Investment Rating - The report maintains a "Neutral" rating for the light industry and textile apparel sectors, while recommending an "Overweight" rating for specific companies including Oppein Home, Sophia, Explorer, Semir Apparel, and Guibao Pet [7][30]. Core Insights - The European Union has made a preliminary anti-dumping ruling against Chinese decorative paper, imposing temporary anti-dumping duties ranging from 31.0% to 34.9% on involved companies [4][12]. - Adidas is strategically positioning itself in the Chinese sports market through a partnership with Tsinghua University, focusing on technology innovation and talent development in sports [12]. - The integration of AI models like DeepSeek by home appliance and furniture companies is expected to enhance their capabilities in customization, design, production, marketing, and customer service, thereby improving consumer experience [6][29]. Industry News - The light industry sector underperformed the CSI 300 index by 1.42 percentage points from February 17 to February 21, with a decline of 0.42% compared to the index's increase of 1.00% [6][23]. - The textile and apparel sector also lagged behind the CSI 300 index, underperforming by 1.91 percentage points during the same period, with a decline of 0.91% [6][25]. - The report highlights the performance of specific companies, noting that the top gainers in the light industry included Shengtong Co. (32.00%) and QuSleep Technology (25.83%) [24]. Company Announcements - Ruierte reported a 13.81% year-on-year decline in net profit for 2024, despite a revenue increase of 8.23% [5][22]. - Pearl River Piano has entered a strategic partnership with Lehai Musical Instruments to establish a benchmark in the national musical instrument industry [6][22].

Fixed Income - The forecast for February 2025 predicts new loans of 1 trillion yuan and social financing of 2.5 trillion yuan, with M2 reaching 320.6 trillion yuan and a year-on-year growth of 7.0% [2][10] - The social financing growth rate is expected to be 8.3%, with a potential recovery in the growth rate later in the year [11][12] - The report anticipates a stable economic outlook for 2025, with a possible small rebound in 2026, and predicts the 10Y/30Y government bond yields to peak at 1.9%/2.2% in 2025 [13] Pharmaceutical Industry - Kelun Pharmaceutical (002422.SZ) - Kelun Pharmaceutical is recognized as a successful representative of the transition from generic to innovative drugs, with a cumulative R&D investment of nearly 11.9 billion yuan from 2014 to 2023 [14][15] - The company has entered the global market for innovative drugs, with significant potential for future growth, particularly through its ADC research platform and partnerships with major pharmaceutical companies [16] - The antibiotic intermediate sector is expected to maintain a stable supply-demand balance, while the intravenous infusion market is projected to grow steadily due to aging demographics [17][18] Public Utilities - China Resources Gas (01193.HK) - China Resources Gas is positioned as a leading city gas provider, focusing on projects in first- and second-tier cities, benefiting from its strategic location [21][22] - The company has reduced its reliance on connection services, with growth in comprehensive services and energy solutions supporting its profitability [23] - The report highlights a significant increase in operating cash flow and a low debt ratio, indicating strong financial health and potential for dividend growth [24][25] New Energy - Mingyang Technology (837663.BJ) - Mingyang Technology is identified as a national-level specialized manufacturer in automotive seat components, with an expected net profit growth of 18.66% in 2024 [27][28] - The company is benefiting from the trend of electrification and intelligence in the automotive industry, with a projected increase in the value of seat components [29] - The report emphasizes the potential for growth in the assembly business, which is expected to become a significant revenue driver [30][31] New Consumption - Semir Apparel (002563.SZ) - Semir Apparel focuses on casual and children's clothing, with its brands ranking among the top in their respective markets [34][35] - The company is enhancing operational efficiency and product appeal through strategic partnerships and brand collaborations, leading to improved profit margins [35] - The report forecasts steady growth in net profit from 2024 to 2026, supported by a strong market position and multi-brand strategy [36] New Consumption - Bairun Co., Ltd. (002568.SZ) - Bairun Co., Ltd. is a leading player in the ready-to-drink (RTD) beverage market, with a market share exceeding 73% in 2023 [38][39] - The growth of the RTD market is driven by expanding consumer demographics and innovative product offerings [40] - The company is expected to maintain its market leadership and continue to grow its net profit from 2024 to 2026 [41]

Summary of Key Points from Conference Call Records Industry or Company Involved - The conference call records primarily discuss the implications of the government work report on various industries, including real estate, food and beverage, construction, new energy, technology, and transportation. Core Insights and Arguments - **Government Work Report Focus**: The report emphasizes the importance of timely policy implementation, with a focus on early action to address uncertainties. The GDP growth target remains unchanged, while the CPI target is adjusted down to around 2% to stabilize prices through supply-demand optimization [2][2][2]. - **Real Estate Sector Support**: The report maintains a positive stance towards the real estate sector, detailing measures such as lifting restrictions, urban village renovations, and improving financing mechanisms to support the market [2][9][10]. - **Consumer Confidence in Food and Beverage**: The white liquor sector is expected to benefit from improved economic conditions, with a correlation to business activities. The report indicates that PPI is likely to rebound, positively impacting the liquor industry's sales [2][13][13]. - **Construction Industry Guidance**: The report outlines an increase in special bonds by 500 billion, with a total of 1.3 trillion in long-term special bonds issued, indicating a significant boost in fiscal spending for the construction sector [2][14][14]. - **New Energy Sector Growth**: The new energy industry is expected to benefit from dual carbon goals and the potential for consumption upgrades. Lithium battery prices are rising, driven by increased demand from electric vehicle sales [2][19][19]. - **Technology Sector Opportunities**: The technology sector is experiencing significant changes, with a focus on AI and digital technology integration. Companies like ByteDance and Huawei are highlighted for their advancements in AI applications [2][5][5]. - **Transportation Sector Development**: The report emphasizes the growth of the low-altitude economy and commercial aerospace as emerging industries, with specific regions identified for development [2][28][28]. Other Important but Potentially Overlooked Content - **Market Dynamics**: The A-share market is expected to remain stable, with no immediate significant impact from the government work report. However, April is identified as a critical month for observing economic data and potential rebounds in cyclical sectors [4][4]. - **Investment Recommendations**: The report suggests focusing on sectors like construction, new energy, and technology for potential investment opportunities, while also monitoring the performance of leading companies in these areas [2][18][18]. - **Long-term Trends**: The government work report indicates a commitment to long-term structural reforms in capital markets, including enhancing the role of strategic funds and optimizing the stock issuance process [2][25][25]. This summary encapsulates the key insights and implications from the conference call records, providing a comprehensive overview of the current market landscape and future opportunities across various sectors.

Summary of Key Points from the Conference Call Industry or Company Involved - The conference call primarily discusses the Chinese economy and various sectors influenced by the 2025 government work report, including technology, capital markets, real estate, and consumer sectors. Core Points and Arguments 1. **Economic Development Focus**: The government emphasizes expanding domestic demand, boosting consumption, promoting technological innovation, and supporting the development of the private economy. Consumption is highlighted as a key component of domestic demand policies [3][4][5] 2. **Capital Market Development**: The report stresses the importance of stabilizing the real estate and stock markets, with monetary policy support and capital market reforms being crucial. The management aims to create a favorable environment for the capital market [3][6][8] 3. **Investment Opportunities**: Key investment opportunities for the upcoming year are identified in technology sectors, particularly in AI computing, humanoid robots, and low-altitude economy. High-dividend sectors are also expected to see trends as recovery expectations grow [3][10] 4. **Monetary and Fiscal Policy**: The report indicates a shift towards moderately loose monetary policy and more proactive fiscal policy, with a focus on the supply of government bonds and local government debt [3][11] 5. **Real Estate Sector Outlook**: The government maintains a positive stance on the real estate sector, emphasizing the need for stable housing prices to support consumption. Specific measures include potential interest rate cuts and easing purchase restrictions in first-tier cities [3][14] 6. **Technological Innovation Initiatives**: The government outlines new initiatives in technological innovation, including advancements in AI, 6G technology, and smart devices, positioning these as core drivers of high-quality development [3][5] 7. **Consumer Electronics and Emerging Industries**: The report highlights the importance of consumer electronics, with government subsidies for products like smartphones and AR/VR devices, which will stimulate market demand [3][24] 8. **Cultural Industry Growth**: The cultural industry is seen as having significant growth potential, with support for the application of large models and the opening of the internet and cultural sectors to promote international trade [3][22] 9. **Food and Beverage Sector**: The food and beverage sector is expected to recover as the economy stabilizes, with a focus on national brands and regional leaders in the market [3][41][42] Other Important but Possibly Overlooked Content 1. **Debt Management**: The government acknowledges the need to address debt issues within the development framework, particularly concerning private enterprises [3][4] 2. **Transportation and Logistics**: The report emphasizes the need for innovation in transportation and logistics to enhance efficiency and reduce costs, particularly in cold chain and cross-border logistics [3][27][28] 3. **Green Transition**: The government is committed to promoting a green and low-carbon transition in transportation, integrating new technologies to improve operational efficiency [3][29] 4. **Banking Sector Support**: The report indicates the necessity of injecting capital into state-owned banks to support the real economy, with a projected issuance of special bonds to bolster bank capital [3][43][44] 5. **Non-Bank Financial Sector**: The focus is on comprehensive reform in the non-bank financial sector, promoting long-term capital inflows and addressing risks in smaller financial institutions [3][45] 6. **Construction Industry Trends**: The construction industry is expected to shift towards maintaining and renovating existing structures, with an emphasis on overseas expansion to compensate for domestic market saturation [3][58] This summary encapsulates the key insights and implications from the conference call, providing a comprehensive overview of the government's economic strategies and their potential impact on various sectors.

Investment Rating - The report maintains a "Buy" rating for key companies in the textile and apparel sector, including Anta Sports, Huayi Group, Weixing Co., and others, with projected PE ratios for 2025 ranging from 10 to 21 times [12][35]. Core Insights - Amer Sports is projected to achieve a remarkable 135% year-on-year growth in net profit for 2024, with revenues increasing by 18% to $5.183 billion [1][16]. - The Technical Apparel segment is expected to grow by 20% in 2025, driven by strong performance in the Greater China region [2][17]. - The Outdoor Performance segment is anticipated to see a low double-digit growth, while the Ball & Racquet segment is expected to grow in the low to mid-single digits [2][17]. - The overall textile and apparel sector is facing pressure in 2024 due to weak consumer demand, but a recovery is expected in 2025 as retail performance stabilizes [5][33]. Summary by Sections Amer Sports Performance - In 2024, Amer Sports' revenue is expected to reach $5.183 billion, with a significant increase in net profit to $73 million, and an adjusted net profit growth of 329% to $236 million [1][16]. - The company’s gross profit margin is projected to improve to 55.7%, and operating profit margin to 11.1% [1][16]. Technical Apparel - The Technical Apparel segment, led by the Arc'teryx brand, saw a 33% revenue increase in Q4 2024, reaching $745 million, with a direct-to-consumer (DTC) revenue growth of 44% [2][22]. - The adjusted operating profit margin for this segment improved to 24.3% due to optimized product and channel strategies [2][22]. Outdoor Performance - The Outdoor Performance segment, centered around the Salomon brand, reported a 13% revenue increase to $594 million in Q4 2024, with DTC sales growing by 58% [3][25]. - The adjusted operating profit margin for this segment rose to 11.1% [3][25]. Ball & Racquet Sports - The Ball & Racquet segment, featuring the Wilson brand, experienced a 22% revenue growth to $296 million in Q4 2024, although long-term growth is expected to stabilize in the low to mid-single digits [4][28]. - The adjusted operating profit margin improved to -3.7% as inventory normalized [4][28]. Industry Outlook - The textile and apparel sector is expected to see a recovery in 2025, with leading companies benefiting from improved supply chain dynamics and inventory health [5][33]. - The report highlights the importance of focusing on companies with strong fundamentals and growth potential, such as Anta Sports and Huayi Group, as the market stabilizes [5][33].

行 业 研 究 | 第1 海 证 学 | | --- | | Bohai Securities | [Table_MainInfo] 文化纸温和上涨可期，上海推动 IP、宠物消费发展 ――轻工制造&纺织服饰行业周报 推荐组合：欧派家居（603833）、索菲亚（002572）、探路者（300005）、 森马服饰（002563）、乖宝宠物（301498）。 风险提示 宏观经济波动；原材料成本上涨；新产能无法及时消化；大客户流失。 请务必阅读正文之后的声明 渤海证券股份有限公司具备证券投资咨询业务资格 1 of 12 行业周报 | | 分析师： 袁艺博 | | | SAC NO： S1150521120002 | | | 2025 | 年 月 2 | 17 | 日 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | [Table_Author] 证券分析师 | | [Table_Summary] | | | | | | | | | | 袁艺博 | | 投资要点： | | | | | | | | | | | |  行业要 ...

Financial Performance - The company's revenue for Q3 2024 reached ¥3,443,686,489.95, an increase of 3.15% year-over-year[2] - Net profit attributable to shareholders decreased by 35.97% to ¥202,562,799.01 in Q3 2024[2] - The net profit after deducting non-recurring gains and losses was ¥193,875,748.02, down 34.50% compared to the same period last year[2] - The net profit for Q3 2024 was CNY 752,369,513.85, a decrease of 9.4% compared to CNY 830,636,648.99 in Q3 2023[18] - The company reported a total comprehensive income of CNY 785,774,331.36 for Q3 2024, down from CNY 852,519,033.69 in Q3 2023[18] - Earnings per share (EPS) for Q3 2024 was CNY 0.28, a decrease from CNY 0.31 in the same quarter last year[18] Assets and Liabilities - The total assets as of the end of Q3 2024 amounted to ¥18,090,853,028.98, reflecting a 0.86% increase from the end of the previous year[2] - Total assets increased to CNY 18,090,853,028.98, up from CNY 17,936,916,562.62, representing a growth of 0.85%[16] - Total liabilities rose to CNY 6,649,099,514.89, compared to CNY 6,448,157,077.50, an increase of 3.12%[16] Cash Flow - The company's cash flow from operating activities showed a net outflow of ¥365,231,574.91 for the year-to-date period[7] - The cash flow from operating activities showed a net outflow of CNY -365,231,574.91, compared to a net inflow of CNY 842,979,962.23 in the same period last year[20] - The net cash flow from investing activities was a negative ¥941,525,289.24, primarily due to increased investments in large-denomination certificates of deposit[7] - The investment activities resulted in a net cash outflow of CNY -941,525,289.24, compared to a net inflow of CNY 767,359,158.71 in the same period last year[20] - The financing activities led to a net cash outflow of CNY -1,698,779,897.31, compared to CNY -719,765,601.05 in the previous year[20] Inventory and Receivables - Inventory increased by 51.76% to ¥4,168,309,580.02, primarily due to increased procurement[5] - Inventory levels rose significantly to CNY 4,168,309,580.02, compared to CNY 2,746,691,829.09, marking an increase of 51.66%[14] - The company reported a significant increase of 569.86% in other receivables, totaling ¥324,246,601.76, attributed to increased deposits for autumn and winter materials[5] Shareholder Information - As of September 30, 2024, Qiu Jianqiang holds 359,442,552 shares, representing 13.34% of the total share capital, with 154,000,000 shares pledged, accounting for 5.72% of total share capital and 42.84% of his holdings[10] - Zhou Pingfan owns 250,010,155 shares, which is 9.28% of the total share capital, with 60,000,000 shares pledged, making up 2.23% of total share capital and 24.00% of his holdings[10] - The total number of common shareholders at the end of the reporting period was 32,627[9] - The top ten shareholders collectively hold significant stakes, with Qiu Guanghe holding 15.34% and Senma Group holding 12.47%[9] - The company has not reported any changes in the participation of the top ten shareholders in margin financing and securities lending[9] - There are no applicable disclosures regarding preferred shareholders or their holdings[9] Operating Revenue and Costs - Total operating revenue for the current period reached CNY 9,398,671,457.45, an increase of 5.63% compared to CNY 8,898,315,927.31 in the previous period[17] - Total operating costs amounted to CNY 8,137,508,771.33, up 5.91% from CNY 7,683,795,271.65 in the prior period[17] - The company's total operating expenses increased to CNY 10,514,914,008.37, compared to CNY 9,183,611,811.51 in the previous year[20] Research and Development - Research and development expenses increased to CNY 209,971,290.32, reflecting a rise of 20.83% from CNY 174,056,694.20 year-over-year[17] Future Outlook - The company is focusing on market expansion and new product development, although specific details were not provided in the report[17] - Future outlook includes continued investment in technology and potential strategic acquisitions to enhance market position[17] Stock Option Incentive Plan - The 2024 stock option incentive plan was approved, granting 97,233,500 stock options at an exercise price of ¥3.69 per option to 144 eligible participants[13] - The stock option incentive plan's grant registration was completed on September 30, 2024[13] Other Income - The company experienced a 50.68% decline in other income, totaling ¥19,120,070.57 for the year-to-date period[6]

浙江森马服饰股份有限公司(以下简称"公司")于 2024 年 9 月 5 日在公司会议室召 开第六届董事会第十次会议及第六届监事会第九次会议，审议通过《关于<公司 2024 年股 票期权激励计划（草案）>及其摘要的议案》等相关议案。具体内容详见公司 2024 年 9 月 7 日于巨潮资讯网（www.cninfo.com.cn）披露的《浙江森马服饰股份有限公司 2024 年股 票期权激励计划（草案）》等相关公告。 根据《上市公司股权激励管理办法》（以下简称"《管理办法》"）、《深圳证券交 易所上市公司自律监管指南第 1 号——业务办理》（以下简称"《自律监管指南》"）及 《公司章程》等相关规定，公司对 2024 年股票期权激励计划（以下简称"本激励计划"） 拟激励对象的姓名和职务在公司内部进行了公示。 公司监事会结合公示情况对激励对象进行了核查，相关公示情况及核查意见如下： 一、公示情况说明 证券代码：002563 证券简称：森马服饰 公告编号:2024-27 浙江森马服饰股份有限公司 监事会关于 2024 年股票期权激励计划激励对象 名单的审核意见及公示情况的说明 本公司及监事会全体成员保证信息披露内容真实、 ...

Investment Rating - The report maintains an "Accumulate" rating for the company [1][4] Core Views - The company achieved steady growth in the first half of 2024, with revenue reaching 5.955 billion yuan, a year-on-year increase of 7.11%, and net profit of 553 million yuan, also up 7.14% year-on-year [1][2] - The gross margin improved to 46.11%, up 1.47 percentage points year-on-year, while the net profit margin remained stable at 9.25% [2] - The company is focusing on brand upgrades and market expansion, particularly in Southeast Asia, where it has opened seven stores in Vietnam and entered the Shopee e-commerce platform [2] Financial Performance - Revenue for 2022 was 13.331 billion yuan, with a projected increase to 14.896 billion yuan in 2024, reflecting a growth rate of 9.0% [1][5] - The net profit for 2022 was 637 million yuan, expected to rise to 1.236 billion yuan by 2024, indicating a growth rate of 10.2% [1][5] - The company's return on equity (ROE) improved from 5.6% in 2022 to a projected 10.2% in 2024 [1][5] Business Segments - In the first half of 2024, revenue from leisure apparel, children's apparel, and other segments were 1.814 billion yuan, 4.070 billion yuan, and 71 million yuan, respectively, with year-on-year growth rates of 7.66%, 6.43%, and 39.80% [2] - Online sales contributed 2.695 billion yuan, while direct sales, franchise sales, and joint sales generated 703 million yuan, 2.401 billion yuan, and 85 million yuan, respectively, with all channels showing stable growth [2] Future Outlook - The company forecasts earnings per share (EPS) of 0.46 yuan in 2024, 0.53 yuan in 2025, and 0.60 yuan in 2026, with corresponding price-to-earnings (P/E) ratios of 9.7X, 8.4X, and 7.5X [4][5]

Financial Performance - The company's operating revenue for the first half of 2024 was CNY 5,954,984,967.50, representing a 7.11% increase compared to CNY 5,559,859,513.72 in the same period last year[12]. - The net profit attributable to shareholders was CNY 552,502,075.58, up 7.14% from CNY 515,662,795.57 year-on-year[12]. - The net profit after deducting non-recurring gains and losses was CNY 540,627,011.56, reflecting a 12.69% increase from CNY 479,735,686.62 in the previous year[12]. - The basic earnings per share increased by 10.53% to CNY 0.21 from CNY 0.19 in the same period last year[12]. - The company reported a net cash flow from operating activities of CNY -5,425,584.37, compared to CNY 834,967,780.12 in the same period last year[12]. - The total revenue for the first half of 2024 reached 7,084.10 million CNY, with a significant increase in user engagement[104]. - The company reported a net cash outflow from operating activities of ¥5,425,584.37 in the first half of 2024, a significant decrease from a net inflow of ¥834,967,780.12 in the first half of 2023[143]. - The total comprehensive income for the first half of 2024 was CNY 545,464,659.49, slightly up from CNY 537,454,310.79 in the previous year[138]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 16,671,264,805.46, a decrease of 7.06% from CNY 17,936,916,562.62 at the end of the previous year[12]. - The net assets attributable to shareholders decreased by 2.24% to CNY 11,236,167,255.52 from CNY 11,493,310,382.57 at the end of the previous year[12]. - Cash and cash equivalents decreased by 7.69% to CNY 6,250,840,554.55, accounting for 37.49% of total assets, primarily due to increased payments for goods[69]. - The total liabilities decreased from CNY 6,448,157,077.50 to CNY 5,437,553,424.85, a decrease of approximately 15.71%[132]. - The company's equity attributable to shareholders decreased from CNY 11,493,310,382.57 to CNY 11,236,167,255.52, a decline of about 2.24%[132]. Market Position and Strategy - The company operates two main brands: Semir for adult casual wear and Balabala for children's clothing, with Balabala holding the top market share in the children's apparel sector[16]. - The company aims to strengthen its leading position in the casual wear and children's clothing markets through differentiated business platforms and efficient resource integration[18]. - The children's clothing market is experiencing rapid growth, driven by consumption upgrades and demographic changes, presenting both opportunities and competitive risks for the company[18]. - The company has been proactive in expanding its market presence and enhancing brand strategies through integrated marketing efforts[16]. - The company is focusing on enhancing product quality and optimizing channel structures to seize new growth opportunities[21]. Supply Chain and Operations - The company has established a comprehensive retail system that includes offline stores, supermarkets, shopping centers, outlets, and e-commerce platforms, with a focus on franchise and direct sales models[17]. - The company has implemented strict supplier selection and evaluation processes to ensure the quality of materials and finished products, utilizing an outsourcing production model[19]. - The company has developed a flexible supply chain planning system to manage inventory effectively, including pre-planning, in-process control, and post-analysis[19]. - The company emphasizes inventory management, optimizing purchasing plans and supply chain processes to maintain healthy operational status[50]. Marketing and Brand Development - The company has a strong design and research team that integrates global fashion trends to meet the fast-changing demands of consumers[17]. - The brand "Semir" has a leading market share and brand awareness in the domestic casual wear market, while "Balabala" ranks first in the domestic children's clothing market[25]. - The marketing campaigns for "Semir" achieved over 5.5 billion online exposures, significantly boosting brand influence[49]. - The "Bala Bala" brand achieved over 100 million yuan in retail sales for its sunscreen category, meeting consumer demand for outdoor protection[50]. - Mini Bala focuses on outdoor parent-child products, launching new lightweight protective clothing for children aged 0-7, achieving good profit growth[52]. Financial Management and Investments - The company invested CNY 111,785,785.37 during the reporting period, a 92.26% increase compared to CNY 58,143,500.00 in the same period last year[74]. - The company completed significant equity investments totaling CNY 51,709,360.00, including a 100% stake in Semir International Pte. Limited for CNY 45,709,360.00[75]. - The company reported a total of CNY 1,056,619,524.41 in restricted assets, primarily due to pledged large-denomination certificates of deposit[73]. - The company has a cash reserve of ¥78.43 billion, indicating a strong financial position[27]. Environmental and Social Responsibility - The company emphasizes environmental protection and sustainable development, aligning with China's 2030 carbon peak and 2060 carbon neutrality goals[90]. - The company has adopted biodegradable and eco-friendly materials in its products, promoting sustainable fashion and reducing environmental impact[93]. - The company actively engages in biodiversity protection initiatives, such as the "Where Have the Yangtze River Dolphins Gone 2.0" exhibition to raise awareness about environmental conservation[96]. - The company is committed to continuous product innovation and improving customer satisfaction through enhanced after-sales service[54]. Corporate Governance - The company has established a comprehensive internal governance system to enhance shareholder rights and improve information disclosure quality[97]. - The company maintains a strict code of conduct for employees to prevent commercial bribery and ensure ethical business practices[99]. - The company has implemented a talent development system, focusing on training for new employees and management personnel[98]. - The company has no significant litigation or arbitration matters during the reporting period, with minor cases involving amounts of 1,231.17 thousand CNY and 406.04 thousand CNY respectively[102].