地素时尚股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会议召开时间：2023 年 5 月 23 日（星期二）下午 16:00-17:00 会议召开地点： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 证券代码：603587 证券简称：地素时尚 公告编号：2023-021 董事、副总经理、董事会秘书：田霖先生 投资者可于 2023 年 5 月 16 日（星期二）至 5 月 22 日（星期一）16:00 前登录上证路演中心网站首页点击 "提问预征集"栏目或通过公司邮箱 info@dazzle-fashion.com 进行提问。公司将在说明会上对投资者普遍关注的问题 进行回答。 地素时尚股份有限公司（以下简称"公司"）已于 2023 年 4 月 28 日发布公 司 2022 年年度报告及 2023 年第一季度报告，为便于 ...

Financial Performance - The company's operating revenue for Q3 2022 was ¥618,493,331.67, representing a decrease of 7.81% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2022 was ¥123,584,482.64, down 25.12% year-over-year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥120,692,138.74, a decrease of 23.09% compared to the previous year[5]. - The basic earnings per share for Q3 2022 was ¥0.26, reflecting a decline of 25.71% year-over-year[9]. - The diluted earnings per share for Q3 2022 was also ¥0.26, with a decrease of 25.71% compared to the same period last year[9]. - Total operating revenue for the first three quarters of 2022 was approximately $1.72 billion, a decrease of 15.06% compared to $2.02 billion in the same period of 2021[38]. - Net profit for the first three quarters of 2022 was approximately $375.43 million, a decline of 32.4% compared to $555.12 million in the same period of 2021[41]. - Total comprehensive income for the first three quarters of 2022 was approximately ¥374.28 million, a decrease of 32.7% compared to ¥556.28 million in the same period of 2021[43]. - Basic and diluted earnings per share for the first three quarters of 2022 were both ¥0.79, down from ¥1.17 in the same period of 2021, representing a decline of 32.5%[43]. Assets and Liabilities - Total assets at the end of Q3 2022 amounted to ¥4,491,688,119.12, a decrease of 4.26% from the end of the previous year[9]. - The equity attributable to shareholders at the end of Q3 2022 was ¥3,617,847,062.28, down 3.69% compared to the end of the previous year[9]. - The company's total liabilities decreased to approximately $872.33 million as of September 30, 2022, down from $933.40 million at the end of 2021, representing a reduction of 6.54%[34]. - Total equity attributable to shareholders was approximately $3.62 billion as of September 30, 2022, down from $3.76 billion at the end of 2021, reflecting a decrease of 3.69%[34]. - Total assets as of September 30, 2022, were approximately $4.49 billion, down from $4.69 billion at the end of 2021, indicating a decrease of 4.3%[34]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥364,511,040.05, reflecting a decline of 38.43% year-over-year[5]. - Cash inflow from operating activities totaled approximately ¥2.05 billion in the first three quarters of 2022, down 12% from ¥2.33 billion in the same period of 2021[46]. - Net cash flow from operating activities was approximately ¥364.51 million, a decrease of 38.5% compared to ¥592.02 million in the first three quarters of 2021[46]. - Cash inflow from investment activities was approximately ¥1.51 billion, a decrease of 8.3% from ¥1.65 billion in the same period of 2021[46]. - Net cash flow from investment activities was approximately ¥72.98 million, down 80.7% from ¥379.34 million in the first three quarters of 2021[46]. - Cash inflow from financing activities was approximately ¥196.48 million, a decrease of 17.6% compared to ¥238.38 million in the same period of 2021[48]. - Net cash flow from financing activities was negative at approximately -¥463.02 million, worsening from -¥233.07 million in the first three quarters of 2021[48]. - The ending balance of cash and cash equivalents was approximately ¥2.05 billion, down from ¥2.56 billion at the end of the same period in 2021[48]. Shareholder Information - The company reported a total of 19,434 common shareholders at the end of the reporting period[21]. - The largest shareholder, Ma Ruimin, holds 53.88% of the shares, totaling 259,181,965 shares[21]. Operational Insights - The decline in revenue and profit was primarily attributed to the impact of the pandemic on sales[16]. - The company has no significant new product launches or technological developments reported in the current quarter[27]. - There are no updates on market expansion or mergers and acquisitions during this reporting period[27]. - The company has not indicated any new strategic initiatives in the current report[27]. Expenses - Research and development expenses for the first three quarters of 2022 were approximately $51.59 million, an increase of 12.06% compared to $45.84 million in the same period of 2021[40]. - The company reported a financial expense of approximately -$38.54 million for the first three quarters of 2022, compared to -$22.58 million in the same period of 2021[40]. - Deferred income tax liabilities decreased to approximately $3.94 million as of September 30, 2022, down from $5.01 million at the end of 2021, a reduction of 21.3%[34]. Inventory and Current Assets - Current assets decreased from RMB 3,200,000,000.00 in 2021 to RMB 3,042,000,000.00 in 2022, reflecting a reduction of about 4.94%[29]. - Cash and cash equivalents stood at RMB 2,047,883,355.36, slightly down from RMB 2,074,843,335.95 in the previous year, indicating a decrease of approximately 1.31%[29]. - Inventory increased to RMB 390,854,095.76 from RMB 323,339,224.03, marking a growth of around 20.93%[29]. - Accounts payable decreased from RMB 102,989,392.06 to RMB 71,314,050.67, a reduction of about 30.94%[32]. Foreign Exchange - The company reported a foreign exchange loss of approximately ¥1.15 million in the first three quarters of 2022, compared to a gain of ¥1.15 million in the same period of 2021[43].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,100,618,714.94, a decrease of 18.63% compared to ¥1,352,569,343.09 in the same period last year[26]. - The net profit attributable to shareholders of the listed company was ¥251,844,724.88, down 35.44% from ¥390,066,683.22 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥197,700,511.70, a decline of 43.57% compared to ¥350,376,826.93 in the same period last year[26]. - The net cash flow from operating activities was ¥221,422,099.30, which is a decrease of 47.81% from ¥424,248,753.35 in the previous year[26]. - Basic earnings per share decreased by 35.37% to CNY 0.53 compared to CNY 0.82 in the same period last year[28]. - Net profit attributable to shareholders decreased by 35.44% during the reporting period[29]. - Net cash flow from operating activities decreased by 47.81% compared to the same period last year[29]. - Weighted average return on equity decreased by 4.25 percentage points to 6.49%[28]. - Basic earnings per share after deducting non-recurring gains and losses decreased by 43.24% to CNY 0.42[28]. - The company's gross profit margin decreased due to a reduction in revenue, with operating costs also declining by 13.54% to approximately ¥264.89 million[79]. - The company reported a decrease in short-term borrowings, enhancing its financial stability[165]. - The total equity of the company reached CNY 3,644,933,918.60, an increase from CNY 3,477,952,257.88, representing a growth of 4.8%[172]. Assets and Liabilities - The net assets attributable to shareholders of the listed company at the end of the reporting period were ¥4,000,134,360.33, an increase of 6.48% from ¥3,756,626,739.64 at the end of the previous year[26]. - The total assets at the end of the reporting period were ¥4,983,795,778.23, reflecting a growth of 6.23% compared to ¥4,691,541,561.23 at the end of the previous year[26]. - Total current assets increased to ¥4,140,919,105.90 from ¥3,778,288,623.93, representing a growth of approximately 9.6%[160]. - Total non-current assets decreased to ¥842,876,672.33 from ¥913,252,937.30, a decline of approximately 7.7%[163]. - Total liabilities increased to ¥982,146,336.27 from ¥933,400,097.98, representing an increase of about 5.2%[165]. - Total equity attributable to shareholders rose to ¥4,000,134,360.33 from ¥3,756,626,739.64, indicating an increase of approximately 6.5%[165]. Research and Development - The company invested significantly in new fabric research and development to maintain brand uniqueness[56]. - The company reported a significant increase in R&D expenses, rising by 13.29% to approximately ¥32.78 million, reflecting a focus on innovation[79]. - Research and development expenses for the first half of 2022 were CNY 32,782,145.11, up from CNY 28,936,054.96 in the same period last year, reflecting an increase of 13.4%[174]. Market and Competition - The impact of COVID-19 restrictions on retail operations was significant, affecting overall performance[29]. - The retail sales of clothing, shoes, and textiles in the first half of 2022 amounted to 628.2 billion yuan, a decline of 6.5% year-on-year[65]. - The company faces intense market competition in the mid-to-high-end women's clothing sector, with a need to enhance brand influence and design capabilities to maintain market share[89]. - The overall market for women's clothing in China is growing, but the company must navigate challenges from both domestic and international brands to sustain its competitive edge[91]. Strategic Initiatives - The company aims to enhance its brand image through strategic marketing and product diversification[38]. - The company has established strong partnerships with quality suppliers for developing new materials and designs[56]. - The company has adopted a mixed production model, including both partial and complete outsourcing, to optimize operational costs and focus on higher value-added activities[59]. - The company’s sales model combines direct sales, distribution, and e-commerce, enhancing its market reach across major cities[62][60]. - The company has signed cooperation agreements with various IPs, including Mickey Mouse and Fantastic Beasts, to diversify its brand offerings and appeal to younger consumers[71]. - The company plans to continue investing in digital transformation in the second half of 2022, focusing on projects like product lifecycle management and flexible supply chains[75]. Shareholder and Governance - The company held its 2021 Annual General Meeting on May 31, 2022, where several resolutions were passed, including the approval of the 2021 annual report and profit distribution plan[100]. - The company elected a new board of directors, including Ma Ruimin as Chairman and General Manager, and Ma Limin as Vice Chairman and Deputy General Manager[101]. - The company has not reported any significant changes in its employee stock ownership plans or other incentive measures[104]. - The company’s independent directors expressed agreement on the repurchase of restricted stocks[107]. - The company has committed to extending the lock-up period for remaining shares by 1 year if any shareholder violates their commitments[126]. Environmental Compliance - The company has not faced any administrative penalties related to environmental issues during the reporting period[115]. - The company is not classified as a key pollutant discharge unit and adheres to relevant environmental laws and regulations[115]. Cash Flow and Financing - The company's cash flow from operations improved, contributing to a stronger liquidity position[161]. - The company reported a total cash outflow from financing activities of ¥52,981,450.80, compared to an inflow of ¥13,167,540.11 in the same period of 2021, indicating a shift in financing strategy[196]. - The cash inflow from operating activities was ¥1,244,453,142.83, an increase from ¥1,166,801,007.60 in the first half of 2021, reflecting a growth of about 6.6%[193].

Financial Performance - The company's operating revenue for Q1 2022 was ¥596,912,506.06, representing a decrease of 9.09% compared to the same period last year[5] - The net profit attributable to shareholders was ¥150,370,248.74, down 23.07% year-over-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥100,343,238.24, a decline of 38.14% compared to the previous year[5] - The basic earnings per share for the period was ¥0.32, a decrease of 21.95% compared to the same period last year[5] - Net profit for Q1 2022 was $150.37 million, down 23.1% from $195.47 million in Q1 2021[30] - Basic earnings per share for Q1 2022 was $0.32, compared to $0.41 in Q1 2021[30] Cash Flow - The net cash flow from operating activities was ¥83,772,557.26, reflecting a significant decrease of 53.65% year-over-year[5] - Cash flow from operating activities for Q1 2022 was $83.77 million, a decrease of 53.7% from $180.73 million in Q1 2021[35] - Cash inflow from investment activities in Q1 2022 was $569.68 million, an increase from $504.34 million in Q1 2021[35] - Cash inflow from financing activities in Q1 2022 was $246,483,055.55, an increase of 27% from $194,280,833.33 in Q1 2021[36] - Cash outflow related to financing activities in Q1 2022 was $73,116,906.09, up 162.1% from $27,911,716.22 in Q1 2021[36] Assets and Liabilities - The total assets at the end of the reporting period were ¥4,927,858,599.03, an increase of 5.04% from the end of the previous year[7] - The company's total assets amounted to approximately ¥4.93 billion, an increase from ¥4.69 billion as of December 31, 2021, representing a growth of about 5.1%[20] - The company's total liabilities reached approximately ¥1.02 billion as of March 31, 2022, compared to ¥933.4 million at the end of 2021, marking an increase of about 9.1%[25] - The company's equity attributable to shareholders at the end of the reporting period was ¥3,908,026,723.45, up 4.03% from the previous year[7] - The company's equity attributable to shareholders was approximately ¥3.91 billion as of March 31, 2022, compared to ¥3.76 billion at the end of 2021, showing an increase of about 4.0%[25] Expenses - Total operating costs increased to $449.24 million in Q1 2022, up 6.4% from $422.24 million in Q1 2021[29] - Research and development expenses for Q1 2022 were $18.57 million, up 29.5% from $14.38 million in Q1 2021[29] - Sales expenses increased to $251.49 million in Q1 2022, compared to $238.27 million in Q1 2021[29] - The company reported a tax expense of $51.26 million in Q1 2022, down from $65.79 million in Q1 2021[29] Cash and Cash Equivalents - The company's cash and cash equivalents were approximately ¥2.78 billion as of March 31, 2022, up from ¥2.07 billion at the end of 2021, reflecting a growth of about 34.1%[20] - Cash and cash equivalents increased by $708,993,769.60 in Q1 2022, compared to an increase of $599,837,318.86 in Q1 2021, reflecting a growth of 18.2%[36] - The ending balance of cash and cash equivalents for Q1 2022 was $2,783,837,105.55, up from $2,426,366,493.07 in Q1 2021, representing a year-over-year increase of 14.7%[36] Inventory and Payables - The company's inventory increased to approximately ¥359.42 million as of March 31, 2022, from ¥323.34 million at the end of 2021, representing a growth of about 11.2%[20] - The company's accounts payable decreased to approximately ¥69.25 million as of March 31, 2022, from ¥102.99 million at the end of 2021, indicating a reduction of about 32.8%[25] - The company reported a decrease in other current liabilities to approximately ¥66.52 million as of March 31, 2022, down from ¥82.04 million at the end of 2021, reflecting a decline of about 18.9%[25] Management and Reporting - The company has not disclosed any significant new product developments or market expansion strategies during this reporting period[19] - The financial report was presented by the company's management team, including the head of accounting and the accounting institution head[38] - The company did not apply the new accounting standards for the first quarter of 2022[40] Other Comprehensive Income - Other comprehensive income after tax for Q1 2022 was $3.10 million, significantly higher than $0.51 million in Q1 2021[30]

Financial Performance - The company's operating revenue for 2021 was CNY 2,897,599,885.26, representing a 13.00% increase compared to CNY 2,564,170,558.22 in 2020[29]. - The net profit attributable to shareholders for 2021 was CNY 689,483,326.02, a 9.47% increase from CNY 629,857,231.85 in 2020[29]. - The net cash flow from operating activities for 2021 was CNY 873,850,725.55, reflecting a 20.73% increase from CNY 723,825,950.79 in 2020[29]. - The total assets at the end of 2021 were CNY 4,691,541,561.23, which is a 14.46% increase from CNY 4,098,779,415.65 at the end of 2020[29]. - The basic earnings per share for 2021 was CNY 1.44, up 9.92% from CNY 1.31 in 2020[29]. - The weighted average return on equity for 2021 was 19.00%, an increase of 0.34 percentage points from 18.66% in 2020[29]. - The company reported a total of CNY 42,088,940.97 in non-recurring gains and losses for 2021[37]. - The company achieved operating revenue of CNY 2,897,599,885.26, an increase of 13% compared to the previous year[77]. - Net profit attributable to shareholders reached CNY 68,948,33, reflecting a growth of 9.47% year-on-year[77]. Dividend and Share Repurchase - The company plans to distribute a cash dividend of 10.00 CNY per 10 shares, totaling approximately 485.38 million CNY, which represents 70.40% of the net profit attributable to shareholders for 2021[9]. - The proposed profit distribution plan is subject to approval at the 2021 annual general meeting[9]. - The total cash dividends distributed for 2021, including share buybacks, amounted to RMB 485,378,565.97, accounting for 70.40% of the net profit attributable to shareholders[194]. - The company repurchased a total of 292,963 shares during the year, amounting to 4.92 million CNY, which is 0.71% of the net profit attributable to shareholders[9]. - The cash dividend distribution proposal is subject to approval at the shareholders' meeting[194]. Market and Industry Trends - The total retail sales of consumer goods in China reached RMB 440,823 billion in 2021, growing by 12.5% year-on-year, with a two-year average growth rate of 3.9%[57]. - The retail sales of clothing, shoes, hats, and textiles amounted to RMB 13,842 billion in 2021, reflecting a year-on-year increase of 12.7%[57]. - The fashion industry in China is expected to continue its optimistic growth due to stable economic conditions, with a projected market size of $570 billion by 2023 for activewear[62]. - Digitalization is increasingly important in the fashion industry, with brands needing to enhance their online presence and utilize big data for personalized solutions[62]. - Sustainability is becoming a key focus, with brands pressured to adopt eco-friendly practices and materials in response to consumer demand[62]. - The trend towards size personalization is growing, driven by the rising demand for plus-size fashion, although many brands have yet to standardize their offerings[62]. Marketing and Brand Strategy - The company focused on enhancing brand power through multi-dimensional marketing strategies, including collaborations with popular IPs like Disney and Pokémon, resulting in significant media exposure[63]. - The live broadcast of the Dunhuang series fashion show garnered 8.36 million views, with a total topic volume exceeding 660 million and online exposure surpassing 570 million[63]. - The company signed brand ambassadors to boost internationalization and diversification, including Sun Yi and HyunA during the Double Eleven shopping festival[63]. - The high-end brand DIAMOND DAZZLE appointed Shu Qi as its spokesperson, receiving widespread attention and positive feedback in the industry[63]. - The company aims to enhance brand recognition and market competitiveness, capitalizing on the growing demand for high-quality domestic brands[58]. Research and Development - The company invests significantly in new fabric research and development each year to maintain the distinctiveness of its brands[50]. - The design and development process is informed by market trends, sales data, and consumer feedback, allowing for timely product launches[50]. - Research and development expenses increased by 14.21% to CNY 64,607,431.24, driven by higher salaries and sample production costs[78]. - The design and R&D team consisted of 199 members as of December 31, 2021, with a focus on innovative and localized fashion design[70]. - The company plans to enhance digital operations through technologies like layered databases, smart devices, and cloud computing, aiming for a comprehensive digital transformation across supply chain, membership, and multi-channel transactions[133]. Governance and Compliance - The company has a structured governance framework, including a board of directors with 9 members and various committees to ensure compliance and operational efficiency[148]. - The company is focused on maintaining its governance structure in compliance with relevant regulations, ensuring no major discrepancies exist[149]. - The company has implemented a stock incentive plan, which was approved by the board and shareholders in 2021[198]. - The company has provided opportunities for minority shareholders to express their opinions and ensured their legal rights are protected[197]. Operational Efficiency - The company maintains a light asset business model, outsourcing production and logistics to focus on design, branding, and sales[74]. - The company has established a competitive advantage in supply chain management, ensuring high-quality materials and strict quality control processes[74]. - The company aims to enhance its digital transformation strategy over the next three years, focusing on organizational and cultural changes, brand and consumer operations, and supply chain responsiveness[66]. - The company will enhance user experience by investing in product presentation, packaging, logistics, and customer service[137]. - The company plans to enhance its supply chain efficiency, targeting a 15% reduction in operational costs[162].

Financial Performance - The company's revenue for Q3 2021 was ¥670,909,853.62, representing a year-over-year increase of 3.65%[5] - Net profit attributable to shareholders for the same period was ¥165,054,200.85, showing a decrease of 6.52% compared to the previous year[5] - The net profit after deducting non-recurring gains and losses was ¥156,931,150.14, down 7.55% year-over-year[5] - Basic earnings per share for Q3 2021 was ¥0.35, a decline of 5.41% from the same period last year[7] - Total operating revenue for the first three quarters of 2021 reached ¥2,023,479,196.71, a 24% increase from ¥1,633,285,391.11 in the same period of 2020[32] - Operating profit for the first three quarters of 2021 was ¥699,230,864.72, up 20% from ¥582,436,073.46 in 2020[34] - Net profit attributable to shareholders for the first three quarters of 2021 was ¥555,120,884.07, representing a 17% increase compared to ¥474,493,329.77 in 2020[36] - Basic earnings per share for the first three quarters of 2021 was ¥1.17, compared to ¥0.99 in the same period of 2020[37] - Total profit for the first three quarters of 2021 was ¥739,724,100.17, compared to ¥636,259,477.51 in 2020, marking a 16% increase[34] - Other comprehensive income after tax for the first three quarters of 2021 was ¥1,153,878.78, compared to ¥479,641.02 in 2020[36] - Total comprehensive income for the first three quarters of 2021 was ¥556,275,140.43, up from ¥474,973,201.63 in 2020[37] Cash Flow - The company reported a net cash flow from operating activities of ¥592,020,833.37, which increased by 22.30% year-over-year[5] - Cash inflow from operating activities for the first three quarters of 2021 was ¥2,331,333,237.83, an increase from ¥1,994,133,974.92 in 2020[39] - The net cash flow from operating activities for the first three quarters of 2021 was ¥592,020,833.37, an increase of 22.4% compared to ¥484,075,230.25 in the same period of 2020[43] - The total cash outflow from investing activities was ¥1,272,611,976.50, down 46.7% from ¥2,388,457,448.01 in the first three quarters of 2020[43] - The net cash flow from investing activities turned positive at ¥379,339,079.57, compared to a negative cash flow of ¥884,934,241.41 in the same period last year[43] - The company reported a net increase in cash and cash equivalents of ¥737,942,454.18, compared to a decrease of ¥535,964,389.24 in the same period last year[43] Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,584,489,315.93, an increase of 11.85% compared to the end of the previous year[7] - The company's total assets amounted to RMB 4,584,489,315.93, an increase from RMB 4,098,779,415.65 at the end of 2020, representing a growth of approximately 11.8%[26] - The company's cash and cash equivalents reached RMB 2,564,471,628.39, up from RMB 1,826,529,174.21, indicating a year-over-year increase of about 40.3%[23] - Total current liabilities increased to RMB 927,136,907.41 from RMB 636,026,678.44, reflecting a rise of approximately 45.7%[26] - The company's total equity attributable to shareholders was RMB 3,606,070,024.59, compared to RMB 3,439,121,491.31 at the end of 2020, marking an increase of around 4.9%[28] - The company's long-term liabilities totaled RMB 49,767,716.18, up from RMB 22,116,955.73, indicating a significant increase of approximately 124.5%[28] - The company's total non-current assets increased to RMB 874,356,692.67 from RMB 723,319,114.60, reflecting a growth of about 21%[26] - Total liabilities rose from 658,143,634.17 to 812,875,614.90, an increase of 154,731,980.73[51] Shareholder Information - The total number of common shareholders at the end of the reporting period was 16,159[14] - The largest shareholder, Ma Ruimin, held 53.86% of the shares, totaling 259,181,965 shares[14] - The company has a total of 3,989,170 shares held by its third-largest unrestricted shareholder, Zhang Lang, indicating significant shareholder engagement[17] Research and Development - Research and development expenses for the first three quarters of 2021 totaled ¥45,839,859.41, up from ¥41,305,557.87 in 2020[32]

Financial Performance - The company reported a significant increase in revenue, achieving a total of 1.2 billion RMB for the first half of 2021, representing a year-on-year growth of 15%[21] - The company's operating revenue for the first half of the year reached ¥1,352,569,343.09, representing a 37.18% increase compared to the same period last year[28] - Net profit attributable to shareholders was ¥390,066,683.22, marking a 30.93% year-over-year growth[28] - The net profit after deducting non-recurring gains and losses was ¥350,376,826.93, up 37.26% from the previous year[28] - The net cash flow from operating activities increased by 39.03% to ¥424,248,753.35[28] - Basic earnings per share increased by 32.26% to ¥0.82[28] - The company's comprehensive income totalled ¥391,091,265.12 for the first half of 2021, compared to ¥297,361,589.07 in the first half of 2020, marking a 31.5% increase[194] Market Expansion and Strategy - The company has set a future outlook with a revenue growth target of 10-15% for the second half of 2021, driven by new product launches and market expansion strategies[21] - The company plans to expand its market presence by opening 30 new retail stores across major cities in China by the end of 2021[21] - A strategic acquisition of a local fashion brand is in progress, which is anticipated to enhance the company's market share by 8%[21] - The company has established a digital transformation strategy, aiming to upgrade its operations over the next three years to support digital initiatives[62] - The company is focusing on enhancing brand power and digital marketing strategies to drive sales growth and customer engagement[60] Product Development and Innovation - New product development includes the introduction of a sustainable fashion line, expected to contribute an additional 5% to overall sales in the upcoming quarters[21] - The company invests significantly in new fabric research and development to maintain brand uniqueness[46] - The company has strengthened its design and R&D capabilities to keep up with fashion trends, which is essential for product acceptance[88] Financial Management and Investments - The company has invested 50 million RMB in technology upgrades, focusing on enhancing its e-commerce platform and customer relationship management systems[21] - The company invested a total of ¥132,171,234.29 in its subsidiaries during the reporting period, including investments of ¥90,000,000.00 and ¥35,000,000.00 in two subsidiaries[73] - The company's trading financial assets increased by 42.11% to ¥1,458,829,299.67, up from ¥1,026,532,891.06, reflecting increased investments in financial products[70] Operational Efficiency - The gross profit margin for the first half of 2021 was reported at 45%, a slight increase from 43% in the same period last year[21] - The company has implemented cost control measures that are expected to reduce operational expenses by 5% in the next fiscal year[21] - Operating costs increased by 29.06% to ¥306,376,076.53 from ¥237,389,290.46, primarily due to the rise in operating revenue[67] Shareholder and Stock Management - The board has approved a share buyback program of up to 100 million RMB to enhance shareholder value[21] - The company has committed to not reducing its shareholding by more than 20% of its holdings in any given year for two years after the lock-up period[112] - The company plans to repurchase and cancel any restricted shares that do not meet the release conditions during the specified period[157] Risks and Challenges - The company faces risks from increasing market competition in the mid-to-high-end women's clothing sector, which may impact sales and market share[84] - Seasonal fluctuations significantly affect clothing consumption, particularly in the mid-to-high-end women's wear sector, leading to higher sales in Q4 due to seasonal demand[92] - The COVID-19 pandemic has led to a decline in consumer spending on branded apparel, with risks of unsold products and increased inventory pressure[92] Corporate Governance and Compliance - The company has not faced any administrative penalties due to environmental issues during the reporting period[108] - The company is not classified as a key pollutant discharge unit by local environmental protection departments[108] - The company has confirmed compliance with the Shanghai Stock Exchange and the China Securities Depository and Clearing Corporation regarding stock nature changes[167]

Financial Performance - Operating revenue for the first quarter reached CNY 656,581,967.38, a 61.08% increase year-on-year[11]. - Net profit attributable to shareholders increased by 60.14% to CNY 195,474,819.25 compared to the same period last year[11]. - Basic earnings per share increased by 64.00% to CNY 0.41[11]. - The company reported a net profit of ¥1,199,953,137.51 for the first quarter of 2021, up from ¥1,070,393,273.25 in the same period of 2020, reflecting an increase of 12.0%[38]. - Total revenue for Q1 2021 reached ¥656.58 million, a 61.0% increase from ¥407.62 million in Q1 2020[42]. - Operating profit for Q1 2021 was ¥224.22 million, up 77.6% from ¥126.15 million in Q1 2020[42]. - Net profit attributable to shareholders for Q1 2021 was ¥195.47 million, representing a 60.2% increase compared to ¥122.07 million in Q1 2020[44]. - The company reported a total profit of ¥261.27 million for Q1 2021, up 55.0% from ¥168.91 million in Q1 2020[42]. Cash Flow - Net cash flow from operating activities rose by 24.71% to CNY 180,726,649.21 year-on-year[11]. - The net cash flow from investment activities was RMB 252,872,553.17, a recovery from a negative cash flow of RMB -164,525,568.14 in the previous year[22]. - Cash inflow from operating activities totaled ¥747,120,486.25 in Q1 2021, up from ¥600,049,632.58 in Q1 2020, reflecting a growth of approximately 24.5%[52]. - Cash outflow from operating activities was ¥566,393,837.04 in Q1 2021, compared to ¥455,134,530.01 in Q1 2020, which is an increase of about 24.5%[52]. - The cash flow from financing activities showed a net inflow of ¥166,369,117.11 in Q1 2021, compared to ¥97,721,111.11 in Q1 2020, representing an increase of approximately 70.4%[55]. Assets and Liabilities - Total assets increased by 11.20% to CNY 4,557,979,584.97 compared to the end of the previous year[11]. - The company reported a significant decrease in accounts payable by 32.59%, from RMB 104,318,961.45 to RMB 70,326,421.48, due to partial payment of goods[20]. - As of March 31, 2021, total liabilities amounted to ¥926,279,892.98, an increase of 40.7% from ¥658,143,634.17 on December 31, 2020[32]. - The total equity attributable to shareholders reached ¥3,630,185,377.09, up from ¥3,439,121,491.31, reflecting a growth of 5.5%[32]. - The company's long-term equity investment was recorded at RMB 600,000.00, reflecting the establishment of a joint venture[20]. Shareholder Information - The number of shareholders reached 17,925 at the end of the reporting period[17]. - The top shareholder, Ma Ruimin, holds 53.86% of the shares, totaling 259,181,965 shares[17]. Comprehensive Income - Other comprehensive income increased by 64.56% to RMB 1,289,683.24, influenced by changes in exchange rates[20]. - The total comprehensive income for Q1 2021 was ¥136,654,864.26, an increase from ¥105,520,974.09 in Q1 2020, representing a growth of approximately 29.5%[50]. Operating Costs and Expenses - Operating costs rose by 38.18% to RMB 142,136,805.92, reflecting the increase in operating revenue[22]. - Total operating costs for Q1 2021 were ¥422.24 million, an increase of 52.5% from ¥276.91 million in Q1 2020[42]. - Research and development expenses for Q1 2021 amounted to ¥14.38 million, a slight increase from ¥13.16 million in Q1 2020[42]. - Tax expenses for Q1 2021 were ¥65.79 million, compared to ¥46.84 million in Q1 2020, reflecting an increase of 40.5%[42]. Changes in Accounting Standards - The company is implementing new leasing standards starting from 2021, which may impact future financial reporting and asset management strategies[61]. - The company adopted new lease accounting standards, resulting in adjustments to prior period comparative data[74].

Dividend Distribution - The company plans to distribute a cash dividend of 8.00 CNY per 10 shares, totaling 380,881,345.60 CNY, which represents 60.47% of the net profit attributable to shareholders for 2020[8]. - The total cash dividends distributed by the company for 2020 amount to 481,494,598.00 CNY, accounting for 76.45% of the net profit attributable to shareholders[9]. - The company completed the repurchase of 4,805,355 shares in 2020, with a cash repurchase amount included in the cash dividend calculation of RMB 100,613,252.40, representing 15.97% of the net profit[165]. - The proposed profit distribution plan is subject to approval at the shareholders' meeting[160]. - The cash dividend distribution reflects the company's commitment to sharing growth benefits with investors while ensuring normal operations and long-term development[158]. - The company has maintained a consistent dividend policy over the past three years, with the cash dividend amount increasing from RMB 401,000,000.00 in 2019 to RMB 481,494,598.00 in 2020[163]. Financial Performance - The company's operating revenue for 2020 was approximately CNY 2.56 billion, representing a year-on-year increase of 7.81% compared to CNY 2.38 billion in 2019[31]. - The net profit attributable to shareholders for 2020 was approximately CNY 629.86 million, a slight increase of 0.88% from CNY 624.37 million in 2019[31]. - The net cash flow from operating activities for 2020 was approximately CNY 723.83 million, showing a decrease of 0.18% compared to CNY 725.14 million in 2019[31]. - The total assets at the end of 2020 were approximately CNY 4.10 billion, an increase of 4.44% from CNY 3.92 billion at the end of 2019[31]. - The net assets attributable to shareholders at the end of 2020 were approximately CNY 3.44 billion, reflecting a growth of 3.93% from CNY 3.31 billion at the end of 2019[31]. - The basic earnings per share for 2020 was CNY 1.31, a slight increase of 0.77% from CNY 1.30 in 2019[32]. - The weighted average return on equity for 2020 was 18.66%, a decrease of 1.07 percentage points from 19.73% in 2019[32]. Market Position and Strategy - The company operates four well-known fashion brands: "DAZZLE," "DIAMOND DAZZLE," "d'zzit," and "RAZZLE," focusing on mid-to-high-end market positioning[43]. - The company has established strong relationships with quality suppliers for collaborative product development, ensuring exclusive rights to new materials and designs[59]. - The company’s marketing strategy includes a strong online presence through platforms like Tmall and Xiaohongshu, expanding its digital sales channels[61]. - The company has established a national marketing network with 1,154 retail terminals as of December 31, 2020, including 371 direct-operated and 783 dealer-operated stores[69]. - The company ranked among the top 100 enterprises in the apparel industry for nine consecutive years from 2011 to 2019, achieving the second position in sales profit margin in 2016 and the first position in 2018[65]. Operational Efficiency - The company emphasizes a dual production model, utilizing both partial and complete outsourcing to optimize operational costs and focus on high-value-added processes[60]. - The company’s retail network includes department stores and shopping centers, which are crucial for reaching a broad customer base[60]. - The company is focused on optimizing its organizational structure and digital information systems to promote sustainable innovation and agility[147]. - The company aims to improve inventory management and decision-making efficiency through a highly intelligent and flexible supply chain system[138]. - The company maintained strict quality control throughout its supply chain, ensuring high-quality products were delivered to customers[78]. Risks and Challenges - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting investment risks[10]. - The company has detailed the risks it may face in the report, which can be found in the section discussing future development[13]. - The company faces risks from intensified market competition in the mid-to-high-end women's clothing sector, necessitating continuous improvement of its core competencies[148]. - The impact of public health emergencies, such as COVID-19, poses risks to the company's sales and inventory management, although long-term recovery is expected[156]. Future Plans - The company plans to launch a new lifestyle brand targeting the younger generation in the second half of 2021, focusing on unique and aesthetically pleasing products[143]. - The company aims to enhance brand value through continuous investment in product design and R&D, with a focus on attracting top talent in the fashion industry[144]. - The company plans to strengthen digital transformation by investing in big data, cloud computing, and artificial intelligence to enhance operational efficiency[144]. - The company is committed to sustainable fashion and will increase efforts in responsible consumption and production, as well as gender equality[141]. Shareholder Commitments - Shareholders are committed to not transferring or entrusting their shares for 36 months after the company's stock is listed on the Shanghai Stock Exchange[172]. - After the lock-up period, shareholders can only reduce their holdings by a maximum of 25% of their total shares each year during their tenure and for 6 months after leaving[174]. - If shareholders violate their commitments, the proceeds from the illegal sale of shares will belong to the company and must be paid to a designated account within 5 trading days[173]. - The company has established a mechanism to ensure compliance with shareholding commitments and to protect the interests of investors[181].

Financial Performance - Operating income for the period from January to September was ¥1,633,285,391.11, down 4.18% from the same period last year[10]. - Net profit attributable to shareholders of the listed company was ¥474,493,329.77, a decrease of 1.07% compared to the previous year[10]. - Basic earnings per share for the period was ¥0.99, down 1.00% from the previous year[10]. - The weighted average return on net assets decreased by 1.14 percentage points to 14.10%[10]. - Net profit for the first three quarters of 2020 reached ¥1,008,973,894.56, compared to ¥818,852,264.40 in the same period of 2019, marking a growth of 23.2%[44]. - The total profit for Q3 2020 reached approximately ¥234.40 million, up from ¥187.84 million in Q3 2019, reflecting a growth of 24.8%[48]. - The net profit for Q3 2020 was approximately ¥176.57 million, compared to ¥140.39 million in Q3 2019, marking a year-over-year increase of 25.7%[48]. - The company's total revenue for the first three quarters of 2020 was approximately ¥1.20 billion, a decrease of 3.2% from ¥1.24 billion in the same period of 2019[52]. - Total comprehensive income for the first three quarters of 2020 was CNY 591,121,630.16, slightly up from CNY 587,656,286.11 in the same period of 2019, reflecting a growth of 0.79%[57]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,247,607,061.22, an increase of 8.23% compared to the end of the previous year[10]. - Current assets totaled ¥3,534,774,275.70, an increase from ¥3,183,977,691.05, reflecting a growth of about 11.0% year-over-year[32]. - Total liabilities increased to ¥890,253,276.87 from ¥613,849,365.57, indicating a rise of approximately 45.0%[34]. - The total liabilities as of September 30, 2020, were ¥459,703,404.16, a decrease of 22.7% from ¥595,234,583.92 at the end of 2019[42]. - The total assets as of September 30, 2020, were ¥3,638,955,877.52, compared to ¥3,611,712,355.62 at the end of 2019, showing a marginal increase[42]. - The company's total liabilities as of January 1, 2020, were approximately ¥632.10 million, reflecting an increase of ¥18.25 million[77]. - The company's total equity as of December 31, 2019, was approximately CNY 3.02 billion, including retained earnings of CNY 818.85 million[84]. Cash Flow - The net cash flow from operating activities for the period was ¥484,075,230.25, representing a decline of 9.17% year-on-year[10]. - Cash inflow from operating activities for the first three quarters of 2020 was CNY 1,994,133,974.92, down 5.2% from CNY 2,103,703,045.78 in 2019[61]. - Cash inflow from investment activities for the first three quarters of 2020 was CNY 1,503,523,206.60, an increase from CNY 1,325,250,765.40 in 2019, representing a growth of 13.5%[63]. - The company reported a net cash flow from financing activities of -CNY 133,368,930.90 for the first three quarters of 2020, an improvement from -CNY 401,000,000.00 in 2019[63]. - Cash inflow from financing activities in the first three quarters of 2020 was ¥294.99 million, while cash outflow was ¥428.36 million, resulting in a net cash outflow of -¥133.37 million[67]. Shareholder Information - Net assets attributable to shareholders of the listed company were ¥3,355,839,545.83, reflecting a 1.41% increase year-on-year[10]. - The total number of shareholders at the end of the reporting period was not specified, but the report includes details on the top ten shareholders[15]. - Total number of shareholders is 17,306, with the largest shareholder holding 53.86% of shares[19]. Changes in Accounting Standards - The company implemented the new revenue accounting standards starting January 1, 2020, which resulted in reclassification of certain liabilities, including moving "prepayments" to "contract liabilities" and customer reward points to "contract liabilities" as well[79][84]. - Contract liabilities reached ¥162,466,547.31, a new category introduced under the new revenue standards[23].