安正时尚(603839) - 2023 Q1 - 季度财报(更正)

Report Overview This section provides an important notice regarding the report's accuracy, presents key financial data and indicators for Q1 2023, details non-recurring gains and losses, and analyzes significant financial metric changes Important Notice The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content and assume legal responsibility; the financial statements for this quarter are unaudited - The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the quarterly report content and assume legal responsibility[2] - The company's principal officer, head of accounting, and head of accounting department guarantee the truthfulness, accuracy, and completeness of the financial information in the quarterly report[2] - The financial statements for the first quarter are unaudited[2] Key Financial Data and Indicators In Q1 2023, the company's operating revenue grew by 4.31% to RMB 601 million, and net profit attributable to shareholders increased by 28.76% to RMB 27.41 million, while net cash flow from operating activities decreased by 57.52% Major Accounting Data and Financial Indicators During the reporting period, operating revenue, net profit attributable to parent company shareholders, basic EPS, and weighted average ROE all increased, but net cash flow from operating activities significantly decreased, with slight changes in total assets and shareholders' equity Q1 2023 Major Accounting Data and Financial Indicators (YoY) | Item | Current Period (RMB) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 600,760,785.83 | 4.31 | | Net Profit Attributable to Shareholders of Listed Company | 27,406,550.76 | 28.76 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 18,811,994.86 | 7.98 | | Net Cash Flow from Operating Activities | 63,708,250.04 | -57.52 | | Basic Earnings Per Share (RMB/share) | 0.07 | 29.44 | | Diluted Earnings Per Share (RMB/share) | 0.07 | 28.14 | | Weighted Average Return on Equity (%) | 1.31 | Increase by 0.51 percentage points | Q1 2023 End-of-Period Balance Sheet Indicators (QoQ) | Item | End of Current Period (RMB) | End of Previous Year (RMB) | QoQ Change (%) | | :--- | :--- | :--- | :--- | | Total Assets | 3,000,832,004.07 | 3,061,627,039.02 | -1.99 | | Shareholders' Equity Attributable to Listed Company | 2,105,628,706.64 | 2,076,172,555.87 | 1.42 | Non-Recurring Gains and Losses Items and Amounts During the reporting period, the company's total non-recurring gains and losses amounted to RMB 8.59 million, primarily including government subsidies, fair value changes in financial assets, and disposal gains/losses of non-current assets Q1 2023 Non-Recurring Gains and Losses Items and Amounts | Item | Amount for Current Period (RMB) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 369,985.90 | | Government Subsidies Included in Current Period's Profit/Loss | 10,043,655.00 | | Gains/Losses from Fair Value Changes of Financial Assets and Investment Income from Disposal | 3,318,055.35 | | Other Non-Operating Income and Expenses | 180,429.74 | | Less: Income Tax Impact | 3,275,971.63 | | Impact on Minority Shareholders' Equity (After Tax) | 2,041,598.46 | | Total | 8,594,555.90 | Analysis of Financial Indicator Changes Net cash flow from operating activities decreased by 57.52% year-on-year, mainly due to significant recovery of operating funds from terminated brand agency operations in the prior year, while weighted average ROE increased by 0.51 percentage points due to higher net profit - Net cash flow from operating activities decreased by 57.52%, primarily due to significant recovery of operating funds from terminated brand agency operations in the prior year[5] - Weighted average return on equity increased by 0.51 percentage points, mainly influenced by the rise in net profit[5] Shareholder Information This section details the total number of common shareholders and the shareholding structure of the top ten shareholders, including information on pledges and related parties Total Number of Common Shareholders and Top Ten Shareholders' Holdings As of the end of the reporting period, the company had 16,672 common shareholders; the top ten shareholders include Zheng Anzheng and his relatives with significant combined holdings and substantial share pledges, while the company's share repurchase account holds 2.24% of the total share capital - As of the end of the reporting period, the total number of common shareholders was 16,672[6] Top 10 Shareholders' Holdings | Shareholder Name | Shareholder Nature | Number of Shares Held (shares) | Shareholding Ratio (%) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | | Zheng Anzheng | Domestic Natural Person | 151,165,218 | 37.78 | Pledged | 47,000,000 | | Chen Kechuan | Domestic Natural Person | 55,206,300 | 13.80 | Pledged | 16,200,000 | | Zheng Ankun | Domestic Natural Person | 44,100,000 | 11.02 | Pledged | 29,710,000 | | Zheng Anjie | Domestic Natural Person | 27,048,000 | 6.76 | Pledged | 15,000,000 | | Zheng Xiuping | Domestic Natural Person | 7,000,000 | 1.75 | Pledged | 7,000,000 | | Anzheng Fashion Group Co., Ltd. - First Phase Employee Stock Ownership Plan | Other | 5,840,000 | 1.46 | None | 0 | | China Minsheng Bank Co., Ltd. - Jinyuan Shunan Yuanqi Flexible Allocation Mixed Securities Investment Fund | State-owned Legal Person | 1,933,200 | 0.48 | None | 0 | | Zhu Qingyuan | Domestic Natural Person | 914,600 | 0.23 | None | 0 | | Xu Ying | Domestic Natural Person | 840,120 | 0.21 | None | 0 | | Everbright Securities Co., Ltd. | State-owned Legal Person | 668,180 | 0.17 | None | 0 | - Zheng Ankun, Zheng Anjie, Chen Kechuan, and Zheng Xiuping are relatives of Zheng Anzheng, the company's controlling shareholder and actual controller[7] - The company's dedicated share repurchase securities account holds 8,968,020 shares, accounting for 2.24% of the company's total share capital[7] Analysis of Operating Performance This section analyzes the company's operating performance, including changes in physical store count, profitability across various brands and sales channels, and revenue performance by geographical region Physical Store Operations As of March 2023, the total number of physical stores decreased from 1,973 to 1,960, a net reduction of 13 stores, with 101 new openings and 114 closures, while Frog Prince franchise stores saw a net increase Q1 2023 End-of-Period Physical Store Count Changes | Brand | Store Type | Count as of End of 2022 (stores) | Count as of End of March 2023 (stores) | New Openings (stores) | Closures (stores) | | :--- | :--- | :--- | :--- | :--- | :--- | | JZ JUZI | Directly Operated Stores | 104 | 103 | 1 | 2 | | | Franchise Stores | 380 | 376 | 0 | 4 | | IMM YINMO | Directly Operated Stores | 72 | 73 | 1 | 0 | | ANZHENG | Directly Operated Stores | 27 | 27 | 1 | 1 | | MOISSAC | Directly Operated Stores | 75 | 73 | 2 | 4 | | FIONA CHEN | Directly Operated Stores | 4 | 3 | 0 | 1 | | ALLO&LUGH | Directly Operated Stores | 30 | 33 | 6 | 3 | | | Franchise Stores | 88 | 75 | 0 | 13 | | FROG PRINCE | Franchise Stores | 625 | 638 | 86 | 73 | | COLOURED BEETLE | Franchise Stores | 538 | 530 | 4 | 12 | | Total | - | 1,973 | 1,960 | 101 | 114 | Profitability by Brand During the reporting period, MOISSAC brand revenue grew by 32.56%, while FIONA CHEN and ALLO&LUGH revenues significantly declined by 93.16% and 45.87% respectively; e-commerce agency revenue increased by 62.10%, but gross margin decreased Q1 2023 Profitability by Brand (YoY) | Brand Type | Operating Revenue (RMB 10k) | Operating Cost (RMB 10k) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | JZ JUZI | 23,757.27 | 8,867.90 | 62.67 | -2.17 | -10.30 | 3.38 | | IMM YINMO | 5,618.42 | 1,196.45 | 78.70 | 6.80 | 4.86 | 0.39 | | ANZHENG | 1,718.17 | 377.34 | 78.04 | 10.26 | 14.82 | -0.87 | | MOISSAC | 3,819.12 | 781.76 | 79.53 | 32.56 | 30.74 | 0.28 | | FIONA CHEN | 100.62 | 42.51 | 57.75 | -93.16 | -87.95 | -18.25 | | ALLO&LUGH | 2,079.89 | 922.73 | 55.64 | -45.87 | -47.54 | 1.42 | | FROG PRINCE | 4,326.56 | 2,665.29 | 38.40 | -30.88 | -31.44 | 0.51 | | COLOURED BEETLE | 838.79 | 638.86 | 23.84 | -21.04 | -22.13 | 1.07 | | E-commerce Agency | 17,491.53 | 14,363.15 | 17.89 | 62.10 | 66.80 | -2.31 | | Total | 59,750.37 | 29,855.99 | 50.03 | 4.07 | 9.02 | -2.27 | Profitability by Channel During the reporting period, directly operated store revenue grew by 16.88% with a 75.28% gross margin, while franchise store revenue decreased by 31.72% with a 59.07% gross margin; online sales revenue increased by 23.08%, reaching 45.65% of total revenue, but gross margin declined by 6.55 percentage points Profitability of Directly Operated and Franchise Stores Directly operated store revenue increased by 16.88% with a 75.28% gross margin, while franchise store revenue decreased by 31.72% with a 59.07% gross margin Q1 2023 Profitability of Directly Operated and Franchise Stores (YoY) | By Store Type | Operating Revenue (RMB 10k) | Operating Cost (RMB 10k) | Gross Margin (%) | YoY Change in Operating Revenue (%) | YoY Change in Operating Cost (%) | YoY Change in Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Directly Operated Stores | 20,213.80 | 4,996.48 | 75.28 | 16.88 | 8.34 | 1.95 | | Franchise Stores | 12,261.97 | 5,019.34 | 59.07 | -31.72 | -38.07 | 4.20 | Profitability of Online and Offline Sales Channels Online sales revenue increased by 23.08%, growing from 38.60% to 45.65% of total revenue, but gross margin decreased by 6.55 percentage points to 27.26%, while offline sales revenue declined with an improved gross margin Q1 2023 Profitability of Online and Offline Sales Channels (YoY) | Sales Channel | Jan-Mar 2023 Operating Revenue (RMB 10k) | Jan-Mar 2023 Operating Revenue Share (%) | Jan-Mar 2023 Gross Margin (%) | Jan-Mar 2022 Operating Revenue (RMB 10k) | Jan-Mar 2022 Operating Revenue Share (%) | Jan-Mar 2022 Gross Margin (%) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Online Sales | 27,274.60 | 45.65 | 27.26 | 22,160.49 | 38.60 | 33.81 | | Offline Sales | 32,475.77 | 54.35 | 69.16 | 35,252.77 | 61.40 | 63.93 | | Total | 59,750.37 | 100.00 | 50.03 | 57,413.26 | 100.00 | 52.30 | - Within online sales, apparel revenue was RMB 97.83 million, a 13.96% year-on-year decrease, while e-commerce agency operating revenue was RMB 174.92 million, a 62.1% year-on-year increase[13] Profitability by Region During the reporting period, Hong Kong's operating revenue grew by 98.20%, contributing 26.87% of total revenue, with Northwest and Central China also showing positive growth of 36.40% and 18.17% respectively, while East China, Southwest, North China, and South China experienced varying degrees of revenue decline Q1 2023 Operating Revenue by Region (YoY) | Region | Operating Revenue (RMB 10k) | Operating Revenue Share (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | | East China | 15,778.38 | 26.41 | -22.80 | | North China | 5,034.98 | 8.43 | -12.55 | | Northeast China | 3,520.26 | 5.89 | 3.76 | | Northwest China | 4,150.30 | 6.95 | 36.40 | | Southwest China | 6,152.52 | 10.30 | -20.20 | | Central China | 2,121.74 | 3.55 | 18.17 | | South China | 6,932.41 | 11.60 | -3.37 | | Domestic Subtotal | 43,690.59 | 73.13 | -11.40 | | Hong Kong | 16,059.78 | 26.87 | 98.20 | | Overseas Subtotal | 16,059.78 | 26.87 | 98.20 | | Total | 59,750.37 | 100.00 | 4.07 | Quarterly Financial Statements This section presents the unaudited consolidated balance sheet, income statement, and cash flow statement for Q1 2023, along with details on the implementation of new accounting standards Audit Opinion The financial statements for this quarter are unaudited - The financial statements for this quarter are unaudited[16] Consolidated Balance Sheet As of March 31, 2023, total assets were RMB 3.001 billion, a slight decrease from year-end, with cash, accounts receivable, and inventory as major current asset components; total liabilities were RMB 664 million, and total owners' equity was RMB 2.337 billion March 31, 2023 Consolidated Balance Sheet Key Data | Item | March 31, 2023 (RMB) | December 31, 2022 (RMB) | | :--- | :--- | :--- | | Assets | | | | Cash and Cash Equivalents | 450,267,412.74 | 430,390,558.96 | | Financial Assets Held for Trading | 172,574,686.35 | 196,331,021.52 | | Accounts Receivable | 229,142,406.71 | 227,251,394.16 | | Inventories | 771,489,876.81 | 769,080,254.82 | | Total Current Assets | 1,847,550,750.22 | 1,877,842,532.53 | | Total Non-Current Assets | 1,153,281,253.85 | 1,183,784,506.49 | | Total Assets | 3,000,832,004.07 | 3,061,627,039.02 | | Liabilities | | | | Accounts Payable | 172,671,713.10 | 220,818,001.72 | | Contract Liabilities | 58,810,906.52 | 75,282,973.73 | | Total Current Liabilities | 589,864,696.54 | 664,329,943.77 | | Total Non-Current Liabilities | 73,946,908.74 | 90,186,974.13 | | Total Liabilities | 663,811,605.28 | 754,516,917.90 | | Owners' Equity | | | | Total Owners' Equity Attributable to Parent Company | 2,105,628,706.64 | 2,076,172,555.87 | | Minority Interests | 231,391,692.15 | 230,937,565.25 | | Total Owners' Equity | 2,337,020,398.79 | 2,307,110,121.12 | Consolidated Income Statement In Q1 2023, the company achieved total operating revenue of RMB 601 million, a 4.31% year-on-year increase; net profit was RMB 27.86 million, up 15.64%, with net profit attributable to parent company shareholders at RMB 27.41 million, up 28.76% Q1 2023 Consolidated Income Statement Key Data (YoY) | Item | Q1 2023 (RMB) | Q1 2022 (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 600,760,785.83 | 575,944,192.31 | | Total Operating Costs | 573,099,051.39 | 537,552,842.84 | | Operating Profit | 31,376,757.52 | 26,518,647.41 | | Total Profit | 31,557,187.26 | 27,173,543.56 | | Income Tax Expense | 3,696,509.60 | 3,080,910.00 | | Net Profit | 27,860,677.66 | 24,092,633.56 | | Net Profit Attributable to Parent Company Shareholders | 27,406,550.76 | 21,284,349.94 | | Minority Interests Income/Loss | 454,126.90 | 2,808,283.62 | | Basic Earnings Per Share (RMB/share) | 0.07 | 0.05 | | Diluted Earnings Per Share (RMB/share) | 0.07 | 0.05 | Consolidated Cash Flow Statement In Q1 2023, net cash flow from operating activities was RMB 63.71 million, a significant 57.52% year-on-year decrease; net cash flow from investing activities was RMB 19.85 million, and from financing activities was RMB 2.82 million, with cash and cash equivalents balance at period-end of RMB 448 million Q1 2023 Consolidated Cash Flow Statement Key Data (YoY) | Item | Q1 2023 (RMB) | Q1 2022 (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 63,708,250.04 | 149,956,767.43 | | Net Cash Flow from Investing Activities | 19,851,065.33 | 52,439,628.90 | | Net Cash Flow from Financing Activities | 2,823,879.52 | -83,841,300.99 | | Effect of Exchange Rate Changes on Cash and Cash Equivalents | -3,824,941.11 | -1,079,104.46 | | Net Increase in Cash and Cash Equivalents | 82,558,253.78 | 117,475,990.88 | | Cash and Cash Equivalents at End of Period | 448,085,239.02 | 748,328,892.86 | Implementation of New Accounting Standards The first-time adoption of new accounting standards or interpretations from 2023 does not involve adjustments to the financial statements at the beginning of the first year of implementation - The first-time adoption of new accounting standards or interpretations from 2023 does not involve adjustments to the financial statements at the beginning of the first year of implementation[27]