Financial Performance - The company's operating revenue for the first half of 2023 was CNY 11.41 billion, a decrease of 11.76% compared to CNY 12.93 billion in the same period last year[21]. - The net profit attributable to shareholders for the first half of 2023 was CNY 334.08 million, down 1.46% from CNY 339.03 million year-on-year[21]. - The net cash flow from operating activities was negative CNY 407.40 million, a significant decline from a positive CNY 425.40 million in the previous year, primarily due to the impact of international red meat market prices[21]. - Basic earnings per share for the first half of 2023 were CNY 0.356, a decrease of 1.66% from CNY 0.362 in the same period last year[22]. - The weighted average return on net assets was 6.77%, down 0.73 percentage points from 7.50% year-on-year[22]. - The company reported a decrease of 11.56% in net profit after deducting non-recurring gains and losses, amounting to CNY 266.54 million compared to CNY 301.37 million in the previous year[21]. Assets and Liabilities - The net assets attributable to shareholders at the end of the reporting period increased by 3.65% to CNY 5.02 billion from CNY 4.85 billion at the end of the previous year[21]. - Total assets at the end of the reporting period were CNY 15.37 billion, a slight decrease of 0.02% compared to CNY 15.38 billion at the end of the previous year[21]. - The company's cash and cash equivalents decreased by 11.25% to ¥3,423,067,883.79, compared to ¥3,857,024,753.53 at the end of the previous year[58]. - Short-term borrowings increased by 31.16% to ¥2,408,324,901.94, up from ¥1,836,175,810.26 in the previous year[58]. - The company's inventory increased by 9.32% to ¥3,264,865,768.74, compared to ¥2,986,475,537.67 in the previous year[58]. Market and Industry Trends - The average price of pork remained low in 2023, with the company facing challenges in profitability due to excess supply and weak demand[29]. - The beef consumption per capita in China has increased from 1.51 kg in 2013 to 2.5 kg in 2021, indicating significant growth potential in the beef market[32]. - The company is positioned to benefit from the rising demand for high-protein meat products as consumer preferences shift towards healthier options[32]. - The overall market for red meat saw a continuous price decline since October 2022, impacting sales and profitability across the industry[50]. Product Development and Innovation - The company is focusing on the development of deep-processed meat products, which currently account for less than 10% of total meat production in China[31]. - The company launched 182 new products across 9 major series during the year, with 45 new products in the pipeline[43]. - The company is committed to product innovation to cater to younger consumers' tastes, leveraging brand IP and promotional strategies to increase brand awareness[38]. - The company is expanding its product offerings in the meat sector, introducing various flavors of canned meat and new ready-to-eat meals[44]. Operational Strategies - The company is enhancing its supply chain integration by developing cold chain logistics to improve meat supply stability and quality[30]. - The sales strategy shifted from "selling pigs" to "selling meat," expanding sales channels and improving internal resource integration to better respond to market fluctuations[47]. - The company is actively exploring new sales channels, including chain specialty stores and e-commerce platforms, to expand its market reach[36]. - The company is transitioning its business model to focus on offline supermarkets while supplementing with internet marketing strategies[39]. Environmental Responsibility - The company is committed to environmental responsibility, as indicated by its compliance with pollution discharge standards[83]. - The company has implemented pollution control facilities that operate normally and meet discharge standards[93]. - The company has engaged third-party operators for some wastewater treatment processes to enhance efficiency[93]. - The company is committed to sustainable practices, including the ecological recycling of livestock waste through anaerobic fermentation technology[106]. Governance and Management - The company continues to focus on governance and management changes to enhance operational efficiency and strategic direction[79]. - The chairman of the board, Wu Jian, retired due to age, and Li Junlong was elected as the new chairman on May 10, 2023[79]. - The company held its annual general meeting on May 31, 2023, where 11 proposals were approved, including the 2022 financial report and profit distribution plan[77]. Financial Transactions and Related Parties - The company reported a total deposit amount of RMB 2,570,840,625.05 with Guangming Financial Company as of June 30, 2023, including RMB 868,024,625.05 in demand deposits and RMB 1,702,816,000 in time deposits[120]. - The company engaged in related party transactions, with purchases from Guangming Dairy and its subsidiaries totaling RMB 6,515,799.07 in the current period, compared to RMB 3,898,057.23 in the previous period[121]. - The total amount of purchases from Guangming Food Group Shanghai Farm and its subsidiaries was RMB 10,743,155.97, down from RMB 44,085,834.91 in the previous period[122]. Risks and Challenges - The company has identified potential risk factors affecting its operations, which are discussed in detail in the management analysis section of the report[7]. - The African swine fever remains a significant risk for the pig farming industry, with no effective vaccine available, necessitating strict biosecurity measures to prevent outbreaks[72]. - The company faces macroeconomic risks, including weakened international market demand and geopolitical tensions, which may impact its operations as a food production and sales enterprise[71].

上海梅林正广和股份有限公司 关于对光明食品集团财务有限公司的风险持续评估报告 注册地址：上海市静安区南京西路 1539 号办公楼二座 33 层 法定代表人：王伟 企业法人营业执照注册号：91310106324270568D 税务登记证号码：91310106324270568D （一）股东情况 财务公司注册资本金 20 亿元（人民币，下同），其中：光明食品 （集团）有限公司为 51%，上海轻工业对外经济技术合作有限公司为 39%，上海大都市资产经营管理有限公司为 10%。 按照证监会及上海证券交易所相关工作要求，上海梅林正广和股 份有限公司（以下简称"本公司"）通过查验光明食品集团财务有限 公司（以下简称"财务公司"）《金融许可证》、《企业法人营业执照》 等证件资料，并审阅了财务公司截至 2023 年第二季度的财务报表（未 经审计），对财务公司的经营资质、业务开展和内部控制等风险管理 体系的制定及实施情况进行了评估。具体情况如下： 一、财务公司基本情况 财务公司成立于 2014 年 12 月 29 日，是经中国银行保险监督管 理委员会批准成立的非银行金融机构。 （二）经营范围 1）吸收成员单位存款；2）办理成员 ...

上海梅林正广和股份有限公司独立董事 关于九届十二次董事会相关事项的独立意见 作为上海梅林正广和股份有限公司（以下简称"公司"）的独立董事，根据 中国证券监督管理委员会《关于在上市公司建立独立董事制度的指导意见》、《上 海证券交易所股票上市规则》（2022年修订版）及公司《章程》、《独立董事工 作制度》等有关规定，现就公司2023年8月29日召开的第九届董事会第十二次会 议审议的相关事项发表独立意见如下： 关于对光明食品集团财务有限公司的风险持续评估报告 独立董事认为：光明食品集团财务有限公司（以下简称"财务公司"）作为 非银行金融机构，其业务范围、业务内容和流程、内部的风险控制制度等措施都 受到国家金融监督管理总局的严格监管，不存在损害公司及中小股东权益的情形； 财务公司对公司开展的金融服务业务为正常的商业服务，公司与财务公司之间发 生的关联存款等金融服务业务公平、合理。财务公司的管理风险不存在重大缺陷， 公司在财务公司的关联存款风险目前可控；公司董事会在审议该议案时，关联董 事回避了表决，审议、决策程序符合《中华人民共和国公司法》《上海证券交易 所股票上市规则》等法律法规及公司《章程》的有关规定。我们同意该 ...

表决结果：赞成9票，弃权0票，反对0票 二、审议通过了关于对光明食品集团财务有限公司的风险持续评估报告 证券代码：600073 证券简称：上海梅林 编号：2023-032 上海梅林正广和股份有限公司 第九届董事会第十二次会议决议公告 。 上海梅林正广和股份有限公司（以下简称"上海梅林"或"公司"）第九届 董事会第十二次会议于2023年8月18日以电子邮件形式通知全体董事，并于2023 年8月29日以现场结合通讯的方式召开。会议应到董事9名，实到董事9名。本次 会议的召集、召开和表决程序符合《公司法》和公司《章程》的有关规定。与会 董事经充分审议，通过了以下决议： 一、审议通过了2023年半年度报告全文及摘要 同意公司2023年半年度报告全文及摘要的内容。（详见2023年8月30日在上 海证券交易所网站www.sse.com.cn披露的《上海梅林2023年半年度报告》及《上 海梅林2023年半年度报告摘要》，公告编号：2023－033） 同意关于对光明食品集团财务有限公司的风险持续评估报告。 表决结果：赞成6票，弃权0票，反对0票（关联董事李俊龙、汪丽丽、沈步田 回避表决） 特此公告。 上海梅林正广和股份有限公 ...

证券代码：600073 证券简称：上海梅林 公告编号： 2023-034 | 渠道类别 | 2023 年 | 1-6 | 月 | 2022 年同期 | 同比变动 | | --- | --- | --- | --- | --- | --- | | 直营 | 2,488,268,240.28 | | | 2,236,123,748.52 | 11.28% | | 分销 | 8,349,350,697.37 | | | 10,231,100,054.59 | -18.39% | | 其他 | 572,697,883.51 | | | 464,105,078.66 | 23.40% | | 合计 | 11,410,316,821.16 | | | 12,931,328,881.77 | -11.76% | 1 / 2 产品类别 2023 年 1-6 月 2022 年同期 同比变动 牛羊肉 6,703,608,409.65 8,163,402,263.52 -17.88% 生猪养殖 528,428,773.06 415,614,898.89 27.14% 猪肉制品 1,852,895,750.16 1,948,413, ...

证券代码：600073 证券简称：上海梅林 公告编号：2023-020 上海梅林正广和股份有限公司 关于参加沪市食品饮料行业上市公司 2022 年度 暨 2023 年第一季度集体业绩说明会的公告 一、 说明会类型 本次投资者说明会以视频结合网络互动召开，公司将针对 2022 年度、2023 年第一季度经营情况与投资者进行互动交流和沟通，在 信息披露允许的范围内就投资者普遍关注的问题进行回答。 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2023 年 05 月 26 日(星期五)上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址：http:// roadshow.sseinfo.com/roadshowDisplay.do?tag=food） 会议主题：沪市食品饮料行业上市公司集体业绩说明会 会议召开方式：上证路演中心视频录播和网络互动 投资者可于 2023 年 05 月 19 日(星期五) 至 05 月 25 日(星期四) 16:00 前登录上证路演中心网站首页 ...

Financial Performance - The company's operating revenue for Q1 2023 was ¥5,745,811,085.01, a decrease of 11.21% compared to ¥6,471,111,159.14 in the same period last year[5] - Net profit attributable to shareholders was ¥200,502,316.92, down from ¥201,884,922.64, reflecting a decrease of 0.68%[6] - The net profit for Q1 2023 was CNY 178,247,511.14, a decrease of 42.5% compared to CNY 310,061,475.30 in Q1 2022[20] - The company's operating profit for Q1 2023 was CNY 259,130,570.46, down 48.6% from CNY 503,045,903.29 in Q1 2022[20] - The total revenue from operating activities was CNY 5,140,353,611.69, down 12.5% from CNY 5,877,079,274.78 in the same period last year[23] - The company reported a total comprehensive income of CNY -143,487,873.99 for Q1 2023, contrasting with CNY 371,234,251.65 in Q1 2022[21] Cash Flow and Liquidity - The net cash flow from operating activities was -¥319,996,177.11, compared to -¥102,981,180.08 in the previous year, indicating a significant decline[6] - The company's cash and cash equivalents as of March 31, 2023, were CNY 3,458,643,607.19, a decrease of 10.3% from CNY 3,857,024,753.53 at the end of 2022[15] - Cash and cash equivalents at the end of Q1 2023 stood at CNY 3,444,127,593.92, a decrease from CNY 3,435,360,051.31 at the end of Q1 2022[25] - The total cash inflow from financing activities was CNY 1,019,809,665.60, a decrease from CNY 1,475,772,753.94 in Q1 2022[24] Assets and Liabilities - Total assets at the end of the reporting period were ¥14,747,604,006.47, a decrease of 4.10% from ¥15,792,866,740.61 at the end of the previous year[6] - Total assets decreased to CNY 14,747,604,006.47 from CNY 15,377,592,956.93, a decline of 4.1%[18] - Total liabilities as of March 31, 2023, were CNY 7,756,336,452.63, down from CNY 8,242,837,529.10, a reduction of 5.9%[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 53,212[11] - The largest shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 31.82% of the shares, totaling 298,386,000 shares[11] - The equity attributable to shareholders increased slightly by 0.76% to ¥4,882,506,074.30 from ¥4,845,803,429.07[6] - The total equity attributable to shareholders was CNY 4,882,506,074.30, slightly up from CNY 4,845,803,429.07, indicating a growth of 0.8%[18] Operating Costs and Expenses - Total operating costs for Q1 2023 were CNY 5,466,122,823.95, down from CNY 6,136,142,111.37 in Q1 2022, reflecting a reduction of 10.9%[18] - Research and development expenses increased to CNY 9,472,060.18 in Q1 2023 from CNY 6,769,942.02 in Q1 2022, representing a growth of 39.9%[18] - The company incurred a foreign exchange loss of CNY -157,319,121.04 in Q1 2023, compared to a gain of CNY 30,109,837.49 in Q1 2022[21] - The company reported an increase in employee compensation payments to CNY 865,740,450.97, up from CNY 802,118,979.09 in the previous year[24] Accounting Adjustments - The company has made retrospective adjustments to its accounting policies as of March 28, 2023, affecting data from December 31, 2022, and Q1 2022[6]

Financial Performance - In 2022, the company achieved a net profit attributable to shareholders of RMB 502,770,556.40, representing a 66.05% increase compared to RMB 302,783,788.43 in 2021[6]. - The company's operating revenue for 2022 was RMB 24,987,303,985.90, reflecting a 5.80% growth from RMB 23,617,346,326.03 in the previous year[22]. - The net profit after deducting non-recurring gains and losses was RMB 429,532,594.66, which is an 82.89% increase from RMB 234,852,978.66 in 2021[22]. - Cash flow from operating activities reached RMB 1,978,524,677.95, a significant increase of 257.82% compared to RMB 552,942,710.85 in 2021[22]. - The total assets of the company at the end of 2022 were RMB 15,792,866,740.61, up 5.45% from RMB 14,977,084,880.05 at the end of 2021[22]. - The company's net assets attributable to shareholders increased to RMB 4,845,803,429.07, a 10.18% rise from RMB 4,397,884,561.39 in 2021[22]. - The proposed cash dividend for 2022 is RMB 1.61 per 10 shares, totaling RMB 150,974,444.99, which represents a cash dividend payout ratio of 30.03%[6]. - The basic earnings per share increased to RMB 0.54, representing a growth of 68.75% from RMB 0.32 in 2021[31]. - The weighted average return on equity rose to 10.88%, an increase of 3.96 percentage points from 6.92% in 2021[23]. Market and Industry Insights - The company is positioned as a leading player in the meat processing industry, with a comprehensive supply chain from pig farming to meat processing and distribution[32]. - The meat processing market in China is still underdeveloped, with processed meat accounting for less than 10% of total meat production, compared to 40%-60% in developed countries[37]. - Beef consumption in China accounted for approximately 18.4% of global beef consumption in 2022, indicating significant market potential[37]. - The average per capita beef consumption in China increased from 1.51 kg in 2013 to 2.50 kg in 2021, showing a rising trend[37]. - The global inflation and labor shortages have increased production costs, but also provided opportunities for higher profit margins in the beef business due to elevated international beef prices[30]. Operational Strategies - The company is focusing on brand building and channel expansion to maintain stable growth amid complex market conditions[31]. - The company aims to leverage the growing demand for processed foods, such as pre-cooked and semi-finished products, to create new profit models despite challenges in the dining sector[30]. - The company has implemented a breeding model combining self-breeding and external pig purchases to enhance scale efficiency and food safety[41]. - The company is actively collaborating across its pork business segments to stabilize operational performance during market downturns[47]. - The company is focusing on cost control and efficiency improvements in its pig farming operations to mitigate losses[92]. Product Development and Innovation - In 2022, the company launched 182 new products across 9 major series and has 45 new products in the pipeline[48]. - The company launched 14 new products including hometown meatballs and marinated pork trotters, and customized over 30 products for clients like Hema[53]. - The company is leveraging its strong R&D capabilities to continuously optimize and innovate its product offerings in response to market demands[49]. - The company is responding to consumer trends by developing health-oriented and convenient products for younger demographics[99]. Environmental and Social Responsibility - The company invested 14.07 million RMB in environmental protection during the reporting period[158]. - The company has committed to reducing its Scope 1 and Scope 2 carbon emissions by 42% from 2020 levels by 2030 as part of its sustainability initiatives[190]. - The company has established a comprehensive environmental management system for its overseas subsidiaries, focusing on biodiversity and pollution prevention[189]. - The company has developed a roadmap for reducing packaging materials in collaboration with suppliers, contributing to its sustainability goals[190]. - The company achieved a reduction of 4,544 tons in carbon dioxide equivalent emissions through various measures, including the use of solar energy and the development of zero-carbon certified beef products[190]. Governance and Management - The company has established a governance structure that ensures independent operation of the board and management, safeguarding minority shareholders' rights[109]. - The company has appointed independent directors to enhance governance and oversight within its operations[131]. - The company held multiple shareholder meetings in 2022, including the annual general meeting on April 22, 2022, where key reports and proposals were approved[114]. - The company continues to focus on maintaining a stable leadership team to support its strategic objectives[127]. - The total compensation for the board members and senior management during the reporting period amounted to CNY 751.5 million[118]. Risks and Challenges - The company has outlined potential risks in its operations and future strategies in the management discussion section of the report[9]. - The company faces operational risks from overseas businesses due to legal, policy, and economic environment differences, particularly in New Zealand[106]. - The company is addressing labor shortages and rising operational costs in the New Zealand red meat industry, which may impact profitability[96]. - The overall market for pork consumption is expected to face short-term pressure but may improve in the long term as consumer confidence gradually recovers[94].

Financial Performance - The company's operating revenue for Q3 2022 was ¥5,310,121,442.35, representing a year-on-year increase of 15.89%[7] - The net profit attributable to shareholders for Q3 2022 was ¥75,476,800.03, a significant increase of 147.01% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses reached ¥57,982,311.12, up 330.73% year-on-year[7] - The basic earnings per share for Q3 2022 was ¥0.080, an increase of 142.42% compared to the same period last year[10] - The company reported a net profit of RMB 1,930,159,463.94 for the first nine months of 2022, compared to RMB 1,609,429,032.98 in the same period of 2021[25] - Net profit for the first three quarters of 2022 was ¥643,677,767.34, a significant increase of 147.5% compared to ¥259,698,571.78 in the previous year[31] - The company recorded a profit before tax of ¥1,079,247,202.22, up from ¥517,397,919.81, representing a growth of 108.5%[31] Cash Flow - The cash flow from operating activities for the year-to-date period was ¥1,529,764,804.28, reflecting a 132.77% increase[10] - Cash flow from operating activities totaled ¥18,789,954,144.33, compared to ¥17,913,636,081.27 in the same period last year, showing an increase of 4.86%[34] - Net cash flow from operating activities increased to ¥1,529,764,804.28, up from ¥657,209,264.15 year-over-year[37] - Total cash outflow from financing activities was ¥2,970,100,434.95, compared to ¥3,079,571,431.75 in the previous period[38] - The net cash flow from financing activities decreased to -¥696,196,714.29, compared to -¥477,606,681.54 in the prior year[38] - Cash inflow from financing activities totaled ¥2,273,903,720.66, down from ¥2,601,964,750.21 in the previous period[37] Assets and Liabilities - The total assets at the end of the reporting period were ¥14,585,815,226.14, a decrease of 2.61% from the end of the previous year[10] - The company's current assets totaled RMB 8,572,450,923.67, down 3.16% from RMB 8,853,676,965.05 at the end of 2021[20] - Total liabilities were RMB 7,650,881,140.89, a decrease of 7.52% from RMB 8,273,990,587.33[25] - The company's equity attributable to shareholders increased to RMB 4,641,254,865.31, up 5.54% from RMB 4,397,884,561.39[25] - Non-current liabilities rose to RMB 1,762,809,188.32, an increase of 12.87% from RMB 1,561,515,295.77[25] Investments and Expenses - Research and development expenses increased to ¥38,940,735.83, up 36.8% from ¥28,493,920.76 in the previous year, highlighting a focus on innovation[29] - The company has ongoing investments in long-term equity, which increased to RMB 378,997,616.87 from RMB 357,800,719.19[23] - The investment income from associates and joint ventures rose to ¥61,924,601.88, up from ¥48,571,472.77, reflecting improved performance in this area[29] - The company's financial expenses increased to ¥133,639,920.71, compared to a negative expense of -¥7,041,493.16 in the previous year, indicating a shift in financial strategy[29] Government Support and Other Income - The company received government subsidies amounting to ¥24,917,525.10 during the reporting period, which are closely related to its normal business operations[11] - Other comprehensive income after tax was reported at -¥173,327,971.30, slightly worse than -¥153,424,726.89 in the previous year[31] Inventory and Receivables - Accounts receivable rose to RMB 1,845,367,320.81, an increase of 16.73% compared to RMB 1,581,099,471.66[20] - Inventory decreased significantly to RMB 2,266,569,233.10, down 27.61% from RMB 3,132,220,002.12[20]

Financial Performance - The company's operating revenue for Q1 2022 was ¥6,471,111,159.14, representing a decrease of 4.27% compared to the same period last year [6] - Net profit attributable to shareholders was ¥201,884,922.64, an increase of 16.62% year-on-year [6] - The net profit after deducting non-recurring gains and losses was ¥180,318,915.36, up by 11.78% compared to the previous year [6] - Basic earnings per share were ¥0.22, reflecting a 22.22% increase year-on-year [6] - The net profit for the first quarter of 2022 was CNY 310,061,475.30, an increase of 35.2% compared to CNY 229,263,333.27 in the same period of 2021 [31] - The total profit for the first quarter of 2022 reached CNY 513,414,224.59, up from CNY 331,042,097.31 in the previous year, representing a growth of 55.0% [31] - Operating profit for the first quarter of 2022 was CNY 503,045,903.29, compared to CNY 336,507,137.87 in the first quarter of 2021, indicating a rise of 49.5% [31] - The total comprehensive income for the first quarter of 2022 was CNY 371,234,251.65, compared to a loss of CNY -69,776,994.54 in the previous year [31] Cash Flow - The net cash flow from operating activities was negative at -¥102,981,180.08, with a year-on-year increase in cash flow from operating activities of ¥149 million due to reduced operating expenses [10] - The cash flow from operating activities for the first quarter of 2022 was negative at CNY -102,981,180.08, an improvement from CNY -252,413,731.49 in the same period of 2021 [34] - Cash outflow from investment activities totaled $122.65 million, a decrease from $231.51 million in the previous period [36] - Net cash flow from investment activities was -$265.85 million, compared to -$217.99 million previously [36] - Cash inflow from financing activities amounted to $1.48 billion, slightly down from $1.64 billion [36] - Cash outflow for debt repayment was $1.07 billion, down from $1.34 billion in the previous period [36] - Net cash flow from financing activities was $321.66 million, an increase from $274.33 million [36] - The net increase in cash and cash equivalents was -$46.56 million, compared to -$194.67 million previously [36] - The ending balance of cash and cash equivalents was $3.44 billion, down from $3.49 billion [36] - The company received $2 million from minority shareholders as part of investment activities [36] - The impact of exchange rate changes on cash and cash equivalents was $623.54 thousand [36] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,439,266,717.37, a 3.09% increase from the end of the previous year [9] - Current assets increased to ¥9,296,906,352.01 in Q1 2022, compared to ¥8,853,676,965.05 in Q1 2021, marking a growth of 5.00% [20] - Total assets increased to ¥15,439,266,717.37 in Q1 2022, compared to ¥14,977,084,880.05 in Q1 2021, reflecting a growth of 3.08% [23] - Total liabilities rose to ¥8,478,402,857.97 in Q1 2022, an increase from ¥8,273,990,587.33 in Q1 2021, indicating a growth of 2.48% [25] - Non-current liabilities totaled ¥1,658,402,671.47 in Q1 2022, compared to ¥1,561,515,295.77 in Q1 2021, representing a rise of 6.20% [25] - Shareholders' equity attributable to the parent company was ¥4,629,879,321.52, up by 5.28% from the previous year [9] - The company's equity attributable to shareholders increased to ¥4,629,879,321.52 in Q1 2022, up from ¥4,397,884,561.39 in Q1 2021, a growth of 5.26% [25] Expenses - The company's research and development expenses were CNY 7,259,108.67, slightly up from CNY 7,210,567.73 in the previous year [31] - The financial expenses for the first quarter of 2022 were CNY 127,002,466.69, compared to a gain of CNY -103,369,447.20 in the same period of 2021 [31] - The company's sales expenses decreased to CNY 220,955,626.54 from CNY 266,613,547.94 in the previous year, a reduction of 17.1% [31] Non-Recurring Items - Non-recurring gains and losses totaled ¥21,566,007.28, with significant contributions from government subsidies and asset disposals [10] - The company did not apply the new accounting standards for the current financial reporting period [38]