国浩律师（上海）事务所 法律意见书 国浩律师（上海）事务所 关于上海家化联合股份有限公司 差异化分红事项之专项法律意见书 致：上海家化联合股份有限公司 根据《中华人民共和国公司法》（以下简称"《公司法》"）、《中华人民共和国 证券法》（以下简称"《证券法》"）、《上市公司股份回购规则》（以下简称"《回购 规则》"）、《上海证券交易所上市公司自律监管指引第 7 号——回购股份》（以下 简称"《回购指引》"）、《上海证券交易所股票上市规则》（以下简称"《上市规则》"） 以及《上海家化联合股份有限公司公司章程》（以下简称"《公司章程》"）等相关 法律、法规及规范性文件的规定，本所律师就上海家化联合股份有限公司（以下 简称"公司"）2022 年年度利润分配涉及的差异化分红特殊除权除息处理（以下 简称"本次差异化分红"）相关事项出具本法律意见书。 按照律师行业公认的业务标准、道德规范和勤勉尽责的精神，依据本法律意 见书出具日以前已发生或存在的事实，本所律师发表法律意见，并声明如下： 1、本所律师已严格履行法定职责，遵循了勤勉尽责和诚实信用原则，对与 出具本法律意见书有关的所有文件资料及证言进行了审查判断，对公司本次差异 ...

证券代码：600315 证券简称：上海家化 公告编号：临 2023-018 上海家化联合股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会的公告 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。 重要提示： 投资者可于 2023 年 5 月 18 日（星期四）至 5 月 24 日（星期三）16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司投资者关系邮 箱（ir@jahwa.com.cn）进行提问，公司将在说明会上对投资者普遍关注的问题 进行回答。 上海家化联合股份有限公司（以下简称"公司"）已于 2023 年 4 月 26 日发 布公司 2022 年年度报告和 2023 年第一季度报告，为便于广大投资者更全面深 入地了解公司 2022 年度及 2023 年第一季度经营成果、财务状况，公司计划于 2023 年 5 月 25 日下午 15:00-16:30 举行 2022 年度暨 2023 年第一季度业绩说明 会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络 ...

Financial Performance - Total operating revenue for 2022 was CNY 7,106,312,871.72, a decrease of 7.06% from CNY 7,646,123,006.52 in 2021[25] - Total operating costs for 2022 were CNY 6,525,610,183.17, down 8.46% from CNY 7,127,732,058.27 in 2021[25] - Net profit for 2022 was CNY 472,039,277.83, a decline of 27.36% compared to CNY 649,251,942.17 in 2021[26] - Comprehensive income for 2022 totaled CNY 181,022,607.44, significantly lower than CNY 521,602,072.13 in 2021[28] - The company reported a total profit of CNY 548,883,199.60 for 2022, down from CNY 764,341,580.23 in 2021[26] - The company reported a net loss attributable to shareholders of 135,413,235.89 RMB for the year 2022[36] - The total comprehensive income for 2022 was approximately ¥521.60 million[96] - The company reported a profit distribution of approximately -¥135.41 million, indicating a significant loss allocation to shareholders[96] Shareholder Information - The number of ordinary shareholders increased to 45,017 by the end of the reporting period, up from 42,897 at the end of the previous month[1] - The company had no preferred shareholders with restored voting rights as of the end of the reporting period[1] - The total issued share capital of the company as of December 31, 2022, is 678,873,194 shares, with a par value of 1.00 yuan per share, totaling 678,873,194.00 yuan[72] Cash Flow and Liquidity - Cash and cash equivalents at the end of 2022 were CNY 1,675,679,218.94, an increase from CNY 1,587,764,038.66 at the beginning of the year[30] - The company experienced a net cash outflow from financing activities of CNY 383,835,499.08 in 2022, compared to an outflow of CNY 228,370,607.91 in 2021[30] - The cash received from investment decreased by 31.04% year-on-year, amounting to 3,322,618,517.50 yuan compared to 4,818,036,407.64 yuan in the previous period[78] - The cash received from investment income increased by 69.69% year-on-year, reaching 209,293,850.37 yuan, up from 123,337,316.85 yuan[78] - The cash paid for dividends and interest increased by 40.96% year-on-year, totaling 234,241,987.20 yuan compared to 166,182,044.96 yuan in the previous period[78] - The cash received from financing activities decreased by 74.41% year-on-year, amounting to 12,081,400.00 yuan compared to 47,219,400.00 yuan[78] Assets and Liabilities - The total current assets increased from ¥1,597,254,055.90 in 2021 to ¥1,685,169,236.18 in 2022, reflecting a growth of approximately 5.5%[55] - The total current liabilities rose from ¥3,209,752,725.54 in 2021 to ¥3,533,228,648.26 in 2022, indicating an increase of about 10.1%[56] - The company's total liabilities decreased from ¥5,182,234,320.45 in 2021 to ¥5,020,001,233.87 in 2022, a reduction of approximately 3.1%[56] - The total equity attributable to shareholders increased from ¥6,963,277,401.62 in 2021 to ¥7,249,484,579.10 in 2022, representing a growth of about 4.1%[56] - The company's inventory rose from ¥872,052,322.43 in 2021 to ¥928,956,162.53 in 2022, reflecting an increase of about 6.5%[55] - The long-term borrowings decreased from ¥925,188,000.00 in 2021 to ¥751,271,950.00 in 2022, a decline of approximately 18.8%[56] - The deferred income tax liabilities decreased from ¥123,308,270.77 in 2021 to ¥114,340,214.64 in 2022, a reduction of about 7.3%[56] - The total equity attributable to the parent company at the end of 2022 was 6,499,224,054.26 RMB, with a decrease of 195,196,626.49 RMB compared to the previous year[34] - The company's total equity at the end of 2022 was approximately ¥7.96 billion, reflecting a slight decrease from ¥7.96 billion at the end of 2021[69] Research and Development - Research and development expenses for 2022 were CNY 159,892,218.26, slightly down from CNY 163,127,112.92 in 2021[26] - The company is engaged in the development, production, and sales of cosmetics and daily chemical products, indicating a focus on market expansion in these sectors[97] - The company is focused on enhancing its product offerings and expanding its market presence through new product development and strategic initiatives[97] Strategic Initiatives - The company aims for a double-digit revenue growth in 2023 compared to 2022, driven by consumer-centered strategies and brand innovation[85] - The company plans to enhance its brand through collaborations with industry experts and marketing strategies, focusing on personalized consumer needs[85] - The company will continue to develop its e-commerce channels, emphasizing refined operations and cross-brand user engagement[85] - The company will focus on enhancing its offline retail channels and improving customer service experiences in 2023[85] - The company will optimize processes and data through digital transformation to improve efficiency in marketing and supply chain[85] Accounting Policies and Estimates - The company’s financial statements are prepared based on specific accounting policies and estimates, including the measurement of expected credit losses on receivables and inventory valuation methods[43] - The company’s accounting year runs from January 1 to December 31[44] - The company conducts impairment testing for assets at least annually, especially for goodwill and intangible assets with indefinite useful lives[168] - The group recognizes expected credit losses based on the risk of default, calculating the present value of the difference between cash flows expected to be received and actual cash flows[175] - The group classifies receivables into several portfolios based on credit risk characteristics to calculate expected credit losses, including bank acceptance bills and receivables from customers classified by credit rating[178] Audit and Compliance - The company has identified key audit matters that are critical to the financial statements, emphasizing the importance of these matters in the overall audit process[46] - The financial statements were approved by the board on April 24, 2023, and will be submitted for shareholder review[98]

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,979,746,030.61, representing a decrease of 6.49% compared to the same period last year[3] - Net profit attributable to shareholders of the listed company was CNY 230,444,636.94, an increase of 15.59% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 227,123,123.79, up by 7.08% compared to the previous year[3] - Basic earnings per share for the period was CNY 0.34, reflecting a growth of 13.33%[5] - The diluted earnings per share also stood at CNY 0.34, with a similar increase of 13.33%[5] - The total comprehensive income for the period was CNY 233,149,086.43, compared to CNY 140,827,930.90 in the same quarter last year, reflecting an increase of about 65.5%[49] Cash Flow - The net cash flow from operating activities was CNY 455,962,079.73, down 17.02% year-on-year[3] - Cash inflow from operating activities totaled CNY 2,244,783,411.39, a slight increase from CNY 2,227,339,805.87 in the previous year, representing a growth of approximately 0.8%[31] - Cash outflow from operating activities amounted to CNY 1,788,821,331.66, compared to CNY 1,677,826,807.33 in the same period last year, indicating an increase of about 6.6%[31] - Cash inflow from investment activities was CNY 424,085,973.98, significantly lower than CNY 1,065,675,869.49 in the previous year, a decline of about 60%[31] - Net cash flow from investment activities showed a negative value of CNY -13,364,368.34, contrasting with a positive CNY 232,755,929.79 in the same quarter last year[49] - Cash outflow from financing activities totaled CNY 258,706,108.47, compared to CNY 117,134,602.38 in the previous year, indicating an increase of approximately 120%[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 12,573,685,159.00, an increase of 2.48% from the end of the previous year[5] - Total liabilities increased to CNY 5,086,619,512.69 in Q1 2023, compared to CNY 5,020,001,233.87 in Q1 2022[26] - Cash and cash equivalents were CNY 1,870,925,320.34 as of March 31, 2023, compared to CNY 1,685,169,236.18 in the previous year[24] - Inventory levels rose to CNY 1,070,694,119.06 in Q1 2023, up from CNY 928,956,162.53 in Q1 2022, indicating a growth of 15.2%[24] - The company's total assets as of March 31, 2023, amounted to CNY 12,573,685,159.00, up from CNY 12,269,485,812.97 at the end of 2022[26] Shareholder Equity - Shareholders' equity attributable to the listed company was CNY 7,487,065,646.31, up by 3.28% compared to the end of the previous year[5] - The company's equity attributable to shareholders increased to CNY 7,487,065,646.31 in Q1 2023, compared to CNY 7,249,484,579.10 in Q1 2022[26] Research and Development - Research and development expenses for Q1 2023 were CNY 32,730,020.98, slightly up from CNY 31,655,662.02 in Q1 2022[28] Non-Recurring Items - Non-recurring gains and losses amounted to CNY 3,321,513.15 for the period[6] - Other comprehensive income after tax amounted to CNY 2,704,449.49, a recovery from a loss of CNY -58,537,352.44 in the previous year[49]

Financial Performance - The company's operating revenue for Q3 2022 was ¥1,639,189,072.28, representing a year-on-year increase of 1.17% compared to ¥1,620,309,514.50 in the same period last year[6]. - Net profit attributable to shareholders for Q3 2022 was ¥155,541,575.24, an increase of 15.55% from ¥134,610,072.60 in the previous year[9]. - The net profit after deducting non-recurring gains and losses was ¥167,715,008.79, reflecting a year-on-year increase of 17.91%[9]. - The basic earnings per share for Q3 2022 was ¥0.23, up 15.00% from ¥0.20 in the same period last year[9]. - The weighted average return on equity increased to 2.24%, up 0.24 percentage points from 2.00% in the previous year[9]. - The net profit for the current period is 313,213,716.88, a decrease of 25.5% compared to 420,457,502.88 in the previous period[39]. - Total profit for the current period is 378,974,136.21, down from 507,798,170.69, reflecting a decline of 25.4%[39]. - The operating profit decreased to 374,762,437.98 from 504,820,452.01, representing a drop of 26%[39]. - The total comprehensive income attributable to the parent company's owners is 215,921,643.19, down from 362,292,183.35, a decrease of 40.5%[43]. - Basic and diluted earnings per share are both 0.47, down from 0.62 in the previous period[43]. Assets and Liabilities - Total assets at the end of the reporting period were ¥12,182,128,034.10, showing a slight increase of 0.30% compared to the end of the previous year[9]. - Total assets as of the latest reporting period were approximately $12.18 billion, a slight increase from $12.15 billion in the previous period[34]. - Total liabilities amounted to approximately $5.14 billion, a decrease from $5.18 billion in the previous year, reflecting a reduction of about 0.8%[34]. - The company's equity attributable to shareholders was approximately $7.05 billion, an increase from $6.96 billion in the same period of 2021, representing a growth of about 1.3%[34]. - The equity attributable to shareholders increased to ¥7,046,812,490.49, reflecting a growth of 1.20% from the previous year[9]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥758,336,677.74, down 22.67% from ¥980,640,760.45 in the previous year[9]. - The cash flow from operating activities for the current period is 758,336,677.74, down 22.6% from 980,640,760.45 in the previous period[44]. - Cash and cash equivalents at the end of the period are 1,464,422,470.02, a decrease from 1,968,152,527.73[48]. - Cash and cash equivalents as of September 30, 2022, were approximately ¥1.47 billion, down from ¥1.60 billion at the end of 2021[28]. - Cash flow from investment activities shows a net outflow of -453,170,864.06, compared to -32,989,937.05 in the previous period[44]. Shareholder Information - Total number of common shareholders at the end of the reporting period was 33,683[20]. - The largest shareholder, Shanghai Jahwa United Co., Ltd., holds 344,927,001 shares, accounting for 50.85% of total shares[20]. - The total number of shares held by the top ten shareholders includes significant stakes from state-owned and private investment firms[21]. Operational Changes - The company has made adjustments to its accounting policies, impacting the financial data for the previous year due to reclassification of certain costs[9]. - The company reclassified transportation costs from sales expenses to operating costs, impacting the financial statements by ¥169.46 million[26][27]. - The company reported a significant increase in credit impairment losses, totaling 2,918,477.32 compared to 2,745,091.82 in the previous period[39]. Market and Product Development - The company has not disclosed any new product developments or technological advancements during the reporting period[22]. - Future outlook and performance guidance were not explicitly detailed in the available documents[22]. - The company has not reported any mergers or acquisitions in the recent quarter[22]. Revenue and Costs - Total operating revenue for the first three quarters of 2022 was approximately $5.35 billion, a decrease from $5.83 billion in the same period of 2021, representing a decline of about 8.1%[37]. - Total operating costs for the first three quarters of 2022 were approximately $4.99 billion, down from $5.50 billion in the previous year, indicating a reduction of about 9.1%[37]. - Research and development expenses for the first three quarters of 2022 amounted to approximately $105.55 million, slightly decreased from $106.64 million in the same period of 2021[37]. - The company's net profit for the first three quarters of 2022 was not explicitly stated but can be inferred from the operating revenue and costs[37]. Accounts Receivable and Inventory - Accounts receivable increased to approximately ¥1.14 billion from ¥1.11 billion year-over-year[28]. - Inventory as of September 30, 2022, was approximately ¥960.18 million, an increase from ¥872.05 million at the end of 2021[28].

Financial Performance - The company's operating revenue for the first half of 2022 was approximately CNY 3.71 billion, a decrease of 11.76% compared to CNY 4.21 billion in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2022 was approximately CNY 157.67 million, down 44.84% from CNY 285.85 million year-on-year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 200.71 million, a decrease of 39.58% compared to CNY 332.17 million in the previous year[20]. - The net cash flow from operating activities for the first half of 2022 was approximately CNY 435.04 million, down 34.46% from CNY 663.81 million in the same period last year[20]. - The gross profit margin decreased by 1.35 percentage points to 59.91% due to rising fixed costs and raw material prices[33]. - The company's total revenue for the first half of 2022 was approximately 3.71 billion RMB, a decrease of 11.76% compared to the same period last year[44]. - The total profit for the first half of 2022 was CNY 206,467,631.37, a decline of 40.5% compared to CNY 346,309,739.04 in the same period of 2021[130]. - The operating profit for the first half of 2022 was CNY 204,309,620.04, down 40.6% from CNY 343,401,350.46 in the same period of 2021[130]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately CNY 12.38 billion, an increase of 1.95% compared to CNY 12.15 billion at the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were approximately CNY 6.85 billion, a decrease of 1.56% from CNY 6.96 billion at the end of the previous year[20]. - The company's total assets increased to CNY 10,652,293,297.63 from CNY 10,331,623,974.75, representing a growth of 3.1%[126]. - Total liabilities rose to CNY 2,741,301,291.40, an increase from CNY 2,373,609,640.42, indicating a growth of 15.4%[126]. - The company's equity decreased slightly to CNY 7,910,992,006.23 from CNY 7,958,014,334.33, a decline of 0.6%[126]. Cash Flow - The cash inflow from operating activities decreased to ¥3,983,620,215.78 in the first half of 2022, down from ¥4,562,086,030.83 in the same period of 2021, representing a decline of approximately 12.7%[140]. - The net cash flow from operating activities was ¥435,040,852.66 for the first half of 2022, compared to ¥663,810,864.47 in the first half of 2021, indicating a decrease of about 34.4%[140]. - The cash inflow from investment activities totaled ¥1,634,509,298.36 in the first half of 2022, down from ¥2,298,736,266.81 in the same period of 2021, reflecting a decline of approximately 29%[143]. - The net cash flow from investment activities was -¥211,847,141.21 in the first half of 2022, contrasting with a positive cash flow of ¥129,288,396.92 in the first half of 2021[143]. - The ending balance of cash and cash equivalents was ¥1,643,520,087.10 at the end of the first half of 2022, down from ¥2,012,102,718.15 at the end of the first half of 2021[143]. Research and Development - The company reported a decrease in R&D expenses by 17.27% to 65 million yuan[33]. - Research and development expenses for the first half of 2022 were CNY 65,485,885.86, down from CNY 79,155,567.30, a decrease of 17.3%[126]. - The company's R&D expenses for the first half of 2022 were CNY 57,212,823.31, a decrease of 22.0% from CNY 73,378,557.00 in the previous year[132]. Market and Product Development - The skincare category saw a significant decline of 34.84% in sales due to logistics restrictions from the pandemic[36]. - The personal care category, particularly the Liushen brand, achieved a 23% year-on-year growth in e-commerce GMV during the 618 shopping festival[36]. - The company launched a new sunscreen product that ranked first in its category on Tmall on the day of its release[36]. - The company plans to launch several new products, including a high-moisture series and a joint development baby cream, aiming for double-digit revenue growth in the second half of 2022 compared to the same period in 2021[42]. Shareholder and Equity Information - The total number of ordinary shareholders as of the end of the reporting period is 28,251[96]. - The largest shareholder, Shanghai Jahwa (Group) Co., Ltd., holds 50.75% of the shares[97]. - The total equity attributable to the parent company's owners at the end of the reporting period is 6,963,277,401.62, unchanged from the previous year[152]. - The total owner's equity at the end of the current period is 6,854,805,498.87, showing growth from the previous year[163]. Corporate Governance and Compliance - The company has not disclosed any new product developments or market expansion strategies in this report[6]. - The company has not reported any changes in its controlling shareholders or actual controllers during the reporting period[106]. - The company has not provided any guarantees to shareholders, actual controllers, or their related parties[89]. - The company has no major litigation or arbitration matters during the reporting period[81]. Environmental and Social Responsibility - The company aims to peak carbon emissions by 2025, targeting a 30% reduction in carbon emissions from its own factories and a 50% overall environmental impact reduction[72]. - The company has implemented measures that resulted in a carbon reduction of approximately 56 tons through steam savings and 0.33 tons through electricity savings[72]. - The company donated over 2 million yuan worth of supplies to support COVID-19 relief efforts during the reporting period[75].

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].