宁波慈星股份有限公司 2016 年半年度报告全文 宁波慈星股份有限公司 2016 年半年度报告 2016-067 2016 年 08 月 1 宁波慈星股份有限公司 2016 年半年度报告全文 本公司董事会、监事会及董事、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、完整性承担个别及连带责任。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 方国听 | 董事 | 因公出差 | 孙平范 | 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证年度报告中财务报告的真实、准确、完整。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 第一节 重要提示、释义 宁波慈星股份有限公司 2016 年半年度报告全文 目录 | 2016 | 年半年度 报告……………………………………………………………………… 1 | | --- | --- | | 第一节 ...

[Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) This section confirms the accuracy and completeness of the quarterly report, with all responsible parties guaranteeing its integrity - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or major omissions, and assume corresponding legal liabilities[3](index=3&type=chunk) - The company's responsible person, the person in charge of accounting work, and the head of the accounting department declare that the financial report in the quarterly report is true and complete[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides an overview of the company's key financial performance, significant risks, and shareholder structure during the reporting period [Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%80%E3%80%81%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) In Q1 2016, the company achieved total operating revenue of **218 million yuan**, a **30.67%** year-over-year increase; net profit attributable to shareholders was **45.97 million yuan**, up **20.77%**. Net profit after non-recurring gains and losses grew by **54.42%**, indicating strengthened core business profitability. Net cash flow from operating activities turned positive, improving significantly by **291.69%** Key Financial Indicators for Q1 2016 | Metric | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue (yuan) | 218,332,847.97 | 167,087,716.47 | 30.67% | | Net Profit Attributable to Shareholders (yuan) | 45,970,677.96 | 38,065,445.74 | 20.77% | | Net Profit After Non-Recurring Gains/Losses (yuan) | 37,839,374.67 | 24,504,472.43 | 54.42% | | Net Cash Flow from Operating Activities (yuan) | 29,500,141.79 | -15,389,887.91 | 291.69% | | Basic Earnings Per Share (yuan/share) | 0.06 | 0.05 | 20.00% | | Total Assets (yuan) | 4,230,450,228.10 | 4,097,120,095.51 | 3.25% (较上年度末) | | Net Assets Attributable to Shareholders (yuan) | 3,896,567,736.38 | 3,850,616,852.67 | 1.19% (较上年度末) | - During the reporting period, total non-recurring gains and losses amounted to **8.13 million yuan**, primarily from **12.27 million yuan** in government subsidies[8](index=8&type=chunk) [Significant Risk Factors](index=4&type=section&id=%E4%BA%8C%E3%80%81%E4%BA%8C%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company faces multiple risks, including market risk from declining demand in the computer knitting machine industry, political and operational risks in overseas market expansion, residual guarantee compensation risk from the discontinued buyer's credit model, accounts receivable risk from export sales, and risks of technology, management, fundraising projects, and invested enterprises underperforming expectations - Market risk: The computer knitting machine industry is in the late stage of upgrading, with declining market demand and intensified competition. The company is responding by developing new products, such as integrated shoe upper machines[9](index=9&type=chunk) - Overseas market and financial risks: Overseas business faces political, legal, and cultural differences risks. Additionally, export sales via forward letters of credit and credit terms increase accounts receivable risk, with exposure remaining despite export credit insurance coverage[10](index=10&type=chunk)[11](index=11&type=chunk) - Investment risk: Multiple investment projects in the intelligent equipment sector, if failing to achieve expected performance, could adversely affect the company's development[13](index=13&type=chunk) [Shareholder Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%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 the end of the reporting period, the company had **43,171** common shareholders. The equity structure is highly concentrated, with the top two shareholders, Ningbo Yurong Investment Co., Ltd. and Yurong Enterprise Co., Ltd., holding a combined **66.65%** stake and having an associated relationship. Both top shareholders have significant equity pledges Top Two Shareholders' Shareholding Information | Shareholder Name | Shareholder Type | Shareholding Ratio | Shares Held (shares) | Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | | Ningbo Yurong Investment Co., Ltd. | Domestic Non-State Legal Person | 40.91% | 328,135,016 | 280,000,000 | | Yurong Enterprise Co., Ltd. | Overseas Legal Person | 25.74% | 206,464,996 | 90,000,000 | - Among the top ten shareholders, controlling shareholder Ningbo Yurong Investment Co., Ltd., Yurong Enterprise Co., Ltd., and several other investment partnerships have an associated relationship or act in concert with the company's actual controller, Sun Pingfan[16](index=16&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's analysis of significant financial statement changes and a review of business performance and outlook [Analysis of Significant Changes in Financial Statement Items](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E9%87%8D%E5%A4%A7%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During this reporting period, several financial items showed significant changes. Operating revenue grew by **30.67%** due to increased sales. Accounts payable and advances from customers significantly increased, reflecting higher procurement activities and order volumes. Investment income surged by **361.86%**, primarily from bank wealth management products. Concurrently, asset impairment losses decreased significantly by **83.70%** due to the discontinuation of the buyer's credit sales model. Cash flows from operating, investing, and financing activities all showed substantial improvement Changes in Key Financial Items and Reasons | Item | Change (%) | Primary Reason | | :--- | :--- | :--- | | Accounts Payable | 70.11% | 主要系应付材料款增加 | | Advances from Customers | 35.50% | 系预收货款增加 | | Operating Revenue | 30.67% | 系销售量增加 | | Asset Impairment Losses | -83.70% | 公司已停止采用买方信贷销售模式，逾期客户以前年度已个别计提坏账准备 | | Investment Income | 361.86% | 主要系本期投资银行理财产品的收益 | | Net Cash Flow from Operating Activities | 291.69% | 系本期经营活动支出款项减少 | [Business Review and Outlook](index=7&type=section&id=%E4%B8%89%E3%80%81%E4%BA%8C%E3%80%81%E4%B8%9A%E5%8A%A1%E5%9B%9E%E9%A1%B9%E5%92%8C%E5%B1%95%E6%9C%9B) In Q1 2016, the company's business revenue achieved significant growth, benefiting from the recovery in demand for computer knitting machines. During the reporting period, the company's operating revenue increased by **30.67%** year-over-year, and net profit attributable to the parent company increased by **20.77%**. The composition of the company's top five suppliers and customers changed from the prior year, but there is no significant reliance on any single supplier or customer - The primary factor driving changes in business revenue during the reporting period was the recovery in demand for computer knitting machines, leading to significant year-over-year growth in the company's total operating revenue[20](index=20&type=chunk) - During the reporting period, the company's top five suppliers and customers all changed, but the company is not reliant on any single customer or supplier, and these changes will not significantly impact operations[21](index=21&type=chunk) [Significant Matters](index=9&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details the fulfillment of commitments, the status of raised funds utilization, and other significant corporate events during the reporting period [Fulfillment of Commitments](index=9&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9) During the reporting period, the company, shareholders, actual controllers, and directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering, including share lock-up commitments and commitments to avoid horizontal competition - The company's directors, supervisors, senior management and their related parties, as well as the controlling shareholder, strictly fulfilled their share lock-up commitments during the reporting period[24](index=24&type=chunk)[25](index=25&type=chunk) - The company's controlling shareholder and actual controller strictly fulfilled commitments regarding avoiding horizontal competition, regulating related party transactions, and preventing fund occupation[26](index=26&type=chunk) [Use of Raised Funds](index=13&type=section&id=%E5%9B%9B%E3%80%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E6%83%85%E5%86%B5%E5%AF%B9%E7%85%A7%E8%A1%A8) Due to declining market demand in the downstream knitting industry, the company postponed the implementation progress of several fundraising investment projects and adjusted the total investment and construction period to avoid excess new capacity. As of the end of the reporting period, a cumulative **1.014 billion yuan** of raised funds had been invested, representing approximately **69.6%** of the committed total investment. Additionally, the company used **700 million yuan** of idle raised funds to purchase wealth management products to improve capital utilization efficiency Overview of Raised Funds Utilization | Item | Amount (million yuan) | | :--- | :--- | | Total Raised Funds | 2057.95 | | Cumulative Amount of Raised Funds with Changed Use | 777.95 | | Cumulative Proportion of Changed Use | 37.80% | | Cumulative Raised Funds Invested | 1013.70 | - The main reason for project delays was the downturn in domestic and international economies since 2012, leading to declining demand in the downstream knitting industry, prompting the company to proactively postpone project implementation to avoid overcapacity[31](index=31&type=chunk) - As of the end of the reporting period, the company used **700 million yuan** of idle raised funds to purchase wealth management products. The remaining unused raised funds are stored in special accounts and will be used for subsequent payments for fundraising investment projects[32](index=32&type=chunk) [Other Significant Matters](index=16&type=section&id=%E5%9B%9B%E3%80%81%E4%B8%89%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E5%A4%A7%E4%BA%8B%E9%A1%B9) The company's 2015 annual profit distribution plan has been approved by the board of directors and awaits approval from the general meeting of shareholders. During the reporting period, the company had no irregular external guarantees, nor did the controlling shareholder or its related parties non-operationally occupy listed company funds - The company's 2015 annual profit distribution plan has been approved by the board of directors and awaits approval from the 2015 annual general meeting of shareholders[33](index=33&type=chunk) - During the reporting period, the company had no irregular external guarantees or instances of controlling shareholder fund occupation[34](index=34&type=chunk)[35](index=35&type=chunk) [Financial Statements](index=18&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's unaudited financial statements for the first quarter of 2016 [Financial Statements](index=18&type=section&id=%E4%BA%94%E3%80%81%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for Q1 2016. Data shows total assets of **4.23 billion yuan** and net profit attributable to the parent company of **45.97 million yuan** for the quarter [Consolidated Balance Sheet](index=18&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 March 31, 2016, the company's total assets were **4.23 billion yuan**, equity attributable to parent company owners was **3.90 billion yuan**, and the asset-liability ratio was **7.27%** [Parent Company Balance Sheet](index=21&type=section&id=2%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of March 31, 2016, the parent company's total assets were **4.25 billion yuan**, and total owner's equity was **4.04 billion yuan** [Consolidated Income Statement](index=23&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2016, the company achieved total operating revenue of **218 million yuan**, operating profit of **38.67 million yuan**, and net profit attributable to parent company owners of **45.97 million yuan** [Parent Company Income Statement](index=25&type=section&id=4%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In Q1 2016, the parent company achieved operating revenue of **176 million yuan** and net profit of **57.51 million yuan** [Consolidated Cash Flow Statement](index=27&type=section&id=5%E3%80%81%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In Q1 2016, net cash flow from operating activities was **29.50 million yuan**, net cash flow from investing activities was **1.22 million yuan**, net cash flow from financing activities was **76.28 million yuan**, and the cash and cash equivalents balance at period-end was **364 million yuan** [Parent Company Cash Flow Statement](index=29&type=section&id=6%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In Q1 2016, net cash flow from operating activities for the parent company was **17.11 million yuan**, and the cash and cash equivalents balance at period-end was **230 million yuan** [Audit Report](index=31&type=section&id=%E4%BA%94%E3%80%81%E4%BA%8C%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's Q1 2016 report is unaudited - The company's first quarter report is unaudited[64](index=64&type=chunk)

[Important Notice](index=2&type=section&id=Section%201.%20Important%20Notice) This section provides crucial preliminary information and disclaimers for the report [Company Profile](index=3&type=section&id=Section%202.%20Company%20Profile) This section details the company's fundamental information, including key financial metrics, significant risks, and shareholder structure [Major Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Major%20Accounting%20Data%20and%20Financial%20Indicators) As of the end of Q3 2015, the company's total assets were 4.101 billion CNY, a decrease of 4.84% compared to the prior year-end. For the current period (Q3), total operating revenue increased by 29.81%, but cumulative operating revenue year-to-date decreased by 8.78%. Benefiting from non-recurring gains and losses and cost control, net profit attributable to parent company shareholders significantly increased in both Q3 and YTD, reaching 138.32% and 174.20% respectively. Operating cash flow also significantly improved, with a net inflow of 92.31 million CNY year-to-date, a year-over-year increase of 141.30% 2015 Q3 Major Financial Indicators | Indicator | Current Period (Q3) | Year-to-Date (YTD) | YTD YoY Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 181 million CNY | 590 million CNY | -8.78% | | Net Profit Attributable to Parent Company Shareholders | 33.29 million CNY | 118 million CNY | 174.20% | | Basic Earnings Per Share (CNY/share) | 0.04 | 0.15 | 175.00% | | Net Cash Flow from Operating Activities | -- | 92.31 million CNY | 141.30% | | Total Assets (Period-End) | 4.101 billion CNY | 4.101 billion CNY | -4.84% (vs. prior year-end) | | Equity Attributable to Parent Company Shareholders (Period-End) | 3.866 billion CNY | 3.866 billion CNY | 3.18% (vs. prior year-end) | Non-recurring Gains and Losses Items Year-to-Date | Item | Amount (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 13,067,039.82 | | Government Grants | 16,251,019.17 | | Enterprise Restructuring Expenses | -6,511,211.46 | | Total Other Items | 3,478,354.92 | | **Total** | **22,227,548.75** | [Significant Risk Factors](index=4&type=section&id=II.%20Significant%20Risk%20Factors) The company faces multiple significant risks, primarily including: market risks due to saturated demand and intensified competition in downstream industries; political, legal, cultural, and operational risks encountered in overseas market expansion; joint guarantee and bad debt risks from buyer credit sales models; accounts receivable risks due to overseas business expansion; technological risks from continuous technological updates; management risks arising from company expansion; and the risk that raised fund investment projects and new investments may not achieve expected returns - Market Risk: The downstream knitting industry faces saturated equipment upgrade demand, declining market demand, and intensified industry competition, posing business decline risks for the company[10](index=10&type=chunk) - Overseas Market and Credit Risk: Overseas market expansion involves political, legal, and cultural risks. Additionally, the use of forward letters of credit for export sales and domestic credit sales has led to a significant increase in accounts receivable, and the buyer credit model may also trigger guarantee compensation and bad debt losses[10](index=10&type=chunk)[11](index=11&type=chunk) - Investment and Management Risk: The company's investment in intelligent equipment carries the risk that target companies may not meet performance expectations. Furthermore, the company's expansion places higher demands on management, resource integration, and internal control, posing management risks[12](index=12&type=chunk)[14](index=14&type=chunk) [Shareholder Information](index=5&type=section&id=III.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period-End) As of the end of the reporting period, the company had a total of 35,264 shareholders. The top two shareholders, Ningbo Yurong Investment Co., Ltd. and Yurong Enterprise Co., Ltd., collectively held over 66%, indicating a highly concentrated equity structure. Central Huijin Investment Co., Ltd. held 0.57% of shares, ranking as the eighth largest shareholder. The company's actual controller, Mr. Sun Pingfan, is the actual controller of the largest shareholder, Ningbo Yurong Investment, and has related party relationships with several other top ten shareholders - As of the end of the reporting period, the company had a total of **35,264** shareholders[16](index=16&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Shareholding Percentage | Number of Shares Held | | :--- | :--- | :--- | | Ningbo Yurong Investment Co., Ltd. | 40.91% | 328,135,016 | | Yurong Enterprise Co., Ltd. | 25.74% | 206,464,996 | | Ningbo Chuangfu Investment Partnership (Limited Partnership) | 5.26% | 42,202,938 | | Ningbo Fuyu Investment Partnership (Limited Partnership) | 2.12% | 16,999,972 | | Sun Pingfan | 1.46% | 11,700,056 | | Central Huijin Investment Co., Ltd. | 0.57% | 4,534,400 | - Controlling shareholder Ningbo Yurong Investment Co., Ltd. has related party relationships or concerted actions with other top ten shareholders including Yurong Enterprise, Chuangfu Investment, Fuyu Investment, and Pingfang Investment[17](index=17&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=Section%203.%20Management%20Discussion%20and%20Analysis) This section offers management's perspective on the company's financial performance, operational results, and future outlook [Analysis of Significant Changes in Key Financial Statement Items and Indicators for the Period](index=7&type=section&id=I.%20Analysis%20of%20Significant%20Changes%20in%20Key%20Financial%20Statement%20Items%20and%20Indicators%20for%20the%20Period) During the reporting period, several financial statement items showed significant changes. On the asset side, accounts receivable significantly increased by 54.21% due to increased export sales and installment sales, while other current assets surged by 1520.15% due to the purchase of wealth management products. On the liability side, short-term borrowings and notes payable were both cleared, and provisions decreased by 76.32% due to reduced estimated losses from guarantees. Regarding the income statement, financial expenses decreased by 43.70% due to RMB depreciation, and asset impairment losses significantly decreased year-over-year by 80.13%. In terms of cash flow, net cash flows from operating and investing activities both turned positive, showing significant improvement Major Balance Sheet Item Changes | Item | Change Percentage | Reason | | :--- | :--- | :--- | | Accounts Receivable | 54.21% | Increased proportion of export sales with forward letters of credit and domestic installment sales | | Other Current Assets | 1520.15% | Due to purchase of wealth management products | | Goodwill | 14313.48% | Due to equity investment in other companies | | Short-term Borrowings | -100.00% | Repayment of all bank borrowings | | Provisions | -76.32% | Due to reduced estimated losses from guarantee balances | Major Income Statement and Cash Flow Statement Item Changes | Item | Change Percentage | Reason | | :--- | :--- | :--- | | Asset Impairment Losses | -80.13% | Due to decrease in new subrogation payments for the year | | Investment Income | 327.88% | Due to short-term investment income for the year | | Net Cash Flow from Operating Activities | 141.30% | Due to decrease in goods payments made during the period | | Net Cash Flow from Investing Activities | 1035.10% | Due to maturity of short-term investments during the period | | Net Cash Flow from Financing Activities | -175.41% | Due to repayment of bank loans during the period | [Business Review and Outlook](index=8&type=section&id=II.%20Business%20Review%20and%20Outlook) During the reporting period, due to the continued downturn in the downstream sweater industry and saturated market demand, the company's computer flat knitting machine business orders declined, leading to a year-over-year decrease in operating revenue year-to-date of 8.78%, to 590 million CNY. The company's top five suppliers and customers both experienced significant changes, but customer concentration decreased, and the customer structure remained primarily international, which the company believes will have minimal impact on future operations - Due to the downturn in the downstream sweater industry and saturated demand for computer flat knitting machine replacements, market demand significantly declined, leading to the company's total operating revenue year-to-date reaching **590 million CNY**, a year-over-year decrease of **8.78%**[22](index=22&type=chunk) - During the reporting period, four of the top five suppliers changed, with procurement concentration increasing from **25.76%** to **34.38%**[22](index=22&type=chunk) - During the reporting period, all top five customers changed and were international clients, with sales concentration decreasing from **18.53%** to **12.34%**, with little change in customer structure[24](index=24&type=chunk) [Significant Events](index=10&type=section&id=Section%204.%20Significant%20Events) This section covers major corporate actions, commitments, and other material events impacting the company during the reporting period [Commitments](index=10&type=section&id=I.%20Commitments%20by%20the%20Company%20or%20Shareholders%20Holding%205%25%20or%20More%20of%20Shares%20During%20or%20Continuing%20into%20the%20Reporting%20Period) During the reporting period, the company, shareholders holding 5% or more of shares, directors, supervisors, and senior management strictly fulfilled all commitments made during the initial public offering and subsequent periods. These commitments primarily included share lock-up, avoidance of horizontal competition, and standardized use of raised funds, with no violations observed - The company's directors, supervisors, senior management, and their related parties strictly fulfilled commitments regarding share reduction restrictions[27](index=27&type=chunk)[28](index=28&type=chunk) - The controlling shareholder and actual controller strictly fulfilled commitments to avoid horizontal competition[29](index=29&type=chunk) - The company committed to using idle raised funds to temporarily supplement working capital only for production and operations related to its main business, and to return them on schedule; this commitment was strictly fulfilled during the reporting period[31](index=31&type=chunk) [Use of Raised Funds](index=15&type=section&id=II.%20Comparison%20Table%20of%20Raised%20Funds%20Utilization) The company's total raised funds amounted to 2.057 billion CNY, with cumulative investment of 690 million CNY. To avoid excess new capacity, the company postponed the implementation progress of several raised fund investment projects, extending the date for projects to reach their intended usable state to 2016年6月30日. Additionally, the company utilized a portion of idle raised funds to temporarily supplement working capital (200 million CNY) and purchase wealth management products (700 million CNY), to improve capital utilization efficiency Raised Funds Investment Project Progress | Committed Investment Project | Adjusted Total Investment (CNY ten thousands) | Cumulative Investment at Period-End (CNY ten thousands) | Investment Progress | | :--- | :--- | :--- | :--- | | Annual Production of 20,000 Computerized Flat Knitting Machines | 30,811.18 | 19,295.38 | 62.62% | | Annual Production of 5,000 Computerized Seamless Knitting Underwear Machines | 13,160.48 | 7,158.05 | 54.39% | | Annual Production of 5,000 Computerized Intarsia Flat Knitting Machines | 14,786.43 | 9,153.59 | 61.91% | | Annual Production of 6,000 Computerized Knitting Hosiery Machines | 11,006.68 | 5,839.85 | 53.06% | | Computerized Knitting Machinery R&D Center | 24,132.90 | 9,432.91 | 39.09% | | Marketing and Service System Construction | 21,710.97 | 8,492.17 | 39.11% | - To avoid excess capacity, the company postponed the implementation progress of raised fund investment projects, extending the project completion date to **2016年6月30日**[35](index=35&type=chunk) - As of the end of the reporting period, the company used **200 million CNY** of idle raised funds to temporarily supplement working capital, and used **700 million CNY** of idle raised funds to purchase wealth management products[36](index=36&type=chunk) [Full-Year Performance Forecast](index=17&type=section&id=V.%20Warning%20and%20Explanation%20for%20Potential%20Cumulative%20Net%20Profit%20Loss%2C%20Turnaround%2C%20or%20Significant%20Change%20Compared%20to%20Prior%20Year-End) The company expects to achieve a turnaround to profit for the full year 2015. Despite a decline in main business revenue due to weak market demand, effective cost and expense control and management of buyer credit risks significantly reduced asset impairment losses, with full-year net profit attributable to parent company shareholders expected to be between 115 million CNY and 120 million CNY, compared to a loss of 348.1327 million CNY in the same period last year, showing significant improvement. Non-recurring gains and losses are expected to contribute approximately 25 million CNY 2015 Full-Year Performance Forecast | Item | 2015 Forecast | 2014 Same Period | | :--- | :--- | :--- | | Net Profit Attributable to Parent Company Shareholders | Profit: CNY 115 million – CNY 120 million | Loss: CNY 348.1327 million | - The main reason for the turnaround to profit is that the company reduced costs and expenses and strengthened control over buyer credit business risks, thereby significantly reducing asset impairment losses[38](index=38&type=chunk) - During the reporting period, the impact of non-recurring gains and losses on net profit is estimated to be approximately **25 million CNY**[38](index=38&type=chunk) [Major Shareholder Share Increase](index=18&type=section&id=VII.%20Major%20Shareholder%20and%20Concerted%20Parties%27%20Share%20Increase%20Plan%20Proposed%20or%20Implemented%20During%20the%20Reporting%20Period) To maintain stock price stability and based on confidence in the company's future development, Mr. Sun Pingfan, the company's actual controller and chairman, increased his shareholding in the company by purchasing 11,700,056 shares through the secondary market between August 3 and September 25, 2015, representing 1.46% of the total share capital. After the increase, Mr. Sun Pingfan indirectly held a total of 67.60% of the company's shares, and committed not to transfer the increased shares within 6 months after completion - The company's actual controller and chairman, Mr. Sun Pingfan, increased his shareholding in the company by purchasing **11,700,056** shares between August 3 and September 25, 2015, representing **1.46%** of the total share capital[39](index=39&type=chunk) - The average price of this share increase was **CNY 10.53/share**. After the increase, Mr. Sun Pingfan's total indirect shareholding in the company increased to **67.60%**[39](index=39&type=chunk) [Financial Statements](index=19&type=section&id=Section%205.%20Financial%20Statements) This section presents the company's consolidated financial statements, including the balance sheet, income statement, and cash flow statement [Consolidated Balance Sheet](index=19&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2015, the company's total assets were 4.101 billion CNY, total liabilities were 217 million CNY, with a debt-to-asset ratio of approximately 5.3%. Equity attributable to parent company owners was 3.866 billion CNY. Compared to the beginning of the year, total assets slightly decreased, mainly due to reduced monetary funds and repayment of short-term borrowings; total liabilities significantly decreased, primarily due to the repayment of all short-term borrowings and a reduction in provisions Consolidated Balance Sheet Summary (Unit: CNY) | Item | Period-End Balance (2015-09-30) | Beginning Balance (2015-01-01) | | :--- | :--- | :--- | | **Total Assets** | **4,100,992,704.25** | **4,309,465,059.31** | | Total Current Assets | 3,029,884,720.07 | 3,280,173,753.02 | | Total Non-Current Assets | 1,071,107,984.18 | 1,029,291,306.29 | | **Total Liabilities** | **217,331,577.35** | **558,908,703.15** | | Total Current Liabilities | 191,050,028.07 | 477,189,150.91 | | Total Non-Current Liabilities | 26,281,549.28 | 81,719,552.24 | | **Total Owners' Equity** | **3,883,661,126.90** | **3,750,556,356.16** | | Total Owners' Equity Attributable to Parent Company | 3,865,589,319.85 | 3,746,310,191.95 | [Consolidated Income Statement for the Current Period (Q3)](index=24&type=section&id=3.%20Consolidated%20Income%20Statement%20for%20the%20Current%20Period) In Q3 2015, the company achieved total operating revenue of 181 million CNY, a year-over-year increase of 29.81%. Due to effective control of operating costs and the reversal of asset impairment losses (-13.51 million CNY), operating profit turned from a loss of 79.36 million CNY in the same period last year to a profit of 24.84 million CNY. Ultimately, net profit attributable to parent company owners reached 33.29 million CNY, compared to a loss of 86.87 million CNY in the same period last year, achieving a significant turnaround and a year-over-year increase of 138.32% Consolidated Income Statement (2015 Q3 vs 2014 Q3) (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 180,931,097.62 | 139,378,379.03 | | II. Total Operating Costs | 155,948,043.42 | 217,849,202.42 | | Including: Operating Costs | 113,412,547.69 | 75,928,924.27 | | Asset Impairment Losses | -13,510,128.06 | 96,412,787.92 | | III. Operating Profit | 24,844,313.25 | -79,355,960.10 | | IV. Total Profit | 36,979,622.48 | -85,075,213.70 | | V. Net Profit | 32,016,774.09 | -86,930,759.20 | | Net Profit Attributable to Parent Company Shareholders | 33,292,645.52 | -86,871,293.46 | | Basic Earnings Per Share | 0.04 | -0.11 | [Consolidated Income Statement Year-to-Date](index=28&type=section&id=5.%20Consolidated%20Income%20Statement%20Year-to-Date) In the first three quarters of 2015, the company's cumulative total operating revenue reached 590 million CNY, a year-over-year decrease of 8.78%. Despite the revenue decline, due to asset impairment losses significantly decreasing from 265 million CNY in the same period last year to 52.68 million CNY, and a reduction in financial expenses due to increased exchange gains, the company's operating profit turned profitable, reaching 49.23 million CNY. Ultimately, net profit attributable to parent company owners was 118 million CNY, compared to a loss of 159 million CNY in the same period last year, a year-over-year increase of 174.20% Consolidated Income Statement (2015 Q1-Q3 vs 2014 Q1-Q3) (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | I. Total Operating Revenue | 589,783,988.64 | 646,549,238.75 | | II. Total Operating Costs | 541,856,442.99 | 829,577,062.81 | | Asset Impairment Losses | 52,675,297.11 | 265,162,347.89 | | Financial Expenses | -49,829,851.83 | -34,676,543.19 | | III. Operating Profit | 49,231,873.43 | -185,476,290.26 | | IV. Total Profit | 127,029,183.32 | -113,697,491.68 | | V. Net Profit | 115,944,059.24 | -158,707,959.72 | | Net Profit Attributable to Parent Company Shareholders | 117,698,986.16 | -158,630,999.05 | | Basic Earnings Per Share | 0.15 | -0.20 | [Consolidated Cash Flow Statement Year-to-Date](index=31&type=section&id=7.%20Consolidated%20Cash%20Flow%20Statement%20Year-to-Date) In the first three quarters of 2015, the company's cash flow significantly improved. Net cash flow from operating activities turned from a net outflow of 224 million CNY in the same period last year to a net inflow of 92.31 million CNY, primarily due to reduced procurement expenditures. Net cash flow from investing activities was 185 million CNY, mainly due to the maturity and recovery of a large number of short-term investments. Net cash outflow from financing activities was 259 million CNY, primarily used for repaying bank loans. Cash and cash equivalents balance at period-end was 214 million CNY Consolidated Cash Flow Statement Summary (2015 Q1-Q3) (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 92,310,659.28 | -223,501,759.09 | | Net Cash Flow from Investing Activities | 184,988,542.96 | -19,782,706.59 | | Net Cash Flow from Financing Activities | -259,326,181.66 | -94,160,995.17 | | Net Increase in Cash and Cash Equivalents | 16,321,012.74 | -336,960,536.24 | | Cash and Cash Equivalents at Period-End | 214,496,451.54 | 109,997,118.94 | [Audit Report](index=35&type=section&id=II.%20Audit%20Report) The financial statements in this quarterly report are unaudited - The company's Q3 2015 report is unaudited[73](index=73&type=chunk)

宁波慈星股份有限公司 2015 年半年度报告全文 宁波慈星股份有限公司 2015 年半年度报告 2015-062 2015 年 08 月 1 宁波慈星股份有限公司 2015 年半年度报告全文 第一节 重要提示、释义 本公司董事会、监事会及董事、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、完整性承担个别及连带责任。 所有董事均已出席了审议本报告的董事会会议。 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证本半年度报告中财务报告的真实、完整。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 目录 | | --- | | 2015 | 半年度报告 2 | | --- | --- | | 第一节 | 重要提示、释义 2 | | 第二节 | 公司基本情况简介 5 | | 第三节 | 董事会报告 9 | | 第四节 | 重要事项 21 | | 第五节 | 股份变动及股东情况 30 | | 第六节 | 董事、监事、高级管理人员情况 34 | | 第七节 | 财务报告 36 | | 第八节 | 备 ...

宁波慈星股份有限公司 2015 年第一季度报告全文 宁波慈星股份有限公司 2015 年第一季度报告 2015-030 2015 年 04 月 1 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 宁波慈星股份有限公司 2015 年第一季度报告全文 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。 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证季度报告中财务报告的真实、完整。 2 宁波慈星股份有限公司 2015 年第一季度报告全文 √ 是 □ 否 | | 本报告期 | 上年同期 | | 本报告期比上年同 | | --- | --- | --- | --- | --- | | | | | | 期增减 | | | | 调整前 | 调整后 | 调整后 | | 营业总收入（元） | 167,087,716.47 | 229, ...

宁波慈星股份有限公司 2014 年年度报告全文 宁波慈星股份有限公司 2014 年年度报告 2015-027 2015 年 04 月 1 宁波慈星股份有限公司 2014 年年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、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报告的董事会会议。 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证年度报告中财务报告的真实、准确、完整。 2 | 目录 | | --- | | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司基本情况简介 | 5 | | 第三节 | 会计数据和财务指标摘要 | 7 | | 第四节 | 董事会报告 | 10 | | 第五节 | 重要事项 | 30 | | 第六节 | 股份变动及股东情况 | 41 | | 第七节 | 董事、监事、高级管理人员和员工情况 | 47 | | 第八节 | 公司治理 | 53 | | ...

宁波慈星股份有限公司 2014 年第三季度报告全文 宁波慈星股份有限公司 2014 年第三季度报告 2014-067 2014 年 10 月 1 宁波慈星股份有限公司 2014 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。 除下列董事外，其他董事亲自出席了审议本次季报的董事会会议 | 未亲自出席董事姓名 | 未亲自出席董事职务 | 未亲自出席会议原因 | 被委托人姓名 | | --- | --- | --- | --- | | 马铁东 | 董事 | 出差 | 詹善全 | 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主管人员)邹锦洲声明：保证 季度报告中财务报告的真实、完整。 2 宁波慈星股份有限公司 2014 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 | ...

宁波慈星股份有限公司 2014 年半年度报告 2014-053 2014 年 08 月 宁波慈星股份有限公司 2014 年半年度报告全文 第一节 重要提示、释义 本公司董事会、监事会及董事、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、完整性承担个别及连带责任。 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证本半年度报告中财务报告的真实、完整。 公司计划不派发现金红利，不送红股，不以公积金转增股本。 1 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 方国听 董事 出国 孙平范 马铁东 董事 出差 詹善全 李立军 董事 出差 孙仲华 罗杰 独立董事 工作原因 邱妘 | 第一节 | 重要提示、释义 1 | | --- | --- | | 第二节 | 公司基本情况简介 4 | | 第三节 | 董事会报告 7 | | 第四节 | 重要事项 19 | | 第五节 | 股份变动及股东情况 29 | | 第六节 | 董事、监事 ...

宁波慈星股份有限公司 2014 年第一季度报告全文 宁波慈星股份有限公司 2014 年第一季度报告 2014-026 2014 年 04 月 1 宁波慈星股份有限公司 2014 年第一季度报告全文 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。 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证季度报告中财务报告的真实、完整。 2 除下列董事外，其他董事亲自出席了审议本次季报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 方国听 董事 因公出国 孙平范 马铁东 董事 因公出国 詹善全 宁波慈星股份有限公司 2014 年第一季度报告全文 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 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | ...

宁波慈星股份有限公司 2013 年度报告全文 宁波慈星股份有限公司 2013 年度报告 2014-020 2014 年 04 月 1 宁波慈星股份有限公司 2013 年度报告全文 第一节 重要提示、目录和释义 本公司董事会、监事会及董事、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。 公司负责人孙平范、主管会计工作负责人傅桂平及会计机构负责人(会计主 管人员)邹锦洲声明：保证年度报告中财务报告的真实、准确、完整。 2 除下列董事外，其他董事亲自出席了审议本次年报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 孙仲华 董事 个人原因 孙平范 | 2013 年度报告 2 | | --- | | 一、重要提示、目录和释义 2 | | 二、公司基本情况简介 5 | | 三、会计数据和财务指标摘要 7 | | 四、董事会报告 10 | | 五、重要事项 29 | | 六、股份变动及股东情况 37 | | 七、董事、监事、高级管理人员和员工情况 43 | | 八、公司治理 49 | | 九、 ...