, compared to -¥39,576,389.91 in the previous year[18]. - The net cash flow from operating activities was -¥4,591,964.90, a decline of 155.54% from ¥8,267,482.68 in the same period last year[18]. - The total assets at the end of the reporting period were ¥1,404,698,881.40, down 4.13% from ¥1,465,193,204.30 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 87.72% to ¥5,686,620.18 from ¥46,296,900.33 at the end of the previous year[18]. - The basic earnings per share for the first half of 2022 was -¥0.18, compared to -¥0.22 in the same period last year[19]. - The weighted average return on net assets was -156.24%, a decrease of 140.62 percentage points from -15.62% in the previous year[19]. - The company reported a net loss of 40.61 million yuan for the first half of 2022, indicating a challenging financial performance[167]. - The net profit for the first half of 2022 was -35,452,910.09 RMB, compared to -39,297,078.76 RMB in the same period of 2021, indicating an improvement in losses by about 7.4%[141]. Revenue and Sales - The company's operating revenue for the first half of 2022 was 62.62 million yuan, a decrease of 8.69 million yuan, representing a decline of 12.18% year-on-year, primarily due to the impact of the pandemic and over 20 days of store closures[30]. - The total retail sales of consumer goods in the country for the first half of 2022 reached 21.04 trillion yuan, a year-on-year decrease of 0.7%[24]. - Online retail sales in the country reached 6.30 trillion yuan in the first half of 2022, with a year-on-year growth of 3.1%[24]. - The company's main business revenue for the department store segment was 48.5058 million yuan, a decrease of 12.86% compared to the same period last year[46]. - The company achieved online sales of approximately 327,000 yuan through third-party platforms during the reporting period[48]. Cost Management - The company implemented cost control measures, focusing on reducing administrative, personnel, and marketing expenses to mitigate operational pressures[29]. - The operating cost decreased by 26.93% to ¥24,936,692.55 from ¥34,129,301.50 year-on-year[33]. - The company reported a decrease in sales expenses to CNY 725,387.76, down from CNY 1,942,945.97 in the first half of 2021, indicating cost-cutting measures[136]. - Financial expenses increased slightly to CNY 44,910,942.36 from CNY 43,467,130.63 in the previous year, primarily due to interest expenses[136]. Asset Management - The company's cash and cash equivalents decreased by 45.85% to ¥66,911,850.16 from ¥123,578,317.16 year-on-year[36]. - The company's inventory decreased by 12.80% to ¥16,236,826.64 from ¥18,620,775.94 year-on-year[36]. - The company reported a net cash flow from financing activities of -¥49,030,522.09, a decrease of 193.40% from ¥52,497,730.91 in the previous year[34]. - The company reported a significant increase in cash received from other operating activities, totaling CNY 52,098,398.59, compared to CNY 34,820,862.97 in the first half of 2021[145]. Shareholder and Equity Information - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital for this reporting period[4]. - The company reported a total equity attributable to shareholders of negative CNY 213,804,230.46, worsening from negative CNY 178,351,320.37 in the first half of 2021[133]. - The total number of shares increased from 178,138,918 to 231,574,918 after a non-public offering of 53,436,000 shares[112]. - The registered capital of the company increased to ¥231,574,918 after the issuance of 53,436,000 new shares[114]. - The controlling shareholder is Shenzhen Leading Semiconductor Investment Co., Ltd., with a shareholding ratio of 23.08%[162]. Management and Governance - The company experienced changes in its executive team, with Wang Haiyan appointed as the new President and Chairman, replacing Chen Kuaizhu[54]. - The company confirmed compliance with commitments made by its actual controllers and shareholders during the reporting period[60]. - The company guarantees the independence and integrity of its assets, ensuring all business-related assets are under its control[63]. - The company has committed to financial independence, including maintaining separate bank accounts and financial decision-making processes[63]. Future Plans and Strategies - The company plans to sell 100% equity of its wholly-owned subsidiary, Shenyang Commercial City Department Store, through a cash acquisition, which may constitute a major asset restructuring[31][40]. - The company plans to implement asset restructuring within nine months post-offering to alleviate operational pressure and enhance operational capacity[89]. - The company aims to inject quality assets through legal means to achieve business transformation and improve core competitiveness[90]. - The management indicated a cautious outlook for the upcoming quarters, focusing on cost management and operational efficiency[155]. Compliance and Legal Matters - The company is actively addressing litigation matters related to lease contracts, with ongoing efforts to manage repayment obligations[98]. - The company has not reported any non-operating fund occupation or guarantee violations during the reporting period[96]. - The company has committed not to collect the principal and interest owed by the commercial city during 2022, due to significant financial difficulties, with plans to resolve this during restructuring[94]. Accounting and Financial Reporting - The company’s financial statements were approved by the board of directors on August 17, 2022[164]. - The company follows specific accounting policies and estimates based on its operational characteristics, particularly in revenue recognition and customer reward points accounting[168]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired in a business combination[177]. - The company’s financial statements comply with accounting standards, accurately reflecting its financial position and results[171].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 36,038,500.29, representing a decrease of 0.30% compared to the same period last year[4]. - The net profit attributable to shareholders of the listed company was a loss of CNY 14,538,877.01, with a basic and diluted earnings per share of -CNY 0.06[4]. - The net loss for Q1 2022 was CNY 14,532,374.15, compared to a net loss of CNY 17,177,137.39 in Q1 2021, showing an improvement of approximately 15.5%[17]. - The total comprehensive income attributable to the parent company for Q1 2022 was -14,538,877.01 RMB, compared to -17,182,202.27 RMB in the same period last year, indicating a reduction in losses[18]. - The weighted average return on net assets was -37.25%, a decrease of 30.16 percentage points compared to the same period last year[4]. Cash Flow - The net cash flow from operating activities was -CNY 5,745,798.99, reflecting a significant decrease of 126.47% year-on-year[4]. - Cash inflow from operating activities totaled 129,835,009.95 RMB in Q1 2022, up from 120,078,490.22 RMB in Q1 2021, reflecting a growth of approximately 13.1%[21]. - Cash outflow from operating activities increased to 135,580,808.94 RMB in Q1 2022, compared to 98,371,541.25 RMB in Q1 2021, representing a rise of about 37.7%[21]. - The cash flow from financing activities in Q1 2022 resulted in a net outflow of -32,130,782.47 RMB, compared to -23,163,600.37 RMB in Q1 2021, indicating a worsening cash position[23]. - The total cash inflow from financing activities was 95,000,000.00 RMB in Q1 2022, down from 155,922,170.78 RMB in Q1 2021, indicating a decrease of approximately 39%[23]. - The total cash outflow for financing activities was 127,130,782.47 RMB in Q1 2022, compared to 179,085,771.15 RMB in Q1 2021, showing a reduction of about 29.1%[23]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 1,422,196,354.56, down 2.93% from the end of the previous year[5]. - The total liabilities as of March 31, 2022, were CNY 1,389,632,772.48, down from CNY 1,418,097,248.07 at the end of 2021, indicating a reduction of about 2.0%[14]. - The company's cash and cash equivalents decreased to CNY 84,182,339.23 from CNY 123,578,317.16 at the end of 2021, representing a decline of approximately 31.9%[12]. - The company's equity attributable to shareholders decreased to CNY 31,758,023.32 from CNY 46,296,900.33 at the end of 2021, a decline of approximately 31.4%[14]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 4,943[9]. - The top shareholder, Shenzhen Leading Semiconductor Investment Co., Ltd., held 53,436,000 shares, accounting for 23.08% of the total shares[9]. Business Operations - The company did not report any new product developments or market expansion strategies during this quarter[3]. - The company experienced temporary store closures due to COVID-19, impacting operations from March 19, 2022, until reopening on April 13 and 14, 2022[11]. - The company plans to sell its wholly-owned subsidiary Shenyang Commercial City Department Store Co., Ltd., which may constitute a significant asset restructuring[11]. - The company is actively promoting the implementation of the asset sale transaction as per the signed letter of intent with the second-largest shareholder[11].

Financial Performance - The company reported a net profit of -81.44 million RMB for 2021, with a cumulative undistributed profit of -921.69 million RMB[5]. - Operating revenue for 2021 was 152.32 million RMB, a decrease of 20.64% compared to 191.93 million RMB in 2020[21]. - The net profit attributable to shareholders was -105.66 million RMB, showing an improvement from -149.14 million RMB in the previous year[21]. - The company’s total assets increased by 10.41% to 1.47 billion RMB at the end of 2021, compared to 1.33 billion RMB at the end of 2020[21]. - Cash flow from operating activities was 29.02 million RMB, a significant recovery from -41.72 million RMB in 2020[21]. - The company will not distribute profits or increase capital reserves due to negative cumulative undistributed profits[5]. - The company’s net assets attributable to shareholders improved to 46.30 million RMB from -233.63 million RMB in 2020[21]. - Basic earnings per share for 2021 was -0.5931 CNY, an improvement from -0.84 CNY in 2020[22]. - The weighted average return on equity increased to -43.085% in 2021 from -93.77% in 2020, showing a 50.685 percentage point improvement[22]. - The total operating revenue for the company was ¥152,320,748.91, a decrease of 20.64% compared to the previous year[43]. Market Environment - The retail market in China saw a 12.5% growth in total retail sales compared to the previous year, indicating a recovering consumer environment[30]. - The total retail sales of consumer goods in the country reached 4.41 trillion yuan in 2021, growing by 12.5% year-on-year[33]. - Online retail sales in 2021 amounted to 1.31 trillion yuan, an increase of 14.1% year-on-year, with physical goods online retail sales at 1.08 trillion yuan, growing by 12.0%[34]. - The company faced significant operational challenges due to the dual impact of e-commerce competition and the COVID-19 pandemic[30]. - The retail market faces significant competition, with rising operational costs and pressure from e-commerce channels impacting market share and profitability[74]. Operational Adjustments - The company adjusted supplier payment processes to stabilize operations and maintain supplier confidence during challenging times[30]. - The company reduced its sales expenses by 28.76% to 5.11 million yuan, and management expenses decreased by 19.41% to 38.40 million yuan[40]. - The company implemented a non-public stock issuance to improve its capital structure and liquidity, with funds received by the end of December 2021[30]. - The company has enhanced its marketing strategies by increasing promotional activities and leveraging social media for brand promotion[31]. - The company plans to enhance sales performance by improving employee performance assessments and internal control measures[72]. Corporate Governance - The company held 6 shareholder meetings and 11 board meetings during the reporting period, ensuring compliance with legal requirements and promoting shareholder rights[78]. - The company has established a performance evaluation system linking executive compensation to business goals and individual performance[79]. - The company has resolved industry competition issues with major shareholders through a management agreement[81]. - The company has signed loan agreements with Maoye Group and Leading Semiconductor, which are classified as related party transactions[85]. - The company has established specialized committees under the board, including the remuneration and assessment committee, to enhance governance[108]. Future Outlook - The company plans to enhance brand features and improve customer experience through attentive service, aiming to increase customer loyalty and sales performance[73]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% increase in market share by 2023[94]. - Future guidance indicates a positive outlook with expected revenue growth driven by strategic initiatives and market expansion[90]. - The company is actively pursuing mergers and acquisitions to strengthen its market position and diversify its portfolio[90]. - The company has set a performance guidance of 1.8 billion in revenue for the next fiscal year, representing a growth of 20%[95]. Risk Management - The company has faced industry and policy risks, which are detailed in the report[8]. - The company emphasizes the importance of investor awareness regarding investment risks associated with forward-looking statements[6]. - The company has a heavy debt burden, primarily from short-term loans and accounts payable, although recent fundraising efforts have improved its financial structure[74]. - The company reported a significant increase in pre-received rental payments, up 248.67% to ¥9,778,309.47, indicating a change in business model[52]. Shareholder Information - The company has outlined a shareholder return plan for the next three years (2021-2023)[85]. - The company has not proposed any cash profit distribution plan despite having positive distributable profits for shareholders[118]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 2.7038 million yuan[101]. - The company has a total of 12 board members, with 5 independent directors[87]. - The top shareholder, Shenzhen Leading Semiconductor Investment Co., holds 53,436,000 shares, accounting for 23.08% of the total shares[193].

Financial Performance - The company's operating revenue for Q3 2021 was ¥37,719,126.36, representing a decrease of 16.70% compared to the same period last year[5]. - The net profit attributable to shareholders was -¥18,763,878.27, with a year-to-date net profit of -¥58,340,268.18, indicating significant losses[5]. - The basic and diluted earnings per share were both -¥0.11 for the quarter, with a year-to-date figure of -¥0.33[6]. - Total operating revenue for the first three quarters of 2021 was CNY 109,028,104.94, a decrease from CNY 144,301,846.20 in the same period of 2020[21]. - Total operating costs for the first three quarters of 2021 were CNY 165,969,427.32, down from CNY 237,943,530.41 year-on-year[21]. - Net loss for the first three quarters of 2021 was CNY 58,333,023.68, compared to a net loss of CNY 99,199,302.83 in the same period of 2020[22]. - Operating profit for the first three quarters of 2021 was CNY -55,083,046.56, an improvement from CNY -96,502,064.76 in the previous year[22]. - Basic and diluted earnings per share for the first three quarters of 2021 were both CNY -0.33, compared to CNY -0.56 in the same period of 2020[22]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,387,829,265.43, reflecting a 4.58% increase from the end of the previous year[6]. - As of September 30, 2021, the company's total assets amounted to RMB 1,387,829,265.43, an increase from RMB 1,327,018,965.10 at the end of 2020, reflecting a growth of approximately 4.5%[15]. - The company's current assets totaled RMB 83,666,888.88, compared to RMB 75,982,499.32 in the previous year, indicating an increase of about 10.3%[17]. - Total liabilities as of the end of the third quarter of 2021 amounted to CNY 1,637,777,753.12, an increase from CNY 1,559,848,467.16 at the end of the previous year[23]. - Total equity attributable to shareholders of the parent company was CNY -250,751,235.26, compared to CNY -233,625,005.13 in the previous year[23]. - Current liabilities amounted to CNY 1,594,463,526.45, compared to CNY 1,537,695,191.57 in the previous year[23]. - The total liabilities of the company were not explicitly stated, but the current liabilities included accounts payable of RMB 143,265,754.92, down from RMB 158,013,716.42, a decrease of approximately 9.3%[17]. Cash Flow - The cash flow from operating activities showed a net outflow of -¥1,386,192.29 year-to-date[6]. - The net cash flow from operating activities increased by 96.47% year-on-year due to higher cash receipts related to operating activities[9]. - Operating cash flow for the first three quarters of 2021 was negative at -1,386,192.29 RMB, an improvement from -39,260,494.27 RMB in the same period of 2020[24]. - Total cash inflow from operating activities decreased to 363,045,419.91 RMB, down 7.9% from 394,064,155.54 RMB year-on-year[24]. - Cash outflow from operating activities also decreased to 364,431,612.20 RMB, a reduction of 15.9% compared to 433,324,649.81 RMB in the previous year[24]. - The net increase in cash and cash equivalents was 11,649,252.97 RMB, contrasting with a decrease of -8,796,690.55 RMB in the same period of 2020[25]. - The ending balance of cash and cash equivalents reached 16,639,200.75 RMB, significantly up from 3,160,840.41 RMB at the end of the previous year[25]. Government Support and Strategic Initiatives - The company received government subsidies amounting to ¥41,480.55 during the quarter, primarily related to water source heat pump subsidies[8]. - The company plans to enhance its capital strength through a non-public stock issuance, which is expected to alleviate financial pressure and improve capital structure[13]. - The non-public issuance will result in Leading Semiconductor becoming the controlling shareholder, with Wang Qiang as the actual controller of the company[13]. - The company has submitted responses to the China Securities Regulatory Commission regarding feedback on its non-public stock issuance application, indicating ongoing regulatory compliance efforts[14]. - The company is focused on improving operational safety and reducing financial risks through strategic capital management initiatives[13]. Inventory and Other Financial Metrics - The company reported a decrease in inventory from RMB 34,040,587.43 to RMB 27,642,699.79, a reduction of about 18.5%[17]. - Short-term borrowings were recorded at RMB 952,835,966.18, slightly down from RMB 966,245,929.57, showing a decrease of around 1.4%[17]. - Other income for the first three quarters of 2021 was CNY 134,785.85, down from CNY 395,476.47 in the same period of 2020[21]. - Cash inflow from financing activities totaled 235,922,170.78 RMB, down 3.4% from 245,000,000.00 RMB in the same period last year[25]. - Cash outflow from financing activities increased to 222,200,075.16 RMB, compared to 214,536,196.28 RMB in the previous year, indicating a rise of 3.1%[25].

Financial Performance - The company's operating revenue for Q3 2021 was ¥37,719,126.36, representing a decrease of 16.70% compared to the same period last year[5] - The net profit attributable to shareholders was -¥18,763,878.27, with a year-to-date net profit of -¥58,340,268.18, indicating significant losses[5] - The basic and diluted earnings per share were both -¥0.11, reflecting ongoing financial challenges[6] - Total operating revenue for the first three quarters of 2021 was CNY 109,028,104.94, a decrease from CNY 144,301,846.20 in the same period of 2020[21] - Net profit for the third quarter of 2021 was a loss of CNY 58,333,023.68, compared to a loss of CNY 99,199,302.83 in the same quarter of 2020[22] - The company reported a gross profit margin of approximately -51.3% for the first three quarters of 2021, compared to a gross profit margin of approximately -33.1% in the same period of 2020[21] - The company recorded a total comprehensive loss of CNY 58,333,023.68 for the third quarter of 2021, compared to a total comprehensive loss of CNY 99,199,302.83 in the same quarter of 2020[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,387,829,265.43, an increase of 4.58% from the end of the previous year[6] - The company's total liabilities as of the third quarter of 2021 amounted to CNY 1,637,777,753.12, an increase from CNY 1,559,848,467.16 in the previous year[18] - The total liabilities were reported at RMB 1,304,162,376.55, compared to RMB 1,251,036,465.78 in the previous year, marking an increase of approximately 4.2%[17] - The company's non-current liabilities totaled CNY 43,314,226.67 as of the third quarter of 2021, an increase from CNY 22,153,275.59 in the previous year[18] - The company's short-term borrowings were reported at RMB 952,835,966.18, slightly down from RMB 966,245,929.57, indicating a decrease of about 1.3%[17] Cash Flow - The cash flow from operating activities showed a net outflow of -¥1,386,192.29 for the year-to-date period[6] - Operating cash flow for the first three quarters of 2021 was negative at -1,386,192.29 RMB, an improvement from -39,260,494.27 RMB in the same period of 2020[24] - Total cash inflow from operating activities decreased to 363,045,419.91 RMB, down 7.9% from 394,064,155.54 RMB year-over-year[24] - Cash outflow from operating activities also decreased to 364,431,612.20 RMB, a reduction of 15.9% compared to 433,324,649.81 RMB in the previous year[24] - Net cash flow from investing activities was -686,650.36 RMB, reflecting a decrease in investment outflows compared to the previous year[25] - Cash inflow from financing activities totaled 235,922,170.78 RMB, down 3.4% from 245,000,000.00 RMB in the same period last year[25] - The ending cash and cash equivalents balance increased to 16,639,200.75 RMB, compared to 3,160,840.41 RMB at the end of the previous year[25] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 5,322[10] - The total equity attributable to shareholders of the parent company was CNY -250,751,235.26, compared to CNY -233,625,005.13 in the same period last year[18] - Basic and diluted earnings per share for the third quarter of 2021 were both CNY -0.33, compared to CNY -0.56 in the same quarter of 2020[22] Government Support and Regulatory Matters - The company received government subsidies amounting to ¥41,480.55 during the reporting period, primarily related to water source heat pump subsidies[8] - The company received feedback from the China Securities Regulatory Commission regarding its non-public stock issuance application, indicating ongoing regulatory processes[14] - The company plans to enhance its capital strength through a non-public stock issuance, which is expected to alleviate financial pressure and improve capital structure[13] Inventory and Current Assets - The company's inventory decreased to RMB 27,642,699.79 from RMB 34,040,587.43, showing a decline of about 18.6%[17] - The company's current assets totaled RMB 83,666,888.88, up from RMB 75,982,499.32 in the previous year, indicating an increase of about 10.3%[17] - Cash and cash equivalents reached RMB 32,199,318.27, compared to RMB 20,996,846.53 at the end of 2020, representing a significant increase of approximately 53.5%[15] - The company reported a significant increase in accounts receivable, which rose to RMB 1,208,527.25 from RMB 1,077,968.72, reflecting an increase of approximately 12.1%[15] - The company’s other current assets increased to RMB 9,907,015.40 from RMB 9,592,134.23, showing a growth of approximately 3.3%[17]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥71,308,978.58, a decrease of 27.98% compared to ¥99,019,200.63 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was -¥39,576,389.91, an improvement from -¥65,703,463.84 in the previous year[18]. - The net cash flow from operating activities was ¥8,267,482.68, a significant recovery from -¥42,119,731.85 in the same period last year[18]. - The weighted average return on net assets improved to -15.62%, an increase of 40.38 percentage points from -56.00% in the same period last year[19]. - The basic earnings per share for the first half of 2021 was -¥0.22, compared to -¥0.37 in the same period last year[19]. - The company's net profit attributable to shareholders for the first half of 2021 was -39.57 million RMB, indicating continued financial losses[45]. - The company reported a net loss of 673,019,167.34 for the current period, compared to a loss of 485,386,807.95 in the previous period, reflecting an increase in losses[125]. - The total comprehensive income for the first half of 2021 was RMB -39,571,465.06, compared to RMB -65,695,098.52 in the first half of 2020, reflecting a significant improvement[111]. Assets and Liabilities - Total assets increased by 7.49% to ¥1,426,476,739.85 compared to ¥1,327,018,965.10 at the end of the previous year[18]. - The company's total liabilities rose to CNY 1,657,663,668.92, compared to CNY 1,559,848,467.16, indicating an increase of about 6.3%[103]. - Current liabilities totaled CNY 1,616,402,723.49, up from CNY 1,537,695,191.57, reflecting a growth of approximately 5.4%[102]. - The total equity attributable to shareholders decreased to CNY -231,987,356.99 from CNY -233,625,005.13, a marginal improvement of 0.7%[103]. - The company's total equity at the end of the reporting period was -370,423,510.79 RMB, reflecting a decrease of 56,441,928.86 RMB compared to the previous period[132]. Cash Flow - The net cash flow from operating activities for the first half of 2021 was ¥8,267,482.68, a significant improvement compared to a net outflow of ¥42,119,731.85 in the same period of 2020[117]. - The ending balance of cash and cash equivalents increased to ¥65,796,025.27 in H1 2021 from ¥7,873,988.28 in H1 2020, indicating a substantial growth[118]. - The total cash inflow from operating activities decreased to ¥227,954,739.48 in H1 2021 from ¥258,899,269.22 in H1 2020, reflecting a decline of approximately 11.9%[116]. - Cash outflow from operating activities also decreased to ¥219,687,256.80 in H1 2021 from ¥301,019,001.07 in H1 2020, marking a reduction of about 27%[117]. Business Operations - The company's main business is retail, primarily through department stores and supermarkets, with revenue mainly from merchandise sales and rental income[24]. - The company's self-operated product revenue declined due to internal funding shortages and external competitive pressures[28]. - The company plans to enhance service levels and strengthen supplier relationships to improve customer experience and loyalty[28]. - The company aims to increase promotional activities and leverage social media for brand and product marketing[29]. - The company is focusing on upgrading its stores and enhancing distinctive operations to solidify its market position[29]. Strategic Initiatives - The company is pushing for a private placement to enhance capital strength, which will help alleviate funding pressure[30]. - The company plans to conduct a non-public offering of shares to enhance capital strength and alleviate financial pressure, which is expected to support future business development[32]. - The company plans to raise up to 350.01 million RMB through a non-public offering to supplement working capital and repay debts[46]. - The company is planning to expand its market presence through strategic partnerships and potential acquisitions[62]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,290[91]. - The top ten shareholders held a total of 100,000,000 shares, with 中兆投资管理有限公司 holding 43,141,624 shares, accounting for 24.22%[93]. - The company has approximately 696,000 cumulative members, with member sales reaching about 67.51 million RMB[55]. Regulatory and Compliance - The report includes a risk statement regarding uncertainties in future plans and development strategies, advising investors to be cautious[4]. - The company has received regulatory approval for its non-public stock issuance, which is expected to strengthen its capital base[30]. - The company is in the process of electing new independent directors and supervisors for the eighth board[61]. - The company is modifying its articles of association and related internal regulations[58]. Legal and Audit Matters - The company is currently involved in a legal dispute regarding a rental contract, with ongoing updates available through official channels[75]. - The company reported a non-standard audit opinion for the 2020 financial report, which was addressed in the board's special explanation[58]. - The company is actively working to address risks identified in the 2020 annual audit report, ensuring sustainable and stable development[71]. Financial Management - The company has received ongoing financial support from major shareholders, including a borrowing limit of up to 1.4 billion yuan from an indirect controlling shareholder[72]. - The company has successfully renewed loans of 795 million yuan from Shengjing Bank and 156 million yuan from Citic Bank, ensuring stable operations[71]. - The company faces significant operational and debt repayment pressures, with a short-term loan balance of 974 million RMB and accounts payable of 143 million RMB[45].

Financial Performance - The company reported a net profit of -128.38 million RMB for 2020, with accumulated undistributed profits reaching -841.33 million RMB[4]. - Total revenue for 2020 was 191.93 million RMB, representing a decrease of 80.73% compared to 995.85 million RMB in 2019[23]. - The net profit attributable to shareholders for the entire year was negative, with the fourth quarter showing a loss of approximately ¥49.93 million, reflecting ongoing financial challenges[25]. - The net loss attributable to the parent company was CNY 149.14 million, an increase in loss of 40.52% compared to the previous year[36]. - The company reported a significant decrease in cash flow from operating activities, with a net cash flow of approximately -¥47.05 million in the second quarter[25]. - The company reported a significant decline in sales, with department store sales in Shenyang dropping by 84.54% to 144.98 million yuan compared to the previous year[53]. - The company reported a significant increase in interest expenses, totaling CNY 84,150,806.99 in 2020, compared to CNY 75,143,530.02 in 2019[175]. - The company reported a total of CNY 178,138,918.00 in paid-in capital at the end of the year, unchanged from the previous year[189]. Cash Flow and Assets - The net cash flow from operating activities was -41.72 million RMB, a decline of 176.18% from 54.76 million RMB in the previous year[23]. - As of the end of the reporting period, cash and cash equivalents amounted to 20.99 million yuan, a decrease of 31.91% from the previous period, mainly due to payments made to suppliers[48]. - The company's total assets decreased by 6.43% to 1.33 billion RMB from 1.42 billion RMB in 2019[23]. - Total current assets decreased to ¥75,982,499.32 in 2020 from ¥105,514,773.96 in 2019, a decline of approximately 28.0%[166]. - Cash and cash equivalents dropped to ¥20,996,846.53 in 2020, down from ¥30,834,647.34 in 2019, representing a decrease of about 31.9%[166]. - The total equity attributable to the parent company decreased by CNY 149,141,632.53 during the year, primarily due to comprehensive losses[187]. Business Operations and Strategy - The company operates under three business models: joint venture, leasing, and self-operated, with a focus on retail sales and rental income from merchants[30]. - The company has emphasized the importance of talent development and management training to adapt to industry changes and enhance competitiveness[32]. - The company plans to enhance service levels and strengthen supplier relationships to improve operational performance in 2021[65]. - The company aims to adapt its business model to meet the growing demand for diverse consumer needs and maintain a competitive edge in the retail market[63]. - The company is focusing on expanding its marketing channels through partnerships with e-commerce platforms like Siku and Zhenpin[66]. - The company is transitioning its supermarket area to include traditional market elements, enhancing its product offerings[66]. Market Conditions - The retail industry in China experienced a decline, with total retail sales of consumer goods dropping by 3.9% year-on-year to ¥39.20 trillion in 2020[30]. - Online retail sales in China grew by 10.9% year-on-year, reaching ¥11.76 trillion, highlighting a shift in consumer purchasing behavior[31]. - The retail market is expected to continue growing, driven by the government's focus on enhancing domestic consumption and investment strategies[61]. Risks and Challenges - The company faced significant industry and policy risks, which were detailed in the report[8]. - The company has faced significant risks, including macroeconomic environment risks and intense competition in the retail market[67]. - The company is at risk of being delisted due to negative net assets as of the end of 2020[67]. - The company has disclosed measures to improve its financial situation, but uncertainties regarding its ability to continue as a going concern remain[155]. Shareholder and Governance - The total number of ordinary shareholders increased from 6,832 to 7,720 during the reporting period[107]. - The company has a diverse board with members holding qualifications in finance, law, and management, enhancing its governance structure[121]. - The total pre-tax compensation for directors and senior management during the reporting period amounted to 2.6286 million CNY[119]. - The company has no preferred shareholders with voting rights, simplifying the governance structure[114]. Future Outlook - The company has set a future outlook with a revenue guidance of $1.5 billion for the next fiscal year, indicating a growth target of 25%[125]. - The company plans to enhance its online presence, with a target of increasing e-commerce sales by 50%[126]. - The company plans to enhance promotional activities during traditional holidays and increase member engagement to boost sales[66].

Financial Performance - Operating revenue for the current period was CNY 36,145,797.14, representing a decrease of 29.29% year-on-year[5] - The net profit attributable to shareholders of the listed company was a loss of CNY 17,182,202.27, an improvement from a loss of CNY 22,614,771.31 in the previous year[5] - Basic and diluted earnings per share were both CNY -0.10, compared to CNY -0.13 in the same period last year[5] - The cumulative net profit for the year is expected to be negative compared to the same period last year[14] - The net profit for Q1 2021 was a loss of CNY 17,177,137.39, compared to a loss of CNY 22,604,949.28 in Q1 2020, indicating an improvement[28] - Operating profit for Q1 2021 was a loss of CNY 16,228,397.33, which is an improvement from a loss of CNY 20,742,385.10 in Q1 2020[28] - The total comprehensive loss for Q1 2021 was CNY 16,708,051.21, compared to a loss of CNY 27,681,771.41 in Q1 2020, indicating a reduction in losses[32] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,323,198,170.14, a decrease of 0.29% compared to the end of the previous year[5] - The company's total liabilities as of March 31, 2021, amounted to CNY 1,573,204,809.59, an increase from CNY 1,559,848,467.16 at the end of 2020[20] - Non-current liabilities totaled CNY 28,602,280.20 as of March 31, 2021, compared to CNY 22,153,275.59 at the end of 2020, reflecting a significant increase[20] - The total equity attributable to shareholders was CNY -250,802,142.52 as of March 31, 2021, compared to CNY -233,625,005.13 at the end of 2020[20] - The company's long-term investments remained stable at CNY 921,968,183.32 as of March 31, 2021[23] - Current liabilities totaled CNY 1,544,602,529.39 as of March 31, 2021, compared to CNY 1,537,695,191.57 at the end of 2020[20] - Owner's equity totaled CNY -232,829,502.06, indicating a negative equity position[41] Cash Flow - Net cash flow from operating activities increased significantly to CNY 21,706,948.97, up 340.58% compared to the same period last year[5] - The net cash flow from operating activities in Q1 2021 was ¥21.71 million, significantly up from ¥4.93 million in Q1 2020, marking a year-over-year increase of 340.5%[34] - The total cash inflow from operating activities in Q1 2021 was ¥120.08 million, compared to ¥146.35 million in Q1 2020, a decrease of 17.9%[33] - The total cash outflow from operating activities in Q1 2021 was ¥98.37 million, down from ¥141.42 million in Q1 2020, reflecting a reduction of 30.4%[33] Shareholder Information - The total number of shareholders at the end of the reporting period was 6,832[8] - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 43,141,624 shares, accounting for 24.22% of the total shares[9] Investment and Financing - Investment properties increased by 100% compared to the beginning of the period, mainly due to the conversion of certain self-used properties into investment properties[10] - Fixed assets decreased by 72.43% compared to the beginning of the period, primarily due to the transfer of some assets to investment properties[10] - The company plans to apply for a borrowing limit of 140 million yuan from its indirect controlling shareholder, which was approved at the 2019 annual general meeting[12] - The company completed the renewal of a 795 million yuan loan from Shengjing Bank in December 2020 and a 156 million yuan loan from Citic Bank in January 2021[11] - The company has a good credit record and long-term cooperation with financial institutions, which supports its financing plans[12] Operational Efficiency - Operating costs decreased by 54.31% year-on-year, mainly due to reduced depreciation and amortization expenses from fixed and intangible assets transferred to investment properties[10] - The company's management expenses decreased to CNY 2,943,586.08 in Q1 2021 from CNY 5,368,918.51 in Q1 2020, reflecting cost control efforts[30] - The interest expenses for Q1 2021 were CNY 13,825,179.11, down from CNY 16,380,526.66 in Q1 2020, indicating a reduction in borrowing costs[31] Market Strategy - The company is focusing on enhancing its marketing efforts for key product categories such as gold and home appliances to improve future profitability[13] - The company has not disclosed any new product developments or market expansion strategies in this report[5] - There are no indications of mergers or acquisitions in the current financial report[46]

Financial Performance - The company reported a net profit of -128.38 million RMB for 2020, resulting in a cumulative undistributed profit of -841.33 million RMB[4]. - Total revenue for 2020 was 191.93 million RMB, a decrease of 80.73% compared to 995.85 million RMB in 2019[23]. - The net cash flow from operating activities was -41.72 million RMB, a decline of 176.18% from 54.76 million RMB in the previous year[23]. - The company's total assets decreased by 6.43% to 1.33 billion RMB from 1.42 billion RMB in 2019[23]. - The basic earnings per share for 2020 was -0.84 RMB, compared to -0.60 RMB in 2019[24]. - The weighted average return on equity was -93.77%, an increase of 242.39 percentage points from -336.16% in the previous year[24]. - The net profit attributable to shareholders for the entire year was negative, with the fourth quarter showing a loss of ¥49.93 million, compared to a loss of ¥22.61 million in the first quarter[25]. - The total non-recurring losses for 2020 amounted to ¥29.02 million, significantly higher than the previous year's loss of ¥8.94 million[26]. - The company reported a significant increase in interest expenses, totaling CNY 84,150,806.99 in 2020, compared to CNY 75,143,530.02 in 2019[175]. - The company incurred financial expenses of CNY 68,197,846.99 in 2020, slightly lower than CNY 70,255,734.41 in 2019, suggesting a focus on managing financial costs[177]. Business Operations - The company operates under three business models: joint venture, leasing, and self-operated, with significant revenue coming from merchandise sales and rental income[30]. - The company has a strong reputation and location advantage, with its stores situated in key commercial areas of Shenyang, enhancing customer accessibility[32]. - The company has not disclosed any new product developments or market expansion strategies in the report[8]. - The company adjusted its business model by transferring assets and operations from the parent company to subsidiaries to optimize management structure[35]. - The company is focusing on expanding its marketing channels through partnerships with e-commerce platforms[66]. - The company is integrating traditional retail with new entertainment and dining experiences in its upgraded stores[66]. Market Environment - The retail industry in China saw a total retail sales of social consumer goods of ¥39.20 trillion in 2020, a year-on-year decline of 3.9%[30]. - Online retail sales in China reached ¥11.76 trillion in 2020, representing a year-on-year growth of 10.9%[31]. - The company recognizes the competitive challenges in the retail market, particularly in the Northeast region, and is adapting its strategies accordingly[62]. - The company anticipates continued growth in the retail sector, driven by the increasing importance of domestic consumption and e-commerce[61]. Financial Position - The company’s net assets attributable to shareholders were -233.63 million RMB at the end of 2020, compared to -84.48 million RMB at the end of 2019[23]. - As of December 31, 2020, the equity attributable to the parent company was CNY -233.63 million, indicating significant financial distress[155]. - The company has disclosed plans to improve its financial situation, but uncertainties regarding its ability to continue as a going concern remain[155]. - The total liabilities increased to CNY 1,559,848,467.16 from CNY 1,501,895,763.64, an increase of about 3.9%[168]. - The company's equity attributable to shareholders decreased to CNY -233,625,005.13 from CNY -84,483,372.60, indicating a worsening of approximately 176.0%[168]. Strategic Initiatives - The company plans to adapt its business strategies in response to the changing retail environment and consumer behavior post-pandemic[30]. - The company is undergoing a restructuring process, intending to sell 99.82% of its stake in Tiexi Department Store and 100% of its stake in Commercial City Department Store[58]. - The company plans to enhance its marketing efforts focused on the middle-aged and elderly consumer segments, particularly in gold and home appliance categories[77]. - The company aims to enhance its digital marketing strategy, expecting a 20% increase in online sales[125]. Governance and Management - The board of directors includes members with extensive experience in retail and finance, enhancing strategic decision-making capabilities[121]. - The company has established a robust governance framework with clear roles and responsibilities for its board members[121]. - The management team has a strong educational background, including degrees from reputable institutions, which supports effective leadership[121]. - The company has maintained a consistent leadership structure with no changes in key positions during the reporting period[119]. Shareholder Information - The total number of ordinary shares was 178,138,918, with 99.62% being unrestricted shares[104]. - The largest shareholder, Zhongzhao Investment Management Co., Ltd., holds 43,141,624 shares, representing 24.22% of the total shares[109]. - The top ten shareholders collectively hold a significant portion of the company, with the largest three shareholders accounting for over 37% of total shares[109]. - The company has no strategic investors or general legal entities that have become top ten shareholders through new share placements[112]. Legal and Compliance - The company is involved in multiple litigation matters, primarily related to unpaid sales debts and breach of contract claims, which require significant management judgment[157]. - The audit report issued was a standard unqualified opinion, indicating that the financial statements fairly reflect the company's financial position[152]. - The audit firm has communicated key audit matters, including significant uncertainties related to the company's ability to continue as a going concern[163].

Financial Performance - Operating revenue for the first nine months dropped by 80.54% to CNY 144,301,846.20 year-on-year[6] - Net profit attributable to shareholders was CNY -99,213,242.46, showing a significant loss compared to CNY -77,811,628.35 in the previous year[6] - The weighted average return on net assets was -73.99%, improving from -451.44% in the same period last year[6] - Basic and diluted earnings per share were both CNY -0.56, compared to CNY -0.44 in the previous year[6] - Total operating revenue fell by 80.54% to ¥144,301,846.20 compared to ¥741,393,133.27, primarily due to reduced sales from the pandemic[13] - The net loss for Q3 2020 was CNY 32,462,873.55, compared to a net loss of CNY 27,646,388.80 in Q3 2019[28] - The company reported a net loss of CNY 33,504,204.31 for Q3 2020, compared to a net loss of CNY 28,918,158.58 in Q3 2019, indicating a year-over-year increase in losses of approximately 15.5%[29] - The total profit (loss) for the first three quarters of 2020 was CNY -104,774,957.70, compared to CNY -96,777,699.45 in the same period of 2019, reflecting a worsening financial position[34] Cash Flow - Net cash flow from operating activities turned negative at CNY -39,260,494.27, a decline of 353.20% compared to the same period last year[6] - Cash inflow from operating activities for Q3 2020 was CNY 394,064,155.54, a decrease from CNY 828,051,547.86 in Q3 2019, representing a decline of approximately 52.5%[36] - Net cash outflow from operating activities was CNY -39,260,494.27 in Q3 2020, compared to a net inflow of CNY 15,505,518.43 in Q3 2019[36] - Cash inflow from operating activities for the first three quarters of 2020 was CNY 105,625,764.24, a decrease from CNY 507,759,503.32 in the same period of 2019, representing a decline of approximately 79.2%[39] - The net cash flow from operating activities for the first three quarters of 2020 was CNY 7,841,984.79, down from CNY 43,055,535.68 in the first three quarters of 2019[39] Assets and Liabilities - Total assets decreased by 5.95% to CNY 1,333,736,171.49 compared to the end of the previous year[6] - The company’s total assets decreased to ¥1,333,736,171.49 from ¥1,418,188,314.72, reflecting a decline in both current and non-current assets[18] - The company’s total liabilities increased slightly to ¥1,516,642,923.24 from ¥1,501,895,763.64, indicating a rise in financial obligations[20] - Total liabilities amounted to CNY 1,402,708,203.00, down from CNY 1,744,423,527.44 at the end of 2019, a decrease of 19.6%[25] - The company's equity attributable to shareholders was CNY -418,756,539.63 as of September 30, 2020, compared to CNY -313,981,581.93 at the end of 2019[25] Shareholder Information - The total number of shareholders reached 8,840 by the end of the reporting period[10] - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 24.22% of the shares, totaling 43,141,624 shares[10] Operational Changes - The company plans to sell 99.82% of its stake in Shenyang Tiexi Department Store and 100% of Shenyang Commercial City Department Store as part of a major asset restructuring[14] - The company has not disclosed any new product developments or market expansion strategies in this report[6] Financial Expenses - The company reported a significant increase in financial expenses, with interest expenses reaching CNY 21,749,505.69 in Q3 2020, compared to CNY 16,837,237.18 in Q3 2019[28] - Management expenses for Q3 2020 were CNY 30,759,114.98, up from CNY 26,932,311.58 in Q3 2019, indicating a rise of approximately 10.8%[32] - Financial expenses for Q3 2020 were CNY 15,345,408.84, slightly down from CNY 17,275,437.77 in Q3 2019[32]