| 1 | | --- | | 利润表项目 | 本期发生额 | 上期发生额 | 增减比例 | 变动原因 | | --- | --- | --- | --- | --- | | 营业收入 | 8,188,419,310.39 | 6,801,651,543.61 | 20.39% | 公司整体营收增长主要是来自于在服饰配饰品 类的长期深耕,底层能力在服饰细分品类中高 度复用赋能品牌孵化和发展,保障服饰品类在 | | | | | | 较大规模基数的基础上仍能保持持续增长态 | | | | | | 势:同时,去年下半年在产品开发和营销端的 | | | | | | 大力度集中投入及本期的持续营销优化也推动 | | | | | | 了服装多个细分品类市场占有率和品牌影响力 | | | | | | 的提升 销售费用上升来自于销售收入增长、营销推广 | | 销售费用 | 2.976.743.663.36 | 2.584.768.666.08 | 15.16% | 成本上涨、品牌营销推广策略优化及平台佣金 费率下降等因素的综合影响。本期的营销策略 | | | | | | 是基于去年下半年集中推广期的资果进行更精 | | | ...

Core Viewpoint - The upcoming "Regulations on the Supervision of Fundraising by Listed Companies" will impose stricter regulations on the use of raised funds, particularly regarding changes in fund usage and slow project progress, aiming to enhance the efficiency of fund utilization and actively promote project construction [1][20]. Fundraising and Utilization - As of the end of 2024, the company has invested zero funds into multiple IPO projects, with 52.6% of the net IPO fundraising amount (CNY 5.23 billion) used for supplementing working capital [1][10]. - The company raised a total of CNY 1.098 billion from its IPO, with a net amount of CNY 995 million after deducting issuance costs, including CNY 474 million in oversubscription funds [1][2]. Project Progress and Changes - The company initially planned to allocate funds to four projects, including a marketing system construction project (CNY 105 million), an e-commerce operation center (CNY 313 million), and an enterprise management information project (CNY 23.34 million), but has only allocated CNY 8 million to these projects, which is about 8% of the net fundraising amount [2][3]. - The company has repeatedly changed the use of IPO funds, with the latest changes approved in September 2024, including reallocating funds from the marketing system project and terminating the enterprise management information project [13][14]. Financial Performance - The company's revenue has stagnated post-IPO, with revenues of CNY 11.43 billion, CNY 11.52 billion, and CNY 10.99 billion from 2022 to 2024, and net profits of CNY 1.66 billion, CNY 1.80 billion, and CNY 1.71 billion during the same period [14][16]. - The company acquired the Hush Puppies brand's IP assets for CNY 588 million, which has raised concerns among investors due to the lack of disclosed financial performance related to this acquisition [16][17]. Regulatory Impact - The new regulations will restrict the use of oversubscription funds for working capital, requiring that such funds be used for ongoing or new projects, or for share buybacks [10][20]. - Legal experts emphasize that the capital market is not a "cash machine" for listed companies, and failure to utilize raised funds as planned could damage investor confidence and market efficiency [19][20].