2018 年第三季度报告 公司代码：601086 公司简称：国芳集团 甘肃国芳工贸（集团）股份有限公司 2018 年第三季度报告 1 / 21 $$\mathbb{H}{\overline{{\mathbb{X}}}}$$ | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 10 | 2018 年第三季度报告 单位：元 币种：人民币 | | 本报告期末 | | 上年度末 | | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | --- | --- | | | | | | | 末增减(%) | | | 总资产 | 2,642,037,753.29 | | 2,658,351,056.47 | | | -0.61 | | 归属于上市公司股东 | 1,755,268,448.81 | | 1,767,283,862.73 | | | -0.68 | | 的净资产 | | | | | | | | | 年初至报告期末 | | 上年初至上年报告期末 | | 比上年同期增减(%) | | ...

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,481,232,763.91, representing a 1.81% increase compared to CNY 1,454,906,633.77 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2018 was CNY 83,078,716.45, an increase of 11.86% from CNY 74,269,929.02 in the previous year[19]. - The total profit reached 113 million yuan, an increase of 8.59% compared to the previous year[42]. - The gross profit margin for the retail sector improved, with a 5.9% increase in total profit and a 5.3% increase in net profit year-on-year[36]. - The company achieved a revenue of 1.48 billion yuan in the first half of 2018, representing a year-on-year growth of 1.81%[42]. - The company reported a net loss of CNY 10,270,898.92 in comprehensive income for the current period[123]. Cash Flow and Liquidity - The net cash flow from operating activities reached CNY 117,346,329.14, a significant increase of 390.13% compared to CNY 23,942,011.20 in the same period last year[19]. - The company's cash flow from investment activities showed a net outflow of 248 million yuan, a significant increase compared to the previous year[44]. - The company's cash and cash equivalents were CNY 561,582,446.07, down from CNY 857,048,104.82, indicating a decrease of approximately 34.5%[98]. - The total cash and cash equivalents at the end of the period stood at ¥291,196,770.05, down from ¥525,983,606.28 at the beginning of the period[116]. - The company has no pledged or frozen cash and cash equivalents, indicating a stable liquidity position[197]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,487,531,882.86, down 6.43% from CNY 2,658,351,056.47 at the end of the previous year[19]. - The company's total liabilities decreased to CNY 758,504,617.49 from CNY 891,067,193.74, representing a reduction of about 15%[100]. - The company's total equity decreased to CNY 1,729,027,265.37 from CNY 1,767,283,862.73, a decline of about 2.2%[100]. - The company's total assets decreased to CNY 1,842,322,282.89 from CNY 1,963,161,551.45, a decline of approximately 6.1%[104]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 54,330[84]. - The largest shareholder, Zhang Guofang, held 280,500,000 shares, representing 42.12% of the total shares[85]. - Major shareholders have pledged not to reduce their holdings within two years after the lock-up period ends, with annual sales not exceeding 25% of their total shares during their tenure[66]. Risk Management - The company has outlined potential risks in its future development in the management discussion and analysis section of the report[6]. - The company faces market competition risks, emphasizing differentiated management to enhance operational strength and profitability[53]. - Rising operational costs pose a risk, with the company focusing on cost control and efficiency improvements through refined management practices[57]. - Operational risks include reliance on single stores and regional concentration, with strategies to improve internal controls and management efficiency[54]. Corporate Governance - The company has improved governance and decision-making mechanisms post-IPO, reducing risks associated with blind expansion and impulsive store openings[58]. - The company has committed to not engage in any competitive business activities directly or indirectly, ensuring no conflicts of interest with competitors[67]. - The company has not changed its accounting firm during the reporting period and has continued to engage Zhongxi CPA as its auditing institution[70]. Accounting Policies - The financial statements are prepared in accordance with the Chinese Accounting Standards and reflect the company's financial position and operating results accurately[136]. - The company does not apply significant changes to accounting policies or estimates during the reporting period[195]. - The company recognizes revenue when the ownership risks and rewards of goods are transferred to the buyer, and the revenue amount can be reliably measured[187]. Business Operations - The company operates 12 stores with a total area of 289,900 square meters, including 6 department stores and 6 supermarkets[25]. - The company's main operating model is the joint venture model, which is the primary source of revenue[27]. - The company is focusing on quality retail, cross-border retail, smart retail, and green retail to adapt to consumer demand changes[36].

Financial Performance - Operating revenue for the period was CNY 814,415,435.41, reflecting a growth of 3.09% year-on-year[6] - Net profit attributable to shareholders decreased by 15.74% to CNY 37,696,520.08 compared to the same period last year[6] - Basic earnings per share fell by 33.33% to CNY 0.06, while diluted earnings per share decreased by 14.29% to CNY 0.06[6] - Comprehensive income for Q1 2018 totaled CNY 16,555,367.13, down from CNY 39,816,366.67 in the previous year[31] - Net profit for Q1 2018 was CNY 37,696,520.08, a decrease of 15.6% from CNY 44,739,648.86 in Q1 2017[30] - The net profit for Q1 2018 was -¥8,266,272.94, an improvement from -¥9,789,592.17 in Q1 2017, indicating a reduction in losses[32] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 2,712,894,883.88, an increase of 2.05% compared to the previous year[6] - Total assets increased to 2,712,894,883.88, up from 2,658,351,056.47 at the beginning of the period, reflecting a growth in overall financial health[22] - Total liabilities as of March 31, 2018, were CNY 744,928,231.65, compared to CNY 568,245,250.01 at the start of the year[27] - Current assets totaled CNY 1,017,577,276.47, up from CNY 844,516,127.83 at the beginning of the year, indicating a growth of 20.5%[26] Cash Flow - Cash flow from operating activities improved significantly to CNY 120,239,000.08, a turnaround from a negative cash flow of CNY -69,048,683.76 in the previous year, marking a 274.14% increase[6] - The cash flow from operating activities increased by 18,928.77, a rise of 274.14% compared to the same period last year, driven by increases in accounts payable, taxes payable, and advance receipts[16] - The cash flow from financing activities increased by 4,120.91, up 96.07% year-on-year, mainly due to no loan repayments this year[16] - The net cash flow from operating activities for Q1 2018 was ¥120,239,000.08, a significant recovery from -¥69,048,683.76 in Q1 2017[36] - The cash inflow from operating activities totaled ¥808,572,959.66, compared to ¥917,313,307.09 in the previous year, showing a decline in cash inflow[36] - The cash outflow from operating activities was ¥688,333,959.58, down from ¥986,361,990.85 in the same period last year, indicating improved cash management[36] Shareholder Information - The number of shareholders at the end of the reporting period was 59,502[9] - The top shareholder, Zhang Guofang, holds 42.12% of the shares, totaling 280,500,000 shares[9] Investments and Expenses - Financial expenses decreased by 3,254,296.29, a decline of 113.87% compared to the same period last year, primarily due to increased interest income from substantial working capital[12] - Investment income dropped by 7,529,725.71, a decrease of 100% year-on-year, mainly due to the absence of dividends from Guotai Junan this year[12] - The company invested ¥3,322,969.93 in fixed assets during Q1 2018, a decrease from ¥10,273,238.25 in Q1 2017, reflecting a more cautious investment strategy[36] - The net cash flow from investing activities was -¥3,322,969.93, compared to -¥2,743,505.66 in the previous year, indicating continued investment challenges[36] Operational Metrics - Total operating costs for Q1 2018 were CNY 762,607,551.46, up from CNY 736,783,149.53, reflecting a year-over-year increase of 3.5%[29] - The company's inventory as of March 31, 2018, was CNY 1,058,254.98, an increase from CNY 891,021.08 at the beginning of the year[25] - The company reported a financial expense of CNY -396,501.20 in Q1 2018, a significant improvement compared to CNY 2,857,795.09 in Q1 2017[30] - The company reported a decrease in sales costs to ¥58,910,222.38 from ¥51,494,827.61, reflecting improved cost management[32] - The company’s financial expenses decreased significantly to ¥123,450.58 from ¥3,046,690.54, indicating better financial management[32] Prepayments and Other Current Assets - Other current assets decreased by 97.68% to CNY 376,821.60, primarily due to the completion of VAT input tax and prepayment of income tax[10] - Prepayments increased by 86.42% to CNY 41,692,922.41, indicating a significant rise in advance payments[10] - Prepayments increased by 1,752.64, a rise of 10.98% compared to the beginning of the period, indicating a growing customer base[13] - Employee compensation payable decreased by 938.18, a decline of 89.41%, primarily due to the distribution of year-end bonuses[13] - Taxes payable increased by 709.12, up 31.69% compared to the beginning of the period, mainly due to an increase in unpaid taxes[13] Strategic Initiatives - The company is collaborating with Shanshan Commercial Group and Ningbo Wansheng Investment to develop an outlet project in Lanzhou, with a registered capital of 30 million, where the company will contribute 9 million[17]

Financial Performance - The company's operating revenue for 2017 was CNY 2,902,334,352.88, representing a 2.19% increase compared to CNY 2,840,037,647.83 in 2016[19]. - The net profit attributable to shareholders of the listed company was CNY 120,920,043.69, a 31.68% increase from CNY 91,831,200.72 in the previous year[19]. - The net assets attributable to shareholders of the listed company increased by 49.52% to CNY 1,767,283,862.73 at the end of 2017, compared to CNY 1,181,980,235.96 at the end of 2016[19]. - The total assets of the company reached CNY 2,658,351,056.47, marking a 14.74% increase from CNY 2,316,859,875.98 in 2016[19]. - Basic earnings per share increased by 22.22% to CNY 0.22 compared to the previous year[20]. - Net profit attributable to shareholders grew by 31.68% year-on-year, driven by increased gross profit and reduced expenses[20]. - Operating revenue increased by 2.19% year-on-year, attributed to revenue growth from brand adjustments[20]. - The total profit reached RMB 175 million, an increase of 26.29% compared to the previous year[49]. - The company's main business gross margin was 16.17%, a slight decrease of 0.01 percentage points year-on-year[49]. Cash Flow and Dividends - The cash flow from operating activities was CNY 138,665,210.19, which is a decrease of 41.08% compared to CNY 235,332,630.46 in 2016[19]. - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, subject to approval at the shareholders' meeting[5]. - The company did not propose a cash profit distribution plan for the reporting period despite having positive distributable profits[116]. - The company plans to use the profits for future growth and expansion, as indicated by the absence of a cash dividend proposal[116]. Business Operations and Strategy - The company operates 12 stores with a total area of 287,500 square meters, making it the largest retail chain in Gansu Province[31]. - The main business model remains unchanged, focusing on joint ventures, distribution, consignment, and leasing, with joint ventures being the primary model[32]. - The company is transitioning from a single department store model to a commercial collection model, particularly in Yinchuan and Xining[51]. - The introduction of the "Lohas Market" aims to cater to young consumers' needs by combining supermarket and dining experiences[53]. - The company is focusing on self-operated business development to create differentiation and enhance brand image, moving away from traditional leasing models[89]. - The company aims to build a full-channel retail platform, combining physical, online, and mobile sales channels, driven by big data and customer demand[96]. Market and Competitive Environment - The retail sales of social consumer goods in Gansu Province reached RMB 34.3 billion, growing by 11.0% year-on-year[39]. - Online retail sales of physical goods increased by 28% in 2017, contributing 35.4% to the growth of total social consumer goods retail sales[40]. - The company is addressing market competition risks by implementing differentiated management strategies and expanding its regional competitive advantages[108]. Risk Management - The company has detailed risk factors and countermeasures regarding its future development in the management discussion and analysis section[7]. - The company faces macroeconomic risks due to a slowdown in economic growth, which may impact consumer spending and overall business performance[107]. - The company is aware of operational management risks, including reliance on specific regions and potential challenges in retaining talent and upgrading information technology systems[109]. Corporate Governance and Shareholder Information - The company has committed to not transferring or entrusting the management of shares held by major shareholders for a specified period following the IPO[117]. - The company’s major shareholders have committed to increasing their holdings under certain conditions to stabilize the stock price[117]. - The company’s board is required to announce a share repurchase plan within 5 trading days if stock price stabilization measures are triggered[117]. - The company has not reported any changes in the shareholding structure of its directors and senior management during the reporting period[171]. Social Responsibility and Community Engagement - The company emphasizes its commitment to social responsibility and aims for harmonious development with employees and society[141]. - The company is committed to social responsibility, having donated over 750,000 yuan in winter supplies to impoverished areas[147]. - The company plans to continue its targeted poverty alleviation efforts over the next three to five years[148]. Employee Management and Development - The company has implemented a "National Fang Elite Talent Program" to enhance talent cultivation and improve the efficiency of talent development within the organization[102]. - The company aims to optimize its talent structure and enhance employee training and development[143]. - The company has initiated a "7122" talent development program to train middle management and recruit talent from universities[179]. Audit and Compliance - The audit report issued by Zhongxi Accounting Firm is a standard unqualified opinion, ensuring the accuracy of the financial report[4]. - The company maintained compliance with accounting standards, ensuring that financial statements were prepared in accordance with relevant regulations[194]. - There were no significant deficiencies in internal control reported during the audit period[191].

Financial Performance - Operating revenue for the first nine months increased by 1.78% to CNY 2,124,201,346.90 compared to the same period last year[6] - Net profit attributable to shareholders grew by 37.59% to CNY 92,931,065.64 year-over-year[6] - The company reported a net profit of CNY 86,838,342.30 for the third quarter, a 26.36% increase from the previous year[7] - Total operating revenue for Q3 2017 reached ¥669,294,713.13, an increase of 2.0% compared to ¥653,098,387.82 in Q3 2016[34] - Operating profit for Q3 2017 was ¥30,243,263.19, a 4.0% increase from ¥29,091,790.44 in Q3 2016[36] - Net profit attributable to the parent company for Q3 2017 was ¥18,661,136.62, a decrease of 1.8% compared to ¥18,995,739.65 in Q3 2016[36] - Total comprehensive income for Q3 2017 was ¥34,879,007.38, up from ¥18,271,727.56 in Q3 2016, indicating a significant increase of 90.8%[37] Earnings and Shares - Basic earnings per share increased by 38.46% to CNY 0.18 compared to the previous year[7] - Diluted earnings per share rose by 30.77% to CNY 0.17 year-over-year[7] - Basic earnings per share for Q3 2017 remained at ¥0.04, consistent with Q3 2016[37] Assets and Liabilities - Total assets increased by 21.33% to CNY 2,810,985,186.82 compared to the end of the previous year[6] - Owner's equity rose significantly to CNY 1,784,328,436.52, compared to CNY 1,181,980,235.96, marking an increase of approximately 50.9%[27] - The company’s total liabilities decreased to CNY 1,026,656,750.30 from CNY 1,134,879,640.02, a decrease of about 9.5%[27] - Current liabilities decreased to CNY 839,536,165.92 from CNY 960,166,220.38, a reduction of about 12.5%[26] - The company’s total liabilities and owner's equity totaled CNY 2,037,478,902.09, up from CNY 1,570,414,004.74, an increase of approximately 29.7%[32] Cash Flow - Cash flow from operating activities decreased by 33.10% to CNY 98,902,751.32 compared to the same period last year[6] - Operating cash inflow for the first nine months of 2017 was CNY 400,815,916.89, slightly down from CNY 410,438,531.05 in the same period last year, representing a decrease of approximately 1.5%[45] - Net cash flow from operating activities decreased to CNY 82,210,900.86 from CNY 111,734,579.00, reflecting a decline of about 26.5% year-over-year[45] - Total cash and cash equivalents at the end of the period reached CNY 606,119,223.44, up from CNY 94,041,495.57 at the end of the previous year, marking an increase of approximately 545.5%[46] Shareholder Information - The total number of shareholders reached 148,540 by the end of the reporting period[12] - The top shareholder, Zhang Guofang, holds 42.12% of the shares, totaling 280,500,000 shares[13] Capital and Expenses - The company raised a total of RMB 505.6 million from the issuance of 16 million shares, with a net amount of RMB 465.4 million after deducting issuance costs[21] - The company's capital reserve increased by RMB 305.40 million, a significant rise of 1476.18%, due to the net proceeds from the initial public offering[20] - Sales expenses decreased to CNY 21,621,877.75 for the first nine months of 2017, down 22.14% from CNY 27,769,262.76 in the same period last year[39] - Management expenses increased to CNY 26,633,695.22 for the first nine months of 2017, up 25.25% from CNY 21,294,266.18 in the previous year[39] - Financial expenses decreased to CNY 9,008,463.10 for the first nine months of 2017, down 18.99% from CNY 11,122,234.83 in the same period last year[39]