BUSEN(002569)2024-08-29 13:17Financial Performance - The company's operating revenue for the first half of 2024 was ¥69,444,065.72, representing a 4.41% increase compared to ¥66,511,919.29 in the same period last year[10]. - The net profit attributable to shareholders was -¥6,266,508.31, showing a 65.61% improvement from -¥18,219,956.14 in the previous year[10]. - The net cash flow from operating activities was ¥2,052,574.22, a significant increase of 108.51% compared to -¥24,112,021.97 in the same period last year[10]. - The basic earnings per share improved to -¥0.05, a 61.54% increase from -¥0.13 in the previous year[10]. - The company's operating revenue for the current period is ¥69,444,065.72, representing a year-on-year increase of 4.41% compared to ¥66,511,919.29 in the same period last year[23]. - The company reported a significant improvement in cash flow from operating activities, generating ¥2,052,574.22 compared to a cash outflow of ¥24,112,021.97 in the previous year, an increase of 108.51%[23]. - The company reported a net loss of CNY 7,317,891.34 in the first half of 2024, compared to a net loss of CNY 18,205,539.51 in the same period of 2023, indicating an improvement of approximately 59.8%[148]. - The total comprehensive income for the first half of 2024 was reported at 3,403,666.37 yuan[161]. Assets and Liabilities - Total assets at the end of the reporting period were ¥219,508,540.75, a decrease of 7.25% from ¥236,666,081.33 at the end of the previous year[10]. - The net assets attributable to shareholders decreased to ¥85,610,802.11, down 6.81% from ¥91,871,819.30 at the end of the previous year[10]. - Cash and cash equivalents decreased by 8.94%, from 42,316,375.74 RMB at the end of the previous year to 19,626,691.76 RMB[42]. - Accounts receivable increased by 3.47%, from 45,846,490.46 RMB to 50,129,786.65 RMB, indicating a growing reliance on credit sales[42]. - Inventory increased by 1.50%, from 37,166,233.26 RMB to 37,752,543.82 RMB, reflecting a strategy to meet anticipated demand[42]. - Total liabilities decreased from CNY 143,289,669.41 to CNY 133,444,529.05, a reduction of approximately 6%[142]. - Current liabilities totaled CNY 106,466,132.84, down from CNY 117,810,955.17, indicating a decrease of about 9.5%[142]. Operational Strategy - The company plans to open 15 new stores in Spring/Summer 2025, including 3 joint venture stores and 12 franchise stores[15]. - The company maintains a dual production model combining self-manufacturing and outsourcing to optimize production efficiency[16][17]. - The company has established a comprehensive marketing network that includes department stores, shopping centers, and e-commerce platforms[20]. - The company operates a diversified multi-channel marketing model, combining direct sales and online platforms such as Tmall[31]. - The company is expanding its market presence and product lines, establishing Shaanxi Bosen Apparel Intelligent Manufacturing Co., Ltd. to enhance brand competitiveness and supply chain management[51]. - The company plans to enhance design innovation and optimize its marketing network to adapt to changing consumer demands and improve operational quality[50]. Risks and Challenges - The company faces risks including market competition, rising labor costs, and operational risks, which investors should be aware of[1]. - The company experienced a 51.26% decline in export sales, which totaled ¥3,427,451.39, down from ¥7,032,504.15 in the previous year[25][28]. - The company faces increased operational pressure due to rising labor costs, with the minimum monthly wage in Shaoxing adjusted to CNY 2,260 and the hourly wage for part-time work to CNY 22[51]. - The company faces market competition risks due to a crowded industry and similar marketing strategies among competitors, which may impact revenue if consumer confidence does not recover[50]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares for this period[1]. - The annual shareholders' meeting had a participation rate of 27.99% on June 28, 2024, with resolutions disclosed on June 29, 2024[53]. - The company has been actively implementing a stock incentive plan, granting 4.2 million restricted shares to 15 incentive targets as part of its 2020 plan[56]. - The controlling shareholder has pledged not to reduce their stake in the company within the next 12 months[64]. - The company guarantees that any necessary related party transactions will be conducted at fair market prices, protecting the interests of minority shareholders[63]. Legal and Compliance - The company is involved in a lawsuit with an amount of 73.2 million RMB, which has not formed a provision for liabilities[94]. - The company is currently in negotiations to resolve a dispute involving a total claim of ¥1,195,760 related to a sales contract, with scheduled payments from June to December 2024[108]. - The company has acknowledged the importance of compliance with relevant laws and regulations to mitigate risks associated with fund occupation[90]. - The company has not reported any violations regarding external guarantees during the reporting period[91]. Future Outlook - The company provided a positive outlook for the second half of 2024, projecting a revenue growth of 25% compared to the same period last year[67]. - New product launches are expected to contribute an additional 300 million RMB in revenue by the end of 2024[68]. - The company is considering strategic acquisitions to bolster its supply chain efficiency, with a budget of 500 million RMB allocated for potential deals[66]. - The company aims to reduce operational costs by 15% through improved efficiency measures implemented in Q3 2024[68].