江苏红豆实业股份有限公司 第二章 信息披露的基本原则 第四条 公司应当及时依法履行信息披露义务，披露的信息应当真实、准确、 完整，简明清晰，通俗易懂，不得有虚假记载、误导性陈述或者重大遗漏。 信息披露管理制度 （2025 年 8 月修订） 第一章 总 则 第一条 为了加强江苏红豆实业股份有限公司（以下简称"公司"）信息披 露管理工作，保证公司及时、真实、准确、完整地披露信息，根据《公司法》 《证券法》《上市公司信息披露管理办法》《上海证券交易所股票上市规则》《上 海证券交易所上市公司自律监管指引第 2 号——信息披露事务管理》等相关法 律、法规及规范（以下统称"相关证券监管规定"）的要求，根据《公司章程》 的有关规定，结合公司信息披露工作的实际情况，特制定本信息披露管理制度 （以下简称"本制度"）。 第二条 本制度所称信息披露，是指将可能对公司证券价格产生重大影响而 投资者尚未得知的重大信息，在规定时间内，通过指定的媒体，以规定的方式 向社会公众公布；及时，是指起算日起或者触及披露时点的两个交易日内。 第三条 本制度所称信息披露义务人，是指公司及公司董事、高级管理人员、 股东、实际控制人，收购人，重大资产重组 ...

江苏红豆实业股份有限公司 信息披露暂缓与豁免管理制度 （2025 年 8 月修订） 第一条 为了规范江苏红豆实业股份有限公司（以下简称"公司"）信息披 露暂缓与豁免行为，促进公司依法合规履行信息披露义务，保护投资者的合法权 益，根据《公司法》《证券法》《上海证券交易所股票上市规则》（以下简称《股 票上市规则》）《上海证券交易所上市公司自律监管指引第 2 号——信息披露事务 管理》《上市公司信息披露暂缓与豁免管理规定》《公司章程》等规定，特制定本 制度。 第二条 公司和其他信息披露义务人暂缓、豁免披露临时报告，在定期报告、 临时报告中豁免披露中国证监会和上海证券交易所规定或者要求披露的内容，适 用本制度。 第三条 公司和其他信息披露义务人应当真实、准确、完整、及时、公平地 披露信息，不得滥用暂缓或者豁免披露规避信息披露义务、误导投资者，不得实 施内幕交易、操纵市场等违法行为。 第四条 公司应当审慎确定信息披露暂缓、豁免事项，履行内部审核程序后 实施。 第五条 公司有确实充分的证据证明拟披露的信息涉及国家秘密或者其他因 披露可能导致违反国家保密规定、管理要求的事项（以下统称"国家秘密"），依 法豁免披露。 第六条 ...

江苏红豆实业股份有限公司 关联交易管理制度 （2025 年 8 月修订） 第一章 总则 第二章 关联人及关联交易 第一条 为规范江苏红豆实业股份有限公司（以下简称"公司"或"本公 司"）的关联交易行为，提高公司规范运作水平，保护公司和全体股东的合法权 益，根据国家相关法律法规、部门规章、《上市公司监管指引第 8 号——上市公 司资金往来、对外担保的监管要求》《上海证券交易所股票上市规则》《上海证 券交易所上市公司自律监管指引第 5 号——交易与关联交易》以及《公司章程》， 结合公司实际，制定本制度。 第二条 本制度所称关联交易是指公司、控股子公司及控制的其他主体与公 司关联人之间发生的转移资源或者义务的事项。 第三条 公司关联交易应当定价公允、审议程序合规、信息披露规范。公司 应当积极通过资产重组、整体上市等方式减少关联交易。 第四条 公司董事会应当采取有效措施防止关联人通过非公允的关联交易 占用或者转移公司的资金、资产和资源。 第五条 公司的关联人包括关联法人（或者其他组织）和关联自然人。 第六条 具有以下情形之一的法人（或者其他组织）为公司的关联法人（或 者其他组织）： （一）直接或间接控制公司的法人（或 ...

第一条 为规范江苏红豆实业股份有限公司（以下简称"公司"）董事离职 相关事宜，确保公司治理的稳定性和连续性，维护公司及股东的合法权益，根据 《中华人民共和国公司法》（以下简称"《公司法》"）等法律法规、规范性文 件及《公司章程》的有关规定，结合公司实际情况，制定本制度。 第二条 本制度适用于公司董事（含独立董事）因任期届满、辞职、被解除 职务或其他原因离职的情形。 第三条 公司董事离职管理应遵循以下原则： （一）合法合规原则：严格遵守国家法律法规、监管规定及《公司章程》的 要求； （二）公开透明原则：及时、准确、完整地披露董事离职相关信息； （三）平稳过渡原则：确保董事离职不影响公司正常经营和治理结构的稳定 性； 江苏红豆实业股份有限公司 董事离职管理制度 第一章 总则 （四）保护股东权益原则：维护公司及全体股东的合法权益。 第二章 离职的情形与程序 第四条 公司董事离职包含任期届满未连任、主动辞职、被解除职务以及其 他导致董事实际离职等情形。 第五条 公司董事可以在任期届满以前辞职，董事辞职应当向公司提交书面 辞职报告，辞职报告中应说明辞职原因，公司收到辞职报告之日辞职生效，公司 将在 2 个交易日内披露有 ...

江苏红豆实业股份有限公司 内幕信息知情人登记制度 （2025 年 8 月修订） 第一章 总则 第一条 为进一步加强江苏红豆实业股份有限公司（以下简称"公司"）内 幕信息管理，做好内幕信息保密工作，维护信息披露的公平原则，保护广大投资 者的合法权益，根据《公司法》《证券法》《上市公司信息披露管理办法》《上 海证券交易所股票上市规则》《上市公司监管指引第 5 号——上市公司内幕信息 知情人登记管理制度》《上海证券交易所上市公司自律监管指引第 2 号——信息 披露事务管理》等有关法律、法规、规范性文件及《公司章程》《信息披露管理 制度》等规定，结合公司实际情况，制定本制度。 第二条 公司董事会应当保证内幕信息知情人档案的真实、准确和完整。董 事长为主要责任人，董事会秘书负责办理公司内幕信息知情人的报送事宜。当董 事会秘书不能履行职责时，由证券事务代表代行相关职责。公司董事会办公室为 内幕信息管理的日常工作部门。 第三条 公司内幕信息知情人登记制度适用于公司下属各部门、分（子）公 司及公司能够对其实施重大影响的参股公司。 第二章 内部信息及内幕信息知情人的范围 第四条 本制度所指内幕信息是指《证券法》所规定的，涉及公 ...

江苏红豆实业股份有限公司 独立董事专门会议制度 （2025 年 8 月修订） 第四条 独立董事对公司及全体股东负有忠实与勤勉义务，应当按照法律、 行政法规、中国证券监督管理委员会（以下简称"中国证监会"）规定、上海证 券交易所业务规则和《公司章程》的规定，认真履行职责，在董事会中发挥参与 决策、监督制衡、专业咨询作用，维护公司整体利益，保护中小股东合法权益。 第五条 公司根据审议需要定期或者不定期召开独立董事专门会议，半数以 上独立董事可以提议召开独立董事专门会议。定期会议应于会议召开前 3 日通知 全体独立董事，不定期会议应于会议召开前 1 日通知全体独立董事。经全体独立 董事一致同意，通知时限可不受本条款限制。 第六条 独立董事专门会议应当由过半数独立董事共同推举一名独立董事召 集和主持；召集人不履职或者不能履职时，两名及以上独立董事可以自行召集并 推举一名代表主持。 第七条 独立董事专门会议的表决，实行一人一票。表决方式为记名投票表 决。 第八条 独立董事专门会议可通过现场、通讯方式或现场与通讯相结合等方 式召开。若采用通讯方式，独立董事在专门会议决议上签字即视为出席了独立董 事专门会议并同意会议决议内 ...

江苏红豆实业股份有限公司 董事和高级管理人员持有公司股份变动管理制度 （2025 年 8 月修订） 第一条 为加强对公司董事和高级管理人员所持本公司股份及其变动的管理， 维护证券市场秩序，根据《公司法》《证券法》《上市公司董事和高级管理人员 所持本公司股份及其变动管理规则》《上海证券交易所上市公司自律监管指引第 8 号—股份变动管理》等有关法律、法规和规章的规定，特制定本管理制度 （以下简称"本制度"）。 第二条 公司董事和高级管理人员应当遵守《公司法》《证券法》和有关法 律、行政法规、中国证监会规章、规范性文件以及上海证券交易所规则中关于 股份变动的限制性规定。 公司董事和高级管理人员对持有股份比例、持有期限 、变动方式、变动数 量、变动价格等作出承诺的，应当严格履行所作出的承诺。 第三条 公司董事和高级管理人员所持本公司股份，是指登记在其名下和利 用他人账户持有的所有本公司股份。 公司董事和高级管理人员从事融资融券交易的，其所持本公司股份还包括 记载在其信用账户内的本公司股份。 第四条 公司董事和高级管理人员在买卖本公司股份前，应当将其买卖计划 以书面方式通知董事会秘书，董事会秘书应当核查上市公司信息披露 ...

江苏红豆实业股份有限公司 募集资金管理制度 （2025 年 8 月修订） 第一章 总则 第一条 为规范公司对募集资金的管理和使用，提高募集资金使用效率，保 护投资者利益，根据《公司法》《证券法》《上市公司募集资金监管规则》《上海 证券交易所股票上市规则》《上海证券交易所上市公司自律监管指引第 1 号—— 规范运作》等法律、法规及规范性文件的要求，结合本公司实际，特制定本制度。 第二条 本制度所称募集资金是指公司通过发行股票及其衍生品种，向投资 者募集并用于特定用途的资金，但不包括公司为实施股权激励计划募集的资金。 本制度所称超募资金是指实际募集资金净额超过计划募集资金金额的部分。 第三条 公司董事会应当对募集资金投资项目的可行性进行充分论证，确信 投资项目具有较好的市场前景和盈利能力，持续关注募集资金存放、管理和使用 情况，有效防范投资风险，提高募集资金使用效益。公司董事会应根据项目实施 情况制定详细的资金使用计划，做到资金使用规范、公开、透明。未经公司股东 会做出决议，不得改变公司募集资金用途。 第四条 公司董事、高级管理人员应当勤勉尽责，确保公司募集资金安全， 不得操控公司擅自或者变相改变募集资金用途。 ...

江苏红豆实业股份有限公司 年报信息披露重大差错责任追究制度 （2025 年 8 月修订） 第一章 总 则 第一条 为了提高江苏红豆实业股份有限公司（以下简称"公司"）的规范运作水平， 增强信息披露的真实性、准确性、完整性和及时性，进一步完善公司信息披露内控制度， 提高年报信息披露的质量和透明度，根据《公司法》《证券法》《上市公司信息披露管理 办法》《上海证券交易所股票上市规则》及有关法律、法规的规定，结合本公司实际情况， 制定本制度。 第二条 本制度所指责任追究制度是指年报信息披露工作中有关人员不履行或者不 正确履行职责、义务或其他个人原因发生失职、渎职、失误等行为，对公司造成重大经 济损失或造成不良社会影响时的追究与处理制度。 第三条 本制度适用于公司董事和高级管理人员、公司各部门以及下属全资、控股 子公司的负责人，控股股东、实际控制人及其负责人，公司财务、审计部门的工作人员 以及与年报信息披露工作有关的其他人员。 （五）在年报信息披露工作过程中不及时沟通、汇报，造成年报信息披露发生重大 差错或其他不良影响的； 第四条 实行责任追究制度，应遵循以下原则：实事求是、客观公正、有错必究； 过错与责任相适应；责任 ...

[Definitions](index=4&type=section&id=Section%201%20Definitions) This section defines common terms such as Company, Hongdou Group, and Afu Keda, ensuring clarity throughout the report [Definitions of Common Terms](index=4&type=section&id=Definitions%20of%20Common%20Terms) This section provides definitions for key terms like Company, Hongdou Group, and Afu Keda, crucial for understanding the report Common Term Definitions | Common Term | Definition | | :--- | :--- | | Company, The Company | Refers to Jiangsu Hongdou Industrial Co., Ltd. | | Hongdou Group | Refers to Hongdou Group Co., Ltd. | | Finance Company | Refers to Hongdou Group Finance Co., Ltd. | | Afu Keda | Refers to Jiangsu Afu Technology Microfinance Co., Ltd. | | Hongdou Real Estate | Refers to Wuxi Hongdou Real Estate Co., Ltd. | | Aiyu Wencheng | Refers to Jiangsu Aiyu Wencheng Elderly Care Robot Co., Ltd. | [Company Profile and Key Financial Indicators](index=4&type=section&id=Section%202%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and key financial performance metrics for the reporting period [Company Information](index=4&type=section&id=I.%20Company%20Information) This section details the company's official names, abbreviations, and legal representative Company Information | Company's Chinese Name | Jiangsu Hongdou Industrial Co., Ltd. | | :--- | :--- | | Company's Chinese Abbreviation | Hongdou Shares | | Company's Foreign Name | Jiangsu Hongdou Industrial Co., Ltd. | | Company's Foreign Name Abbreviation | Hongdou Industrial | | Company's Legal Representative | Zhou Hongjiang | [Contact Person and Contact Information](index=4&type=section&id=II.%20Contact%20Person%20and%20Contact%20Information) This section provides contact details for the Board Secretary and Securities Affairs Representative Contact Person and Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Meng Xiaoping | Zhu Liyan | | Contact Address | Hongdou Fortune Plaza, No. 19 Tonghui Street, Core Area, Xidong New City Business District, Wuxi, Jiangsu Province | Hongdou Fortune Plaza, No. 19 Tonghui Street, Core Area, Xidong New City Business District, Wuxi, Jiangsu Province | | Phone | 0510-66868422 | 0510-66868278 | | Fax | 0510-88350139 | 0510-88350139 | | Email | hongdou@hongdou.com | hongdou@hongdou.com | [Brief Introduction to Changes in Basic Information](index=4&type=section&id=III.%20Brief%20Introduction%20to%20Changes%20in%20Basic%20Information) This section details the company's registered and office addresses, website, and email, confirming no changes to the registered address Brief Introduction to Changes in Basic Information | Company's Registered Address | Donggang Town, Xishan District, Wuxi, Jiangsu Province | | :--- | :--- | | Historical Changes to Company's Registered Address | None | | Company's Office Address | 26-28th Floor, Building A, Hongdou Fortune Plaza, No. 19 Tonghui Street, Core Area, Xidong New City Business District, Wuxi, Jiangsu Province | | Company's Office Address Postal Code | 214105 | | Company Website | www.hongdou.com.cn | | Email | hongdou@hongdou.com | [Brief Introduction to Changes in Information Disclosure and Document Placement Locations](index=4&type=section&id=IV.%20Brief%20Introduction%20to%20Changes%20in%20Information%20Disclosure%20and%20Document%20Placement%20Locations) This section identifies the designated newspaper, website, and physical location for the company's information disclosure and semi-annual reports Brief Introduction to Changes in Information Disclosure and Document Placement Locations | Name of Newspaper Selected by the Company for Information Disclosure | Shanghai Securities News | | :--- | :--- | | Website Address for Semi-Annual Report Publication | www.sse.com.cn | | Company's Semi-Annual Report Placement Location | Company Board of Directors Office | [Brief Introduction to Company Shares](index=5&type=section&id=V.%20Brief%20Introduction%20to%20Company%20Shares) This section outlines the company's A-share type, listing exchange, stock abbreviation, and stock code Brief Introduction to Company Shares | Share Type | Stock Exchange | Stock Abbreviation | Stock Code | | :--- | :--- | :--- | :--- | | A-share | Shanghai Stock Exchange | Hongdou Shares | 600400 | [Company's Key Accounting Data and Financial Indicators](index=5&type=section&id=VII.%20Company's%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Operating revenue decreased by **19.73%** to **868.04 million yuan**, with net profit turning to loss, while operating cash flow became positive Key Accounting Data | Key Accounting Data | Current Reporting Period (Jan-Jun) (yuan) | Prior Year Period (yuan) | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 868,037,827.28 | 1,081,394,430.53 | -19.73 | | Total Profit | -110,378,736.61 | 60,664,115.87 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company | -109,019,004.16 | 44,222,207.25 | Not applicable | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-recurring Gains and Losses | -114,176,216.88 | 22,283,125.26 | Not applicable | | Net Cash Flow from Operating Activities | 22,477,853.43 | -106,377,004.95 | Not applicable | | Net Assets Attributable to Shareholders of Listed Company (End of Current Reporting Period) | 2,439,628,615.41 | 2,543,690,118.74 | -4.09 | | Total Assets (End of Current Reporting Period) | 3,909,276,311.44 | 4,377,907,789.50 | -10.70 | Key Financial Indicators | Key Financial Indicators | Current Reporting Period (Jan-Jun) | Prior Year Period | Change from Prior Year Period (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (yuan/share) | -0.05 | 0.02 | Not applicable | | Diluted Earnings Per Share (yuan/share) | -0.05 | 0.02 | Not applicable | | Basic Earnings Per Share After Deducting Non-recurring Gains and Losses (yuan/share) | -0.05 | 0.01 | Not applicable | | Weighted Average Return on Net Assets (%) | -4.38 | 1.50 | Decrease of 5.88 percentage points | | Weighted Average Return on Net Assets After Deducting Non-recurring Gains and Losses (%) | -4.59 | 0.76 | Decrease of 5.35 percentage points | - Operating revenue decreased by **19.73%**, primarily due to intense competition in the apparel industry and insufficient consumer willingness, leading to a year-on-year decline in the company's sales performance[20](index=20&type=chunk) - Net profit attributable to parent company shareholders decreased by **153.24 million yuan** year-on-year, and non-recurring net profit attributable to parent company shareholders decreased by **136.46 million yuan** year-on-year, mainly due to a **19.73%** decrease in sales performance and a **7.56 percentage point** decrease in gross profit margin[20](index=20&type=chunk) [Non-recurring Gains and Losses Items and Amounts](index=5&type=section&id=IX.%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses amounted to **5.16 million yuan**, primarily from asset disposals, government grants, and other non-operating items Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Items | Amount (yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets, including the write-off portion of asset impairment provisions | 204,588.17 | | Government grants recognized in current profit and loss, except for those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit and loss | 2,041,645.06 | | Other non-operating income and expenses apart from the above items | 3,268,339.88 | | Less: Income tax impact | 357,360.39 | | Impact on minority interests (after tax) | 0.00 | | Total | 5,157,212.72 | [Management Discussion and Analysis](index=6&type=section&id=Section%203%20Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's industry, business operations, core competitiveness, and financial performance during the reporting period [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=6&type=section&id=I.%20Explanation%20of%20the%20Company's%20Industry%20and%20Main%20Business%20Operations%20During%20the%20Reporting%20Period) The textile and apparel industry faced weak consumer demand in H1 2025, but new trends like multi-scenario consumption and AI technology offer opportunities; the company focuses on men's wear production and sales - In the first half of 2025, the domestic textile industry faced challenges amid complex external circumstances, with apparel consumption demand remaining weak; per capita clothing consumption expenditure increased by **2.1%** year-on-year, a **6.0 percentage point** slowdown compared to the same period in 2024[25](index=25&type=chunk) - From January to June, the proportion of loss-making enterprises above designated size in the apparel industry reached **30.67%**, an increase of **1.68 percentage points** compared to the same period in 2024, intensifying pressure for quality and efficiency improvement[26](index=26&type=chunk) - The textile and apparel industry saw updates in multi-scenario and multi-mode online and offline consumption, with outdoor sportswear becoming a consumption highlight, AI technology empowering industry development, and "Guochao" (national trend), healthy textiles, and green low-carbon areas revitalizing consumption[30](index=30&type=chunk) - The company's main business is the production and sale of men's wear, including shirts, suits, trousers, jackets, T-shirts, and sweaters, forming two major business models: Hongdou men's wear omni-channel retail and Hongdou professional wear customization[30](index=30&type=chunk)[31](index=31&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=II.%20Discussion%20and%20Analysis%20of%20Operations) Operating revenue decreased by **19.73%**, but the company advanced its 'Comfort Hongdou' strategy through brand building, retail upgrades, e-commerce breakthroughs, and professional wear business development to address market challenges - During the reporting period, the company achieved operating revenue of **868.04 million yuan**, a year-on-year decrease of **19.73%**, mainly due to intensified industry competition and insufficient consumer willingness[31](index=31&type=chunk) - The company continuously improved its full-scenario product matrix, collaborated with international shirt master Yoshikuni Take to launch the 0-sense comfortable shirt 3.0 version, and created popular tech-functional products like ice-feel POLO shirts and cool-breeze pants[32](index=32&type=chunk) - In retail, the company optimized its channel structure, accelerated the expansion of Shopping Mall stores and outlet channels, and activated member repurchases through digital traffic generation methods like AIGC short videos[35](index=35&type=chunk) - E-commerce business focused on the core positioning of "comfort," built a matrix of self-operated best-selling products, and increased daily sales through "digital human + real person" 24-hour rotation and influencer live streaming, while also piloting a brand co-operation model[38](index=38&type=chunk) - Professional wear business focused on three major industries: finance, government procurement, and central/state-owned enterprises, deeply cultivating systemic projects and strengthening quality and cost control[39](index=39&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=12&type=section&id=III.%20Analysis%20of%20Core%20Competitiveness%20During%20the%20Reporting%20Period) Core competitiveness: brand strength, 'Comfort Hongdou' positioning, R&D, 5G smart manufacturing, and omni-channel marketing - The "Hongdou" trademark was recognized as a "China Well-known Trademark" by the State Administration for Industry and Commerce; the Hongdou brand ranked **78th** in the "China's 500 Most Valuable Brands" list with a brand value of **87.90 billion yuan**, and was awarded the "Golden Jubilee Award · 2024 Global Impact Brand Award"[40](index=40&type=chunk) - The company was awarded the title of "Pioneer in Comfort Men's Wear Segment" by the China National Garment Association, exploring comfortable apparel and advocating the "Comfort Hongdou" concept[41](index=41&type=chunk) - The company has established a mature men's wear R&D and design team, launched innovative products like the "0-sense comfortable shirt," winning **6 awards from 5 countries**, and participated in the formulation of multiple national and industry standards[42](index=42&type=chunk) - The company operates a **5G fully connected factory**, achieving over **32%** improvement in production efficiency and a **30%** reduction in work-in-progress inventory, and was selected for the "2025 Jiangsu Province Advanced Smart Factory" list[43](index=43&type=chunk) - The company actively established an omni-channel marketing system, continuously improving offline stores and traditional e-commerce retail channels, actively deploying new social e-commerce channels like Douyin, and strengthening information technology empowerment[44](index=44&type=chunk) [Main Operating Conditions During the Reporting Period](index=13&type=section&id=IV.%20Main%20Operating%20Conditions%20During%20the%20Reporting%20Period) This section analyzes financial statement changes, asset-liability status, industry operating information, and investment activities, noting a **19.73%** revenue decrease, profit turning to loss, optimized asset-liability structure, and reduced store count [Main Business Analysis](index=13&type=section&id=(I)%20Main%20Business%20Analysis) Operating revenue decreased by **19.73%**, while operating costs decreased by **9.44%**; total profit and net profit attributable to parent company shareholders significantly declined, but net cash flow from operating activities turned positive Analysis Table of Financial Statement Related Account Changes | Account | Current Period Amount (yuan) | Prior Year Period Amount (yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 868,037,827.28 | 1,081,394,430.53 | -19.73 | | Operating Cost | 577,299,909.50 | 637,457,747.91 | -9.44 | | Selling Expenses | 278,167,034.48 | 312,722,541.22 | -11.05 | | Administrative Expenses | 80,044,039.66 | 84,764,411.51 | -5.57 | | Financial Expenses | 12,320,349.72 | 18,271,416.97 | -32.57 | | R&D Expenses | 9,175,231.36 | 8,871,506.50 | 3.42 | | Net Cash Flow from Operating Activities | 22,477,853.43 | -106,377,004.95 | Not applicable | | Net Cash Flow from Investing Activities | -1,700,471.08 | -7,508,452.22 | 77.35 | | Net Cash Flow from Financing Activities | -133,313,780.50 | -69,931,501.68 | -90.63 | | Taxes and Surcharges | 5,658,829.02 | 10,609,002.76 | -46.66 | | Other Income | 3,370,310.45 | 9,272,130.40 | -63.65 | | Investment Income | 257,619.98 | 30,317,530.90 | -99.15 | | Credit Impairment Losses | -4,000,526.51 | 4,258,885.54 | Not applicable | | Asset Impairment Losses | -18,851,502.12 | -8,764,179.51 | -115.10 | | Gains on Disposal of Assets | 289,913.04 | 13,902,578.26 | -97.91 | - The change in financial expenses is mainly due to the reduction in interest expenses after the repayment of the company's logistics distribution center special loan[45](index=45&type=chunk) - The change in net cash flow from operating activities is mainly due to a decrease in cash paid by the company for purchasing goods and receiving services[45](index=45&type=chunk) - The change in investment income is mainly due to a decrease in investment income from long-term equity investments accounted for using the equity method[45](index=45&type=chunk) [Analysis of Assets and Liabilities](index=14&type=section&id=(III)%20Analysis%20of%20Assets%20and%20Liabilities) Total assets and net assets attributable to shareholders decreased; accounts receivable and prepayments increased, while inventory decreased by **36.53%** due to faster digestion; accounts payable increased by **91.86%** Changes in Assets and Liabilities | Item Name | Amount at End of Current Period (yuan) | Proportion of Total Assets at End of Current Period (%) | Amount at End of Prior Year Period (yuan) | Proportion of Total Assets at End of Prior Year Period (%) | Change Ratio from End of Prior Year Period (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Notes Receivable | 27,564,955.36 | 0.71 | 19,313,391.41 | 0.44 | 42.72 | Mainly due to an increase in commercial acceptance bills received for company receivables | | Accounts Receivable from Financing | 1,152,498.12 | 0.03 | 2,026,676.65 | 0.05 | -43.13 | Mainly due to a decrease in electronic bank acceptance bills received for company receivables | | Prepayments | 61,430,064.07 | 1.57 | 35,897,079.98 | 0.82 | 71.13 | Mainly due to an increase in company prepayments | | Inventories | 195,034,636.08 | 4.99 | 307,284,316.45 | 7.02 | -36.53 | Mainly due to the company accelerating the digestion of inventory goods through promotions, flash sales, and major sales | | Other Current Assets | 21,911,731.16 | 0.56 | 40,955,244.69 | 0.94 | -46.50 | Mainly due to a decrease in warehouse leasing and advertising expense amortization, as well as a decrease in VAT input tax credit | | Notes Payable | 131,412,311.26 | 3.36 | 68,494,271.87 | 1.56 | 91.86 | Mainly due to an increase in bill payments for goods | | Accounts Payable | 271,151,196.29 | 6.94 | 530,108,758.27 | 12.11 | -48.85 | Mainly due to the payment of matured accounts payable | | Advances from Customers | 0.00 | 0.00 | 140,000.00 | 0.00 | -100.00 | Mainly due to the realization of sales from advance rental payments | | Contract Liabilities | 29,565,298.00 | 0.76 | 74,243,337.28 | 1.70 | -60.18 | Mainly due to a decrease in advance receipts for goods | | Employee Benefits Payable | 35,617,450.79 | 0.91 | 53,108,778.40 | 1.21 | -32.93 | Mainly due to the payment of employee salaries and year-end bonuses from the previous year | | Taxes Payable | 7,575,914.23 | 0.19 | 18,750,509.14 | 0.43 | -59.60 | Mainly due to a decrease in company taxes payable | - Overseas assets amounted to **1,614,678.58 yuan**, accounting for **0.04%** of total assets[50](index=50&type=chunk) Major Asset Restrictions at the End of the Reporting Period | Item | Book Balance at Period End (yuan) | Book Value at Period End (yuan) | Reason for Restriction | | :--- | :--- | :--- | :--- | | Monetary Funds | 102,546,083.08 | 102,546,083.08 | Bank acceptance bills, letter of guarantee deposits, bank letter of credit loan deposits | | Notes Receivable | 16,666,146.85 | 15,832,839.51 | Endorsement transfer of commercial acceptance bills with recourse | | Investment Properties | 129,015,609.15 | 66,908,137.05 | Bank loan mortgage | | Fixed Assets | 268,775,084.61 | 164,961,717.80 | Bank loan mortgage | | Intangible Assets | 54,969,304.13 | 32,031,675.88 | Bank loan mortgage | | Total | 571,972,227.82 | 382,280,453.32 | | [Analysis of Industry Operating Information](index=15&type=section&id=(IV)%20Analysis%20of%20Industry%20Operating%20Information) The total number of stores decreased to **929**; men's wear and OEM apparel revenue and gross margins declined; online sales revenue decreased but its proportion of total revenue increased Physical Store Situation During the Reporting Period | Brand | Store Type | Number at End of 2024 (stores) | Number at End of June 2025 (stores) | New Openings Jan-Jun 2025 (stores) | Closures Jan-Jun 2025 (stores) | Franchise/Joint Venture Stores Converted to Direct-operated Stores (stores) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | HOdo Men's Wear | Direct-operated Stores | 496 | 479 | 11 | 53 | 25 | | HOdo Men's Wear | Franchise/Joint Venture Stores | 504 | 450 | 16 | 45 | -25 | | Total | -- | 1,000 | 929 | 27 | 98 | 0 | Profitability of Each Brand During the Reporting Period | Brand Type | Operating Revenue (ten thousand yuan) | Operating Cost (ten thousand yuan) | Gross Profit Margin (%) | Change in Operating Revenue from Prior Year (%) | Change in Operating Cost from Prior Year (%) | Change in Gross Profit Margin from Prior Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Men's Wear HOdo | 60,942.77 | 37,855.58 | 37.88 | -22.86 | -8.58 | -9.70 | | OEM Apparel | 20,175.37 | 16,130.56 | 20.05 | -11.77 | -8.43 | -2.92 | | Total | 81,118.14 | 53,986.14 | 33.45 | -20.37 | -8.54 | -8.61 | Profitability of Direct-operated and Franchise Stores During the Reporting Period | By Store Type | Operating Revenue (ten thousand yuan) | Operating Cost (ten thousand yuan) | Gross Profit Margin (%) | Change in Operating Revenue from Prior Year (%) | Change in Operating Cost from Prior Year (%) | Change in Gross Profit Margin from Prior Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Direct-operated Stores | 25,809.63 | 11,636.13 | 54.92 | -27.74 | -10.49 | -8.69 | | Franchise/Joint Venture Stores | 11,464.62 | 11,096.40 | 3.21 | -42.47 | -22.27 | -25.15 | | Total | 37,274.25 | 22,732.53 | 39.01 | -33.02 | -16.66 | -11.97 | Profitability of Online and Offline Sales Channels During the Reporting Period | Sales Channel | Operating Revenue Jan-Jun 2025 (ten thousand yuan) | Operating Revenue Share Jan-Jun 2025 (%) | Gross Profit Margin Jan-Jun 2025 (%) | Operating Revenue Jan-Jun 2024 (ten thousand yuan) | Operating Revenue Share Jan-Jun 2024 (%) | Gross Profit Margin Jan-Jun 2024 (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Online Sales | 18,035.65 | 22.23 | 47.04 | 24,539.61 | 24.09 | 49.57 | | Offline Sales | 63,082.49 | 77.77 | 29.56 | 77,325.64 | 75.91 | 39.67 | | Total | 81,118.14 | 100.00 | 33.45 | 101,865.25 | 100.00 | 42.06 | [Analysis of Investment Status](index=15&type=section&id=(V)%20Analysis%20of%20Investment%20Status) The company invested in Aiyu Wencheng, acquired a **9%** stake in Xishan BOC Fullerton Rural Bank, and co-invested in Wuxi Fuxin Robot Co., Ltd., with securities investment valued at **5.16 million yuan** - The company subscribed to the increased registered capital of Jiangsu Aiyu Wencheng Elderly Care Robot Co., Ltd. with **1 million yuan** of its own funds, acquiring a **5%** stake after the capital increase, which later decreased to **4.35%** due to new shareholder capital injection[60](index=60&type=chunk)[61](index=61&type=chunk) - The company's wholly-owned subsidiary, Wuxi Hongdou Sports Technology Co., Ltd., invested **14.18 million yuan** to acquire a **9%** stake in Jiangsu Xishan BOC Fullerton Rural Bank Co., Ltd[61](index=61&type=chunk) - The company co-invested with related parties to establish Wuxi Fuxin Robot Co., Ltd., contributing **600,000 yuan** of its own funds, accounting for **30%** of its registered capital[61](index=61&type=chunk) Securities Investment Status | Security Type | Security Code | Security Abbreviation | Initial Investment Cost (yuan) | Source of Funds | Book Value at Beginning of Period (yuan) | Fair Value Change Gain/Loss in Current Period (yuan) | Cumulative Fair Value Change Included in Equity (yuan) | Amount Purchased in Current Period (yuan) | Amount Sold in Current Period (yuan) | Investment Gain/Loss in Current Period (yuan) | Book Value at End of Period (yuan) | Accounting Subject | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stock | 002243 | Lihe Kechuang | 300,000,000.00 | Self-raised | 5,102,234.08 | 0.00 | 60,355.76 | 0.00 | 0.00 | 44,783.97 | 5,162,589.84 | Other Equity Instrument Investments | [Other Disclosure Matters](index=19&type=section&id=V.%20Other%20Disclosure%20Matters) The company faces market competition, product R&D, and operational management risks, planning to optimize marketing, strengthen R&D, and advance digital transformation to enhance competitiveness [Potential Risks](index=19&type=section&id=(I)%20Potential%20Risks) The company faces risks from fluctuating apparel consumption, intensified industry competition, potential market share decline, and misalignment between product R&D and evolving consumer tastes - Apparel consumption is influenced by macroeconomic fluctuations, industry prosperity, per capita disposable income, and personalized consumer demands, potentially leading to risks such as market share decline for the company[66](index=66&type=chunk) - The apparel industry faces diversified and constantly changing consumer tastes; if the company misjudges fashion trends and consumer demands, and product R&D does not effectively match the needs of core consumer groups, it will adversely affect sales performance[66](index=66&type=chunk) - With the comprehensive innovation and upgrade of new-generation information technologies represented by large AI models, 5G, cloud computing, and big data, lagging digital transformation will lead to risks of operational management disorder[67](index=67&type=chunk) [Risk Countermeasures](index=19&type=section&id=(I)%20Potential%20Risks) The company will optimize omni-channel marketing, strengthen R&D with a 'user-centric' approach, build a flexible supply chain, and advance digital transformation to explore AI new retail and enhance operational efficiency - The company will optimize its omni-channel marketing network system covering offline stores and online shops, focusing on strengthening the expansion of Shopping Mall channels for physical stores and optimizing e-commerce platform services, continuously innovating digital new retail to enhance consumer experience[66](index=66&type=chunk) - The company adheres to a "user-centric" approach, clarifies the "Comfort Hongdou" brand concept, builds a flexible supply chain network centered on precise consumer demand insights, and strengthens product innovation supported by technological R&D[66](index=66&type=chunk) - The company will formulate a digital transformation plan tailored to its own needs, build a "user-centric" capability system, explore AI new retail businesses, and strengthen cooperation with ecological partners to improve operational efficiency and competitiveness[67](index=67&type=chunk) [Corporate Governance, Environment and Society](index=21&type=section&id=Section%204%20Corporate%20Governance,%20Environment%20and%20Society) This section details changes in the company's directors and senior management, outlines profit distribution plans, and discusses the impact of equity incentive and employee stock ownership plans [Changes in Company Directors and Senior Management](index=21&type=section&id=I.%20Changes%20in%20Company%20Directors%20and%20Senior%20Management) Dai Minjun resigned as director due to retirement, and Zhou Haijiang was appointed as a new director to the ninth board of directors Changes in Company Directors and Senior Management | Name | Position Held | Change Status | | :--- | :--- | :--- | | Zhou Haijiang | Director | Election | | Dai Minjun | Director | Resignation | - Dai Minjun resigned from her position as a director of the ninth board of directors due to reaching retirement age, and Zhou Haijiang was appointed as a new director to the ninth board of directors[70](index=70&type=chunk) [Profit Distribution or Capital Reserve Conversion Plan](index=21&type=section&id=II.%20Profit%20Distribution%20or%20Capital%20Reserve%20Conversion%20Plan) This semi-annual report does not include any profit distribution or capital reserve conversion to share capital plans - Proposed profit distribution plan and capital reserve conversion to share capital plan for the semi-annual period: No[71](index=71&type=chunk) [Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=III.%20Status%20and%20Impact%20of%20Company%20Equity%20Incentive%20Plans,%20Employee%20Stock%20Ownership%20Plans,%20or%20Other%20Employee%20Incentive%20Measures) The company terminated its 2021 restricted stock incentive plan and completed the repurchase and cancellation of related restricted shares - The company's ninth board of directors' twentieth extraordinary meeting, ninth supervisory board's eleventh extraordinary meeting, and the first extraordinary general meeting in 2025 approved the "Proposal on Terminating the Implementation of the 2021 Restricted Stock Incentive Plan and Repurchasing and Canceling Related Restricted Stocks," and the cancellation procedures for the involved restricted stocks have been completed[71](index=71&type=chunk) [Significant Matters](index=22&type=section&id=Section%205%20Significant%20Matters) This section covers the fulfillment of commitments, significant related party transactions, and other major events such as share repurchase plans [Fulfillment of Commitments](index=22&type=section&id=I.%20Fulfillment%20of%20Commitments) The controlling shareholder and actual controller consistently fulfilled commitments regarding related party transactions, competition, and independence; the company also adhered to its pledge not to engage in real estate development or provide financial support Fulfillment of Commitments | Commitment Background | Commitment Type | Promisor | Commitment Content (Summary) | Commitment Date | Has Performance Deadline | Commitment Period | Timely and Strictly Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Commitments related to major asset restructuring | Resolution of related party transactions | Controlling shareholder and actual controller | Minimize related party transactions; if necessary, conduct fair operations based on market principles and fair prices, without harming the legitimate rights and interests of the listed company and other shareholders. | 2017/3/27 | No | Long-term | Yes | | Commitments related to major asset restructuring | Resolution of horizontal competition | Controlling shareholder and actual controller | Not to directly or indirectly engage in, participate in, or assist others in engaging in any business that competes with the listed company and its subsidiaries in any form. | 2017/3/27 | No | Long-term | Yes | | Commitments related to major asset restructuring | Other | Controlling shareholder and actual controller | Ensure the independence of the listed company's personnel, assets, organization, business, and finance. | 2017/3/27 | No | Long-term | Yes | | Commitments related to major asset restructuring | Other | Company | After this transaction, no longer engage in real estate development business, and no longer provide any form of financial support or guarantee to Hongdou Real Estate and its subsidiaries. | 2017/3/27 | No | Long-term | Yes | | Commitments related to equity incentives | Other | Incentive objects of the company's 2021 restricted stock incentive plan | If the company's information disclosure documents contain false records, misleading statements, or major omissions, leading to non-compliance with the grant or exercise arrangements, the incentive objects shall return all benefits obtained. | 2021/12/16 | No | Long-term | Yes | [Significant Related Party Transactions](index=24&type=section&id=X.%20Significant%20Related%20Party%20Transactions) Daily related party transactions totaled **98.12 million yuan**; the controlling shareholder provided **484 million yuan** in guarantees, and the company maintained a **744.69 million yuan** deposit with Hongdou Group Finance Co., Ltd [Related Party Transactions Related to Daily Operations](index=24&type=section&id=(I)%20Related%20Party%20Transactions%20Related%20to%20Daily%20Operations) Estimated 2025 daily related party transactions were **300 million yuan**, with **98.12 million yuan** actually incurred; the controlling shareholder provided **484 million yuan** in guarantees, and the company held **744.69 million yuan** in deposits with Hongdou Group Finance Co., Ltd - The estimated amount of daily related party transactions for 2025 is **300 million yuan**, with an actual amount of **98.12 million yuan** incurred during the reporting period[76](index=76&type=chunk) - The controlling shareholder, Hongdou Group, provides guarantees as needed for the company's credit lines with banks and other financial institutions, totaling no more than **1.35 billion yuan**; as of the end of the reporting period, **484 million yuan** in guarantees have been provided[77](index=77&type=chunk) - The company renewed its "Financial Services Agreement" with Hongdou Group Finance Co., Ltd.; as of the end of the reporting period, the company's deposit balance with the finance company was **744.69 million yuan**, and it received **4.12 million yuan** in deposit interest[78](index=78&type=chunk) [Related Party Receivables and Payables](index=25&type=section&id=(IV)%20Related%20Party%20Receivables%20and%20Payables) At period-end, total related party receivables were **73.42 million yuan** and payables were **4.91 million yuan** with entities like Hongdou Group and Jiangsu Hongdou International Development Co., Ltd Related Party Receivables and Payables | Related Party | Relationship | Beginning Balance (yuan) | Amount Incurred (yuan) | Ending Balance (yuan) | | :--- | :--- | :--- | :--- | :--- | | Hongdou Group Co., Ltd. (Receivable) | Controlling Shareholder | 4,005,953.44 | -2,878,034.65 | 1,127,918.79 | | Jiangsu Hongdou International Development Co., Ltd. (Receivable) | Subsidiary of Shareholder | 30,243,651.40 | -9,620,150.99 | 20,623,500.41 | | Wuxi Hongdou Home Furnishings Co., Ltd. (Receivable) | Subsidiary of Shareholder | 100,627,625.40 | -68,148,681.12 | 32,478,944.28 | | HODO SINGAPORE PTE. LTD. (Receivable) | Subsidiary of Shareholder | 41,128,464.02 | -27,160,920.87 | 13,967,543.15 | | Nangou Hongdou Holdings Co., Ltd. (Prepayment) | Formerly controlled by the same controlling shareholder | 497,297.48 | 3,562,698.36 | 4,059,995.84 | | Hongdou Group Co., Ltd. (Prepayment) | Controlling Shareholder | 460,522.28 | 464,902.92 | 925,425.20 | | Hongdou Group Hongdou Home Textiles Co., Ltd. (Payable) | Subsidiary of Shareholder | 0.00 | 387,833.02 | 387,833.02 | | Jiangsu Hongdoushan Health Technology Co., Ltd. (Payable) | Subsidiary of Shareholder | 378,899.18 | 41,046.90 | 419,946.08 | | Total (Receivables) | / |