ST摩登(002656) - 2022 Q2 - 季度财报

Financial Performance - The company's operating revenue for the reporting period was ¥122,249,995.26, a decrease of 36.96% compared to the same period last year [26]. - The net profit attributable to shareholders was ¥66,655,827.97, representing a significant increase of 426.36% year-on-year [26]. - The basic earnings per share increased to ¥0.0935, up 425.78% from a loss of ¥0.0287 in the previous year [26]. - The total assets at the end of the reporting period were ¥881,169,202.16, reflecting a decrease of 5.60% compared to the end of the previous year [26]. - The company's total revenue for the reporting period was ¥122,249,995.26, representing a decrease of 36.96% compared to ¥193,934,024.83 in the same period last year [50]. - The revenue from self-owned brand apparel was ¥76,469,186.47, accounting for 62.55% of total revenue, down 35.22% year-on-year [51]. - The revenue from agency brand apparel was ¥31,492,133.63, which is 25.76% of total revenue, showing a decline of 42.22% compared to the previous year [51]. - The company's total sales expenses decreased by 25.84% to CNY 70,867,637.77, primarily due to reduced advertising and store renovation costs [61]. - The company reported a significant decline in operating cash flow, down 99.28% to ¥721,750.06, compared to ¥100,041,105.14 in the previous year [50]. - The company reported a net loss of 23,713,594.15 yuan due to inventory impairment provisions, accounting for -35.75% of total profit [71]. Risks and Challenges - The company reported a significant financial challenge, with a warning issued by the accounting firm regarding the audit opinion for the 2021 financial statements, which remains unresolved [4]. - The stock has been under risk warning since January 13, 2020, due to the controlling shareholder's violation of regulations, with the stock name changed to "ST Modern" and a trading limit of 5% [8]. - The company faced an administrative penalty of 400,000 yuan due to violations related to information disclosure, as per the decision from the China Securities Regulatory Commission [9]. - The company is exposed to macroeconomic fluctuations, which could impact its profitability due to economic slowdowns and consumer spending declines [10]. - Increased competition in the retail sector poses a risk to the company's profitability as it transitions to a new retail platform [11]. - Currency exchange rate fluctuations present a risk to the company's operations and earnings due to its international business dealings [12]. - The company has not provided specific future performance guidance or projections, emphasizing the need for investors to remain cautious [5]. - The management has outlined potential risks and corresponding measures in the report, highlighting the importance of risk awareness for investors [5]. - The company faces risks from intensified industry competition, particularly in the new retail sector, and plans to expand online sales channels and enhance product design and marketing strategies [89]. - The company is exposed to inventory management risks due to high inventory levels and low turnover rates, necessitating careful management to avoid potential write-downs [90]. - The company has been subject to foreign exchange risk due to international operations and transactions, which may impact its financial performance [91]. Investments and Assets - The company invested ¥240 million in Nanjing Jiayuan New Energy Co., holding a 16.70% stake, but faced difficulties in obtaining necessary documentation from the investee [27]. - The fair value of the investment in Nanjing Jiayuan was assessed at ¥81,546,100, indicating an impairment of ¥158,453,900, with a reduction rate of 66.02% [28]. - The company's cash and cash equivalents decreased by 91.21% to -¥12,949,313.28, influenced by cash flows from operating, investing, and financing activities [50]. - The company has established long-term stable partnerships with high-end department stores and shopping centers, enhancing its brand image and customer trust [44]. - The company has expanded its online sales channels, including new stores on Douyin, to adapt to changing consumer habits [46]. - The company has secured authorizations from numerous international brands, including SAINT LAURENT PARIS and BALENCIAGA, strengthening its market position [43]. Legal Matters - The company is involved in significant litigation matters, with a total amount of 84.79 million RMB related to a guarantee contract and loan obligations [117]. - The company has been ruled not liable for compensation in a lawsuit concerning a loan guarantee, with the court's decision being upheld in a retrial [117]. - A second lawsuit involves a claim of 100.31 million RMB against the company, with ongoing proceedings regarding the return of funds and interest [117]. - The company faces a claim of 12.25 million RMB related to a personal loan guarantee, with a favorable ruling in the second trial [117]. - The company has been ordered to repay a loan principal of approximately 36.42 million RMB along with interest, with ongoing litigation against its actual controller [117]. - The company is involved in multiple litigation cases with a total amount of approximately 2,065.94 million CNY related to product sales disputes [118]. - The company has a pending lawsuit against Tianjin Yuetan Modern Commercial Group with a claim amount of 172.87 million CNY [118]. - Another ongoing case involves a claim of 174.86 million CNY against Xi'an Century Jinhua Pearl River Plaza Shopping Co., Ltd. [118]. - The company has successfully mediated a dispute with Guangzhou Shidan Trading Co., Ltd. involving a claim of 172 million CNY [118]. - A judgment has been made in favor of the company in a loan contract dispute, requiring the opposing party to pay 1,016,670 CNY plus interest [118]. - The company is currently facing an appeal in the aforementioned loan contract dispute [118]. - The company has reported no expected liabilities from the ongoing litigation cases [118]. - The company is actively monitoring the bankruptcy proceedings related to its claims against other parties [118]. - The company has disclosed its litigation progress in a public announcement dated July 29, 2022 [118]. Shareholder and Equity Matters - The company’s major shareholder, Ruifeng Group, has passively reduced its holdings by approximately 14,219,373 shares, accounting for about 1.9956% of the total share capital [123]. - The company disclosed a potential passive reduction of shares involving 338,000,000 shares, which represents 4.74% of the total share capital [124]. - The controlling shareholder, Ruifeng Group, has passively reduced its shares by a total of 33,309,167 shares, accounting for approximately 4.6748% of the company's total share capital [125]. - As of April 20, 2022, Ruifeng Group has passively reduced its shares by 490,819 shares, representing 0.0689% of the total share capital [126]. - The maximum potential passive reduction by Ruifeng Group could reach 25,522,900 shares, which is about 3.5821% of the total share capital due to forced liquidation by Zhonghang Securities [127]. - From July 19 to August 8, 2022, Ruifeng Group passively reduced its shares by 7,125,100 shares, equating to 1.00% of the total share capital [128]. - The total number of common shareholders at the end of the reporting period was 11,186 [169]. - Guangzhou Puhuiyuan Trading Co., Ltd. holds 8.90% of the shares, totaling 63,409,343 shares [169]. - Guangzhou Ruifeng Group Co., Ltd. holds 4.52% of the shares, totaling 32,178,914 shares, which are currently frozen [169]. - The company has no foreign shareholding, with all shares held by domestic investors [164]. Future Outlook and Strategy - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on retaining capital [13]. - The company continues to focus on expanding its market presence and enhancing its product offerings, although specific details on new products or technologies were not disclosed in the report [5]. - The company plans to enhance its e-commerce platform and public account management in the second half of the year [68]. - The company plans to focus on market expansion and new product development to improve future performance [1]. - The company has not disclosed any new strategies or future outlook in the current report [164].