关于牧高笛户外用品股份有限公司 非经营性资金占用及其他关联资金往来情况 汇总表的专项审计报告 目 录 1、 专项审计报告 2、 附表 委托单位：牧高笛户外用品股份有限公司 审计单位：立信会计师事务所（特殊普通合伙） 联系电话：021-63391166 关于牧高笛户外用品股份有限公司 非经营性资金占用及其他关联资金 往来情况的专项报告 2024 年度 关于牧高笛户外用品股份有限公司 非经营性资金占用及其他关联资金往来情况 的专项报告 信会师报字[2025]第 ZF10544 号 牧高笛户外用品股份有限公司全体股东: 我们审计了牧高笛户外用品股份有限公司(以下简称"贵公司") 2024 年度的财务报表,包括 2024年 12月 31 目的合并及母公司资产 负债表、2024年度合并及母公司利润表、合并及母公司现金流量表、 合并及母公司所有者权益变动表和相关财务报表附注,并于 2025年 4 月 25 日出具了报告号为信会师报字[2025]第 ZF10542 号的无保留意 见审计报告。 贵公司管理层根据中国证券监督管理委员会《上市公司监管指引 第 8 号 -- 上市公司资金往来、对外担保的监管要求》(证监会公告 (2 ...

Financial Performance - The company's operating revenue for 2024 was CNY 1,304,207,526.98, a decrease of 10.42% compared to CNY 1,455,869,412.68 in 2023[23]. - The net profit attributable to shareholders for 2024 was CNY 83,761,592.54, down 21.57% from CNY 106,796,937.49 in 2023[23]. - The net profit after deducting non-recurring gains and losses was CNY 59,812,612.72, a decline of 42.66% compared to CNY 104,317,050.36 in 2023[23]. - The cash flow from operating activities for 2024 was CNY 75,500,122.33, a significant drop of 72.90% from CNY 278,639,823.35 in 2023[23]. - The total assets at the end of 2024 were CNY 1,136,234,982.38, a decrease of 9.26% from CNY 1,252,160,215.50 at the end of 2023[23]. - The basic earnings per share for 2024 were CNY 0.90, down 21.74% from CNY 1.15 in 2023[25]. - The diluted earnings per share for 2024 were also CNY 0.90, reflecting the same percentage decrease as the basic earnings per share[25]. - The weighted average return on equity for 2024 was 15.01%, a decrease of 3.77 percentage points from 18.78% in 2023[25]. Revenue Breakdown - The self-owned brand business generated main operating revenue of 773.84 million RMB, a decline of 16.43% compared to the previous year[31]. - OEM/ODM business revenue was 528.95 million RMB, showing a slight decrease of 0.03% year-on-year[31]. - The company achieved operating revenue of 1.304 billion RMB, a year-on-year decrease of 10.42%[31]. - Net profit for the period was 83.76 million RMB, down 21.57% year-on-year[31]. - Revenue for the brand "牧高笛" reached approximately ¥773.84 million, with a gross margin of 29.82%, reflecting a decrease in revenue of 16.43% year-over-year[87]. - Revenue from tents and equipment was approximately ¥1.17 billion, down 12.56%, while the gross margin increased by 0.42 percentage points to 28.28%[67]. - Domestic revenue was approximately ¥760.52 million, a significant decrease of 18.93%, while international revenue increased by 4.9% to approximately ¥542.27 million[67]. Product Development and Innovation - The company launched the "Xiangye Ersheng" brand upgrade, focusing on high-quality outdoor products and solutions[32]. - The "Wilderness Hengduan" plan was introduced to establish a hardcore outdoor brand based on the Hengduan Mountains[34]. - The company upgraded its "Cold Mountain" series to cover all categories of camping and hiking gear and apparel[35]. - New product lines, including XT, PRO, and Prime series, were developed for high-altitude and long-distance hiking needs[36]. - The company is focusing on developing new outdoor products that meet market demands for functionality and comfort[55]. - Continuous product line expansion includes the Cold Mountain series and collaboration with high-level athletes to develop specialized gear and apparel, focusing on lightweight and user-friendly designs[96]. - The company is committed to continuous innovation through the application of new technologies and materials in outdoor products[93]. Marketing and Brand Strategy - The company has established a comprehensive marketing network, enhancing brand exposure and market penetration through diverse sales channels[61]. - The company is actively exploring new retail models, including Direct-to-Consumer (DTC) strategies to enhance brand value and customer loyalty[61]. - The company has partnered with various events, including the 2024 WTA Ningbo Tennis Open, to promote its brand and engage with sports enthusiasts[51][52]. - The flagship store in Shanghai serves as a benchmark for optimizing offline operations and enhancing the urban outdoor lifestyle experience[42]. - The company plans to enhance brand positioning from "camping" to "outdoor lifestyle proposer," covering various outdoor activities and establishing a professional brand image through partnerships with events and explorers[96]. Operational Efficiency and Supply Chain - Digitalization and information integration are being prioritized to improve operational efficiency and manufacturing capabilities, utilizing SAP systems for data analysis[54]. - The company aims to optimize its supply chain and reduce costs while maintaining quality, enhancing competitiveness in the market[54]. - The company is leveraging global manufacturing capabilities in Bangladesh, Vietnam, and China to enhance order delivery and expand its OEM/ODM business[53]. - The company aims to optimize operational efficiency by enhancing supply chain resilience and reducing operational costs through a comprehensive quality management system[97]. - The company plans to adopt a Just-In-Time (JIT) production model to minimize inventory and optimize logistics costs[99]. Corporate Governance and Compliance - The company is committed to maintaining a robust governance structure, ensuring compliance with relevant laws and regulations, and protecting shareholder rights[103]. - The board of directors held 8 meetings during the reporting period, adhering to legal and regulatory requirements, and ensuring effective decision-making processes[104]. - The company strictly adhered to information disclosure requirements, ensuring timely and accurate reporting without any misleading statements or omissions[105]. - The company has established a long-term mechanism to improve corporate governance and protect shareholder rights[106]. - The company has not faced any regulatory criticism or penalties related to information disclosure violations during the reporting period[105]. Employee and Community Engagement - The company has implemented a comprehensive performance evaluation mechanism for employee compensation, ensuring it is competitive and aligned with economic performance[132]. - The training program includes new employee onboarding and ongoing business training, aimed at enhancing overall business capabilities and management levels[133]. - Total social responsibility investment amounted to 3.23 million yuan, with 0.82 million yuan in cash donations and 2.41 million yuan in material donations[155]. - A total of 235 individuals benefited from the company's charitable activities, including donations of clothing and food[155]. - The company mobilized employees to support flood relief efforts in Bangladesh following severe flooding in the summer of 2024[156]. Environmental Responsibility - The company invested 1.1379 million yuan in environmental protection during the reporting period[149]. - The company successfully reduced carbon emissions by 961 tons through measures such as using clean energy and upgrading equipment[152]. - The company achieved a photovoltaic power generation of 580,000 kWh, with a self-sufficiency rate of 33%[152]. - The company is committed to using environmentally friendly materials in product design, increasing the proportion of recyclable materials[153]. - The company promotes resource conservation and sustainable development through waste management and recycling initiatives[154]. Financial Management and Investments - The total amount of raised funds is 27,321.53 million RMB, with a net amount of 26,863.01 million RMB after deductions[181]. - The company has invested 8,198.78 million RMB in the current year from the raised funds[181]. - The project for intelligent warehousing integration has a total investment of 12,322.90 million CNY, with 2,229.54 million CNY invested this year, achieving 91.84% of the planned investment[185]. - The company has completed the use of 3,290.81 million CNY for liquidity support, achieving 100.41% of the planned investment[185]. - The company has not made any changes or terminations to the investment projects during the reporting period[187]. Shareholder Information - The total number of ordinary shareholders decreased from 14,305 to 12,845 during the reporting period[195]. - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 50.44% of the shares, totaling 47,092,574 shares[196]. - The company’s recent share changes have diluted earnings per share and net asset value per share, as noted in the financial indicators section[194]. - The company’s total share capital before the changes was 66,690,000 shares, which increased by 40% after the changes[193].

Financial Performance - The company's operating revenue for Q1 2025 was CNY 334,392,035.28, a decrease of 6.07% compared to CNY 356,001,355.91 in the same period last year[4] - Net profit attributable to shareholders was CNY 30,690,464.90, down 2.75% from CNY 31,558,117.02 year-on-year[4] - The net profit after deducting non-recurring gains and losses was CNY 25,639,252.19, representing a decline of 14.41% compared to CNY 29,955,818.61 in the previous year[4] - The basic and diluted earnings per share were both CNY 0.33, a decrease of 2.94% from CNY 0.34 in the same period last year[5] - The weighted average return on equity was 5.26%, slightly down from 5.28% year-on-year[5] - The total comprehensive income for Q1 2025 was CNY 29,650,659.81, down from CNY 32,569,879.87 in Q1 2024, indicating a decrease of about 8.83%[22] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,185,903,234.16, an increase of 4.37% from CNY 1,136,234,982.38 at the end of the previous year[5] - Current assets totaled RMB 974,867,552.79 as of March 31, 2025, an increase from RMB 917,058,298.28 at the end of the previous period[15] - Total liabilities amounted to RMB 590,590,262.69, compared to RMB 570,871,676.16 in the previous period[17] - Cash and cash equivalents were RMB 114,980,220.31, an increase from RMB 106,975,544.13 in the previous period[15] - Cash and cash equivalents at the end of Q1 2025 totaled CNY 100,966,697.50, down from CNY 180,409,210.73 at the end of Q1 2024[27] Operating Activities - The net cash flow from operating activities was negative at CNY -69,605,466.11, an improvement from CNY -75,415,865.11 in the same period last year[4] - The company reported a net cash flow from operating activities of -CNY 69,605,466.11 for Q1 2025, slightly improved from -CNY 75,415,865.11 in Q1 2024[25] - The investment activities generated a net cash flow of -CNY 4,786,758.17 in Q1 2025, compared to a positive cash flow of CNY 32,621,516.93 in Q1 2024[26] Operating Costs - Total operating costs for Q1 2025 were RMB 302,003,918.55, down 4.3% from RMB 315,666,768.68 in Q1 2024[20] - Operating costs included RMB 244,867,725.31 in operating expenses for Q1 2025, a decrease from RMB 257,483,182.40 in Q1 2024[20] - The company’s total operating expenses for Q1 2025 were CNY 329,252,045.52, a decrease from CNY 360,292,813.64 in Q1 2024, representing a decline of about 8.63%[25] Government Support and Strategic Initiatives - The company received government subsidies amounting to CNY 7,278,113.37 during the reporting period[6] - The company is focusing on market expansion and new product development to drive future growth[20] - The company plans to enhance its operational efficiency through strategic cost management initiatives[20] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,305[9] - Shareholders' equity attributable to the parent company increased by 5.30% to CNY 595,312,971.47 from CNY 565,363,306.22 at the end of the previous year[5] Research and Development - Research and development expenses increased to CNY 7,342,952.17 in Q1 2025, compared to CNY 6,328,973.85 in Q1 2024, marking a rise of approximately 16%[21] Financial Expenses - The company’s financial expenses decreased significantly to CNY 70,522.81 in Q1 2025 from CNY 3,352,089.31 in Q1 2024, a reduction of over 97%[21]

牧高笛户外用品股份有限公司 2024 年度独立董事述职报告（李国范） 本人作为牧高笛户外用品股份有限公司（以下简称"公司"）的独立董事， 严格按照《公司法》、《证券法》、《上市公司治理准则》、《上海证券交易所 股票上市规则》、《关于在上市公司建立独立董事的指导意见》等有关法律、法 规以及《公司章程》、《独立董事工作制度》的规定及要求，在 2024 年度的工 作中，勤勉尽责、切实履行独立董事职责，充分发挥独立董事作用，行使独立董 事权利，参与公司重大事项的决策，有效维护了公司整体利益和全体股东，特别 是中小投资者的合法权益，现将本人 2024 年度履行职责的情况报告如下： 一、本人基本情况 （一）个人工作履历、专业背景以及兼职情况 李国范先生：男，中国国籍，无境外永久居留权，1971 年 4 月出生，苏州 大学战略管理学博士，中央财经大学西方会计学硕士，九三学社，全国会计领军， 正高级会计师、注册会计师、注册税务师，中国会计学会会员、中国总会计师协 会会员。曾任中日合资华升富士达电梯有限公司财务科长、财务部副部长、财务 部部长，中日合资上海华升富士达扶梯有限公司董事、副总经理兼总会计师，广 州蕉叶饮食服务有限公 ...

牧高笛户外用品股份有限公司 章 程 （2025 年 4 月修订） | œ | I | K | | --- | --- | --- | | 1 | | | | 第一章 | 总 | | 则 3 | | | --- | --- | --- | --- | --- | | 第二章 | | | 经营宗旨和范围 4 | | | 第三章 | 股 | | 份 4 | | | 第一节 | | | 股份发行 4 | | | 第二节 | | | 股份增减和回购 5 | | | 第三节 | | | 股份转让 6 | | | 第四章 | | | 股东和股东大会 7 | | | 第一节 | | | 股东 | 7 | | 第二节 | | | 股东大会的一般规定 | 9 | | 第三节 | | | 股东大会的召集 | 13 | | 第四节 | | | 股东大会的提案和通知 | 14 | | 第五节 | | | 股东大会的召开 | 15 | | 第六节 | | | 股东大会的表决和决议 | 18 | | 第五章 | | | 董事会 22 | | | 第一节 | | 董 | 事 22 | | | 第二节 | | 董 | 事 会 | 26 | | ...

2024 年度独立董事述职报告（李曦） 牧高笛户外用品股份有限公司 （一）会议出席情况 2024 年度，在本人任期内，公司共召开董事会 8 次，股东大会 3 次。 | 姓名 | 应出席董 | 亲自出 | 委托出 | 缺席次数 | 是否连续两 次未亲自参 | 出席股 东大会 | | --- | --- | --- | --- | --- | --- | --- | | | 事会次数 | 席次数 | 席次数 | | | | | | | | | | 加会议 | 次数 | | 李曦 | 8 | 8 | 0 | 0 | 否 | 3 | 本人就提交会议审议的议案均事先进行了认真的审核，会上积极参与各项议 题的讨论并提出合理化建议，并以严谨的态度行使表决权。2024 年度，本人对 各项议案没有提出异议，对相关议案均投了赞成票。 本人作为牧高笛户外用品股份有限公司（以下简称"公司"）的独立董事，严 格按照《公司法》、《证券法》、《上市公司治理准则》、《上海证券交易所股 票上市规则》、《关于在上市公司建立独立董事的指导意见》等有关法律、法规 以及《公司章程》、《独立董事工作制度》的规定及要求，在 2024 年度的工作 中，勤勉 ...

牧高笛户外用品股份有限公司 2024 年度独立董事述职报告（曹海江） 本人作为牧高笛户外用品股份有限公司（以下简称"公司"）的独立董事，严 格按照《公司法》、《证券法》、《上市公司治理准则》、《上海证券交易所股票上市 规则》、《关于在上市公司建立独立董事的指导意见》等有关法律、法规以及《公 司章程》、《独立董事工作制度》的规定及要求，在 2024 年度的工作中，勤勉尽 责、切实履行独立董事职责，充分发挥独立董事作用，行使独立董事权利，参与 公司重大事项的决策，有效维护了公司整体利益和全体股东，特别是中小投资者 的合法权益，现将本人 2024 年度履行职责的情况报告如下： 一、本人基本情况 （一）个人工作履历、专业背景以及兼职情况 曹海江：男，中国国籍，中共党员，无境外居留权，1974 年 11 月出生，法 律硕士。曾任浙江和义观达律师事务所律师、高级合伙人，现任浙江和义观达（宁 波经济技术开发区）律师事务所主任律师、高级合伙人，公司独立董事。 （二）是否存在影响独立性的情况说明 本人于 2023 年 9 月起担任公司独立董事。作为公司的独立董事，本人未在 公司担任除独立董事以外的任何职务，也未在公司主要股东中 ...

| 名称 持有数量(万股) | | 占总股本比例 | 增减情况(万 | | --- | --- | --- | --- | | | | (%) | 股) | | 宁波大牧投资有限公司 | 4709.26 | 50.44 | 不变 | | 浙江嘉拓投资管理有限公司 | 933.67 | 10.00 | 不变 | | 凯恩(苏州)私募基金管理有限公司-凯恩军舰鸟1号私募 证券投资基金 | 89.89 | 0.96 | -39.51 | | 陈远山 | 88.77 | 0.95 | 新进 | | 凯恩(苏州)私募基金管理有限公司-凯恩军舰鸟19号私募 证券投资基金 | 84.51 | 0.91 | -37.88 | | 黄敏勇 | 70.91 | 0.76 | 11.97 | | 图灵私募基金管理(海南)有限公司-图灵璟龙一号私募证 券投资基金 | 54.95 | 0.59 | 不变 | | 张晓沛 | 49.19 | 0.53 | 新进 | | 凯恩(苏州)私募基金管理有限公司-凯恩新经济1号私募 证券投资基金 | 31.25 | 0.33 | -6.55 | | 徐云霞 | 30.31 | 0.32 | 新进 ...

被担保人名称及是否为上市公司关联人： 被担保人衢州天野户外用品有限公司（以下简称"衢州天野"）为牧高笛户 外用品股份有限公司（以下简称"公司"）全资子公司。 本次担保金额及已实际为其提供的担保余额： 证券代码：603908 证券简称：牧高笛 公告编号：2025-004 牧高笛户外用品股份有限公司 关于为全资子公司提供担保的进展公告 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： 本次为全资子公司衢州天野新增担保金额为人民币 10,000 万元，公司已累 计为其提供担保总额为 70,400 万元，实际为其提供担保的余额 2,815.05 万元。 本次担保是否有提供反担保：无 对外担保逾期的累计数量为：0 特别风险提示：此次担保存在为资产负债率超过 70%的全资子公司提供担 保，担保风险可控，敬请投资者注意相关风险。 一、本次担保情况概述 （一）本次担保的基本情况 为满足子公司日常经营发展的资金需求，公司本次新增为子公司提供总计 10,000 万元的担保，具体情况如下： | 序号 | 担保方 | 被担保方 | ...

Core Viewpoint - The rise of the "camping economy" in China is reflected in increased consumer interest and stock performance of outdoor equipment companies, but challenges such as low repurchase rates and market saturation are emerging [1][4][7]. Group 1: Market Trends - The camping trend has gained significant traction, with 1.7 billion views and 1.44 million discussions on social media platforms like Xiaohongshu [1]. - Major cities such as Shanghai, Shenzhen, Chengdu, and Changsha are also experiencing a surge in camping-related activities [1]. - The outdoor equipment market is seeing increased sales, particularly for lightweight and high-cost-performance products [3]. Group 2: Stock Performance - Companies like Muguo (牧高笛) and others in the camping sector have seen notable stock price increases, with Muguo rising by 10.72% in March 2025 [6]. - Zhejiang Natural and Zhejiang Yongqiang also reported stock increases of 11.31% and 8.48%, respectively, during the same period [6]. Group 3: Consumer Demographics - The primary consumer demographic for camping includes urban populations, particularly women who make up 64% of decision-makers, and younger generations (90s and 00s) who value nature and trendy experiences [2]. Group 4: Challenges in the Industry - The camping market is facing a slowdown, with a projected market growth rate of 16.1% for 2025, down from 35.7% in 2024 [8]. - Muguo reported a revenue decline of 6.49% year-on-year for the first three quarters of 2024, contrasting sharply with previous years of high growth [9]. - Inventory issues are prevalent, with Muguo's inventory reaching 528 million yuan, accounting for 46.8% of total assets [13]. Group 5: Strategic Adjustments - Muguo is adjusting its product structure to include new categories such as "sleep systems" and "wearing systems" to diversify its offerings beyond traditional camping gear [10]. - Competitors like Tenzing (探路者) are also exploring new growth avenues, including a foray into the chip industry to enhance their outdoor business [10][11].