Group 1: Investor Relations Activities - The investor relations activity included a site visit with participation from 14 representatives from various securities firms [1] - The meeting took place on December 18, 2014, in the company conference room [1] Group 2: Company Expansion Plans - The company plans to open new markets in Jinan and Urumqi next year, with a goal of expanding at a rate of three markets every two years or one market per year [2] - The company is developing a Korean Fashion Center, which is expected to open in October 2015, following two to three years of research [2] Group 3: Business Model and Innovation - The business model combines heavy and light asset strategies, focusing on core market operations while also developing innovative businesses [2] - Recent innovations include a cosmetics experience center opened in September and a food and daily necessities experience center, both of which have shown positive results [2] Group 4: E-commerce and Market Strategy - The company embraces e-commerce to enhance marketing and promotional services, with direct sales from manufacturers minimizing price competition with online retailers [3] - The company is implementing an APP for smart market solutions and aims to achieve Wi-Fi coverage in the market, enhancing electronic business operations [2]

Group 1: Market Performance - The rental income from the main market has not been significantly affected despite a decrease in private shop rents due to economic conditions [1][2] - The overall customer flow in the main market has slightly increased, with private car usage showing growth, indicating stronger purchasing power [2][3] - The company plans to enhance marketing efforts, including activities targeting private car users [2][3] Group 2: Inventory and Pricing - Merchants have accumulated inventory due to rising raw material prices, which has some value but is primarily raw materials rather than finished products [2][3] - The pricing of rental rights is determined by expected market prosperity, market size, and competition [3][4] Group 3: Expansion and Market Strategy - The company is exploring new cities for expansion, including Xi'an, Hohhot, and Xinjiang, with ongoing projects in Tianjin and Jinan [3][4] - The company’s market is currently the largest in the domestic market, with significant competition from other large markets [3][4] Group 4: Consumer Trends and E-commerce - The consumer age demographic for leather clothing shows a preference for men's clothing among those over 30, while women's fashion is diverse and increasingly popular among younger consumers [4] - The company views e-commerce as a service platform, focusing on enhancing offline experiences rather than direct online sales due to the nature of leather products [4][5] Group 5: Financial Investments - Overall expenses have not changed significantly, with new marketing investments in the Harbin market, while mature markets like Tong Er Bao see minimal impact from new phases [4][5]

Group 1: Market Conditions and Rental Strategies - The possibility of rental decline in external markets is low based on market conditions [2] - Chengdu market has improved compared to last year, with no rent increase for merchants this year; potential for rent increase next year if market conditions remain favorable [2] - The rental increase in Tong Er Bao market is relatively challenging, with overall operations in both markets remaining stable compared to last year [2] Group 2: Financial Performance and Cost Management - Marketing expenses decreased in the first half of the year due to a shift in marketing strategy towards new media advertising [2] - The company plans to invest heavily in marketing expenses in July and August, coinciding with the opening of new markets [2] - The company’s cash flow is stable, but project signing pace may slow down depending on negotiation progress [3] Group 3: Expansion Plans and Market Development - New markets expected to open include Harbin in the second half of the year, with part of the shops already sold [3] - The company is exploring international cooperation, including a Korean product exhibition by the end of the year [3] - The company aims to establish an online leather city with its own sales website, despite current low online sales volume [4] Group 4: Consumer Behavior and Market Dynamics - The purchasing power in the market remains unchanged, with small vehicles being the main source of consumer traffic [3] - External market increases are not expected to dilute local market traffic, as consumer groups primarily travel within a three-hour radius [3] - To attract small vehicle customers, various promotional activities have been launched, such as WeChat red envelopes [3] Group 5: Sales and Revenue Recovery - Generally, selling 10%-15% of shops can recover initial investments, along with one year of rent and leasing fees [3] - The Harbin market has a significant scale and cost, with local merchants accounting for approximately 50% of the market [4]

Group 1: Company Growth and Market Potential - The first-year rental pricing for the new Haining Phase VI wholesale center is low, indicating significant potential for rental increases [1] - The opening of the subway in Wuhan and improvements in the surrounding environment will enhance market rental potential [2] - The company plans to combat counterfeit markets and is considering self-built and acquisition strategies for new rehabilitation hospital projects, expected to open after New Year due to renovation [2] Group 2: Profit Trends and Industry Insights - The company's profits have stabilized after a decline, primarily due to the completion of real estate projects and the expiration of rental rights fees [2] - The leather industry is cyclical and heavily influenced by supply and demand dynamics, with raw material prices having adjusted over the past three years, suggesting a potential rebound [2] - The company's property assets are recorded based on construction costs, with rental income being the primary revenue source, influenced by the leather industry's development [2] Group 3: Market Dynamics and Future Projections - The performance of merchants will impact the number of merchants entering the market, as it is driven by industry demand and merchant capabilities [3] - The rental situation for the following year will depend on the market performance during peak months of November, December, and January [3]

Group 1: Company Development and New Initiatives - The company has added over 400 million in cash flow from the new e-commerce distribution center, solidifying its position as an industry leader [1] - The new business "P2P Finance" is exploring new channels in response to policy changes, while a rehabilitation hospital project is set to open in November, indicating growth potential in the healthcare sector [2] - The company aims to diversify its main business by enhancing product categories and expanding into high-end markets while also targeting mass-market distribution [2] Group 2: Market and Customer Engagement - There is no concern regarding individual street shops diverting customers, as the overall market offers a better experience and a wider variety of clothing options [2] - The company is developing a fashion town, with construction starting on September 23, aiming to connect with international trends and enhance design capabilities [2] - The company is adjusting rental fees in response to macroeconomic pressures, ensuring mutual growth with merchants [3] Group 3: Digital Integration and Strategy - The company is integrating merchants and customers through its platform, focusing on marketing and management rather than becoming a direct sales e-commerce platform [3]

Group 1: Event Details - The investor reception day is scheduled for May 18, 2022, from 10:00 AM to 12:00 PM [1] - The event will take place at the 19th floor conference room of the Leather City Building, No. 201 Haizhou West Road, Haining, Zhejiang Province [1] - Registration for participation is required from May 12 to May 13, 2022, during specified hours [1] Group 2: Registration Requirements - Individual investors must bring original and photocopied identification and shareholder card [1] - Institutional investors are required to present relevant institutional proof and its photocopy [1] - Investors must submit a question outline via fax or email prior to the event to enhance reception efficiency [2] Group 3: Company Representatives - The event will feature company representatives including Chairman and General Manager Zhang Yueming, Executive Vice President Xu Kanxu, Chief Financial Officer Qiao Xin, and Secretary of the Board Yang Keqi [1] Group 4: Confidentiality and Compliance - Investors will be required to sign a confidentiality commitment as per Shenzhen Stock Exchange regulations [2] - The company will respond to questions based on regulatory guidelines [2]

Group 1: Event Details - The investor reception day is scheduled for May 11, 2021, from 10:00 AM to 12:00 PM [1] - The event will take place at the Leather City Building, 19th Floor Conference Room, No. 201 Haizhou West Road, Haining, Zhejiang Province [1] - Registration for participation is required from May 6 to May 7, 2021, during specified hours [1] Group 2: Registration Requirements - Individual investors must bring original and photocopied identification and shareholder card [1] - Institutional investors are required to present relevant institutional proof and its photocopy [2] - Investors must submit a question outline via fax or email prior to the event for efficient reception [2] Group 3: Company Representatives - The event will feature company representatives including Chairman and General Manager Zhang Yueming, Executive Vice President Xu Kanxu, Chief Financial Officer Qiao Xin, and Secretary of the Board Yang Keqi [1] Group 4: Confidentiality and Compliance - Investors will be required to sign a confidentiality commitment as per Shenzhen Stock Exchange regulations [2] - The company will respond to questions based on regulatory guidelines [2]

Financial Performance - The company's operating revenue for 2015 was approximately ¥1.84 billion, a decrease of 24.33% compared to ¥2.43 billion in 2014[17]. - The net profit attributable to shareholders for 2015 was approximately ¥548.80 million, down 41.39% from ¥936.38 million in 2014[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥469.81 million, a decline of 45.25% from ¥858.08 million in 2014[17]. - The net cash flow from operating activities was approximately ¥157.55 million, a significant drop of 77.02% compared to ¥685.71 million in 2014[17]. - Basic earnings per share for 2015 were ¥0.49, down 41.67% from ¥0.84 in 2014[17]. - The company achieved total operating revenue of CNY 1,850.55 million, a year-on-year decrease of 24.14%[35]. - The net profit attributable to shareholders was CNY 548.80 million, down 41.39% compared to the previous year[35]. - The revenue from property leasing and management was CNY 1,402.77 million, a decline of 18.48% year-on-year[36]. - The sales revenue from shops and supporting properties was CNY 27.64 million, a significant drop of 87.54% compared to the previous year[36]. - The company reported total assets of CNY 10,281.90 million, an increase of 18.43% year-on-year[37]. Asset Management - Total assets at the end of 2015 were approximately ¥10.28 billion, an increase of 18.43% from ¥8.68 billion at the end of 2014[17]. - The net assets attributable to shareholders increased to approximately ¥4.86 billion, a rise of 6.19% from ¥4.58 billion at the end of 2014[17]. - The company’s long-term equity investments increased by approximately 63.99 million yuan during the reporting period, indicating a strategic focus on joint ventures[29]. - The company reported a total asset value of RMB 777,518.27 million and total liabilities of RMB 853,503.85 million as of the end of 2014[72]. Market Expansion and Strategy - The company has expanded its market presence with operations in multiple locations including Haining, Suzhou, and Urumqi, and has introduced new business models such as "Picheng Finance" and a cross-border e-commerce platform[26][27]. - The company has implemented a strategy of "internal growth and external expansion," focusing on brand and management output to enhance its market operations[26]. - The company established new chain markets in multiple regions, including Jiangsu, Liaoning, and Xinjiang, enhancing its market expansion strategy[31]. - The company is actively pursuing innovation and cross-industry integration, with new projects in health care and designer brand integration[27][30]. - The company is focusing on innovative product design and development to enhance its market competitiveness[67]. - The company is exploring opportunities for mergers and acquisitions to strengthen its market position and expand its product offerings[86]. Financial Strategies and Investments - The company plans to distribute a cash dividend of ¥0.35 per 10 shares, totaling approximately ¥39.2 million based on 1,120,000,000 shares[4]. - The company has outlined potential risks and strategies for future development in its management discussion and analysis section[4]. - The company has engaged Tianjian Accounting Firm for auditing services, with a fee of CNY 1.38 million for the current period[13]. - The company plans to non-publicly issue A-shares at a price not lower than 11.64 CNY per share, raising up to 174,137.20 million CNY[99]. - The company has a bank credit limit of 3.88 billion CNY, with an additional 600 million CNY in short-term financing bonds and 1.3 billion CNY in ultra-short-term financing bonds pending issuance[98]. Operational Efficiency and Cost Management - The company’s management team has over five years of experience in the leather market, ensuring effective operational management[32]. - The company’s marketing and management expenses increased due to efforts to enhance market competitiveness, impacting net profit[36]. - The total operating costs amounted to ¥666,087,319.65, a decrease of 11.19% compared to ¥750,004,893.59 in 2014[46]. - The depreciation and personnel costs for property leasing and management increased by 18.46%, reaching ¥301,838,473.14, which accounted for 45.32% of total operating costs[46]. Risk Management and Compliance - The company is facing risks related to project management in different regions, talent shortages, and intensified competition in the leather goods market[99][100]. - The company is committed to maintaining compliance with relevant laws and regulations as it develops its innovative business lines[102]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[114]. - There were no penalties or rectifications during the reporting period[127]. Employee Management and Compensation - The total number of employees in the company is 1,336, with 151 in the parent company and 1,185 in major subsidiaries[199]. - The company has a total remuneration of 336.25 million yuan for directors, supervisors, and senior management during the reporting period[197]. - The professional composition includes 705 market management personnel, 185 marketing personnel, and 104 financial personnel[199]. - The company has implemented a salary system based on market levels and adheres to national and local social security regulations[200]. Future Outlook - Future guidance indicates a strategic focus on increasing market share and enhancing product offerings in the leather sector[68]. - The company plans to continue using the raised funds for ongoing projects, including the Haining China Leather City Phase III project[75]. - The company aims to leverage new technologies in financial services to improve operational efficiency and customer engagement[68]. - The company has set a future revenue target of 1.5 billion RMB for the next fiscal year, reflecting an ambitious growth strategy of 25%[194].