Financial Performance - The company's operating revenue for Q1 2023 was CNY 612,922,538.33, representing a year-on-year increase of 7.15%[4] - The net profit attributable to shareholders decreased by 5.66% to CNY 72,871,854.80 compared to the same period last year[4] - Basic and diluted earnings per share were both CNY 0.0734, reflecting a decrease of 5.66% year-on-year[4] - The comprehensive income attributable to the parent company was CNY 72,871,854.80, down from CNY 77,241,371.23 in the previous year[24] - The net profit for Q1 2023 was CNY 71,267,941.68, compared to CNY 74,322,978.74 in Q1 2022, indicating a decrease of 4.14%[34] - Total profit for Q1 2023 was $71,732,789.78, down from $81,451,903.70 in Q1 2022, representing a decrease of 11.1%[1] - Net profit for Q1 2023 was $61,352,320.80, compared to $68,787,698.81 in Q1 2022, reflecting a decline of 10.8%[1] Cash Flow - The net cash flow from operating activities surged by 230.19% to CNY 55,091,617.66[4] - The net cash flow from operating activities was 55,091,617.66, a significant improvement from -42,317,217.80 in the previous period, indicating a positive turnaround in operational efficiency[56] - The company's cash flow from operating activities increased to $601,232,509.24 in Q1 2023 from $506,997,394.87 in Q1 2022[44] - Cash inflow from investment activities was $231,895,321.42 in Q1 2023, down from $385,802,131.71 in Q1 2022[44] - Cash outflow from investment activities was $214,607,322.86 in Q1 2023, compared to $271,428,757.48 in Q1 2022[44] - The company experienced a net loss in cash flow from financing activities of $798,125.00 in Q1 2022, with no inflow reported in Q1 2023[45] Assets and Liabilities - The total assets at the end of Q1 2023 were CNY 2,936,574,172.51, a decrease of 1.05% from the end of the previous year[4] - The total liabilities decreased from CNY 741,743,086.83 to CNY 639,344,516.83, a reduction of approximately 13.78%[32] - The total equity attributable to shareholders increased from CNY 2,195,062,669.30 to CNY 2,267,934,524.10, representing a growth of about 3.30%[32] - The company's total asset value was 2,570,868,833.35, a decrease from 2,589,927,925.37 in the previous period, indicating a contraction in asset base[59] - Total liabilities amounted to 472,139,867.81, down from 552,551,280.63, suggesting a reduction in financial obligations[60] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 115,169[24] - The largest shareholder, Jiangsu Hengshun Group Co., Ltd., held 44.63% of the shares, with 447,613,893 shares pledged[24] - The company announced a cash dividend distribution of 1.10 CNY per 10 shares, totaling 109,222,718.88 CNY (including tax) based on a total share capital of 1,002,956,032 shares, after deducting 10,022,224 shares repurchased[27] Fundraising and Investments - The company plans to raise up to 1.79 billion CNY through a non-public offering of A-shares, adjusting the previous target of 2 billion CNY[28] - The non-public offering of shares was approved by the China Securities Regulatory Commission (CSRC) on July 5, 2022, allowing the issuance of up to 130 million new shares[29] - The validity period for the shareholder meeting resolution regarding the non-public offering has been extended by 12 months to November 25, 2023, to ensure the smooth progress of the issuance[29] - The company has established a special account for the funds raised from the stock issuance, ensuring proper storage and usage of the funds[29] Operational Efficiency - Inventory decreased to CNY 242,778,914.40 from CNY 297,528,417.32 in the previous year, indicating improved inventory management[15] - The cost of goods sold for Q1 2023 was CNY 411,000,014.34, up from CNY 376,020,021.88 in Q1 2022, reflecting a year-over-year increase of 9.31%[41] - Research and development expenses for Q1 2023 were CNY 17,921,546.74, slightly up from CNY 17,351,260.24 in Q1 2022, reflecting a year-over-year increase of 3.29%[41] - The company reported a financial expense of -CNY 592,066.90 in Q1 2023, compared to CNY 507,628.56 in Q1 2022, indicating a shift towards lower financial costs[41] - The deferred income increased significantly from CNY 40,153,923.72 to CNY 57,528,923.72, a rise of 43.25%[32] Tax and Compensation - The company reported a decrease in income tax expenses to $10,380,468.98 in Q1 2023 from $12,664,204.89 in Q1 2022[1] - The company reported a decrease in employee compensation payments to 81,929,284.75 from 91,938,591.35, reflecting cost management efforts[56] - The company received 2,898,709.86 in tax refunds, an increase from 87,181.93 in the previous period, indicating improved tax recovery efforts[56]

Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 1.10 RMB per 10 shares, totaling approximately 109.22 million RMB (including tax) based on a total share capital of 1,002,956,032 shares as of December 31, 2022[6]. Financial Performance - The company achieved operating revenue of CNY 2.14 billion in 2022, a year-on-year increase of 12.98%[29]. - Net profit attributable to shareholders reached CNY 138 million, reflecting a growth of 16.04% compared to the previous year[29]. - The main business of condiments generated revenue of CNY 2.03 billion, accounting for 95% of total revenue, with a year-on-year growth of 10.05%[39]. - The net profit from the main condiments business was CNY 122 million, representing 88.7% of total net profit, with a growth of 13.09% year-on-year[39]. - The company achieved a total revenue of 2.139 billion yuan in 2022, representing a year-on-year growth of 12.98%[86]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was 122 million yuan, an increase of 13.09% compared to the previous year[86]. Audit and Compliance - The company received a standard unqualified audit report from Tianheng Accounting Firm for the fiscal year 2022[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[8]. - The company has confirmed that all board members attended the board meeting, ensuring the integrity of the report[5]. - The company has not violated decision-making procedures in providing guarantees[8]. - The company’s financial report is guaranteed to be true, accurate, and complete by its responsible persons[5]. - The company has disclosed all relevant documents in designated newspapers as required by the China Securities Regulatory Commission[11]. Risk Management - The company emphasizes that forward-looking statements regarding future plans may be affected by external environments and actual operational changes, and these do not constitute a commitment to investors[7]. - The company has detailed risk factors and countermeasures in the "Management Discussion and Analysis" section of the report[8]. Business Strategy and Development - The company plans to focus on a product strategy around "vinegar, wine, and sauce" to enhance its main condiment business[39]. - The company has implemented a product strategy committee to streamline and enhance product offerings, focusing on eliminating low-sales and low-margin products while increasing the sales proportion of "big single products" significantly[40]. - The company is actively exploring diversified business models, including the development of health vinegar products, which represent a significant future direction for the vinegar industry[57]. - The company is leveraging smart manufacturing projects to enhance food safety and production efficiency, positioning itself as a leader in the industry[57]. Marketing and Brand Development - The company’s advertising efforts reached over 1 billion people through Jiangsu Satellite TV, significantly increasing brand exposure[39]. - The brand strategy includes leveraging media partnerships and celebrity endorsements to enhance product visibility and appeal to younger consumers[75][81]. Production and Operations - The company has launched six new product series during the 46th Hengshun Sauce and Vinegar Cultural Festival[40]. - The company has initiated the construction of six ongoing engineering projects, including the expansion of vinegar production and the trial production of a new compound seasoning production line[42][44]. - The company has completed the main structure of the intelligent production project for its Chongqing subsidiary, exceeding planned completion targets[44]. - The company has focused on cost reduction and efficiency improvement by establishing six management centers and enhancing supply chain collaboration[41]. Financial Position and Assets - The company's cash and cash equivalents at the end of the period totaled ¥348,298,028.55, an increase from ¥311,164,367.47 at the beginning of the period, representing a growth of approximately 11.9%[118]. - The total amount of other receivables decreased from ¥10,260,030.71 at the beginning of the period to ¥6,838,535.13 at the end, indicating a reduction of about 33.5%[129]. - The company's fixed assets at the end of the period were valued at ¥889,552,985.15, down from ¥941,478,363.31 at the beginning, reflecting a decrease of approximately 5.5%[141]. - The total amount of prepayments at the end of the period was ¥6,838,535.13, with the largest portion being ¥1,350,097.00 for amounts due within one year[159]. - The company reported a bad debt provision for other receivables of ¥3,249,180.44 at the end of the period, down from ¥3,997,040.15 at the beginning, indicating a reduction of about 18.7%[131]. Tax and Incentives - The company has received a high-tech enterprise certification, allowing a reduced corporate income tax rate of 15% for three years starting from 2021[116]. - Subsidiaries located in the western region benefit from a 15% corporate income tax rate until December 31, 2030, under specific government policies[116]. - The company applies various tax incentives for small and micro enterprises, including reductions for taxable income not exceeding 1 million yuan[116]. Asset Management - The company has ongoing construction projects with a total investment of ¥1,568,871,000.00, with significant expenditures in the current period[143]. - The total amount of deposits and guarantees reported is CNY 4,312,614.46, with a total of CNY 2,351,345.78 in other receivables[162]. - The company reported a total of CNY 137,805,939.95 in various asset impairment provisions, with a notable increase in the provision for bad debts amounting to CNY 19,432,432.40[199].

Financial Performance - The company's operating revenue for Q3 2022 was ¥498,434,258.93, representing a year-on-year increase of 53.77%[7] - The net profit attributable to shareholders for Q3 2022 was ¥26,534,228.80, showing a significant increase of 268.18% compared to the same period last year[7] - The basic earnings per share for Q3 2022 was ¥0.0267, reflecting a growth of 225.61% year-on-year[7] - Total operating revenue for the first three quarters of 2022 reached ¥1,681,666,483.89, an increase of 23.7% compared to ¥1,359,390,307.40 in the same period of 2021[48] - Net profit for the first three quarters of 2022 was ¥148,446,761.65, representing a 10.7% increase from ¥133,909,628.48 in the same period of 2021[50] - Earnings per share for the first three quarters of 2022 were ¥0.1555, compared to ¥0.1346 in the same period of 2021[50] - The net profit for the third quarter of 2022 was ¥128,433,071.01, a decrease of 5.5% from ¥136,442,678.71 in the third quarter of 2021[64] Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was ¥110,582,019.96, showing a slight increase of 2.92%[7] - Cash flow from operating activities for the first three quarters of 2022 was ¥1,775,554,236.14, an increase from ¥1,552,459,957.51 in the previous year[50] - The company's cash flow from operating activities showed a net outflow of ¥1,969,541.94 in the first three quarters of 2022, compared to a net inflow of ¥31,882,171.50 in the same period of 2021[67] - The total assets at the end of the reporting period were ¥2,851,044,207.76, a decrease of 11.22% compared to the previous year[9] - The company's current assets totaled approximately CNY 1.11 billion, down from CNY 1.48 billion at the end of 2021, indicating a decrease of around 25.3%[39] - Cash and cash equivalents were reported at approximately CNY 213.33 million, a decline of about 31.5% from CNY 311.16 million at the end of 2021[39] - The total liabilities as of the reporting date were ¥618,182,162.04, a decrease from ¥962,652,527.90 in the previous year[48] - The total liabilities amounted to ¥477,175,735.02, down from ¥781,675,135.01 in the previous year, indicating a significant reduction in debt levels[62] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 115,483[14] - The largest shareholder, Jiangsu Hengshun Group Co., Ltd., holds 44.63% of the shares, with 85,760,000 shares pledged[14] Investments and Subsidiaries - The company transferred 72% equity of its subsidiary Zhenjiang Hengshun Rice Industry Co., Ltd. to its controlling shareholder Hengshun Group for a price of RMB 11.3688 million[19] - The company acquired 8.7% equity of its subsidiary Zhenjiang Hengshun New Seasoning Co., Ltd. for RMB 5.394 million, increasing its ownership to 76.6%[20] - The company sold 51% equity of its subsidiary Zhenjiang Hengshun Mall Co., Ltd. for RMB 84.0812 million, retaining 49% ownership post-transaction[24] - The company transferred 9% equity of its associate Zhenjiang Danhu District Guojin Rural Microfinance Co., Ltd. to Hengshun Group for RMB 14.8711 million, resulting in no remaining equity ownership[26] Dividends and Fundraising - The company distributed a cash dividend of approximately RMB 1.01 per share, totaling RMB 100.286 million, based on a total share count of 992,933,808 shares after excluding repurchased shares[28] - The company plans to raise up to RMB 2 billion through a non-public offering of up to 130 million A-shares[29] - The company adjusted its non-public offering fundraising target from CNY 2 billion to CNY 1.79 billion, a reduction of approximately 10.5%[34] - The company received approval from the China Securities Regulatory Commission for a non-public offering of up to 130 million new shares[36] - The company plans to utilize the proceeds from the non-public offering for various investment projects, although specific allocations were not detailed in the report[34] Research and Development - Research and development expenses for the first three quarters of 2022 totaled ¥59,410,863.00, slightly down from ¥59,911,882.50 in the same period of 2021[48] - Research and development expenses for the first three quarters of 2022 were ¥46,350,589.23, slightly down from ¥47,304,860.68 in the previous year[62] Financial Adjustments and Standards - The company reported a financial expense of ¥1,507,395.47, significantly reduced from ¥4,430,430.34 in the same period of 2021[48] - Deferred income as of the reporting date was ¥41,365,764.10, an increase from ¥29,327,290.84 in the previous year[48] - The deferred income increased to ¥39,961,623.17 from ¥24,440,805.00, indicating growth in future revenue recognition[62] - The new accounting standards were implemented starting in 2022, affecting the financial statements from the beginning of the year[70] Reporting and Governance - The company reported its Q3 2022 financial results on October 28, 2022[71] - The board of directors provided a comprehensive overview of the company's performance during the quarter[71]

Financial Performance - The company's operating revenue for the first half of 2022 was approximately RMB 1.18 billion, representing a 14.26% increase compared to the same period last year[19]. - The net profit attributable to shareholders was approximately RMB 127.91 million, showing a slight increase of 0.91% year-on-year[19]. - The basic earnings per share for the first half of 2022 was RMB 0.1288, reflecting a 1.90% increase year-on-year[20]. - The weighted average return on net assets increased by 0.6 percentage points to 5.75% compared to the same period last year[20]. - The company achieved a revenue of CNY 1.183 billion in the reporting period, representing a year-on-year growth of 14.26%[50]. - The net profit attributable to shareholders was CNY 128 million, with a basic earnings per share of CNY 0.1288[50]. - The main seasoning products generated revenue of CNY 1.089 billion, an increase of 9.29% compared to the previous year, with a gross margin of 35.47%[50]. - The vinegar segment (including white vinegar) reported revenue of CNY 718 million, with a gross margin of 41.13%[56]. - The company reported a significant increase of 237.28% in payable taxes, totaling ¥48,994,700.49, due to higher income and value-added taxes[64]. - The total operating revenue for the first half of 2022 reached ¥1,183,232,224.96, an increase of approximately 14.3% compared to ¥1,035,587,832.93 in the same period of 2021[169]. - Net profit attributable to shareholders increased to ¥142,000,000, compared to ¥136,000,000 in the previous year, representing a growth of approximately 4.4%[169]. Cash Flow and Assets - The net cash flow from operating activities decreased by 21.97% to approximately RMB 132.77 million compared to the previous year[19]. - The total assets of the company at the end of the reporting period were approximately RMB 3.02 billion, a decrease of 5.92% from the end of the previous year[19]. - Total current assets decreased to ¥1,305,099,051.64 from ¥1,481,934,438.54, a decline of approximately 11.9%[155]. - Cash and cash equivalents increased to ¥408,266,860.12 from ¥311,164,367.47, representing a growth of about 31.2%[155]. - The company reported a cash inflow of CNY 1,075,898,687.11 from sales, a slight increase from CNY 1,073,990,285.56 year-over-year[183]. - The total cash and cash equivalents at the end of the period stood at CNY 404,266,860.12, down from CNY 450,537,688.62 at the end of the previous year[181]. Research and Development - The company applied for 19 patents during the reporting period, including 8 invention patents and 1 utility model patent, and received authorization for 8 patents, including 4 invention patents[37]. - The R&D center has applied for 2 provincial and 2 municipal technology projects, and has been granted 8 new patents, including 4 invention patents[51]. - Research and development expenses for the first half of 2022 were ¥39,906,247.99, an increase from ¥37,655,254.02, indicating a growth of about 6.0%[169]. Market Strategy and Expansion - The company aims to enhance its product matrix by focusing on deepening vinegar, elevating liquor, and broadening sauces[35]. - The company is actively expanding its online business and enhancing sales channel construction to adapt to market changes[35]. - The company is focusing on cost reduction and efficiency improvement, implementing a procurement management system to enhance operational efficiency[52]. - The company plans to deepen its core businesses in vinegar, wine, and sauce, aiming for high-quality development during the "14th Five-Year Plan" period[54]. - The company is in the process of responding to feedback from the China Securities Regulatory Commission regarding its non-public stock issuance application[137]. Environmental Compliance and Sustainability - Jiangsu Hengshun Vinegar's wastewater treatment plant has a discharge standard limit for COD at ≤ 500 mg/L, with an actual discharge concentration of 29.5 mg/L, resulting in a total discharge of 6.177 tons[87]. - The company has established a monitoring system for pollutants, with real-time data uploaded to the local ecological environment bureau's website, ensuring transparency and compliance[101]. - The company has implemented energy-saving measures, resulting in a total energy consumption reduction of 47.06 tons of coal equivalent (tce) and a decrease in water consumption by 4.75 m³ per ton of vegetables compared to the previous year[107]. - Both companies have not faced any administrative penalties related to environmental issues during the reporting period, confirming compliance with environmental laws and regulations[103]. Related Party Transactions - The company engaged in related party transactions totaling RMB 11,005.24 million for the reporting period, primarily involving the purchase of goods[115]. - The actual amount for purchasing goods and services from related parties in the first half of 2022 was RMB 111.02 million, while sales to related parties amounted to RMB 3.35 million[116]. - The company plans to purchase goods and services from related parties amounting to approximately RMB 215.00 million for the entire year of 2022[115]. Shareholder Information - The largest shareholder, Jiangsu Hengshun Group Co., Ltd., held 447,613,893 shares, accounting for 44.63% of the total shares[144]. - The company distributed a cash dividend of approximately RMB 1.01 per share, totaling RMB 100.29 million, based on a total share count of 992,933,808 shares as of June 30, 2022[132]. - The company has a total of 173,490,261.01 CNY in other equity instruments[198].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 572,026,087.63, representing a year-on-year increase of 10.43%[4] - The net profit attributable to shareholders of the listed company was RMB 77,241,371.23, showing a slight decrease of 0.75% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 70,124,187.23, which increased by 1.85% year-on-year[4] - Total revenue for Q1 2022 was approximately ¥572 million, an increase of 10.4% compared to ¥518 million in Q1 2021[31] - Net profit for Q1 2022 was approximately ¥74 million, a decrease of 5.5% from ¥79 million in Q1 2021[35] - Operating profit for Q1 2022 was ¥81.13 million, a decrease of 5.36% from ¥86.04 million in Q1 2021[48] - Net profit for Q1 2022 was ¥68.79 million, down 4.45% from ¥72.18 million in Q1 2021[48] - Total comprehensive income for the first quarter of 2022 was CNY 74,322,978.74, compared to CNY 78,611,080.51 in the same period of 2021, reflecting a decrease of approximately 3.3%[37] Cash Flow - The net cash flow from operating activities was negative at RMB -42,317,217.80, a significant decrease of 227.92% compared to the previous year[4] - Net cash flow from operating activities for Q1 2022 was negative CNY 42,317,217.80, a significant decline from positive CNY 33,081,555.01 in Q1 2021[40] - Total operating cash inflow for Q1 2022 was CNY 520,468,702.86, down from CNY 615,400,824.41 in Q1 2021, representing a decrease of about 15.4%[40] - Total operating cash outflow for Q1 2022 was CNY 562,785,920.65, compared to CNY 582,319,269.40 in Q1 2021, showing a decrease of approximately 3.0%[40] - Cash inflow from investment activities increased to CNY 394,104,333.51 in Q1 2022, up from CNY 225,419,452.05 in Q1 2021, marking an increase of approximately 74.8%[40] - Net cash flow from investment activities for Q1 2022 was CNY 158,206,980.43, a turnaround from negative CNY 38,738,853.31 in Q1 2021[40] - Cash and cash equivalents at the end of Q1 2022 totaled CNY 388,835,624.66, compared to CNY 200,056,880.98 at the end of Q1 2021, indicating a year-over-year increase of approximately 94.3%[42] - The net increase in cash and cash equivalents was $72,000,931.90, contrasting with a decrease of $19,503,305.55 in the previous period[51] Assets and Liabilities - Total assets at the end of the reporting period were RMB 3,015,299,886.09, down 6.11% from the end of the previous year[4] - Total assets as of the reporting date were approximately ¥3.015 billion, down from ¥3.212 billion in the previous period[30] - Total liabilities amounted to approximately ¥752 million, a decrease from ¥963 million in the previous period[31] - Total liabilities decreased to ¥622.09 million in Q1 2022 from ¥781.68 million in Q1 2021, a reduction of 20.36%[46] - The company's total current assets as of March 31, 2022, were CNY 1,325,400,726.28, down from CNY 1,486,690,715.75 at the end of 2021, reflecting a decrease of about 10.8%[42] - The company's total current assets were approximately 1.269 billion yuan, a decrease of 14.3% from 1.482 billion yuan at the end of 2021[25] Equity and Investments - The equity attributable to shareholders of the listed company increased to RMB 2,233,119,455.92, reflecting a year-to-date increase of 2.88%[4] - The company's long-term equity investments increased to CNY 535,853,980.32 as of March 31, 2022, from CNY 478,877,239.24 at the end of 2021, indicating an increase of approximately 11.9%[42] - The company acquired an 8.7% stake in its subsidiary Zhenjiang Hengshun New Seasoning Co., Ltd. for a cash payment of 5.394 million yuan, increasing its ownership to 76.6%[15] - The company waived its right of first refusal for a 49% stake in Heilongjiang Hengshun Vinegar Brewing Co., Ltd., maintaining its 51% controlling stake[16] - The company plans to sell a 51% stake in Zhenjiang Hengshun Mall Co., Ltd. for 84.0812 million yuan, which will reduce its ownership to 49%[17] - The company transferred a 9% stake in Jiangsu Danhu Rural Microfinance Co., Ltd. to its controlling shareholder for 14.8711 million yuan, resulting in no remaining ownership[19] Research and Development - Research and development expenses increased to approximately ¥22 million in Q1 2022, compared to ¥18 million in Q1 2021, reflecting a growth of 22.3%[35] - Research and development expenses increased to ¥17.35 million in Q1 2022, up from ¥14.02 million in Q1 2021, reflecting a growth of 23.33%[48] Other Financial Metrics - The company reported a basic earnings per share of RMB 0.0778, unchanged from the previous year[4] - Basic and diluted earnings per share for Q1 2022 were both CNY 0.0778, slightly up from CNY 0.0776 in Q1 2021[37] - The weighted average return on net assets was 3.50%, a decrease of 0.26 percentage points compared to the previous year[4] - The company's inventory decreased to approximately 276.35 million yuan, down 27.1% from 379.01 million yuan at the end of 2021[25] - The company experienced a decrease in cash flow due to reduced payments received from product sales[7] - The deferred income increased significantly to ¥40.65 million in Q1 2022 from ¥24.44 million in Q1 2021, marking a growth of 66.36%[46] Regulatory and Accounting Changes - The company is awaiting approval from the China Securities Regulatory Commission for its non-public offering application, which is currently under review[22] - The company plans to raise up to 200 million yuan through a non-public offering of A-shares, with a maximum issuance of 130 million shares[20] - The company is under the new accounting standards since 2022, which may affect financial reporting and analysis going forward[53]

Financial Performance - The company's operating revenue for 2021 was ¥1,893,347,829.74, a decrease of 6.45% compared to ¥2,023,826,420.92 in 2020[22]. - Net profit attributable to shareholders for 2021 was ¥118,917,448.51, down 62.28% from ¥315,253,524.89 in 2020[22]. - The net profit after deducting non-recurring gains and losses was ¥108,233,327.49, a decrease of 62.01% compared to ¥284,893,981.76 in the previous year[22]. - The net cash flow from operating activities was ¥322,696,099.40, down 11.16% from ¥363,230,530.56 in 2020[22]. - As of the end of 2021, the total assets amounted to ¥3,211,501,542.61, a slight decrease of 0.84% from ¥3,238,866,902.72 in 2020[22]. - The net assets attributable to shareholders were ¥2,170,553,447.16, reflecting a decrease of 9.51% from ¥2,398,558,790.14 in 2020[22]. - The comprehensive gross profit margin was 36.96%, a decrease of 3.87 percentage points year-on-year[38]. - The gross margin for the vinegar products was 43.97%, while the revenue from vinegar (including white vinegar) was CNY 1.211 billion, a decline of 10.25% year-on-year[73]. - The total revenue from the main business was ¥1,531,600,111.71, with a gross margin of 41.64%, down by 8.07% from the previous year[131]. Market Position and Strategy - The company maintained its position as the number one producer and seller of vinegar in China, with a focus on high-end and functional vinegar products, including the launch of six new premium yellow wine products[39]. - The company completed the acquisition of 100% equity in Zhenjiang Hengrun Seasoning Co., Ltd., enhancing its market position[26]. - The company is focusing on product strategy upgrades, particularly in vinegar, wine, and sauce categories, to adapt to changing market demands[36]. - The company aims to enhance its market presence in the vinegar category, particularly in Shanxi aged vinegar and white vinegar[79]. - The company is exploring potential acquisitions to enhance its product portfolio and market reach[185]. Research and Development - The company increased its R&D expenses by 35.96% to CNY 78.54 million, focusing on product innovation and development[74]. - The company has received 5 invention patents, 2 utility model patents, and 4 design patents in 2021, with a total of 16 invention patents applied for[60]. - The company emphasizes the need for innovation in the vinegar industry, addressing severe product homogeneity and pursuing differentiated products[145]. - The company is actively investing in new product development and technological advancements to enhance its competitive edge[181]. Operational Efficiency and Challenges - The company is facing challenges in the condiment industry due to the impact of the COVID-19 pandemic on the restaurant sector, which saw a 16.6% decline in revenue in 2020[124]. - The overall market environment and the impact of the pandemic have been significant factors in the decline of the company's main seasoning product sales[74]. - The company is actively adjusting its operational strategies in response to the ongoing COVID-19 pandemic, focusing on cost reduction and efficiency improvement[153]. - The company has implemented a standardized production management system and supply chain system to enhance production efficiency and reduce costs[61]. Governance and Shareholder Relations - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective decision-making and protecting shareholder interests[158]. - The company strictly adheres to information disclosure regulations, ensuring fair and timely access to information for all shareholders[165]. - The company has a three-year shareholder dividend return plan for 2021-2023, emphasizing its commitment to shareholder returns[176]. - The company actively engages with investors through multiple channels, including WeChat and email, to maintain good investor relations[166]. Future Outlook - The company aims for over 10% growth in main seasoning product sales and a net profit increase of over 5% in 2022[154]. - The company plans to enhance its product matrix by focusing on vinegar, alcohol, sauces, oils, and compound seasonings to align with consumer upgrade trends[152]. - The company has set a performance guidance for 2022, projecting a revenue growth of 10% to 1.32 billion RMB[185]. - Future outlook indicates a focus on market expansion and potential mergers and acquisitions to drive growth[181].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 324,145,605.52, a decrease of 34.97% compared to the same period last year[6]. - The net profit attributable to shareholders for Q3 2021 was CNY 7,206,855.50, down 91.19% year-on-year[6]. - The basic earnings per share for Q3 2021 was CNY 0.0075, reflecting a decline of 90.81% compared to the previous year[6]. - The net profit attributable to shareholders for the year-to-date period was CNY 134,649,901.58, down 41.73% compared to the same period last year[6]. - Total operating revenue for the first three quarters of 2021 was CNY 1,359,390,307.40, a decrease of 6.36% compared to CNY 1,451,836,658.81 in the same period of 2020[40]. - The total operating profit decreased to ¥166,887,707.28 from ¥283,165,951.14, representing a decline of approximately 41.1% year-over-year[43]. - Net profit for the period was ¥133,909,628.48, down from ¥236,692,141.55, indicating a decrease of about 43.4% compared to the previous year[43]. - The company's basic earnings per share (EPS) was ¥0.1346, compared to ¥0.2304 in the same period last year, reflecting a decline of approximately 41.7%[45]. Cash Flow - The net cash flow from operating activities for the year-to-date period decreased by 62.42% to CNY 107,445,456.59[6]. - Cash inflow from operating activities totaled ¥1,626,939,541.67, a decrease from ¥1,672,007,257.50, showing a decline of about 2.7% year-over-year[49]. - Cash outflow from operating activities was ¥1,519,494,085.07, compared to ¥1,386,132,291.21, indicating an increase of approximately 9.6% year-over-year[49]. - The net cash flow generated from operating activities was ¥107,445,456.59, down from ¥285,874,966.29, representing a decline of about 62.4% year-over-year[49]. - The net cash flow from investing activities was $204.57 million, a significant improvement from a negative $310.74 million in the previous period[51]. - Total cash and cash equivalents at the end of the period decreased to $133.66 million from $199.69 million, reflecting a net decrease of $63.68 million[51]. - Cash outflows from financing activities totaled $769.59 million, compared to $336.62 million in the prior period, leading to a net cash flow from financing activities of negative $375.68 million[51]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,899,131,303.47, a decrease of 10.49% from the end of the previous year[9]. - Total assets decreased to CNY 2,899,131,303.47 from CNY 3,238,866,902.72, reflecting a decline of 10.5%[40]. - Total liabilities decreased to CNY 624,493,225.37 from CNY 743,979,655.14, a reduction of 16.1%[40]. - The total liabilities were approximately $743.98 million, a slight decrease from $745.11 million in the prior period[57]. - The company's equity remained stable at approximately $2.49 billion, reflecting consistent shareholder value[57]. - Total equity attributable to shareholders amounted to ¥2,398,558,790.14, with total equity including minority interests at ¥2,494,887,247.58[60]. Shareholder Information - The company has a total of 110,769 common shareholders at the end of the reporting period[16]. - Jiangsu Hengshun Group Co., Ltd. holds 44.53% of the shares, making it the largest shareholder[16]. - The company distributed a cash dividend of approximately RMB 0.1574 per share, totaling RMB 157,464,097.02, based on a share base of 1,000,493,652 shares after excluding repurchased shares[25]. Investments and Transactions - The company completed the transfer of 45.95% equity in Zhenjiang Hengda Packaging Co., Ltd. for RMB 18.35 million, which constitutes a related party transaction[27][29]. - The company’s subsidiary, Zhenjiang Hengshun Market Co., Ltd., acquired 100% equity in Zhenjiang Hengrun Condiment Co., Ltd. for RMB 11.4757 million, which is also a related party transaction[29]. - The company exercised its right to redeem RMB 130 million in bonds from Zhenjiang Urban Construction Industry Group, receiving RMB 715,000 in interest, resulting in an annualized average yield of 5.7%[26]. Research and Development - Research and development expenses increased to CNY 59,911,882.50 in 2021, up 35.7% from CNY 44,144,140.24 in 2020[40]. Inventory and Receivables - Inventory as of the reporting date was CNY 320,404,950.65, an increase of 9.4% from CNY 291,489,541.58 in the previous period[35]. - The company reported a decrease in accounts receivable to CNY 53,814,674.77 from CNY 92,252,349.55, a decline of 41.9%[35].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,035,244,701.88, representing an increase of 8.59% compared to CNY 953,390,389.81 in the same period last year[21]. - The net profit attributable to shareholders of the listed company decreased by 14.62% to CNY 127,443,046.08 from CNY 149,268,607.30 year-on-year[21]. - The net cash flow from operating activities was CNY 168,085,420.80, down 11.40% from CNY 189,702,442.85 in the previous year[21]. - Basic earnings per share for the first half of 2021 were CNY 0.1271, a decrease of 14.58% compared to CNY 0.1488 in the same period last year[22]. - The weighted average return on net assets decreased by 1.24 percentage points to 5.18% from 6.42% in the previous year[22]. - The gross profit margin decreased by 3.64 percentage points to 37.59% compared to the same period last year[54]. - The company's operating profit for the first half of 2021 was approximately ¥152.26 million, a decrease of 16.87% from ¥183.18 million in the same period of 2020[179]. - The total profit for the first half of 2021 was approximately ¥151.61 million, down 16.83% from ¥182.27 million in the same period of 2020[179]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,322,366,442.07, an increase of 2.82% from CNY 3,231,228,937.57 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased by 3.23% to CNY 2,472,778,741.04 from CNY 2,395,313,492.84 year-on-year[21]. - Total liabilities were CNY 752,329,944.49, compared to CNY 742,060,421.15, representing an increase of around 1.83%[162]. - Current assets totaled CNY 1,430,582,575.88, up from CNY 1,359,991,294.38, indicating an increase of about 5.2%[157]. - Non-current assets reached CNY 1,891,783,866.19, slightly higher than CNY 1,871,237,643.19, showing a growth of approximately 1.1%[160]. Revenue Breakdown - Sales revenue for the condiment business grew approximately 11% year-on-year, with vinegar products (including white vinegar) accounting for about 72% of total condiment sales, and rice wine contributing around 15%[32]. - The main business of condiments generated a revenue of 996 million RMB, up 10.97% year-on-year, with a gross margin of 37.59%[51]. - The revenue from vinegar products (including white vinegar) reached 717 million RMB, a growth of 10.18% compared to the previous year, with a gross margin of 41.47%[51]. Market Position and Strategy - The company is positioned as a leading brand in the vinegar industry, with a market share of approximately 10%[41]. - The company plans to focus on three core businesses: deepening vinegar production, enhancing wine production, and broadening sauce production during the "14th Five-Year Plan" period[52]. - The company is actively pursuing market expansion strategies, including the development of weak and blank markets to increase market share and product distribution rates[33]. - The company has established a network of 500,000 distribution points across China and is actively expanding its online business[28]. Research and Development - Research and development expenses grew by 33.80% to CNY 37,655,254.02, reflecting increased R&D spending[59]. - The company has been recognized for its technological advancements, winning first prize for the "Visualization Detection Technology of Zhenjiang Vinegar Fermentation Process" and obtaining 4 invention patents during the reporting period[29]. Environmental Compliance - The company reported that its wastewater treatment facilities are compliant with local environmental standards, with actual COD discharge at 57.833 mg/L against a limit of ≤ 500 mg/L[93]. - The company has established a complete environmental management system, ensuring that emissions of waste gas, wastewater, and waste residues meet national environmental protection standards[109]. - The company has implemented online monitoring for COD, ammonia nitrogen, and pH levels, ensuring real-time data transmission to local environmental authorities[102]. Shareholder and Governance - The annual shareholders' meeting on May 12, 2021, had 35 participants representing 491,152,323 shares, accounting for 48.97% of the total voting shares[82]. - The company elected a new board of directors consisting of 9 members, including 3 independent directors, during the shareholder meeting[86]. - The company did not distribute dividends or issue bonus shares for the year[88]. Cash Flow and Financing - Cash and cash equivalents increased by 127.73% compared to the previous year, reaching approximately CNY 447.58 million[66]. - The net cash flow from financing activities was -CNY 11,494,371.22, an improvement from -CNY 81,148,407.70 in the same period last year[185]. - The company received CNY 226,000,000.00 from borrowings, compared to CNY 251,000,000.00 in the previous year[185].

Financial Performance - Net profit attributable to shareholders increased by 3.89% to CNY 78,874,187.65 year-on-year[11] - Operating revenue rose by 10.98% to CNY 517,293,919.97 compared to the same period last year[11] - The company reported a total profit of approximately ¥94.58 million for Q1 2021, compared to ¥92.74 million in Q1 2020, marking an increase of 1.97%[48] - Net profit for Q1 2021 reached approximately ¥79.66 million, representing a 2.26% increase from ¥77.78 million in Q1 2020[48] - Basic earnings per share for Q1 2021 was ¥0.0786, compared to ¥0.0757 in Q1 2020, reflecting a growth of 3.84%[48] - The total comprehensive income for the first quarter of 2021 was 72,181,389.38 RMB, compared to 65,350,166.39 RMB in the same period of 2020, representing an increase of approximately 12.5%[54] Assets and Liabilities - Total assets increased by 0.86% to CNY 3,259,039,430.50 compared to the end of the previous year[11] - Total liabilities amounted to ¥690,211,285.21, a decrease of 7% from ¥742,060,421.15[36] - Total equity increased to ¥2,568,828,145.29, up from ¥2,489,168,516.42, reflecting a growth of approximately 3.2%[36] - Current liabilities decreased to ¥492,327,170.46, down from ¥549,239,119.14, mainly due to a reduction in short-term borrowings[34] - Non-current liabilities for long-term borrowings remained stable at ¥116,174,932.85, reflecting consistent financing strategies[34] - Total current assets decreased to ¥1,174,803,674.95 from ¥1,184,175,288.72, a decline of approximately 0.9%[40] Cash Flow - Net cash flow from operating activities decreased by 53.27% to CNY 34,895,824.96 compared to the previous year[11] - Cash inflow from operating activities amounted to 614,527,442.58 RMB, up from 564,994,351.49 RMB in the first quarter of 2020, indicating a growth of about 8.5%[57] - The net cash flow from operating activities was 34,895,824.96 RMB, a decrease of approximately 53% compared to 74,671,830.90 RMB in the first quarter of 2020[57] - Cash inflow from investment activities totaled 225,419,452.05 RMB, significantly higher than 101,593.35 RMB in the same period last year[57] - The net cash flow from investment activities was -38,738,853.31 RMB, an improvement from -295,212,313.23 RMB in the first quarter of 2020[57] - Cash inflow from financing activities was 4,100,000.00 RMB, down from 142,000,000.00 RMB in the first quarter of 2020[57] Shareholder Information - The number of shareholders reached 105,882 at the end of the reporting period[14] - Jiangsu Hengshun Group Co., Ltd. holds 44.63% of the shares, making it the largest shareholder[14] Research and Development - R&D expenses rose by 33.40% to ¥17,977,324.25, primarily due to increased spending on research and development[24] - Research and development expenses for Q1 2021 amounted to approximately ¥17.98 million, an increase of 33.06% from ¥13.48 million in Q1 2020[46] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 7,224,500.00 during the reporting period[11] - Other income increased by 224.11% to ¥7,224,500.00, largely due to an increase in government subsidies received[24] - Other income for Q1 2021 was approximately ¥7.22 million, significantly higher than ¥2.23 million in Q1 2020, indicating a growth of 224.66%[46] Financial Expenses - Financial expenses surged by 121.89% to ¥2,360,798.08, mainly attributed to higher interest costs[24] - The company’s financial expenses for Q1 2021 were approximately ¥2.36 million, an increase of 121.67% from ¥1.06 million in Q1 2020[46] Borrowings - Short-term borrowings decreased by 62.41% to CNY 58,079,297.87 compared to the previous year[20] - Long-term borrowings increased significantly to ¥116,174,932.85, a rise of 828.08% compared to the previous period[23]

Financial Performance - The company's operating revenue for 2020 was RMB 2,014,309,859.11, representing a year-on-year increase of 9.94% compared to RMB 1,832,193,611.14 in 2019[22] - The net profit attributable to shareholders for 2020 was RMB 314,772,058.71, a decrease of 3.01% from RMB 324,555,122.07 in 2019[22] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 284,973,021.83, which is an increase of 12.20% compared to RMB 253,979,655.71 in 2019[22] - The net cash flow from operating activities for 2020 was RMB 364,122,580.20, down 15.15% from RMB 429,121,441.91 in 2019[22] - The total assets at the end of 2020 were RMB 3,231,228,937.57, an increase of 8.36% from RMB 2,981,808,171.43 at the end of 2019[22] - The net assets attributable to shareholders at the end of 2020 were RMB 2,395,313,492.84, reflecting a growth of 6.37% from RMB 2,251,817,646.91 at the end of 2019[22] - The basic earnings per share for 2020 were RMB 0.3138, a decrease of 3.03% from RMB 0.3236 in 2019[22] - The weighted average return on net assets for 2020 was 13.52%, down 1.36 percentage points from 14.88% in 2019[22] Dividend Distribution - The company plans to distribute a cash dividend of RMB 1.57 per 10 shares, totaling RMB 157,464,097.02 based on the total share capital of 1,002,956,032 shares as of December 31, 2020[7] - In 2020, the company distributed cash dividends amounting to 157,464,097.02 RMB, representing 50.02% of the net profit attributable to ordinary shareholders[136] - The cash dividend per 10 shares for 2020 was 1.57 RMB, while for 2019 it was 2.07 RMB[136] Revenue Breakdown - The revenue from the seasoning products reached 1.939 billion yuan, with a year-on-year increase of 12.76%[52] - The vinegar products generated 1.342 billion yuan in revenue, reflecting a growth of 8.92% year-on-year, with a gross margin of 49.52%[55] - The black vinegar products generated revenue of RMB 1.155 billion, accounting for approximately 59.57% of the total condiment sales[72] - The revenue from cooking wine was 315 million yuan, with a gross profit margin of 34.44%, showing a 28.57% increase year-on-year[101] Market Position and Strategy - The company achieved a sales revenue share of approximately 69% from vinegar products, indicating strong market positioning in the condiment sector[36] - The company is recognized as the largest and most modern vinegar production enterprise in China, with a long-standing position in the market[49] - The company’s market share in the vinegar industry is approximately 10%, indicating significant consolidation potential within the industry[45] - The company is focusing on three core product categories: vinegar, wine, and sauce, to enhance resource allocation and market strategy[71] Innovation and R&D - The company applied for 11 national invention patents and received 6 authorized patents during the reporting period, showcasing its commitment to innovation[36] - The company’s R&D expenses amounted to RMB 57.77 million, reflecting a year-on-year increase of 9.11%[67] - The company is focusing on technological research, achieving breakthroughs in key microbial technologies for vinegar production[58] - The company has 124 R&D personnel, representing 4.68% of the total workforce[86] Operational Efficiency - The company has established a dual-channel sales model combining traditional and modern channels to optimize product distribution and sales efficiency[36] - The company has implemented a centralized procurement model to improve procurement efficiency and reduce material costs[40] - The company has established a comprehensive quality management system, leading to improved quality control and safety standards[60] - The company has implemented a digital management platform to enhance operational efficiency and decision-making speed[62] Social Responsibility and Community Engagement - The company actively participates in social responsibility initiatives, focusing on food safety, environmental protection, and employee welfare[166] - In 2020, the company donated RMB 200 million and 10,000 bottles of vinegar to support COVID-19 prevention efforts[170] - The company has established a charity cooperation mechanism to support poverty alleviation, contributing RMB 500,000 to help a village achieve stable income[171] - The company has invested in various projects to support local economic development, including a vinegar project in Xinjiang and a seasoning project in Chongqing[167] Environmental Management - The company has developed a comprehensive environmental protection management system, ensuring no major safety or environmental incidents occurred during the reporting period[177] - Jiangsu Hengshun Vinegar's wastewater treatment plant has a daily processing capacity of 2000m³, utilizing anaerobic-aerobic-chemical mixed treatment technology, achieving stable and compliant discharge[191] - The company has installed online monitoring systems for COD, ammonia nitrogen, and pH levels, ensuring data is automatically uploaded to various environmental monitoring platforms[191] - The actual COD concentration for Jiangsu Hengshun Vinegar is 45 mg/L, significantly below the standard limit of 500 mg/L[181]