Financial Performance - The company's operating revenue for Q1 2023 was ¥1,290,475,906.50, representing an increase of 11.49% compared to ¥1,157,444,233.88 in the same period last year[4] - Net profit attributable to shareholders was ¥255,586,126.25, up 24.22% from ¥205,758,713.26 year-on-year[4] - The net profit after deducting non-recurring gains and losses was ¥219,758,210.21, reflecting a growth of 31.86% compared to ¥166,658,821.19 in the previous year[4] - Basic and diluted earnings per share were both ¥0.18, representing an increase of 28.57% from ¥0.14 in the previous year[4] - The weighted average return on equity rose to 6.29%, up from 4.83% year-on-year, an increase of 1.46%[4] - Net profit attributable to the parent company increased to ¥1,643,805,375.21, up from ¥1,388,219,248.96, reflecting a growth of 18.4%[18] - The company reported a diluted earnings per share of ¥0.18, up from ¥0.14 in the previous period, representing a growth of 28.6%[21] - The total comprehensive income for the period was CNY 259,876,172.54, up from CNY 205,625,585.25, reflecting a growth of 26.4%[39] Cash Flow - The net cash flow from operating activities reached ¥149,651,136.62, a significant increase of 261.44% from -¥92,697,834.53 in the same quarter last year[4] - The net increase in cash and cash equivalents was ¥278,962,113.43, a 207.07% increase from -¥260,540,196.28 in the same quarter last year[12] - Cash flow from operating activities generated a net amount of ¥149,651,136.62, a significant improvement from a negative cash flow of ¥92,697,834.53 in the previous period[21] - The cash flow from financing activities showed a net outflow of CNY -2,665,089.68, compared to a net inflow of CNY 83,864,118.22 in the previous year, highlighting a shift in financing strategy[40] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,059,410,765.77, a 1.15% increase from ¥5,990,458,688.35 at the end of the previous year[4] - The company's total assets increased to ¥6,059,410,765.77, compared to ¥5,990,458,688.35 in the previous period, indicating a growth of 1.5%[18] - Total liabilities decreased to ¥1,750,584,574.26 from ¥1,941,639,679.17, indicating improved financial stability[35] Equity - Shareholders' equity attributable to the parent company increased by 6.50% to ¥4,190,555,672.55 from ¥3,934,839,307.90[4] - Total equity attributable to shareholders increased to ¥4,190,555,672.55 from ¥3,934,839,307.90, reflecting a growth of 6.5%[18] Investment and Expenses - Investment income surged by 1414.48% to ¥7,469,074.83, compared to ¥493,177.50 in the previous year[12] - Research and development expenses rose to ¥22,000,890.90, compared to ¥18,167,347.71, marking an increase of 21.1%[18] - Research and development expenses increased by 21.10% to ¥22,000,890.90 from ¥18,167,347.71, reflecting the company's commitment to product innovation[29] - Financial expenses decreased by 67.68% to -¥1,669,788.69 from -¥5,166,135.93, mainly due to reduced interest income from bank deposits[29] Government Support - The company received government subsidies amounting to ¥46,856,998.54 during the reporting period, primarily for industrial support[28] Other Financial Metrics - The company reported a significant reduction in employee compensation payable, down 32.84% to ¥104,216,496.62 from ¥155,182,282.17, due to the completion of last year's performance bonus payments[29] - The company has maintained goodwill at ¥82,596,399.85, unchanged from the previous period, indicating stable asset valuation[35] - The company plans to continue expanding its mature brands and invest in new product development to drive future growth[29]

Financial Performance - The company's total revenue for 2022 was approximately ¥4.31 billion, a decrease of 3.11% compared to 2021[37]. - The net profit attributable to shareholders for 2022 was approximately ¥458.77 million, down 1.20% from the previous year[37]. - The net profit after deducting non-recurring gains and losses for 2022 was approximately ¥374.27 million, a decline of 9.57% year-on-year[37]. - The net cash flow from operating activities for 2022 was approximately ¥515.31 million, a decrease of 16.81% compared to 2021[37]. - The basic earnings per share for 2022 was ¥0.31, down 18.42% from ¥0.38 in 2021[40]. - The total assets at the end of 2022 were approximately ¥5.99 billion, a decrease of 2.08% from the end of 2021[40]. - The net assets attributable to shareholders at the end of 2022 were approximately ¥3.93 billion, down 5.44% from the end of 2021[40]. - The company achieved operating revenue of 431,276.36 million yuan in 2022, a decrease of 3.11% compared to the previous year[107]. - The net profit attributable to shareholders of the parent company was 45,877.41 million yuan, down 1.20% year-on-year[107]. - The company reported a decrease in total expenses by 6.40% to 195,684.91 million yuan, mainly due to a significant reduction in excess bonuses[107]. Dividends and Shareholder Information - The company reported a cash dividend of 2.00 RMB per 10 shares, totaling a distribution based on a base of 1,459,333,729 shares[19]. - The company’s major shareholder, Wu Zhize, increased his stake to 38.09% by acquiring 241,721,855 new shares in January 2022[29]. - The total number of shares increased from 1,217,611,874 to 1,459,333,729 after the private placement[134]. - The controlling shareholder subscribed to 241,721,855 shares in the private placement, which was approved by the China Securities Regulatory Commission[133]. - The company has committed to a lock-up period of 36 months for shares subscribed by its chairman, Wu Zhize[143]. Risk Management and Compliance - The company has outlined major risks and corresponding countermeasures in its future development outlook[5]. - The company has a comprehensive risk management strategy detailed in its annual report[5]. - The company emphasizes the importance of understanding the differences between plans, forecasts, and commitments in its forward-looking statements[4]. - The company has committed to not engaging in substantial competition with its own business and will not increase investments in competing businesses, ensuring compliance with this commitment as of the reporting period[50]. - The company confirmed that the "Baoxini" trademark is exclusively owned by it, and its subsidiaries will not engage in similar or competing businesses, maintaining this commitment as of the reporting period[50]. - The company has committed to not transferring shares acquired in the 2021 private placement for 36 months post-issuance, with compliance confirmed as of the reporting period[50]. - The company has established measures to compensate for the dilution of immediate returns from the 2021 private placement, with compliance confirmed as of the reporting period[51]. - The company will not reduce its holdings in Baoxini shares for six months following the completion of the 2021 private placement, with compliance confirmed as of the reporting period[51]. - The company ensures that the acquisition related to the 2021 private placement will not affect its independence in personnel, finance, and operations, maintaining this commitment as of the reporting period[51]. - There were no non-operating fund occupations by controlling shareholders or other related parties during the reporting period[54]. - The company did not engage in any illegal external guarantees during the reporting period[55]. - The company has committed to avoiding competition with Baoxiniang's products and businesses, ensuring compliance with related regulations[52]. - The company has not reported any major litigation or arbitration matters during the reporting period[75]. - The company has engaged in necessary related transactions following fair pricing principles, ensuring no harm to the company's interests[52]. Operational Highlights - The company has maintained its operational management and brand promotion for its proprietary brands[26]. - The company has a dedicated team for international brand product development and supply chain management[26]. - The company has maintained its core competitiveness in "brand + platform" synergy, management team, full-category custom tailoring, intelligent production, and omnichannel marketing, with no significant changes during the reporting period[71]. - The company has a total of 1,684 offline stores established across various provinces and cities, including 746 direct-operated stores and 938 franchise stores[96]. - The direct-operated stores saw a net increase of 83 stores during the year, while franchise stores decreased by 26[96]. - The company upgraded its store image and focused on brand operation for the "亨利•格兰" brand during the reporting period[93]. - The company actively integrated online and offline sales channels, leveraging live streaming on platforms like Douyin to drive growth in e-commerce[110]. - The company focused on internal organization and skill enhancement for custom business teams to lay a foundation for future growth in the custom business segment[110]. Strategic Initiatives - The company plans to expand its online business, including Douyin and video live streaming, to counteract the decline in offline sales[107]. - The company is committed to its 2022-2024 three-year strategic plan, aiming for high-quality and sustainable development[131]. - The company has implemented cost control measures and enhanced marketing efforts to improve efficiency[131]. - The company is actively exploring new retail channels, such as Douyin, to capture growth opportunities[131]. - The company has extended its customer base beyond the financial sector to include telecommunications, transportation, and energy industries[131]. - The company achieved a significant increase in revenue, achieving a total of $500 million for the fiscal year, representing a 20% growth compared to the previous year[198]. - The company is committed to ongoing research and development, allocating $20 million towards new technology initiatives[198]. Inventory and Logistics - As of December 31, 2022, the company's inventory balance was RMB 1,289,267,943.76, with a provision for inventory impairment of RMB 110,251,108.00[188]. - The company's inventory net realizable value after impairment was RMB 1,179,016,835.76[190]. - The company reported a logistics expenditure of RMB 82.62 million during the reporting period, with RMB 16.75 million attributed to in-house logistics and RMB 65.87 million to outsourced logistics[70]. - The company incurred rental and property fees of RMB 116.11 million for leasing properties used for brand outlets and subsidiary offices during the reporting period[84]. Governance and Audit - The audit opinion for the financial statements was a standard unqualified opinion[149]. - The management emphasized the importance of internal controls in the financial reporting process to ensure accuracy and reliability[199]. - The governance team is actively overseeing the financial reporting process to maintain transparency and accountability[199]. - The audit process involved professional judgment and skepticism to ensure compliance with auditing standards[200].

Group 1: Company Performance - The company has maintained stable performance compared to peers despite significant e-commerce impact in Northeast and Northwest markets [3] - The brand Haggis is expected to grow rapidly, with plans to open around 240 stores by the end of the year, primarily in the Yangtze River Delta region [3] - The company emphasizes quality improvement of retail outlets and will close underperforming stores [3] Group 2: Customization and Partnerships - The company has over 100 partnerships with wedding dress shops for private customization, which is expected to contribute profit next year [4] - The customization model involves signing agreements with top wedding dress shops to provide samples and decor, with a focus on minimizing inventory [4] - The company guarantees satisfaction with custom orders, offering rework or refunds if customers are not satisfied [4] Group 3: Production Capacity and Efficiency - The current production capacity for suits is 60,000 units, with a maximum potential of 100,000 units [5] - The company has opened up processing services to increase order volume, alongside existing retail channels [5] - Smart production has standardized components, significantly enhancing response speed and production efficiency compared to traditional tailoring [5] Group 4: Financial Metrics - The company operates at a valuation multiple of approximately 7 times [6] - Investment in production lines for 100,000 units is estimated to be under 10 million [6] - The cost of producing 100,000 units is about 10% higher due to increased labor requirements [6]

Group 1: Company Development Strategy - The company focuses on the development of its core apparel business and implements a multi-brand strategy, positioning its brands in the mid-to-high-end market [1] - The brands under its management include Baoxini, HAZZYS, Baonia, Camicissima, Lafuma, and Suoluo Custom, covering formal, business, casual, and outdoor styles [1][2] Group 2: Brand Development Strategies - HAZZYS, a Korean brand, is positioned in the mid-to-high-end British casual style and ranks first in sales among the company's brands [2] - The company plans to expand HAZZYS into accessories like shoes and bags and deepen its market presence in second- and third-tier cities in 2021 [2] - Baoxini, with over 20 years of brand history, aims to enhance its custom tailoring business and promote a light formal wear series, targeting a younger and more fashionable audience [2] Group 3: Performance Assessment and Team Incentives - Each brand operates under independent business units, with performance assessments based on "development priority and profit orientation," using a salary structure of fixed pay, performance evaluation, and profit sharing [3] - Employee incentives are provided through stock options and partner programs [3] Group 4: Industry Overview and Company Performance - The year 2020 was particularly challenging for the industry, with a 11.4% year-on-year decline in national retail sales of consumer goods, and a 19.6% drop in apparel and textile retail sales [3] - The company's revenue fell by 16% in the first quarter of 2020, with net profit declining nearly 30% [3] - However, by the third quarter of 2020, the company achieved a net profit of 240 million yuan, a 47% increase compared to the previous year, exceeding expectations [3] Group 5: Future Industry Trends and Investment Plans - The industry is expected to continue a slow recovery in 2021, with the company maintaining a positive outlook for the first half of the year [4] - The company will continue to focus on its apparel business and make appropriate investments based on operational needs [4]

Financial Performance - The company's revenue for Q3 2022 was ¥1,042,469,420.30, representing a 4.49% increase year-over-year[6]. - Net profit attributable to shareholders for Q3 2022 was ¥119,666,127.81, an increase of 13.84% compared to the same period last year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥112,013,390.42, up 33.35% year-over-year[6]. - The basic earnings per share for Q3 2022 was ¥0.0820, a decrease of 4.98% compared to the same period last year[6]. - Net profit attributable to shareholders of the parent company was ¥384,448,171.14, up from ¥367,099,294.85 in the previous period, reflecting a growth of approximately 4.3%[38]. - The company reported a basic earnings per share of ¥0.26, down from ¥0.30 in the previous period, indicating a decrease of approximately 13.3%[38]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,924,187,907.96, a decrease from ¥6,117,536,478.16 at the end of the previous year[8]. - The equity attributable to shareholders at the end of the reporting period was ¥3,860,383,946.05, down from ¥4,161,423,487.68 at the end of the previous year[8]. - Total liabilities rose to ¥1,957,344,466.51 from ¥1,851,409,897.32, an increase of approximately 5.7%[35]. - Total equity decreased to ¥3,966,843,441.45 from ¥4,266,126,580.84, a decline of about 7.0%[35]. Cash Flow - The cash flow from operating activities showed a significant decline, with a net amount of ¥1,531,299.07, down 98.88% year-over-year[6]. - The net cash flow from operating activities decreased by 98.88% to ¥1,531,299.07, mainly due to higher tax and employee compensation payments compared to the previous year[13]. - The net cash flow from financing activities was negative at -¥461,630,154.24, reflecting the company's commitment to returning value to shareholders through dividends and acquisitions[15]. - Cash inflow from operating activities totaled $2,897,959,027.31, a decrease of 1.5% from the previous period's $2,943,001,041.64[43]. - Cash outflow from operating activities increased to $2,896,427,728.24, compared to $2,805,758,207.82 in the prior period, reflecting a rise of 3.2%[43]. - The net cash flow from financing activities was -$461,630,154.24, worsening from -$186,830,257.86 in the previous period[45]. Investments and Acquisitions - The company completed the acquisition of 100% equity of Kaimiqi (Shanghai) Trading Co., Ltd. and related trademarks, enhancing its market presence[27]. - The company plans to raise between RMB 550 million and RMB 824.974 million through a non-public offering of shares, with the number of shares to be issued adjusted to between 173,501,578 and 260,244,164 shares[25]. - The adjusted issue price for the non-public offering is set at RMB 3.02 per share, reflecting a decrease from the previous price due to cash dividends[25]. - The company received approval from the China Securities Regulatory Commission for its non-public offering of A-shares, allowing it to issue up to 273,170,198 new shares[26]. Operational Metrics - Total operating revenue for the current period reached ¥3,038,261,267.95, an increase from ¥2,972,940,801.68 in the previous period, representing a growth of approximately 2.2%[35]. - Operating profit for the current period was ¥501,033,717.09, compared to ¥470,058,196.50 in the previous period, indicating an increase of about 6.6%[35]. - Research and development expenses increased to ¥55,215,162.78 from ¥48,550,446.92, marking a rise of about 13.7%[35]. - The overall cost of operations increased to ¥2,572,370,998.91 from ¥2,536,903,621.22, which is an increase of about 1.4%[35]. Market Strategy - The company plans to continue expanding its market presence and investing in new technologies and products, as indicated by its recent acquisitions and financial strategies[19]. - The company plans to continue expanding its market presence and invest in new product development to drive future growth[34].

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,995,791,847.65, representing a 1.04% increase compared to CNY 1,975,247,783.88 in the same period last year[25]. - Net profit attributable to shareholders of the listed company was CNY 264,782,043.33, up 1.07% from CNY 261,984,933.68 year-on-year[25]. - The net profit after deducting non-recurring gains and losses decreased by 9.93% to CNY 202,474,506.34 from CNY 224,805,034.31 in the previous year[25]. - The net cash flow from operating activities was negative at CNY -18,042,252.29, a decline of 116.56% compared to CNY 108,945,498.93 in the same period last year[25]. - Basic earnings per share decreased by 18.18% to CNY 0.18 from CNY 0.22 year-on-year[25]. - Total assets at the end of the reporting period were CNY 5,915,186,323.01, down 3.31% from CNY 6,117,536,478.16 at the end of the previous year[25]. - Net assets attributable to shareholders of the listed company decreased by 3.10% to CNY 4,032,450,115.09 from CNY 4,161,423,487.68 at the end of the previous year[25]. - The company's gross margin was impacted by a shift from higher-margin offline sales to lower-margin group purchasing, leading to a 11.78% increase in main business costs[46]. - The operating cost increased by 8.68% to CNY 709.64 million from CNY 652.93 million year-on-year[61]. - The company reported a significant increase in minority shareholder profit, which rose by 599.71% to CNY 2,716,443.30[64]. Government Support and Subsidies - Government subsidies received during the reporting period totaled 73,971,758.27 CNY, primarily from industrial support funds[28]. - The company received cash from government subsidies amounting to CNY 176,433,269.06, an increase of 32.08% compared to the previous period[64]. Market Trends and Challenges - The retail sales of clothing and footwear in China decreased by 6.5% year-on-year, with online retail sales growth slowing to 2.4%[34]. - The overall apparel industry is expected to recover as offline traffic gradually stabilizes post-pandemic, benefiting brands with strong product innovation and channel management[34]. - The company faces risks related to market demand fluctuations, with a focus on maintaining high-quality, stable, and sustainable strategic goals[130]. Strategic Initiatives and Innovations - The company operates three major production bases in Wenzhou Yongjia, Shanghai Songjiang, and Hefei, covering a full range of apparel products[35]. - The company has established a large-scale personalized intelligent customization system to enhance production efficiency and quality[36]. - The company has implemented a multi-brand strategy, including brands like Baoxini, HAZZYS, and CAMICISSIMA, to cater to different market segments[35]. - The company is actively expanding its online sales through major e-commerce platforms and developing live-streaming e-commerce initiatives[39]. - The company achieved operating revenue of 1,995.79 million yuan, a year-on-year increase of 1.04%[46]. - The company’s R&D expenses increased by 19.83% to 35.95 million yuan, reflecting a continuous commitment to innovation[46]. - The online business grew by 23.47% in the first half of 2022, driven by a strategic shift towards digital channels[42]. - The company is actively expanding its market presence through strategic collaborations and product innovation, including partnerships with universities and fabric suppliers[41]. - The company has established partnerships with major third-party platforms, enhancing its online sales capabilities[79]. Store and Inventory Management - The company has established a total of 1,659 offline stores across China, including 734 direct-operated stores and 925 franchised stores, with a total operating area of 24.41 million square meters[53]. - The total number of stores as of June 30, 2022, was 1,659, a slight decrease from 1,676 stores at the end of 2021[61]. - The company's total inventory as of June 30, 2022, was 1,107.41 million yuan, a decrease of 3.65% from the beginning of the period[130]. - Inventory turnover days stood at 286, with a total inventory balance increase of ¥119,258,531.88 year-over-year, primarily due to decreased production and sales rates during the pandemic[80]. Corporate Social Responsibility and Environmental Initiatives - The company has implemented measures to reduce carbon emissions, including daily inspections and improvements to the factory environment, resulting in no environmental pollution incidents during the reporting period[143]. - The company donated over 600,000 RMB to charity during the reporting period, including support for local schools and pandemic relief efforts[144]. - The company has committed to maintaining compliance with environmental management systems and promoting sustainable development practices[143]. - The company has established a benchmark for green factories, advocating for environmental protection and energy conservation initiatives[143]. - The company has actively participated in community support activities, including providing supplies to pandemic relief efforts in Shanghai[144]. Shareholder and Equity Information - The company has issued a total of 241,721,855 new shares, increasing the total share count to 1,459,333,729 shares, representing a 19.89% increase[191]. - The basic earnings per share decreased from 0.38 CNY to 0.32 CNY post-share issuance, indicating a 15.79% decline[194]. - The diluted earnings per share also decreased from 0.38 CNY to 0.32 CNY, reflecting the same percentage decline[194]. - The net asset value per share attributable to ordinary shareholders dropped from 3.42 CNY to 2.85 CNY, a decrease of 16.67%[194]. - The controlling shareholder, Wu Zhize, intends to subscribe for up to 272,445,820 shares, with a total investment not exceeding 880 million CNY[200]. Legal and Compliance Matters - The company reported a total of 18,306.72 thousand yuan in infringement disputes as the plaintiff, with 22 cases concluded and 17 cases under trial[157]. - There were no significant lawsuits or arbitration matters during the reporting period[157]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[152]. - The company has not experienced any bankruptcy reorganization matters during the reporting period[156]. - The company has not issued any non-standard audit reports during the reporting period[156].

Financial Performance - The company's revenue for Q1 2022 was CNY 1,157,444,233.88, representing a 16.31% increase compared to CNY 995,163,585.23 in the same period last year[4]. - Net profit attributable to shareholders was CNY 205,758,713.26, up 13.72% from CNY 180,936,997.92 year-on-year[4]. - Total operating revenue for the current period reached ¥1,157,444,233.88, an increase from ¥995,163,585.23 in the previous period, representing a growth of approximately 16.3%[33]. - The net profit for the current period is 205,625,808.68, an increase from 182,249,552.57 in the previous period, representing a growth of approximately 12.4%[36]. - The total profit for the current period is 257,468,138.34, compared to 232,282,523.62 in the previous period, indicating an increase of about 10.8%[36]. - The total comprehensive income attributable to the parent company's owners is 205,758,489.83, up from 180,937,059.00 in the previous period, marking an increase of about 13.7%[36]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 92,697,834.53, a decline of 558.71% compared to a positive CNY 20,208,440.67 in the previous year[4]. - The cash flow from operating activities shows a net outflow of -92,697,834.53, a decline from a net inflow of 20,208,440.67 in the previous period[40]. - The cash flow from investing activities has a net outflow of -251,687,606.59, worsening from -130,379,484.28 in the previous period[43]. - The cash flow from financing activities shows a net inflow of 83,864,118.22, compared to a net outflow of -31,639,944.99 in the previous period[43]. - The net increase in cash and cash equivalents was negative CNY 260,540,196.28, reflecting an 83.57% decline from negative CNY 141,932,030.23 in the same period last year[12]. - The cash and cash equivalents at the end of the period amount to 1,629,007,275.80, compared to 549,483,126.85 at the end of the previous period[40]. - The company has a total of 1,648,448,900.43 RMB in cash and cash equivalents at the end of the reporting period, down from 1,906,731,056.89 RMB at the beginning of the year[23]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,048,783,832.32, down 1.12% from CNY 6,117,536,478.16 at the end of the previous year[4]. - Current liabilities totaled ¥1,503,731,781.57, down from ¥1,773,192,326.38, representing a decrease of approximately 15.2%[29]. - The company's equity attributable to shareholders increased to ¥4,367,312,987.30 from ¥4,161,423,487.68, marking a growth of about 4.9%[29]. - The company's trading financial assets increased to 239,985,157.34 RMB from 21,910,000.00 RMB[23]. - Accounts receivable at the end of the reporting period amount to 609,449,455.46 RMB, compared to 574,442,434.30 RMB at the beginning of the year[23]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 69,674[13]. - Major shareholder Wu Zhize holds 25.20% of shares, totaling 367,777,954 shares, with 118,200,000 shares pledged[13]. - Major shareholder Wu Tingting holds 12.72% of shares, totaling 185,564,542 shares, with 142,350,000 shares pledged[13]. Government Support and Investments - The company received government subsidies amounting to CNY 52,009,823.66, a 73.60% increase from CNY 29,959,649.37 in the previous year[9]. - The financial assets held for trading increased by 995.32% to CNY 239,985,157.34, primarily due to increased investments in financial products[9]. - Short-term borrowings rose by 131.11% to CNY 185,095,944.44, attributed to increased bank loans from subsidiaries[9]. Operating Costs and Expenses - Total operating costs amounted to ¥934,833,847.66, up from ¥786,065,834.38, indicating an increase of about 18.9%[33]. - Research and development expenses were ¥18,167,347.71, compared to ¥14,919,680.23 in the previous period, reflecting a rise of approximately 21.1%[33]. - The company reported a significant increase in sales expenses, which rose to ¥439,148,033.46 from ¥374,488,586.92, indicating a growth of approximately 17.3%[33]. Future Plans - The company plans to issue up to 272,445,820 shares in a non-public offering, with a maximum subscription amount of 880 million RMB by the controlling shareholder Wu Zhize[17]. - The adjusted issue price for the non-public offering is set at 3.02 RMB per share[21]. - The company’s total assets and liabilities will be affected by the non-public offering, with a minimum fundraising target of 55 million RMB[20]. - The company's major shareholders are not considered related parties or acting in concert with other top shareholders[16].

Financial Performance - The company's operating revenue for 2021 was ¥4,451,368,806.37, representing a 17.52% increase from ¥3,787,665,183.11 in 2020[32]. - The net profit attributable to shareholders for 2021 was ¥464,358,584.63, a 26.70% increase compared to ¥366,496,497.20 in 2020[32]. - The net profit after deducting non-recurring gains and losses was ¥413,855,043.93, which is a 39.40% increase from ¥296,889,489.37 in 2020[32]. - The company's total assets at the end of 2021 were ¥6,117,536,478.16, reflecting a 25.91% increase from ¥4,858,669,173.76 at the end of 2020[32]. - The net assets attributable to shareholders increased by 28.90% to ¥4,161,423,487.68 at the end of 2021 from ¥3,228,461,628.60 at the end of 2020[32]. - The basic earnings per share for 2021 was ¥0.38, up 26.67% from ¥0.30 in 2020[32]. - The net cash flow from operating activities for 2021 was ¥619,451,107.56, a decrease of 13.84% from ¥718,988,995.41 in 2020[32]. - The company reported a total of ¥50,503,540.70 in non-recurring gains for 2021, compared to ¥69,607,007.83 in 2020[38]. - The weighted average return on equity for 2021 was 13.38%, an increase from 12.03% in 2020[32]. Market and Sales Strategy - The company is focused on expanding its direct sales and e-commerce platforms to enhance brand presence and sales channels[15]. - The company aims to leverage new retail strategies through its private traffic platform, enhancing customer engagement and sales conversion[15]. - The company is focusing on enhancing its channel structure by increasing the proportion of shopping center channels and opening flagship stores on platforms like Douyin[51]. - The company operates a multi-channel sales strategy, integrating online and offline sales through platforms like Tmall and JD.com, while also expanding into live-streaming e-commerce[92][94]. - The company is committed to improving its online business performance by adapting to new e-commerce trends and enhancing its live-streaming sales initiatives[163]. - The company aims to enhance brand recognition through various promotional activities, including collaborations with KOLs and social media campaigns[116]. Product Development and Innovation - The company has implemented a personalized intelligent customization system to meet consumer demands effectively[49]. - The company plans to continue enhancing its product offerings, including the launch of a new "sports suit" series to address consumer needs[55]. - The company is committed to improving product quality and service through smart production initiatives[156]. - The company aims to enhance product categories by innovating and upgrading leisure products, including the development of golf series, to boost sales[157]. - The company has ongoing R&D projects focused on new technologies and fabric functionalities to improve product competitiveness[122]. Corporate Governance and Investor Relations - The company has a dedicated investor relations team to facilitate communication with shareholders and stakeholders[23]. - The company maintained a 100% response rate to investor inquiries, addressing 116 questions through its investor relations platform[173]. - The company held 5 shareholder meetings during the reporting period, ensuring equal rights for all shareholders, especially minority shareholders[172]. - The board of directors convened 9 meetings to review significant matters, with all resolutions executed effectively[173]. - The company disclosed 83 announcements during the reporting period, achieving an A-level information disclosure rating[173]. Operational Efficiency and Cost Management - The company aims to strengthen its supply chain responsiveness and inventory turnover to mitigate risks associated with high inventory levels[162]. - The main business cost for the textile and apparel sector in 2021 was CNY 1,497,156,225.83, accounting for 93.22% of total operating costs, which increased by 14.09% from CNY 1,312,215,158.05 in 2020[79]. - Sales expenses increased by 17.59% to ¥1,764,604,028.56 in 2021 from ¥1,500,579,903.09 in 2020, primarily due to expanded sales channels and enhanced brand promotion efforts[90]. - Management expenses rose by 24.77% to ¥328,816,169.71, attributed to increased performance incentives and the absence of social security reductions enjoyed in the previous year due to the pandemic[90]. Risk Management - The company emphasized the importance of risk awareness regarding forward-looking statements and performance forecasts[6]. - The company acknowledges risks related to market demand fluctuations and plans to adjust operational strategies accordingly to maintain efficiency and quality[160]. - The company is focused on risk control in investments, particularly in projects that can lead or innovate in the main business or technology frontier areas[159]. Human Resources and Management - The company has a total of 129 in-house fashion designers, with no signed external designers[121]. - The management team includes experienced professionals with diverse backgrounds in finance and management[190]. - The company has established a compensation and assessment committee to oversee remuneration plans[191]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 929.78 million[191]. Shareholder Information - The actual controller, Mr. Wu Zhize, holds 38.09% of the company's total shares, ensuring independent operations in business, personnel, and finance[177]. - The company reported a shareholding of 132,993,263 shares at the beginning of the period, with a decrease of 1,342,916 shares, resulting in an ending shareholding of 131,650,347 shares[181]. - The current chairman and general manager, Wu Zhize, has held 126,056,099 shares, unchanged during the reporting period[181].

Financial Performance - The company's revenue for Q3 2021 was ¥997,693,017.80, representing a 12.47% increase year-over-year[6]. - Net profit attributable to shareholders for Q3 2021 was ¥105,114,361.17, a decrease of 15.64% compared to the same period last year[6]. - The net profit after deducting non-recurring gains and losses was ¥84,001,764.64, down 21.91% year-over-year[6]. - Total operating revenue reached ¥2,972,940,801.68, representing a 31.53% increase compared to the previous year, with a growth of 22.06% when adjusted for previous reporting standards[12]. - Net profit attributable to the parent company was ¥367,099,294.85, reflecting a 52.51% increase year-over-year, driven by revenue growth[12]. - The net profit for the current period is 374,847,324.94, an increase from 259,945,552.73 in the previous period, representing a growth of approximately 44%[38]. - The total operating profit reached 470,058,196.50, compared to 337,658,208.56 in the previous period, indicating a growth of about 39%[38]. - The basic and diluted earnings per share for the current period are both 0.30, up from 0.20 in the previous period, reflecting a 50% increase[41]. Cash Flow and Liquidity - The company reported a net cash flow from operating activities of ¥137,242,833.82, which increased by 232.53% year-to-date[6]. - Cash inflow from operating activities totaled 2,943,001,041.64, compared to 2,318,152,572.98 in the previous period, marking an increase of approximately 27%[45]. - The net cash flow from operating activities was 137,242,833.82, significantly higher than 41,271,746.92 in the previous period[45]. - The balance of cash and cash equivalents at the end of the period was ¥734,996,547.44, a 51.28% increase, supported by improved sales and cash recovery[15]. - The beginning cash and cash equivalents balance was CNY 691,415,157.08, while the ending balance increased to CNY 734,996,547.44, reflecting a growth of approximately 6%[48]. Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥5,204,212,527.06, reflecting a 7.11% increase from the end of the previous year[6]. - The total liabilities increased to ¥1,766,568,363.75 from ¥1,536,314,977.30, representing a growth of about 14.9%[31]. - The company's inventory increased to ¥1,200,167,953.79 from ¥964,994,777.04, reflecting a growth of approximately 24.4%[28]. - Accounts receivable rose to ¥614,029,357.36, compared to ¥547,950,555.38, marking an increase of about 12.0%[28]. - The total equity attributable to shareholders increased to ¥3,340,255,394.73 from ¥3,228,461,628.60, reflecting a growth of approximately 3.5%[34]. Investments and Expenditures - Research and development expenses increased by 49.83% to ¥48,550,446.92, indicating a commitment to enhancing product development[12]. - Investment income surged by 111.05% to ¥12,514,385.75, mainly due to increased returns from financial products[12]. - The company experienced a significant increase in prepayments, which rose by 136.25% to ¥108,601,158.58 due to increased procurement deposits[9]. - The construction in progress increased by 3240.69% to ¥24,245,449.31, primarily due to expenditures related to the renovation project of the subsidiary[9]. Shareholder and Capital Management - The company plans to issue up to 277,602,523 shares at an adjusted price of 3.02 RMB per share, aiming to raise no less than 550 million RMB and no more than 824.974 million RMB for digital transformation and R&D projects[24]. - The company has established a strong shareholder base, with several funds and individuals holding significant stakes, indicating investor confidence[21]. - The company has received approval from the China Securities Regulatory Commission for its non-public offering application, indicating regulatory support for its capital-raising efforts[24]. - The company is actively pursuing market expansion through strategic fundraising and asset management initiatives[24]. Regulatory and Compliance - The company has reclassified lease liabilities in accordance with new leasing standards, impacting various financial metrics significantly[12]. - The company reported a significant adjustment of CNY 90,619,773.33 in the right-of-use assets due to the new leasing standards[51]. - The company has not conducted an audit for the third quarter report, indicating that the figures are unaudited[55].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,975,247,783.88, representing a 43.85% increase compared to CNY 1,373,157,497.59 in the same period last year[26]. - The net profit attributable to shareholders of the listed company reached CNY 261,984,933.68, a significant increase of 125.63% from CNY 116,113,531.27 in the previous year[26]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 224,805,034.31, up 154.70% from CNY 88,263,163.34 year-on-year[26]. - The net cash flow from operating activities was CNY 108,945,498.93, a remarkable turnaround from a negative CNY 16,724,392.10 in the same period last year, marking a 751.42% increase[26]. - Basic earnings per share increased to CNY 0.22, up 120.00% from CNY 0.10 in the previous year[26]. - The company's total revenue for the first half of 2021 reached 1,925.06 million yuan, an increase of 45.02% compared to 1,327.48 million yuan in the same period of 2020[52]. - The revenue from the brand "Baoxini" was 711.64 million yuan, representing a growth of 63.54% from 435.14 million yuan in the first half of 2020[52]. - The brand "HAZZYS" reported a revenue of 694.15 million yuan, up 48.38% from 467.81 million yuan in the first half of 2020[52]. - The company's total revenue reached ¥1,925,058,588.75, with a gross margin of 68.25%[73]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,150,449,285.20, reflecting a 6.01% increase from CNY 4,858,669,173.76 at the end of the previous year[26]. - The net assets attributable to shareholders of the listed company were CNY 3,417,651,763.46, which is a 5.86% increase from CNY 3,228,461,628.60 at the end of the previous year[26]. - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥95,790,868.16, up 268.79% from the previous year[57]. - The company reported a cash balance of ¥796,839,391.89, accounting for 15.47% of total assets, an increase from 14.29% in the previous year[106]. - The company's inventory amounted to ¥992,562,243.25, representing 19.27% of total assets, a slight decrease from 19.86% in the previous year[109]. - The company increased short-term borrowings to ¥248,980,240.53, which is 4.83% of total assets, up from 2.13% in the previous year, primarily due to increased bank loans[109]. Operational Efficiency - The weighted average return on net assets was 7.80%, an increase of 3.76% compared to 4.04% in the previous year[26]. - The company has a production capacity of 1.3 million suits and 700,000 shirts per year, with a focus on self-manufacturing for these main products[39]. - The production capacity utilization rate increased to 103.80%, up 16.08 percentage points from the previous year[72]. - The average sales per store for over 12 months of operation was ¥1,367,100, with a sales efficiency of ¥13,800 per square meter[68]. - The company reported a total of 37,179,899.37 CNY in non-recurring gains and losses after tax adjustments[34]. Marketing and Sales Strategy - The company operates a multi-brand strategy, including brands such as Baoxini, HAZZYS, and Camicissima, catering to mid-to-high-end consumers[38]. - The company emphasizes a full-channel marketing strategy, integrating online and offline sales through various platforms[40]. - The company is focusing on enhancing operational management and efficiency through performance evaluation and incentive mechanisms[44]. - The company is actively promoting custom marketing activities, particularly in women's and internet custom segments[44]. - The company expanded its online presence by establishing official flagship stores on platforms like Tmall and JD, and promoting its WeChat mini-program "Phoenix Shangpin" for community marketing[51]. - The company opened 44 new stores and closed 51 underperforming stores for the Baoxini brand, enhancing channel efficiency[44]. - The company opened 98 new stores during the reporting period, optimizing its store network structure[69]. Research and Development - Research and development investment increased by 50.96%, totaling ¥30,003,557.83, due to an increase in R&D personnel[57]. - The company utilizes a data-driven approach in its R&D and design processes to better understand consumer needs and enhance product quality[39]. - The company established independent design and R&D teams across its brands, enhancing its ability to respond to market trends and consumer needs[105]. Corporate Governance and Social Responsibility - The company emphasizes the importance of risk awareness regarding forward-looking statements made during the meeting[6]. - The company actively engages in social responsibility initiatives, including a donation of RMB 560,000 to support impoverished students and employees[144]. - The company’s actual controllers and shareholders have fulfilled their commitments during the reporting period, with no overdue commitments[148]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[155]. - The company has no significant litigation or arbitration matters during the reporting period[160]. Future Outlook and Strategy - The company plans to distribute a cash dividend of CNY 1.5 per 10 shares to all shareholders, based on a total of 1,217,611,874 shares[6]. - The company plans to enhance product quality and brand image while focusing on fashion and youthfulness in its offerings[44]. - The company plans to leverage domestic and international dual circulation strategies to mitigate risks from market demand fluctuations[124]. - The company is focusing on multi-brand development and enhancing product design and technology innovation to strengthen market competitiveness[125]. - The company is pursuing external investments and partnerships to enhance its strategic resource allocation and investment efficiency[130].