| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 | 2023-048 | | --- | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | | 天创时尚股份有限公司 关于使用部分闲置自有资金委托理财的进展公告 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。 重要内容提示： 委托理财受托方、委托理财金额、委托理财产品名称、委托理财期限 请详见公告正文一、本次委托理财概述之（三）委托理财产品的基本情况 履行的审议程序 天创时尚股份有限公司(以下简称"公司"或"天创时尚")第四届董事会第十 三次会议、第四届监事会第十二次会议及 2022 年年度股东大会审议通过了《关 于 2023 年度使用部分闲置自有资金进行委托理财的议案》，同意公司及子公司 使用最高额度不超过人民币 40,000 万元的闲置自有资金进行阶段性委托理财， 用于购买安全性高、流动性好、低风险型理财产品或结构性存款，以获得一定的 收益，在确保不影响自有流动资金使用的情况下进行滚动使用。 一、本次委 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 320,788,978, representing a decrease of 3.55% compared to the same period last year[6]. - The net profit attributable to shareholders was a loss of CNY 13,452,133, with a basic and diluted earnings per share of -CNY 0.03, both down by 50% year-on-year[6]. - Total operating revenue for Q1 2023 was CNY 320,788,978, a decrease of 3.4% compared to CNY 332,595,072 in Q1 2022[18]. - Net loss for Q1 2023 was CNY 13,085,643, an improvement from a net loss of CNY 26,675,015 in Q1 2022[19]. - The company's gross profit margin for Q1 2023 was approximately 58.8%, compared to 57.1% in Q1 2022[18]. - The total equity attributable to shareholders was CNY 1,326,771,402, a slight decrease from CNY 1,339,578,011 in Q1 2022[18]. - The company reported a basic and diluted earnings per share of CNY -0.03 for Q1 2023, compared to CNY -0.06 in Q1 2022[19]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly by 147.28%, amounting to CNY 16,829,115, primarily due to reduced procurement expenditures[9]. - The net cash flow from operating activities was 16,829,115, a significant improvement compared to -35,594,113 in the previous year[22]. - Cash received from sales of goods and services in Q1 2023 was CNY 300,136,656, down from CNY 336,725,414 in Q1 2022[21]. - The total cash inflow from operating activities was 306,421,017, down from 341,301,053 in the previous year[22]. - The company's cash and cash equivalents were reported at RMB 376,195,534, down from RMB 651,355,545 at the end of 2022, indicating a decrease of approximately 42%[14]. - The ending balance of cash and cash equivalents was 262,114,463, down from 512,654,629 year-over-year[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,138,485,810, a slight decrease of 0.25% from the end of the previous year[7]. - The total liabilities as of Q1 2023 amounted to CNY 801,257,549, an increase from CNY 794,142,744 in the previous year[18]. - The total current liabilities were RMB 99,739,980, compared to RMB 92,377,108 in the previous period, representing an increase of about 8%[15]. - The company reported a total non-current asset value of RMB 953,553,333, slightly down from RMB 954,716,483[15]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,134[11]. - The company has a share repurchase account holding 10,028,340 shares, which accounts for 2.39% of the total share capital[12]. - The top ten shareholders hold a significant portion of the company's shares, with the largest shareholder, Qingdao Hetian Trading Partnership, holding 77,436,800 shares[12]. Operational Strategy - The company plans to continue focusing on cost control and improving operational efficiency in the upcoming quarters[9]. - The company is actively monitoring its financial health and operational strategies to navigate market conditions effectively[13]. Non-Recurring Items - Non-recurring gains and losses included government subsidies of CNY 2,273,827 and a loss from the disposal of non-current assets of CNY 232,567[8]. - The company reported a 49.73% increase in net profit attributable to shareholders after excluding non-recurring items, attributed to strict control over overall expenses[9]. Research and Development - Research and development expenses for Q1 2023 were CNY 10,419,448, down from CNY 13,270,777 in Q1 2022, indicating a 21.5% reduction[18].

Financial Performance - In 2022, the company reported a net profit attributable to shareholders of -178,827,958 RMB, a significant increase in losses of 176.77% compared to -64,611,609 RMB in 2021[4]. - Total revenue for 2022 was 1,272,795,480 RMB, representing a decrease of 33.89% from 1,925,410,170 RMB in 2021[22]. - The company's net cash flow from operating activities was 97,923,374 RMB, a decline of 302.98% compared to -48,243,197 RMB in 2021[22]. - Total assets decreased by 16.37% to 2,143,811,124 RMB at the end of 2022, down from 2,563,446,679 RMB in 2021[22]. - The company's net assets attributable to shareholders decreased by 14.16% to 1,339,578,011 RMB at the end of 2022, compared to 1,560,632,307 RMB in 2021[22]. - The company's basic earnings per share were -0.44 yuan, a decline of 193.33% compared to 2021[23]. - The weighted average return on equity was -12.46%, a decrease of 8.52 percentage points from the previous year[23]. - The company achieved a net cash inflow from operating activities of 97.92 million yuan, providing a solid foundation for sustainable operations[32]. - The company reported a net profit attributable to shareholders of CNY -178.83 million, and a net profit of CNY -197.27 million after deducting non-recurring gains and losses[117]. - The gross profit margin for the main business is 58.45%, an increase of 1.96 percentage points year-on-year[121]. - The gross profit margin for the overall business was 61.46%, down by 0.58% year-on-year[146]. Operational Adjustments - The company did not propose any profit distribution for 2022 due to negative net profits and unallocated profits[4]. - The company plans to focus on operational development needs and will not conduct capital reserve transfers or other forms of distribution in 2022[4]. - The company closed loss-making brands and stores in response to external pressures, impacting overall sales revenue[34]. - The company reduced its expenses in the footwear and apparel segment by 18%, but this was insufficient to offset the decline in sales revenue[34]. - The company closed low-efficiency physical stores and reduced ineffective channels to improve operational quality and brand profitability[36]. - The company aims to optimize its product structure and improve inventory quality to reduce operational risks and lay a solid foundation for future development[38]. - The company achieved a production and sales rate of 141.51%, indicating effective inventory management and product structure adjustments[127]. Market Environment - The retail market faced a 0.2% decline in total social retail sales, with specific categories like clothing and footwear seeing a 6.5% drop[33]. - The overall retail sales of clothing, shoes, and textiles in China decreased by 6.5% year-on-year in 2022, reflecting a challenging market environment[49]. - In 2022, the per capita clothing expenditure of residents in China decreased by 3.8% compared to the previous year, reflecting a contraction in consumer demand due to economic slowdown[51]. - Offline retail sales of goods declined by 1.8% year-on-year, indicating a significant shift towards online consumption channels[55]. - The shift towards online channels has resulted in increased costs for customer acquisition and retention, prompting a focus on building a refined, omnichannel operational system[55]. - The footwear market is characterized by a stable competitive landscape among mid-to-high-end fashion brands, leveraging multi-brand strategies and complete supply chain operations[52]. Strategic Initiatives - The company is enhancing its DTC model and private domain user operations to improve customer repurchase rates amid a saturated user growth environment[39]. - The company has developed an automated intelligent manufacturing management system, expected to be officially launched by the end of 2023, aimed at achieving standardized materials and processes[40]. - The company has established a sports fashion team to enhance its self-research and production capabilities in response to the growing demand for fashionable sports products[42]. - The company has launched an external data system that captures market trends in real-time, enabling more precise brand product decision-making[40]. - The company is actively seeking new growth points, such as advertising agency services for the Apple App Store and overseas product development[44]. - The company aims to enhance user experience through digital upgrades and efficient resource integration across its supply chain[91]. - The company is developing a new intelligent manufacturing base in Nansha Free Trade Zone, focusing on automation and digitalization in production[111]. - The company has established a digital R&D platform to enhance efficiency and standardization in product development[109]. - The company is committed to maintaining a stable governance structure during the transition period following Li Jianfang's resignation[190]. Governance and Compliance - The company held three shareholder meetings during the reporting period, ensuring compliance with legal regulations and allowing equal rights for minority shareholders[177]. - The board of directors operates under strict adherence to laws and regulations, with independent directors holding a majority in key committees, enhancing decision-making efficiency[178]. - The supervisory board effectively monitors the legality and compliance of the actions taken by directors and senior management, safeguarding shareholder rights[179]. - The company has established a comprehensive information disclosure system to ensure timely and accurate communication with shareholders, particularly protecting the rights of minority shareholders[181]. - The company strictly follows insider information management regulations to prevent stock price fluctuations due to information leaks[184]. - The company has implemented measures to maintain the independence of its operations and governance structure, ensuring compliance with relevant regulations[184]. Future Outlook - The company anticipates that short-term consumer demand and industry scale will be challenging to restore to previous growth levels due to market changes and structural adjustments[163]. - The company aims to enhance operational efficiency and reduce costs by optimizing resource allocation and streamlining processes in response to market uncertainties[164]. - In 2023, the company plans to accelerate the transformation of its business and organizational models, focusing on performance management and responsibility enhancement across all business roles[165]. - The company will continue to innovate product offerings to meet the evolving demands of Gen Z consumers, emphasizing fashion, health, and comfort in its footwear products[165]. - AI technologies will be integrated into user operations, product design, and marketing to improve efficiency and create new value[165]. - The mobile internet marketing segment will undergo strategic repositioning to focus on high-conversion and high-value business areas, including expanding overseas advertising efforts[166]. - The company faces risks from macroeconomic fluctuations that could impact consumer spending and advertising demand, necessitating ongoing adjustments to its business strategies[167].

| 证券代码：603608 | 证券简称：天创时尚 | 公告编号：临 | 2023-029 | | --- | --- | --- | --- | | 债券代码：113589 | 债券简称：天创转债 | | | 天创时尚股份有限公司 关于召开2022年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个别及连带责任。 重要内容提示： 投资者可于 2023 年 5 月 17 日(星期三)至 2023 年 5 月 23 日(星期二)下午 1 6:00 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（t opir@topscore.com.cn）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。 天创时尚股份有限公司（以下简称"公司"）已于 2023 年 4 月 29 日披露了 《2022 年年度报告》，为便于广大投资者更全面深入地了解公司 2022 年度经营 成果、财务状况，公司计划于 2023 年 5 月 24 日（星期三）下午 16:00-17:00 举行 2022 年度业绩说明会，就投资者关心 ...

2022 年第三季度报告 证券代码：603608 证券简称：天创时尚 转债代码：113589 转债简称：天创转债 天创时尚股份有限公司 2022 年第三季度报告 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： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | | | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 上年同期增 | 年初至报告期 | 末比上年同期 | | | | 减变动幅度 | 末 | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 325,030,278 | -26. ...

证券代码：603608 证券简称：天创时尚 公告编号：临 2022-070 债券代码：113589 债券简称：天创转债 天创时尚股份有限公司 关于参加2022广东辖区上市公司投资者网上 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。 重要内容提示： 会议召开时间：2022 年 9 月 22 日（星期四）下午 15:50-16:50 会议召开地点："全景路演"网站（https://rs.p5w.net） 会议召开方式：网络互动 为进一步加强与投资者的沟通交流，根据中国证券监督管理委员会广东监管 局（以下简称"广东证监局"）、广东上市公司协会联合发布的《关于开展 202 2 广东上市公司投资者关系管理月活动的通知》（广东证监发〔2022〕102 号） 的相关要求，天创时尚股份有限公司（以下简称"公司"）将参加由广东证监局、 广东上市公司协会共同举办的"2022 广东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： 本次投资者网上集体接待日活动将以网络互动方式在"全景路演"网站 （http ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 702,009,363, a decrease of 29.05% compared to CNY 989,422,470 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of CNY 42,396,252, representing a decline of 202.51% from a profit of CNY 41,359,667 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 50,372,694, down 283.96% from a profit of CNY 27,383,061 in the same period last year[19]. - The net cash flow from operating activities was CNY 46,054,320, an increase of 27.58% compared to CNY 36,098,264 in the previous year[19]. - The total assets at the end of the reporting period were CNY 2,339,521,719, a decrease of 8.74% from CNY 2,563,446,679 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 5.50% to CNY 1,474,809,031 from CNY 1,560,632,307 at the end of the previous year[19]. - The total share capital at the end of the reporting period was 419,698,208 shares, down 2.15% from 428,924,090 shares at the end of the previous year[19]. - Basic earnings per share for the reporting period was -0.10 yuan, a decrease of 200.00% compared to the same period last year[20]. - Diluted earnings per share for the reporting period was -0.10 yuan, a decrease of 200.00% compared to the same period last year[20]. - The weighted average return on equity decreased by 5.21 percentage points to -2.81% from 2.40% in the same period last year[20]. Market Trends - The domestic retail sales of clothing, shoes, and textiles decreased by 6.5% year-on-year in the first half of 2022[28]. - The overall consumption market capacity remains significant despite short-term fluctuations due to the pandemic, indicating potential for future growth[28]. - The Z generation is becoming the main consumer force, driving changes in consumption patterns and preferences towards personalized and interactive experiences[32]. - In the first half of 2022, the online retail sales of physical goods reached 54,493 billion yuan, with a year-on-year growth of 5.6%, accounting for 25.9% of the total retail sales of consumer goods[35]. - Traditional retail enterprises experienced a 14.1% year-on-year decline in commodity retail sales in the first half of 2022[35]. Digital Marketing and Advertising - The mobile advertising market in China reached 672.5 billion yuan in 2020, with a year-on-year growth rate of 24.2%, and is expected to reach 1,174.1 billion yuan by 2023[42]. - The overall network advertising market in China is projected to grow, but the growth rate is slowing down due to the saturation of new traffic sources[41]. - The demand for personalized and refined traffic operations is increasing among advertisers, focusing on customer acquisition and retention[44]. - The shift from traditional public domain traffic to private domain traffic is becoming a strategy for maximizing advertising ROI[45]. - The integration of digital marketing strategies is essential for marketing service providers to adapt to the changing landscape and improve operational efficiency[46]. Company Strategy and Operations - The company operates in two main sectors: fashion footwear and mobile internet digital marketing, with a focus on high-end women's shoes and digital marketing services[24]. - The company focuses on a multi-brand digital operation model in the fashion footwear and apparel sector, aiming to provide stylish, comfortable, healthy, and environmentally friendly consumer experiences[51]. - The company is leveraging digital technology to enhance its marketing strategies, aiming for comprehensive coverage of consumer scenarios and deep interaction with user systems[49]. - The company is committed to upgrading the standards of Chinese footwear and creating a fashionable and healthy footwear industry platform[51]. - The company is expanding its product offerings by investing in international designer brands and introducing new lifestyle brands[53]. - The company emphasizes content marketing as a key competitive barrier, moving away from pure traffic and price competition[48]. - The company aims to automate and intelligently manage advertising decisions and effectiveness attribution through data technology[47]. - The company is actively involved in the digital transformation of the entire industry chain, promoting a digital fashion ecosystem[51]. Brand and Product Development - The company has established a women's shoe comfort research center in collaboration with the China Leather and Footwear Research Institute, enhancing its brand influence in the mid-to-high-end women's shoe market[25]. - The KISSCAT brand has a total of 699 stores, including 424 direct-operated and 275 franchised stores, emphasizing comfort and health in women's footwear[54]. - The ZSAZSAZSU brand targets career women aged 25-38, with a total of 108 stores, including 97 direct-operated and 11 franchised stores, promoting independence and confidence[58]. - The TIGRISSO brand has 327 stores, with 237 direct-operated and 90 franchised stores, focusing on elegant and healthy footwear for new middle-class women[62]. - The company has established a digital R&D platform to enhance efficiency and precision, with a total of 1 invention patent, 51 utility model patents, and 44 design patents as of the end of the reporting period[96]. Supply Chain and Production - The traditional production lines are facing challenges due to labor shortages and rising costs, necessitating a shift towards smart production lines[37]. - The company is developing a new intelligent manufacturing base in Nansha Free Trade Zone, focusing on automation, digitalization, and intelligence in production processes[97]. - The company’s self-production ratio is 55.80%, with a focus on flexible production methods to quickly respond to market demand[81]. - The company has established four regional warehouses with a storage capacity of over 40,000 SKUs and an order processing capacity of 50,000-70,000 orders per day[82]. - The company has implemented a strategic and demand-based procurement model to control costs and ensure quality[80]. Corporate Governance and Compliance - The company has committed to ensuring independence in personnel, assets, finance, and operations, with specific measures to prevent conflicts of interest[151]. - The commitments made by the actual controllers and shareholders are effective from June 23, 2017, and are intended to avoid competition with the company's business[145]. - The company has established a long-term commitment to avoid related party transactions unless necessary, ensuring compliance with legal regulations[149]. - The company guarantees that its senior management will not hold positions in other companies controlled by the same individuals, ensuring operational independence[151]. - The company has outlined penalties for breaches of commitments, including compensation for losses and a penalty of 25% of the total consideration received in the transaction[149]. Shareholder and Stock Information - The total number of ordinary shareholders as of the end of the reporting period is 21,240[184]. - The total number of shares before the change was 428,924,090, and after the change, it is 419,698,208, reflecting a decrease of 9,225,882 shares[181]. - The company converted a total of 2,112 shares from the convertible bond "Tian Chuang Convertible Bond" during the reporting period[182]. - The company canceled 9,227,994 shares that were not used from the repurchase account due to the expiration of the three-year period[183]. - The largest shareholder, Pingtan Hetian Trading Partnership, holds 88,830,630 shares, accounting for 21.17% of the total shares[186]. Risks and Challenges - The company faces risks from macroeconomic fluctuations that could impact consumer spending on fashion footwear and mobile internet marketing[126]. - There is a risk of product development not aligning with market demands, particularly in the fast-changing mid-to-high-end women's shoe market[127]. - The competitive landscape in the domestic women's shoe market is intense, requiring continuous enhancement of brand influence and operational capabilities[128]. - The company recognizes the need to expand new marketing channels, especially online, to adapt to evolving consumer behaviors[130].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 332,595,072, representing a decrease of 28.47% compared to the same period last year[6]. - The net profit attributable to shareholders of the listed company was a loss of CNY 26,761,992, a decline of 205.01% year-on-year[6]. - Basic and diluted earnings per share were both CNY -0.06, reflecting a decrease of 200.00% year-on-year[7]. - The company reported a net loss of RMB 54,325,917 for Q1 2022, compared to a net loss of RMB 27,563,925 in Q1 2021[19]. - The company's net profit for Q1 2022 was -26,675,015 RMB, compared to a net profit of 25,842,006 RMB in Q1 2021, indicating a significant decline[22]. - Operating profit for Q1 2022 was -34,474,597 RMB, a stark contrast to the operating profit of 35,694,229 RMB in the same period last year[22]. - The company reported a total comprehensive income of -27,054,761 RMB for Q1 2022, compared to 26,030,873 RMB in Q1 2021, highlighting a significant downturn[23]. Cash Flow and Assets - The net cash flow from operating activities was negative CNY 35,594,113, down 44.55% compared to the previous year[7]. - The net cash flow from operating activities for Q1 2022 was -35,594,113 RMB, compared to -24,624,880 RMB in Q1 2021, indicating worsening cash flow conditions[26]. - Investment activities resulted in a net cash outflow of -28,292,744 RMB in Q1 2022, compared to -5,416,858 RMB in Q1 2021, reflecting increased investment expenditures[27]. - Cash and cash equivalents as of March 31, 2022, were RMB 595,417,087, a decrease from RMB 734,089,940 at the end of 2021[17]. - The company’s total cash and cash equivalents at the end of Q1 2022 were 512,654,629 RMB, down from 391,407,898 RMB at the end of Q1 2021[27]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,384,264,130, a decrease of 6.99% from the end of the previous year[7]. - Total assets decreased to RMB 2,384,264,130 from RMB 2,563,446,679 at the end of 2021, reflecting a decline of 7%[18]. - Total liabilities decreased to RMB 882,073,035 from RMB 990,243,974 at the end of 2021, a reduction of 10.9%[19]. - The equity attributable to shareholders of the listed company was CNY 1,489,533,719, down 4.56% from the end of the previous year[7]. - The company’s equity attributable to shareholders decreased to RMB 1,489,533,719 from RMB 1,560,632,307 at the end of 2021, a decline of 4.5%[19]. Operational Metrics - The decline in performance was primarily attributed to decreased sales due to the impact of the pandemic[11]. - Total revenue from sales of goods and services in Q1 2022 was 336,725,414 RMB, down from 435,048,628 RMB in Q1 2021, representing a decrease of approximately 22.6%[25]. - Total operating costs for Q1 2022 were RMB 363,008,477, down from RMB 434,681,287 in Q1 2021, reflecting a reduction of 16.5%[21]. - Accounts receivable decreased to RMB 145,724,356 from RMB 193,251,931 at the end of 2021, indicating a reduction of 24.5%[17]. - Inventory as of March 31, 2022, was RMB 410,567,561, down from RMB 441,798,977 at the end of 2021, a decrease of 7.1%[17]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 20,252[14]. - The company held 10,028,340 shares in its repurchase account, accounting for 2.39% of the total share capital as of March 31, 2022[16]. Expenses - The company incurred financial expenses of 2,587,032 RMB in Q1 2022, a significant increase from 1,031,679 RMB in Q1 2021, primarily due to higher interest expenses[22]. - Research and development expenses increased to 13,270,777 RMB in Q1 2022 from 10,505,670 RMB in Q1 2021, reflecting a commitment to innovation despite financial challenges[22]. - Non-recurring gains and losses amounted to CNY 3,153,965 for the period[10]. - The weighted average return on net assets was -1.75%, a decrease of 3.23 percentage points compared to the previous year[7].

Financial Performance - The net profit attributable to the parent company's shareholders for 2021 was -64,611,609 CNY, indicating a loss [4]. - The undistributed profits at the end of 2021 for the parent company were 34,161,779 CNY after accounting for a cash dividend distribution of 62,952,635 CNY [4]. - The company plans not to distribute cash dividends for the 2021 fiscal year due to negative net profits [5]. - The company's operating revenue for 2021 was CNY 1,925,410,170, representing a 2.52% increase compared to CNY 1,878,085,689 in 2020 [26]. - The net profit attributable to shareholders was a loss of CNY 64,611,609, an improvement of 86.01% from a loss of CNY 461,901,040 in 2020 [26]. - The basic earnings per share for 2021 was -CNY 0.15, showing an 86.36% increase from -CNY 1.10 in 2020 [27]. - The total assets at the end of 2021 were CNY 2,563,446,679, a decrease of 4.75% from CNY 2,691,246,326 at the end of 2020 [26]. - The company reported a net cash flow from operating activities of -CNY 48,243,197, a significant decline from CNY 242,091,317 in 2020, representing a 119.93% decrease [26]. - The weighted average return on equity for 2021 was -3.94%, an increase of 19.75 percentage points from -23.69% in 2020 [27]. - The company’s total equity attributable to shareholders decreased by 8.51% to CNY 1,560,632,307 at the end of 2021 from CNY 1,705,761,354 at the end of 2020 [26]. Share Repurchase and Dividends - The company repurchased shares amounting to 16,257,773 CNY, which accounted for 47.59% of the undistributed profits at the end of 2021 [5]. - The company has a legal reserve of 1,523,658 CNY, which is 10% of the net profit for the parent company [4]. Risks and Governance - The company has detailed potential risks in its annual report, which investors should review [10]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [7]. - The company has not violated any decision-making procedures regarding external guarantees [8]. - The audit report issued by PwC was a standard unqualified opinion [9]. - The company has not disclosed any significant changes in its governance structure or shareholder situation [11]. - The company has established a comprehensive governance structure, ensuring clear division of responsibilities among the shareholders, board of directors, supervisory board, and management [189]. - The company has implemented a robust information disclosure system to ensure timely and accurate communication with shareholders, particularly protecting the rights of minority shareholders [193]. Market and Economic Environment - The overall economic environment in 2021 showed a high opening and low closing trend, with various industries facing different degrees of impact from the pandemic, leading to increased operational difficulties and intensified competition [34]. - The fashion footwear and apparel segment experienced a significant decline in offline store traffic due to the pandemic, negatively affecting sales performance [37]. - The overall consumer spending and retail sales showed a recovery trend, but the structural adjustments within the retail industry continued to create challenges for growth [36]. - The domestic retail sales of consumer goods reached 4.40823 trillion yuan in 2021, with a year-on-year growth of 12.5%, indicating a recovery in the market post-COVID-19 [50]. - The average annual disposable income in 2021 was 35,000 yuan, reflecting an actual growth of 8.1% compared to 2019, which supports the potential for market expansion [50]. Online and Offline Sales Performance - In 2021, the company's online channel revenue reached 544 million RMB, representing a year-on-year growth of 16.75%, accounting for 31.79% of the fashion footwear and apparel segment's revenue and 28.29% of the company's consolidated main business revenue [39]. - The online business grew by 16.75%, increasing its revenue share from 27.90% to 31.79% in the fashion footwear and apparel segment [101]. - Online sales accounted for 31.79% of total revenue, generating 543,501,539, while offline sales contributed 68.21% with 1,166,220,690 [157]. Marketing and Advertising Strategies - The company emphasized the importance of differentiated brand positioning and value, enhancing brand influence through collaborations with celebrities and IP crossovers [40]. - The mobile internet advertising sector faced challenges with limited advertising budgets from clients and rising traffic costs, leading to a continuous decline in gross profit margins for traditional internet advertising [38]. - The advertising industry is focusing on "customer acquisition" and "customer retention" as key marketing strategies due to limited marketing budgets and the need for effective marketing results [66]. - Marketing service providers are transitioning from "traffic acquisition" to "traffic operation," emphasizing efficiency and cost-effectiveness in response to rising traffic costs and the need for precise marketing [69]. Product Development and Innovation - The company has filed for 1 invention patent, 50 utility model patents, and 44 design patents, indicating a strong focus on innovation and R&D [112]. - The product development process leverages consumer insights and advanced design technologies to enhance comfort and design quality [96]. - The company aims to strengthen product core technology and innovation to provide healthier and more comfortable footwear, targeting the Z generation's demand for fashion and leisure [179]. Operational Efficiency and Supply Chain - The company has established a comprehensive digital operation platform to enhance efficiency across design, production, logistics, and marketing, aiming for improved product quality and supply chain responsiveness [41][42]. - The company maintains a self-production ratio of 55.80%, with a focus on flexible production methods to respond quickly to market demands [98]. - The logistics system can handle 50,000 to 70,000 orders per day, with a storage capacity of over 40,000 SKUs [99]. - The company is implementing a comprehensive digital and intelligent manufacturing system to improve supply chain efficiency and consumer engagement [116]. Store Operations and Market Expansion - The company opened 116 new stores and closed 222 stores, resulting in a total of 1,322 stores at the end of the reporting period [152]. - The company operates a full-channel sales model, with a total of 1,322 offline stores, including 880 direct-operated and 442 franchised stores [101]. - The company is actively expanding its multi-brand strategy, including partnerships with international fashion brands to meet diverse consumer needs [108]. Financial Management and Investments - The company executed new leasing standards, resulting in a significant increase in lease liabilities to 19,295,704 [148]. - The company plans to continue its investment strategies, as indicated by the proposal for securities investment [197]. - The company invested 99,990,000 RMB in a private equity fund, completing the subscription process by December 2021 [165]. Challenges and Future Outlook - The company faces risks from macroeconomic fluctuations that could impact consumer spending on footwear and marketing services [183]. - The company must adapt to fast-changing fashion trends in the mid-to-high-end women's shoe market to maintain brand recognition and sales performance [184]. - The company plans to enhance its strategic focus on digital transformation and consumer-centric approaches in the footwear industry [174].