Financial Performance - The company's operating revenue for 2021 was ¥2,719,989,257.14, representing an increase of 18.09% compared to 2020[12]. - The net profit attributable to shareholders for 2021 was ¥624,541,483.00, a growth of 25.20% year-over-year[12]. - The net profit after deducting non-recurring gains and losses was ¥580,283,266.50, up 25.26% from the previous year[12]. - The net cash flow from operating activities reached ¥897,523,638.07, marking a significant increase of 40.93% compared to 2020[12]. - The total assets at the end of 2021 amounted to ¥4,862,956,852.42, a 29.73% increase from the end of 2020[13]. - The net assets attributable to shareholders were ¥3,245,441,596.49, reflecting a growth of 34.29% year-over-year[13]. - The company reported a basic earnings per share of ¥1.15, which is a 21.05% increase from ¥0.95 in 2020[12]. - The company's total revenue for 2021 reached 2.72 billion yuan, representing a year-on-year growth of 18.09%[38]. - The net profit attributable to shareholders for 2021 was 625 million yuan, showing a year-on-year increase of 25.20%[38]. - The total operating revenue for the year 2021 reached ¥2,719,989,257.14, representing an 18.09% increase compared to ¥2,303,326,211.84 in 2020[63]. Market Position and Strategy - The company's T-shirt product line has maintained the highest market share in its category for four consecutive years (2018-2021) and will implement a "category-leading" strategy starting in 2022[39]. - The golf apparel segment has achieved a market share of 62.87% in 2021, also ranking first in its category for five consecutive years (2017-2021)[40]. - The brand focuses on high-end fashion sportswear, emphasizing quality, technology, and innovation in its product design[26]. - The company is expanding its product lines, including collaborations with popular IPs like Snoopy and Doraemon for its Venice Carnival brand[33]. - The company employs a "dumbbell" business model, focusing on high-value activities such as product design and brand management while outsourcing lower-value production[34]. - The company is actively enhancing its digital retail channels, including flagship stores on platforms like Tmall and JD, and utilizing live streaming and social media for marketing[36]. - The brand is positioned to capitalize on the growing preference for domestic products among younger consumers, with 70% of post-90s and nearly 80% of post-00s consumers favoring domestic brands[24]. - The company has a total of 1,100 retail stores as of December 31, 2021, an increase of 121 stores from the end of 2020[45]. - The company has renewed its sponsorship with the Chinese national golf team for another eight years, continuing to provide professional training and competition apparel[41]. Research and Development - The company continues to invest in R&D, focusing on innovative materials and design to maintain its competitive edge[50]. - The company holds a total of 107 patents, including 6 invention patents, 69 utility model patents, and 32 design patents[43]. - Research and development investment amounted to ¥83,388,128.67 in 2021, representing 3.07% of operating revenue, up from 2.81% in 2020[95]. - The number of R&D personnel increased by 9.63% from 187 in 2020 to 205 in 2021[94]. - The company will continue to increase R&D investment, focusing on new materials and fabric innovation to enhance product competitiveness and brand value[121]. Corporate Governance - The company has a comprehensive governance structure in place, as detailed in its corporate governance section[4]. - The company has maintained a stable management structure, with key personnel remaining in their roles to ensure continuity[145]. - The company has established a complete and independent business system, ensuring independence from the controlling shareholder in terms of operations, personnel, assets, and finance[134]. - The company respects and protects the rights of all stakeholders, including shareholders, employees, suppliers, and customers, promoting balanced interests[132]. - The company has implemented a transparent information disclosure system, ensuring timely and accurate communication with all shareholders[133]. - The board of directors and supervisory board operate in compliance with the Company Law and the company's articles of association, ensuring effective governance[136]. - The company has appointed new independent directors, indicating a strategic refresh in leadership[142]. - The independent directors bring diverse expertise, which may contribute to better decision-making and strategic direction for the company[144]. Social Responsibility - The company engaged in charitable activities, providing substantial aid during natural disasters, showcasing its social responsibility[62]. - In response to severe flooding in Shanxi Province in October 2021, the company donated over 10 million yuan worth of winter supplies to affected areas[182]. - The company has not yet initiated any poverty alleviation or rural revitalization efforts during the reporting period[183]. Employee Management - The total number of employees at the end of the reporting period was 3,167, with 2,631 in sales, 163 in administration, 288 in operations, and 85 in R&D[161]. - The company has implemented a flexible compensation structure that is performance-oriented and competitive, with total compensation dynamically managed based on business performance[163]. - The company has developed an E-learning platform to enhance employee skills through various training programs[164]. - The company has no labor outsourcing, indicating a focus on internal workforce management[165]. - The employee stock ownership plan includes 851 employees holding a total of 6,494,626 shares, representing 1.18% of the company's total share capital[171]. Risk Management - The company faces risks related to outsourcing production, which may affect product quality and delivery times[125]. - Expansion of the marketing network poses management risks, requiring effective talent management and store location selection[126]. - High inventory levels may pose risks if market conditions change, potentially leading to inventory write-downs[127]. Financial Management - The company reported a net cash flow from operating activities of ¥897,523,638.07 in 2021, an increase of 40.93% compared to the previous year[96]. - The cash and cash equivalents increased by 315.35% to ¥488,734,159.26, attributed to performance growth[97]. - The company’s cash and cash equivalents restricted amounted to ¥13,334,484.75 due to bank acceptance bill guarantees[102]. - The company’s total liabilities decreased by 9.09% to ¥284,554,163.11 due to the conversion of convertible bonds[100]. Compliance and Regulations - The company has maintained compliance with regulatory requirements regarding remuneration and governance practices[149]. - The company did not face any delisting situations or bankruptcy restructuring matters during the reporting period[197]. - There were no significant litigation or arbitration matters reported during the period[197]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[180].

Financial Performance - The company's operating revenue for 2020 was CNY 2,303,326,211.84, representing a 26.17% increase compared to CNY 1,825,516,844.69 in 2019[16] - The net profit attributable to shareholders for 2020 was CNY 498,822,424.55, up 22.68% from CNY 406,606,998.01 in 2019[16] - The net cash flow from operating activities increased by 90.98% to CNY 636,849,599.20, compared to CNY 333,469,113.65 in the previous year[16] - Basic earnings per share for 2020 were CNY 0.95, a 21.79% increase from CNY 0.78 in 2019[16] - The net profit after deducting non-recurring gains and losses was CNY 463,280,686.95, a 19.10% increase from CNY 388,974,096.92 in 2019[16] - The company achieved a continuous upward trend in annual revenue and net profit, with both metrics reaching new highs compared to the previous year, indicating industry-leading profitability[49] - Operating profit reached 582 million yuan, reflecting a growth of 23.13% compared to the previous year[70] - The company reported a sales volume of 3,606,443 units in 2020, representing a year-on-year increase of 35.76% compared to 2,656,479 units in 2019[106] Assets and Investments - Total assets at the end of 2020 reached CNY 3,748,598,697.97, marking a 48.50% increase from CNY 2,524,364,584.28 at the end of 2019[18] - The net assets attributable to shareholders increased by 23.47% to CNY 2,416,825,789.61 from CNY 1,957,377,185.61 in 2019[18] - Deferred tax assets increased by 56.90%, attributed to the rise in internal unrealized profits[53] - Other current assets surged by 190.72%, mainly due to increased financial investments[53] - The company reported a significant increase in brand influence through product placements in popular TV dramas, enhancing overall brand recognition[90] Market Strategy and Brand Positioning - The company is focused on high-end fashion sportswear, with a multi-brand strategy that includes the "Biyinlefen" brand and the "Venice Carnival" brand, targeting different market segments[26][35] - The "Biyinlefen" brand emphasizes product innovation and brand enhancement, with a product range that includes golf, lifestyle, and fashion series[27] - The company is expanding its digital retail channels, having established flagship stores on platforms like Tmall and JD, and utilizing live streaming and social media for marketing[38] - The company achieved total revenue of 2.303 billion yuan, a year-on-year increase of 26.17%[70] - The company aims to strengthen brand positioning in the high-end fashion sportswear market and enhance brand awareness through various promotional strategies[155] Sales and Distribution - The revenue from the apparel segment accounted for 100% of total revenue, with the highest contribution from tops at ¥1,012,743,434.04, which is 43.97% of total revenue, showing a growth of 33.77% year-on-year[100] - The e-commerce segment experienced significant growth, with revenue increasing by 508.00% to ¥98,249,734.84 from ¥16,159,484.70 in the previous year[102] - The company operates 979 retail outlets as of December 31, 2020, with a net increase of 85 stores from the previous year, indicating robust expansion efforts[58] - The company’s online sales channels include Tmall, JD.com, and Vipshop, with a focus on establishing official flagship stores[116] - Direct sales generated ¥1,628,792,927.31 in revenue, reflecting a 261.5% increase from ¥450,889,267.22, with a gross margin of 78.26%, up by 6.34%[118] Research and Development - The design and R&D team produces over a thousand new product designs annually, showcasing the company's strong capabilities in product innovation and development[61] - The company maintained a high R&D investment ratio, focusing on integrating international high-quality fabric resources and cultivating a designer team with international vision[71] - The product innovation in 2020 included the Outlast series for temperature regulation and Anti-Bacterial fibers for pH balance, enhancing product differentiation and high-end positioning[72] - R&D investment increased by 9.64% to ¥64,804,859.36 in 2020, while the proportion of R&D investment to operating revenue decreased to 2.81% from 3.24%[128] Financial Management and Capital Structure - The company issued convertible bonds totaling RMB 689,000,000, with a net amount of RMB 678,729,339.62 after expenses[145] - The company has allocated RMB 20,000 million of idle raised funds for cash management, with RMB 45,000 million used for structured deposit products[149] - The total amount raised from the initial public offering (IPO) was RMB 697,953,900, with a net amount of RMB 624,077,000 after deducting issuance costs[144] - The company has engaged in wealth management by investing a total of 135 million yuan in various financial products, including 65 million yuan in bank wealth management products and 10 million yuan in broker wealth management products[200] Dividend Distribution - The company plans to distribute a cash dividend of 3 yuan (including tax) for every 10 shares, totaling 160,478,346 yuan for the year 2020[172] - The cash dividend represents 32.17% of the net profit attributable to ordinary shareholders for the year 2020, which is 498,822,424.55 yuan[174] - The total distributable profit for the year is 1,344,294,201.92 yuan, with the cash dividend accounting for 100% of the profit distribution[175] - The cash dividend for 2020 is based on the total share capital as of the dividend distribution announcement date[176] Human Resources and Management - The company has hired 10 senior management personnel and 19 core technical talents to enhance its human resource management and training mechanisms[160] - The company has maintained a stable R&D personnel count of 187, but the proportion of R&D personnel to total employees decreased slightly[128] Risks and Challenges - The company has identified risks related to outsourcing production, which may affect product quality and delivery timelines[161] - The company has a high inventory-to-asset ratio, which is typical for high-end apparel brands, and is monitoring potential risks of inventory accumulation and impairment[164] - The company is committed to optimizing its marketing network while managing the associated risks of rapid expansion[163]