Financial Performance - The company's operating revenue for Q1 2022 was ¥863,390,960.84, representing a decrease of 28.67% compared to the same period last year[6]. - The net profit attributable to shareholders was ¥41,092,854.49, down 80.61% year-over-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥44,356,828.48, a decrease of 78.45% compared to the previous year[6]. - The basic earnings per share for the period was ¥0.0237, reflecting a decline of 80.64% year-over-year[9]. - Net profit for Q1 2022 was ¥38,746,743.05, a decline of 82.4% from ¥220,360,456.54 in Q1 2021[31]. - Earnings per share for Q1 2022 were ¥0.0237, compared to ¥0.1224 in Q1 2021[33]. - The company experienced a significant drop in investment income, reporting a loss of ¥1,129,613.58 compared to a gain of ¥3,519,581.52 in Q1 2021[31]. Assets and Liabilities - The total assets at the end of the reporting period were ¥20,758,743,083.40, down 2.87% from the end of the previous year[9]. - As of March 31, 2022, total assets amounted to RMB 20.76 billion, a decrease from RMB 21.37 billion at the end of 2021[25]. - The company's total liabilities amounted to ¥13,071,687,043.67, a decrease from ¥13,750,467,837.51 in the previous period[31]. - Total current liabilities decreased from RMB 5.84 billion to RMB 5.51 billion during the same period[25]. - Long-term borrowings decreased from RMB 4.08 billion to RMB 3.79 billion[25]. Cash Flow - The net cash flow from operating activities was ¥221,752,705.48, a slight decrease of 2.88% compared to the same period last year[6]. - Operating cash flow from operating activities was $221.75 million, a slight decrease of 2.5% compared to $228.33 million in the previous period[37]. - Cash inflow from investment activities totaled $314.38 million, significantly up from $7.73 million in the previous period[38]. - Net cash flow from financing activities was -$744.73 million, compared to -$140.19 million in the previous period, indicating increased outflows[38]. - Total cash and cash equivalents at the end of the period stood at $284.69 million, down from $485.14 million in the previous period[38]. Operational Challenges - The decline in net profit was primarily due to prolonged store closures caused by the pandemic and the nearing sell-out of the Maoye Haoyuan project[11]. - The company reported non-recurring gains and losses totaling -¥3,263,973.99, mainly from trading financial assets[11]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,125[14]. - Total equity attributable to shareholders was ¥7,132,422,443.39, an increase from ¥7,065,071,824.89[31]. Strategic Initiatives - The company plans to establish a wholly-owned subsidiary, Chengdu Maoye Real Estate Management Co., Ltd., with a registered capital of RMB 1 million, focusing on enterprise management and commercial complex management services[19]. - The company has decided not to participate in the acquisition of 100% equity of Shenyang Commercial City Department Store Co., Ltd., which will not affect its normal operations[19]. - The company intends to apply for a credit line of RMB 200 million from China Minsheng Bank Chengdu Branch, with a loan term of up to 24 months, secured by a property in Chengdu[19].

Financial Performance - In 2021, the company achieved a net profit of CNY 11,508,764.11, with total distributable profits amounting to CNY 1,268,082,981.68 after adjustments[7]. - The company's operating revenue for 2021 was CNY 4,167,802,067.56, representing a 12.67% increase compared to CNY 3,699,218,629.39 in 2020[28]. - Net profit attributable to shareholders increased by 92.18% to CNY 409,359,544.40 from CNY 213,013,189.25 in the previous year[28]. - The net cash flow from operating activities rose by 45.33% to CNY 1,301,868,514.11, driven by improved sales performance[33]. - Basic earnings per share for 2021 was CNY 0.2364, a 92.20% increase from CNY 0.1230 in 2020[30]. - The weighted average return on equity increased to 6.16%, up by 2.89 percentage points from 3.27% in the previous year[30]. - The company's total assets at the end of 2021 were CNY 21,372,519,370.18, an 11.05% increase from CNY 19,246,543,568.04 at the end of 2020[28]. - The net profit after deducting non-recurring gains was CNY 336,020,825.40, reflecting a 10.54% increase from CNY 303,987,348.13 in 2020[28]. Dividend Distribution - The proposed cash dividend distribution is CNY 1.5 per 10 shares, totaling CNY 259,797,381.90 based on a total share capital of 1,731,982,546 shares as of December 31, 2021[7]. - The company plans to retain undistributed profits for future years, with no capital increase from surplus reserves in 2021[7]. Governance and Compliance - The board of directors has confirmed that all members attended the meeting, ensuring governance compliance[5]. - The company has received a standard unqualified audit report from Xinyong Zhonghe Accounting Firm, affirming the accuracy of the financial statements[6]. - The company has not faced any violations in decision-making procedures regarding external guarantees[9]. - The company has established a robust internal control system to ensure compliance with regulations and protect shareholder interests, with a focus on transparency and accountability[142]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with governance standards and effective decision-making[142]. Market Strategy and Expansion - The company plans to continue expanding its market presence and investing in new product development to sustain growth[33]. - The company is focusing on digital transformation and enhancing online and offline integration to improve customer experience and service efficiency[51]. - The company is actively upgrading key store projects, including the reconstruction of Chengdu Yanshiko Maoye Tian Di North District and the Chengdu Shuangliu Maoye Times Square project[56]. - The company is committed to enhancing its core competitiveness by optimizing product mix and strengthening brand management[53]. - The company plans to invest up to 1.2 billion RMB in a commercial complex development project in Baotou, Inner Mongolia, to expand market share[114]. Risks and Challenges - The company has outlined potential risks in its future development strategies, advising investors to be cautious[11]. - Risks identified include macroeconomic adjustments impacting consumer confidence and increased competition in the retail sector, which may affect sales and profitability[137]. - The company anticipates ongoing pressure on its operating performance in 2022 due to the global pandemic and its impact on consumer behavior and the retail landscape[131]. Customer Engagement and Sales - The company served approximately 3.57 million members through its "Maoyuehui" membership management system, with member retail sales accounting for about 47.10% of total retail sales[52]. - The online retail sales for the company reached 401.06 million RMB, representing approximately 14.01% of total retail sales[52]. - The company is focusing on enhancing the balance between attracting foot traffic and increasing purchase rates in its retail operations[68]. - The company aims to enhance customer service and member engagement through various channels, focusing on both external growth through acquisitions and internal growth by maximizing existing resources[135]. Financial Management - The company has implemented various cost-reduction measures to improve efficiency, including optimizing personnel structure and reducing advertising costs[50]. - The company reported a significant increase in financial expenses by 44.68%, attributed to the implementation of new leasing standards[78]. - The company reported a total of 4000 square meters of self-owned warehouse space, which has been repurposed due to business changes[107]. Shareholder Relations - The company held five shareholder meetings in 2021, all of which complied with relevant laws and regulations, ensuring the legality and validity of the resolutions passed[156]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 5.6359 million yuan[184]. - The compensation for directors and supervisors is determined by the shareholders' meeting, while senior management remuneration is reviewed by the compensation and assessment committee before being approved by the board[184].

Financial Performance - The company's operating revenue for Q3 2021 was ¥885,357,140.52, a decrease of 1.05% compared to the same period last year[7]. - The net profit attributable to shareholders for Q3 2021 was ¥44,287,603.39, down 47.52% year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was ¥44,074,657.55, a decrease of 44.28% compared to the same period last year[7]. - The basic earnings per share for Q3 2021 was ¥0.0256, reflecting a decline of 47.43% year-on-year[10]. - The diluted earnings per share for Q3 2021 was also ¥0.0256, down 47.43% from the previous year[10]. - The weighted average return on equity for Q3 2021 was 0.68%, a decrease of 48.09 percentage points compared to the same period last year[10]. - Total operating revenue for the first three quarters of 2021 reached ¥3,099,666,437.16, an increase of 23.9% compared to ¥2,500,263,537.93 in the same period of 2020[36]. - Net profit for the third quarter of 2021 was ¥372,024,549.62, representing a 10.7% increase from ¥336,060,664.97 in the same quarter of 2020[39]. - Earnings per share for the third quarter of 2021 was ¥0.2086, compared to ¥0.1881 in the same period last year, reflecting a growth of 8.9%[43]. Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥20,802,190,498.67, an increase of 8.08% from the end of the previous year[10]. - The company's current assets decreased to RMB 2,275,308,594.86 from RMB 2,660,362,318.01, representing a decline of about 14.48%[30]. - The company's total liabilities as of September 30, 2021, were RMB 9,430,868,953.49, compared to RMB 10,278,161,747.16 as of December 31, 2020, showing a decrease of approximately 8.25%[34]. - Total liabilities increased to ¥13,542,817,949.51 in 2021 from ¥12,136,697,486.87 in 2020, marking an increase of 11.6%[36]. - The company's long-term borrowings increased to RMB 4,236,480,000.00 from RMB 4,099,310,000.00, representing an increase of about 3.35%[34]. - The total current liabilities amounted to 6,178,851,747.16, unchanged from the previous period[53]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥341,010,133.19, an increase of 65.98% compared to the same period last year[10]. - Cash inflow from operating activities totaled 7,439,231,153.08 CNY, an increase from 6,368,345,681.16 CNY in the same period last year, representing a growth of approximately 16.8%[45]. - Cash outflow for investing activities was 252,508,388.69 CNY, significantly lower than 1,190,264,676.73 CNY in the previous year[47]. - Net cash flow from investing activities was -132,600,312.79 CNY, an improvement from -652,351,599.73 CNY year-over-year[47]. - Cash inflow from financing activities was 2,050,532,827.41 CNY, down from 4,042,490,382.37 CNY in the previous year[47]. - Net cash flow from financing activities was -240,072,554.79 CNY, compared to -103,325,320.69 CNY in the same period last year[47]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,809[18]. - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., holds 1,401,135,188 shares, representing 80.90% of total shares[18]. - The second-largest shareholder, Shenzhen Demao Investment Enterprise (Limited Partnership), holds 45,232,397 shares, representing 2.61%[18]. - The top ten shareholders collectively hold a significant portion of shares, with the first four shareholders alone accounting for over 85%[18]. - The company has no known related party relationships among the remaining shareholders outside of the identified major shareholders[20]. - The company’s major shareholders have not participated in margin trading or securities lending activities[21]. Management and Corporate Actions - The company appointed Mr. Hu Tao as co-president, effective immediately after the board's approval[24]. - The company’s board of directors has approved the appointment of senior management to support its operational development[24]. - The company plans to sign a network promotion service contract with Maoye Shuzhi United Information Technology (Shenzhen) Co., Ltd., with an estimated service fee not exceeding RMB 10 million[24]. - The company intends to apply for a one-year comprehensive credit line of RMB 100 million from CITIC Bank Chengdu Branch, secured by commercial properties totaling 7,977.81 square meters[24]. - The company plans to invest RMB 10 million to establish a wholly-owned subsidiary, Shenzhen Maoye Innovation Service Co., Ltd., focusing on human resource management and financial consulting[30]. - The company has initiated a plan to reduce its holdings in Chongqing Pharmaceutical Holdings Co., Ltd. by up to 52,301,020 shares, which is approximately 3% of its total share capital[30]. - The company has terminated its asset securitization plan, which is not expected to have a significant impact on its normal operations[30]. Accounting Changes - The company attributed the decline in net profit to the implementation of new leasing standards, which significantly increased financial expenses[14]. - The company has implemented new leasing standards effective January 1, 2021, affecting the accounting treatment of leases[55].

Financial Performance - The company's operating revenue for the first half of 2021 was RMB 2,214,309,296.64, representing a 37.92% increase compared to RMB 1,605,519,180.47 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was RMB 317,033,266.78, up 31.30% from RMB 241,453,272.62 year-on-year[18]. - The net profit after deducting non-recurring gains and losses increased by 87.49%, reaching RMB 299,955,409.24 compared to RMB 159,987,111.37 in the previous year[18]. - The basic earnings per share for the first half of 2021 were RMB 0.1830, an increase of 31.28% compared to RMB 0.1394 in the same period last year[20]. - The weighted average return on net assets increased by 1.15 percentage points to 4.76% from 3.61% in the previous year[20]. - The company achieved a revenue of 2,214.31 million RMB in the first half of 2021, representing a year-on-year increase of 37.92%[31]. - The net profit attributable to shareholders of the listed company was 317.03 million RMB, up 31.30% year-on-year[31]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was 299.96 million RMB, reflecting an increase of 87.49% year-on-year[31]. Cash Flow and Assets - The net cash flow from operating activities was RMB 351,794,430.93, a significant increase of 197.27% from a negative cash flow of RMB -361,650,166.10 in the same period last year[21]. - The total assets at the end of the reporting period were RMB 21,227,754,214.50, reflecting a 10.29% increase from RMB 19,246,543,568.04 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were RMB 6,673,389,294.80, which is a 1.70% increase from RMB 6,561,520,550.14 at the end of the previous year[20]. - The company's total assets as of June 30, 2021, amounted to CNY 2,122,775.42 million, with total liabilities of 13,996.55 million RMB and total equity of 7,231.20 million RMB[31]. - The company's total assets at the end of the period were approximately 21.25 billion, with accounts receivable decreasing by 48.57% to approximately 37.45 million[55]. Market and Sales Performance - The company attributed the increase in operating revenue primarily to a sales recovery following the impact of the pandemic in the previous year[21]. - The significant increase in net profit after deducting non-recurring gains and losses was also due to the sales recovery and a large fair value change gain from investment properties in the previous year[21]. - The retail sector's sales in China showed a steady recovery, with a total retail sales of consumer goods reaching 21,190.4 billion RMB in the first half of 2021, a year-on-year growth of 23.0%[30]. - Online retail sales in China reached 6,113.3 billion RMB in the first half of 2021, growing by 23.2% year-on-year, with physical goods online retail sales increasing by 18.7%[30]. Operational Strategies - The company operates 22 physical retail stores, primarily focusing on self-operated, joint venture, and leasing models, with commercial retail accounting for approximately 66% of total revenue[27][28]. - The company continues to enhance its operational capabilities and supplier partnerships, aiming for a nationwide unified cooperation model with suppliers[34]. - The company is committed to balancing customer traffic attraction and purchase rates by transforming department stores into shopping centers and vice versa[33]. - The company has implemented a detailed operational strategy to optimize store management, customer engagement, and cost control, aiming to enhance overall efficiency[40]. Investment and Development - The company plans to invest up to 1.2 billion in a commercial complex development project in Baotou, Inner Mongolia, to expand its market presence[59]. - The company has invested approximately 1.3 billion CNY in the Maoye Tiandi (North District) project, which is expected to be completed by the end of 2023, with 60.37 million CNY invested in the current reporting period[63]. - The Maoye Times Square project in Chengdu has a total investment of about 426 million CNY, with 4.23 million CNY invested in the current reporting period and a cumulative investment of 158 million CNY, representing 37.09% of the budget[65]. Risks and Challenges - The company faces risks from macroeconomic adjustments and the ongoing impact of the pandemic, which may affect consumer confidence and spending behavior[72]. - The company faces increasing competition in the retail sector, leading to pressure on operating costs and sales margins due to market concentration and product homogeneity[73]. - The company is in a growth phase requiring significant capital expenditure for mergers and acquisitions, which poses financial risks and potential performance decline[73]. - Ongoing integration of previously acquired stores may not meet expectations, potentially impacting normal business operations and leading to goodwill impairment risks[73]. Corporate Governance and Compliance - The company guarantees that all information provided for the restructuring is true, accurate, and complete, with no false records or misleading statements[93]. - The company will conduct annual audits to confirm the actual net profit against the committed net profit during the performance commitment period[92]. - The company has committed to providing timely information related to the restructuring and will bear legal responsibility for any inaccuracies[93]. - The company has not engaged in any major legal violations in the last three years of operations[97]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 23,879[160]. - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., held 1,401,135,188 shares, representing 80.93% of total shares[160]. - There were no changes in the shareholdings of directors, supervisors, and senior management during the reporting period[163]. - The company did not grant any equity incentives to directors, supervisors, or senior management during the reporting period[163].

Financial Performance - Operating revenue for the first quarter reached CNY 1,210,377,248.07, a significant increase of 58.89% year-on-year[12] - Net profit attributable to shareholders was CNY 211,976,659.52, representing a year-on-year growth of 178.46%[12] - Basic earnings per share rose to CNY 0.1224, up 178.18% from CNY 0.0440 in the previous year[12] - The weighted average return on equity increased to 3.18%, up 2.06 percentage points from 1.12% year-on-year[12] - Total operating revenue for Q1 2021 was CNY 1,210,377,248.07, a 58.9% increase from CNY 761,763,026.12 in Q1 2020[50] - Net profit for Q1 2021 reached CNY 220,360,456.54, compared to CNY 73,513,205.46 in Q1 2020, marking a 200.5% increase[50] - The company reported a total comprehensive income of CNY 220,717,298.94 for Q1 2021, significantly higher than CNY 8,302,813.84 in Q1 2020[52] Cash Flow - Net cash flow from operating activities improved to CNY 228,326,728.46, a turnaround from a negative cash flow of CNY -639,636,444.18 in the same period last year, marking a 135.70% increase[12] - Cash flow from operating activities showed a net inflow of 228,326,728.46 RMB, a turnaround from a net outflow of 639,636,444.18 RMB last year[61] - The cash outflows from operating activities amounted to CNY 762,967,503.39, down from CNY 1,771,503,931.80 in the same period last year, reflecting a reduction of about 56.9%[64] - The net cash flow from operating activities was negative at CNY -118,249,940.60, slightly improved from CNY -123,836,185.29 in Q1 2020[64] Assets and Liabilities - Total assets increased by 10.95% to CNY 21,353,405,293.45 compared to the end of the previous year[12] - Total liabilities reached ¥14,022,841,913.34, up from ¥12,136,697,486.87, marking an increase of around 15.5%[40] - Current liabilities rose to ¥6,297,691,210.50 from ¥6,178,851,747.16, indicating an increase of approximately 1.96%[38] - Non-current liabilities totaled ¥7,725,150,702.84, compared to ¥5,957,845,739.71, reflecting an increase of approximately 29.6%[38] - Total equity reached CNY 3,496,270,821.39, compared to CNY 3,459,961,175.96 in the previous year[50] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,995[19] - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., held 80.90% of the shares, amounting to 1,401,135,188 shares[19] Government Support - The company received government subsidies totaling CNY 4,445,108.05, primarily for employment stabilization and industry transformation projects[15] Financial Management - Financial expenses rose by 59.63% to ¥110,100,406.39 due to the implementation of new leasing standards[26] - The company reported a significant increase in tax expenses, up 91.18% to ¥60,862,268.16, correlating with increased pre-tax profits[26] - The company’s financial expenses decreased to 4,877,067.22 RMB from 21,455,928.47 RMB, indicating improved cost management[56] Investment Activities - The company’s investment activities resulted in a cash outflow of ¥73,016,133.74, a decrease of 141.17% compared to the previous year[28] - The company plans to apply for a credit line of ¥160 million from Industrial Bank Co., Ltd. Chengdu Branch to support daily operational needs[30] Market Strategy - The company plans to continue expanding its market presence and investing in new product development to drive future growth[56]

Financial Performance - In 2020, the company's operating revenue was CNY 3,699,218,629.39, a decrease of 69.76% compared to CNY 12,233,770,885.95 in 2019[46] - The net profit attributable to shareholders was CNY 213,013,189.25, down 83.09% from CNY 1,259,420,395.38 in the previous year[46] - The net cash flow from operating activities was CNY 895,778,231.20, a decline of 36.75% compared to CNY 1,416,164,879.98 in 2019[46] - The company reported a net profit of CNY 303,987,348.13 after deducting non-recurring gains and losses, which is a decrease of 75.09% from CNY 1,220,152,373.48 in 2019[46] - Basic earnings per share dropped to 0.1230 yuan, a decrease of 83.09% compared to the previous year[49] - The weighted average return on equity fell to 3.27%, a decrease of 16.93 percentage points from the previous year[49] - The total assets at the end of 2020 were 19,246,543,568.04 yuan, a slight increase of 0.47% from the previous year[49] - The company reported a weighted average return on equity of 3.27% and earnings per share of CNY 0.1230, with a non-deduction earnings per share of CNY 0.1755[90] - The total revenue for the reporting period was ¥2,523,033,875.24, a decrease of 27.3% compared to ¥3,470,062,502.23 in the previous year[121] - The gross profit margin for the overall business was 53.07%, reflecting a year-on-year decrease of 32.14%[125] Dividend and Shareholder Information - The company plans to distribute a cash dividend of CNY 1 per 10 shares, totaling CNY 173,198,254.60 based on the total share capital of 1,731,982,546 shares as of December 31, 2020[6] - The company proposed a cash dividend of 1 RMB per 10 shares, pending approval at the upcoming shareholder meeting[162] - The company has not proposed any cash profit distribution plan for ordinary shareholders despite having positive distributable profits, indicating a focus on reinvestment[166] Operational Changes and Strategies - The company plans to continue focusing on its core retail business while exploring opportunities in property leasing and hotel operations[60] - The company is actively integrating online and offline sales channels to improve sales efficiency and customer experience[75] - The company focused on digital transformation and online business expansion, utilizing platforms like the Mao Le Hui APP and WeChat mini-programs to enhance community and social marketing[83] - The company plans to continue focusing on market expansion and new product development in response to the changing market conditions[90] - The company aims to enhance operational efficiency and effectiveness while continuing to upgrade existing stores and seize acquisition opportunities in the retail sector[148] Risk Management and Challenges - The company has detailed potential risks in its report, which investors should be aware of[10] - The pandemic has prompted the company to enhance its risk management capabilities and adapt to external uncertainties in the retail environment[67] - The company faces challenges from potential economic downturns and international uncertainties, necessitating improved risk management capabilities[146] - Increased competition in the retail sector, driven by market concentration and the rise of e-commerce, presents challenges to the company's profitability[157] Market and Industry Trends - The retail industry is gradually recovering after being severely impacted by the pandemic, with a 2.3% GDP growth in 2020, despite a 3.9% decline in total retail sales[62] - Online retail sales reached 11.76 trillion yuan in 2020, growing by 10.9% year-on-year, with physical goods online retail sales at 9.76 trillion yuan, up 14.8%[63] - The overall retail industry is experiencing a trend of increasing concentration, with stronger integration capabilities and operational efficiency expected to benefit leading companies[146] - The retail sector is likely to benefit from policies aimed at stimulating consumption growth and enhancing traditional consumption transformation[146] Acquisitions and Investments - The company plans to invest up to RMB 1.2 billion (approximately $120 million) in a commercial complex development project in Baotou, Inner Mongolia[134] - The company has authorized the management to invest up to RMB 350 million (approximately $35 million) in securities over a 12-month period, with the capital being reusable[134] - The company plans to acquire 100% equity of Chengdu Renhe Investment Co., Ltd., with the transaction completed by November 6, 2020[133] Subsidiary Performance - Chengdu People's Market (Group) reported a net profit of -24,759,970.01, accounting for -11.57% of the company's total net profit[140] - The subsidiary Chengdu Qingyang District Maoye Renhe Spring Department Store achieved a net profit of 71,381,457.81, representing 33.35% of the company's total net profit[140] - The subsidiary Shenzhen Maoye Department Store Limited reported a net profit of 23,865,648.76, which is 1.16% of the company's total net profit[140] Compliance and Governance - The company has committed to ensuring the accuracy and completeness of information provided during major asset restructuring, with long-term validity of commitments[169] - The commitments made by the controlling shareholders and related parties are being strictly adhered to, ensuring compliance with regulatory requirements[169] - The company guarantees that the information provided regarding the restructuring is true, accurate, and complete, and will bear legal responsibility for any false statements[181]

Financial Performance - Net profit attributable to shareholders of the listed company was CNY 325,847,798.60, down 62.57% year-on-year[18]. - Operating revenue for the first nine months was CNY 2,500,263,537.93, representing a decline of 71.13% compared to the same period last year[18]. - Basic earnings per share were CNY 0.1881, down 62.57% from the previous year[21]. - The weighted average return on net assets was 4.92%, a decrease of 9.73 percentage points compared to the previous year[21]. - Operating revenue for the period was ¥2,500,263,537.93, a decrease of 71.13% compared to ¥8,661,869,398.85 in the previous year[33]. - Operating profit for Q3 2020 was ¥120,347,707.47, down from ¥328,547,741.29 in Q3 2019, indicating a decrease of approximately 63.4%[64]. - Net profit for Q3 2020 was ¥87,351,978.49, compared to ¥250,989,333.58 in Q3 2019, representing a decline of around 65.2%[67]. - Total comprehensive income attributable to the parent company was CNY 64,676,539.39 for Q3 2020, compared to CNY 229,630,771.19 in Q3 2019, reflecting a significant decrease[70]. - Basic earnings per share for Q3 2020 was CNY 0.0487, down from CNY 0.1324 in Q3 2019, indicating a decline in profitability[72]. - Total comprehensive income for Q3 2020 was CNY -67,315,510.78, compared to CNY 13,240,174.55 in Q3 2019, indicating a significant decline in overall financial performance[78]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,458,187,519.99, a decrease of 3.64% compared to the end of the previous year[18]. - Cash and cash equivalents decreased by 44.16% to ¥581,541,201.36 from ¥1,041,440,873.52, primarily due to payments for demolition and equity acquisition deposits[30]. - Other receivables decreased by 35.86% to ¥764,796,464.66 from ¥1,192,468,081.63, mainly due to the recovery of loans and interest totaling ¥484 million[30]. - Inventory increased by 75.79% to ¥948,161,799.60 from ¥539,385,455.55, primarily due to payments for land demolition costs included in development costs[30]. - Long-term borrowings increased by 30.69% to ¥3,880,720,000.00 from ¥2,969,500,000.00, indicating new bank loans during the period[33]. - Total liabilities remained relatively stable at approximately ¥11.34 billion compared to ¥11.34 billion in the previous period[52]. - Total equity decreased to approximately ¥7.12 billion from ¥7.82 billion, a decline of about 8.9%[52]. - The company reported a significant reduction in accounts payable, which decreased to ¥1.39 billion from ¥2.14 billion, a decline of about 34.9%[52]. - Total liabilities reached approximately $11.34 billion, with current liabilities at $6.52 billion and non-current liabilities at $4.82 billion[94]. - Non-current liabilities totaled 968,211,582.36, including long-term borrowings of 845,000,000.00[122][133]. Cash Flow - The net cash flow from operating activities was CNY 205,450,488.35, a decrease of 56.51% year-on-year[18]. - Cash flow from operating activities for the first nine months of 2020 was CNY 6,316,746,928.37, down from CNY 9,651,636,525.12 in the same period of 2019[78]. - Total cash inflow from operating activities amounted to CNY 6,368,345,681.16, down from CNY 9,722,011,740.43, reflecting a decline of 34.5%[81]. - Cash outflow from operating activities was CNY 6,162,895,192.81, compared to CNY 9,249,648,587.24, indicating a reduction of 33.5%[81]. - The net cash flow from investing activities was negative at CNY -652,351,599.73, contrasting with a positive CNY 44,873,383.90 in the previous period[81]. - Cash inflow from financing activities totaled CNY 4,042,490,382.37, an increase of 36.8% from CNY 2,953,230,178.82[81]. - Cash outflow from financing activities was CNY 4,145,815,703.06, up from CNY 3,240,071,449.34, representing a rise of 27.9%[83]. - The ending balance of cash and cash equivalents decreased to CNY 464,972,430.23 from CNY 1,293,270,946.28, a decline of 64.0%[83]. Shareholder Information - The total number of shareholders at the end of the reporting period was 28,878[26]. - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., held 80.90% of the shares, with 205,000,000 shares pledged[26]. Government Support and Subsidies - The company received government subsidies amounting to CNY 5,053,744.32 during the reporting period[22]. - The company reported a significant increase in other income by 75.40% to ¥13,395,918.51 from ¥7,637,162.86, mainly due to increased government subsidies[33]. Strategic Initiatives - The company plans to lease a parking lot with 241 spaces for ¥1 million per year, totaling ¥3 million over three years[36]. - The company has signed a property service contract for approximately ¥2,805,557.04 for property management services over three years[36]. - The company plans to sign a cooperation agreement with the Chengdu Housing Provident Fund Management Center to facilitate housing loans for eligible customers, with a total guarantee amount not exceeding RMB 10 million[39]. - The company approved the issuance of restricted shares totaling 1,076,228,274 shares related to a major asset restructuring completed in 2016[39]. - The company plans to acquire 100% equity of Chengdu Renhe Investment Co., Ltd. from Chengdu Renhe Industrial Group, with the total transaction price including related party debts[41]. - The company is set to invest approximately RMB 1.3 billion in the construction of the "Maoye Tiandi" project, with a total planned construction area of about 184,300 square meters[41]. - The company’s board approved a guarantee agreement related to a loan of RMB 339.19 million for Renhe Investment after its acquisition[41]. - The company extended the commitment period to avoid competition for three more years, with the original commitment terms remaining unchanged[39].

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 1,605,519,180.47, a decrease of 74.19% compared to the same period last year[20]. - The net profit attributable to shareholders of the listed company was RMB 241,453,272.62, down 62.34% year-on-year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 159,987,111.37, a decrease of 74.39% compared to the previous year[20]. - The net cash flow from operating activities was RMB -361,650,166.10, representing a decrease of 260.91% year-on-year[20]. - The total assets at the end of the reporting period were RMB 18,029,331,341.49, down 5.88% from the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were RMB 6,407,072,120.90, a decrease of 5.07% compared to the previous year[20]. - Basic earnings per share for the first half of 2020 were RMB 0.1394, down 62.34% from RMB 0.3702 in the same period last year[20]. - The weighted average return on net assets was 3.61%, a decrease of 7.32 percentage points year-on-year[23]. - The company reported a significant decline in operating cash flow, with a net cash flow from operating activities of -CNY 361,650,166.10, a decrease of 260.91% year-on-year[50]. - The overall operating performance showed signs of recovery in the second quarter, with sales and customer traffic improving compared to the first quarter[41]. Business Operations - The company attributed the significant revenue decline primarily to the impact of the pandemic and the adoption of net accounting for revenue and costs[22]. - The company's main business is focused on commercial retail, accounting for approximately 74% of total revenue, with 22 physical retail stores including department stores, shopping centers, outlets, and supermarkets[30]. - The company actively responded to the pandemic by implementing temporary closures and reducing operating hours, while providing rent reductions and lower commission rates to suppliers[39]. - The company is accelerating its digital transformation and expanding its online presence through various platforms, including its app and social media[39]. - The company aims to enhance operational efficiency and adapt to changing consumer demands amid increasing market competition[32]. - The company has maintained its core competitiveness, which remains consistent with the previous year's report[37]. Market Trends - In the first half of 2020, China's total retail sales amounted to 17.23 trillion RMB, a year-on-year decline of 11.4%, with retail sales of consumer goods (excluding automobiles) at 15.59 trillion RMB, down 10.9%[31]. - Online retail sales of physical goods grew by 14.3% year-on-year in the first half of 2020, with online sales accounting for 25.2% of total retail sales, an increase of 5.6 percentage points year-on-year[32]. Investments and Financial Management - Investment cash flow increased by 190.49% to CNY 227,351,259.26, primarily due to the sale of equity stakes[50]. - The company plans to invest up to ¥1.2 billion in a commercial complex development project in Inner Mongolia[60]. - The company has established a wholly-owned subsidiary with a registered capital of ¥10 million to engage in commercial management and related services[59]. - The company authorized the purchase of low-risk bank financial products with a limit of ¥1 billion, aiming to enhance cash management returns[60]. Risks and Challenges - The company is currently in a growth phase, requiring significant capital investment for mergers and acquisitions, which poses financial risks and potential performance decline[73]. - The company faces risks from macroeconomic adjustments that may impact consumer confidence and spending, potentially leading to unfavorable operating performance[71]. - Increased competition in the retail sector due to product homogeneity and the rise of online retail poses risks to the company's operating costs and gross margins[71]. - The company is exposed to financial risks due to high capital expenditure requirements for retail network expansion[73]. Related Party Transactions and Restructuring - The company has signed a management agreement with a related party to manage 16 department stores and shopping centers, with a total management fee not exceeding 32 million RMB[33]. - The company committed to providing accurate and complete information regarding the major asset restructuring, ensuring no misleading statements or omissions[93]. - The company guarantees that all information provided for the major asset restructuring is true, accurate, and complete, with no false records or misleading statements[99]. - The company will ensure that all senior management personnel are exclusively employed by the company and will not hold positions in related parties[102]. Legal and Compliance Issues - The company is involved in a significant civil lawsuit with a claim amounting to RMB 95,682,205, which includes various fees and interest calculated at 1.95 times the bank's lending rate since December 1, 2014[129]. - The court ruled that the company must compensate the plaintiff for losses amounting to RMB 66,611,996, with interest calculated from December 1, 2014, until full payment[129]. - The company has ongoing litigation that has not yet reached a final judgment, with the second instance hearing held on May 7, 2019[129]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,846[179]. - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., holds 1,401,135,188 shares, accounting for 80.90% of the total shares[179]. - The company’s shares structure remained unchanged during the reporting period[176].

Financial Performance - Operating revenue for the period was CNY 761,763,026.12, representing a decline of 77.55% year-on-year[12]. - Net profit attributable to shareholders was CNY 76,124,672.63, down 77.43% from the previous year[12]. - Basic earnings per share were CNY 0.0440, a decrease of 77.40% year-on-year[12]. - The company reported a net profit of -32,080,648.64 RMB for the current quarter, compared to a net profit of -628,775.41 RMB in the same quarter last year, indicating a significant decline in profitability[62]. - Total operating revenue for Q1 2020 was ¥761,763,026.12, a decrease of 77.6% compared to ¥3,393,448,085.19 in Q1 2019[54]. - Net profit for Q1 2020 was ¥73,513,205.46, a decline of 80.1% from ¥368,595,760.21 in Q1 2019[58]. - The company reported a profit before tax of ¥105,348,142.63 for Q1 2020, down 77.9% from ¥476,316,091.25 in Q1 2019[58]. - The total comprehensive income for Q1 2020 was ¥8,302,813.84, compared to ¥533,691,142.24 in Q1 2019[60]. Cash Flow - Net cash flow from operating activities was -CNY 639,636,444.18, a significant decrease of 3,536.30% compared to the same period last year[12]. - Cash flow from operating activities showed a net outflow of -639,636,444.18 RMB, compared to a net outflow of -17,590,317.16 RMB in the same quarter last year, reflecting a worsening cash position[67]. - The company generated cash inflows from operating activities totaling 1,794,799,632.18 RMB, down from 3,754,017,665.58 RMB year-over-year, indicating a decline of approximately 52.2%[67]. - Cash outflows for operating activities were 2,434,436,076.36 RMB, compared to 3,771,607,982.74 RMB in the previous year, representing a decrease of about 35.5%[67]. - The total cash and cash equivalents at the end of the quarter were 440,761,666.30 RMB, down from 1,294,879,394.03 RMB at the end of the same quarter last year, indicating a decrease of approximately 66.0%[69]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,612,994,276.62, a decrease of 2.83% compared to the end of the previous year[12]. - Total liabilities amounted to ¥10,788,578,981.77, a decrease from ¥11,339,485,687.42[47]. - Total equity attributable to shareholders reached ¥6,760,098,357.39, slightly up from ¥6,749,184,076.38[47]. - Current assets totaled ¥3,771,049,800.81, an increase from ¥2,998,632,266.81[49]. - Non-current assets were reported at ¥5,674,776,436.51, down from ¥5,734,769,876.56[52]. - The company reported total assets of RMB 8,733,402,143.37 as of January 1, 2020[83]. - Total current liabilities included accounts payable of RMB 35,915,331.94[85]. Shareholder Information - The total number of shareholders at the end of the reporting period was 22,506[19]. - The largest shareholder, Shenzhen Maoye Commercial Co., Ltd., held 80.90% of the shares[19]. Government and Other Income - The company received government subsidies amounting to CNY 3,347,388.71 during the period[15]. - The company reported a non-operating income of CNY 5,715,643.06, primarily from financial products and fund income[18]. Inventory and Costs - Operating costs decreased by 89.64% to ¥248,702,741.42, reflecting the same pandemic-related impacts and changes in revenue recognition[24]. - Inventory increased by 61.98% to ¥873,694,043.36, attributed to land compensation payments being included in development costs[24]. Investment and Financing Activities - The company plans to apply for a credit line of ¥2.3 billion from a bank to support its operational needs and repay existing debts[28]. - The company executed a management agreement with its controlling shareholder to manage 16 department stores, with a total management fee not exceeding ¥32 million[28]. - The company acquired an additional 15% stake in Vido Group for ¥57.75 million, increasing its ownership from 70% to 85%[31]. - The company raised 1,190,000,000.00 RMB through borrowings during the quarter, compared to 1,125,000,000.00 RMB in the previous year, reflecting a year-over-year increase of about 5.8%[69]. Organizational Changes - The company adjusted its organizational structure to enhance operational efficiency and management levels[31]. - The company appointed a new vice president to support its operational development[31].

Financial Performance - In 2019, the company achieved a net profit of CNY 969,500,776.15, with total distributable profits for shareholders amounting to CNY 1,876,726,317.36 after accounting for previous distributions and reserves[7]. - The company plans to distribute a cash dividend of CNY 3 per 10 shares, totaling CNY 519,594,763.80 to shareholders[7]. - The company reported an increase in retained earnings, with the beginning balance of undistributed profits at CNY 1,174,999,097.05[7]. - The company's operating revenue for 2019 was CNY 1,223,377.09 million, a decrease of 6.65% compared to 2018[28]. - Net profit attributable to shareholders was CNY 125,942.04 million, an increase of 4.56% year-on-year[28]. - Basic earnings per share for 2019 was CNY 0.7272, reflecting a 4.56% increase from the previous year[29]. - The total assets at the end of 2019 were CNY 1,915,559.82 million, a decrease of 1.58% from the previous year[28]. - The net assets attributable to shareholders increased by 20.43% to CNY 674,918.41 million at the end of 2019[28]. - The company reported a net profit of CNY 388,967.16 million in Q4 2019, the highest among the four quarters[31]. - The company achieved operating revenue of CNY 12,233,770,885.95 in 2019, a decrease of 6.65% compared to the previous year[57]. - Net profit attributable to shareholders increased by 4.56% to CNY 125,942.04 million, while the net profit after deducting non-recurring gains and losses rose by 11.63% to CNY 122,015.24 million[57]. Operational Highlights - The company's main business is focused on commercial retail, accounting for approximately 85% of total revenue, supplemented by property leasing and hotel operations[41]. - The company has 22 physical retail stores, including department stores, shopping centers, outlets, and supermarkets, primarily operating under a joint venture model[41]. - The company signed an operating contract with Moore Supermarket for 12 supermarket stores in Inner Mongolia, with a total area of 81,645 square meters, for a transaction amount not exceeding CNY 300 million[46]. - The company holds a leading position in the retail market in Hohhot and ranks among the top in cities like Chengdu, Shenzhen, and Baotou[51]. - Over 60% of the company's stores are located in prime business districts and are owned properties, providing significant cost advantages and risk resilience[51]. - The company is focusing on enhancing its operational capabilities and supplier partnerships to improve sales efficiency and customer experience[51]. Market Conditions - The retail industry in China has low concentration, presenting opportunities for regional expansion and integration, especially in lower-tier cities[45]. - The company aims to enhance its core competitiveness by balancing customer traffic attraction and purchase rates in its retail operations[51]. - The company recognizes the challenges in the retail sector but remains committed to innovation and transformation to seize emerging opportunities[113]. - The retail industry in China is experiencing a transformation, with significant opportunities for market consolidation and expansion in lower-tier cities[111]. Risk Management - The company has outlined potential risks in its future development strategies, which are detailed in the operational discussion and analysis section of the report[9]. - The company acknowledges risks from new economic forms affecting consumer confidence and increasing competition in the retail sector, which may impact performance[119]. - The company is in a growth phase requiring significant capital investment for acquisitions and retail network expansion, which poses financial risks[119]. Strategic Initiatives - The company is committed to a strategy of "seeking innovation and change, steady development" to strengthen its main business in commercial retail[53]. - The company is actively pursuing acquisitions to expand market share while ensuring that existing operations are financially sustainable[117]. - The company plans to upgrade existing stores and pursue acquisition opportunities to strengthen its market position[112]. - The company is exploring potential acquisitions to strengthen its market position, with a budget of 50 million allocated for this purpose[145]. Digital Transformation - The company expanded its digital membership management through the "茂悦荟 PLUS" platform, enhancing customer engagement and data collection[56]. - The company actively utilized various digital platforms, including WeChat and Douyin, to attract younger customer demographics[56]. - The company plans to improve member management and increase member engagement through various digital platforms, aiming for both external growth and internal development[117]. Corporate Governance - The company guarantees that the content of the proposal does not contain false records, misleading statements, or significant omissions, and assumes individual and joint responsibility for the authenticity, accuracy, and completeness of the content[148]. - The company has committed to not engaging in similar business activities in Chengdu and other regions of Sichuan after acquiring Chengdu People's Market Group Co., Ltd. in 2005, and has strictly adhered to this commitment[148]. - The company will ensure that all related transactions post-restructuring adhere to market principles and fair pricing[140]. - The company will not engage in new acquisitions or establish similar businesses that could compete with its main operations in the same market area[160]. Legal and Compliance - The company has no significant debts that are overdue and has not engaged in major illegal activities in the last three years[134]. - There are no significant litigation or arbitration matters reported for the year, indicating a stable legal environment for the company[177]. - The company is involved in a civil lawsuit with a claim amounting to approximately 95.68 million RMB, related to a rental agreement dispute[179]. Future Outlook - The company provided an optimistic outlook for Q4 2023, projecting a revenue growth of 20% compared to Q3 2023[145]. - New product launches are expected to contribute an additional 10 million in revenue in Q4 2023[145]. - The company reported a significant increase in revenue, achieving a total of 90 million in Q3 2023, representing a 15% year-over-year growth[145].