广东高乐玩具股份有限公司 2015 年第一季度报告正文 广东高乐玩具股份有限公司 2015 年第一季度报告正文 证券代码：002348 证券简称：高乐股份 公告编号：2015-019 广东高乐玩具股份有限公司 2015 年第一季度报告正文 1 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、主管会计工作负责人杨旭恩及会计机构负责人(会计主管人员) 方雁葵声明：保证季度报告中财务报表的真实、准确、完整。 2 广东高乐玩具股份有限公司 2015 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等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（元） | 113,132,976.66 | 114,480,789.86 | -1.18% | | ...

Financial Performance - The company achieved operating revenue of ¥417,037,051.81, a slight decrease of 1.98% compared to the previous year[38]. - Net profit attributable to shareholders was ¥45,797,534.52, down 29.72% year-on-year[38]. - The company reported a decrease in operating profit to ¥55,012,630.15, down 3.61% from the previous year[42]. - The weighted average return on equity was 3.92%, down from 5.73% in the previous year[38]. - The company's revenue for 2014 was CNY 417,037,051.81, representing a decrease of 1.98% compared to 2013[55]. - The gross profit margin for the toy manufacturing industry was 28.77%, an increase of 0.85% year-on-year[55]. - The total sales volume for 2014 was 13,223,915 units, a 3.66% increase from 2013[44]. - The main business cost for 2014 was CNY 297,073,021.12, down 3.05% from CNY 306,404,420.45 in 2013[46]. - The company reported a net cash flow from operating activities of CNY 69,860,894.71, a significant increase of 70.18% compared to the previous year[53]. - Investment activity cash inflow increased by 20.94% to CNY 920,594,403.20, while cash outflow surged by 91.56% to CNY 1,195,250,783.55[54]. - The company’s cash and cash equivalents decreased by 298.12%, resulting in a net decrease of CNY 219,307,224.82[54]. - The total distributable profit for 2014 was 224,477,554.58 yuan, after accounting for the legal surplus reserve and the distributed dividends[108]. Dividend Distribution - The company plans to distribute a cash dividend of RMB 0.5 per 10 shares to all shareholders based on the total share capital as of December 31, 2014[6]. - The 2014 profit distribution plan proposes a cash dividend of 0.5 yuan per 10 shares, based on a total share capital of 473.6 million shares[103]. - The cash dividend for 2014 is also set at 0.5 yuan per 10 shares, with a total cash dividend amounting to 23,680,000 yuan, maintaining the same distribution as in 2013[108]. - The cash dividend accounted for 51.71% of the net profit attributable to shareholders in 2014, which was 45,797,534.52 yuan[109]. - The company reported a positive undistributed profit of 200,797,554.58 yuan after the 2014 dividend distribution[108]. Market Competition and Strategy - The company faces intense market competition with nearly 10,000 toy manufacturers in China, leading to a low market concentration and potential negative impacts on export performance[14]. - The company has been increasing its market share through self-innovation and brand development despite competitive pricing pressures from domestic peers[14]. - The company is adjusting its product structure to focus on high value-added products, which requires enhanced management capabilities and internal control systems[15]. - The company aims to optimize human resources and improve automation to reduce labor costs while enhancing product development speed[15]. - The company plans to enhance production capacity and expand domestic market share, aiming for dual-driven growth alongside steady international market development[90]. - The company will focus on technology innovation to develop differentiated products and avoid price competition in the market[91]. - The company aims to actively seek quality assets in early childhood education, animation, and internet sectors for mergers and acquisitions to support transformation and upgrading[94]. Research and Development - Research and development investment reached ¥13,939,198.82, an increase of 1.84% from the previous year[42]. - The company launched 13 R&D projects in 2014, with 7 achieving industrialization[39]. - Research and development expenses for 2014 were CNY 1,393.92 million, accounting for 3.34% of total revenue[54]. - The company holds 99 authorized patents, including 1 invention patent and 34 utility model patents[65]. Risk Factors - The company is exposed to risks from fluctuations in raw material prices, particularly plastic materials, which can significantly affect costs and profits[16]. - The company is at risk from RMB appreciation and potential decreases in export tax rebate rates, currently at 15%, which could negatively impact profits[19]. - The toy industry is facing challenges from digital products, leading to a decline in profitability for traditional toy companies[88]. Corporate Governance and Structure - The company has established a comprehensive product quality monitoring system to comply with evolving environmental regulations in Europe and the U.S.[17]. - The governance structure complies with relevant laws and regulations, ensuring transparency and accountability[193]. - The company maintains independent operations without interference from controlling shareholders[195]. - Information disclosure practices are in place to ensure all shareholders have equal access to information[200]. Employee and Management - The total number of employees as of December 31, 2014, is 786[182]. - 73% of employees are production personnel, while 12% are R&D technical staff[183]. - The company emphasizes performance-based salary distribution linked to economic efficiency and employee performance[188]. - The company has established a training and re-education mechanism to enhance employee skills[189]. - The core technology team and key technical personnel remained stable during the reporting period, with no departures or dismissals[181]. Financial Audits and Compliance - The company reported a standard unqualified audit opinion for the 2014 financial report from Zhonghui Accounting Firm[6]. - The company has engaged Zhonghui Certified Public Accountants for 3 years, with an audit fee of 580,000 RMB[138]. - There are no significant matters to disclose regarding subsidiaries during the reporting period[143]. - The company has not faced any penalties or corrective actions during the reporting period[140].

广东高乐玩具股份有限公司 2014 年第三季度报告正文 证券代码：002348 证券简称：高乐股份 公告编号：2014-025 广东高乐玩具股份有限公司 2014 年第三季度报告正文 1 广东高乐玩具股份有限公司 2014 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、主管会计工作负责人杨旭恩及会计机构负责人(会计主管人员)方雁葵声明：保证季度报 告中财务报表的真实、准确、完整。 2 广东高乐玩具股份有限公司 2014 年第三季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等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） | 1,205,558,281.88 | | 1,169,015,645.14 ...

Financial Performance - The company achieved operating revenue of CNY 231,607,796.53, an increase of 2.45% compared to the same period last year[21]. - The net profit attributable to shareholders decreased by 34.54% to CNY 35,637,209.58[21]. - The net profit excluding non-recurring gains and losses increased by 13.27% to CNY 35,253,364.97[21]. - The operating profit rose by 15.41% to CNY 42,077,383.03 compared to the previous year[29]. - The basic earnings per share decreased by 34.55% to CNY 0.0752[21]. - The weighted average return on net assets was 3.03%, down from 4.77% in the previous year[21]. - The company reported a net profit of 35,637,209.58 RMB for the period, contributing positively to the equity of the shareholders[134]. - The total comprehensive income for the period was CNY 36,129,976.56, down from CNY 53,501,760.68, reflecting a decrease of 32.5%[121]. - The estimated net profit attributable to shareholders for the period from January to September 2014 is projected to be between ¥37,641,700 and ¥58,173,600, a decrease of 15% to 45% compared to the same period in 2013[64]. Cash Flow and Investments - The net cash flow from operating activities was CNY 1,520,319.69, a significant improvement from a negative cash flow of CNY -5,479,452.49 in the previous year[21]. - The cash and cash equivalents decreased by CNY 76,489,999.73, primarily due to investments in guaranteed financial products[33]. - The company received CNY 184,700,000.00 from investment recoveries, indicating active management of investment assets[127]. - Total cash outflow from investment activities amounted to 550,481,875.08 RMB, compared to 334,587,673.58 RMB in the previous period, indicating increased investment activity[131]. - The company paid 233,400,000.00 RMB for investments, indicating a focus on growth and expansion[131]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,189,554,926.44, reflecting a 1.76% increase from the end of the previous year[21]. - Total liabilities increased from RMB 9,316,036.70 to RMB 17,405,341.44, an increase of approximately 87%[115]. - The company's equity attributable to shareholders rose from RMB 1,159,699,608.44 to RMB 1,172,149,585.00, an increase of about 1.1%[115]. - Current assets decreased from RMB 765,748,668.32 to RMB 725,199,855.26, a decline of about 5.3%[113]. - The company's cash and cash equivalents decreased from RMB 450,653,520.00 to RMB 318,475,207.34, a reduction of approximately 29.3%[113]. Market and Sales Performance - Sales in the Latin American market increased by 21.88%, while sales in the Asian market grew by 19.28%[38]. - The gross profit margin for the toy manufacturing sector was 30.27%, slightly up by 0.18% year-on-year[38]. - The company plans to launch its first mobile game in the third quarter of 2014, leveraging existing sales channels for promotion[35]. Shareholder Information - The largest shareholder, Xingchang Plastic Hardware Factory, holds 20.48% of the shares, totaling 97,012,000 shares[102]. - Yang Guangcheng, a significant shareholder, holds 17.25% of the shares, totaling 81,696,000 shares, with 61,272,000 shares under limited conditions[102]. - The total number of ordinary shareholders at the end of the reporting period was 34,071[102]. - The company reported a significant change in shareholder structure, with the Yang family controlling multiple entities holding shares[102]. Fundraising and Investments - The total amount of funds raised by the company is 78,823.54 million yuan[51]. - The total amount of raised funds invested during the reporting period is 6,728.76 million yuan[51]. - The balance of unused raised funds as of June 30, 2014, is 269,381,580.12 yuan, which is held in a dedicated account[51]. - The company plans to invest an additional RMB 208.33 million in the electronic toy production project, with a previous investment of RMB 24.19 million already utilized[54]. Corporate Governance and Compliance - The financial report for the half-year period has not been audited[94]. - The company did not face any penalties or corrective actions during the reporting period[94]. - There were no significant litigation or arbitration matters during the reporting period[72]. - The company did not report any changes in shareholding or shareholder situation during the reporting period[97]. Accounting Policies and Practices - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that its financial statements reflect a true and complete picture of its financial status[150]. - The company includes all subsidiaries in the consolidated financial statements based on control, ensuring consistent accounting policies and periods across all entities[157]. - Financial assets are classified into four categories upon initial recognition, including those measured at fair value with changes recognized in profit or loss[164]. - The company recognizes bad debt provisions for receivables based on the present value of expected future cash flows, with specific thresholds for significant amounts[177].

Financial Performance - The company's operating revenue for Q1 2014 was CNY 114,480,789.86, representing a 1.91% increase compared to CNY 112,333,756.85 in the same period last year[8] - Net profit attributable to shareholders decreased by 6.1% to CNY 18,170,194.51 from CNY 19,349,809.74 year-on-year[8] - Basic and diluted earnings per share both decreased by 6.11% to CNY 0.0384 from CNY 0.0409 in the previous year[8] - The company expects net profit attributable to shareholders for the first half of 2014 to decline by 45% to 15% compared to the same period in 2013, estimating between ¥2,994.11 and ¥4,627.26 million[23] Cash Flow - The net cash flow from operating activities improved significantly to CNY 9,883,142.73, a turnaround from a negative cash flow of CNY -11,491,085.12 in the previous year, marking a 186.01% change[8] - Net cash flow from operating activities was ¥9,883,142.73, a significant increase of 186.01% compared to the previous period[19] - Net cash flow from investing activities decreased by 148.91% to -¥134,125,455.37, mainly due to increased investments in wealth management products[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,188,842,412.79, reflecting a 1.7% increase from CNY 1,169,015,645.14 at the end of the previous year[8] - Net assets attributable to shareholders increased by 1.61% to CNY 1,178,319,294.38 from CNY 1,159,699,608.44 at the end of the previous year[8] - Trading financial assets decreased by 100% to 0, reclassified to trading financial liabilities[17] - Prepayments increased by 36.63% to ¥3,260,552.20, mainly due to increased material payments[17] - Other current assets surged by 149.54% to ¥137,442,135.34, attributed to an increase in wealth management products[17] - Deferred tax assets rose by 38.31% to ¥1,278,168.33, influenced by impairment losses and fair value changes[17] Shareholder Information - The top shareholder, Xingchang Plastic Hardware Factory, holds 20.48% of the shares, while the second-largest shareholder, Yang Guangcheng, holds 17.25%[12] - There were no significant changes in the number of shareholders or any repurchase agreements during the reporting period[14] Investment Activities - Investment income increased by 221.09% to ¥1,216,440.28, primarily due to higher interest income from wealth management products[17] - Total investment in securities is reported as 0.00 yuan, with no shares held at the beginning or end of the period[26] - There are no gains or losses reported from securities investments during the reporting period[26] - The company does not hold equity in other listed companies[26] Non-Recurring Items - The company reported non-recurring gains and losses totaling CNY -343,864.14 for the period[9] Market Expansion - The company is actively expanding both domestic and international markets, leading to a rapid increase in sales and management expenses[25] Return on Equity - The weighted average return on equity was 1.55%, down from 1.71% in the same period last year, a decrease of 0.16%[8]

Financial Performance - The company achieved operating revenue of CNY 425,468,240.70, representing an increase of 8.55% compared to the previous year[35]. - The net profit attributable to shareholders was CNY 65,164,113.21, a year-on-year increase of 1.14%[35]. - The net profit after deducting non-recurring gains and losses decreased by 27.19% to CNY 47,621,810.76[35]. - The net cash flow from operating activities surged by 350.8% to CNY 41,051,309.55[35]. - The total revenue for 2013 was ¥425,115,805.07, reflecting an 8.87% increase year-on-year[58]. - The gross profit margin for the toy manufacturing sector was 27.92%, a decrease of 1.77% compared to the previous year[58]. - The company reported a net profit of CNY 65,164,113.21 for 2013, with a cash dividend payout ratio of 36.34%[108]. Dividend Distribution - The company plans to distribute a cash dividend of 0.5 RMB per 10 shares to all shareholders based on the total share capital as of December 31, 2013[7]. - In 2013, the company distributed a cash dividend of CNY 23,680,000, which represents 36.34% of the net profit attributable to shareholders in the consolidated financial statements[108]. - The company plans to distribute a cash dividend of CNY 23,680,000 for the year 2013, with a proposed payout of CNY 0.5 per 10 shares[110]. Market Competition and Strategy - The company faces significant market competition with nearly 10,000 toy manufacturers in China, leading to a low market concentration and intense price competition[14]. - The company has been enhancing its self-innovation capabilities, resulting in an increasing market share for its proprietary brand products[14]. - The company is focusing on integrating technology into toy products and expanding its consumer base to include adults[91]. - The company has identified the need for transformation due to increasing competition and declining profit margins in the traditional toy market[91]. - The company aims to enhance its marketing management system and expand both domestic and international market operations in 2014[94]. Research and Development - Research and development expenses amounted to CNY 13,686,986.24, accounting for 3.22% of operating revenue, with a year-on-year growth of 9.41%[38]. - The company holds a total of 99 authorized patents, including 1 invention patent, 34 utility model patents, and 64 design patents, showcasing its commitment to innovation[68]. - The company has a well-defined process for technology research and development, ensuring consistent product quality and functionality[68]. - The company plans to increase its investment in technology and innovation, focusing on a "traditional + high-end" strategy for product development in 2014[94]. Financial Stability and Investments - The company has no short-term or long-term borrowings as of 2013, indicating a strong liquidity position[63]. - The total amount of raised funds is 788.24 million CNY, with 170.33 million CNY invested during the reporting period[79]. - The cumulative amount of raised funds invested to date is 506.44 million CNY[79]. - The company has utilized RMB 6,090 million of the raised funds to repay bank loans as of December 31, 2013[82]. - The company has allocated RMB 4,700 million from the raised funds for permanent working capital supplementation, with a total of RMB 13,700 million used for this purpose by the end of 2013[82]. Risk Management - The company has established internal control measures for foreign exchange hedging to mitigate risks associated with currency fluctuations[76]. - The company has a risk management framework in place to address potential risks from foreign exchange transactions, including market and internal control risks[76]. - The company emphasizes the importance of managing accounts receivable to prevent overdue payments, which could lead to risks in forward foreign exchange contracts[76]. Corporate Governance - The company has maintained strict compliance with commitments made during the asset restructuring process[136]. - The company governance structure complies with the requirements of the "Corporate Governance Guidelines for Listed Companies" and related regulations[196]. - The company ensures equal treatment of all shareholders, particularly protecting the rights of minority shareholders[197]. Employee and Management Information - The total number of employees as of December 31, 2013, is 810[183]. - The proportion of production personnel is 74%, while R&D personnel account for 12%[184]. - The total remuneration paid to directors, supervisors, and senior management during the reporting period is 2.696 million yuan[179]. - The company has maintained stability in its core technical team and key technical personnel, with no departures or dismissals during the reporting period[182]. - The company adheres to a remuneration policy aimed at attracting, retaining, and motivating high-performing employees[191].