证券代码：601566 证券简称：九牧王 公告编号：临 2023-017 九牧王股份有限公司 关于参加福建辖区上市公司 2023 年投资者 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。 为进一步加强与投资者的互动交流，九牧王股份有限公司（以下简称"公司"） 将参加由福建证监局、福建省上市公司协会与深圳市全景网络有限公司联合举办 的"2023 年福建辖区上市公司投资者网上集体接待日活动"，现将相关事项公告 如下： 本次活动将采用网络远程的方式举行，投资者可登陆"全景路演"网站 （https://rs.p5w.net），或关注微信公众号：全景财经，或下载全景路演 APP， 参与本次互动交流，活动时间为 2023 年 5 月 15 日（周一）16：00-17：30。届 时公司高管将在线就公司 2022 年度业绩、公司治理、发展战略、经营状况、融 资计划、股权激励和可持续发展等投资者关心的问题，与投资者进行沟通与交流， 欢迎广大投资者踊跃参与！ 特此公告。 九牧王股份有限公司董事会 二○二三年五月十一 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 772,263,509.20, representing a year-on-year increase of 0.84%[6] - The net profit attributable to shareholders was CNY 97,217,538.98, while the net profit after deducting non-recurring gains and losses decreased by 3.36% to CNY 101,876,085.27[6] - The total revenue for the first quarter of 2023 was RMB 76,403.70 million, representing a 0.92% increase compared to the same period last year[13] - The company's net profit margin for Q1 2023 is not explicitly stated but can be inferred from the revenue and cost figures provided[40] - In Q1 2023, the company reported a net profit of CNY 99,256,695.40, a significant recovery from a net loss of CNY 56,510,200.25 in Q1 2022, marking a turnaround of over 275%[41] - The total comprehensive income for the period was CNY 87,155,593.39, a significant improvement from a loss of CNY 70,913,990.10 in the same quarter last year[42] - The net profit for Q1 2023 was CNY 25,030,502.39, down 59.00% from CNY 60,965,649.91 in Q1 2022[52] Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 214.13% to CNY 170,521,841.47[6] - The company achieved a net cash inflow from financing activities of CNY 51,281,169.59, reflecting new borrowings exceeding repayments[10] - The company reported a significant increase in cash reserves, indicating improved liquidity and financial stability moving forward[36] - Cash and cash equivalents as of March 31, 2023, amounted to CNY 895,042,614.21, up from CNY 671,720,461.60 as of December 31, 2022, showing a growth of approximately 33.4%[36] - The company's financing activities generated a net cash inflow of CNY 51,281,169.59, a recovery from a net outflow of CNY 48,206,626.81 in Q1 2022[46] - The ending balance of cash and cash equivalents increased to ¥247,446,020.39, compared to ¥71,372,375.97 at the end of Q1 2022, reflecting a growth of 247.5%[55] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,732,797,659.87, up 1.07% from the end of the previous year[7] - The total assets as of March 31, 2023, amounted to CNY 5,570,749,455.87, a decrease from CNY 5,609,543,839.52 at the end of 2022[49] - Total liabilities decreased to CNY 1,918,539,714.35 as of March 31, 2023, from CNY 1,945,385,983.65 at the end of 2022, a reduction of approximately 1.37%[38] - The total liabilities decreased to CNY 1,698,175,709.14 from CNY 1,762,000,595.18, reflecting a reduction of 3.63%[49] Revenue Breakdown - The FUN brand's revenue decreased by 37.61% year-on-year to CNY 3,968.34 million due to the closure of underperforming stores, reducing the number of stores by 35%[12] - Revenue from the East China region was RMB 29,311.00 million, accounting for 38.37% of total revenue, but decreased by 5.25% year-on-year[13] - The North West region saw a significant revenue increase of 33.25%, reaching RMB 8,468.46 million[13] - Online sales accounted for 9.98% of total revenue, with a gross margin of 60.85%, while offline sales made up 90.02% with a gross margin of 61.23%[13] Expenses - The company's management expenses increased by 45.25% to CNY 75,617,727.08, primarily due to higher management-related expenditures[9] - Research and development expenses for Q1 2023 were CNY 11,194,629.30, compared to CNY 10,301,597.80 in Q1 2022, reflecting an increase of approximately 8.7%[40] - The company's inventory decreased to CNY 729,094,113.00 from CNY 773,412,630.15, a decline of 5.73%[48] - The company reported a decrease in sales expenses to CNY 204,745,744.46 from CNY 192,180,897.59, indicating a rise of 6.00%[52] Investments - The company plans to invest RMB 990 million in a new fashion industry fund, with a total fund size of RMB 1 billion[21] - The company’s equity investment in the fashion industry includes projects like UR Group Inc. and Han Du Yi She E-commerce Group[28] - The company has invested RMB 5,808.74 million in bank wealth management products, with an outstanding balance of RMB 5,611.46 million[30] - The company’s investment strategy focuses on sectors such as education and insurance, with significant projects under management in these areas[28] Legal Matters - The company has initiated litigation against Beijing Jinling Huarui Consulting Partnership and others regarding a dispute over asset transfer, with the case accepted by the Shanghai Pudong New District People's Court on March 1, 2023[22] - The company’s subsidiary, Shanghai Jiu Chuan, has filed a lawsuit against Shanghai Zhongao Industrial Development for unpaid rent totaling RMB 6.6902 million, while Zhongao has counterclaimed for renovation damages of RMB 16.565 million[24]

Financial Performance - In 2022, Jiumuwang experienced its first loss since going public, emphasizing the importance of long-term development over short-term profits[10]. - The company's operating revenue decreased by 14.11% to CNY 262,009.06 million compared to CNY 305,042.18 million in 2021[28]. - The net profit attributable to shareholders of the listed company in 2022 was a loss of CNY 9,341.88 million, a decline of 148.01% from a profit of CNY 19,458.66 million in 2021[28]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 5,619.11 million, down 67.34% from CNY 17,203.15 million in 2021[28]. - The basic earnings per share in 2022 was -CNY 0.16, a decrease of 147.06% from CNY 0.34 in 2021[29]. - The weighted average return on net assets was -2.40% in 2022, a decrease of 7.14 percentage points from 4.74% in 2021[29]. - The company's total revenue for 2022 was CNY 258,561.39 million, a decrease of 13.38% compared to 2021[90]. - The net profit attributable to shareholders was CNY -93.42 million, representing a decline of 148.01% year-over-year; the net profit after deducting non-recurring gains and losses was CNY 56.19 million, down 67.34% year-over-year[36]. Store Expansion and Product Development - The company increased its shopping center and outlet stores by over 300, raising the proportion from 8% to 23%[11]. - The number of upgraded and newly opened "10th generation" stores exceeded 850, accounting for nearly 40% of total stores[11]. - Jiumuwang's "Little Black Pants" achieved cumulative sales of over 2 million units, becoming a sought-after product among consumers[12]. - The company launched new product lines including lightweight pants and jogging pants to meet diverse consumer needs, enhancing product comfort and style[38]. - The company is focusing on product innovation, emphasizing high-quality and functional products to attract younger consumers[44]. - The company aims to strengthen its brand as the "expert in men's pants" through high-quality product development and marketing strategies[13]. Financial Management and Cost Control - The company implemented strict cost control measures, leading to a reduction in cash outflows related to operating activities[30]. - The net cash flow from operating activities increased by 34.53% to CNY 26,981.17 million compared to CNY 20,056.36 million in 2021[28]. - The total assets at the end of 2022 were CNY 567,195.37 million, a decrease of 7.91% from CNY 615,887.51 million at the end of 2021[28]. - The net cash flow from investing activities improved significantly by CNY 59,443.22 million, as the company focused on its core business and reduced investment expenditures[60]. - The net cash flow from financing activities decreased by CNY 30,428.53 million, mainly due to reduced bank borrowings and increased cash outflows for debt repayment[60]. Market Trends and Consumer Behavior - Jiumuwang anticipates a recovery in consumer spending as offline channels regain popularity following the Spring Festival[12]. - The apparel industry faced significant challenges, with retail sales of clothing dropping by 14.97% year-on-year in 2022[44]. - The company is focusing on multi-brand development to reduce reliance on the Jiumuwang brand, which currently dominates revenue[127]. - The clothing industry is entering a recovery and normalization phase in 2023, driven by increased travel frequency and a resurgence in offline foot traffic[117]. Digital Transformation and Technology - The digital transformation includes the establishment of a digital channel management platform and automated inventory management systems[39]. - The company is leveraging technology for digital transformation, improving customer experience and operational efficiency[45]. - The company is investing in research and innovation to support its retail transformation and improve operational efficiency[127]. Organizational Structure and Management - The company is committed to optimizing its organizational structure and enhancing customer satisfaction and loyalty[14]. - The management team is experienced and focused, with a commitment to enhancing management levels and international perspectives[55]. - The company has a structured remuneration distribution plan for directors and supervisors, which is subject to annual review by the shareholders' meeting[144]. Environmental and Social Responsibility - The company has established an environmental management system in accordance with GB/T24001 standards and has been certified under ISO14001:2015 since November 2017[173]. - The company invested a total of 5.8038 million RMB in social responsibility projects, including 2.145 million RMB in cash donations and 3.6588 million RMB in material donations[176]. - The company has implemented carbon reduction measures, including the recovery of steam condensate heat to reduce natural gas consumption and prioritizing energy-efficient equipment in procurement[175]. Challenges and Risks - The company faces risks from macroeconomic fluctuations that could impact consumer spending in the apparel sector[126]. - The closure of underperforming stores due to external economic conditions and changing consumer habits may impact the total number of stores and overall performance[128]. - Extreme weather conditions, such as heavy rain and snow, can adversely affect sales revenue and consumer shopping behavior, presenting challenges for retail and inventory management[128].

证券代码：601566 证券简称：九牧王 公告编号：临 2023-016 九牧王股份有限公司 关于召开 2022 年度业绩说明会的公告 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。 重要内容提示： （网址：http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 4 月 27 日(星期四)至 5 月 6 日(星期六)16:00 前登录上 证路演中心网站首页点击"提问预征集"栏目或通过九牧王股份有限公司（以下 简称"公司"）投资者关系邮箱 ir@joeone.net 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 公司将于 2023 年 4 月 26 日发布公司 2022 年度报告，为便于广大投资者更 全面深入地了解公司 2022 年度经营成果、财务状况，公司计划于 2023 年 5 月 9 日下午 15:00-16:00 举行 2022 年度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 二、 说明会召开的时间、地点 （一） 会议 ...

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].