Group 1: Financial Performance - In 2021, the company achieved a revenue of 1.304 billion CNY, with a net profit of 190 million CNY, marking a revenue growth of approximately 20% compared to 2020 [2] - The net profit attributable to shareholders increased by 37.25% from 2020 and 33.33% from 2019 [2] - In the first half of 2022, the company reported a revenue of 566 million CNY and a net profit of 51.246 million CNY [2] Group 2: Gross Margin Improvement - The gross margin and net profit margin have improved by about 1 percentage point annually [3] - Factors contributing to the increase include an improved customer structure, with a shift from a concentration on commercial banks (previously 70%-75% of clients) to a more diversified client base [3] - The company has seen significant efficiency improvements due to smart factory upgrades, with shirt production efficiency increasing by approximately 30% and pants by about 20% [3] Group 3: Sales Expenses and Management - Sales expenses primarily consist of employee salaries, marketing, and travel costs, which are high due to the need for on-site measurements and extensive travel [4] - The implementation of an ERP system and customer relationship management software is expected to help control sales expenses in the future [4] Group 4: Future Goals and Market Strategy - The company aims for a revenue target of 2 billion CNY from business attire and 500 million CNY from school uniforms by 2025 [4] - Strategies include strengthening competition for large contracts and expanding into regional markets [4] - The company plans to enhance inventory turnover and production efficiency through partnerships with satellite factories [4] Group 5: Market Trends and Competition - The trend towards centralized procurement in the industry is expected to continue, supported by government policies [5] - The competitive landscape for business attire is becoming more concentrated, with major competitors including Hai Lan and Jiangsu Sunshine [5] - The school uniform market is currently fragmented, with a shift expected towards consolidation in the future [5]

浙江乔治白服饰股份有限公司 2022 年第三季度报告 证券代码：002687 证券简称：乔治白 公告编号：2022-033 浙江乔治白服饰股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 1 浙江乔治白服饰股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 320,401,147.74 | -7.98% | ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥566,314,513.49, representing a 10.08% increase compared to ¥514,471,234.06 in the same period last year[23]. - The net profit attributable to shareholders decreased by 1.50% to ¥51,246,443.17 from ¥52,028,388.39 year-on-year[23]. - The net cash flow from operating activities was negative at ¥-188,485,967.03, a decline of 23.09% compared to ¥-153,125,210.31 in the previous year[23]. - The total assets at the end of the reporting period were ¥1,824,212,844.82, down 6.17% from ¥1,944,251,378.57 at the end of the previous year[23]. - The net assets attributable to shareholders decreased by 0.48% to ¥1,291,540,252.04 from ¥1,297,784,617.08[23]. - The weighted average return on net assets decreased to 3.94% from 4.44% year-on-year[23]. - The company reported a government subsidy of ¥3,490,844.62, closely related to its normal business operations[28]. - The company experienced a loss of ¥427,224.34 from the disposal of non-current assets[28]. - The company reported a significant increase in financial expenses by 208.58% due to increased interest income during the reporting period[46]. - The company reported a total revenue of 33,013.99 million RMB for the first half of 2022, with a net profit of 2,835.76 million RMB, reflecting a significant performance in the apparel sector[73]. Market and Competition - The company is facing increased competition in the professional clothing sector, with market share concentrating towards leading brands[6]. - The ongoing COVID-19 pandemic has adversely affected the company's order intake and business operations[4]. - The company has entered the school uniform market, but faces uncertainty due to competition from other apparel companies[6]. - The company is focusing on high-end, professional attire development, emphasizing brand building and market expansion strategies[39]. - The company aims to expand its market share in the mid-to-high-end workwear segment, leveraging its core competencies in custom tailoring[75]. Business Strategy and Operations - The company plans to not distribute cash dividends or issue bonus shares[7]. - The company is actively expanding its school uniform business, having provided design and product services to over a thousand schools[31]. - The company has established a professional design and R&D team in Shanghai and Wenzhou, enhancing its market competitiveness[32]. - The company operates 39 marketing centers for its professional attire, primarily serving large enterprises in sectors such as finance and telecommunications[33]. - The company has implemented an order-driven production model, with smart production lines in its factories[34]. - The company plans to develop "satellite factories" to support its strategic goals[34]. - The company emphasizes quality control in its production process, which is crucial for maintaining brand reputation and customer loyalty[37]. - The company aims to integrate branding, design, production, marketing, and service in its future operational model[37]. - The company has a stable customer base due to the two-year procurement cycle typical for large enterprises[36]. Sales and Revenue Breakdown - The company's main business revenue from professional attire accounted for approximately 97% of total revenue, while retail and other income made up about 2%[44]. - The professional clothing segment generated ¥547,237,749.39, accounting for 96.63% of total revenue, with a growth of 10.15% compared to the previous year[48]. - Retail revenue increased by 18.42% to ¥15,275,903.76, contributing 2.70% to total revenue[48]. - Design fee income surged by 398.29% to ¥647,132.52, reflecting a significant increase in this revenue stream[48]. - Revenue from the East China region was ¥277,643,620.11, up 27.92% year-on-year, representing 49.03% of total revenue[48]. - The North China region saw a revenue increase of 48.54% to ¥67,171,339.73, with a gross margin of 50.92%[50]. - The Southwest region experienced a revenue decline of 23.16% to ¥83,151,245.25, contributing 14.68% to total revenue[48]. - The company's revenue from direct sales reached ¥532,346,714, with a gross margin of 49.28%, reflecting a decrease of 2.71% compared to the same period last year[55]. - Online sales generated ¥1,883,204, accounting for a gross margin of 56.55%, with a year-on-year decrease in gross margin of 1.45%[55]. Financial Health and Investments - The company maintained a debt-free status with a debt-to-asset ratio of 25.51% as of June 30, 2022[44]. - The company's cash and cash equivalents decreased by 15.83% to ¥216,617,750, compared to ¥538,550,380 at the end of the previous year[60]. - Accounts receivable increased to ¥437,913,500, representing 24.01% of total assets, up from 15.28% the previous year[60]. - Inventory increased to ¥289,173,216, accounting for 15.85% of total assets, compared to 13.99% last year[60]. - The company reported a total of ¥90,704,639 in contract liabilities, down from ¥138,459,978 the previous year, indicating a decrease of 2.15%[61]. - The company reported a total investment amount of 10,000,000 with a 100% ownership stake in the new clothing business[64]. - The company is actively engaging in strategic financial investments to enhance its portfolio[66]. - The overall financial health of the company appears stable, with no significant liabilities or financial distress reported during the period[73]. Employee and Shareholder Relations - The company has implemented a stock incentive plan to attract and retain talent, addressing the shortage of skilled professionals in the industry[76]. - The company granted 9,362,000 restricted stocks to 215 incentive objects at a price of RMB 3.00 per share, raising a total of RMB 28,086,000[84]. - The total number of employees participating in the employee stock ownership plan is 743, holding a total of 13,144,250 shares, which accounts for 2.59% of the company's total share capital[86]. - The company has implemented a salary system reform to enhance employee motivation and strictly adheres to labor laws to protect employee rights[91]. - The company has established a good cooperative relationship with suppliers and customers, adhering to the principle of mutual benefit[92]. Environmental and Compliance - The company emphasizes environmental compliance and does not belong to the key pollutant discharge units as per environmental protection regulations[89]. - The company actively promotes energy-saving technologies and clean production to improve resource utilization and reduce carbon emissions[90]. Future Outlook - Future outlook suggests continued growth in revenue and market expansion efforts[64]. - The company plans to maintain a stable operational foundation while enhancing efficiency through technology and innovation[75]. - The company is focusing on expanding its market presence and enhancing product development strategies to drive future growth[143].

[Important Notice](index=1&type=section&id=Important%20Content%20Notice) The Board of Directors, Supervisory Board, and senior management affirm the truthfulness, accuracy, and completeness of this unaudited quarterly report - The company's Board of Directors, Supervisory Board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities[2](index=2&type=chunk)[3](index=3&type=chunk) - This quarterly financial report is unaudited[3](index=3&type=chunk)[25](index=25&type=chunk) [Company Profile](index=1&type=section&id=Company%20Profile) This section provides an overview of the company's key financial performance and detailed shareholder information for the reporting period [Key Financial Data](index=1&type=section&id=I.%20Key%20Financial%20Data) In Q1 2022, the company achieved **247 million Yuan** in operating revenue with **12.32% growth**, while net profit attributable to shareholders declined **8.78%** to **13.85 million Yuan** due to non-recurring losses, despite a **31.52%** increase in core business profit [Key Accounting Data and Financial Indicators](index=1&type=section&id=%28I%29%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company achieved steady revenue growth, but net profit attributable to shareholders and EPS declined, while core business profitability significantly improved after adjusting for non-recurring items Key Financial Indicators for Q1 2022 | Indicator | Current Period | Prior Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 247,392,498.35 | 220,262,277.11 | 12.32% | | Net Profit Attributable to Shareholders (Yuan) | 13,852,604.31 | 15,185,371.06 | -8.78% | | Net Profit Attributable to Shareholders After Non-Recurring Items (Yuan) | 18,685,063.87 | 14,207,210.99 | 31.52% | | Net Cash Flow from Operating Activities (Yuan) | -152,116,994.78 | -146,899,038.09 | -3.55% | | Basic Earnings Per Share (Yuan/share) | 0.04 | 0.05 | -20.00% | | Total Assets (Yuan) | 1,854,272,249.07 | - | -4.63% (compared to end of previous year) | | Total Equity Attributable to Shareholders (Yuan) | 1,317,493,327.86 | - | 1.52% (compared to end of previous year) | [Non-Recurring Gains and Losses](index=2&type=section&id=%28II%29%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Total non-recurring losses amounted to **-4.83 million Yuan**, primarily driven by **-7.29 million Yuan** in fair value changes of financial assets, explaining the lower reported net profit Non-Recurring Gains and Losses for Q1 2022 | Item | Amount (Yuan) | | :--- | :--- | | Gains and losses from disposal of non-current assets | -285,688.32 | | Government grants | 1,027,170.09 | | Fair value changes of financial assets/liabilities held for trading and investment income | -7,293,271.59 | | Other non-operating income and expenses | -32,981.52 | | Income tax impact | -1,751,616.58 | | Impact on minority interests (after tax) | -695.20 | | **Total** | **-4,832,459.56** | [Explanation of Changes in Key Financial Indicators](index=2&type=section&id=%28III%29%20Changes%20and%20Reasons%20for%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Significant fluctuations in financial indicators were observed, with asset changes driven by advance payments and financial investments, while profit and loss were impacted by stock trading gains and fair value losses - Asset-side changes: Cash and cash equivalents decreased by **37.72%**, primarily used for advance payments for purchases (increased by **77.77%**) and the acquisition of wealth management products and financial assets held for trading (increased by **66.85%**)[8](index=8&type=chunk) - Profit and loss-side changes: Investment income significantly increased by **399.85%** due to stock trading, while fair value change gains recorded a loss due to changes in stock fair value[8](index=8&type=chunk) - Liability-side changes: Employee compensation payable decreased by **35.17%** due to year-end bonus payments; taxes payable decreased by **57.26%** due to reduced VAT and income tax liabilities[8](index=8&type=chunk) [Shareholder Information](index=2&type=section&id=II.%20Shareholder%20Information) As of the reporting period end, the company had **19,292** common shareholders, with a stable and concentrated equity structure controlled by the Chi family, including the 2021 employee stock ownership plan among top holders - Total number of common shareholders at the end of the reporting period was **19,292**[10](index=10&type=chunk) - The company's actual controllers are Chi Fangran, Chen Yongxia, and Chi Ye (family members), ensuring a stable equity structure[10](index=10&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Chi Fangran | 13.52% | 47,308,000 | | Qian Shaozhi | 10.54% | 36,905,000 | | Chen Yongxia | 7.34% | 25,690,000 | [Other Important Matters](index=4&type=section&id=III.%20Other%20Important%20Matters) This section details the company's strategic plan for risk investments to enhance capital efficiency and profitability [Risk Investment Plan](index=4&type=section&id=III.%20Other%20Important%20Matters) The Board approved using up to **100 million Yuan** of idle funds for risk investments to enhance capital efficiency and profitability, with a revolving limit for the company and its subsidiaries - To enhance capital utilization efficiency, the company plans to use idle self-owned funds up to a maximum of **100 million Yuan** for risk investments[12](index=12&type=chunk) - This investment decision aims to generate greater returns for the company and its shareholders, provided it does not affect normal operations and risks are controllable[12](index=12&type=chunk) [Financial Statements](index=4&type=section&id=IV.%20Quarterly%20Financial%20Statements) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement, along with the audit opinion for the quarter [Consolidated Balance Sheet](index=4&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of March 31, 2022, total assets were **1.854 billion Yuan** (down **4.63%**), total liabilities **467 million Yuan** (down **19.03%**), and total equity attributable to shareholders **1.317 billion Yuan** (up **1.52%**), indicating a stable financial structure Key Balance Sheet Items (Unit: Yuan) | Item | Period-End Balance | Year-Beginning Balance | | :--- | :--- | :--- | | Total Assets | 1,854,272,249.07 | 1,944,251,378.57 | | Total Liabilities | 467,490,037.96 | 577,392,100.79 | | Total Equity Attributable to Parent Company Shareholders | 1,317,493,327.86 | 1,297,784,617.08 | [Consolidated Income Statement](index=6&type=section&id=2.%20Consolidated%20Income%20Statement) In Q1 2022, total operating revenue reached **247 million Yuan**, with operating profit at **18.23 million Yuan** (a slight decrease due to fair value losses), resulting in net profit attributable to shareholders of **13.85 million Yuan** Key Income Statement Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Total Operating Revenue | 247,392,498.35 | 220,262,277.11 | | Operating Profit | 18,233,291.23 | 18,658,913.14 | | Total Profit | 17,904,339.71 | 18,585,627.51 | | Net Profit Attributable to Parent Company Shareholders | 13,852,604.31 | 15,185,371.06 | [Consolidated Cash Flow Statement](index=9&type=section&id=3.%20Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities was **-152 million Yuan**, and from investing activities **-49 million Yuan**, with no financing cash flow, leading to a **201 million Yuan** decrease in cash and cash equivalents to **333 million Yuan** at period-end Key Cash Flow Statement Items (Unit: Yuan) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -152,116,994.78 | -146,899,038.09 | | Net Cash Flow from Investing Activities | -48,950,019.89 | -67,820,520.60 | | Net Cash Flow from Financing Activities | 0.00 | -90,592,948.54 | | Net Increase in Cash and Cash Equivalents | -201,067,014.67 | -305,312,507.23 | [Audit Opinion](index=10&type=section&id=%28II%29%20Audit%20Report) The company's first quarter 2022 report remains unaudited - The company's first quarter report is unaudited[25](index=25&type=chunk)

Financial Performance - The company's operating revenue for 2021 was ¥1,303,657,596.14, representing a 19.77% increase compared to ¥1,088,474,340.74 in 2020[6]. - The net profit attributable to shareholders for 2021 was ¥186,835,527.82, a 29.88% increase from ¥143,857,763.13 in 2020[6]. - The net cash flow from operating activities increased by 64.42% to ¥298,047,271.90 in 2021, up from ¥181,271,888.39 in 2020[6]. - Basic earnings per share rose to ¥0.56 in 2021, a 36.59% increase from ¥0.41 in 2020[6]. - Total assets at the end of 2021 were ¥1,944,251,378.57, reflecting a 9.48% increase from ¥1,775,864,104.47 at the end of 2020[6]. - The weighted average return on equity for 2021 was 15.00%, up from 11.96% in 2020, marking a 3.04% increase[6]. - The company reported a net profit of ¥84,418,932.84 in Q4 2021, which is significantly higher than the Q1 profit of ¥15,185,371.06[23]. - The company experienced a net cash flow from operating activities of ¥402,634,627.36 in Q4 2021, a substantial increase from negative cash flow in Q1[23]. - The company received government subsidies amounting to ¥8,859,692.64 in 2021, down from ¥23,264,769.43 in 2020[24]. - The company's total operating revenue for 2021 was approximately CNY 1.30 billion, representing a year-on-year increase of 19.77% compared to CNY 1.09 billion in 2020[45]. - The company reported a significant increase in revenue, with a year-on-year growth of 15% in 2021[102]. Market Position and Competition - The company reported that the main business of custom workwear is significantly affected by macroeconomic fluctuations and the ongoing COVID-19 pandemic, which has led to a decrease in orders and business activities[4]. - The company is facing increased competition in the workwear sector, with market share concentrating towards leading brands, which poses risks to its market position[4]. - The company has entered the school uniform market, but faces uncertainties due to competition from other apparel companies entering the same sector[5]. - The competitive landscape in the school uniform market is intensifying, with many large apparel companies entering the sector, pushing for higher quality and brand recognition[89]. - The company aims to expand its market share in the school uniform sector, which is becoming increasingly competitive, focusing on quality, branding, and marketization[87]. - The company is committed to enhancing its core competitiveness in the mid-to-high-end professional clothing market while developing its retail and school uniform segments[86]. Strategic Initiatives - The company plans to distribute a cash dividend of 2.00 CNY per 10 shares (including tax) and to increase capital by 4.5 shares for every 10 shares held, with a total cash dividend not exceeding 70 million CNY and total capital increase not exceeding 157.5 million shares[5]. - The total issued share capital after the capital increase will not exceed 507.5 million shares, with registered capital also not exceeding 507.5 million CNY[5]. - The company plans to establish "satellite factories" in multiple locations to support its strategic goals through management, talent, and technology[39]. - The company aims to develop high-end, professional, and brand-oriented workwear, responding to increasing consumer demands for quality and design[33]. - The company plans to implement a "one person, one version, one garment" customization strategy, leveraging technology to enhance production efficiency and maintain risk control[86]. - The company has established multiple sales centers, enhancing its market reach and customer engagement[104]. Research and Development - The company has established a product design and R&D team in Shanghai and Wenzhou, integrating external design resources to enhance its market competitiveness[37]. - Research and development expenses rose by 44.77% to ¥79,759,724.86 in 2021 compared to ¥55,093,977.57 in 2020[59]. - The number of R&D personnel increased by 17.76% from 304 in 2020 to 358 in 2021, with R&D personnel now accounting for 10.18% of the total workforce[67]. - The company applied for over 20 national invention patents annually, with a total of 80 utility model patents and 8 invention patents accumulated[67]. - R&D expenses increased by 10% as the company focuses on developing new products and technologies[104]. Governance and Compliance - The company operates under the Shenzhen Stock Exchange's self-regulatory guidelines for textile and apparel disclosures[4]. - The company maintains a strong governance structure, ensuring compliance with regulatory requirements and protecting investor interests[108]. - The company operates independently from its controlling shareholders in terms of business, assets, personnel, finance, and organization, ensuring a complete and independent operational system[109]. - The company has a clear governance structure with a board of directors, supervisory board, and independent directors, ensuring effective checks and balances[111]. - The company emphasizes transparency in its remuneration practices, ensuring that all compensation is approved by the board and shareholders[124]. Employee Management - The company has implemented a stock incentive plan and employee stock ownership plan to attract and retain talent, aligning interests among shareholders, the company, and employees[42]. - The total salary for directors, supervisors, and senior management in 2021 amounted to CNY 4.9662 million, with a share-based payment of CNY 0.9631 million[124]. - The company has a structured remuneration decision-making process based on industry conditions and company performance, with salaries comprising basic, monthly, and annual performance components[124]. - The company has a strong commitment to training and developing high-skilled talent within the organization[122]. - The company conducted training programs annually to enhance employee skills and knowledge, focusing on operational skills and corporate culture[138]. Environmental and Social Responsibility - The company emphasizes a commitment to environmental protection and sustainable development, implementing energy-saving measures and promoting a paperless office environment[161]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[158]. - The company has implemented measures to enhance resource utilization and promote green manufacturing, adhering to environmental regulations[159]. - The company emphasizes employee rights protection, implementing a comprehensive labor contract system and social insurance for all employees[160]. Financial Management - The company has no interest-bearing debt, and cash flow has further improved, with cash and cash equivalents accounting for 27.70% of total assets[42]. - The company reported a significant increase in interest income, contributing positively to overall financial performance[95]. - The company has engaged in cash asset management through entrusted financial management during the reporting period[198]. - The company has a total of 22,000 million in entrusted financial management funds, with no overdue amounts or impairment provisions reported[199]. Risks and Challenges - The company faces risks from the ongoing COVID-19 pandemic, which may impact order acquisition and business operations[89]. - The company is addressing human resource challenges as it expands, requiring skilled professionals in various fields to support its growth[89]. - The competitive landscape in the corporate uniform industry is expected to evolve, with the company preparing strategies to address increasing competition[99].

Financial Performance - The company's revenue for Q3 2021 reached ¥348,197,101.60, representing a year-on-year increase of 31.19%[3] - Net profit attributable to shareholders was ¥50,388,206.59, up 55.37% compared to the same period last year[3] - Basic earnings per share increased by 66.67% to ¥0.15, while diluted earnings per share also rose by 66.67% to ¥0.15[4] - Total operating revenue for the third quarter reached ¥862,668,335.70, an increase from ¥687,060,126.86 in the previous period[22] - Net profit for the period was ¥99,047,122.03, compared to ¥65,155,283.96 in the same period last year, reflecting a growth of approximately 51.9%[24] - Earnings per share (EPS) increased to ¥0.31 from ¥0.20, indicating improved profitability[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,776,010,365.86, showing a slight increase of 0.01% from the end of the previous year[4] - The company's equity attributable to shareholders decreased by 5.57% to ¥1,204,114,957.97 compared to the end of the previous year[4] - The total liabilities reached ¥507,548,290.36, up from ¥435,648,568.75, reflecting a rise in financial obligations[23] - The total assets amounted to 1,775,864,104.47 CNY, remaining stable compared to the previous year[32] - The total equity reported was 1,340,215,535.72 CNY, unchanged from the previous year, indicating stability in shareholder value[32] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥104,587,355.46 for the year-to-date[3] - The company reported a total cash inflow from operating activities of ¥666,666,559.56, down from ¥700,224,379.30 in the previous year[26] - The net cash flow from investment activities was -149,711,393.14 CNY, a significant decrease compared to -4,236,282.93 CNY in the previous year, indicating increased investment outflows[27] - The total cash and cash equivalents at the end of the period were 106,418,280.97 CNY, down from 251,443,149.14 CNY year-over-year, reflecting a net decrease of 375,516,170.09 CNY in cash[27] - The cash outflow for financing activities was 177,298,421.49 CNY, significantly higher than 4,847,355.61 CNY in the prior year, reflecting increased dividend and interest payments[27] Investments and Expenses - Research and development expenses rose by 41.90% as the company intensified efforts to capture market share[10] - Sales expenses increased to ¥133,221,470.07 from ¥97,018,361.69, indicating higher marketing efforts[23] - The company’s investment in fixed assets and intangible assets totaled 51,166,255.28 CNY, a notable increase from 16,260,221.35 CNY year-over-year[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 16,187[11] - The company completed its share repurchase plan with a total amount between RMB 80 million and RMB 150 million, with a maximum repurchase price of RMB 7 per share[15] - The total equity attributable to shareholders decreased to ¥1,204,114,957.97 from ¥1,275,157,582.61, indicating a reduction in shareholder value[23] Other Notable Events - The company has approved a risk investment plan with a maximum investment amount of RMB 100 million, of which RMB 50 million has already been utilized[14] - Zhejiang George White Garment Co., Ltd. won a bid for a project with Moutai Group, with a contract value of RMB 112,234,400.00, which is currently in execution[14] - The company has initiated a stock incentive plan and employee stock ownership plan, which have been completed as of June 30, 2021[16] - The third-quarter report was not audited, which may affect the reliability of the financial data presented[34]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥514,471,234.06, representing a 22.02% increase compared to ¥421,643,120.00 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥52,028,388.39, a 39.70% increase from ¥37,241,660.81 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was ¥52,527,078.52, up 57.57% from ¥33,335,143.60 in the same period last year[21]. - The basic earnings per share increased by 45.45% to ¥0.16 from ¥0.11 in the previous year[21]. - The company reported a profit before tax of ¥60,783,493.31, which is an increase of 32.4% from ¥45,908,108.26 in the previous year[136]. - The total comprehensive income for the first half of 2021 was ¥32,957,665.59, compared to ¥29,752,917.50 in the same period of 2020, representing an increase of approximately 7.4%[141]. - The financial performance indicates a strong recovery trajectory post-pandemic, with significant improvements in both revenue and profitability metrics[136]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,552,782,502.05, a decrease of 12.56% from ¥1,775,864,104.47 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company decreased by 9.79% to ¥1,150,359,635.71 from ¥1,275,157,582.61 at the end of the previous year[21]. - Total current assets decreased from CNY 1,075,985,623.14 as of December 31, 2020, to CNY 839,513,952.39 as of June 30, 2021, representing a decline of approximately 22%[127]. - Total liabilities decreased from CNY 435,648,568.75 to CNY 339,666,891.48, a reduction of about 22%[128]. - The company's equity attributable to shareholders decreased from CNY 1,275,157,582.61 to CNY 1,150,359,635.71, a decline of approximately 9.8%[129]. Cash Flow - The company reported a net cash flow from operating activities of -¥153,125,210.31, an improvement of 2.65% compared to -¥157,290,102.10 in the previous year[21]. - The net cash flow from financing activities was -¥178,540,057.62, a dramatic increase of 6,606.73% compared to -¥2,662,103.31, mainly due to share repurchases during the period[37]. - Cash inflow from operating activities was ¥426,117,235.14 in the first half of 2021, slightly down from ¥439,186,537.27 in the same period of 2020, a decrease of about 3.0%[143]. - The net cash flow from investing activities was -¥61,746,893.55 for the first half of 2021, compared to -¥4,893,334.32 in the first half of 2020, reflecting a decline in cash position due to increased investments[145]. Market and Competition - The company is facing increased competition in the occupational clothing sector, with market share concentrating towards leading brands[6]. - The company has entered the school uniform market, which presents uncertainties due to competition from other apparel companies[6]. - The company aims to expand its market share in the high-end workwear segment, leveraging its position as a leading brand in the industry[62]. - The company plans to continue its focus on quality, branding, and market-oriented strategies in the increasingly competitive school uniform market[62]. Research and Development - Research and development expenses rose significantly by 69.39% to ¥38,752,408.94, reflecting the company's increased investment in new clothing products and technologies[37]. - The company has allocated 102 million yuan for research and development in new technologies and products[157]. - The company has established a strong database and information technology to support its vertical integration business model, enhancing its core competitiveness[35]. Operational Strategy - The company is actively expanding its school uniform business, leveraging over 20 years of experience in the professional clothing sector[30]. - The company is implementing smart production and logistics upgrades to improve efficiency and address seasonal challenges in school uniform delivery[34]. - The company is committed to continuous improvement in internal management and production processes to enhance overall operational efficiency[34]. Corporate Governance and Compliance - The company has not experienced any major litigation or arbitration matters during the reporting period[82]. - There are no significant non-operating fund occupations by controlling shareholders or related parties during the reporting period[77]. - The company adheres to the Labor Contract Law and has signed labor contracts with all employees, ensuring compliance with social security systems[71]. Shareholder Information - The company plans to repurchase shares with a total amount not less than 80 million RMB and not more than 150 million RMB, at a price not exceeding 7 RMB per share[101][110]. - The company repurchased a total of 19,448,780 shares, accounting for 5.56% of the total share capital, with a total transaction amount of 109,998,335.29 yuan (excluding transaction fees)[111]. - As of June 30, 2021, the total number of ordinary shareholders was 17,002[113]. Environmental and Social Responsibility - The company is committed to becoming a "green enterprise" and actively implements energy-saving and pollution reduction measures[73]. - The company emphasizes a corporate culture of "happy work, healthy life" and focuses on employee health, safety, and satisfaction[71]. - The company has implemented energy-saving technologies and clean production measures to improve resource utilization and achieve energy conservation and emission reduction[70].

Financial Performance - The company's revenue for Q1 2021 was ¥220,262,277.11, representing a 19.64% increase compared to ¥184,106,110.71 in the same period last year[8]. - Net profit attributable to shareholders was ¥15,185,371.06, up 9.56% from ¥13,860,139.62 year-on-year[8]. - The net profit after deducting non-recurring gains and losses increased by 52.14%, reaching ¥14,207,210.99 compared to ¥9,338,106.06 in the previous year[8]. - Basic earnings per share increased by 25.00% to ¥0.05 from ¥0.04 in the same period last year[8]. - The total profit for the period was CNY 21,764,908.22, slightly down from CNY 22,015,329.28 in the previous year, showing a decrease of 1.14%[46]. - The total comprehensive income for the period was CNY 14,703,363.45, compared to CNY 13,009,548.65, reflecting an increase of 13.06%[43]. Assets and Liabilities - The company's total assets decreased by 10.27% to ¥1,593,444,592.71 from ¥1,775,864,104.47 at the end of the previous year[8]. - The net assets attributable to shareholders decreased by 5.88% to ¥1,200,222,091.33 from ¥1,275,157,582.61 at the end of the previous year[8]. - Total liabilities decreased to ¥239,127,875.30 from ¥364,281,856.82, showing improved financial stability[38]. - Total assets reached CNY 1,510,490,497.54, reflecting a rise of CNY 6,850,857.19[60]. - Total liabilities amounted to CNY 364,281,856.82, an increase of CNY 6,850,857.19 compared to the previous period[60]. Cash Flow - Cash and cash equivalents decreased by 58.96% to ¥206,509,056.49 due to stock repurchase and financial products[31]. - The cash flow from operating activities showed a net outflow of CNY 146,899,038.09, compared to a net outflow of CNY 146,006,174.36 in the previous year[50]. - Cash inflow from financing activities was 26,532,995.35 yuan, while cash outflow totaled 92,661,095.46 yuan, leading to a net cash flow of -66,128,100.11 yuan[54]. - The ending balance of cash and cash equivalents decreased to 106,700,710.93 yuan from 148,527,533.79 yuan, indicating liquidity challenges[54]. Investment and Expenses - The company reported a significant decline in investment income by 20,164.26% due to losses from a long-term equity investment[16]. - Research and development expenses increased significantly to ¥14,808,372.97 from ¥7,591,125.66, indicating a focus on innovation[41]. - The company reported a net loss from investments of ¥88,419.06, compared to a loss of ¥436.33 in the previous period, indicating challenges in investment performance[41]. - Cash outflow for purchasing goods and services increased to 226,615,601.24 yuan from 192,326,020.05 yuan, reflecting higher operational costs[53]. Shareholder Actions - The company repurchased a total of 15.86 million shares, accounting for 4.53% of the total share capital, with a total transaction amount of ¥90,120,862.34[17]. - The highest transaction price during the repurchase was ¥5.98 per share, while the lowest was ¥5.41 per share[17]. Other Financial Metrics - The company has no overdue commitments or violations regarding external guarantees during the reporting period[25]. - The company has not undergone an audit for the first quarter report[62]. - The company has implemented a new leasing standard, resulting in adjustments of CNY 6,850,857.19 for both right-of-use assets and lease liabilities[61].

Financial Performance - The company's operating revenue for 2020 was approximately ¥1.09 billion, a decrease of 2.91% compared to ¥1.12 billion in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥143.86 million, representing a slight increase of 0.51% from ¥143.13 million in 2019[16]. - The net cash flow from operating activities increased by 16.96% to approximately ¥181.27 million in 2020, compared to ¥154.99 million in 2019[16]. - The total assets at the end of 2020 were approximately ¥1.78 billion, an increase of 7.35% from ¥1.65 billion at the end of 2019[16]. - The net assets attributable to shareholders increased by 12.72% to approximately ¥1.28 billion at the end of 2020, compared to ¥1.13 billion at the end of 2019[16]. - The weighted average return on equity decreased to 11.96% in 2020 from 13.07% in 2019[16]. - The company's total revenue for Q4 2020 reached ¥401,414,213.88, marking a significant increase compared to previous quarters[21]. - The net profit attributable to shareholders for Q4 2020 was ¥74,184,642.29, showing strong growth from earlier quarters[21]. - The net cash flow from operating activities in Q4 2020 was ¥233,539,919.68, indicating a positive turnaround from negative cash flow in earlier quarters[21]. - The company reported a total of ¥23,264,769.43 in government subsidies for 2020, a substantial increase from ¥10,688,598.91 in 2019[22]. Business Strategy and Market Expansion - The company plans to focus on community project planning, coordination, and operational management as a strategic direction for 2021, facing potential policy and management risks[6]. - The company is actively expanding its school uniform business, having provided design and product services to over a thousand schools[27]. - The company has entered the school uniform market, which presents uncertainties due to competition from other clothing enterprises[5]. - The company plans to expand its business into school uniforms, diversifying its product offerings[35]. - The company aims to strengthen its position as a leader in the mid-to-high-end professional clothing market while also expanding into the school uniform sector[87]. - The company is focusing on personalized customization and industrialized mass production to enhance operational efficiency[36]. - The company is exploring new strategies for market expansion and product development in response to competitive pressures[88]. - The company has implemented smart upgrades across its three major production bases to improve operational efficiency[85]. Competition and Market Challenges - The company is experiencing increased competition in the professional clothing sector, with market share concentrating towards leading brands[5]. - The company faces risks from the COVID-19 pandemic impacting macroeconomic conditions and industry competition, particularly in the school uniform sector[88]. - The company reported a significant impact on its operations due to the COVID-19 pandemic, leading to delays in production and logistics[85]. - The company is focusing on brand development and higher quality in the school uniform industry amid intensified competition from larger apparel companies[88]. Research and Development - Research and development expenses increased by 72.65% to 55,093,977.57 yuan, as the company focused on new product and design development[54]. - The number of R&D personnel rose by 76.74% to 304, accounting for 8.45% of the workforce[65]. - The company has established a vocational clothing research institute in collaboration with Donghua University to enhance its design capabilities and market competitiveness[28]. - The company has a focus on enhancing its product offerings through technological advancements and design innovations, led by experienced professionals in the field[165]. Financial Management and Investments - The company has established a new subsidiary, Zhejiang George White Life Management Co., Ltd., in June 2020, expanding its consolidation scope[50]. - The company made a total investment of ¥20,600,000 during the reporting period, marking a 100% increase compared to the previous year[74]. - The company has not engaged in any securities or derivative investments during the reporting period[77][78]. - The company has not reported any major non-equity investments during the reporting period[77]. - The company has not engaged in any high-risk entrusted financial management or loans during the reporting period[131]. Shareholder and Dividend Information - The company will distribute a cash dividend of ¥2 per 10 shares (including tax) to all shareholders[6]. - The company declared a cash dividend of 70,000,000.00 CNY for the year 2020, which represents 48.66% of the net profit attributable to ordinary shareholders[96]. - The cash dividend per 10 shares is set at 2.00 CNY (including tax), based on a total share capital of 350,000,000 shares[97]. - The total distributable profit for the year is 349,966,990.54 CNY, with the cash dividend accounting for 100% of the profit distribution[98]. - The company has committed to maintaining the cash dividend amount per share even if the total share capital changes due to share buybacks[98]. Governance and Compliance - The company has maintained a strong focus on investor relations and transparency in information disclosure[133]. - The company has established a robust internal control system to enhance governance and operational compliance[176]. - The company received a standard unqualified audit opinion for its financial statements for the year ended December 31, 2020, affirming fair representation in accordance with accounting standards[196]. - The company has not reported any changes in accounting policies or estimates that would affect the financial statements compared to the previous year[106]. - The company has not experienced any non-standard audit reports during the reporting period[106]. Employee and Management Structure - The company employed a total of 3,596 staff, with 2,384 in production, 565 in sales, and 170 in technical roles[169]. - The company has a salary adjustment policy based on market conditions, reviewed biannually in January and July[170]. - The company has implemented a salary system reform to enhance employee motivation and satisfaction[134]. - The management team includes individuals with extensive legal and financial backgrounds, ensuring compliance and strategic financial planning[163]. - The company has maintained a stable leadership structure, with no recent changes in key management positions, which supports continuity in its strategic direction[164].

Financial Performance - Operating revenue for the reporting period was CNY 265,417,006.86, an increase of 12.57% year-on-year [7]. - Net profit attributable to shareholders was CNY 32,431,460.03, an increase of 35.08% compared to the same period last year [7]. - The net cash flow from operating activities was CNY 93,382,966.33, an increase of 272.68% [7]. - Total operating revenue for Q3 2020 reached CNY 265,417,006.86, an increase from CNY 235,779,758.37 in the same period last year [35]. - Net profit for Q3 2020 was CNY 31,149,479.29, compared to CNY 24,260,452.90 in Q3 2019, reflecting a growth of approximately 28.5% [37]. - The total comprehensive income attributable to the parent company was CNY 32,431,460.03, compared to CNY 24,008,856.91 in the previous period, reflecting an increase of about 35.1% [38]. - Total operating revenue for the period was CNY 672,191,897.93, a decrease of 7.7% compared to CNY 728,321,285.06 in the previous period [48]. - Net profit for the period was CNY 50,513,340.50, down 52.3% from CNY 105,647,935.56 in the previous period [51]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,571,525,000.86, a decrease of 5.00% compared to the end of the previous year [7]. - The company's total assets amounted to approximately ¥1.57 billion, a decrease from ¥1.65 billion at the end of 2019, reflecting a decline of about 5.3% [26]. - The company's cash and cash equivalents decreased to approximately ¥256.88 million from ¥321.03 million, representing a decline of about 20% [27]. - Current liabilities decreased to approximately ¥308.70 million from ¥455.47 million, a decline of about 32.3% [29]. - The company's total liabilities decreased to approximately ¥340.44 million from ¥486.94 million, reflecting a decrease of about 30.1% [29]. - The total liabilities decreased to CNY 264,861,418.61 from CNY 383,771,665.74, showing improved financial stability [33]. - The company reported a total asset value of 1,654,276,476.37, with total liabilities amounting to 486,942,922.52 [64]. - Total liabilities were approximately ¥383.77 million, with current liabilities accounting for ¥382.76 million [67]. Cash Flow - The company reported a credit impairment loss of CNY -13,090,507.25 during the quarter [41]. - Operating cash flow net amount was negative CNY 52,268,031.29, an improvement from negative CNY 86,496,581.19 in the previous period [54]. - Total cash inflow from operating activities was 691,345,406.05, while cash outflow was 817,741,084.31, resulting in a net cash flow deficit [58]. - Cash flow from investment activities showed a net outflow of -13,382,895.06, a significant decrease from a net inflow of 9,308,514.36 in the previous period [59]. - Cash flow from financing activities resulted in a net inflow of 56,302,714.42, contrasting with a net outflow of -46,871,145.12 previously, marking a turnaround [59]. Expenses and Investments - Sales expenses decreased by 31.18% due to changes in accounting standards [15]. - Financial expenses increased by 617.23% due to higher bank deposit interest income [15]. - Other income grew by 105.11% as a result of government subsidies received [15]. - Research and development expenses for Q3 2020 were CNY 17,331,833.39, compared to CNY 11,051,673.71 in the previous year, indicating a significant investment in innovation [36]. - Research and development expenses increased significantly to CNY 24,653,781.88, up from CNY 9,020,672.21, reflecting a focus on innovation [48]. - The company recorded an investment loss of CNY 1,126,462.00, a significant decrease from CNY 39,603,491.73 in the previous period [48]. Equity and Shareholder Information - The total equity attributable to shareholders of the parent company increased to CNY 1,200,972,940.32 from CNY 1,131,299,819.48 [32]. - The total equity attributable to shareholders was 1,131,299,819.48, reflecting stability in the company's financial position [64]. - Basic and diluted earnings per share for the third quarter were both CNY 0.09, compared to CNY 0.07 in the previous year [38]. - Basic and diluted earnings per share remained at CNY 0.14, unchanged from the previous period [51]. Operational Highlights - The company plans to continue focusing on market expansion and new product development to drive future growth [41]. - The company has engaged in entrusted wealth management with a total amount of ¥14.80 million, with no overdue amounts [20]. - The company has not yet audited its third-quarter report, indicating potential for adjustments in future disclosures [68]. - The company is implementing new revenue and leasing standards starting in 2020, which may affect future financial reporting [68]. - The company maintains a strong liquidity position with current assets significantly exceeding current liabilities [66].