Financial Performance - The company's operating revenue for Q3 2022 was CNY 66,439.84 million, a decrease of 14.37% compared to the same period last year[4]. - The net profit attributable to shareholders was CNY -5,542.38 million, with a year-to-date net profit of CNY -11,541.74 million, reflecting a significant decline of 319.93% year-on-year[4]. - The net profit after deducting non-recurring gains and losses was CNY 218.75 million, down 87.19% year-on-year, with a year-to-date figure of CNY 5,279.57 million, down 42.08%[4]. - Basic earnings per share for the quarter were CNY -0.10, compared to CNY -0.20 in the same period last year, representing a decrease of 322.22%[5]. - The overall operating revenue for the company was RMB 192,398.83 million, down 9.61% compared to the previous year, with a gross margin of 61.39%[13]. - The net profit for the third quarter of 2022 was a loss of CNY 128,409,625.62, compared to a profit of CNY 44,506,145.03 in the same quarter of 2021[49]. - The net profit for the first three quarters of 2022 was a loss of ¥36,937,920.18, compared to a profit of ¥22,371,825.91 in the same period of 2021[62]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was CNY 12,049.78 million, an increase of 231.41%[4]. - The net cash flow from operating activities increased by 231.41% to RMB 12,049.78 million, attributed to a reduction in cash payments related to operations[10]. - The net cash flow from investing activities was RMB 53,622.54 million, a significant recovery from a negative RMB 7,773.15 million in the previous period, as the company focused on its core business and reduced investment expenditures[10]. - Cash flow from operating activities for the first nine months of 2022 was 120,497,750.81 RMB, an increase from 36,359,542.15 RMB in the same period of 2021[53]. - Total cash inflow from investment activities was 1,539,471,311.04 RMB, up from 1,255,466,531.05 RMB year-over-year[54]. - Net cash flow from investment activities was 536,225,365.16 RMB, a significant improvement from -77,731,484.25 RMB in the previous year[54]. - The cash flow from investment activities was bolstered by cash received from investment income, which increased to ¥350,138,418.05 in 2022 from ¥320,032,325.89 in 2021[65]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 563,329.94 million, down 8.53% from the previous year-end[5]. - The company's total assets decreased to CNY 5,633,299,372.16 in Q3 2022 from CNY 6,158,875,115.36 in Q3 2021, representing a decline of approximately 8.51%[44]. - Total liabilities decreased to CNY 1,925,045,338.83 in Q3 2022 from CNY 2,108,285,101.10 in Q3 2021, a reduction of about 8.68%[44]. - The company's total current assets decreased to 2,814,367,939.54 RMB from 3,173,828,468.67 RMB year-over-year[57]. - The total owner's equity decreased from ¥4,017,233,364.31 to ¥3,692,976,869.12, a decline of approximately 8.06%[59]. Shareholder and Investment Structure - The company has a total of 308,768,140 shares held by Jiumuwang International Investment Holdings Limited, accounting for 53.73% of the total shares[20]. - The company has established an internet fashion industry fund with a total scale of RMB 1 billion, with Jiumuwang Investment committing RMB 990 million, representing 99% of the fund[22]. - The company has a significant shareholder structure, with multiple related parties holding substantial stakes, including Chen Jindun and his relatives[21]. - The company’s total shareholding structure includes various domestic and foreign investors, with significant stakes held by non-state-owned entities[20]. Market and Operational Strategy - The company plans to enhance its market presence and improve operational efficiency through strategic adjustments and potential new product developments[4]. - The company has focused on its core business, resulting in a 40.62% decrease in trading financial assets to CNY 55,044.68 million[8]. - The total number of stores decreased to 2,478 as of September 30, 2022, with 162 new openings and 379 closures, reflecting a strategic restructuring of channels[10]. - The company is actively pursuing market expansion through strategic investments in fashion-related projects[22]. Research and Development - Research and development expenses for the first three quarters of 2022 were CNY 35,067,055.04, slightly down from CNY 35,806,969.48 in the same period of 2021[48]. - Research and development expenses increased slightly to ¥27,902,815.22 from ¥26,759,581.77, indicating a focus on innovation despite financial challenges[61].

Financial Performance - The company's net profit attributable to shareholders decreased by 149.00% to -59.99 million RMB in the first half of 2022 compared to the same period last year[19]. - Operating revenue for the first half of 2022 was 1.29 billion RMB, down 7.84% year-on-year from 1.40 billion RMB[19]. - The basic earnings per share for the first half of 2022 was -0.10 RMB, a decrease of 147.62% compared to 0.21 RMB in the same period last year[18]. - The net cash flow from operating activities fell by 67.51% to 13.10 million RMB, primarily due to reduced cash receipts from sales caused by the COVID-19 pandemic[20]. - The company's total assets decreased by 10.97% to 548.30 million RMB compared to the end of the previous year[19]. - The weighted average return on net assets was -1.53%, a decrease of 4.44 percentage points from 2.91% in the same period last year[18]. - The net profit excluding non-recurring gains and losses decreased by 31.68% to 50.61 million RMB compared to 74.07 million RMB in the same period last year[19]. - The company's net assets attributable to shareholders decreased by 7.86% to 374.86 million RMB compared to the end of the previous year[19]. - The company reported a significant decline in fair value changes from investment activities, contributing to the overall drop in net profit[19]. - The impact of the COVID-19 pandemic led to some offline stores being closed or experiencing reduced foot traffic, affecting overall revenue[19]. Market Position and Brand Development - The company has maintained a market share of 22 consecutive years as the leader in the men's pants market in China, with cumulative sales exceeding 100 million pairs from 1990 to 2021, averaging one sale every seven seconds[35]. - The brand has accumulated 12 million body data points and developed six main pant styles, holding multiple utility model patents in the pants field[30]. - The company emphasizes product innovation and brand recognition by focusing on core advantageous products, aiming to strengthen customer perception of the brand as synonymous with its product category[26]. - The company is actively enhancing its supply chain efficiency through digital and intelligent technologies, including smart factories and RFID technology, to improve overall value chain efficiency[28]. - The brand has successfully integrated various sales channels, including third-party e-commerce platforms and live-streaming commerce, to create a more diversified and unified channel structure[26]. - The company has positioned its ZIOZIA brand to cater to the Chinese market with three main style series: classic business, business casual, and fashion casual[32]. - The company has launched popular series such as "Little Black Pants" and promoted "Pants Festival" to enhance sales and customer reputation[35]. - The brand has received numerous accolades, including being recognized as one of the "Top 500 Chinese Brands" and "China's Most Influential Brands" in the apparel industry[30]. - The company is focusing on emotional interaction and member operations through new media advertising and KOL collaborations to deepen consumer engagement[26]. - The company aims to create the "best pants in the world" and lead the global pants market, reinforcing its commitment to quality and craftsmanship[35]. Sales and Distribution - As of June 30, 2022, the company had a total of 2,517 offline sales terminals, with 859 direct-operated and 1,658 franchised stores[40]. - The average store area continued to expand, with direct-operated stores covering 89,988 square meters and franchised stores covering 233,475 square meters[42]. - The company participated in Paris and Milan Fashion Weeks, showcasing its commitment to brand internationalization and fashion[45]. - The company plans to accelerate channel expansion in the second half of the year to meet annual targets, following slower-than-expected progress due to COVID-19[47]. - The company launched a series of popular products, including the "Little Black Pants" and high-stretch jeans, enhancing its reputation as a "men's pants expert"[43]. Financial Investments and Assets - The company's total assets included RMB 86,922.62 million in overseas assets, representing 15.85% of total assets[69]. - Long-term equity investments decreased slightly by 0.16% to RMB 26,749.05 million compared to the beginning of the period[73]. - The company reduced its trading financial assets by 35.73%, amounting to RMB 59,578.52 million at the end of the period[66]. - The company has significant equity investments in various sectors, including fashion and technology, with notable projects such as Fast Fashion (Guangzhou) Co., Ltd. and Handu E-commerce Group Co., Ltd.[77]. - The company transferred 49.02% of its stake in Shanghai Huasoft Venture Capital Partnership to Beijing Jinling Huarui Consulting Partnership, receiving an initial payment of RMB 25 million[77]. - The company’s investment in Sunshine Insurance Group Co., Ltd. has a registered capital of RMB 10.351 billion, indicating a strong position in the insurance sector[77]. - The company’s financial assets measured at fair value totaled RMB 360.398 million, with a significant portion in non-equity financial products and stocks[79]. - The fair value of equity investments decreased by RMB 10.607 million during the reporting period, reflecting market volatility[79]. - The company’s investment in bonds, measured at fair value, amounted to RMB 23.209 million, with a fair value change of RMB -1.257 million[79]. - The total investment cost for financial assets was RMB 337.189 million, with a current fair value of RMB 221.939 million[79]. Subsidiary Performance - The net profit for the subsidiary company "欧瑞宝厦" was 665.79 million, showing an increase of 110.57% compared to the previous year[81]. - The subsidiary "玛斯（厦门）品牌管理有限公司" reported a net loss of 6,251.23 million, which is a significant decline from the previous year's profit of 1,414.32 million, reflecting a negative fluctuation of 148.27%[81]. - The subsidiary "西藏工布江达县九盛投资有限公司" recorded a net profit of 87,618.68 million, with a decrease of 2,663.98 million compared to the previous year[82]. - The subsidiary "厦门九牧王投资发展有限公司" achieved a net profit of 34,639.48 million, which is a decrease of 33.88% from the previous year[82]. - The total net profit of the subsidiaries accounted for a significant portion of the consolidated net profit, although specific percentages were not disclosed[81]. Corporate Governance and Compliance - The company has established a corporate governance structure with a board of directors, supervisory board, and shareholders' meeting[166]. - The company strictly complies with national environmental protection laws and regulations, implementing various control procedures for waste management[105]. - The company has obtained multiple certifications, including ISO9001, ISO14001, and OHSAS18001, ensuring quality and environmental management standards[105]. - There were no significant lawsuits or arbitration matters during the reporting period[111]. - The company’s actual controller and major shareholder have made commitments to avoid engaging in competitive businesses[108]. - There were no non-operating fund occupations by major shareholders or related parties during the reporting period[110]. - The company has not disclosed any measures taken to reduce carbon emissions during the reporting period[106]. - The company has not reported any changes or updates regarding environmental information during the reporting period[106]. - There were no violations or penalties involving the company or its major shareholders during the reporting period[111]. Future Outlook and Strategy - The company is focusing on expanding its market presence through new product development and strategic investments in various sectors, including e-commerce and cultural tourism[82]. - The company plans to enhance its operational efficiency and profitability through improved management practices and investment strategies[82]. - The overall performance of the subsidiaries indicates a mixed outlook, with some experiencing growth while others face challenges[81]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its portfolio[82]. - The company anticipates challenges from macroeconomic fluctuations, with China's GDP growth expected to remain at a medium pace, potentially affecting consumer spending on apparel[87]. - The company plans to strengthen its supply chain and enhance product development by collaborating with strategic suppliers to introduce innovative and functional products[88]. - The company is actively expanding its online and offline sales channels, including shopping centers and e-commerce platforms, to adapt to changing consumer behaviors[88]. - The company aims to improve customer experience through personalized marketing and VIP customer engagement initiatives[88]. - The company is managing risks associated with over-reliance on its single brand, 九牧王, and its specific product lines[89]. - The management emphasized the need for strategic adjustments to improve financial stability moving forward[160].

九牧王股份有限公司 2022 年第一季度报告 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。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2022 年第一季度报告 证券代码：601566 证券简称：九牧王 1 / 23 □是 √否 2022 年第一季度报告 | 加权平均净资产收益率（%） | | -1.42 | 减少 3.75 | 个百分点 | | --- | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末 增减变动幅度(%) | | | 总资产 | 5,876,488,911.33 | 6,158,875,115.36 | | -4.59 | | 归属于上市公司股东的 所有者权益 | 3,996,426,813.37 | 4,068,289,811.67 | | -1.77 | 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种 ...

Advertising and Brand Recognition - In 2021, Jiumuwang invested over 100 million yuan in advertising, significantly increasing brand recognition, with the brand's first mention rate for men's pants rising from 6% to 22%[11]. - Jiumuwang's brand loyalty and awareness continue to grow, positioning it as a recognized leader in the men's pants market[11]. - The company emphasized brand awareness through high-profile events, including participation in Paris Fashion Week and collaborations with national sports teams[37]. Financial Performance - In 2021, the company's operating income increased by 14.15% year-on-year, reaching RMB 305,042.18 million, primarily due to the implementation of the "Men's Pants Expert" strategic transformation as the pandemic was brought under control[28]. - The net profit attributable to shareholders decreased by 47.25% year-on-year to RMB 19,458.66 million, mainly due to a decline in fair value changes from investment activities[29]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 61.54% year-on-year to RMB 17,203.15 million, driven by sales growth and improved gross margin[29]. - The company's cash flow from operating activities decreased by 22.58% year-on-year to RMB 20,056.36 million[28]. - The total assets at the end of 2021 increased by 4.22% year-on-year to RMB 615,887.51 million, while the net assets attributable to shareholders decreased by 3.09% to RMB 406,828.98 million[28]. - The basic earnings per share for 2021 was RMB 0.34, a decrease of 46.88% compared to 2020[28]. - The weighted average return on equity decreased by 4.04 percentage points to 4.74% in 2021[28]. Product Development and Innovation - The company launched a series of innovative products, including the "Little Black Pants" and wrinkle-free shirts, enhancing its product offerings to meet modern men's fashion needs[55]. - The brand focused on enhancing product structure by increasing the proportion of casual pants and light outdoor styles, while launching new fits to cater to diverse consumer needs[38]. - The company collaborated with renowned designers for new product lines, including a collection inspired by the Great Wall and a winter series with a former Gucci designer[39]. - Jiumuwang's collaboration with top international designers has resulted in high-profile collections that blend traditional Chinese culture with modern fashion[12]. Store Expansion and Retail Strategy - The company opened and renovated over 470 new stores, with significant improvements in operational metrics, particularly among new and young members[14]. - The total number of stores decreased from 2,756 to 2,695, with 327 new openings and 388 closures in 2021[82]. - The company is optimizing its channel strategy, enhancing its presence in high-quality shopping centers and exploring marketing strategies in lower-tier cities[40]. - The company aims to enhance the synergy between men's pants and upper garments to boost overall sales performance, focusing on series development[115]. Corporate Social Responsibility - Jiumuwang donated a total of 20 million yuan in cash and materials to support flood relief efforts in Henan and Shanxi provinces in 2021[13]. - Jiumuwang was included in the 2021 green manufacturing list by the Ministry of Industry and Information Technology, reflecting its commitment to sustainable practices[14]. Strategic Vision and Future Plans - The company aims to solidify its position as the leading global men's pants expert, focusing on brand, product, image, and service leadership[15]. - The company plans to continue investing in brand promotion, channel renewal, product development, and employee incentives, with an increase of approximately RMB 300 million in these areas compared to before the transformation[29]. - The company aims to achieve its brand vision of "leading men's pants in China and becoming the global pants king" in the future[29]. - Future strategies include market expansion and potential mergers and acquisitions to enhance competitive positioning[99]. Challenges and Market Risks - The company recognizes risks from the ongoing COVID-19 pandemic, which may lead to decreased sales and increased inventory, and is adapting by enhancing online sales channels and maintaining customer relationships[112]. - The company is aware of market risks due to macroeconomic fluctuations, which may impact consumer spending on clothing, and plans to adjust operational strategies accordingly[112]. - The company faces challenges from changing consumer demands and intensified competition, necessitating a focus on product differentiation and rapid response to market needs[113]. Investment and Financial Management - The company has a diversified investment strategy, including equity investment products and other types of financial products[175]. - The company has successfully recovered a portion of its investments, demonstrating effective management of its financial assets[173]. - The company plans to continue its entrusted financial management strategy, indicating future financial management plans[173]. Governance and Management - The total pre-tax compensation for the board members and senior management during the reporting period amounted to 8.1848 million CNY[123]. - The company has a remuneration management system based on operational performance assessments[130]. - The company has established a comprehensive internal control system to ensure compliance with regulations and effective governance[154].

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 ...

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 - 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].

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].