[年报]飞亚达Ｂ:2021年年度报告（英文版）
原标题:飞亚达Ｂ:2021年年度报告（英文版） FIYTA Precision Technology Co., Ltd. 2021 Annual Report March, 2022 Section 1 Important Notice, Table of Contents and Definition The Board of Directors, the Supervisory Committee, directors, supervisors and senior executives hereby individually and collectively accept responsibility for the correctness, accuracy and completeness of the contents of this report and confirm that there are neither material omissions nor errors which would render any statement misleading. Zhang Xuhua, the Company leader, Song Yaoming, chief financial officer, and Tian Hui, the manager of the accounting department (treasurer) hereby confirm the authenticity and completeness of the financial report enclosed in this Annual Report. All the directors attended the board meeting for reviewing the Annual Report. Any perspective description, such as the future plan, development strategy, etc. involved in the Annual Report shall not constitute the Company’s substantial commitment to the investors and the investors should please pay attention to their investment risks. In this report, the Company has described in detail the existing macro - economic risks as well as operation risks. Investors are advised to refer to the contents concerning the Company's future development prospect in Section 3 Discussion and Analysis of the Management. The profit distribution preplan reviewed and approved by the Board of Direc tors is summarized as follows: based on the number of shares after deducting the shares in the special securities account for repurchase from the total number of shares on the equity registration date when the profit distribution plan is implemented in the future, the Company is going to distribute cash dividend to all shareholders at the rate of CNY 3.00 (with tax inclusive) for every 10 shares, and 0 bonus shares (with tax inclusive) shall be distributed and no public reserve shall be capitalized . T able of Contents Section 1 Important Notice, Table of Contents and Definition Section 2 Company Profile and Financial Highlights Section 3 Discussion and Analysis by the Management Section 4 Corporate Governance Section 5 Environment and Social Responsibility Section 6 Significant Events Section 7 Change of the Shares and P articulars about Shareholders Section 8 About the Preferred Shares Section 9 About Bonds Section 10 Financial Report Documents Available for Inspection I. Financial Statements signed by and under the seal of the legal representative, chief accountant and accounting supervisors; II. The original Auditors’ Report affixed with the seal of the accounting firm, signed by and affixed with the seal of the certified public accountant. III. Originals of all documents and manuscripts of all the Company’s documents disclosed to the public during the reporting period. Definitions Terms to be defined Refers to Definition This Company, the Company or FIYTA Refers to FIYTA Precision Technology Co., Ltd. AVIC Refers to Aviation Industry Corporation of China, Ltd. AVIC International Refers to AVIC International Holding Corporation AVIC International Industrial Refers to AVIC International Industrial Holding Co., Ltd. AVIC International Shenzhen Refers to AVIC International Shenzhen Co., Ltd. AVIC IHL Refers to AVIC International Holding Limited The Sales Co. Refers to FIYTA Sales Co., Ltd. Harmony Refers to Shenzhen Harmony World Watches Center Co., Ltd. Precision Technology Co. Refers to Shenzhen FIYTA Precision Technology Co., Ltd. Science & Technology Development Co. Refers to Shenzhen FIYTA Technology Development Co., Ltd. the Hong Kong Co. Refers to FIYTA (Hong Kong) Limited SHIYUEHUI Refers to Shiyuehui Boutique (Shenzhen) Co., Ltd. Hengdarui Refers to Liaoning Hengdarui Commerce & Trade Co., Ltd. Harmony E - Commerce Limited Refers to Shenzhen Harmony E - Commerce Limited Xunhang Co. Refers to Shenzhen XUNHANG Precision Technology Co., Ltd. HARMONY (Hainan) Co. Refers to Harmony World Watches Center (Hainan) Ltd. Shanghai Watch Industry Refers to Shanghai Watch Industry Co., Ltd. Rainbow Ltd. Refers to Rainbow Digital Commercial Co., Ltd. Shennan Circuit Refers to Shennan Circuit Co., Ltd. Section 2 Company Profile and Financial Highlights I. Company Information Short form of the stock FIYTA and FIYTA B Stock Code 000026 and 200026 Stock Exchange Listed with Shenzhen Stock Exchange Company Name in Chinese FIYTA Precision Technology Co., Ltd. Abbreviation of the Company Name in Chinese 飞亚达公司 Company name in English (if any) FIYTA Precision Technology Co., Ltd. Abbreviation of the Company name in English (if any) FIYTA Legal Representative Zhang Xuhua Registered address: FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen Postal Code of the Registered Address 518057 Changes of the Company's Registered Address On January 30, 1997, the Company’s registered address was changed from "Building 6, CATIC Zone, Shennan Road Central, Shenzhen" to "Building 6, CATIC Zone, Shennan Road Central, Futian District, Shenzhen" ; on April 5, 2000, the registered address was changed to "Fiyta Building, 163 Zhenhua Road, Futian District, Shenzhen"; on February 20, 2004, the registered address was changed to "FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen" . Office Address 20th Floor, FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen Postal Code of the Registered Address 518057 Website: www.fiytagroup.com E - mail: [email protected] II. Liaison Persons and Communication Information Secretary of the Board Securities Affairs Representative Names Song Yaoming (acting ) Xiong Yaojia Liaison Address 20th Floor, FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen 18th Floor, FIYTA Technology Building, Gaoxin S. Road One, Nanshan District, Shenzhen Tel. 0755 - 86013669 0755 - 86013669 Fax 0755 - 83348369 0755 - 83348369 [email protected] [email protected] III. Information Disclosure and Place where the Regular Reports are Prepared The website of the Stock Exchange on which the Company discloses the Annual Report http://www.szse.cn Names and websites of the media on which the Company discloses the Annual Report Securities Times, Hong Kong Commercial Daily, and www.cninfo.com.cn Place where the Company’s Annual Report was prepared and is placed for inquiry The Planning & Operation Department of the Company IV. Changes in Registration Organization Code 91440300192189783K Changes in principal business activities since listing (if any) No change Changes in the controlling shareholder over the past years (if any) No change V. Other Relevant Information The CPAs appointed by the Company Name of the CPAs Da Hua Certified Public Accountants (Special Genera l Partnership) Office address 1101, Building 7, No. 16 Xisi huanzhong Road, Haidian District, Beijing Names of the CPAs as the authorized signatories Long Jiao and Wang Dong The sponsor performing persistent supervision duties engaged by the Company in the reporting period Inapplicable The financial advisor performing persistent supervision duties engaged by the Company in the reporting period Inapplicable VI. Summary of Accounting/Financial Data Does the Company need to make retroactive adj ustment or restatement of the accounting data of the previous years? No 2021 2020 Increase/decrease in the reporting year over the previous year 2019 Turnover in CNY 5,243,733,540.93 4,243,439,952.59 23.57% 3,704,210,734.90 Net profit attributable to the Company’s shareholders, in CNY 387,840,282.95 294,115,156.04 31.87% 215,909,014.15 Net profit attributable to the Company’s 369,418,754.83 269,095,012.41 37.28% 199,678,661.09 shareholders less the non - recurring items, in CNY Net cash flows arising from operating activities, in CNY 547,249,108.45 378,210,505.87 44.69% 444,820,768.61 Basic earning per share (CNY/share) 0.9036 0.6764 33.59% 0.4943 Diluted earning per share (CNY/share) 0.9036 0.6764 33.59% 0.4943 Return on equity, weighted average (%) 13.39% 10.78% 2.61% 8.21% End of 2021 End of 2020 Increase/decrease of the end of the reporting year over the end of the previous year End of 2019 Total assets, in CNY 4,110,579,952.49 4,018,712,700.18 2.29% 3,760,923,285.37 Net assets attributable to the Company’s shareholders (owner’s equity attributable to the Company’s shareholders, in CNY) 3,013,232,642.53 2,799,948,388.09 7.62% 2,654,533,766.99 The lower of the Company’s net profit before and after the deduction of non - recurring gains and losses in the last three fiscal years is negative, and the auditor's report of the previous year shows that the Company’s going concern ability is uncertain. No The lower of the net profit before and after t he deduction of the non - recurring gains and losses is negative. No VII. Discrepancy in accounting data between IAS and CAS 1. Differences in the net profit disclosed in the financial report & the net assets attributable to the Company’s shareholders respectively according to the IAS and the CAS. Inapplicable 2. Differences in the net profit disclosed in the financial report & the net assets attributable to the Company’s shareholders respectively according to the IAS and the CAS. Inapplicable VIII. Financial Data Summary based on Quarters In CNY The first quarter The second quarter The third quarter The fourth quarter Turnover 1,378,277,735.81 1,399,241,785.53 1,307,278,222.69 1,158,935,796.90 Net profit attributable to the Company’s shareholders 118,222,042.23 115,322,684.32 109,034,679.41 45,260,876.99 Net profit less the non - recurring profit/loss attributable to the Company’s shareholders 113,576,505.85 110,219,727.57 104,537,027.94 41,085,493.47 Net cash flows arising from operating activities 28,711,219.83 176,443,344.10 163,056,189.37 179,038,355.15 Are the above financial indicators or their totals significantly different from the financial indicators disclosed by the Company in the quarterly and semi - annual reports? No IX. Extraordinary items and amount In CNY Items Amount in 2021 Amount in 2020 Amount in 2019 Note Gain/loss from disposal of non - current assets, including the part written - off with the provision for impairment of assets. 730,134.87 - 369,857.30 - 926,118.60 The government subsidies included in the profits and losses of the current period ( (excluding government grants which are closely related to the Company’s normal business and conform with the national standard amount or quantity) 23,476,186.50 30,634,128.57 18,428,906.18 Reversal of provision for impairment of accounts receivable that has been separately tested for impairment 2,225,653.32 163,925.30 Other non - operating income and expenses other than the aforesaid items - 3,058,731.52 1,556,300.78 3,353,916.43 Less: Amount affected by the income tax 4,951,715.05 6,964,353.72 4,626,350.95 Total 18,421,528.12 25,020,143.63 16,230,353.06 -- Details of other gains and losses in compliance with the definition of non - recurring gains and losses. Inapplicable Explanation of the non - recurring gains and losses listed in the Explanatory Announcement No.1 on Information Disclosure for Companies Offering t heir Securities to the Public - Non - recurring Gains and Losses as recurring gains and losses Inapplicable Section 3 Discussion and Analysis by the Management I. About the Industry the Company Engages in As a representative of precision technology, watches bear diversified attributes of function and art. They carry emotional needs such as "love" and "beauty" on the wrist, and are gradually becoming a symbolic representation of consumers' pursuit of quality life. Watch industry in which the Company engages has experienced flourishing for centuries with continuous appearance, technological innovation and profound historical and cultural accumulation. It has formed a relatively stable industry structure. The high - end luxury watches mainly represented by Swiss watch brands, mid - end and fashio n watches composed represented by European and American brands, Japanese brands, and domestic brands are facing the broad global watch consumer market. With the economic growth of China, consumption upgrading and the guidance of consumption policies, the continuous expansion of the domestic watch consumption market has become a consensus. Even after the impact of COVID - 19, its overall scale has a compound growth rate of more than 6% in the past five years. What is noticeable that the expansion of high - net - worth individuals and the change of consumption concept have promoted the continuous popularization and rejuvenation of domestic mid - to - high - end consumption, and the consumption of mid - to - high - end watches mainly by Swiss watch brands has performed well. A ccording to the statistics of the Swiss Watch Industry Federation , the compound growth rate of Swiss watch exports to Mainland China in the past five years is nearly 20%, and it will hit a record high in 2021. At the same time, driven by the overall impro vement of domestic manufacturing level, digital transformation, cultural self - confidence and return of consumption, the rise of national tide culture, domestic brands in the watch industry have also ushered in new development opportunities, and continue to upgrade quality and personalization . In August 2021, the tenth meeting of the Central Committee for Financial and Economic Affairs made policy arrangements on promoting common prosperity, further clarifying the expansion of the scale of the middle - incom e group and optimizing the income structure. It is true that economic development and policy dividends have provided many development opportunities for the industry we are in, but also brought about great challenges. At present, the mid - to - high - end watch brands dominated by the Swiss watch brand are still the main driving force for the growth of the industry, and the top brand effect is significant. Domestic watch brands are facing many challenges in terms of operational capabilities and resource integration capabilities. The rapid development has put forward a new topic of accelerating digital transformation for offline physical business; the normalization and periodic repetition of COVID - 19 has caused cyclical fluctuations in the con sumer market and consumer confidence. Year 2021 is the first year of the "14th Five - Year Plan". We are now standing on a new level. Looking back at the past 30 years, the Company has always been deeply involved in the watch industry, and has grown into a flagship company in China's watch industry. The "FIYTA" brand has become one of the most well - known watch brands in China after the reform and opening up, and the market share and comprehensive competitive strength of HARMONY watch retail business rank amo ng the forefront of the domestic watch retail industry. In the face of increasing industry competition, we shall adhere to the "empty cup attitude", face up to the challenges, seize opportunities, and take the initiative to consolidate and enhance core com petitiveness to adapt to market changes. The road is ahead. We believe that time shall witness our growth. II. Main business the Company operated in the reporting period With the establishment and development originated from aviation precision manufacturi ng and material technology, the Company is mainly carrying out the activities of watch brand management and luxurious watch retails. From the perspective of technical characteristics, the Company is engaged in precision technology industry. Since its esta blishment, relying on the advantages in precision manufacturing technology, material technology and talents of the aviation industry, the Company has been continuously devoting itself to the building of professional watch - making capability and brand operat ion, has successfully built the "FIYTA" brand and established the brand a leading position in the domestic industry by virtue of the advantages in technology and quality. In order to grasp the opportunities in the domestic famous brand watch market and accelerate the breakthrough of its own brand, the Company began to expand the retail chain business of famous brand watches in 1997, and is committed to becoming the most outstanding comprehensive service provider of famous brand watches. The Company has a lways focused on strengthening the construction of brand resources and channel resources, deepening the cooperative relationship between international excellent watch brands and domestic high - end retail channels, refined operations, and digital development . While expanding the Company’s revenue sources, it has also established stable base are for the development of its own brand. Under the general background of industrial upgrading and intelligent manufacturing, the Company relies on high - end precision man ufacturing technology and industrial accumulation, based on the development principle of “technology being homologous, the industry being same - rooted and value being co - directional”, and extends the development of precision technology business and smart we ars business. At present, these two businesses have begun to take shape. The Company adheres to the original intention of "Big Country Brand", and relies on precision manufacturing technology, brand influence and channel deep cultivation to promote contin uous brand breakthroughs. The Company's sales scale is at the forefront of the industry. Over the years, the Company has achieved a favorable industry recognition and reputation. In 2021, the Company was honorably awarded the titles of "International Reput ation Brand", "Top 200 Enterprises in China's Light Industry", "Top 20 Listed Companies in Governance in the Greater Bay Area in 2021", and was granted "Shenzhen R&D and Standardization Synchronization Demonstration Enterprise Grade A", and its wholly - owne d subsidiary was elected in the List of Key Technologically Advanced Enterprises in Guangdong Province. Accompanied by the launch of the "Shenzhou 12" manned spacecraft, the Company has once again helped China's manned spaceflight industry. III. Analysis on Core Competitiveness (I) Adhering to Brand Leadership and Having Accumulated Rich Experience in Brand Management Since its establishment, FIYTA has always adhered to brand leadership, with building of a flagship brand in the Chinese watch industry as its development goal, and has achieved multiple industry firsts in brand building, marketing communication, product design, etc., and has a solid brand operation foundation. In the 1990s, with the CCTV news broadcast announcing "FIYTA Telling Time for you", t he Company successfully established the popularity and influence of the FIYTA Brand in China; at the beginning of the 21st century, since the Chinese astronauts first entered space, their professional chronographs were all manufactured by FIYTA. “FIYTA” ha s become one of the world's three biggest aerospace watch brands, and the spirit of professional watchmaking continues to be passed on with the country's manned aerospace industry. Meanwhile, the Company actively promoted the development of internationaliz ation and by participating in the preparation of international standards ,entered BASELWORLD etc., strengthen exchanges and interactions with outstanding Swiss brands, played an active role on the world watch stage, and persistently increased global influe nce. (II) Construction of Deep Ploughed Channel and Creating Excellent Channel Management Ability FIYTA persistently constructed the deeply ploughed channel, and continuously provided a source of power for brand development with high - quality services and refined operation capability. The Company has formed a globalized sales network centered on the domestic market. FIYTA brand channels have been distributed in more than 30 countries and regions around the world, with more than 3,000 business outlets; HARMO NY World Watch Retails have upgraded the deep ploughed channels with more than 200 business outlets; on the basis of full coverage of cooperation with mainstream e - commerce platforms, the Company focused on promoting the expansion of innovative channels, a nd started trial for the new channels, such as live video, mini programs, etc. The Company has always devoted itself to building the ability of outstanding channel operation, powerful team, excellent services, and providing customers with the best consumpt ion experience in all aspects. The “Three - Level Marketing”, “Perfect Sales”, “Outstanding Operation” etc. have already been deposited as the core work logic of channel operation. In recent years, the Company has comprehensively promoted digital constructi on, made a preliminary result in the digital transformation and achieved full coverage of online and offline self - operated stores, and shall provide customers with more systematic professional services and create more value. (III) Building the Advantages of the Leading Core technology Based on Precision Technology Over more than 30 years, the company has been devoting itself to the building of precision technology research and development capability, has successively built advanced R & D, production techno logy and manufacturing technology platforms, and has established R & D and production bases in Shenzhen and Switzerland respectively; and has established professional watchmaking capabilities, including self - made driving units of watches and key components manufacturing, space watch research and development and high - end watchmaking techniques, etc., and achieved continuous breakthroughs in research and development and application of new materials, new processes and new technologies. At present, the Company has 2 national high - tech enterprises, established a national enterprise technology center, a national industrial design center, and is a national technological innovation demonstration enterprise. The Company has accumulatively applied for 611 patents and been granted 566 patents, including 4 honorable mentions of the Chinese patents, 1 gold award of China Design and 5 honorable mentions of China design; the Company has taken lead in preparation of more than 55% of the national watch industry standards and has also actively participated in preparation of the international industrial standards and took lead and participated in preparation of many international standards. IV. Analysis on Principal Businesses 1. General In 2021, the macro economy wa s full of c omplexity , and the rebound of consumption gradually slowed down since the third quarter, and the year - on - year growth rate of total domestic retail sales projected a “high to low” outlook. In the face of the complex and changeable consumer market, repeated epidemics in many places and occasional natural disasters and many other impacts, the Company continued to focus on "Brand Strength, Product Strength, and Channel Strength" on the premise of strictly preventing and controlling the epidemic and ensuring the health of employees, made every effort to promote high - quality development and the implementation of the strategy of great brand, and cooperated with all employees to effectively respond to external pressures and challenges, and continued to achieve break through in the business performances. In the reporting period, the Company realized revenue amounting to CNY 5,243.73 million with year - on - year growth of 23.57% and realized total profit amounting to CNY 502.33 million with a year - on - year growth of 34.51%. The Company realized growth and reached new highs successively for five years. At the same time, the Company's operational capability and efficiency were further improved. The return on net assets reached 13.39%, an increase of 2.61 percentage points year - on - year; the inventory turnover rate reached 1.57 times, an increase of 0.22 times year - on - year. (1) Adhered to brand leadership and continued to promote brand building and product operation capability During the reporting period, the FIYTA brand solidly promoted the integration of products and sales, renewed the brand image of the terminal, deepened the core DNA of aerospace, and carried out integration of the marketing activities in conjunction with the "Shenzhou 12", "Zhuhai Air Show", "Aerospac e Month" and other hot spots. As a result, the revenue from aerospace series products increased significantly year - on - year. The Company deeply cultured the core series, optimized the logic of new product development, and significantly improved the success rate of new product development; continued to focus on "excellent operation", "outstanding sales" and CRM system, and solidly promoted refinement in operation, and achieved an increase in the average unit price per customer by 12% year - on - year. HARMONY con tinued to consolidate its operation capability and dig deep into the dimensions of high - quality services, excellent operation, and customer research. The average single - store output of the old stores increased by 27.93% year - on - year, the average customer u nit price increased by 25.44% year - on - year, and the inventory turnover rate exceeded 2 times. (2) Accelerated upgrading of channel structure and improved channel layout During the reporting period, the FIYTA brand steadily promoted the entry of stores in shopping malls, and newly opened 100 self - operated stores in shopping malls; deepened online channel operations, and achieved good overall performance during the "Double Eleven" period; Harmony steadily promoted high - quality products in the expan sion of new stores and the renovation of old stores with mid - to - high - end channels accounting for more than 55%; actively promote d the innovative cooperation model of stores, and opened high - end collection stores Time Vallée in cooperation with Richemont Gr oup in Shenzhen and Dongguan. At the same time, on the basis of the full coverage of the Hainan duty - free system of its own brand, the Company further improved the strategic layout of Hainan Offshore Duty - free Market by establishing a wholly - owned subsidia ry in Hainan. (3) Adhered to innovation - driving, accelerated movement production capacity building and digital transformation During the reporting period, the Company continued to promote the watch movement production capacity building, and realized succe ssful application of some self - developed movements in a series of products such as aerospace watches. The FIYTA brand continued to deepen the operation of the CRM system. Membership recruitment and potential customer conversion continued to grow steadily, and offline member sales accounted for 94%. The branch cloud store project was officially launched, and private domain operations were actively explored. On the basis of the iteration of the digital retai l system, HARMONY further promoted the integration o f online and offline development, and the transaction amount from repurchase by regular customers and purchase by potential customers increased significantly, and the total amount accounted for more than 50% of the overall revenue; new media operations als o achieved innovative breakthrough. (4) Seized market opportunities and accelerated the development of new businesses During the reporting period, the Company, on the basis of deep cultivation of optical communications and lasers in precision technology b usiness, promoted the expansion of new markets and new customers, such as aerospace and medical equipment in an orderly manner, and some projects entered the stage of batch cooperation; the smart wearable business focused on creating hot - selling products a nd improving the proportion of self - operated channels. As a result, its revenue increased by 70% year - on - year. Year - on - year Movements of the Key Financial Items are summarized as follows: Balance sheet items Items Ending balance Opening balance Variation proportion Cause of the movement Monetary capital 210,254,737.14 353,057,285.71 - 40.45% Mainly due to the impact of short - term loan repayment during the reporting year. Advance payment for goods 7,946,750.81 16,612,773.76 - 52.16% Mainly due to the decrease of advance payment for purchases in HARMONY World Watch Retail Other non - current assets 42,680,753.78 13,536,307.13 215.31% Mainly due to the increase in advance payments for the purchase of real estate during the reporting year. Short term loans 265,994,595.43 542,673,278.09 - 50.98% Mainly due to the impact of short - term loan repayment during the reporting year. Notes payable 21,223.10 3,581,360.00 - 99.41% This was mainly due to the due acceptance of the notes payable of the precision technology business. Dividends payable 5,015,026.30 1,639,513.77 205.88% Mainly due to the increase in dividends payable in the equity incentive during the reporting year. Deferred income 1,792,833.90 2,916,346.43 - 38.52% Mainly due to the impact of the write - off of deferred income during the reporting year. Deferred income tax liability 5,236,514.03 3,067,834.55 70.69% Mainly due to the influence from the implementation of the new standards for lease during the reporting year. Other comprehensive income - 7,658,346.40 976,871.41 - 883.97% Mainly due to movement of the translation balance of foreign currency statements Income statement items from the beginning of the year to the end of the reporting period Items Amount incurred in the reporting period Amount incurred in the previous period Variation proportion Cause of the movement Taxes and surcharges 37,563,586.80 25,444,139.30 47.63% Mainly due to the influence of the revenue growth during the reporting year. Loss from impairment of assets - 25,861,394.56 - 15,426,526.41 - 67.64% Mainly due to the increase of the provision for price falling of the brand watch inventory in the reporting year. Income from disposal of assets 730,134.87 - 369,857.30 297.41% Mainly due to the increase in income from disposal of assets related to the implementation of the new lease standards. Non - operating income 627,435.03 3,111,413.64 - 79.83% Mainly due to the greater impact from the adjustment of the compensation received by stores in the same period of the previous year. Income tax expenses 114,467,375.88 79,338,516.60 44.28% The increase in income tax expenses was mainly due to the increase in profit. Cash flow statement items from the beginning of the year to the end of the reporting period Items Amount incurred in the reporting period Amount incurred in the previous period Variation proportion Cause of the movement Various taxes paid 346,383,502.98 222,180,568.75 55.90% Mainly due to the increase in taxes and surcharges due to the increase in income during the reporting year. Cash paid for purchase/construction of fixed assets, Intangible assets and other long term assets 204,422,787.61 133,531,954.47 53.09% Mainly due to the increase in expenditure on new store additions and improvements during the reporting year. Cash received from absorbing investment 58,216,000.00 - 100.00% Mainly due to the subscription money received from the implementation of the 2018 A - share Restricted Stock Incentive Plan (Phase II) during the reporting year. Cash received from loans 1,155,724,412.23 743,213,671.65 55.50% Mainly due to the in crease in bank borrowings during the reporting year. Cash paid for debt repayment 1,386,708,158.95 768,247,433.10 80.50% Mainly due to the increase in debt repayment during the reporting year. Cash paid for dividend/profit distribution or repayment of interest 187,069,913.31 106,703,352.70 75.32% Mainly due to increase of the cash dividends during the reporting year. Other fund - raising activity related cash payments 124,710,390.58 72,317,669.93 72.45% Mainly due to the influence from the implementation of the new standards for lease and decrease of payment for repurchase of B - shares during the reporting year. Influence of the change of exchange rate on the cash and cash equivalent - 1,140,476.33 - 2,810, 603.32 59.42% Mainly due to the influence of the change of exchange rate. 2. Revenue and Costs (1) Composition of Revenues In CNY 2021 2020 Year - on - year increase/decrease Amount Proportion in the revenue Amount Proportion in the revenue Total operating revenue （未完）  |