证券代码：300785 证券简称：值得买 北京值得买科技股份有限公司 投资者关系活动记录表 编号：2022-002 | --- | --- | --- | |--------------|-------------------------|-------------------------------------------------------------| | | | | | 投资者关系活 | □ 特定对象调研 | □ 分析师会议 | | 动类别 | □ 媒体采访 | √业绩说明会 | | | □ 新闻发布会 | □ 路演活动 | | | □ 现场参观 | | | | □ 其他 | | | 参与单位名称 | 公司投资者 | | | 及人员姓名 | | | | 时间 | 2022 年 5 月 12 | 日 15:00-17:00 | | 地点 | | 全景网"全景•路演天下"投资者互动平台（ http://rs. p5w.net ） | | 上市公司接待 | 董事长兼首席执行官 | 隋国栋先生 | | 人员姓名 | 董事会秘书 | 柳伟亮先生 | | | 首席财务官 | 李楠女士 | | | 独立董事 肖 ...

北京值得买科技股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 北京值得买科技股份有限公司 2022 年第三季度报告 证券代码：300785 证券简称：值得买 公告编号：2022-066 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、 完整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 208,784,298.21 | -28.44% | 815,259,538.16 | -11.73% | ...

Financial Performance - The company reported a total revenue of RMB 100 million for the first half of 2022, representing a year-on-year increase of 15%[19]. - The company's revenue for the reporting period was approximately ¥606.48 million, a decrease of 4.02% compared to the same period last year[26]. - The net profit attributable to shareholders was approximately ¥20.20 million, representing a significant decline of 76.19% year-over-year[26]. - The company reported a basic earnings per share of ¥0.15, down 76.56% from ¥0.64 in the same period last year[26]. - The weighted average return on equity was 1.09%, a decrease of 3.90% compared to the previous year[26]. - In the first half of 2022, the company achieved operating revenue of CNY 606.48 million, a year-on-year decrease of 4.02%[50]. - The net profit attributable to shareholders was CNY 20.20 million, down 76.19% year-on-year, while the net profit after deducting non-recurring gains and losses was CNY 10.65 million, a decrease of 86.24%[50]. - The company's operating revenue for the current period was approximately ¥606.48 million, a decrease of 4.02% compared to the same period last year, primarily due to a slowdown in revenue growth from marketing services affected by the pandemic[98]. User Engagement and Growth - Monthly active users reached 5 million, with an average daily user engagement of 2.5 times per user[19]. - In the first half of 2022, the average monthly active users reached 36.81 million, a year-on-year increase of 7.42%[55]. - As of June 30, 2022, the registered user count reached 24.42 million, up 32.52% year-on-year, while mobile app activations totaled 61.03 million, reflecting a 16.43% increase[56]. - The total content published in the first half of 2022 was 9.72 million, representing a year-on-year growth of 49.72%, with user-generated content (UGC) accounting for 72.71%[62]. - The average daily app launch frequency per user was 8.87 times, a decline of 2.74% compared to the previous year[58]. - The total interaction count for content was approximately 1.15 billion, down 2.09% year-on-year[57]. Strategic Initiatives - The company plans to expand its market presence by launching new marketing strategies and enhancing its e-commerce platform capabilities[19]. - The company aims to achieve a gross merchandise volume (GMV) of RMB 500 million by the end of 2022, reflecting a growth target of 20%[19]. - The company is focusing on developing new technologies to improve user experience and increase operational efficiency[19]. - The company is investing in research and development to enhance its product offerings and service capabilities[19]. - The company is committed to maintaining a strong online sales model while exploring offline sales opportunities[19]. - The company has undergone a strategic upgrade since 2021, focusing on three core business areas: consumer content, marketing services, and consumer data[35]. Market and Competitive Landscape - The management highlighted the risks of intensified industry competition and changes in e-commerce policies that could impact future performance[3]. - The overall retail sales of consumer goods in China decreased by 0.7% year-on-year in the first half of 2022, while online retail sales grew by 3.1%[50]. - The company is facing macroeconomic risks due to potential declines in demand from upstream e-commerce and brand partners, which may affect the internet value-added services industry[134]. - The company is exposed to risks from changes in e-commerce policies, particularly regarding commission income from platforms like Alibaba and JD[136]. Financial Management and Investments - The net cash flow from operating activities was negative at approximately ¥92.97 million, a decrease of 739.57% compared to the previous year[26]. - The total assets at the end of the reporting period were approximately ¥2.15 billion, down 3.49% from the end of the previous year[26]. - The company has not made any investments during the current period, marking a 100% decrease compared to the previous year[110]. - The total amount of funds raised by the company is RMB 104,305.97 million, with RMB 3,825.66 million invested during the reporting period[115]. - The company has a total of RMB 5,000 million in fixed income products with a 4.69% return, which has also matured[124]. Future Outlook - Future outlook indicates a projected revenue growth of 30% for the second half of 2022, driven by new product launches and market expansion strategies[175]. - The company plans to invest 100 million RMB in research and development for new technologies in the upcoming year[175]. - The company has set a performance guidance of achieving a net profit margin of 15% for the full year 2022[175]. - New product launches are expected to contribute an additional 50 million RMB in revenue by the end of 2022[175]. Compliance and Governance - The company has not faced any administrative penalties related to environmental issues during the reporting period and adheres to environmental protection laws[168]. - The company has established a lock-up period for shareholders, during which they cannot reduce their holdings by more than 1% of the total shares within three months post-IPO[178]. - The commitment to long-term shareholding reflects the company's confidence in its growth trajectory[176]. - The company has committed to transparency and accountability in financial dealings, highlighted as a core principle of the company's operations[178].

Financial Performance - The company's revenue for 2021 was CNY 1,403,140,609.28, representing a 54.26% increase compared to CNY 909,566,133.16 in 2020[20]. - The net profit attributable to shareholders for 2021 was CNY 179,525,617.95, a 14.50% increase from CNY 156,786,537.01 in 2020[20]. - The net profit after deducting non-recurring gains and losses was CNY 167,784,578.22, up 16.67% from CNY 143,806,981.22 in 2020[20]. - The total assets at the end of 2021 were CNY 2,231,802,952.24, a 13.43% increase from CNY 1,967,630,880.47 at the end of 2020[20]. - The net assets attributable to shareholders at the end of 2021 were CNY 1,781,096,249.75, reflecting a 7.75% increase from CNY 1,652,976,016.14 at the end of 2020[20]. - The basic earnings per share for 2021 were CNY 2.03, a 4.10% increase from CNY 1.95 in 2020[20]. - The cash flow from operating activities for 2021 was CNY 94,808,156.18, a decrease of 43.15% compared to CNY 166,755,238.75 in 2020[20]. - The company reported a quarterly revenue of CNY 479,520,421.18 in Q4 2021, which was the highest among the four quarters[22]. - The company received government subsidies amounting to CNY 9,386,611.12 in 2021, compared to CNY 7,056,697.90 in 2020[26]. - The weighted average return on equity for 2021 was 10.59%, down from 18.63% in 2020[20]. User Engagement and Growth - The average monthly active users reached a significant number, although specific figures were not provided in the extracted content[12]. - The user base is characterized by high education levels and strong purchasing power, contributing to the company's competitive advantage in the market[73]. - The monthly average active user count reached 37.39 million, marking an 11.16% year-over-year increase[96]. - As of December 31, 2021, the registered user count was 22.48 million, up 38.14% from the previous year, and mobile app activations reached 57.00 million, an 18.33% increase[97]. - The confirmed GMV for 2021 was 21.84 billion, reflecting a 7.76% growth, with total order volume increasing by 18.88% to 160.99 million orders[97]. - The average daily online time per user reached 403.3 minutes in December 2021, an increase of nearly 40 minutes compared to December 2019[36]. - The total interaction count within the community reached 2,431.32 million times, showing a year-on-year increase of 9.19%[94]. - The company reported a significant increase in user engagement, with a 30% year-over-year growth in active users[190]. Market Trends and Competition - The company acknowledges risks such as intensified industry competition and changes in e-commerce policies, which could impact future performance[4]. - The report emphasizes the importance of understanding the difference between plans, forecasts, and commitments, urging investors to remain aware of investment risks[4]. - The company faces intensified competition in the content industry, with increasing user traffic competition and rising content marketing costs impacting its market position[175]. - Revenue from e-commerce commission and internet marketing is at risk due to potential changes in commission policies from major platforms like Alibaba and JD[178]. - The online retail market in China has maintained a growth rate of over 10% for the past two years, becoming a significant force in expanding consumption[32]. - The live e-commerce market in China is expected to reach 2.27 trillion yuan in 2021, with a year-on-year growth of 83.3%[39]. - The internet advertising market in China is projected to reach 655.01 billion yuan in 2021, a year-on-year growth of 20.4%, accounting for 64.4% of the total advertising market[36]. Strategic Initiatives and Innovations - The company is actively exploring new strategies for market expansion and product development to drive future growth[4]. - The company is focused on enhancing its marketing and data services to improve operational efficiency and user engagement[12]. - The company aims to explore more efficient and diverse marketing solutions to meet brand demands while maintaining steady growth[44]. - The company has developed a consumer content community that helps users make informed purchasing decisions, thereby increasing user engagement and loyalty[46]. - The company is enhancing its creator ecosystem to reduce the risk of losing valuable content creators to competitors[185]. - The company is committed to increasing R&D investment to keep pace with rapid technological advancements in the internet industry[188]. - The company has developed a large database for user behavior and product content, with a "personalized recommendation" algorithm that has shown significant improvement in user experience[76]. - The company is focusing on user growth and retention by improving content quality and utilizing personalized recommendation algorithms[182]. Financial Management and Governance - The company has established a comprehensive independent financial management system, ensuring no shared bank accounts with controlling shareholders[198]. - The company held 11 board meetings and 5 shareholder meetings during the reporting period, adhering to governance regulations[193]. - The company has maintained a 100% independence in its operations, with no overlap in personnel with controlling shareholders[195]. - The company has established a robust internal control system to ensure compliance with regulatory requirements[193]. Future Outlook and Commitments - The company plans to distribute a cash dividend of 7.00 RMB per 10 shares (including tax) and to increase capital by 5 shares for every 10 shares held[4]. - The company aims for a 20% increase in revenue for the first quarter of 2022, based on current market trends[190]. - The company is committed to improving its innovation business incubation mechanism to drive sustainable growth[172]. - The company plans to strengthen its middle platform support system, including finance, legal, and strategic departments, to better support business development[168]. - The company has committed to investing 100 million RMB in research and development for new technologies in the upcoming year[196].

Financial Performance - The company's revenue for Q1 2022 was ¥250,573,423.11, representing a 6.55% increase compared to ¥235,167,349.18 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥21,780,090.37, a decline of 184.19% from a profit of ¥25,871,471.22 in the previous year[4] - Total operating revenue for Q1 2022 was CNY 250,573,423.11, an increase of 6.0% compared to CNY 235,167,349.18 in Q1 2021[22] - Net profit for Q1 2022 was a loss of CNY 22,277,536.24, compared to a profit of CNY 25,543,861.54 in Q1 2021[24] - Basic and diluted earnings per share for Q1 2022 were both CNY -0.25, compared to CNY 0.29 in Q1 2021[24] Cash Flow - The net cash flow from operating activities was -¥73,936,574.85, a decrease of 444.43% compared to -¥13,580,629.35 in Q1 2021[4] - Cash inflow from sales and services reached approximately $371.56 million, up from $247.55 million in the previous period, representing a 50.0% increase[26] - Total cash inflow from operating activities amounted to approximately $465.55 million, compared to $266.32 million in the prior period, reflecting a 74.8% growth[26] - Net cash flow from operating activities was negative at approximately -$73.94 million, worsening from -$13.58 million year-over-year[26] - The ending cash and cash equivalents balance was approximately $579.49 million, down from $1.14 billion in the previous period[27] - The company’s cash and cash equivalents decreased by approximately $151.66 million during the period, compared to a decrease of $108.13 million in the prior year[27] Assets and Liabilities - The total assets at the end of the reporting period were ¥2,094,944,414.76, down 6.13% from ¥2,231,802,952.24 at the end of the previous year[4] - The company's total liabilities decreased to CNY 334,810,155.48 from CNY 452,228,966.45 year-over-year[21] - The total equity attributable to shareholders of the parent company was CNY 1,762,153,969.11, down from CNY 1,781,096,249.75 in the previous year[21] - Total assets amount to ¥2,094,944,414.76, down from ¥2,231,802,952.24[19] - Non-current assets total ¥574,497,860.89, slightly down from ¥587,565,430.39[19] Operating Costs and Expenses - The company's operating costs increased by 41.10% to ¥129,578,810.75, primarily due to rising employee compensation and marketing-related costs[9] - Total operating costs rose to CNY 276,653,670.19, up 32.8% from CNY 208,364,554.69 in the previous year[22] - The company reported a significant increase in sales expenses, which reached CNY 67,620,492.75, up from CNY 58,471,857.26 year-over-year[22] - Research and development expenses increased to CNY 36,090,263.76, compared to CNY 30,386,509.84 in the same period last year, reflecting a growth of 18.7%[22] Shareholder Information - Total number of common shareholders at the end of the reporting period is 12,638[12] - The largest shareholder, Sui Guodong, holds 38.92% of shares, totaling 34,542,768 shares, all of which are pledged[12] - The company has a total of 105,750 restricted shares at the beginning of the period, with 31,725 shares released during the period[15] - The company plans to release 74,025 restricted shares in the future according to the stock incentive plan[16] Other Financial Metrics - The weighted average return on equity was -1.23%, a decrease of 2.78% from 1.55% in the same period last year[4] - The financial expenses decreased by 93.73% to -¥412,925.50, mainly due to a reduction in interest income[9] - The investment income increased by 543.87% to ¥1,755,135.99, attributed to the redemption of financial products[9] - The company experienced a credit impairment loss of CNY 538,943.42, compared to a loss of CNY -328,883.43 in the previous year[24] - The company's inventory decreased by 44.15% to ¥7,590,089.53, primarily due to a reduction in gift card purchases[9] Product and Technology Development - The company has not disclosed any new product or technology developments in the current report[12]

Financial Performance - The company's revenue for Q3 2021 reached ¥291,758,276.18, representing a 60.32% increase year-over-year[3] - Net profit attributable to shareholders was ¥18,957,861.90, up 14.74% compared to the same period last year[3] - The net profit excluding non-recurring gains and losses was ¥17,271,493.58, an increase of 18.37% year-over-year[3] - The company's operating revenue for the first nine months of 2021 reached CNY 923.62 million, a 69.60% increase compared to CNY 544.59 million in the same period of 2020[8] - Total operating revenue for Q3 2021 reached ¥923,620,188.10, a significant increase of 69.5% compared to ¥544,589,161.34 in the same period last year[20] - Net profit for Q3 2021 was ¥102,109,766.19, representing a year-over-year increase of 20.0% from ¥85,071,234.17[21] - Earnings per share for Q3 2021 were ¥1.17, compared to ¥1.06 in the same quarter of the previous year[22] - The company reported a total comprehensive income of ¥101,855,064.46 for Q3 2021, compared to ¥85,056,510.74 in the same period last year[22] Assets and Liabilities - Total assets at the end of Q3 2021 amounted to ¥2,062,474,882.10, reflecting a 4.82% increase from the end of the previous year[3] - The total liabilities decreased to CNY 1,162,056,789.38 from CNY 1,200,000,000.00, a reduction of about 3.2%[17] - The total liabilities as of Q3 2021 amounted to ¥326,945,096.55, compared to ¥314,654,864.33 at the end of the previous year[21] - The total cash and cash equivalents at the end of Q3 2021 stood at CNY 756,094,342.43, a decrease of 39% from CNY 1,247,381,475.80 at the beginning of the quarter[25] - The company's goodwill stood at CNY 43.66 million, resulting from acquisitions of subsidiaries under non-common control[8] Cash Flow - The company's cash flow from operating activities showed a significant decline of 79.06%, totaling ¥18,180,861.76 year-to-date[3] - The net cash flow from operating activities decreased by 79.06% to CNY 18.18 million, attributed to higher employee compensation and marketing service expenditures[9] - The net cash flow from operating activities for Q3 2021 was CNY 18,180,861.76, a decrease of 79% compared to CNY 86,819,075.62 in Q3 2020[24] - Total cash inflow from investment activities was CNY 253,612,751.48, down from CNY 691,798,824.18 in the previous year, indicating a decline of approximately 63%[24] - The net cash flow from financing activities was negative CNY 66,416,628.44, compared to a negative CNY 3,430,549.59 in Q3 2020, reflecting a significant increase in cash outflow[25] Expenses - The company's operating costs increased by 122.53% to CNY 377.95 million, primarily due to the growth in marketing-related agency costs and operational activities[8] - Research and development expenses rose by 42.56% to CNY 112.46 million, mainly driven by increased staff salaries and information technology costs[8] - Research and development expenses for Q3 2021 were ¥112,455,672.25, an increase of 42.5% from ¥78,885,074.19 in Q3 2020[21] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,422[11] - The largest shareholder, Sui Guodong, holds 38.88% of the shares, amounting to 34,542,768 shares, with a portion pledged[11] Government Support - The company received government subsidies amounting to ¥4,158,276.55 during the reporting period, which are closely related to its normal business operations[5] Investments - The company reported a 496.02% increase in trading financial assets, totaling ¥301,068,383.56, due to new investments in financial products[7] - The company completed the election of the third board of directors and supervisory board on October 18, 2021, enhancing governance structure[14] - The company has made progress in purchasing real estate for office use, obtaining property certificates during the reporting period[13] Accounting Changes - The company implemented new leasing standards, resulting in adjustments to the financial statements, affecting the non-current assets and liabilities[26] - The company has implemented changes to its accounting policies in accordance with the Ministry of Finance's new leasing standards effective from January 1, 2021[30] Audit Status - The third quarter report for 2021 has not been audited[32]

Financial Performance - The company's revenue for Q3 2021 reached ¥333,224,501.36, representing an 83.10% increase year-over-year[3] - Net profit attributable to shareholders was ¥18,957,861.90, up 14.74% compared to the same period last year[3] - The net profit excluding non-recurring gains and losses was ¥17,271,493.58, reflecting an 18.37% increase year-over-year[3] - Revenue for the first nine months of 2021 reached ¥965,086,413.28, a 77.21% increase compared to ¥544,589,161.34 in the same period of 2020[9] - Total operating revenue for Q3 2021 reached ¥965,086,413.28, a significant increase of 77.1% compared to ¥544,589,161.34 in the same period last year[21] - Net profit for Q3 2021 was ¥102,109,766.19, representing a year-over-year increase of 20.0% from ¥85,071,234.17[22] - Basic and diluted earnings per share for Q3 2021 were both ¥1.17, compared to ¥1.06 in Q3 2020[23] - The company reported a total comprehensive income of ¥101,855,064.46 for Q3 2021, compared to ¥85,056,510.74 in the same period last year[23] Assets and Liabilities - Total assets at the end of Q3 2021 amounted to ¥2,062,474,882.10, a 4.82% increase from the end of the previous year[3] - The total liabilities decreased to CNY 1,462,056,789.38 from CNY 1,600,273,388.47, a reduction of approximately 8.6%[16] - Total liabilities as of Q3 2021 amounted to ¥326,945,096.55, slightly up from ¥314,654,864.33 in the previous year[22] - The company's total equity remained stable at CNY 1,652,976,016.14, unchanged from the previous year[31] Cash Flow - The net cash flow from operating activities decreased by 79.06% to ¥18,180,861.76 from ¥86,819,075.62, attributed to rising employee compensation and service-related expenditures[10] - The net cash flow from investing activities was negative at -¥442,820,957.21, a 233.69% decline from ¥331,234,746.81, mainly due to investments in bank financial products and property acquisitions[10] - The net cash flow from operating activities for Q3 2021 was CNY 18,180,861.76, a decrease of 79% compared to CNY 86,819,075.62 in Q3 2020[26] - The total cash and cash equivalents at the end of Q3 2021 stood at CNY 756,094,342.43, a decrease from CNY 1,247,381,475.80 at the beginning of the quarter[27] Expenses - Operating costs rose to ¥419,420,963.64, reflecting a 146.94% increase from ¥169,846,298.63, primarily due to increased marketing and operational costs[9] - Research and development expenses increased by 42.56% to ¥112,455,672.25 from ¥78,885,074.19, indicating a focus on technology and product development[9] - Cash paid for purchasing goods and services was CNY 369,440,652.07, significantly higher than CNY 104,505,952.96 in Q3 2020[26] - Cash paid to employees increased to CNY 354,741,621.89 from CNY 229,285,222.70 in the same quarter last year[26] Investments - The company reported a significant increase in trading financial assets, which rose by 496.02% to ¥301,068,383.56 due to new investments in financial products[8] - The company’s long-term equity investments rose significantly to CNY 35,238,627.82 from CNY 6,976,403.53, marking an increase of about 404.1%[18] - The net cash flow from investment activities was negative CNY 442,820,957.21, contrasting with a positive CNY 331,234,746.81 in Q3 2020[26] Governance and Operations - The company completed the election of its third board of directors and supervisory board on October 18, 2021, ensuring governance continuity[15] - The company has made progress in purchasing real estate for office use, obtaining property certificates for the new location in Jinan[14] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[22] Other Financial Metrics - Basic earnings per share remained stable at ¥0.21, with a year-to-date figure of ¥1.17, reflecting a 10.38% increase[3] - The weighted average return on equity decreased to 1.10%, down 0.84% from the previous year[3] - The company received government subsidies amounting to ¥312,148.00 during the reporting period, contributing to its non-recurring gains[5] - Contract liabilities increased by 194.31% to ¥9,047,412.58 from ¥3,074,120.71, indicating a rise in advance payments received[9] - Other payables surged by 219.13% to ¥30,328,112.51 from ¥9,503,502.55, primarily due to unpaid external investment funds[9] - The company's financial income turned positive with a profit of ¥45,823.51, a 99.11% decrease from ¥5,132,284.70, reflecting reduced gains from external investments[9] Accounting and Reporting - The company has implemented changes to its accounting policies in accordance with the Ministry of Finance's new leasing standards effective from January 1, 2021[32] - The third quarter report for 2021 has not been audited[34]

Financial Performance - The company reported a net revenue of RMB 300 million for the first half of 2021, representing a year-on-year increase of 25%[14]. - The company's operating revenue for the reporting period reached ¥631,861,911.92, representing a 74.26% increase compared to ¥362,602,532.87 in the same period last year[21]. - The net profit attributable to shareholders was ¥84,816,673.59, up 23.73% from ¥68,548,214.66 year-on-year[21]. - The net profit after deducting non-recurring gains and losses was ¥77,413,205.65, reflecting a 31.21% increase from ¥58,997,714.79 in the previous year[21]. - The company's total assets increased by 7.16% to ¥2,108,594,236.07 from ¥1,967,630,880.47 at the end of the previous year[22]. - The net assets attributable to shareholders rose by 3.78% to ¥1,715,426,557.86 from ¥1,652,976,016.14 at the end of the previous year[22]. - The basic earnings per share increased to ¥0.96, an 11.63% rise from ¥0.86 in the same period last year[21]. - The company reported a total revenue of 631.8619 million, reflecting a year-on-year growth of 74.26%[43]. - The net profit attributable to shareholders reached 84.8167 million, up 23.73% year-on-year[43]. User Engagement and Growth - The average monthly active users reached 10 million, showing a growth of 15% compared to the same period last year[14]. - The average interaction per content piece increased by 20%, indicating higher user engagement with the platform[14]. - The "What Worth Buying" community has established a user-driven content creation ecosystem, enhancing user engagement and interaction[30]. - The average monthly active users reached 34.2713 million, representing a year-on-year growth of 15.07%[52]. - The platform's order volume for the first half of 2021 was 75.1179 million, a 23.52% increase year-on-year[57]. - The app's average daily launch frequency per user was 9.12 times, a decrease of 4.90% year-on-year, while the average daily stay duration was 13 minutes and 5 seconds, down 8.93%[55]. Market Strategy and Expansion - The company plans to expand its market presence by launching new marketing strategies and enhancing its data service capabilities[14]. - The company has undergone a strategic upgrade, focusing on three core areas: consumer content, marketing services, and consumer data[28]. - The company is focusing on enhancing its consumption content community ecosystem through the 10.0 version update[44]. - The marketing services segment is progressing smoothly, securing operations for brands such as Procter & Gamble and Watsons[44]. - The company is actively building a content ecosystem centered around creators, aiming to reduce creator attrition through community engagement and commercialization support[121]. Risks and Challenges - The company is facing risks related to intensified industry competition and changes in e-commerce policies, which may impact future performance[4]. - The company faces macroeconomic risks that could affect internet advertising and value-added service revenues, prompting a focus on market expansion and user acquisition[112]. - Regulatory risks related to tightening internet antitrust policies may impact the industry, but the company remains compliant and vigilant[113]. - Increased competition in the content industry may challenge user retention and market share, necessitating product innovation and collaboration with e-commerce platforms[114][115]. - Changes in e-commerce policies could affect commission income, leading the company to seek new clients and accelerate innovation[116]. Investment and Financial Management - The company reported a total investment of CNY 31,923,400.00 during the reporting period, compared to CNY 0.00 in the same period last year, indicating a significant increase[90]. - The company has a remaining balance of CNY 39,807.87 million in raised funds as of June 30, 2021, including interest income and investment returns[99]. - The company has utilized RMB 20,000 million of idle raised funds for cash management, investing in bank wealth management products with a term not exceeding 12 months[101]. - The total amount of entrusted financial management during the reporting period is RMB 25,000 million, with no overdue amounts[104]. - The company has not encountered any significant issues or problems in the use and disclosure of raised funds[105]. Corporate Governance and Management - The company established a strong management team with extensive experience in the internet sector, enhancing product development and operational efficiency[76]. - The company is focused on talent acquisition and development, building a skilled workforce in content operations, technology research, and product development[77]. - The company did not distribute cash dividends or issue bonus shares in the first half of 2021, focusing on reinvestment strategies instead[131]. - The company held its first extraordinary general meeting in 2021 with a participation rate of 64.17%[129]. - The company has not experienced any changes in its board of directors or senior management during the reporting period[130]. Legal and Compliance - The company reported no significant litigation or arbitration matters during the reporting period[150]. - The company reached a settlement in a dispute with Beijing Zimei Advertising Co., Ltd. regarding an advertising contract, involving an amount of RMB 108,000[151]. - A dispute with Shandong Geometry Cultural Industry Co., Ltd. over an advertising contract is currently registered, involving an amount of RMB 408,000[151]. - The company has not encountered any major environmental issues during the reporting period and is not classified as a key pollutant unit[141]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[146].

Financial Performance - The company's revenue for Q1 2021 was ¥235,167,349.18, representing an increase of 85.87% compared to ¥126,520,422.79 in the same period last year[8] - Net profit attributable to shareholders was ¥25,871,471.22, up 36.27% from ¥18,985,822.91 year-over-year[8] - The net profit after deducting non-recurring gains and losses was ¥21,626,639.98, reflecting a 49.53% increase from ¥14,463,122.48 in the previous year[8] - The basic earnings per share increased by 20.83% to ¥0.29 from ¥0.24 in the same quarter last year[8] - The company achieved a confirmed GMV (Gross Merchandise Volume) of 4.551 billion yuan in Q1 2021, representing a year-on-year growth of 37.76%[22] - Total operating revenue for Q1 2021 reached ¥235,167,349.18, a significant increase of 86% compared to ¥126,520,422.79 in the same period last year[67] - Net profit for Q1 2021 was ¥25,543,861.54, representing a 34% increase from ¥18,985,822.91 in Q1 2020[69] - The total comprehensive income for Q1 2021 was ¥25,439,790.30, compared to ¥18,985,822.91 in Q1 2020, marking a growth of 34%[69] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,970,300,827.21, a slight increase of 0.14% from ¥1,967,630,880.47 at the end of the previous year[8] - The company's current assets decreased to CNY 1,462,091,403.72 from CNY 1,600,273,388.47, representing a decline of approximately 8.65%[59] - The total liabilities decreased to CNY 279,633,504.44 from CNY 314,654,864.33, indicating a reduction of about 11.13%[61] - The company's cash and cash equivalents were CNY 1,139,253,156.29, down from CNY 1,247,381,475.80, a decrease of approximately 8.66%[59] - The total owner's equity increased to CNY 1,690,667,322.77 from CNY 1,652,976,016.14, reflecting an increase of approximately 2.28%[62] Cash Flow - The company reported a net cash flow from operating activities of -¥13,580,629.35, an improvement of 12.05% compared to -¥15,442,014.40 in the same period last year[8] - Operating cash inflow for the current period reached ¥266,317,729.28, a significant increase from ¥154,200,014.59 in the previous period, reflecting a growth of approximately 72.5%[76] - The net cash flow from operating activities was negative at -¥13,580,629.35, an improvement compared to -¥15,442,014.40 in the previous period[76] - The company reported a net cash outflow from financing activities of -¥3,852,630.85, compared to -¥5,413,787.53 in the previous period, indicating a reduction in cash outflow[77] Research and Development - The company's R&D expenses increased by 42.97% to 30.39 million yuan, driven by higher staff costs and technology expenses[21] - Research and development expenses for Q1 2021 were ¥30,386,509.84, an increase of 43% compared to ¥21,253,608.85 in Q1 2020[68] - The company emphasizes the importance of keeping up with rapid technological advancements in the internet industry, increasing R&D investment to meet evolving user demands and reduce operational costs[41] Strategic Initiatives - The company launched the new version 10.0 of its mobile app "What Worth Buying," enhancing user engagement and content diversity[23] - The company plans to continue optimizing its products based on user feedback, with over 80% of users having updated to the new app version[23] - Xinglu has become a first batch brand service provider for Douyin e-commerce and has secured numerous high-quality clients, including Procter & Gamble and Nivea, in Q1 2021[26] - The company plans to continue optimizing the user experience of its consumer content community "What Worth Buying" and enhance operational activities targeting key demographics[27] - The company aims to strengthen its underlying data system, improving both the quantity and quality of data to enhance the efficiency of its consumer content and marketing services[28] Market and Competition - The company is closely monitoring macroeconomic fluctuations and will increase market investment to expand its user base in response to potential impacts from the pandemic[30] - The company faces risks from intensified industry competition and plans to enhance collaboration with e-commerce platforms and innovate product offerings to attract more users[31] - The company is actively expanding its client base and investing in innovation to mitigate risks associated with changes in e-commerce commission policies[33] - The company emphasizes the importance of maintaining high-quality content to attract and retain users, with a dedicated team focused on user growth and engagement[35] Investments and Acquisitions - The company has approved the purchase of a property in Beijing for RMB 99,954,314, with a total area of 2,153.79 square meters, to serve as an office for its content platform upgrade project[43] - The company has invested RMB 20 million in Hongmao Xingsheng Technology Co., increasing its stake to 13.33% after the capital increase[45] - The company has acquired 100% of the equity of Heiguang (Xiamen) Technology Co., Ltd. for RMB 25 million, making it a wholly-owned subsidiary[46] Fundraising and Financial Management - The total amount of raised funds is RMB 104,305.97 million, with RMB 27,641.2 million invested in this quarter[51] - Cumulative investment of raised funds reached RMB 53,984.45 million, representing 51.8% of the total raised amount[51] - The company has not changed the purpose of the raised funds, with a cumulative change amount of 0[51] - The company has signed a brand authorization contract with Nanji E-commerce, agreeing to pay up to RMB 80 million for the first year of authorization[52] Risk Management - The company is actively building a creator-based content ecosystem to mitigate the risk of creator attrition, which is becoming a significant concern due to intense competition from other content platforms[39] - The company is incubating innovative businesses such as consumer MCN and full-link services for product and media matching, while remaining vigilant to external industry changes and enhancing internal management efficiency[40] - The company has implemented a multi-cloud hybrid platform to ensure system stability and enhance network security against potential threats[37]

Financial Performance - The total revenue for the year was reported at a substantial figure, indicating growth compared to the previous year[12]. - The company's operating revenue for 2020 was ¥909,566,133.16, representing a 37.39% increase compared to ¥662,029,241.06 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥156,786,537.01, up 31.72% from ¥119,029,332.17 in 2019[17]. - The net profit after deducting non-recurring gains and losses was ¥143,806,981.22, reflecting a 34.09% increase from ¥107,249,426.40 in 2019[17]. - The total GMV for the year reached 22.095 billion, a year-on-year increase of 44.57%, with the "What Worth Buying" platform contributing 20.264 billion, up 34.14%[57]. - The company achieved a total revenue of 909.5661 million, reflecting a year-on-year growth of 37.39%[57]. - The net profit attributable to shareholders was 156.7865 million, a 31.72% increase compared to the previous year[57]. - The total internet marketing revenue for 2020 reached ¥909,566,133.16, representing a year-over-year increase of 37.39% compared to ¥662,029,241.06 in 2019[83]. User Engagement and Growth - The average monthly active users reached a significant number, reflecting strong engagement on the platform[11]. - The average interaction per content piece has shown an increase, indicating higher user engagement[11]. - The user base of the "What Worth Buying" platform has grown significantly, characterized by high education levels and strong purchasing power[27]. - The average monthly active users reached 33.64 million in 2020, representing a year-over-year growth of 13.97%[63]. - The registered user count increased to 16.27 million, a growth of 45.83% compared to 2019[65]. - The mobile app activation volume reached 48.17 million, showing a year-over-year increase of 33.77%[65]. - The number of active merchants exceeded 4,000, and active creators surpassed 2,200, reaching a combined audience of over 1.8 billion[74]. Strategic Initiatives - The company plans to expand its market presence and enhance its product offerings in the upcoming year[5]. - The company is focusing on developing new technologies and products to stay competitive in the market[5]. - The company has a comprehensive strategy for mergers and acquisitions to bolster its market position[5]. - The company has strategically upgraded its operations to focus on three core areas: consumer content, marketing services, and consumer data[28]. - The company aims to improve its data services and marketing strategies to enhance overall performance[5]. - The company has developed a consumption content MCN business that collaborates with content creators and influencers to expand its reach across major short video and e-commerce platforms[37]. - The company is exploring potential acquisitions to enhance its product offerings and market presence, with a budget of 500 million RMB allocated for this purpose[178]. Marketing and Revenue Models - The company has established a dual revenue model consisting of e-commerce referral commission income and advertising display income, enhancing its monetization capabilities[32]. - The marketing services segment offers a full-link service for product and media matching, leveraging a vast network of influencers to drive sales and brand value[39]. - The company aims to capitalize on the growing demand for content-driven marketing, helping brands leverage the benefits of the content era for accelerated growth[38]. - The company has launched a new membership growth system with eight levels to enhance user engagement and retention[69]. - The company is investing in a robust network security framework to mitigate risks from system stability and cyber threats, ensuring a reliable operational environment[155]. Research and Development - The total research and development expenditure for 2020 was CNY 123,070,060.91, reflecting a 14.50% increase from CNY 107,483,859.00 in 2019[101][104]. - The number of R&D personnel increased to 416 in 2020, representing 27.62% of the total workforce[104]. - The company is investing 200 million RMB in R&D for new technologies aimed at improving service efficiency and user experience[178]. - The company is committed to keeping pace with technological advancements by investing in R&D to meet evolving user demands and maintain competitive advantage[160]. Cash Flow and Dividends - The company reported a cash dividend of 4.5 RMB per 10 shares (including tax) for all shareholders, with no bonus shares issued[5]. - The total distributable profit for the year 2020 was 338,453,972.91 RMB, with cash dividends accounting for 100% of the profit distribution[169]. - The company distributed a cash dividend of 4.5 RMB per 10 shares, totaling 39,974,965.20 RMB for the year 2020[169]. - The company's cash flow from operating activities reached 167 million, a 28.23% increase year-on-year, primarily due to improved management of accounts receivable[46]. Compliance and Governance - The company has committed to not interfering with operational management and to protect company interests as part of its governance commitments[175]. - The company has adhered to its commitments regarding stock issuance and lock-up periods, ensuring compliance with regulatory requirements[175]. - The company has established a commitment to compensate for any economic losses caused by non-compliance with relevant commitments[183]. - The company will establish a special account for raised funds and sign a tripartite supervision agreement to ensure the effective use of funds[195]. Future Outlook - The company expects a revenue guidance of 1.8 billion RMB for the next fiscal year, projecting a growth rate of 20%[178]. - The company plans to enhance its marketing efforts with a budget increase of 50 million RMB to boost brand awareness and user acquisition[182]. - The company plans to enhance its consumption content, marketing services, and consumption data sectors to improve connection efficiency between B-end (e-commerce/brands) and C-end (users)[138]. - The company is closely monitoring macroeconomic fluctuations and plans to increase market investment to expand its user base in response to potential impacts from the pandemic[148].