Haining'S First Quarter Results Were Slightly Lower Than Expected.

The company's annual report released in 2015 is slightly lower than we had expected: in 2015, the total operating income was 1 billion 851 million yuan, down 24.14% from the same period last year, and realized a total profit of 760 million yuan, a decrease of 40.79% compared with the same period last year.

The net profit of shareholders was 549 million yuan, down 41.39% from the same period last year, slightly below our previous 580 million expectations.

The main reason for the sharp decline of performance comes from the differences in the market development progress of the company, resulting in the uneven sale of the market shops and supporting properties in various years, and the sharp decline in revenue this year.

Cost and daily management expenses have increased. New market investment and increased foreign investment have also led to higher financial costs. In 2015, the three cost ratios of the company rose sharply.

The sales cost rate, management cost rate and financial expense rate were 10.59%, 6.12% and 1.27% respectively, up 4.24, 2.69 and 2.40 percentage points compared with the same period.

The company announced a quarterly report in 2016, and the performance of the semi annual report was not reduced by more than 30%: in 2016, the company achieved a total revenue of 436 million in the first quarter, down 3.35% from the same period last year, and realized a total profit of 197 million, down 15.35% from the same period last year. The net profit of the shareholders attributable to the listed company was 143 million yuan, a decrease of 14.28% compared to the same period last year, slightly lower than we expected (-10.09%).

The main reason for the decline is the decrease in gross profit margin and the increase in the cost of the period.

The company's gross profit margin in the 1 quarter of 2016 was 67.03%, down 2.91 percentage points from the same period last year. The total cost rate of the company during the 1 quarter was 18.22%, an increase of 2.65 percentage points compared with that of the previous year, of which the financial cost rate rose 2.46 percentage points over the same period.

At the same time, the company expects that the net profit margin attributable to shareholders of Listed Companies in 2016 1-6 will be 359 million 421 thousand and 100 yuan -51345.87 million yuan, or less than 30%.

The main reasons are as follows: 1. The rental charge of the four phase fur market and the Chengdu market has expired in the first half of last year, but the new market opened in Wuhan, Ji'nan and Xinjiang last year will bring about an increase in income. 2, with the expansion of the company's market scale, marketing expenses and

It is expected to increase from the same period last year; 3, the company's financing scale increased from the same period last year, and the financial cost is expected to increase.

In 2015, the main business income of the company dropped sharply, accounting for only a small increase in residential development and sales.

And management revenue of 1 billion 403 million yuan, down 18.48% compared to the same period last year, mainly due to the higher rentals of the four and four fur market buildings of the two phase of the two phase of the two phase market, which have been expired in the second half of 2014, and the increment in the second phase of the second phase of the new market in Harbin and the second phase of the Tong Er Bao market are still not enough to offset; the sales revenue has been reduced by 336 million yuan, a decrease of 18.34% over the same period last year, resulting in the decrease in the income of the main leather companies of the leather companies. Property leasing