Financial Performance - Operating revenue declined by 11.37% to CNY 412,551,069.75 year-on-year[5] - Net profit attributable to shareholders increased by 13.41% to CNY 37,891,315.20 compared to the same period last year[5] - Total operating revenue for Q1 2017 was CNY 412,551,069.75, a decrease of 11.36% from CNY 465,456,495.25 in the same period last year[24] - Net profit for Q1 2017 reached CNY 37,471,018.17, an increase of 14.67% compared to CNY 32,750,136.47 in Q1 2016[25] - The total operating profit for Q1 2017 was -6,472,635.22 RMB, compared to 21,794,082.54 RMB in the same period last year, indicating a significant decline[28] - The net profit for Q1 2017 was -4,841,959.29 RMB, a decrease from 16,338,859.65 RMB year-over-year[28] - The company reported a significant decrease in sales revenue from 603,386,677.32 RMB to 481,526,527.84 RMB, a decline of about 20.2%[30] Cash Flow - The net cash flow from operating activities was CNY 38,527,439.41, a significant recovery from a negative CNY 54,003,666.17 in the previous year[5] - The net cash flow from operating activities for Q1 2017 was RMB 38,527,439.41, a significant improvement compared to a negative RMB 54,003,666.17 in Q1 2016[13] - Cash inflow from operating activities was 502,731,529.08 RMB, down from 609,985,396.84 RMB in the previous year, reflecting a decrease of approximately 17.6%[31] - The net cash flow from investing activities was -144,960,913.09 RMB, compared to -21,206,209.64 RMB in the same period last year, showing a substantial increase in cash used for investments[31] - The net cash flow from financing activities decreased by 101.14% to -RMB 1,223,933.24 in Q1 2017, compared to RMB 106,964,421.33 in Q1 2016, mainly due to a reduction in borrowings[13] Assets and Liabilities - Total assets decreased by 3.64% to CNY 1,434,520,420.31 compared to the end of the previous year[5] - Cash and cash equivalents decreased by 49.84% to CNY 108,421,778.00 due to an increase in financial products[11] - Accounts receivable decreased by 34.22% to CNY 90,938,893.70, attributed to seasonal sales decline[11] - Total assets as of March 31, 2017, were RMB 1,434,520,420.31, down from RMB 1,488,710,512.30 at the beginning of the year[19] - Total liabilities decreased to RMB 211,066,235.78 in Q1 2017 from RMB 303,458,415.30 at the beginning of the year[19] - Total liabilities for Q1 2017 amounted to CNY 370,892,483.88, down from CNY 395,670,273.07 in the same period last year[23] Shareholder Information - The number of shareholders reached 25,949, with the largest shareholder holding 68.26% of the shares[9] - Shareholders' equity totaled CNY 1,119,544,253.65 in Q1 2017, slightly decreasing from CNY 1,124,386,212.94 year-over-year[23] Operational Efficiency - The company plans to continue focusing on improving operational efficiency and exploring new market opportunities[11] - The company reduced its prepayments by 29.61% to CNY 23,622,677.20, also due to seasonal factors[11] - The company’s sales expenses for Q1 2017 were CNY 151,715,582.84, a decrease from CNY 159,283,569.09 in Q1 2016[25] - The company’s management expenses increased to CNY 24,814,826.96 in Q1 2017 from CNY 20,451,846.56 in the previous year[25] Investment Activities - Investment income for Q1 2017 was RMB 13,597,593.45, resulting from the disposal of 70% equity in a subsidiary[13] - Other income increased by 76.80% to RMB 3,228,468.18 in Q1 2017, mainly due to an increase in government subsidies received[13]

Financial Performance - The company's operating revenue for 2016 was approximately CNY 1.68 billion, a decrease of 13.21% compared to CNY 1.94 billion in 2015[18]. - The net profit attributable to shareholders for 2016 was CNY 80.49 million, down 32.43% from CNY 119.12 million in 2015[18]. - The basic earnings per share for 2016 was CNY 0.423, a decline of 42.13% from CNY 0.731 in 2015[20]. - The cash flow from operating activities for 2016 was negative CNY 3.90 million, a significant decrease of 109.53% compared to positive CNY 40.95 million in 2015[18]. - The company reported non-recurring gains of RMB 27.67 million for 2016, down from RMB 32.56 million in 2015[24]. - The company achieved operating revenue of CNY 1,682,455,208.46 in 2016, a decrease of 13.21% compared to the previous year[37]. - Net profit for the year was CNY 7,702.71 million, down 34.49% year-on-year, with net profit attributable to shareholders decreasing by 32.43% to CNY 8,049.02 million[35]. - Domestic sales revenue reached CNY 1,413,137,722.05, a decline of 12.97%, while export sales revenue was CNY 269,317,486.41, down 14.45%[35]. - The gross profit margin for the wholesale and retail business was 50.55%, with a slight increase of 2.32 percentage points compared to the previous year[39]. - The company reported a significant decrease in cash flow from operating activities, with a net outflow of CNY 3,903,125.57, down 109.53% year-on-year[37]. Assets and Liabilities - The total assets at the end of 2016 were CNY 1.49 billion, an increase of 21.30% from CNY 1.23 billion at the end of 2015[19]. - The net assets attributable to shareholders increased by 82.65% to CNY 1.17 billion at the end of 2016 from CNY 640.90 million at the end of 2015[19]. - The company's total assets increased from 1,227.26 million RMB to 1,488.71 million RMB, while total liabilities decreased from 568.27 million RMB to 303.46 million RMB, resulting in a reduction of the debt-to-asset ratio from 46.30% to 20.38%[109]. - Total liabilities decreased to CNY 303,458,415.30 from CNY 568,265,852.20, a significant reduction of about 46.4%[153]. - The equity attributable to shareholders increased to CNY 1,170,623,997.25 from CNY 640,902,708.65, marking an increase of approximately 83.1%[154]. Dividends and Share Capital - The company plans to distribute a cash dividend of CNY 2.6 per 10 shares, totaling CNY 56.51 million, based on a total share capital of 21.736 million shares as of December 31, 2016[2]. - The company did not issue bonus shares or increase capital reserves in the 2016 fiscal year, opting instead to retain undistributed profits for the next fiscal year[70]. - The company issued 54.36 million shares of ordinary shares, increasing the total share capital from 163 million to 217.36 million shares[102]. - The company has a registered capital of CNY 217,360,000.00, with a total of 21,736,000 shares issued as of December 31, 2016[181]. Market and Competition - The footwear market in China is expected to grow, driven by rising disposable income and urbanization[26]. - The company faces increasing competition from Southeast Asian countries, which have lower labor costs and established manufacturing infrastructure[27]. - The company began to expand into the children's shoe market in 2016 to diversify its product offerings[34]. Operational Strategy - The company plans to invest more in product research and development, including advanced equipment and design software[65]. - The company intends to strengthen its marketing network across major cities in China and optimize existing store performance[65]. - The company has acknowledged potential risks in its operations, which are detailed in the report[5]. - The company plans to monitor store operations in real-time, reduce initial order quantities, and increase inventory promotion efforts to mitigate inventory control risks[68]. Corporate Governance - The company has established a governance structure that complies with modern corporate governance standards and ensures the independence of its operations[136]. - The financial statements were approved by the board of directors on April 26, 2017, ensuring compliance with regulatory requirements[183]. - The company has maintained strict compliance with information disclosure regulations, ensuring timely and accurate communication with shareholders[138]. Social Responsibility - The company emphasizes its commitment to social responsibility, actively investing in environmental protection, resource conservation, and social welfare initiatives[96]. Employee Management - The total number of employees in the parent company is 4,192, while the total number of employees in major subsidiaries is 3,813, resulting in a combined total of 8,005 employees[131]. - The company has established a competitive incentive mechanism for employee remuneration, which will continue to improve as the company grows[132]. - The company aims to strengthen skills training for existing personnel and improve overall employee quality[133].

Financial Performance - Operating revenue decreased by 12.62% to CNY 1,226,303,369.14 for the year-to-date period compared to the same period last year[6] - Net profit attributable to shareholders decreased by 27.03% to CNY 55,599,384.97 for the year-to-date period compared to the same period last year[6] - Basic and diluted earnings per share decreased by 32.55% to CNY 0.315[7] - The company reported a decrease in the weighted average return on net assets by 6.10 percentage points to 7.12%[7] - The company reported a net cash flow from operating activities of -RMB 74,972,315.56, a significant decline of 1,492.45% compared to -RMB 4,707,973.47 in the same period of 2015[15] - The company reported an operating loss of CNY 23,022,720.14 for Q3 2016, an improvement from a loss of CNY 30,152,711.51 in Q3 2015[35] - The company reported a net profit for Q3 2016 was a loss of approximately ¥30.57 million, compared to a loss of ¥21.99 million in Q3 2015, indicating a worsening performance[40] Assets and Liabilities - Total assets increased by 17.17% to CNY 1,437,942,783.84 compared to the end of the previous year[6] - Current liabilities decreased significantly from ¥562,265,852.20 to ¥272,540,746.86, a reduction of approximately 51.5%[27] - The company reported a total non-current asset value of ¥234,105,301.09, up from ¥209,183,354.85, which is an increase of about 11.9%[27] - Total assets as of September 30, 2016, amounted to CNY 1,520,394,200.11, an increase from CNY 1,260,189,411.90 at the beginning of the year[32] - Total liabilities decreased to CNY 393,755,239.09 from CNY 641,927,008.40, a reduction of about 38.6%[32] - The company's equity increased to CNY 1,126,638,961.02 from CNY 618,262,403.50, representing a growth of approximately 82.5%[32] Cash Flow - Net cash flow from operating activities showed a significant decline of 1,492.45% to -CNY 74,972,315.56 for the year-to-date period compared to the same period last year[6] - Cash inflow from operating activities for the period was CNY 1,501,063,804.01, a decrease of 11.9% compared to CNY 1,703,664,685.73 in the previous year[43] - Cash inflow from financing activities totaled CNY 867,097,404.70, significantly up from CNY 475,074,765.43 in the previous year, marking an increase of 82.3%[45] - The total cash and cash equivalents at the end of the period reached CNY 298,564,956.76, compared to CNY 57,625,832.49 at the end of the previous year[45] - Cash inflow from sales of goods and services was CNY 1,470,245,389.54, down from CNY 1,660,372,473.46 in the previous year[43] Shareholder Information - The total number of shareholders reached 33,732 by the end of the reporting period[11] - The largest shareholder, Zhenxing International Co., Ltd., holds 68.26% of the shares, totaling 148,359,935 shares[11] - The company has committed to not transferring or managing its shares for 36 months from the date of its stock listing, with a lock-up period extending to June 29, 2019[19] - Shareholders holding more than 5% of shares must announce any reduction in holdings 3 trading days in advance[20] - The company will not repurchase shares held by major shareholders during the lock-up period, ensuring stability in shareholding[19] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 20,990,461.28 for the year-to-date period, which is closely related to its normal business operations[8] - The company reported a 36.63% decrease in non-operating income to RMB 21,192,691.45 from RMB 33,442,030.90, primarily due to reduced government subsidies[15] Inventory and Receivables - Accounts receivable decreased by 33.08% to RMB 101,349,748.66 from RMB 151,445,337.34, attributed to seasonal sales fluctuations and reduced revenue[14] - Inventory increased to ¥740,854,435.70 from ¥700,287,123.15, reflecting a rise of approximately 5.8%[26] - Inventory levels rose to CNY 764,555,923.07 from CNY 684,766,213.65, indicating an increase of about 11.7%[31] Financing Activities - The company received net cash flow from financing activities of RMB 315,612,131.04, a substantial increase of 818.81% compared to -RMB 43,907,713.29 in the previous year[15] - Short-term borrowings decreased by 95.73% to RMB 7,790,682.85 from RMB 182,624,589.16, as the company repaid bank loans[14] Compliance and Commitments - The company has committed to reducing and standardizing related party transactions to ensure fair pricing and compliance with normal business practices[22] - The company is focused on maintaining compliance with tax obligations and has made commitments to cover any potential liabilities arising from tax-related issues[22] - The company has established a non-competition commitment for major shareholders to avoid engaging in similar business activities[21]

Financial Performance - The company's operating revenue for the first half of 2016 was ¥865,869,267.89, a decrease of 17.08% compared to ¥1,044,249,654.15 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2016 was ¥53,683,220.04, down 37.44% from ¥85,808,949.19 in the previous year[18]. - The net cash flow from operating activities was -¥4,060,439.80, compared to ¥2,157,569.52 in the same period last year, indicating a significant decline[18]. - Basic earnings per share for the first half of 2016 were ¥0.32, a decrease of 38.70% from ¥0.52 in the same period last year[19]. - The weighted average return on equity decreased by 6.83 percentage points to 8.04% from 14.87% in the previous year[19]. - The company achieved operating revenue of CNY 865.87 million in the first half of 2016, a year-on-year decline of 17.08%[25]. - Net profit attributable to the parent company was CNY 53.68 million, down 37.44% year-on-year, while net profit excluding non-recurring gains and losses was CNY 49.83 million, a decrease of 24.35%[25]. - The company reported a total profit of CNY 58,124,822.20, down 47.3% from CNY 110,343,247.70 in the same period last year[84]. - Operating profit for the first half of 2016 was CNY 53,435,969.36, representing a decline of 36.2% from CNY 83,801,996.94 in the previous year[84]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,677,696,328.23, an increase of 36.70% from ¥1,227,259,809.87 at the end of the previous year[18]. - The total amount of raised funds in 2016 was CNY 44,921.57 million, which has not yet been utilized as of the report date[41]. - The company has provided guarantees totaling CNY 24,015 million, which accounts for 20.72% of the company's net assets[49]. - The company has a subsidiary, Shenzhen Zhenxing Footwear, with total assets of CNY 13,213.86 million and a net profit of CNY 151.95 million[42]. - The company has incurred a net loss of CNY 181.94 million from its subsidiary Fuzhou Zhenzhan Footwear[42]. - Total assets increased to CNY 1,677,696,328.23, up from CNY 1,227,259,809.87, representing a growth of approximately 36.6% year-over-year[78]. - Total liabilities decreased to CNY 518,588,573.50 from CNY 568,265,852.20, a reduction of approximately 8.7%[79]. - The company’s total assets at the end of the reporting period were CNY 1,159,107,754.73, reflecting a robust asset base[99]. Cash Flow - The net cash flow from operating activities was -4,060,439.80 RMB, a decrease compared to 2,157,569.52 RMB in the previous period[92]. - Total cash inflow from financing activities was 775,308,987.21 RMB, significantly higher than 342,611,592.86 RMB in the prior period[93]. - The net cash flow from financing activities increased to 527,437,445.28 RMB from 20,275,472.42 RMB year-over-year[93]. - The cash flow from operating activities showed a negative net amount of -15,539,001.36 RMB, contrasting with a positive 12,325,223.56 RMB in the prior period[94]. - The total cash inflow from operating activities was 1,024,668,014.49 RMB, down from 1,220,562,499.24 RMB in the previous period[92]. Shareholder Information - The company issued 5.436 million new shares in June 2016, increasing total shares from 16.3 million to 21.736 million[63]. - As of the end of the reporting period, the total number of shareholders was 51,190[64]. - The largest shareholder, Zhenxing International Co., Ltd., held 148,359,935 shares, representing 68.26% of total shares[66]. - The company’s public offering resulted in a total share capital of 217,360,000 after the issuance[63]. - The total number of shares with limited sale conditions was 54,350,882, which is 25.01% of total shares[62]. - The company has a total of 148,359,935 shares held by Zhenxing International, which will be unlocked for trading in June 2019[69]. - The company’s strategic investor, Harrison (BVI), holds 52.74% of the shares, indicating a significant control over the company[68]. Governance and Compliance - The company has established a complete governance structure, ensuring compliance with relevant laws and regulations, and improving management efficiency[58]. - The company has not reported any major litigation or arbitration issues during the reporting period[45]. - The company has not engaged in any asset transactions or mergers during the reporting period[46]. - The company has committed to reducing and regulating related party transactions, ensuring that transaction prices are fair and in line with normal commercial practices[55]. - The company has no significant changes in accounting policies or estimates during the reporting period[59]. Accounting Policies - The company adheres to the enterprise accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, changes in shareholders' equity, and cash flows[113]. - The company's accounting currency is Renminbi (RMB)[116]. - The company includes all subsidiaries under its control in the consolidated financial statements, ensuring consistency in accounting policies and periods[123]. - The company recognizes goodwill when the merger cost exceeds the fair value of identifiable net assets acquired[121]. - The company assesses impairment indicators for construction projects at each reporting period and estimates recoverable amounts based on fair value less disposal costs or the present value of expected future cash flows[181]. Research and Development - The company invested CNY 13.09 million in research and development, a decrease of 9.70% from the previous year[27]. - The company has five proprietary brands and is in the process of acquiring trademark rights for additional brands, indicating ongoing market expansion efforts[106]. Market Presence - The company operates primarily through direct sales and e-commerce platforms, enhancing its market reach and customer engagement[106]. - The company has been recognized multiple times for quality and service excellence, which strengthens its brand reputation in the market[107]. - The company’s stock was listed on the Shanghai Stock Exchange on June 29, 2016, marking a significant milestone in its growth strategy[107].