牧高笛户外用品股份有限公司 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。 2022 年第三季度报告 证券代码：603908 证券简称：牧高笛 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 | 项目 | 本报告期 | 本报告期 比上年同 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 期增减变 | | 增减变动幅度 | | | | 动幅度(%) | | (%) | | 营业收入 | 290,591,573.03 | 55.98 | 1,157,879,189.55 | 59.96 | ...

Financial Performance - The company's operating revenue for the first half of 2022 reached RMB 867,287,616.52, representing a 61.34% increase compared to RMB 537,552,435.02 in the same period last year[19]. - Net profit attributable to shareholders was RMB 113,165,897.31, up 111.80% from RMB 53,429,717.42 year-on-year[19]. - The net cash flow from operating activities improved to RMB 48,999,389.75, a significant recovery from a negative cash flow of RMB -25,924,787.83 in the previous year[19]. - The company's total assets increased by 15.00% to RMB 1,364,410,272.65 compared to RMB 1,186,407,013.27 at the end of the previous year[19]. - The net assets attributable to shareholders rose to RMB 521,681,337.93, reflecting an 11.34% increase from RMB 468,536,440.62 at the end of the last year[19]. - Basic earnings per share for the first half of 2022 were RMB 1.70, a 112.50% increase from RMB 0.80 in the same period last year[20]. - The weighted average return on equity increased to 21.97%, up by 10.52 percentage points from 11.45% in the previous year[20]. - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching RMB 110,353,336.40, which is a 138.02% increase from RMB 46,363,861.25 year-on-year[19]. - The company's net profit for the period increased by 43.23%, reaching 176,086,159.95 RMB compared to 122,941,262.64 RMB in the previous period[39]. Market and Business Operations - The company experienced a significant increase in camping-related searches, with a 90% week-over-week growth on Ctrip and a 117% increase in local camping-related travel searches[27]. - The outdoor camping equipment market demand is rapidly growing, with Tmall reporting sales increases of over 2100% for outdoor canopies and over 1400% for camping vehicles during the May Day holiday[27]. - The company’s main business includes self-owned brand operations and OEM/ODM tent manufacturing, with a focus on the domestic market since its establishment in 2003[28]. - The company’s brand MOBI GARDEN emphasizes a "camping professionalism" core, aiming to integrate exquisite camping into everyday life[28]. - The company’s sub-brand MOBI VILLA launched this year, focusing on trendy camping apparel and appealing to the younger generation[29]. - The outdoor recreation participation rate in the U.S. increased from 48.40% in 2014 to 52.90% in 2020, indicating a mature market for outdoor activities[25]. - The company’s camping-related user engagement is strong, with 42.4% of Douyin users considering outdoor activities as a key form of entertainment[26]. - The company’s outdoor products are exported to international markets including Europe, Australia, New Zealand, Asia, and the U.S.[29]. - The OEM/ODM business generated revenue of CNY 517.58 million, up 24.81% year-on-year, while the brand business saw a significant increase of 182.25%, reaching CNY 345.92 million[35]. - The company's gross profit margin for the main business was 35.95%, with an increase of 1.50 percentage points compared to the previous year[35]. Financial Management and Investments - Research and development expenses rose to CNY 15.14 million, a 34.95% increase from the previous year, reflecting the company's commitment to new product development[36]. - The company has established strong sales channels, including partnerships with Tmall and JD.com, and is expanding into social e-commerce platforms like Douyin[30]. - The company emphasizes vertical integration across its supply chain, enhancing control over production cycles and costs[32]. - The company made an investment of 5,000,000.00 RMB in a venture capital partnership, which was not present in the same period last year[42]. - The company reported a significant increase in tax liabilities, with total tax payable reaching 30,244,794.76 RMB, a 382.76% increase from the previous period[39]. - The company has established overseas production bases in Vietnam and Bangladesh to enhance its global strategic layout[47]. - The company plans to continue expanding its market presence and improving product profitability to maintain its leading position in the outdoor equipment industry[47]. Shareholder and Corporate Governance - The company has not disclosed any plans for profit distribution or capital reserve transfer to increase share capital during this reporting period[6]. - There are no reported instances of non-operating fund occupation by controlling shareholders or related parties[7]. - The company reported a total guarantee amount of 48,390,000.00 RMB, which accounts for 9.28% of the company's net assets[66]. - The company provided guarantees totaling 70,011,860.86 RMB to its subsidiaries during the reporting period[66]. - The total number of common shareholders as of the end of the reporting period is 7,493[71]. - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 35,440,853 shares, accounting for 53.14% of total shares[73]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[76]. - The company has committed to not reducing its holdings in MGH shares below the initial public offering price during the lock-up period, which ends in March 2022[59]. - The company experienced changes in its board and management, with several resignations and new appointments, including the election of a new non-independent director and the appointment of a new board secretary[52][53]. Accounting and Financial Reporting - The financial statements were approved by the board of directors on August 9, 2022[115]. - The financial statements comply with the requirements of the accounting standards issued by the Ministry of Finance, accurately reflecting the company's financial position as of June 30, 2022[120]. - The company's accounting period is from January 1 to December 31 each year, with a business cycle of 12 months[121][122]. - The company recognizes the fair value of identifiable assets and liabilities in non-common control mergers from the acquisition date[127]. - The company uses the effective interest method to calculate interest on amortized cost financial assets and liabilities[136]. - The company recognizes financial assets that do not meet termination conditions as continuing assets, with received consideration recognized as a financial liability[137]. - The company recognizes lease liabilities at the present value of unpaid lease payments, including fixed payments and variable lease payments based on indices or rates[174]. - The company confirms provisions when there is a present obligation, likely leading to an outflow of economic benefits, and the amount can be reliably measured[175]. - Revenue is recognized when control of goods or services is transferred to the customer, with the transaction price allocated to performance obligations based on standalone selling prices[178]. - The company recognizes government grants as monetary or non-monetary assets, categorized into asset-related and income-related grants[183].

Financial Performance - The company's revenue for Q1 2022 reached ¥327,393,123.09, representing a year-on-year increase of 56.06%[5] - Net profit attributable to shareholders was ¥36,773,903.52, up 73.38% compared to the same period last year[5] - The basic earnings per share (EPS) was ¥0.55, reflecting a growth of 72.32% year-on-year[6] - Total operating revenue for Q1 2022 reached ¥327,393,123.09, a 56.14% increase from ¥209,784,450.50 in Q1 2021[23] - Net profit for Q1 2022 was ¥36,773,903.52, representing a 73.25% increase compared to ¥21,209,566.04 in Q1 2021[24] - Basic and diluted earnings per share for Q1 2022 were both ¥0.55, compared to ¥0.32 in Q1 2021[25] - The company reported a basic and diluted earnings per share of CNY 0.08 for Q1 2022, compared to CNY 0.07 in Q1 2021, marking a 14.3% increase[34] - The total profit for Q1 2022 was CNY 7,322,671.73, an increase of 13.9% from CNY 6,429,031.16 in Q1 2021[34] Assets and Liabilities - Total assets increased to ¥1,392,501,637.27, a rise of 17.37% from the end of the previous year[6] - As of March 31, 2022, the total assets amounted to RMB 1.39 billion, an increase from RMB 1.19 billion at the end of 2021[18] - Total liabilities as of Q1 2022 amounted to ¥887,191,293.13, up from ¥717,870,572.65 in the previous year[20] - The company's total liabilities as of March 31, 2022, were CNY 603,270,262.47, an increase from CNY 394,744,779.54 in the previous year[31] - Short-term borrowings rose by 62.98%, reflecting increased financing needs for operations[8] - Short-term borrowings increased to RMB 527.32 million from RMB 323.56 million year-on-year[18] Cash Flow - Cash flow from operating activities showed a net outflow of ¥94,711,060.79, a decline of 144.41% year-on-year[5] - Cash inflow from operating activities in Q1 2022 totaled ¥232,062,338.03, an increase from ¥155,397,913.51 in Q1 2021[27] - The net cash flow from operating activities was -CNY 94,711,060.79, compared to -CNY 38,750,973.03 in the previous year[28] - Cash inflow from financing activities totaled CNY 360,221,658.97 in Q1 2022, compared to CNY 180,191,690.48 in Q1 2021, representing a growth of 100%[38] Research and Development - Research and development expenses increased by 37.25%, indicating a stronger focus on new product development[9] - Research and development expenses for Q1 2022 were ¥7,442,624.57, compared to ¥5,422,722.87 in Q1 2021, indicating a focus on innovation[23] Shareholder Information - The company has a total of 5,654 common stock shareholders at the end of the reporting period[12] - The top shareholder, Ningbo Damu Investment Co., Ltd., holds 53.14% of the shares, while Zhejiang Jiatuo Investment Management Co., Ltd. holds 11.63%[12] Revenue Breakdown - The revenue from OEM/ODM business was RMB 234.40 million, an increase of 43.98% year-on-year, while brand business revenue reached RMB 92.92 million, growing by 98.16%[14] - Total revenue from sales of goods and services in Q1 2022 was CNY 76,716,459.27, compared to CNY 61,010,645.44 in Q1 2021, indicating a growth of 25.7%[38] Expenses - Total operating costs for Q1 2022 were ¥284,759,852.21, up 55.73% from ¥182,817,762.19 in Q1 2021[23] - The company reported a significant increase in sales expenses, which rose to ¥12,780,920.18 in Q1 2022 from ¥9,356,910.76 in Q1 2021, reflecting expanded marketing efforts[23] - The company incurred financial expenses of CNY 3,076,739.60 in Q1 2022, compared to CNY 1,990,133.00 in Q1 2021[33] Government Subsidies - The company reported a significant increase in government subsidies, contributing to a rise in other income by 908.86%[9]

Financial Performance - The company's operating revenue for 2021 was RMB 923,257,489.11, representing a 43.64% increase compared to RMB 642,737,354.97 in 2020[21] - The net profit attributable to shareholders for 2021 was RMB 78,613,988.25, a 70.99% increase from RMB 45,974,668.64 in the previous year[21] - The basic earnings per share for 2021 was RMB 1.18, up 71.01% from RMB 0.69 in 2020[22] - The company reported a net profit excluding non-recurring gains and losses of RMB 61,630,604.06, which is a 96.20% increase from RMB 31,412,230.60 in 2020[21] - The total assets at the end of 2021 amounted to RMB 1,186,407,013.27, reflecting a 21.55% increase from RMB 976,046,282.42 in 2020[23] - The weighted average return on equity for 2021 was 17.47%, an increase of 6.97 percentage points from 10.50% in 2020[22] Cash Flow and Investments - The net cash flow from operating activities was negative RMB 55,265,206.64, a significant decline from positive RMB 17,747,846.11 in 2020, marking a 411.39% decrease[21] - Net cash flow from investing activities increased by 127.66% year-on-year, primarily due to a reduction in the purchase of financial products compared to the previous year[47] - Net cash flow from financing activities decreased by 115.98% year-on-year, mainly due to lower net financing compared to the previous year[47] - The company’s cash flow from operating activities showed a net outflow of -55,265,206.64 RMB, a decrease of 411.39% compared to the previous period[65] Revenue Breakdown - The company's main business revenue reached CNY 921.52 million, with the ODM/OEM business generating CNY 615.46 million, up 28% year-on-year[33] - The brand operation business saw revenue of CNY 306.07 million, a significant increase of 90% year-on-year[34] - Online sales channels contributed CNY 108.50 million, marking a 126.72% increase compared to the previous year[34] - The professional equipment distribution and group purchase channels generated CNY 111.27 million, a remarkable growth of 192.19%[34] - Direct store channels achieved revenue of CNY 27.84 million, up 21.83% year-on-year[35] - Franchise channels reported revenue of CNY 58.45 million, reflecting an 11.82% increase year-on-year[35] Research and Development - The company filed 10 patent applications in 2021, enhancing its R&D capabilities[33] - The company’s R&D expenses increased by 18.75% to ¥25,404,718.91, indicating a focus on product development and innovation[46] - Total R&D investment amounted to 25,404,718.91 RMB, representing 2.75% of operating revenue[61] - The company is focused on continuous product development, creating a product matrix for high-altitude camping and refined outdoor experiences[36] Market Trends and Strategy - The camping equipment market in China is projected to reach $15.9 billion by 2027, with a compound annual growth rate (CAGR) of 9.1%[38] - In the first half of 2021, sales of domestic camping equipment exceeded 100% growth compared to the previous year, highlighting a strong market trend[38] - The company maintains a dual business model of brand operation and OEM/ODM services, with a focus on high-quality tent products for global markets[39] - The company is actively expanding its online sales channels, including live streaming and new social media platforms, to counteract the impact of the COVID-19 pandemic on offline retail[91] Operational Independence - The company operates independently from its controlling shareholders, maintaining a complete and autonomous business system[98] - The company has established an independent financial accounting system and management procedures, ensuring no shared bank accounts with controlling shareholders[100] - The company has a complete and independent operational structure, with no interference from controlling shareholders in its business activities[100] - The company has implemented measures to ensure the independence of its operations, including independent decision-making in procurement and sales[100] Governance and Management - The company has established a solid governance structure with a mix of experienced professionals in key positions[109] - The total compensation for all directors and supervisors amounted to 6,244,700 CNY for the reporting period[107] - The company has maintained a stable management team with no significant changes in shareholding among key executives[109] - The company has a comprehensive employee compensation policy based on economic performance and annual operational goals[125] Financial Health and Liabilities - Total liabilities reached RMB 717,870,572.65, compared to RMB 536,106,330.05 in 2020, marking an increase of around 33.9%[194] - Current liabilities were RMB 690,072,327.44, up from RMB 529,730,283.84, which is an increase of about 30.3%[194] - The company's cash and cash equivalents decreased to RMB 170,945,005.57 from RMB 239,507,268.90, a decline of approximately 28.7%[193] - The total number of shares held by the chairman and general manager, Lu Tunhua, remained at 0, with a pre-tax compensation of 714,900 CNY for the reporting period[105] Shareholder Information - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 35,440,853 shares, representing 53.14% of the total shares[168] - The total number of ordinary shareholders as of the end of the reporting period is 5,755, an increase from 5,654 at the end of the previous month[166] - The company has not reported any changes in its share capital structure during the reporting period[164] Compliance and Audit - The company has committed to not reducing its shareholding in the next 12 months, starting from February 6, 2021, reflecting confidence in future growth[140] - An independent audit of the company's internal control effectiveness was conducted, resulting in a standard unqualified opinion[134] - The company has confirmed that the changes in accounting policies will not have a significant impact on its financial results or cash flows[145]

Financial Performance - The company's operating revenue for 2021 was RMB 923,257,489.11, representing a 43.64% increase compared to RMB 642,737,354.97 in 2020[21] - The net profit attributable to shareholders for 2021 was RMB 78,613,988.25, a 70.99% increase from RMB 45,974,668.64 in the previous year[21] - The basic earnings per share for 2021 was RMB 1.18, up 71.01% from RMB 0.69 in 2020[22] - The company reported a net profit excluding non-recurring items of RMB 61,630,604.06, which is a 96.20% increase from RMB 31,412,230.60 in 2020[21] - The company achieved operating revenue of CNY 923.26 million in 2021, a year-on-year increase of 43.64%[33] - Net profit for 2021 reached CNY 78.61 million, reflecting a year-on-year growth of 70.99%[33] Cash Flow and Assets - The net cash flow from operating activities was negative RMB 55,265,206.64, a significant decline compared to a positive RMB 17,747,846.11 in 2020, marking a 411.39% decrease[21] - The total assets at the end of 2021 amounted to RMB 1,186,407,013.27, reflecting a 21.55% increase from RMB 976,046,282.42 in 2020[23] - The company reported a net cash flow from operating activities of -¥55,265,206.64, a significant decline compared to the previous year[46] - The total assets at the end of the period amounted to 1,192,000,000 RMB, with overseas assets constituting 276,081,948.93 RMB, representing 23.16% of total assets[67] - The cash flow from operating activities showed a net outflow of -55,265,206.64 RMB, a decrease of 411.39% compared to the previous period[65] Revenue Breakdown - The ODM/OEM business segment generated revenue of CNY 615.46 million, up 28% compared to the previous year[33] - Brand operation business revenue surged to CNY 306.07 million, marking a 90% increase year-on-year[34] - Online sales channels contributed CNY 108.50 million, a significant growth of 126.72% from the previous year[34] - Direct store revenue increased by 21.83% to CNY 27.84 million in 2021[35] - The company’s franchise channel revenue grew by 11.82% to CNY 58.45 million[35] Research and Development - The company filed 10 patent applications in 2021, enhancing its R&D capabilities[33] - Research and development expenses increased by 18.75% to ¥25,404,718.91, indicating a focus on product innovation[46] - Total R&D investment amounted to 25,404,718.91 RMB, representing 2.75% of operating revenue[61] - The company has established a product research and development center to enhance its product design capabilities and respond to market trends[41] - The company is focusing on technical innovation to strengthen product advantages and barriers, thereby improving product competitiveness[89] Market and Strategy - The camping equipment market in China is projected to reach $15.9 billion by 2027, with a compound annual growth rate of 9.1%[38] - The outdoor sports industry in China is experiencing a trend towards brand competition, with the market concentration gradually increasing[81] - The company aims to enhance brand influence through diverse collaborations and product co-branding initiatives[36] - The company is actively expanding its online and offline sales channels, including partnerships with major e-commerce platforms like Tmall and JD[40] - The company is focusing on expanding its e-commerce presence and enhancing customer experience through improved after-sales service and new brand launches[86] Corporate Governance - The company operates independently from its controlling shareholders, maintaining a complete and autonomous business system[100] - The company has established an independent financial accounting system and management procedures, ensuring no shared bank accounts with controlling shareholders[100] - The company has a robust internal control system in place to ensure compliance with relevant laws and regulations[100] - The company has not engaged in any significant competition with its controlling shareholders or their affiliates[101] - The company has a clear plan for future operations, ensuring continued independence from its controlling shareholders[100] Employee and Management - The company had a total of 3,952 employees, with 242 in the parent company and 3,710 in major subsidiaries[123] - The company ensures competitive and stable compensation for employees, aligned with labor laws and regional living standards[125] - The company has a comprehensive employee compensation policy based on economic performance and annual operational goals[125] - Employee training programs are in place, focusing on onboarding, business skills, and management enhancement[126] - The total compensation for all directors, supervisors, and senior management during the reporting period amounted to 6,244,700 CNY[107] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 5,755, an increase from 5,654 at the end of the previous month[166] - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 35,440,853 shares, representing 53.14% of the total shares[168] - The company has not reported any changes in its share capital structure during the reporting period[164] - The company has committed not to reduce its shareholding for 12 months from February 6, 2021, to February 5, 2022, demonstrating confidence in future growth[176] - The company has no significant shareholders with over 10% ownership, promoting a diversified ownership structure[175] Compliance and Audit - The company has maintained compliance with all relevant laws and regulations, ensuring no harm to shareholder interests[145] - The internal control audit report issued by the accounting firm confirmed the effectiveness of the internal controls as of December 31, 2021, with a standard unqualified opinion[134] - The company has not made any acquisitions or lost control over any subsidiaries during the reporting period[133] - The company has not disclosed any significant environmental or social responsibility issues during the reporting period[135] - The company has no penalties from securities regulatory agencies in the past three years[114]

Financial Performance - The company's revenue for Q3 2021 reached ¥186,300,842.67, representing a 36.39% increase compared to the same period last year[5] - Net profit attributable to shareholders was ¥18,013,140.71, up 51.80% year-on-year[5] - The basic earnings per share for the quarter was ¥0.27, reflecting a 51.80% increase from the previous year[6] - Operating income for the year-to-date period was ¥723,853,277.69, showing a 41.82% increase compared to the same period last year[5] - Total operating revenue for the first three quarters of 2021 reached ¥723,853,277.69, a significant increase of 41.7% compared to ¥510,397,379.32 in the same period of 2020[21] - Net profit for Q3 2021 was ¥71,442,858.13, representing a 44.2% increase from ¥49,541,922.40 in Q3 2020[22] - Total comprehensive income for the third quarter of 2021 reached ¥71,442,858.13, a significant increase from ¥49,541,922.40 in the same period of 2020, representing a growth of approximately 44.1%[23] - Basic and diluted earnings per share for the third quarter of 2021 were both ¥1.07, compared to ¥0.74 in the same quarter of 2020, indicating an increase of about 44.6%[23] Research and Development - The company reported a significant increase in R&D expenses by 143.62%, indicating a focus on market expansion[10] - Research and development expenses for the first three quarters of 2021 were ¥17,504,425.58, significantly higher than ¥7,185,179.42 in the same period of 2020, reflecting a focus on innovation[21] Cash Flow and Liquidity - Cash flow from operating activities for the year-to-date period was ¥55,609,563.99, down 56.86% compared to the previous year[6] - Cash inflow from operating activities for the first three quarters of 2021 was ¥750,257,203.91, up from ¥541,631,951.83 in the same period of 2020, reflecting a growth of approximately 38.6%[26] - Net cash flow from operating activities for the first three quarters of 2021 was ¥55,609,563.99, down from ¥128,911,709.33 in the same period of 2020, showing a decline of about 56.8%[26] - Cash inflow from financing activities in the third quarter of 2021 totaled ¥562,800,000.00, compared to ¥294,000,000.00 in the same quarter of 2020, marking an increase of approximately 91.2%[27] - The company reported a net increase in cash and cash equivalents of -¥64,910,240.56 for the third quarter of 2021, contrasting with an increase of ¥277,311,456.40 in the same period of 2020, showing a significant change in cash flow dynamics[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥972,720,118.43, a slight decrease of 0.34% from the end of the previous year[6] - The company's total assets amounted to ¥972,720,118.43, slightly down from ¥976,046,282.42 in the previous quarter[19] - The total assets as of the end of the third quarter of 2021 amounted to ¥976,046,282.42, compared to ¥998,470,890.46 at the beginning of the year, reflecting a decrease of approximately 2.2%[30] - Total liabilities decreased to ¥511,354,807.93 from ¥536,106,330.05 in the previous quarter, showing a reduction in financial obligations[18] - The total current liabilities were approximately $529.7 million, highlighting short-term financial obligations[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 6,549[13] - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 35,440,853 shares, accounting for 53.14% of total shares[13] - Shareholders' equity totaled approximately $439.9 million, with paid-in capital at $66.7 million and capital reserve at $229.3 million[31] - The total equity attributable to shareholders was approximately $439.9 million, indicating strong shareholder value[31] Operational Highlights - The company experienced a 41.82% increase in operating revenue due to a 29% growth in OEM/ODM business and an 87% increase in proprietary brand revenue[10] - The company reported a 52.82% increase in contract liabilities, attributed to increased customer prepayments in the OEM/ODM business[10] - Cash received from tax refunds reached CNY 76.15 million, attributed to the growth in OEM/ODM business[11] - Cash received from other operating activities increased to CNY 59.18 million due to higher business volume[11] - Employee compensation payments rose to CNY 42.99 million, driven by a substantial increase in operating revenue[11]

Financial Performance - The company's operating revenue for the first half of 2021 reached RMB 537.55 million, an increase of 43.80% compared to RMB 373.81 million in the same period last year[21] - The net profit attributable to shareholders for the first half of 2021 was RMB 53.43 million, up 41.82% from RMB 37.68 million in the previous year[21] - The basic earnings per share for the first half of 2021 was RMB 0.80, representing a 42.86% increase from RMB 0.56 in the same period last year[21] - The weighted average return on net assets increased to 11.45%, up 3.16 percentage points from 8.29% in the previous year[21] - The net profit after deducting non-recurring gains and losses was RMB 46.36 million, up 36.30% from RMB 34.02 million in the same period last year[21] - The diluted earnings per share for the first half of 2021 was also RMB 0.80, consistent with the basic earnings per share[21] - The company achieved a revenue of CNY 537.55 million in the first half of 2021, representing a year-on-year growth of 43.80%[33] - The net profit attributable to shareholders was CNY 53.43 million, with a year-on-year increase of 41.82%[33] - The company's OEM/ODM business generated revenue of CNY 414.69 million, up 34.70% year-on-year, driven by strong overseas camping market demand[33] - The self-owned brand (MOBI GARDEN) revenue grew by 86.53% year-on-year, reflecting increased domestic camping market demand[33] - Online channel revenue reached CNY 42.27 million, marking a significant growth of 99.26% year-on-year[33] - The company’s direct store channel revenue was CNY 12.22 million, up 45.73% year-on-year, while franchise store revenue grew by only 1.55% to CNY 27.44 million[34] Cash Flow and Assets - The net cash flow from operating activities for the first half of 2021 was negative RMB 25.92 million, a decline of 68.65% compared to negative RMB 15.37 million in the same period last year[21] - The total assets at the end of the reporting period were RMB 1.11 billion, an increase of 13.49% from RMB 976.05 million at the end of the previous year[21] - The net assets attributable to shareholders at the end of the reporting period were RMB 443.35 million, a slight increase of 0.78% from RMB 439.94 million at the end of the previous year[21] - Cash and cash equivalents increased to 312,723,520.95 RMB, accounting for 28.23% of total assets, up from 24.54% last year[41] - Accounts receivable rose significantly to 184,567,457.32 RMB, a 173.80% increase, primarily due to peak sales season[41] - Inventory decreased by 13.32% to 260,683,089.54 RMB, reflecting a reduction in stock levels during the sales peak[41] - The company reported restricted cash of 8,316,672.16 RMB, mainly due to acceptance bill guarantees[45] - Total assets reached 1,107,000,000.00 RMB, with a year-on-year increase of 30.57%[41] - The total amount of guarantees provided by the company, including those to subsidiaries, is CNY 56,080,153.60, which accounts for 12.64% of the company's net assets[68] Market and Business Strategy - The global outdoor sports goods e-commerce market is projected to grow from $75 billion in 2019 to $109.8 billion by 2024, representing a CAGR of 6.8%[28] - The domestic camping equipment market is expected to reach $15.9 billion by 2027, with a CAGR of 9.1%[29] - The company maintains a dual business model of OEM/ODM and proprietary brand operations, focusing on high-quality outdoor gear and apparel[26] - The company has established a product R&D center to enhance product design and development, leveraging insights from industry leaders and market trends[30] - The company has seen a significant increase in camping-related enterprises, with a 286.5% year-on-year growth in new registrations in 2021[29] - The company’s proprietary brand "Mobi Garden" has gained widespread recognition in the outdoor products market, enhancing its brand influence[30] - The company’s sales channels include both online platforms like Tmall and JD.com, and offline channels such as direct stores and outdoor specialty shops[27] - The company’s outdoor products are exported to international markets including Europe, Australia, New Zealand, Asia, and the United States[26] - The company’s operational strategy includes strict quality control measures in both in-house production and outsourced processing[26] Research and Development - R&D expenses surged by 337.47% to CNY 11.22 million, indicating increased investment in market expansion[36] - Research and development expenses increased significantly to ¥11,222,423.44, up from ¥2,565,291.92 in the first half of 2020, indicating a focus on innovation[88] Subsidiaries and Investments - The company established a wholly-owned subsidiary with a registered capital of 30 million RMB on May 17, 2021[46] - The net profit of the main subsidiary, Qizhou Tianye Outdoor Products Co., Ltd., was 1,842.64 million RMB[48] - Q2 2021 revenue for Quzhou Tianye Outdoor Products Co., Ltd. was 21,493.24 million, with a net profit of 1,842.64 million, reflecting strong performance[50] - Hong Kong Laifei Trading Co., Ltd. reported a revenue of 19,507.02 million but faced a net loss of 615.47 million, indicating challenges in operations[50] - Vietnam Tianye Outdoor Products Co., Ltd. achieved a revenue of 3,501.31 million and a net profit of 611.44 million, showcasing growth in the region[50] Risk Management and Future Outlook - The ongoing pandemic has posed risks to both domestic and international markets, but the company has adapted by expanding online sales channels and establishing crisis response mechanisms[51] - The company is actively exploring new markets and enhancing its global sales network to ensure stable cooperation with strategic clients[51] - The company has implemented forward foreign exchange contracts to reduce the impact of currency fluctuations on performance[51] - The report does not provide specific future outlook or performance guidance for the upcoming periods[76] Shareholder and Equity Information - The company has a total of 8,413 common stock shareholders as of the end of the reporting period[72] - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 35,440,853 shares, representing 53.14% of the total shares[74] - The second-largest shareholder, Zhejiang Jiatuo Investment Management Co., Ltd., holds 7,756,100 shares, representing 11.63% of the total shares[74] - The company has committed to not reducing its holdings in Mugaodi shares for two years after the lock-up period ends, with annual reductions not exceeding 5% of the total share capital post-IPO[61] - The actual controller and shareholders have pledged to maintain a minimum selling price for shares, not lower than the adjusted IPO price, in case of any dividend or capital increase actions[62] - The company’s management has committed to not selling more than 25% of their total holdings during their tenure and will not transfer shares within six months after leaving their positions[62] Compliance and Governance - There are no significant lawsuits or arbitration matters reported during the reporting period[64] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[63] - There are no major guarantees or violations reported during the reporting period[63] - The company has not disclosed any significant related transactions or changes in major contracts during the reporting period[65] - The company has not reported any significant changes in audit opinions or bankruptcy restructuring matters[64] - The company has maintained a strong commitment to long-term investment value, with no plans for active share reduction in the next 12 months[62] Accounting Policies and Financial Reporting - The company has maintained its accounting policies without any changes during the reporting period[106] - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[121] - The accounting period for the company runs from January 1 to December 31 each year[122] - The company's accounting currency is Renminbi (RMB), including its overseas subsidiaries[124] - The company applies the acquisition method for business combinations, recognizing goodwill when the acquisition cost exceeds the fair value of identifiable net assets[126] - The company consolidates financial statements based on control, including all subsidiaries in the consolidation scope[128] Revenue Recognition and Financial Instruments - Revenue is recognized when the company fulfills performance obligations, which occurs when the customer gains control of the related goods or services[198] - The transaction price is determined based on expected amounts the company has the right to receive, excluding amounts collected on behalf of third parties[198] - The company assesses whether control of goods or services has transferred to the customer based on various indicators, including acceptance and the ability to consume economic benefits[199]

Financial Performance - Operating revenue for Q1 2021 reached CNY 209,784,450.50, a 25.71% increase year-on-year[5] - Net profit attributable to shareholders rose by 70.27% to CNY 21,209,566.04 compared to the same period last year[5] - Basic earnings per share increased by 68.42% to CNY 0.32 per share[5] - Total operating revenue for Q1 2021 reached RMB 209.78 million, a 25.7% increase from RMB 166.88 million in Q1 2020[25] - Net profit for Q1 2021 was RMB 21.21 million, representing a 70.4% increase compared to RMB 12.46 million in Q1 2020[26] - Operating profit for Q1 2021 was RMB 28.37 million, a 84.7% increase from RMB 15.36 million in Q1 2020[25] - The company reported a total profit of RMB 28.25 million in Q1 2021, up from RMB 15.36 million in Q1 2020[26] Assets and Liabilities - Total assets increased by 12.14% to CNY 1,094,498,756.66 compared to the end of the previous year[5] - Total current assets reached ¥1,035,876,605.84, up from ¥917,665,365.07 at the end of the previous year[17] - Total liabilities reached ¥633,349,238.25, up from ¥536,106,330.05, indicating a growth of approximately 18.2%[19] - Current liabilities rose to ¥629,875,322.64 from ¥529,730,283.84, marking an increase of about 18.9%[18] - Owner's equity increased to ¥461,149,518.41 from ¥439,939,952.37, representing a rise of about 4.8%[19] Cash Flow - Cash flow from operating activities improved by 9.42% to a net outflow of CNY 38,750,973.03[5] - The net cash flow from operating activities was -38,750,973.03 RMB, an improvement from -42,783,273.34 RMB in the previous year, indicating a 6.0% reduction in losses[32] - Total cash inflow from operating activities was 155,397,913.51 RMB, compared to 124,938,733.58 RMB in the previous year, representing a 24.4% increase[32] - Cash outflow from operating activities totaled 194,148,886.54 RMB, up from 167,722,006.92 RMB, marking a 15.7% increase[32] - The ending cash and cash equivalents balance was 217,751,534.28 RMB, a decrease from 133,633,708.31 RMB in the previous year[33] Shareholder Information - The company reported a total of 7,849 shareholders at the end of the reporting period[9] - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 52.09% of the shares[9] Research and Development - Research and development expenses surged by 313.4% to ¥5,422,722.87, reflecting increased investment in new product development[12] - The company plans to continue expanding its product lines and enhancing R&D efforts to drive future growth[12] - Research and development expenses in Q1 2021 amounted to RMB 5.42 million, significantly higher than RMB 1.31 million in Q1 2020[25] Other Financial Metrics - Government subsidies recognized in the period amounted to CNY 2,260,516.00[7] - Non-recurring gains and losses totaled CNY 3,400,225.69 for the quarter[7] - Accounts receivable increased by 104.6% to ¥137,922,666.17 due to the peak season of OEM/ODM business[11] - Other receivables rose by 69.1% to ¥4,360,497.32, primarily from increased security deposits for new stores[11] - The company reported a 1508.1% increase in non-operating expenses to ¥162,497.12, primarily due to donations[12]

Financial Performance - The company's operating revenue for 2020 was RMB 642,737,354.97, representing a 21.41% increase compared to RMB 529,393,579.51 in 2019[23] - The net profit attributable to shareholders for 2020 was RMB 45,974,668.64, which is a 12.72% increase from RMB 40,786,461.22 in 2019[23] - The basic earnings per share for 2020 was RMB 0.69, up 13.11% from RMB 0.61 in 2019[24] - The total assets of the company at the end of 2020 were RMB 976,046,282.42, a 50.01% increase from RMB 650,671,945.48 in 2019[23] - The net cash flow from operating activities for 2020 was RMB 17,747,846.11, down 36.51% from RMB 27,953,286.43 in 2019[23] - The weighted average return on equity for 2020 was 10.50%, an increase of 1.32 percentage points from 9.18% in 2019[24] - The company reported a decrease in net assets attributable to shareholders, which was RMB 439,939,952.37 at the end of 2020, down 0.91% from RMB 443,982,783.73 in 2019[23] - The company experienced a decline in net profit in Q4 2020, reporting a loss of RMB 3,567,253.76, compared to profits in the previous three quarters[26] Revenue and Sales Growth - In 2020, the company achieved a revenue of 642.74 million yuan, representing a year-on-year growth of 21.41%, and a net profit of 45.97 million yuan, with a year-on-year increase of 12.72%[45] - The outdoor camping equipment sales saw significant growth, with the cumulative sales of Mobi Garden brand tents exceeding 133,000 units, a year-on-year increase of over 66%[49] - The company's foreign sales revenue reached 480.83 million yuan, a growth of 29.1% compared to the previous year, driven by increased demand in the camping market[47] - The brand business generated revenue of 161.07 million yuan, a growth of 3.80%, with online sales increasing by 39.32% to 47.86 million yuan[48] Market Trends and Opportunities - The outdoor camping market saw a significant increase in participation, with 21% of leisure travelers engaging in camping trips during the summer of 2020, and 42% planning to continue camping into the fall[37] - The outdoor sports market in China is expected to grow significantly, with a potential increase in participation as GDP rises above 10,000 USD[40] - The retail sales of consumer goods in China showed a year-on-year increase of 33.8% in January-February 2021, indicating a recovery trend from the previous year[35] Research and Development - Research and development expenses surged by 177.49% to CNY 21,393,734.48, reflecting increased investment in new outdoor equipment and tent product development[51] - The total R&D expenditure for the period was ¥21,393,734.48, accounting for 3.33% of the operating revenue[62] - The company has established a product research and development center, collaborating with international design teams to enhance product quality and market responsiveness[42] Cash Flow and Financial Management - The net cash flow from investing activities plummeted by 559.80% to -CNY 90,909,269.13, mainly due to timing issues with cash management and financial product transactions[52] - The net cash flow from financing activities increased by 568.11% to CNY 234,142,584.11, driven by the need for additional borrowing to support operations[52] - The company engaged in structured financial management with a total amount of RMB 3,000 million, achieving an annualized return of 3.57% and a total actual return of RMB 17.31 million[111] Shareholder and Governance Matters - The company plans to distribute a cash dividend of RMB 0.75 per share, totaling RMB 50,017,500.00 to shareholders[5] - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its initial public offering[98] - The company has established a commitment to maintain shareholding stability to enhance investor confidence[98] Operational Efficiency and Strategy - The company plans to optimize its supply chain and logistics, and enhance its information technology systems for smart factory transformation in 2021[87] - The company aims to develop new channels and markets, focusing on overseas market expansion and cross-border sales[87] - The company has implemented a vertical integration business model, controlling production cycles and costs effectively[43] Environmental and Social Responsibility - The company emphasized environmental initiatives in product design, integrating eco-friendly materials and processes[50] - The company has established overseas production bases in Vietnam and Bangladesh to mitigate risks from international political and economic changes[90] Employee and Management Structure - The total number of employees in the parent company is 170, while the total number of employees in major subsidiaries is 3,020, resulting in a combined total of 3,190 employees[144] - The company has established a comprehensive performance evaluation mechanism for employee salary distribution based on economic efficiency and annual operational goals[145] - The management team has extensive experience in various sectors, enhancing the company's strategic capabilities[138] Audit and Compliance - The company appointed Lixin Certified Public Accountants as the auditor for the 2020 fiscal year, with an audit fee of RMB 650,000[102] - The independent auditor confirmed that the financial statements fairly reflect the company's financial position and operating results for the year 2020[163] - The company has implemented a registration system for insiders to prevent information leakage and ensure fair disclosure[152]

Financial Performance - Operating income for the first nine months rose by 15.28% to CNY 510,397,379.32 year-on-year[6] - Net profit attributable to shareholders increased by 16.66% to CNY 49,541,922.40 for the first nine months[6] - The company reported a net profit of CNY 28,464,411.61, down from CNY 55,670,274.25, indicating a decrease of approximately 48.9%[22] - Total profit for the first three quarters of 2020 was CNY 30,415,516.48, a decrease of 27.4% compared to CNY 41,970,417.84 in the first three quarters of 2019[31] - Net profit for Q3 2020 was ¥11,866,698.48, representing a 125.00% increase from ¥5,265,637.48 in Q3 2019[26] - The company's operating revenue for the first three quarters of 2020 was CNY 295,619,733.98, a slight increase of 2.0% compared to CNY 289,587,080.13 in the same period of 2019[29] Assets and Liabilities - Total assets increased by 27.49% to CNY 829,554,011.18 compared to the end of the previous year[6] - Current assets totaled CNY 778,816,688.58, compared to CNY 595,849,242.64 in the previous year, reflecting an increase of about 30.6%[19] - Total liabilities rose to CNY 386,046,805.05, up from CNY 206,689,161.75, indicating an increase of approximately 86.6%[22] - Current liabilities amounted to CNY 384,910,052.19, compared to CNY 206,022,339.26, marking a significant increase of around 86.7%[18] - The total liabilities to equity ratio increased significantly, indicating a higher leverage position for the company[22] Cash Flow - Cash flow from operating activities netted CNY 128,911,709.33, a 60.13% increase compared to the same period last year[6] - Cash inflow from operating activities for the first three quarters of 2020 was CNY 541,631,951.83, an increase from CNY 498,634,124.84 in the same period of 2019[34] - The net cash flow from investment activities for the first nine months of 2020 was CNY 60,328,963.00, an increase of 198.5% compared to CNY 20,168,868.09 in the first nine months of 2019[37] - The cash and cash equivalents at the end of the first nine months of 2020 reached CNY 265,070,891.68, up from CNY 111,198,480.42 at the end of the same period in 2019, marking an increase of 138.2%[38] Shareholder Information - The total number of shareholders reached 8,137 by the end of the reporting period[10] - The largest shareholder, Ningbo Damu Investment Co., Ltd., holds 53.14% of the shares[10] Earnings Per Share - Basic and diluted earnings per share increased by 15.625% to CNY 0.74[7] - Basic earnings per share for Q3 2020 were ¥0.18, compared to ¥0.08 in Q3 2019, reflecting a 125.00% increase[28] - The basic earnings per share for the first three quarters of 2020 was CNY 0.34, down from CNY 0.47 in the same period of 2019[32] Government Subsidies and Other Income - The company received government subsidies totaling CNY 4,063,411.05 during the reporting period[8] - Other income decreased by 55.47% to ¥3,058,117.30 from ¥6,868,166.37, mainly due to reduced government subsidies[13] - Other income for Q3 2020 was ¥181,839.08, down from ¥465.77 in Q3 2019[26] Financial Standards and Changes - The company expects to implement new revenue recognition and leasing standards starting in 2020, impacting various financial metrics[12] - The new revenue recognition standard was implemented for companies listed domestically starting January 1, 2020, following the Ministry of Finance's 2017 announcement[47] - The new leasing standard will be applicable to companies executing Chinese accounting standards starting January 1, 2021, as per the Ministry of Finance's 2018 directive[47]