探路者(300005) - 2015 Q4 - 年度财报

Section I Important Notes, Table of Contents, and Definitions This section provides crucial disclaimers, outlines the report's structure, and defines key terms for clarity Important Notes The company's board, supervisory board, and senior management guarantee the annual report's truthfulness and completeness, while future plans are not commitments - Company's board, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the annual report, with no false records, misleading statements, or major omissions[3] - Company head Sheng Faqiang, chief accountant Zhang Cheng, and head of accounting department Li Kecai declare: the financial report in the annual report is true, accurate, and complete[3] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[5] Table of Contents This section lists the annual report's structure, covering company profile, business overview, financial analysis, and significant events Annual Report Chapter Directory | Chapter | Title | | :--- | :--- | | Section I | Important Notes, Table of Contents, and Definitions | | Section II | Company Profile and Key Financial Indicators | | Section III | Business Overview | | Section IV | Management Discussion and Analysis | | Section V | Significant Events | | Section VI | Share Changes and Shareholder Information | | Section VII | Preferred Shares Related Matters | | Section VIII | Directors, Supervisors, Senior Management, and Employees | | Section IX | Corporate Governance | | Section X | Financial Report | | Section XI | Reference Documents | Definitions This section defines specific terms used in the report, ensuring clear understanding of the content Key Definitions During the Reporting Period | Definition Item | Refers to | Definition Content | | :--- | :--- | :--- | | The Company/Company/Toread | Refers to | Toread Holdings Group Co., Ltd. | | Reporting Period | Refers to | January 1, 2015 to December 31, 2015 | | RMB | Refers to | Renminbi Yuan | | COCA | Refers to | China Outdoor Products Association of China National Textile Commercial Association | | Asiatravel | Refers to | Asiatravel.com Holdings Ltd | | Luye.com | Refers to | Beijing Luye Vision Information Technology Co., Ltd. | | Jizhi Mei | Refers to | Beijing Jizhi Mei Travel Agency Co., Ltd. | | Tuto | Refers to | Tuto (Xiamen) Outdoor Products Co., Ltd. | | Discovery Expedition | Refers to | Discovery Expedition brand, founded by Discovery Enterprises International (DEI) under the US Discovery Channel. Currently operated domestically by Extraordinary Exploration Outdoor Products Co., Ltd. | | TiEF | Refers to | Toread Innovative Ecological Fabric Technology, Toread's innovative environmentally friendly functional technology fabric | | SAFree | Refers to | SAFE (Safety Protection) + FREE (Free Walking), Toread's outdoor safety protection functional technology outsole series | Section II Company Profile and Key Financial Indicators This section presents the company's fundamental information and a summary of its key financial performance metrics I. Company Information This section provides the company's basic registration details, including stock information, legal representative, and contact channels Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Toread | | Stock Code | 300005 | | Chinese Name | 探路者控股集团股份有限公司 | | English Name | Toread Holdings Group Co., Ltd. | | Legal Representative | Sheng Faqiang | | Registered Address | Room 609-06, No. 26 Yongan Road, Changping Science Park, Beijing | | Office Address | 21st Floor, Block A, Jinqiu International Building, No. 6 Zhichun Road, Haidian District, Beijing | | Company Website | www.toread.com.cn | | Email | zhang.cheng@toread.com.cn | II. Contact Person and Information This section lists the contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication Board Secretary Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | Zhang Cheng | 21st Floor, Block A, Jinqiu International Building, No. 6 Zhichun Road, Haidian District, Beijing | 010-81788188 | 010-81788593 | zhang.cheng@toread.com.cn | III. Information Disclosure and Document Availability This section specifies the company's official channels for information disclosure and where the annual report can be accessed - The company's designated information disclosure media is Securities Times[13] - The China Securities Regulatory Commission's designated website for annual reports is cninfo.com.cn[13] - The company's annual report is available at the company's Securities Investment Department, 21st Floor, Block A, Jinqiu International Building, No. 6 Zhichun Road, Haidian District, Beijing[13] IV. Other Relevant Information This section provides details about the company's engaged accounting firm and confirms the absence of continuous supervision engagements Company's Engaged Accounting Firm | Accounting Firm Name | Ruihua Certified Public Accountants (Special General Partnership) | | :--- | :--- | | Office Address | 5-11th Floor, West Tower, Zhonghai Real Estate Plaza, Yongdingmen West Binhe Road, Dongcheng District, Beijing | | Signing Accountants' Names | Liu Hongyue, Wang Guohai | - The company did not engage a sponsor institution or financial advisor with continuous supervision responsibilities during the reporting period[15] V. Key Accounting Data and Financial Indicators This section presents the company's key financial performance over three years, highlighting revenue, profit, and per-share metrics 2013-2015 Key Accounting Data and Financial Indicators | Indicator | 2015 | 2014 (Adjusted) | Year-on-Year Change | 2013 (Adjusted) | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,807,592,035.26 | 1,715,241,927.09 | 121.99% | 1,445,348,131.00 | | Net Profit Attributable to Listed Company Shareholders (RMB) | 263,396,208.91 | 294,289,340.18 | -10.50% | 248,803,837.35 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items (RMB) | 248,897,981.60 | 287,654,107.98 | -13.47% | 236,094,966.40 | | Net Cash Flow from Operating Activities (RMB) | 61,912,998.11 | 290,912,435.00 | -78.72% | 218,269,102.31 | | Basic Earnings Per Share (RMB/share) | 0.5139 | 0.5752 | -10.66% | 0.4891 | | Diluted Earnings Per Share (RMB/share) | 0.5137 | 0.5750 | -10.66% | 0.4877 | | Weighted Average Return on Net Assets | 19.90% | 26.26% | -6.36% | 27.34% | | Total Assets (RMB) | 2,627,096,409.23 | 1,767,323,140.08 | 48.65% | 1,490,495,822.64 | | Net Assets Attributable to Listed Company Shareholders (RMB) | 1,419,557,180.37 | 1,241,362,743.61 | 14.35% | 1,034,901,535.17 | - The company retrospectively adjusted 2014 basic and diluted earnings per share due to accounting treatment for restricted shares under Interpretation No. 7 of Accounting Standards for Business Enterprises[15] VI. Key Quarterly Financial Indicators This section provides a quarterly breakdown of the company's financial performance for 2015, illustrating operational trends 2015 Key Quarterly Financial Indicators (RMB) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 384,169,723.10 | 291,853,900.30 | 1,265,277,819.34 | 1,866,290,592.52 | | Net Profit Attributable to Listed Company Shareholders | 94,343,577.72 | 29,728,034.49 | 22,441,786.00 | 116,584,448.89 | | Net Profit Attributable to Listed Company Shareholders After Non-Recurring Items | 96,177,105.30 | 26,636,961.58 | 14,050,191.83 | 112,033,722.89 | | Net Cash Flow from Operating Activities | -39,005,480.14 | -124,181,527.89 | -56,885,626.68 | 281,985,632.82 | - Company's Q4 operating revenue and net profit were significantly higher than the first three quarters, with net cash flow from operating activities turning positive and substantially increasing in Q4[17] VII. Differences in Accounting Data under Domestic and Overseas Accounting Standards This section confirms the absence of material differences in net profit and net assets between domestic and international accounting standards - The company's financial reports disclosed under International Accounting Standards and Chinese Accounting Standards show no differences in net profit and net assets during the reporting period[17] - The company's financial reports disclosed under overseas accounting standards and Chinese Accounting Standards show no differences in net profit and net assets during the reporting period[18] VIII. Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses for 2013-2015, primarily driven by government subsidies 2013-2015 Non-Recurring Gains and Losses Items and Amounts (RMB) | Item | 2015 Amount | 2014 Amount | 2013 Amount | | :--- | :--- | :--- | :--- | | Gains/losses from disposal of non-current assets | -24,487.87 | -65,604.76 | -8,608.61 | | Government grants recognized in current profit or loss | 19,560,761.07 | 6,367,024.80 | 13,378,900.00 | | Other non-operating income and expenses apart from the above | -2,178,854.39 | 1,596,994.92 | 1,148,041.01 | | Less: Income tax impact | 2,403,553.52 | 1,151,856.42 | 1,805,426.49 | | Minority interest impact (after tax) | 455,637.98 | 111,326.34 | 4,034.96 | | Total | 14,498,227.31 | 6,635,232.20 | 12,708,870.95 | - 2015 total non-recurring gains and losses amounted to RMB 14.50 million, primarily contributed by government subsidies[20] - The company did not classify non-recurring gains and losses items as recurring during the reporting period[21] Section III Business Overview This section outlines the company's core business activities, industry position, and strategic direction I. Company's Main Business Activities During the Reporting Period The company established a synergistic strategic layout across outdoor products, travel services, and big sports, accelerating internet transformation to build an outdoor community ecosystem - Company initially completed strategic layout for synergistic development across three major business groups: outdoor products, travel services, and big sports[24] - Outdoor business group is the group's cornerstone business, with three brands (Toread, Discovery Expedition, ACANU), providing outdoor products[24] - Travel business group serves as user traffic portal and revenue contributor, offering experiential travel, including Easy Travel, Luye, and Toread Outdoor Safety subsidiaries[24] - Sports business group is a future emerging business segment, focusing on ski resort operations and investments, with broad investment areas[24] - Company will accelerate internet transformation, building a community ecosystem for outdoor products, travel services, and big sports, centered on users, driven by data, and promoted by ecosystem synergy[26] (I) Main Business Operations The company's main business operations are structured into three synergistic business groups: outdoor products, travel services, and big sports - Outdoor business group focuses on R&D, operation, and sales of multi-brand outdoor products, including Toread, Discovery Expedition, and ACANU[24] - Travel business group primarily serves as the group's user traffic portal and revenue contributor, offering experiential travel, encompassing Easy Travel, Luye, and Toread Outdoor Safety subsidiaries[24] - Sports business group focuses on ski resort operations and investments, representing a future emerging business segment with broad investment areas[24] (II) Industry Development Stage and Market Position The outdoor products industry faces intense competition but holds significant future growth, complemented by rapidly expanding travel and sports sectors - Outdoor products industry faces "high-end slowing" development, intense market competition, but still has broad development space, expected to undergo a transformation and adjustment period[24] - Travel service industry scale is expected to reach RMB 3.3 trillion, and sports industry total scale aims to exceed RMB 5 trillion, both with good development prospects and complementary synergy with the outdoor products industry[25] - The 2022 Winter Olympics hosting rights will bring good opportunities for the company's outdoor products, sports, and related industries[25] II. Significant Changes in Major Assets This section notes the absence of major overseas assets and detailed explanations of significant asset changes during the reporting period - This section does not detail significant changes in major assets[27] - The company had no major overseas assets during the reporting period[27] III. Analysis of Core Competencies As a leading outdoor products company, the company has established a synergistic business layout and built core competencies in brand, marketing, R&D, supply chain, and team development - As a leading domestic outdoor products company, the company has initially established a synergistic business layout across outdoor products, travel services, and big sports[28] - The company has built core competencies in brand building, marketing management, product R&D, supply chain management, and professional team development[28] - During the reporting period, the company actively pursued innovation, further strengthening its competitive advantages and consolidating core competencies[28] Section IV Management Discussion and Analysis This section provides management's perspective on the company's financial performance, operational highlights, and future outlook I. Overview In 2015, Toread rebranded and established a synergistic strategy across outdoor products, travel services, and big sports, achieving RMB 3.81 billion in revenue and RMB 263 million in net profit, with significant progress in M&A and incentive plans - In 2015, the company initially established a synergistic development strategy across outdoor products, travel services, and big sports business groups, and rebranded as Toread Holdings Group Co., Ltd.[31] 2015 Annual Key Operating Performance | Indicator | Amount (RMB billion) | | :--- | :--- | | Full-year Operating Revenue | 3.81 | | Full-year Net Profit | 0.26 | | Outdoor Business Group Operating Revenue | 1.81 | | Outdoor Business Group Net Profit | 0.29 | | Travel Business Group Operating Revenue | 2.00 | | Travel Business Group Net Profit Attributable to Parent Company | -0.02 | - Outdoor products business group deepened multi-brand operations (Toread, Discovery Expedition, ACANU), strengthened product R&D and channel upgrades, with rapid growth in online business; Toread brand e-commerce revenue reached RMB 453 million, a 20% year-on-year increase[31][32][33] - Travel business group actively explored experiential travel; Easy Travel was consolidated in July 2015, contributing RMB 1.96 billion in operating revenue, and expanded the "tourism comprehensive platform + travel planner + offline large experiential store" model[36] - Sports business group focused on ski resort operations and investments, established Beijing Toread Ice and Snow Holdings Development Co., Ltd., and set up the Toread Sports Industry M&A Fund, completing the first phase of RMB 110 million fundraising and key project investments[40] - The company proposed a 2015 private placement plan to raise no more than RMB 1.28 billion for five projects including the "Toread Cloud Project," and launched the first phase of its employee stock ownership plan, which has completed RMB 108 million in fundraising and stock purchases[41][42] II. Analysis of Main Business The company's 2015 operating revenue surged by 121.99% to RMB 3.81 billion, primarily driven by significant growth in travel services, while managing inventory and increasing expenses due to business expansion - Total operating revenue in 2015 was RMB 3.81 billion, a 121.99% year-on-year increase[47] 2015 Operating Revenue Composition (by Industry, Product, Region) | Category | Item | 2015 Amount (RMB) | % of Operating Revenue | 2014 Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Outdoor Products Industry | 2,078,517,382.93 | 54.59% | 1,942,673,763.84 | 6.99% | | | Travel Services | 2,000,794,435.28 | 52.55% | 6,445,705.98 | 309.41% | | By Product | Outdoor Apparel | 1,490,311,599.27 | 39.14% | 1,429,022,768.80 | 4.29% | | | Outdoor Footwear | 422,299,352.26 | 11.09% | 374,001,685.46 | 12.91% | | | Outdoor Equipment | 165,906,431.40 | 4.36% | 139,649,309.58 | 18.80% | | | Travel Services | 2,000,794,435.28 | 52.55% | 6,445,705.98 | 30,940.73% | | By Region | North China | 2,764,412,847.52 | 72.60% | 693,940,293.42 | 298.36% | | | E-commerce | 585,098,653.89 | 15.37% | 483,863,672.86 | 20.92% | - Travel service revenue significantly increased by 309.41% year-on-year, becoming a major component of the company's operating revenue, accounting for 52.55%[47] - Sales volumes of outdoor apparel, footwear, and equipment increased by 12.34%, 13.49%, and 45.92% respectively, but inventory levels for outdoor apparel and equipment significantly rose, mainly due to franchisee acquisitions and accumulated seasonal products[48] - Selling and administrative expenses increased by 20.06% and 25.10% year-on-year, respectively, primarily due to the consolidation of the travel services segment and growth in outdoor products business[57] - Financial expenses decreased by 68.97% year-on-year, mainly due to reduced available funds from investment and M&A activities, significantly lower interest and wealth management income, and increased interest expenses from bank borrowings[57] 1. Overview This section's overview refers to the "I. Overview" content within "Management Discussion and Analysis" - Overview content refers to "I. Overview" in "Management Discussion and Analysis"[45] 2. Revenue and Cost The company's 2015 revenue saw substantial growth, primarily from the consolidated travel services segment, while outdoor product sales volumes increased, leading to higher inventory levels 2015 Operating Revenue Composition (by Industry, Product, Region) | Category | Item | 2015 Amount (RMB) | % of Operating Revenue | 2014 Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | By Industry | Outdoor Products Industry | 2,078,517,382.93 | 54.59% | 1,942,673,763.84 | 6.99% | | | Travel Services | 2,000,794,435.28 | 52.55% | 6,445,705.98 | 309.41% | | | Other Business Services | 8,326,492.28 | 0.22% | 3,090,698.95 | 169.40% | | | Less: Internal Eliminations | -280,046,275.23 | -7.35% | -236,968,241.68 | -18.18% | | By Product | Outdoor Apparel | 1,490,311,599.27 | 39.14% | 1,429,022,768.80 | 4.29% | | | Outdoor Footwear | 422,299,352.26 | 11.09% | 374,001,685.46 | 12.91% | | | Outdoor Equipment | 165,906,431.40 | 4.36% | 139,649,309.58 | 18.80% | | | Travel Services | 2,000,794,435.28 | 52.55% | 6,445,705.98 | 30,940.73% | | | Other Services | 8,326,492.28 | 0.22% | 3,090,698.95 | 169.50% | | | Less: Internal Eliminations | -280,046,275.23 | -7.35% | -236,968,241.68 | -18.18% | | By Region | North China | 2,764,412,847.52 | 72.60% | 693,940,293.42 | 298.36% | | | South China | 116,857,598.86 | 3.07% | 171,812,709.48 | -31.99% | | | East China | 211,489,019.56 | 5.55% | 194,158,638.51 | 8.93% | | | Northeast China | 174,402,763.97 | 4.58% | 153,587,188.21 | 13.55% | | | Northwest China | 95,346,485.26 | 2.50% | 110,488,505.01 | -13.70% | | | Southwest China | 126,391,725.65 | 3.32% | 138,705,001.07 | -8.88% | | | Overseas Markets | 5,312,723.50 | 0.14% | 2,563,461.26 | 107.25% | | | E-commerce | 585,098,653.89 | 15.37% | 483,863,672.86 | 20.92% | | | Other Services | 8,326,492.28 | 0.22% | 3,090,698.95 | 169.50% | | | Less: Internal Eliminations | -280,046,275.23 | -7.35% | -236,968,241.68 | -18.18% | 2015 Physical Sales Volume and Inventory | Industry Category | Item | Unit | 2015 | 2014 | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Outdoor Apparel | Sales Volume | Pieces | 7,244,318 | 6,448,600 | 12.34% | | | Inventory | Pieces | 4,173,629 | 2,603,373 | 60.32% | | Outdoor Footwear | Sales Volume | Pairs | 2,244,188 | 1,977,393 | 13.49% | | | Inventory | Pairs | 1,005,690 | 848,166 | 18.57% | | Outdoor Equipment | Sales Volume | Pieces | 2,200,821 | 1,508,276 | 45.92% | | | Inventory | Pieces | 1,305,230 | 947,558 | 37.75% | - Outdoor apparel and equipment inventory significantly increased, mainly due to the consolidation of four quality franchisees in December 2015 and accumulated off-season products[48] - The company plans to focus on inventory reduction in 2016, significantly decreasing futures procurement, and utilizing a quick replenishment mechanism to promote healthy channel development[48] 2015 Operating Cost Composition (by Product Category) | Product Category | Item | 2015 Amount (RMB) | % of Operating Cost | 2014 Amount (RMB) | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Outdoor Products | Outdoor Apparel | 831,104,576.08 | 28.65% | 782,927,631.79 | 6.15% | | | Outdoor Footwear | 246,125,272.27 | 8.48% | 216,153,080.50 | 13.87% | | | Outdoor Equipment | 116,472,742.69 | 4.02% | 92,356,829.36 | 26.11% | | Travel Services | Travel Services | 1,958,786,090.81 | 67.52% | 695,006.63 | 281,737.04% | | Less: Internal Eliminations | | 251,595,703.84 | 8.67% | 215,376,950.69 | 16.82% | | Total | | 2,900,892,978.00 | 100.00% | 876,755,597.59 | 230.87% | - The consolidation of travel services business led to significant changes in the company's business, products, or services; Easy Travel was consolidated in July 2015, contributing RMB 1.96 billion in operating revenue[51] - The company actively expanded its travel services and big sports businesses through acquiring Easy Travel, increasing capital in Xingzhi Exploration, and establishing a sports industry M&A fund and an ice and snow company[51][52][53] 3. Expenses In 2015, selling and administrative expenses increased due to business expansion, while financial expenses shifted from net income to net expenditure due to M&A and increased borrowings 2015 Major Expense Changes (RMB) | Item | 2015 | 2014 | Year-on-Year Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 344,723,192.40 | 287,124,851.49 | 20.06% | Consolidation of travel services segment and growth in outdoor products business | | Administrative Expenses | 218,332,933.39 | 174,522,007.05 | 25.10% | Consolidation of travel services business, increased operating management and labor costs | | Financial Expenses | -3,352,626.08 | -10,802,776.13 | -68.97% | Reduced available funds due to investment and M&A, increased bank borrowings | 4. R&D Investment The company's 2015 R&D investment increased by 6.37% to RMB 74.57 million, focusing on "Polar Bionic" high-tech areas, despite a decrease in R&D intensity due to business expansion - R&D investment in the reporting period was RMB 74.57 million, a 6.37% year-on-year increase, primarily focusing on "Polar Bionic" high-tech areas, including TiEF and SAFree technology platforms[58] - Company products and technologies received industry awards, such as the Polar Work Boots winning the 2015 ISPO Award Asia Product Outdoor Footwear Gold Award, and TiEF DRY intelligent unidirectional moisture-wicking fabric winning the Knit Underwear Innovation Contribution Award[59][60] 2015 Major R&D Project Progress | No. | Project Name | Progress | Corresponding Technology | | :--- | :--- | :--- | :--- | | 1 | Application of TPU molding new materials in anti-torsion footwear | Completed; over 80,000 pairs produced, 15FW first-generation products launched | SAFREE TCS | | 2 | Research and application of ultra-strong wear-resistant rubber materials | Completed; technology upgraded and optimized in 14FW products, further optimized and applied in 15SS/FW products | SAFREE ROCK | | 3 | Research and application of integrated waterproof and breathable functional footwear | Completed; shoe upper water repellent and waterproof lining new material technology applied to 14SS mass production, with good market feedback | TiEF PRO | | 6 | Research and application of waterproof and breathable membrane materials and processing technology | Ongoing; TiEF PRO waterproof and breathable membrane applied to outdoor ultralight nylon fabric and 3-layer waterproof and breathable fabric, products launched in 14FW/15FW | TiEF PRO | | 9 | Research and application of fine denier polypropylene new materials in unidirectional moisture-wicking technology | Completed; first-generation polyester-polypropylene double-layer fabric unidirectional moisture-wicking technology completed and applied in 15SS products | TiEF DRY | R&D Investment Over the Last Three Years | Indicator | 2015 | 2014 | 2013 | | :--- | :--- | :--- | :--- | | Number of R&D Personnel (persons) | 124 | 94 | 96 | | % of R&D Personnel | 5.78% | 15.93% | 15.17% | | R&D Investment Amount (RMB) | 74,568,983.05 | 70,101,452.36 | 54,460,101.15 | | R&D Investment as % of Operating Revenue | 1.96% | 4.09% | 3.77% | - R&D investment as a percentage of operating revenue decreased to 1.96% in 2015, mainly because the consolidation of travel services business significantly increased consolidated operating revenue, while R&D activities primarily concentrated in the outdoor products segment[67] 5. Cash Flow In 2015, operating cash flow significantly decreased, while investing cash outflow surged due to M&A, and financing cash flow increased from bank borrowings 2015 Cash Flow Statement (RMB) | Item | 2015 | 2014 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Subtotal of Cash Inflows from Operating Activities | 4,167,200,176.22 | 2,012,456,566.15 | 107.07% | | Subtotal of Cash Outflows from Operating Activities | 4,105,287,178.11 | 1,721,544,131.15 | 138.47% | | Net Cash Flow from Operating Activities | 61,912,998.11 | 290,912,435.00 | -78.72% | | Subtotal of Cash Inflows from Investing Activities | 1,728,926,403.42 | 414,433,458.55 | 317.18% | | Subtotal of Cash Outflows from Investing Activities | 2,138,167,094.19 | 501,156,109.60 | 326.65% | | Net Cash Flow from Investing Activities | -409,240,690.77 | -86,722,651.05 | -371.90% | | Subtotal of Cash Inflows from Financing Activities | 373,600,469.68 | 44,992,292.92 | 730.37% | | Subtotal of Cash Outflows from Financing Activities | 162,145,401.63 | 106,338,505.40 | 52.48% | | Net Cash Flow from Financing Activities | 211,455,068.05 | -61,346,212.48 | 444.69% | | Net Increase in Cash and Cash Equivalents | -135,864,328.51 | 142,843,571.47 | -195.11% | - Net cash flow from operating activities significantly decreased by 78.72% year-on-year, mainly due to reduced collections from outdoor products business and net cash outflow from travel services business[70] - Net cash outflow from investing activities significantly increased by 371.90%, primarily due to multiple investments and equity acquisitions, including investments in Tuto, franchisees, Easy Travel, sports funds, and ski resorts[71] - Net cash flow from financing activities significantly increased by 444.69% year-on-year, mainly due to a RMB 350 million bank loan to address a shortage of self-owned operating funds caused by strategic investment projects[71] III. Non-Core Business Operations This section states that the company had no non-core business operations during the reporting period - The company had no non-core business operations during the reporting period[71] IV. Asset and Liability Status At the end of 2015, total assets increased by 48.65%, reflecting active investment and M&A, with significant changes in monetary funds, inventory, prepayments, short-term borrowings, and goodwill 2015 Year-End Significant Changes in Asset Composition (RMB) | Item | 2015 Year-End Amount | % of Total Assets | 2014 Year-End Amount | % of Total Assets | % Change in Proportion | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 755,312,645.99 | 28.75% | 874,049,974.50 | 49.46% | -20.71% | Decrease in net cash flow from operating activities, increase in net cash outflow from investing activities | | Inventory | 544,205,968.36 | 20.72% | 299,079,036.09 | 16.92% | 3.80% | | | Prepayments | 190,916,643.78 | 7.27% | 12,623,313.36 | 0.71% | 6.56% | Acquisition of Jizhi Mei, Easy Travel, increased prepayments in travel services segment | | Short-term Borrowings | 304,000,000.00 | 11.57% | 0.00 | 0.00% | 11.57% | Increased external investment expenditures, insufficient self-owned operating funds | | Available-for-Sale Financial Assets | 246,650,000.00 | 9.39% | 55,675,200.00 | 3.15% | 6.24% | Investments in Tuto, Toread and Tong Fund, Zhongjing Shijie, etc. | | Goodwill | 336,589,117.92 | 12.81% | 38,216,778.86 | 2.16% | 10.65% | Acquisition of Jizhi Mei, Easy Travel, and four franchisee equities | - The company's assets and liabilities measured at fair value primarily consist of available-for-sale financial assets, with a year-end amount of RMB 55.05 million and a fair value change loss of RMB 0.63 million for the period[76] V. Analysis of Investment Status During the reporting period, total investment surged by 290.45% to RMB 485.91 million, driven by strategic equity acquisitions and new subsidiary establishments in travel services and sports Changes in Investment Amount During the Reporting Period | Investment Amount During Reporting Period (RMB) | Investment Amount in Prior Period (RMB) | Change Percentage | | :--- | :--- | :--- | | 485,909,300.00 | 133,494,525.20 | 290.45% | Significant Equity Investments During the Reporting Period | Investee Company Name | Investment Method | Investment Amount (RMB) | Shareholding Percentage | Current Period Investment Gain/Loss (RMB) | | :--- | :--- | :--- | :--- | :--- | | Easy Travel International Travel Agency (Beijing) Co., Ltd. | Acquisition | 230,739,000.00 | 74.56% | -15,328,835.25 | | Beijing Toread Ice and Snow Holdings Development Co., Ltd. | New Establishment | 34,500,000.00 | 60.00% | -1,134,700.73 | | Liaoning Beifuyuan Commercial and Trade Co., Ltd. | Acquisition | 57,172,300.00 | 51.00% | 841,313.77 | | Qingdao Xinshunda Business Co., Ltd. | Acquisition | 87,605,800.00 | 51.00% | 592,918.54 | | Jinan Huiqian Trading Co., Ltd. | Acquisition | 19,824,000.00 | 51.00% | 362,628.98 | | Beijing Shanshui Letu Trading Co., Ltd. | Acquisition | 35,934,600.00 | 51.00% | 1,041,783.87 | | Total | -- | 465,775,700.00 | -- | -13,624,890.82 | - The company's financial assets measured at fair value primarily consist of stock investments, with a year-end amount of RMB 55.05 million and a fair value change loss of RMB 0.63 million for the period[84] - The company had no use of raised funds during the reporting period[85] VI. Significant Asset and Equity Disposals This section states that the company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[86] - The company did not dispose of significant equity during the reporting period[87] VII. Analysis of Major Holding and Participating Companies This section details the financial performance of the company's major subsidiaries, highlighting the impact of recent acquisitions on operations and results Key Financial Information of Major Subsidiaries (RMB) | Company Name | Company Type | Registered Capital | Total Assets | Net Assets | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Chengdu Toread Sports Products Co., Ltd. | Subsidiary | 1,000,000.00 | 26,066,792.78 | -7,193,085.17 | 36,822,259.24 | -6,340,381.62 | | Extraordinary Exploration Outdoor Products Co., Ltd. | Subsidiary | 70,000,000.00 | 106,371,872.08 | 59,324,923.62 | 132,403,910.42 | 10,011,868.54 | | Easy Travel International Travel Agency (Beijing) Co., Ltd. | Subsidiary | 7,726,800.00 | 260,500,074.21 | 105,731,086.15 | 2,872,722,327.94 | -27,200,245.30 | | Beijing Shanshui Letu Trading Co., Ltd. | Subsidiary | 10,000,000.00 | 55,344,553.34 | 24,092,724.80 | 20,798,514.71 | 4,117,267.24 | | Jinan Huiqian Trading Co., Ltd. | Subsidiary | 10,000,000.00 | 62,500,201.93 | 22,385,901.01 | 8,491,419.58 | 1,597,933.19 | | Liaoning Beifuyuan Commercial and Trade Co., Ltd. | Subsidiary | 10,000,000.00 | 73,162,214.50 | 30,223,650.92 | 14,972,000.84 | 2,985,401.02 | | Qingdao Xinshunda Business Co., Ltd. | Subsidiary | 10,000,000.00 | 70,546,713.58 | 33,598,698.20 | 37,319,492.65 | 5,824,598.34 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Acquisition and Disposal Method | Impact on Overall Operations and Performance | | :--- | :--- | :--- | | Beijing Jizhi Mei Travel Agency Co., Ltd. | Capital Increase | Operating revenue of RMB 37.91 million and net profit of -RMB 0.92 million from consolidation date to period-end | | Beijing Yewan Technology Co., Ltd. | New Establishment | Operating revenue of RMB 0.16 million and net profit of -RMB 0.31 million from consolidation date to period-end | | Easy Travel International Travel Agency (Beijing) Co., Ltd. | Equity Transfer and Capital Increase | Easy Travel parent company operating revenue of RMB 1.74 billion and net profit of -RMB 13.14 million from consolidation date to period-end | | Beijing Toread Ice and Snow Holdings Development Co., Ltd. | New Establishment | In early stage of operation, no operating revenue yet | | Beijing Shanshui Letu Trading Co., Ltd. | Equity Transfer | Operating revenue of RMB 20.80 million and net profit of RMB 4.12 million from consolidation date to period-end | | Jinan Huiqian Trading Co., Ltd. | Equity Transfer | Operating revenue of RMB 8.49 million and net profit of RMB 1.60 million from consolidation date to period-end | | Liaoning Beifuyuan Commercial and Trade Co., Ltd. | Equity Transfer | Operating revenue of RMB 14.97 million and net profit of RMB 2.99 million from consolidation date to period-end | | Qingdao Xinshunda Business Co., Ltd. | Equity Transfer | Operating revenue of RMB 37.32 million and net profit of RMB 5.82 million from consolidation date to period-end | VIII. Structured Entities Controlled by the Company This section states that the company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[91] IX. Outlook on Company's Future Development The company has evolved into a comprehensive holding group with synergistic development across outdoor products, travel services, and big sports, targeting RMB 4.5 billion in 2016 revenue while addressing industry risks - The company's 2015 operating revenue was RMB 3.81 billion, and net profit was RMB 263 million; operating revenue exceeded expectations, while net profit was slightly below expectations[91] - The company's future development strategy is to build an internet-era community ecosystem, focusing on outdoor sports and experiential travel sub-segments, aggregating community resources through M&A, equity participation, and strategic cooperation[92] - The company will build a five-tier organizational platform including a traffic portal, distribution platform, product manager, supply chain, and ecosystem support system[92] Company's 2016 Operating Plan Targets | Indicator | Target Amount | | :--- | :--- | | Operating Revenue | No less than RMB 4.5 billion (approx. 18.17% year-on-year growth) | | Multi-brand Business Operating Revenue | No less than RMB 1.8 billion | | Multi-brand Business Net Profit | RMB 0.23 billion (year-on-year decrease) | | Travel Services Business Operating Revenue | No less than RMB 2.7 billion | | Travel Segment Expected Loss | No more than RMB 0.01 billion | | Overall Net Profit | RMB 0.2 billion | - The company formulated the "Iron Blood Wolf" plan, comprising 19 key tasks, aimed at promoting the implementation of the community ecosystem organizational strategy[94] - The outdoor business group's key tasks include upgrading brand communication, solidifying channel operations, innovating product R&D, and improving the organizational system, while accelerating inventory clearance, striving to reduce consolidated inventory by 25% by the end of 2016[94][95] - The travel business group's core objective is to increase the proportion of outdoor activities and experiential travel businesses, building a comprehensive experiential travel service platform, including Easy Travel, Luye.com, Shanshui Fengshang, and outdoor safety platforms[96] - The sports business group will focus on ski resort operations and investments, delving into the ice and snow industry, and conducting industrial investments leveraging the opportunities presented by the Winter Olympics[98] - Potential risks include slowing growth and intensifying competition in the outdoor products industry, increased business costs and expenses leading to short-term decline in profitability, an immature outdoor experiential travel service market, and underperforming integration of investment projects[100][101][102][103] 1. Progress of Previously Disclosed Development Strategies and Operating Plans During the Reporting Period In 2015, the company's operating revenue exceeded expectations at RMB 3.81 billion, while net profit of RMB 263 million was slightly below target, with the travel business group incurring a RMB 23 million net loss - The company's 2015 operating revenue was RMB 3.81 billion, and net profit was RMB 263 million; operating revenue exceeded planned expectations, while net profit was slightly below planned expectations[91] - The outdoor business group achieved operating revenue of RMB 1.81 billion and net profit of RMB 287 million; the travel business group achieved operating revenue of RMB 2.00 billion and net profit attributable to the parent company of -RMB 23 million[91] 2. Company's 2016 Development Plan The company's 2016 plan focuses on building an internet-era community ecosystem, targeting RMB 4.5 billion in revenue and RMB 200 million in net profit, while implementing the "Iron Blood Wolf" plan to enhance brand, channels, R&D, and accelerate inventory clearance - The company's future development strategy is to build an internet-era community ecosystem, focusing on outdoor sports and experiential travel sub-segments, aggregating community resources through M&A, equity participation, and strategic cooperation[92] - The company will build a five-tier organizational platform including a traffic portal, distribution platform, product manager, supply chain, and ecosystem support system[92] Company's 2016 Operating Plan Targets | Indicator | Target Amount | | :--- | :--- | | Operating Revenue | No less than RMB 4.5 billion (approx. 18.17% year-on-year growth) | | Multi-brand Business Operating Revenue | No less than RMB 1.8 billion | | Multi-brand Business Net Profit | RMB 0.23 billion (year-on-year decrease) | | Travel Services Business Operating Revenue | No less than RMB 2.7 billion | | Travel Segment Expected Loss | No more than RMB 0.01 billion | | Overall Net Profit | RMB 0.2 billion | - The company formulated the "Iron Blood Wolf" plan, comprising 19 key tasks, aimed at promoting the implementation of the community ecosystem organizational strategy[94] - The outdoor business group's key tasks include upgrading brand communication, solidifying channel operations, innovating product R&D, and improving the organizational system, while accelerating inventory clearance, striving to reduce consolidated inventory by 25% by the end of 2016[94][95] - The travel business group's core objective is to increase the proportion of outdoor activities and experiential travel businesses, building a comprehensive experiential travel service platform, including Easy Travel, Luye.com, Shanshui Fengshang, and outdoor safety platforms[96] - The sports business group will focus on ski resort operations and investments, delving into the ice and snow industry, and conducting industrial investments leveraging the opportunities presented by the Winter Olympics[98] 3. Potential Risks Faced by the Company The company faces risks from slowing industry growth, increasing costs, an immature experiential travel market, and potential underperformance in investment integration - Slowing growth and intensifying competition in the outdoor products industry; domestic outdoor market retail sales grew by 10.51% in 2015, indicating a slowdown[100] - Risk of decreased group profitability in the short term due to increased business costs and expenses, mainly from rising labor costs, raw material prices, and initial investments in new businesses[101] - Risk of an immature outdoor experiential travel service market, as consumer travel concepts require time to upgrade, leading to market uncertainties[102] - Risk of investment project integration not meeting expectations, as the company accelerates strategic business investments and M&A, and differences in operating styles, corporate cultures, and management methods with acquired companies may affect synergy[103] X. Investor Relations Activities This section details the company's 2015 investor relations activities, including dates, methods, and indexes of institutional investor site visits 2015 Investor Relations Activities Log | Reception Date | Reception Method | Type of Reception Object | Index of Basic Survey Information | | :--- | :--- | :--- | :--- | | January 20, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on January 23, 2015 | | March 17, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on March 20, 2015 | | April 16, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on April 20, 2015 | | June 29, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on July 2, 2015 | | August 18, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on August 20, 2015 | | September 15, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on September 18, 2015 | | October 22, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on October 27, 2015 | | November 17, 2015 | Site Visit | Institution | Investor Relations Activity Record Table disclosed on cninfo.com.cn on November 23, 2015 | Section V Significant Events This section details major corporate actions, including profit distribution, commitments, related party transactions, and other significant developments I. Company's Ordinary Share Profit Distribution and Capital Reserve to Share Capital Conversion The company implemented a 2014 cash dividend but proposed no 2015 dividend despite profitability, to secure funding for private placement projects - The company's 2014 profit distribution plan was completed on July 6, 2015, distributing a cash dividend of RMB 1.997422 (tax inclusive) per 10 shares based on a total share capital of 513,678,483 shares[109] - The company was profitable in 2015 and had positive distributable profit attributable to ordinary shareholders, but did not propose an ordinary share cash dividend distribution plan[113] - The reason for not distributing profits is that the company is actively promoting a private placement project, and to ensure initial funding for the project, no profit distribution will be made for 2015, with undistributed profits carried forward to future years[113] Company's Cash Dividends for Ordinary Shares in the Last Three Years (RMB) | Dividend Year | Cash Dividend Amount (Tax Inclusive) | Net Profit Attributable to Listed Company Ordinary Shareholders in Consolidated Report for Dividend Year | % of Net Profit Attributable to Listed Company Ordinary Shareholders in Consolidated Report | | :--- | :--- | :--- | :--- | | 2015 | 0.00 | 263,396,208.91 | 0.00% | | 2014 | 102,603,306.40 | 294,289,340.18 | 34.86% | | 2013 | 106,258,851.32 | 248,803,837.35 | 42.71% | II. Fulfillment of Commitments The company's controlling shareholders and actual controllers, Sheng Faqiang and Wang Jing, complied with their commitment to avoid horizontal competition, and Chairman Sheng Faqiang fulfilled his commitment not to reduce shares - The company's controlling shareholders and actual controllers, Mr. Sheng Faqiang and Ms. Wang Jing, made a commitment to avoid horizontal competition and complied with this commitment at the end of the reporting period[114] - Chairman Mr. Sheng Faqiang committed not to reduce company shares from July 3, 2015, to January 2, 2016, and to take measures to maintain stable company stock prices; this commitment was complied with at the end of the reporting period[115] III. Non-Operating Funds Occupied by Controlling Shareholders and Their Affiliates from the Listed Company This section states that there were no non-operating funds occupied by controlling shareholders and their affiliates from the listed company during the reporting period - No non-operating funds occupied by controlling shareholders and their affiliates from the listed company during the reporting period[116] IV. Board of Directors' Explanation on the Latest "Non-Standard Audit Report" This section states that the Board of Directors had no explanation regarding the latest "non-standard audit report" during the reporting period - No Board of Directors' explanation on the latest "non-standard audit report" during the reporting period[117] V. Board of Directors, Supervisory Board, Independent Directors (if any) Explanation on the Accounting Firm's "Non-Standard Audit Report" for the Current Reporting Period This section states that the Board of Directors, Supervisory Board, and Independent Directors had no explanation regarding the accounting firm's "non-standard audit report" for the current reporting period - No explanation from the Board of Directors, Supervisory Board, or Independent Directors regarding the accounting firm's "non-standard audit report" for the current reporting period[117] VI. Board of Directors' Explanation on Changes in Accounting Policies, Accounting Estimates, or Correction of Major Accounting Errors During the Reporting Period The company changed its accounting policy for restricted shares in accordance with "Interpretation No. 7 of Accounting Standards for Business Enterprises," retrospectively adjusting 2014 basic and diluted earnings per share - The company changed its accounting policy for restricted shares in accordance with Interpretation No. 7 of Accounting Standards for Business Enterprises, effective from 2015, with retrospective adjustment[117] - The accounting policy change led to a recalculation and retrospective adjustment of basic and diluted earnings per share for 2014[117] VII. Explanation of Changes in Consolidation Scope Compared to the Previous Year's Financial Report During the reporting period, the company's consolidation scope significantly changed, adding multiple subsidiaries through acquisitions and new establishments - The company completed capital increase in Beijing Jizhi Mei Travel Agency Co., Ltd. on April 9, 2015, gaining control and consolidating it[118] - The company completed equity transfer and capital increase in Easy Travel International Travel Agency (Beijing) Co., Ltd. on July 1, 2015, gaining control and consolidating it[119] - The company's controlled subsidiary Easy Travel completed equity transfer and capital increase in Beijing Meijing Liandong Technology Co., Ltd. on August 5, 2015, gaining control and consolidating it[120] - The company acquired 51% equity in Beijing Shanshui Letu Trading Co., Ltd., Liaoning Beifuyuan Commercial and Trade Co., Ltd., Qingdao Xinshunda Business Co., Ltd., and Jinan Huiqian Trading Co., Ltd. in September and December 2015, respectively, and consolidated them[120] - The company established new subsidiaries: Beijing Yewan Technology Co., Ltd., Beijing Toread Ice and Snow Holdings Development Co., Ltd., Gongyi Toread Ski Resort Co., Ltd., Jinan Tanhan E-commerce Co., Ltd., and Toread (Beijing) Outdoor Culture Communication Co., Ltd., and consolidated them[121][122] VIII. Engagement and Dismissal of Accounting Firm The company continued to engage Ruihua Certified Public Accountants (Special General Partnership) as its auditor for the reporting period, with an audit fee of RMB 1.25 million, and made no changes to its accounting firm or other related engagements Current Accounting Firm Engagement | Domestic Accounting Firm Name | Ruihua Certified Public Accountants (Special General Partnership) | | :--- | :--- | | Domestic Accounting Firm Remuneration (RMB million) | 1.25 | | Consecutive Years of Domestic Accounting Firm Audit Service | 4 | | Names of Domestic Accounting Firm's Certified Public Accountants | Liu Hongyue, Wang Guohai | - The company did not change its accounting firm during the reporting period, nor did it engage an internal control audit accounting firm, financial advisor, or sponsor[124][125] IX. Facing Suspension and Termination of Listing After Annual Report Disclosure This section states that the company did not face suspension or termination of listing after the annual report disclosure during the reporting period - The company did not face suspension or termination of listing after the annual report disclosure during the reporting period[125] X. Bankruptcy and Reorganization Matters This section states that the company did not undergo any bankruptcy or reorganization matters during the reporting period - The company did not undergo any bankruptcy or reorganization matters during the reporting period[126] XI. Significant Litigation and Arbitration Matters This section states that the company had no significant litigation or arbitration matters during the reporting period - The company had no significant litigation or arbitration matters during the reporting period[125] XII. Penalties and Rectification This section states that the company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[126] XIII. Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers This section states that there were no integrity issues concerning the company, its controlling shareholders, or actual controllers during the reporting period - No integrity issues concerning the company, its controlling shareholders, or actual controllers during the reporting period[127] XIV. Implementation of Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company continued two stock option incentive plans and launched its first employee stock ownership plan, completing fundraising and stock purchases with a 12-month lock-up period - The company's first stock option incentive plan, granted in December 2010, underwent multiple adjustments, with changes in the number of incentive recipients and options, and multiple exercises[128][129][130][131][132][133][134][135][136][137][138] - The company's second stock option and restricted stock incentive plan, granted in July 2012, also experienced adjustments to incentive recipients, option exercises, and restricted stock unlocking[139][140][141][142][143][144][145][146][147][148] - The company launched its first employee stock ownership plan, initially raising RMB 36.05 million, fully subscribing to the junior tranche of Xingzheng Asset Management Xinzhong No. 51 Collective Asset Management Plan, and allocating senior tranches at a 1:2 ratio, totaling RMB 108.15 million[149][150] - The first employee stock ownership plan completed company stock purchases on March 22, 2016, with a stock lock-up period of 12 months (March 23, 2016 - March 22, 2017)[150] XV. Significant Related Party Transactions During the reporting period, the company engaged in various significant related party transactions, including sales, leases, financial assistance, and joint investments, all with proper approvals 2015 Daily Related Party Transactions (RMB million) | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount | % of Similar Transaction Amount | Approved Transaction Limit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Beijing Yading Technology Development Co., Ltd. | Actual controller's investment company | Property Lease | Lease of property for office and residence | 2.09 | -- | 6.27 | | Peng Xin, Jiang Zhongfu, Zhang Cheng | Related natural persons | Financial Assistance | Provision of financial assistance to Akennuo | 0.63 | -- | 0.63 | | Tuto (Xiamen) Outdoor Products Co., Ltd. | Associate company | Sales of Goods | Sales of goods to Tuto | 173.45 | -- | 250.00 | - The company, along with Beijing Shijie Xinghui Technology Co., Ltd., company directors, senior management Peng Xin, Jiang Zhongfu, and core employees, jointly established Beijing Yewan Technology Co., Ltd., with the company investing RMB 2.55 million for a 51% equity stake[158] - The company waived its priority subscription right for the capital increase of its controlled subsidiary Beijing Akennuo Outdoor Products Co., Ltd.; Tuto acquired a 30% equity stake in Akennuo for RMB 8.57 million, reducing the company's shareholding to 52.5%[158] 2015 Year-End Related Party Receivables and Payables (RMB) | Item Name | Related Party | Year-End Book Balance | Year-End Provision for Bad Debts | | :--- | :--- | :--- | :--- | | Accounts Receivable | Tuto (Xiamen) Outdoor Products Co., Ltd. | 33,243,942.15 | 1,662,197.11 | | Prepayments | Tuto (Xiamen) Outdoor Products Co., Ltd. | 797,690.52 | -- | | Other Payables | Tuto (Xiamen) Outdoor Products Co., Ltd. | 781,371.08 | -- | XVI. Significant Contracts and Their Fulfillment The company had no托管,承包,租赁, or significant guarantee situations, but engaged in RMB 1.743 billion in bank principal-protected wealth management, yielding RMB 0.8994 million in actual gains - The company had no entrustment, contracting, leasing, or significant guarantee situations during the reporting period[160][161][162][163] 2015 Wealth Management Activities (RMB million) | Trustee Name | Product Type | Entrusted Wealth Management Amount | Actual Gain/Loss Amount for the Reporting Period | | :--- | :--- | :--- | :--- | | China Merchants Bank Beijing Dayuncun Sub-branch | Principal-protected bank wealth management | 50.00 | 0.33 | | Ping An Bank Beijing Guangqumen Sub-branch | Principal-protected bank wealth management | 1,600.00 | 0.19 | | ICBC Zizhuyuan Sub-branch | Principal-protected bank wealth management | 25.00 | 0.08 | | ICBC Zizhuyuan Sub-branch | Principal-protected bank wealth management | 23.00 | 0.08 | | China Merchants Bank Jianguomen Sub-branch | Principal-protected bank wealth management | 25.00 | 0.13 | | China Merchants Bank Beijing Dayuncun Sub-branch | Principal-protected bank wealth management | 2.00 | 0.03 | | China Merchants Bank Beijing Dayuncun Sub-branch | Principal-protected bank wealth management | 3.00 | 0.07 | | China Merchants Bank Beijing Dayuncun Sub-branch | Principal-protected bank wealth management | 15.00 | - | | Total | -- | 1,743.00 | 0.90 | - The company plans to periodically engage in bank principal-protected wealth management projects based on idle funds in the future[166] - The company had no entrusted loans or other significant contracts during the reporting period[167][168] XVII. Explanation of Other Significant Matters The company completed multiple significant matters, including private placement approval, rebranding, high-tech enterprise re-certification, sports fund investments, and key acquisitions, alongside an investment intent agreement with Xingzhi Exploration - The company's private placement plan has been approved by the China Securities Regulatory Commission's Issuance Review Committee, planning to raise no more than RMB 1.283 billion for five projects including the "Toread Cloud Project"[169] - The company has adjusted its organizational structure and c