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]

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, which included various non-operational income and expenses[30] Asset Management - 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 lower than the previous year due to a reduction in the scope of consolidated subsidiaries[23] - The company’s long-term equity investments fell by 58.26% to 123.31 million RMB from 295.46 million RMB, due to the disposal of investments in the sports industry[85] - The company’s goodwill decreased by 61.61% to 220.56 million RMB from 574.49 million RMB, resulting from the disposal of subsidiary equity and impairment provisions[85] Operational Strategy - 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, enhancing its market presence [32] - The company has established a stable cooperation with multiple suppliers for raw materials, ensuring quality and delivery timelines through rigorous supplier management [34] - The sales model includes both a dealer model and a direct sales model, with a focus on enhancing dealer profitability through comprehensive marketing support [36] - The company has adopted an e-commerce self-operated model through its platform and major online marketplaces, aiming for rapid sales through competitive pricing [36] - The company is actively exploring new user acquisition strategies and enhancing brand reputation through self-created IP events and close consumer engagement [36] Market Trends - The sports footwear and apparel industry has seen a recovery since 2013, with companies focusing on brand marketing, product development, and direct channel management to adapt to market changes [36] - The sports goods industry in China achieved a sales revenue of 161.3 billion RMB in 2018, reflecting a year-on-year growth of 10.05%[38] - The number of companies in the sports goods industry reached approximately 1,141 by the end of 2018, indicating a continuous increase in market competition[38] - The company aims to capitalize on the growing demand for sportswear driven by increased health awareness and government initiatives promoting fitness[42] - The competitive landscape is intensifying as international brands penetrate lower-tier cities, necessitating a robust response from domestic brands[47] Research and Development - The company has a strong R&D team of 364 personnel, holding a total of 506 patents, including 39 invention patents and 287 design patents[45] - R&D expenses rose by 39.12% to CNY 8,081.71 million, reflecting ongoing investment in new product development[58] - The company emphasizes product design and development, with a lead time of approximately one year before market launch, based on market research and sales data analysis [33] Financial Management - The company has engaged Da Xin Accounting Firm for its 2018 financial audit, with a remuneration of RMB 1.1 million[132] - The company has not reported any related party transactions that would infringe on the rights of shareholders or investors[128] - The company has not faced any risks of suspension or termination of its listing status[133] - The company has not encountered any significant accounting errors that would require correction[131] - The company has maintained compliance with environmental standards, with all monitored emissions meeting regulatory requirements[156] Governance and Shareholder Relations - The company has a governance structure that complies with relevant laws and regulations, ensuring effective decision-making and risk control[188] - The board of directors and supervisory board operate independently, with a clear division of responsibilities and adherence to legal requirements[189] - The company has designated specific newspapers for information disclosure, ensuring transparency and fairness in communication with shareholders[190] - The company maintains good investor relations by promptly addressing inquiries and concerns from investors[190] - The company held its fourth extraordinary general meeting on December 27, 2018, to approve the adjustment of the board[175] 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[183] - The company has implemented a salary policy that includes performance-based salary adjustments and incentives to reduce employee turnover[184] - The company is establishing a comprehensive learning system to enhance employee skills and capabilities through various training programs[185] Risks and Challenges - The company is facing risks from rising raw material and labor costs, which could pressure its cost control efforts[118] - The rise of e-commerce poses a risk to traditional retail models, necessitating a shift towards integrated business strategies[120] - The company faces risks from intense competition in the sports retail market, particularly in the mid-to-high-end segment, which is highly concentrated[120]

Financial Performance - Net profit attributable to shareholders dropped by 89.14% to CNY 16,059,120.93 year-to-date[6] - Operating revenue for the first nine months was CNY 2,302,011,509.73, a decrease of 0.52% year-on-year[6] - Basic earnings per share decreased by 89.16% to CNY 0.0255[7] - The gross profit margin for the company was 28.63%, down by 8.66 percentage points year-on-year[18] - The company's total operating costs were approximately CNY 1.61 billion, reflecting a year-on-year increase of 12.98%[18] - Operating income for the third quarter was CNY 765,586,006.59, compared to CNY 735,338,581.02 in the same period last year, reflecting a growth of approximately 4.0%[38] - The company reported a significant increase in asset impairment losses by 29.60% to ¥22,169,411.49, linked to an increase in receivables[16] - The company reported a gross profit margin of 24.2% in Q3 2018, down from 35.6% in Q3 2017[44] - The total comprehensive income for Q3 2018 was a loss of ¥9,065,488.54, compared to a profit of ¥24,492,431.10 in Q3 2017[40] Cash Flow - The net cash flow from operating activities decreased by 2.45% to CNY 257,780,197.85 year-to-date[6] - Cash inflow from operating activities for the first nine months was 2,826,746,422.53 RMB, down from 2,913,539,953.51 RMB year-on-year[47] - Cash outflow from operating activities totaled 2,568,966,224.68 RMB, compared to 2,649,284,929.78 RMB in the previous year[47] - Net cash flow from investment activities was 591,995,320.21 RMB, a significant improvement from -564,867,345.64 RMB year-on-year[48] - Net cash flow from financing activities decreased by 163.95% to -¥1,174,596,401.58, due to reduced new financing and significant debt repayment[17] - Cash inflow from financing activities was 1,281,466,284.23 RMB, down from 2,789,991,099.00 RMB in the previous year[48] Assets and Liabilities - Total assets decreased by 13.44% to CNY 6,563,774,792.87 compared to the end of the previous year[6] - The total amount of inventory increased by 29.76% to ¥638,898,719.52, attributed to adjustments in the direct sales model and increased stock for peak season[14] - The total liabilities increased by 36.31% in accounts payable, reaching ¥843,700,662.02, due to increased settlement of goods[14] - The company's total assets decreased to approximately 6.56 billion RMB from 7.58 billion RMB, a decrease of about 13.5%[31] - Total liabilities decreased to approximately 4.06 billion RMB from 4.96 billion RMB, a decrease of about 18.1%[31] Shareholder Information - The total number of shareholders reached 17,996, with the largest shareholder holding 76.22% of the shares[11] - The company transferred 37% equity stakes in two subsidiaries for a total of CNY 141.44 million during the reporting period[25] - The company approved the transfer of 13.66% equity in Hupu Sports for a price of 273.28 million RMB, which has been fully repaid to the company[26] Market and Operational Changes - The company faced increased production costs due to rising raw material and labor costs, leading to a decline in self-owned brand output[7] - The company provided subsidies and discounts to distributors, further diluting the gross profit margin[7] - The company opened 437 new franchise stores during the reporting period, while closing 725 stores[22] - Online sales revenue for the first nine months of 2018 was CNY 378.28 million, accounting for 16.81% of total revenue, with a gross margin of 19.89%[24]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 1,536,425,503.14, a decrease of 2.67% compared to the same period last year[20]. - The net profit attributable to shareholders for the first half of 2018 was CNY 34,418,314.96, representing a significant decline of 73.51% year-on-year[20]. - Basic earnings per share for the first half of 2018 were CNY 0.0548, a decrease of 73.49% from CNY 0.2067 in the same period last year[21]. - The weighted average return on net assets was 1.47%, down 3.08 percentage points from the previous year[21]. - The company achieved operating revenue of CNY 153,642.55 million, a decrease of 2.67% compared to the same period last year[44]. - The sales revenue of the proprietary brand Guirenniao was CNY 68,675.75 million, down 19.51% year-on-year[44]. - Operating profit decreased significantly to ¥62,589,568.99, down 70.5% from ¥212,372,676.40 in the previous period[136]. - Net profit for the current period is ¥44,086,356.43, a decline of 72.1% compared to ¥158,140,443.27 in the previous period[136]. Cash Flow and Assets - The net cash flow from operating activities increased by 64.84% to CNY 554,672,673.28 compared to the previous year[20]. - The company's total assets at the end of the reporting period were CNY 7,375,450,468.03, down 2.73% from the end of the previous year[20]. - The total liabilities decreased by 24.93% to CNY 899.36 million due to a reduction in outstanding short-term financing bonds[60]. - The company reported a significant decrease in accounts receivable, down 99.27% to CNY 2.68 million, indicating improved cash flow management[59]. - The net cash flow from operating activities for the first half of 2018 was RMB 554,672,673.28, an increase of 64.9% compared to RMB 336,482,299.50 in the same period last year[142]. - The ending balance of cash and cash equivalents was RMB 407,185,296.36, down from RMB 677,341,274.15 at the end of the previous year[143]. Market and Business Strategy - The company’s main business includes the research, production, and sales of its proprietary brand, Guirenniao, focusing on sports footwear and apparel, with a significant portion of footwear produced in-house and apparel sourced from external manufacturers[24]. - The online retail segment, particularly through platforms like Tmall and JD.com, has become a significant growth area, with the company leveraging its operational experience to enhance brand performance[30]. - The company has established stable partnerships with multiple suppliers for raw materials, ensuring quality and delivery timelines through rigorous supplier management and evaluation[26]. - The company has initiated a strategy to optimize cooperation with Guirenniao brand distributors to reduce reliance on the distribution model and promote healthy brand development[43]. - The company aims to actively seek profitable and mature business models for future expansion and collaboration with industry leaders[45]. Risks and Challenges - The report includes a risk statement indicating that future plans and strategies do not constitute a commitment to investors[5]. - The company faces significant competition in the sportswear industry from both domestic and international brands, including Nike, Adidas, and Uniqlo, which may impact its market position[71]. - Rising raw material prices and labor costs present ongoing challenges for the company's cost control efforts[72]. - The company is undergoing a strategic transformation from traditional sports footwear to a diversified sports industry group, which poses certain risks[70]. Corporate Governance and Compliance - The company held 1 annual general meeting and 1 extraordinary general meeting during the reporting period[80]. - The proposed profit distribution plan for the half-year includes no dividends or capital reserve transfers, with 0 shares distributed for every 10 shares held[81]. - The company has made commitments regarding the repurchase of shares in case of false statements in the prospectus, with a repurchase price not lower than the issuance price plus interest[83]. - The commitments made by the actual controller and shareholders are long-term effective, ensuring compliance with legal regulations and protecting investor rights[84]. Research and Development - The company has a total of 491 R&D personnel dedicated to sports footwear and apparel design, ensuring alignment with consumer demands for professional, comfortable, and fashionable products[38]. - Research and development expenses rose by 21.75% to CNY 28,257.12 million, attributed to the new brands PRINCE and AND1[48]. Financial Management - The company has not recognized any overdue principal or income from entrusted financial management, maintaining a clean financial record[65]. - The company plans to utilize up to CNY 600 million of idle funds for short-term financial investments, which can be rolled over[65]. - The company has pledged assets totaling CNY 599.11 million, including cash deposits and fixed assets, as collateral for loans[62]. Inventory and Supply Chain - The company’s procurement model includes both futures and spot purchasing, with futures being the primary method, allowing for better inventory management and reduced financial risk[29]. - The company uses a weighted average method for inventory valuation and assesses inventory at the lower of cost and net realizable value[186]. Shareholder Information - Guirenniao Group (Hong Kong) Limited holds 479,115,000 shares, accounting for 76.22% of total shares, with 464,420,000 shares pledged[105]. - The employee stock ownership plan completed the purchase of 22,222,096 shares, accounting for 3.54% of the total share capital, with a total investment of 250 million RMB[93].

Financial Performance - Net profit attributable to shareholders rose by 2.20% to CNY 85,203,844.98 year-on-year[7] - Operating revenue grew by 8.48% to CNY 833,419,034.57 compared to the same period last year[7] - Basic earnings per share increased by 2.19% to CNY 0.1355[7] - The total revenue for the company reached ¥806,464,782.50, with a gross margin of 34.48%, down from 37.79% in the previous year[23] - Net profit for Q1 2018 reached CNY 101,416,158.01, representing a 6.5% increase from CNY 95,405,163.30 in Q1 2017[37] - The total comprehensive income for Q1 2018 was CNY 100,470,106.67, compared to CNY 96,337,142.34 in Q1 2017, showing an increase of 4.4%[38] - The company reported a total profit of CNY 89.02 million, an increase of 20.7% from CNY 73.69 million in Q1 2017[40] Cash Flow - Net cash flow from operating activities surged by 713.44% to CNY 276,407,229.57 compared to the previous year[7] - Cash flow from operating activities generated a net amount of CNY 276.41 million, significantly higher than CNY 33.98 million in Q1 2017[42] - The company’s cash inflow from operating activities totaled CNY 1,125.47 million, up 30% from CNY 865.79 million in the previous year[42] - Operating cash inflow for Q1 2018 was CNY 746,109,566.58, an increase of 22.6% from CNY 608,853,449.26 in the previous period[45] - Cash inflow from financing activities totaled CNY 506,150,000.00, up from CNY 287,900,000.00 in the previous period, marking a 76.0% increase[45] - The overall cash and cash equivalents decreased by CNY 255,500,699.16 during the quarter, compared to a decrease of CNY 322,856,410.48 in the previous year[46] Assets and Liabilities - Total assets increased by 2.01% to CNY 7,734,940,693.71 compared to the end of the previous year[7] - Current assets increased to ¥4,189,763,640.84 from ¥4,101,995,641.32, representing a growth of approximately 2.0%[28] - Total liabilities increased to ¥5,007,798,156.59 from ¥4,955,889,786.86, indicating a rise of approximately 1.1%[30] - Total non-current assets increased to ¥3,545,177,052.87 from ¥3,480,566,575.99, marking a growth of about 1.9%[29] - The total liabilities decreased to CNY 4,298,748,593.78 from CNY 4,490,517,919.51 at the beginning of the year, a reduction of approximately 4.3%[35] - Total equity increased to CNY 2,359,207,503.39 from CNY 2,292,898,911.94, reflecting a growth of about 2.9%[35] Expenses - Financial expenses increased by 60.87% to ¥65,924,584.91 due to rising financing costs[18] - Sales expenses rose by 31.98% to ¥106,749,862.27, attributed to increased store rent and employee benefits[18] - The company reported a decrease in financial expenses to CNY 65,924,584.91 from CNY 40,979,044.32, which is an increase of 60.7%[37] - Financial expenses surged to CNY 57.68 million, up 72.1% from CNY 33.50 million in the previous year[40] Investments - The company plans to establish three wholly-owned subsidiaries with a total investment of ¥90 million, focusing on new brand operations and traditional sales[23] - The investment cash outflow decreased by 97.42% to ¥7,000,000.00, as there were no purchases of financial products this period[17] - The company recorded an investment income of CNY 11,435,767.78, down from CNY 13,674,312.80 in the previous year[37] - Investment activities resulted in a net cash outflow of CNY 102.84 million, compared to a net outflow of CNY 111.26 million in Q1 2017[43] Operational Changes - The company opened 78 new retail terminals and closed 133, resulting in a total of 3,672 retail terminals as of March 31, 2018[19] - The company experienced a 131.88% increase in accounts payable, reaching CNY 160,000,000.00 due to increased settlement of goods[14] - Employee compensation payable decreased by 38.79% to CNY 27,803,458.73 as a result of year-end bonuses paid in the previous year[14]

Financial Performance - The company's operating revenue for 2017 was CNY 3,252,075,597.67, representing a 42.70% increase compared to CNY 2,279,020,179.02 in 2016[23]. - The net profit attributable to shareholders for 2017 was CNY 157,307,658.42, a decrease of 46.25% from CNY 292,659,802.91 in 2016[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 89,025,962.49, down 65.22% from CNY 255,935,719.62 in 2016[23]. - The net cash flow from operating activities increased by 168.32% to CNY 633,306,310.16 from CNY 236,023,830.68 in 2016[23]. - As of December 31, 2017, total assets were CNY 7,582,562,217.31, a decrease of 4.06% from CNY 7,903,696,177.21 in 2016[23]. - The company's total equity attributable to shareholders was CNY 2,327,188,210.96, down 16.53% from CNY 2,787,896,662.75 in 2016[23]. - Basic earnings per share decreased by 47.50% to CNY 0.2502 compared to CNY 0.4766 in the previous year[24]. - The weighted average return on equity dropped by 6.07 percentage points to 6.27% from 12.34% in the previous year[24]. - The net profit attributable to shareholders decreased significantly due to increased asset impairment losses and rising financial and management expenses[25]. - The company incurred management expenses of CNY 239.44 million, a 52.30% increase compared to the previous year[59]. - Financial expenses rose to CNY 227.57 million, a 50.28% increase year-on-year, due to rising financing costs[59]. Revenue Sources and Business Operations - The total revenue for the year increased substantially due to the full-year consolidation of newly acquired companies[25]. - The main business includes the research, production, and sales of the Guirenniao brand sports shoes and apparel, with a focus on self-owned brand products primarily for consumer sports and leisure[34]. - The company operates a wholesale sales model, with major partnerships including Nike, Adidas, UA, Converse, New Balance, Li Ning, Skechers, Asics, DC, and PUMA, covering various sports apparel and equipment[34]. - The company has developed a robust marketing network management system to support dealers in enhancing their profitability and managing retail operations[37]. - The subsidiary, Mingxianku, operates an e-commerce platform and provides agency services for sports brands, contributing significantly to the company's revenue[40]. - The company’s main business in the sports shoe sector generated revenue of CNY 3,046,864,997.85, with a gross margin of 32.76%[73]. - The company’s retail network covers 3,730 stores across 31 provinces, with a total retail area of 303,156.26 square meters, focusing on third and fourth-tier cities where consumers prefer domestic brands[47]. Market Trends and Industry Insights - The sports goods market in China grew by 12.0% in 2017, reaching RMB 212 billion, with a projected compound annual growth rate of 8% until 2022, potentially reaching RMB 318 billion[43]. - The sports industry’s added value increased from over RMB 220 billion in 2010 to nearly RMB 550 billion in 2015, with an average nominal growth rate of close to 20%, significantly outpacing GDP growth[43]. - The sports industry’s contribution to GDP rose from 0.56% to 0.8% from 2010 to 2015, with expectations to exceed 1% by 2020[43]. - The company is actively participating in the national fitness promotion plan, capitalizing on the trend of sports becoming a part of everyday life[46]. - The company aims to transition from traditional sports footwear operations to a comprehensive sports industry operation strategy, focusing on mergers and acquisitions with clear profit models[123]. Research and Development - As of December 31, 2017, the company had 511 R&D personnel, with a total of 364 patents, including 28 invention patents, 156 utility model patents, and 180 design patents[49]. - The company has established a sports science laboratory to enhance its R&D capabilities and ensure product alignment with consumer demands for professional, comfortable, stylish, and healthy sportswear[49]. - The company emphasizes product research and development, aligning with consumer preferences to improve product features and functionality[42]. - The R&D design process begins approximately one year before product launch, utilizing market research data to inform future product designs[35]. - Research and development expenses rose by 30.75% to CNY 58,090,750.54[70]. Acquisitions and Investments - The company acquired exclusive rights to the AND1 brand for 30 years, allowing it to manufacture and distribute products in mainland China and Hong Kong, Macau, and Taiwan[50]. - The company invested CNY 200 million to acquire the trademark assets of the PRINCE brand in China and South Korea, gaining perpetual rights to core patents and technologies[59]. - The company acquired 49% equity in Mingxieku for CNY 367.50 million, becoming its sole shareholder[58]. - The company has established a joint venture with Hupu to create a sports industry fund, investing in multiple "Internet+" concept projects[53]. - The company’s sports industry fund has invested in various companies, including a sports app and a professional football equipment retailer, enhancing its market presence[115]. Financial Management and Shareholder Relations - The company distributed a cash dividend of CNY 2.50 per 10 shares, totaling CNY 157,150,535.75 based on a total share capital of 628,602,143 shares as of December 31, 2017[6]. - The company has committed to not transferring or entrusting the management of its directly held shares for 36 months from the date of its stock listing, which started on January 24, 2014[141]. - The company will repurchase all new shares if there are false records or misleading statements in its prospectus, with the repurchase price not lower than the issuance price plus interest[141]. - The company has a plan to stabilize its stock price if the closing price falls below the latest audited net asset value for 20 consecutive trading days[146]. - The company’s cash dividend distribution plan reflects a commitment to returning value to shareholders while maintaining a healthy profit distribution strategy[137]. Corporate Governance and Compliance - The company has established a commitment to ensure that its financial disclosures are accurate and comply with legal standards[142]. - The company will hold its annual general meeting to address any failures to fulfill commitments within specified timeframes[142]. - The company’s controlling shareholder will respect the company’s independent operation and decision-making[143]. - The company will take necessary actions to protect investors' rights in case of any breaches of commitments[143]. - The company reported no significant litigation or arbitration matters during the fiscal year[156]. Social Responsibility and Community Engagement - The company donated a total of RMB 5.1805 million in 2017, with RMB 156,000 specifically allocated for targeted poverty alleviation efforts[174]. - The company participated in the "Hundred Enterprises Help Hundred Villages" targeted poverty alleviation initiative, collaborating with local government agencies[174]. - The company has committed to continue supporting local government poverty alleviation efforts and enhancing vocational training for impoverished populations[177].

Financial Performance - Operating revenue increased by 67.87% to CNY 2,313,962,997.40 for the period from January to September[6] - Net profit attributable to shareholders decreased by 16.95% to CNY 147,897,175.37 for the period from January to September[6] - Basic earnings per share decreased by 18.86% to CNY 0.2353[7] - The weighted average return on equity decreased by 2.30 percentage points to 5.28%[6] - The company reported a significant increase in sales expenses, totaling approximately ¥102.34 million year-to-date, up from ¥76.33 million in the previous year, reflecting a 34% increase[40] - Management expenses for the first nine months of 2017 were approximately ¥106.66 million, compared to ¥97.55 million in the same period last year, marking a 9% increase[40] - Financial expenses increased to approximately ¥138.06 million year-to-date, up from ¥91.43 million in the previous year, representing a 51% increase[40] Assets and Liabilities - Total assets decreased by 4.89% to CNY 7,517,478,943.69 compared to the end of the previous year[6] - Net assets attributable to shareholders decreased by 14.87% to CNY 2,373,234,127.28 compared to the end of the previous year[6] - Total current assets decreased from CNY 4,967,419,382.36 at the beginning of the year to CNY 4,315,441,651.91, a decline of approximately 13.1%[28] - Cash and cash equivalents dropped significantly from CNY 1,391,707,795.65 to CNY 726,158,009.77, a decrease of about 47.8%[28] - Total current liabilities increased from CNY 3,087,604,041.14 to CNY 3,214,861,939.20, an increase of about 4.1%[29] - Total liabilities rose from CNY 4,790,917,001.39 to CNY 4,896,754,521.15, an increase of approximately 2.2%[30] - Shareholders' equity decreased from CNY 3,112,779,175.82 to CNY 2,620,724,422.54, a decline of about 15.8%[30] Cash Flow - Net cash flow from operating activities improved significantly, reaching CNY 264,255,023.73, a 302.72% increase compared to the same period last year[6] - The company's cash flow from operating activities improved significantly, with a net inflow of RMB 264,255,023.73, compared to a net outflow of RMB -130,356,283.30 in the previous year, marking a 302.72% increase[12] - Cash flow from operating activities for the first nine months was 2,098,177,863.08 RMB, slightly down from 2,146,720,508.11 RMB year-over-year[47] - In Q3 2017, the company reported a net cash flow from financing activities of -445,011,731.02 RMB, compared to a positive cash flow of 1,015,702,243.32 RMB in the previous period[45] - The total cash inflow from financing activities was 2,789,991,099.00 RMB, while cash outflow was 3,235,002,830.02 RMB, resulting in a net cash outflow[45] Revenue Breakdown - The company's operating revenue for the third quarter reached RMB 2,313,962,997.40, representing a 67.87% increase compared to RMB 1,378,410,749.78 in the same period last year[12] - Online sales revenue for Q3 2017 was approximately 297.45 million RMB, accounting for 12.85% of total sales, with a gross margin of 32.56%[19] - Offline sales revenue for Q3 2017 was approximately 1.97 billion RMB, accounting for 85.09% of total sales, with a gross margin of 38.01%[19] - The total revenue for Q3 2017 was approximately 2.27 billion RMB, showing a significant increase compared to the previous year[19] Inventory and Receivables - The inventory balance increased by 35.39% to RMB 642,461,058.93, up from RMB 474,529,720.61, due to higher stock levels for winter products[11] - The total amount of receivables increased by 186.49% to RMB 577,000,000.00, driven by increased use of notes for settlements by distributors[11] - The company reported a significant decrease in other receivables, down 88.40% to RMB 51,608,501.27, due to the recovery of funds from minority shareholders and the receipt of equity transfer payments[11] Shareholder Information - The total number of shareholders reached 11,963[9] - The largest shareholder, Guirenniao Group (Hong Kong) Limited, holds 76.22% of the shares[9] Investments and Acquisitions - The company plans to invest 20 million USD to acquire the trademark assets of PRINCE Sports, LLC for the Chinese and Korean markets[24] - The company completed the first phase of its employee stock ownership plan, purchasing 22,222,096 shares, representing 3.54% of the total share capital[20] - The company has issued 9 billion RMB in short-term financing bonds, with 9 billion RMB in mid-term notes registered but not yet utilized[21]

Financial Performance - The company's operating revenue for the first half of 2017 was CNY 1,578,624,416.38, representing a 55.03% increase compared to CNY 1,018,257,939.65 in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2017 was CNY 129,936,407.14, a decrease of 17.26% from CNY 157,039,235.15 in the previous year[21]. - The net cash flow from operating activities improved significantly to CNY 336,482,299.50, compared to a negative cash flow of CNY -361,492,940.09 in the same period last year, marking a 193.08% change[21]. - The total assets at the end of the reporting period were CNY 7,647,762,320.87, down 3.24% from CNY 7,903,696,177.21 at the end of the previous year[21]. - The net assets attributable to shareholders decreased by 5.41% to CNY 2,636,980,382.90 from CNY 2,787,896,662.75 at the end of the previous year[21]. - Basic earnings per share for the first half of 2017 were CNY 0.2067, down 19.19% from CNY 0.2558 in the same period last year[22]. - The weighted average return on net assets was 4.55%, a decrease of 1.95 percentage points from 6.50% in the previous year[22]. - The company's financial performance indicators, including return on equity, have shown a year-on-year decline, necessitating strategic adjustments[23]. Revenue Sources and Business Strategy - The company has included new subsidiaries in its consolidated financial statements since October 2016, which has significantly impacted revenue growth[21]. - The company has expanded its brand operations from a single brand to include multiple brands such as AND1, Nike, Adidas, and New Balance, enhancing its market presence[29]. - The company’s sales strategy has shifted from traditional wholesale to a multi-channel approach, incorporating both online and offline retail[29]. - The company’s product pricing strategy for sports shoes is primarily positioned between RMB 200-400 per pair, targeting consumers in lower-tier cities[29]. - The company has established stable partnerships with multiple suppliers for raw materials and outsourced production, ensuring quality control and timely delivery[31]. - The company’s research and development process is proactive, with product designs initiated approximately one year before market launch, based on market research and sales data[30]. - The company has integrated its operations to include various sports industry forms, aiming to meet diverse consumer sports needs[29]. - The company has adopted a multi-brand, multi-channel strategy to mitigate risks associated with relying solely on the Guirenniao brand[41]. - Revenue from multi-brand agency sales reached CNY 694.86 million, accounting for 44.24% of total revenue, diversifying income sources[50]. - Online sales revenue amounted to CNY 211.97 million, representing 13.50% of total revenue, reducing reliance on offline sales[50]. - Direct store sales revenue grew by 4,926.07% to CNY 347.97 million, making up 22.16% of total revenue[50]. Market Environment and Industry Trends - In the first half of 2017, the national per capita clothing consumption expenditure was 668 RMB, with a year-on-year growth of 2.4%, indicating a competitive environment in the textile and apparel industry[37]. - The domestic sportswear industry is expected to see a market size exceeding 254 billion RMB by 2020, representing a 54% increase from 2015, highlighting significant growth potential despite increasing competition[37]. - The sportswear industry has seen a recovery since 2013, with major brands returning to profitability after a period of inventory reduction and channel adjustments[35]. Investments and Acquisitions - The company invested CNY 367.50 million to acquire 49% equity in the subsidiary Mingxieku, becoming its sole shareholder[50]. - The company plans to acquire 100% equity in Weikang Fitness Management Consulting (Shanghai) Co., Ltd., with the transaction classified as a major asset restructuring[84]. - The company has invested a total of 200 million yuan in various sports-related companies, including Beijing Cater Cat Network Technology Co., which focuses on sports event analysis services[87]. - The company has initiated a major asset restructuring plan for the acquisition of Convi Fitness, with a preliminary transaction price set at CNY 2.7 billion[83]. Financial Management and Cash Flow - The company reported a total liability of CNY 4,075,421,802.06, up from CNY 3,915,956,658.20, representing a 4% increase[185]. - The cash and cash equivalents decreased to CNY 600,605,112.95 from CNY 1,001,508,009.22, a decline of 40%[183]. - The company maintained a loan repayment rate of 100%[170]. - The company issued bonds with a total amount of RMB 800 million at an interest rate of 6.80%[163]. - The company’s bonds have a credit rating of AA from a credit rating agency[166]. - The company has no overdue interest payments on its bonds[171]. Corporate Governance and Shareholder Commitments - The company did not propose any profit distribution or capital reserve increase plan for the first half of the year, with no dividends or stock bonuses declared[106]. - The actual controller and shareholders have committed to not transferring or entrusting their shares for 36 months from the date of the company's stock listing, which is until January 24, 2017[108]. - The company plans to maintain a stable dividend policy, distributing no less than 30% of the distributable profits as cash dividends annually after reserving statutory and surplus funds[116]. - The company will ensure that any related party transactions are conducted in compliance with relevant laws and regulations, maintaining fair market conditions[114]. - The company has committed to maintaining its stock price stability through various measures, including potential share buybacks, subject to shareholder approval[122]. Social Responsibility and Community Engagement - The company donated a total of 161,000 RMB during the reporting period, with 156,000 RMB specifically allocated for targeted poverty alleviation efforts[132]. - The company invested a total of 15.60 million RMB in various poverty alleviation projects during the reporting period[133]. - The company plans to actively assist local government departments in poverty alleviation efforts and enhance vocational training for impoverished populations[134]. Accounting and Compliance - The company has undergone a significant change in its accounting policies due to the implementation of new accounting standards, effective from May 28, 2017[136]. - The company confirmed that government subsidies recognized during the reporting period were unrelated to its daily activities, and the accounting policy change will not affect its financial metrics[137]. - The company has not reported any significant accounting errors that require retrospective restatement during the reporting period[138].