探路者控股集团股份有限公司 2015 年第三季度报告全文 探路者控股集团股份有限公司 2015 年第三季度报告 2015 年 10 月 1 探路者控股集团股份有限公司 2015 年第三季度报告全文 第一节重要提示 本公司董事会、监事会及其董事、监事、高级管理人员保证本报告所载资料不存在任何 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。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人盛发强、主管会计工作负责人张成及会计机构负责人(会计主管人员)栗克彩 声明：保证季度报告中财务报告的真实、完整。 2 探路者控股集团股份有限公司 2015 年第三季度报告全文 第二节公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增 | | --- | --- | --- | --- | --- | | | | | | 减 | | 总资产（元） | 2,416,131,922.81 | | 1,767,323,140.08 | 36.71 ...

[Important Notice and Definitions](index=2&type=section&id=Section%201%20Important%20Notice%2C%20Definitions) The company's board, supervisory board, and executives guarantee report accuracy and completeness; all directors attended the review, and no 2015 interim profit distribution is planned [Important Notice](index=2&type=section&id=Important%20Notice) The company's board, supervisory board, and executives guarantee the report's truthfulness, accuracy, and completeness, assuming legal responsibility; all directors attended the board meeting to review this report, and no 2015 interim profit distribution is planned - All directors, supervisors, and senior management guarantee no false statements, misleading representations, or material omissions in this report[4](index=4&type=chunk) - The company plans no cash dividends, bonus shares, or capital increase from capital reserves for the first half of 2015[6](index=6&type=chunk) [Definitions](index=4&type=section&id=Definitions) This section provides unified explanations for specific terms used in the report, covering company abbreviations, reporting period definitions, brands, investment entities, and core technical terms Main Term Definitions | Term | Definition | | :--- | :--- | | This Company/Company/Toread | Toread Holding Group Co., Ltd. | | Reporting Period | January 1, 2015 to June 30, 2015 | | Asiatravel | Asiatravel.com Holdings Ltd or Asiatravel Holdings Co., Ltd. | | Lvyewang | Beijing Lvyewang Information Technology Co., Ltd. | | Discovery Expedition/Discovery | Discovery Expedition Brand | | Eyou Tianxia | Eyou Tianxia International Travel Service (Beijing) Co., Ltd. | | TiEF | Toread Innovative Ecological Fabric Technology, Toread's innovative environmentally friendly functional fabric | | SAFree | SAFE (Safety Protection) + FREE (Free Walking), Toread's outdoor safety protection functional sole series technology | [Company Basic Information](index=5&type=section&id=Section%202%20Company%20Basic%20Information%20Overview) This section outlines the company's fundamental details, including corporate information, key financial performance indicators, non-recurring gains and losses, and significant risk warnings [Company Information and Contact Details](index=5&type=section&id=Company%20Information) This section provides the company's basic business information, including stock code (300005), legal representative (Sheng Faqiang), registered and office addresses, and contact details for the board secretary and securities affairs representative Company Basic Information | Item | Content | | :--- | :--- | | Stock Abbreviation | Toread | | Stock Code | 300005 | | Chinese Name | Toread Holding Group Co., Ltd. | | Legal Representative | Sheng Faqiang | | Registered Address | 609-06, Yong'an Road 26, Changping Science Park, Beijing | | Office Address | 21st Floor, Block A, Jinqiu International Building, No. 6 Zhichun Road, Haidian District, Beijing | [Key Financial Indicators](index=5&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In H1 2015, revenue grew 8.61%, but net profit attributable to shareholders only rose 1.17%; operating cash flow decreased 58.09%, indicating operational funding pressure and declining ROE Key Financial Indicators for H1 2015 | Indicator | Current Reporting Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (Yuan) | 676,023,623.40 | 622,450,583.75 | 8.61% | | Net Profit Attributable to Ordinary Shareholders of Listed Company (Yuan) | 124,071,612.21 | 122,642,688.33 | 1.17% | | Net Cash Flow from Operating Activities (Yuan) | -163,187,008.03 | -103,222,352.63 | -58.09% | | Basic Earnings Per Share (Yuan/share) | 0.2417 | 0.2391 | 1.09% | | Weighted Average Return on Net Assets | 9.56% | 11.14% | -1.58% | | Total Assets (Yuan) | 1,893,180,598.01 | 1,767,323,140.08 | 7.12% | [Non-recurring Gains and Losses](index=6&type=section&id=Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Net non-recurring gains and losses totaled **1.2575 million yuan**, primarily from **3.8837 million yuan** in government grants and **2.3465 million yuan** in other non-operating expenses Non-recurring Gains and Losses for H1 2015 | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-current Assets | -23,560.30 | | Government Grants Included in Current Profit/Loss | 3,883,709.00 | | Other Non-operating Income and Expenses | -2,346,455.60 | | Less: Income Tax Impact | 242,920.45 | | Less: Impact on Minority Interests (After Tax) | 13,227.32 | | **Total** | **1,257,545.33** | [Significant Risk Warnings](index=7&type=section&id=Significant%20Risk%20Warnings) The company faces core risks from slowing industry growth, intensifying competition, and underperforming multi-brand business, addressed by organizational reform, R&D, and ecosystem building - Industry risk: Domestic outdoor market retail sales growth slowed from approximately **24% in 2013** to **11.28% in 2014**, with increasing brand numbers leading to intensified competition and industry consolidation[23](index=23&type=chunk) - Multi-brand risk: New brands ACANU and Discovery Expedition, despite significant sales growth, are still in a cultivation period before profitability, with uncertainty regarding their market penetration as planned[25](index=25&type=chunk) - Response strategy: The company will promote a business unit reform, building an ecosystem with synergistic development across outdoor products, travel services, and sports sectors, and consolidate core competitiveness through investments, M&A, and resource integration[24](index=24&type=chunk) [Board of Directors' Report](index=9&type=section&id=Section%203%20Board%20of%20Directors'%20Report) This section details the company's financial performance, strategic transformation into a platform-based ecosystem, progress across its three major business groups, main business composition, and investment activities [Financial Position and Operating Results](index=9&type=section&id=I.%20Financial%20Position%20and%20Operating%20Results%20During%20the%20Reporting%20Period) In H1 2015, revenue grew 8.61% and operating profit 24.32%, but net profit to shareholders rose only 1.17% due to tax adjustments; the company established three business groups and rebranded, signaling a platform-based ecosystem transformation H1 2015 Operating Performance | Indicator | Jan-Jun 2015 | YoY Growth | | :--- | :--- | :--- | | Operating Revenue | 676 million yuan | 8.61% | | Operating Profit | 164 million yuan | 24.32% | | Net Profit Attributable to Listed Company Shareholders | 124 million yuan | 1.17% | - The main reason for net profit growth being significantly lower than operating profit growth is that the high-tech enterprise certificate expired, and the company provisioned income tax at a cautious rate of **25%**; if calculated at the same **15%** rate, net profit would have increased by approximately **16.48%** year-on-year[30](index=30&type=chunk) - Company strategic transformation: Initial completion of the organizational structure for three major business groups—outdoor products, travel services, and sports—and rebranding as "Toread Holding Group Co., Ltd." in July 2015, marking the company's shift towards a platform-based, ecosystem strategy[29](index=29&type=chunk) [Progress of Three Major Business Groups](index=9&type=section&id=Progress%20of%20Three%20Major%20Business%20Groups) Outdoor products saw multi-brand growth, travel services invested in Eyou Tianxia and Lvyewang grew 47%, while the sports group formed a team and launched an M&A fund - Outdoor Products: Discovery Expedition brand revenue was **34.7897 million yuan**, a **762.21% year-on-year increase**; ACANU brand revenue was **6.5231 million yuan**, a **194.13% year-on-year increase**[31](index=31&type=chunk) - Travel Services: Completed strategic investment in and acquired a **74.56% controlling stake** in O2O service provider "Eyou Tianxia"; subsidiary Lvyewang platform activity registrations reached approximately **560,000 person-times**, a **47% year-on-year increase**[33](index=33&type=chunk) - Sports Industry: Completed the appointment of the Sports Business Group President and team formation, and jointly initiated the establishment of the Toread and Tong Sports Industry M&A Fund, focusing on investments in sports media and mass events[34](index=34&type=chunk) [Main Business Composition and Profitability](index=12&type=section&id=3.%20Main%20Business%20Operating%20Performance) The company's core business is outdoor product R&D and sales, expanding into travel services; apparel, footwear, and equipment are key revenue drivers, while travel service gross margin significantly declined due to prior-year cost accounting differences Main Business by Product/Service | Product or Service | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin | YoY Change in Operating Revenue | | :--- | :--- | :--- | :--- | :--- | | Outdoor Apparel | 452,613,435.34 | 212,519,942.50 | 53.05% | 6.52% | | Outdoor Footwear | 157,667,437.70 | 78,697,272.36 | 50.09% | 8.48% | | Outdoor Equipment | 58,772,480.30 | 36,166,690.71 | 38.46% | 22.12% | | Travel Services | 4,332,503.48 | 1,792,211.43 | 58.63% | 53.82% | - The significant decrease in travel service gross margin is mainly because Lvyewang had not yet generated operating costs directly matching revenue in the prior year, leading to an artificially high gross margin in the prior period[46](index=46&type=chunk) [Core Competitiveness and External Environment](index=19&type=section&id=9.%20Development%20Status%20and%20Trends%20of%20Macroeconomic%20or%20External%20Operating%20Environment%20Related%20to%20Company%20Business%20and%20Changes%20in%20Company's%20Industry%20or%20Regional%20Market%20Position) The outdoor industry faces slowing growth and competition but offers long-term potential; new travel and sports ventures present trillion-level opportunities, boosted by the Winter Olympics, driving the company to build a synergistic outdoor ecosystem - Industry trend: The outdoor products industry is entering a "high-to-slow" transformation and adjustment period, with fierce market competition[56](index=56&type=chunk) - New business opportunities: The travel service industry is estimated to reach **3.3 trillion yuan**, and the sports industry aims to exceed **5 trillion yuan by 2025**, providing vast space for the company's new businesses; the 2022 Winter Olympics brings development opportunities for related industries[57](index=57&type=chunk) - Company strategy: Accelerate internet transformation, build an ecosystem with synergistic development across outdoor products, travel services, and sports business groups, and create a comprehensive service platform[57](index=57&type=chunk) [Investment Status Analysis](index=21&type=section&id=II.%20Investment%20Status%20Analysis) The company actively pursued significant non-fundraising investments, focusing on travel by acquiring a 74.56% stake in Eyou Tianxia for **230 million yuan**, investing in Jizhi Mei and Tutu, holding Asiatravel shares, and engaging in principal-protected bank wealth management Major Non-Fundraising Project Investments | Project Name | Planned Total Investment (10,000 Yuan) | Amount Invested in Current Period (10,000 Yuan) | Cumulative Actual Investment (10,000 Yuan) | Project Progress | | :--- | :--- | :--- | :--- | :--- | | Acquisition of 74.56% Equity in Eyou Tianxia | 23,073.9 | 8,398.27 | 8,398.27 | 36.40% | | Acquisition of 56.52% Equity in Beijing Jizhi Mei | 3,900 | 3,900 | 3,900 | 100.00% | | Acquisition of 20% Equity in Tutu (Xiamen) | 15,000 | 10,000 | 15,000 | 100.00% | - The company holds a **16.61% stake** in Singapore-listed Asiatravel.com (5AM), with a book value of **57.4308 million yuan** at period-end[69](index=69&type=chunk) - During the reporting period, the company used idle self-owned funds for principal-protected bank wealth management, with a total principal investment of **95 million yuan**, generating investment income of **0.4036 million yuan**[72](index=72&type=chunk)[73](index=73&type=chunk) [Significant Matters](index=25&type=section&id=Section%204%20Significant%20Matters) This section covers the company's asset transactions, business combinations, equity incentive plan implementation, significant related party transactions, and non-public share issuance plans [Asset Transactions and Business Combinations](index=25&type=section&id=II.%20Asset%20Transactions) The company acquired a 74.56% stake in Eyou Tianxia for **230 million yuan** to expand its travel business and newly consolidated Jizhi Mei, Yewan Technology, and Jinan Tanhan - The company acquired a **74.56% stake** in Eyou Tianxia International Travel Service (Beijing) Co., Ltd. for **230 million yuan**, aiming to complete its travel business segment and promote the construction of an outdoor ecosystem[83](index=83&type=chunk) - During the reporting period, due to capital increase and control or new establishment, the scope of consolidation newly included Beijing Jizhi Mei Travel Service Co., Ltd., Beijing Yewan Technology Co., Ltd., and Jinan Tanhan E-commerce Co., Ltd.[86](index=86&type=chunk) [Implementation of Equity Incentive Plans](index=26&type=section&id=III.%20Implementation%20and%20Impact%20of%20Company's%20Equity%20Incentive%20Plans) The company continued its first and second equity incentive plans, adjusting option quantities and exercise prices, canceling qualifications for departed personnel, with amortization costs impacting current profit - First phase equity incentive plan: The cost of options granted in reserve was amortized by **0.0067 million yuan** during the reporting period[97](index=97&type=chunk) - Second phase equity incentive plan: The cumulative amortized cost of options for the third exercise period during the waiting period was **2.9612 million yuan**, of which **0.5048 million yuan** was amortized in 2015[108](index=108&type=chunk) [Significant Related Party Transactions](index=30&type=section&id=IV.%20Significant%20Related%20Party%20Transactions) Routine related party transactions included property leases, sales to Tutu (Xiamen), financial aid to Akenuo, waiving Akenuo's capital increase priority, and co-investing with executives in Beijing Yewan Technology Related Party Transactions in Ordinary Operations | Related Party | Related Transaction Type | Related Transaction Content | Related Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Beijing Yading Technology Development Co., Ltd. | Property Lease | Lease of office and residential property | 104.43 | | Related Natural Persons Peng Xin, Jiang Zhongfu, Zhang Cheng | Financial Assistance | Provide loans to controlled subsidiary Akenuo | 63.46 | | Tutu (Xiamen) Outdoor Products Co., Ltd. | Sale of Goods | Sale of goods to Tutu | 3348.52 | - The company waived its priority subscription right for the capital increase of its controlled subsidiary Akenuo, introducing Tutu (Xiamen) as a new investor, after which the company's shareholding decreased to **52.5%**[114](index=114&type=chunk) - The company, along with executives Peng Xin, Jiang Zhongfu, and others, jointly invested in establishing Beijing Yewan Technology Co., Ltd. to develop smart wearable business, with the company investing **2.55 million yuan** and holding a **51% stake**[115](index=115&type=chunk) [Non-public Issuance of Shares](index=34&type=section&id=VIII.%20Explanation%20of%20Other%20Significant%20Matters) To advance its outdoor ecosystem strategy, the company initiated a non-public share issuance to raise up to **2.105 billion yuan** for six strategic projects, with the application accepted by the CSRC - The company plans to non-publicly issue shares to raise no more than **2.105 billion yuan** to support six major strategic projects, including the "Toread Cloud Project" and "Lvyewang Outdoor Travel O2O Project"[35](index=35&type=chunk)[129](index=129&type=chunk) - The application for this non-public share issuance was accepted by the China Securities Regulatory Commission in July 2015[129](index=129&type=chunk) [Share Changes and Shareholder Information](index=35&type=section&id=Section%205%20Share%20Changes%20and%20Shareholder%20Information) This section details changes in the company's share capital due to equity incentive exercises and executive share unlocking, along with the shareholder count and top shareholder information [Share Change Status](index=35&type=section&id=I.%20Share%20Change%20Status) Total share capital increased by **0.662 million shares** to **513.7 million shares** due to equity incentive exercise; restricted shares held by some directors, supervisors, and executives decreased by **22.833 million shares** due to unlocking - During the reporting period, due to the exercise of the first and second phases of equity incentive plans, the company's total share capital increased from **513,016,532 shares** to **513,678,483 shares**[133](index=133&type=chunk)[135](index=135&type=chunk) - Due to the unlocking of executive shares, restricted shares decreased by **22,832,961 shares**, with unrestricted shares increasing accordingly[133](index=133&type=chunk)[135](index=135&type=chunk) [Shareholder Information](index=37&type=section&id=II.%20Company%20Shareholder%20Count%20and%20Shareholding%20Information) As of period-end, the company had **21,569 shareholders**; actual controllers Sheng Faqiang and Wang Jing jointly held **39.17%** of shares, with new institutional investors among the top ten - As of the end of the reporting period, the company had **21,569 shareholders**[140](index=140&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Ratio | Number of Shares Held at Period-End | | :--- | :--- | :--- | | Sheng Faqiang | 28.73% | 147,600,974 | | Wang Jing | 10.44% | 53,632,598 | | Jiang Zhongfu | 3.10% | 15,907,589 | | China Foreign Economy and Trade Trust Co., Ltd. - Ruijin Phase 12 Dingsa Securities Investment Collective Fund Trust Plan | 1.52% | 7,800,067 | | Li Runbo | 1.40% | 7,207,919 | | Industrial Bank Co., Ltd. - China Europe New Trend Stock Fund (LOF) | 1.23% | 6,299,793 | | National Social Security Fund 418 Portfolio | 1.20% | 6,184,522 | | Industrial and Commercial Bank of China - Galaxy Yintai Wealth Management Dividend Securities Investment Fund | 1.17% | 6,035,700 | | China Construction Bank Corporation - China Europe New Blue Chip Flexible Allocation Mixed Securities Investment Fund | 1.08% | 5,528,300 | | Agricultural Bank of China Co., Ltd. - China Post Information Industry Flexible Allocation Mixed Securities Investment Fund | 1.05% | 5,399,901 | - The company's actual controllers are Sheng Faqiang and Wang Jing, who jointly hold **39.17%** of the company's shares[141](index=141&type=chunk) [Directors, Supervisors, and Senior Management Information](index=40&type=section&id=Section%206%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Information) This section details changes in shareholdings of the company's directors, supervisors, and senior management, including a reduction by one vice president and the resignation of an independent director [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=I.%20Shareholdings%20and%20Stock%20Options%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) Shareholdings of directors, supervisors, and senior management changed, with Director and Vice President Peng Xin reducing his stake by **0.6142 million shares**; other holdings remained stable, and Independent Director Zheng Jinqiao resigned Shareholdings of Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Beginning of Period | Shares Reduced in Current Period | Shares Held at End of Period | | :--- | :--- | :--- | :--- | :--- | | Sheng Faqiang | Chairman; President | 147,600,974 | 0 | 147,600,974 | | Peng Xin | Director; Vice President | 2,456,797 | 614,199 | 1,842,598 | | Jiang Zhongfu | Director; Executive Vice President | 15,907,589 | 0 | 15,907,589 | | Wang Jing | Director | 53,632,598 | 0 | 53,632,598 | | Zhang Cheng | Director; Vice President; CFO; Board Secretary | 1,626,578 | 0 | 1,626,578 | - Independent Director Mr. Zheng Jinqiao resigned due to personal reasons on June 19, 2015, with his resignation taking effect upon the election of a new independent director[147](index=147&type=chunk) [Financial Report](index=42&type=section&id=Section%207%20Financial%20Report) This section presents the company's consolidated and parent company financial statements, outlines significant accounting policies and estimates, and provides detailed notes to key items in the consolidated financial statements [Financial Statements](index=42&type=section&id=II.%20Financial%20Statements) This section presents the company's H1 2015 consolidated and parent company financial statements, showing steady asset growth but negative operating cash flow and increased short-term borrowings, indicating expansion-related funding needs and pressure - Balance Sheet: Total assets at period-end were **1.893 billion yuan**, a **7.12% increase** from the beginning of the period; monetary funds decreased, but available-for-sale financial assets and goodwill significantly increased due to investment and M&A; short-term borrowings increased from **0 to 163 million yuan**[152](index=152&type=chunk)[153](index=153&type=chunk)[154](index=154&type=chunk) - Income Statement: Achieved operating revenue of **676 million yuan**, a **8.61% year-on-year increase**; net profit attributable to parent company shareholders was **124 million yuan**, a **1.17% year-on-year increase**[162](index=162&type=chunk) - Cash Flow Statement: Net cash flow from operating activities was **-163 million yuan**, net cash flow from investing activities was **-270 million yuan**, and net cash flow from financing activities was **181 million yuan**, indicating the company supported investment expansion through financing[170](index=170&type=chunk)[171](index=171&type=chunk) [Significant Accounting Policies and Estimates](index=63&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) The company's financial statements, prepared on a going concern basis under accounting standards, detail specific policies and key estimates for business combinations, financial instruments, revenue, inventory, asset impairment, and government grants, crucial for understanding financial position - Revenue recognition: Revenue from goods sales is recognized when the significant risks and rewards of ownership are transferred to the buyer, and costs and revenue can be reliably measured[273](index=273&type=chunk) - Inventory valuation: Inventories are valued using the moving weighted average method and measured at the lower of cost or net realizable value at the balance sheet date, with provision for impairment[238](index=238&type=chunk) - R&D expenditure: Research phase expenditures are expensed, while development phase expenditures are capitalized as intangible assets when specific conditions are met[259](index=259&type=chunk) [Notes to Consolidated Financial Statement Items](index=82&type=section&id=VII.%20Notes%20to%20Consolidated%20Financial%20Statement%20Items) Notes to consolidated financial statements detail key items; accounts receivable and inventory increased by 20% and 13% respectively, indicating working capital use; goodwill rose by **14.42 million yuan** from the Beijing Jizhi Mei acquisition, and short-term borrowings newly totaled **163 million yuan** - Accounts receivable balance at period-end was **169 million yuan**, a **20.3% increase** from the beginning of the period, with a bad debt provision rate of **5.28%**[304](index=304&type=chunk) - Inventory book value at period-end was **339 million yuan**, a **13.26% increase** from the beginning of the period, with inventory impairment provision for merchandise of **157 million yuan**[336](index=336&type=chunk)[338](index=338&type=chunk) - Goodwill increased by **14,422,191.45 yuan** due to the acquisition of Beijing Jizhi Mei Travel Service Co., Ltd., reaching a total of **52,638,970.31 yuan** at period-end[385](index=385&type=chunk) - Short-term borrowings at period-end amounted to **163 million yuan**, all of which were credit loans, compared to **0** at the beginning of the period[398](index=398&type=chunk) [Reference Documents Catalog](index=142&type=section&id=Section%208%20Reference%20Documents%20Catalog) This section lists the available reference documents, including the original report signed by the legal representative and senior executives, the original financial report, and originals of all publicly disclosed documents [Reference Documents](index=142&type=section&id=Reference%20Documents) This section lists available reference documents, including original reports signed by the legal representative and executives, original financial reports, and originals of all publicly disclosed documents, kept at the company's Securities Investment Department office - Reference documents include the original semi-annual report signed by the legal representative, the original financial report signed and stamped by senior management, and originals of all disclosed announcements[603](index=603&type=chunk)

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the report's truthfulness, accuracy, and completeness, with the company's leadership affirming the financial report's integrity - The Board of Directors, Supervisory Board, and senior management guarantee the **truthfulness, accuracy, and completeness** of the report content[3](index=3&type=chunk) - The company's head, chief accountant, and accounting department head declare the financial report to be **true and complete**[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=Item%202.%20Company%20Profile) [Key Accounting Data and Financial Indicators](index=3&type=section&id=1.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) During the reporting period, the company achieved over 20% year-on-year growth in total operating revenue and net profit attributable to ordinary shareholders, with significant improvement in net cash flow from operating activities and steady growth in total assets and shareholder equity Key Accounting Data and Financial Indicators for the Current Period | Indicator | Current Period (Yuan) | Prior Period (Yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 384,169,723.10 | 318,050,505.11 | 20.79% | | Net Profit Attributable to Ordinary Shareholders of Listed Company | 94,343,577.72 | 77,699,448.96 | 21.42% | | Net Cash Flow from Operating Activities | -39,005,480.14 | -122,103,119.76 | 68.06% | | Basic Earnings Per Share | 0.1838 | 0.1515 | 21.32% | | Diluted Earnings Per Share | 0.1834 | 0.1505 | 21.86% | | Weighted Average Return on Net Assets | 7.28% | 7.13% | 0.15% | | Weighted Average Return on Net Assets After Deducting Non-Recurring Gains and Losses | 7.43% | 6.80% | 0.63% | Balance Sheet Indicators at Period End | Indicator | End of Current Period (Yuan) | End of Prior Year (Yuan) | Change from Prior Year-End | | :--- | :--- | :--- | :--- | | Total Assets | 1,786,065,515.82 | 1,767,323,140.08 | 1.06% | | Owners' Equity Attributable to Ordinary Shareholders of Listed Company | 1,344,261,329.41 | 1,247,909,944.54 | 7.72% | | Net Assets Per Share Attributable to Ordinary Shareholders of Listed Company | 2.6181 | 2.4325 | 7.63% | Non-Recurring Gains and Losses Items and Amounts | Item | Amount from Year Start to Period End (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off of impairment provisions) | -3,735.16 | | Other non-operating income and expenses apart from the above | -2,149,894.78 | | Less: Income tax impact | -320,094.60 | | Impact on minority interests (after tax) | -7.76 | | Total | -1,833,527.58 | [Significant Risk Warnings](index=4&type=section&id=2.%20Significant%20Risk%20Warnings) The company faces risks from a slowing outdoor industry, increased competition, and underperforming multi-brand businesses, planning to respond through organizational reform, enhanced R&D, channel upgrades, ecosystem building, and M&A, alongside differentiated channel expansion and marketing for its multi-brand portfolio - The outdoor market growth slowed, with **2014 retail sales increasing by 11.28%** year-on-year, a **decline of approximately 13 percentage points** from the previous year, indicating an industry shakeout and intensified competition[10](index=10&type=chunk) - The company will advance **business unit reform**, strengthen product planning and design, drive R&D, promotion, and operations with a user-centric approach, upgrade online and offline channels, and build an ecosystem for synergistic development across outdoor products, travel services, and big sports sectors[11](index=11&type=chunk) - Multi-brand businesses (ACANU, Discovery Expedition) experienced **significant sales revenue growth** but remain in a pre-profit incubation period, posing risks of underperforming expectations[12](index=12&type=chunk) 2014 New Brand Sales Revenue Growth | Brand | 2014 Operating Revenue (10,000 Yuan) | Growth from 2013 | | :--- | :--- | :--- | | ACANU | 1,798.44 | 466.40% | | Discovery Expedition | 3,979.55 | 1439.30% | - The company will pursue **differentiated channel expansion and marketing** based on brand positioning, such as ACANU promoting college cycling culture and Discovery Expedition signing Bear Grylls as an endorser[13](index=13&type=chunk) [Total Shareholders and Top Ten Shareholders' Holdings at Period End](index=4&type=section&id=3.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) As of the end of the reporting period, the company had 19,382 shareholders. Among the top ten, Sheng Faqiang and Wang Jing, a married couple, are the actual controllers, holding a combined 39.20% stake, with Li Runbo being Sheng Faqiang's nephew. The top ten shareholders' holdings remained stable, with no agreed repurchase transactions - The total number of shareholders at the end of the reporting period was **19,382**[14](index=14&type=chunk) Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Number of Restricted Shares Held | | :--- | :--- | :--- | :--- | :--- | | Sheng Faqiang | Domestic Natural Person | 28.75% | 147,600,974 | 110,700,730 | | Wang Jing | Domestic Natural Person | 10.45% | 53,632,598 | 40,224,448 | | Jiang Zhongfu | Domestic Natural Person | 3.10% | 15,907,589 | 11,930,692 | | Industrial and Commercial Bank of China - Galaxy Yintai Wealth Management Dividend Securities Investment Fund | Domestic Non-State-Owned Legal Person | 1.52% | 7,800,000 | 0 | | Li Runbo | Domestic Natural Person | 1.49% | 7,629,389 | 0 | | Taiping Life Insurance Co., Ltd. - Traditional - Ordinary Insurance Product - 022L-CT001 Shenzhen | Domestic Non-State-Owned Legal Person | 1.25% | 6,409,060 | 0 | | China Construction Bank Corporation - Galaxy Industry Selection Stock Investment Fund | Domestic Non-State-Owned Legal Person | 1.17% | 6,002,341 | 0 | | Li Xuehong | Domestic Natural Person | 0.98% | 5,036,366 | 0 | | Industrial and Commercial Bank of China - GF Jufeng Stock Investment Fund | 0.88% | 4,501,943 | 0 | | Li Xiaoyu | Domestic Natural Person | 0.85% | 4,357,359 | 0 | - Sheng Faqiang and Wang Jing are a married couple, jointly holding **39.20%** of the company's shares as actual controllers; Li Runbo is Sheng Faqiang's nephew[16](index=16&type=chunk) [Changes in Restricted Shares](index=6&type=section&id=Changes%20in%20Restricted%20Shares) During the reporting period, the company's total restricted shares decreased by 22,832,961, primarily due to the release of lock-up shares held by executives such as Wang Jing, Jiang Zhongfu, Li Xiaoyu, Peng Xin, and Zhang Cheng, as well as equity incentive restricted shares Changes in Restricted Shares | Shareholder Name | Restricted Shares at Beginning of Period | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at End of Period | Reason for Restriction | | :--- | :--- | :--- | :--- | :--- | :--- | | Sheng Faqiang | 110,700,730 | 0 | 0 | 110,700,730 | Executive Lock-up Shares | | Wang Jing | 53,632,574 | 13,408,126 | 0 | 40,224,448 | Executive Lock-up Shares | | Jiang Zhongfu | 15,642,898 | 3,712,206 | 0 | 11,930,692 | Executive Lock-up Shares | | Li Xiaoyu | 4,357,359 | 4,357,359 | 0 | 0 | Executive Lock-up Shares | | Peng Xin | 2,400,642 | 558,044 | 0 | 1,842,598 | Executive Lock-up Shares; Equity Incentive Restricted Shares | | Zhang Cheng | 1,510,524 | 290,591 | 0 | 1,219,933 | Executive Lock-up Shares; Equity Incentive Restricted Shares | | Han Tao | 581,508 | 506,635 | 0 | 74,873 | Equity Incentive Restricted Shares | | Total | 188,826,235 | 22,832,961 | 0 | 165,993,274 | -- | [Management Discussion and Analysis](index=7&type=section&id=Item%203.%20Management%20Discussion%20and%20Analysis) [Significant Changes and Reasons for Major Financial Statement Items and Indicators During the Reporting Period](index=7&type=section&id=1.%20Significant%20Changes%20and%20Reasons%20for%20Major%20Financial%20Statement%20Items%20and%20Indicators%20During%20the%20Reporting%20Period) During the reporting period, the company experienced significant changes across multiple balance sheet, income statement, and cash flow statement items. Asset changes included decreases in notes receivable and prepayments, alongside substantial increases in available-for-sale financial assets and held-to-maturity investments, reflecting active investment. Liability changes involved decreases in employee compensation payable and taxes payable. Income statement variations were primarily influenced by increased turnover taxes, reduced interest income, decreased government subsidies, and external donations. Cash flow saw improved net operating cash flow but a significant increase in investment outflows [Explanation of Significant Changes and Reasons for Balance Sheet Items](index=7&type=section&id=1.%20Explanation%20of%20Significant%20Changes%20and%20Reasons%20for%20Balance%20Sheet%20Items) Balance sheet item changes primarily reflect decreases in notes receivable and prepayments, substantial increases in available-for-sale financial assets and held-to-maturity investments due to capital injections and wealth management product purchases, and other non-current assets fluctuating from investment transfers and new prepaid investments. On the liability side, employee compensation payable and taxes payable significantly decreased due to payments, while other comprehensive income declined due to fair value changes in investment projects - Notes receivable balance **decreased by 89.54%** from the beginning of the year, primarily due to maturity and acceptance for payment[20](index=20&type=chunk) - Available-for-sale financial assets balance **increased by 271.84%** from the beginning of the year, mainly due to capital injections into Tutu (Xiamen) and Zhongjing Shijie[20](index=20&type=chunk) - Employee compensation payable balance **decreased by 102.25%** from the beginning of the year, primarily because all bonus compensation accrued at the end of 2014 was paid out in the current period[20](index=20&type=chunk) - Other comprehensive income **decreased by 177.72%** from the beginning of the year, mainly due to fair value changes in the Singapore Aisatravel investment project[20](index=20&type=chunk) [Explanation of Significant Changes and Reasons for Income Statement Items](index=7&type=section&id=2.%20Explanation%20of%20Significant%20Changes%20and%20Reasons%20for%20Income%20Statement%20Items) Income statement item changes primarily include a substantial increase in business taxes and surcharges due to higher turnover taxes, increased financial expenses from reduced interest income, decreased non-operating income due to lower government subsidies, significantly higher non-operating expenses from external donations, and a reduction in other comprehensive income due to fair value changes in available-for-sale financial assets - Business taxes and surcharges **increased by 155.97%** year-on-year, primarily due to an increase in various turnover taxes[21](index=21&type=chunk) - Non-operating income **decreased by 78.01%** year-on-year, mainly due to a reduction in government subsidies[21](index=21&type=chunk) - Non-operating expenses **increased by 2773.23%** year-on-year, primarily due to external donations of **2.94 million Yuan**[21](index=21&type=chunk) [Explanation of Significant Changes and Reasons for Cash Flow Statement Items](index=7&type=section&id=3.%20Explanation%20of%20Significant%20Changes%20and%20Reasons%20for%20Cash%20Flow%20Statement%20Items) Cash flow statement item changes primarily include a decrease in cash received from other operating activities, an increase in net cash flow from operating activities due to reduced payments for goods, a decrease in cash received from investment recovery and investment income due to fewer bank wealth management products, reduced cash paid for fixed asset construction, and a substantial increase in cash paid for investments due to multiple investment payments - Net cash flow from operating activities **increased by 68.06%**, primarily due to a reduction in payments to suppliers for goods during the reporting period, in accordance with contractual payment terms, compared to the prior year[22](index=22&type=chunk) - Cash paid for investments **increased by 103.48%** year-on-year, mainly due to investment payments for Tutu (Xiamen), E-Travel World, and Zhongjing Shijie[22](index=22&type=chunk) [Business Review and Outlook](index=7&type=section&id=2.%20Business%20Review%20and%20Outlook) In Q1 2015, the company continued to deepen internet-driven business upgrades, optimizing brand, marketing, operations, and supply chain management with a user-centric, internet-first approach, driving rapid online and offline business growth. The company achieved strong performance, with operating revenue up 20.79% and net profit up 21.42%, actively building an ecosystem for outdoor products, travel services, and big sports, while also deepening internal organizational reforms - The company deepened **internet-driven upgrades** to its business operations, optimizing brand, marketing, operations, and supply chain processes with a user-centric approach[23](index=23&type=chunk) Key Operating Performance for Q1 2015 | Indicator | Amount (100 Million Yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 3.84 | 20.79% | | Operating Profit | 1.13 | 28.91% | | Net Profit Attributable to Parent Company Ordinary Shareholders | 0.94 | 21.42% | - The company actively promoted the construction of the **Toread ecosystem**, fostering synergistic development across outdoor products, travel services, and big sports industries[24](index=24&type=chunk) - Multi-brand businesses (Toread, Discovery Expedition, ACANU) progressed orderly, with the Toread brand promoting key products through endorsers, Discovery Expedition forming a strategic partnership with Off-Road Tribe, and ACANU introducing Tutu for capital increase and share expansion[25](index=25&type=chunk) - In the travel services and big sports sectors, the company jointly established the **Toread & Hetong Sports Industry M&A Fund** and strategically invested in E-Travel World International Travel Agency, acquiring a **74.56% stake** to enhance its travel business segment structure[26](index=26&type=chunk)[27](index=27&type=chunk) - The company deepened internal organizational structural reforms, integrating R&D and supply chain center functions to establish an **R&D Management Center**, **Supply Chain Business Center I**, and **Supply Chain Business Center II**, adapting to mobile internet development and market competition[28](index=28&type=chunk) [Important Risk Factors Adversely Affecting Future Operations, Major Difficulties in Company Operations, and Proposed Countermeasures](index=9&type=section&id=Important%20Risk%20Factors%20Adversely%20Affecting%20Future%20Operations%2C%20Major%20Difficulties%20in%20Company%20Operations%2C%20and%20Proposed%20Countermeasures) The company faces multiple risks including franchisee management, rising outsourced production and operating costs, changing consumer shopping habits, underperforming investment integration, and an immature outdoor experiential travel service market. The company plans to address these through enhanced franchisee management, supply chain optimization, refined management, differentiated online/offline strategies, accelerated M&A integration, and market research - Franchisee operational management capabilities, fundraising abilities, and service quality may adversely affect the company's **operating performance and brand image**[29](index=29&type=chunk) - The company strengthens franchisee management through comprehensive on-site services, information technology development, improved management systems, and support policies, while optimizing the **futures ordering model** to reduce default risks[30](index=30&type=chunk)[31](index=31&type=chunk) - Rising labor costs, increasing raw material prices, and company expansion may lead to higher **outsourced production costs** and various operating and management expenses[32](index=32&type=chunk) - The company will implement **refined management**, optimize the supply chain, establish strategic partnerships with quality manufacturers, centralize procurement, advance overseas expansion, and control cost increases through comprehensive budget management[32](index=32&type=chunk)[33](index=33&type=chunk) - The rapid development of e-commerce has led to a shift in consumer shopping habits, with **online shopping impacting offline store sales**[34](index=34&type=chunk) - The company adopts a **differentiated online and offline product development strategy**, upgrading its e-commerce sales model, integrating franchisees into online distribution platforms, accelerating M&A to integrate outdoor industry resources, and promoting an **"O2O" (Online-to-Offline) operating model** of "products + services"[35](index=35&type=chunk) - Investment projects (e.g., Asiatravel, Lvye.com, Jizhi Mei, Tutu, E-Travel World) have differences in operating style, corporate culture, and management methods, and **integration not meeting expectations** may pose risks[36](index=36&type=chunk) - The outdoor experiential travel service market is not yet mature, and the company's significant investment in this business carries **short-term uncertainty risks**[37](index=37&type=chunk) [Significant Matters](index=11&type=section&id=Item%204.%20Significant%20Matters) [Commitments by the Company or Shareholders Holding 5% or More Shares During or Continuing into the Reporting Period](index=11&type=section&id=1.%20Commitments%20by%20the%20Company%20or%20Shareholders%20Holding%205%25%20or%20More%20Shares%20During%20or%20Continuing%20into%20the%20Reporting%20Period) The company's controlling shareholders and actual controllers, Sheng Faqiang and Wang Jing, committed to avoiding horizontal competition and to selling less than 5% of the company's total shares between October 29, 2014, and April 28, 2015. As of the end of the reporting period, all commitments were observed - Controlling shareholders and actual controllers, Sheng Faqiang and Wang Jing, committed to **avoiding horizontal competition**, which remains long-term effective[40](index=40&type=chunk) - Sheng Faqiang and Wang Jing committed to selling **less than 5%** of the company's total shares between October 29, 2014, and April 28, 2015[40](index=40&type=chunk) - As of the end of the reporting period, the aforementioned shareholders **complied with their commitments**, with no violations found[40](index=40&type=chunk) [Comparison Table of Funds Raised Usage](index=11&type=section&id=2.%20Comparison%20Table%20of%20Funds%20Raised%20Usage) The comparison table of funds raised usage is not applicable for the reporting period - The company's reporting period does not apply to the **comparison table of funds raised usage**[41](index=41&type=chunk) [Progress of Other Significant Matters](index=11&type=section&id=3.%20Progress%20of%20Other%20Significant%20Matters) During the reporting period, the company completed a capital increase in Tutu (Xiamen), holding a total of 20% equity. Investment funds for Jizhi Mei Travel Agency were paid after the reporting period, resulting in a 56.52% stake. The company also co-initiated the Toread & Hetong Sports Industry M&A Fund with Jiangxi Hetong Asset Management Co., Ltd., and strategically acquired a 74.56% stake in E-Travel World International Travel Agency, with partial equity transfer payments made - The company completed a **150 million Yuan capital increase** in Tutu (Xiamen), holding a total of **20% equity**, with business registration changes in progress[42](index=42&type=chunk) - On April 10, 2015, the company paid **39 million Yuan** in investment funds to Jizhi Mei Travel Agency, acquiring a **56.52% stake**, though Jizhi Mei was not yet included in the company's consolidated financial statements during the reporting period[42](index=42&type=chunk) - The company, in collaboration with Jiangxi Hetong Asset Management Co., Ltd., co-initiated the **Toread & Hetong Sports Industry M&A Fund** with a total scale of **300 million Yuan**, focusing on investments in sports vertical media and mass sports event-related enterprises[43](index=43&type=chunk) - The company plans to acquire a total of **74.56% equity** in E-Travel World International Travel Agency through equity transfer and capital increase, having already paid **26.1478 million Yuan** in advance[44](index=44&type=chunk) [Execution of Cash Dividend Policy During the Reporting Period](index=12&type=section&id=4.%20Execution%20of%20Cash%20Dividend%20Policy%20During%20the%20Reporting%20Period) On April 13, 2015, the Board of Directors approved the 2014 profit distribution plan, proposing a cash dividend of 2.00 Yuan (tax inclusive) per 10 shares to all shareholders, totaling 102,603,306.4 Yuan. No cash dividend matters occurred in Q1 2015 - The **2014 profit distribution plan** proposes a cash dividend of **2.00 Yuan (tax inclusive) per 10 shares** to all shareholders, based on the company's total share capital at the end of 2014, totaling **102,603,306.4 Yuan**[45](index=45&type=chunk) - No cash dividend matters occurred in **Q1 2015**[45](index=45&type=chunk) [Warning and Explanation Regarding Potential Loss, Turnaround, or Significant Change in Cumulative Net Profit from Year-Beginning to Next Period-End](index=12&type=section&id=5.%20Warning%20and%20Explanation%20Regarding%20Potential%20Loss%2C%20Turnaround%2C%20or%20Significant%20Change%20in%20Cumulative%20Net%20Profit%20from%20Year-Beginning%20to%20Next%20Period-End) During the reporting period, the company did not have any warnings regarding cumulative net profit from the beginning of the year to the end of the next reporting period potentially being a loss, turning profitable, or experiencing significant changes compared to the prior year - The company's reporting period has **no warnings** regarding significant changes in cumulative net profit[46](index=46&type=chunk) [Provision of Funds to Controlling Shareholders or Affiliates, and External Guarantees in Violation of Prescribed Procedures](index=12&type=section&id=6.%20Provision%20of%20Funds%20to%20Controlling%20Shareholders%20or%20Affiliates%2C%20and%20External%20Guarantees%20in%20Violation%20of%20Prescribed%20Procedures) During the reporting period, the company did not provide funds to controlling shareholders or their affiliates, nor did it provide external guarantees in violation of prescribed procedures - The company did not provide funds to controlling shareholders or their affiliates, nor did it provide **external guarantees in violation of prescribed procedures** during the reporting period[46](index=46&type=chunk) [Major Shareholder and Concerted Parties' Share Increase Plan Proposed or Implemented During the Reporting Period](index=12&type=section&id=7.%20Major%20Shareholder%20and%20Concerted%20Parties%27%20Share%20Increase%20Plan%20Proposed%20or%20Implemented%20During%20the%20Reporting%20Period) During the reporting period, the company's major shareholders and their concerted parties did not propose or implement any share increase plans - The company's major shareholders and their concerted parties did not engage in **agreed repurchase transactions** or propose or implement any **share increase plans** during the reporting period[16](index=16&type=chunk)[46](index=46&type=chunk) [Financial Statements](index=13&type=section&id=Item%205.%20Financial%20Statements) [Financial Statements](index=13&type=section&id=1.%20Financial%20Statements) This section presents the company's consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2015, detailing the financial position, operating results, and cash flows at the end of the reporting period [Consolidated Balance Sheet](index=13&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of March 31, 2015, the company's consolidated total assets were **1,786,065,515.82 Yuan**, a **1.06% increase** from the beginning of the period. Total current assets were **1,219,158,863.18 Yuan**, total non-current assets were **566,906,652.64 Yuan**. Total liabilities were **390,848,180.12 Yuan**, and total owners' equity was **1,395,217,335.70 Yuan** Consolidated Balance Sheet Key Data (March 31, 2015) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 694,522,808.03 | 874,049,974.50 | | Notes Receivable | 500,000.00 | 4,780,000.00 | | Accounts Receivable | 123,732,571.04 | 133,191,093.78 | | Prepayments | 8,177,877.22 | 12,623,313.36 | | Inventories | 371,960,154.13 | 299,079,036.09 | | Available-for-Sale Financial Assets | 207,024,120.00 | 55,675,200.00 | | Held-to-Maturity Investments | 20,000,000.00 | | | Total Assets | 1,786,065,515.82 | 1,767,323,140.08 | | Accounts Payable | 275,892,575.99 | 273,418,836.39 | | Employee Compensation Payable | -576,859.43 | 25,689,396.48 | | Taxes Payable | 43,954,386.51 | 85,656,255.92 | | Total Liabilities | 390,848,180.12 | 472,679,153.58 | | Total Owners' Equity Attributable to Parent Company | 1,344,261,329.41 | 1,247,909,944.54 | | Total Owners' Equity | 1,395,217,335.70 | 1,294,643,986.50 | [Parent Company Balance Sheet](index=16&type=section&id=2.%20Parent%20Company%20Balance%20Sheet) As of March 31, 2015, the parent company's total assets were **1,800,608,565.55 Yuan**, a **1.63% increase** from the beginning of the period. Total current assets were **1,159,395,276.29 Yuan**, total non-current assets were **641,213,289.26 Yuan**. Total liabilities were **361,951,063.10 Yuan**, and total owners' equity was **1,438,657,502.45 Yuan** Parent Company Balance Sheet Key Data (March 31, 2015) | Item | Period-End Balance (Yuan) | Period-Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 623,709,930.80 | 773,037,205.49 | | Accounts Receivable | 241,578,227.18 | 247,518,851.77 | | Inventories | 269,368,364.52 | 197,382,987.02 | | Available-for-Sale Financial Assets | 201,024,120.00 | 55,675,200.00 | | Long-Term Equity Investments | 153,200,000.00 | 153,200,000.00 | | Total Assets | 1,800,608,565.55 | 1,771,752,752.77 | | Accounts Payable | 261,183,796.87 | 256,148,035.90 | | Employee Compensation Payable | -585,790.80 | 24,469,118.81 | | Taxes Payable | 43,370,330.54 | 84,813,394.42 | | Total Liabilities | 361,951,063.10 | 435,498,093.01 | | Total Owners' Equity | 1,438,657,502.45 | 1,336,254,659.76 | [Consolidated Income Statement](index=18&type=section&id=3.%20Consolidated%20Income%20Statement) In Q1 2015, the company achieved total operating revenue of **384,169,723.10 Yuan**, a **20.79% year-on-year increase**, and net profit attributable to parent company owners of **94,343,577.72 Yuan**, a **21.42% year-on-year increase**, with both operating profit and total profit showing significant growth Consolidated Income Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 384,169,723.10 | 318,050,505.11 | | Total Operating Costs | 271,729,454.40 | 231,125,959.82 | | Operating Profit | 112,802,173.70 | 87,503,997.55 | | Total Profit | 110,648,543.76 | 91,650,380.35 | | Net Profit | 92,480,302.21 | 76,327,821.81 | | Net Profit Attributable to Parent Company Owners | 94,343,577.72 | 77,699,448.96 | | Net Other Comprehensive Income After Tax | -4,651,080.00 | 13,586,414.80 | | Total Comprehensive Income | 87,829,222.21 | 89,914,236.61 | | Basic Earnings Per Share | 0.1838 | 0.1515 | | Diluted Earnings Per Share | 0.1834 | 0.1505 | [Parent Company Income Statement](index=20&type=section&id=4.%20Parent%20Company%20Income%20Statement) In Q1 2015, the parent company achieved operating revenue of **351,233,414.67 Yuan** and net profit of **102,881,224.70 Yuan**, with both operating profit and total profit increasing compared to the prior year Parent Company Income Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Operating Revenue | 351,233,414.67 | 301,810,039.77 | | Operating Profit | 123,170,698.93 | 98,009,889.68 | | Total Profit | 121,036,734.94 | 102,149,031.48 | | Net Profit | 102,881,224.70 | 86,826,472.94 | | Net Other Comprehensive Income After Tax | -4,651,080.00 | 13,586,414.80 | | Total Comprehensive Income | 98,230,144.70 | 100,412,887.74 | | Basic Earnings Per Share | 0.2004 | 0.1692 | | Diluted Earnings Per Share | 0.1999 | 0.1682 | [Consolidated Cash Flow Statement](index=22&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In Q1 2015, the company's net cash flow from operating activities was **-39,005,480.14 Yuan**, a **68.06% significant improvement** year-on-year. Net cash flow from investing activities was **-152,472,563.00 Yuan**, primarily due to increased investment payments. Cash and cash equivalents balance at period-end was **694,522,808.03 Yuan** Consolidated Cash Flow Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 459,795,981.27 | 379,410,633.80 | | Subtotal of Cash Outflows from Operating Activities | 498,801,461.41 | 501,513,753.56 | | Net Cash Flow from Operating Activities | -39,005,480.14 | -122,103,119.76 | | Subtotal of Cash Inflows from Investing Activities | 50,364,625.00 | 80,582,342.26 | | Subtotal of Cash Outflows from Investing Activities | 202,837,188.00 | 101,405,619.20 | | Net Cash Flow from Investing Activities | -152,472,563.00 | -20,823,276.94 | | Net Cash Flow from Financing Activities | 11,950,876.67 | 15,341,741.70 | | Net Increase in Cash and Cash Equivalents | -179,527,166.47 | -127,584,655.00 | | Cash and Cash Equivalents at End of Period | 694,522,808.03 | 603,621,748.03 | [Parent Company Cash Flow Statement](index=24&type=section&id=6.%20Parent%20Company%20Cash%20Flow%20Statement) In Q1 2015, the parent company's net cash flow from operating activities was **-26,205,404.36 Yuan**, an improvement from the prior year. Net cash flow from investing activities was **-126,501,318.00 Yuan**, primarily due to increased investment payments. Cash and cash equivalents balance at period-end was **623,709,930.80 Yuan** Parent Company Cash Flow Statement Key Data (Q1 2015) | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 421,219,941.17 | 358,802,332.87 | | Subtotal of Cash Outflows from Operating Activities | 447,425,345.53 | 466,717,495.89 | | Net Cash Flow from Operating Activities | -26,205,404.36 | -107,915,163.02 | | Subtotal of Cash Inflows from Investing Activities | 50,331,070.00 | 80,582,342.26 | | Subtotal of Cash Outflows from Investing Activities | 176,832,388.00 | 108,596,439.20 | | Net Cash Flow from Investing Activities | -126,501,318.00 | -28,014,096.94 | | Net Cash Flow from Financing Activities | 3,379,447.67 | 2,224,441.70 | | Net Increase in Cash and Cash Equivalents | -149,327,274.69 | -133,704,818.26 | | Cash and Cash Equivalents at End of Period | 623,709,930.80 | 492,776,032.97 | [Audit Report](index=26&type=section&id=2.%20Audit%20Report) The company's Q1 2015 report is unaudited - The company's **first quarter report is unaudited**[73](index=73&type=chunk)

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