Core Viewpoint - The company, Lanzhou Lishang Guochao Industrial Group Co., Ltd., has received an inquiry letter from the Shanghai Stock Exchange regarding its 2024 annual report, highlighting significant financial losses and the need for detailed disclosures about its subsidiaries and their financial performance [1]. Group 1: Financial Performance - Lishang Holdings, a wholly-owned subsidiary, reported total assets of 480 million yuan and a net asset of -140 million yuan at the end of 2024, with net profits of -34.82 million yuan, -31.37 million yuan, and -146.47 million yuan for the years 2022 to 2024, indicating continuous substantial losses [1]. - The company has been requested to provide additional disclosures regarding Lishang Holdings and its subsidiaries, including establishment time, registered capital, main business, and major clients and suppliers [2]. Group 2: Subsidiary Overview - Lishang Holdings was established on May 21, 2021, with a registered and paid-in capital of 50 million yuan, and has no minority shareholders [3]. - The main business of Lishang Holdings is headquarters management, with minimal new retail business in 2022, while Lishang Meilian and Lishui Guochao focus on new retail, including consignment and distribution services [3]. Group 3: Financial Data Analysis - Lishang Holdings' total liabilities have been significant, with liabilities of 558.66 million yuan, 421.26 million yuan, and 350.11 million yuan over the past three years, indicating a high debt ratio [5]. - The company has reported a net profit of -878.26 million yuan for the first quarter of 2025, with significant losses attributed to impairment losses on long-term equity investments and uncollectible lease receivables [6][8]. Group 4: Revenue and Cost Trends - Lishang Meilian's revenue has been declining, with a notable drop in 2024 compared to 2023, primarily due to a sluggish consumer market and low profitability from consignment business [8]. - The company has implemented a strategy to reduce inventory by shifting to a sales-based procurement model, leading to a significant decrease in inventory levels [5].

Core Viewpoint - The company, Lanzhou Lishang Guochao Industrial Group Co., Ltd., is addressing regulatory inquiries regarding performance compensation matters related to its subsidiary, Lishang Meichain, and has outlined the timeline and details of relevant transactions and agreements [1][12]. Group 1: Performance Compensation Matters - The company received a regulatory inquiry from the Shanghai Stock Exchange regarding performance compensation for its subsidiary, Lishang Meichain, and has taken the matter seriously [1]. - A timeline of performance compensation matters was provided, detailing commitments made, changes, and compliance with disclosure requirements [1][12]. - In October 2021, the company established a joint venture, Lishang Meichain, with a registered capital of 5 million yuan, with Lishang Holdings holding 51% and Shengliang Consulting holding 49% [1][2]. Group 2: Capital Increase and Loans - In September 2022, Lishang Holdings and Shengliang Consulting increased their capital contributions to Lishang Meichain and provided loans, which were approved by the board but did not meet the threshold for shareholder meeting approval [3][4]. - The capital increase amounted to 10.2 million yuan, and loans up to 39.8 million yuan were agreed upon, with an interest rate of 8% and a minimum loan term of 24 months [3][4]. Group 3: Performance Targets and Adjustments - Performance targets were set for Lishang Meichain, with an expected audited revenue of 880 million yuan and a net profit of 17 million yuan for 2023 [4][8]. - In April 2023, the company disclosed its annual report, which included information on the performance commitments related to the capital increase [7][8]. - By August 2024, a performance compensation of 16.49 million yuan was preliminarily agreed upon, with a deadline for payment set for December 2025 [8][9]. Group 4: Regulatory Compliance and Adjustments - The company has stated that the adjustments to performance commitments do not fall under the category of "non-changeable or non-exempt commitments" as per regulatory guidelines [12][13]. - The adjustments are considered permissible under circumstances where the commitment cannot be fulfilled due to external pressures, such as liquidity issues faced by the performance commitment parties [13][14]. - The company has taken measures to protect shareholder interests, including potential legal actions to recover compensation if commitments are not met [16].

立信中联会计师事务所(特殊普通合伙) inZhonglianCPAs (SPECIALGENERALPARTNERSHIP) 立信中联会计师事务所(特殊普通合伙) 一、关于子公司丽尚控股。根据年报,公司全资子公司丽尚国潮(浙江)控股有 限公司(以下简称"丽尚控股")2024年末总资产、净资产分别为 4.80 亿元和-1.40 亿元,2022-2024 年净利润分别为-3,481.93 万元、-3,136.94 万元和-14,647.19 万元, 近三年持续大幅亏损,对公司业绩影响较大。 请你公司补充披露: (一)丽尚控股及下属子公司主要情况,包括但不限于成立时间、注册资本及实 缴资本、少数股东名称及关联关系、主营业务及业务模式、主要客户和供应商情况等: 回复: 1、丽尚控股及下属子公司主要情况如下: 第 1 页 关于对兰州丽尚国潮实业集团股份有限公司 年报问询函的回复 立信中联专复字[2025]D-0276 号 上海证券交易所: 贵所出具的《关于兰州丽尚国潮实业集团股份有限公司2024年年度报告的信息披 露监管问询函》(上证公函《2025》0861号)(以下简称"问询函")奉悉。立信中联 会计师事务所(特殊普 ...

证券代码：600738 证券简称：丽尚国潮 公告编号：2025-046 兰州丽尚国潮实业集团股份有限公司 关于对公司2024年年度报告信息披露监管问询函的回复 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法律责任。 兰州丽尚国潮实业集团股份有限公司（以下简称"公司"）于近期收到上海证券 交易所下发的《关于兰州丽尚国潮实业集团股份有限公司2024年年度报告的信息披露 监管问询函》(上证公函【2025】0861号)(以下简称：《年报问询函》)，公司收到《问 询函》后高度重视，根据《问询函》的要求，公司会同立信中联会计师事务所（特殊 普通合伙）（以下简称"我们"、"立信中联"、或"会计师"）对《问询函》所提 及的事项进行了逐项落实，现将问询函所涉及问题回复如下： 一、关于子公司丽尚控股。根据年报，公司全资子公司丽尚国潮（浙江）控股有 限公司（以下简称"丽尚控股"）2024 年末总资产、净资产分别为 4.80 亿元和-1.40 亿元，2022-2024 年净利润分别为-3,481.93 万元、-3,136.94 万元和-14,647.1 ...

兰州丽尚国潮实业集团股份有限公司 关于参股公司业绩补偿事项监管工作函的回复公告 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法律责任。 证券代码：600738 证券简称：丽尚国潮 公告编号：2025-045 兰州丽尚国潮实业集团股份有限公司（以下简称"公司"）于近期收到上海证券 交易所下发的《关于兰州丽尚国潮实业集团股份有限公司参股公司业绩补偿事项的监 管工作函》(上证公函【2025】0946号)(以下简称《工作函》)，公司收到《工作函》 后高度重视，根据《工作函》的要求，对《工作函》所提及的事项进行了逐项落实， 现将工作函所涉及问题回复如下： 一、请公司以时间线形式列示上述业绩补偿事项的具体情况，包括但不限于前期 相关承诺的作出及变更情况、履行的审议程序、信息披露情况等，并逐条对照《上市 公司监管指引第四号——上市公司及其相关方承诺》（以下简称《监管指引第四号》） 有关规定，说明前期是否存在信息披露不完整、未按规定履行审议程序等违规情形。 回复： 上述业绩补偿事项的具体情况如下： （一）2021 年 10 月 15 日，公司全资子公 ...

Core Viewpoint - The legal opinion letter from Shanghai Jintiancheng Law Firm confirms that the adjustment of the employee stock ownership plan purchase price by Lanzhou Lishang Guochao Industrial Group Co., Ltd. is in compliance with relevant laws and regulations, including the Company Law and Securities Law [1][8]. Approval and Authorization of Price Adjustment - The company has followed necessary procedures for the adjustment of the employee stock ownership plan purchase price, including holding meetings and obtaining approvals from various committees and the shareholders' meeting [2][3][4][5]. Specifics of the Price Adjustment - The purchase price was adjusted from 2.68 CNY per share to 2.67 CNY per share due to the implementation of the 2024 annual profit distribution plan, which included a cash dividend of 0.15 CNY per 10 shares [5][6]. - The adjustment method was based on the formula P = P0 - V, where P0 is the original purchase price and V is the cash dividend per share [6]. Conclusion - The legal opinion concludes that the adjustment of the employee stock ownership plan purchase price has received the necessary approvals and complies with applicable laws and regulations [7][8].

Core Viewpoint - The company is facing challenges in the performance compensation obligations of its associate company, Lishang Meichain, due to liquidity issues faced by the performance commitment parties, leading to a conditional waiver agreement to mitigate risks and protect shareholder interests [1][2][8] Performance Compensation Commitment Overview - In September 2022, the company approved a cash increase of RMB 10.2 million to Lishang Meichain, with the performance commitment parties also contributing RMB 9.8 million, raising Lishang Meichain's registered capital from RMB 5 million to RMB 25 million [2][3] - The performance targets for 2023 were set at an audited revenue of RMB 880 million and a net profit of RMB 17 million, with a cash compensation obligation for any shortfall [3] Progress on Performance Compensation - As of 2023, Lishang Meichain achieved a net profit of RMB 508,400, resulting in a shortfall of RMB 16.49 million, prompting multiple reminders for performance compensation [3] - The company has signed a conditional waiver agreement to reduce risk exposure, allowing for a flexible approach to lowering the risk exposure amount through various means, including reducing guarantees and early loan repayments [5][6] Waiver Conditions and Measures - The waiver agreement stipulates that if the performance commitment parties meet specific risk reduction targets by set deadlines, they may be exempted from certain compensation obligations [6] - If the performance commitment parties fail to meet the agreed targets, the company retains the right to unilaterally terminate the waiver agreement [6] Impact on the Company - The company has not recognized the performance compensation in its financial statements for 2023 and 2024 due to uncertainties regarding the commitment parties' ability to fulfill their obligations [7] - Lishang Meichain is no longer included in the company's consolidated financial statements, leaving a remaining risk exposure of RMB 44 million, which the company aims to mitigate through the conditional waiver [7][8]

证券代码：600738 证券简称：丽尚国潮 公告编号：2025-043 兰州丽尚国潮实业集团股份有限公司 关于参股公司业绩补偿的进展公告 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法律责任。 一、风险提示 鉴于近年全球/国内宏观经济环境及贸易形势的复杂多变与持续承压，兰州 丽尚国潮实业集团股份有限公司（以下简称"公司"）原控股子公司杭州丽尚美 链网络科技有限公司（以下简称"丽尚美链"，现为公司参股公司）的股东声量 （衢州）商务信息咨询有限公司（以下简称"声量信息"）及其实控人陈仲华、 诸葛子凡作为丽尚美链的业绩承诺方，在履行其补偿义务过程中面临一定的流动 性压力，导致其一直未能按协议约定完成对丽尚美链的业绩补偿承诺。 丽尚美链通过发送付款提示函、开会沟通等方式多次敦促相关方履行业绩补 偿义务，业绩承诺方对付款提示函进行了回函，但是由于业绩承诺方流动资金紧 张，敦促措施效果不明显，业绩承诺方提出希望和公司、丽尚美链对业绩补偿事 宜再作讨论。为在现有条件下最大限度地保障公司及全体股东利益，降低公司整 体风险敞口，公司与丽尚美链、业绩承诺 ...

上海市锦天城律师事务所 关于兰州丽尚国潮实业集团股份有限公司 调整 2025 年员工持股计划购买价格的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-2051 1000 传真：021-2051 1999 邮编：200120 上海市锦天城律师事务所 法律意见书 为出具本法律意见书，本所律师审查了与调整本次员工持股计划购买价格相 关的文件及资料，并已经得到丽尚国潮以下保证：丽尚国潮提供给本所的文件和 材料是真实、准确、完整和有效的，并无隐瞒、虚假和重大遗漏之处，文件材料 为副本或复印件的，其与原件一致和相符。 本所及本所律师依据《证券法》《律师事务所从事证券法律业务管理办法》 和《律师事务所证券法律业务执业规则（试行）》等规定及中国律师行业公认的 业务标准和道德规范，严格履行了法定职责，遵循了勤勉尽责和诚实信用原则， 对本法律意见书出具日之前已经发生或者存在的事实，进行了充分的核查验证， 保证本法律意见书所认定的事实真实、准确、完整，所发表的结论性意见合法、 准确，不存在虚假记载、误导性陈述或者重大遗漏，并承担相应法律责任。 本法律意见书仅供丽尚国潮为调整本次 ...

上海市锦天城律师事务所 关于兰州丽尚国潮实业集团股份有限公司 调整 2025 年员工持股计划购买价格的 法律意见书 地址：上海市浦东新区银城中路 501 号上海中心大厦 9/11/12 层 电话：021-2051 1000 传真：021-2051 1999 邮编：200120 上海市锦天城律师事务所 法律意见书 上海市锦天城律师事务所 关于兰州丽尚国潮实业集团股份有限公司 调整 2025 年员工持股计划购买价格的 法律意见书 致：兰州丽尚国潮实业集团股份有限公司 上海市锦天城律师事务所（以下简称"本所"或"锦天城"）接受兰州丽尚国潮 实业集团股份有限公司（以下简称"公司"或"丽尚国潮"）委托，就丽尚国潮调整 2025 年员工持股计划（以下简称"本次员工持股计划"）购买价格的相关事宜出 具本法律意见书。 正 文 一、 本次员工持股计划购买价格调整的批准与授权 根据丽尚国潮提供的会议材料及相关公告文件，截至本法律意见书出具之日， 丽尚国潮已就调整本次员工持股计划购买价格事项履行了下列程序： 本法律意见书依据《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》"）、中国 ...