| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-087 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 5%以上非第一大股东减持股份计划公告 本公司董事会、全体董事及相关股东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： 股东持股的基本情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）收到公司大股东陈 红朝先生的减持告知函，拟减持其持有的部分公司股份。截止本公告披露之日， 陈红朝先生持有公司股份 44,435,500 股，占公司总股本的 9.38%。 1 股东名称 股东身份 持股数量 （股） 持股 比例 当前持股股份来源 陈红朝 5%以上非第一大股东 44,435,500 9.38% IPO 前取得：44,338,000 股 集中竞价交易取得：97,500 股 一、减持主体的基本情况 (一)相关股东是否有其他安排 □是 √否 (二)大股东此前对持股比例、持股数量、持股期限、减持方式、减持数量、减持 价格等是否作出承 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-047 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 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： 投资者可于 2023 年 6 月 1 日(星期四)至 6 月 7 日(星期三)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 board@peacebird.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。 （三） 会议召开方式：上证路演中心网络互动 三、参加人员 董事长、总经理：张江平 （二） 会议召开地点：上证路演中心 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）已于 2023 年 4 月 18 日发布公司 2022 年年度报告，并于 2023 年 4 月 29 日发布公司 2023 年第一季 度报告，为便于广大投资者更全面 ...

[Overall Financial and Operating Performance](index=2&type=section&id=Section%201.%20Key%20Highlights) [Summary of Core Financial Data](index=2&type=section&id=I.%20Major%20Financial%20Data) In Q1 2023, operating revenue declined by 15.83% to RMB 2.074 billion, yet net profit attributable to shareholders rose 14.20% to RMB 217 million, with operating cash flow turning positive Q1 2023 Key Financial Data | Metric | Current Period (RMB Million) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 2,073.61 | -15.83 | | Net Profit Attributable to Shareholders | 217.25 | 14.20 | | Net Profit Attributable to Shareholders Excluding Non-Recurring Items | 177.97 | 58.55 | | Net Cash Flow from Operating Activities | 144.81 | Not Applicable | | Basic Earnings Per Share (RMB/share) | 0.46 | 15.00 | | Weighted Average Return on Net Assets (%) | 5.10 | Increased by 0.75 percentage points | - Net profit excluding non-recurring items significantly increased by **58.55%**, primarily due to improved sales gross margin and reduced operating expenses in the current period[6](index=6&type=chunk) - Net cash flow from operating activities turned positive, mainly due to reduced cash outflows for salaries, taxes, and other operating expenses in the current period[6](index=6&type=chunk) [Non-Recurring Gains and Losses](index=3&type=section&id=II.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Total non-recurring gains and losses for the current period amounted to RMB 39.28 million, primarily comprising government subsidies recognized in current profit of RMB 44.27 million Q1 2023 Non-Recurring Gains and Losses Items | Item | Amount (RMB Million) | | :--- | :--- | | Government subsidies recognized in current profit/loss | 44.27 | | Fair value changes from financial assets held for trading | 7.97 | | Other non-operating income and expenses | 0.46 | | Gains/losses on disposal of non-current assets | -0.28 | | Income tax impact | -13.11 | | **Total** | **39.28** | [Shareholder Information](index=4&type=section&id=II.%20Shareholder%20Information) [Total Shareholders and Top Ten Shareholders' Holdings](index=4&type=section&id=I.%20Total%20Common%20Shareholders%2C%20Number%20of%20Preferred%20Shareholders%20with%20Restored%20Voting%20Rights%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the end of the reporting period, the company had 13,632 common shareholders; the top three shareholders, Taipingniao Group Co., Ltd., Chen Hongchao, and Ningbo Fanmei Investment Management Co., Ltd., collectively held over 61% of shares, with some major shareholders having pledged their equity - As of the end of the reporting period, the company had **13,632** common shareholders[41](index=41&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholding Ratio (%) | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Taipingniao Group Co., Ltd. | 43.14 | 205,539,588 | Pledged | | Chen Hongchao | 9.33 | 44,435,500 | Unknown | | Ningbo Fanmei Investment Management Co., Ltd. | 8.85 | 42,168,000 | Pledged | | Ningbo Penghao Investment Partnership (Limited Partnership) | 6.19 | 29,500,000 | Pledged | | Zhang Jiangbo | 5.07 | 24,156,612 | None | | Ningbo Hele Investment Co., Ltd. | 3.72 | 17,724,307 | None | | Hong Kong Securities Clearing Company Limited | 3.27 | 15,564,838 | Unknown | [Operating Performance Analysis](index=5&type=section&id=III.%20Other%20Reminders) [Analysis of Main Business](index=5&type=section&id=1.%20Company%27s%20Main%20Business%20by%20Industry) The company's main business (apparel operations) revenue decreased by 15.76% year-on-year, but gross margin significantly increased by 5.87 percentage points; all core brands and online/offline channel revenues declined, with online channels experiencing a larger drop, yet gross margins across all segments generally improved [By Industry](index=5&type=section&id=1.%20Company%27s%20Main%20Business%20by%20Industry) Core apparel operations revenue was RMB 2.064 billion, a 15.76% year-on-year decrease, but gross margin improved from 54.34% to 60.21%, an increase of 5.87 percentage points, indicating enhanced profitability Operating Performance by Industry (RMB Million) | Industry | Operating Revenue | YoY Change in Operating Revenue (%) | Gross Margin (%) | Gross Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | | Apparel Operations | 2,064.17 | -15.76 | 60.21 | Increased by 5.87 percentage points | | Apparel Manufacturing and Others | 2.49 | 98.66 | 6.22 | Decreased by 4.80 percentage points | [By Brand](index=5&type=section&id=2%20.%20Profitability%20by%20Brand) Revenue for all major brands declined, with PEACEBIRD Women's and LEDIN Women's experiencing over 20% drops; despite revenue decreases, gross margins for all major brands improved, notably PEACEBIRD Men's with a 7.92 percentage point increase, demonstrating brand quality and efficiency improvements Operating Performance by Brand (RMB Million) | Brand | Operating Revenue | YoY Change in Operating Revenue (%) | Gross Margin (%) | Gross Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | | PEACEBIRD Women's | 748.44 | -22.17 | 61.41 | Increased by 5.48 percentage points | | PEACEBIRD Men's | 816.32 | -1.30 | 62.56 | Increased by 7.92 percentage points | | LEDIN Women's | 215.84 | -24.12 | 52.76 | Increased by 3.23 percentage points | | MiniPeace Kids' | 249.74 | -20.56 | 57.70 | Increased by 3.04 percentage points | [By Channel](index=6&type=section&id=4.%20Profitability%20of%20Online%20and%20Offline%20Sales%20Channels) Both online and offline channel revenues declined, with online revenue decreasing by 29.54%, a larger drop than offline's 9.33%; gross margins for both channels significantly improved, with online increasing by 6.10 percentage points and offline by 4.71 percentage points Operating Performance by Channel (RMB Million) | Channel | Operating Revenue | YoY Change in Operating Revenue (%) | Gross Margin (%) | Gross Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | | Online Sales | 549.14 | -29.54 | 50.16 | Increased by 6.10 percentage points | | Offline Sales | 1,515.03 | -9.33 | 63.85 | Increased by 4.71 percentage points | [By Store Type](index=6&type=section&id=3.%20Profitability%20of%20Direct-Operated%20and%20Franchise%20Stores) Revenue for both direct-operated and franchise stores declined, with franchise channel revenue decreasing by 14.95%, a larger drop than direct-operated's 6.96%; gross margins for both store types improved, with direct-operated stores increasing by 5.24 percentage points and franchise stores by 2.19 percentage points Operating Performance by Store Type (RMB Million) | Store Type | Operating Revenue | YoY Change in Operating Revenue (%) | Gross Margin (%) | Gross Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | | Direct-Operated | 1,093.51 | -6.96 | 69.55 | Increased by 5.24 percentage points | | Franchise | 421.53 | -14.95 | 49.08 | Increased by 2.19 percentage points | [Physical Store Changes](index=6&type=section&id=5%20.%20Physical%20Store%20Status) During the reporting period, the company continued to optimize its channel structure, net closing 330 stores, reducing the total number of stores from 4,671 at the beginning of the year to 4,341; all brands experienced varying degrees of store count reduction, with PEACEBIRD Women's having the highest net closures at 162 stores Physical Store Changes (Units: Stores) | Brand | Store Type | Number at Period End | Net New/Closed Stores | | :--- | :--- | :--- | :--- | | **Total** | **Subtotal** | **4,341** | **-330** | | PEACEBIRD Women's | Subtotal | 1,719 | -162 | | PEACEBIRD Men's | Subtotal | 1,450 | -53 | | LEDIN Women's | Subtotal | 502 | -56 | | MiniPeace Kids' | Subtotal | 668 | -29 | [Financial Statements](index=7&type=section&id=IV.%20Quarterly%20Financial%20Statements) [Key Highlights of Consolidated Balance Sheet](index=7&type=section&id=Consolidated%20Balance%20Sheet) As of period-end, total assets were RMB 7.953 billion, a 7.00% decrease from the beginning of the year; total liabilities decreased by 19.03% to RMB 3.561 billion, optimizing the asset-liability ratio; inventory and accounts payable decreased by 11.75% and 33.55% respectively from the beginning of the year, indicating improved working capital management efficiency Key Balance Sheet Items (RMB Billion) | Item | March 31, 2023 | December 31, 2022 | Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 7.95 | 8.55 | -7.00 | | Total Liabilities | 3.56 | 4.40 | -19.03 | | Total Equity Attributable to Parent Company Shareholders | 4.38 | 4.14 | 5.77 | | Inventory | 1.88 | 2.13 | -11.75 | | Accounts Payable | 0.91 | 1.36 | -33.55 | [Key Highlights of Consolidated Income Statement](index=10&type=section&id=Consolidated%20Income%20Statement) Q1 operating revenue was RMB 2.074 billion, a 15.83% year-on-year decrease; operating costs decreased by 26.5%, a much larger drop than revenue, boosting gross margin from 54.2% to 60.0%; selling and administrative expenses were effectively controlled, decreasing by 20.3% and 10.3% respectively, ultimately achieving net profit attributable to parent company shareholders of RMB 217 million, a 14.20% year-on-year increase Key Income Statement Items (RMB Billion) | Item | Q1 2023 | Q1 2022 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 2.07 | 2.46 | -15.83 | | Operating Cost | 0.83 | 1.13 | -26.50 | | Selling Expenses | 0.74 | 0.93 | -20.31 | | Administrative Expenses | 0.15 | 0.17 | -10.27 | | Net Profit Attributable to Parent Company Shareholders | 0.22 | 0.19 | 14.20 | [Key Highlights of Consolidated Cash Flow Statement](index=12&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities was RMB 145 million, a significant improvement from RMB -228 million in the prior year, primarily due to reduced cash outflows for goods purchased, employee compensation, and various taxes; net cash flow from investing activities was RMB 554 million, mainly from investment recovery; period-end cash and cash equivalents increased to RMB 1.645 billion, indicating a healthy cash position Key Cash Flow Statement Items (RMB Billion) | Item | Q1 2023 | Q1 2022 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 0.15 | -0.23 | | Net Cash Flow from Investing Activities | 0.55 | 0.17 | | Net Cash Flow from Financing Activities | -0.12 | -0.20 | | Net Increase in Cash and Cash Equivalents | 0.58 | -0.26 | | Cash and Cash Equivalents at Period End | 1.65 | 0.85 | [Impact of Accounting Standard Changes](index=13&type=section&id=III.%20Adjustments%20to%20Financial%20Statements%20at%20the%20Beginning%20of%20the%20First%20Year%20of%20Implementation%20of%20New%20Accounting%20Standards%20or%20Interpretations%20from%202023) The company adopted Interpretation No. 16 of Accounting Standards for Business Enterprises issued by the Ministry of Finance from January 1, 2023, retrospectively adjusting deferred income tax assets and retained earnings at the beginning of the period, increasing both by RMB 5.6983 million - The company adopted **Interpretation No. 16 of Accounting Standards for Business Enterprises** from January 1, 2023, and adjusted financial statement items at the beginning of 2023[29](index=29&type=chunk)[53](index=53&type=chunk) Adjustments to Financial Statements at Year-Beginning (RMB) | Item | Before Adjustment (Dec 31, 2022) | After Adjustment (Jan 01, 2023) | Adjustment Amount | | :--- | :--- | :--- | :--- | | Deferred Income Tax Assets | 426,704,315.90 | 432,402,592.92 | 5,698,277.02 | | Retained Earnings | 2,100,026,038.01 | 2,105,724,315.03 | 5,698,277.02 |

Financial Performance - The company's operating revenue for 2022 was CNY 860,163.81 million, a decrease of 21.24% compared to CNY 1,092,075.99 million in 2021[18]. - The net profit attributable to shareholders for 2022 was CNY 18,472.07 million, down 72.73% from CNY 67,726.39 million in 2021[18]. - The basic earnings per share for 2022 was CNY 0.39, a decline of 72.92% from CNY 1.44 in 2021[20]. - The company's total assets decreased by 16.12% to CNY 855,105.22 million at the end of 2022, compared to CNY 1,019,445.70 million at the end of 2021[18]. - The net cash flow from operating activities for 2022 was CNY 39,882.30 million, a decrease of 69.32% from CNY 129,999.94 million in 2021[18]. - The company's net assets attributable to shareholders decreased by 2.93% to CNY 414,274.61 million at the end of 2022, compared to CNY 426,770.32 million at the end of 2021[18]. - The company reported a significant decline in the weighted average return on net assets, which fell to 4.42% in 2022 from 16.88% in 2021, a decrease of 12.46 percentage points[20]. - The company reported a first-time loss in net profit after deducting non-recurring items, amounting to -0.3 billion RMB[48]. - The company experienced a 21.2% year-over-year decline in revenue for the full year 2022, totaling 86.0 billion RMB[48]. - The net profit attributable to shareholders for 2022 was 1.8 billion RMB, a decrease of 72.7% compared to the previous year[48]. Operational Changes - The organization is undergoing a significant restructuring from a divisional model to a functional model to enhance brand value and operational quality[52]. - The company closed inefficient physical stores, focusing on improving store operating quality and profitability, resulting in a net store reduction of 354 in 2022[60]. - The company is focusing on enhancing the professional capabilities of its design team and utilizing nationwide marketing networks to quickly respond to retail data, aiming for more precise product development through a "technology digital transformation project"[166]. - The company is addressing risks associated with its franchise model by strengthening guidance and support for franchisees to improve inventory management and profitability[168]. - The company is managing a significant inventory amount, which poses a risk of impairment; it is implementing supply chain management to improve new product sales rates and reduce inventory buildup[169]. Market Strategy - The company aims to achieve sustainable growth by transforming its business model from scale-driven to quality-driven[48]. - The company aims to become the preferred fashion brand for Chinese youth, focusing on a multi-brand strategy to meet diverse consumer needs[68]. - The company is actively exploring new retail channels, including social retail through platforms like Douyin and Xiaohongshu, to engage younger consumers[75]. - The company is focusing on enhancing the shopping experience for young consumers through both online and offline channels[83]. - The company plans to expand its market presence by leveraging social retail channels such as live streaming and mini-programs[83]. Financial Management - The company reported a significant increase in non-operating income, which rose by 272.86% to CNY 2,276.63 million[86]. - The company increased its government subsidies, resulting in other income rising by 12.66% to CNY 23,033.94 million[86]. - The company's total liabilities decreased by 34.53% to 136,239.95 million RMB, primarily due to reduced procurement amounts and accelerated payment schedules[125]. - The company repurchased ordinary shares, resulting in an increase in treasury stock by 86.37% to 13,038.07 million RMB[115]. - The company experienced a significant decrease in payable taxes by 66.05% to 10,831.42 million RMB, reflecting a decline in income and profits[115]. Governance and Management - The company is committed to transparency and accountability in its governance practices, as evidenced by detailed disclosures in its annual report[184]. - The management team includes experienced professionals with backgrounds in various sectors, enhancing the company's governance and operational capabilities[184]. - The company has appointed new executives in key positions, including a new general manager and board members, to drive future growth[184]. - The independent directors bring diverse expertise from finance, law, and academia, contributing to robust corporate governance[184]. - The company is actively engaging in stock incentive programs to align executive interests with shareholder value[182]. Risks and Challenges - The company has indicated potential risks in its future plans and strategies, advising investors to be cautious[3]. - The company acknowledges the risk of macroeconomic fluctuations affecting apparel sales, particularly in the domestic market, and plans to optimize operations based on the economic environment to enhance its core competitiveness[167]. - The company faces risks from intense competition in the mid-range casual apparel market, necessitating continuous improvement in product quality and brand marketing[165].

Financial Performance - Revenue for Q3 2022 was CNY 202,655.26 million, a decrease of 15.35% year-over-year[11] - Net profit attributable to shareholders for Q3 2022 was CNY 1,923.06 million, down 86.53% compared to the same period last year[11] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2022 was CNY -185.38 million, a decline of 101.56% year-over-year[11] - Basic earnings per share for Q3 2022 was CNY 0.04, a decrease of 86.67% compared to the same period last year[14] - The weighted average return on equity for Q3 2022 was 0.47%, a decrease of 3.06 percentage points year-over-year[14] - Total operating revenue for the first three quarters of 2022 was ¥6,223,418,009.28, a decrease of 16.0% compared to ¥7,408,956,264.57 in the same period of 2021[42] - Operating profit for the first three quarters of 2022 was ¥213,655,674.19, a significant decline of 73.0% from ¥792,876,326.33 in 2021[42] - The total profit for the current period is approximately ¥207.43 million, compared to ¥757.62 million in the previous period, indicating a significant decline[45] - The net profit for the current period is approximately ¥151.99 million, down from ¥553.24 million, reflecting a decrease of about 72.6% year-over-year[45] - The basic and diluted earnings per share for the current period are both ¥0.32, compared to ¥1.18 in the previous period, representing a decline of approximately 72.88%[45] Assets and Liabilities - Total assets at the end of Q3 2022 were CNY 851,266.12 million, a decrease of 16.50% compared to the end of the previous year[14] - Total assets decreased to ¥8,512,661,169.30 from ¥10,194,457,005.60, reflecting a decline of 16.5%[39] - Total liabilities decreased to ¥4,401,204,291.69 from ¥5,924,381,303.19, a reduction of 25.6%[39] - Non-current liabilities totaled ¥1,043,291,425.70, down 17.7% from ¥1,268,477,280.85[39] Cash Flow and Liquidity - The cash flow from operating activities for the year-to-date was CNY -16,906.00 million, reflecting a decline of 397.72%[14] - Cash flow from operating activities shows a net outflow of approximately ¥169.06 million, contrasting with a net inflow of ¥56.78 million in the previous year[48] - Cash inflow from investment activities is approximately ¥4.21 billion, down from ¥5.66 billion, indicating a decrease of about 25.6%[52] - Cash outflow from investment activities totals approximately ¥3.52 billion, compared to ¥5.17 billion in the previous period, showing a reduction of about 31.8%[52] - The net cash flow from financing activities is negative at approximately ¥870.13 million, compared to a negative cash flow of ¥265.72 million in the previous year[52] - The ending balance of cash and cash equivalents is approximately ¥759.24 million, down from ¥863.34 million, reflecting a decrease of about 12.06%[52] - The company’s cash and cash equivalents decreased to RMB 778,242,090.44 from RMB 1,147,621,404.12 year-on-year[34] Sales and Market Performance - The company reported a significant decline in retail sales, impacting overall revenue and profit margins[16] - The revenue from the PEACEBIRD women's segment was RMB 250,051.66 million, a decline of 22.66% year-on-year[27] - Online sales revenue was RMB 184,074.22 million, with a gross margin of 41.87%, reflecting a decrease of 2.03 percentage points[31] - The gross profit margin for the apparel operations was 50.27%, down by 3.57 percentage points year-on-year[27] Store Operations - The number of direct-operated stores decreased from 1,616 to 1,442, resulting in a net reduction of 174 stores[31] - The total number of franchise stores decreased from 3,598 to 3,422, resulting in a net reduction of 176 stores[31] Future Outlook and Strategy - The company plans to focus on expanding its market presence and enhancing product development strategies[25] - Future outlook includes a focus on market expansion and potential new product launches to drive revenue growth[42] Government Support - Government subsidies recognized in Q3 2022 amounted to CNY 1,875.51 million, contributing to non-recurring gains[14]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 419,686.55 million, a decrease of 16.31% compared to the same period last year[26]. - The net profit attributable to shareholders of the listed company was CNY 13,331.02 million, down 67.57% year-on-year[26]. - The net profit after deducting non-recurring gains and losses was CNY 521.96 million, a significant decline of 98.20% compared to the previous year[26]. - The net cash flow from operating activities was CNY -20,776.15 million, a decrease of 560.62% compared to the same period last year[26]. - The total assets at the end of the reporting period were CNY 816,393.90 million, down 19.92% from the end of the previous year[26]. - The net assets attributable to shareholders of the listed company decreased by 3.83% to CNY 410,437.04 million[26]. - Basic earnings per share for the first half of 2022 were CNY 0.28, a decrease of 67.82% year-on-year[26]. - The weighted average return on net assets was 3.11%, a decrease of 7.06 percentage points compared to the previous year[26]. - The company's operating revenue for the reporting period was 419.69 million, a decrease of 16.31% compared to 501.49 million in the same period last year[69]. - The company's direct sales revenue was 1.88 billion, down 21.33% year-on-year, while franchise revenue was 909 million, a decline of 13.59%[68]. - Online revenue reached 1.38 billion, representing a 10.74% decrease, with online sales accounting for 33% of total revenue[68]. - The company's total revenue for the reporting period was CNY 416,773.66 million, a decrease of 16.41% compared to the same period last year[73]. - The revenue from the PEACEBIRD women's wear brand was CNY 165,642.87 million, with a year-on-year decline of 22.51%[73]. - The company reported a total profit of ¥316,711,346.98 for the first half of 2022, a decrease of 45.7% from ¥583,668,315.06 in the first half of 2021[189]. Retail Environment and Market Conditions - The decline in retail performance was attributed to adverse factors such as the domestic COVID-19 pandemic, leading to a drop in retail sales and corresponding decreases in revenue and gross profit[27]. - The retail environment faced significant pressure, with a 6.5% year-on-year decline in retail sales of clothing, shoes, and textiles[47]. - The overall economic growth slowed to 2.5% year-on-year, impacting consumer spending and retail performance[47]. Strategic Initiatives - The company is focusing on a data-driven product development model to better meet consumer demands and market trends[41]. - The company is enhancing its retail channels by integrating traditional e-commerce with social retail platforms like Douyin and Xiaohongshu[44]. - The company aims to create a seamless shopping experience by investing in high-traffic areas and improving customer interaction in stores[54]. - The company is focusing on enhancing the efficiency of franchise stores and providing support to improve profitability[68]. - The company launched the "SPCN" series for women's fashion, blending urban and outdoor styles to attract younger consumers[58]. - The "2022 PEACEBIRD JEANS" series for men's fashion features self-developed fabric with multiple functional characteristics, catering to Asian male body types[61]. - The company is implementing a "Technology Digital Transformation Project" to enhance customer demand insights and improve product development accuracy[90]. - The company plans to optimize operations based on macroeconomic conditions to enhance resilience against economic fluctuations[91]. Financial Management and Risks - The company faces risks from intense market competition, particularly from international brands like Fast Retailing and Inditex, necessitating continuous improvement in product quality and brand marketing[89]. - Inventory management remains a concern, with a high proportion of total assets tied up in inventory, requiring careful oversight to mitigate potential impairment risks[95]. - The company’s cash flow management strategy is under review to address the significant decrease in cash and cash equivalents[171]. Shareholder and Corporate Governance - The company did not distribute profits or increase capital reserves during the reporting period[6]. - The company has approved a restricted stock incentive plan to align employee interests with company performance[98]. - The company held one shareholders' meeting during the reporting period, with all resolutions passed[97]. - The company has committed to not reducing shareholdings within two years after the lock-up period ends, ensuring stability for investors[105]. - The company’s major shareholders have agreed to limit share transfers to 50% of their holdings within the first year after the lock-up period[105]. - There are no reported non-operational fund occupations by major shareholders during the reporting period[117]. - The company has not disclosed any violations of commitments made during the IPO process[117]. - The company has implemented measures to avoid competition with its major shareholders and their controlled entities[116]. - The company has committed to not engage in any activities that would directly or indirectly compete with its business[116]. Environmental and Regulatory Compliance - The company is not listed as a key pollutant discharge unit by the Ningbo Ecological Environment Bureau as of April 7, 2022[103]. - There were no administrative penalties received due to environmental issues during the reporting period[103]. - The company has not disclosed any environmental information updates during the reporting period[103]. Liabilities and Financial Stability - As of the end of the reporting period, the total liabilities of the company amounted to 4,057.21 million yuan, with current liabilities at 2,867.09 million yuan and non-current liabilities at 1,190.12 million yuan[163]. - The company maintained a long-term credit rating of AA, with a stable outlook for its convertible bonds[163]. - The company’s financial stability is supported by a reasonable asset structure and good credit status, ensuring sufficient operational funds for future bond interest payments and principal repayment[163].

Financial Performance - The company's operating revenue for Q1 2022 was CNY 246,351.30 million, a decrease of 7.74% compared to the same period last year[10]. - The net profit attributable to shareholders of the listed company was CNY 19,023.18 million, down 6.44% year-on-year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 11,224.39 million, a significant decline of 40.24% compared to the previous year[10]. - The basic earnings per share for the period was CNY 0.40, reflecting a decrease of 6.98% year-on-year[10]. - The weighted average return on net assets was 4.35%, a decrease of 0.73 percentage points compared to the previous year[13]. - Total revenue for Q1 2022 was CNY 2,463,513,032.20, a decrease of 7.75% compared to CNY 2,670,093,775.79 in Q1 2021[37]. - Net profit for Q1 2022 was CNY 190,252,032.98, a decline of 6.67% from CNY 203,090,225.39 in Q1 2021[41]. - The total comprehensive income for the current period is approximately ¥190.25 million, down from ¥203.09 million, indicating a decline of around 6.3% year-over-year[43]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 921,054.40 million, down 9.65% from the end of the previous year[13]. - The total assets decreased to CNY 9,210,543,972.51 in Q1 2022 from CNY 10,194,457,005.60 in Q1 2021, representing a decline of 9.66%[37]. - Total liabilities decreased to CNY 4,750,964,732.45 in Q1 2022 from CNY 5,924,381,303.19 in Q1 2021, a reduction of 19.77%[37]. - The total equity attributable to shareholders increased to CNY 4,457,186,513.92 in Q1 2022 from CNY 4,267,703,217.37 in Q1 2021, an increase of 4.45%[37]. Cash Flow - The net cash flow from operating activities was CNY -22,818.54 million, indicating a decrease in cash received from sales[10]. - Cash flow from operating activities shows a net outflow of approximately ¥228.19 million, worsening from a net outflow of ¥196.78 million in the same period last year[47]. - The net cash flow from financing activities is a negative ¥201.13 million, compared to a negative ¥82.11 million in the previous year, indicating a significant increase in cash outflow[49]. - The ending balance of cash and cash equivalents is approximately ¥850.02 million, an increase from ¥424.21 million year-over-year[49]. Segment Performance - The total revenue for the apparel operation segment was CNY 245,023.14 million, a decrease of 7.56% compared to the same period last year[25]. - The gross profit margin for the apparel operation segment was 54.35%, down by 1.70 percentage points year-on-year[25]. - The revenue from direct stores was CNY 117,528.58 million, reflecting a decline of 12.89% year-on-year[27]. - The online sales revenue was CNY 77,934.83 million, with a gross profit margin of 44.06%, which increased by 2.38 percentage points compared to the previous year[27]. - The revenue from the PEACEBIRD women's segment was CNY 96,161.36 million, down by 12.37% year-on-year[25]. - The revenue from the PEACEBIRD men's segment increased by 4.27% to CNY 82,706.22 million[25]. Operational Metrics - The company experienced a decline in terminal retail sales, which contributed to the decrease in operating revenue and profit[14]. - The total number of ordinary shareholders at the end of the reporting period was 19,240[18]. - The total number of stores decreased from 5,214 to 5,074, resulting in a net reduction of 140 stores[28]. - The total cost of goods sold for the apparel operation segment was CNY 111,864.31 million, a decrease of 3.99% year-on-year[25]. - The inventory level was CNY 2,264,925,412.34, down from CNY 2,540,004,985.33 in the previous year[31]. Research and Development - Research and development expenses for Q1 2022 were CNY 27,320,387.79, down from CNY 32,053,425.61 in Q1 2021, a decrease of 14.66%[41].

Financial Performance - The company's operating revenue for 2021 was CNY 1,092,075.99 million, representing a 16.34% increase compared to CNY 938,686.52 million in 2020[18]. - The net profit attributable to shareholders for 2021 was CNY 67,726.39 million, a decrease of 4.99% from CNY 71,280.71 million in 2020[18]. - The basic earnings per share for 2021 was CNY 1.44, down 4.64% from CNY 1.51 in 2020[20]. - The total assets of the company at the end of 2021 were CNY 1,019,445.70 million, a 19.35% increase from CNY 854,136.11 million in 2020[18]. - The net assets attributable to shareholders at the end of 2021 were CNY 426,770.32 million, reflecting a 9.50% increase from CNY 389,742.06 million in 2020[18]. - The company reported a net cash flow from operating activities of CNY 129,999.94 million for 2021, an increase of 12.62% from CNY 115,436.03 million in 2020[18]. - The weighted average return on net assets for 2021 was 16.88%, down from 19.38% in 2020, indicating a decrease of 2.50 percentage points[20]. - The total non-recurring gains and losses for 2021 amounted to CNY 15,692.35 million, compared to CNY 15,173.31 million in 2020[25]. - The company reported a fair value change gain of CNY 4,411.51 million from financial assets in 2021, up from CNY 3,680.29 million in 2020[25]. Dividend and Cash Flow - The company plans to distribute a cash dividend of CNY 6 per 10 shares, totaling CNY 286,036,674.00 million, based on the 2021 profit distribution plan[3]. - The net cash flow from operating activities in Q4 2021 was CNY 124,321.47 million, indicating a strong cash generation capability[23]. - The company reported a significant increase in financial expenses by 260.85% to CNY 6,799.72 million, mainly due to the first-time implementation of new leasing standards[97]. Market Strategy and Expansion - The company is focused on expanding its market presence and enhancing its product offerings through new product development and technology[4]. - The company is focusing on the mid-to-high-end children's clothing market, launching a new limited high-end series in collaboration with international designers[42]. - The company is actively collaborating with domestic and international fashion schools to empower young designers through creative design competitions[39]. - The brand is expanding its streetwear segment, with new products quickly gaining popularity among influencers and consumers[45]. - The company aims to strengthen its market position in mid-range casual wear and children's clothing, competing with brands like Uniqlo and Balabala[86]. - The company is focused on becoming a leading fashion brand for Chinese youth, with a multi-brand strategy catering to diverse consumer segments[71]. - The company is implementing a "technology digital transformation project" to improve design accuracy and responsiveness to changing consumer preferences[169]. - The company plans to open 50 new retail locations in key urban areas by the end of 2022[192]. Operational Efficiency and Innovation - The company emphasizes enhancing operational quality and efficiency across all channels, including direct, franchise, and online sales[51]. - The company continues to prioritize customer value creation, enhancing brand, channel, and digital capabilities to strengthen its competitive edge[69]. - The company is implementing a data-driven product development model to better capture consumer trends and demands[89]. - The company is focused on optimizing inventory management to mitigate risks associated with inventory depreciation and market fluctuations[172]. - The company invested 200 million RMB in R&D for new technologies aimed at enhancing online shopping experiences[191]. - The company aims to improve its end-to-end product development process by leveraging multi-dimensional customer data to enhance customer insights and operational efficiency[164]. Challenges and Risks - The overall retail environment faced challenges due to the pandemic and warm winter, impacting sales in the apparel sector significantly[68]. - The company has highlighted potential risks in its management discussion and analysis section, urging investors to pay attention to these risks[5]. - The company faces risks from intense market competition and aims to enhance its marketing network and brand influence to meet consumer demands[167]. Governance and Management - The company held two shareholder meetings during the reporting period, with all resolutions passed[181]. - The total pre-tax remuneration for the board members during the reporting period amounted to CNY 2,871.63 million[184]. - The company’s governance practices comply with relevant laws and regulations, with no significant differences noted[178]. - The company’s governance structure includes a remuneration and assessment committee that reviews compensation policies[195]. - The company did not receive any penalties from securities regulatory authorities in the past three years[198]. Sales and Revenue Breakdown - The company optimized its channel structure, with direct sales revenue growing to 4.61 billion yuan, up 13% year-on-year, and a net increase of 62 stores[55]. - Franchise revenue increased to 2.85 billion yuan, a growth of 24% year-on-year, with a net addition of 536 stores, achieving the best annual performance since the company went public[56]. - Online channel revenue reached 3.36 billion yuan, reflecting a 20% year-on-year growth, maintaining an online revenue share of over 30%[61]. - The average single-store revenue for direct-operated stores increased by 5.90% to CNY 274.84 million compared to the previous year[146]. - Online sales accounted for CNY 336,368.23 million, with a gross margin of 44.95%, reflecting a 19.94% increase year-on-year[106]. Research and Development - The company's R&D expenses increased by 30.74% to CNY 15,205.21 million, reflecting a focus on design and product development[97]. - Total R&D investment accounted for 1.39% of operating revenue, with no capitalized R&D expenditures[119]. - The number of R&D personnel was 637, representing 5% of the total workforce[120].

Financial Performance - The company's revenue for Q3 2021 was CNY 239,407.11 million, representing a year-on-year increase of 3.92%[10] - The net profit attributable to shareholders for Q3 2021 was CNY 14,274.50 million, a decrease of 24.66% compared to the same period last year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 11,918.78 million, down 24.78% year-on-year[10] - Year-to-date revenue reached CNY 740,895.63 million, showing a significant increase of 34.20% compared to the previous year[10] - Year-to-date net profit attributable to shareholders increased by 78.54% to CNY 55,376.63 million[10] - Basic earnings per share for Q3 2021 were CNY 0.30, a decrease of 25.00% from the previous year[13] - The weighted average return on equity decreased by 2.04 percentage points to 3.53% for Q3 2021[13] Assets and Liabilities - Total assets at the end of the reporting period were CNY 978,425.31 million, an increase of 14.55% from the end of the previous year[13] - As of September 30, 2021, the company's current assets totaled RMB 6,614,903,462.19, an increase from RMB 6,307,828,267.48 as of December 31, 2020, representing a growth of approximately 4.85%[33] - The company's cash and cash equivalents amounted to RMB 932,057,927.21, up from RMB 664,548,400.68 in the previous year, indicating a year-over-year increase of about 40.25%[33] - Inventory reached RMB 2,817,425,426.17, compared to RMB 2,256,582,206.48 at the end of 2020, reflecting a significant increase of approximately 24.87%[36] - Total assets as of September 30, 2021, were RMB 9,784,253,122.73, compared to RMB 8,541,361,114.51 at the end of 2020, marking an increase of around 14.54%[33] - The company's total liabilities amounted to RMB 5,643,299,108.91, up from RMB 4,640,963,774.26, which is an increase of approximately 21.63%[39] - The company's equity remained stable at RMB 4,140,953,013.82 as of September 30, 2021, compared to RMB 3,900,397,340.25 at the end of 2020, showing a growth of about 6.16%[39] Operational Highlights - The slowdown in terminal retail growth was identified as a key factor affecting revenue growth in Q3 2021[15] - The company's total revenue for the apparel operation segment reached RMB 736.30 million, representing a year-over-year increase of 37.67%[23] - The gross margin for the apparel operation segment was 53.84%, an increase of 1.29 percentage points compared to the same period last year[23] - The PEACEBIRD women's wear brand generated revenue of RMB 323.30 million, with a gross margin of 56.47%, reflecting a 42.90% increase in revenue year-over-year[23] - The total number of retail stores increased from 4,616 at the beginning of the year to 5,078 by the end of the reporting period, with a net increase of 462 stores[29] - Online sales revenue was RMB 212.76 million, with a gross margin of 43.90%, showing a year-over-year increase of 27.53%[27] - The company reported a total of 1,910 stores for the PEACEBIRD brand, with 204 net new stores opened during the reporting period[27] - The gross margin for direct stores was 65.88%, an increase of 3.70 percentage points compared to the previous year[27] - The company’s total operating costs for the apparel operation segment were RMB 340.27 million, which is a 30.93% increase year-over-year[23] - The LEDIN girls' wear brand achieved revenue of RMB 98.30 million, with a gross margin of 48.34%, marking a 19.21% increase in revenue year-over-year[23] - The company’s total revenue guidance for the next quarter is expected to continue its upward trend, driven by new product launches and market expansion strategies[23] Cash Flow and Investments - Operating cash inflows totaled ¥8,315,677,554.82, an increase of 35.7% from ¥6,126,169,763.82[50] - Operating cash outflows amounted to ¥8,258,892,830.04, up from ¥6,154,007,673.04, resulting in a net cash flow from operating activities of ¥56,784,724.78, compared to a negative ¥27,837,909.22 in the previous period[50] - Cash inflows from investment activities reached ¥5,662,314,661.66, a rise of 37.1% from ¥4,133,092,378.26[50] - Net cash flow from investment activities was ¥489,026,616.10, compared to ¥290,115,415.67 in the prior period, indicating a significant improvement[50] - Cash inflows from financing activities totaled ¥1,036,931,107.60, compared to ¥406,825,124.99, reflecting a substantial increase[52] - Net cash flow from financing activities was negative at -¥265,724,436.04, an improvement from -¥339,475,670.51 in the previous period[52] - The ending balance of cash and cash equivalents was ¥863,337,343.21, up from ¥535,719,677.78, showing a positive trend[52] Research and Development - Research and development expenses increased to ¥108,812,795.53 in 2021 from ¥70,342,595.24 in 2020, reflecting a growth of 54.7%[41] Sales and Other Income - Sales expenses for the first three quarters of 2021 were ¥2,671,166,086.81, compared to ¥1,994,442,997.18 in 2020, indicating a rise of 33.9%[41] - Other income for the first three quarters of 2021 was ¥194,088,258.55, compared to ¥112,286,013.80 in 2020, representing an increase of 73.0%[41]

Financial Performance - The company's operating revenue for the first half of 2021 reached RMB 501,488.52 million, representing a 55.88% increase compared to RMB 321,724.69 million in the same period last year[12]. - The net profit attributable to shareholders of the listed company was RMB 41,102.13 million, a significant increase of 240.52% from RMB 12,070.40 million year-on-year[12]. - The net profit after deducting non-recurring gains and losses was RMB 29,051.46 million, up 420.02% from RMB 5,586.57 million in the previous year[12]. - The basic earnings per share for the first half of 2021 was RMB 0.87, which is a 234.62% increase compared to RMB 0.26 in the same period last year[12]. - The weighted average return on net assets increased by 6.79 percentage points to 10.17% from 3.38% in the previous year[12]. - The company reported a net cash flow from operating activities of RMB 4,510.44 million, a recovery from a negative cash flow of RMB 25,342.34 million in the same period last year[12]. - The total assets at the end of the reporting period were RMB 851,260.84 million, a slight decrease of 0.34% from RMB 854,136.11 million at the end of the previous year[12]. - The net assets attributable to shareholders of the listed company increased to RMB 393,148.03 million, a 0.87% increase from RMB 389,742.06 million at the end of the previous year[12]. Market and Sales Performance - The company reported a total non-recurring gains and losses of 12,050.67 million, primarily from government subsidies and non-current asset disposal gains[16]. - In the first half of 2021, the total retail sales of consumer goods in China reached 211,904 billion, with a year-on-year growth of 23.0%, and clothing and textile retail sales increased by 33.7% to 6,738 billion[32]. - The online retail sales in China for the first half of 2021 amounted to 61,133 billion, reflecting a year-on-year growth of 23.2%[33]. - The company’s online channels, including social new retail, saw significant revenue growth, with direct sales revenue increasing by 70%[57]. - The company expanded its franchise channel by adding 109 new stores, resulting in a franchise revenue growth of 92% to 1.05 billion yuan[62]. - The company launched a collaboration with the Chinese original design brand SHUSHU/TONG, generating over 10 million yuan in sales on the first day of launch[53]. - The company’s COPPOLELLA brand achieved a revenue of 37.83 million yuan, marking a year-on-year increase of 17,400%[53]. - The company focused on enhancing the shopping experience for young consumers through both online and offline channels, including social media platforms like Douyin and Xiaohongshu[37]. Operational Strategies - The company focused on improving operational quality, enhancing brand youthfulness, and optimizing channel operations, which contributed to stable and sustainable growth in performance[13]. - The company is gradually enhancing its e-commerce new retail operational capabilities, contributing to effective growth in retail recovery[13]. - The company emphasizes a multi-brand strategy to cater to diverse consumer segments, targeting different age groups and styles[35]. - The company is committed to providing high-quality fashion products and a pleasant shopping experience by integrating digital retail innovations[26]. - The company is actively developing a fast-response mechanism in product design and supply chain collaboration to enhance inventory turnover and operational efficiency[36]. - The company recognizes the growing demand for personalized products among young consumers, driven by increased national confidence in domestic brands[34]. - The company is implementing supply chain management strategies to enhance new product sales rates and reduce inventory buildup[98]. - The company plans to strengthen support and guidance for franchisees to improve their profitability and inventory management[97]. Financial Management - The company has increased its R&D expenses to RMB 68.45 million, a year-on-year increase of 54.88%[72]. - The financial expenses increased by 234.47% due to the first-time implementation of new leasing standards[73]. - The company reported a net cash flow from operating activities of RMB 45.10 million, a significant recovery from a loss of RMB 253.42 million in the previous period[72]. - The cash and cash equivalents decreased by 50.09% to CNY 33,164.53 million from CNY 66,454.84 million at the end of the previous year, primarily due to dividend payments[84]. - Accounts receivable decreased by 38.84% to CNY 47,594.29 million from CNY 77,816.03 million, attributed to lower value of spring and summer apparel[84]. - The company reported a significant decrease in short-term borrowings by 35.54% to CNY 31,750.00 million, reflecting repayment of loans[84]. - The company's total liabilities included lease liabilities of CNY 53,419.95 million, resulting from the implementation of new leasing standards[84]. Corporate Governance and Compliance - The company has not disclosed any significant environmental penalties or issues during the reporting period, adhering to relevant environmental laws[108]. - The company has not proposed any profit distribution or capital reserve increase plans for the half-year period[105]. - There have been changes in the company's management team, with the appointment of a new deputy general manager[104]. - The company has committed to not transferring benefits to other entities or individuals under unfair conditions, ensuring the protection of company interests[130]. - The company will strictly adhere to the commitments disclosed in the prospectus, and any failure to do so will be publicly explained at the shareholders' meeting[136]. - The company has established a lock-up period for shareholders, with a maximum of 50% of shares being sold at or above the issuance price after the lock-up period[129]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[143]. - The company has not provided any guarantees that violate regulations during the reporting period[143].