Financial Performance - Operating revenue increased by 13.60% to CNY 245,836,589.92 compared to the same period last year[12] - Net profit attributable to shareholders of the listed company was CNY 8,679,887.90, a significant recovery from a loss of CNY 1,344,452.61 in the previous year[12] - The company recorded a significant reduction in asset impairment losses by 80.13% to CNY 2,524,845.69 compared to the previous year[12] - Government subsidies recognized in the current period amounted to CNY 941,234.97, contributing positively to the financial results[7] - Total operating revenue for Q1 2021 was CNY 245,836,589.92, an increase of 13.6% compared to CNY 216,396,617.11 in Q1 2020[27] - Net profit for Q1 2021 reached CNY 8,675,762.99, compared to a net loss of CNY 1,992,784.63 in Q1 2020, indicating a significant turnaround[28] - Earnings per share for Q1 2021 were CNY 0.040, compared to a loss per share of CNY 0.006 in Q1 2020[28] - The total comprehensive income for Q1 2021 was ¥10,689,812.87, down from ¥19,761,722.28 in Q1 2020[31] Cash Flow - Cash flow from operating activities improved, with a net cash flow of CNY -21,010,500.29, an improvement from CNY -46,126,095.88 in the same period last year[5] - The net cash flow from operating activities for Q1 2021 was -21,010,500.29 RMB, an improvement from -46,126,095.88 RMB in Q1 2020, primarily due to a decrease in payments for goods[13] - The company reported a significant decrease in accounts receivable from CNY 157,195,105.21 in Q1 2020 to CNY 111,740,733.09 in Q1 2021, a drop of 29.0%[22] - The company's cash outflow for operating activities totaled ¥275,981,614.79 in Q1 2021, compared to ¥297,878,682.61 in Q1 2020[34] - In Q1 2021, the company's operating cash flow generated a net amount of ¥30,861,168.98, a significant improvement compared to a net outflow of ¥14,070,502.74 in Q1 2020, marking a turnaround of over 218%[35] - Total cash inflow from operating activities was ¥237,952,890.44, up from ¥213,944,789.75 in the same period last year, representing an increase of approximately 11.2%[35] Assets and Liabilities - Total assets decreased by 5.80% to CNY 1,091,013,986.95 compared to the end of the previous year[5] - Total liabilities decreased to 108,950,247.56 RMB from 184,770,113.83 RMB, showing a significant reduction of about 41%[20] - The company's equity attributable to shareholders increased to 982,033,119.24 RMB from 973,353,231.34 RMB, showing a slight increase of about 0.7%[20] - As of March 31, 2021, total current assets amounted to 884,943,046.28 RMB, down from 946,573,608.10 RMB as of December 31, 2020[18] - The company's cash and cash equivalents decreased to 354,237,748.64 RMB from 410,060,548.03 RMB at the end of 2020, reflecting a decline of approximately 13.6%[18] - Accounts receivable decreased to 59,211,405.82 RMB from 71,967,049.90 RMB, indicating a reduction of about 17.7%[18] - Inventory as of March 31, 2021, was 390,507,423.27 RMB, down from 423,189,503.07 RMB, representing a decrease of approximately 7.7%[18] Management and Operational Changes - Management expenses decreased by 43.26% to CNY 6,928,133.99, primarily due to reduced management costs from a deregistered subsidiary[12] - The company has completed the deregistration of certain subsidiaries, which may impact future operational efficiency and financial performance[14] Investment Activities - The net cash flow from investing activities for Q1 2021 was -34,813,772.11 RMB, significantly improved from -220,524,269.12 RMB in Q1 2020, mainly due to a reduction in purchases of entrusted financial products[14] - The company reported cash inflow from investment activities of ¥20,094,640.00 in Q1 2021, compared to ¥618,727.91 in Q1 2020[34] - The company received ¥20,000,000 in cash from investment recoveries during Q1 2021, which was not reported in the previous year[35] - The total cash inflow from investment activities was ¥20,055,240.00, a significant increase from ¥513,727.91 in Q1 2020[35]

2020 年第三季度报告 公司代码：603958 公司简称：哈森股份 哈森商贸（中国）股份有限公司 2020 年第三季度报告 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人陈玉珍、主管会计工作负责人伍晓华及会计机构负责人（会计主管人员）杨楠保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 1 / 26 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 9 | 2020 年第三季度报告 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 2.1 主要财务数据 3 / 26 单位：元 币种：人民币 本报告期末 上年度末 本报告期末比上年度 末增减(%) 总资产 1,181,435,257.26 1,269,141,826.31 -6.91 归属于上市公司股 东的净资产 ...

Financial Performance - The company's operating revenue for the first half of 2020 was ¥388,095,932.59, a decrease of 38.82% compared to ¥634,330,007.50 in the same period last year[18]. - The net profit attributable to shareholders was -¥23,529,733.76, representing a decline of 366.52% from a profit of ¥8,828,548.79 in the previous year[18]. - The net cash flow from operating activities was -¥67,461,264.74, a significant drop from ¥6,494,925.60 in the same period last year, marking a decrease of 1,138.68%[18]. - The total assets decreased by 12.55% to ¥1,109,847,778.33 from ¥1,269,141,826.31 at the end of the previous year[18]. - The net assets attributable to shareholders decreased by 2.94% to ¥993,341,649.51 from ¥1,023,407,084.38 at the end of the previous year[18]. - Basic earnings per share for the first half of 2020 was -¥0.11, a decrease of 375.00% compared to ¥0.04 in the same period last year[19]. - The company reported a significant increase in non-recurring losses, with a total of ¥9,140,230.11 from various non-operating income and expenses[22]. - The decline in revenue and profit was primarily attributed to the impact of the pandemic and a decrease in export orders[20]. - The company achieved operating revenue of 388.1 million RMB, a decrease of 38.82% compared to the same period last year[34]. - The net profit attributable to the parent company was -23.5 million RMB, a decrease of 366.52% year-on-year[34]. - Domestic sales revenue was 371 million RMB, down 32.80% year-on-year, while foreign sales revenue was 14 million RMB, down 83.20%[34]. Operational Changes - The company operated 1,352 physical stores, including 1,128 direct-operated stores and 224 franchised stores[34]. - Direct-operated stores generated 309 million RMB in revenue, accounting for 79.52% of total revenue[34]. - Online sales contributed 42 million RMB, representing 10.93% of total revenue[34]. - The company reduced R&D expenses by 54.81% to 2.87 million RMB due to a decrease in R&D personnel[36]. - The company is focusing on optimizing offline store operations and expanding online retail channels[34]. - The company plans to expand online and shopping center channels to mitigate risks from traditional retail competition[45]. - The company aims to strengthen inventory management and control to prevent losses from unsold stock[46]. Financial Position - Cash and cash equivalents increased by 227.95% to ¥131.29 million, compared to ¥40.03 million in the same period last year[38]. - Trading financial assets decreased by 38.11% to ¥223.78 million, down from ¥361.61 million year-on-year[38]. - Accounts receivable decreased by 23.56% to ¥75.88 million, compared to ¥99.26 million in the previous year[38]. - Inventory decreased by 11.82% to ¥409.77 million, down from ¥464.68 million year-on-year[38]. - Deferred income tax assets increased by 36.38% to ¥42.48 million, compared to ¥31.15 million in the same period last year[38]. - The company purchased bank wealth management products totaling ¥331 million and redeemed ¥110 million during the reporting period[40]. - The company’s external sales revenue significantly decreased by 83.2%, with external sales achieving ¥14 million in the first half of 2020[47]. - The company’s inventory accounted for 36.92% of total assets, amounting to ¥409.77 million, despite a 12.4% decrease from the previous year[46]. Shareholder Information - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during the reporting period[4]. - There were no instances of non-operating fund occupation by controlling shareholders or related parties during the reporting period[5]. - The actual controller and shareholders have committed to not reducing their holdings within the lock-up period, which lasts until June 28, 2021[52]. - After the lock-up period, shareholders are required to sell their shares at a price not lower than the issuance price[53]. - The company has established commitments to avoid engaging in competitive businesses during the holding period of its shares[53]. - The company will ensure that any future business activities do not compete with its current operations[53]. - Shareholders must announce any significant reductions in holdings (over 5%) three trading days in advance[53]. - The company has outlined measures to address potential conflicts of interest arising from changes in national policies[53]. Compliance and Governance - The company has not experienced any major litigation or arbitration matters during the reporting period[56]. - The company has adhered to environmental protection regulations and is not classified as a key pollutant discharge unit[62]. - There were no significant changes in the company's accounting policies or estimates compared to the previous accounting period[62]. - The company has not reported any major accounting errors that require retrospective restatement during the reporting period[63]. - The company has maintained its total share capital and structure without any changes during the reporting period[65]. Future Outlook - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[98]. - The company is exploring new strategies for market expansion and potential acquisitions to drive future growth[98].

2020 年第一季度报告 公司代码：603958 公司简称：哈森股份 哈森商贸（中国）股份有限公司 2020 年第一季度报告 1 / 24 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 8 | 2020 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | --- | --- | --- | --- | --- | | | | | 减(%) | | | 总资产 | 1,169,884,914.50 | 1,269,141,826.31 | | -7.82 | | 归属于上市公司 | 1,022,057,597.61 | 1,023,407,084.38 | | -0.13 | | 股东的净资产 | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | | 经营活动产生的 | -46,126,095.88 | -26,030,558.24 | | 不适用 | | 现金流量净 ...

Financial Performance - The company's operating revenue for 2019 was CNY 1,235,692,550.74, a decrease of 8.31% compared to CNY 1,347,678,813.40 in 2018[21] - The net profit attributable to shareholders for 2019 was CNY 9,461,917.28, a significant recovery from a loss of CNY 62,373,999.41 in 2018[21] - The total revenue for 2019 was impacted by a 2.9% increase in retail sales of clothing, shoes, and textiles, which was lower than the overall retail sales growth of 8.0%[34] - The company achieved a total revenue of 1.24 billion RMB in 2019, a decrease of 8.31% year-on-year[42] - Domestic sales revenue was 1.07 billion RMB, down 13.10% compared to the previous year, while export sales revenue increased by 40.58% to 168 million RMB[43] - The company reported a total comprehensive income of CNY 6,751,193.34 in 2019, compared to a loss of CNY 67,369,081.98 in 2018[190] Cash Flow and Assets - The net cash flow from operating activities was CNY 49,381,180.70, down 8.44% from CNY 53,933,641.21 in the previous year[22] - The total assets at the end of 2019 were CNY 1,269,141,826.31, a decrease of 3.69% from CNY 1,317,716,727.01 in 2018[22] - The cash flow from operating activities for the parent company was negative at approximately -¥21.97 million in 2019, a decline from a positive cash flow of ¥73.86 million in 2018[198] - The ending balance of cash and cash equivalents as of December 31, 2019, was approximately ¥420.22 million, up from ¥371.30 million at the end of 2018, representing an increase of about 13.2%[197] Shareholder Returns and Dividends - The company plans to distribute a cash dividend of CNY 0.3 per 10 shares, totaling CNY 6,520,800 based on the total share capital as of December 31, 2019[5] - The company plans to distribute a cash dividend of CNY 0.30 per 10 shares, totaling CNY 6,520,800 for the year 2019, reflecting a payout ratio of 68.92% of the net profit attributable to ordinary shareholders[82][83] Operational Efficiency - The company reduced its management expenses by 30.96% to 58.45 million RMB, primarily due to significant severance benefits incurred in the previous year[46] - The gross profit margin for the wholesale and retail sector was 52.17%, reflecting a decrease of 0.54 percentage points year-on-year[49] - The company’s online sales channel contributed 7.13% of total revenue, amounting to 88 million RMB[43] - The company operates a multi-brand strategy, with its own brands including HARSON, KADINA, and ROBERTA, and also represents international brands like AS and PIKOLINOS[31] Legal and Compliance Issues - The company has faced a significant lawsuit involving a claim of RMB 50,000,000 related to intellectual property rights, with a settlement agreement reached to pay RMB 1,500,000[95] - The company has ongoing litigation against multiple subsidiaries of Xinglong Group, indicating potential future cash flow issues[97] - The company has no outstanding court judgments or significant debts that remain unpaid during the reporting period[99] Governance and Management - The company held 5 board meetings during the reporting period, with all directors actively participating and fulfilling their responsibilities[158] - The company’s management team is structured with clear divisions of responsibility, ensuring effective decision-making and oversight[155] - The company revised its articles of association in accordance with updated regulations to enhance corporate governance[154] Employee and Management Compensation - The total pre-tax remuneration for the chairman, Chen Yuzhen, was CNY 1.2 million[138] - The total pre-tax remuneration for the general manager, Chen Fangde, was CNY 696,000[138] - The total pre-tax remuneration for the vice general manager, Chen Zhixian, was CNY 468,000[138] - The remuneration for all directors, supervisors, and senior management totaled 5.7634 million yuan at the end of the reporting period[146] Market and Industry Trends - The footwear industry is experiencing a shift towards online retail, with e-commerce sales growing by 19.5% in 2019, indicating a need for companies to adapt to changing consumer behaviors[34] - The company is facing risks related to channel changes, particularly from the increasing competition of online and shopping center channels against traditional department store sales[77] Research and Development - R&D expenses totaled ¥12,772,161.88, accounting for 1.03% of operating revenue, with no capitalized R&D expenditures[57] - Research and development expenses decreased to CNY 12,772,161.88 in 2019 from CNY 13,862,000.16 in 2018, reflecting a focus on cost management[188]

Financial Performance - Operating revenue for the first nine months decreased by 10.60% to CNY 881,911,231.71 compared to the same period last year[6]. - Net profit attributable to shareholders decreased by 87.20% to CNY 939,761.27 for the first nine months compared to the same period last year[6]. - The company reported a significant decrease in other income by 55.80% to CNY 14,130,423.34 due to reduced government subsidies received[12]. - Total revenue for Q3 2019 was ¥247,581,224.21, a decrease of 5.4% compared to ¥261,529,107.04 in Q3 2018[25]. - Net profit for Q3 2019 was a loss of ¥7,879,317.91, compared to a loss of ¥31,004,758.91 in Q3 2018, indicating an improvement[26]. - The company reported a total profit of CNY -1,426,746.95 in Q3 2019, an improvement from CNY -44,991,598.01 in Q3 2018[30]. - Total comprehensive income attributable to the parent company was CNY -7,910,659.26 in Q3 2019, compared to CNY -30,672,858.67 in Q3 2018[28]. Cash Flow - Net cash flow from operating activities decreased by 63.90% to CNY 15,441,037.95 compared to the same period last year[14]. - The net cash flow from operating activities for the first three quarters of 2019 was CNY 15,441,037.95, down from CNY 42,770,657.27 in 2018, indicating a significant decline of approximately 63.9%[34]. - The company reported a total cash outflow from investing activities of CNY 320,668,456.63 in the first three quarters of 2019, compared to CNY 57,608,664.88 in the same period of 2018, reflecting a substantial increase in investment expenditures[34]. - The net cash flow from investing activities was -CNY 315,203,822.74 for the first three quarters of 2019, worsening from -CNY 44,951,825.77 in 2018[34]. - The company experienced a net cash outflow from financing activities of -CNY 18,081,215.00 in the first three quarters of 2019, compared to -CNY 38,432,384.91 in the same period of 2018, indicating a reduced outflow[35]. Assets and Liabilities - Total assets decreased by 4.91% to CNY 1,253,037,308.16 compared to the end of the previous year[6]. - As of September 30, 2019, total current assets amounted to 1,027,855,924.67 RMB, a decrease from 1,093,561,304.55 RMB at the end of 2018[19]. - The company's cash and cash equivalents were reported at 53,538,494.61 RMB, down from 371,301,677.76 RMB at the end of 2018[19]. - Total liabilities decreased to 233,672,940.04 RMB from 297,777,619.07 RMB at the end of 2018[21]. - The total assets as of September 30, 2019, were 1,253,037,308.16 RMB, down from 1,317,716,727.01 RMB at the end of 2018[21]. - Total current assets amounted to CNY 1,093,561,304.55, with cash and cash equivalents at CNY 371,301,677.76[42]. - Total liabilities were reported at CNY 297,777,619.07, with current liabilities totaling CNY 296,673,008.96[43]. Shareholder Information - The number of shareholders reached 16,632 at the end of the reporting period[9]. - The total equity attributable to shareholders was 1,014,302,511.73 RMB, showing a slight increase from 1,013,376,149.36 RMB at the end of 2018[21]. - Shareholders' equity stood at CNY 1,019,939,107.94, reflecting a strong equity position[44]. Expenses - The company's management expenses decreased by 28.07% to CNY 41,818,141.65 compared to the same period last year[12]. - Total operating costs for Q3 2019 were ¥259,955,680.43, down 10.6% from ¥290,871,372.44 in Q3 2018[25]. - The company’s total operating expenses in Q3 2019 were CNY 176,186,152.56, down from CNY 202,519,000.87 in Q3 2018[29]. - Research and development expenses for Q3 2019 were ¥4,916,356.28, up from ¥3,241,324.02 in Q3 2018, indicating a 51.6% increase[25]. - R&D expenses in Q3 2019 were CNY 265,467.76, significantly lower than CNY 1,800,978.63 in Q3 2018[29]. Investments - Long-term equity investments increased by 101.63% to CNY 30,145,822.37 due to fulfilling investment obligations in subsidiaries[13]. - The company reported an investment income of ¥6,377,571.67 for Q3 2019, compared to ¥4,414,644.05 in Q3 2018, reflecting a growth of 44.5%[26]. - The company’s investment payments in the first three quarters of 2019 totaled CNY 319,640,000.00, a significant increase from CNY 30,020,000.00 in the same period of 2018, indicating aggressive investment strategies[39].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 634,330,007.50, a decrease of 12.50% compared to CNY 724,952,428.77 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was CNY 8,828,548.79, down 76.77% from CNY 38,001,699.11 in the previous year[18]. - The net cash flow from operating activities was CNY 6,494,925.60, a significant decline of 88.56% compared to CNY 56,774,890.58 in the same period last year[19]. - The basic earnings per share decreased to CNY 0.04, down 76.47% from CNY 0.17 in the previous year[20]. - The total assets at the end of the reporting period were CNY 1,225,106,342.35, a decrease of 7.03% from CNY 1,317,716,727.01 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company increased slightly by 0.87% to CNY 1,022,213,170.99 from CNY 1,013,376,149.36 at the end of the previous year[19]. - The company reported a significant reduction in government subsidies received during the reporting period compared to the previous year, impacting net profit[20]. - The weighted average return on net assets decreased to 0.87%, down 2.32 percentage points from 3.19% in the previous year[20]. - The company achieved operating revenue of 634.33 million RMB, a decrease of 12.50% compared to the same period last year[34]. - Net profit attributable to the parent company was 8.83 million RMB, down 76.77% year-on-year[34]. Sales and Market Performance - Domestic sales revenue was 551.92 million RMB, a decline of 17.62%, while foreign sales revenue increased by 49.92% to 82.41 million RMB[34]. - The number of domestic stores decreased by 56, all of which were direct-operated stores, leaving a total of 1,532 stores[34]. - The domestic footwear market saw a sales revenue of 600 billion USD in 2018, with a growth rate of 5.1%[27]. - Online retail sales in China accounted for 19.6% of total retail sales in the first half of 2019, up from 18.4% the previous year[26]. Research and Development - The company’s R&D expenses were 6.36 million RMB, down 35.45% from the previous year[36]. - The company is investing 50 million in research and development for new technologies aimed at enhancing user experience[52]. - Research and development expenses for the first half of 2019 were CNY 6,361,143.52, down 35.5% from CNY 9,854,461.34 in the first half of 2018[91]. Cash Flow and Liquidity - The company's cash and cash equivalents decreased by 89.22% to ¥40,033,732.48, compared to ¥371,301,677.76 in the previous period[37]. - Other current assets increased significantly by 1,566.84% to ¥368,989,420.21, attributed to an increase in purchased financial products[37]. - Accounts payable decreased by 39.95% to ¥113,166,314.96, down from ¥188,463,415.78 in the previous period[37]. - The company's net cash flow from operating activities decreased due to a reduction in revenue[37]. - The company reported a 45.44% decrease in payable taxes, amounting to ¥6,761,933.21, down from ¥12,394,641.91[40]. Risks and Challenges - The company is facing risks related to channel changes, particularly the competition from online sales and shopping centers affecting traditional department store sales[44]. - Inventory control risks are present due to low turnover rates and potential overstocking, which could lead to losses if not managed properly[44]. - The company experienced a decline in export sales, with revenues dropping from ¥269 million in 2016 to ¥120 million in 2018, although there was a slight recovery in 2019[45]. Strategic Initiatives - The company plans to enhance online store operations and expand into shopping center channels to mitigate channel risk[44]. - The company is considering strategic acquisitions to bolster its product offerings, with a budget of 200 million allocated for potential deals[52]. - Market expansion plans include entering three new international markets by Q4 2019, which is expected to increase market share by 10%[52]. Shareholder and Equity Information - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of listing, with a lock-up period ending on June 29, 2019[49]. - After the lock-up period, the company will limit the number of shares transferred annually to no more than 25% of the total indirect shares held during the tenure of the executives[49]. - The company will announce any share reduction plans at least three trading days in advance if the shareholding exceeds 5%[50]. - The company has confirmed that all commitments made by shareholders and related parties have been fulfilled during the reporting period[49]. - The total number of shares decreased from 219,906,650 to 219,896,600 due to the cancellation of 10,050 shares[67]. Compliance and Regulatory Matters - There are no significant legal disputes or regulatory issues reported during the period, ensuring a stable operational environment[54]. - The company has committed to maintaining compliance with all financial regulations, with no outstanding debts or penalties reported[54]. Accounting Policies and Financial Reporting - The company has adjusted its accounting policies in accordance with new financial instrument standards effective from January 1, 2019, but this will not have a significant impact on financial statements[61]. - The company prepared its financial statements in accordance with the accounting standards issued by the Ministry of Finance, ensuring a true and complete reflection of its financial status and operating results[125]. - The company evaluates its ability to continue as a going concern for the next 12 months and found no significant doubts regarding its ongoing viability[123]. Financial Instruments and Investments - The company classifies financial instruments into three categories: financial assets measured at amortized cost, financial assets measured at fair value with changes recognized in other comprehensive income, and financial assets measured at fair value with changes recognized in profit or loss[144][145]. - The company recognizes foreign currency transactions at the spot exchange rate on the transaction date, with any exchange differences recorded in the current profit or loss[141]. - The company assesses expected credit losses based on the risk of default for financial assets measured at amortized cost and fair value, confirming loss provisions accordingly[160]. Fixed Assets and Depreciation - Fixed assets are recognized when they are held for production, service provision, leasing, or management, with a useful life exceeding one accounting year[191]. - The depreciation method for fixed assets includes straight-line depreciation with varying rates, such as 4.5% for buildings and 10% for machinery[191]. - Borrowing costs can be capitalized if they are directly attributable to the acquisition or production of qualifying assets[198].

Financial Performance - The company's operating revenue for 2018 was CNY 1,347,678,813.40, a decrease of 9.97% compared to CNY 1,496,871,964.82 in 2017[21] - The net profit attributable to shareholders for 2018 was a loss of CNY 62,373,999.41, representing a decline of 443.25% from a profit of CNY 18,171,397.36 in 2017[21] - The net cash flow from operating activities was CNY 53,933,641.21, down 36.35% from CNY 84,729,548.57 in the previous year[21] - The total assets at the end of 2018 were CNY 1,317,716,727.01, a decrease of 8.35% from CNY 1,437,751,945.99 at the end of 2017[21] - The company's net assets attributable to shareholders decreased by 10.50% to CNY 1,013,376,149.36 at the end of 2018 from CNY 1,132,271,305.25 at the end of 2017[21] - Basic earnings per share for 2018 were CNY -0.287, a decline of 443.30% from CNY 0.084 in 2017[22] - The weighted average return on equity was -5.84% in 2018, a decrease of 7.42 percentage points from 1.58% in 2017[22] - The company reported non-recurring gains of ¥51.56 million in 2018, primarily from government subsidies and asset disposals[27] - The company achieved operating revenue of CNY 1,347,678,813.40, a decrease of 9.97% year-on-year[43] - The net profit attributable to shareholders was CNY -62,374,000, a decline of 443.25% compared to the previous year[43] - Domestic sales revenue reached CNY 1,226,507,269.84, down 8.55% year-on-year[48] - Export sales revenue was CNY 119,632,601.98, representing a decrease of 21.78% year-on-year[48] - The company reported a net profit of CNY -62.38 million for 2018, with no cash dividends distributed to shareholders[91] Operational Challenges - The company faced significant losses due to a reduction in domestic store numbers and a decline in export orders, leading to substantial layoffs in the export department[23] - The company closed a net of 109 stores during the reporting period, including 100 direct-operated stores[45] - The company experienced a significant drop in net profit after deducting non-recurring gains and losses, reporting a loss of ¥84.90 million in Q4 2018[25] - The company is facing risks related to accounts receivable due to potential payment difficulties from department stores amid increasing competition from online and shopping center channels[86] - The company plans to enhance online store operations and expand into shopping center channels to mitigate channel risk due to the decline of traditional department store advantages[84] Inventory and Assets - At the end of the reporting period, the company's inventory was CNY 5.31 billion, representing 40.29% of total assets, indicating a significant inventory control risk[85] - The company's export sales revenue decreased significantly from CNY 2.69 billion in 2016 to CNY 1.20 billion in 2018, reflecting a declining trend in international sales[86] - The company's total assets at the beginning of the reporting period were CNY 1,437.75 million, while at the end, total assets decreased to CNY 1,317.72 million, resulting in an asset-liability ratio increase from 20.44% to 22.60%[137] - The company's inventory amounted to 627.62 million RMB, accounting for 47.53% of total assets, highlighting its significance as a key asset[183] Strategic Initiatives - The company’s main business focuses on mid-to-high-end shoe brand operation, product design, production, and sales, supported by a self-owned omni-channel marketing network[30] - The company operates a multi-brand strategy, with self-owned brands including HARSON, KADINA, and ROBERTA, and has established a strong market presence[32] - The company is actively expanding online retail partnerships with platforms like Vipshop, JD, and Tmall[45] - The company aims to strengthen its e-commerce channels and partnerships with platforms like JD.com and Tmall to drive online sales growth[82] - The company has established a vertical integration business model to enhance supply chain responsiveness and improve gross margins[83] Governance and Compliance - The company appointed Da Hua Accounting Firm as the auditor for the 2018 financial report, with a remuneration of CNY 1,200,000[100] - The company has not reported any major litigation or arbitration matters that have not been disclosed in temporary announcements[102] - The company has not faced any risks of suspension or termination of its listing during the reporting period[101] - The company’s governance structure complies with the requirements of the China Securities Regulatory Commission, with no significant discrepancies noted[170] - The company emphasizes communication with investors, ensuring that minority shareholders' rights are respected and protected[170] Employee and Management Structure - The total number of employees in the parent company is 3,109, while the main subsidiaries employ 2,878, resulting in a total of 5,987 employees[163] - The company has established close ties with well-known colleges to recruit talented individuals, enhancing its talent pool[165] - The performance annual salary for senior management is determined based on annual operational performance and market conditions[164] - The compensation for directors, supervisors, and senior management is based on a model of "basic annual salary + performance annual salary"[160] Financial Management - The company plans to use up to 75 million RMB of idle raised funds and up to 400 million RMB of idle self-owned funds for purchasing financial products or structured deposits[116] - The company has invested 91 million RMB in bank financial products from idle raised funds, with a remaining balance of 12 million RMB[117] - The company has invested 358 million RMB in bank financial products from self-owned funds, with a remaining balance of 8.1 million RMB[117] - The company has not reported any overdue amounts from entrusted financial products[117] Legal Matters - The company is currently involved in a significant lawsuit regarding intellectual property, with a claim amounting to CNY 50,000,000[102] - Tibet Hason Trading Co., Ltd. has ongoing litigation cases involving unpaid goods totaling RMB 902,066.18, RMB 237,972.08, and RMB 525,261.44, with various defendants ordered to pay these amounts[104] - The company has reported difficulties in enforcing court judgments, indicating potential challenges in cash flow and receivables collection[106] Shareholder Information - The largest shareholder, Zhenxing International Co., Ltd., holds 148,359,935 shares, representing 67.46% of the total shares[140] - The total share capital increased from 217,360,000 shares to 219,906,650 shares due to the issuance of 2,546,650 restricted stock options[130] - The company has a total of 148,359,935 restricted shares held by Zhenxing International Co., Ltd., which will be locked for 36 months starting from June 29, 2019[142] - The actual controller of the company is Chen Yuzhen, who also holds 52.74% of HARRISON (BVI) and 67.46% of Zhenxing International[144]

Financial Performance - Operating revenue fell by 11.88% to CNY 349,753,148.06 year-on-year[6] - Net profit attributable to shareholders decreased by 44.63% to CNY 20,055,459.97 compared to the same period last year[6] - Basic earnings per share dropped by 45.51% to CNY 0.091[6] - Total operating revenue for Q1 2019 was CNY 349,753,148.06, a decrease of 11.87% compared to CNY 396,883,869.53 in Q1 2018[22] - Net profit for Q1 2019 was CNY 19,297,019.04, a decline of 46.3% from CNY 35,916,079.78 in Q1 2018[23] - Earnings per share for Q1 2019 was CNY 0.091, compared to CNY 0.17 in Q1 2018[23] - Total operating costs for Q1 2019 were CNY 330,374,079.02, down 11.91% from CNY 375,074,075.33 in Q1 2018[22] Cash Flow - Net cash flow from operating activities was negative at CNY -26,030,558.24, a significant decline from CNY 66,091,625.26 in the previous year[6] - The company's cash flow from operating activities for Q1 2019 was negative at -45,067,565.11 RMB, compared to a positive cash flow of 57,128,266.07 RMB in Q1 2018, indicating a significant decline[30] - Total cash inflow from operating activities was 247,017,173.54 RMB, down 27.8% from 342,133,431.06 RMB in the same period last year[30] - Cash outflow from operating activities increased to 292,084,738.65 RMB, up 2.4% from 285,005,164.99 RMB in Q1 2018[31] - The company reported a net cash flow from investing activities of -222,827,438.20 RMB, worsening from -25,657,451.15 RMB in Q1 2018[31] - Cash outflow for investment activities surged to 223,121,219.68 RMB, compared to 28,460,491.91 RMB in the previous year, reflecting increased investment efforts[31] Assets and Liabilities - Total assets decreased by 5.73% to CNY 1,242,170,541.19 compared to the end of the previous year[6] - Total current assets decreased to 1,025,412,204.54 RMB from 1,093,561,304.55 RMB, reflecting a decline of approximately 6.23%[14] - Total liabilities decreased to 202,918,847.83 RMB from 297,777,619.07 RMB, a reduction of about 31.86%[17] - The company's total assets decreased to 1,242,170,541.19 RMB from 1,317,716,727.01 RMB, representing a decline of approximately 5.68%[16] - Total liabilities for Q1 2019 were CNY 225,291,670.45, down from CNY 295,148,875.87 in Q1 2018[21] Shareholder Information - The number of shareholders reached 18,354 at the end of the reporting period[10] - The largest shareholder, Zhenxing International, holds 67.46% of the shares[10] Expenses - Research and development expenses decreased by 41.52% to 2,937,594.27 RMB from 5,023,614.65 RMB year-on-year, primarily due to a reduction in R&D personnel[16] - Management expenses decreased by 37.45% to 14,401,523.31 RMB from 23,025,709.41 RMB, mainly due to significant layoffs in the previous period[16] - The company reported a significant increase in cash paid for purchasing goods and services, totaling 181,832,086.72 RMB, up from 152,048,933.12 RMB in Q1 2018[30] Other Income - Non-operating income totaled CNY 4,149,351.74, primarily from government subsidies and investment income[8] - Other income for Q1 2019 was CNY 3,701,543.82, significantly lower than CNY 21,761,499.02 in Q1 2018[22] - The company recorded other income of ¥3,422,290.22 in Q1 2019, which was not present in Q1 2018[25]

Financial Performance - The company's operating revenue for 2018 was CNY 1,347,678,813.40, a decrease of 9.97% compared to CNY 1,496,871,964.82 in 2017[21] - The net profit attributable to shareholders for 2018 was a loss of CNY 62,373,999.41, a decline of 443.25% from a profit of CNY 18,171,397.36 in 2017[21] - The basic earnings per share for 2018 was -0.287 CNY, compared to 0.084 CNY in 2017, reflecting a decrease of 443.30%[22] - The total assets at the end of 2018 were CNY 1,317,716,727.01, down 8.35% from CNY 1,437,751,945.99 at the end of 2017[21] - The company reported a net cash flow from operating activities of CNY 53,933,641.21, a decrease of 36.35% from CNY 84,729,548.57 in 2017[21] - The company’s net assets attributable to shareholders decreased by 10.50% to CNY 1,013,376,149.36 at the end of 2018 from CNY 1,132,271,305.25 at the end of 2017[21] - The company achieved operating revenue of CNY 1,347,678,813.40, a decrease of 9.97% year-on-year[43] - The net profit attributable to shareholders was CNY -62,374,000, a decline of 443.25% compared to the previous year[43] - Domestic sales revenue reached CNY 1,226,507,269.84, down 8.55% year-on-year[48] - Export sales revenue was CNY 119,632,601.98, representing a decrease of 21.78% year-on-year[48] Operational Challenges - The company faced significant losses due to a reduction in domestic store numbers and a decline in domestic sales performance[23] - The company closed a net of 109 stores during the reporting period, including 100 direct-operated stores[45] - The company reported a significant increase in long-term equity investments, rising by 465.70% due to investments in a new subsidiary[65] - The company reported a decline in export revenue, primarily due to clients shifting orders to Southeast Asia and Central America, indicating a risk of continued revenue decrease if the export environment worsens[82] Research and Development - Research and development expenses decreased by 29.78% to CNY 13,862,000.16[50] - The total R&D investment amounted to 13,862,000.16 CNY, representing 1.03% of the operating revenue[62] - The company has implemented a consumer-oriented product development strategy, actively participating in international shoe exhibitions to enhance R&D capabilities and meet domestic consumer demands for fashionable and comfortable footwear[80] Marketing and Sales Strategy - The company’s main business focuses on mid-to-high-end shoe brand operation, product design, production, and sales, supported by a self-owned omni-channel marketing network[30] - The company operates a multi-brand strategy, with self-owned brands including HARSON, KADINA, and ROBERTA, and has established a strong marketing network with 1,588 physical stores across China[40] - The company is actively expanding online retail partnerships with platforms like Vipshop, JD.com, and Tmall[45] - The company aims to strengthen its e-commerce channels and partnerships with platforms like JD.com and Tmall to drive online growth[78] Financial Management - The company has adopted a proactive profit distribution policy, prioritizing cash dividends, but has proposed no profit distribution for the year 2018, reflecting a net loss of approximately 62.38 million RMB[85][86] - The company has approved the use of up to RMB 75 million of idle raised funds and up to RMB 400 million of idle self-owned funds to purchase financial products or structured deposits[108] - The company has structured deposits with various banks, with annualized returns ranging from 4.20% to 4.75%[113] - The company has confirmed that all financial products and structured deposits have been repaid on time[113] Governance and Compliance - The company emphasizes compliance with laws and regulations, ensuring the protection of shareholder and stakeholder rights[115] - The company has established a robust human resources management system to support employee development and rights[115] - The company has implemented a transparent information disclosure policy to enhance investor relations and trust[116] - The company has established a structured governance framework that adheres to relevant laws and regulations, ensuring transparency and accountability[162] Legal Matters - The company is currently involved in a significant lawsuit regarding intellectual property, with a claim amounting to RMB 50,000,000[97] - There are ongoing litigation cases related to contract disputes, with amounts involved including RMB 902,066.18 and RMB 237,972.08[98] - The company has faced challenges in enforcing court judgments, indicating difficulties in collecting owed amounts[98] - The company is actively pursuing legal actions to recover overdue receivables, indicating a focus on improving cash flow[99] Employee and Management Structure - The total number of employees in the parent company is 3,109, while the total number of employees in major subsidiaries is 2,878, resulting in a combined total of 5,987 employees[157] - The company has established a salary system for senior management consisting of a basic annual salary and a performance-based annual salary[158] - The company has a performance evaluation system for senior management that considers annual operational performance and market conditions[158] - The company has a diverse leadership team with extensive experience in the leather and footwear industry[146] Shareholder Information - The largest shareholder, Zhenxing International Co., Ltd., holds 148,359,935 shares, representing 67.46% of the total shares[134] - The company’s total share capital increased by approximately 1.17% due to the restricted stock incentive plan[124] - The total number of ordinary shares increased to 219,906,650 due to the issuance of 2,546,650 shares under the restricted stock incentive plan[131] - The company has implemented a stock incentive plan with restricted shares, with lock-up periods of 12, 24, and 36 months for different shareholders[137]