2022 年第一季度报告 单位：元 币种：人民币 证券代码：600315 证券简称：上海家化 上海家化联合股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | --- | --- | --- | --- | --- | |-----------------------------|------------------|------------------|-------------------|----------------------------------------------| | 项目 | 本报告期 | 调整前 ...

Financial Performance - Shanghai Jahwa achieved a net profit growth of 51% and a non-recurring net profit growth of 71% despite challenges from the pandemic and regulatory reforms[22]. - In 2021, the company's operating revenue reached ¥7,646,123,006.52, an increase of 8.73% compared to ¥7,032,385,622.18 in 2020[37]. - The net profit attributable to shareholders was ¥649,251,942.17, representing a significant increase of 50.92% from ¥430,201,656.84 in the previous year[37]. - The net cash flow from operating activities increased by 54.34% to ¥993,099,757.50, up from ¥643,434,435.10 in 2020[37]. - The company's total assets grew by 7.53% to ¥12,145,511,722.07, compared to ¥11,295,320,619.07 at the end of 2020[37]. - Basic earnings per share rose to ¥0.97, a 51.56% increase from ¥0.64 in 2020[38]. - The company achieved a total revenue of 7.646 billion RMB in 2021, representing a year-on-year increase of 8.73%[52]. - Gross profit margin improved to 58.73%, up by 2.84 percentage points compared to the previous year[52]. - The net profit after deducting non-recurring gains and losses was ¥675,927,272.20, reflecting a 70.76% increase from ¥395,827,946.30 in 2020[37]. - The company achieved a year-on-year growth of 54.34% in operating cash flow, amounting to 9.93 billion yuan[54]. Innovation and R&D - The company submitted 82 patent applications during the reporting period, including 36 invention patents, which reflects its commitment to innovation[13]. - The company maintained a strategic focus on brand innovation and consumer-centric approaches, particularly in the skincare category, which showed rapid growth[41]. - The company successfully reduced the average new product development cycle from 12 months to 8.5 months through digital empowerment, leading to the creation of several market-favored products and winning multiple awards, including the TMIC New Product Innovation Award[67]. - The company has established partnerships with multiple hospitals for clinical research, enhancing its product efficacy and innovation capabilities[61]. - The company leveraged consumer insights to drive product development, collaborating with Tmall Innovation Center to enhance its product innovation capabilities[65]. - The company utilized advanced scientific research, including the use of a top 100 supercomputer, to optimize product formulations and enhance efficacy research[64]. Market Presence and Sales - The company expanded its online presence, operating 82 stores in 2021, more than doubling from 36 stores in 2020, and was recognized as the most growth-oriented group on Tmall[20]. - The digital retail transformation led to a growth of over 100% in smart retail, with some clients achieving nearly 20% of their sales through this channel[22]. - The skincare segment generated 2.697 billion RMB in revenue, growing by 22.22% year-on-year and accounting for 35.31% of total revenue[53]. - The personal care and home cleaning segment reported 2.410 billion RMB, with a slight increase of 0.42% year-on-year[53]. - The cosmetics industry in China saw a year-on-year growth of 14.0% in retail sales, indicating a favorable market environment for the company[57]. - The company’s overseas business accounted for 23.47% of total revenue, with online sales contributing 7.09 billion yuan and offline sales contributing 10.84 billion yuan[54]. - The company achieved significant product innovation, with the new Baicaoji Tai Chi series entering the top sales SKUs and becoming one of the top five bestsellers during the Double Eleven shopping festival, generating over 1000 million GMV in the first week of launch for the new Yuze blue essence[65]. Customer Engagement and Brand Loyalty - The repurchase rate for the Baicaoji Tai Chi series increased from 33.7% in 2020 to 41.6% in 2021, indicating improved consumer loyalty[13]. - The brand health index (BHT) for Yuze improved significantly, with repurchase rates rising from 36.4% in 2020 to 42.6% in 2021[16]. - The company’s private domain operations accumulated over 1 million users and 9,000 communication groups, enhancing user experience and increasing customer lifetime value by 16%[21]. - The launch of the new Jingcui shower gel series and the marketing campaign for Six God flower water achieved over 8 billion exposures and 9 million interactions online[18]. - The skincare brands Baicaoji and Yuze saw an increase in customer numbers and repurchase rates in 2021, with Baicaoji's repurchase rate rising to 41.61% from 33.73% in 2020, and Yuze's repurchase rate increasing to 42.58% from 36.36%[67]. Operational Efficiency and Cost Management - The company has implemented a unified inventory management system in South China, aiming to optimize inventory turnover rates[73]. - The company has successfully integrated a contract and rebate management system, achieving 70% automation in rebate calculations[73]. - The company simplified 83% of its R&D approval processes, which is expected to shorten product development cycles[73]. - The company has established a performance evaluation system based on objective and fair principles, linking individual performance with company goals[185]. - The company has developed a comprehensive and high-quality management trainee learning plan to enhance internal knowledge transfer and training[186]. Governance and Compliance - The company received an A-class rating for information disclosure from the Shanghai Stock Exchange for three consecutive years, indicating high-quality disclosure practices[143]. - The company emphasizes effective communication channels between shareholders and the board to enhance governance and decision-making[140]. - The company has established a code of conduct for employees, emphasizing product quality, fair competition, and compliance with laws, aiming to create maximum value for stakeholders[146]. - The company has implemented a comprehensive internal control system to enhance management levels and ensure compliance with relevant laws and regulations[146]. - The company strictly adheres to the internal information management regulations, enhancing the confidentiality of sensitive information to prevent abnormal stock price fluctuations[146]. Strategic Focus and Future Plans - The company plans to continue enhancing organizational capabilities and attracting younger consumers to strengthen brand loyalty[24]. - The company aims for a double-digit revenue growth in 2022 compared to 2021, focusing on operational efficiency and innovation[137]. - The company plans to continue expanding its market presence and investing in new product development to drive future growth[81]. - The company is actively exploring potential mergers and acquisitions to enhance its competitive position in the market[162]. - The company is focusing on expanding its market presence and enhancing its product offerings through new technology development[162].

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,620,309,514.50, a decrease of 3.41% compared to the same period last year[7]. - Net profit attributable to shareholders was ¥134,610,072.60, an increase of 4.60% year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥142,240,504.08, reflecting a significant increase of 26.28% compared to the same period last year[7]. - Net profit for the third quarter of 2021 was CNY 420,457,502.88, up from CNY 312,117,140.45 in the same quarter of 2020, reflecting a growth of approximately 34.7%[36]. - The net profit for the year-to-date increased by 34.71% compared to the same period last year, primarily due to recovery from the impact of COVID-19 and improved gross margins[16]. - Total operating revenue for the first three quarters of 2021 reached CNY 5,830,383,894.69, an increase from CNY 5,362,181,119.25 in the same period of 2020, representing a growth of approximately 8.75%[32]. Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥12,309,353,424.76, representing an increase of 8.98% from the end of the previous year[10]. - Total assets amounted to approximately $11.30 billion, a decrease of $126.35 million compared to the previous period[50]. - Current assets totaled approximately $6.15 billion, reflecting a decrease of $920,018.10[50]. - The company's cash and cash equivalents were RMB 1,977,642,544.97, up from RMB 1,286,711,007.42, representing a significant increase of approximately 54.0%[25]. - The company's total liabilities as of the latest report amounted to CNY 5,534,010,441.49, compared to CNY 4,796,096,564.81 in the previous year, marking an increase of about 15.4%[33]. - Total liabilities reached approximately $4.80 billion, down by $126.35 million[50]. - Current liabilities amounted to approximately $2.88 billion, a decrease of $49.46 million[50]. - Non-current liabilities totaled approximately $1.92 billion, a decrease of $76.89 million[50]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 25,694[17]. - The company reported a total of 344,927,001 shares held by Shanghai Jahwa United Co., Ltd., representing 50.75% of total shares[21]. - The top ten shareholders collectively hold significant stakes, with the largest shareholder holding over 50% of the company[21]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥980,640,760.45, an increase of 58.69% compared to the same period last year[10]. - Net cash flow from operating activities was CNY 980,640,760.45, up from CNY 617,946,645.91 in the same period last year, indicating a year-over-year increase of approximately 58.6%[42]. - Cash inflow from operating activities totaled CNY 6,419,114,534.92, compared to CNY 6,010,845,130.87 in the previous year, marking an increase of about 6.8%[42]. - Cash outflow from operating activities was CNY 5,438,473,774.47, slightly up from CNY 5,392,898,484.96, resulting in a net cash flow from operating activities of CNY 980,640,760.45[42]. - The net cash flow from investing activities was negative CNY 32,989,937.05, an improvement from negative CNY 267,847,342.09 in the previous year[42]. - The net cash flow from financing activities was negative CNY 165,232,634.35, compared to negative CNY 260,991,300.29 in the previous year, showing an improvement in financing outflows[44]. Research and Development - Research and development expenses for the first three quarters of 2021 were CNY 106,636,255.87, compared to CNY 100,886,775.20 in 2020, showing an increase of about 5.5%[33]. Other Financial Metrics - The weighted average return on equity was 2.00%, a decrease of 0.05 percentage points compared to the same period last year[10]. - Basic earnings per share for the period were ¥0.20, an increase of 5.26% year-on-year[10]. - Basic and diluted earnings per share increased to CNY 0.62 from CNY 0.46, reflecting a growth of 34.8%[38]. - The total comprehensive income for the period attributable to the parent company's owners was CNY 362,292,183.35, compared to CNY 240,102,408.30 in the previous year, representing a year-over-year increase of approximately 50.9%[38]. - The company reported a decrease in other comprehensive income, with a net amount of CNY -54,466,920.89 compared to CNY 3,698,398.64 in the previous year[36]. Government Subsidies - The company reported a total of ¥239,723.37 in government subsidies recognized in the current period, closely related to normal business operations[10]. Inventory and Receivables - Accounts receivable rose to RMB 1,172,467,023.46 from RMB 1,089,565,502.95, marking an increase of around 7.58%[25]. - Inventory levels increased to RMB 967,263,440.69, compared to RMB 866,505,627.66, reflecting a growth of approximately 11.65%[28]. Investment and Financing Activities - The company raised CNY 47,219,400.00 from financing activities, compared to CNY 1,072,316,400.00 in the previous year, indicating a significant decrease in financing inflow[44]. - The company reported cash inflow from investment activities of CNY 3,667,122,163.00, down from CNY 3,917,555,081.78 in the previous year[42].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 4,210,074,380.19, representing a year-on-year increase of 14.26% compared to CNY 3,684,638,643.12 in the same period last year[19]. - The net profit attributable to shareholders of the listed company reached CNY 285,847,430.28, a significant increase of 55.84% from CNY 183,427,784.60 in the previous year[19]. - The net profit after deducting non-recurring gains and losses was CNY 332,172,130.55, which is a 103.26% increase compared to CNY 163,421,387.32 in the same period last year[19]. - The net cash flow from operating activities increased by 86.55%, amounting to CNY 663,810,864.47, up from CNY 355,843,654.02 in the previous year[19]. - Basic earnings per share for the first half of 2021 were CNY 0.42, a 55.56% increase from CNY 0.27 in the same period last year[19]. - Gross profit margin increased to 64.26%, up by 2.43 percentage points compared to the previous year[32]. - The online sales channel generated 1.607 billion yuan in revenue, an increase of 12.67% year-on-year[32]. - The offline sales channel reported 2.599 billion yuan in revenue, up by 15.19% year-on-year[32]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 12,212,695,491.64, reflecting an 8.12% increase from CNY 11,295,320,619.07 at the end of the previous year[19]. - The total current assets reached ¥6,932,737,126.82, compared to ¥6,154,909,020.01 at the end of 2020, indicating a growth of approximately 12.6%[102]. - Total liabilities rose to CNY 5,537,843,814.52, up from CNY 4,796,096,564.81, indicating a year-over-year increase of approximately 15.5%[107]. - Current liabilities amounted to CNY 3,586,678,071.51, compared to CNY 2,875,717,268.06, marking an increase of around 24.7%[105]. - The company's cash and cash equivalents reached CNY 746,476,272.47, significantly up from CNY 247,112,084.49, representing a growth of approximately 202.5%[109]. Research and Development - Research and development expenses amounted to 79 million yuan, reflecting a year-on-year increase of 14.30%[32]. - Research and development expenses for the first half of 2021 amounted to CNY 73,378,557.00, up from CNY 64,962,249.64 in the same period of 2020, showing a commitment to innovation[120]. Strategic Initiatives - The company established a long-term innovation partnership with BASF to enhance digital transformation and sustainable development[33]. - The company plans to focus on consumer-centric strategies and digital marketing to enhance brand visibility and sales[33]. - The company aims to achieve over 50% reduction in the environmental impact of new products by 2025, with a goal of carbon neutrality across the entire value chain by 2050[55]. - The company initiated three energy-saving projects during the reporting period, expected to save approximately 300,000 kWh, 50,000 kWh, and 60,000 kWh respectively[56]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 21,930[83]. - The total number of shares held by Shanghai Jahwa (Group) Co., Ltd. is 344,927,001, accounting for 50.88% of the total shares[86]. - The company approved a stock option incentive plan draft on July 22, 2021, and a revision of the plan on August 24, 2021, pending shareholder approval[53]. Financial Management - The company reported a significant decrease in financial expenses by 77.83% compared to the previous year[36]. - The financial expenses decreased due to lower interest expenses from bank loans, following the repayment of overseas syndicated loans in the previous year[37]. - The company has a total guarantee amount of RMB 1,076,478,518, which accounts for 16.13% of the company's net assets[75]. Compliance and Governance - The financial statements are prepared based on the "Enterprise Accounting Standards" and comply with the disclosure requirements of the China Securities Regulatory Commission[179]. - The company operates on a going concern basis, ensuring continuity in its operations[176]. - The company has no major litigation or arbitration matters during the reporting period[65].

Financial Performance - Net profit attributable to shareholders rose by 41.92% to CNY 169,223,907.69 year-on-year[12] - Operating revenue grew by 27.04% to CNY 2,114,840,292.22 compared to the same period last year[12] - Basic earnings per share increased by 38.89% to CNY 0.25 compared to the same period last year[12] - The total comprehensive income amounted to CNY 219,018,060.34, compared to CNY 21,818,154.52 in the previous period[61] - Net profit for Q1 2021 was ¥169,223,907.69, compared to ¥119,240,351.71 in Q1 2020, representing a 42% increase[53] - Earnings per share for Q1 2021 were ¥0.25, up from ¥0.18 in Q1 2020[53] Assets and Liabilities - Total assets increased by 6.41% to CNY 12,019,576,756.28 compared to the end of the previous year[12] - The company's total current assets reached RMB 6,733,777,889.79, up from RMB 6,154,909,020.01 in the previous year, indicating a growth of 9.38%[33] - The company's total liabilities due within one year increased significantly to RMB 163,618,948.41, a rise of 1,507.94% from RMB 10,175,685.77 in the previous year[27] - Total liabilities increased to $5.31 billion from $4.80 billion, reflecting a growth of approximately 10.7%[37] - The total liabilities were reported at 4,796,096,564.81 RMB, increasing to 4,922,450,496.19 RMB[77] Cash Flow - Net cash flow from operating activities increased by 45.65% to CNY 495,766,578.41 year-on-year[12] - Cash inflow from operating activities was CNY 2,431,062,843.33, an increase from CNY 1,981,912,476.84 year-over-year[65] - Cash outflow for investing activities totaled CNY 1,264,336,060.76, compared to CNY 1,229,194,553.82 in the previous year[66] - The ending cash and cash equivalents balance was CNY 1,510,547,197.29, down from CNY 1,796,663,822.96 year-over-year[66] Shareholder Information - The number of shareholders reached 21,819 by the end of the reporting period[19] - The largest shareholder, Shanghai Jahwa United Co., Ltd., holds 49.37% of the shares[19] Government Support - The company received government subsidies amounting to CNY 499,139.10 during the reporting period[15] Investment and Expenses - The investment income for the first quarter of 2021 was RMB 49,161,465.40, a substantial increase of 306.18% compared to RMB 12,103,418.13 in the same period last year[29] - The company's sales expenses for the first quarter of 2021 were RMB 917,159,172.25, an increase of 37.88% from the previous year[29] - Research and development expenses for Q1 2021 were ¥41,747,109.60, an increase from ¥33,186,965.93 in Q1 2020[51] Financial Standards and Changes - The company adopted a new leasing standard effective January 1, 2021, impacting the recognition of lease liabilities and right-of-use assets[82] - The company has implemented the new leasing standards starting January 1, 2021, affecting the financial statements without restating prior periods[81] - The right-of-use assets recognized amounted to ¥34,250,594.70 as of January 1, 2021, reflecting the present value of future minimum lease payments[94]

Financial Performance - The company's operating revenue for 2020 was CNY 7,032,385,622.18, a decrease of 7.43% compared to 2019[33]. - The net profit attributable to shareholders for 2020 was CNY 430,201,656.84, down 22.78% from the previous year[33]. - The net cash flow from operating activities was CNY 643,434,435.10, reflecting a decline of 14.07% year-on-year[33]. - The basic earnings per share for 2020 was CNY 0.64, a decrease of 22.89% compared to 2019[34]. - The company's total assets at the end of 2020 were CNY 11,295,320,619.07, an increase of 1.33% from the end of 2019[33]. - The net assets attributable to shareholders increased by 3.40% to CNY 6,499,224,054.26 at the end of 2020[33]. - The weighted average return on equity for 2020 was 6.73%, down 2.48 percentage points from 2019[34]. - The company achieved a revenue of 7.03 billion RMB, a year-on-year decline of 7.43% due to the impact of the pandemic and adjustments in sales channels[51]. - Gross margin decreased to 59.95%, down by 1.93 percentage points compared to the previous year[51]. - Online sales revenue reached 2.98 billion RMB, growing by 15.24% year-on-year, while offline sales dropped to 4.05 billion RMB, a decline of 19.09%[51]. Strategic Initiatives - The company plans to enhance overall business visibility and efficiency through continuous digital empowerment and simplification of systems in 2021[17]. - The company is focusing on consumer insights and industry trends to guide decision-making, shifting from a centralized to a decentralized approach[13]. - Brand innovation efforts include collaboration with big data platforms to determine new product concepts, packaging, and pricing through multi-dimensional consumer testing[13]. - The company is actively embracing new retail strategies to enhance its offline channel performance and has made adjustments to channel strategies based on environmental changes[13]. - The company aims to achieve positive growth for brands like Baicaoji and Meijiajing in 2021 after years of decline[14]. Research and Development - R&D expenses totaled 144 million RMB, down 16.52% year-on-year, reflecting a focus on cost control[51]. - The total R&D investment for the period amounted to ¥151,093,018.79, representing 2.15% of the operating revenue[76]. - The company has invested in a self-fermentation technology hardware platform to develop effective active ingredients and has introduced innovative raw materials such as snake venom peptides and ceramides[93]. - The company has received 4 new national invention patents and submitted 18 new invention patent applications during the reporting period[93]. - The company has a long-term collaboration with Shanghai Jiao Tong University and other institutions, focusing on clinical research and product efficacy[93]. Market Trends and Consumer Insights - The Chinese cosmetics market is projected to grow at a compound annual growth rate (CAGR) of 8.6% from 2019 to 2024, reaching a market size of CNY 828.2 billion by 2024[116]. - Skincare products achieved a compound annual growth rate (CAGR) of 10.1% from 2014 to 2019, and are projected to grow at a CAGR of 12.5% from 2019 to 2024[119]. - Bath products experienced a CAGR of 3.7% from 2014 to 2019, with an expected CAGR of 4.7% from 2019 to 2024[119]. Corporate Governance and Shareholder Returns - The board of directors has proposed a cash dividend of 2.00 yuan per 10 shares to shareholders, reflecting a commitment to returning value to investors[6]. - The cash dividend policy stipulates that at least 30% of the net profit attributable to shareholders will be distributed as cash dividends each year[129]. - In 2020, the company distributed cash dividends amounting to approximately 135.59 million RMB, representing 31.52% of the net profit attributable to shareholders[130]. - The company has maintained a consistent cash dividend distribution of over 30% of net profit since 2009[129]. Social Responsibility and Sustainability - The company donated over 4 million yuan in cash and materials to support the fight against COVID-19[168]. - A total of 102,000 yuan was invested in educational poverty alleviation, benefiting 400 impoverished students[169]. - The company plans to continue its "precision poverty alleviation" efforts in 2021, focusing on improving education and health in rural areas[172]. - The company achieved a water savings of 17,640 tons through ultra-filtration concentrate recovery initiatives[174]. - The company was awarded the title of "Shanghai Water-saving Enterprise" for its environmental management efforts[174]. Operational Efficiency - Inventory and accounts receivable decreased significantly by the end of the year compared to the same period last year, reflecting effective management[14]. - The company closed 462 low-performing stores in 2020, leaving a total of 977 stores by year-end[55]. - The company has implemented strategic reserves for long-cycle imported raw materials to mitigate supply risks[107]. - The company’s energy costs increased, with steam prices rising by 29.6%, impacting overall operating costs[106]. Audit and Compliance - The company appointed PwC Zhongtian as the domestic auditor for the 2020 financial year, with an audit fee of RMB 2.58 million[135]. - The internal control audit for the 2020 financial report was also conducted by PwC Zhongtian, with a fee of RMB 980,000[138]. - The company has no significant litigation or arbitration matters in the current year[139]. - The integrity status of the company and its controlling shareholders is reported to be good during the reporting period[139].

Financial Performance - Net profit attributable to shareholders of the listed company was ¥312,117,140.45, a decrease of 42.25% year-on-year[18]. - Operating revenue for the first nine months was ¥5,362,181,119.25, down 6.51% from the same period last year[18]. - Basic earnings per share decreased by 43.21% to ¥0.46[21]. - The weighted average return on net assets fell by 4.04 percentage points to 4.91%[21]. - The net profit after deducting non-recurring gains and losses was ¥276,061,476.87, down 27.34% year-on-year[18]. - The net profit attributable to shareholders for the third quarter was RMB 312,117,140.45, a decrease of 42.25% compared to RMB 540,429,290.65 in the same period last year[39]. - Basic and diluted earnings per share were both RMB 0.46, down 43.21% from RMB 0.81 in the previous year[39]. - Total operating revenue for Q3 2020 was ¥1,677,542,476.13, a decrease of 7.4% compared to ¥1,812,648,519.27 in Q3 2019[62]. - Total operating costs for Q3 2020 were ¥1,625,262,520.47, down 5.1% from ¥1,712,205,821.32 in Q3 2019[62]. - Net profit for Q3 2020 reached ¥128,689,355.85, an increase of 33.4% compared to ¥96,493,284.80 in Q3 2019[65]. - Total comprehensive income for the first three quarters of 2020 was ¥229.18 million, compared to ¥784.33 million in the same period of 2019[71]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥11,380,122,000.51, an increase of 2.09% compared to the end of the previous year[18]. - Total current assets increased to ¥6,412,081,802.26 as of September 30, 2020, up from ¥5,877,515,860.01 on December 31, 2019, representing an increase of approximately 9.05%[47]. - Total non-current assets decreased to ¥4,968,040,198.25 from ¥5,269,976,676.30, a decline of about 5.73%[51]. - Total current liabilities increased to ¥3,146,253,490.00 from ¥2,865,015,492.68, an increase of about 9.83%[51]. - Total liabilities rose to ¥5,041,318,200.86, compared to ¥4,861,742,472.71, indicating an increase of approximately 3.69%[53]. - Shareholders' equity increased to ¥6,338,803,799.65 from ¥6,285,750,063.60, representing a growth of about 0.85%[53]. - The company’s total liabilities were approximately ¥4.86 billion as of September 30, 2020[91]. - Current liabilities totaled approximately ¥2.87 billion, with accounts payable at ¥823.86 million[88]. - Non-current liabilities were approximately ¥1.99 billion, with long-term borrowings at ¥1.14 billion[91]. Cash Flow - Net cash flow from operating activities for the first nine months was ¥617,946,645.91, a decline of 14.72% compared to the previous year[18]. - Total cash inflow from operating activities was ¥6,010,845,130.87, down from ¥6,217,935,793.93 in the previous year, reflecting a decline of 3.34%[76]. - Cash outflow from operating activities totaled ¥5,392,898,484.96, slightly lower than ¥5,493,357,992.65 in 2019, indicating a decrease of 1.83%[76]. - Cash inflow from investment activities amounted to ¥3,917,555,081.78, an increase of 34.1% compared to ¥2,923,146,437.46 in the previous year[79]. - The net cash flow from investment activities was -¥267,847,342.09, worsening from -¥218,296,713.92 in the same period last year[79]. - Cash inflow from financing activities was ¥1,072,316,400.00, compared to ¥34,818,440.00 in the previous year, showing a significant increase[79]. - The ending balance of cash and cash equivalents was ¥1,530,899,867.17, up from ¥1,396,922,023.05 at the end of the previous year[79]. Shareholder Information - The total number of shareholders at the end of the reporting period was 26,808[26]. - The largest shareholder, Shanghai Jahwa United Co., Ltd., held 317,132,527 shares, accounting for 47.25% of the total[26]. Research and Development - Development expenses decreased by 83.31%, from RMB 10,003,015.04 to RMB 1,669,846.77, as some R&D projects were completed and transferred to intangible assets[37]. - Research and development expenses for Q3 2020 were ¥31,634,063.31, a decrease of 20.6% from ¥39,803,955.29 in Q3 2019[62]. - The company plans to continue focusing on R&D and market expansion strategies to enhance future growth[71].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 3,684,638,643.12, a decrease of 6.07% compared to the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 183,427,784.60, down 58.68% year-on-year[20]. - The net cash flow from operating activities was CNY 355,843,654.02, a decline of 34.55% compared to the previous year[20]. - The basic earnings per share for the first half of 2020 was CNY 0.27, representing a decrease of 59.09% from CNY 0.66 in the same period last year[21]. - The weighted average return on net assets was 2.89%, down 4.46 percentage points from the previous year[21]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 163,421,387.32, down 37.32% year-on-year[20]. - Gross profit margin was 61.83%, a decline of 0.11 percentage points compared to the previous year[34]. - The total profit for the first half of 2020 was CNY 220,702,070.99, compared to CNY 533,514,664.38 in the same period of 2019, indicating a decrease of approximately 58.7%[110]. - The operating profit for the first half of 2020 was CNY 220,804,256.68, down from CNY 531,946,537.04 in the same period of 2019, a decline of approximately 58.5%[110]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 11,391,788,265.97, an increase of 2.19% compared to the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were CNY 6,221,438,936.76, a decrease of 1.02% from the previous year[20]. - The total liabilities at the end of the reporting period were ¥11,373,000,000, with long-term borrowings amounting to ¥1,045,728,000.00, reflecting a 3.19% decrease year-on-year[42]. - Total liabilities increased to approximately ¥5.17 billion, up by 6.3% from ¥4.86 billion[98]. - The company's total shareholders' equity decreased by 0.37% compared to the previous period[162]. Cash Flow - The net cash flow from operating activities decreased due to a year-on-year reduction in sales receipts and last year's compensation for land relocation[39]. - Cash outflow from operating activities totaled CNY 3,599,876,386.30, resulting in a net cash flow from operating activities of CNY 355,843,654.02, down 34.6% from CNY 543,672,455.36 in 2019[120]. - Cash inflow from investment activities was CNY 2,374,655,722.38, compared to CNY 1,709,930,135.14 in the first half of 2019, marking an increase of 39%[122]. - The ending balance of cash and cash equivalents was CNY 1,596,912,417.29, slightly down from CNY 1,634,944,035.15 at the end of the first half of 2019[122]. Research and Development - Research and development expenses amounted to CNY 69 million, a decrease of 4.72% year-on-year[35]. - The company's research and development expenses for the first half of 2020 were CNY 64,962,249.64, slightly down from CNY 67,237,726.76 in the previous year[112]. Corporate Governance and Management - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during the reporting period[6]. - The company has not engaged in any major related party transactions during the reporting period[56]. - The company appointed Mr. Pan Qiusheng as the new CEO and Chairman, succeeding Mr. Zhang Dongfang[87]. Social Responsibility - The company donated RMB 1 million to support 200 students in the "Together We Progress" initiative during the reporting period[68]. - A total of RMB 102,000 was invested in financial aid for 400 impoverished students, contributing to educational poverty alleviation efforts[69]. - The company plans to continue its "precise poverty alleviation" efforts in the second half of 2020, focusing on improving education and health in impoverished areas[70]. Compliance and Accounting - The company's financial statements are prepared based on the going concern assumption[171]. - The financial statements comply with the requirements of the Accounting Standards for Enterprises, reflecting the company's financial position and operating results accurately[175]. - The company has not disclosed any significant accounting errors or changes in accounting policies during the reporting period[75].

Financial Performance - Net profit attributable to shareholders was ¥119,240,351.71, a decrease of 48.89% year-on-year[12]. - Operating revenue for the period was ¥1,664,700,172.88, down 14.80% from the same period last year[12]. - Basic earnings per share decreased by 48.57% to ¥0.18[12]. - The weighted average return on net assets fell to 1.89%, a decrease of 2.03 percentage points year-on-year[12]. - Total operating revenue for Q1 2020 was $1,664,700,172.88, a decrease of 14.74% compared to $1,953,877,043.25 in Q1 2019[47]. - Net profit for Q1 2020 was $119,240,351.71, a decline of 48.94% from $233,315,627.12 in Q1 2019[49]. - Comprehensive income for Q1 2020 totaled $41,837,598.35, significantly lower than $256,130,378.11 in Q1 2019[49]. - The company reported a significant decrease in investment income, which fell by 77.49% to ¥12,103,418.13 from ¥53,765,791.36 year-on-year[27]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥11,167,831,246.46, an increase of 0.18% compared to the end of the previous year[12]. - The company's total current assets reached ¥6,122,316,008.61, compared to ¥5,877,515,860.01 at the end of 2019, indicating an increase of 4.15%[32]. - The company's inventory as of March 31, 2020, was ¥987,948,426.11, up from ¥925,168,022.56 at the end of 2019, reflecting an increase of 6.77%[32]. - The company’s total liabilities increased significantly, with borrowings amounting to ¥1,079,724,000.00, marking a 100% increase due to new loans from overseas subsidiaries[29]. - Total liabilities decreased from ¥4,861,742,472.71 to ¥4,837,631,924.76, a reduction of approximately 0.49%[37]. - Owner's equity increased from ¥6,285,750,063.60 to ¥6,330,199,321.70, showing a growth of about 0.71%[37]. - The total liabilities included accounts payable of ¥823,855,969.38, remaining stable compared to the previous year[63]. - The total liabilities and equity combined reached $9.66 billion, reflecting the company's financial stability[75]. Cash Flow - Net cash flow from operating activities increased by 27.38% to ¥340,375,610.57 compared to the previous year[12]. - The cash flow from operating activities for Q1 2020 was ¥340.38 million, an increase of 27.3% from ¥267.21 million in Q1 2019[57]. - Cash inflow from operating activities totaled ¥846,846,543.95 in Q1 2020, slightly down from ¥859,439,095.33 in Q1 2019, reflecting a decrease of approximately 1.5%[59]. - The net cash flow from operating activities for Q1 2020 was ¥185,670,772.02, a significant increase compared to ¥62,771,835.73 in Q1 2019, representing a growth of approximately 195%[59]. - Cash outflow from operating activities was ¥661,175,771.93 in Q1 2020, down from ¥796,667,259.60 in Q1 2019, showing a reduction of about 17%[59]. Shareholder Information - The total number of shareholders at the end of the reporting period was 34,259[19]. - The largest shareholder, Shanghai Jahwa Group Co., Ltd., holds 47.25% of the shares[19]. Government Support and Financial Adjustments - The company received government subsidies amounting to ¥2,030,472.85 during the reporting period[14]. - The company implemented new revenue recognition standards affecting various financial statement items, with specific adjustments noted[69]. - The company adopted the revised revenue recognition standards in 2020, impacting the financial statements without restating prior year figures[75].

Financial Performance - The company's operating revenue for 2019 was CNY 7,596,951,822.91, representing a 6.43% increase compared to CNY 7,137,947,377.14 in 2018[22] - The net profit attributable to shareholders of the listed company was CNY 557,091,142.46, a 3.09% increase from CNY 540,379,997.40 in the previous year[22] - The net profit after deducting non-recurring gains and losses decreased by 16.91% to CNY 379,516,940.37 from CNY 456,760,277.01 in 2018[22] - The net cash flow from operating activities was CNY 748,756,914.22, down 16.31% from CNY 894,674,627.73 in 2018[22] - The total assets at the end of 2019 were CNY 11,147,492,536.31, an increase of 9.72% from CNY 10,160,072,259.23 at the end of 2018[22] - The net assets attributable to shareholders of the listed company increased by 8.13% to CNY 6,285,750,063.60 from CNY 5,813,061,293.81 in 2018[22] - Basic earnings per share for 2019 were CNY 0.83, a 2.47% increase from CNY 0.81 in 2018[23] - The weighted average return on net assets was 9.21%, a decrease of 0.47 percentage points from 9.68% in 2018[23] Revenue Breakdown - Online sales channel revenue reached 2.583 billion RMB, growing by 30.01% year-on-year, while offline sales decreased by 2.62%[40] - The revenue from the personal care segment was ¥4,901,359,047, with a year-on-year growth of 7.93%[56] - The revenue from the skincare segment was ¥2,356,381,279, with a slight decrease of 0.06% year-on-year[56] - The company experienced a 42.89% increase in revenue from the home care segment, totaling ¥333,119,565[56] - The overseas revenue reached ¥1,684,021,578, with a year-on-year increase of 5.94%[56] Expenses and Costs - Research and development expenses increased by 15.60% to 173 million RMB[40] - Sales expenses rose by 10.43% to 3.204 billion RMB, while management expenses increased by 6.62% to 942 million RMB[40] - The cost of raw materials in the daily chemical industry was ¥2,080,537,117.56, accounting for 71.88% of total costs[60] Product Development and Innovation - The company launched several new products, including the second-generation Baicaojie Tai Chi dual-repair essence, which saw a 57% new customer purchase rate[41] - The company applied for 51 patents during the reporting period, receiving authorization for 7 invention patents[45] - The company successfully integrated freeze-drying technology with skin science, launching products that enhance skin micro-ecology health[42] Market and Growth Strategy - The Chinese cosmetics market is projected to reach a market size of 621.1 billion RMB by 2023, with a compound annual growth rate (CAGR) of 8.6% from 2018 to 2023[108] - The skincare segment is expected to grow at a CAGR of 8.3% from 2019 to 2023, while the makeup segment is projected to grow at a CAGR of 13.3% during the same period[109] - The company aims to achieve profitability above the industry average in the long term, focusing on enhancing its core capabilities and building a brand hierarchy with sales targets of 3 billion, 2 billion, and 1 billion RMB[109] Corporate Governance and Management - The company has maintained a cash dividend payout of at least 30% of the net profit attributable to shareholders since 2009[116] - The total pre-tax compensation for the chairperson and CEO, Zhang Dongfang, was CNY 5.109 million during the reporting period[176] - The total number of employees in the parent company and major subsidiaries is 3,395, with 2,533 in major subsidiaries[189] - The company’s management team has extensive experience in the fast-moving consumer goods industry, with over 20 years of experience in various roles[179] Social Responsibility and Community Engagement - The company actively participates in poverty alleviation efforts, contributing to rural revitalization and educational support for students and teachers in impoverished areas[146] - The company donated 200 school bags to students in impoverished areas of Gansu, supporting education[149] - Total funding for poverty alleviation projects amounted to 43.3 million, with material donations valued at 1,271.5 million[150] Risks and Challenges - The company faces risks including the underperformance of star products, challenges in channel transformation, and increased competition from both foreign and local brands[113] - The company has outlined potential risks in its future development in the report, emphasizing the importance of investor awareness[8] Shareholding Structure - The largest shareholder, Shanghai Jahwa Group Co., Ltd., holds 47.25% of the shares, totaling 317,132,527 shares[164] - The company has a diversified ownership structure with no single entity holding a controlling interest[168] - There are no significant changes in the shareholding structure during the reporting period[165]