Financial Performance - The company's operating revenue for Q3 2022 was ¥176,517,552.40, a decrease of 23.85% compared to the same period last year[3]. - The net profit attributable to shareholders was ¥7,037,267.07, down 79.99% year-on-year[3]. - The basic earnings per share were ¥0.01, reflecting an 80.00% decline compared to the previous year[4]. - Total operating revenue for the first three quarters of 2022 was CNY 632,280,952.64, a decrease of 16.05% compared to CNY 752,993,862.09 in the same period of 2021[17]. - Net profit for the first three quarters of 2022 was CNY 48,916,808.73, representing a decline of 42.94% from CNY 85,852,227.05 in the previous year[18]. - The net profit for the first three quarters of 2022 was a loss of CNY 5,199,954.31, contrasting sharply with a profit of CNY 147,296,529.93 in the same period of 2021[25]. Assets and Liabilities - Total assets increased by 2.54% to ¥2,547,536,515.07 compared to the end of the previous year[4]. - As of September 30, 2022, the total assets of the company amounted to ¥2,547,536,515.07, an increase from ¥2,484,333,621.82 at the end of 2021[15]. - The company's total liabilities reached ¥1,043,318,687.43, up from ¥941,900,520.45 in the previous year[15]. - The company's total current assets reached CNY 662,928,398.55, up from CNY 530,427,669.46, indicating a significant increase of about 25%[24]. - The company's total liabilities increased to CNY 735,465,839.79 from CNY 578,621,694.53, reflecting a rise of about 27%[24]. Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥168,715,977.63, showing a slight increase of 2.77%[4]. - The net cash flow from operating activities for the first three quarters of 2022 was ¥117,731,931.28, a decrease of 62.7% compared to ¥315,369,314.51 in the same period of 2021[27]. - Total cash inflow from operating activities was ¥901,843,009.63, down 19.9% from ¥1,124,707,536.03 year-on-year[27]. - The net cash flow from investing activities was ¥4,328,135.75, a significant decrease of 96.7% from ¥131,507,879.20 in the same period last year[29]. - The ending balance of cash and cash equivalents was ¥393,968,990.20, down 49.7% from ¥782,767,369.67 at the end of the same period last year[29]. Inventory and Receivables - Accounts receivable increased by 131.31% due to an increase in rental income[8]. - Inventory rose by 33.56% as a result of increased stock of Moutai liquor[8]. - Accounts receivable increased to ¥11,150,691.51 from ¥4,820,747.41, indicating improved collection efforts[13]. - Inventory levels rose to ¥138,830,196.22, up from ¥103,949,288.86, suggesting potential growth in sales or production[13]. - The company's inventory increased to CNY 3,484,763.02 from CNY 1,693,351.51, representing a growth of about 105%[24]. Other Income and Expenses - Government subsidies recognized increased by 212.01%, contributing positively to other income[8]. - The company reported a decrease in other comprehensive income to ¥62,357,453.63 from ¥83,378,646.21, indicating potential challenges in investment performance[15]. - The company incurred income tax expenses of CNY 18,211,322.65, a decrease of 44.55% from CNY 32,749,330.96 in the previous year[18]. - The company reported a significant reduction in management expenses, which fell to CNY 12,164,432.84 from CNY 24,855,044.13, a decrease of about 51%[25]. - The company received ¥2,992,120.00 in investment income, a decrease of 98.0% from ¥152,000,000.00 in the previous year[27].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥455,763,400.24, a decrease of 12.55% compared to ¥521,181,689.68 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2022 was ¥41,879,541.66, down 17.37% from ¥50,681,322.04 in the previous year[18]. - Basic earnings per share for the first half of 2022 were ¥0.06, a decline of 25% compared to ¥0.08 in the same period last year[19]. - The diluted earnings per share also stood at ¥0.06, down 25% from the previous year[19]. - The total operating revenue for the first half of 2022 was approximately 418.06 million RMB, with a gross profit margin of 40.30%[26]. - The company reported a non-recurring profit of approximately 2.66 million RMB, primarily from government subsidies and other non-operating income[20]. - The company reported a total comprehensive income of RMB 28,492,949.67, down from RMB 45,034,027.76 in the first half of 2021[111]. - The company experienced a total comprehensive income of RMB 28,492,949.67, down from RMB 45,034,027.76 in the first half of 2021[111]. - The company reported a decrease in retained earnings of 66,600,000.00 due to profit distribution[124]. Cash Flow and Assets - The net cash flow from operating activities increased by 43.27% to ¥156,680,784.33, compared to ¥109,357,593.24 in the same period last year[18]. - The total assets at the end of the reporting period were ¥2,571,458,146.91, reflecting a 3.51% increase from ¥2,484,333,621.82 at the end of the previous year[18]. - The company's cash and cash equivalents increased to ¥502,936,229.36 from ¥387,698,368.45, reflecting a growth of approximately 29.8%[102]. - The total current assets amounted to ¥815,588,234.03, up from ¥639,085,230.61, representing an increase of about 27.6%[102]. - The total number of shares and the capital structure of the company remained unchanged during the reporting period[92]. - The total liabilities increased to CNY 1,066,809,488.12 from CNY 941,900,520.45, reflecting a rise of about 13.3%[104]. Operational Performance - The company's main business revenue comes from retail sales and rental income, with a total of 12 operational stores covering an area of 339,600 square meters[22]. - The main business revenue accounted for 91.53% of total revenue, with department stores contributing 79.81% and supermarkets 19.28%[23]. - The gross profit margin for the department store segment was 43.95%, while the supermarket segment had a gross profit margin of 24.53%[24]. - The company has maintained its operational model without significant changes, focusing on joint ventures, distribution, consignment, and leasing[23]. - The company has expanded its operational footprint in Gansu Province, becoming the largest retail chain in the region[22]. Strategic Initiatives - The company implemented strategic adjustments in store positioning and resource allocation to enhance profitability, focusing on core retail business and optimizing supply chain management[39]. - The company is focusing on digital transformation and has integrated new information technologies to improve operational efficiency and customer experience[38]. - The company has initiated a digital transformation and online mall operation upgrade, aiming to build a professional digital operation team within two years[42]. - The company has cultivated 223 unique brands and initiated 177 "million-store" plans, enhancing its competitive advantage in the region[40]. Risk Management - The company has outlined potential risks in its future development and operational plans, urging investors to be cautious[5]. - The company faces macroeconomic risks due to a shift from high-speed to medium-speed economic growth, impacting consumer spending and company performance[62]. - Increased competition from both local and external retail enterprises poses a significant market risk, necessitating differentiated management strategies[62]. - The company has a concentrated operational risk due to its primary business in the Gansu, Qinghai, and Ningxia regions, which may affect overall performance[63]. Governance and Compliance - The company has restructured its governance and internal control systems to enhance risk management and compliance capabilities[43]. - The company has not reported any significant litigation or arbitration matters during the reporting period[84]. - The company has not experienced any non-compliance issues or penalties involving its directors, supervisors, or senior management[84]. - The company has committed to fully bear any penalties or losses incurred due to insufficient payment of employee social insurance and housing provident fund, ensuring shareholder interests are protected[81]. Shareholder Relations - The company did not distribute profits or increase capital reserves during this reporting period[4]. - No profit distribution or capital reserve transfer plan was proposed for the half-year report, with no dividends or stock bonuses declared[68]. - Major shareholders are restricted from reducing their holdings for two years after the lock-up period, with annual transfers limited to 25% of their total shares held[79]. - The company has established a plan for share repurchase, with a budget not exceeding 20% of the previous year's audited net profit attributable to shareholders[76]. Environmental and Social Responsibility - The company has implemented energy-saving measures, including the replacement of 36 variable frequency elevators, which significantly reduced power consumption by half[72]. - The company is committed to low-carbon production and has been tracking water and electricity usage monthly to improve resource efficiency[73]. - The company has not disclosed any environmental penalties or issues during the reporting period, indicating compliance with environmental regulations[70]. - The company has focused on promoting energy-saving awareness among employees and customers through various initiatives[72].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 259,186,576.24, representing a decrease of 16.80% compared to the same period last year[5]. - The net profit attributable to shareholders was CNY 35,652,548.02, down by 15.96% year-on-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 33,858,488.31, a decline of 20.42% compared to the previous year[5]. - The company experienced operational losses due to COVID-19, with store closures in Lanzhou, Baiyin, and Xining affecting Q1 performance[13]. - Total operating revenue for Q1 2022 was 583,538,846.09 RMB, a decrease of 36.7% compared to 919,199,159.75 RMB in Q1 2021[23]. - Net profit for Q1 2022 was 35,652,548.02 RMB, down 16.5% from 42,423,480.23 RMB in Q1 2021[21]. - Operating profit for Q1 2022 was 47,809,117.98 RMB, a decline of 14.1% from 55,655,463.53 RMB in Q1 2021[20]. - Total operating costs for Q1 2022 were 213,777,433.98 RMB, a decrease of 16.6% from 256,485,936.11 RMB in Q1 2021[20]. - Financial expenses for Q1 2022 were 2,136,716.69 RMB, an increase of 52.5% from 1,402,199.64 RMB in Q1 2021[20]. - Basic and diluted earnings per share for Q1 2022 were both 0.05 RMB, compared to 0.06 RMB in Q1 2021[21]. Cash Flow - The net cash flow from operating activities decreased significantly by 50.08%, amounting to CNY 47,150,343.39[5]. - Cash flow from operating activities for Q1 2022 was 47,150,343.39 RMB, a decrease of 50.1% compared to 94,453,728.37 RMB in Q1 2021[24]. - The net cash flow from operating activities decreased to CNY 92,020,013.84, down 39.3% from CNY 151,580,929.43 in the same period last year[30]. - Cash inflow from other operating activities of CNY 226,125,099.61, down 18.9% from CNY 279,030,664.33 in Q1 2021[30]. - The cash outflow for purchasing goods and services was CNY 72,978,798.10, a decrease of 24.0% from CNY 96,149,328.38 in Q1 2021[30]. - The cash outflow for other operating activities increased to CNY 278,737,072.41, up 23.3% from CNY 225,973,212.49 in the same period last year[30]. - The net cash flow from investing activities was -CNY 1,207,731.64, an improvement from -CNY 21,504,719.19 in Q1 2021[31]. - Cash inflow from financing activities remained stable at CNY 100,000,000.00, unchanged from Q1 2021[31]. - The net cash flow from financing activities decreased to CNY 88,087,332.36, down 10.6% from CNY 98,699,807.22 in the previous year[31]. - The total cash and cash equivalents at the end of Q1 2022 were CNY 430,303,103.64, a decrease of 27.8% from CNY 595,796,338.89 at the end of Q1 2021[31]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,571,481,838.11, an increase of 3.51% from the end of the previous year[6]. - Total assets amounted to CNY 2,571,481,838.11, up from CNY 2,484,333,621.82, representing a growth of 3.5%[17]. - Total liabilities increased to CNY 1,004,174,486.88 from CNY 941,900,520.45, reflecting a rise of 6.6%[17]. - The total current assets reached CNY 694,699,481.21, up from CNY 530,427,669.46, indicating a growth of approximately 31%[26]. - The total liabilities increased to CNY 726,454,365.05, compared to CNY 578,621,694.53, marking a rise of about 25.6%[27]. - Cash and cash equivalents increased to CNY 518,790,012.10 as of March 31, 2022, up from CNY 387,698,368.45 at the end of 2021, reflecting a growth of 33.8%[15]. - Accounts receivable rose to CNY 7,465,848.39 from CNY 4,820,747.41, indicating a 55.4% increase year-over-year[15]. - Inventory increased to CNY 126,466,821.53, compared to CNY 103,949,288.86 at the end of 2021, marking a growth of 21.6%[16]. - The company's long-term equity investments were CNY 815,803,195.11, slightly up from CNY 814,148,172.42, indicating a marginal increase of 0.2%[26]. - The total owner's equity reached CNY 1,446,632,872.21, a slight increase from CNY 1,444,556,360.85, reflecting a growth of about 0.1%[28]. Other Income and Expenses - The company reported a significant increase in investment income by 258.63%, attributed to higher earnings from joint ventures[9]. - Other income increased by 350.16% due to an increase in government subsidies[9]. - The company reported a decrease in management expenses from CNY 7,872,877.72 in Q1 2021 to CNY 4,090,962.08 in Q1 2022, a reduction of approximately 48%[28]. - The company's research and development expenses were not explicitly stated, but management indicated a focus on innovation and new product development[29]. - The company's equity attributable to shareholders increased by 1.61% to CNY 1,567,307,351.24 compared to the end of the previous year[6]. - The company's equity attributable to shareholders rose to CNY 1,567,307,351.24, compared to CNY 1,542,433,101.37, an increase of 1.6%[17]. - The weighted average return on equity was 2.29%, an increase of 0.03 percentage points[5].

Financial Performance - The company's operating revenue for 2021 was CNY 968,036,391.36, a decrease of 5.23% compared to CNY 1,021,450,203.74 in 2020[20] - The net profit attributable to shareholders for 2021 was CNY 86,505,955.24, down 14.21% from CNY 100,833,560.91 in the previous year[20] - The net profit after deducting non-recurring gains and losses was CNY 78,714,085.86, a decline of 15.98% from CNY 93,684,189.90 in 2020[20] - The cash flow from operating activities for 2021 was CNY 194,424,804.01, an increase of 9.31% compared to CNY 177,866,086.73 in 2020[20] - The total assets at the end of 2021 were CNY 2,484,333,621.82, a decrease of 5.02% from CNY 2,615,669,869.89 at the end of 2020[20] - The net assets attributable to shareholders decreased by 17.35% to CNY 1,542,433,101.37 at the end of 2021 from CNY 1,866,170,703.68 at the end of 2020[20] - The company reported a diluted earnings per share of 0.13 RMB, a decrease of 13.33% from 0.15 RMB in 2020[21] - The weighted average return on equity was 4.53%, down 1.02 percentage points from 5.55% in 2020[21] - The overall gross profit margin for the company decreased from 41.15% in 2020 to 39.08% in 2021, reflecting increased operational costs[40] Revenue Breakdown - In 2021, the company's main business revenue accounted for 91.86% of total revenue, with department stores contributing 82.16% and supermarkets 16.78%[37] - The company achieved operating revenue of 968 million RMB in 2021, a slight decrease of 5.23% compared to the previous year[30] - The retail revenue from department stores and supermarkets reached RMB 879 million, accounting for 90.88% of the total operating revenue of the company[199] - The company operated 12 stores with a total area of 339,600 square meters, enhancing the synergy between different retail formats[37] - The company’s operating income from department stores was approximately 420.57 million yuan in 2021, with a gross profit margin of 9.47%[39] - The supermarket segment experienced a 40.16% decline in revenue, with a gross profit margin of 22.68%, down by 0.28 percentage points[54] Market and Economic Conditions - The total retail sales of consumer goods in 2021 reached 44.08 trillion RMB, growing by 12.5% year-on-year[31] - The retail market is impacted by repeated pandemic outbreaks and inflation, but the overall economic resilience remains strong, supported by government policies[86] - The company faced challenges in Q4 due to pandemic-related store closures, impacting overall performance[30] Strategic Initiatives - The company plans to continue expanding its retail presence and enhancing its digital capabilities to adapt to changing consumer behaviors[36] - The company aims to adapt to new consumer demands by adjusting store formats and enhancing customer experience through digital tools[86] - The company plans to implement a "line management and differentiated operation" strategy to improve management efficiency and professional capabilities[89] - The company will focus on digital management innovations, including the implementation of new ERP systems and data-driven decision-making processes[98] Risk Management - The company has detailed the major risks associated with its operations in the management discussion and analysis section of the report[8] - The company’s future development outlook and operational plans are subject to risks and do not constitute a commitment to investors[7] - The company is facing macroeconomic risks due to a shift from high-speed to medium-speed growth, which may negatively impact consumer spending and company performance[103] Corporate Governance - The company maintains independence from its controlling shareholder in terms of business, personnel, assets, and finance, ensuring compliance with governance regulations[107] - The company adheres to strict information disclosure practices, ensuring transparency and protecting the rights of all shareholders, particularly minority shareholders[108] - The company’s board of directors includes experienced professionals with diverse backgrounds in management and finance[113] Human Resources and Talent Management - The company conducted over 30 recruitment events, attracting 1,976 applicants and collecting nearly 1,600 resumes to enhance its talent pool[46] - The company emphasizes the training and development of strategic talents and core teams, implementing a dual management approach for talent cultivation and recruitment[132] - The total number of employees in the parent company is 32, while the main subsidiaries employ 1,016, resulting in a total of 1,048 employees[129] Environmental and Social Responsibility - The company has committed to low-carbon production, regularly monitoring water, electricity, and paper usage to improve resource efficiency[150] - The company donated a total of 1 million RMB for COVID-19 prevention efforts in Gansu province and organized over 60 employees as volunteers for frontline support[153] - The company has been recognized with multiple awards, including the "Green Mall" title from the Ningxia Commerce Department[155] Financial Assistance and Related Party Transactions - The company plans to engage in related party transactions totaling approximately RMB 16.1 million for 2021, including RMB 3 million for leasing properties and RMB 10 million for purchasing goods[170] - The company agreed to extend the financial assistance of RMB 87.45 million to Gansu Shanshan until December 31, 2022[173] - The company approved an additional financial assistance of up to RMB 50 million to Gansu Shanshan, with a fixed annual interest rate of 4.35%[174] Audit and Compliance - The company conducted an audit of its financial statements, confirming that they fairly reflect the financial position and operating results for the year ended December 31, 2021[196] - The internal control audit for 2021 was conducted by Zhongxi Accounting Firm, resulting in a standard unqualified opinion[144] - The company has not reported any non-compliance issues or penalties during the reporting period[170]

Financial Performance - The company's operating revenue for Q3 2021 was ¥231,812,172.41, a decrease of 9.08% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥35,170,905.01, down 0.77% year-on-year, while the net profit excluding non-recurring gains and losses increased by 17.26% to ¥31,218,950.42[3]. - Total operating revenue for the first three quarters of 2021 reached ¥752,993,862.09, an increase of 14.66% compared to ¥656,494,297.15 in the same period of 2020[15]. - Net profit for the first three quarters of 2021 was ¥85,852,227.05, representing a 54.73% increase from ¥55,446,708.42 in the previous year[17]. - The company reported a total profit of ¥118,601,558.01 for the first three quarters, up from ¥78,216,570.48 in the previous year[17]. - Earnings per share for the current period were ¥0.13, compared to ¥0.08 in the same period last year, reflecting a 62.5% increase[17]. Assets and Liabilities - The total assets at the end of the reporting period reached ¥3,034,461,674.03, reflecting a year-on-year increase of 16.01%[4]. - Total assets as of September 30, 2021, were RMB 3,034,461,674.03, compared to RMB 2,615,669,869.89 at the end of 2020[13]. - The total liabilities stood at RMB 1,154,067,214.44, indicating a healthy balance sheet with manageable debt levels[13]. - The total liabilities of the company stood at ¥1,486,195,151.18, compared to ¥749,499,166.21 in the previous year, indicating a significant increase[14]. - The total equity attributable to shareholders was ¥1,548,266,522.85, down from ¥1,866,170,703.68 year-on-year[14]. - The company reported a total non-current asset value of RMB 1,880,394,459.59, slightly up from RMB 1,804,234,111.90 year-over-year[13]. Cash Flow - Cash flow from operating activities showed a significant increase of 391.31%, totaling ¥164,170,355.49[3]. - The cash inflow from operating activities for the first three quarters of 2021 was CNY 2,224,665,530.48, an increase of 13.8% compared to CNY 1,953,494,079.96 in the same period of 2020[19]. - The net cash flow from operating activities was CNY 164,170,355.49, significantly up from CNY 33,414,904.23 in the first three quarters of 2020, representing a growth of 390.5%[19]. - The net cash flow from investing activities was CNY 182,105,461.61, recovering from a negative cash flow of CNY -73,583,994.04 in the same period last year[20]. Inventory and Receivables - Accounts receivable surged by 316.11%, mainly due to an increase in rental income[6]. - Accounts receivable increased to RMB 6,232,635.32 from RMB 1,497,827.45, indicating a significant rise in credit sales[12]. - The company has a significant inventory of RMB 119,779,252.04, compared to RMB 105,879,623.77 in the previous year, suggesting potential for increased sales[12]. Tax and Other Expenses - The company incurred tax expenses of ¥32,749,330.96, compared to ¥22,769,862.07 in the same period of 2020[17]. - The company paid CNY 99,962,068.57 in taxes, which is an increase of 40.5% compared to CNY 71,028,996.61 in the previous year[19]. - Other comprehensive income after tax was ¥8,976,858.29, down from ¥42,282,305.91 year-on-year[17]. Shareholder Information - The company has a notable amount of pledged shares, with major shareholders holding significant stakes, which may impact future financing strategies[10]. - The company’s capital reserve remained stable at ¥354,530,847.21, with no changes reported[25]. - The company has a retained earnings balance of ¥480,905,477.58, unchanged from the previous period[25].

Financial Performance - The company's operating revenue for the first half of 2021 was approximately ¥521.18 million, representing a 29.80% increase compared to ¥401.54 million in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2021 was approximately ¥50.68 million, a significant increase of 155.55% from ¥19.83 million in the previous year[21]. - The net cash flow from operating activities improved to approximately ¥109.36 million, compared to a negative cash flow of ¥121.15 million in the same period last year, marking a 190.27% change[21]. - The basic earnings per share for the first half of 2021 was ¥0.08, up 166.67% from ¥0.03 in the same period last year[22]. - The total profit reached 71.11 million RMB, marking a significant increase of 123.76% compared to the previous year[48]. - The net profit after deducting non-recurring gains and losses was 49.54 million RMB, an increase of 98.08% year-on-year[48]. - The company reported a gross profit margin of approximately 43.5% for the first half of 2021, compared to 39.5% in the same period of 2020[125]. - The company reported a total revenue of 480,763,669.36 CNY for the first half of 2021, with a gross profit margin of 39.31%[30]. Assets and Liabilities - The total assets of the company at the end of the reporting period were approximately ¥2.99 billion, reflecting a 14.34% increase from ¥2.62 billion at the end of the previous year[21]. - The total liabilities increased to CNY 1,159,459,377.02 from CNY 749,499,166.21, marking a significant rise of around 54.5%[120]. - The company's total equity decreased to CNY 1,831,379,407.79 from CNY 1,866,170,703.68, a decline of about 1.9%[120]. - The company's cash and cash equivalents increased by 16.02%, amounting to 679.38 million RMB[52]. - The total current assets reached CNY 914,185,979.48, up from CNY 811,435,757.99, indicating an increase of about 12.7%[119]. Dividends and Shareholder Information - The company plans to distribute a cash dividend of ¥5.00 per 10 shares to all shareholders, pending approval at the shareholders' meeting[4]. - The dividend distribution proposal has been approved by the company's board and will be submitted for shareholder approval[70]. - The total number of ordinary shareholders as of the end of the reporting period was 26,780[98]. - The top shareholder, Zhang Guofang, holds 280.5 million shares, representing 42.12% of the total shares, with 180 million shares pledged[100]. Business Operations and Strategy - The company operates 12 stores with a total area of 339,600 square meters, enhancing synergy between different retail formats[26]. - The company implemented a digital transformation strategy, integrating online and offline platforms to enhance customer experience[43]. - The company plans to expand its market presence by leveraging regional advantages and enhancing its competitive edge through differentiated operations[64]. - The company achieved a brand store plan progress of 47.52% with 65 stores meeting the annual target by mid-year[40]. Risk Management - The company faces macroeconomic risks due to a slowdown in economic growth, which may negatively impact consumer spending and, consequently, the company's performance[62]. - The company is implementing strategies to enhance operational efficiency and customer experience to mitigate management risks associated with employee turnover and market competition[65]. Investments and Acquisitions - The company invested a total of 30 million CNY in Gansu Shanshan Outlets Shopping Plaza, with Shanshan Commercial contributing 12.3 million CNY (41%), Guofang Group 9 million CNY (30%), and Ningbo Wansheng 8.7 million CNY (29%)[56]. - The company invested 40 million CNY in Jilin Aolaide Optoelectronic Materials Co., Ltd., acquiring 200,000 shares at 20 CNY per share, resulting in a 3.6461% ownership stake[57]. Compliance and Governance - The financial report was approved by the board of directors on August 30, 2021, ensuring compliance with regulatory requirements[153]. - The company has not reported any significant lawsuits or arbitration matters during the reporting period[85]. - The company has not experienced any non-compliance issues or penalties related to its operations[85]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the going concern assumption, with no significant doubts regarding the company's ability to continue operations for the next 12 months[156]. - The company adheres to the accrual basis of accounting, recognizing transactions when they occur rather than when cash is received or paid[155]. - The company recognizes financial assets and liabilities when it becomes a party to the financial instrument contract[168]. - The company applies the expected credit loss model for accounts receivable, measuring loss provisions based on the expected credit loss over the entire duration for receivables without significant financing components[178].

Financial Performance - Operating revenue rose by 52.81% to CNY 311,503,711.19 year-on-year[5] - Net profit attributable to shareholders increased by 235.86% to CNY 42,423,480.23 compared to the same period last year[5] - The company reported a net profit excluding non-recurring gains and losses of CNY 42,547,331.74, a 311.43% increase year-on-year[5] - Net profit for the reporting period reached 42.42 million yuan, an increase of 29.79 million yuan, or 235.86%, compared to the same period last year[14] - The company's operating revenue for Q1 2021 was CNY 67,493,257.02, a significant increase of 298.5% compared to CNY 16,895,253.07 in Q1 2020[33] - The net profit for Q1 2021 reached CNY 42,423,480.23, compared to a net profit of CNY 12,631,374.86 in Q1 2020, reflecting a growth of 236.5%[31] - The total comprehensive income for Q1 2021 was CNY 23,743,968.37, compared to a loss of CNY 19,369,959.41 in Q1 2020[31] - Basic and diluted earnings per share both increased by 200% to CNY 0.06[5] Assets and Liabilities - Total assets increased by 14.30% to CNY 2,989,691,299.17 compared to the end of the previous year[5] - The company’s total assets reached 2.99 billion yuan, an increase from 2.62 billion yuan at the beginning of the period[24] - Total liabilities as of March 31, 2021, were CNY 1,007,273,346.79, compared to CNY 564,059,722.33 at the end of 2020, indicating a significant increase[29] - The company’s non-current assets totaled CNY 1,518,020,509.59 as of March 31, 2021, an increase from CNY 1,379,466,439.70 at the end of 2020[28] Cash Flow - Net cash flow from operating activities improved significantly, reaching CNY 94,453,728.37, a 227.00% increase from the previous year[5] - Cash flow from operating activities increased by 168.83 million yuan, a growth of 227% compared to the same period last year, driven by increased revenue[16] - The net cash flow from operating activities for Q1 2021 was ¥151,580,929.43, recovering from a negative cash flow of ¥41,770,843.34 in the same period last year[39] - The company’s cash flow from financing activities was notably positive, contrasting with a negative cash flow of -¥2,223,049.19 in Q1 2020[40] Shareholder Information - The total number of shareholders reached 26,213 by the end of the reporting period[10] - The top shareholder, Zhang Guofang, holds 42.12% of the shares, amounting to 280,500,000 shares[10] Financial Expenses and Costs - The company recorded a financial expense increase of 575.93 thousand yuan, up 69.70%, mainly due to the first-time implementation of new leasing standards[15] - The company’s financial expenses for Q1 2021 were CNY 1,402,199.64, compared to CNY 826,265.35 in Q1 2020, reflecting an increase in financial costs[30] - The company incurred sales expenses of CNY 7,268,285.09 in Q1 2021, slightly higher than CNY 6,865,921.85 in Q1 2020[33] Other Financial Metrics - The weighted average return on equity increased by 1.56 percentage points to 2.26%[5] - Short-term borrowings increased by 100 million yuan, a rise of 200%, mainly due to increased working capital loans[13] - Other current liabilities rose by 7.04 million yuan, up 56.46%, primarily due to taxes on unconsumed membership cards[13] - Contract liabilities increased by 32.64 million yuan, up 34.12%, mainly due to an increase in unused membership cards[13]

Financial Performance - The company's operating revenue for 2020 was CNY 1,021,450,203.74, a decrease of 63.07% compared to CNY 2,765,901,220.08 in 2019[20] - The net profit attributable to shareholders for 2020 was CNY 100,833,560.91, down 12.26% from CNY 114,918,448.98 in 2019[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 93,684,189.90, a decrease of 7.84% compared to CNY 101,654,410.11 in 2019[20] - The net cash flow from operating activities for 2020 was CNY 177,866,086.73, a slight decrease of 1.35% from CNY 180,301,726.66 in 2019[20] - The total assets at the end of 2020 were CNY 2,615,669,869.89, a decrease of 5.42% from CNY 2,765,468,036.53 at the end of 2019[20] - The net assets attributable to shareholders at the end of 2020 were CNY 1,866,170,703.68, an increase of 2.90% from CNY 1,813,664,625.18 at the end of 2019[20] - Basic earnings per share for 2020 decreased by 11.76% to CNY 0.15 compared to CNY 0.17 in 2019[21] - The weighted average return on equity fell to 5.55% in 2020, down 0.76 percentage points from 6.31% in 2019[21] - The company achieved a revenue of 1.021 billion yuan in 2020, a year-on-year decrease of 63.07%, but adjusted for the new revenue standards, the growth was 4.65%[50] - The net profit attributable to shareholders was 100.83 million yuan, reflecting a year-on-year decline of 12.26%[50] - The gross margin for the main business increased by 26.36 percentage points to 41.15%[50] Revenue Sources and Business Segments - Main business revenue accounted for 92.71% of total revenue, with department stores contributing 72.73%[33] - The revenue from the joint venture model was ¥688.72 million in 2020, with a gross margin of 48.87%, while in 2019, it was ¥2.30 billion with a gross margin of 15.04%[34] - The company reported a significant increase in the revenue from the consignment model, which reached ¥249.35 million in 2020, reflecting a gross margin of 22.96%, compared to ¥262.80 million and a gross margin of 13.39% in 2019[34] - The department store segment saw a revenue decline of 70.09%, while adjusted figures showed a 9.27% increase in total revenue when applying the new revenue recognition standards[66] - The supermarket segment's revenue decreased by 5.12%, but adjusted figures indicated a 19.10% increase in total revenue[67] - The appliance segment experienced a significant revenue drop of 89.75% due to a strategic reduction in the home appliance business[67] Cash Flow and Investments - Cash flow from operating activities showed a recovery in the third and fourth quarters, with CNY 154,561,673.97 and CNY 144,451,182.50 respectively[24] - The investment activities generated a net cash flow of approximately CNY -71.28 million, an increase of 79.60% compared to the previous year, attributed to the investment in Gansu Shanshan Outlets[63] - The company provided over 13 million yuan in rent reductions to suppliers during the pandemic, demonstrating commitment to partnership[52] Market and Consumer Trends - The annual report indicated that the national retail sales of consumer goods decreased by 3.9% in 2020, with a notable recovery in the latter half of the year[40] - Online retail sales of physical goods grew by 14.8% year-on-year, accounting for 24.9% of total retail sales, while offline retail sales declined by 8.8%[40] - The company experienced a 13.8% decline in retail sales among major retail enterprises, with a recovery noted in December 2020, where sales increased by 2.6% year-on-year[43] - The company aims to enhance its product offerings by incorporating more quality and experiential consumption options, including entertainment and dining projects in its stores[44] - The company is focusing on enhancing customer experience by introducing diverse consumption scenarios within stores[87] Digital Transformation and Marketing - The company actively engaged in digital transformation, utilizing mini-programs, community marketing, and live streaming to enhance online and offline integration[46] - The company is enhancing its digital marketing capabilities and has developed a private traffic platform to improve customer engagement[57] - The company is implementing a digital marketing strategy, utilizing online platforms like WeChat mini-programs and Douyin for brand promotion and customer engagement[114] - The company aims to integrate online and offline channels to create a seamless shopping experience, leveraging big data for personalized marketing[108] Corporate Governance and Shareholder Commitments - The audit report issued by Zhongxi CPA is a standard unqualified opinion[4] - The company’s controlling shareholder, Zhang Guofang, committed to not transferring or entrusting others with shares for 36 months after the stock listing[128] - The company plans to repurchase shares within 5 trading days after the stock price stabilization measures are triggered, with a maximum amount not exceeding 20% of the previous year's audited net profit attributable to the parent company[128] - The company’s management has committed to buy back shares if the stock price remains below the audited net asset value per share for 10 consecutive trading days[130] - The company has established a framework for share repurchase and shareholder increase to maintain market confidence and stabilize stock prices[128] Social Responsibility and Community Engagement - The company donated CNY 600,000 for pandemic prevention efforts and received recognition for its social responsibility initiatives[59] - The company received multiple honors for its social responsibility efforts during the pandemic, including recognition from the Gansu Charity Federation[162] Employee Management and Development - The company is committed to talent acquisition and development, establishing various talent programs to enhance management capabilities and employee satisfaction[118] - The company has implemented a market-oriented salary strategy, with overall compensation at the market median level and higher for senior and core technical personnel[186] - The company has initiated a "7122" talent development project aimed at training middle management and selecting talent from universities[187] Risks and Challenges - The company faces risks from macroeconomic slowdowns, which may pressure consumer spending and affect operational performance[119] - The company recognizes the risk of increased competition from both local and external retail enterprises, necessitating a robust response strategy[120] - The company acknowledges the challenge of securing prime new store locations, which poses a significant operational risk[122] Internal Controls and Compliance - The company has not reported any significant accounting errors or changes that would affect the financial statements during the reporting period[139] - The company received a standard unqualified opinion in the internal control audit report conducted by Zhongxi Accounting Firm for the 2020 financial report[200] - There were no significant deficiencies in internal controls reported during the period[200] Shareholder Structure and Changes - The total number of ordinary shareholders reached 28,692 by the end of the reporting period, an increase from 26,213 at the end of the previous month[170] - The top shareholder, Zhang Guofang, holds 280,500,000 shares, representing 42.12% of the total shares, with 180,000,000 shares pledged[172] - Zhang Chunfang, the second-largest shareholder, holds 139,400,000 shares, accounting for 20.93% of the total shares[172]

Financial Performance - Operating revenue for the first nine months was CNY 656,494,297.15, down 68.27% year-on-year[7] - Net profit attributable to shareholders for the first nine months was CNY 55,276,388.55, a decrease of 43.07% compared to the same period last year[7] - Basic earnings per share for the reporting period was CNY 0.08, a decline of 46.67% compared to the previous year[7] - The weighted average return on net assets decreased by 2.31 percentage points to 3.02%[7] - The company reported a non-operating loss of CNY 9,900,339.16 for the first nine months[8] - Total operating revenue for Q3 2020 was ¥254,958,423.20, a decrease from ¥656,494,297.15 in Q3 2019, representing a decline of approximately 61.2%[30] - Total operating costs for Q3 2020 were ¥218,261,926.54, down from ¥578,645,381.07 in Q3 2019, reflecting a decrease of about 62.3%[30] - Net profit for Q3 2020 was ¥35,444,191.18, compared to ¥55,276,388.55 in Q3 2019, indicating a decline of approximately 35.9%[31] - Total profit for Q3 2020 was ¥46,267,637.78, compared to ¥78,046,250.62 in Q3 2019, a decline of about 40.7%[31] - The total comprehensive income for Q3 2020 was ¥95,537,194.44, compared to ¥97,558,694.46 in Q3 2019, a slight decrease of about 2.1%[32] Cash Flow - Cash flow from operating activities for the first nine months was CNY 33,414,904.23, down 71.16% year-on-year[7] - Cash flow from operating activities decreased by ¥82,450,614.27, a decline of 71.16%, mainly due to decreased sales revenue[19] - Cash flow from financing activities decreased by ¥248,410,875.16, a decline of 804.20%, primarily due to the repayment of working capital loans[20] - Cash flow from operating activities for the first three quarters of 2020 was CNY 33,414,904.23, significantly lower than CNY 115,865,518.50 in the same period of 2019[35] - Net cash flow from operating activities decreased to CNY 86.49 million, a decline of 38% compared to CNY 140.20 million in 2019[37] - Net cash flow from financing activities was negative CNY 217.52 million, contrasting with a positive CNY 30.89 million in the same period of 2019[38] Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,639,376,258.89, a decrease of 4.56% compared to the end of the previous year[7] - Total liabilities decreased from CNY 951,803,411.35 in Q2 2020 to CNY 770,252,920.00 in Q3 2020, a decline of about 19.1%[24] - Owner's equity increased from CNY 1,813,664,625.18 in Q2 2020 to CNY 1,869,123,338.89 in Q3 2020, an increase of approximately 3.1%[24] - Cash and cash equivalents decreased from CNY 473,581,143.57 in Q2 2020 to CNY 275,330,110.39 in Q3 2020, a decline of about 42%[25] - Total current liabilities were approximately $706.47 million, with short-term borrowings of $200 million[44] Shareholder Information - The total number of shareholders at the end of the reporting period was 31,339[9] - The largest shareholder, Zhang Guofang, holds 42.12% of the shares, with 180,000,000 shares pledged[9] Investments and Other Financial Metrics - Investment income increased by ¥4,017,347.10, a growth of 134.21%, primarily due to increased dividends from Guotai Junan[16] - The company received government subsidies amounting to CNY 3,960,773.44 during the reporting period[8] - The company recorded investment income of ¥7,923,588.51 in Q3 2020, compared to ¥7,010,648.30 in Q3 2019, reflecting an increase of about 13.0%[30] Inventory and Receivables - Other receivables increased by ¥29,400,324.69, a growth of 30.20%, mainly due to increased loans to Gansu Shanshan Outlets Shopping Plaza Co., Ltd.[13] - Inventory increased by ¥56,082,553.11, a growth of 58.40%, primarily due to the purchase of Moutai liquor[13] - Contract liabilities increased by ¥61,138,060.90, a growth of 138.43%, mainly due to an increase in unused membership cards[14] Financial Stability and Management - The company continues to focus on maintaining a healthy balance sheet while exploring growth opportunities in the market[44] - The company has not applied new revenue and leasing standards retroactively, maintaining consistency in financial reporting[45] - The audit report for the period is not applicable, indicating no significant issues were raised[45]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 401,535,873.95, a decrease of 72.22% compared to CNY 1,445,194,458.72 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2020 was CNY 19,832,197.36, down 72.75% from CNY 72,771,770.40 in the previous year[19]. - The net cash flow from operating activities was negative CNY 121,146,769.74, a decline of 286.47% compared to CNY 64,969,591.34 in the same period last year[19]. - The total assets at the end of the reporting period were CNY 2,636,687,171.81, a decrease of 4.66% from CNY 2,765,468,036.53 at the end of the previous year[19]. - The net assets attributable to shareholders decreased by 3.56% to CNY 1,749,086,125.19 from CNY 1,813,664,625.18 at the end of the previous year[19]. - Basic earnings per share for the first half of 2020 were CNY 0.03, a decrease of 72.73% compared to CNY 0.11 in the same period last year[20]. - The weighted average return on equity decreased by 2.85 percentage points to 1.10% from 3.95% in the previous year[20]. - The company reported a total profit of ¥31,778,612.83 for the first half of 2020, down from ¥99,725,169.60 in the same period last year[117]. - The comprehensive income for the first half of 2020 showed a decrease of 13,714,813.42 CNY[137]. Revenue and Costs - The company's total operating revenue for the first half of 2020 was CNY 343,610,144.51, a decrease from CNY 427,784,593.55 in the same period of 2019, representing a decline of 19.7%[28]. - The gross profit margin for the first half of 2020 was 42.53%, down from 47.11% in the first half of 2019[28]. - Total operating costs for the first half of 2020 were ¥360,383,454.53, down 73.3% from ¥1,344,272,613.81 in the same period last year[116]. - The company has adopted new revenue recognition standards, which impacted revenue and costs, resulting in a 21.61% actual decline in revenue compared to the previous year[20]. Market and Business Operations - The company operates 12 stores with a total area of 336,200 square meters, making it the largest retail chain in Gansu Province[25]. - The main business revenue accounted for 86.25% of total revenue, with department stores contributing 69.07% and supermarkets 29.82%[26]. - The retail market in Gansu Province saw a total retail sales of CNY 1,627.2 billion in the first half of 2020, a year-on-year decline of 7.9%[34]. - The company’s supermarket business revenue under the agency model was CNY 103,267,588.55, with a gross profit margin of 19.26%[28]. - The company’s department store revenue was CNY 239,215,912.99, with a gross profit margin of 52.61%[28]. Risks and Challenges - The company has detailed the major risks related to its operations in the report, which investors should review carefully[6]. - The company faces macroeconomic risks due to a shift from high-speed to medium-speed economic growth, which may negatively impact consumer spending and company performance[66]. - Increased competition from both local and external retail enterprises poses a risk to the company's market position and operational performance[67]. - The company faces risks related to reliance on single stores and regional concentration, which may impact overall performance due to macroeconomic slowdown and retail competition[69]. Strategic Initiatives - The company continues to utilize a joint venture model as its primary business model, which involves shared responsibilities with suppliers[29]. - The company provided over 10 million yuan in rent relief to suppliers during the pandemic and expanded online sales through live streaming to meet diverse consumer needs[38]. - The company upgraded 108 stores, including 34 exclusive brands like Tom Ford and SKII, enhancing brand novelty and market appeal[41]. - Online sales increased by 175% year-on-year, driven by the integration of digital marketing strategies and the establishment of a comprehensive online shopping platform[45]. - The company launched a multi-channel retail system, utilizing platforms like WeChat and Douyin, with 128,000 enterprise WeChat customers engaged in live streaming sales[44]. - The company is focusing on high-quality consumption trends, enhancing product quality and service levels to meet consumer demands[35]. - The company is actively integrating retail and service industries, promoting collaboration with sectors like tourism and health to enhance consumer experience[35]. Financial Position and Liabilities - The company's cash and cash equivalents decreased by 32.86% to RMB 475.47 million, down from RMB 708.19 million year-on-year[52]. - Short-term borrowings increased by 400% to RMB 250 million, up from RMB 50 million in the previous year[53]. - The company's deferred income tax liabilities decreased by 5.56% to CNY 153,430,550.22, compared to CNY 162,459,900.61 in the previous period[54]. - Total liabilities decreased from CNY 951,803,411.35 in December 2019 to CNY 887,601,046.62 in June 2020, a decline of about 6.7%[110]. Corporate Governance and Compliance - The company held its 2019 annual general meeting on May 18, 2020, where several key resolutions were passed, including the approval of the 2019 annual report and financial statements[71]. - The company has not proposed any profit distribution or capital reserve conversion plans for the first half of 2020[73]. - The company has committed to not transferring or managing shares held by major shareholders for a period of 36 months post-IPO[75]. - The company’s major shareholders have pledged to not transfer more than 25% of their shares during the lock-up period following the IPO[77]. - The company has established measures to ensure that its directors and senior management do not engage in activities that could harm the company's interests, including restrictions on personal consumption behaviors[79]. Accounting Policies and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial reports reflect true and complete financial conditions[146]. - The company’s financial statements are compiled based on historical cost measurement, with provisions for impairment as necessary[143]. - The company recognizes inventory impairment when the cost of individual inventory items exceeds their net realizable value, determined by estimated market price less costs to complete and sell[171]. - Long-term equity investments are initially recognized at the carrying amount of the acquired entity's net assets in the consolidated financial statements[174].