Financial Performance - The company's operating revenue for the first half of 2020 was ¥99,019,200.63, a decrease of 81.26% compared to ¥528,253,312.11 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was -¥65,703,463.84, compared to -¥48,883,544.40 in the previous year[19]. - The net cash flow from operating activities was -¥42,119,731.85, a significant decline from ¥1,771,022.08 in the same period last year, representing a decrease of 2,478.27%[19]. - The total assets at the end of the reporting period were ¥1,370,156,532.93, down 3.39% from ¥1,418,188,314.72 at the end of the previous year[19]. - The net assets attributable to shareholders were -¥150,186,836.44, compared to -¥84,483,372.60 at the end of the previous year[19]. - The basic earnings per share for the first half of 2020 was -¥0.37, compared to -¥0.27 in the same period last year[20]. - The weighted average return on net assets was -56.00%, an increase of 1,707.37 percentage points from -1,763.37% in the previous year[20]. - The company reported a significant decline in revenue for the department store segment, with a main business income of ¥81,128,689.30, down 83.89% compared to the previous year[50]. - The supermarket segment also experienced a revenue decrease of 14.29%, with main business income of ¥8,370,337.45[55]. - The company reported a total comprehensive income loss of 63,545,601.00 RMB for the current period[125]. Cash Flow and Liquidity - The company's cash flow from operating activities was CNY -42.12 million, a significant decrease compared to CNY 1.77 million in the same period last year, reflecting reduced cash receipts from sales[33]. - The total cash outflow for operating activities was CNY 88,498,266.67, leading to a net cash flow from operating activities of CNY 2,212,402.03[109]. - The company reported a cash and cash equivalents balance of CNY 7,873,988.28 at the end of the first half of 2020, down from CNY 13,210,454.65 at the end of the previous year[106]. - Cash inflow from sales of goods and services was CNY 228,262,587.88, while cash received from other operating activities was CNY 90,710,668.70, totaling CNY 318,973,256.58[108]. - The company experienced a net decrease in cash and cash equivalents of CNY 4,083,542.68 during the first half of 2020[106]. Operational Adjustments - The company adjusted its business model from a joint venture to a leasing model for some brand suppliers to stabilize supplier confidence during the pandemic[31]. - The company increased its self-media promotion efforts, resulting in a significant rise in social media engagement and brand influence[30]. - The company reduced its sales expenses by 57.45% to CNY 1.66 million, reflecting lower advertising and promotional costs during the pandemic[33]. - The company reported a decrease in management expenses by 65.19% to CNY 23.67 million, attributed to reduced depreciation and utility costs[33]. - The company has implemented various promotional measures, including discounts and loyalty programs, to boost sales during the reporting period[54]. Market Conditions - The retail industry in China saw a 11.4% decline in total retail sales of consumer goods in the first half of 2020 due to the pandemic, with a recovery trend noted in the second quarter[25]. - In Shenyang, the total retail sales of consumer goods fell by 15.6% in the first half of 2020, with retail sales above designated size decreasing by 18.1%[26]. - The retail market is facing significant competition, which is expected to increase operational pressure and potentially reduce market share and profitability[46]. - The company is under pressure from the macroeconomic environment, which has affected consumer confidence in physical retail, impacting overall market development[46]. Financial Position and Liabilities - Current liabilities totaled RMB 1,512,251,748.81, compared to RMB 1,494,225,320.51 at the end of 2019, indicating an increase in short-term financial obligations[89]. - The company's total liabilities reached RMB 1,519,559,080.37, up from RMB 1,501,895,763.64 at the end of 2019[90]. - The company's equity attributable to shareholders was reported at -RMB 150,186,836.44, a decline from -RMB 84,483,372.60 at the end of 2019[90]. - Total guarantee amount (including guarantees to subsidiaries) is CNY 97 million, which accounts for 115.88% of the company's net assets[70]. - The company provided guarantees totaling CNY 97 million to its subsidiaries during the reporting period[70]. Shareholder Information - The total number of common stock shareholders at the end of the reporting period was 9,224[78]. - The largest shareholder, Zhongzhao Investment Management Co., Ltd., holds 24.22% of the shares[80]. - The company has not reported any overdue guarantees or contingent liabilities[70]. - The company has not disclosed any significant changes in its stock incentive plans or employee ownership plans during the reporting period[65]. Accounting and Financial Reporting - The company follows the accounting standards issued by the Ministry of Finance, ensuring that financial statements reflect the true financial condition and operating results[139]. - The company's accounting period runs from January 1 to December 31 each year[140]. - The company assesses the recoverability of accounts receivable based on aging, which may impact the valuation of accounts receivable and related impairment expenses[136]. - The company evaluates long-term asset impairment based on expected future cash flows, which may significantly affect asset valuations[137]. - The company recognizes goodwill when the acquisition cost exceeds the fair value of identifiable net assets acquired[147]. Legal and Regulatory Matters - The company reported ongoing significant litigation matters, including disputes related to lease contracts and damage to company interests[63]. - The company is undergoing a major asset restructuring, which requires approval from the shareholders' meeting and the China Securities Regulatory Commission, indicating significant uncertainty[47]. Future Outlook - The company anticipates that the cumulative net profit for the year may remain negative, with no significant changes compared to the previous year's losses[44]. - The company plans to leverage its two core stores located in prime shopping districts to enhance supplier collaboration and improve product and service offerings, aiming to boost future profitability[62].

Financial Performance - Operating revenue fell by 54.05% to CNY 134,316,195.77 year-on-year[5] - Net profit attributable to shareholders was CNY -22,614,771.31, worsening from CNY -19,428,688.33 in the same period last year[5] - Operating revenue decreased by 54.05% year-on-year, mainly due to reduced sales and rent concessions caused by the pandemic[14] - Total revenue for Q1 2020 was ¥134,316,195.77, a decrease of 54.0% compared to ¥292,310,927.05 in Q1 2019[26] - The company's operating revenue for Q1 2020 was ¥38,503,714.79, a decrease of 68.7% compared to ¥122,791,691.44 in Q1 2019[30] - The net profit for Q1 2020 was a loss of ¥27,681,771.41, compared to a loss of ¥27,638,042.57 in Q1 2019, indicating a slight increase in losses[31] Cash Flow - Net cash flow from operating activities improved to CNY 4,926,946.61, compared to CNY -5,074,505.24 in the previous year[5] - The net cash flow from operating activities for Q1 2020 was ¥4,926,946.61, a significant improvement from a negative cash flow of ¥5,074,505.24 in Q1 2019[33] - Operating cash outflow totaled $88,756,869.25, a decrease of 62% compared to $233,051,978.59 in the previous year[36] - Net cash flow from operating activities was $4,832,329.76, down from $14,078,056.48, reflecting a decline of 65.7%[36] Assets and Liabilities - Total assets decreased by 2.29% to CNY 1,385,739,590.37 compared to the end of the previous year[5] - Cash and cash equivalents decreased by 36.40% compared to the beginning of the period, primarily due to a reduction in sales revenue[14] - Total assets as of March 31, 2020, were ¥1,408,143,102.37, a slight decrease from ¥1,430,441,945.51 as of December 31, 2019[22] - Total liabilities as of March 31, 2020, were ¥1,749,806,455.71, an increase from ¥1,744,423,527.44 as of December 31, 2019[23] - Current assets totaled ¥85,983,048.09 as of March 31, 2020, down from ¥93,488,687.65 as of December 31, 2019[22] - Non-current assets amounted to ¥1,322,160,054.28 as of March 31, 2020, compared to ¥1,336,953,257.86 as of December 31, 2019[22] Shareholder Information - The number of shareholders reached 11,474 at the end of the reporting period[11] - The largest shareholder, Zhongzhao Investment Management Co., Ltd., holds 24.22% of the shares[11] Government Support and Future Plans - The company reported a total of CNY 325,237.55 in government subsidies related to normal business operations[8] - The company acknowledged significant uncertainties regarding its ability to continue as a going concern, as noted in the audit report[12] - The company plans to take effective measures to maintain stable and healthy development to protect shareholder interests[12] - The company expects to continue receiving financial support from its actual controller, with CNY 140 million in loan capacity from related party Shenzhen Maoye Department Store Co., Ltd. in 2020[15] - The company plans to leverage its core store locations in Shenyang to enhance supplier cooperation and improve consumer experience, aiming to recover profitability[15] Cost Management - Operating costs decreased by 57.41% year-on-year, reflecting the decline in sales[14] - The company’s management expenses were ¥21,220,339.20 in Q1 2020, down from ¥25,538,009.30 in Q1 2019, indicating a reduction of 16.9%[30]

Financial Performance - The company reported a net profit of -131.65 million RMB for 2019, resulting in a cumulative undistributed profit of -712.95 million RMB[5]. - Operating revenue for 2019 was approximately 995.85 million RMB, a slight decrease of 0.08% compared to 2018[21]. - The net profit attributable to shareholders was -106.14 million RMB, an improvement from -127.66 million RMB in 2018[21]. - The net cash flow from operating activities increased by 12.76% to 54.76 million RMB compared to the previous year[21]. - The company's total assets decreased by 8.16% to approximately 1.42 billion RMB at the end of 2019[21]. - The weighted average return on net assets was -336.16%, a decrease of 186.85 percentage points from the previous year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -97.20 million RMB, showing a reduction from -117.56 million RMB in 2018[21]. - The company's net assets attributable to shareholders were -84.48 million RMB at the end of 2019, a significant decrease of 489.87% from the previous year[21]. - The company reported a net profit of -106.14 million RMB for 2019, with no dividends distributed due to negative retained earnings[73]. - The company reported a net loss of CNY 485,386,807.95 for the year, worsening from a loss of CNY 379,173,580.81 in 2018[173]. - The company reported a comprehensive loss of ¥106,085,372.36 for the year 2019, indicating significant financial challenges[195]. Revenue and Sales - The company's main business model includes consignment, leasing, and self-operated sales, with consignment being the primary method for product sales[27]. - In 2019, the national retail sales total reached ¥41.16 trillion, growing by 8.0% year-on-year, while online retail sales grew by 16.5%[28]. - The retail sales in Shenyang reached ¥447.96 billion in 2019, with a year-on-year growth of 10.6%, which is an increase of 1.4 percentage points compared to the previous year[28]. - The company's main revenue for the reporting period was approximately RMB 937.92 million, with a gross profit margin of 14.52%, reflecting a year-on-year decrease of 1.48%[59]. - Online sales through various platforms generated approximately RMB 1.9 million, with a total of over 670,000 members contributing to sales of about RMB 482 million, accounting for approximately 44.97% of total sales[60]. - The company's main business in the department store sector generated revenue of CNY 977,640,728.32, with a gross margin of 17.47%[40]. Cash Flow and Liquidity - The net cash flow from operating activities for the reporting period was 54.76 million yuan, an increase of 12.76% compared to the same period last year[48]. - The net cash flow from investing activities was -0.8466 million yuan, an increase of 96.88% year-on-year, mainly due to a significant reduction in payments for project funds[48]. - The net cash flow from financing activities was -103.49 million yuan, a decrease of 222.65% compared to the previous year, primarily due to a reduction in net cash received and paid related to financing activities[48]. - As of the end of the reporting period, cash and cash equivalents amounted to 30.83 million yuan, accounting for 2.17% of total assets, a decrease of 63.63% from the previous year[49]. - The total cash inflow from operating activities was CNY 1.11 billion, down from CNY 1.14 billion in 2018[186]. - Cash outflow from operating activities totaled CNY 1.06 billion, compared to CNY 1.09 billion in the previous year[187]. - The ending cash and cash equivalents balance for 2019 was CNY 11.96 million, a significant decrease from CNY 61.54 million at the end of 2018[188]. Operational Efficiency - The company reduced its management expenses by 9.40% to CNY 134,324,589.75, primarily due to decreased personnel and utility costs[38]. - The company’s sales expenses decreased by 2.75% to CNY 14,915,187.83, attributed to lower logistics and product loss costs[46]. - The company achieved a gross margin of 17.34%, which increased by 1.41 percentage points year-on-year[40]. - The company is focusing on improving operational efficiency to mitigate losses and enhance future profitability[180]. Market and Competitive Landscape - The retail market is facing intense competition, with many well-known brands in the region, increasing operational challenges for the company[68]. - The company benefits from a strong reputation and strategic location in Shenyang's core commercial areas, enhancing customer footfall and brand loyalty[29]. - The company operates in self-owned properties, providing a cost advantage amid rising rental prices in the competitive retail market[29]. Corporate Governance and Management - The company has a diverse management team with extensive experience in retail and finance, including members with backgrounds in strategic procurement and asset evaluation[130]. - The company has established a selection, evaluation, and incentive mechanism for senior management based on long-term development needs[153]. - The company has implemented a performance evaluation system linking executive compensation to company performance[146]. - The company has independent directors serving in various capacities across different organizations, enhancing governance and oversight[134]. Legal and Compliance Issues - The company is involved in significant litigation matters, including disputes related to construction contracts and rental agreements[88]. - The company has a significant number of ongoing litigation cases, primarily related to unpaid project payments and breach of contract claims[161]. - The company has faced challenges in recovering debts, as indicated by ongoing appeals and court proceedings[104][108]. Future Outlook and Strategic Plans - The company plans to enhance its marketing strategies and improve online sales channels to boost performance, focusing on collaboration with suppliers and optimizing store offerings[66]. - The company aims to transform its traditional retail model into a more comprehensive shopping experience, integrating dining, entertainment, and retail[65]. - The company will continue to focus on enhancing customer engagement through VIP membership programs and targeted marketing efforts[67].

Financial Performance - Operating revenue for the first nine months was CNY 741,393,133.27, an increase of 7.34% year-on-year[6] - Net profit attributable to shareholders of the listed company for the first nine months was CNY -77,811,628.35, compared to CNY -86,400,405.29 in the same period last year[6] - The company reported a net loss of CNY -456,985,209.16 for the period, compared to a loss of CNY -379,173,580.81 in the previous period, indicating a worsening financial performance[21] - Net loss for Q3 2019 was approximately $28.92 million, compared to a net loss of $32.01 million in Q3 2018, representing an improvement of 6.78%[29] - Net loss for the first three quarters of 2019 was approximately $77.78 million, compared to a net loss of $86.38 million in the same period of 2018, reflecting a 10.67% improvement[29] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,442,545,591.59, a decrease of 6.58% compared to the end of the previous year[6] - Total liabilities amounted to CNY 1,497,929,738.20, a decrease from CNY 1,521,830,527.04 in the previous period, reflecting a reduction of approximately 1.57%[21] - Current assets totaled CNY 97,137,049.55, down from CNY 108,514,995.54, representing a decrease of about 10.73%[23] - Non-current assets decreased to CNY 1,356,703,203.88 from CNY 1,401,139,939.22, reflecting a decline of approximately 3.16%[24] - The total current liabilities were CNY 1,486,260,807.99, slightly down from CNY 1,506,318,494.05, reflecting a decrease of about 1.99%[21] Shareholder Information - Net assets attributable to shareholders of the listed company were CNY -56,142,017.33, a decrease of 359.08% compared to the end of the previous year[6] - The total equity attributable to shareholders was reported at CNY -56,142,017.33, a significant decline from CNY 21,669,611.02, indicating a negative shift in shareholder equity[21] - The total equity, including minority interests, was reported at CNY -55,384,146.61, a significant drop from CNY 22,392,283.88, highlighting a critical financial situation[22] - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 24.22% of the shares[10] - The total number of shareholders at the end of the reporting period was 12,347[10] Cash Flow and Liquidity - The company reported a net cash flow from operating activities of CNY 15,505,518.43, compared to CNY -23,302,825.13 in the same period last year[6] - The company’s cash and cash equivalents were CNY 25,902,594.50, a decrease from CNY 37,401,137.69, indicating a decline of approximately 30.83%[23] - The ending cash and cash equivalents balance for Q3 2019 was CNY 6,510,226.39, down from CNY 7,261,382.84 in Q3 2018[40] - The net increase in cash and cash equivalents for Q3 2019 was -CNY 7,654,155.92, indicating a decrease in liquidity[40] - Cash inflow from financing activities for Q3 2019 was CNY 63,000,000.00, while cash outflow was CNY 113,657,392.60, leading to a net cash flow from financing activities of -CNY 50,657,392.60[40] Expenses and Costs - Sales expenses rose by 36.87% to ¥7,146,825.25 from ¥5,221,445.72, mainly due to increased advertising and promotional expenses[11] - Income tax expenses increased by 93.29% to ¥6,317,036.55 from ¥3,268,116.12, attributed to profit growth in subsidiaries[11] - The company's financial expenses in Q3 2019 were ¥17,275,437.77, an increase of 18.7% from ¥14,553,330.80 in Q3 2018[33] - The sales expenses for the first three quarters of 2019 were ¥3,023,216.70, which is a 61% increase compared to ¥1,874,874.28 in the same period of 2018[33] - The gross profit margin for Q3 2019 was approximately -12.96%, compared to -12.93% in Q3 2018, indicating a slight deterioration in profitability[28] Future Outlook - The company anticipates a potential net loss for the year, with no significant change compared to the previous year[16] - The company plans to utilize collateral assets to secure existing loans and expand credit limits to meet funding needs[13] - The company terminated a major asset restructuring plan due to failure to reach agreement on key terms with counterparties[14]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥528,253,312.11, representing a 16.80% increase compared to ¥452,277,259.41 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was -¥48,883,544.40, an improvement from -¥54,383,428.98 in the previous year[19]. - The net cash flow from operating activities was ¥1,771,022.08, a significant increase of 105.78% compared to -¥30,632,151.07 in the same period last year[19]. - The total operating revenue for the first half of 2019 reached CNY 528.25 million, an increase of 16.80% compared to CNY 452.28 million in the same period last year[29]. - The net loss for the first half of 2019 was CNY 48,858,271.91, compared to a net loss of CNY 54,369,222.09 in the same period of 2018, showing an improvement of 10.3%[98]. - The company's total equity at the end of the reporting period was CNY 178,138,918.00, with a decrease of CNY 61,158,534.56 compared to the previous period[121]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,464,955,333.02, down 5.13% from ¥1,544,222,810.92 at the end of the previous year[19]. - The total liabilities decreased to CNY 1,491,421,321.05 from CNY 1,521,830,527.04, a reduction of approximately 2.0%[91]. - The company's total equity attributable to shareholders was CNY -27,213,933.38 as of June 30, 2019, compared to CNY 21,669,611.02 at the end of 2018[91]. - Current assets totaled CNY 118,969,210.53 as of June 30, 2019, down from CNY 166,762,165.70 on December 31, 2018, representing a decrease of approximately 28.7%[89]. - Total liabilities increased to CNY 1,716,008,656.77 from CNY 1,691,878,652.97, indicating a rise of 1.4%[95]. Cash Flow - Cash and cash equivalents decreased by 61.54% to CNY 32,602,822.76, primarily due to cash payments for goods[35]. - The company reported a significant reduction in cash outflows related to operating activities, down to CNY 373,072,786.09 from CNY 521,842,021.73 in the previous year[109]. - The net cash flow from financing activities was negative at CNY -35,991,952.50, contrasting with a positive CNY 22,361,157.51 in the first half of 2018[110]. - Cash inflow from financing activities decreased to CNY 63,000,000.00 from CNY 180,000,000.00, a decline of 65%[110]. Operational Efficiency - The company reduced its management expenses by 7.34%, from CNY 73.39 million to CNY 68.00 million[32]. - The company maintained a close relationship with suppliers to balance interests and enhance cooperation, which is crucial for operational efficiency[30]. - The company plans to continue optimizing its personnel structure and improving staff efficiency as part of its management strategy[30]. - The company aims to strengthen its promotional efforts through various media channels, including social media, to increase brand visibility[30]. Market Position and Strategy - The company has a strong competitive advantage due to its prime location in Shenyang's core commercial areas, enhancing customer accessibility[27]. - The company aims to strengthen its market position by enhancing brand recognition and reputation accumulated over the years[57]. - The company plans to continue its strategic partnerships with suppliers to present better products and services to consumers[57]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 11,731[74]. - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 43,141,624 shares, representing 24.22% of the total shares[76]. - The second-largest shareholder, Wang Qiang, held 10,000,000 shares, accounting for 5.61% of the total shares[76]. Risks and Challenges - The company faced significant operational risks due to increased competition and rising operational costs in the retail market[43]. - The company has reported ongoing litigation matters, including contract disputes, which may impact its operations[58]. - In the first half of 2019, the company reported a net loss of 48.86 million RMB, with current liabilities exceeding current assets by 1.36 billion RMB, indicating uncertainty in the company's ability to continue as a going concern[131]. Accounting Policies and Estimates - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect true and complete financial conditions[135]. - The company evaluates long-term asset impairment based on cash flow projections, which may significantly affect asset valuations if key assumptions change[134]. - The company recognizes short-term employee benefits as liabilities and allocates them to related asset costs and expenses based on the services provided[197].

Financial Performance - The company reported a total revenue of approximately CNY 996.68 million for 2018, representing an increase of 8.07% compared to CNY 922.27 million in 2017[23]. - The net profit attributable to shareholders was a loss of CNY 127.66 million in 2018, a decrease of 254.93% from a profit of CNY 82.40 million in 2017[23]. - The company's total assets decreased by 5.41% to CNY 1.54 billion at the end of 2018, down from CNY 1.63 billion at the end of 2017[23]. - The net cash flow from operating activities was CNY 48.56 million, a decrease of 13.93% compared to CNY 56.42 million in 2017[23]. - The basic earnings per share for 2018 was -CNY 0.71, a decline of 254.35% from CNY 0.46 in 2017[24]. - The weighted average return on equity was -149.31% for 2018, a decrease of 225.52 percentage points from 76.21% in 2017[25]. - The company's operating revenue for the reporting period reached 996.68 million yuan, an increase of 7.44 million yuan or 8.07% compared to the previous year, achieving 90.61% of the annual plan[41]. - Operating profit was -11.95 million yuan, a decrease of 20.63 million yuan or 237.74% year-on-year, while net profit attributable to the parent company was -12,763 yuan, down 21.01 million yuan or 254.93%[41]. - The gross profit margin for the overall business was 15.93%, with a year-on-year increase of 6.24 percentage points[49]. Retail and Market Performance - In 2018, the company's total retail sales revenue reached 38.10 trillion RMB, with a year-on-year growth of 9.0%[34]. - The online retail sales in 2018 amounted to 9.01 trillion RMB, reflecting a significant year-on-year increase of 23.9%[34]. - The company reported a retail sales revenue of 4,051.2 billion RMB in Shenyang, with a year-on-year growth of 9.2%[34]. - The retail sector in Shenyang generated 991.46 million yuan in revenue, reflecting an 8.71% increase year-on-year, with a gross margin of 15.87%[48]. - The company's main business in the department store sector generated 981.96 million yuan in revenue, with a gross margin of 16.02%, reflecting an 8.42% increase year-on-year[48]. - The total retail sales in China reached ¥38.10 trillion in 2018, with a year-on-year growth of 9%, indicating a stable growth outlook for the retail sector[62]. - Online retail sales in China grew by 23.9% year-on-year, with physical goods online retail sales increasing by 25.4%[73]. Operational Strategies - The company maintained a diversified business model, including joint ventures, leasing, and self-operated sales[33]. - The company emphasized enhancing service quality and innovating marketing strategies to stabilize revenue amidst economic challenges[39]. - The company plans to strengthen supplier relationships to create a win-win situation and improve resource sharing[39]. - The company is leveraging social media platforms for marketing to increase brand visibility and customer engagement[39]. - The company aims to enhance marketing efforts and expand new channels to boost sales and operating profits[77]. - The company is transitioning to a smart retail model, incorporating new marketing techniques and enhancing customer experience[76]. Financial Position and Liabilities - The company has a negative retained earnings of approximately -127.66 million RMB for 2018, resulting in no profit distribution or capital increase for that year[84]. - As of December 31, 2018, the company's total equity attributable to shareholders was 21.67 million yuan, with a debt-to-asset ratio of 98.55%[162]. - Current assets amounted to 166.76 million yuan, while current liabilities were 1.51 billion yuan, resulting in negative working capital of -1.34 billion yuan[162]. - The company's total liabilities rose from CNY 1,482,565,742.54 to CNY 1,521,830,527.04, reflecting an increase of approximately 2.6%[175]. - The company's total equity attributable to shareholders decreased from CNY 149,334,206.21 to CNY 21,669,611.02, a decline of approximately 85.5%[176]. Governance and Management - The company has a diverse board with members holding various positions in other companies, enhancing its governance structure[129]. - The company is led by experienced executives with backgrounds in finance, law, and management, contributing to strategic decision-making[129]. - The company has maintained a stable leadership team, with no significant changes in shareholding among key executives during the reporting period[126]. - The company has a structured remuneration policy for directors and senior management based on performance evaluations conducted annually[137]. - The company has been actively electing new directors and supervisors to fill vacancies created by resignations[138]. Risks and Uncertainties - The company has acknowledged various industry and policy risks that may impact future performance, as detailed in the risk factors section of the report[8]. - The company acknowledges the significant uncertainties related to its ongoing operations as highlighted in the audit report, urging investors to be aware of potential risks[86]. - The audit identified key audit matters, including the assessment of litigation outcomes and their potential impact on the financial statements[164]. - The company faced numerous litigation matters, primarily related to unpaid project funds and breach of contract claims, which require significant management judgment[164]. Shareholder Information - The largest shareholder, Zhongzhao Investment Management Co., Ltd., holds 43,141,624 shares, accounting for 24.22% of total shares, with 43,000,000 shares pledged[115]. - The total number of ordinary shareholders increased from 12,465 to 13,589 during the reporting period[112]. - The company has no known related party relationships among the top shareholders, except for Wang Qiang and Shenzhen Tourism Group, who are confirmed as acting in concert[115].

Financial Performance - The company reported a total revenue of approximately ¥996.68 million for 2018, representing an increase of 8.07% compared to ¥922.27 million in 2017[23]. - The net profit attributable to shareholders was a loss of approximately ¥127.66 million in 2018, a significant decline of 254.93% from a profit of ¥82.40 million in 2017[23]. - Basic earnings per share for 2018 were reported at -¥0.71, a decrease of 254.35% from ¥0.46 in 2017[24]. - The weighted average return on equity was -149.31% for 2018, a decrease of 225.52 percentage points from 76.21% in 2017[25]. - The company's net profit margin has been negative throughout the year, reflecting ongoing challenges in profitability despite revenue growth in Q4[26]. - The company's operating revenue for 2018 reached 996.68 million RMB, an increase of 7.44 million RMB or 8.07% compared to the previous year, achieving 90.61% of the annual target[41]. - The company's net profit attributable to shareholders was -12,763 RMB, a decrease of 21,006 RMB or 254.93% year-on-year, primarily due to the absence of investment income from the previous year[41]. - The company reported a net loss of 127.66 million yuan for the year 2018, raising concerns about its ability to continue as a going concern[162]. Assets and Liabilities - The company's net assets attributable to shareholders decreased by 85.49% to approximately ¥21.67 million at the end of 2018, down from ¥149.33 million at the end of 2017[23]. - The total assets of the company decreased by 5.41% to approximately ¥1.54 billion at the end of 2018, compared to ¥1.63 billion at the end of 2017[23]. - As of December 31, 2018, the company's total equity attributable to shareholders was 21.67 million yuan, with a debt-to-asset ratio of 98.55%[162]. - Current assets amounted to 166.76 million yuan, while current liabilities were 1.506 billion yuan, resulting in a working capital deficit of 1.339 billion yuan[162]. - The company's total liabilities rose from CNY 1,482,565,742.54 to CNY 1,521,830,527.04, reflecting an increase of approximately 2.6%[175]. - The company's total equity attributable to shareholders decreased from CNY 149,334,206.21 to CNY 21,669,611.02, a decline of approximately 85.5%[176]. Cash Flow - The net cash flow from operating activities was approximately ¥48.56 million, a decrease of 13.93% from ¥56.42 million in 2017[23]. - The company reported a significant decrease in cash flow from operating activities, indicating potential challenges in maintaining operational efficiency[190]. - Cash and cash equivalents decreased from CNY 71,520,122.59 to CNY 37,401,137.69, a decline of approximately 47.7%[177]. - The ending balance of cash and cash equivalents was CNY 61,535,716.57, down from CNY 72,222,731.06 in the prior period[188]. Business Operations - The company operates primarily through three business models: joint venture, leasing, and self-operated, with joint ventures being the main sales method[33]. - The company has a competitive advantage due to its prime locations in key commercial areas of Shenyang, enhancing customer accessibility[36]. - The company emphasized strengthening internal management, including optimizing human resources and reducing administrative costs[40]. - The company faced significant challenges from the rapid development of e-commerce and intense competition in the retail market, impacting revenue growth[41]. - The company plans to continue enhancing cooperation with suppliers to achieve a win-win situation and improve overall operational efficiency[39]. Marketing and Strategy - The company implemented various marketing strategies, including electronic cash vouchers and promotional activities, to adapt to changing customer demands and enhance service quality[39]. - The company is transitioning its marketing strategy to include more intelligent marketing methods, aiming to become a leader in the smart retail sector[76]. - The company’s strategic focus includes enhancing its brand reputation and leveraging its owned properties to maintain cost advantages in a competitive market[36]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 13,589[112]. - The largest shareholder, Zhongzhao Investment Management Co., Ltd., holds 43,141,624 shares, accounting for 24.22% of the total shares[115]. - The total number of shares held by the top ten shareholders is significant, with Zhongzhao Investment being the only shareholder with pledged shares amounting to 43,000,000[115]. Governance and Management - The company has a diverse board with members holding various positions in other companies, enhancing its governance structure[129]. - The company is led by experienced executives with backgrounds in finance, law, and management, contributing to strategic decision-making[129]. - The company has maintained a stable leadership team with no significant changes in shareholding among key executives during the reporting period[126]. - The company has established a performance evaluation system linking executive compensation to company performance and individual achievements[153]. Legal and Compliance - The company faced numerous litigation matters, primarily related to unpaid project funds and breach of contract claims, which require significant management judgment[164]. - The company has ongoing significant litigation matters, including disputes with Shenyang Northern Construction Co., Ltd. and Shandong Tianmu[94]. - The company has had no penalties from securities regulatory agencies in the past three years[139].

Financial Performance - Net profit attributable to shareholders decreased by 89.66% to CNY 2,240,922.69 from CNY 21,669,611.02 at the end of the previous year[6] - Operating income increased by 21.52% to CNY 292,310,927.05 compared to CNY 240,540,890.10 in the same period last year[6] - The company expects a cumulative net profit for the year to potentially be negative, with no significant change compared to the previous year[14] - Net loss for Q1 2019 was CNY 19,413,207.68, compared to a net loss of CNY 24,387,851.19 in Q1 2018, showing an improvement of 20.5%[28] - The net profit for Q1 2019 was -¥27,638,042.57, an improvement from -¥29,927,598.98 in Q1 2018, indicating a reduction in losses by approximately 7.7%[30] - The total operating profit for Q1 2019 was -¥27,647,702.54, compared to -¥29,931,129.03 in the same period last year, showing a decrease in operating losses by about 7.6%[30] Cash Flow and Liquidity - Net cash flow from operating activities was negative at CNY -5,074,505.24, a decrease of 670.11% compared to CNY 890,098.70 in the same period last year[6] - The company's net cash flow from operating activities decreased by 670.11%, primarily due to an increase in payment settlements[11] - Cash and cash equivalents decreased by 49.03% compared to the beginning of the period, mainly due to payment of settlement funds[11] - Cash flow from operating activities for Q1 2019 was -¥5,074,505.24, a decline from a positive cash flow of ¥890,098.70 in Q1 2018[34] - The ending cash and cash equivalents balance for Q1 2019 was $6.90 million, down from $10.44 million in Q1 2018[38] - Total cash outflow from operating activities was $233.05 million, a decrease of 42.5% compared to $405.50 million in Q1 2018[37] Assets and Liabilities - Total assets decreased by 3.16% to CNY 1,495,439,124.58 compared to the end of the previous year[6] - The company's total assets as of March 31, 2019, were CNY 1,484,750,906.19, a decrease from CNY 1,509,654,934.76 as of December 31, 2018[22] - Total liabilities decreased from 1,521,830,527.04 yuan to 1,492,460,048.38 yuan[20] - Total liabilities as of March 31, 2019, were CNY 1,694,612,666.97, slightly up from CNY 1,691,878,652.97 at the end of 2018[24] - The total equity attributable to shareholders was negative CNY 209,861,760.78 as of March 31, 2019, compared to negative CNY 182,223,718.21 at the end of 2018[24] Shareholder Information - The total number of shareholders at the end of the reporting period was 12,465[9] - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 24.22% of the shares, amounting to 43,141,624 shares[9] Operational Metrics - Basic and diluted earnings per share were both CNY -0.11, compared to CNY -0.14 in the same period last year[6] - Sales expenses decreased by 30.10% compared to the previous year, mainly due to reduced advertising expenditures[11] - The company's management expenses decreased to ¥25,538,009.30 in Q1 2019 from ¥28,603,849.92 in Q1 2018, a reduction of about 10%[30] - Interest expenses for Q1 2019 were ¥14,925,229.23, compared to ¥12,407,446.17 in Q1 2018, reflecting an increase of approximately 20.3%[30] Revenue and Growth - Total revenue for Q1 2019 was CNY 292,310,927.05, an increase of 21.5% compared to CNY 240,540,890.10 in Q1 2018[27] - The company's operating revenue for Q1 2019 was ¥122,791,691.44, representing a 34% increase from ¥91,660,131.01 in Q1 2018[30] - Cash received from sales and services increased to $128.66 million, up 36.5% from $94.17 million in Q1 2018[37] - The company reported an increase in non-operating income by 230.89%, mainly due to increased penalty income[11] Other Information - The company has not disclosed any new product or technology developments, market expansion, or mergers and acquisitions in this report[6] - Other current assets decreased by 100% compared to the beginning of the period, primarily due to a reduction in VAT credits from a subsidiary[11] - Accounts receivable increased by 84.61% compared to the beginning of the period, primarily due to delayed collection of payments[11] - Inventory as of March 31, 2019, was CNY 2,509,757.27, up from CNY 2,062,822.00 in the previous year[23]

Financial Performance - Revenue for the first nine months increased by 11.52% to CNY 690,720,621.84 compared to the same period last year[6] - Net profit attributable to shareholders was CNY -86,400,405.29, a decrease of 175.18% compared to the same period last year[6] - Basic and diluted earnings per share were both CNY -0.49, a decrease of 175.38% compared to the same period last year[6] - Total operating revenue for the third quarter reached ¥238,443,362.43, an increase of 29.3% compared to ¥184,455,550.43 in the same period last year[21] - Total operating costs amounted to ¥269,907,902.88, up from ¥211,155,236.01, reflecting a year-over-year increase of 27.7%[22] - Net profit for the third quarter was a loss of ¥32,014,187.57, compared to a loss of ¥27,345,527.84 in the previous year[22] - The total revenue for the first nine months of 2018 was ¥270,882,104.21, slightly down from ¥272,118,218.10 in the same period last year, indicating a decrease of 0.5%[26] - The company reported a total loss of ¥93,775,500.34 for the first nine months of 2018, compared to a profit of ¥102,538,882.01 in the same period last year, showing a significant decline in overall performance[27] Assets and Liabilities - Total assets increased by 13.40% to CNY 1,851,290,210.72 compared to the end of the previous year[6] - Current liabilities rose to ¥1,775,253,259.65 from ¥1,469,967,401.81 at the end of the previous year, reflecting increased short-term borrowings[15] - Total assets decreased to ¥1,529,661,022.07 from ¥1,608,952,429.38 at the beginning of the year, representing a decline of 4.9%[19] - Total liabilities increased to ¥1,666,593,220.82 from ¥1,652,109,127.79, indicating a rise of 0.9%[19] - The company's equity attributable to shareholders decreased to -¥136,932,198.75 from -¥43,156,698.41, reflecting a deterioration in shareholder equity[19] Cash Flow - Operating cash flow turned negative at CNY -23,302,825.13, a decrease of 175.06% compared to the same period last year[6] - Cash inflow from sales of goods and services reached ¥770,066,497.05, an increase of 9.3% compared to ¥704,662,017.15 in the same period last year[29] - Net cash flow from operating activities was -¥23,302,825.13, a decline from ¥31,046,758.80 in the previous year[29] - Total cash inflow from investment activities was ¥362,500.00, significantly lower than ¥234,707,000.00 in the same period last year[30] - Cash inflow from financing activities totaled ¥590,000,000.00, compared to ¥293,000,000.00 in the previous year, marking a 101.4% increase[30] - The company reported a net cash decrease of ¥49,677,526.63 for the period, contrasting with an increase of ¥14,680,661.49 in the previous year[30] Shareholder Information - The total number of shareholders was 14,740 at the end of the reporting period[8] - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 24.22% of the shares[8] Non-Operating Income and Expenses - Non-operating income included government subsidies of CNY 41,480.55 for the current period[7] - The company reported a significant increase in non-recurring losses, totaling CNY -2,128,732.63 for the current period[8] - Financial expenses increased by 37.59% to ¥58,579,201.55, primarily due to higher bank loan interest expenses[10] - The company reported a 100% decrease in investment income, with no occurrences in the current period compared to ¥196,222,500.00 in the same period last year[10] - The company reported a total of ¥21,210,305.39 in financial expenses, which includes interest expenses of ¥21,264,478.11, up from ¥14,802,163.66 in the previous year[22]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥452,277,259.41, representing a 3.99% increase compared to ¥434,929,652.50 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥54,383,428.98, a decrease of 138.23% from ¥142,270,610.01 in the previous year[18]. - The net cash flow from operating activities was -¥30,632,151.07, a decline of 246.96% compared to ¥20,844,308.18 in the same period last year[18]. - The total revenue for the main business reached CNY 452,277,259.41, with a year-on-year increase of 3.99%[38]. - The company's operating profit was a loss of CNY 51.86 million, down 135.78% from a profit of CNY 144.92 million in the previous year[29]. - The company reported a net loss of CNY -305,892,414.60 compared to a loss of CNY -251,508,985.62 in the previous period, worsening by about 21.6%[87]. - The total comprehensive income for the current period was -¥54,369,222.09, compared to ¥142,285,711.92 in the previous period[92]. - The company reported a decrease in retained earnings amounting to CNY 305,892,414.60[106]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,886,620,095.51, an increase of 15.56% from ¥1,632,592,036.32 at the end of the previous year[18]. - Total liabilities rose to CNY 1,790,963,023.82 from CNY 1,482,565,742.54, indicating an increase of about 20.8%[86]. - Current liabilities increased to CNY 1,778,748,163.58 from CNY 1,469,967,401.81, reflecting a growth of approximately 20.9%[86]. - The company's total equity decreased to CNY 95,657,071.69 from CNY 150,026,293.78, a decline of approximately 36.2%[87]. - The company's total liabilities to total assets ratio increased to approximately 94.9% from 90.8%, indicating higher leverage[86]. Cash Flow - The net cash flow from operating activities turned negative at CNY -30,632,151.07, compared to a positive CNY 20,844,308.18 in the previous period[97]. - Cash outflow from operating activities increased to CNY 539,545,824.13 from CNY 483,188,585.82, reflecting a rise of about 11.7%[97]. - Cash inflow from financing activities was CNY 590,000,000.00, up from CNY 293,000,000.00, marking an increase of approximately 101.4%[98]. - The ending cash and cash equivalents balance decreased to CNY 41,896,935.65 from CNY 31,555,206.27, reflecting a decline of about 33.0%[98]. Operational Challenges - The retail industry in the Northeast region continues to face challenges, including slow consumer recovery and intense competition[30]. - The retail sector faces significant operational pressure due to insufficient consumer confidence in physical retail, impacting overall market development[49]. - The company experienced a significant decline in investment income due to the absence of gains from the sale of shares in Shengjing Bank during the reporting period[34]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,554[74]. - The largest shareholder, Zhongzhao Investment Management Co., Ltd., held 43,141,624 shares, representing 24.22% of the total shares[75]. Business Operations - The company operates primarily in the retail sector, with its main business model consisting of joint operations, leasing, and self-operated sales[25]. - The company has 560,000 members, contributing nearly 200 million yuan in sales, with member sales accounting for over 44% of total sales[56]. - The company has not established a professional logistics distribution center, relying on self-storage at stores[52]. Accounting Policies - The financial statements comply with the requirements of the enterprise accounting standards, reflecting the company's financial position and operating results accurately[121]. - The company has not changed its consolidation scope compared to the previous period, maintaining the same subsidiaries[119]. - The company has not reported any new capital contributions or reductions from shareholders during the current period[111]. Management and Governance - The company appointed a new vice president, Zhong Jing, while several board members changed positions during the reporting period[80]. - The company continues to maintain its status as a publicly traded entity with shares listed on the Shanghai Stock Exchange[113].