海通证券股份有限公司 关于广东万里马实业股份有限公司 公开发行可转换公司债券部分募投项目结项 一、2019 年公开发行可转换公司债券募集资金的基本情况 经中国证券监督管理委员会《关于核准广东万里马实业股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]1572 号）核准，公司于 2019 年 10 月 11 日公开发行了 180.29 万张可转换公司债券，每张面值 100 元，募集资金总 额为 18,029.00 万元，扣除发行费用 730.29 万元，募集资金净额为 17,298.71 万 元。以上募集资金已经立信会计师事务所（特殊普通合伙）出具"信会师报字[2019] 第 ZI10670 号"《验资报告》审验确认。 二、募集资金存放及管理情况 （一）募集资金存放情况 为规范公司募集资金管理和使用，保护中小投资者的利益，同时，为了确保 募投项目的顺利实施，并建立更加规范的银企合作关系，进一步提高募集资金的 使用效率，根据《深圳证券交易所创业板股票上市规则》、《上市公司监管指引 第 2 号——上市公司募集资金管理和使用的监管要求（2022 年修订）》、《深 1 圳证券交易所创业板上市公司规范运作 ...

海通证券股份有限公司关于广东万里马实业股份有限公司 2023 年半年度跟踪报告 | 保荐机构名称：海通证券股份有限公司 | 被保荐公司简称：万里马 | | --- | --- | | 保荐代表人姓名：方军 | 联系电话：0755-25860630 | | 保荐代表人姓名：谭璐璐 | 联系电话：0755-25869808 | 一、保荐工作概述 | 项 目 | 工作内容 | | --- | --- | | 1、公司信息披露审阅情况 | | | （1）是否及时审阅公司信息披露文件 | 是 | | （2）未及时审阅公司信息披露文件的次数 | 0 | | 2、督导公司建立健全并有效执行规章制度的 | | | 情况 | | | （1）是否督导公司建立健全规章制度（包括 但不限于防止关联方占用公司资源的制度、募 | 是 | | 集资金管理制度、内控制度、内部审计制度、 | | | 关联交易制度） | | | （2）公司是否有效执行相关规章制度 | 是 | | 3、募集资金监督情况 | | | （1）查询公司募集资金专户次数 | 1 | | （2）公司募集资金项目进展是否与信息披露 | 是 | | 文件一致 | | | 4、 ...

Financial Performance - The company's operating revenue for the first half of 2023 was CNY 254,692,938.95, representing a 15.38% increase compared to CNY 220,742,886.41 in the same period last year[20]. - The net profit attributable to shareholders was CNY 4,848,149.48, a significant turnaround from a loss of CNY 8,373,139.48 in the previous year, marking a 157.90% improvement[20]. - The net cash flow from operating activities was CNY 33,592,585.07, compared to a negative cash flow of CNY 125,620,105.74 in the same period last year, reflecting a 126.74% increase[20]. - Basic earnings per share improved to CNY 0.012 from a loss of CNY 0.0236, indicating a 150.85% increase[20]. - The net profit after deducting non-recurring gains and losses was CNY 4,355,992.80, compared to a loss of CNY 8,542,030.25 in the same period last year, reflecting a 150.99% improvement[20]. - The company reported a significant increase in sales in the North China region, with revenue growth of 70.23%[74]. - The company reported a gross profit margin of approximately 5.0% for the first half of 2023, compared to a negative margin in the previous year[197]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 971,571,679.79, up 2.24% from CNY 950,268,280.15 at the end of the previous year[20]. - The company's total assets at the end of the reporting period amounted to CNY 932,766,058.82, a decrease of 5.34% compared to the previous year[89]. - Total liabilities reached CNY 389,206,705.24, compared to CNY 373,827,633.46 at the start of the year, showing an increase of around 4.43%[190]. - The company's total liabilities as of the end of the first half of 2023 were CNY 373,910,444.56, compared to CNY 364,551,953.09 at the end of the first half of 2022[197]. - Cash and cash equivalents decreased by 2.41%, totaling CNY 97,133,549.02, which represents 10.00% of total assets[87]. - Short-term borrowings decreased significantly to CNY 107,995,904.86 from CNY 150,577,435.71, a reduction of about 28.23%[190]. Revenue Streams - The company operates in the leather goods and personal protective equipment sectors, focusing on ODM production for international brands and e-commerce platform management through subsidiaries[28]. - The company has established a multi-brand strategy with three proprietary brands: "Wanlima," "Saint Jack," and "COOME," targeting different market segments and consumer preferences[33]. - E-commerce sales accounted for 26.38% of total revenue in the first half of 2023, amounting to CNY 6,601.06 million, compared to 26.15% in 2022[53]. - The company generates over 60% of its revenue from group purchasing, with significant contributions from government procurement, which prioritizes high-quality domestic brands[58]. - The company’s direct sales through group purchases generated CNY 15,412.62 million, accounting for 61.60% of total revenue in the first half of 2023[53]. Research and Development - The company has established a strong R&D team, collaborating with international design teams to stay aligned with fashion trends[65]. - Research and development expenses rose by 16.25% to ¥13,524,601.88, up from ¥11,633,847.01 in the previous year[71]. - The company reported a significant focus on R&D for personal protective equipment, including bulletproof vests and helmets, catering to military and law enforcement needs[30]. Market Strategy - The company aims to strengthen its market position by leveraging partnerships with well-known international brands and enhancing its product distribution channels[33]. - The company is actively expanding its e-commerce presence through platforms like Taobao, Tmall, JD.com, and Douyin[63]. - The company aims to leverage the "military-civilian integration" strategy, focusing on single-soldier protective equipment as a new growth engine[57]. - The company has signed contracts with notable outdoor brands such as ON Running and FREITAG, further diversifying its product portfolio[32]. Corporate Governance and Shareholder Policies - The company plans not to distribute cash dividends or issue bonus shares[4]. - The company has committed to not engaging in any business activities that compete directly or indirectly with its core operations, ensuring no conflicts of interest among major shareholders[138]. - The profit distribution policy will be based on the provisions outlined in the company's articles of association after the IPO[136]. - The company will consider industry characteristics and development stages when proposing differentiated cash dividend policies[137]. Environmental and Social Responsibility - The company has implemented effective measures for waste gas, wastewater, and noise management, achieving compliance with national standards[130]. - The company actively fulfills its corporate social responsibility, ensuring compliance with relevant laws and regulations[131]. - The company has gradually increased the proportion of biodegradable materials in its shoe sole materials to reduce environmental pollution[130]. - The company has donated a total of 1 million yuan to disaster relief efforts during significant events, including the 2008 Sichuan earthquake[133]. Legal and Compliance Matters - The semi-annual financial report has not been audited[145]. - The company did not experience any major litigation or arbitration matters during the reporting period[147]. - The company is involved in a lawsuit regarding the alleged infringement of a red shoe sole, with a claimed compensation of 50 million yuan[148]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[130].

证券代码：300591 证券简称：万 里 马 公告编号：2023-043 广东万里马实业股份有限公司 关于 2023 年半年度募集资金存放与使用情况的专项报告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、募集资金基本情况 （一）实际募集资金金额、资金到位情况 1. 公开发行可转换公司债券募集资金 经中国证券监督管理委员会《关于核准广东万里马实业股份有限公司公开发 行可转换公司债券的批复》（证监许可[2019]1572 号）文核准，并经深圳证券交易 所同意，由承销商海通证券股份有限公司（以下简称"海通证券"）组织发行可转 换公司债券计 180.29 万张，每张面值为人民币 100.00 元，按面值发行。本次发行 的可转换公司债券向股权登记日（2019 年 10 月 10 日）收市后登记在册的公司原 股东实行优先配售，原股东优先配售后余额部分（含原股东放弃优先配售部分） 通过深交所交易系统网上向社会公众投资者发行，本次发行认购金额不足 18,029.00 万元的部分由主承销商包销。本次发行可转换公司债券募集资金总额为 180,290,000.00 元，扣除 ...

广东万里马实业股份有限公司独立董事 关于公司第三届董事会第二十七次会议相关事项的独立意见 根据中国证监会《上市公司独立董事规则》《深圳证券交易所创业板股票上 市规则》《深圳证券交易所上市公司自律监管指引第 2 号——创业板上市公司规 范运作》及《广东万里马实业股份有限公司章程》《广东万里马实业股份有限公 司独立董事工作制度》等法律法规、规章制度的有关规定，我们作为广东万里马 实业股份有限公司（以下简称"公司"）的独立董事，本着认真、负责的态度， 秉持审慎的原则，基于独立判断的立场，现就公司第三届董事会第二十七次会议 的相关事项发表如下意见： 一、关于 2023 年上半年控股股东及其他关联方占用公司资金情况的独立意 见 经核查，报告期内公司控股股东及其他关联方不存在违规占用公司资金的情 况，也不存在以前年度发生并累计至 2023 年 6 月 30 日的违规关联方占用资金情 况。 二、关于 2023 年上半年公司对外担保情况的独立意见 报告期内，公司存续一份有效的担保协议：公司为控股子公司杭州宇岛科技 有限公司向品牌方赊购货物提供了 2000 万元额度的连带责任保证担保，该担保 是为了满足杭州宇岛科技有限公司业务 ...

企业负责人： 林大耀 主管会计工作负责人：许晓敏 会计机构负责人：梁洁珍 | | | | | | 2023年半 | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | 占用方与上市 | | 2023 年期初 | 年度占用 | 2023 年半 | 2023 年半 | 2023 年半 | | | | 非经营性资金 | 资金占用方名称 | 公司的关联关 | 上市公司核算 | 占用资金余 | 累计发生 | 年度占用 | 年度偿还 | 年度期末 | 占用形成原因 | 占用性质 | | 占用 | | 系 | 的会计科目 | 额 | 金额（不 | 资金的利 | 累计发生 | 占用资金 | | | | | | | | | | 息（如有） | 金额 | 余额 | | | | | | | | | 含利息） | | | | | | | 控股股东、实 | - | - | - | - | - | - | - | - | - | - | | 际控制人及其 | | | | | | - | | | | | | 附属企业 | - ...

证券代码：300591 证券简称：万 里 马 公告编号：2023-040 广东万里马实业股份有限公司 第三届监事会第二十四次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 1. 广东万里马实业股份有限公司（以下简称"公司"）第三届监事会第二十 四次会议于 2023 年 8 月 19 日通过电话、电子邮件方式送达至各位监事，通知中 包括会议的相关材料，同时列明了会议的召开时间、地点、内容和方式。 2. 本次监事会于 2023 年 8 月 29 日在公司会议室，以现场表决方式召开。 3. 本次监事会应出席监事 3 名，实际出席监事 3 名。会议由王鹤亭先生主 持。 4. 本次会议的召集、召开和表决程序符合《公司法》等法律法规和《公司 章程》的有关规定。 二、监事会会议审议情况 1. 审议通过《关于<公司 2023 年半年度报告全文及摘要>的议案》 表决结果：同意票 3 票，反对票 0 票，弃权票 0 票。 公司编制了《广东万里马实业股份有限公司 2023 年半年度报告》及《广东 万里马实业股份有限公司 2023 年半年度报告摘 ...

证券代码：300591 证券简称：万 里 马 公告编号：2023-039 广东万里马实业股份有限公司 第三届董事会第二十七次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有 虚假记载、误导性陈述或重大遗漏。 一、董事会会议召开情况 1. 广东万里马实业股份有限公司（以下简称"公司"）第三届董事会第二十 七次会议于 2023 年 8 月 19 日通过电话及书面送达方式送达至各位董事，通知中 包括会议的相关材料，同时列明了会议的召开时间、地点、内容和方式。 2. 本次董事会于 2023 年 8 月 29 日在公司会议室，以现场加通讯表决方式 召开。 3. 本次董事会应出席董事 7 名，实际出席董事 7 名。会议由林大洲先生主 持，公司部分监事、高级管理人员列席了本次董事会。 4. 本次会议的召集、召开和表决程序符合《公司法》等法律法规和《公司 章程》的有关规定。 二、董事会会议审议情况 表决结果：同意票 7 票，反对票 0 票，弃权票 0 票。 2. 审议通过《关于<公司 2023 年半年度募集资金存放与使用情况的专项报 1 告>的议案》 具体内容详见公司同步披露于巨潮资讯网（www. ...

证券代码：300591 证券简称：万里马 | 3.领导好。请介绍一下公司下一步的发展战略？ | | --- | | 答:尊敬的投资者您好，感谢您对公司的关注。公司以"多品牌、多 | | 渠道、多品类"战略为核心，通过坚持品牌定位，坚持打造高质 | | 量、高附加值、高性价比产品，进一步优化完善营销网络，纵深执 | | 行团购业务的战略布局。在深度理解和融合国家军民融合战略基础 | | 上，充分利用研发、设计和渠道等各方面的优势，向特种防弹、防 | | 护类产品延展，与现有资源相结合逐步涉入特种防弹、防护类产 | | 品，培育、拓展和挖掘公司新的业务增长点。主要如下：1、持续 | | 重点研发单兵防护装备，提升团购业务战略纵深；2、运用人工智 | | 能赋能直播业务计划；3、优化直营渠道计划，加大力度开展多元 | | 化品牌运营，提升各品牌的经营规模；4、加大研发投入、增加技 | | 术研发力量；5；抓住军民融合的有利时机，围绕做大做强主营业 | | 务的战略目标，寻求同行业、上下游或新材料企业做适当的收购兼 | | 并，不断扩大企业规模和实力，实现协同发展。谢谢！ | | 4.在公司产品的需求端上，人群特点有 ...

Financial Performance - The company reported a significant loss due to insufficient military orders and weak consumer demand, with group purchase sales accounting for over 50% of total sales from 2020 to 2022, specifically 2,616.68 million, 2,036.82 million, and 2,683.56 million CNY, representing 76.53%, 61.54%, and 58.56% of total revenue respectively [3]. - The company's revenue for 2022 was CNY 475,603,170.71, representing a 40.18% increase compared to CNY 339,287,548.81 in 2021 [26]. - The net profit attributable to shareholders for 2022 was a loss of CNY 212,563,457.79, which is a 62.32% increase in loss compared to a loss of CNY 130,952,249.05 in 2021 [26]. - The cash flow from operating activities for 2022 was a negative CNY 150,818,034.30, a decline of 296.31% from a positive CNY 76,826,618.96 in 2021 [26]. - The total assets at the end of 2022 were CNY 950,268,280.15, a 24.29% increase from CNY 764,534,399.45 at the end of 2021 [26]. - The basic earnings per share for 2022 was -CNY 0.5497, a decrease of 38.39% from -CNY 0.3972 in 2021 [26]. - The company reported a total revenue of CNY 121,806,872.85 in Q1 2022, with a net profit of CNY 1,649,975.65 attributable to shareholders [29]. - In Q4 2022, the company experienced a significant loss with a net profit of -CNY 202,707,341.33 attributable to shareholders [29]. - The company’s net assets attributable to shareholders increased by 54.84% to CNY 555,596,989.16 at the end of 2022 from CNY 358,808,701.75 at the end of 2021 [26]. Inventory and Impairment - The company recognized inventory impairment losses of 46.9868 million CNY and bad debt provisions of 39.2730 million CNY due to weak consumer demand and difficulties in recovering accounts receivable [6]. - A goodwill impairment of 14.4403 million CNY was recorded related to the acquisition of Chaoqi Technology, reflecting the challenges faced post-acquisition [7]. - The company recorded an inventory impairment loss of ¥46,986,800 due to weak overall consumer demand and slow inventory turnover [68]. Market and Industry Trends - The footwear and apparel industry is experiencing intensified competition, but it remains a vital sector with growth potential as China continues to develop as a major manufacturing and consumption hub [9]. - The leather and footwear industry in China generated a revenue of 1,133.99 billion yuan in 2022, a year-on-year decrease of 0.4% [47]. - The total profit for the leather and footwear industry in 2022 was 61.44 billion yuan, representing a year-on-year increase of 3.3% [47]. - The consumer price index for clothing decreased by 3.8% in 2022, with per capita clothing expenditure at 1,365 yuan, accounting for 5.6% of total per capita consumption expenditure [51]. - The overall consumer spending on clothing and footwear has been declining, with retail sales in this category dropping by 6.5% in 2022 [51]. - The leather industry is experiencing intensified competition, with many domestic brands and new online brands emerging, leading to price wars becoming the norm [50]. - The consumer sentiment is low, influenced by increased spending on medical protective supplies, which has further impacted consumption in the short term [51]. - The "China Light Leather Prosperity Index" for December 2022 was 83.52, indicating a cooling trend in the industry [48]. Strategic Initiatives - The company plans to enhance its inventory structure and accelerate capital turnover through increased promotional efforts for footwear inventory [6]. - The company is committed to complying with industry disclosure requirements as outlined by the Shenzhen Stock Exchange [9]. - The company is focusing on digital transformation and enhancing operational efficiency to meet personalized consumer demands [65]. - The company anticipates significant growth potential driven by domestic middle-class consumption upgrades and the influence of technology-driven "new retail" trends [52]. - The company is strategically positioned to benefit from the "military-civilian integration" national strategy, with single-soldier protective equipment expected to become a new growth driver [63]. - The company aims to enhance its operational efficiency through an upgraded information system to integrate procurement, production, sales, and finance, addressing the challenges of its current systems [189]. Product Development and R&D - The company is actively pursuing smart manufacturing upgrades to transition from a labor-intensive model to an automated and intelligent production approach [114]. - R&D expenses amounted to ¥33,916,400, accounting for 7.13% of total revenue, highlighting the company's commitment to enhancing its competitive edge through innovation [112]. - The company aims to enhance product quality and functionality through ongoing R&D projects, targeting improved competitiveness in the market [143]. - The company plans to increase investment in R&D, particularly for specialized products for group purchasing clients, to maintain its competitive edge [184]. - The company has established a research center for emergency protective products, focusing on developing specialized military and police equipment [112]. Sales and Distribution - The company has a strong e-commerce presence, leveraging platforms like Taobao, Tmall, and JD.com for sales, and has established an independent e-commerce department [89]. - The company utilizes a diverse sales channel strategy, including group purchasing, direct sales, e-commerce, wholesale agents, and ODM [83]. - The company’s direct sales channels are focused on major urban areas, enhancing customer experience and brand image through physical stores [85]. - The company has expanded its wholesale agent channel rapidly across the country, enhancing market coverage and optimizing the sales network [92]. - The company reported a significant decrease of 74.22% in other business revenue, dropping to 4,686,690.35 CNY from 18,182,180.20 CNY [129]. Financial Management and Fundraising - The company raised a total of RMB 419,999,999.51 through the issuance of 75,949,367 shares at a price of RMB 5.53 per share, with a net amount of RMB 410,398,420.40 after deducting issuance costs [159]. - The company has established special accounts for fundraising management at multiple banks, ensuring compliance with regulatory requirements [164]. - The company has made efforts to improve fundraising efficiency and protect investor interests through strict management protocols [164]. - The company has adhered to the three-party supervision agreement for fundraising, with no significant issues reported during the usage of the funds [160]. - The company has successfully completed the "Smart Manufacturing Upgrade Project" and "R&D Center Upgrade Project," achieving the intended use of the raised funds [163]. Customer Base and Market Position - The company has established stable partnerships with military and police forces, becoming a reliable supplier for various government sectors [102]. - The company focuses on group purchasing products, primarily serving stable customer groups such as military and state-owned enterprises, which constitute a significant portion of its business [75]. - The recognition of domestic brands is increasing, with 70% of post-90s and nearly 80% of post-00s consumers preferring to purchase domestic brands [66]. - The company targets middle-class consumers in first and second-tier cities, with product price ranges from 600 to 3,500 RMB [140]. Challenges and Risks - Future performance projections and strategic plans are subject to risks and uncertainties, and investors are advised to remain cautious [9]. - The company is facing risks from economic fluctuations that could impact consumer demand for leather goods, necessitating a focus on enhancing brand value and core competitiveness [190]. - The company has identified risks related to the decline in sales from direct store channels due to the rise of e-commerce and increasing operational costs [192]. - The company emphasizes the importance of accurately predicting market trends and consumer preferences to mitigate risks associated with product development [197].