Financial Performance - The company's revenue for Q1 2023 was ¥85,214,395.31, a decrease of 30.04% compared to ¥121,806,872.85 in the same period last year[5] - The net loss attributable to shareholders was ¥8,889,388.46, representing a decline of 638.76% from a profit of ¥1,649,975.65 in the previous year[5] - The net cash flow from operating activities was negative at ¥29,775,585.10, worsening by 150.30% compared to a negative cash flow of ¥11,895,768.07 in the same period last year[5] - Basic and diluted earnings per share were both -¥0.0219, a decrease of 538.00% from ¥0.005 in the previous year[5] - The company reported a net loss of CNY 415,501,027.32, worsening from a loss of CNY 406,611,638.86 in the previous period[16] - The total comprehensive loss for the period was CNY 7,623,319.79, compared to a comprehensive income of CNY 2,601,077.99 in the previous year[19] Assets and Liabilities - Total assets at the end of the reporting period were ¥923,665,206.21, down 2.80% from ¥950,268,280.15 at the end of the previous year[5] - Total liabilities decreased to CNY 354,847,879.31 from CNY 373,827,633.46, indicating a decline of 5.08%[16] - The total equity attributable to shareholders decreased to CNY 546,958,188.32 from CNY 555,596,989.16, a decrease of 1.14%[16] Shareholder Information - The company reported a total of 17,497 common shareholders at the end of the reporting period[10] - The largest shareholder, Lin Dayao, holds 15.02% of the shares, amounting to 60,935,700 shares, with 15,000,000 shares pledged[10] Government Support and Other Income - The company received government subsidies amounting to ¥151,272.39 during the reporting period[6] - The company reported investment income of CNY 105,732.43 during the quarter[20] Operational Efficiency and Cost Management - The company plans to continue focusing on cost reduction strategies and improving operational efficiency in the upcoming quarters[17] - The total operating costs amounted to CNY 94,309,696.20, down from CNY 121,120,449.11, indicating a reduction of 22.25%[17] - The total operating expenses increased to CNY 130,586.59 for taxes and CNY 10,089,117.31 for sales expenses, compared to CNY 396,612.61 and CNY 8,160,982.20 respectively in the previous year[18] Cash Flow and Equivalents - The company's operating cash flow net amount was -CNY 29,775,585.10, worsening from -CNY 11,895,768.07 in the prior year[21] - The company’s cash and cash equivalents at the end of the period were CNY 94,226,833.69, down from CNY 428,826,133.82 at the end of the previous year[21] - Cash and cash equivalents at the end of the period were CNY 96,216,399.50, compared to CNY 117,887,394.24 at the beginning of the year[14] Inventory and Receivables - Accounts receivable decreased to CNY 305,425,257.11 from CNY 318,887,781.64, reflecting a decline of 4.61%[15] - Inventory increased slightly to CNY 109,870,253.61 from CNY 107,360,042.62, showing a growth of 2.34%[15] Research and Development - The company incurred R&D expenses of CNY 5,665,745.08, slightly down from CNY 5,698,203.14 year-over-year[18]

证券代码：300591 证券简称：万 里 马 公告编号：2023-023 1 一、说明会召开的时间、地点和方式 会议召开时间：2023 年 5 月 12 日（星期五）15:00-17:00 会议召开地点：价值在线（www.ir-online.cn） 会议召开方式：网络互动方式 二、参加人员 出席本次年报业绩说明会的人员有：公司董事长林大洲先生、财务总监许晓 敏女士、独立董事孔祥婷女士、董事会秘书苏继祥先生、保荐代表人方军先生。 三、投资者参加方式 投资者可于 2023 年 05 月 12 日（星期 五） 15:00-17:00 通过网址 https://eseb.cn/1452wSdoMow 或使用微信扫描下方小程序码即可进入参与互动交 广东万里马实业股份有限公司 关于召开 2022 年度网上业绩说明会的公告 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。 广东万里马实业股份有限公司（以下简称"公司"）已于 2023 年 4 月 28 日在巨潮资讯网上披露了《2022 年年度报告》及《2022 年年度报告摘要》。为 了让广大投资者能进一步了解公司 2022 年 ...

[Key Financial Data](index=2&type=section&id=Item%20I.%20Key%20Financial%20Data) This section provides an overview of the company's key financial performance, including accounting data, non-recurring items, and an analysis of significant financial indicator changes [Key Accounting Data and Financial Indicators](index=2&type=section&id=Item%20%28I%29.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) The company reported **75.89%** revenue growth and a **68.25%** reduction in net loss attributable to shareholders in the first three quarters of 2022, with total assets and equity significantly increasing due to private placement Key Accounting Data and Financial Indicators | Indicator | Year-to-Date (2022 Q1-Q3) | Y-o-Y Change (Year-to-Date) | As of Report Period End (2022-09-30) | Change from Year-End (2021) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 400,692,628.94 | 75.89% | - | - | | Net Profit Attributable to Shareholders (RMB) | -11,506,092.11 | 68.25% (Loss Narrowed) | - | - | | Net Cash Flow from Operating Activities (RMB) | -150,761,090.75 | -660.46% | - | - | | Total Assets (RMB) | - | - | 1,202,568,985.52 | 57.29% | | Total Equity Attributable to Shareholders (RMB) | - | - | 756,512,433.48 | 110.84% | [Non-Recurring Gains and Losses Items and Amounts](index=2&type=section&id=Item%20%28II%29.%20Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) In the first three quarters of 2022, total non-recurring gains and losses amounted to **-RMB 4.32 million**, primarily due to a **RMB 5.45 million** contingent liability, partially offset by government subsidies and income tax effects Non-Recurring Gains and Losses Items and Amounts | Item | Year-to-Date Amount (RMB) | Description | | :--- | :--- | :--- | | Gains/Losses from Contingent Items Unrelated to Normal Operations | -5,445,000.00 | Primarily provision for litigation-related liabilities | | Government Subsidies Recognized in Current Period P&L | 479,915.31 | - | | **Total** | **-4,317,498.08** | - | [Analysis of Changes and Reasons for Key Financial Indicators](index=3&type=section&id=Item%20%28III%29.%20Analysis%20of%20Changes%20and%20Reasons%20for%20Key%20Financial%20Indicators) Significant changes in financial position and operating results were driven by private placement impacting assets and financing cash flow, **75.89%** revenue growth from e-commerce, and reduced operating cash flow - Balance sheet item changes were primarily influenced by private placement A-share stock fundraising, leading to significant increases in **monetary funds (+208.92%)**, **trading financial assets (+100%)**, and **capital reserves (+163.68%)**[9](index=9&type=chunk) - Total operating revenue increased by **75.89%** year-on-year, primarily due to increased group-buying and e-commerce channel business during the period[9](index=9&type=chunk) - Net cash flow from operating activities decreased by **660.46%** year-on-year, mainly due to a reduction in receivables collected compared to the same period last year[10](index=10&type=chunk) - Net cash flow from financing activities significantly increased by **723.17%** year-on-year, primarily due to proceeds from private placement A-share stock issuance received during the period[10](index=10&type=chunk) [Shareholder Information](index=4&type=section&id=Item%20II.%20Shareholder%20Information) This section details the company's shareholder structure, including the total number of shareholders, top ten shareholders' holdings, and changes in restricted shares [Shareholding Status of Shareholders](index=4&type=section&id=Item%20%28I%29.%20Total%20Common%20Shareholders%2C%20Voting%20Preferred%20Shareholders%2C%20and%20Top%20Ten%20Shareholders%27%20Holdings) As of the report period end, the company had **19,511** common shareholders; the controlling shareholders and actual controllers, the Lin family siblings, hold a significant combined stake, with some top ten shareholders having pledged shares - Total common shareholders at the end of the reporting period were **19,511**[11](index=11&type=chunk) - The company's controlling shareholders and actual controllers, Lin Dayao, Lin Dazhou, Lin Caihong, and Lin Daquan, are siblings; Lin Dayao is the largest shareholder, holding **19.28%** of shares[11](index=11&type=chunk)[12](index=12&type=chunk) - The largest shareholder, Lin Dayao, pledged **30,000,000** shares, and the second largest shareholder, Lin Dazhou, pledged **21,429,991** shares[11](index=11&type=chunk) [Changes in Restricted Shares](index=5&type=section&id=Item%20%28III%29.%20Changes%20in%20Restricted%20Shares) During the reporting period, the total number of restricted shares remained unchanged at **173,618,492**, primarily consisting of executive lock-up shares and private placement shares, with the latter expected to be unrestricted on October 26, 2022 - During the reporting period, the company's restricted share count remained unchanged, with a total of **173,618,492** restricted shares at period-end[14](index=14&type=chunk)[15](index=15&type=chunk) - Restricted shares primarily consist of two parts: executive lock-up shares held by actual controllers Lin Dayao, Lin Dazhou, and Lin Daquan; and private placement restricted shares involving multiple investment institutions such as Hainan Wenqin Private Equity and Nord Fund[14](index=14&type=chunk)[15](index=15&type=chunk) [Quarterly Financial Statements](index=6&type=section&id=Item%20IV.%20Quarterly%20Financial%20Statements) This section presents the company's consolidated quarterly financial statements, including the balance sheet, income statement, and cash flow statement, for the reporting period [Consolidated Balance Sheet](index=6&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of September 30, 2022, total assets reached **RMB 1.20 billion**, up **57.29%** from year-start, and equity attributable to parent company owners grew **110.84%** to **RMB 757 million**, primarily due to private placement proceeds Consolidated Balance Sheet | Key Item | September 30, 2022 (RMB) | January 1, 2022 (RMB) | Change Rate | | :--- | :--- | :--- | :--- | | Total Assets | 1,202,568,985.52 | 764,534,399.45 | 57.29% | | Total Liabilities | 419,825,757.24 | 380,065,476.12 | 10.46% | | Total Equity Attributable to Parent Company Owners | 756,512,433.48 | 358,808,701.75 | 110.84% | [Consolidated Income Statement (Year-to-Date)](index=8&type=section&id=2.%20Consolidated%20Income%20Statement%20%28Year-to-Date%29) In the first three quarters of 2022, total operating revenue reached **RMB 401 million**, a **75.89%** year-on-year increase, leading to a narrowed net loss of **RMB 10.49 million** and attributable net loss of **RMB 11.51 million** Consolidated Income Statement (Year-to-Date) | Key Item | Current Period Amount (2022 Q1-Q3) | Prior Period Amount (2021 Q1-Q3) | Change Rate | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 400,692,628.94 | 227,808,210.67 | 75.89% | | Operating Profit | -8,145,793.89 | -47,690,005.60 | 82.92% (Loss Narrowed) | | Total Profit | -13,519,363.69 | -48,866,526.84 | 72.33% (Loss Narrowed) | | Net Profit | -10,494,518.89 | -36,788,404.11 | 71.47% (Loss Narrowed) | | Net Profit Attributable to Parent Company Shareholders | -11,506,092.11 | -36,240,407.11 | 68.25% (Loss Narrowed) | [Consolidated Cash Flow Statement (Year-to-Date)](index=10&type=section&id=3.%20Consolidated%20Cash%20Flow%20Statement%20%28Year-to-Date%29) In the first three quarters of 2022, net cash flow from operating activities was **-RMB 151 million** due to reduced receivables, investing activities used **RMB 150 million** for wealth management and projects, while financing activities generated **RMB 376 million** from private placement, resulting in a **RMB 75.21 million** net increase in cash Consolidated Cash Flow Statement (Year-to-Date) | Item | Current Period Amount (2022 Q1-Q3) | Prior Period Amount (2021 Q1-Q3) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -150,761,090.75 | 26,899,695.56 | | Net Cash Flow from Investing Activities | -149,687,492.41 | -11,978,225.12 | | Net Cash Flow from Financing Activities | 375,609,464.25 | -60,273,805.74 | | Net Increase in Cash and Cash Equivalents | 75,205,842.59 | -45,399,149.05 |

Financial Performance - The company's operating revenue for the first half of 2022 was ¥220,742,886.41, representing a 32.12% increase compared to ¥167,076,735.71 in the same period last year[18]. - The net loss attributable to shareholders was ¥8,373,139.48, a slight improvement of 5.81% from a loss of ¥8,889,690.38 in the previous year[18]. - The net cash flow from operating activities was negative at ¥125,620,105.74, a significant decline of 930.05% compared to a positive cash flow of ¥15,134,102.21 in the same period last year[18]. - Total assets increased by 51.56% to ¥1,158,716,839.47 from ¥764,534,399.45 at the end of the previous year[18]. - The net assets attributable to shareholders rose by 111.90% to ¥760,317,253.24 from ¥358,808,701.75 at the end of the previous year[18]. - Basic and diluted earnings per share were both reported at -¥0.0236, an improvement of 12.59% from -¥0.0270 in the same period last year[18]. - The company's main business revenue for the first half of 2022 was CNY 203.55 million, a decrease from CNY 330.97 million in 2021, with a significant drop in direct store sales contributing to this decline[49]. - The revenue from the self-owned channel (group purchases) accounted for 61.95% of total sales in the first half of 2022, indicating a strong reliance on this sales channel[49]. - The gross profit margin for leather and footwear products was reported at 21.57%, with a slight increase of 0.20% year-on-year[71]. - The company reported a significant decrease in financial expenses by 32.96%, amounting to ¥4,664,368.66, attributed to reduced borrowing costs and increased interest income[68]. Market Strategy and Operations - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[3]. - The company operates in the leather goods industry, focusing on the research, design, production, and sales of leather products, with a significant presence in ODM for international brands[26]. - The company has established a multi-brand strategy with three proprietary brands: "Wanlima," "Saint Jack," and "COOME," catering to different market segments and consumer preferences[30]. - The company’s sales strategy includes direct sales, e-commerce, and agency channels, targeting both group purchasing and fashion consumer segments[31]. - The company aims to strengthen partnerships with renowned international brands to expand its market presence and product range[30]. - The company has established five main sales channels: group purchasing, direct sales, e-commerce, wholesale agents, and ODM, driving steady revenue growth[38]. - The company has invested 2.55 million yuan to establish a subsidiary, Hangzhou Yudao Technology Co., Ltd., to expand its e-commerce business and enhance cross-border e-commerce operations[44]. - The e-commerce department operates independently, focusing on online sales through platforms like Taobao, Tmall, JD.com, and Vipshop, leveraging the rapid growth of e-commerce[42]. - The company plans to continue expanding its sales network while avoiding market cannibalization among its direct and agent stores[45]. - The company is focusing on improving the operational efficiency of its direct sales channels due to rising rental and operational costs[47]. Product Development and Innovation - The company has a strong focus on developing customized products for group purchasing clients, particularly in specialized military and protective gear[40]. - The company aims to leverage its strengths in design, development, and production to enhance its competitive position in the market[38]. - The company is focusing on product innovation, particularly in the outdoor and sports categories, to capture a larger market share[81]. - The company has a robust R&D design capability, collaborating with international design teams to stay aligned with fashion trends and enhance product offerings[62]. - Research and development investment increased by 7.62% to ¥11,633,847.01, indicating a commitment to innovation and product development[68]. Financial Management and Investments - The company plans to use up to CNY 30,000 million of idle raised funds temporarily to supplement working capital[95]. - The total amount of raised funds is CNY 58,338.55 million, with CNY 2,692.64 million invested during the reporting period[91]. - The cumulative amount of raised funds invested to date is CNY 3,088.56 million, with no changes in the use of raised funds reported[91]. - The company has ongoing partnerships with various brands, focusing on expanding its product offerings in the skincare and fashion sectors[83]. - The company has committed to a stable profit distribution policy, emphasizing reasonable returns for investors while ensuring sustainable development[138]. Environmental and Social Responsibility - The company has implemented effective measures for waste gas, wastewater, and noise management during production, passing environmental inspections[132]. - There were no administrative penalties due to environmental issues during the reporting period, and the company upgraded equipment to achieve standard emissions[133]. - The company has gradually increased the proportion of biodegradable materials in sole materials to reduce environmental pollution[133]. - The company donated 1 million yuan to the Sichuan earthquake relief in 2008 and 200,000 yuan to the Dongguan Red Cross in 2017, demonstrating its commitment to social responsibility[135]. - During the COVID-19 pandemic, the company donated protective masks and disinfectants to various public safety departments[135]. Shareholder and Governance Matters - The company plans to issue shares and list on the ChiNext board, with commitments to long-term shareholding and compliance with relevant regulations[138]. - The profit distribution policy will take effect following the public offering and listing of shares[138]. - The company will ensure that the cash balance is sufficient for proposed cash dividends[139]. - The company will notify and announce any intended share reductions three trading days in advance[138]. - The company will strictly adhere to the regulations regarding the declaration of shareholding changes by its directors and senior management[138]. Legal and Compliance Issues - The company faced a lawsuit regarding the alleged infringement of a well-known product name, with a claim amounting to 50 million yuan[149]. - Other ongoing litigation cases during the reporting period involved amounts totaling 864.17 thousand yuan[150]. - The company did not engage in any significant related party transactions during the reporting period[151]. - There were no asset or equity acquisitions or sales involving related party transactions during the reporting period[152].

Financial Performance - The company's operating revenue for Q1 2022 was ¥121,806,872.85, representing a 17.01% increase compared to ¥104,097,960.63 in the same period last year[3] - The net profit attributable to shareholders decreased by 49.98% to ¥1,649,975.65 from ¥3,298,899.46 year-on-year[3] - The company reported a net loss of CNY 192,398,205.42, slightly improved from a loss of CNY 194,048,181.07 in the previous year[15] - The total profit for Q1 2022 was CNY 2,848,106.93, down 39.5% from CNY 4,706,965.26 in the same period last year[18] - Operating profit for Q1 2022 was CNY 2,558,367.47, a decline of 45.4% from CNY 4,687,676.05 in Q1 2021[18] - The company reported a total comprehensive income of CNY 2,601,077.99 for Q1 2022, down 22.5% from CNY 3,357,956.05 in the previous year[19] - Basic and diluted earnings per share for Q1 2022 were both CNY 0.005, compared to CNY 0.01 in Q1 2021[19] Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥11,895,768.07, a decline of 140.76% compared to ¥29,188,456.56 in the previous year[7] - The cash flow from operating activities showed a net outflow of CNY 11,895,768.07, compared to a net inflow of CNY 29,188,456.56 in Q1 2021[21] - Cash and cash equivalents at the end of the quarter were CNY 430,356,122.90, a substantial increase from CNY 35,906,965.42 at the beginning of the year[12] - Cash and cash equivalents at the end of Q1 2022 amounted to CNY 428,826,133.82, an increase from CNY 70,710,329.37 at the end of Q1 2021[22] - The total cash inflow from financing activities in Q1 2022 was CNY 510,527,103.29, significantly higher than CNY 61,000,000.00 in Q1 2021[22] Assets and Liabilities - Total assets increased by 60.73% to ¥1,228,815,850.22 from ¥764,534,399.45 at the end of the previous year[3] - Total current assets increased to CNY 966,119,354.97 from CNY 497,030,709.87 at the beginning of the year, representing a growth of 94.4%[13] - Total liabilities rose to CNY 840,345,348.90, compared to CNY 380,065,476.12 at the start of the year, indicating a significant increase of 109.9%[14] - The company's total liabilities increased significantly, with other payables rising by 3284.35% to ¥454,613,301.77 due to funds raised from issuing A-shares[6] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,163[9] Government Support - The company received government subsidies amounting to ¥140,784.29 during the reporting period[5] Revenue and Costs - Total operating costs for the first quarter amounted to CNY 121,120,449.11, up 18.4% from CNY 102,267,235.30 in the same period last year[17] - Gross profit for the first quarter was CNY 686,423.74, reflecting a decrease from the previous year's gross profit margin[17] - The company experienced a decrease in sales revenue, with cash received from sales of goods and services at CNY 54,121,180.04, down from CNY 154,467,889.69 in Q1 2021[20]

Financial Performance - The company reported a significant loss due to a decline in group purchasing sales, which accounted for 61.54% of total revenue in 2021, down from 76.53% in 2020 and 70.60% in 2019[5]. - Group purchasing sales amounted to 203.68 million yuan in 2021, a decrease from 261.67 million yuan in 2020 and 476.54 million yuan in 2019[5]. - The company's operating revenue for 2021 was ¥339,287,548.81, a decrease of 1.25% compared to ¥343,593,789.63 in 2020[23]. - The net profit attributable to shareholders was -¥130,952,249.05, an improvement of 9.82% from -¥145,205,499.79 in the previous year[23]. - The total assets at the end of 2021 were ¥764,534,399.45, down 27.44% from ¥1,053,633,083.92 at the end of 2020[23]. - The net assets attributable to shareholders decreased by 26.70% to ¥358,808,701.75 from ¥489,535,047.10 in 2020[23]. - The basic earnings per share for 2021 was -¥0.3972, an improvement of 14.65% from -¥0.4654 in 2020[23]. - The company reported a quarterly revenue of ¥111,479,338.14 in Q4 2021, with a net profit of -¥94,711,841.94[26]. - The company received government subsidies amounting to ¥2,412,217.70 in 2021, compared to ¥1,190,084.88 in 2020[29]. Market Trends and Industry Analysis - The overall industry is experiencing intensified competition, but the footwear and apparel sector remains a significant consumer industry with growth potential as the pandemic is effectively controlled[7]. - The leather goods industry in China is characterized by a low entry barrier and a highly competitive market, with many small and medium-sized enterprises present[35]. - In 2021, the revenue of the leather, fur, and footwear industry reached CNY 1,105.72 billion, with a year-on-year growth of 8.2%[43]. - The profit total for the leather goods industry in 2021 was CNY 57.74 billion, reflecting a year-on-year increase of 1.5%[43]. - The consumer spending on clothing and footwear in 2021 was CNY 1,384.2 billion, showing a year-on-year growth of 12.7%[47]. - The average disposable income per capita in China was CNY 35,128 in 2021, with a nominal growth of 9.1% year-on-year[47]. - The leather industry is currently facing challenges due to the impact of the COVID-19 pandemic, leading to reduced consumer spending and increased demand for medical protective supplies[47]. - The market for mid-to-high-end leather goods is rapidly growing, with brands like Wanlima and Belle International leading the segment[40]. - The overall leather industry sentiment index was reported at 89.42 in December 2021, indicating a cooling trend in the market[44]. Company Strategy and Operations - The company is focusing on risk management and strategies to address potential operational challenges in the future[9]. - The company has indicated a focus on expanding its market presence and enhancing product development strategies moving forward[33]. - The company is positioned to benefit from the "military-civilian integration" strategy, with single-soldier protective equipment expected to become a new growth driver[57]. - The company has developed multiple sales channels, including group purchasing, direct sales, e-commerce, and wholesale, with group purchasing showing strong growth potential[57]. - The company aims to enhance brand recognition and user interaction while rapidly achieving digital transformation to improve operational efficiency[59]. - The company has established a multi-brand structure with three proprietary brands and multiple agency brands, focusing on differentiated market needs[67]. - The company has signed exclusive online sales rights for AUPRES/欧珀莱 cosmetics on Douyin, enhancing its market presence in the beauty sector[66]. - The company aims to enhance its market coverage by rapidly expanding its wholesale agent channels, selecting high-quality agents based on operational efficiency and credibility[82]. - The company has integrated its online and offline channels through the acquisition of Chaoqi Technology, enhancing its e-commerce sales potential[79]. Product Development and Quality Control - The company emphasizes quality control by supervising external production processes and conducting strict quality inspections before products enter the warehouse[73]. - The company collaborates with well-known domestic and international suppliers, ensuring high production capacity and stable product quality[70]. - The company’s product offerings include a diverse range of bags, shoes, and accessories, with a focus on both self-production and external manufacturing partnerships[72]. - The company has a robust R&D team that aligns product launches with luxury brand timelines, enhancing market competitiveness[94]. - The procurement of raw materials is strictly controlled, with a focus on quality and compliance with international standards[96]. - The company aims to enhance its product technology and competitiveness through collaborations with universities and research institutions[101]. Financial Management and Investment - The company has committed to investing a total of ¥12,759,000 in the smart manufacturing upgrade project, with ¥12,029,700 already invested[157]. - The company plans to use up to ¥17,000,000 of idle fundraising for temporary working capital, with a usage period not exceeding 12 months[154]. - The company has experienced delays in project progress primarily due to the impact of the COVID-19 pandemic[157]. - The total amount raised from the issuance of convertible bonds was ¥180,290,000, with a net amount of ¥172,987,142.45 after deducting issuance costs[153]. - The company has temporarily used 50 million RMB of idle raised funds to supplement working capital, with a remaining balance of 169.9147 million RMB as of December 31, 2021[160]. Challenges and Risks - The company has identified risks related to economic fluctuations that could impact consumer demand for leather goods, emphasizing the need to enhance brand value to mitigate these risks[178]. - The company reported accounts receivable of 454.87 million, 405.24 million, and 247.21 million CNY at the end of 2019, 2020, and 2021, respectively, indicating a potential risk to cash flow and financial stability[182]. - The company will strengthen accounts receivable management and collection to improve capital turnover efficiency[183]. - The company has accumulated a rich supplier resource to mitigate the risk of raw material price fluctuations, which include leather, lining, and hardware accessories[184]. Store and Sales Channel Management - The company reported a total of 57 retail stores at the end of 2021, down from 85 at the beginning of the year, indicating a closure of 28 stores[84]. - The direct sales channel saw a reduction in profitability due to the impact of e-commerce and rising rental costs, leading to adjustments in underperforming stores[84]. - The company closed 29 stores during the reporting period, including 5 direct-operated and 24 franchised stores, due to insufficient foot traffic[108]. - The number of terminal stores decreased due to increased closures, impacting sales channels significantly[87]. - The company has adjusted its direct sales strategy by closing underperforming stores to improve overall operational efficiency and profitability[180].

Financial Performance - The company's operating revenue for the third quarter was ¥60,731,474.96, a decrease of 45.81% compared to the same period last year[3] - The net profit attributable to shareholders was -¥27,350,716.73, reflecting a decline of 99.61% year-on-year[3] - The basic earnings per share for the third quarter was -¥0.0830, down 89.93% year-on-year[3] - The weighted average return on equity was -5.86%, a decrease of 3.10% compared to the previous year[3] - The company reported a net loss of CNY 99,336,339.13 for the period, compared to a loss of CNY 63,095,932.02 in the previous year[17] - The net profit for Q3 2021 was -36,788,404.11 CNY, compared to -68,161,134.13 CNY in Q3 2020, showing an improvement of approximately 46% year-over-year[20] - Operating profit for Q3 2021 was -47,690,005.60 CNY, an improvement from -67,646,916.88 CNY in the same period last year[20] - The company reported a total comprehensive loss of -36,732,091.77 CNY for Q3 2021, compared to -68,062,746.05 CNY in Q3 2020[21] Cash Flow and Liquidity - The net cash flow from operating activities for the year-to-date was ¥26,899,695.56, an increase of 141.09% compared to the previous year[3] - The cash flow from operating activities generated a net amount of 26,899,695.56 CNY, a significant recovery from -65,468,950.87 CNY in the previous year[25] - Cash and cash equivalents decreased to CNY 32,994,521.93 from CNY 102,571,135.98 at the end of 2020, representing a decline of 67.8%[15] - Cash and cash equivalents at the end of Q3 2021 were 24,100,500.58 CNY, down from 66,249,111.20 CNY at the end of Q3 2020[25] Assets and Liabilities - Total assets decreased by 17.65% to ¥867,632,904.94 compared to the end of the previous year[4] - Total assets as of September 30, 2021, were CNY 867,632,904.94, down from CNY 1,053,633,083.92 at the end of 2020, a decrease of 17.6%[16] - Total liabilities decreased to CNY 388,166,888.73 from CNY 537,434,975.94, a reduction of 28%[17] - Total liabilities reached CNY 537,434,975.94, with current liabilities at CNY 534,348,202.67 and non-current liabilities at CNY 3,086,773.27[29] - The company's total equity decreased to CNY 479,466,016.21 from CNY 516,198,107.98, a decline of 7.1%[17] - The company's equity totaled CNY 516,198,107.98, with attributable equity to shareholders at CNY 489,535,047.10[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,380[10] - The company has a negative retained earnings of CNY -63,095,932.02, reflecting accumulated losses[30] Government Support and Expenses - The company reported a significant increase in government subsidies, with other income rising by 92.49% to ¥1,698,669.31[9] - Research and development expenses increased to 22,574,867.74 CNY from 17,983,430.05 CNY, reflecting a growth of approximately 25% year-over-year[20] - The company incurred financial expenses of 11,333,017.58 CNY, a decrease from 13,525,102.96 CNY in the previous year[20] Other Financial Metrics - The company experienced a 100% increase in lease liabilities due to the recognition of right-of-use assets under new leasing standards[9] - The total cash outflow from financing activities was 261,473,805.74 CNY, compared to 226,243,955.09 CNY in Q3 2020, indicating an increase in financing costs[25] - The report was not audited, which may affect the reliability of the financial data presented[31] - The company has a deferred tax asset of CNY 47,901,002.51, which could provide future tax benefits[28]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 167,076,735.71, representing a 5.54% increase compared to CNY 158,313,346.17 in the same period last year[21]. - The net profit attributable to shareholders of the listed company improved significantly to a loss of CNY 8,889,690.38, an 83.88% reduction from a loss of CNY 55,150,245.60 in the previous year[21]. - The net cash flow from operating activities turned positive at CNY 15,134,102.21, a substantial improvement of 112.62% from a negative cash flow of CNY -119,959,592.32 in the same period last year[21]. - The company's operating revenue for the reporting period was CNY 167,076,735.71, representing a year-on-year increase of 5.54% compared to CNY 158,313,346.17[68]. - The company's operating costs decreased by 1.06% to CNY 131,817,632.78 from CNY 133,226,254.66[68]. - The company's net loss for the first half of 2021 was CNY 15,342,432.93, compared to a net loss of CNY 54,557,207.43 in the first half of 2020, indicating an improvement in financial performance[200]. Assets and Liabilities - The total assets decreased by 10.42% to CNY 943,853,856.33 from CNY 1,053,633,083.92 at the end of the previous year[21]. - The company's current assets decreased to CNY 679,278,352.46 from CNY 789,385,105.87, reflecting a reduction of about 14%[193]. - The total liabilities decreased to CNY 436,304,702.13 from CNY 537,434,975.94, indicating a decline of approximately 18.8%[194]. - The company's cash and cash equivalents dropped significantly to CNY 36,530,928.50 from CNY 102,571,135.98, a decrease of around 64.3%[192]. - Accounts receivable decreased to CNY 360,708,238.48 from CNY 405,237,070.57, which is a reduction of about 11%[192]. - The company's total equity decreased to CNY 507,549,154.20 from CNY 516,198,107.98, a decrease of about 1.3%[195]. Revenue Sources and Sales Channels - The company's main business revenue is derived 71.89% from group purchasing, with significant contributions from government procurement[57]. - The company has established five major sales channels: group purchasing, direct sales, e-commerce, wholesale agents, and ODM, with group purchasing showing strong growth[56]. - The company's self-owned channel sales accounted for 71.89% of total revenue, while e-commerce sales increased to 21.99%, up from 14.92% in 2020, indicating a shift towards online sales[53]. - The group purchase channel has formed a stable customer base, primarily serving military and state-owned enterprises, with military clients being the largest segment[44]. - The company has a diversified sales model, including group purchases, direct sales, e-commerce, wholesale agents, and ODM, which has contributed to steady revenue growth[42]. Product Development and Market Strategy - The company operates in the leather goods industry, focusing on product design, manufacturing, and brand management, with major brands including "万里马," "Saint Jack," and "COOME"[28]. - The company has expanded its product line to include handbags, wallets, suitcases, shoes, and belts, along with fashion accessories like glasses and scarves[28]. - The company aims to enhance its competitive edge through quality upgrades in its product offerings[34]. - The company is focusing on sustainable product development, including eco-friendly packaging solutions[82]. - The company has a robust R&D design team that aligns product launches with luxury brand timelines, enhancing its market competitiveness[63]. Operational Efficiency and Cost Management - The company has implemented measures to control expenses and improve internal management systems to ensure reasonable spending[147]. - The company aims to enhance operational efficiency and reduce costs by introducing advanced production equipment and improving automation rates[147]. - The company has established stable relationships with well-known suppliers, ensuring high production capacity and stable product quality[38]. - The company has implemented effective measures for waste gas, wastewater, and noise management, achieving compliance with environmental standards[135]. Shareholder and Profit Distribution Policies - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company implements a stable profit distribution policy, with cash dividends not less than 20% of the distributable profit for the year[143]. - The company’s profit distribution proposal is subject to approval by the board and shareholders, ensuring transparency and independent opinions[144]. - The company emphasizes the importance of shareholder communication, particularly with minority shareholders, regarding profit distribution plans[145]. Challenges and Risks - The company faced challenges in project implementation due to the COVID-19 pandemic, leading to a decrease in delivery volume and a reduction in market demand for related products[104]. - The company faces risks from rising raw material prices, which could impact production costs and operations[120]. - The company acknowledges potential risks from macroeconomic factors, supply-demand relationships, and operational conditions that could impact business development[147]. Corporate Social Responsibility and Environmental Initiatives - The company has actively fulfilled its corporate social responsibility, donating 1 million yuan during the 2008 Sichuan earthquake and 200,000 yuan to the Dongguan Red Cross in 2017[139]. - The company has upgraded equipment and adopted advanced environmental protection systems to ensure standard emissions[136]. - The company has increased the proportion of biodegradable materials in sole materials to reduce environmental pollution[136].

Financial Performance - The company reported a significant loss due to the impact of the COVID-19 pandemic, with group purchase sales accounting for 76.53% of total revenue, leading to a backlog of products worth CNY 47.2158 million awaiting delivery as of December 31, 2020[5]. - The company's operating revenue for 2020 was ¥343,593,789.63, a decrease of 49.14% compared to ¥675,535,587.07 in 2019[22]. - The net profit attributable to shareholders in 2020 was -¥145,205,499.79, representing a decline of 705.05% from a profit of ¥23,998,807.09 in 2019[22]. - The net cash flow from operating activities was -¥4,495,280.53 in 2020, down 114.79% from ¥30,402,148.82 in 2019[22]. - The total assets at the end of 2020 were ¥1,053,633,083.92, a decrease of 17.10% from ¥1,270,991,770.48 at the end of 2019[22]. - The net assets attributable to shareholders decreased by 13.95% to ¥489,535,047.10 at the end of 2020 from ¥568,892,778.66 at the end of 2019[22]. - The basic earnings per share for 2020 was -¥0.4654, compared to ¥0.0769 in 2019, reflecting a decline of 705.20%[22]. - The company reported a significant increase in non-operating losses, with total non-recurring gains and losses amounting to ¥8,666,185.32 in 2020[28]. - The company has indicated uncertainty regarding its ability to continue as a going concern due to negative net profits in recent years[22]. Market Outlook - The footwear and apparel industry is expected to gradually recover as COVID-19 is effectively controlled and consumer confidence returns, indicating a positive outlook for the sector[6]. - The company is facing increasing competition in the industry, which is transitioning towards a survival of the fittest scenario[6]. - The overall industry faced intense competition, with the leather and footwear industry experiencing a 14.5% decline in operating revenue[76]. - The market for leather goods in China is expected to grow significantly as disposable income increases, providing substantial growth opportunities for the company[58]. - The company is positioned in a market where high-end products are more sensitive to economic cycles, while lower-priced products are less affected, indicating a diverse market strategy[59]. Business Strategy - The company continues to explore market expansion opportunities and new strategies to enhance its competitive position in the industry[6]. - The company plans to focus on new product development and market expansion strategies to improve future performance[22]. - The company has adopted an ODM model to produce handbags for internationally renowned enterprises and provides comprehensive e-commerce services through its subsidiary, Chaoqi Technology[32]. - The company has established a "3+N" multi-brand structure, consisting of three proprietary brands and multiple agency brands, to cater to different market segments[37]. - The company is focusing on expanding its product offerings through the ODM model, which involves developing and producing products based on specifications from foreign brand owners[51]. - The company aims to enhance brand image and service through effective marketing strategies and supply chain management[151]. - The company plans to invest in automation and smart upgrades in production to enhance efficiency and product quality[162]. Sales Channels - The company has formed five main sales channels: group purchasing, direct sales, e-commerce, wholesale agents, and ODM, driving steady revenue growth[45]. - The group purchasing business has a stable customer base, primarily in the military and state-owned enterprises, with military clients accounting for the largest share[45]. - The direct sales channel is focused on major urban centers, enhancing customer experience and brand image while expanding market share[47]. - The e-commerce channel has become a significant platform for sales, leveraging online marketplaces like Taobao, Tmall, and JD.com for product distribution[48]. - The company has established partnerships with various brands, including SUUNTO and ON, focusing on outdoor and sports products, with price ranges starting from 5000 RMB and 1400 RMB respectively[110]. Production and Inventory - The overall production capacity was affected by delayed resumption of work, resulting in a decrease in finished goods inventory compared to the previous year, which negatively impacted gross profit margins[6]. - The main raw material used in production is leather, predominantly cowhide, and the company employs an "order + forecast" procurement model for its materials[39]. - The company adopts a "order + forecast" production model, combining self-production and outsourcing to optimize capacity[42]. - The total inventory balance at the end of the period is ¥200,027,900, with a provision for inventory depreciation of ¥22,862,400[107]. - The company reported an increase in inventory in the e-commerce sector by 44.01% to 261,435 units due to the shift of sales from physical stores to online channels[92]. Research and Development - The company invested ¥3,273.86 million in R&D during the reporting period, representing 9.53% of total revenue[83]. - The company has established partnerships with universities and research institutions to enhance its R&D capabilities and accelerate the commercialization of technological innovations[83]. - The company is committed to continuous R&D investment to maintain its technological and product leadership in the industry, adapting to new customer demands[112]. - The company's R&D investment in 2020 amounted to ¥32,738,621.51, representing 9.53% of its operating revenue, a significant increase from 4.84% in 2019[114]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements related to future plans and performance forecasts[7]. - The company recognizes the risk of market demand fluctuations due to economic downturns and aims to enhance brand value to mitigate these risks[174]. - The company has established a strong supplier network to mitigate risks from raw material price fluctuations[180]. - The company has implemented measures to mitigate risks from various factors, including macroeconomic conditions and supply chain dynamics, to ensure business continuity[200]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[9]. - The company has not proposed any cash dividend distribution plan despite having positive profits available for distribution to ordinary shareholders[193]. - The company plans to distribute cash dividends amounting to at least 20% of the annual distributable profits, with a cumulative distribution of no less than 30% of the average annual distributable profits over three consecutive years[196]. - The company will provide detailed explanations for any decision not to distribute cash dividends, including the reasons and intended use of retained earnings[197].

Financial Performance - The company's revenue for Q1 2021 was ¥104,097,960.63, representing a 140.57% increase compared to ¥43,270,573.60 in the same period last year[9] - Net profit attributable to shareholders was ¥3,298,899.46, a significant turnaround from a loss of ¥28,234,946.76 in the previous year, marking an increase of 111.68%[9] - Basic earnings per share rose to ¥0.01 from a loss of ¥0.0835, indicating an increase of 111.98%[9] - The company achieved operating revenue of CNY 104,097,960.63, a year-on-year increase of 140.57% due to the recovery of orders after the impact of COVID-19[20] - Net profit attributable to shareholders was CNY 3,298,899.46, compared to a loss of CNY 28,234,946.76 in the same period last year, representing a year-on-year growth of 111.68%[20] - The net profit for Q1 2021 was CNY 3,379,040.13, a recovery from a net loss of CNY 29,208,192.07 in the previous year[50] - The net profit for the period was CNY 4,134,437.62, compared to a net loss of CNY 27,410,473.96 in the same period last year, indicating a turnaround in performance[54] Cash Flow - The net cash flow from operating activities improved to ¥29,188,456.56, compared to a negative cash flow of ¥38,611,447.40 in the same period last year, reflecting a 175.60% increase[9] - The company's cash inflow from operating activities totaled CNY 163,168,695.86, an increase of 89.02% compared to the previous year, primarily due to increased sales collections[19] - The cash flow from operating activities generated a net inflow of CNY 29,188,456.56, contrasting with a net outflow of CNY 38,611,447.40 in the prior period[59] - Total cash inflow from operating activities reached $156,148,023.66, compared to $68,990,328.97 in the prior period, indicating a growth of approximately 126%[61] - The net cash flow from operating activities was $32,156,658.97, a significant improvement from a net outflow of $42,932,344.11 in the previous period[61] Assets and Liabilities - Total assets decreased by 8.03% to ¥969,058,084.07 from ¥1,053,633,083.92 at the end of the previous year[9] - The company's current assets totaled CNY 708,948,606.70, down from CNY 789,385,105.87 at the end of 2020, indicating a decrease of about 10.1%[40] - The total liabilities decreased from CNY 537,434,975.94 to CNY 449,502,020.04, representing a reduction of about 16.4%[42] - The company's short-term borrowings were CNY 275,285,268.15, slightly down from CNY 285,285,268.15, a decrease of approximately 3.5%[42] - The total owner's equity remained stable at CNY 329,724,410.00, unchanged from the previous period[42] Inventory and Receivables - The company's accounts receivable at the end of 2021 Q1 amounted to 328,002.6 thousand CNY, representing 33.85% of total assets[23] - The company reported a decrease in accounts receivable from 454,123.8 thousand CNY at the end of 2018 to 328,002.6 thousand CNY at the end of 2021 Q1[23] - The company's inventory impairment provision increased by 248.13% to CNY 1,506,505.20, reflecting proactive measures to avoid inventory backlog during channel optimization[19] - Inventory also saw a decline, dropping from CNY 177,165,489.20 to CNY 156,595,228.67, which is a decrease of around 11.6%[40] Shareholder Information - The top shareholder, Lin Dayao, holds 24.64% of the shares, with a total of 81,235,700 shares, of which 60,926,775 are under pledge[12] - The company did not engage in any repurchase transactions during the reporting period[13] Government Support and Other Income - The company received government subsidies amounting to ¥1,412,600.00 during the reporting period[10] - The company reported a significant increase in other income, which rose by 2050.75% to CNY 1,439,268.79, mainly due to increased government subsidies[19] - The company received other income totaling CNY 1,380,416.02 during the period[53] Research and Development - The company has established a strong R&D team to better predict market trends and consumer preferences in the leather goods industry[26] - Research and development expenses for Q1 2021 were CNY 5,425,887.57, down from CNY 7,496,326.88 in the previous year[49] - The company incurred research and development expenses of CNY 4,565,973.70, slightly down from CNY 5,893,864.81 in the previous period[53] Risk Management - The company has identified risks related to raw material price fluctuations, which could impact production costs[25] - The company plans to enhance its core competitiveness and brand value to mitigate risks associated with economic fluctuations and group purchasing business volatility[22] - The company is actively integrating and managing the acquired entity, Super Qi Technology, to mitigate goodwill impairment risks[27] Compliance and Governance - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[34] - There were no violations regarding external guarantees during the reporting period[33] - The company did not conduct any research, communication, or interview activities during the reporting period[35]