Financial Performance - Operating revenue for the first nine months was CNY 846,962,061.72, a decrease of 27.57% year-on-year[5] - Net profit attributable to shareholders was a loss of CNY 259,051,782.03, compared to a loss of CNY 166,079,653.54 in the same period last year[5] - The total profit for the first three quarters of 2020 was -256,996,929.76, compared to -166,592,090.88 in the same period of 2019, reflecting a 54.3% increase in losses[37] - The net profit for Q3 2020 was a loss of CNY 16,948.98, compared to a profit of CNY 903,592.41 in Q3 2019[36] - The company's total profit for the first three quarters of 2020 was -248,642,003.41, compared to -151,095,907.53 in the same period of 2019, reflecting a 64.5% increase in losses[37] Assets and Liabilities - Total assets decreased by 7.36% to CNY 3,640,923,903.04 compared to the end of the previous year[5] - The company's total liabilities increased by 80,922,050.71 yuan, or 58.75%, mainly due to increased interest payables[11] - Total liabilities as of September 30, 2020, were approximately ¥3.40 billion, compared to ¥3.43 billion at the end of 2019[27] - The total equity decreased to CNY 481,270,195.06 from CNY 821,076,908.37 year-over-year[32] - The company reported a net loss of approximately ¥1.51 billion in retained earnings as of September 30, 2020, compared to a loss of ¥1.25 billion at the end of 2019[27] Cash Flow - The net cash flow from operating activities improved to CNY -40,087,220.61 from CNY -312,919,266.42 year-on-year[5] - The company's cash inflow from operating activities for the first three quarters of 2020 was CNY 752,979,307.70, a decrease of 40.2% compared to CNY 1,263,087,456.97 in the same period of 2019[46] - Cash inflow from financing activities totaled CNY 120,298,017.00, significantly lower than CNY 971,670,000.00 in the previous year[47] - The net cash flow from financing activities was CNY 13,346,342.89, down 94.6% from CNY 247,235,778.63 year-over-year[47] - The total cash outflow for operating activities was CNY 793,066,528.31, down 49.7% from CNY 1,576,006,723.39 in the previous year[46] Shareholder Information - The total number of shareholders at the end of the reporting period was 13,053[9] - The largest shareholder, Guiren Bird Group (Hong Kong) Limited, holds 66.2% of the shares, totaling 416,115,000 shares[9] Expenses - Sales expenses decreased by 96,163,991.99 yuan, a reduction of 45.50%, primarily due to lower salaries, benefits, and promotional costs[12] - Research and development expenses fell by 12,908,796.78 yuan, down 38.90%, indicating a reduction in investment during the reporting period[12] - Financial expenses increased by 34,319,641.09 yuan, a rise of 32.29%, attributed to penalty interest from debt defaults[12] - The company reported a significant decline in other income, which decreased by 32,129,652.37 yuan, or 91.39%, due to reduced government subsidies[12] Sales Performance - Online sales revenue for the first nine months of 2020 was approximately ¥253.27 million, accounting for 30.29% of total revenue, with a gross margin of 28.55%[22] - Offline sales revenue for the same period was approximately ¥582.97 million, representing 69.71% of total revenue, with a gross margin of 40.62%[22] - The gross profit margin for the brand "Guirenniao" was 40.24%, with a revenue of 602,958,000.62 yuan, reflecting a decrease of 27.76% compared to the previous year[14] Future Outlook - The company has not disclosed any new product developments or market expansion strategies in this report[10] - The company has not provided specific guidance for future performance or new product developments in the current report[43] - The company plans to continue focusing on online sales channels to mitigate the impact of the pandemic on physical store sales[21]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥552,945,833.72, a decrease of 31.74% compared to ¥810,094,883.91 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2020 was -¥161,068,986.76, compared to -¥58,370,653.08 in the same period last year[18]. - The net cash flow from operating activities was -¥23,297,425.69, showing a decline from -¥19,596,372.05 in the previous year[18]. - The total assets at the end of the reporting period were ¥3,784,634,699.58, a decrease of 3.71% from ¥3,930,336,891.53 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 34.74% to ¥319,256,841.85 from ¥489,243,631.52 at the end of the previous year[18]. - The basic earnings per share for the first half of 2020 was -¥0.2562, compared to -¥0.0929 in the same period last year[19]. - The weighted average return on net assets was -39.41%, a decrease of 35.82 percentage points from -3.59% in the previous year[20]. - The company reported a total non-recurring profit and loss of 12,803,642.85, with significant contributions from non-operating income and expenses[22]. - The company reported a net loss of ¥1,412,251,150.28, compared to a loss of ¥1,251,182,163.52 in the previous period, indicating a worsening of approximately 12.9%[136]. - The total comprehensive income for the first half of 2020 showed a decrease of CNY 57,949,869.78, compared to a decrease of CNY 58,370,653.08 in the same period of 2019[161]. Operational Challenges - The company faced significant liquidity issues, with a total overdue loan balance of 1.41 billion RMB[38]. - The company’s assets frozen or pledged amounted to 1.63 billion RMB, posing a risk of judicial enforcement[38]. - The company is undergoing a restructuring application due to its inability to repay debts, which could lead to bankruptcy if not resolved[77]. - The company has faced risks of forced execution on most of its assets due to bond defaults and pre-litigation property preservation measures taken by bondholders[64]. - The company has ongoing litigation with bondholders due to debt defaults, with cases currently in the execution stage[91]. - The company has been unable to meet its debt obligations, leading to a total of 1.41 billion yuan in overdue loans[93]. - The company has failed to repay the principal and interest on loans, leading to arbitration applications from multiple banks[93]. - The company has faced lawsuits from various creditors due to unpaid debts, with multiple cases accepted by the court[92]. Market Position and Strategy - The company’s main business includes the design, research and development, production, and sales of sports shoes and apparel, with brands such as "Guirenniao," "AND1," and "PRINCE"[24]. - The company operates a dual sales model consisting of a distributor model and a direct sales model, with a focus on the distributor model for future sales[28]. - The company is focusing on three and four-tier cities, where domestic brands have a competitive advantage due to lower price sensitivity[30]. - The company plans to continue expanding its marketing network and improving inventory turnover to enhance profitability in the future[50]. - The company is exploring an integrated online and offline business model to counter the impact of e-commerce on traditional retail[74]. Financial Management - The company is implementing cost control measures and seeking quality distributors to stabilize operations amid ongoing financial difficulties[37]. - The company plans to dispose of non-core assets to raise funds, but market conditions have made this challenging[38]. - The company plans to mitigate debt risks through asset disposals and stabilizing operations, but has not yet succeeded in disposing of the targeted assets[122]. - The company is actively seeking external funding or investors to assist in debt restructuring and improve asset quality[172]. Shareholder and Governance Issues - The company has not proposed any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[4]. - The company has not fulfilled its commitment regarding the repurchase of shares due to false statements in the prospectus[82]. - The commitment to repurchase all newly issued shares if there are significant misstatements in the prospectus remains valid[82]. - The controlling shareholder will ensure the company's independent operation and decision-making[83]. - The company will not engage in related transactions with its controlling shareholder or its controlled enterprises unless unavoidable[83]. Asset and Liability Management - The company reported a total debt of RMB 11.47 billion, with overdue bank loans totaling RMB 14.10 billion[74]. - The company has a total guarantee amount of RMB 16,900 million, which accounts for 50.43% of its net assets[101]. - The company’s current ratio is 0.55, a decrease of 1.79% compared to the previous year, while the quick ratio is 0.42, down 2.33%[126]. - The debt-to-asset ratio increased to 91.15%, up 4.53% from the previous year, indicating a higher level of financial leverage[126]. - The company has a goodwill amounting to RMB 14,438.12 million, which is 3.81% of total assets, facing potential impairment risks[74]. Research and Development - The company’s product planning department integrates market trends and consumer needs into product design, with a lead time of approximately one year for new product launches[25]. - Research and development expenses for the first half of 2020 were approximately ¥12.45 million, down 44.4% from ¥22.34 million in the first half of 2019[146]. - The company intends to strengthen its research and design capabilities by optimizing its team and increasing investment in product development[172]. Accounting and Financial Reporting - The company has not made any changes to its accounting policies or estimates during the reporting period[103]. - The company recognizes the difference between the disposal price and the net asset share of the subsidiary as capital reserve adjustments, with any shortfall impacting retained earnings[180]. - The company assesses expected credit losses for financial assets measured at amortized cost and recognizes loss provisions based on three stages of credit risk[196].

Financial Performance - The company reported a net profit of -1,018,558,230.28 CNY for 2019, with a net profit attributable to shareholders of -1,018,107,330.46 CNY[6]. - Total revenue for 2019 was 1,581,478,301.94 CNY, representing a decrease of 43.77% compared to 2,812,460,499.91 CNY in 2018[24]. - The company's total assets decreased by 17.31% to 3,930,336,891.53 CNY from 4,753,026,357.48 CNY in 2018[25]. - The net asset attributable to shareholders dropped by 68.02% to 489,243,631.52 CNY from 1,529,693,373.89 CNY in 2018[25]. - The net cash flow from operating activities was -535,998,195.75 CNY, a decline of 195.80% compared to 559,482,271.76 CNY in 2018[24]. - The cumulative undistributed profits as of December 31, 2019, were -1,251,182,163.52 CNY[6]. - The company's basic earnings per share for 2019 was -1.62 CNY, a decrease from -1.09 CNY in 2018[26]. - The net profit attributable to shareholders for Q4 2019 was -852.03 million CNY, with a total annual net profit of -1.07 billion CNY[29]. - The company reported asset impairment and credit impairment losses of 828.90 million CNY during the reporting period, significantly impacting net profit[26]. - The weighted average return on equity for 2019 was -89.04%, a decrease of 54.44 percentage points compared to 2018[26]. - The cash flow from operating activities for Q4 2019 was -223.08 million CNY, indicating a negative cash flow trend throughout the year[29]. - The company achieved a net profit attributable to shareholders of -1.018 billion yuan for the year 2019, indicating continued losses primarily due to poor performance of the core brand and asset impairments[59]. - The company reported a net profit attributable to shareholders of -685.88 million yuan for 2018, leading to no profit distribution or capital reserve increase for that year[140]. Operational Strategy - The company plans not to distribute profits or increase capital reserves for the year due to the negative profit situation[6]. - The management has indicated that future operational outlooks are based on current conditions and market policies, but these do not constitute performance commitments[8]. - The company plans to focus on expanding its main brand and improving operational efficiency in the upcoming periods[26]. - The company is actively exploring new product development and market expansion strategies to enhance revenue streams[26]. - The company has transitioned to a quasi-direct sales model by acquiring 14 regional distributors to reduce reliance on traditional distributors and improve direct sales revenue[40]. - The company plans to seek financially capable distributors to manage the newly acquired quasi-direct stores and will close unprofitable stores if suitable distributors are not found[42]. - The company aims to shift the production model for inventory purchased by new distributors to a sales-based production model, transferring inventory risk to the distributors[42]. - The company’s sales model includes both distributor and direct store models, with a focus on increasing the proportion of direct sales to enhance profitability[43]. - The company is focusing on resource integration to strengthen terminal sales capabilities, which includes investing in operational funds for store maintenance and inventory management[44]. - The company plans to enhance its direct sales revenue by acquiring distributor channels, aiming for profit growth through improved gross profit margins from direct sales, which have consistently outperformed those from distributors[44]. - The company is expanding its market presence by transitioning some sales from a distributor model to a quasi-direct sales model in certain regions to enhance profitability[44]. Market and Industry Trends - In 2019, the domestic retail sales of clothing, shoes, and hats reached CNY 1.3517 trillion, reflecting a year-on-year growth of 2.9%[48]. - The overall sports apparel industry has shown a recovery trend since 2013, driven by increased consumer participation in sports and improved health awareness[47]. - The sports industry in China is projected to reach a total scale of 5 trillion RMB by 2025, becoming a pillar industry of the country[123]. - The retail sales of clothing, shoes, and textiles in China increased by 2.9% in 2019, indicating a slowdown in growth compared to previous years[126]. - Online retail sales in China reached 1,063.24 billion RMB in 2019, growing by 16.5% year-on-year, with the proportion of online shopping in total retail sales increasing from 10.6% in 2014 to 23.63% in 2018[126]. Inventory and Sales Management - The inventory risk has increased significantly due to the quasi-direct sales model, leading to a substantial rise in year-end inventory and corresponding provisions for inventory impairment[41]. - The company’s inventory turnover rate was 1.73, with inventory days increasing to 207.72 days from 94.89 days in the previous year[113]. - The company’s inventory value decreased by 9.43% year-on-year, with a total inventory value of CNY 45,525.10 million[113]. - The company’s sales volume for footwear decreased by 24.05% year-over-year, with a total of approximately 7.22 million pairs sold[78]. - The company’s inventory levels for footwear increased by 29.84% year-over-year, indicating a potential buildup of stock[78]. Financial Health and Debt Management - The company has faced liquidity challenges, leading to the pledge of land and important subsidiary equity to maintain existing credit lines[57]. - The company has initiated a debt restructuring process, with ¥1.147 billion in overdue corporate bonds, including ¥647 million from the "14 Guirenniao" bond and ¥500 million from the PPN bond[64]. - The company reported a total of 479,115,000 shares held by Guirenniao Group (Hong Kong) Limited, representing a significant portion of the total shares outstanding[177]. - The company has a total overdue debt principal of 1.147 billion yuan, including 500 million yuan from the first phase of non-public debt financing instruments and 647 million yuan from the "14 Guirenniao" corporate bonds[136]. - The company is actively negotiating with creditors to explore solutions for debt resolution[137]. - The company is facing significant uncertainties regarding its ability to continue as a going concern due to its financial situation[151]. Governance and Compliance - The company has established a commitment to compensate for any losses incurred due to violations of agreements by its controlling shareholders[144]. - The company has implemented measures to ensure that any related party transactions are conducted under normal commercial conditions and in compliance with relevant laws[144]. - The company has emphasized the importance of independent decision-making and operational autonomy in its governance structure[144]. - The company has been subject to disciplinary action by the Shanghai Stock Exchange for information disclosure violations, resulting in a public reprimand for its former financial director[158]. - The company maintains transparency in information disclosure, ensuring all shareholders have equal access to information[200]. Employee and Management Structure - The total number of employees in the parent company is 3,435, and the total number of employees in major subsidiaries is 622, resulting in a combined total of 4,057 employees[193]. - The company has implemented a salary policy that includes performance-based salary adjustments and incentives to reduce employee turnover[194]. - The company is establishing a comprehensive learning system to enhance employee skills and capabilities through various training programs[195]. - The total remuneration for directors, supervisors, and senior management in 2019 amounted to 8.4476 million yuan[190]. - The independent director's annual allowance is set at 180,000 yuan, approved by the board and shareholders[190]. Shareholder and Equity Management - The largest shareholder, Guirenniao Group (Hong Kong) Limited, holds 479,115,000 shares, representing 76.22% of total shares[176]. - The number of ordinary shareholders increased from 23,703 to 26,770 during the reporting period[174]. - The company has not engaged in any cash asset management or entrusted loan activities during the reporting period[168]. - The company has no strategic investors or general legal entities among the top 10 shareholders[183]. - The company has no reported related party transactions affecting the remuneration of directors and senior management[186].

Financial Performance - In 2019, the company reported a net profit of -1,018,558,230.28 CNY, with a net profit attributable to shareholders of -1,018,107,330.46 CNY[6]. - The total revenue for 2019 was 1,581,478,301.94 CNY, representing a decrease of 43.77% compared to 2,812,460,499.91 CNY in 2018[21]. - The company's total assets decreased by 17.31% to 3,930,336,891.53 CNY from 4,753,026,357.48 CNY in 2018[22]. - The net assets attributable to shareholders fell by 68.02% to 489,243,631.52 CNY from 1,529,693,373.89 CNY in 2018[22]. - The net cash flow from operating activities was -535,998,195.75 CNY, a decline of 195.80% compared to 559,482,271.76 CNY in 2018[21]. - The company's basic earnings per share for 2019 was -1.62 CNY, a decrease from -1.09 CNY in 2018[23]. - The net profit attributable to shareholders for Q4 2019 was -852.03 million CNY, a significant decline compared to previous quarters[25]. - The company reported asset impairment and credit impairment losses of 828.90 million CNY during the reporting period, leading to substantial losses for shareholders[23]. - The weighted average return on equity for 2019 was -89.04%, a decrease of 54.44 percentage points from 2018[23]. - The company reported a significant decline in cash and cash equivalents, down 82.88% to ¥25,265,392.16 due to reduced main business collections[81]. - The company reported a net loss of 1,018.56 million RMB for 2019, marking two consecutive years of losses[128]. Operational Challenges - The company does not plan to distribute profits or increase capital reserves for the year[6]. - The company has received a qualified audit opinion from Da Xin Accounting Firm regarding its 2019 financial statements[5]. - The management has indicated that future operational outlooks are based on current conditions and do not constitute performance commitments[8]. - The company has acknowledged the existence of non-operating fund occupation by controlling shareholders and related parties[8]. - The company is facing significant risks as detailed in the report, which should be reviewed by investors[8]. - The company faced significant liquidity challenges, leading to delays in executing various operational strategies and negatively impacting supply chain and brand marketing[47]. - The company is actively negotiating debt restructuring, with 5.96% of "14 Guirenniao" bondholders and 34% of PPN bondholders having signed debt settlement agreements[56]. - The company is facing significant uncertainties regarding its ability to continue as a going concern due to its financial situation[128]. - The company has been facing severe liquidity issues, limiting its financing channels and affecting its debt repayment capabilities[198]. Market Position and Strategy - The company operates under multiple brands, including "Guirenniao," "AND1," and "PRINCE," with AND1 having opened 12 direct stores and 1 franchise store[31]. - The company has established flagship stores for PRINCE on Tmall and JD.com but has not yet launched physical stores for this brand[31]. - The company is focusing on expanding its presence in lower-tier cities, where domestic brands have significant growth potential due to price sensitivity[37]. - The company anticipates higher sales in the second half of the year, driven by the introduction of higher-priced autumn and winter products[37]. - The company plans to enhance its core brand operations and expand its multi-brand strategy, including investments in AND1 and PRINCE brands to enter the mid-to-high-end market[107]. - The company aims to improve cash flow by intensifying collection efforts on overdue accounts and optimizing its operational model to reduce costs[108]. - The company will focus on expanding online sales channels, including Tmall and Douyin, to boost inventory turnover and sales conversion rates[108]. - The company is actively seeking external funding and investors to resolve liquidity issues and improve asset quality[109]. Inventory and Supply Chain Management - The company has established stable relationships with multiple suppliers for shoe materials, ensuring quality and delivery timelines through rigorous supplier management[33]. - The company outsources the production of sports apparel and accessories, maintaining strict control over quality, production progress, and costs through a comprehensive supplier management system[33]. - The company's inventory balance at the end of the reporting period was 455.25 million RMB, with risks of high inventory levels due to intense competition in the sportswear market[113]. - The company's inventory turnover rate for the period was 1.73, with inventory turnover days increasing to 207.72 days from 94.89 days in the previous year[94]. - The company recognized a credit impairment loss of 407 million yuan on accounts receivable at the end of the reporting period[50]. - Inventory increased due to the inability to timely sell goods from original distributors, resulting in an inventory write-down loss of 150 million yuan[50]. Corporate Governance and Compliance - The company has established a comprehensive governance structure that complies with relevant laws and regulations, ensuring effective operation and risk control[178]. - The independent directors actively participated in board meetings and provided professional opinions on significant matters, contributing to sound decision-making[179]. - The company has committed to improving compliance with legal and regulatory requirements following the disciplinary action[135]. - The company has a dedicated investor relations team to manage communications and maintain good relationships with stakeholders[180]. - The company has implemented a salary policy that includes performance-based adjustments and incentives to retain talent and reduce turnover[174]. - The company has established various committees including a strategic development committee and an audit committee to ensure proper governance and oversight[180]. Shareholder Information - The number of ordinary shareholders increased from 23,703 to 26,770 during the reporting period[153]. - Guirenniao Group (Hong Kong) Limited holds 479,115,000 shares, accounting for 76.22% of total shares, with 474,420,000 shares pledged[155]. - The actual controller of Guirenniao Group and Guirenniao Investment is the Lin family, indicating a close relationship among major shareholders[161]. - The top ten shareholders collectively hold a significant portion of the company's shares, with the largest shareholder having over 76%[155]. - The company has no other significant shareholders holding over 10% of shares[162]. - The company does not have any preferred shares outstanding[163]. Debt and Financial Obligations - The company faced overdue debts totaling 1,147 million RMB, including 500 million RMB from a non-public bond and 647 million RMB from a corporate bond, leading to asset freezes[115]. - The company issued "14 Guiren Bird" bonds with a total amount of RMB 800 million in 2014, with a current balance of RMB 646.938 million and an interest rate of 7%[192]. - The company failed to pay the principal and interest of the "14 Guiren Bird" bonds on time since December 3, 2019, leading to a suspension of trading on the Shanghai Stock Exchange[192]. - The company's credit rating was downgraded from AA to A on June 21, 2019, and further downgraded to BBB on November 15, 2019, with a negative outlook[195][196]. - The company plans to address debt risks through asset disposals and stabilizing operations, including selling subsidiary equity and other assets[197]. Employee and Management Information - The company employed a total of 4,057 staff, with 3,435 in the parent company and 622 in major subsidiaries[173]. - The total remuneration for directors, supervisors, and senior management amounted to 8.4476 million yuan in 2019[170]. - The company has a training plan aimed at enhancing employee skills and promoting internal talent development through various training programs[175].

Financial Performance - Operating revenue fell by 66.92% to CNY 172,608,126.29 compared to the same period last year[5]. - Net profit attributable to shareholders was a loss of CNY 200,915,899.51, a decrease of 1,543.56% compared to the same period last year[5]. - Basic earnings per share decreased by 1,700% to CNY -0.32 compared to the same period last year[5]. - The net profit for the current period is -¥200,742,245.20, a significant decline of 1,561.15% from a profit of ¥13,738,606.50 in the previous year[12]. - The net loss for Q1 2020 was ¥205,735,071.92, compared to a net profit of ¥21,225,216.57 in Q1 2019, indicating a significant decline in profitability[42]. Cash Flow and Liquidity - Net cash flow from operating activities was negative at CNY -39,079,448.84, a decrease of 151.42% compared to the same period last year[5]. - The cash flow from operating activities showed a net outflow of -¥39,079,448.84, a decrease of 294.49% compared to a positive cash flow of ¥76,007,027.98 in the same period last year[14]. - Cash and cash equivalents decreased to ¥4,647,801.60 from ¥8,703,121.89, a decline of 46.51%[32]. - The total cash outflow from operating activities was CNY 118,578,707.21, a decrease of 77.85% from CNY 533,841,536.76 in the previous year[49]. - The company reported a net cash outflow from investing activities of CNY -2,566,049.00, indicating a decrease in investment activity compared to the previous year[49]. Assets and Liabilities - Total assets decreased by 6.35% to CNY 3,680,680,700.63 compared to the end of the previous year[5]. - Net assets attributable to shareholders decreased by 40.89% to CNY 289,188,281.56 compared to the end of the previous year[5]. - The company's accounts receivable decreased to RMB 1.05 billion from RMB 1.16 billion, a reduction of about 8.9%[27]. - Total liabilities decreased to ¥4,408,825,045.04 from ¥4,418,655,280.14, a slight reduction of 0.23%[34]. - A total of RMB 1.2799474 billion in assets has been frozen due to overdue debts, including bank accounts and equity investments[22]. Shareholder Information - The total number of shareholders was 23,703 at the end of the reporting period[9]. - The largest shareholder, Guirenniao Group (Hong Kong) Limited, holds 76.22% of the shares[9]. Operational Metrics - The number of retail terminals for the Guirenniao brand decreased to 2,239 from 2,371, with 143 closures during the period[17]. - Online sales revenue for the first quarter was ¥62,476,365.36, accounting for 37.15% of total sales, compared to 20.59% in the same period last year[19]. - The gross profit margin for the Guirenniao brand increased to 52.78%, up by 17.39 percentage points from the previous year, despite a 73.89% decline in revenue[15]. Financial Obligations and Defaults - The company failed to pay the principal and interest of the "14 Guirenniao" bonds, leading to lawsuits from creditors totaling RMB 315.66 million[20]. - The company also defaulted on the "2016 First Phase Non-Public Debt Financing Instruments," with a claim of RMB 105 million from Sanya Rural Commercial Bank[20]. - The company has not reached a debt settlement agreement with creditors as of the report date[22]. Expenses and Investments - Total operating costs decreased by 54.65% to ¥213,107,142.43 from ¥469,895,645.75, reflecting the decline in revenue[12]. - Research and development expenses were reduced by 45.59% to ¥5,326,605.34 from ¥9,789,754.06, indicating a decrease in R&D investment[12]. - The company reported a significant increase in financial expenses, totaling ¥42,660,357.25, attributed to higher interest expenses[12].

Financial Performance - Operating revenue for the first nine months decreased by 49.20% to CNY 1,169,364,071.68 year-on-year[5] - Net profit attributable to shareholders was CNY -166,079,653.54, a decrease of 1,134.18% compared to the same period last year[5] - The total profit for the period was a loss of approximately ¥151.10 million, a decline of 709.79% compared to the previous year[16] - The company reported a net loss of CNY 398,882,735.21 for the period, compared to a loss of CNY 232,803,081.67 in the previous period[14] - The company's total revenue for Q3 2019 was CNY 1,169,364,071.68, a decrease of 49.20% compared to CNY 2,302,011,509.73 in the same period last year[15] - The company's operating income decline was primarily due to the exclusion of certain subsidiaries from the consolidated financial statements, leading to a 14.28% decrease in revenue when adjusted for prior year figures[15] - The net profit for Q3 2019 was a loss of ¥3,085,057.85, compared to a loss of ¥59,071,530.03 in the same period last year[41] Cash Flow - The net cash flow from operating activities was CNY -312,919,266.42, a decline of 221.39% year-on-year[5] - Cash flow from operating activities showed a net outflow of approximately ¥312.92 million, a decrease of 221.39% compared to the previous year[18] - Total cash inflow from operating activities decreased to 1,263,087,456.97 RMB in 2019 from 2,826,746,422.53 RMB in 2018, reflecting a decline of about 55%[44] - Cash outflow from operating activities increased to 1,576,006,723.39 RMB in 2019, compared to 2,568,966,224.68 RMB in 2018, indicating a rise of approximately 38%[44] - The net cash flow from investing activities was 47,617,374.64 RMB in 2019, down from 591,995,320.21 RMB in 2018, showing a decrease of around 92%[45] - Cash inflow from sales of goods and services was 1,161,952,717.41 RMB in the first three quarters of 2019, down from 2,670,994,249.65 RMB in 2018, reflecting a decrease of about 56%[44] Assets and Liabilities - Total assets increased by 2.76% to CNY 4,884,005,592.96 compared to the end of the previous year[5] - The company's total assets increased to ¥6,039,943,079.31 in Q3 2019 from ¥5,651,318,260.41 in Q3 2018, representing a growth of approximately 6.9%[32] - Total liabilities reached RMB 3.342 billion, up from RMB 3.223 billion at the end of 2018, reflecting an increase of about 3.7%[29] - Total current liabilities were CNY 3,188,064,009.00, indicating a substantial short-term obligation[52] - Total liabilities amounted to CNY 3,223,021,928.48, reflecting the company's financial obligations[52] Shareholder Equity - The company’s total equity increased to RMB 1.542 billion from RMB 1.530 billion, reflecting a growth of approximately 0.8%[29] - Shareholders' equity increased to CNY 1,657,114,911.70, demonstrating improved equity position[52] - The company reported a negative retained earnings of approximately $404.06 million[57] Expenses - Sales expenses increased by 97.78% year-on-year, attributed to increased sales rebates and adjustments in the sales model leading to higher personnel costs[16] - Research and development expenses for Q3 2019 were ¥10,842,982.07, down from ¥16,483,808.08 in Q3 2018, a decrease of about 34%[35] - The company experienced a decrease in sales expenses, which were ¥73,712,049.39 in Q3 2019, down from ¥110,188,569.36 in Q3 2018, a decline of about 33%[35] Other Income and Gains - Non-recurring gains and losses totaled CNY 5,298,568.81 for the year-to-date, with government subsidies contributing CNY 35,157,002.04[8] - The company received government subsidies that contributed to an increase in other income by 192.80% year-on-year[16] - Other comprehensive income after tax for Q3 2019 was ¥41,383,326.58, compared to ¥6,278,574.82 in Q3 2018, indicating a substantial increase[36]

Financial Performance - The company's operating revenue for the first half of 2019 was ¥810,094,883.91, a decrease of 47.27% compared to ¥1,536,425,503.14 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥58,370,653.08, a decline of 269.59% from ¥34,418,314.96 in the previous year[18]. - The net cash flow from operating activities was -¥19,596,372.05, a decrease of 103.53% compared to ¥554,672,673.28 in the same period last year[18]. - Basic earnings per share for the first half of 2019 were -¥0.0929, a decrease of 269.53% from ¥0.0548 in the same period last year[19]. - The weighted average return on net assets was -3.59%, a decrease of 5.06 percentage points from 1.47% in the previous year[20]. - The company reported a decrease in sales revenue for its main brand "Guirenniao," contributing to a 12.77% decline in revenue after excluding the impact of changes in the consolidation scope[20]. - The company experienced a significant increase in sales expenses and bad debt provisions due to the decline in main business revenue, leading to a substantial decrease in net profit attributable to shareholders[20]. - The company reported a total non-operating income and expenses of 28,895,199.05, with a loss from non-recurring items amounting to -1,823,807.90[23]. - The company reported a significant increase in prepayments, rising by 249.13% to RMB 112.82 million, indicating a strategic investment in supplier relationships[60]. - The company reported a significant increase in interest payable, rising by 401.30% to RMB 44,168,790.67 compared to RMB 8,810,787.30 in the previous period[61]. - The company reported a net loss of RMB 656.44 million for Guirenniao (Xiamen) Co., Ltd., with total assets of RMB 73,188.40 million[68]. - The company reported a total capital contribution of 4,420,000.00 from shareholders during the current period, reflecting ongoing investor confidence[144]. - The company experienced a net loss of 58,370,653.08 during the current period, which is a critical indicator of financial performance[146]. Assets and Liabilities - The company's total assets increased by 3.13% to ¥4,901,917,208.57 from ¥4,753,026,357.48 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company rose by 4.54% to ¥1,599,135,841.13 from ¥1,529,693,373.89 at the end of the previous year[18]. - The company's total liabilities were reported at approximately 3.298 billion RMB, compared to 3.223 billion RMB in the previous year[122]. - The company's total equity at the end of the period was 2,298,227,272 RMB, reflecting the company's financial position[155]. - The company's total liabilities reached CNY 4,240,433,597.74, compared to CNY 4,011,278,650.94 at the end of 2018, reflecting an increase of 5.7%[126]. - The company's current ratio was 0.78, showing a slight increase of 1.3% compared to the previous year[114]. - The company's total bank credit line available to the company and its subsidiaries was 2.5 billion RMB, with 1.168 billion RMB utilized as of June 30, 2019[115]. - The company is facing upcoming debt maturities totaling 1.146 billion RMB, which may pose a risk of default if sufficient funds are not raised[116]. - The company's short-term loans increased by 28.60% to RMB 898.64 million, reflecting a rise in collateralized loan amounts[60]. - The company's total assets amounted to approximately 4.902 billion RMB, an increase from 4.753 billion RMB at the end of the previous year[121]. Sales and Market Strategy - The company operates a dual business model through direct sales and agency sales, with partnerships with major brands like Nike, Adidas, and New Balance[26]. - The company has established a stable cooperation with multiple suppliers for raw materials, ensuring quality and timely delivery[29]. - The company’s sales model includes both a dealer model and a direct store model, enhancing market coverage and customer reach[30]. - The pricing strategy is based on market trends, competitor pricing, and historical sales data, ensuring competitive positioning[32]. - The company has developed an e-commerce self-operated model through its platform and major online marketplaces, enhancing sales efficiency[32]. - The agency operation model has become a significant profit source, providing e-commerce solutions for various sports brands[32]. - The company plans to expand its market presence by introducing international brands like AND1 and PRINCE, targeting youth markets and first- and second-tier cities[41]. - The company closed 188 underperforming stores during the reporting period, while opening 5 new AND1 franchise stores and 1 pure franchise store[45]. - The company aims to strengthen its core brand development and optimize channel construction to improve competitiveness in lower-tier markets[70]. - The company is facing risks from market competition, particularly from brands like Nike and Adidas, and is focusing on multi-brand and multi-channel strategies to enhance competitiveness[70]. Research and Development - The main business includes the design, research and development, production, and sales of sports shoes and apparel, with brands such as "Guiren Niao," "AND1," and "PRINCE"[26]. - The company has 334 R&D personnel focused on sports footwear and apparel design, ensuring alignment with market trends and consumer preferences[39]. - Research and development expenses decreased by 20.93% to ¥22.34 million, reflecting reduced investment in this area[47]. - Research and development expenses for the first half of 2019 were CNY 22,342,670.53, down from CNY 28,257,117.97 in the same period of 2018, indicating a decrease of 21.0%[128]. Financial Management and Strategy - The company aims to dispose of non-core assets and actively seek financial or strategic investors to address liquidity challenges[45]. - The company is exploring new financing channels and capital operations to address liquidity issues and avoid debt default risks[75]. - The company acknowledges the risk of inventory impairment due to increased competition in the sportswear market[73]. - The company has committed to repurchase all newly issued shares if there are any false statements or omissions in the prospectus, with the repurchase price not lower than the issuance price plus interest[79]. - The company will compensate investors for direct losses incurred due to false statements in the prospectus, limited to the actual losses proven by investors[80]. - The company has a good credit status, with no non-standard audit reports issued for the previous year's financial report[82]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period[78]. - The company has not disclosed any major related party transactions during the reporting period[86]. - The company has not reported any significant changes in its major contracts or their execution status[89]. - The company has not experienced any significant changes in accounting policies or estimates during the reporting period[95]. Shareholder Information - The largest shareholder, Guirenniao Group (Hong Kong) Limited, holds 479,115,000 shares, representing 76.22% of total shares, with 474,420,000 shares pledged[101]. - The company's controlling shareholder has pledged to respect the company's independent legal status and ensure independent operations and decision-making[80]. - The total number of ordinary shareholders at the end of the reporting period was 18,989[99]. - The controlling shareholder, Guirenniao Group, has 426.5473 million shares frozen, accounting for 67.86% of the company's total share capital[83]. Compliance and Legal Matters - The company has initiated legal proceedings regarding a dispute over the transfer of a 50.01% stake in Hubei Jiezhi Sports Industry Development Co., Ltd., with a transaction value of RMB 30,006 million[65]. - There are no ongoing bankruptcy reorganization matters[82]. - There are no significant lawsuits or arbitration matters during the reporting period[83]. - The company has not disclosed any environmental information as it does not fall under the category of key pollutant discharge units[93]. Market Trends and Challenges - The retail sales of clothing and accessories in China reached 656.03 billion yuan in the first half of 2019, with a year-on-year growth of 3.0%, a decline of 6.2% compared to the previous year[33]. - The export of clothing and accessories from China in the first half of 2019 was 66.57 billion USD, a year-on-year decrease of 4.68%[33]. - The rise of e-commerce is impacting traditional sales models, increasing competition in the retail sector[73]. - The company is exposed to risks from rising raw material prices and labor costs, which could impact cost control and profitability[71].

证券代码：603555 证券简称：贵人鸟 公告编号：临 2019-024 债券代码：122346 债券简称：14 贵人鸟 贵人鸟股份有限公司 关于参加 2019 年福建辖区上市公司 投资者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。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资 计划、可持续发展等投资者所关心的问题，贵人鸟股份有限公司（以下简称"公 司"）将于 2019 年 7 月 18 日下午参加由福建证监局协同深圳市全景网络有限公 司组织开展的 2019 年福建辖区上市公司投资者网上集体接待日活动。现将有关 事项公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络 远 程 的 方 式 举 行 ， 投 资 者 可 以 登 录 " 全 景 • 路 演 天 下 " 网 站 （http://rs.p5w.net/）或关注微信公众号：全景财经（微信号：p5w2012），参 与公司本次投资者集体接待日活动，活动时间为 2019 年 7 月 18 日（星期 ...

Financial Performance - In 2018, the company reported a total revenue of ¥2,812,460,499.91, a decrease of 13.52% compared to ¥3,252,075,597.67 in 2017[21] - The net profit attributable to shareholders was -¥685,879,243.20, representing a significant decline of 536.01% from a profit of ¥157,307,658.42 in the previous year[21] - The net cash flow from operating activities was ¥559,482,271.76, down 11.66% from ¥633,306,310.16 in 2017[21] - The company's net assets attributable to shareholders decreased by 34.27% to ¥1,529,693,373.89 from ¥2,327,188,210.96 in 2017[21] - The basic earnings per share for 2018 was -1.09 CNY, a decrease of 535.65% compared to 0.2502 CNY in 2017[22] - The weighted average return on equity dropped to -34.60% in 2018, a decrease of 40.87 percentage points from 6.27% in 2017[22] - The company reported a total revenue of 833.42 million CNY in Q1 2018, but faced a net loss of 701.94 million CNY in Q4 2018[27] - The net profit attributable to shareholders for the entire year was significantly impacted by non-recurring losses, including a loss of 109.58 million CNY from the disposal of non-current assets[29] - The company reported a total of 39.32 million CNY in non-recurring losses for 2018, highlighting the impact of various non-operational factors on financial performance[30] - The company achieved operating revenue of CNY 281,246.05 million, a decrease of 13.52% compared to the previous year[56] - The net profit attributable to shareholders was CNY -68,585.91 million, a decline of 536.00% year-on-year[56] Assets and Liabilities - As of the end of 2018, the total assets amounted to ¥4,753,026,357.48, a decrease of 37.32% from ¥7,582,562,217.31 in 2017[21] - The cumulative undistributed profits as of December 31, 2018, were -¥232,803,081.67 for the consolidated statements and -¥404,064,906.58 for the parent company[5] - The company repaid nearly 1.8 billion CNY in debt during 2018, which contributed to a decline in total assets[23] - The total assets and net assets at the end of 2018 were reduced due to the loss of control over subsidiaries and the repayment of debts[23] - Cash and cash equivalents decreased by 80.24% to CNY 147.54 million, primarily due to the repayment of bonds and loans[85] - Short-term borrowings decreased by 43.30% to CNY 698.80 million, reflecting the repayment of short-term loans[87] - Other payables increased by 472.29% to CNY 162.30 million, indicating a higher balance of borrowed funds[87] Sales and Marketing - The main business of the company includes the design, research and development, production, and sales of sports footwear and apparel, with brands such as "Guiren Niao," "AND1," and "PRINCE" [32] - The company operates a multi-brand strategy through its subsidiary Mingxieku, which includes the agency sales of well-known international brands like Nike, Adidas, and New Balance, among others [32] - The company has established a stable cooperation relationship with multiple suppliers for raw materials, ensuring quality and delivery timelines [34] - The sales model includes both a dealer model and a direct sales model, with dealers responsible for market development and maintenance in their regions [35] - The company has implemented a comprehensive marketing network management system to monitor regional markets and support dealers [36] - The e-commerce platform Mingxieku operates a self-operated model and a代运营 service model, significantly enhancing online sales performance for partnered brands [36] - The company’s marketing strategy leverages social media and regional advertising to strengthen brand recognition and consumer engagement[42] - The company aims to strengthen brand marketing by leveraging internet features and enhancing collaboration with mobile media [36] Research and Development - The company emphasizes product research and development, focusing on consumer preferences and improving product features [36] - The company employs 364 R&D personnel, holding a total of 506 patents, including 39 invention patents, 180 utility model patents, and 287 design patents[45] - R&D expenses rose by 39.12% to CNY 80,817.10 million, reflecting ongoing investment in new product development[58] - Research and development expenses rose to CNY 80,817.08 million, reflecting a 39.12% increase compared to the previous year[63] Operational Challenges - The company faced a decline in sales revenue for its proprietary brands due to intensified market competition and rising raw material costs[56] - The company reported a significant inventory write-down of CNY 64,010.40 million, a staggering increase of 2888.21% compared to the previous year[55] - The overall gross margin for the company's main sports shoe and apparel business decreased by 6.58 percentage points due to factors such as increased competition and a decline in sales volume[70] - The company has faced risks from rising raw material prices and labor costs, which significantly impact production costs, particularly in the footwear segment[127] - The company acknowledges the risk posed by e-commerce and new consumption models, which are challenging traditional retail methods in the sportswear industry[129] Future Outlook - The company plans to return to its core business and enhance its operational capabilities in the traditional sports footwear and apparel sector[122] - In 2019, the company aims to achieve profitability after experiencing losses in 2018, focusing on improving operational efficiency and inventory turnover[123] - The company intends to strengthen brand operations and introduce new international brands to enhance brand premium capabilities and enter the mid-to-high-end market[124] - The company will actively pursue capital operations and debt restructuring to broaden financing channels and address liquidity challenges[125] - The sports industry in China is projected to reach a total scale of RMB 5 trillion by 2025, indicating significant growth potential[120] Corporate Governance - The company has appointed Da Xin Accounting Firm (Special General Partnership) as its financial auditing institution for the fiscal year 2018, with an audit fee of 1.1 million RMB[144] - The company has a governance structure that complies with relevant laws and regulations, ensuring effective operation and protection of investor interests[200] - The company has undergone changes in its board of directors, with several independent directors resigning for personal reasons and new directors being elected[190][192] - The company has appointed independent directors with diverse backgrounds, including law, finance, and management, to strengthen governance[187] Employee Management - The total number of employees in the parent company is 3,997, while the total number of employees in major subsidiaries is 528, resulting in a combined total of 4,525 employees[194] - The company has implemented a salary policy that includes performance-based salary adjustments and incentives to reduce employee turnover[197] - The company is establishing a comprehensive learning system to enhance employee skills and capabilities through various training programs[198]

Financial Performance - Net profit attributable to shareholders decreased by 83.66% to CNY 13,918,063.76 year-on-year[6] - Operating revenue fell by 37.40% to CNY 521,751,737.41 compared to the same period last year[6] - Cash flow from operating activities decreased by 72.50% to CNY 76,007,027.98 compared to the previous year[6] - The weighted average return on net assets decreased by 75.40% to 0.89%[6] - Basic and diluted earnings per share dropped by 85.71% to CNY 0.02[6] - The company reported a significant decline in net profit excluding non-recurring items, down 119.88% to CNY -14,861,176.24[6] - Operating profit for Q1 2019 was ¥20,232,042.11, a decline of 84.5% from ¥130,399,257.15 in Q1 2018[35] - Net profit for Q1 2019 after tax expenses was ¥13,738,606.50, down 95.5% from ¥101,416,157.01 in Q1 2018[35] - The total profit for Q1 2019 was CNY 21,225,216.57, compared to CNY 89,021,667.39 in Q1 2018, reflecting a decline of 76.1%[39] Revenue and Sales - The company's operating revenue for Q1 2019 was CNY 410,914,533.88, an increase of 3.6% compared to CNY 398,469,572.49 in Q1 2018[39] - Total revenue for Q1 2019 was ¥521,751,737.41, a decrease of 37.5% compared to ¥833,419,034.57 in Q1 2018[35] - Online sales contributed CNY 107,452,863.41, accounting for 20.59% of total revenue, while offline sales were CNY 412,325,584.90, making up 79.03%[21] - The net cash received from sales of goods and services was RMB 460,169,980.55, a decline of 57.45% compared to RMB 1,081,557,987.51 in the previous year[14] Assets and Liabilities - Total assets increased by 1.75% to CNY 4,836,364,777.90 compared to the end of the previous year[6] - Current assets totaled CNY 2,485,540,371.96, slightly up from CNY 2,459,991,672.50 at the end of 2018[26] - Total liabilities as of March 31, 2019, were ¥4,293,231,636.61, up 7.0% from ¥4,011,278,650.94 at the end of 2018[32] - Inventory levels rose to CNY 532,385,278.82, compared to CNY 502,697,553.51 at the end of 2018[26] Shareholder Information - The total number of shareholders reached 23,508 at the end of the reporting period[10] - The largest shareholder, Guireniao Group (Hong Kong) Limited, holds 76.22% of the shares[10] Cash Flow - The company's operating cash flow for Q1 2019 was CNY 76,007,027.98, down from CNY 276,407,229.57 in Q1 2018[41] - The net cash flow from operating activities was CNY 106,825,736.26, a significant improvement from a net outflow of CNY -209,240,640.57 in the same period last year[45] - The ending cash and cash equivalents balance was CNY 13,137,788.19, a decrease from CNY 64,361,012.92 at the end of Q1 2018[46] Other Income and Expenses - Non-recurring gains and losses totaled CNY 28,779,240.00 for the reporting period[8] - The company reported a significant increase in other income, which rose to RMB 30,203,862.28, up 1030.70% from RMB 2,671,252.71 year-on-year[13] - Research and development expenses increased to CNY 9,789,754.06 in Q1 2019, up from CNY 8,829,341.74 in Q1 2018[39] - The financial expenses for Q1 2019 were CNY 32,798,328.92, significantly reduced from CNY 57,684,029.30 in Q1 2018[39] Store Operations - The company opened 61 new stores during the reporting period, while closing 104 stores, resulting in a net decrease in retail locations[19] - The total number of retail terminals reached 2,830, with a total retail area of 231,172 square meters as of March 31, 2019[18]