Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2018, representing a year-on-year increase of 15%[19] - The Gross Merchandise Volume (GMV) reached RMB 3.5 billion, up 20% compared to the previous year[19] - The company's operating revenue for 2018 reached ¥3,352,859,972.47, representing a 240.12% increase compared to the previous year[29] - The net profit attributable to shareholders was ¥886,472,236.97, a 65.92% increase from the previous year[29] - The net profit after deducting non-recurring gains and losses was ¥841,191,770.57, reflecting a 67.80% increase year-on-year[29] - The company's total revenue reached CNY 3,352.86 million, representing a year-on-year growth of 240.12%[81] - Net profit attributable to shareholders was CNY 886.47 million, an increase of 65.92% compared to the previous year[62] - The mobile internet marketing business generated revenue of CNY 2,316.02 million, a staggering growth of 867.57% year-on-year[81] - The company reported a significant increase in the integration of mobile internet traffic business, with revenue of ¥115,222,223.25, up 507.43% year-over-year[84] - The company reported a significant increase in revenue, achieving a total of 1.5 billion RMB in 2018, representing a year-over-year growth of 25%[188] User Growth and Market Expansion - The number of active users on the platform increased to 5 million, reflecting a growth of 25% year-on-year[19] - Future guidance indicates a revenue target of RMB 1.5 billion for 2019, representing a growth of 25%[19] - User data showed a total of 10 million active users by the end of 2018, an increase of 15% compared to the previous year[188] - The company plans to expand its market presence by entering three new provinces in 2019[19] - The company is focusing on market expansion, targeting a 10% increase in market share in the next fiscal year[188] Research and Development - Research and development expenses increased by 30% to RMB 150 million, focusing on new product innovations[19] - Research and development investments increased by 30% in 2018, totaling 150 million RMB, aimed at enhancing technology capabilities[188] - The number of R&D personnel increased by 4.26% to 147, while the proportion of R&D personnel decreased to 25.17% from 35.34%[101] Strategic Initiatives - The company is exploring potential mergers and acquisitions to enhance its market position[19] - The company plans to pursue strategic acquisitions to bolster its market position, with a budget of 500 million RMB allocated for potential targets[188] - The company has optimized its business model and upgraded its services during the reporting period[39] Financial Management and Governance - The company has no plans to distribute cash dividends or issue bonus shares for the year[7] - The company has committed to not distributing cash dividends for 2018, focusing instead on operational funding and future business expansion[163] - The company’s profit distribution plan for 2018 reflects a strategic decision to reinvest in growth rather than distribute profits to shareholders[160] - The company emphasized the importance of maintaining operational independence and reducing related party transactions to ensure compliance with regulatory standards[191] - The management team confirmed that all financial decisions are made independently, with no interference from major shareholders[191] Risks and Challenges - The management highlighted potential risks including increased competition and regulatory changes in the e-commerce sector[6] - The company is actively working to mitigate risks associated with dependence on key suppliers and e-commerce platforms by diversifying its partnerships[149] Assets and Liabilities - The total assets at the end of 2018 amounted to ¥4,549,248,714.71, a 19.07% increase from the end of 2017[29] - Accounts receivable increased by 42.74% to CNY 724.58 million at the end of 2018, driven by business expansion and increased factoring loans from subsidiaries[47] - Inventory decreased by 73.34% to CNY 3.36 million at the end of 2018, reflecting a strategic shift to reduce merchandise sales[47] Customer and Supplier Relations - The top five customers contributed ¥1,062,433,605.56 to total sales, accounting for 31.69% of annual sales[93] - The top five suppliers accounted for ¥1,889,308,352.41, representing 85.99% of total annual purchases, with Vivo Communication Technology Co., Ltd. being the largest supplier at ¥964,011,730.69 (43.88%) [95] Future Outlook - The company provided a positive outlook for 2019, projecting a revenue growth of 20% to 1.8 billion RMB[188] - New product launches are expected to contribute an additional 300 million RMB in revenue in 2019[188]

南极电商股份有限公司 2018 年第三季度报告正文 证券代码：002127 证券简称：南极电商 公告编号：2018-111 南极电商股份有限公司 2018 年第三季度报告正文 1 南极电商股份有限公司 2018 年第三季度报告正文 第一节 重要提示 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、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证季度报告中财务报表的真实、准确、完整。 2 南极电商股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 √ 是 □ 否 追溯调整或重述原因 其他原因 | | 本报告期末 | | | 上年度末 | | | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | | | | 末增减 | | | | ...

南极电商股份有限公司 2018 年半年度报告全文 南极电商股份有限公司 2018 年半年度报告 2018 年 08 月 1 南极电商股份有限公司 2018 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 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。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本报告中如有涉及未来计划、发展战略、业绩预测等前瞻性陈述，均不构 成公司对投资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识， 并且应当理解计划、预测与承诺之间的差异。 公司在本报告第四节"经营情况讨论与分析"中"十、公司面临的风险和应对 措施"部分，详细描述了公司经营中可能存在的风险及应对措施，敬请投资者关 注相关内容。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 第一节 重要提示、目录和释义 2 | | --- | | ...

南极电商股份有限公司 2017 年年度报告全文 南极电商股份有限公司 2017 年年度报告 2018 年 05 月 1 南极电商股份有限公司 2017 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 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。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及的未来计划、发展战略等前瞻性的陈述不构成公司对投资 者的实质承诺，本公司请投资者认真阅读本年度报告全文，并请特别注意本年 度报告第四节"经营情况讨论与分析"中"九、公司未来发展的展望"之"(三)可能 面临的风险"部分的阐述。 公司经本次董事会审议通过的利润分配预案为：以 1,636,580,269 为基数， 向全体股东每 10 股派发现金红利 0.62 元（含税），送红股 0 股（含税），以资本 公积金向全体股东每 10 股转增 5 股。 2 | 第一节 | 重要提示、目录和释义 ...

南极电商股份有限公司 2018 年第一季度报告正文 证券代码：002127 证券简称：南极电商 公告编号：2018-035 南极电商股份有限公司 2018 年第一季度报告正文 1 南极电商股份有限公司 2018 年第一季度报告正文 第一节 重要提示 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、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证季度报告中财务报表的真实、准确、完整。 2 南极电商股份有限公司 2018 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司报告期不存在将根据《公开发行证券的公司信息披露解释性公告第 1 号——非经常性损益》定义、列举的非经常性损益 项目界定为经常性损益的项目的情形。 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（ ...

南极电商股份有限公司 2017 年年度报告全文 南极电商股份有限公司 2017 年年度报告 2018 年 04 月 1 南极电商股份有限公司 2017 年年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 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。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 本年度报告涉及的未来计划、发展战略等前瞻性的陈述不构成公司对投资 者的实质承诺，本公司请投资者认真阅读本年度报告全文，并请特别注意本年 度报告第四节"经营情况讨论与分析"中"九、公司未来发展的展望"之"(三)可能 面临的风险"部分的阐述。 公司经本次董事会审议通过的利润分配预案为：以 1,636,580,269 为基数， 向全体股东每 10 股派发现金红利 0.62 元（含税），送红股 0 股（含税），以资本 公积金向全体股东每 10 股转增 5 股。 2 | 目录 | | --- | | 第一 ...

1 南极电商股份有限公司 2017 年第三季度报告正文 证券代码：002127 证券简称：南极电商 公告编号：2017-087 南极电商股份有限公司 2017 年第三季度报告正文 南极电商股份有限公司 2017 年第三季度报告正文 第一节 重要提示 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、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证季度报告中财务报表的真实、准确、完整。 2 南极电商股份有限公司 2017 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,264,709,378.15 | 2,046,796,382.98 | | 10.65% | | 归属于上市公司股东的 ...

南极电商股份有限公司 2017 年半年度报告全文 南极电商股份有限公司 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 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。 公司负责人张玉祥、主管会计工作负责人凌云及会计机构负责人(会计主管 人员)戴斯嘉声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 对半年度报告涉及未来计划等前瞻性陈述的风险，详情请见本半年度报告 "第四节 经营情况讨论与分析"中"十、公司面临的风险和应对措施"。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 2017 年半年度报告 2017 年 08 月 1 南极电商股份有限公司 2017 年半年度报告全文 第一节 重要提示、目录和释义 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 2 | | --- | --- | | 第二节 | 公司简介和主要财务指标 5 | | 第三节 | 公司业务概要 8 | | 第四节 | 经营情况讨论与分析 11 | | 第五节 | 重要事项 23 | | 第六节 | 股份变 ...

Important Notice [Statement on Report Authenticity](index=2&type=section&id=Section%201%20Important%20Notice) The Board of Directors, Supervisory Board, and senior management affirm the quarterly report's truthfulness, accuracy, and completeness, assuming legal responsibility - The Board of Directors, Supervisory Board, directors, supervisors, and senior management guarantee the quarterly report's truthfulness, accuracy, and completeness, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - Company head Zhang Yuxiang, chief accountant Ling Yun, and head of accounting department Dai Sijia declare the financial statements in the quarterly report are true, accurate, and complete[5](index=5&type=chunk) Company Profile [Key Accounting Data and Financial Indicators](index=3&type=section&id=Section%202%20Company%20Profile) The company's Q1 2017 financial data shows significant revenue and net profit growth, but a decline in operating cash flow Key Accounting Data and Financial Indicators for Q1 2017 | Indicator | Current Period (RMB) | Previous Year (RMB) | Change from Previous Year | | :--- | :--- | :--- | :--- | | Operating Revenue | 70,071,790.51 | 42,578,002.99 | 64.57% | | Net Profit Attributable to Shareholders of Listed Company | 25,819,168.72 | 16,312,776.19 | 58.28% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 21,812,364.75 | 10,878,783.82 | 100.50% | | Net Cash Flow from Operating Activities | 6,524,239.02 | 13,426,988.38 | -51.41% | | Basic Earnings Per Share (RMB/share) | 0.02 | 0.01 | 100.00% | | Diluted Earnings Per Share (RMB/share) | 0.02 | 0.01 | 100.00% | | Weighted Average Return on Net Assets | 1.67% | 1.31% | 0.36% | | **Period-End Indicators** | **End of Current Period (RMB)** | **End of Previous Year (RMB)** | **Change from Previous Year-End** | | Total Assets | 2,021,169,079.35 | 2,046,796,382.98 | -1.25% | | Net Assets Attributable to Shareholders of Listed Company | 1,560,201,437.58 | 1,534,382,268.86 | 1.68% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year-Start to End of Reporting Period (RMB) | Notes | | :--- | :--- | :--- | | Government Grants Recognized in Current Profit/Loss | 550,641.71 | | | Gains/Losses from Entrusted Investments or Asset Management | 3,201,693.27 | | | Other Non-Operating Income and Expenses Excluding the Above | 438,018.59 | | | Investment Income from Disposal of Subsidiaries | 261,379.29 | | | Less: Income Tax Impact | 422,178.04 | | | Impact on Minority Interests (After Tax) | 22,750.85 | | | Total | 4,006,803.97 | -- | [Operating Performance](index=4&type=section&id=2.2%20Operating%20Performance) The company achieved steady GMV growth across its brand portfolio, driven by strong performance on major e-commerce platforms - The total verifiable GMV of all company brands on major e-commerce platforms reached **RMB 1.898 billion**, achieving steady growth[11](index=11&type=chunk) GMV Growth on Major E-commerce Platforms | Platform | GMV (Billion RMB) | Year-on-Year Growth | | :--- | :--- | :--- | | Alibaba (Taobao, Tmall) | 12.90 | 56.57% | | JD.com | 5.22 | 95.72% | | Vipshop | 0.42 | 424.31% | | Pinduoduo | 0.43 | (New) | - The verifiable sales of **Nanji Ren brand** on these platforms reached **RMB 1.656 billion**, with Alibaba platform GMV growing **46.67%**, JD.com **61.06%**, and Vipshop **114.93%** year-on-year[11](index=11&type=chunk) - The company will continue to expand in LOGO, IP, and personal brands, focusing on building a robust brand matrix[13](index=13&type=chunk) [Total Number of Shareholders and Top Ten Shareholders' Holdings at Period-End](index=5&type=section&id=2.3%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period-End) This section details the total number of common shareholders and the holdings of the top ten shareholders, including their nature and any pledge/freeze status - The total number of common shareholders at the end of the reporting period was **19,586**[15](index=15&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | Pledge or Freeze Status (Share Status/Quantity) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Yuxiang | Domestic Natural Person | 26.78% | 411,929,782 | 411,929,782 | Pledged/151,490,000 | | Jiang Xueming | Domestic Natural Person | 7.80% | 120,000,000 | | Pledged/119,500,000 | | Wujiang Xinmin Industrial Investment Co., Ltd. | Domestic Non-State-Owned Legal Person | 6.12% | 94,142,614 | | | | Oriental Xinmin Holdings Co., Ltd. | Domestic Non-State-Owned Legal Person | 5.54% | 85,162,020 | | Pledged/81,000,000 | | Jiangsu Gaotou Growth Value Equity Investment Partnership (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.27% | 50,334,984 | | | | Shanghai Fengnan Investment Center (Limited Partnership) | Domestic Non-State-Owned Legal Person | 3.26% | 50,079,220 | 50,079,220 | | | Zhu Xuelian | Domestic Natural Person | 2.93% | 45,071,298 | 45,071,298 | | | Cui Genliang | Domestic Natural Person | 2.60% | 40,001,544 | | | | Industrial and Commercial Bank of China - Huatianfu Growth Focus Mixed Securities Investment Fund | Other | 2.33% | 35,800,000 | | | | China Merchants Bank Co., Ltd. - Fuguo Low Carbon Environmental Protection Mixed Securities Investment Fund | Other | 2.28% | 35,028,074 | | | - Zhang Yuxiang and Zhu Xuelian are a married couple and act in concert with Shanghai Fengnan Investment Center (Limited Partnership); Jiang Xueming acts in concert with Oriental Xinmin Holdings Co., Ltd[16](index=16&type=chunk) Significant Events [Analysis of Changes in Key Financial Data and Indicators](index=7&type=section&id=Section%203%20Significant%20Events) This chapter analyzes the period's changes in balance sheet, income statement, cash flow, and key financial indicators, detailing their causes [Changes in Balance Sheet Items](index=7&type=section&id=(I)%20Changes%20in%20Balance%20Sheet%20Items) Significant changes in monetary funds, accounts receivable, and other current assets are attributed to investment and factoring activities - Monetary funds increased by **37.60%** to **RMB 652 million**, primarily due to the recovery of wealth management product investments, issuance of factoring loans, and payment for the acquisition of Classic Teddy[19](index=19&type=chunk) - Factoring receivables increased by **1060.89%** to **RMB 211 million**, mainly due to a net increase of **RMB 195 million** in factoring loan business[19](index=19&type=chunk) - Other receivables increased by **48.98%** to **RMB 93 million**, primarily including prepaid equity transfer funds for the acquisition of Classic Teddy[19](index=19&type=chunk) - Other current assets decreased by **97.38%** to **RMB 11 million**, mainly due to the net recovery of approximately **RMB 400 million** in wealth management product investments[19](index=19&type=chunk) - Accounts payable decreased by **35.28%** to **RMB 24 million**, primarily due to the payment of Pony image licensing fees[19](index=19&type=chunk) - Taxes payable decreased by **83.27%** to **RMB 10 million**, mainly due to the payment of corporate income tax accrued last year[19](index=19&type=chunk) [Changes in Income Statement Items](index=7&type=section&id=(II)%20Changes%20in%20Income%20Statement%20Items) Operating revenue, operating profit, and net profit all saw substantial increases, driven by core business growth and optimized gross margin - Operating revenue increased by **64.57%** year-on-year to **RMB 70.0718 million**, primarily due to the development of Nanji Ren, Cartelo, and factoring businesses[20](index=20&type=chunk) - Operating profit increased by **132.08%** year-on-year to **RMB 29.2235 million**, mainly due to increased operating revenue and a decreased proportion of lower-margin apparel sales business[20](index=20&type=chunk) - Net profit increased by **59.81%** year-on-year to **RMB 26.0592 million**, with net profit attributable to parent company owners increasing by **58.28%** to **RMB 25.8192 million**, primarily due to a significant increase in operating profit[20](index=20&type=chunk) [Changes in Cash Flow Statement Items](index=7&type=section&id=(III)%20Changes%20in%20Cash%20Flow%20Statement%20Items) Operating cash flow decreased due to higher tax payments, while investment cash flow increased from wealth management and factoring activities - Net cash flow from operating activities decreased by **51.41%** year-on-year to **RMB 6.5242 million**, mainly due to the payment of corporate income tax accrued last year, with tax payments increasing **8.8 times**[21](index=21&type=chunk) - Net cash flow from investment activities increased by **74.36%** year-on-year to **RMB 172 million**, primarily due to the net recovery of wealth management product investments and a net increase of **RMB 309 million** in investment income, alongside the issuance of **RMB 195 million** in factoring loans[21](index=21&type=chunk) - Net cash flow from financing activities decreased by **100.00%** year-on-year to **RMB 0**, mainly because the previous year saw capital contributions from minority shareholders of a controlled subsidiary[21](index=21&type=chunk) - Net increase in cash and cash equivalents increased by **58.33%** year-on-year to **RMB 178 million**, primarily due to changes in monetary funds[21](index=21&type=chunk) [Changes in Financial Indicators](index=7&type=section&id=(IV)%20Changes%20in%20Financial%20Indicators) Basic earnings per share doubled due to the significant increase in net profit attributable to the parent company - Basic earnings per share increased by **100%** year-on-year to **RMB 0.02**, primarily due to the increase in net profit attributable to parent company owners[22](index=22&type=chunk) [Progress of Significant Events: Major Asset Restructuring](index=7&type=section&id=3.2%20Progress%20of%20Significant%20Events%3A%20Major%20Asset%20Restructuring) The company is progressing with a major asset restructuring to acquire Time Interconnect for RMB 956 million, funded by cash and share issuance - The company plans to acquire **100% equity** of Time Interconnect for **RMB 956 million**, with **40%** paid in cash and **60%** via share issuance[25](index=25&type=chunk) - The issue price for shares to acquire assets, adjusted for ex-rights and ex-dividends, is **RMB 8.29 per share**, totaling **69,191,795 shares** issued[25](index=25&type=chunk) - The company plans to privately issue shares to specific investors to raise supporting funds not exceeding **RMB 400 million**, for cash consideration and intermediary fees[25](index=25&type=chunk) - The major asset restructuring has been accepted by the China Securities Regulatory Commission (CSRC) and a first feedback notice for administrative licensing review has been received[24](index=24&type=chunk) [Overdue Unfulfilled Commitments by Controlling Shareholders, Related Parties, Acquirers, and the Company](index=8&type=section&id=3.3%20Overdue%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company) During the reporting period, there were no overdue unfulfilled commitments by the company's controlling shareholders, related parties, or the company itself - During the reporting period, the company had no overdue unfulfilled commitments from its controlling shareholders, shareholders, related parties, acquirers, or the company itself[26](index=26&type=chunk) [H1 2017 Performance Forecast](index=8&type=section&id=3.4%20H1%202017%20Performance%20Forecast) The company forecasts a **40% to 78%** increase in net profit for H1 2017, driven by expanded brand licensing and e-commerce services Forecasted Net Profit Attributable to Shareholders of Listed Company for H1 2017 | Indicator | Range | | :--- | :--- | | Net Profit Change Range | 40.00% To 78.00% | | Net Profit Change Interval (Ten Thousand RMB) | 11,911.03 To 15,144.03 | | Net Profit for H1 2016 (Ten Thousand RMB) | 8,507.88 | - Performance growth is primarily attributed to the continuous deepening and broadening of core businesses like brand licensing and e-commerce services, along with increased brands, expanded categories, and enhanced services[28](index=28&type=chunk) [Financial Assets Measured at Fair Value](index=9&type=section&id=3.5%20Financial%20Assets%20Measured%20at%20Fair%20Value) During the reporting period, the company did not hold any financial assets measured at fair value - The company had no financial assets measured at fair value during the reporting period[29](index=29&type=chunk) [Illegal External Guarantees](index=9&type=section&id=3.6%20Illegal%20External%20Guarantees) The company confirms no instances of illegal external guarantees occurred during the reporting period - The company had no illegal external guarantees during the reporting period[29](index=29&type=chunk) [Fund Occupation by Controlling Shareholders and Related Parties](index=9&type=section&id=3.7%20Fund%20Occupation%20by%20Controlling%20Shareholders%20and%20Related%20Parties) There was no non-operating fund occupation by controlling shareholders or related parties of the listed company during the period - During the reporting period, there was no non-operating fund occupation by controlling shareholders or related parties of the listed company[30](index=30&type=chunk) [Investor Relations Activities](index=9&type=section&id=3.8%20Investor%20Relations%20Activities) The company did not engage in any investor relations activities such as surveys, communications, or interviews during the reporting period - The company did not conduct any investor relations activities such as surveys, communications, or interviews during the reporting period[31](index=31&type=chunk)

[Important Notes, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notes%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important notes, the table of contents, and definitions relevant to the report [Company Profile and Key Financial Indicators](index=5&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This chapter outlines the company's profile and key financial indicators, highlighting strong 2016 revenue and net profit growth, robust operating cash flow, and a decrease in EPS due to increased share capital [Key Accounting Data and Financial Indicators](index=7&type=section&id=Item%202.6.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2016, the company achieved 521 million Yuan in operating revenue (+33.85%) and 301 million Yuan in net profit (+75.27%), with operating cash flow surging to 457 million Yuan, though basic EPS decreased to 0.20 Yuan due to increased share capital | Indicator | 2016 | 2015 | YoY Change | | :--- | :--- | :--- | :--- | | **Operating Revenue (Yuan)** | 520,981,501.43 | 389,229,106.20 | 33.85% | | **Net Profit Attributable to Shareholders (Yuan)** | 301,144,671.46 | 171,819,355.12 | 75.27% | | **Net Cash Flow from Operating Activities (Yuan)** | 457,357,673.45 | 37,080,935.68 | 1,133.40% | | **Basic Earnings Per Share (Yuan/share)** | 0.20 | 0.30 | -33.33% | | **Weighted Average Return on Net Assets** | 21.76% | 43.88% | -22.12% | | **Total Assets (Yuan)** | 2,046,796,382.98 | 1,372,789,852.00 | 49.10% | | **Net Assets Attributable to Shareholders (Yuan)** | 1,534,382,268.86 | 1,233,237,597.40 | 24.42% | [Quarterly Key Financial Indicators](index=7&type=section&id=Item%202.8.%20Quarterly%20Key%20Financial%20Indicators) The company's 2016 quarterly data shows sequential growth in revenue and net profit, peaking in Q4 with 218 million Yuan revenue and 157 million Yuan net profit, reflecting business seasonality and strong H2 growth | Indicator (Yuan) | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 42,578,002.99 | 116,441,163.82 | 143,906,034.47 | 218,056,300.15 | | **Net Profit Attributable to Shareholders** | 16,312,776.19 | 68,766,035.89 | 59,203,016.30 | 156,862,843.08 | | **Net Cash Flow from Operating Activities** | 13,426,988.38 | 46,242,658.98 | -11,668,517.14 | 409,356,543.23 | [Non-Recurring Gains and Losses Items and Amounts](index=8&type=section&id=Item%202.9.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In 2016, non-recurring gains and losses totaled 10.68 million Yuan, primarily from government subsidies (9.98 million Yuan) and entrusted investment income (1.80 million Yuan) | Item (Yuan) | 2016 Amount | 2015 Amount | | :--- | :--- | :--- | | Government subsidies included in current profit and loss | 9,980,625.19 | 7,009,667.09 | | Gains and losses from entrusted investment or asset management | 1,802,957.79 | - | | **Total** | **10,681,121.94** | **6,130,645.58** | [Business Overview](index=9&type=section&id=Item%203.%20Business%20Overview) This chapter outlines the company's core business model, centered on brand licensing and e-commerce services, supplemented by personal brand and flexible supply chain park businesses, with a strategic shift towards strengthening its brand matrix and leveraging core competencies [Principal Business](index=9&type=section&id=Item%203.1.%20Principal%20Business) The company's principal businesses include brand licensing, e-commerce services, personal brand business, and flexible supply chain park operations, with a strategic focus on expanding its brand matrix and significantly reducing low-margin goods sales while growing its supply chain business - The company's business core revolves around a brand matrix comprising LOGO brands, IP brands, and personal brands, offering brand licensing and e-commerce services[28](index=28&type=chunk) - During the reporting period, the company strategically scaled back its goods sales business, with revenue significantly **decreasing by 81.96%** year-on-year, while revenue from the flexible supply chain park business **increased by 109.76%** year-on-year[31](index=31&type=chunk) [Significant Changes in Major Assets](index=10&type=section&id=Item%203.2.%20Significant%20Changes%20in%20Major%20Assets) During the reporting period, the company's major assets underwent significant changes, including a 37,136.35% surge in intangible assets to 510 million Yuan due to the acquisition of CCPL trademark rights, a new 110 million Yuan in goodwill from the same acquisition, a 30.58% decrease in monetary funds due to acquisition payments, and a 4,945.67% increase in other current assets primarily from new financial wealth management products | Major Asset | Change Description | | :--- | :--- | | **Intangible Assets** | Year-end balance of 510 million Yuan, a 37,136.35% increase from the previous year-end, mainly due to the acquisition of trademark rights worth 509 million Yuan from CCPL | | **Goodwill** | New goodwill of 110 million Yuan, arising from the acquisition of 95% equity in CCPL | | **Monetary Funds** | Year-end decreased by 30.58%, mainly due to the payment of the first installment of 312.5 million Yuan for the CCPL acquisition | | **Other Current Assets** | Year-end increased by 4,945.67%, mainly due to 404 million Yuan in new financial wealth management products at period-end | [Core Competencies](index=11&type=section&id=Item%203.3.%20Core%20Competencies) The company's core competencies are built upon an expanding brand matrix (e.g., Nanji Ren, Cartelo Crocodile, Classic Teddy), continuous and effective category expansion, a flexible and dynamic business unit model, early e-commerce transformation establishing channel barriers, and a vibrant corporate culture with talent advantages - Through acquisition and collaboration, the company has enriched its brand matrix, including LOGO, IP, and personal brands, establishing a diversified brand portfolio[35](index=35&type=chunk) - The "Nanji Ren" brand has expanded from single thermal underwear to **57 primary categories**, covering various daily consumer goods, effectively diversifying operational risks and enhancing consumer recognition[37](index=37&type=chunk)[38](index=38&type=chunk) - The company's early transformation into a brand and e-commerce service provider has enabled it to master mainstream e-commerce platform operation rules, building a competitive barrier in online channels[39](index=39&type=chunk) [Management Discussion and Analysis](index=13&type=section&id=Item%204.%20Management%20Discussion%20and%20Analysis) This chapter analyzes the company's 2016 operating results, highlighting significant performance growth with revenue up 33.85% and net profit up 75.27%, driven by brand matrix expansion, successful online channel performance, and initial ventures into new economy sectors, alongside optimized revenue structure, improved cash flow, and increased R&D investment [Operating Overview](index=13&type=section&id=Item%204.1.%20Operating%20Overview) In 2016, the company deepened its brand licensing and e-commerce services while actively expanding into new economy businesses like IP and influencer marketing, achieving 521 million Yuan in revenue (+33.85%) and 301 million Yuan in net profit attributable to shareholders (+75.27%), significantly enriching its brand matrix through acquisitions and personal brand signings, with total brand GMV reaching 7.21 billion Yuan across all channels - The acquisition of **95% equity in CCPL company** brought the "CARTELO" (Cartelo Crocodile) brand under the company's umbrella, marking the initial establishment of a mid-to-high-end brand presence[42](index=42&type=chunk) - The company expanded into personal brand business by signing "Asia's Beauty Queen" Pony and "Asia's Most Beautiful Yoga Instructor" Mu Qimiya, venturing into beauty, apparel, and yoga product categories[45](index=45&type=chunk) Brand GMV Performance | Platform | Brand | 2016 GMV (Yuan) | YoY Growth | | :--- | :--- | :--- | :--- | | **Alibaba Platform** | Nanji Ren | 5.074 billion | 61.80% | | **JD.com Platform** | Nanji Ren | 1.656 billion | 118.62% | | **All Platforms** | All Brands | 7.206 billion | - | [Analysis of Principal Business](index=17&type=section&id=Item%204.2.%20Analysis%20of%20Principal%20Business) The company's principal business structure continued to optimize, with modern service industry revenue share increasing from 72.47% to 96.29% (up 77.85%), while apparel sales significantly contracted by 81.96%, and brand comprehensive services, as the core, saw revenue growth of 68.00% and a gross margin increase to 92.30%, alongside a 30.26% decrease in selling expenses, a 31.38% increase in administrative expenses due to R&D, and a substantial reduction in financial expenses due to increased interest income Revenue by Business Segment | Business Segment | 2016 Revenue (Yuan) | Revenue Share | YoY Change | | :--- | :--- | :--- | :--- | | **Modern Service Industry** | 501,653,367.62 | 96.29% | 77.85% | | **Apparel Sales** | 19,328,133.81 | 3.71% | -81.96% | | **Brand Comprehensive Services** | 459,626,995.37 | 88.22% | 68.00% | Expense Analysis (Yuan) | Expense Item (Yuan) | 2016 | 2015 | YoY Change | Main Reason for Change | | :--- | :--- | :--- | :--- | :--- | | **Selling Expenses** | 22,028,651.73 | 31,588,471.38 | -30.26% | Decrease in goods sales business led to a reduction in related expenses | | **Administrative Expenses** | 45,394,541.65 | 34,552,285.44 | 31.38% | Increase in R&D investment and management personnel salaries | | **Financial Expenses** | -10,259,132.61 | -953,644.76 | 975.78% | Significant increase in interest income from time deposits | R&D Investment | R&D Investment | 2016 | 2015 | Change Ratio | | :--- | :--- | :--- | :--- | | **R&D Investment Amount (Yuan)** | 17,542,768.57 | 11,208,748.36 | 56.51% | | **R&D Investment as % of Operating Revenue** | 3.37% | 2.88% | 0.49% | Cash Flow Items (Yuan) | Cash Flow Item (Yuan) | 2016 | 2015 | YoY Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 457,357,673.45 | 37,080,935.68 | 1,133.40% | | **Net Cash Flow from Investing Activities** | -666,434,696.34 | 492,642,912.72 | -235.28% | [Analysis of Assets and Liabilities](index=24&type=section&id=Item%204.4.%20Analysis%20of%20Assets%20and%20Liabilities) As of the end of 2016, the company's total assets reached 2.05 billion Yuan, a 49.10% increase year-on-year, with significant changes in asset structure including intangible assets surging from 1.37 million Yuan to 510 million Yuan due to the acquisition of CCPL (Cartelo Crocodile) trademark rights, generating 110 million Yuan in goodwill, other current assets increasing from 8.29 million Yuan to 418 million Yuan due to wealth management product purchases, and monetary funds decreasing from 682 million Yuan to 474 million Yuan due to acquisition payments Key Asset Items (Yuan) | Asset Item (Yuan) | 2016 Year-End | 2015 Year-End | Change Description | | :--- | :--- | :--- | :--- | | **Monetary Funds** | 473,632,218.91 | 682,233,670.56 | Decreased by 30.58%, mainly due to payment for CCPL acquisition | | **Other Current Assets** | 418,165,205.19 | 8,287,605.16 | Increased by 4,945.67%, mainly due to new 404 million Yuan in wealth management products | | **Intangible Assets** | 510,291,491.55 | 1,370,412.29 | Increased by 37,136.35%, mainly due to acquisition of CCPL trademark rights | | **Goodwill** | 109,969,096.91 | 0.00 | Newly added, resulting from the acquisition of CCPL | [Analysis of Investment Status](index=25&type=section&id=Item%204.5.%20Analysis%20of%20Investment%20Status) The most significant investment activity during the reporting period was the 594 million Yuan cash acquisition of 95% equity in CARTELO CROCODILE PTE LTD (CCPL) to secure the "Cartelo Crocodile" brand and related trademark rights, alongside an adjustment in raised capital allocation, shifting funds from "E-commerce Ecosystem Service Platform" and "Flexible Supply Chain Service Platform" to "Brand Construction Projects" to support the company's core "brand building and ecosystem development" strategy - The company acquired **95% equity in CARTELO CROCODILE PTE LTD for 593.75 million Yuan**, aiming to enrich its brand portfolio with the "Cartelo Crocodile" brand[79](index=79&type=chunk) - The company changed the use of raised funds, significantly increasing the proposed investment in "Brand Construction Projects" from **80 million Yuan to 182.5587 million Yuan** to support its multi-brand development strategy[89](index=89&type=chunk)[90](index=90&type=chunk) [Future Development Outlook](index=30&type=section&id=Item%204.9.%20Future%20Development%20Outlook) The company will continue to advance its "brand building and ecosystem development" strategy by enriching its LOGO, IP, and personal brand matrix to cover a broader consumer base, expanding into new economy businesses like content creation and tool integration while strengthening brand promotion to reshape market perception of its multi-brand, full-category group, acknowledging potential risks such as slow new economy business development and accounts receivable exposure - The company's strategic core is to continuously build its brand matrix and expand into new economy businesses such as content creation and tool asset integration around its brands, forming a brand ecosystem supported by multiple satellite businesses[97](index=97&type=chunk) - Operating plans include strengthening the brand matrix, enhancing e-commerce service quality, expanding new economy businesses, emphasizing brand promotion, and reinforcing talent pipeline development[98](index=98&type=chunk)[99](index=99&type=chunk)[100](index=100&type=chunk) - The company identifies two main risks: the potentially slow pace of new economy businesses contributing to short-term performance, and a relatively high total amount of accounts receivable that could impact operating cash flow[100](index=100&type=chunk) [Significant Matters](index=32&type=section&id=Item%205.%20Significant%20Matters) This chapter discloses several significant matters for the company during the reporting period, including the decision not to distribute profits for 2016, the over-fulfillment of performance commitments from a major asset restructuring, changes in the scope of consolidation with 8 new subsidiaries (e.g., CARTELO) and 3 deregistrations, the initiation of a major asset restructuring to acquire Beijing Shijian Hulian Technology Co., Ltd., and the implementation of two employee stock ownership plans [Profit Distribution and Capital Reserve Conversion](index=32&type=section&id=Item%205.1.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion) The company plans no cash dividends, no bonus shares, and no capital reserve conversion to share capital for the 2016 fiscal year, consistent with its recent three-year history of no cash dividends, though a 10-for-10 capital reserve conversion was implemented in 2015 - The company's 2016 profit distribution proposal follows a "three noes" policy: no cash dividends, no bonus shares, and no capital reserve conversion to share capital[103](index=103&type=chunk)[104](index=104&type=chunk) [Fulfillment of Commitments](index=32&type=section&id=Item%205.3.%20Fulfillment%20of%20Commitments) The company and related parties strictly fulfilled all commitments, with the performance commitment for the major asset restructuring exceeding expectations, as the target asset's non-recurring net profit for 2016 was committed to be no less than 230 million Yuan but actually reached 265 million Yuan Performance Commitment Fulfillment | Commitment Item | Committed Performance (10,000 Yuan) | Actual Performance (10,000 Yuan) | Achieved | | :--- | :--- | :--- | :--- | | **2016 Performance Commitment** | 23,000 | 26,468.41 | Yes | [Changes in Consolidation Scope](index=41&type=section&id=Item%205.8.%20Changes%20in%20Consolidation%20Scope) In 2016, the company's consolidation scope changed, adding 8 subsidiaries through new establishments and non-same-control business combinations, including NANJI INTERNATION CO,LTD and CARTELO CROCODILE PTE LTD for the "Cartelo Crocodile" brand acquisition, while 3 subsidiaries were deregistered for resource optimization - This period saw the addition of **8 new subsidiaries**, primarily including CARTELO CROCODILE PTE LTD due to the acquisition of the "Cartelo Crocodile" brand, and JIWENWU (Shanghai) Culture Co., Ltd. established to expand influencer economy businesses[118](index=118&type=chunk) - This period saw the reduction of **3 subsidiaries**, namely Shanghai Nanweicheng, Shanghai Shangyoupin, and Yiwu Yizhantong, all of which were deregistered[118](index=118&type=chunk) [Other Significant Matters](index=48&type=section&id=Item%205.19.%20Other%20Significant%20Matters) During the reporting period, the company advanced several significant matters, most notably initiating a major asset restructuring to acquire 100% equity in Beijing Shijian Hulian Technology Co., Ltd. through share issuance and cash payment, completing the acquisition of Cartelo Crocodile Pte Ltd by increasing capital in its subsidiary Nanji E-commerce (Shanghai), and establishing a joint venture with Korean MUNMU Inc. to operate influencer businesses like Pony - The company initiated a major asset restructuring, planning to issue shares and pay cash to acquire mobile internet marketing company **Beijing Shijian Hulian Technology Co., Ltd.**[143](index=143&type=chunk) - Through capital increase in its wholly-owned subsidiary Nanji E-commerce (Shanghai), the company established a sub-subsidiary, NANJI INTERNATIONAL CO., LTD., which then completed the acquisition of **95% equity in Cartelo Crocodile Pte Ltd**[145](index=145&type=chunk) [Share Changes and Shareholder Information](index=50&type=section&id=Item%206.%20Share%20Changes%20and%20Shareholder%20Information) This chapter details the company's share capital structure changes during the reporting period, with total share capital increasing from 446 million shares to 1.54 billion shares due to new share issuance for major asset restructuring and a 10-for-10 capital reserve conversion, and as of the end of the reporting period, controlling shareholders Zhang Yuxiang and Zhu Xuelian, along with their concerted parties, collectively held 32.96% of the shares [Share Change Status](index=50&type=section&id=Item%206.1.%20Share%20Change%20Status) During the reporting period, the company's total share capital underwent significant changes, increasing from 446 million shares at the beginning of the period to 1.54 billion shares at the end, primarily due to the non-public issuance of 323 million shares for asset acquisition and fundraising, and the implementation of a 2015 profit distribution plan involving a 10-for-10 capital reserve conversion, totaling 769 million shares - The company's total share capital increased from **446,458,902 shares to 1,538,259,532 shares**[153](index=153&type=chunk) - The increase in share capital primarily resulted from two events: 1) a non-public offering of **322,670,864 shares** for major asset restructuring; 2) the implementation of a capital reserve conversion plan of **10 shares for every 10 shares**[153](index=153&type=chunk)[154](index=154&type=chunk) [Shareholder and Actual Controller Information](index=52&type=section&id=Item%206.3.%20Shareholder%20and%20Actual%20Controller%20Information) As of the end of 2016, the company had 27,103 common shareholders, with controlling shareholder and actual controller Mr. Zhang Yuxiang holding 26.78%, and he, along with his spouse Ms. Zhu Xuelian and concerted party Shanghai Fengnan Investment Center, collectively held 32.96% of the company's shares, while the top ten shareholders also included Jiang Xueming and Wujiang Xinmin Industrial Investment Co., Ltd Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | **Zhang Yuxiang** | 26.78% | 411,929,782 | | **Jiang Xueming** | 7.80% | 120,000,000 | | **Wujiang Xinmin Industrial Investment Co., Ltd.** | 6.12% | 94,142,614 | | **Dongfang Xinmin Holdings Co., Ltd.** | 5.54% | 85,162,020 | - The company's controlling shareholders and actual controllers are Mr. Zhang Yuxiang and Ms. Zhu Xuelian, who, along with their concerted party Fengnan Investment, collectively hold **32.96% of the company's shares**[161](index=161&type=chunk)[576](index=576&type=chunk) [Preferred Shares Information](index=56&type=section&id=Item%207.%20Preferred%20Shares%20Information) This chapter confirms that the company had no preferred shares during the reporting period [Preferred Shares Information](index=56&type=section&id=Item%207.1.%20Preferred%20Shares%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[167](index=167&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=57&type=section&id=Item%208.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) This chapter details the company's governance and employee situation, noting significant changes in directors, supervisors, and senior management due to major asset restructuring, with Mr. Zhang Yuxiang appointed Chairman and General Manager, and as of the period-end, the company had 419 employees, predominantly in sales and technical roles, supported by competitive compensation and comprehensive training programs [Changes in Directors, Supervisors, and Senior Management](index=57&type=section&id=Item%208.2.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) In 2016, the company's board of directors, supervisory board, and senior management team underwent significant adjustments, with former Chairman Yang Bin, Vice Chairman Liu Weite, General Manager Gu Yiming, and several other senior executives departing due to work requirements or personal reasons, primarily related to the new controlling shareholders and management team taking over after the major asset restructuring - Due to the completion of a major asset restructuring, the company's board of directors, supervisory board, and senior management team underwent significant changes, with the departure of the former chairman, vice chairman, general manager, chairman of the supervisory board, and several other core members[170](index=170&type=chunk) [Employee Information](index=61&type=section&id=Item%208.5.%20Employee%20Information) As of the end of the reporting period, the company and its main subsidiaries had a total of 419 employees, with sales personnel (144) and technical personnel (115) forming the largest groups, together accounting for over 60%, and over 50% of employees holding bachelor's degrees or higher, reflecting the company's emphasis on professional talent Employee Professional Composition | Professional Composition | Number of People | | :--- | :--- | | Sales Personnel | 144 | | Technical Personnel | 115 | | Administrative Personnel | 70 | | Management Personnel | 63 | | Financial Personnel | 27 | | **Total** | **419** | [Corporate Governance](index=63&type=section&id=Item%209.%20Corporate%20Governance) This chapter describes the company's corporate governance structure, which strictly adheres to relevant laws and regulations, continuously improving its legal person governance to ensure independence from the controlling shareholder in business, personnel, assets, organization, and finance, with 6 shareholder meetings held during the reporting period, effective performance by the board of directors, supervisory board, and their specialized committees, and a sound internal control system with no significant deficiencies found in internal control self-evaluation or the auditor's attestation report [Basic Status of Corporate Governance](index=63&type=section&id=Item%209.1.%20Basic%20Status%20of%20Corporate%20Governance) The company strictly adheres to the "Company Law" and "Securities Law" to establish a sound legal person governance structure, operating in compliance with regulations regarding shareholders, general meetings, directors, board of directors, supervisors, and supervisory board, with its actual governance status largely consistent with the China Securities Regulatory Commission's normative documents for listed companies, maintaining "five independences" from the controlling shareholder in personnel, assets, finance, organization, and business, and possessing independent business and operational autonomy - The actual status of the company's corporate governance largely complies with the requirements of normative documents issued by the China Securities Regulatory Commission concerning the governance of listed companies[192](index=192&type=chunk) - The company has achieved "five independences" from its controlling shareholder in personnel, assets, finance, organization, and business, possessing independent business and operational autonomy[192](index=192&type=chunk)[196](index=196&type=chunk) [Internal Control Evaluation Report](index=66&type=section&id=Item%209.9.%20Internal%20Control%20Evaluation%20Report) According to the company's internal control self-evaluation report, as of December 31, 2016, the company maintained effective internal controls over financial reporting in all material aspects in accordance with enterprise internal control standards and relevant regulations, with no significant or material deficiencies found related to financial or non-financial reporting - No significant or material deficiencies were found in financial or non-financial reporting during the reporting period[210](index=210&type=chunk)[211](index=211&type=chunk) [Internal Control Audit Report](index=67&type=section&id=Item%209.10.%20Internal%20Control%20Audit%20Report) The accounting firm issued a standard unqualified internal control attestation report, stating that Nanji E-commerce maintained effective internal controls related to financial reporting in all material aspects as of December 31, 2016, which is consistent with the company's board of directors' self-evaluation report opinion - The accounting firm issued a standard unqualified internal control attestation report, consistent with the board of directors' self-evaluation report opinion[212](index=212&type=chunk)[213](index=213&type=chunk) [Corporate Bonds Information](index=69&type=section&id=Item%2010.%20Corporate%20Bonds%20Information) This chapter confirms that the company has no corporate bonds that are publicly issued and listed on a stock exchange, and are either unexpired or expired but not fully redeemed as of the approval date of the annual report [Corporate Bonds Information](index=69&type=section&id=Item%2010.1.%20Corporate%20Bonds%20Information) The company has no corporate bonds that are publicly issued and listed on a stock exchange, and are either unexpired or expired but not fully redeemed - The company has no unexpired or expired corporate bonds that have not been fully redeemed[215](index=215&type=chunk) [Financial Report](index=70&type=section&id=Item%2011.%20Financial%20Report) This chapter presents the audited 2016 financial report, for which Huapu Tianjian Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion, including consolidated and parent company balance sheets, income statements, cash flow statements, statements of changes in owners' equity, and detailed financial statement notes, comprehensively reflecting the company's financial position, operating results, and cash flows during the reporting period [Audit Report](index=70&type=section&id=Item%2011.1.%20Audit%20Report) Huapu Tianjian Certified Public Accountants (Special General Partnership) audited Nanji E-commerce's 2016 financial statements and issued a standard unqualified audit opinion, concluding that the company's financial statements were prepared in all material respects in accordance with enterprise accounting standards, fairly reflecting the company's financial position, operating results, and cash flows - The auditing firm issued a **standard unqualified audit opinion** (Huishanzi [2017] No. 1120)[217](index=217&type=chunk)[222](index=222&type=chunk) [Financial Statements](index=71&type=section&id=Item%2011.2.%20Financial%20Statements) The financial statements show that as of the end of 2016, the company's total assets were 2.05 billion Yuan, with owners' equity attributable to the parent company at 1.53 billion Yuan, and for the 2016 fiscal year, total operating revenue reached 521 million Yuan, net profit attributable to parent company owners was 301 million Yuan, and net cash flow from operating activities was a strong 457 million Yuan Consolidated Balance Sheet Key Items (Yuan) | Item | Period-End Balance | Period-Beginning Balance | | :--- | :--- | :--- | | **Total Assets** | 2,046,796,382.98 | 1,372,789,852.00 | | **Total Liabilities** | 482,516,238.98 | 137,434,394.57 | | **Total Owners' Equity Attributable to Parent Company** | 1,534,382,268.86 | 1,233,237,597.40 | Consolidated Income Statement Key Items (Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | **Total Operating Revenue** | 520,981,501.43 | 389,229,106.20 | | **Operating Profit** | 343,387,646.54 | 197,946,650.81 | | **Net Profit Attributable to Parent Company Owners** | 301,144,671.46 | 171,819,355.12 | Consolidated Cash Flow Statement Key Items (Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 457,357,673.45 | 37,080,935.68 | | **Net Cash Flow from Investing Activities** | -666,434,696.34 | 492,642,912.72 | | **Net Cash Flow from Financing Activities** | 847,000.00 | 996,369.41 | [Catalogue of Reference Documents](index=168&type=section&id=Item%2012.%20Catalogue%20of%20Reference%20Documents) This chapter lists the documents available for reference