Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,324,987,770.97, a decrease of 15.75% compared to CNY 1,572,605,580.76 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2019 was CNY 95,491,167.88, down 43.13% from CNY 167,919,484.49 in the previous year[20]. - The basic earnings per share for the first half of 2019 was CNY 0.2437, a decline of 41.81% from CNY 0.4188 in the same period last year[21]. - The weighted average return on equity decreased to 2.40%, down 1.63 percentage points from 4.03% in the previous year[21]. - Total revenue for the first half of 2019 was CNY 1,312,173,426.90, a decrease of 15.67% compared to the previous year[72]. - Net profit for the first half of 2019 was CNY 94,736,427.81, representing a decline of 43.73% from CNY 168,462,888.12 in the same period of 2018[120]. - Total profit for the first half of 2019 was CNY 130,384,099.08, down 39.38% from CNY 214,987,298.09 in the same period of 2018[120]. - Total comprehensive income for the first half of 2019 was CNY 295,433,754.37, compared to CNY 19,610,710.29 in the same period of 2018, indicating significant growth[125]. Cash Flow - The net cash flow from operating activities increased by 17.52% to CNY 20,978,256.38 compared to CNY 17,850,054.09 in the same period last year[20]. - Cash inflow from operating activities totaled CNY 1,603,777,755.02, while cash outflow was CNY 1,582,799,498.64, resulting in a net cash inflow[128]. - Cash flow from investment activities showed a net outflow of CNY 16,035,547.70, down from a net inflow of CNY 222,378,326.58 in the previous year[129]. - The company paid CNY 116,721,530.70 in dividends and interest, down from CNY 208,367,729.35 in the first half of 2018[129]. - The net increase in cash and cash equivalents for the period was CNY 91,043,280.10, contrasting with a decrease of CNY 62,753,387.40 in the prior period, showing a significant turnaround[132]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,626,347,909.59, a decrease of 5.16% from CNY 4,877,869,034.72 at the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were CNY 3,893,301,334.77, a decrease of 1.78% from CNY 3,963,739,201.77 at the end of the previous year[20]. - Total current assets as of June 30, 2019, amount to ¥3,135,835,485.60, a decrease from ¥3,369,705,607.26 at the end of 2018[110]. - Cash and cash equivalents decreased to ¥453,016,647.72 from ¥646,466,280.09, indicating a decline of approximately 30%[110]. - The company's long-term equity investments decreased to ¥289,131,639.64 from ¥303,078,911.99, reflecting a decline of approximately 4.6%[110]. - Current liabilities decreased from CNY 903,991,564.24 to CNY 714,016,056.96, a reduction of about 21%[111]. - Non-current liabilities totaled CNY 9,646,989.22, with total liabilities amounting to CNY 723,663,046.18, down from CNY 903,991,564.24, indicating a significant decrease[112]. Research and Development - The company reported a significant increase in research and development expenses, rising by 22.15% to approximately ¥27.55 million, reflecting a commitment to innovation and product development[41]. - Research and development expenses increased to CNY 27,546,279.55, up 22.43% from CNY 22,551,322.67 in the previous year[119]. - Total R&D investment accounted for 2.08% of operating revenue[55]. Market and Sales Performance - The company's operating revenue for the first half of 2019 was approximately ¥1.32 billion, a decrease of 15.75% compared to the same period last year, primarily due to overall economic weakness and declining consumer demand in the traditional footwear industry[41]. - The revenue from the Aokang brand was 844,168,210.91 RMB, reflecting a decrease of 19.64% year-on-year, while the gross margin improved by 2.21 percentage points to 37.70%[71]. - Revenue from independent stores was CNY 579,814,471.75, with a gross margin of 41.56%, showing a decrease of 13.20% in revenue compared to last year[72]. - Online sales accounted for 13.93% of total revenue, with a gross margin of 35.89%, compared to 10.31% and 36.71% respectively in the same period last year[78]. - The total revenue from franchise stores was CNY 364,700,959.12, with a gross margin of 30.56%, showing a significant decrease of 26.63% in revenue compared to last year[76]. Shareholder Information - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[6]. - The company confirmed that its actual controller and shareholders have made commitments not to buy or sell shares within the next 12 months[84]. - The company has ongoing commitments from major shareholders to maintain their shareholdings for specified periods[84]. - The total number of shares repurchased by the company reached 18,193,731 shares, representing 4.54% of the total share capital, with an average repurchase price of 10.61 yuan per share[97]. Compliance and Governance - The company has retained Tianjian Accounting Firm for the 2019 annual audit, with no changes in the auditing firm during the reporting period[87]. - The company and its controlling shareholders have maintained good integrity, with no unfulfilled court judgments or significant overdue debts[88]. - The company is focused on maintaining compliance with relevant regulations during its shareholder meetings and decision-making processes[83]. Accounting Policies - The financial statements are prepared in accordance with the enterprise accounting standards, ensuring transparency and accuracy in financial reporting[149]. - The company recognizes financial assets when it becomes a party to the financial instrument contract, measuring them at fair value upon initial recognition[158]. - Revenue is recognized when the risks and rewards of ownership are transferred to the buyer, and the amount can be reliably measured[196].

Financial Performance - In 2018, the company's operating revenue was CNY 3,043,138,242.59, a decrease of 6.70% compared to CNY 3,261,683,206.06 in 2017[20] - The net profit attributable to shareholders was CNY 136,946,493.70, down 39.53% from CNY 226,467,907.17 in the previous year[20] - The net cash flow from operating activities increased by 22.63% to CNY 319,129,263.31 from CNY 260,245,902.36 in 2017[20] - The total assets decreased by 8.55% to CNY 4,877,869,034.72 from CNY 5,333,843,198.97 in 2017[20] - The basic earnings per share dropped by 39.39% to CNY 0.3423 from CNY 0.5648 in 2017[21] - The weighted average return on equity decreased to 3.40%, down 2.14 percentage points from 5.54% in 2017[21] - The net profit after deducting non-recurring gains and losses was CNY 90,902,611.95, a decline of 50.04% from CNY 181,947,751.02 in 2017[20] - The total equity attributable to shareholders was CNY 3,963,739,201.77, a decrease of 2.85% from CNY 4,080,196,063.52 at the end of 2017[20] - The company reported a total share capital of 400,980,000 shares, unchanged from the previous year[20] Revenue and Sales - In Q1, the company reported revenue of approximately ¥868 million, with a net profit attributable to shareholders of about ¥119 million, while Q4 showed a revenue of approximately ¥862 million but a net loss of about ¥35 million[23] - The company achieved a 50% year-over-year increase in member repurchase rate, with a total of 13 million new retail members[32] - The company’s inventory increased by ¥67.96 million, primarily due to stock repurchases in the secondary market[33] - The company’s foreign assets accounted for 6.21% of total assets, amounting to approximately ¥303 million[31] - The company reported a gross margin of 35.47% in the footwear industry, a decrease of 0.81 percentage points from the previous year[42] - The Southeast region generated revenue of CNY 1,220.42 million, with a gross margin of 36.86%, down 13.42% year-on-year[42] - Revenue from direct stores was 1,468,114,068.87 RMB, down 3.12% year-over-year, with a gross margin of 39.23%[75] - Franchise store revenue was 1,061,714,332.16 RMB, a decline of 10.49% from the previous year, with a gross margin of 30.93%[75] - The company experienced a significant drop in export revenue, which fell by 49.35% to 11,293,005.85 RMB[76] Costs and Expenses - Operating costs amounted to CNY 1,955.61 million, down 5.93% compared to the previous year[37] - Main business cost for the footwear industry was CNY 1,945,843,589.19, a decrease of 5.84% compared to CNY 2,066,581,201.94 in the previous year[48] - Sales expenses decreased by 14.93% to CNY 461,127,482.81, primarily due to reduced advertising costs[51] - R&D expenses increased by 4.13% to CNY 40,406,925.52, mainly due to higher employee salaries in R&D[53] Investments and Dividends - The company plans to distribute a cash dividend of CNY 3 per 10 shares to all shareholders[5] - The cash dividend for 2018 is proposed at 3 RMB per 10 shares, totaling approximately 117.21 million RMB, which is 85.59% of the net profit attributable to shareholders[96] - The company has made significant investments, including a 19.8 million RMB stake in Wenzhou Minsheng Bank, representing 9.90% of its total equity[84] - The company reported a net loss of ¥74,909,892.58 from investments in associates, primarily due to impairment losses on long-term equity investments[62] Strategic Initiatives - The company has implemented a multi-brand strategy, focusing on different consumer segments with price ranges from ¥299 to ¥899[27] - The company’s investment in smart manufacturing has led to a digital transformation in production processes, enhancing efficiency and responsiveness[32] - The company focused on product category enhancement and established an international design platform to innovate design models and share information in real-time[35] - The company is expanding its store network while enhancing single-store efficiency, particularly in shopping center channels[35] - The company has partnered with Alibaba and JD.com for strategic cooperation in "new retail" projects to optimize online and offline integration[35] - Membership management strategies have been implemented to enhance consumer engagement through multi-channel brand traffic pools[36] Market Challenges - The company is facing challenges due to rising labor costs and trade protectionism, impacting the traditional footwear manufacturing sector[86] - The company plans to focus on expanding its market presence in response to the growing demand for casual and athletic footwear[86] - The retail sector faces risks from evolving marketing channels, particularly the rise of social e-commerce, which the company plans to address by enhancing online and offline integration[92] Governance and Compliance - The company has established long-term commitments to avoid engaging in competitive businesses that may harm its interests[99] - The commitments made by the actual controller and shareholders are intended to prevent conflicts of interest and ensure the company's stability[99] - The company has confirmed that there are no plans for significant shareholding changes in the near future[99] - The company has a total of 158 leased properties covering approximately 19,689.71 square meters for opening direct stores[100] - The company has retained Tianjian Accounting Firm for auditing services, with a remuneration of 180,000 RMB for the year[104] - The internal control audit will also be conducted by Tianjian Accounting Firm, with a fee of 60,000 RMB[105] - The company has engaged in cash asset management through entrusted financial management, with a total amount of 226,500,000 RMB and an outstanding balance of 60,500,000 RMB[109] Employee and Management - The company has a total of 6,291 employees, with 2,430 in the parent company and 3,861 in major subsidiaries[152] - The workforce consists of 3,188 production personnel, 2,169 sales personnel, 204 technical personnel, 150 financial personnel, and 580 administrative personnel[152] - A training program named "Eagle Training Camp" has been launched to develop leadership talent and enhance employee skills[154] - The company has established a robust employee training and compensation system to promote career development[125] Audit and Financial Reporting - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2018[170] - The internal control audit report was issued by Tianjian Accounting Firm, confirming the implementation of internal controls for 2018[166] - The company did not report any significant deficiencies in internal controls during the reporting period[166] - The company’s revenue recognition under the distribution model involves significant management judgment regarding the transfer of risks and rewards[174] Shareholder Information - The total number of ordinary shareholders increased from 17,276 to 18,374 during the reporting period[131] - The largest shareholder, Aokang Investment Holdings Co., Ltd., holds 111,181,000 shares, accounting for 27.73% of total shares, with 20,050,000 shares pledged[134] - Wang Zhentao, the chairman, holds 15.10% of the shares, with 60,556,717 shares, all of which are pledged[134] - The company has no strategic investors or general legal entities among the top 10 shareholders due to the absence of new share placements[135]

Financial Performance - Operating revenue for the first quarter was CNY 735,801,408.24, a decline of 15.23% year-on-year[6] - Net profit attributable to shareholders decreased by 33.68% to CNY 79,139,159.27 compared to the same period last year[6] - Basic earnings per share decreased by 32.43% to CNY 0.2011[6] - Total revenue for the company was CNY 729,386,605.70, a decrease of 15.68% year-over-year[22] - Gross profit margin decreased to 38.20%, reflecting an increase of 0.15 percentage points compared to the previous year[22] - The company's net profit for Q1 2019 was not explicitly stated, but the decrease in revenue and costs suggests a challenging financial environment[38] - The total profit for Q1 2019 was ¥96,776,764.01, down 33.7% from ¥145,942,277.39 in Q1 2018[40] - The net profit for Q1 2019 was ¥78,871,611.41, down 34.2% from ¥119,648,573.44 in Q1 2018[40] - The total comprehensive income for Q1 2019 was ¥73,108,256.18, a decrease of 39.1% from ¥120,016,276.67 in Q1 2018[40] Cash Flow and Liquidity - Cash flow from operating activities improved to CNY 5,184,195.24, compared to a negative CNY 8,421,017.09 in the same period last year[6] - Cash received from operating activities decreased by 53.30% to ¥38,011,543.26, mainly due to reduced recovery of operational deposits[16] - Cash and cash equivalents decreased to CNY 569,282,488.49 from CNY 646,466,280.09 at the end of 2018[30] - Cash and cash equivalents decreased to CNY 41,060,829.24 from CNY 49,313,304.98, indicating a liquidity challenge[35] - The cash inflow from operating activities was ¥876,857,598.94 in Q1 2019, down from ¥1,115,165,036.57 in Q1 2018, a decline of 21.4%[43] - The net cash flow from investment activities was ¥34,039,260.27, a significant improvement from a negative cash flow of ¥132,082,249.89 in Q1 2018[45] - The company reported a total cash outflow from financing activities of ¥43,528,765.40, with no cash inflow recorded[46] Assets and Liabilities - Total assets decreased by 2.62% to CNY 4,750,041,796.01 compared to the end of the previous year[6] - Total assets as of March 31, 2019, were CNY 4,510,026,950.25, slightly down from CNY 4,526,842,481.95 at the end of 2018[36] - Total liabilities amounted to CNY 341,910,935.05, an increase from CNY 323,004,371.41 in the previous period[36] - Total liabilities amount to CNY 903,991,564.24, with current liabilities comprising the majority[49] - Total equity attributable to shareholders is CNY 3,963,739,201.77, reflecting a strong capital base[49] - The company’s short-term borrowings and other liabilities decreased significantly, with total current liabilities at CNY 746,584,834.75 compared to CNY 903,991,564.24 at the end of 2018[31] Shareholder Information - The number of shareholders at the end of the reporting period was 17,276[11] - The largest shareholder, Aokang Investment Holdings, holds 27.73% of the shares, with 111,181,000 shares pledged[11] Operational Highlights - Online sales generated CNY 86,223,451.08, with a year-over-year increase of 11.02%[22] - Offline sales accounted for CNY 643,163,154.62, showing a decrease of 18.32% year-over-year[22] - The company opened 30 new franchise stores in Vietnam and Kuwait as of March 31, 2019[24] - The company invested CNY 18 million in Wenzhou Anbaole Shoe Industry Technology Co., Ltd. on January 18, 2019[25] - A licensing agreement was signed with Pokémon Company and Alibaba for the sale of Pokémon merchandise in China, effective from March 1, 2019, to February 29, 2020[25] Expense Management - Employee compensation payable decreased by 46.38% to CNY 34,594,588.03, primarily due to the distribution of 2018 salaries and bonuses[13] - Financial expenses decreased by 84.58% to ¥757,271.10, primarily due to reduced interest payments[15] - The company reported a decrease in asset impairment losses to ¥550,940.67, primarily due to provisions for bad debts[15] - The company’s tax expenses decreased by 31.90% to ¥17,905,152.60, mainly due to a reduction in total profit[15] - Research and development expenses increased to ¥9,972,141.43 in Q1 2019, up 18.8% from ¥8,392,578.30 in Q1 2018[41] Strategic Initiatives - The company plans to continue focusing on investment activities to improve cash flow and reduce negative cash flow from operations[45] - The company is actively exploring new strategies for market expansion and product development to enhance overall performance[45]

Financial Performance - Net profit attributable to shareholders decreased by 10.26% to ¥172,183,543.12 compared to the same period last year[8] - Operating revenue for the first nine months decreased by 4.03% to ¥2,181,282,998.30[7] - Total revenue for the company was CNY 2,161,531,098.56, a decrease of 4.36% compared to the previous year[23] - The company reported a revenue of CNY 1,449,004,241.67 from the Aokang brand, which decreased by 5.43% year-on-year[23] - The revenue from the Skechers brand increased significantly by 74.83%, but the gross margin decreased by 2.37 percentage points to 33.68%[23] - The company’s revenue from exports decreased by 47.02%, while the gross margin increased by 12.99 percentage points to 32.02%[23] - The company’s revenue from the Kanglong brand was CNY 312,952,074.93, a decrease of 4.01% year-on-year[23] - The company’s revenue from the leather goods segment was CNY 199,949,069.53, with a gross margin of 41.56%, down 0.01 percentage points[23] - Total revenue for Q3 2018 was approximately ¥2.16 billion, a decrease of 4.36% year-over-year, with an overall gross margin of 35.77%, down 1.09 percentage points[26] - The net profit attributable to the parent company for Q3 2018 was CNY 4,264,058.63, down from CNY 16,837,645.12 in Q3 2017, representing a decline of about 74.7%[40] Cash Flow and Assets - Total assets decreased by 11.55% from the end of the previous year, amounting to ¥4,717,928,871.72[7] - Net cash flow from operating activities showed a significant decline of 1,291.40%, resulting in a negative cash flow of ¥69,701,533.63[7] - Cash received from investment redemption increased by 406.31% to ¥2,005,000,000.00, mainly due to the redemption of financial products[17] - Cash paid for investment increased by 483.64% to ¥1,605,000,000.00, primarily due to the purchase of financial products[17] - The company's current assets as of September 30, 2018, totaled approximately ¥3.16 billion, down from ¥3.72 billion at the beginning of the year[32] - The company's total liabilities as of September 30, 2018, were approximately ¥668.27 million, significantly reduced from ¥1.25 billion at the beginning of the year[34] - Total cash inflow from operating activities decreased to 2,604,285,368.31 RMB, down from 2,701,578,922.92 RMB, reflecting a decline of about 3.6% year-over-year[46] - Cash outflow from operating activities increased slightly to 2,673,986,901.94 RMB, compared to 2,695,728,517.03 RMB in the previous year, resulting in a decrease of approximately 0.8%[46] - Cash and cash equivalents at the end of the period increased to 523,022,976.30 RMB, up from 170,293,232.54 RMB, representing a growth of approximately 207%[47] Shareholder Information - The number of shareholders reached 19,199, with the largest shareholder holding 27.73% of the shares[10] - The company repurchased shares in the secondary market, resulting in a cash outflow of ¥27,830,650.92[18] - As of October 30, 2018, the company repurchased 3,548,731 shares, accounting for 0.89% of the total share capital, with a total expenditure of approximately ¥39.06 million[27] Expenses and Liabilities - Employee compensation payable decreased by 62.02% to ¥29,712,267.49, primarily due to the distribution of 2017 annual salaries and bonuses[13] - Tax payable increased by 53.68% to ¥43,079,739.32, mainly due to an increase in value-added tax payable during the reporting period[13] - The company reported a loss of ¥45,401.48 from the disposal of non-current assets[9] - The total liabilities decreased to CNY 358,370,253.89 from CNY 448,828,646.07, a reduction of 20.1%[36] Research and Development - Research and development expenses for the first nine months of 2018 were CNY 34,635,649.30, up 41.8% from CNY 24,439,804.44 in the previous year[38] - The company reported a significant increase in R&D expenses, totaling CNY 25,925,730.26 for the first nine months of 2018, up from CNY 23,161,340.37 in the same period of 2017, reflecting a focus on innovation[41] Market and Product Development - The company has not disclosed any new product developments or market expansion strategies in this report[11] - The company plans to focus on market expansion and new product development to drive future growth[38] - The company has established 26 franchise stores in Vietnam and Kuwait, and opened 60 brand exchange outlets in collaboration with Woodland in India[25]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,572,605,580.76, a decrease of 1.37% compared to CNY 1,594,411,754.03 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 167,919,484.49, down 4.05% from CNY 175,011,504.03 in the previous year[18]. - The net cash flow from operating activities was CNY 17,850,054.09, a significant decline of 89.06% compared to CNY 163,109,808.17 in the same period last year[18]. - The total assets at the end of the reporting period were CNY 4,906,712,961.65, representing an 8.01% decrease from CNY 5,333,843,198.97 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were CNY 4,046,992,316.93, a decrease of 0.81% from CNY 4,080,196,063.52 at the end of the previous year[18]. - The basic earnings per share for the first half of 2018 were CNY 0.4188, down 4.05% from CNY 0.4365 in the same period last year[19]. - The weighted average return on equity was 4.03%, a decrease of 0.15 percentage points compared to 4.18% in the previous year[19]. - The company reported a total of 3,101 stores by the end of June 2018, with a net increase of 15 stores during the reporting period[54]. Revenue and Sales - The company's revenue for the reporting period was approximately ¥1.57 billion, a decrease of 1.37% compared to the previous year[32]. - The revenue from the men's shoes segment was CNY 947,970,976.66, with a gross margin of 36.86%, showing a slight increase of 0.87% year-on-year[61]. - The revenue from the Skechers brand increased by 82.11% year-on-year, reaching CNY 105,124,690.91, although the gross margin decreased by 2.26 percentage points[59]. - The revenue from the export segment decreased significantly by 51.54%, totaling CNY 5,714,187.70, but the gross margin increased by 14.25 percentage points[59]. - The revenue from the leather goods segment was CNY 135,839,321.93, with a gross margin of 41.88%, reflecting a year-on-year decrease of 19.07%[61]. - Online sales accounted for 10.31% of total revenue, generating CNY 160,464,515.87, while offline sales made up 89.69% with CNY 1,395,534,830.42[64]. Expenses and Costs - Operating costs increased by 0.59% year-on-year, totaling approximately ¥997.55 million, primarily due to a slight increase in product sales[32]. - Sales expenses decreased by 12.10% to ¥214,918,181.69, primarily due to reduced advertising costs[36]. - Management expenses increased by 2.13% to ¥154,732,117.14, driven by higher consulting, R&D, and event expenses[36]. - Financial expenses showed a significant decrease of 499.77%, resulting in a net income of -¥7,223,812.73, mainly due to the impact of the RMB to USD exchange rate[36]. - Advertising expenses dropped by 72.60% to ¥11,113,872.65, accounting for 5.17% of total sales expenses[38]. - Research and development expenses rose by 47.14% to approximately ¥22.55 million, driven by increased salaries for R&D personnel and testing costs[33]. Cash Flow and Investments - The net cash flow from operating activities decreased by 89.06%, amounting to approximately ¥17.85 million, mainly due to reduced payments from distributors and increased payments to suppliers[32]. - Net cash flow from investing activities improved to ¥222,378,326.58, compared to -¥10,110,997.48 in the previous year[44]. - The company reported cash inflows from investment activities totaling CNY 1,698,568,708.49, a significant increase from CNY 307,189,680.84 in the previous year[111]. - The net cash flow from financing activities was -200,490,000.00 RMB, an improvement from -240,588,000.00 RMB in the previous year[115]. Shareholder and Equity Information - The company did not propose any profit distribution or capital reserve transfer to increase share capital during the reporting period[4]. - The total equity attributable to the parent company at the end of the reporting period is CNY 4,029,568,847.18, a decrease from CNY 4,095,531,163.33 at the end of the previous period[120]. - The company distributed CNY 240,588,000.00 to shareholders during the reporting period, reflecting a significant cash outflow[120]. - The capital reserve at the end of the reporting period stands at CNY 1,487,180,397.39, down from CNY 1,552,756,893.36 in the previous period[120]. Corporate Governance and Compliance - There were no significant risks or non-operational fund occupation by controlling shareholders during the reporting period[5]. - The company has committed to minimizing and regulating related party transactions with its major shareholders and management to protect shareholder interests[72]. - The company has not reported any major related party transactions that have progressed or changed since the last announcement, indicating stability in operational dealings[78]. - The company has not faced any issues regarding the fulfillment of court judgments or significant debt obligations during the reporting period, reflecting a strong financial integrity[75]. Research and Development - The total amount of R&D investment was ¥22,551,322.67, with a focus on enhancing product development and innovation[42]. - The company obtained several new patents in the first half of 2018, including a "LED advertising shoe" and a "smart Bluetooth music shoe" among others[83]. Accounting Policies and Financial Reporting - The company has not disclosed any significant changes in accounting policies or estimates during the reporting period[83]. - The company has implemented specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[130]. - The company recognizes impairment losses for receivables based on the present value of future cash flows when they fall below their book value[152]. - The company utilizes a straight-line method for accounting treatment of operating leases, recognizing rental expenses over the lease term[182].

Financial Performance - Net profit attributable to shareholders was CNY 119,336,448.35, an increase of 4.75% year-on-year[9]. - Operating revenue for the period was CNY 868,017,294.95, down 1.55% from the same period last year[9]. - The weighted average return on equity increased by 0.14 percentage points to 2.88%[9]. - Basic earnings per share were CNY 0.2976, reflecting a 4.75% increase compared to the previous year[9]. - The gross profit margin for the overall business was 38.05%, reflecting a decrease of 0.61 percentage points year-on-year[19]. - The overall gross profit for the company in Q1 2018 was CNY 329,167,313.87, with a decrease of 1.37% year-on-year[18]. - Total operating revenue for the current period is ¥868,017,294.95, a decrease of 1.9% from ¥881,691,892.42 in the previous period[33]. - Operating profit increased to ¥143,538,727.13, up 6.3% from ¥135,349,814.18 in the previous period[34]. - Net profit for the current period is ¥119,648,573.44, representing an increase of 5.9% compared to ¥113,972,809.26 from the previous period[34]. - Comprehensive income totalled ¥120,016,276.67, up from ¥113,100,825.84, indicating a growth of 6.5%[35]. Cash Flow and Investments - The net cash flow from operating activities was CNY -8,421,017.09, showing an improvement from CNY -9,094,538.40 in the previous year[9]. - Cash received from investment recoveries increased significantly by 1017.19% to ¥715,000,000.00 compared to ¥64,000,000.00 in the previous year[14]. - Investment cash payments rose by 402.63% to ¥955,000,000.00 from ¥190,000,000.00, mainly due to increased purchases of financial products[15]. - Total cash inflow from investment activities was 724,990,831.12, significantly higher than 68,963,556.24 in the previous period[41]. - The net cash flow from investment activities was -253,120,620.10, compared to -158,590,956.91 in the previous period, reflecting increased investment outflows[41]. - The company received 715,000,000.00 in cash from investment recoveries, a significant increase from 64,000,000.00 in the previous period[41]. - The company paid 955,000,000.00 in cash for investments, compared to 190,000,000.00 in the previous period, indicating a substantial increase in investment activity[41]. Shareholder Information - The total number of shareholders was 20,192 at the end of the reporting period[11]. - The largest shareholder, Aokang Investment Holdings Co., Ltd., held 131,231,000 shares, representing 32.73% of the total shares[11]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,306,476,129.09, a decrease of 0.51% compared to the end of the previous year[9]. - Total liabilities decreased from CNY 1,254,113,273.01 to CNY 1,096,153,638.51, a reduction of about 12.59%[27]. - Total equity increased from CNY 4,079,729,925.96 to CNY 4,210,322,490.58, an increase of approximately 3.2%[27]. - Current assets increased slightly from CNY 3,717,269,371.27 to CNY 3,737,439,959.66, representing a growth of about 0.54%[25]. - Cash and cash equivalents decreased from CNY 784,968,088.45 to CNY 612,706,057.05, a reduction of approximately 21.9%[25]. - Accounts receivable decreased from CNY 1,067,742,387.52 to CNY 1,062,675,937.51, a decline of about 0.38%[25]. - Inventory decreased from CNY 848,543,049.47 to CNY 813,220,428.66, a decrease of approximately 4.15%[25]. - Non-current assets decreased from CNY 1,616,573,827.70 to CNY 1,569,036,169.43, a decline of about 2.94%[26]. Operational Developments - The company has not disclosed any new product developments or market expansion strategies in this report[9]. - The company opened 21 new direct stores and 29 new franchise stores in Q1 2018, while closing 6 direct stores and 5 franchise stores[23]. - The company has established 16 distribution stores in Vietnam and Kuwait, and partnered with Woodland to open 30 brand exchange outlets in India[21]. Expenses - Financial expenses decreased to ¥4,910,492.78 from a loss of ¥626,822.34, primarily due to changes in the RMB to USD exchange rate and foreign exchange losses[14]. - Other income decreased by 99.12% to ¥5,000.00 from ¥566,000.00, primarily due to a reduction in government subsidies received[14]. - Non-operating income fell by 62.27% to ¥2,608,818.86 from ¥6,914,487.42, mainly due to a decrease in supplier penalty income[14]. - The company reported a significant decrease in other expenses, with non-operating expenses down by 73.82% to ¥205,268.60 from ¥784,152.77, mainly due to reduced penalty expenses[14]. - Sales expenses decreased to ¥106,616,248.20 from ¥121,696,812.86, a reduction of 12.4%[34]. - Management expenses decreased to ¥76,662,155.96 from ¥86,187,459.73, reflecting a decline of 11.0%[34].

Financial Performance - In 2017, the company's operating revenue was CNY 3,261,683,206.06, a slight increase of 0.36% compared to CNY 3,249,978,121.65 in 2016[20] - The net profit attributable to shareholders of the listed company for 2017 was CNY 226,467,907.17, representing a decrease of 25.80% from CNY 305,204,697.36 in 2016[20] - The basic earnings per share for 2017 was CNY 0.5648, down 25.80% from CNY 0.7611 in 2016[22] - The total assets at the end of 2017 were CNY 5,333,843,198.97, a decrease of 3.81% from CNY 5,544,976,738.08 in 2016[21] - The weighted average return on equity for 2017 was 5.54%, down from 7.46% in 2016, a decrease of 1.92 percentage points[22] - The net cash flow from operating activities for 2017 was CNY 260,245,902.36, down 27.34% from CNY 358,149,466.38 in 2016[20] - The company's total equity attributable to shareholders at the end of 2017 was CNY 4,080,196,063.52, a slight decrease of 0.36% from CNY 4,094,798,988.49 in 2016[20] Dividend Distribution - The company plans to distribute a cash dividend of CNY 5 per 10 shares, totaling CNY 200,490,000.00, which accounts for 88.53% of the net profit attributable to shareholders[5] - The company reported a cash dividend of 5 RMB per 10 shares in 2017, amounting to 200,490,000 RMB, which is 88.53% of the net profit attributable to shareholders[86] - The company plans to distribute cash dividends of 6 RMB per 10 shares, totaling 240,588,000 RMB, which accounts for 78.83% of the net profit attributable to shareholders in 2016[85] Sales and Marketing - Online sales accounted for 13.06% of total revenue in 2017, indicating a growing trend in e-commerce[30] - E-commerce sales maintained a leading position on platforms like JD.com and Tmall, leveraging major promotional events[37] - The company launched 27 member marketing activities, enhancing brand recognition and consumer loyalty[36] - The company is focusing on improving marketing strategies to accelerate inventory turnover and enhance sales capabilities at retail stores[80] Production and Inventory - The production of men's shoes increased by 4.76%, while inventory levels decreased significantly[45] - The company's self-produced output increased to 998.81 million pairs, accounting for 53.52% of total production, compared to 738.75 million pairs and 39.05% in the previous year[46] - Total production for the year was 1,866.20 million pairs, with outsourced production at 867.39 million pairs, representing 46.48% of total production[47] - The company's inventory at the end of the period was CNY 848,543,049.47, a decrease of CNY 188,863,696.50 or 18.21% compared to the previous year[69] - The company's inventory turnover days improved to 163 days, down from 175 days in the previous year[69] Accounts Receivable and Payable - The company reported a 32.16% increase in accounts receivable compared to the previous year, reflecting increased support for distributors[32] - Accounts receivable increased by 32.16% to ¥1,067,742,387.52, representing 20.02% of total assets due to increased credit support for distributors[56] - The accounts receivable balance increased by CNY 259,814,788.15, representing a growth of 32.16%, with accounts receivable turnover days increasing to 103.51 days[70] - The company reported a decrease in accounts payable by CNY 44,497,003.25, or 5.94%, with accounts payable turnover days at 125.87 days[70] Research and Development - R&D expenditure increased by 1.69% to CNY 38,805,887.38, indicating a focus on innovation[40] - Research and development expenses totaled 38,805,887.38 RMB, representing 1.19% of total revenue, with 268 R&D personnel, accounting for 3.65% of the total workforce[54] - The company aims to enhance R&D capabilities by integrating global shoe resources and attracting international design talent[80] Risk Management and Future Outlook - The company has outlined potential risks in its future development in the report, advising investors to be cautious[6] - The company is focusing on reducing inventory pressure by enhancing online and offline channel integration and expanding outlet channels[82] - The company acknowledges the intensified competition in the retail sector due to the rise of new retail models like unmanned convenience stores[82] - The company is addressing the risk of product development and inventory by improving responsiveness to fashion trends and consumer demands[82] Corporate Governance - The company has a structured remuneration decision process involving the compensation and assessment committee and board approval[145] - The company has maintained a robust employee rights protection system, ensuring compliance with labor laws and fostering talent development[116] - The company has a comprehensive governance structure in place for overseeing executive compensation[145] - The company actively engages with investors through various channels, including performance briefings and investor reception days[154] Audit and Compliance - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2017[167] - The company did not report any significant deficiencies in internal controls during the reporting period[162] - The internal control audit will also be conducted by Tianjian Accounting Firm, with a fee of RMB 400,000[94] Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders reached 20,925, an increase from 20,192 at the end of the previous month[125] - The largest shareholder, Aokang Investment Holdings Co., Ltd., holds 131,231,000 shares, representing 32.73% of the total shares, with a significant portion pledged[127] - The company has distributed a total of approximately RMB 1 billion in cash dividends since its listing in 2012, with cash dividends from 2013 to 2016 accounting for 32.17%, 77.63%, 77.07%, and 78.83% of the net profit attributable to shareholders[116]

Financial Performance - Net profit attributable to shareholders decreased by 25.01% to CNY 191,849,149.15 for the first nine months of the year[6]. - Operating revenue for the first nine months was CNY 2,272,987,056.11, a decrease of 0.65% year-on-year[6]. - Basic and diluted earnings per share both decreased by 25.00% to CNY 0.4785[6]. - The total profit for the first nine months of 2023 was ¥137,684,100.27, compared to ¥151,138,674.05 in the previous year, reflecting a decrease of approximately 9%[41]. - The company reported a total profit of ¥23,934,002.40 for Q3 2017, a decrease of 60.1% from ¥59,899,544.03 in Q3 2016[38]. - Net profit for Q3 2017 was ¥16,315,097.82, down 62.9% from ¥43,981,119.84 in Q3 2016[38]. - The net profit for the period was ¥50,359,598.08, up 30% from ¥38,782,809.34 in the same period last year[42]. Cash Flow - Net cash flow from operating activities improved to CNY 5,850,405.89 from a negative CNY 29,584,176.83 in the same period last year[6]. - The company's operating cash flow for the first nine months was ¥5,850,405.89, a significant improvement from a negative cash flow of -¥29,584,176.83 in the same period last year[44]. - Cash flow from operating activities showed a significant decline, indicating potential challenges in revenue generation[48]. - Net cash flow from operating activities was -$190.02 million, compared to a positive $206.46 million in the previous year[48]. - The ending cash and cash equivalents balance was $60.50 million, a decrease from $150.88 million year-over-year[49]. Assets and Liabilities - Total assets decreased by 8.00% to CNY 5,101,595,928.14 compared to the end of the previous year[6]. - Current liabilities decreased from CNY 1,102,595,574.75 to CNY 723,922,014.29, a reduction of about 34%[32]. - Total liabilities decreased from CNY 1,449,445,574.75 to CNY 1,055,767,014.29, reflecting a decrease of approximately 27%[32]. - Current assets decreased from CNY 3,890,770,400.61 to CNY 3,522,778,943.79, a decline of about 9.5%[31]. - Total equity decreased from CNY 4,095,531,163.33 to CNY 4,045,828,913.85, a decline of about 1.2%[32]. Revenue and Sales - The total operating revenue for Q3 2017 was ¥678,575,302.08, a decrease of 1.7% compared to ¥685,736,143.15 in Q3 2016[37]. - The total operating revenue for the company in Q3 2017 was CNY 2,260,103,396.33, with a slight decrease of 0.19% compared to the previous year[23]. - The company's operating revenue for Q3 2023 reached ¥281,365,669.21, a 24% increase from ¥226,929,096.99 in Q3 2022[41]. - The total sales revenue for the first nine months of 2023 was ¥686,891,266.49, representing a 5% increase from ¥656,746,529.36 in the same period last year[41]. Expenses - The total operating expenses for Q3 2023 were ¥188,422,249.60, which is a 28% increase compared to ¥146,917,921.85 in Q3 2022[41]. - The company’s sales expenses increased to ¥119,054,609.78 in Q3 2017, up 16.3% from ¥102,370,108.26 in Q3 2016[37]. - The company’s management expenses rose to ¥70,940,422.94 in Q3 2017, compared to ¥69,091,251.63 in Q3 2016[37]. Investments - The company reported an investment income of ¥6,781,711.21 in Q3 2017, an increase from ¥3,051,561.47 in Q3 2016[38]. - The company reported an investment income of ¥5,548,871.80 for Q3 2023, which is an increase of 35% from ¥4,100,325.55 in the same period last year[41]. - The company received $497 million from investment recoveries, slightly up from $485 million last year[49]. Shareholder Information - The number of shareholders at the end of the reporting period was 21,583[10]. - The largest shareholder, Aokang Investment Holdings Co., Ltd., held 32.73% of the shares, with 131,231,000 shares[10]. - The employee stock ownership plan held 6.65 million shares, accounting for 1.66% of the total share capital[27]. Product Development and Market Expansion - The company continues to expand its product offerings and market presence through various structured deposits and wealth management products[20]. - The company plans to focus on market expansion and new product development in the upcoming quarters[41]. - The company expanded its presence in Southeast Asia, opening 13 new dealer stores in countries like Vietnam[25].

Financial Performance - The company's operating revenue for the first half of 2017 was ¥1,594,411,754.03, a decrease of 0.49% compared to ¥1,602,226,278.28 in the same period last year[15]. - The net profit attributable to shareholders for the first half of 2017 was ¥175,011,504.03, down 17.25% from ¥211,504,076.67 in the previous year[15]. - Basic earnings per share for the first half of 2017 were ¥0.4365, down 17.25% from ¥0.5275 in the same period last year[16]. - The company's total revenue for the reporting period was ¥1,587,751,319.20, with a gross profit margin of 37.67%, reflecting a slight decrease of 0.10 percentage points compared to the previous year[56]. - The company's total equity decreased to CNY 3,696,538,160.57 from CNY 3,870,456,891.77 year-on-year[99]. - The company reported a profit before tax of CNY 221,089,600.79, down from CNY 273,383,145.25 in the previous year[101]. - The company incurred a tax expense of CNY 46,229,301.94, compared to CNY 61,989,498.11 in the same period last year[101]. - The company’s total comprehensive income for the period was CNY 174,625,683.85, down from CNY 214,262,431.64 in the previous year[101]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 38.67% to ¥163,109,808.17, compared to ¥117,626,307.09 in the same period last year[15]. - The company's cash and cash equivalents at the end of the reporting period amounted to ¥432,399,335.92, restricted due to pledges and margin deposits[47]. - The company reported a net cash outflow from investing activities of CNY 10,110,997.48, compared to a net inflow of CNY 131,190,915.27 in the same period last year[108]. - The company paid CNY 245,277,757.46 in dividends and interest, a decrease of 28.5% from CNY 343,805,515.86 in the previous year[108]. - The total cash inflow from investment activities was CNY 307,189,680.84, down from CNY 724,196,380.18 in the previous year[107]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,160,523,464.17, a decrease of 6.93% from ¥5,544,976,738.08 at the end of the previous year[15]. - The company's total liabilities decreased from RMB 1,449,445,574.75 to RMB 1,130,954,616.99, reflecting a reduction of about 21.9%[94]. - The total equity attributable to the owners of the parent company was RMB 4,028,987,877.52, down from RMB 4,094,798,988.49, indicating a decrease of approximately 1.6%[95]. - Cash and cash equivalents decreased from RMB 889,480,974.44 to RMB 786,075,506.74, a decline of about 11.6%[93]. - The accounts receivable balance at the end of the period is 881,493,104.15 RMB, with a bad debt provision of 53,794,753.90 RMB, indicating a provision ratio of 6.10%[192]. Operational Highlights - The company opened 235 new stores during the first half of 2017, bringing the total number of stores to 3,203[53]. - The company has established a dedicated membership management department, with a total membership growth of 2.05 million in the first half of the year, enhancing brand recognition[28]. - The company’s online sales accounted for 12.64% of total revenue in the first half of 2017, reflecting stable growth in e-commerce channels[22]. - The company has patented 21 new designs through its shoe research institute, enhancing product value and innovation capabilities[28]. - The company is focusing on expanding its direct sales model to strengthen control over retail channels, responding to evolving consumer demands[21]. Research and Development - Research and development expenses rose by 52.64% to approximately ¥15.33 million, compared to ¥10.04 million in the previous year, indicating a focus on innovation[29]. - Total R&D investment accounted for 0.96% of operating revenue[42]. - R&D expenses increased by 52.64% year-on-year, mainly due to higher salaries for R&D personnel and increased material consumption[31]. Risks and Compliance - The company has not disclosed any significant risks or non-operational fund occupation by controlling shareholders[3]. - The report includes a forward-looking statement risk declaration, indicating uncertainties in future plans and strategies[2]. - The company has committed to minimizing and regulating related party transactions, ensuring fairness and compliance with legal regulations[73]. - The company has no significant litigation or arbitration matters during the reporting period, ensuring a stable legal environment for operations[75]. Shareholder Information - The company reported a total of 212,867,754 shares represented at the annual general meeting, accounting for 53.0868% of the total shares[70]. - The largest shareholder, Aokang Investment Holdings Co., Ltd., holds 131,231,000 shares, representing 32.73% of the total shares[85]. - The employee stock ownership plan holds 6.65 million shares, accounting for 1.66% of the company's total share capital, with no changes in the scope or number of participants during the reporting period[76]. Financial Reporting and Standards - The company adheres to the enterprise accounting standards, ensuring the financial statements reflect a true and complete picture of its financial status[132]. - The preparation of consolidated financial statements includes all subsidiaries controlled by the parent company, based on the financial statements of the parent and its subsidiaries[137]. - The company recognizes sales revenue when the risks and rewards of ownership are transferred to the buyer, and the revenue amount can be reliably measured[177].

Financial Performance - The company's operating revenue for 2016 was CNY 3,249,978,121.65, a decrease of 2.07% compared to CNY 3,318,818,012.67 in 2015[17]. - The net profit attributable to shareholders for 2016 was CNY 305,204,697.36, down 21.79% from CNY 390,227,750.80 in 2015[17]. - The basic earnings per share for 2016 was CNY 0.7611, reflecting a decrease of 21.79% compared to CNY 0.9732 in 2015[19]. - The company's total assets at the end of 2016 were CNY 5,544,976,738.08, a decrease of 1.78% from CNY 5,645,419,070.83 in 2015[18]. - The cash flow from operating activities for 2016 was CNY 358,149,466.38, a significant decrease of 72.45% compared to CNY 1,300,089,496.00 in 2015[17]. - The weighted average return on equity for 2016 was 7.46%, down from 9.79% in 2015, indicating a decrease of 2.33 percentage points[19]. - The gross profit margin for the overall business was 36.60%, which is a decrease of 7.27% compared to the previous year[44]. - The company reported a total comprehensive income for the year, reflecting its operational performance and financial health[163]. Revenue and Sales - In Q1, the company reported revenue of ¥888.92 million, with a net profit attributable to shareholders of ¥112.78 million, while in Q2, revenue decreased to ¥713.31 million and net profit to ¥98.73 million[21]. - The company’s online sales accounted for 14.46% of total revenue in 2016, indicating a stable growth trend in e-commerce channels[27]. - Online sales reached 465 million RMB, representing a year-on-year growth of 19.57%, with significant contributions from the Double Eleven shopping festival[37]. - Direct store revenue reached CNY 1,593,031,396.13 with a gross margin of 37.99%, reflecting a year-on-year increase of 2.69 percentage points[70]. - Franchise store revenue was CNY 1,089,882,014.86 with a gross margin of 31.08%, showing a year-on-year increase of 3.82 percentage points[70]. Costs and Expenses - Total operating costs for 2016 were CNY 2,832,906,085.53, down from CNY 2,841,275,004.92, reflecting a cost reduction strategy[173]. - Sales expenses increased by 9.20% to CNY 451,953,979.55, primarily due to increased business promotion costs and asset depreciation[54]. - Total sales expenses for 2016 amounted to CNY 451,953,979.55, representing 13.91% of operating income, an increase of 9.2% year-on-year[55]. - Advertising expenses decreased by 13.75% to CNY 52,985,887.67, while business promotion expenses surged by 60.25% to CNY 37,152,511.35[55]. Assets and Liabilities - The company's total liabilities decreased to CNY 1,449,445,574.75 from CNY 1,557,533,480.99, indicating a reduction in financial obligations[167]. - Cash and cash equivalents decreased to CNY 889,480,974.44 from CNY 1,331,696,736.82, showing a significant reduction in liquidity[166]. - Inventory levels rose to CNY 1,037,406,745.97 from CNY 918,633,481.95, indicating an increase in stock on hand[166]. - Accounts payable at the end of the period was CNY 749,055,390.26, up 7.01% year-on-year[79]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 6 per 10 shares, totaling CNY 240,588,000.00, which accounts for 78.83% of the net profit attributable to shareholders[2]. - The company approved a cash dividend of 7.5 RMB per 10 shares, totaling 300,735,000 RMB, which accounts for 77.07% of the net profit attributable to shareholders in 2015[92]. - The cash dividends distributed in 2014, 2015, and 2016 were 200,490,000 RMB, 300,735,000 RMB, and 240,588,000 RMB respectively[93]. Strategic Initiatives and Future Outlook - The company has outlined potential risks in its future development strategy, emphasizing the importance of investor awareness regarding investment risks[3]. - The company plans to enhance R&D capabilities by establishing overseas research centers in Korea and Taiwan, focusing on new materials and functions[88]. - The company aims to improve supply chain efficiency through global procurement and the introduction of smart manufacturing equipment[88]. - The company is exploring potential mergers and acquisitions to strengthen its market position[109]. - The management team emphasized the importance of sustainability initiatives, aiming to reduce carbon emissions by 30% over the next five years[136]. Employee and Management Information - The total number of ordinary shareholders reached 26,787 at the end of the reporting period, an increase from 23,118 at the end of the previous month[123]. - The company has established a competitive and incentive-based compensation management system to align with strategic development goals[144]. - The total compensation for all directors, supervisors, and senior management was 5.2785 million yuan[142]. - The company has a total of 4,161 production personnel, 2,607 sales personnel, and 185 technical personnel among its employees[143]. Governance and Compliance - The company maintained complete independence from its controlling shareholder in terms of personnel, assets, and financial matters[156]. - The audit committee supervised the preparation of periodic reports and the appointment of auditing firms[153]. - The company actively communicated with stakeholders through various channels, including investor hotlines and performance briefings[149]. - The company has not reported any changes in its ordinary share capital structure during the reporting period[119].