Financial Performance - The company's revenue for Q3 2021 was CNY 77,590.99 million, representing a year-on-year increase of 21.52%[4] - The net profit attributable to shareholders was CNY -6,995.45 million, a decrease of 199.80% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 1,707.23 million, an increase of 177.80% year-on-year[4] - Total revenue for the company reached RMB 212,856.05 million, representing a 23.08% increase compared to the previous period[15] - The total profit for Q3 2021 was CNY 59,264,501.08, a decrease of 81.8% compared to CNY 325,998,729.02 in Q3 2020[39] - The net profit attributable to shareholders of the parent company was CNY 52,479,516.06, down 81.0% from CNY 275,546,326.57 in the same period last year[39] - The basic and diluted earnings per share for Q3 2021 were both CNY 0.09, compared to CNY 0.48 in Q3 2020, reflecting a decline of 81.3%[40] Assets and Liabilities - The total assets at the end of Q3 2021 were CNY 600,255.58 million, up 1.57% from the end of the previous year[5] - Total assets as of September 30, 2021, amounted to CNY 6,002,555,832.27, up from CNY 5,909,611,476.16 at the end of 2020[34] - Total liabilities as of September 30, 2021, were CNY 2,064,805,282.96, compared to CNY 1,717,582,131.80 at the end of 2020, indicating an increase of about 20.2%[34] - The company's non-current assets totaled CNY 3,568,529,818.64 as of September 30, 2021, an increase from CNY 3,474,065,573.15 at the end of 2020[33] - Total current liabilities were approximately $1.55 billion, remaining stable with no significant changes[44] - Total non-current liabilities increased to approximately $165.70 million, marking an increase of $31.30 million[45] Cash Flow - The cash flow from operating activities for the year-to-date was CNY 3,635.95 million, down 72.51% year-on-year[4] - Cash flow from operating activities for the first three quarters of 2021 was CNY 36,359,542.15, down 72.6% from CNY 132,275,391.43 in the same period last year[41] - Cash inflow from operating activities totaled CNY 2,367,502,977.33, an increase of 14.7% compared to CNY 2,064,643,742.21 in the first three quarters of 2020[41] - Cash outflow from operating activities was CNY 2,331,143,435.18, up 20.7% from CNY 1,932,368,350.78 in the same period last year[41] - The net cash flow from investing activities was negative CNY 77,731,484.25, compared to a positive CNY 215,476,706.13 in the same period last year[41] - The net cash flow from financing activities was negative CNY 84,239,085.98, an improvement from negative CNY 187,156,065.54 in the same period last year[41] Store Operations - The number of stores decreased to 2,691 by the end of Q3 2021, with 243 new openings and 308 closures during the year[8] Investment Activities - The company has engaged in various investment activities, including a partnership to establish the Shanghai Jinglin Jiusong Internet Fashion Industry Fund[19] - The company has extended the partnership term for the Shanghai Jinglin Jiusong Fund until July 20, 2024, waiving certain management fees[20] - The company invested RMB 30 million in the Suzhou Kaihui Growth Investment Fund during the reporting period[23] - Total entrusted financial management amount reached 111,350.87 million RMB, with various types of financial products contributing to the overall portfolio[30] - The bank financial products from self-owned funds amounted to 42,924.89 million RMB, with an overdue balance of 810.17 million RMB[26] - The company has a significant portion of its investments in equity investment products, with a total of 13,392.59 million RMB allocated to other types of financial products[26] Research and Development - Research and development expenses for the first three quarters of 2021 were CNY 35,806,969.48, compared to CNY 28,884,101.22 in the same period of 2020, reflecting an increase of approximately 24.0%[38] Shareholder Information - The company has a total of 10,545 common stock shareholders at the end of the reporting period[17] - The largest shareholder, Jiumuwang International Investment Holdings Limited, holds 53.73% of shares, totaling 308,768,140 shares[17] Financial Management - The company has utilized various financial management strategies, including both floating and fixed income products, to optimize returns[30] - The company has maintained compliance with legal procedures for all entrusted financial management activities[28]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 139,616.72 million, representing a 24.43% increase compared to CNY 112,208.50 million in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2021 decreased by 40.41% to CNY 12,243.40 million from CNY 20,544.98 million in the previous year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 35.19% to CNY 7,407.45 million compared to CNY 5,479.16 million in the same period last year[20]. - The basic earnings per share for the first half of 2021 was CNY 0.21, down 41.67% from CNY 0.36 in the same period last year[19]. - The weighted average return on net assets decreased to 2.91% from 4.76% in the previous year, a decline of 1.85 percentage points[19]. - The net cash flow from operating activities for the first half of 2021 was CNY 4,031.46 million, a decrease of 11.10% from CNY 4,534.72 million in the same period last year[20]. - The total assets at the end of the reporting period were CNY 593,625.61 million, a slight increase of 0.45% from CNY 590,961.15 million at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 4.38% to CNY 401,400.20 million from CNY 419,795.14 million at the end of the previous year[20]. - The company achieved operating revenue of 1,396.17 million yuan, an increase of 24.43% compared to the same period last year[42]. - Operating profit decreased by 41.25% to 146.94 million yuan, while total profit fell by 40.28% to 147.77 million yuan[42]. - Net profit attributable to shareholders was 122.43 million yuan, down 40.41% year-on-year, but net profit after deducting non-recurring gains and losses increased by 35.19% to 74.07 million yuan[42]. Market Position and Strategy - Jiumuwang has maintained a leading position in the men's pants market in China, with a market share ranking first for 21 consecutive years from 2000 to 2020[33]. - The brand "ZIOZIA" targets young male consumers from the 80s and 90s, focusing on high-quality, fashionable menswear[26]. - The FUN brand emphasizes creativity and cross-border collaborations, enhancing its unique market positioning in trendy apparel[28]. - The apparel industry is experiencing a trend towards product and promotional upgrades to attract younger consumers, with a focus on brand rejuvenation[29]. - Companies are increasingly adopting digital and intelligent technologies to enhance supply chain efficiency and overall value chain performance[32]. - The integration of multiple brands within a corporate structure allows for better management of diverse consumer needs and enhances value chain control[32]. - The company aims to improve its supply chain responsiveness and operational efficiency through flexible management practices[31]. - The focus on single product innovation and promotion is strengthening brand recognition among consumers[30]. - The company plans to continue focusing on product development and market expansion strategies to enhance future performance[20]. Retail and Distribution - The company has established a total of 2,703 retail outlets as of June 30, 2021, with 945 direct-operated stores and 1,758 franchised stores[38]. - The average store area has continued to expand, enhancing the shopping experience for customers[39]. - The company opened nearly 100 new and renovated stores under the new "10th generation" store concept in the first half of 2021[44]. - The total number of channels reached 254 by June 2021, reflecting ongoing channel expansion and optimization efforts[47]. - Direct stores generated revenue of 56,398.91 million RMB with a gross margin of 70.13%, reflecting an increase of 3.81 percentage points in gross margin compared to the previous period[58]. - Franchise stores reported revenue of 58,930.19 million RMB with a gross margin of 56.68%, showing an increase of 0.75 percentage points in gross margin[58]. Financial Investments and Assets - The company has received multiple accolades, including recognition as one of China's most influential brands and a top choice among consumers[25]. - The company reported a significant increase in prepayments, which rose by 5,458.64 million RMB, reflecting a growth of 127.71% due to increased procurement for the upcoming autumn and winter product season[61]. - The total amount of contract liabilities increased by 24.48% to 18,503.23 million RMB, indicating a growing commitment to future sales[59]. - The overall investment portfolio has a total fair value of CNY 292,409.81 million, reflecting a significant portion of the company's assets[70]. - The company plans to expand its investment in various sectors, including e-commerce and cultural tourism, to enhance growth opportunities[72]. - The company has invested approximately 20 million RMB in equity investment products with a fixed annualized return of 4.50%[83]. - The company is actively managing its financial investments to ensure liquidity and optimize returns amid market fluctuations[82]. Challenges and Risks - The company anticipates challenges in adapting to changing consumer demands and increasing competition, necessitating a shift towards more personalized and innovative product offerings[78]. - The overall market environment remains challenging due to macroeconomic fluctuations and changing consumer behaviors, which could impact future performance[77]. - The company faces risks of declining sales revenue and increased inventory due to recurring COVID-19 outbreaks, impacting consumer shopping behavior[80]. - Sales orders primarily follow a futures model, making the company vulnerable to extreme weather events that can hinder consumer shopping[80]. - The company is closely monitoring climate factors and adjusting product lifecycle planning to address the challenges posed by extreme weather[80]. Governance and Compliance - The company continues to operate under its established governance structure, which includes a board of directors and various management centers[161]. - The company has maintained compliance with environmental protection laws and regulations[93]. - The company’s actual controller and major shareholder have made commitments to avoid engaging in competitive businesses[96]. - The company has not reported any significant changes in its governance structure or management personnel[90]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, with no identified issues affecting the company's ability to continue operations for the next 12 months[165]. - The company's accounting policies and estimates are in accordance with the enterprise accounting standards, ensuring the financial statements reflect a true and complete view of the company's financial position and performance[167]. - The company assesses its control over subsidiaries based on the ability to influence returns through participation in relevant activities, ensuring accurate consolidation of financial results[174]. - The company adjusts its financial statements to reflect the impact of internal transactions and recognizes any impairment losses fully[176]. - The company measures expected credit losses (ECL) based on the weighted average of credit losses for financial instruments, considering the risk of default[198].

证券代码：601566 证券简称：九牧王 公告编号：临 2021-018 九牧王股份有限公司 关于参加 2021 年度福建上市公司 投资者网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强九牧王股份有限公司（以下简称"公司"）与投资者的互动交 流，使广大投资者能更深入全面地了解公司情况，公司将参加由中国证券监督管 理委员会福建监管局与福建省上市公司协会、深圳市全景网络有限公司举办的 "2021 年度福建上市公司投资者网上集体接待日活动"。现将有关事项公告如下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网 上平台采取网络远程的方式进行，投资者可以登录"全景网投资者关系互动平台 （http://ir.p5w.net）"参与本次投资者网上集体接待日活动，网上互动交流时间 为 2021 年 5 月 14 日（星期五）15：30-17：00。 欢迎广大投资者积极参与。 特此公告。 九牧王股份有限公司董事会 二○二一年五月十一日 1 / 1 ...

Financial Performance - In 2020, the company's operating revenue decreased by 6.47% compared to 2019, totaling RMB 267,221.26 million [25]. - The net profit attributable to shareholders was RMB 36,889.02 million, a slight decrease of 0.32% from the previous year [25]. - The net profit after deducting non-recurring gains and losses dropped by 47.24% to RMB 10,649.75 million, primarily due to the impact of COVID-19 [27]. - The company's cash flow from operating activities was RMB 25,906.05 million, showing a slight increase of 0.49% year-on-year [25]. - The total assets at the end of 2020 were RMB 590,961.15 million, reflecting a 1.76% increase from 2019 [25]. - The weighted average return on equity increased by 0.18 percentage points to 8.78% in 2020 [26]. - In Q4 2020, the operating revenue reached RMB 91,160.28 million, marking a significant recovery compared to earlier quarters [28]. - The company reported a net profit of RMB 9,334.39 million in Q4 2020, indicating a strong performance in the last quarter [28]. - The company's total revenue for 2020 was CNY 263,618 million, representing a decrease of 5.83% compared to the previous year [72]. - The gross profit margin for the overall business was 60.40%, with a year-on-year increase of 2.80 percentage points [72]. Strategic Transformation and Market Positioning - The strategic transformation aimed at becoming the "expert in men's pants" has led to a significant increase in the young customer demographic after product adjustments [12]. - The company plans to focus on brand positioning, targeting the men's pants category, and enhancing brand recognition among mainstream consumers [13]. - The company aims to develop its young brands ZIOZIA and FUN, positioning ZIOZIA as "high-quality Korean fashion business casual menswear" and FUN as a "trendy fashion brand" [14]. - The company emphasizes the importance of brand awareness, aiming for consumers to associate "Joeone" directly with men's pants [13]. - The company is committed to maintaining its leadership position in the men's pants market through focused brand strategies and operational efficiency improvements [12]. - The company recognizes the opportunity presented by the growing preference for domestic brands among consumers, particularly in light of recent events [14]. - The company’s vision is to "lead China's men's pants market and become the global pants king," reflecting its ambition for international expansion [14]. - The company plans to continue focusing on strategic transformations and market expansion in response to the challenges posed by the pandemic [27]. Product Development and Innovation - The company accumulated data from 12 million individuals, establishing 6 major pant styles and holding 19 utility model patents in the pant sector [11]. - The FUN brand incorporates collaborations with popular IPs like Garfield and Snoopy, aiming to enhance its unique positioning in the trendy apparel market [37]. - The company aims to create the "best pants in the world" and continues to innovate in product design and quality, launching popular series such as "Little Black Pants" and high-stretch denim [52]. - The company plans to collaborate with renowned designers to enhance product fashionability and participate in major fashion events like Paris Fashion Week [128]. - The company will continue to develop its three apparel platforms: "Precision Quality Platform," "Fashion Quality Platform," and "Trendy Fashion Platform" to cater to different consumer needs [124]. Sales and Distribution Channels - The company employs a mixed sales model combining direct sales and franchising, with a strong online presence across major e-commerce platforms [43]. - The company plans to continue expanding its online sales channels and enhancing brand recognition through collaborations and promotional events [67]. - The company has established a multi-brand matrix to meet diverse consumer needs and enhance value chain control through internal incubation and external acquisitions [48]. - The company is adapting to a diversified and integrated channel structure, enhancing online and offline channel synergy through big data [46]. - The retail transformation strategy focuses on consumer satisfaction and profitability of terminal stores, requiring time and experience to implement effectively [136]. Supply Chain and Operational Efficiency - The company emphasizes supply chain efficiency through digital and intelligent technologies, including smart factories and RFID technology [48]. - The company aims to optimize its supply chain by increasing domestic procurement and improving quick response rates to market demands in 2021 [129]. - The company is addressing risks related to extreme weather and pandemic impacts by enhancing supply chain responsiveness and customer engagement strategies [138]. Shareholder and Corporate Governance - The company has cumulatively distributed cash dividends of 4.113 billion RMB by the end of 2020, with a distribution ratio of 95.67% [140]. - The cash dividend policy mandates that at least 10% of the distributable profits must be distributed in cash if there are no major investment plans [140]. - The total amount of related party transactions for the reporting period was approximately RMB 98,425,192.23, with no significant sales returns reported [151]. - The company has no strategic investors or general corporations becoming top ten shareholders during the reporting period [173]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to CNY 6.085 million [180]. Employee and Management Structure - The total number of employees in the parent company is 5,297, while the main subsidiaries employ 1,559, resulting in a total of 6,856 employees [188]. - The company has implemented various training programs to improve retail skills and operational knowledge among employees [191]. - The management team has extensive experience in various related companies, indicating strong leadership capabilities [182]. - The company focuses on performance-based pay, ensuring internal equity and external competitiveness in its compensation structure [189]. Risks and Challenges - The company faces risks from macroeconomic fluctuations, which may impact consumer spending on apparel [134]. - Increased competition and changing consumer demands necessitate a focus on personalized and innovative products to enhance core competitiveness [135]. - The company is actively exploring multi-brand operations, which may include acquisitions and partnerships, to strengthen its market position [136].

2021 年第一季度报告 公司代码：601566 公司简称：九牧王 九牧王股份有限公司 2021 年第一季度报告 1/30 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 14 | 2021 年第一季度报告 一、 重要提示 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 单位：元币种：人民币 | | 项目 | 本期金额 | | --- | --- | --- | | 非流动资产处置损益 | | -34,619.88 | 3/30 单位：万元币种：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 609,074.03 590,961.15 3.06 归属于上市公司股东的净资产 429,710.07 419,795.14 2.36 年初至报告期末 上年初至上年报告期末 比上年同期增减(%) 经营活动产生的现金流量净额 14,509.08 10,814.02 34.17 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 - Net profit attributable to shareholders was CNY 27,554.63 million, down 27.62% year-on-year[6]. - Operating revenue for the period was CNY 176,060.99 million, representing a decline of 13.04% compared to the same period last year[6]. - The company reported a significant decrease in net profit excluding non-recurring items, which was CNY 6,093.72 million, down 73.61% year-on-year[6]. - Basic earnings per share were CNY 0.48, down 27.27% from CNY 0.66 in the previous year[6]. - Total revenue for Q3 2020 was CNY 172,942.14 million, a decrease of 12.38% compared to the same period last year[32]. - The company reported a net profit of CNY 189,972,436.37 for the period, down from CNY 594,544,353.26, indicating a decrease of approximately 68%[46]. - Net profit for Q3 2020 was a loss of CNY 55.64 million, compared to a profit of CNY 78.28 million in Q3 2019, representing a decline of 171.1%[54]. - Total profit for the first three quarters of 2020 was a loss of CNY 44.95 million, down from a profit of CNY 300.91 million in the same period of 2019[54]. Cash Flow - The net cash flow from operating activities increased by 57.67% to CNY 13,227.54 million compared to the same period last year[6]. - Net cash flow from operating activities for the first three quarters of 2020 was CNY 2.06 billion, down 9.1% from CNY 2.27 billion in the same period of 2019[56]. - The net cash flow from operating activities for the first nine months of 2020 was ¥21,328,395.25, a significant decline of 96.1% compared to ¥552,415,094.74 in the first nine months of 2019[58]. - The net cash flow from investment activities was ¥215,476,706.13, a decrease of 41.7% compared to ¥369,401,459.27 in Q3 2019[57]. - Cash inflow from financing activities totaled ¥341,603,334.71, an increase of 51.5% from ¥225,653,185.71 in Q3 2019[57]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 572,961.30 million, a decrease of 1.34% compared to the end of the previous year[6]. - Total liabilities amounted to CNY 1,501,803,675.91, an increase from CNY 1,333,388,620.72 in the previous year, reflecting a growth of approximately 12.6%[46]. - The company's total equity decreased to CNY 3,627,118,618.09 from CNY 4,031,690,534.98, representing a drop of approximately 10%[46]. - The total amount of bank wealth management products from self-owned funds is ¥67,842.37 million, with an unexpired balance of ¥7,376.04 million[23]. - Current liabilities reached CNY 1,499,512,435.74, while total liabilities were CNY 1,534,526,980.06[62]. Shareholder Information - The total number of shareholders at the end of the reporting period was 15,219[9]. - The largest shareholder, Jomoo International Investment Holdings Co., Ltd., held 53.73% of the shares[9]. Investments - The company established an internet fashion industry fund with a total scale of 1 billion yuan, with a commitment of 990 million yuan from its subsidiary[18]. - The company made investments totaling 30 million yuan in various private equity funds during the reporting period[22]. Operational Metrics - The number of stores as of September 30, 2020, was 2,745, with a net decrease of 180 stores during the year[30]. - Online sales revenue reached CNY 25,953.71 million, accounting for 15.01% of total revenue, with a gross margin of 59.68%[36]. - The East China region generated CNY 87,207.07 million in revenue, representing 50.42% of total revenue, but saw a decline of 8.48% year-on-year[37]. Financial Ratios - The weighted average return on equity decreased by 2.14 percentage points to 6.52%[6]. - Gross profit margin for the company was 60.40%, an increase of 2.55 percentage points year-on-year[32].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 112,208.50 million, a decrease of 17.10% compared to CNY 135,347.97 million in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2020 was CNY 20,544.98 million, down 36.75% from CNY 32,483.94 million year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,479.16 million, a significant decline of 71.95% compared to CNY 19,536.68 million in the previous year[18]. - The weighted average return on net assets decreased to 4.76%, down 2.44 percentage points from 7.20% in the same period last year[18]. - The total revenue for the reporting period was CNY 110,756.67 million, a decrease of 15.85% year-on-year, with a gross margin of 59.72%, which increased by 2.05 percentage points[56]. - The company reported a significant increase in net cash flow from operating activities, which rose by 517.55% to 4,534.72 million RMB, primarily due to reduced expenses and government subsidies[45]. - The company reported a total investment in equity investments of RMB 98,025.92 million, with a loss of RMB 4,161.08 million during the reporting period[68]. - The company reported a significant increase in investment income to CNY 48,325,364.19, compared to CNY 224,184,523.01 in the previous year[123]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 555,320.33 million, a decrease of 4.37% from CNY 580,719.31 million at the end of the previous year[18]. - The net assets attributable to shareholders decreased to CNY 411,478.72 million, down 3.52% from CNY 426,474.63 million at the end of the previous year[18]. - The company's total liabilities were reported at ¥1,224,803,996.54, down from ¥1,333,388,620.72[120]. - The company's current assets totaled ¥2,177,740,615.76, down from ¥2,365,618,919.58 at the end of 2019, reflecting a decrease of approximately 7.9%[114]. - The company's total liabilities were reported at ¥1,435,574,478.18, down from ¥1,534,526,980.06, showing a decrease of about 6.4%[116]. Market Position and Strategy - JOEONE is a leading Chinese business casual menswear brand, with a market share of 20 consecutive years as the top men's pants brand in China[22]. - The company operates under three main platforms: "Precision Quality," "Fashion Quality," and "Trendy Fashion," focusing on different consumer segments[22][24][25]. - The company maintained a leading position in the men's pants market in China, with a market share that has ranked first for 20 consecutive years from 2000 to 2019[36]. - The company is focusing on refining its retail operations and enhancing store efficiency to adapt to the ongoing "stock competition" in the industry[30]. - The company aims to enhance brand recognition and customer loyalty through emotional resonance and deep member engagement strategies[32]. - The company is actively expanding its multi-brand strategy, which may include acquisitions and partnerships, to strengthen its market presence[76]. Operational Efficiency - The company is committed to enhancing its supply chain responsiveness and product development capabilities to improve profitability[27]. - The company is focusing on enhancing its franchisee support to improve profitability and ensure the achievement of business goals[76]. - The company is implementing measures to mitigate risks associated with extreme weather and the ongoing impact of the COVID-19 pandemic on sales and inventory levels[78]. - The company aims to optimize its retail network by focusing on high-quality shopping centers and exploring online-offline integrated business models[75]. Cash Flow and Financing - The company's cash and cash equivalents increased by CNY 134.19 million, a growth of 33.45%, primarily due to bank loans obtained during the reporting period[33]. - The net cash flow from operating activities for the first half of 2020 was -68,431,805.45 RMB, a significant decrease compared to 464,949,846.69 RMB in the same period of 2019, reflecting a decline of approximately 114.7%[131]. - The company received 200,000,000.00 RMB in loans during the financing activities, which was a new source of cash inflow[131]. - The company distributed dividends amounting to 378,155,713.46 RMB, which is a decrease of 34.2% from 574,637,150.00 RMB in the same period of the previous year[131]. Investment Activities - The company has invested 67,842.37 million RMB in bank wealth management products, with an outstanding balance of 10,794.30 million RMB[79]. - The company has engaged in various financial management strategies, including investments in both fixed and floating return products[81]. - The company has made significant equity investments in various firms, including a 99% stake in Shanghai Jinglin Jiusheng Xinian Equity Investment Center, with an investment balance of RMB 24,970.80 million[68]. Related Party Transactions - The total amount of related party transactions during the reporting period was CNY 34,278,876.39, accounting for 3.22% of the estimated total transaction amount for 2020[92]. - The procurement transaction amount with Shishi Bolun Textile Trading Co., Ltd. was CNY 1,029,977.64, which is 1.56% of the estimated total procurement amount of CNY 32,000,000.00 for 2020[92]. Governance and Compliance - The company has a governance structure that includes a shareholders' meeting, board of directors, and supervisory board[151]. - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and performance[157]. - The company continues to assess its ability to operate as a going concern and has found no issues affecting this capability[155].

Financial Performance - Operating revenue decreased by 27.63% to CNY 57,942.72 million year-on-year[6] - Net profit attributable to shareholders decreased by 76.67% to CNY 6,313.38 million compared to the same period last year[6] - The weighted average return on equity decreased by 4.45 percentage points to 1.47%[6] - Basic earnings per share dropped by 76.60% to CNY 0.11 per share[6] - The company reported a net profit of ¥594,942,994.05 for the first quarter of 2020, compared to ¥594,544,353.26 in the same period last year, showing a slight increase[43] - Total operating revenue for Q1 2020 was ¥579.43 million, a decrease of 27.5% compared to ¥800.67 million in Q1 2019[44] - Net profit for Q1 2020 was ¥62.10 million, a decline of 77.2% from ¥271.34 million in Q1 2019[45] - Operating profit for Q1 2020 was ¥76.51 million, a decrease of 78.4% compared to ¥354.89 million in Q1 2019[45] - Total comprehensive income for Q1 2020 was ¥62.40 million, down from ¥267.71 million in Q1 2019[45] Cash Flow - Net cash flow from operating activities increased by 5.51% to CNY 10,814.02 million[6] - The net cash flow from operating activities was CNY 108,140,231.22, showing a slight increase of 5.3% from CNY 102,491,900.33 in the same period last year[50] - The cash inflow from operating activities was CNY 732,685,791.73, a decrease of 20.2% compared to CNY 917,810,022.51 in Q1 2019[50] - The cash inflow from financing activities was CNY 218,195,058.70, significantly higher than CNY 24,674,434.75 in Q1 2019[51] - The net cash flow from financing activities increased to CNY 196,124,871.20 from CNY 1,689,819.75 in the previous year[51] - The company reported a net cash outflow from operating activities of -CNY 198,109,729.86 in Q1 2020, contrasting with a net inflow of CNY 163,438,241.35 in Q1 2019[53] Assets and Liabilities - Total assets increased by 5.25% to CNY 611,224.47 million compared to the end of the previous year[6] - Total current assets increased from CNY 2,365,618,919.58 as of December 31, 2019, to CNY 2,665,295,922.06 as of March 31, 2020[38] - Current liabilities rose to ¥1,771,563,666.50, compared to ¥1,499,512,435.74, marking an increase of about 18.1%[39] - Total liabilities increased to ¥1,777,178,844.17 from ¥1,534,526,980.06, reflecting a growth of approximately 15.8%[39] - Total current liabilities amounted to 1,301,697,222.01, with a significant increase of 95,296,369.09 compared to the previous period[61] - Total liabilities reached 1,333,388,620.72, showing an increase of 70,938,303.72 compared to the last reporting period[61] Shareholder Information - The total number of shareholders reached 19,610 by the end of the reporting period[10] - The largest shareholder, Jomoo International Investment Holdings, holds 53.73% of the shares, amounting to 308,768,140 shares[10] Investments - The company has committed to invest CNY 990 million in the "Jinglin Jiusheng Internet Fashion Industry Fund," which focuses on internet fashion-related projects[18] - The company has invested a total of 120,357.12 million RMB in various financial products, with a total expected return of 369.54 million RMB[26] - The company has multiple ongoing investments in bank wealth management products, with amounts ranging from 300.00 million RMB to 11,356.95 million RMB[25][26] - The company has a significant portion of its investments in equity investment products, with a total of 168.36 million RMB and 450.05 million RMB allocated to such products[25] Revenue by Brand - JOEONE brand's revenue was CNY 46,690.78 million, down 30.77% year-over-year, with a gross margin of 57.88%[30] - FUN brand's revenue increased by 12.96% year-over-year to CNY 6,960.13 million, with a gross margin of 59.88%[30] - Overall revenue for the first quarter was CNY 57,311.79 million, representing a decline of 26.41% compared to the previous year[30] Store Information - Total number of stores decreased from 2,932 in Q1 2019 to 2,897 in Q1 2020, a reduction of 1.19%[27] - The number of JOEONE direct stores decreased from 766 to 758, while franchise stores decreased from 1,735 to 1,713[29] - The company reported a total of 2,897 stores as of March 31, 2020, with a total area of 325,262 square meters[29]

Financial Performance - Operating revenue decreased by 27.63% to CNY 57,942.72 million year-on-year[6] - Net profit attributable to shareholders decreased by 76.67% to CNY 6,313.38 million compared to the same period last year[6] - The weighted average return on equity decreased by 4.45 percentage points to 1.47%[6] - Basic earnings per share dropped by 76.60% to CNY 0.11 per share[6] - Total revenue for Q1 2020 was 57,311.79 million RMB, a decrease of 26.41% compared to 77,879.16 million RMB in Q1 2019[34] - The company reported a net profit of ¥594,942,994.05 for the first quarter of 2020, compared to ¥594,544,353.26 in the same period last year, showing a slight increase[43] - Net profit for Q1 2020 was approximately ¥62.10 million, a decline of 77.2% from ¥271.34 million in Q1 2019[45] - The company reported an operating profit of approximately ¥76.51 million in Q1 2020, down 78.4% from ¥354.89 million in Q1 2019[45] Assets and Liabilities - Total assets increased by 5.25% to CNY 611,224.47 million compared to the end of the previous year[6] - Current liabilities rose to ¥1,771,563,666.50, compared to ¥1,499,512,435.74, reflecting an increase of about 18.1%[39] - Total liabilities increased to ¥1,777,178,844.17 from ¥1,534,526,980.06, marking a growth of approximately 15.8%[39] - Owner's equity totaled ¥4,335,065,829.86, up from ¥4,272,666,157.90, indicating an increase of around 1.5%[40] - Total current assets amounted to CNY 2,365,618,919.58, a decrease of CNY 116,485,944.65 compared to the previous period[57] - Total liabilities reached 1,333,388,620.72, showing an increase of 70,938,303.72 compared to the prior period[61] Cash Flow - Net cash flow from operating activities increased by 5.51% to CNY 10,814.02 million[6] - The company reported a net cash outflow from operating activities of -CNY 198,109,729.86 in Q1 2020, contrasting with a net inflow of CNY 163,438,241.35 in Q1 2019[53] - The cash inflow from financing activities was CNY 218,195,058.70, significantly higher than CNY 24,674,434.75 in Q1 2019[51] - The net cash flow from financing activities increased to CNY 196,124,871.20 from CNY 1,689,819.75 in the previous year[51] Shareholder Information - The number of shareholders reached 19,610 by the end of the reporting period[10] - The largest shareholder, Jomoo International Investment Holdings, holds 53.73% of the shares[10] Investment Activities - The company has committed to invest CNY 990 million in the "Jinglin Jiusheng Internet Fashion Industry Fund," which focuses on internet fashion-related projects[18] - The company has invested a total of 120,357.12 million RMB in various financial products, with a total expected return of 369.54 million RMB[26] - The company has partially recovered 4.48 million RMB from a bank wealth management product with an annualized return of 3.00%[24] Revenue by Brand - JOEONE brand reported a revenue of 46,690.78 million RMB, down 30.77% year-over-year[30] - FUN brand's revenue increased by 12.96% to 6,960.13 million RMB, with a gross margin of 59.88%[30] - ZIOZIA brand's gross margin improved by 2.81% to 75.97%, despite a revenue decline of 3.82%[30] Store Operations - Total number of stores decreased from 2,932 in Q1 2019 to 2,897 in Q1 2020, a reduction of 1.19%[27] - The total number of direct-operated stores decreased from 766 to 758, while franchise stores decreased from 1,735 to 1,713[29] - The total area of stores decreased from 329,864 square meters at the end of 2019 to 325,262 square meters by March 31, 2020[29] Other Financial Metrics - Government subsidies related to normal business operations amounted to CNY 9,279.58 million[6] - Non-recurring gains and losses totaled CNY 21,396.04 million[8] - Financial expenses decreased by CNY 8.93 million, a reduction of 391.47%, mainly due to lower bond interest and increased financing subsidies compared to the same period last year[14] - Research and development expenses increased to approximately ¥8.13 million in Q1 2020, up 12.7% from ¥7.21 million in Q1 2019[44]

Dividend Policy - The company plans to distribute a cash dividend of 6.5 yuan per 10 shares (including tax) based on the total share capital registered on the dividend distribution date[5]. - Cumulative cash dividends since the company's listing reached CNY 3,739.61 million, with a dividend payout ratio of 95.18%[142]. - In 2019, the company distributed a cash dividend of CNY 10 per 10 shares, totaling CNY 373.51 million[144]. - The company has committed to a cash dividend policy, ensuring at least 10% of distributable profits are allocated to cash dividends annually[142]. Brand and Market Strategy - The company emphasizes the importance of brand strength and customer loyalty, which have been crucial during challenging times such as the COVID-19 pandemic[11]. - The company is focusing on a single-brand strategy to enhance operational efficiency and resource allocation, while also pursuing a multi-brand strategy to capture new market opportunities[13]. - The company is focused on multi-brand development strategies, including nurturing new brands and acquisitions[35]. - The company is focusing on multi-brand strategies to meet differentiated market demands and enhance upstream and downstream integration capabilities[54]. - The company aims to enhance its multi-brand strategy, including potential acquisitions and partnerships, to improve its operational capabilities[137]. - The company is focusing on multi-brand group operations to increase market share and enhance competitive advantages[129]. Financial Performance - The company's operating revenue for 2019 was approximately CNY 2.86 billion, representing a 4.53% increase compared to CNY 2.73 billion in 2018[25]. - Net profit attributable to shareholders decreased by 30.64% to CNY 370.07 million from CNY 533.59 million in 2018[27]. - The basic earnings per share dropped by 31.18% to CNY 0.64 from CNY 0.93 in 2018[27]. - The weighted average return on equity decreased by 2.44 percentage points to 8.60% from 11.04% in 2018[27]. - The net cash flow from operating activities fell by 42.20% to CNY 257.80 million, primarily due to increased cash payments for goods and services[27]. - Total assets decreased by 4.60% to approximately CNY 5.81 billion from CNY 6.09 billion in 2018[26]. - Total profit amounted to 460.61 million RMB, a decrease of 31.14% compared to the previous year[64]. - The company achieved operating revenue of 2,857.04 million RMB, a year-on-year increase of 4.53%[64]. Operational Strategies - The company has implemented an O2O (Online to Offline) strategy to provide online marketing services, helping to alleviate short-term operational pressures[11]. - The company is enhancing its supply chain responsiveness and multi-product line design capabilities to steadily improve profitability[41]. - The company is expanding its online sales channels through platforms like Tmall, JD.com, and social media, while also developing its own WeChat mini-program for sales[48]. - The company is exploring new operational models, including the FUNLab comprehensive store format, which has been well received by fans[68]. - The company will continue to develop three clothing platforms: "Precision Quality Platform," "Fashion Quality Platform," and "Trendy Fashion Platform" to cater to different consumer needs[132]. Digital Transformation - The company emphasizes a digital and intelligent technology approach to enhance supply chain efficiency, utilizing technologies such as smart factories and RFID[51]. - The company is focusing on enhancing digital transformation across various operational aspects to adapt to changing consumer behaviors post-COVID-19[126]. - The company plans to enhance its digital and online channel integration to meet the growing demand for omnichannel shopping experiences[129]. Challenges and Resilience - The company expresses confidence in its long-term development and believes that the frozen consumer demand will gradually recover post-pandemic[13]. - The company has a history of overcoming significant challenges, including the Asian financial crisis and the SARS outbreak, which reinforces its resilience[11]. - The company acknowledges the rapid and effective pandemic response measures taken by the Chinese government, which have been recognized globally[11]. - The company has faced risks from extreme weather affecting sales, leading to adjustments in inventory and sales strategies[140]. - The company is addressing the impact of COVID-19 by accelerating its omnichannel business and enhancing frontline sales skills[140]. Investment and Growth - The company plans to expand its market presence through strategic investments and partnerships in the coming year[112]. - The company will leverage strategic mergers and acquisitions to support its multi-brand and industry chain investments[133]. - The company is actively expanding its investment strategies, including new cultural and fashion-related funds[172]. Management and Governance - The company has a diverse management team with extensive experience in various sectors, including finance and management consulting[193]. - The total pre-tax compensation for the board members and senior management during the reporting period amounted to CNY 7.2794 million[192]. - The company has a remuneration distribution plan for senior management based on performance assessments approved by the board[199]. Subsidiaries and Investments - The net profit of the subsidiary "Jiumuwang Retail Investment Management Co., Ltd." was 69.46 million RMB, representing a year-on-year increase of 578.65%[114]. - The net profit of the subsidiary "Xiamen Jiumuwang Brand Management Co., Ltd." was -87.40 million RMB, a decrease of 1,042.49 million RMB year-on-year[114]. - The company holds a 15% stake in Sanfang Xinhua Holdings (Beijing) Co., Ltd., an 8% stake in Beijing Xuexin Sudai Technology Co., Ltd., and a 20% stake in Beijing Tianzhihua Software System Technology Co., Ltd.[173]. Compliance and Reporting - The company has not faced any issues regarding the completion of performance commitments or significant accounting errors during the reporting period[151]. - The company has complied with the new financial reporting formats as mandated by the Ministry of Finance in 2019[149]. - The company has not reported any significant changes in accounting estimates or policies that would materially affect its financial results[150].