中牧实业股份有限公司 董事会战略委员会议事规则 （2023 年修订） 司战略运营部为委员会工作支持机构。 第一章 总 则 第一条 为明确中牧实业股份有限公司（以下简称"公司"） 董事会战略委员会（以下简称"战略委员会"或"委员会"）职责， 规范工作程序，根据《中华人民共和国公司法》、《上市公司治 理准则》、《上市公司独立董事管理办法》、《上海证券交 易所上市公司自律监管指引第 1 号--规范运作》、《中牧实 业股份有限公司章程》、《董事会议事规则》等有关规定， 制定本规则。 第二条 战略委员会是董事会设立的专门工作机构，向 董事会负责并报告工作，在董事会领导下负责对公司长期发 展战略和重大投资决策进行研究并提出建议。 第二章 战略委员会组织机构 第四条 战略委员会至少由五名董事组成，其中包含董 事长及执行董事。委员会设召集人一名，由董事长担任。公 第三条 战略委员会全体人员对公司及全体股东负有诚 信与勤勉尽职义务，应当按照相关法律法规、公司章程及本议 事规则的要求，认真履行职责，维护公司利益，特别是中小股 东的合法权益。战略委员会中独立董事应当独立履行职责，不 受公司主要股东、实际控制人或与公司存在利害关系的 ...

股票代码：600195 股票简称：中牧股份 编号：临 2023-029 中牧实业股份有限公司 关于减持其他上市公司部分股份计划实施情况的公告 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法律责任。 公司第八届董事会 2023 年第九次临时会议审议通过《关于授权经营班子减 持公司所持其他上市公司部分股份的议案》，同意公司依据实际情况以集中竞价 交易和大宗交易方式减持金达威股份，减持数量不超过 1,200 万股（即不超过其 总股本的 1.97%），其中通过集中竞价交易方式减持的，实施期限为自减持计划 披露之日起 15 个交易日后的 6 个月内，通过大宗交易方式减持的，实施期限为 自减持计划披露之日起的 6 个月内。授权公司经营班子依据证券市场情况具体实 施。具体内容详见公司于 2023 年 7 月 29 日披露的《中牧实业股份有限公司关于 减持公司所持其他上市公司部分股份的公告》（公告编号：临 2023-023）。 二、本次减持计划实施情况 截至 2023 年 12 月 7 日，本次减持计划结束，公司已通过集中竞价交易方式 累计减持 5, ...

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法律责任。 根据《兽药管理条例》和《兽药注册办法》规定，中牧实业股份有限公司（以 下简称"公司"）自主研发的猫鼻气管炎、杯状病毒病、泛白细胞减少症三联灭 活疫苗（HBJ06 株+CHZ05 株+PSY01 株）已于 2023 年 12 月 6 日通过农业农村部 组织的应急评价。公司将依据《兽药管理条例》《兽药产品批准文号管理办法》 的规定，开展该产品临时生产文号的申请工作。 该产品是用于预防猫泛白细胞减少症、杯状病毒病和鼻气管炎的猫三联灭活 疫苗，目前已通过农业农村部组织的应急评价，产品上市前尚需取得临时兽药产 品批准文号。 猫鼻气管炎、杯状病毒病、泛白细胞减少症三联灭活疫苗（HBJ06 株+CHZ05 株+PSY01 株）为公司自主研发产品，是公司积极践行国资央企发挥科技创新作 用的重要举措，也是公司聚焦主责主业、专业化发展的战略方向，大力发展宠物 业务赛道的具体体现。该产品采用的疫苗毒株为国内主要流行毒株，对猫的上述 疫病具有很好的免疫保护效果，同时采用全悬浮培养及浓缩纯化等先进生产工艺 ...

Financial Performance - The company's revenue for Q3 2023 reached ¥1,650,679,068.29, representing a year-on-year increase of 7.96%[4] - Net profit attributable to shareholders was ¥127,986,622.01, showing a decrease of 10.71% compared to the same period last year[4] - The net profit after deducting non-recurring gains and losses was ¥110,687,662.32, with a year-on-year increase of 2.70%[4] - Basic earnings per share for the quarter were ¥0.1253, down 10.73% from the same period last year[4] - Net profit for the third quarter of 2023 was ¥363,429,409.25, down from ¥410,616,145.90 in the same quarter of 2022, reflecting a decrease of approximately 11.5%[30] - The net profit attributable to shareholders for the third quarter was ¥396,957,524.74, slightly down from ¥400,444,512.47 in the same quarter of 2022, a decrease of about 0.12%[30] - Other comprehensive income for the third quarter of 2023 was reported at ¥15,510,969.85, compared to ¥44,484,780.81 in the previous year, indicating a decrease of approximately 65.2%[30] - Total comprehensive income amounted to CNY 378,940,379.10, compared to CNY 455,100,926.71 in the previous year[33] - Basic and diluted earnings per share were both CNY 0.3887, slightly down from CNY 0.3933 in the previous year[33] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥8,725,857,681.10, reflecting a growth of 9.93% from the previous year[6] - The total liabilities as of the latest report amounted to ¥2,156,550,862.33, an increase from ¥1,595,875,599.84 year-over-year, representing a growth of approximately 35.0%[28] - The total equity attributable to shareholders reached ¥5,522,436,513.23, up from ¥5,295,860,606.55 in the previous year, indicating an increase of about 4.3%[28] - Cash and cash equivalents at the end of the period reached CNY 990,410,353.26, compared to CNY 718,874,007.65 at the end of the previous year[38] - The company's cash and cash equivalents decreased to ¥1,368,102,893.35 from ¥1,430,789,698.43, reflecting a decline of approximately 4.4%[28] - Accounts receivable amounted to ¥1.35 billion, an increase of 59.9% compared to ¥844.0 million in the previous year[19] - Total current assets reached approximately ¥3.75 billion, reflecting a growth of 13.9% from ¥3.29 billion in the previous year[23] - Non-current assets totaled approximately ¥4.98 billion, an increase of 7.1% from ¥4.65 billion in the previous year[23] - Short-term borrowings rose to approximately ¥389.9 million, compared to ¥265.4 million in the previous year, indicating a significant increase of 46.9%[23] - The company's long-term borrowings increased significantly to ¥670,128,942.94 from ¥34,220,000.00, showing a substantial rise of approximately 1,960.0%[28] Cash Flow - The net cash flow from operating activities was not applicable for this quarter, primarily due to increased cash receipts from sales[8] - The net cash flow from operating activities was CNY -9,639,629.08, an improvement from CNY -329,688,107.97 year-over-year[37] - Cash inflow from operating activities totaled CNY 3,906,059,891.43, up from CNY 3,579,427,616.10 in the same period last year[37] - The net cash flow from investing activities was CNY -362,607,590.84, worsening from CNY -217,948,276.37 year-over-year[38] - Cash inflow from financing activities was CNY 1,053,282,876.05, significantly higher than CNY 398,444,243.72 in the previous year[38] - The company received CNY 126,912,070.27 from investment recoveries, compared to CNY 6,812,435.18 in the previous year[38] Shareholder Information - Total number of common shareholders at the end of the reporting period was 33,817[17] - The company has a major shareholder, China Animal Husbandry Group Co., Ltd., holding 49.37% of shares[17] - There were no significant changes in the shareholder structure or any related party transactions reported during the period[18] Operational Highlights - The company is focusing on expanding its market presence and developing new products and technologies[19] - Total operating revenue for the first three quarters of 2023 reached ¥4,158,977,907.01, a slight increase from ¥4,125,458,242.24 in the same period of 2022, representing a growth of approximately 0.81%[28] - Total operating costs for the first three quarters of 2023 were ¥3,896,103,089.65, compared to ¥3,787,650,893.48 in 2022, indicating an increase of about 2.91%[28] - Investment income for the third quarter of 2023 was ¥142,249,365.90, significantly higher than ¥79,440,998.92 in the previous year, marking an increase of about 79.0%[30] - Total sales revenue from goods and services received was CNY 3,753,093,132.51, an increase from CNY 3,430,025,443.77 year-over-year[37] - The company paid CNY 491,338,850.96 to employees, slightly up from CNY 471,638,798.38 in the previous year[37]

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法律责任。 中牧实业股份有限公司（以下简称"公司"）第八届董事会 2023 年第十二次临 时会议通知于 2023 年 9 月 12 日通过公司电子办公系统、电子邮件等形式发出，会 议于 2023 年 9 月 15 日以通讯方式召开，会议应到董事 6 名，实到董事 6 名。会议 由董事长王建成先生主持，符合《公司法》、《公司章程》的规定。 经与会董事审议，会议表决通过如下议案： 股票代码：600195 股票简称：中牧股份 编号：临 2023-026 中牧实业股份有限公司 第八届董事会 2023 年第十二次临时会议决议公告 一、关于制定《中牧实业股份有限公司董事会合规委员会议事规则》的议案 表决结果：6 票同意，0 票反对，0 票弃权。 同意制定《中牧实业股份有限公司董事会合规委员会议事规则》。 二、关于控股子公司资产内部划转并增资的议案 表决结果：6 票同意，0 票反对，0 票弃权。 2023 年 9 月 16 日 1 为整合内部资源，优化资产结构，促进业务发展，同意公司控股子公司乾元浩 生物 ...

股票代码：600195 股票简称：中牧股份 编号：临 2023-027 中牧实业股份有限公司 关于召开 2023 年半年度业绩说明会的公告 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法律责任。 会议召开时间：2023 年 10 月 12 日(星期四) 下午 15:00-16:00 会议召开地点：上海证券交易所上证路演中心 （网址：https://roadshow.sseinfo.com/） 会议召开方式：上海证券交易所上证路演中心网络互动 （一） 会议召开时间：2023 年 10 月 12 日（星期四）下午 15:00-16:00 （二） 会议召开地点：上海证券交易所上证路演中心 重要内容提示： 投资者可于 2023 年 9 月 27 日(星期三) 至 10 月 11 日(星期三)16:00 前登录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公司邮箱 600195@cahic.com 进行提问。公司将在说明会上对投资者普遍关注的问题进行 回答。 中牧实业股份有限公司（以下简称"公 ...

Financial Performance - The company's operating revenue for the first half of 2023 was ¥675,882,249.26, a decrease of 26.2% compared to ¥915,875,348.32 in the same period of 2022[6]. - The net profit for the first half of 2023 was ¥248,503,188.50, down 12% from ¥282,356,212.59 in the first half of 2022[5]. - The company's operating revenue for the first half of 2023 was ¥2,508,298,838.72, a decrease of 3.40% compared to ¥2,596,506,429.38 in the same period last year[162]. - Net profit attributable to shareholders of the listed company was ¥268,970,902.72, an increase of 4.61% from ¥257,108,118.47 year-on-year[162]. - The net profit after deducting non-recurring gains and losses was ¥204,842,904.44, down 19.77% from ¥255,311,019.57 in the previous year[162]. - The basic earnings per share for the first half of 2023 were ¥0.2188, compared to ¥0.2132 in the same period of 2022, indicating a growth of 2.6%[7]. - The basic earnings per share after deducting non-recurring gains and losses was CNY 0.2006, a decrease of 20.14% compared to the previous year[142]. - The company's net profit attributable to shareholders increased by 4.61% year-on-year, primarily due to increased investment income from the reduction of equity in joint ventures[142]. - The weighted average return on net assets decreased by 0.15 percentage points to 4.95% compared to the same period last year[142]. - The return on net assets after deducting non-recurring gains and losses decreased by 1.29 percentage points to 3.77% year-on-year[142]. Assets and Liabilities - The total assets as of June 30, 2023, amounted to ¥3,602,620,153.73, an increase from ¥3,288,322,240.96 at the end of 2022[1]. - The company's total assets at the end of the reporting period were ¥8,306,921,451.27, reflecting a growth of 4.66% from ¥7,937,406,197.86 at the end of the previous year[162]. - The total liabilities as of June 30, 2023, were not explicitly stated but are implied to have changed in relation to the total assets[1]. - The company's total equity at the end of the reporting period was 4,702,864,166.76 RMB, showing an increase from 4,421,796,815.80 RMB at the end of the previous year[14]. - The company's total equity as of June 30, 2023, is RMB 4,672,705,906.16, with a capital stock of RMB 1,021,148,260.00[21]. Cash Flow - The net cash flow from operating activities for the first half of 2023 was -192,780,776.42 RMB, an improvement from -368,772,153.24 RMB in the same period of 2022, indicating a reduction in cash outflow[10]. - The cash received from sales of goods and services was 650,783,264.62 RMB, down from 842,970,300.65 RMB in the first half of 2022, indicating a decline of approximately 22.7%[10]. - The company’s cash outflow for purchasing goods and services was 278,151,918.69 RMB, significantly lower than 829,821,416.43 RMB in the same period last year, marking a decrease of about 66.5%[10]. - Total cash inflow from investment activities increased to 141,242,484.14 RMB in the first half of 2023, compared to 79,933,073.40 RMB in the previous year, reflecting a significant growth of 76.8%[10]. - The cash flow from financing activities saw a substantial increase, with total cash inflow reaching 350,000,000.00 RMB, compared to 44,138,142.23 RMB in the same period last year[10]. Research and Development - Research and development expenses for the first half of 2023 were ¥20,270,681.40, a slight decrease of 10.5% compared to ¥22,588,248.71 in the same period of 2022[6]. - The company is actively involved in the research and development of biological feed, aiming to enhance its product offerings in the agricultural sector[24]. - The company emphasizes innovation in its R&D mechanisms, contributing to the successful implementation of research outcomes[175]. - The company is actively developing new products and technologies, focusing on bioproducts, chemical preparations, and new feed innovation centers[177]. - The company has established a new collaborative research and development mechanism, promoting open cooperation and shared benefits in innovation[198]. Market and Competition - The company is facing intensified competition in the feed industry due to sporadic outbreaks of animal epidemics, necessitating refined sales strategies and personalized technical services[97]. - The company continues to enhance its sales channels and customer development, leading to sustained growth in sales revenue of key products[172]. - The company aims to strengthen its core competitiveness by focusing on technological innovation and developing new business segments in pharmaceuticals, feed, and vaccines[195]. - The company integrates "medicine, materials, and seedlings" to provide comprehensive biosecurity services, enhancing customer trust and increasing group clients steadily[198]. - The company plays a crucial role in the national animal epidemic prevention system, acting as a key player in major epidemic control efforts[173]. Environmental and Compliance - The company has implemented a comprehensive VOCs (volatile organic compounds) management plan, ensuring compliance with emission standards and industry policies[100]. - The company completed the construction of wastewater treatment facilities, with environmental impact registration completed for the project[101]. - The company has established a comprehensive environmental monitoring system to ensure compliance with pollution discharge permits[114]. - The company has implemented measures to control pollutant emissions in compliance with national standards[111]. Shareholder and Equity Information - The controlling shareholder, China Agricultural Development Group Co., Ltd., holds 49.37% of the company's shares, indicating significant state ownership[24]. - The company has completed a share reduction plan, having reduced 4,204,200 shares, accounting for 0.69% of the total share capital[117]. - The company reported a total of RMB 399,359,221.43 in surplus reserves as of the end of the reporting period[21]. Accounting Policies and Practices - The company has implemented a method for determining expected credit losses for various financial assets, including accounts receivable and notes receivable, based on the entire duration of expected credit losses[42]. - The company assesses expected credit losses for accounts receivable using overdue days and default loss rate tables, adjusting based on forward-looking estimates[42]. - The company capitalizes borrowing costs directly attributable to the acquisition or production of qualifying assets, ceasing capitalization once the asset is ready for use or sale[50]. - The company uses a straight-line depreciation method for buildings with a useful life of 30 years and a depreciation rate of 3.2%[52]. - The company recognizes long-term equity investments based on the initial investment cost determined by the equity of the merged entity in the consolidated financial statements[35]. Legal and Audit Information - The semi-annual report for 2023 has not been audited[128]. - The company has not reported any major litigation or arbitration matters during the reporting period[118].

股票代码：600195 股票简称：中牧股份 编号：临 2023-019 中牧实业股份有限公司 关于召开 2022 年度暨 2023 年第一季度 业绩说明会的公告 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法律责任。 重要内容提示： 中牧实业股份有限公司（以下简称"公司"）已于 2023 年 4 月 22 日、2023 年 4 月 29 日在上海证券交易所网站（http://www.sse.com.cn）发布公司 2022 年年度报告及 2023 年第一季度报告，为便于广大投资者更全面深入地了解公司 经营成果、财务状况等方面的情况，公司计划于 2023 年 5 月 30 日下午 15:00- 16:00 以自行视频录播结合网络在线互动的方式召开业绩说明会，就投资者普遍 关心的问题进行沟通交流。 一、业绩说明会类型 本次投资者说明会以自行视频录播结合网络互动形式召开，公司将针对 2022 年度、2023 年第一季度的经营成果及财务指标的具体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。 二、业绩 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 1,061,645,947.59, representing a decrease of 5.48% compared to the same period last year[7] - Net profit attributable to shareholders of the listed company was CNY 140,498,808.83, an increase of 4.76% year-on-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 84,817,539.02, down 36.57% from the previous year[7] - Total operating revenue for Q1 2023 was ¥1,061,645,947.59, a decrease of 5.5% compared to ¥1,123,215,357.53 in Q1 2022[33] - Net profit for Q1 2023 was ¥133,360,645.64, a decrease of 5.3% from ¥140,534,020.35 in Q1 2022[35] - The company’s total profit for Q1 2023 was ¥157,690,993.01, down from ¥166,075,037.97 in Q1 2022, reflecting a decrease of 2.3%[35] Earnings and Shareholder Returns - The basic earnings per share for Q1 2023 was CNY 0.1376, an increase of 4.24% year-on-year[7] - Earnings per share for Q1 2023 was ¥0.1376, compared to ¥0.1320 in Q1 2022, reflecting a 4.24% increase[35] - The company distributed dividends and interest payments totaling $3,596,598.41, up from $1,198,509.78 in the previous period[41] Assets and Liabilities - The total assets at the end of Q1 2023 were CNY 8,125,118,882.04, reflecting a growth of 2.36% compared to the end of the previous year[10] - Total assets reached CNY 8,125,118,882.04, compared to CNY 7,937,406,197.86, reflecting an increase of approximately 2.4%[30] - Total liabilities amounted to CNY 1,659,091,948.02, up from CNY 1,595,875,599.84, which is an increase of about 3.9%[28] - Owner's equity totaled CNY 6,466,026,934.02, compared to CNY 6,341,530,598.02, showing a growth of approximately 2.0%[30] Cash Flow - The net cash flow from operating activities was negative at CNY -154,454,416.26, indicating a significant cash outflow[7] - Cash flow from operating activities showed a net outflow of ¥154,454,416.26 in Q1 2023, an improvement from a net outflow of ¥261,001,755.79 in Q1 2022[39] - The company’s total cash inflow from operating activities was ¥820,183,977.47 in Q1 2023, compared to ¥789,815,432.07 in Q1 2022, indicating a growth of 3.9%[39] - The net cash flow from financing activities was $94,385,179.37, an increase from $30,445,666.79 in the previous period[41] - The total cash outflow from financing activities was $142,014,820.63, significantly higher than $64,546,434.78 in the previous period[41] - The net increase in cash and cash equivalents was a decrease of $58,424,716.82, compared to a decrease of $342,936,872.22 in the previous period[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 25,267[14] Non-Recurring Items - The company reported non-recurring gains of CNY 55,681,269.81 after tax, primarily from asset disposals and other non-operating income[10] - Other comprehensive income after tax for Q1 2023 was -¥4,452,712.76, a significant decline from ¥22,901,742.47 in Q1 2022[35] Research and Development - The company reported a decrease in research and development expenses to ¥19,300,988.40 in Q1 2023 from ¥23,852,394.20 in Q1 2022, a reduction of 19.0%[33] Cash Management - Cash and cash equivalents decreased to CNY 816,740,030.38 from CNY 875,164,747.20, a decline of about 6.6%[22] - Cash and cash equivalents at the end of the period totaled $816,740,030.38, down from $875,164,747.20 at the beginning of the period[41] - The company repaid debts amounting to $138,418,222.22, compared to $63,180,000.00 in the previous period[41] - The company received cash from borrowings amounting to $236,400,000.00, compared to $94,992,101.57 in the previous period[41] - The cash flow from financing activities was primarily driven by increased borrowings and debt repayments[41] Accounting Standards - The company did not apply new accounting standards or interpretations for the current financial year[41]

Financial Performance - The company's total revenue for 2022 was approximately ¥5.89 billion, representing an increase of 11.13% compared to ¥5.30 billion in 2021[5]. - The net profit attributable to shareholders for 2022 was approximately ¥550 million, a year-on-year increase of 7.05% from ¥514 million in 2021[6]. - The gross profit margin for the agricultural sector was 21.12%, with a revenue increase of 11.62% year-on-year[3]. - The revenue from biological products decreased by 15.14% year-on-year, with a gross profit margin of 49.09%[3]. - The company's cash flow from operating activities showed a net outflow of approximately ¥222 million, a significant decrease from a net inflow of ¥383 million in 2021[6]. - The total assets of the company at the end of 2022 were approximately ¥7.94 billion, reflecting a 6.73% increase from ¥7.44 billion at the end of 2021[5]. - The company reported a basic earnings per share of ¥0.5401 for 2022, up 6.74% from ¥0.5060 in 2021[6]. - The revenue from direct sales was approximately ¥3.65 billion, with a year-on-year increase of 8.25%[3]. - The revenue from trade increased significantly by 44.42% year-on-year, although the gross profit margin was only 2.83%[3]. - The company’s net assets attributable to shareholders increased by 7.78% to approximately ¥5.30 billion at the end of 2022[5]. - The total profit for the period was CNY 627 million, with a net profit of CNY 550 million, resulting in a basic earnings per share of CNY 0.5401[37]. Non-Recurring Gains and Losses - Non-recurring gains from the disposal of non-current assets amounted to ¥171,587,464.35 in 2022, compared to a loss of ¥71,699.11 in 2021[10]. - The total non-recurring gains for the company in 2022 reached ¥150,210,136.88, significantly higher than ¥3,054,538.39 in 2021[13]. - The company reported a significant increase in non-recurring gains compared to previous years, indicating improved financial performance in 2022[13]. - The company has maintained a consistent approach to recognizing non-recurring gains, aligning with regulatory definitions[13]. - The total amount of non-recurring losses from the disposal of subsidiaries under common control was recorded as -¥4,724,211.87 in 2020[10]. Research and Development - Research and development expenses amounted to CNY 143.27 million, representing 3.16% of operating revenue, with 23.12% of R&D expenses capitalized[69]. - The number of R&D personnel is 437, accounting for 11% of the total workforce, with a significant portion holding advanced degrees[69]. - The company has established a new collaborative R&D mechanism to enhance technological innovation capabilities and foster talent[35]. - The company is actively developing new vaccines, including a bivalent synthetic peptide vaccine for foot-and-mouth disease, which has received production approval during the reporting period[122]. - The company has introduced a new inactivated vaccine for pseudorabies in pigs, which has also received new drug certification during the reporting period[122]. - The company is expanding its product line to include diagnostic kits for detecting foot-and-mouth disease virus antibodies in pigs, which have also received new drug certification[122]. - The company introduced three new veterinary drug registration certificates during the reporting period, indicating ongoing product development[104]. Market and Industry Trends - The overall producer price level for agricultural products increased by 0.4% in 2022, with a notable recovery in the latter half of the year[30]. - The total national pig production reached 69.995 million heads, an increase of 4.3% year-on-year, indicating a stable growth in the livestock sector[28]. - The production of poultry meat and eggs showed steady growth, with poultry output increasing by 2.5% year-on-year[30]. - The livestock industry in China is transitioning to modern practices, with a focus on increasing production efficiency and quality by 2025[160]. - The market demand for animal protein is expected to grow, with increasing consumption of meat, eggs, and dairy products[161]. - The veterinary drug industry continues to grow rapidly, with new regulations such as the revised Veterinary Drug GMP implemented on June 1, 2022, aimed at enhancing product quality and safety[118]. Operational Strategies - The company continues to focus on optimizing its asset management and investment strategies to enhance overall profitability[13]. - The company is actively pursuing new customer development and strategic alliances with major clients to strengthen its market position[31]. - The company has implemented a "one customer, one strategy" approach in its marketing efforts, ensuring stable deliveries to group clients[31]. - The company is committed to maintaining a competitive market order and improving the quality of veterinary products in response to regulatory changes[118]. - The company aims to enhance its technological capabilities and resource utilization efficiency to drive industry modernization[161]. - The company is focusing on high-quality development in the veterinary drug sector, aligning with national policies for agricultural modernization and rural revitalization[118]. Financial Position and Cash Flow - The company's cash and cash equivalents decreased to ¥875,164,747.20 from ¥1,230,032,968.52, representing a decline of approximately 29% year-over-year[177]. - Accounts receivable increased significantly to ¥844,045,372.60 from ¥542,570,625.19, marking a growth of about 55.5%[177]. - Inventory rose to ¥1,062,402,941.31, up from ¥879,086,482.25, indicating an increase of approximately 20.8%[177]. - Total current assets amounted to ¥3,288,322,240.96, compared to ¥2,839,932,650.33 in the previous year, reflecting a growth of about 15.8%[177]. - The company's total comprehensive income for the year was ¥504,002,250.36, down from ¥627,353,436.30, a decrease of approximately 19.6%[182]. - Long-term equity investments decreased to ¥794,409,224.36 from ¥915,834,458.41, a decline of approximately 13.2%[177]. - The net cash flow from operating activities decreased by 605 million RMB year-on-year, primarily due to increased cash payments for goods as trade revenue expanded and raw material prices rose[91]. Corporate Governance - The company has adhered to the corporate governance requirements set forth by the Company Law and the China Securities Regulatory Commission[172]. - The company has not engaged in insider trading activities by its directors, supervisors, or senior management prior to sensitive information disclosures[172].