[Major Financial Data](index=2&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE) In the first three quarters of 2022, the company's performance significantly declined, with revenue decreasing by 13.48% and net profit attributable to shareholders by 47.27%, primarily due to macroeconomic impacts [Core Financial Indicators](index=2&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) During the reporting period, the company's core financial indicators showed a year-on-year decline, with Q1-Q3 revenue at 1,304 million yuan and net profit at 129 million yuan, both significantly decreasing Key Financial Indicators (Year-to-Date) | Indicator (Year-to-Date) | 2022 Q1-Q3 (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 1,304 | -13.48% | | Net Profit Attributable to Shareholders | 129 | -47.27% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 115 | -51.50% | | Net Cash Flow from Operating Activities | 174 | -38.86% | | Basic Earnings Per Share | 0.2983 yuan/share | -48.12% | Key Financial Indicators (Q3) | Indicator (Q3) | 2022 Q3 (million yuan) | YoY Change | | :--- | :--- | :--- | | Operating Revenue | 406 | -11.74% | | Net Profit Attributable to Shareholders | 30 | -42.86% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 27 | -46.68% | [Non-recurring Gains and Losses](index=2&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Year-to-date non-recurring gains and losses totaled 14.30 million yuan, primarily from government subsidies and cash management product income, positively contributing to current period profit Non-recurring Gains and Losses (Year-to-Date) | Item | Amount (Year-to-Date, million yuan) | Primary Source | | :--- | :--- | :--- | | Government Subsidies | 12.46 | Government subsidies received | | Investment Income | 6.02 | Cash management product income | | **Total** | **14.30** | - | [Analysis of Major Financial Indicator Changes](index=3&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%20%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) The company experienced significant changes across its balance sheet, income statement, and cash flow statement, driven by asset reclassification, investment income fluctuations, and increased financing outflows - Major Balance Sheet Changes: - **Fixed Assets**: Increased by **231.68%**, primarily due to the reclassification of some construction in progress to fixed assets[8](index=8&type=chunk) - **Construction in Progress**: Decreased by **96.95%**, for the same reason as above[8](index=8&type=chunk) - **Monetary Capital**: Decreased by **30.31%**, mainly due to expenditures for cash management products, profit distribution, and share repurchases[8](index=8&type=chunk) - **Trading Financial Assets**: Increased by **206.24%**, primarily due to increased purchases of cash management products[8](index=8&type=chunk) - Major Income Statement Changes: - **Investment Income**: Decreased by **76.53%** year-on-year, mainly due to cash management activities[9](index=9&type=chunk) - **Gains from Changes in Fair Value**: Increased significantly by **4035.92%** year-on-year, primarily due to cash management activities[9](index=9&type=chunk) - **Non-operating Expenses**: Decreased by **90.12%** year-on-year, mainly because the base for expenditures from store closures and project delays in the prior year was higher[9](index=9&type=chunk) - Major Cash Flow Statement Changes: - **Net Cash Flow from Operating Activities**: Decreased by **38.86%** year-on-year, primarily due to reduced cash received from sales of goods[10](index=10&type=chunk) - **Net Cash Flow from Investing Activities**: Net outflow narrowed by **74.11%** year-on-year, mainly due to changes in cash management activities[10](index=10&type=chunk) - **Net Cash Flow from Financing Activities**: Net outflow expanded by **63.41%** year-on-year, primarily due to profit distribution and share repurchases implemented during the reporting period[10](index=10&type=chunk)[11](index=11&type=chunk) [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E4%BF%A1%E6%81%AF) As of the reporting period end, the company had 20,127 shareholders, with the Sun family controlling 65.02% of shares through various entities, and the controlling shareholder having some pledged shares [Shareholding Structure](index=4&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%92%8C%E8%A1%A8%E5%86%B3%E6%9D%83%E6%81%A2%E5%A4%8D%E7%9A%84%E4%BC%98%E5%85%88%E8%82%A1%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of September 30, 2022, the company had 20,127 shareholders, with controlling shareholder Xinhe International holding 63.09% of shares, including 6.6 million shares pledged - The total number of ordinary shareholders at the end of the reporting period was **20,127**[13](index=13&type=chunk) Top Shareholders | Shareholder Name | Shareholding Percentage | Number of Shares (million shares) | | :--- | :--- | :--- | | Xinhe International Co., Ltd. | 63.09% | 272.716 | | Xiamen Junsheng Investment Partnership (Limited Partnership) | 4.52% | 19.539 | | Fujian Hengxing Energy Co., Ltd. | 1.62% | 7.000 | - The company's actual controllers are members of the Sun family, who collectively control **65.02%** of the company's shares through Xinhe International, Xiamen Xinhe Equity Investment Co., Ltd., and Jufu Development Co., Ltd[13](index=13&type=chunk) [Other Significant Matters](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company completed a share repurchase plan, continued its restricted stock incentive program, and finalized industrial and commercial changes, including a planned increase in business scope - The company's share repurchase plan has been completed, with **10 million shares** repurchased, representing **2.31%** of the total share capital, for a total transaction amount of **87.40 million yuan**, intended for employee stock ownership or equity incentive plans[15](index=15&type=chunk)[16](index=16&type=chunk) - The company continues to advance its 2021 restricted stock incentive plan, repurchasing and canceling unvested restricted shares from several employees who have resigned or failed to meet performance targets[17](index=17&type=chunk)[18](index=18&type=chunk)[19](index=19&type=chunk) - The company completed industrial and commercial registration changes for its registered capital and domicile, and plans to expand its business scope and reappoint the auditor for fiscal year 2022[19](index=19&type=chunk)[20](index=20&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=%E5%9B%9B%E3%80%81%E5%AD%A3%E5%BA%A6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This report presents the unaudited consolidated balance sheet as of September 30, 2022, and the consolidated income statement and cash flow statement for the year-to-date period [Consolidated Balance Sheet](index=6&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2022, total assets were 3,553.55 million yuan, a 6.99% decrease from year-end, primarily due to construction in progress reclassification to fixed assets Consolidated Balance Sheet (as of September 30, 2022) | Item | September 30, 2022 (million yuan) | December 31, 2021 (million yuan) | Change | | :--- | :--- | :--- | :--- | | Total Assets | 3,553.55 | 3,820.51 | -6.99% | | Total Liabilities | 706.94 | 776.03 | -8.90% | | Equity Attributable to Parent Company Shareholders | 2,846.60 | 3,044.49 | -6.50% | [Consolidated Income Statement](index=8&type=section&id=2%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E5%88%A9%E6%B6%A6%E8%A1%A8) For the first three quarters of 2022, operating revenue was 1,303.60 million yuan, a 13.48% decrease, resulting in a 47.27% decline in net profit attributable to parent company shareholders Consolidated Income Statement (Year-to-Date) | Item | 2022 Q1-Q3 (million yuan) | 2021 Q1-Q3 (million yuan) | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 1,303.60 | 1,506.75 | -13.48% | | Total Operating Costs | 1,094.23 | 1,125.02 | -2.74% | | Operating Profit | 175.05 | 336.06 | -47.91% | | Net Profit Attributable to Parent Company Shareholders | 129.35 | 245.32 | -47.27% | [Consolidated Cash Flow Statement](index=9&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) Year-to-date net cash flow from operating activities decreased by 38.86% to 174.13 million yuan, while investing and financing activities saw significant shifts due to cash management and capital distribution Consolidated Cash Flow Statement (Year-to-Date) | Item | 2022 Q1-Q3 (million yuan) | 2021 Q1-Q3 (million yuan) | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 174.13 | 284.82 | -38.86% | | Net Cash Flow from Investing Activities | -228.76 | -883.72 | 74.11% | | Net Cash Flow from Financing Activities | -377.08 | -230.76 | -63.41% | | Net Increase in Cash and Cash Equivalents | -429.83 | -829.88 | 48.21% | [Audit Opinion](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2022 third-quarter report has not been audited - The company's third-quarter report is unaudited[27](index=27&type=chunk)

Financial Performance - The company's operating revenue for the first half of 2022 was ¥897,552,759.69, a decrease of 14.25% compared to ¥1,046,682,572.75 in the same period last year[21]. - The net profit attributable to shareholders was ¥99,140,580.09, down 48.49% from ¥192,449,930.57 year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥88,484,507.61, representing a 52.78% decline from ¥187,394,139.36 in the previous year[21]. - The net cash flow from operating activities was ¥129,746,227.98, a decrease of 47.82% compared to ¥248,650,805.96 in the same period last year[21]. - Basic earnings per share were ¥0.2275, down 49.57% from ¥0.4511 in the previous year[21]. - Total assets at the end of the reporting period were ¥3,605,781,349.23, a decrease of 5.62% from ¥3,820,513,664.62 at the end of the previous year[21]. - The net assets attributable to shareholders decreased by 7.07% to ¥2,829,354,012.15 from ¥3,044,487,595.58 at the end of the previous year[21]. - The weighted average return on net assets was 3.27%, down from 6.44% in the previous year, a decrease of 3.17%[21]. - The company reported a total revenue of 1,127,931,874.59 CNY, which represents a decrease of 10.11% compared to the previous year[89]. - The company reported a total revenue of 67.70 million CNY for the period, with no non-operating fund occupation by controlling shareholders or related parties[135]. Research and Development - The company invested CNY 36.06 million in R&D in the first half of 2022, representing a year-on-year increase of 10.69%[43]. - R&D expenses for the reporting period amounted to 36.06 million yuan, an increase of 10.69% year-on-year, with an annual average investment exceeding 60 million yuan[52]. - The company is increasing investment in R&D to accurately capture fashion trends and consumer preferences, aiming to reduce design risks[110]. - The company plans to enhance its R&D capabilities and supply chain responsiveness to increase market share and profitability[108]. Market and Sales Strategy - The company has established a comprehensive sales network covering major cities across the country, with a focus on self-operated and e-commerce sales models[35]. - The company aims to enhance its brand influence and market penetration through a multi-brand matrix, catering to diverse consumer demographics[45]. - The company is positioned to benefit from the growing recognition of domestic brands among younger consumers, aligning with the "14th Five-Year Plan" for brand development[39]. - The company plans to continue expanding its self-operated model while enhancing its e-commerce presence to adapt to market changes[74]. - The company has expanded its market presence in first and second-tier cities in China, focusing on high-income consumer groups[85]. Inventory and Cost Management - The company's inventory balance for women's clothing decreased by 7.70% year-on-year, with turnover days at 364, down 32 days[58]. - The gross margin for the women's clothing segment is 69.89%, down 5.11% from the previous year[69]. - The total sales expenses for the reporting period amounted to CNY 393.68 million, slightly down from CNY 410.65 million in the previous period[78]. - The company's inventory turnover days for women's clothing were reported at 364 days, with a total inventory balance of CNY 688.14 million, reflecting a decrease in inventory management efficiency[83]. Shareholder and Equity Management - The company plans to repurchase shares with a budget of up to 142 million yuan to buy back 5-10 million shares, aimed at employee stock ownership plans or equity incentives[59]. - The company granted 5.002 million restricted stock options to 42 individuals as part of its 2021 incentive plan, with a listing date of May 24, 2021[119]. - The company has fulfilled its commitment regarding the lock-up period for shares, which is set for 36 months from the IPO date[131]. - The company has a long-term commitment to ensure the accuracy and completeness of the prospectus[131]. Legal and Compliance Issues - The company is involved in several ongoing legal cases, including labor disputes and intellectual property rights infringements, with a total involved amount of 534.70 million CNY[140]. - The company has a total of 270.90 million CNY involved in trademark infringement cases, with some cases pending judgment[140]. - The company is also facing copyright infringement cases with a total amount of 150.00 million CNY, with some cases already adjudicated[140]. - The half-year financial report has not been audited[137]. Future Outlook - The company provided a positive outlook for the second half of 2022, projecting a revenue growth of 25%[132]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2022[132]. - The company is considering strategic acquisitions to enhance its product portfolio, with a target of identifying at least three potential candidates by the end of the year[132]. - The company has set a target to reduce operational costs by 15% over the next year through efficiency improvements[132].

Financial Performance - The company's operating revenue for Q1 2022 was ¥503,622,669.84, a decrease of 7.44% compared to ¥544,112,612.71 in the same period last year[3] - The net profit attributable to shareholders for Q1 2022 was ¥62,154,069.40, down 34.29% from ¥94,587,353.87 year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥56,219,700.45, a decline of 39.49% compared to ¥92,906,366.13 in the previous year[3] - Total operating revenue for Q1 2022 was CNY 503.62 million, a decrease of 7.4% from CNY 544.11 million in Q1 2021[33] - Net profit for Q1 2022 was CNY 62.15 million, down 34.3% from CNY 94.59 million in Q1 2021[35] - Basic earnings per share for Q1 2022 were CNY 0.1457, compared to CNY 0.2217 in the same period last year[37] Cash Flow - The net cash flow from operating activities was ¥87,767,519.55, representing a decrease of 17.18% from ¥105,977,843.41 in the same period last year[3] - Total cash inflow from operating activities amounted to $558,121,041.42, while cash outflow was $470,353,521.87, resulting in a net cash inflow of $87,767,519.55[40] - Cash flow from investment activities showed a net outflow of ¥302,097,620.31, improving from a net outflow of ¥471,725,226.99 in the previous year[42] - Cash inflow from investment activities totaled $16,875,400.68, while cash outflow reached $318,973,020.99[40] - Net cash flow from financing activities was -$59,710,127.05, compared to -$29,818,430.72 in the previous year, indicating increased cash outflow[42] - The ending balance of cash and cash equivalents was $830,417,652.57, down from $1,057,730,682.34 in the previous year[42] Assets and Liabilities - The total assets at the end of Q1 2022 were ¥3,708,233,276.84, down 2.94% from ¥3,820,513,664.62 at the end of the previous year[5] - Total assets decreased to CNY 3.71 billion from CNY 3.82 billion year-over-year[31] - Total liabilities decreased to CNY 635.62 million from CNY 776.03 million in the previous year[29] - The company's total non-current assets amounted to CNY 1.24 billion, a slight decrease from CNY 1.27 billion year-over-year[29] Shareholder Information - The company has a significant shareholder, Xinha International Limited, holding 63.08% of the shares, with a total of 272,716,480 shares pledged[17] - The company has a total of 19,538,880 unrestricted shares held by Xiamen Junsheng Investment Partnership, representing a significant portion of the free float[17] - The company plans to repurchase between 5 million to 10 million shares, representing 1.16% to 2.31% of the total share capital, at a maximum price of RMB 14.80 per share, with an estimated total amount not exceeding RMB 148 million[19] - As of April 7, 2022, the company has repurchased a total of 4,359,200 shares, accounting for 1.01% of the total share capital, with a cumulative transaction amount of RMB 40.07 million[21] - The company is in the process of repurchasing and canceling unvested restricted stock from departing employees, with ongoing procedures for 190,000 shares[24] Operational Efficiency - The weighted average return on equity decreased to 2.03% from 3.19% year-on-year, a drop of 1.16%[3] - The company reported a significant increase in trading financial assets, which rose by 369.66% to ¥331,575,041.81 due to increased purchases of cash management products[9] - The company's trading financial assets increased significantly from RMB 70,599,209.52 to RMB 331,575,041.81 during the reporting period[26] - Accounts receivable decreased from RMB 194,295,915.73 to RMB 180,316,775.13, indicating a reduction in outstanding receivables[26] - Inventory decreased from RMB 605,493,641.15 to RMB 556,953,595.87, reflecting improved inventory management[26] - Total operating costs increased to CNY 403.17 million, up 4.3% from CNY 385.17 million in the previous year[33] - Research and development expenses increased to CNY 17.73 million, up from CNY 15.34 million in the previous year[33] Government Support - Government subsidies received increased by 59.82% to ¥6,107,873.14 compared to ¥3,821,634.62 in the same period last year[12]

Financial Performance - The company's operating revenue for 2021 was CNY 2,101,809,085.78, representing a 14.66% increase compared to CNY 1,833,077,163.47 in 2020[18] - The net profit attributable to shareholders for 2021 was CNY 287,119,503.88, a significant increase of 61.07% from CNY 178,252,533.67 in 2020[18] - The net profit after deducting non-recurring gains and losses was CNY 275,341,892.63, up 59.35% from CNY 172,792,308.09 in the previous year[18] - The basic earnings per share for 2021 was CNY 0.6684, reflecting a 26.66% increase from CNY 0.5277 in 2020[18] - The total assets at the end of 2021 were CNY 3,820,513,664.62, a 6.49% increase from CNY 3,587,755,693.15 at the end of 2020[20] - The net assets attributable to shareholders at the end of 2021 were CNY 3,044,487,595.58, which is a 4.27% increase from CNY 2,919,811,498.50 in 2020[20] - The net cash flow from operating activities for 2021 was CNY 446,267,585.37, down 11.86% from CNY 506,329,434.00 in 2020[18] - The weighted average return on equity for 2021 was 9.68%, an increase from 8.36% in 2020[20] Revenue and Sales - In Q1 2021, the company reported revenue of ¥544.11 million, with a net profit attributable to shareholders of ¥94.59 million, and a net cash flow from operating activities of ¥105.98 million[23] - The company's revenue in Q4 2021 increased to ¥595.06 million, while the net profit attributable to shareholders decreased to ¥41.80 million[23] - The net profit excluding non-recurring gains and losses in Q3 2021 was ¥49.83 million, reflecting a decline compared to previous quarters[23] - The company operated 496 stores nationwide, with 407 being self-operated, contributing CNY 1.46 billion in revenue, a growth of 10.11%[46] - E-commerce revenue reached CNY 490 million, growing by 27% and accounting for 23.29% of total revenue[48] - The total sales volume of women's clothing reached 2,665,021 units, a year-on-year increase of 7.04%[60] - The revenue from women's clothing amounted to 597.71 million yuan, accounting for 99.76% of total operating costs, with a year-on-year increase of 16.69%[61] Inventory and Management - The inventory balance decreased by 14.21% year-on-year, indicating improved inventory turnover efficiency[49] - The inventory level decreased by 15.30% year-on-year, with a total inventory of 2,604,023 units[60] - The company's inventory decreased by 1.76% to ¥605.49 million, attributed to improved inventory management[92] - The average inventory turnover days for women's clothing was 357 days[77] Research and Development - R&D expenses amounted to CNY 72.17 million, reflecting a year-on-year increase of 22.41%[39] - The company's R&D investment increased by 22.41% year-on-year, reaching approximately ¥72.17 million, accounting for 3.43% of total revenue[83] - The number of R&D personnel increased by 5.04% to 438, maintaining a stable proportion of 9.00% of total employees[83] Market Strategy and Expansion - The company has established a comprehensive sales network covering major cities in China, focusing on high-end women's fashion brands[32] - The company aims to enhance brand recognition and expand its market presence through innovative design and marketing strategies[38] - The company plans to leverage the "14th Five-Year Plan" to foster the development of high-end domestic brands in the fashion industry[29] - The company plans to expand its store presence in first and second-tier cities and penetrate third and fourth-tier cities to increase the number and quality of retail outlets[115] - The company will maintain strategic partnerships with major e-commerce platforms like Tmall and Vipshop while optimizing and expanding new online channels to boost sales through live streaming and other digital marketing strategies[117] Corporate Governance - The company held a total of 7 extraordinary general meetings and 1 annual general meeting during the reporting period[131] - The board of directors convened 20 meetings, ensuring compliance with regulations and effective decision-making[132] - The supervisory board held 13 meetings, effectively overseeing major company matters and financial status[132] - The company maintains independent operations from its controlling shareholders, with no business competition or asset disputes[136] - The company has a dedicated investor relations department to ensure transparent communication with shareholders[133] Social Responsibility and Environmental Compliance - The company actively engages in social responsibility initiatives, focusing on investor rights protection, environmental protection, and social welfare[199] - The company has complied with national environmental laws and regulations, with no violations reported during the reporting period[198] - The company has implemented measures to reduce carbon emissions, including promoting energy-saving practices and advocating for a paperless office environment[198] Employee Management and Compensation - The total number of employees at the end of the reporting period was 4,924, with 4,787 in the parent company and 137 in major subsidiaries[173] - The company has implemented a stock incentive plan approved on January 12, 2021, to promote sustainable development and protect shareholder interests[182] - The company has established a scientific salary system and conducts regular salary surveys to maintain competitive salary levels[175] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 9.889 million yuan (before tax)[156] Risk Management - The company acknowledges risks related to potential pandemic impacts on operations and intensifying competition in the fashion industry, particularly in women's apparel, and is taking measures to mitigate these risks[121] - The company recognizes the risk of not accurately grasping women's fashion trends and consumer demand, which could negatively impact brand and sales performance[123] - The company plans to increase investment in automation and intelligent equipment to reduce labor costs and improve operational efficiency[123]

Revenue and Profit - Revenue for Q3 2021 reached ¥460,062,555.79, an increase of 1.58% year-over-year, while year-to-date revenue was ¥1,506,745,128.54, up 22.88% compared to the same period last year[4] - Net profit attributable to shareholders for Q3 2021 was ¥52,869,201.70, a 16.88% increase year-over-year, and year-to-date net profit was ¥245,319,132.27, reflecting a significant growth of 105.53%[4] - Basic earnings per share for Q3 2021 decreased by 12.38% to ¥0.1239, while year-to-date basic earnings per share increased by 54.16% to ¥0.5750[4] - The net profit for Q3 2021 was CNY 245,319,132.27, a significant increase from CNY 119,362,184.55 in Q3 2020, representing a growth of approximately 105.6%[27] - Operating profit for the quarter reached CNY 336,062,622.96, compared to CNY 163,612,427.27 in the same period last year, indicating an increase of about 105.5%[27] - Total revenue from operating activities amounted to CNY 1,604,909,267.87, up from CNY 1,309,692,326.16, reflecting a year-over-year growth of approximately 22.5%[30] - The company reported a total comprehensive income of CNY 244,797,013.99 for the quarter, up from CNY 120,052,104.67, marking an increase of approximately 103.5%[28] - Basic earnings per share for Q3 2021 were CNY 0.5750, compared to CNY 0.3730 in Q3 2020, representing a growth of about 54.2%[28] Cash Flow and Investments - Cash flow from operating activities for the year-to-date period was ¥284,815,389.59, representing a 10.69% increase[4] - The company reported a significant increase in cash received from operating activities, up 165.35% to ¥26,940,358.95, attributed to higher interest income[11] - Cash flow from investment activities showed a net outflow of ¥883,724,405.32, a significant increase of 1195.97% compared to the previous period, mainly due to increased purchases of cash management products[12] - The company incurred a net cash outflow from investing activities of CNY 883,724,405.32, compared to a net inflow of CNY 80,633,857.96 in the previous year, reflecting a significant change in investment strategy[30] - Cash flow from financing activities recorded a net outflow of ¥230,760,920.45, a decrease of 138.14% compared to the previous period, primarily due to increased profit distribution[12] Assets and Liabilities - The company's total assets as of September 30, 2021, were ¥3,000,063,707.76, a 2.75% increase from the end of the previous year[5] - As of September 30, 2021, the company's total assets amounted to CNY 3,633,458,214.70, an increase from CNY 3,587,755,693.15 at the end of 2020[22][23][24] - The total liabilities decreased to CNY 633,394,506.94 from CNY 667,944,194.65, a decline of 5.2%[23][24] - The company's equity attributable to shareholders increased to CNY 3,000,063,707.76 from CNY 2,919,811,498.50, an increase of 2.8%[24] - Current liabilities totaled approximately CNY 665.82 million, which is an increase of CNY 91.06 million from the previous period[36] - The total liabilities amounted to approximately CNY 667.94 million, reflecting an increase of CNY 163.73 million[36] Expenses and Costs - Management expenses increased by 40.57% to ¥63,247,595.88, primarily due to rising employee compensation and stock incentive expenses[11] - Total operating costs for the current period were CNY 1,125,023,511.97, up from CNY 991,687,240.19, indicating a 13.4% increase[26] - The total operating expenses increased to CNY 1,320,093,878.28 from CNY 1,052,387,464.11, which is an increase of approximately 25.5% year-over-year[30] - The company reported a tax expense of CNY 83,922,179.42 for the quarter, compared to CNY 42,929,039.87 in the same period last year, indicating an increase of about 95.6%[27] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 17,376, with no preferred shareholders[14] - The largest shareholder, Xinha International Limited, holds 63.18% of the shares, amounting to 272,716,480 shares, all of which are pledged[14] - The company granted a total of 5,002,000 restricted stocks to 42 incentive objects, with the listing date on May 24, 2021[20] - The repurchase price of the restricted stocks was adjusted from CNY 4.86 per share to CNY 4.46 per share due to the departure of one incentive object[20] - The company completed the cancellation of 70,000 restricted stocks that were granted but not unlocked, resulting in a new total share capital of 431,598,700 shares[20] Stock Incentive Plan - The company approved a stock incentive plan on January 12, 2021, aimed at promoting sustainable development and aligning interests with shareholders[17] - The stock incentive plan was revised and approved on January 13, 2021, with independent opinions provided by the supervisory board and independent directors[18] - The stock incentive plan received final approval from the shareholders' meeting on February 22, 2021, allowing the board to determine the grant date and related matters[18] Cash Management - The company’s cash and cash equivalents decreased by 31.44% to ¥1,150,524,368.56, primarily due to increased purchases of cash management products and higher procurement payments[9] - The company's cash and cash equivalents decreased to CNY 1,150,524,368.56 from CNY 1,678,216,447.32, reflecting a decline of 31.3%[22] - The cash and cash equivalents at the end of the period were CNY 622,603,345.27, a decrease from CNY 1,452,486,816.94 at the beginning of the period, indicating a decline of approximately 57.1%[31] - Cash investments amounted to ¥665,000,000, attributed to an increase in cash management products[12]

证券代码：003016 证券简称：欣贺股份 公告编号：临 2021-094 欣贺股份有限公司 关于参加 2021 年度厦门辖区上市公司投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步促进公司与投资者互动交流，便于广大投资者更加全面深入地了解 欣贺股份有限公司（以下简称"公司"）经营情况，公司将于 2021 年 9 月 7 日(星 期二)15:00-17:00 参加由厦门证监局指导、厦门上市公司协会联合深圳市全景网 络有限公司举办的"2021 年度厦门辖区上市公司投资者网上集体接待日活动"， 本次活动将通过深圳市全景网络有限公司提供的网上平台进行,投资者可以登录 "全景·路演天下"(http://rs.p5w.net)参与在线交流。 公司出席本次业绩说明会的人员有：公司董事长兼总经理孙瑞鸿先生、公司 副总经理兼财务总监陈国汉先生、公司副总经理兼董事会秘书朱晓峰先生。 欢迎广大投资者积极参与！ 特此公告 欣贺股份有限公司董事会 2021 年 9 月 3 日 ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,046,682,572.75, representing a 35.36% increase compared to CNY 773,257,791.82 in the same period last year[20]. - The net profit attributable to shareholders of the listed company reached CNY 192,449,930.57, a significant increase of 159.62% from CNY 74,128,106.71 year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 187,394,139.36, up 170.01% from CNY 69,402,604.56 in the previous year[20]. - The net cash flow from operating activities was CNY 248,650,805.96, reflecting a 50.23% increase compared to CNY 165,511,038.53 in the same period last year[20]. - Basic earnings per share increased by 94.69% to CNY 0.4511 from CNY 0.2317 in the previous year[20]. - Total revenue for the reporting period was approximately 1.05 billion, representing a 35.36% increase compared to the previous year[57]. - The company's total revenue for the first half of 2021 was approximately CNY 745.54 million, with a net profit of CNY 219.88 million, indicating a strong performance in the women's apparel sector[71]. - The company's total revenue for the reporting period increased by 35.36%, with women's clothing accounting for 99.32% of total revenue, which grew by 34.87% year-on-year[62]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,742,341,403.65, a 4.31% increase from CNY 3,587,755,693.15 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were CNY 2,943,396,474.76, showing a slight increase of 0.81% from CNY 2,919,811,498.50 at the end of the previous year[20]. - The company's total liabilities as of the end of the reporting period amounted to CNY 747,554,760.14, up from CNY 663,754,958.30 at the end of the previous period, reflecting a growth of 12.6%[163]. - Total equity increased to CNY 2,980,384,726.95 from CNY 2,971,719,912.52, indicating a slight growth of 0.3%[163]. Operational Efficiency - The company operates 506 stores across various regions, with 405 self-operated stores contributing 748 million yuan in revenue, a 33% increase year-on-year[47]. - The company’s self-operated store ratio remains above 80%, highlighting its focus on self-operated business as the main revenue driver[47]. - Inventory balance decreased by 15.36% year-on-year, indicating improved inventory turnover efficiency[49]. - The average area of self-operated stores was 169 square meters, with an average sales efficiency of ¥1,843,500 per store[63]. - The company opened 15 new self-operated stores and closed 28 during the reporting period, primarily due to daily operations adjustments[63]. Research and Development - R&D expenses amounted to approximately 32.58 million yuan, reflecting a year-on-year increase of 25.12%[39]. - The company plans to increase investment in R&D and design to better align with fashion trends and consumer preferences, aiming to mitigate design risks[87]. - Research and development expenses for the first half of 2021 were CNY 32,575,267.71, compared to CNY 26,035,361.25 in the same period of 2020, showing an increase of 25.2%[164]. E-commerce and Market Strategy - The online retail sales in the first half of 2021 reached 61.13 billion yuan, growing by 23.2% year-on-year, indicating a strong shift towards e-commerce[36]. - E-commerce channel revenue reached 230 million, a year-on-year increase of 38%, accounting for over 20% of total revenue[48]. - The company established strategic partnerships with major e-commerce platforms, enhancing online sales capabilities[48]. - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by 2023[111]. Corporate Governance and Social Responsibility - The company has established a corporate governance structure including a shareholders' meeting, board of directors, and supervisory board[195]. - The company actively participates in social responsibility initiatives, including charitable donations and blood donation activities, fostering community engagement[100]. - The company has received recognition as an advanced unit in party building work in Fujian Province, highlighting its commitment to corporate governance and social responsibility[100]. - The company has not faced any administrative penalties for environmental issues during the reporting period and has established robust environmental management standards[97]. Shareholder Relations and Stock Incentive Plan - The company approved a restricted stock incentive plan to promote sustainable development and align interests with shareholders[93]. - The company completed the initial grant registration of the 2021 restricted stock incentive plan, granting a total of 5.002 million shares to 42 incentive objects, with the listing date set for May 24, 2021[95]. - The company has committed to not transferring or entrusting the management of shares held for 36 months from the date of listing, which started on October 26, 2020[103]. - The company has outlined measures to address potential dilution of immediate returns for shareholders[106]. Future Outlook - The company has set a revenue guidance of 2.5 billion RMB for the full year 2021, indicating a growth target of 10%[109]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2021[110]. - The company has outlined its future outlook and growth strategies in the context of market expansion and product development[104].

Financial Performance - The company's operating revenue for 2020 was ¥1,833,077,163.47, a decrease of 6.72% compared to ¥1,965,209,791.05 in 2019[16] - The net profit attributable to shareholders for 2020 was ¥178,252,533.67, down 26.41% from ¥242,222,998.47 in 2019[16] - Basic earnings per share for 2020 were ¥0.5277, a decrease of 30.28% compared to ¥0.7569 in 2019[16] - The weighted average return on equity for 2020 was 8.36%, down from 12.84% in 2019, a decline of 4.48%[16] - The company's total revenue for Q4 was 606,917,091.66 CNY, representing a significant increase compared to Q1's revenue of 409,976,413.58 CNY[20] - The net profit attributable to shareholders for Q4 reached 58,890,349.12 CNY, up from 39,502,002.72 CNY in Q1, indicating a strong growth trajectory[20] - The net cash flow from operating activities increased significantly by 164.00% to ¥506,329,434.00 from ¥191,790,292.45 in 2019[16] - The company's total sales revenue from the top five customers amounted to ¥365,945,811.35, accounting for 19.96% of the annual total sales[81] Assets and Liabilities - The total assets at the end of 2020 were ¥3,587,755,693.15, representing a 40.44% increase from ¥2,554,683,784.00 at the end of 2019[17] - The net assets attributable to shareholders increased by 48.14% to ¥2,919,811,498.50 from ¥1,971,000,894.07 in 2019[17] - The company's fixed assets increased by 247.05% year-on-year, primarily due to the conversion of certain construction projects into fixed assets[46] - The company's cash and cash equivalents rose by 205.35% year-on-year, mainly due to funds raised from the initial public offering[46] - The total liabilities reached RMB 66,794.42, which is a 14.44% increase from the previous period[200] - The company's debt-to-asset ratio improved to 18.62%, a decrease of 4.23% from the start of the period[200] E-commerce and Sales - E-commerce revenue reached 385 million yuan in 2020, marking a 46% year-on-year increase, with a growing contribution to total revenue[60] - The self-operated sales model generated revenue of ¥1,329,037,008.54, while the e-commerce model contributed ¥385,479,826.07, showing significant growth in online sales[87] - The gross profit margin for the e-commerce sales channel was 56.96%, indicating a slight decline of 7.96% year-on-year[87] - The company has been expanding its e-commerce business since 2017, which has complemented its offline marketing efforts[39] - The company plans to explore new online channels such as Douyin and Xiaohongshu to further boost e-commerce performance[61] Brand and Market Strategy - The company operates seven independent brands, focusing on high-end women's fashion, with JORYA being one of the most recognized brands in the market[27] - The company aims to enhance brand influence and market share through the promotion of domestic brands and the expansion of high-end product offerings[44] - The company emphasizes brand promotion through various channels, including fashion events and social media, to enhance brand awareness and consumer engagement[40] - The company has established a comprehensive sales network covering major cities in China, enhancing its market presence[39] Research and Development - The company invested 58 million yuan in R&D in 2020, with a team of 417 R&D personnel, an increase of 9% year-on-year[48] - Research and development investment amounted to ¥58,958,648, representing 3.22% of operating revenue, a decrease of 10.86% year-on-year[96] - The number of R&D personnel increased by 9.45% to 417, accounting for 9.20% of total employees[96] - The company launched over 4,000 new styles during the reporting period, supported by a design team of over 400 professionals[95] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of ¥4 per 10 shares, based on a total of 426,666,700 shares[4] - The cash dividend for 2020 represents 95.74% of the net profit attributable to ordinary shareholders, which was RMB 178,252,533.67[136] - The company distributed a cash dividend of RMB 3.00 per 10 shares in 2019, totaling RMB 96,000,000, and plans to distribute RMB 4.00 per 10 shares in 2020, totaling RMB 170,666,680[134][136] Corporate Governance and Compliance - The company has committed to a share lock-up period of 36 months starting from the date of its stock listing, which began in October 2020, and is currently in normal compliance[140] - The company has made commitments regarding the non-transfer of shares by major shareholders and related parties, ensuring that no shares will be repurchased by the company during the lock-up period[142] - The company has reported that all commitments made during the IPO process are being fulfilled normally, ensuring transparency and compliance with regulatory requirements[146] - The company has a long-term commitment to ensure the accuracy and completeness of its financial disclosures as stated in the prospectus[146] Social Responsibility and Community Engagement - The company has actively engaged in social responsibility initiatives, focusing on investor rights protection, environmental sustainability, and community welfare[176] - The company donated a total of RMB 1.185 million during the reporting period, including RMB 1 million to support COVID-19 prevention efforts in Xiamen[179] - The company and its subsidiaries complied with environmental protection laws and did not face any penalties related to environmental violations during the reporting period[181] Operational Efficiency - The company implemented an integrated ERP system to unify business flows, logistics, and capital flows, enhancing management efficiency[64] - The company has established a complete supply chain management system, integrating planning, design, procurement, production, sales, and logistics[50] - The company plans to enhance its supply chain management system by optimizing organizational processes and information systems to improve collaboration across departments and reduce product creation cycles[124] Risks and Challenges - The company faces risks from the COVID-19 pandemic, which could impact offline store performance, and is expanding online sales channels to mitigate this risk[126] - Rising labor costs pose a risk to profitability, prompting the company to invest in automation and smart equipment to improve efficiency and reduce reliance on manual labor[129] - The company acknowledges intense competition in the women's apparel industry and aims to enhance brand influence and market competitiveness through improved supply chain responsiveness and R&D capabilities[127]

Financial Performance - Revenue for Q1 2021 reached ¥544,112,612.71, representing a 32.72% increase compared to ¥409,976,413.58 in the same period last year[7] - Net profit attributable to shareholders was ¥94,587,353.87, a significant increase of 139.45% from ¥39,502,002.72 year-over-year[7] - The net profit after deducting non-recurring gains and losses was ¥92,906,366.13, up 158.73% from ¥35,908,663.53 in the previous year[7] - Basic earnings per share rose to ¥0.2217, a 79.66% increase compared to ¥0.1234 in the previous year[7] - Total operating revenue for the current period reached ¥544,112,612.71, an increase of 32.6% compared to ¥409,976,413.58 in the previous period[53] - Net profit for the current period was ¥94,587,353.87, representing a significant increase of 139.9% from ¥39,502,002.72 in the previous period[56] - Total comprehensive income of ¥94,516,371.61, compared to ¥42,095,040.11 in the previous period, an increase of 124.5%[58] - Operating profit surged to ¥122,081,396.83, up from ¥56,742,241.24, indicating a growth of approximately 115.5%[61] Cash Flow and Investments - Operating cash flow for the period was ¥105,977,843.41, reflecting a 62.67% increase from ¥65,150,094.96 in the same quarter last year[7] - Cash flow from operating activities generated a net amount of ¥105,977,843.41, compared to ¥65,150,094.96, showing an increase of approximately 62.7%[66] - Investment activities resulted in a net cash outflow of ¥471,725,226.99, compared to a net inflow of ¥25,888,017.31 in the previous period[67] - The company incurred financial expenses of ¥-6,240,761.55, compared to ¥-2,844,647.40, which is an increase in expenses of approximately 119.5%[61] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,697,583,384.98, a 3.06% increase from ¥3,587,755,693.15 at the end of the previous year[7] - Total liabilities of the company were ¥683,255,514.87 as of March 31, 2021, compared to ¥667,944,194.65 at the end of 2020, indicating an increase of approximately 2.00%[45] - The company's total equity reached ¥3,014,327,870.11 as of March 31, 2021, up from ¥2,919,811,498.50 at the end of 2020, reflecting an increase of about 3.23%[45] - Total current assets amounted to approximately $2.50 billion as of January 1, 2021[80] - Total non-current assets reached approximately $1.14 billion as of January 1, 2021[80] - Total liabilities amounted to approximately $663.75 million as of January 1, 2021[81] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 37,774[11] - The largest shareholder, Xinha International Limited, holds 63.92% of the shares, totaling 272,716,480 shares[11] Expenses - Management expenses increased by 36.14% to CNY 19,054,324.88, primarily due to rising employee compensation[19] - The company reported a significant increase in income tax expenses, which rose by 142.00% to CNY 33,137,601.02, reflecting the growth in company profits[19] - Research and development expenses were ¥15,340,384.51, up from ¥12,814,663.39, marking a growth of 19.6%[55] - Sales expenses increased to ¥209,372,366.94 from ¥184,874,170.96, a rise of 13.2%[55] Compliance and Governance - The company has no significant non-operating fund occupation by controlling shareholders or related parties during the reporting period[34] - The company has not reported any violations regarding external guarantees during the reporting period[34] - The company executed a new leasing standard starting January 1, 2021, impacting various balance sheet items[73] - The company implemented new leasing standards effective January 1, 2021, resulting in a lease liability of approximately $50.93 million[81] Miscellaneous - The company has initiated a restricted stock incentive plan, which was approved by the board and is aimed at promoting sustainable development[22] - The company reported a total profit of ¥120,112,750.13, compared to ¥55,708,089.68, reflecting an increase of about 115.4%[61] - The company’s first quarter report for 2021 was not audited[83]