Financial Performance - The company's operating revenue for 2022 was approximately ¥1.31 billion, a decrease of 8.65% compared to ¥1.43 billion in 2021[20]. - The net profit attributable to shareholders for 2022 was approximately ¥270.13 million, down 17.62% from ¥327.90 million in 2021[20]. - The net cash flow from operating activities was approximately ¥10.94 million, a significant decline of 98.34% compared to ¥660.20 million in 2021[20]. - Basic earnings per share for 2022 were ¥0.21, a decrease of 19.23% from ¥0.26 in 2021[20]. - The company achieved total revenue of CNY 1,392.56 million in 2022, a year-on-year decrease of 4.33%[41]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was approximately ¥183.73 million, down 12.63% from ¥210.30 million in 2021[20]. - The company reported a significant decrease of 91.55% in other business costs, amounting to CNY 3,971,681.04[47]. - The company's total operating costs for 2022 were CNY 831,475,709, with a year-on-year increase of 1.76%[44]. - The company reported a net profit for the year 2022, with a distributable profit of RMB 2,941,556,818.81 and a cash dividend distribution of RMB 57,717,763.20, representing 100% of the profit distribution total[148]. Assets and Liabilities - Total assets at the end of 2022 were approximately ¥13.80 billion, an increase of 15.85% from ¥11.91 billion at the end of 2021[20]. - The net assets attributable to shareholders at the end of 2022 were approximately ¥8.25 billion, up 2.89% from ¥8.02 billion at the end of 2021[20]. - The company’s total liabilities increased, with other current liabilities reaching 820,310,029, representing 5.95% of total assets, an increase of 1.59% due to the rise in financing bonds[69]. - The company’s long-term borrowings decreased to 132,588,762, accounting for 0.96% of total assets, down by 1.56% due to reclassification of non-current liabilities[68]. Cash Flow - The net cash flow from operating activities decreased by 98.34% compared to the previous year, primarily due to the company's implementation of rent reduction policies and increased tax payments[65]. - The net cash flow from financing activities increased by 838.01%, driven by higher bond issuance and bank loans compared to the previous year[65]. - The net cash flow from investment activities was -¥1,258,438,194.92, a significant decline of 2,505.51% from -¥48,299,141.74 in the previous year[64]. Market and Business Strategy - The company aims to enhance its core competitiveness through innovation, focusing on "technology, fashion, and green" development strategies[32]. - The company is actively pursuing market transformation and upgrading by accelerating online integration and expanding investment channels[35]. - The company plans to continue its strategy of consolidating its leather business while developing the fashion industry and promoting online and offline integration[34]. - The company is focusing on optimizing its industry structure and enhancing quality, research, branding, and channels to improve market competitiveness[37]. - The company is expanding its market presence with new strategies targeting potential regional and international markets[39]. - The company is focusing on digital integration of traditional Chinese clothing culture to enhance the overall digital development of the apparel industry[61]. Research and Development - The total R&D investment amounted to ¥13,112,953.13, representing a 2.80% increase from ¥12,755,746.20 in 2021, with R&D investment accounting for 1.00% of operating revenue[62]. - The number of R&D personnel decreased by 6.67% to 112 in 2022, with the proportion of R&D personnel in the company dropping to 9.73%[62]. - New product development initiatives are underway, with an investment of 50 million RMB allocated for R&D in innovative leather products[118]. Corporate Governance - The board of directors consists of nine members, including three independent directors, complying with legal and regulatory requirements[98]. - The company has implemented a transparent performance evaluation and incentive mechanism for its senior management, linking compensation to company performance[101]. - The company has established an independent financial department with a dedicated financial manager and staff, ensuring independent financial decision-making without interference from controlling shareholders[104]. - The company has a clear governance structure with a shareholders' meeting, board of directors, and supervisory board to maintain operational independence[104]. Social Responsibility and Community Engagement - The company is committed to social responsibility, emphasizing community engagement and environmental protection initiatives[163]. - The company has initiated various training programs to improve employee skills, including management, professional skills, and emergency response training[168]. - The company has committed to social responsibility through various public welfare activities, supporting education, culture, and poverty alleviation initiatives[175]. - The company has implemented various volunteer activities, including blood donation and community clean-up efforts, showcasing employee commitment to social welfare[176]. Future Outlook - Future outlook indicates a projected revenue growth of 20% for 2023, driven by market expansion and new product launches[84]. - The company provided a positive outlook for 2023, projecting a revenue growth of 10% to 1.32 billion RMB, driven by new product launches and market expansion strategies[118]. - The company plans to expand its market presence by entering three new provinces in 2023, aiming to increase market share by 5%[118]. - A strategic acquisition of a local competitor is expected to be finalized by Q2 2023, which will enhance the company's production capacity by 30%[118].

| 证券代码：002344 | 证券简称：海宁皮城 | 公告编号：2023－012 | | --- | --- | --- | | 债券代码：148105 | 债券简称：22 皮城 01 | | 海宁中国皮革城股份有限公司（以下简称"公司"）定于 2023 年 5 月 5 日 （星期五）下午 15：00—17：00 在全景网举办 2022 年度业绩说明会，本次年度 业绩说明会将采用网络远程的方式举行，投资者可以登陆全景网"投资者关系互 动平台"（https://ir.p5w.net）或者直接进入海宁中国皮革城股份有限公司路 演厅（https://ir.p5w.net/c/002344.shtml）参与。 出席本次业绩说明会的人员有：公司董事长兼总经理张月明先生、财务总监 乔欣女士、董事会秘书杨克琪先生、独立董事王保平先生。 为充分尊重投资者、提升交流的针对性，现就公司 2022 年度业绩说明会提 前向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于 2023 年 5 月 4 日（星期四）前访问 https://ir.p5w.net/zj/，或扫描下方二维码，进入 问题征集专题页面。公司将在说明会上对 ...

Group 1: Company Overview - The company differentiates itself from commercial real estate by having a strong industrial foundation and close ties with merchants, utilizing a direct sales model and a replication business strategy [2] - The company has been operating for 20 years, establishing brand influence and providing a series of industry services to merchants, including events and competitions [2] Group 2: Market Expansion and Impact - The company plans to open new markets in Urumqi and Jinan next year [2] - Market expansion into other regions is not expected to negatively impact the main market's customer flow, as local customers tend to shop at nearby markets [2] - The company aims to capture local market share through its expansion strategy, leveraging direct sales to attract customers [2] Group 3: Economic Conditions and Opportunities - The company views economic downturns as opportunities, citing the Urumqi project as a model for quick market acquisition at low costs [2] - The company does not rely on the internet but acknowledges its impact, maintaining a focus on physical market operations while also utilizing its own website for service and marketing [3] Group 4: Location Considerations for Expansion - Site selection for market expansion typically focuses on suburban areas, with specific regions chosen based on existing industrial foundations and local consumer preferences [3]

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 Performance and Market Overview - The company experienced a decline in profits from the peak in 2013 due to the expiration of rental rights and a lack of sales in 2014 and 2015, resulting in primarily rental income [1][2] - The company operates a total of ten markets, with one in the headquarters and nine in other locations, seven of which are self-built [2] - The headquarters market holds a larger share of the rental income distribution [2] Group 2: Future Growth and Market Strategy - Future growth will come from opening new markets and negotiating light-asset projects [2] - The company is focusing on three centers: design, raw materials, and wholesale, to better capture market demands [2][3] Group 3: Product and Pricing Insights - The average transaction price has generally decreased, influenced by shop price adjustments, although personalized clothing prices have not dropped significantly [2] - The fashion town project is one of 36 characteristic town projects in the province and is currently in development [3] Group 4: Healthcare Project Developments - The rehabilitation hospital project has faced delays due to difficulties in site renovation and is now expected to open before the Spring Festival [3] - There is a high demand for the rehabilitation hospital, which will have 150 beds, and the number of insurance-covered projects has increased from 9 to 29 [3]