2014 年第三季度报告 九牧王股份有限公司 2014 年第三季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司主要财务数据和股东变化 3 | | 三、 | 重要事项 6 | | 四、 | 附录 11 | 2014 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员应当保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人林聪颖、主管会计工作负责人张景淳及会计机构负责人（会计主管人员）陈志高 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司主要财务数据和股东变化 2.1 主要财务数据 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 | 5,050,589,204.22 | ...

Financial Performance - The company's operating revenue for the first half of 2014 was CNY 971.09 million, a decrease of 16.56% compared to the same period last year[16]. - The net profit attributable to shareholders was CNY 218.46 million, down 24.80% year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 204.70 million, a decline of 30.16% compared to the previous year[16]. - The company's cash flow from operating activities was CNY 182.27 million, a decrease of 15.61% from the same period last year[16]. - The operating profit for the first half of 2014 was CNY 26.82 million, a decline of 31.03% compared to the same period last year[22]. - The company reported a total profit of CNY 284,798,243.37, which is a decrease of 26.1% from CNY 385,362,009.32 in the previous year[121]. - The company's total comprehensive income for the first half of 2014 was CNY 218,498,169.84, down 24.7% from CNY 290,424,060.20 in the same period last year[121]. - The company reported a net profit of ¥218,458,637.31 during the period, contributing positively to the equity changes[134]. Asset Management - The total assets at the end of the reporting period were CNY 5,123.35 million, down 1.73% from the end of the previous year[16]. - The company reported a decrease in net assets attributable to shareholders by 4.00% compared to the end of the previous year, totaling CNY 4,338.78 million[16]. - The company's total assets decreased to CNY 4,917,202,126.83 from CNY 5,182,634,456.75, a decline of 5.1%[117]. - The total equity decreased to CNY 4,129,510,514.98 from CNY 4,384,240,917.41, reflecting a decline of 5.8%[118]. - The company’s total equity attributable to shareholders decreased to ¥4,338,782,475.52 from ¥4,392,565,684.88, reflecting a reduction of approximately 1.2%[135]. Cost Management - The operating cost for the first half of 2014 was 415.31 million RMB, down 15.77% year-on-year, indicating improved cost management[26]. - The company's sales expenses were CNY 234,002,728.98, slightly up from CNY 232,927,093.52 in the previous year, indicating a stable cost management strategy[121]. - The company reported an increase in asset impairment losses to CNY 22,418,695.17, compared to CNY 12,107,397.74 in the previous year, indicating potential challenges in asset management[121]. Strategic Adjustments - The company adjusted its performance expectations in response to ongoing industry adjustments and pressures[22]. - The company closed 134 underperforming stores in response to the ongoing decline in domestic consumption, aiming to mitigate operational risks[27]. - The company plans to reduce the number of retail outlets by 50-100 in 2014, reflecting a strategic shift in response to market conditions[26]. - The company is actively exploring changes in its franchise business model to enhance management capabilities amid declining franchise performance[24]. Investment and Financial Management - The company has engaged in various non-principal guaranteed financial products, with total investments amounting to 3,800,000 RMB, yielding 229,870 RMB in returns[44]. - The company has invested a total of 13,000,000 RMB in a principal-protected floating income product, yielding an expected return of 780,000 RMB[44]. - The company has engaged in multiple financial management products with varying returns, indicating a diversified investment strategy[47][48]. - The company is focusing on low-risk investment strategies to ensure capital safety and liquidity[52]. Corporate Governance - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board[146]. - The company has maintained compliance with commitments made by its actual controllers and shareholders, with no violations found during self-inspection[92]. - The management team is experienced and focused on continuous improvement, aiming to enhance management levels and build a professional and international team[41]. Market Presence and Expansion - The company is focused on expanding its market presence and exploring new strategies for growth, including potential mergers and acquisitions[40]. - The company is actively pursuing market expansion through strategic acquisitions and partnerships[56]. - The company has a strong marketing network covering major cities across 31 provinces, providing robust support for future online and offline integration[39]. Shareholder Information - The total number of shareholders at the end of the reporting period was 22,694[100]. - The top ten shareholders held a total of 450,000,000 shares, with 九牧王国际投资控股有限公司 owning 58.34% (337,500,000 shares)[101]. - The company distributed a cash dividend of RMB 7 per 10 shares, totaling approximately RMB 40,000.00 million based on the total share capital of 578,462,300 shares[69]. Compliance and Legal Matters - There were no significant lawsuits, arbitrations, or media controversies reported during the period[71]. - The company has not engaged in any non-raised fund investment projects during the reporting period[67]. - There were no penalties or administrative actions against the company or its executives during the reporting period[90].

Financial Performance - Operating revenue decreased by 22.15% to CNY 545,035,064.68 compared to the same period last year[10] - Net profit attributable to shareholders decreased by 24.25% to CNY 144,571,900.84 compared to the same period last year[10] - Basic and diluted earnings per share decreased by 24.24% to CNY 0.25 compared to the same period last year[10] - Total operating revenue for Q1 2014 was CNY 545,035,064.68, a decrease of 22.1% compared to CNY 700,077,438.82 in the same period last year[36] - Net profit for Q1 2014 was CNY 144,571,900.84, representing a decline of 24.2% from CNY 190,856,606.64 in the previous year[36] - Comprehensive income for Q1 2014 totaled CNY 144,607,787.79, down from CNY 190,842,205.69 year-over-year[37] Assets and Liabilities - Total assets increased by 1.11% to CNY 5,271,310,925.69 compared to the end of the previous year[10] - The company's total equity rose to CNY 4,664,973,468.43 from CNY 4,519,430,947.51, representing an increase of approximately 3.2%[29] - Total current liabilities decreased to CNY 606,337,457.26 from CNY 694,099,797.61, indicating a reduction of about 12.6%[29] - Total liabilities decreased to CNY 754,593,111.30 from CNY 798,393,539.34, a reduction of 5.5%[33] - The inventory decreased to CNY 580,317,542.44 from CNY 625,035,153.52, showing a decline of about 7.1%[27] - The accounts receivable slightly increased to CNY 183,653,638.10 from CNY 182,267,243.89, reflecting a marginal growth of 0.76%[27] Cash Flow - Net cash flow from operating activities decreased by 8.55% to CNY 175,969,512.13 compared to the same period last year[10] - Net cash flow from operating activities was ¥175,969,512.13, down 8.5% from ¥192,431,491.67 year-over-year[40] - Cash inflow from investment activities reached ¥917,298,626.83, significantly up from ¥362,390,368.16, marking an increase of 153.5%[40] - Net cash flow from investment activities was -¥43,924,445.39, an improvement from -¥586,258,392.80 in the previous period[41] - Cash flow from financing activities generated a net inflow of ¥5,098,000.00, down from ¥9,971,227.61 year-over-year[41] Shareholder Information - The total number of shareholders reached 22,771 at the end of the reporting period[12] - The largest shareholder, Jomoo International Investment, holds 58.34% of the shares, totaling 337,500,000 shares[12] Investment and Income - Investment income increased by 473.25% year-on-year, primarily due to increased returns from matured financial products[17] - Non-operating income increased by 1,446.03% year-on-year, mainly due to an increase in government subsidies received[17] - Investment income for Q1 2014 was CNY 13,698,626.83, significantly higher than CNY 2,389,662.16 in the previous year[36] Expenses and Provisions - Operating tax and additional fees decreased by 32.87% year-on-year, primarily due to a reduction in value-added tax payable[17] - Asset impairment losses decreased by 45.67% year-on-year, mainly due to a reduction in bad debt provisions[17] - Non-operating expenses decreased by 72.62% year-on-year, primarily due to a reduction in external donation expenditures[17] - Income tax expenses decreased by 41.10% year-on-year, mainly due to a decrease in pre-tax profits resulting from lower operating income[17] Commitments and Pledges - The company committed to distributing at least 10% of the annual distributable profits in cash, with a cumulative distribution of no less than 30% of the average annual distributable profits over the last three years[23] - Jomoo Holdings has pledged not to engage in high-risk investments for a period of 12 months following the use of raised funds for working capital[23] - The company reported a commitment to ensure that its subsidiaries do not suffer any losses due to unpaid social insurance and housing fund contributions[23] Cash and Equivalents - The company's cash and cash equivalents increased to CNY 1,738,310,544.98 from CNY 1,606,229,425.32 at the beginning of the year, reflecting a growth of approximately 8.2%[27] - Cash and cash equivalents at the end of the period amounted to ¥1,724,374,544.98, compared to ¥2,193,080,007.22 at the end of the previous period[41] - The net increase in cash and cash equivalents was ¥137,179,119.66, a recovery from a decrease of -¥383,872,936.47 in the previous period[41]

Financial Performance - The company reported a revenue of CNY 2,501,539,269.87, a decrease of 3.81% compared to 2012[34]. - The net profit attributable to shareholders was CNY 537,302,198.95, down 19.62% year-on-year[35]. - The basic earnings per share decreased to CNY 0.93, reflecting a decline of 19.83% from the previous year[35]. - The company's main business revenue decreased by 3.95% year-on-year, primarily due to a slowdown in domestic economic growth and a decline in terminal consumption[59]. - The company's operating revenue for the reporting period was CNY 250,153.93 million, a decrease of 3.81% compared to the same period last year, primarily due to a slowdown in domestic economic growth and weak terminal consumption[42]. - The weighted average return on equity decreased to 12.05%, down 4.03 percentage points from the previous year[35]. - The company achieved 91% of its revenue target for the year, with actual revenue of CNY 25.02 billion against a target of CNY 27.5 billion[55]. - The company reported a total revenue of 2.2 billion CNY for 2014, with a projected decrease of 12% compared to 2013[97]. Dividend Policy - The company plans to distribute a cash dividend of 7 RMB per 10 shares (including tax) based on the total share capital registered on the dividend distribution date[7]. - The company has established a cash dividend policy, committing to distribute at least 10% of the annual distributable profit as cash dividends if there are no major investment plans[106]. - In 2012, the company distributed cash dividends of 7 RMB per 10 shares, totaling approximately 405 million RMB, and plans to maintain similar distributions in the future[108]. Market Strategy - The company emphasizes a focus on providing high cost-performance men's fashion apparel, maintaining a conservative approach in its core business[12]. - The company plans to actively expand its multi-brand strategy, including potential acquisitions and partnerships, to enhance its brand portfolio[21]. - The company recognizes the need to diversify its brand portfolio, as the current revenue is over 90% dependent on the Jiumuwang brand[102]. - The company plans to optimize its channel strategy by targeting key shopping malls, shopping centers, and street shops, while also exploring an integrated online and offline business model[95]. - The company is focusing on enhancing its online and offline integrated business model to adapt to the rapid growth of e-commerce and changing consumer habits[20]. Operational Efficiency - The company aims to improve its operational efficiency by transitioning from a broad growth strategy to a more refined operational model, which may take time to implement[22]. - The company recognizes the need for a refined operational system to enhance store management and retail efficiency, which will be a key focus moving forward[22]. - The company is transitioning from a rough growth model to a refined operational system, which may take time and experience to enhance operational efficiency[104]. - The company is committed to strengthening its core competitiveness by enhancing raw material development and collaborating with strategic suppliers[20]. Financial Management - The company is cautious in using raised funds, avoiding investments in unfamiliar industries to protect shareholder interests[15]. - The company will reassess its fundraising projects due to high commercial property prices and uncertain market conditions, ensuring investment safety and maximizing returns[21]. - The company has engaged in various entrusted financial management products, with a total investment amounting to 1,000 million RMB in non-principal guaranteed floating income products[71]. - The company has achieved an actual return of 59.67 million RMB from its entrusted financial management products, indicating effective investment strategies[71]. Inventory Management - In 2013, the company faced challenges with inventory management, as the inventory level remained high despite a slight year-on-year decrease[22]. - The company's inventory remains at a high level despite a slight year-on-year decrease, influenced by rising raw material and labor costs, and the company aims to improve inventory turnover through better order management and e-commerce channels[104]. - Total product sales volume decreased by 4.67% year-on-year, with total inventory at the end of the period at 485.29 million units, down 3.61% from the beginning of the period, indicating improved inventory management[43]. Economic Environment - The company acknowledges the challenges and opportunities in the current economic environment, particularly in the apparel industry[12]. - The company anticipates that the domestic economic structural adjustments will moderately slow down future economic growth, impacting the apparel industry[20]. - The company faced challenges due to a slowdown in domestic consumption and increased competition in the apparel industry[39]. Shareholder Relations - The company seeks continued trust and support from shareholders to navigate the current market challenges[16]. - The company has a long-term commitment to ensure that its subsidiaries do not suffer any losses due to unpaid social insurance and housing fund contributions[126]. Corporate Governance - The company has established a comprehensive governance structure, holding 2 shareholder meetings, 7 board meetings, and 6 supervisory meetings during the reporting period[171]. - The company has revised 19 internal regulations and established 3 new systems to improve corporate governance[172]. - The company has implemented a strict insider information management system, with no regulatory actions taken against it for violations during the reporting period[174]. Related Party Transactions - The total amount of related party transactions for 2013 was approximately 247 million RMB, with significant transactions including 25.29 million RMB for raw materials and 117.98 million RMB for finished products[120]. - The company confirmed that all related party debts and credits were settled by the end of 2013, with no substantial impact on its financial status[123]. - The company's related party sales and purchases represent a small proportion of total transactions, indicating low dependency on related parties[121]. Employee Management - The total number of employees in the parent company and major subsidiaries is 6,994, with 3,124 in production, 3,159 in sales, 178 in technology, 186 in finance, and 347 in administration[165]. - The company has established an annual performance evaluation system for senior management, linking their performance to compensation[184]. - The total remuneration for all directors, supervisors, and senior management personnel at the end of the reporting period amounted to 7.1025 million yuan[167].