Financial Performance - The company achieved a net profit attributable to shareholders of RMB 302,783,788.43 for the year 2021, with a cumulative distributable profit at year-end of RMB 1,609,429,032.98[7]. - The proposed cash dividend for 2021 is RMB 1 per 10 shares, totaling RMB 93,772,947.20, representing a cash dividend payout ratio of 30.97%[7]. - The company's operating revenue for 2021 was approximately ¥23.62 billion, a decrease of 1.04% compared to ¥23.87 billion in 2020[25]. - The net profit attributable to shareholders for 2021 was approximately ¥302.78 million, down 25.17% from ¥404.64 million in 2020[25]. - The net cash flow from operating activities in 2021 was approximately ¥552.94 million, a significant decline of 75.02% compared to ¥2.21 billion in 2020[25]. - The basic earnings per share for 2021 was ¥0.32, a decrease of 25.58% from ¥0.43 in 2020[25]. - The weighted average return on equity for 2021 was 6.92%, down 2.77 percentage points from 9.69% in 2020[25]. - The company's main business revenue for 2021 was approximately CNY 23.62 billion, with a decrease of 1.04% compared to the previous year[65]. - The pig farming segment reported a revenue of CNY 1.14 billion, with a significant decline of 26.22% year-on-year, and a gross margin of -56.69%, down 83.69 percentage points[65]. - The pork slaughtering, processing, and distribution segment generated CNY 5.80 billion in revenue, down 10.66% year-on-year, with a gross margin of 13.10%, a slight decrease of 0.63 percentage points[65]. - The beef and lamb segment achieved a revenue of CNY 12.82 billion, an increase of 5.81% year-on-year, with a gross margin of 10.38%, up 2.61 percentage points[65]. - The leisure food segment's revenue was CNY 1.58 billion, with an 11.20% increase year-on-year, but a gross margin of 36.25%, down 1.12 percentage points[65]. Operational Challenges - The company faced challenges in the pig farming industry due to the African swine fever and high feed costs, leading to a significant compression of profit margins[35]. - The company is focusing on modernizing and scaling up pig farming, which is expected to lead to further industry consolidation[42]. - The company is taking proactive measures to accelerate sales and improve feed conversion rates to mitigate the impact of falling pork prices[143]. - The ongoing global economic recovery remains uncertain due to factors such as commodity price increases and shipping capacity shortages, which may affect the company's performance[139]. - The company anticipates that the pig farming industry will continue to experience a process of capacity reduction until supply and demand reach a balance[125]. Strategic Development - The company aims to achieve its "14th Five-Year Plan" strategic development goals by enhancing operational capabilities and promoting collaborative development[35]. - The company is focusing on high-quality development and expanding its channels and overseas management to enhance brand performance[35]. - The company is committed to upgrading its production efficiency through technological advancements and enhancing brand recognition via consumer-oriented new product development[56]. - The company is focusing on developing new retail business models to adapt to changing consumer demands during the pandemic[106]. - The company is enhancing its internal collaboration across the entire industry chain of pig breeding, slaughtering, and meat processing to smooth out the impacts of the pig cycle[143]. Market Trends - Despite the downturn in the pig farming sector, the company saw a recovery in processed meat products and leisure food segments due to improved domestic consumption[35]. - The international market prices for red meat remained high, benefiting the company's beef and lamb product sales globally[35]. - The company is actively pursuing market expansion in the Yangtze River Delta region, enhancing its distribution channels and retail presence[130]. - The company is focusing on the development of high-end beef and lamb products, including hand-crafted steaks and new retail packaging to increase product value[131]. Corporate Governance - The company is committed to maintaining a high level of corporate governance, ensuring compliance with relevant laws and regulations[145]. - The company has established a robust internal management system to safeguard the rights of minority shareholders and enhance decision-making processes[148]. - The company emphasizes transparency in information disclosure, ensuring that all investors have equal access to relevant information[149]. - The company plans to continue improving its corporate governance structure and internal control mechanisms in 2022[149]. Research and Development - The total R&D expenditure amounted to 59,355,542.42 yuan, representing 0.25% of total operating revenue[95]. - The company has established three municipal technology centers to support research and development in meat and leisure food sectors, participating in the formulation or revision of 44 standards in the last three years[61]. - The company reported a total of 110 patents, including 17 invention patents, enhancing production technology and product innovation capabilities[63]. Employee Management - The total number of employees in the parent company is 137, while the total number of employees in major subsidiaries is 13,567, resulting in a combined total of 13,704 employees[192]. - The company has implemented a training plan to enhance employees' professional capabilities, aligning with strategic planning and talent development needs[194]. - The company has a total of 93 employees with postgraduate degrees, reflecting a focus on higher education within its workforce[192]. Financial Management - The company has a cash dividend policy where it distributed a total cash dividend of 121,904,831.36 RMB, which corresponds to a cash dividend ratio of 30.13% based on the total share capital of 937,729,472 shares[198]. - The company reported a significant reduction in financial expenses by 59.93%, attributed to decreased exchange losses[76][78]. - The investment cash flow improved by 36.12% due to increased cash inflows from asset disposals[76][78].

Financial Performance - The company's operating revenue for Q3 2021 was ¥4,582,179,346.54, representing a decrease of 8.09% compared to the same period last year[5]. - The net profit attributable to shareholders for Q3 2021 was ¥30,555,586.82, down 19.37% year-on-year[5]. - Basic earnings per share for Q3 2021 were ¥0.033, a decline of 17.50% compared to the same period last year[9]. - The company's net profit excluding non-recurring gains and losses for Q3 2021 decreased by 43.79% compared to the same period last year[12]. - Operating revenue for the period was approximately ¥17.41 billion, a decrease from ¥17.95 billion in the previous period, representing a decline of about 3.0%[27]. - Net profit for the period was approximately ¥259.70 million, down from ¥709.05 million, reflecting a decrease of about 63.4%[31]. - The company reported a total profit of approximately ¥517.40 million, down from ¥930.44 million, indicating a decrease of about 44.4%[31]. Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period decreased by 70.65%, totaling ¥657,209,264.16, primarily due to disruptions in international logistics and increased raw material procurement costs[12]. - Cash inflow from operating activities totaled approximately ¥17.91 billion, down from ¥19.73 billion, representing a decrease of about 9.2%[33]. - The net cash flow from operating activities was 657,209,264.16, a decrease of 70.7% compared to 2,239,152,566.24 in the previous period[37]. - The total cash outflow from investing activities was 515,229,715.71, down 25.4% from 691,183,349.32 in the previous period[37]. - The company received cash from investments totaling 115,223,458.44, an increase of 50.6% compared to 76,548,833.41 in the previous period[37]. Assets and Liabilities - The total assets at the end of the reporting period were ¥14,159,665,146.50, a decrease of 4.20% from the end of the previous year[9]. - As of September 30, 2021, total assets amounted to CNY 14,159,665,146.50, down from CNY 14,780,480,979.55 at the end of 2020, representing a decrease of approximately 4.2%[22]. - Total liabilities were CNY 7,028,257,232.89, a decrease of 7.1% from CNY 7,562,752,620.05 at the end of 2020[24]. - Total liabilities amounted to approximately ¥7.56 billion, a decrease of ¥206.26 million compared to the previous period[44]. - Non-current liabilities totaled approximately ¥1.34 billion, reflecting a decrease of ¥206.26 million[44]. Shareholder Information - The company reported a total of 62,451 common shareholders at the end of the reporting period[13]. - The largest shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., held 298,386,000 shares, accounting for 31.82% of the total shares[13]. - The equity attributable to shareholders increased by 3.24% year-on-year, reaching ¥4,469,595,820.72[9]. - The company's equity attributable to shareholders increased to CNY 4,469,595,820.72, up from CNY 4,329,411,570.80 at the end of 2020, reflecting a growth of 3.2%[24]. Expenses - Research and development expenses increased significantly to ¥28.49 million from ¥12.01 million, marking an increase of approximately 137.5%[27]. - The company experienced a significant increase in management expenses to approximately ¥644.88 million from ¥538.29 million, an increase of about 19.7%[27]. - The cash paid for employee compensation was 2,359,765,297.69, an increase of 6.3% from 2,220,547,939.40[37]. - The cash paid for taxes was 426,362,420.02, an increase of 39.4% compared to 305,835,465.42 in the previous period[37].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥12,831,530,299.34, a decrease of 1.04% compared to ¥12,966,613,171.93 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥308,509,632.25, down 11.27% from ¥347,688,924.10 in the previous year[22]. - Basic earnings per share for the first half of 2021 were ¥0.329, down 11.32% from ¥0.371 in the same period last year[22]. - The weighted average return on net assets was 7.03%, a decrease of 1.39 percentage points compared to 8.42% in the previous year[22]. - The company achieved a revenue of 12.832 billion CNY in the first half of 2021, a decrease of 1.04% compared to 12.967 billion CNY in the previous year[43]. - The net profit attributable to shareholders was 308.51 million CNY, down 11.27% from 347.69 million CNY in the previous year[43]. - The total profit for the first half of 2021 was CNY 624,973,269.79, down 25.2% from CNY 835,769,888.21 in the same period last year[187]. - The company's basic earnings per share for the first half of 2021 was CNY 0.329, compared to CNY 0.371 in the first half of 2020[187]. Cash Flow and Financial Position - The net cash flow from operating activities was negative at ¥107,792,122.89, a significant decline from ¥1,041,928,389.88 in the same period last year, representing a decrease of 110.35%[22]. - The company's cash and cash equivalents decreased by 15.54% to CNY 3,136,387,767.49, down from CNY 3,713,295,738.29[52]. - The cash flow from operating activities for the first half of 2021 was CNY 12,201,593,522.57, a decrease from CNY 13,525,694,523.15 in the same period of 2020[192]. - The ending balance of cash and cash equivalents was ¥3,119,527,135.17, down from ¥3,408,903,994.71[197]. - The total assets decreased by 0.58% to ¥14,694,775,671.17 from ¥14,780,480,979.55 at the end of the previous year[22]. - The company's cash and cash equivalents decreased to CNY 679,619,049.11 from CNY 1,222,123,574.60, a decline of 44.5%[179]. Market and Industry Insights - The company is a leading player in the pork, beef, and mutton food industry, with significant market share in canned meat products and fresh meat distribution in the Yangtze River Delta region[29]. - The pork price has been declining due to oversupply, with the company expecting stabilization in prices supported by government policies in the second half of 2021[29]. - The meat products market in China shows significant growth potential, with a shift towards higher value-added and competitive products as the industry recovers[30]. - The company is positioned to benefit from the increasing demand for high-protein livestock products as consumer preferences shift towards healthier options[32]. Operational Challenges and Strategies - The company faced challenges in logistics and supply chain due to the global pandemic but managed to maintain operational stability through strategic partnerships[48]. - The company is facing operational risks due to the cyclical nature of pig prices, with measures in place to accelerate sales and improve feed conversion rates to mitigate impacts[73]. - The company continues to prioritize prevention against African swine fever, implementing strict biosecurity measures to ensure safety in pig farming and processing[71]. Investment and Development - Research and development expenses surged by 296.23% to CNY 18,354,690.12, up from CNY 4,632,377.65, indicating increased investment in new product development[51]. - The company has invested overseas to secure quality beef and mutton resources, enhancing its market channels globally[34]. - The company’s new product development included the launch of various new items such as single-serving canned products and gift boxes, which performed well in the market[47]. Environmental Compliance - The company reported no environmental violations in its wastewater and air emissions for the first half of 2021, adhering to the relevant pollution discharge standards[87][90]. - The company has implemented a 24-hour monitoring system for wastewater and air emissions, ensuring compliance with environmental regulations[104]. - The company is committed to green development and has implemented energy-saving and emission-reduction measures, including technical upgrades and management improvements[120]. Shareholder and Corporate Governance - The company did not propose any profit distribution plan or capital reserve transfer to share capital for the reporting period[6]. - The company has not encountered any major litigation or arbitration matters during the reporting period[130]. - The actual controller, shareholders, and related parties have committed to not engage in substantial competition with the company’s business until the change of control occurs, ensuring compliance with commitments[122].

Financial Performance - Operating revenue for the first quarter reached CNY 6,759,736,714.98, a growth of 4.22% year-on-year[12] - Net profit attributable to shareholders increased by 17.15% to CNY 173,110,099.84 compared to the same period last year[12] - Basic earnings per share rose by 12.50% to CNY 0.18 compared to the previous year[12] - Total operating revenue for Q1 2021 was approximately ¥6.76 billion, an increase of 4.2% compared to ¥6.49 billion in Q1 2020[44] - Net profit for Q1 2021 was approximately ¥229.26 million, a decrease of 10.5% from ¥256.27 million in Q1 2020[46] - The total profit for Q1 2021 was approximately ¥331.04 million, a decrease of 6.4% from ¥353.72 million in Q1 2020[46] - The total profit for the first quarter of 2021 was approximately ¥55.35 million, compared to ¥42.67 million in the same period last year, representing a year-over-year increase of 29.7%[51] - The net profit for the first quarter of 2021 was approximately ¥35.35 million, significantly up from ¥12.67 million in the first quarter of 2020, indicating a growth of 178.5%[51] Cash Flow - Net cash flow from operating activities was negative at CNY -252,413,731.49, a decline of 628.03% year-on-year[12] - Cash inflow from operating activities totaled approximately ¥6.39 billion, a decrease of 1.5% from ¥6.49 billion in the first quarter of 2020[54] - Cash outflow from operating activities was approximately ¥6.64 billion, an increase of 3.2% compared to ¥6.44 billion in the same period last year[56] - The net cash flow from operating activities was negative at approximately -¥252.41 million, contrasting with a positive ¥47.80 million in the first quarter of 2020[56] - The net cash flow from investing activities was negative at approximately -¥217.99 million, compared to -¥169.64 million in the same period last year[57] - Cash inflow from financing activities was approximately ¥1.64 billion, an increase from ¥1.21 billion in the first quarter of 2020[56] - The net cash flow from financing activities was approximately ¥274.33 million, down from ¥457.10 million in the same period last year[56] - The net cash flow from operating activities was -558,194,921.72 RMB, compared to 143,473,551.57 RMB in the previous period, indicating a significant decline[60] Assets and Liabilities - Total assets increased by 4.50% to CNY 15,446,007,216.76 compared to the end of the previous year[12] - Current liabilities rose to ¥6,776,696,325.77 from ¥6,218,669,362.69, reflecting increased short-term borrowings and payables[31] - Total liabilities increased to ¥8,310,264,481.90 from ¥7,562,752,620.05, representing a growth of approximately 9.85% year-over-year[33] - Total equity decreased to ¥7,135,742,734.86 from ¥7,217,728,359.50, reflecting a decline of about 1.13%[33] - Total assets decreased to ¥5,995,221,952.92 from ¥6,310,766,991.58, indicating a reduction of approximately 4.99%[39] - Total liabilities remained stable at 6,218,669,362.69 RMB, indicating consistent management of financial obligations[66] - Total assets amounted to ¥6,310,766,991.58, consistent with prior reports[74] Shareholder Information - The total number of shareholders at the end of the reporting period was 66,932[16] - The largest shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 31.82% of the shares[16] Research and Development - R&D expenses rose by 259.93% to ¥7,210,567.73, reflecting increased investment in research and development[22] - R&D expenses increased significantly to approximately ¥7.21 million in Q1 2021, compared to ¥2.00 million in Q1 2020, reflecting a growth of 259.5%[44] Government Support - The company received government subsidies amounting to CNY 23,028,017.44, closely related to its normal business operations[15] Other Financial Metrics - The weighted average return on equity increased by 0.35 percentage points to 3.99%[12] - Other comprehensive income showed a significant increase of 430.49%, reaching -¥191,546,973.49, due to foreign exchange translation differences[22] - Financial expenses improved by 63.77% to -¥103,369,447.20, driven by foreign exchange gains from the New Zealand subsidiary[22]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 404,643,836.33 for the year 2020, with a cumulative distributable profit at year-end of RMB 1,452,181,862.86[6] - The proposed cash dividend for 2021 is RMB 1.30 per 10 shares, totaling RMB 121,904,831.36, which represents a cash dividend payout ratio of 30.13%[6] - The company's operating revenue for 2020 was approximately ¥23.87 billion, an increase of 1.98% compared to ¥23.40 billion in 2019[26] - Net profit attributable to shareholders for 2020 was approximately ¥404.64 million, representing a 10.55% increase from ¥366.04 million in 2019[26] - Basic earnings per share for 2020 were ¥0.43, up 10.26% from ¥0.39 in 2019[26] - The weighted average return on equity increased to 9.69% in 2020, up from 8.31% in 2019, reflecting a 1.38 percentage point increase[26] - The company's total assets at the end of 2020 were approximately ¥14.78 billion, a 7.66% increase from ¥13.73 billion at the end of 2019[26] Operational Highlights - The net cash flow from operating activities increased significantly by 127% to approximately ¥2.21 billion in 2020, compared to ¥973.02 million in 2019[26] - The company successfully sold 773,500 pigs in 2020, ensuring stable operations despite challenges from African swine fever and COVID-19[51] - The canned food business saw a 22% increase in shipment volume compared to the previous year, demonstrating resilience amid the pandemic[55] - The company has improved production efficiency through technological upgrades and controlled product costs via centralized procurement in the food sector, focusing on brand IP operations and joint promotions to enhance brand awareness[36] Market Position and Strategy - The company maintains a leading position in the domestic market for meat products and has a significant presence in the fresh meat sales and distribution sector in the Yangtze River Delta region[35] - The company aims to become a leading meat food holding group in China with global influence, emphasizing safety, quality, and convenience in its product offerings[35] - The meat products market in China has significant growth potential, with increasing demand for diverse meat products driven by rising living standards and health consciousness among consumers[39] - The company is adapting to market trends by emphasizing health, safety, and online shopping, which aligns with consumer preferences for high-protein meat products[40] Research and Development - Research and development expenses rose by 29.19% to ¥56.11 million, compared to ¥43.44 million in the previous year[66] - The total R&D expenditure was CNY 56,114,089.64, representing 0.24% of operating revenue, with 299 R&D personnel, making up 4.52% of total staff[77] - The company emphasizes the development of new products and innovative packaging to attract younger consumers and enhance brand vitality[86] Risk Management and Compliance - The company emphasizes the importance of risk factors that may impact future performance, as detailed in the board's discussion and analysis[10] - The company has confirmed that there are no violations in decision-making procedures regarding external guarantees[8] - The company is addressing the dual risks of African swine fever and COVID-19, ensuring strict safety measures in production and supply chains[117] - The company has ensured that all non-operating fund occupations by its controlling shareholders have been resolved, with no outstanding amounts as of the reporting date[128] Environmental and Social Responsibility - The company is committed to green development, focusing on ecological protection and resource conservation, with specific actions taken to reduce emissions and improve environmental standards[164] - The company has established a three-tier product quality and food safety network, with 367 food safety management personnel, including 134 with bachelor's degrees and 17 with master's degrees[164] - The company provided support to nearly 2,000 medical staff in Hubei during the pandemic, showcasing its commitment to social responsibility[56] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 70,234, an increase from 68,060 at the end of the previous month[196] - The top shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., held 298,386,000 shares, representing 31.82% of total shares[196] - The second-largest shareholder, Bright Food (Group) Co., Ltd., held 55,978,874 shares, accounting for 5.97% of total shares[196]

Financial Performance - Net profit attributable to shareholders increased by 15.81% to CNY 385,583,861.16 year-on-year[17] - Operating income for the first nine months rose by 1.35% to CNY 17,959,086,920.15 compared to the same period last year[17] - Net cash flow from operating activities surged by 82.88% to CNY 2,239,152,566.24 year-on-year[17] - Total operating revenue for Q3 2020 reached ¥4,992,473,748.22, an increase of 2.9% compared to ¥4,851,013,306.02 in Q3 2019[46] - Net profit for Q3 2020 was ¥77,269,474.68, compared to ¥24,469,407.70 in Q3 2019, representing a significant increase of 215.5%[50] - The total profit for Q3 2020 was ¥94,666,162.71, a rise from ¥31,374,062.79 in Q3 2019, indicating an increase of 201.5%[50] - The company’s total comprehensive income for Q3 2020 was ¥87,466,511.94, compared to ¥40,227,222.58 in Q3 2019, reflecting an increase of 117.5%[52] - The total profit for the first three quarters of 2020 was CNY 383,411,551.48, compared to CNY 224,557,764.26 in the same period of 2019, reflecting a year-on-year increase of 70.7%[56] Assets and Liabilities - Total assets increased by 7.49% to CNY 14,757,408,139.68 compared to the end of the previous year[17] - Total liabilities increased to ¥7,535,873,303.67 from ¥7,204,815,089.84, representing a growth of approximately 4.6% year-over-year[37] - Total equity rose to ¥7,221,534,836.01 compared to ¥6,524,428,869.61, marking an increase of about 10.7% year-over-year[37] - The company's total assets reached RMB 14,757.41 million, compared to RMB 13,729.24 million at the end of 2019, indicating an increase of 7.48%[35] - Total current liabilities amounted to ¥2,441,440,651.41, compared to ¥2,350,557,205.06, an increase of approximately 3.9% year-over-year[42] - Total non-current liabilities decreased slightly to ¥443,000,000.00 from ¥463,000,000.00, a decline of about 4.3% year-over-year[42] Cash Flow - Cash flow from operating activities for the first three quarters of 2020 was CNY 19,732,834,119.38, compared to CNY 18,485,576,943.00 in the same period of 2019, showing a positive trend[60] - The company reported a net cash inflow from operating activities of CNY 2,239,152,566.24 for the first three quarters of 2020, up from CNY 1,224,414,764.14 in the previous year[60] - The cash flow from operating activities showed a positive trend, indicating improved operational efficiency and financial health for the company[63] - Total cash inflow from operating activities was ¥1,561,349,063.66, up from ¥1,386,888,731.15 in the previous year, reflecting a growth of approximately 12.5%[63] Shareholder Information - The number of shareholders reached 66,342 by the end of the reporting period[20] - The largest shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 31.82% of the shares[20] Research and Development - Research and development expenses increased to ¥7,378,522.33 in Q3 2020, compared to ¥3,945,103.34 in Q3 2019, marking an increase of 87.5%[46] Government Subsidies - The company received government subsidies amounting to CNY 31,025,583.73 during the reporting period[19] - Deferred income increased due to a rise in government subsidies related to assets received during the period[25] Inventory and Accounts - The company reported a significant increase in production biological assets, with a notable rise in the number of breeding pigs and sows compared to the beginning of the year[25] - The company experienced a dramatic increase in accounts payable by 1738.38% to CNY 1,125.09[23] - Accounts receivable decreased to ¥57,598,149.12 from ¥97,065,535.93, a decline of about 40.7% year-over-year[41] - Inventory surged to ¥253,689,755.88 from ¥87,829,248.26, indicating a significant increase of approximately 188.5% year-over-year[41]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 12,966,613,171.93, representing a 0.76% increase compared to the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 347,688,924.10, an increase of 10.48% year-on-year[20]. - The net cash flow from operating activities reached CNY 1,041,928,389.88, showing a significant increase of 115.88% compared to the previous year[20]. - The total assets of the company at the end of the reporting period were CNY 14,715,923,970.13, a 7.19% increase from the end of the previous year[20]. - The net assets attributable to shareholders of the listed company were CNY 4,237,073,212.62, reflecting a 5.44% increase year-on-year[20]. - The basic earnings per share for the first half of 2020 were CNY 0.371, up 10.42% from CNY 0.336 in the same period last year[20]. - The weighted average return on net assets increased to 8.42%, up 0.68 percentage points from 7.74% in the previous year[20]. - The company reported a net profit excluding non-recurring gains and losses of CNY 323,477,880.43, which is a 12.33% increase compared to the previous year[20]. Operational Highlights - The company is a leading player in the meat and brand snack food industry, focusing on safety and quality in its product offerings[24]. - The company maintains a full industry chain advantage in pork production, from breeding to sales, and is expanding its beef and lamb business through overseas partnerships[24]. - The pork industry has faced significant challenges due to African swine fever and COVID-19, but is now recovering with higher profit margins expected[24]. - The company aims to enhance brand recognition through IP operations and joint promotions in the snack food sector[24]. - The company completed the construction of 800,000 heads in its pig farming bases, demonstrating industry-leading efficiency[32]. - The company maintains a market share of nearly two-thirds in the domestic canned meat market with its "Meilin" brand[32]. - The company has established five advanced meat processing and cold chain logistics centers in key cities, enhancing its distribution network[32]. Financial Position - The company's total liabilities increased to ¥7,797,470,071.03 from ¥7,204,815,089.84, reflecting a growth of about 8.2%[120]. - Total equity attributable to shareholders increased to ¥4,237,073,212.62 from ¥4,018,621,043.65, representing a growth of approximately 5.4%[120]. - The company reported a total current assets of approximately CNY 9.20 billion as of June 30, 2020, an increase from CNY 8.20 billion at the end of 2019, representing a growth of about 12.2%[115]. - Cash and cash equivalents amounted to CNY 3.43 billion, up from CNY 2.97 billion in December 2019, indicating a growth of approximately 15.4%[115]. - The company’s total liabilities were not specified in the provided data, but the increase in current assets suggests a potential strengthening of the balance sheet[115]. Risk Management - The company faces risks from macroeconomic factors, including trade disputes and the impact of COVID-19 on consumer demand, particularly in the restaurant sector[51]. - The company is addressing the risk of African swine fever, which has significantly impacted the pork supply and prices, leading to increased costs for canned meat products[51]. - The company plans to enhance new product development and production planning to mitigate the impact of rising raw material prices[51]. - The company is focused on strengthening risk management for overseas operations, particularly in New Zealand, where environmental factors affect livestock supply[51]. Environmental Compliance - The company has not reported any significant environmental violations or exceeded pollution discharge limits during the reporting period[78]. - The company reported a wastewater treatment station operated by professional personnel, ensuring compliance with discharge standards[86]. - The company has implemented a 24-hour monitoring system for wastewater and air emissions, connected to local environmental monitoring platforms[89]. - The company adheres to the principle of reducing, harmless treatment, and comprehensive utilization of solid waste, with sludge being used for ecological return or as organic fertilizer[86]. - The company has established emergency response plans for environmental incidents in compliance with national laws[88]. Corporate Governance - The company has ongoing litigation involving claims totaling RMB 55 million related to loan disputes, with a judgment in favor of the company[61]. - The company has committed to resolving competition issues with its controlling shareholder, ensuring that certain business operations are managed by designated subsidiaries[58]. - The company has retained Deloitte Huayong as its auditor for the fiscal year 2020[59]. - The company has not reported any strategic investments or acquisitions during this period, focusing instead on internal growth and management changes[110]. - There are no indications of related party transactions among the top shareholders, ensuring a clear governance structure[108].

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 366,040,066.79 for the year 2019[6]. - The total distributable profit at year-end was RMB 1,190,931,997.22, after accounting for various adjustments[6]. - The proposed cash dividend is RMB 1.20 per 10 shares, totaling RMB 112,527,536.64, representing a cash dividend payout ratio of 30.74%[6]. - The company reported an increase in retained earnings from the previous year, with an opening balance of RMB 943,230,021.72[6]. - The company's operating revenue for 2019 reached ¥23.40 billion, an increase of 5.42% compared to ¥22.20 billion in 2018[26]. - Net profit attributable to shareholders was ¥366.04 million, reflecting a year-on-year growth of 20.38% from ¥304.07 million in 2018[26]. - The net cash flow from operating activities increased significantly by 75.66% to ¥973.02 million, compared to ¥553.94 million in the previous year[26]. - The basic earnings per share rose to ¥0.39, marking a 21.88% increase from ¥0.32 in 2018[26]. - The total assets of the company at the end of 2019 were ¥13.73 billion, representing a 9.56% increase from ¥12.53 billion in 2018[26]. - The net profit after deducting non-recurring gains and losses was ¥358.72 million, up 42.53% from ¥251.69 million in 2018[26]. - The company's net assets attributable to shareholders decreased by 4.07% to ¥4.02 billion from ¥4.19 billion in 2018[26]. - The weighted average return on equity increased to 8.31%, up 0.90 percentage points from 7.41% in 2018[26]. Market Position and Strategy - The company maintains a leading position in the canned meat market, with its "Meilin" brand recognized as a significant player in the industry[42]. - The company has a comprehensive supply chain advantage in the pork business, covering breeding, farming, slaughtering, processing, and distribution[39]. - The company controls New Zealand Silver Fern, enhancing its access to high-quality beef and lamb resources for the Chinese market[41]. - The company is focused on deep processing of meat products, achieving significant growth in frozen beef steaks and other prepared meat products[42]. - The company benefits from the stable growth of the leisure food industry, driven by rising income levels and consumer demand[38]. - The company is committed to innovation and reform, successfully navigating challenges such as the African swine fever outbreak and market competition[44]. - The company plans to enhance its market presence by embracing new retail models and optimizing fresh retail strategies[72]. - The brand positioning of Meilin and Guanshengyuan will be leveraged to enhance competitiveness in the leisure food market, adapting to new market dynamics[100]. Risk Management and Compliance - The company emphasizes the importance of risk factors that may impact future development in its reports[10]. - The company has not violated decision-making procedures for external guarantees[8]. - The company emphasizes risk management and internal controls, particularly in trade-related activities, to mitigate risks associated with non-food trade[52]. - The company is committed to strengthening its internal control mechanisms to enhance risk management capabilities in response to changing external environments[101]. - The company continues to face risks from the African swine fever, which has significantly impacted domestic pig farming, leading to reduced supply and increased pork prices[104]. - The company acknowledges the complexities of managing overseas operations, particularly in New Zealand, and is working to improve strategic coordination between domestic and international businesses[104]. Research and Development - The company reported a total R&D expenditure of CNY 43,436,419.35, accounting for 0.19% of the operating revenue[65]. - The company has 299 R&D personnel, representing 4.46% of the total workforce[65]. - The company holds a total of 143 patents, including 12 invention patents and 64 utility model patents[80]. - Research and development expenses amounted to CNY 43.44 million, representing 0.19% of total revenue, with a year-on-year increase of 5.02%[78]. Environmental Compliance - The company has implemented a 24-hour monitoring system for wastewater and air emissions, ensuring compliance with environmental standards[166]. - The company has established a food safety management committee and emergency management team to enhance quality safety awareness among employees[152]. - The company reported a total nitrogen discharge of 2.42 mg/l, which is below the standard limit[160]. - The chemical oxygen demand (COD) for wastewater was recorded at 6.57, significantly lower than the allowable limit of 25.86 mg/l[162]. - The company has obtained pollution discharge permits for several subsidiaries, including Shanghai Aisen Meat Food Co., Ltd. and Jiangsu Huai'an Su Food Meat Products Co., Ltd.[164]. - The company’s wastewater treatment facilities are operational and compliant with local regulations[180]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 61,916, down from 63,318 in the previous month[188]. - The top shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 298,386,000 shares, representing 31.82% of total shares[188]. - The second-largest shareholder, Bright Food (Group) Co., Ltd., holds 55,978,874 shares, accounting for 5.97% of total shares[188]. - The report indicates an increase of 12,999,961 shares held by the National Social Security Fund 103 Portfolio during the reporting period[188]. - The company has not experienced any changes in its controlling shareholder or actual controller, which remain Shanghai Yimin Food Factory (Group) Co., Ltd. and the Shanghai State-owned Assets Supervision and Administration Commission, respectively[197].

Financial Performance - Net profit attributable to shareholders decreased by 16.21% to CNY 147,765,989.62 year-on-year[11] - Operating revenue decreased by 0.86% to CNY 6,486,327,145.25 compared to the same period last year[11] - Basic earnings per share decreased by 15.79% to CNY 0.16[11] - The company recorded a loss of CNY -985,097.45 from the fair value changes of trading financial assets[13] - Other comprehensive income decreased by 154.21% to -$104.9 million due to foreign exchange translation differences[20] - Non-operating income decreased by 84.03% to $516.3 thousand, attributed to a reduction in unpayable amounts[20] - Non-operating expenses increased by 49.24% to $3.7 million, mainly due to increased losses from the disposal of non-current assets[20] - Total comprehensive income amounted to ¥129,801,973.65, down from ¥390,156,129.17, indicating a significant decrease of about 66.7% compared to the previous year[42] - Operating profit increased to ¥42,676,053.48 from ¥28,091,098.37, showing an increase of approximately 51.9% year-over-year[47] Cash Flow - Net cash flow from operating activities improved significantly to CNY 47,802,849.95, compared to a negative cash flow of CNY -397,999,266.97 in the previous year[11] - The net cash flow from operating activities for Q1 2020 was ¥143,473,551.57, compared to a negative cash flow of ¥116,959,605.07 in Q1 2019, indicating a significant improvement[59] - Cash inflow from operating activities totaled ¥513,174,633.26 in Q1 2020, slightly down from ¥519,118,210.09 in Q1 2019[59] - The net cash flow from financing activities increased by 63.89% to $457.1 million, driven by new borrowings from financial institutions[20] - The net cash flow from financing activities was ¥96,631,626.83 in Q1 2020, compared to ¥40,958,127.69 in Q1 2019, reflecting a positive trend[59] Assets and Liabilities - Total assets increased by 4.54% to CNY 14,352,487,060.56 compared to the end of the previous year[11] - Total current assets increased to $8.78 billion from $8.20 billion year-over-year[23] - Total liabilities increased to $7.70 billion from $7.20 billion year-over-year[27] - Total equity attributable to shareholders rose to $4.10 billion from $4.02 billion compared to the previous year[27] - Total liabilities reached ¥7,204,815,089.84, with current liabilities at ¥5,633,768,608.20[67] - Total equity reached $3,096,721,409.29, including paid-in capital of $937,729,472.00 and capital reserve of $1,683,191,808.46[74] Shareholder Information - The number of shareholders at the end of the reporting period was 63,318[14] - The largest shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 31.82% of the shares[14] Cost Management - Total operating costs for Q1 2020 were RMB 5,916,717,989.74, down from RMB 6,286,972,725.88 in Q1 2019, reflecting a cost reduction strategy[40] - The company reported a financial expense of RMB -63,117,168.39 in Q1 2020, a significant improvement compared to RMB 14,051,861.28 in Q1 2019, highlighting effective cost management[40] - The company reported a decrease in sales costs to ¥242,646,348.58 from ¥333,045,725.50, a reduction of approximately 27.1% year-over-year[47] - The financial expenses decreased to ¥10,927,644.67 from ¥16,357,998.19, reflecting a decline of about 33.5%[47] Investment and Growth - The company reported a significant increase of 105.66% in prepayments to CNY 429,418,666.24, indicating increased project investments[18] - Cash and cash equivalents increased to RMB 1,085,696,611.52 as of March 31, 2020, up from RMB 771,684,491.98 at the end of 2019, showing improved liquidity[32] - Accounts receivable decreased to RMB 44,538,471.14 from RMB 97,065,535.93, indicating better collection efficiency[32] - Inventory increased to RMB 151,093,981.62 from RMB 87,829,248.26, suggesting potential stockpiling or slower sales[32]

Financial Performance - Operating income for the first nine months rose by 5.33% to CNY 17,719,822,139.76 compared to the same period last year[17]. - Net profit attributable to shareholders increased by 12.10% to CNY 332,957,462.73 year-on-year[17]. - The company reported a net profit excluding non-recurring gains and losses of CNY 302,307,743.49, up 20.66% year-on-year[17]. - Basic earnings per share increased by 11.99% to CNY 0.355[19]. - Total revenue for the period was CNY 1,771,982.21 million, representing a 5.33% increase from CNY 1,682,300.85 million[26]. - Total operating revenue for Q3 2019 was ¥4,851,013,306.02, a decrease of 2.77% compared to ¥4,989,881,925.03 in Q3 2018[43]. - Net profit for Q3 2019 was ¥27,153,530.01, compared to a net loss of ¥10,593,504.25 in Q3 2018, indicating a significant turnaround[43]. - Total operating revenue for Q3 2019 was CNY 280,381,101.88, a decrease of 21% compared to CNY 354,812,397.90 in Q3 2018[53]. - Net profit for Q3 2019 was CNY -4,323,821.73, compared to a profit of CNY 14,852,400.84 in Q3 2018, indicating a significant decline[53]. - The company reported a total comprehensive income of CNY 40,338,526.08 for the period, contrasting with a loss of CNY -7,270,706.87 in the previous year[53]. Cash Flow - Net cash flow from operating activities surged by 62.27% to CNY 1,070,829,805.79 compared to the previous year[17]. - The net cash flow from operating activities for the first three quarters of 2019 was not detailed but is critical for assessing liquidity[56]. - Total cash inflow from operating activities was ¥18,485,576,943.00, compared to ¥18,015,833,692.65, indicating an increase of about 2.6%[58]. - Cash outflow from investing activities totaled ¥659,232,291.89, slightly up from ¥680,999,958.20, resulting in a net cash flow from investing activities of -¥587,676,418.07[58]. - Cash inflow from financing activities reached ¥2,400,528,499.22, a significant increase from ¥1,726,482,030.62, marking a growth of approximately 39.1%[60]. - The ending cash and cash equivalents balance increased to ¥3,442,356,204.76 from ¥3,212,993,191.01, showing a rise of about 7.1%[60]. - Cash inflow from sales of goods and services was ¥18,169,668,399.79, compared to ¥17,669,841,904.66, representing an increase of approximately 2.8%[58]. - The total cash outflow from operating activities was ¥17,414,747,137.21, slightly up from ¥17,355,936,394.87, indicating a marginal increase of about 0.3%[58]. Assets and Liabilities - Total assets increased by 3.85% to CNY 12,754,519,350.58 compared to the end of the previous year[17]. - The total assets of the company reached CNY 12,754,519.35 million, up from CNY 12,281,601.94 million[32]. - Accounts receivable increased by 100.87% to CNY 380 million from CNY 189.18 million[26]. - Total liabilities decreased to ¥2,987,506,062.48 from ¥3,006,126,244.05 in the previous year, showing a reduction of 0.62%[39]. - Current liabilities reached CNY 4,956,328,469.67, while total liabilities were CNY 5,895,311,960.80[66]. - The total amount of accounts payable was CNY 1,138,588,430.77, with other payables at CNY 527,431,007.23[66]. Shareholder Information - The total number of shareholders at the end of the reporting period was 61,382[22]. - The largest shareholder, Shanghai Yimin Food Factory (Group) Co., Ltd., holds 31.82% of the shares[22]. Expenses - Operating costs rose by 4.53% to CNY 1,533,294.70 million compared to CNY 1,466,885.63 million[26]. - Financial expenses increased by 66.32% to CNY 5,025.78 million from CNY 3,021.81 million, largely due to significant foreign exchange fluctuations[26]. - Research and development expenses decreased by 72.43% to CNY 1,008.40 million from CNY 3,658.20 million[26]. - Research and development expenses in Q3 2019 were ¥3,945,103.34, a decrease of 87.8% from ¥30,043,843.76 in Q3 2018[43]. - Operating costs for Q3 2019 were CNY 225,634,165.13, down from CNY 291,275,383.28 in Q3 2018, reflecting a cost reduction strategy[53]. - Financial expenses for Q3 2019 were CNY 5,210,723.82, a decrease from CNY 9,242,035.96 in Q3 2018, indicating improved financial management[53]. Government Support - The company received government subsidies amounting to CNY 41,292,086.04 during the reporting period[19].