| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-094 | | --- | --- | --- | | 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 2023 年半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法律责任。 重要内容提示： 投资者可于 2023 年 8 月 24 日(星期四)至 8 月 30 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。 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 8 月 22 日发布公司 2023 年半年度报告，为便于广大投资者更全面深入地了解公司 2023 年半年度经营成果、财务状况，公司计划于 2023 年 8 月 31 日下午 14:00-15:00 举行 2023 年半年度业绩说明会，就投资者关心的问题进行交流。 一、说明会类型 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-090 | | --- | --- | --- | | 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 2023 年半年度募集资金存放与实际使用情况的专项报告 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。 一、募集资金基本情况 （一）实际募集资金金额、资金到账时间 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 发行可转换公司债券的批复》（证监许可[2021]646 号）核准，宁波太平鸟时尚服饰 股份有限公司（以下简称"公司"）公开发行可转换公司债券（以下简称"可转债"） 8,000,000 张，每张面值 100 元，募集资金总额为 800,000,000 元，上述募集资金 扣除已支付的保荐承销费用 4,500,000 元（含税），实际收到可转债募集资金 795,500,000 元。上述募集资金已于 2021 年 7 月 21 日全部到位，扣除发行费用后 募集资金净额为 793,661,32 ...

关于回购注销部分限制性股票通知债权人的公告 宁波太平鸟时尚服饰股份有限公司 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-092 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 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。 公司债权人如要求公司清偿债务或提供相应担保的，应根据《中华人民共和国 公司法》等相关法律法规的规定向公司提出书面请求，并随附有关证明文件。债权 人申报所需材料包括：公司债权人可持证明债权债务关系存在的合同、协议及其他 凭证的原件及复印件到公司申报债权。债权人为法人的，需同时携带法人营业执照 副本原件及复印件、法定代表人身份证明文件；委托他人申报的，除上述文件外， 还需携带法定代表人授权委托书和代理人有效身份证件的原件及复印件。债权人为 自然人的，需同时携带有效身份证件的原件及复印件；委托他人申报的，除上述文 件外，还需携带授权委托书和代理人有效身份证件的原件及复印件。 一、通知债权人的原由 宁波太平鸟时尚服饰股份有限公司（ ...

1、审议并通过了《2023年半年度报告全文及摘要》 宁波太平鸟时尚服饰股份有限公司 第四届董事会第十八次会议决议公告 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： 一、董事会会议召开情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）第四届董事会第十八 次会议的书面通知于 2023 年 8 月 11 日以电子邮件及专人送达等方式发出，会议于 2023 年 8 月 21 日在公司会议室以现场与通讯相结合的方式召开。会议应出席董事 9 名，实际出席董事 9 名。会议由董事长张江平先生主持，公司全体监事及部分高 级管理人员列席了本次会议。会议的召开符合《公司法》等有关法律、行政法规、 部门规章、规范性文件和《公司章程》的规定。 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-088 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 二、董事会会议审议情况 表决结果：赞成6票，反对0票，弃权0票，董事戴志勇、王明峰、翁江宏作为 本次限 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2023-093 | | --- | --- | --- | | 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 关于计提减值准备的公告 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。 一、本次计提减值准备的概况 （一）存货跌价准备 根据《企业会计准则第 1 号——存货》的规定，存货在资产负债表日按照成本 与可变现净值孰低计量，当存货成本高于其可变现净值时计提存货跌价准备。经测 试，2023 年半年度公司计提存货跌价准备 7,847.24 万元。 （二）坏账准备 根据《企业会计准则第 22 号——金融工具确认和计量》的规定，公司对以摊 余成本计量的金融资产，以预期信用损失为基础确认损失准备。如果有客观证据表 明某项金融资产已经发生信用减值，则本公司在单项基础上对该金融资产计提减值 准备。公司依据信用风险特征将应收票据、应收账款、其他应收款等划分为若干组 合，在组合基础上计算预期信用损失。经测试，2023 年半年度公司转回坏账 ...

1、公司2021年限制性股票激励计划有效期内，5名激励对象已离职，不再具 备激励对象资格，根据《宁波太平鸟时尚服饰股份有限公司2021年限制性股票激 励计划（草案）》（以下简称"《激励计划》"）的相关规定，公司拟对上述激励对 象已获授但尚未解除限售的90,000股限制性股票进行回购注销，符合相关法律法 规的规定。 2、董事会对公司2021年限制性股票回购价格进行调整，符合《激励计划》 中关于公司根据2022年年度权益分派方案调整回购价格等事项的规定。 3、本次回购注销及调整回购价格在公司2021年第一次临时股东大会对公司 1 董事会的授权范围内，不存在损害公司及全体股东利益的情形；符合《上市公司 股权激励管理办法》及《激励计划》等相关规定，不存在损害公司和全体股东利 益的情形。 宁波太平鸟时尚服饰股份有限公司独立董事 关于第四届董事会第十八次会议相关事项的 独立意见 根据《宁波太平鸟时尚服饰股份有限公司章程》《宁波太平鸟时尚服饰股份 有限公司董事会议事规则》《宁波太平鸟时尚服饰股份有限公司独立董事工作制 度》等有关规定赋予独立董事的职责，作为宁波太平鸟时尚服饰股份有限公司（以 下简称"公司"）独立董事，我们基 ...

| 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].