2019 年第一季度报告 公司代码：603557 公司简称：起步股份 起步股份有限公司 2019 年第一季度报告 1 / 25 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2019 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | | | | | 减(%) | | | 总资产 | 2,466,094,235.51 | 2,334,653,764.68 | | 5.63 | | 归属于上市公司 | 1,599,382,906.45 | 1,550,928,985.52 | | 3.12 | | 股东的净资产 | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | | 经营活动产生的 | -44,025,839.08 | -54,732,768.64 | | 不适用 | | 现金流量净额 | | | ...

Financial Performance - The company's operating revenue for 2018 was CNY 1,398,774,948, representing a 4.43% increase compared to CNY 1,339,491,099 in 2017[21] - The net profit attributable to shareholders of the listed company decreased by 7.05% to CNY 180,713,475.60 from CNY 194,420,752.35 in the previous year[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 11.85% to CNY 142,656,028.53 compared to CNY 161,832,721.71 in 2017[21] - The net cash flow from operating activities significantly decreased by 53.52% to CNY 63,564,550 from CNY 136,763,606.67 in the previous year[21] - Basic earnings per share decreased by 13.24% to CNY 0.3845 in 2018 compared to CNY 0.4432 in 2017[22] - The weighted average return on equity dropped to 12.229% in 2018, down 5.32 percentage points from 17.546% in 2017[22] - The overall gross margin for 2018 was 35.86%, slightly up from 35.05% in 2017[88] Market Position and Share - ABC KIDS held a market share of 3.6% in the children's footwear market, ranking first among the top 10 brands, which collectively held a market share of 15.2% in 2018[41] - In the children's clothing market, ABC KIDS achieved a market share of 0.5%, ranking seventh among the top 10 brands, which had a combined market share of 10.9% in 2018[41] - The top 10 brands in the children's shoe market held a market share of 15.20%, with ABC KIDS leading at 3.6%[101] - The children's clothing market's top 10 brands had a market share of only 10.90%, with ABC KIDS holding 0.5% in 2018, ranking seventh[101] Product Development and Innovation - The company launched the "Light Trend Series" and "Light Sports Series" in 2018, focusing on children's fashion[32] - ABC KIDS launched a new children's shoe series in collaboration with the Transformers IP to enhance product sales and consumer engagement[52] - The company implemented 3D printing technology in shoe midsoles, improving product performance and diversity[53] - The company plans to optimize its product structure and enhance R&D capabilities by collaborating with design institutions and improving design team skills[105] Sales and Marketing Strategies - The company expanded its sales channels to include both online and offline platforms, enhancing market share and sales scale through integrated marketing strategies[40] - Online sales accounted for 8.27% of total revenue in 2018, with a gross margin of 45.06%, while offline sales made up 91.73% with a gross margin of 35.03%[88] - The company plans to develop its e-commerce business significantly to capture online market share, responding to the changing consumer demographics and preferences[119] - A new marketing strategy is set to increase brand awareness, targeting a 30% increase in customer engagement over the next six months[135] Research and Development - The company invested 34,623,398.40 RMB in R&D, reflecting a slight increase of 0.83% from the previous year[60] - R&D expenses totaled 34.62 million yuan, representing 2.48% of operating revenue[74] Corporate Governance and Shareholder Relations - The company has established a robust investor relations platform to enhance communication and transparency with investors[114] - The company has a cash dividend policy that aims to distribute at least 30% of the average distributable profit over the last three years, provided certain conditions are met[123] - The company has a complete decision-making mechanism for profit distribution, ensuring the protection of minority investors' rights[124] Social Responsibility and Compliance - The company emphasizes its commitment to social responsibility and maintaining fair treatment of all stakeholders[161] - The company adheres to regulatory requirements and ensures transparent information disclosure to protect shareholder interests[163] - The company is committed to maintaining high safety and quality standards in its products, adhering to national regulations for children's clothing[117] Operational Efficiency and Supply Chain Management - The company has established a supply chain management center to implement procurement control systems and processes, ensuring quality while controlling costs[37] - The company continued to optimize its supply chain, enhancing flexibility and responsiveness to market demands[54] - The company has integrated various financial statement items, such as combining "accounts receivable" and "accounts payable" into single line items, which may enhance clarity in financial reporting[141] Risks and Challenges - The company faces risks from increasing competition in the children's apparel market, with both domestic and international brands expanding their presence[116] - The company relies heavily on its main brand "ABC KIDS," which poses a risk if the brand's reputation is compromised[118] Leadership and Management - The management team possesses extensive experience in the apparel industry, contributing to the company's strategic direction and operational efficiency[48] - The company has a diverse leadership team with experience across different sectors, enhancing its operational capabilities[198][199]

Financial Performance - Operating revenue for the first nine months increased by 3.74% to CNY 930,539,127.32 compared to the same period last year[6] - Net profit attributable to shareholders increased by 5.13% to CNY 147,487,572.55 compared to the same period last year[6] - The company reported a total profit of CNY 31,904,800.97 for Q3 2018, down from CNY 37,098,080.42 in the same quarter last year, representing a decline of approximately 14.0%[30] - The company’s total comprehensive income for Q3 2018 was CNY 27,022,968.59, compared to CNY 30,871,854.98 in the same period last year, reflecting a decrease of about 9.0%[30] - Total revenue for Q3 2018 was CNY 316,223,990.54, a decrease of 2.4% compared to CNY 323,324,505.40 in Q3 2017[24] - Year-to-date revenue reached CNY 930,539,127.32, an increase of 3.7% from CNY 897,019,698.06 in the same period last year[24] Assets and Liabilities - Total assets increased by 20.17% to CNY 2,077,408,851.46 compared to the end of the previous year[6] - Total liabilities increased to CNY 482,646,896.15 from CNY 278,360,505.02, representing a rise of 73.4%[22] - Non-current assets totaled CNY 676,819,949.16, an increase of 40.5% from CNY 481,830,207.62 at the start of the year[21] - Accounts receivable increased by 30.65% to ¥122,187,658 due to a higher volume of commercial acceptance bills received[11] - Inventory rose by 93.71% to ¥257,056,137 as a result of stocking up for the winter sales season[11] - The company reported a significant increase in short-term borrowings, which rose to CNY 266,497,754.42 from CNY 54,500,000.00, a surge of 388.5%[21] Cash Flow - Net cash flow from operating activities decreased significantly by 657.82% to -CNY 68,761,801.99 compared to the same period last year[6] - Cash flow from operating activities for the first nine months of 2018 was negative at CNY -68,761,801.99, compared to CNY -9,073,663.25 in the same period last year[32] - Cash flow from investing activities for the first nine months of 2018 was negative at CNY -185,567,446.36, compared to CNY -8,337,216.28 in the previous year[33] - Cash flow from financing activities for the first nine months of 2018 was positive at CNY 178,062,514.33, down from CNY 279,374,228.55 in the same period last year[33] - The ending cash and cash equivalents balance as of September 30, 2018, was CNY 326,084,456.24, a decrease from CNY 497,997,622.88 at the end of the previous year[33] Shareholder Information - The total number of shareholders reached 22,847 by the end of the reporting period[9] - The largest shareholder, Hong Kong Qibu International Group Co., Ltd., holds 53.42% of the shares, with 251,077,200 shares pledged[9] Expenses and Impairments - Financial expenses rose by 271.34% to ¥4,974,892.88, mainly due to increased interest expenses on short-term borrowings[12] - Asset impairment losses increased by 74.26% to ¥11,797,597.02, primarily due to an increase in accounts receivable and higher bad debt provisions[12] - Research and development expenses for Q3 2018 were CNY 8,356,448.41, a decrease of 2.4% from CNY 8,562,594.82 in Q3 2017[29] Earnings Per Share - Basic earnings per share decreased by 4.21% to CNY 0.3138 compared to the same period last year[7] - Basic earnings per share for Q3 2018 were CNY 0.08, compared to CNY 0.09 in Q3 2017[27]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 614,315,136.78, representing a 7.08% increase compared to CNY 573,695,192.66 in the same period last year[20]. - The net profit attributable to shareholders for the first half of 2018 was CNY 109,501,623.89, up 7.89% from CNY 101,490,948.61 in the previous year[20]. - Basic earnings per share for the first half of 2018 were CNY 0.2330, a decrease of 2.88% from CNY 0.2399 in the same period last year[21]. - The weighted average return on net assets decreased to 7.56%, down from 10.40% in the previous year, a decline of 2.84 percentage points[21]. - For the first half of 2018, the company reported a revenue of 614.32 million yuan, a year-on-year increase of 7.08%, with children's shoe sales reaching 419.04 million yuan, up 10.47%[50]. - The net profit attributable to shareholders for the same period was 109.50 million yuan, reflecting a growth of 7.89% compared to the previous year[50]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 65.37%, amounting to CNY 24,583,244.67 compared to CNY 70,984,172.65 in the same period last year[20]. - The total assets of the company at the end of the reporting period were CNY 1,957,312,912.20, reflecting a 13.23% increase from CNY 1,728,659,323.51 at the end of the previous year[20]. - The net cash flow from operating activities decreased by 65.37% to CNY 24,583,244.67 from CNY 70,984,172.65 in the previous year[58]. - The total assets at the end of the reporting period were significantly impacted by an increase in short-term loans, which rose by 265.10% to CNY 198,977,884.41 from CNY 54,500,000.00[60]. - The total liabilities increased to CNY 498,858,448.01 from CNY 278,360,505.02, marking an increase of 79.3%[117]. Market Position and Strategy - The company focuses on children's shoes, clothing, and accessories, maintaining a mid-range market position, targeting children aged 3-13 years[26]. - The children's footwear market in China reached a retail value of RMB 531.65 billion in 2017, projected to grow to RMB 688 billion by 2020[36]. - The children's clothing market in China reached a retail value of RMB 1,795.93 billion in 2017, projected to grow to RMB 2,168 billion by 2020[36]. - ABC KIDS achieved a market share of 3.8% in the children's shoe market in 2017, ranking first among the top 10 brands in China[39]. - In the children's clothing market, ABC KIDS increased its market share from 0.46% in 2013 to 0.6% in 2017, ranking seventh[40]. Research and Development - The company invested 13.56 million yuan in research and development in the first half of 2018 to enhance product competitiveness[52]. - The company launched the "ABC KIDS Birthday Red Shoes" in June 2018, featuring an LED display that can be customized via a mobile app[56]. - Research and development expenses increased by 11.44% to CNY 13,564,431.27 from CNY 12,171,556.03 in the previous year[58]. - The company is investing heavily in R&D, with a budget allocation of 150 million for new technology development in 2018[81]. Risks and Challenges - The company has outlined potential risks in its operations, which are detailed in the report[7]. - The company faces risks related to industry standard adjustments, particularly in children's apparel safety regulations, which could impact product quality and brand image[67]. - The reliance on a single brand, "ABC KIDS," poses a risk to the company's operational performance, as any negative events affecting the brand could have adverse effects[68]. - The sales model primarily through distributors may lead to brand image and performance risks if distributors do not adhere to the company's operational guidelines[69]. - Talent acquisition and retention are critical for the company's growth, and a competitive compensation and performance management system will be implemented to attract skilled professionals[72]. Corporate Governance and Compliance - The company did not propose any profit distribution or capital reserve transfer plan for the first half of the year, with no dividends or stock bonuses planned[77]. - The actual controller and shareholders have committed to not transferring or entrusting their shares within 36 months from the date of the IPO, with an automatic extension of the lock-up period if certain stock price conditions are met[78]. - The company will strictly adhere to regulations regarding share reduction after the lock-up period, including a maximum of 1% of total shares in any 90-day period for public trading[79]. - The company has committed to not transferring or entrusting the management of shares held prior to the IPO for a period of 36 months[80]. - The company will ensure that any related party transactions are conducted under equal, voluntary, and fair commercial principles[84]. Financial Audit and Legal Matters - The company has appointed Guangdong Zhengzhong Zhujiang Accounting Firm as the financial audit and internal control audit institution for the year 2018[86]. - There are no significant lawsuits or arbitration matters during the reporting period[87]. - The company has not reported any guarantees or leasing matters that are applicable[92]. - The company has maintained a stable financial position with no significant changes in its operational strategy[88]. Accounting Policies and Practices - The company adheres to the accounting standards and policies, ensuring that its financial statements accurately reflect its financial position, operating results, and cash flows[144]. - The company's accounting period runs from January 1 to December 31 each year, with a business cycle of 12 months[145][146]. - The company applies specific accounting treatments for mergers under common control and non-common control, ensuring proper recognition of assets, liabilities, and equity interests[149][150]. - The company recognizes its share of assets and liabilities in joint operations and accounts for investments in joint ventures as long-term equity investments[152]. - The company recognizes impairment losses for available-for-sale financial assets when there is a significant decline in fair value that is deemed non-temporary, transferring cumulative losses from equity to profit or loss[160].

Financial Performance - Operating revenue rose by 4.06% to CNY 265,836,874.19 year-on-year[6] - Net profit attributable to shareholders decreased by 1.15% to CNY 27,760,524.30[6] - Basic and diluted earnings per share fell by 1.75% to CNY 0.0672[6] - Total revenue for Q1 2018 was CNY 265,836,874.19, an increase of 4.9% from CNY 255,461,637.34 in the previous period[26] - Net profit for Q1 2018 reached CNY 31,570,304.55, representing a 9.1% increase compared to CNY 28,924,205.47 in the same period last year[27] - Operating revenue for the current period reached ¥174,693,495.38, an increase of 3.9% compared to ¥168,379,758.59 in the previous period[29] - Net profit for the current period was ¥16,689,248.78, a slight decrease of 1.5% from ¥16,936,942.54 in the previous period[29] - The company’s total profit for the current period was ¥20,177,506.78, a slight increase from ¥19,955,906.55 in the previous period[29] Cash Flow - Cash flow from operating activities improved significantly, with a net cash flow of CNY -54,732,768.64, an increase from CNY -135,462,429.97 in the same period last year[6] - The company's cash flow from operating activities for Q1 2018 was -54,732,768.64 RMB, an improvement from -135,462,429.97 RMB in Q1 2017[16] - Investment activities generated a net cash flow of 192,335,483.87 RMB, significantly better than -4,781,009.67 RMB in the same period last year, mainly due to the maturity of financial products[16] - The company reported a significant increase in cash flow from operating activities, totaling ¥219,877,234.74, compared to ¥111,911,803.61 in the previous period, representing a growth of 96.7%[31] - The net cash increase for the period was ¥181,937,708.98, compared to a decrease of ¥167,135,262.13 in the previous period[32] - Net cash flow from financing activities was 44,334,993.75 RMB, a turnaround from -26,891,822.49 RMB in the previous year, primarily due to increased short-term borrowings[17] - Total cash inflow from financing activities amounted to $45 million[34] - Cash outflow for debt repayment was $19.5 million[34] - Net cash flow from financing activities was $44.33 million[34] - The net increase in cash and cash equivalents was $167.51 million[34] - The ending balance of cash and cash equivalents reached $549.39 million[34] - The beginning balance of cash and cash equivalents was $381.87 million[34] Assets and Liabilities - Total assets increased by 2.45% to CNY 1,770,972,202.44 compared to the end of the previous year[6] - The company's total liabilities increased to 341,660,629.32 RMB from 330,918,054.94 RMB, reflecting a rise in short-term borrowings[21] - The company's non-current assets totaled 420,024,740.60 RMB, slightly up from 419,013,689.07 RMB at the beginning of the year[20] - The company's total equity increased to 1,429,311,573.12 RMB from 1,397,741,268.57 RMB, indicating a growth in retained earnings[22] - The company reported a total liability of CNY 280,893,872.96, a minor increase from CNY 278,360,505.02[25] - Current assets totaled CNY 1,009,444,978.80, slightly increasing from CNY 993,672,562.57 at the start of the year[24] - The company's cash and cash equivalents increased by 37.51% to CNY 617,898,899.24 due to the maturity of financial products[13] Shareholder Information - The number of shareholders reached 20,290 by the end of the reporting period[9] Expenses - Total operating costs for Q1 2018 were CNY 229,646,666.26, up from CNY 220,066,492.20, reflecting a growth of 4.3%[26] - The company incurred total operating costs of ¥119,821,492.73, which is an increase of 1.8% from ¥117,647,764.17 in the previous period[29] - Sales expenses rose to ¥17,078,044.12, up 31% from ¥13,036,896.83 in the previous period[29] - Management expenses increased to ¥17,936,259.75, compared to ¥13,309,076.99 in the previous period, marking a rise of 34.7%[29] Investment Income - The company reported a 1908.51% increase in investment income, reaching 3,867,945.21 RMB compared to 192,577.80 RMB in Q1 2017, attributed to higher returns from financial products[16] - The company achieved an investment income of ¥3,867,945.21, a significant increase from ¥187,490.68 in the previous period[29] Employee Compensation - The company experienced a 40.08% decrease in employee compensation payable, which fell to 9,709,937.61 RMB from 16,204,563.69 RMB, mainly due to the distribution of year-end bonuses in 2017[21] Audit Information - The company did not undergo an audit for the Q1 2018 report[34]

Financial Performance - The company's operating revenue for 2017 was RMB 1,339,491,099.21, representing an increase of 8.56% compared to RMB 1,233,837,716.22 in 2016[21]. - The net profit attributable to shareholders of the listed company was RMB 194,420,752.35, up by 10.68% from RMB 175,665,385.28 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was RMB 161,832,721.71, a slight increase of 2.37% from RMB 158,080,979.37 in 2016[21]. - The cash flow from operating activities was RMB 136,763,606.67, showing a significant increase of 37.22% compared to RMB 99,668,388.49 in 2016[21]. - The total assets at the end of 2017 reached RMB 1,728,659,323.51, a growth of 37.86% from RMB 1,253,944,245.50 in 2016[21]. - The net assets attributable to shareholders of the listed company increased to RMB 1,397,741,268.57, marking a 44.47% rise from RMB 967,520,710.82 in the previous year[21]. - Basic earnings per share for 2017 increased by 6.72% to CNY 0.4432 compared to CNY 0.4153 in 2016[22]. - The weighted average return on equity decreased to 17.55% in 2017 from 19.97% in 2016, a decline of 2.42 percentage points[22]. - The company achieved a total revenue of 1.34 billion RMB in 2017, representing a year-on-year increase of 8.56%[59]. - The net profit attributable to shareholders was 194 million RMB, reflecting a year-on-year growth of 10.68%[59]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.6 per 10 shares to all shareholders, with no bonus shares or capital reserve transfers[5]. - The company has committed to distributing at least 30% of the average distributable profit over the last three years as cash dividends, provided certain conditions are met[109]. - The company did not issue any stock dividends or increase capital reserves in the recent dividend distributions[111]. - The cash dividend distribution policy emphasizes stability and continuity, balancing shareholder returns with long-term company interests[109]. - In 2016, the cash dividend payout ratio was 48.16%, while in 2017 it decreased to 14.50%[114]. - The company has outlined specific conditions under which cash dividends may be suspended, particularly related to significant future investments[109]. - The company’s dividend distribution mechanism is designed to protect minority shareholders' rights and ensure clear decision-making processes[110]. Market Position and Strategy - ABC KIDS holds a leading position in the children's footwear market with a market share of 3.8%, ranking first among the top 10 brands in China[41]. - In the children's apparel market, ABC KIDS has increased its market share from 0.46% in 2013 to 0.6% in 2017, ranking seventh among the top 10 brands[41]. - The company aims to provide a one-stop shopping experience for consumers through a comprehensive range of children's apparel[30]. - The company operates a multi-channel sales network covering all 31 provinces, autonomous regions, and municipalities in China, enhancing its market reach[46]. - The company aims to become a leader in the children's products industry by enhancing brand value and optimizing operational efficiency[88]. - The company plans to accelerate brand expansion and diversification in response to the "Phoenix Plan" initiated by the Zhejiang provincial government[89]. Research and Development - The company invested 34.34 million RMB in R&D, which is a 12% increase from the previous year[62]. - As of December 31, 2017, the company had 297 valid patents, including 11 invention patents, 123 utility model patents, and 163 design patents[44]. - The company focuses on product innovation and design, collaborating with international design teams to meet diverse consumer needs[44]. - The number of R&D personnel was 190, representing 8.02% of the total workforce[72]. - The total R&D expenditure for the period was CNY 34,339,038.82, accounting for 2.56% of the operating revenue[72]. Operational Efficiency - The company has implemented a supply chain management system to ensure quality while controlling costs, enhancing operational efficiency[37]. - The company employs a vertically integrated business model, controlling the entire value chain from brand planning to sales[31]. - The company is implementing a "machine replacement" project to enhance production efficiency and address labor shortages[90]. - The company emphasizes quality control throughout the production process to mitigate risks associated with product quality[105]. Corporate Governance and Compliance - The company emphasizes the importance of accurate financial reporting and has received a standard unqualified audit opinion from its auditor[4]. - The company has retained Guangdong Zhengzhong Zhujiang Accounting Firm for auditing services for the third consecutive year, reflecting confidence in their auditing capabilities[128]. - The company has not faced any penalties from securities regulatory authorities in the past three years, indicating compliance with regulations[178]. - The company has disclosed its internal control self-evaluation report for 2017, which is available on the Shanghai Stock Exchange website[192]. - The company confirmed that there were no significant deficiencies in internal control during the reporting period[192]. Social Responsibility - The company actively participates in social responsibility initiatives, donating a total of 1.065 million RMB in cash and materials in 2017, including support for disaster-affected employees[145]. - The company maintains a strong commitment to employee welfare, providing assistance to employees in need and ensuring compliance with labor laws[144]. - The company emphasizes its brand culture of "Because of Love," actively engaging in public welfare activities to support children's health and growth[145]. Risks and Challenges - The company has outlined potential risks in its future development, including industry and operational risks[7]. - The company faces risks related to industry standard adjustments, particularly regarding product safety and comfort for children's clothing[101]. - The company is currently reliant on the ABC KIDS brand, which poses a risk if brand reputation is compromised[102]. - The company recognizes the importance of talent retention and recruitment to maintain competitive advantage in the children's clothing industry[106].

| 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 7 | | 四、 | 附录 | 8 | 2017 年第三季度报告 一、 重要提示 2017 年第三季度报告 公司代码：603557 公司简称：起步股份 起步股份有限公司 2017 年第三季度报告 1 / 20 | 目录 | | --- | 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人章利民、主管会计工作负责人周建永及会计机构负责人（会计主管人员）邹习军 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 3 / 20 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度末增 减(%) 总资产 1,710,408,784.53 1,253,944,245.50 36.40 归属于上市公司 股东的净资产 1,34 ...