Financial Performance - The company's operating revenue for Q1 2023 was CNY 2,167,953,044.95, representing a year-on-year increase of 0.55%[5] - The net profit attributable to shareholders for the same period was CNY 41,756,090.07, reflecting a growth of 0.38% compared to the previous year[5] - Total revenue for Q1 2023 was CNY 2,167,953,044.95, a slight increase from CNY 2,156,123,567.69 in Q1 2022, representing a growth of approximately 0.37%[22] - Net profit for Q1 2023 was CNY 12,029,539.13, down from CNY 30,715,109.23 in Q1 2022, reflecting a decrease of approximately 60.83%[23] - Operating profit for Q1 2023 was CNY 35,699,340.81, compared to CNY 44,413,089.34 in Q1 2022, showing a decline of about 19.6%[23] - The comprehensive income total for Q1 2023 was CNY 18,037,254.57, compared to CNY 14,431,536.55 in Q1 2022, representing an increase of approximately 24.1%[24] Cash Flow - The net cash flow from operating activities showed a significant decline of 968.11%, amounting to -CNY 177,566,716.38, primarily due to increased feed costs[6] - In Q1 2023, the cash inflow from operating activities was CNY 2,149,836,900.80, a decrease of 5.06% compared to CNY 2,264,922,934.45 in Q1 2022[26] - The net cash flow from operating activities was negative at CNY -177,566,716.38, contrasting with a positive CNY 20,454,337.00 in the same period last year[26] - Cash outflow for purchasing goods and services was CNY 1,702,342,594.56, an increase of 8.09% from CNY 1,574,842,792.68 in Q1 2022[26] - The cash inflow from financing activities was CNY 1,055,610,940.35, up from CNY 834,084,223.63 in Q1 2022, marking a growth of 26.52%[27] - The net cash flow from financing activities improved to CNY 370,573,300.84, compared to a negative CNY -14,668,935.42 in the previous year[27] - The cash outflow for investing activities was CNY 86,107,443.55, a decrease of 23.38% from CNY 112,478,034.22 in Q1 2022[26] - The net cash flow from investing activities was negative at CNY -60,773,876.63, an improvement from CNY -110,408,262.27 in the same period last year[26] - The company experienced a net increase in cash and cash equivalents of CNY 133,048,360.88 in Q1 2023, compared to a decrease of CNY -110,366,420.34 in Q1 2022[27] Assets and Liabilities - The total assets at the end of Q1 2023 reached CNY 14,626,736,163.34, which is a 4.12% increase from the end of the previous year[6] - As of March 31, 2023, the company's total assets increased to approximately 5.00 billion CNY, up from 4.66 billion CNY at the end of 2022, reflecting a growth of about 7.36%[18] - Total liabilities for Q1 2023 were CNY 8,497,378,983.86, compared to CNY 7,937,019,722.05 in Q1 2022, indicating an increase of approximately 7.06%[20] - The company's equity attributable to shareholders increased to CNY 5,014,979,456.75 in Q1 2023 from CNY 4,966,821,479.87 in Q1 2022, reflecting a growth of about 0.97%[20] Shareholder Information - The top ten shareholders hold a combined 92.96% of the shares, with Beijing Shunfeng Food Group Co., Ltd. being the largest shareholder at 35.28%[9] - The company plans to implement a stock incentive plan, granting 22.46 million restricted shares, which is approximately 1.5% of the total share capital[11] - The first grant of restricted shares will be 20.58 million shares at a price of CNY 3.01 per share, aimed at motivating key employees[11] - The company approved the adjustment of the 2022 restricted stock incentive plan, reducing the number of recipients from 189 to 182 and the total stock grant from 22.46 million shares to 21.608 million shares[12] - The first grant of restricted stock was set at 19.728 million shares with a grant price of 3.01 CNY per share, effective from May 20, 2022[12] - The company completed the cancellation of 660,000 shares of restricted stock due to the termination of employment of 7 incentive recipients, reducing total shares from 151.91 million to 151.85 million[14] Inventory and Receivables - The company’s inventory decreased to approximately 1.76 billion CNY from 1.86 billion CNY, a decline of about 5.88%[18] - Accounts receivable rose to approximately 973.43 million CNY, up from 701.98 million CNY, representing a growth of about 38.66%[18] Business Operations - The company's main business (dairy products and ice cream) revenue grew by 10.8% year-on-year, with a substantial increase in profit[6] - The company is responding to national dairy industry revitalization initiatives by implementing a high-quality development plan for dairy cattle breeding, requiring significant investment[15] - The company plans to transfer 27% of its stake in Beijing Shounong Livestock Development Co., Ltd. to Beijing Sanyuan Seed Industry Technology Co., Ltd., while Sanyuan will inject 600 million CNY into Shounong[15] - Following the transfer, the company's ownership in Shounong will decrease from 51.00% to approximately 19.26%[15] Research and Development - Research and development expenses increased significantly to CNY 33,953,002.36 in Q1 2023 from CNY 7,623,325.15 in Q1 2022, marking an increase of approximately 345.5%[23] Other Financial Metrics - The weighted average return on equity for Q1 2023 was 0.8372%[6] - Basic earnings per share for Q1 2023 were CNY 0.0275, slightly down from CNY 0.0278 in Q1 2022[24]

Financial Performance - The company's operating revenue for Q3 2022 was CNY 2,040,141,873.70, a decrease of 7.18% compared to CNY 1,930,534,498.59 in the same period last year[6]. - Net profit attributable to shareholders for Q3 2022 was CNY 14,850,618.37, down 82.15% from CNY 66,122,355.22 year-on-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 17,940,296.50, a decrease of 79.62% compared to CNY 61,370,957.88 in the previous year[6]. - Basic earnings per share for Q3 2022 was CNY 0.0098, down 82.37% from CNY 0.0442 in the previous year[6]. - The weighted average return on equity decreased to 0.4792%, down 1.65 percentage points from 1.2956% year-on-year[6]. - Total operating revenue for the first three quarters of 2022 was CNY 6,301,929,277.51, a decrease of 6.8% compared to CNY 6,762,806,117.58 in the same period of 2021[47]. - Net profit for Q3 2022 was CNY 92,056,429.82, a decline of 70.7% from CNY 314,698,297.80 in Q3 2021[54]. - Earnings per share for Q3 2022 was CNY 0.0710, compared to CNY 0.1827 in Q3 2021, reflecting a decrease of 61.1%[56]. - The company's total liabilities decreased to CNY 7,546,387,080.72 in 2022 from CNY 9,773,693,105.41 in 2021, a reduction of 22.6%[47]. - The total equity attributable to shareholders decreased to CNY 4,972,375,845.68 in 2022 from CNY 5,673,294,865.97 in 2021, a decline of 12.3%[47]. Cash Flow and Assets - The net cash flow from operating activities for the year-to-date was CNY 45,497,099.16, a decline of 90.14% from CNY 128,888,241.14 in the same period last year[6]. - The company's cash and cash equivalents decreased to CNY 999.55 million from CNY 1.62 billion, a decline of approximately 38.4% year-over-year[42]. - The cash inflow from operating activities for the first three quarters of 2022 was approximately ¥6.83 billion, a decrease of 8.3% compared to ¥7.44 billion in the same period of 2021[58]. - The net cash flow from operating activities was ¥45.50 million, significantly down from ¥461.64 million in the previous year, indicating a decline of 90.2%[62]. - The ending balance of cash and cash equivalents was ¥999.55 million, down from ¥1.62 billion at the end of the previous year[62]. - As of September 30, 2022, the company's total current assets amounted to CNY 4.50 billion, an increase from CNY 3.97 billion as of December 31, 2021, representing a growth of approximately 13.2%[42]. - Accounts receivable increased to CNY 976.25 million, up from CNY 885.44 million, reflecting a growth of approximately 10.3%[42]. - Inventory rose to CNY 1.42 billion, compared to CNY 1.25 billion, indicating an increase of about 13.4%[42]. - The company's total assets decreased to CNY 13.66 billion from CNY 17.48 billion, a decline of approximately 21.5%[45]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 30,934[17]. - Beijing Shounong Food Group Co., Ltd. holds 535,908,935 shares, accounting for 35.32% of total shares[17]. - Beijing Enterprises (Dairy) Limited holds 283,142,849 shares, accounting for 18.66% of total shares[17]. - Shanghai Pingrun Investment Management Co., Ltd. holds 219,277,151 shares, accounting for 14.45% of total shares[17]. Investments and Acquisitions - The company acquired a 46.3675% stake in Shounong Animal Husbandry for a total transaction price of 112,851.51 million RMB[21]. - The company completed the acquisition of a 51% stake in Shounong Animal Husbandry in January 2022[21]. - The company acquired 100% equity in Hunan Taizi Dairy Group Biotech Co., Ltd. for 70,054,040 RMB through a public auction[37]. - The company plans to increase its stake in Beijing Sanyuan Meiyuan Food Co., Ltd. to 100% through a capital increase[25]. Operational Changes and Strategies - The company experienced a significant increase in breeding costs due to rising prices of feed ingredients, impacting profitability[9]. - The company ceased consolidating SPV (Luxembourg) and its related French companies from May, leading to a decline in revenue, while its main business (dairy products and ice cream) saw year-on-year growth[9]. - The company plans to focus on market expansion and new product development to enhance future growth prospects[57]. - The company approved a loan application of 100 million RMB from its subsidiary Shou Nong Animal Husbandry to Beijing Rural Commercial Bank, with a one-year term and corresponding guarantees provided by the company and Beijing Sanyuan Seed Industry Technology Co., Ltd. based on their shareholding ratios[26]. - The company’s subsidiary Allied Faxi New Zealand Food Co., Ltd. applied for a bank loan of 10 million NZD, with the company providing a guarantee for this loan for one year[28]. Research and Development - Research and development expenses for Q3 2022 were CNY 79,141,851.70, an increase of 22.8% compared to CNY 64,451,093.70 in Q3 2021[50]. Joint Ventures - The company approved the establishment of a joint venture with Modern Dairy in Beijing, with a registered capital of CNY 20 million, where Modern Dairy will contribute CNY 10.2 million (51%) and Shou Nong Livestock will contribute CNY 9.8 million (49%) to expand the dairy frozen semen market[38]. - A joint venture with Haiyuan Cattle Industry Development Group was also approved, with a registered capital of CNY 25 million, where Shou Nong Livestock will contribute CNY 12.75 million (51%) and Haiyuan Cattle will contribute CNY 12.25 million (49%) to enhance beef cattle breeding and sales[38].

Financial Performance - The company's operating revenue for Q1 2022 was ¥2,156,123,567.69, representing a year-on-year increase of 1.29% compared to ¥1,867,575,905.40 in the same period last year[6]. - Net profit attributable to shareholders was ¥41,596,674.58, a decrease of 42.72% from ¥44,115,735.71 in the previous year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥38,170,395.76, down 53.53% from ¥42,402,764.29 year-on-year[6]. - Basic earnings per share decreased by 42.68% to ¥0.0278 from ¥0.0295 in the previous year[9]. - Net profit for Q1 2022 was approximately ¥30.72 million, a decrease of 68.2% compared to ¥96.27 million in Q1 2021[44]. - Earnings per share for Q1 2022 were ¥0.0278, down from ¥0.0485 in Q1 2021, reflecting a decline of 42.5%[44]. - The company reported a total comprehensive income of approximately ¥14.43 million for Q1 2022, down from ¥45.18 million in Q1 2021, a decrease of 68.1%[44]. Cash Flow - The net cash flow from operating activities was ¥20,454,337.00, a significant decline of 89.03% compared to ¥216,219,350.93 in the same period last year[9]. - In Q1 2022, the company's cash inflow from operating activities was CNY 2,264,922,934.45, a decrease of 7.5% compared to CNY 2,448,749,125.60 in Q1 2021[47]. - The net cash flow from operating activities for Q1 2022 was CNY 20,454,337.00, significantly lower than CNY 186,522,722.24 in the same period last year[49]. - Cash outflow from operating activities totaled CNY 2,244,468,597.45, compared to CNY 2,262,226,403.36 in Q1 2021, indicating a slight decrease of 0.8%[49]. - The company's cash and cash equivalents at the end of Q1 2022 were CNY 1,514,585,194.73, down from CNY 2,140,110,739.27 at the end of Q1 2021[49]. - The total cash outflow related to financing activities was CNY 848,753,159.05, compared to CNY 398,299,043.55 in Q1 2021, indicating a significant increase[49]. Assets and Liabilities - Total assets at the end of the reporting period were ¥17,532,354,214.44, an increase of 0.32% from ¥12,572,462,999.63 at the end of the previous year[9]. - Total liabilities as of the reporting date were approximately ¥10,627.64 million, an increase from ¥9,773.69 million in the previous period, representing a growth of 8.7%[38]. - Total equity decreased to approximately ¥6,904.71 million from ¥7,702.42 million, indicating a decline of 10.4%[38]. - The company's total current assets as of March 31, 2022, amounted to approximately 4.20 billion RMB, an increase from approximately 3.97 billion RMB as of December 31, 2021[36]. - The company's accounts receivable rose to approximately 1.13 billion RMB as of March 31, 2022, compared to approximately 885.44 million RMB at the end of 2021[33]. - The company reported inventory of approximately 1.24 billion RMB as of March 31, 2022, slightly down from approximately 1.25 billion RMB at the end of 2021[33]. Investments and Acquisitions - The company acquired a total of 46.3675% equity in Shou Nong Animal Husbandry from Beijing Sanyuan Seed Industry Technology Co., Ltd. and Beijing Xing Shi Investment Management Center for a total transaction price of RMB 112.85 million[18]. - The company completed the acquisition of 51% equity in Shou Nong Animal Husbandry in January 2022, which is now included in the company's consolidated financial statements[20]. - The company plans to increase its investment in Beijing Sanyuan Meiyuan Food Co., Ltd. by RMB 408 million, aiming to acquire 100% equity in the company[22]. - The company approved a loan of RMB 100 million for its subsidiary Shou Nong Animal Husbandry, with a one-year term, and will provide guarantees based on shareholding proportions[23]. - The company’s subsidiary, Allied Faxi New Zealand Food Co., Ltd., is set to apply for a loan of NZD 10 million, with the parent company providing guarantees for the loan[24]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 33,825[15]. - The company approved a restricted stock incentive plan to grant 22.46 million shares, representing approximately 1.5% of the total share capital, with an initial grant price of RMB 3.01 per share[21]. - The company approved a cash dividend distribution of 0.50 RMB per 10 shares, totaling approximately 74.88 million RMB, which accounts for 30.54% of the net profit attributable to the parent company for 2021[27]. Future Plans and Strategies - The company plans to adjust its product structure and reduce costs to mitigate the cyclical fluctuations in the livestock industry[9]. - The company plans to manage up to 500 million RMB of temporarily idle funds for cash management purposes, ensuring normal operations and fund safety[32]. - The company plans to apply for a comprehensive credit facility of up to 1.5 billion RMB from its controlling shareholder's financial subsidiary to meet funding needs[27]. - The company and its subsidiary plan to apply for a one-year comprehensive credit facility of 500 million RMB from Beijing Rural Commercial Bank[28]. - The company approved a guarantee for its subsidiary Jiangsu Sanyuan Shuangbao Dairy Co., Ltd. to apply for a one-year comprehensive credit facility of 10 million RMB from Jiangsu Bank[28].

Financial Performance - In 2021, the company achieved a net profit attributable to shareholders of CNY 245.21 million, a significant increase of 1,011.72% compared to CNY 22.06 million in 2020[7]. - The total operating revenue for 2021 was CNY 7.73 billion, representing a growth of 5.13% from CNY 7.35 billion in 2020[24]. - The company's net assets at the end of 2021 were CNY 5.13 billion, an increase of 3.38% from CNY 4.96 billion at the end of 2020[25]. - The cash flow from operating activities for 2021 was CNY 339.51 million, a decrease of 40.53% compared to CNY 570.84 million in 2020[25]. - The company reported a net profit of CNY 221.27 million after deducting non-recurring gains and losses, compared to a loss of CNY 18.81 million in 2020[25]. - The company achieved an actual production capacity of 687,000 tons in 2021[43]. - The company achieved a main business revenue of 7.63 billion RMB in 2021, representing a year-on-year growth of 4.73%[49]. - The liquid milk product line generated revenue of 4.78 billion RMB, with a year-on-year increase of 10.84%[49]. - The solid milk product line reported revenue of 750 million RMB, a decrease of 17.77% compared to the previous year, primarily due to reduced production of bulk powder[49]. - Ice cream and other products generated revenue of 1.32 billion RMB, reflecting a year-on-year growth of 10.14%[49]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.50 per share, totaling approximately CNY 74.88 million, which is 30.54% of the net profit attributable to shareholders[7]. - The company’s cash dividend distribution was approved by the board and shareholders, ensuring the protection of minority shareholders' rights[126]. - The company’s board approved a cash dividend distribution of CNY 0.05 per share, totaling approximately CNY 7.4878 million, which is 33.95% of the net profit attributable to the parent company[195]. Research and Development - The company's R&D expenses surged by 233.04% to 117.65 million RMB, indicating a strong focus on innovation[52]. - The company established multiple innovation platforms, including a national maternal and infant dairy health engineering technology research center[47]. - The company has developed key technologies for dairy processing, including a proprietary Chinese maternal and infant nutrition database[48]. - The company is investing $50 million in R&D for new technologies aimed at enhancing product efficiency[102]. - The company is investing 100 million yuan in research and development for new technologies aimed at enhancing product quality[106]. Market Position and Strategy - The company maintained the top market share in liquid milk in Beijing, according to Kantar monitoring data[41]. - The company is focusing on expanding its high-end product lines, including the premium sub-brands "Extreme" and "Ailiyou" for liquid milk and infant formula[36]. - The company is actively pursuing mergers and acquisitions to enhance its supply chain and maintain a competitive edge in the dairy industry[45]. - The company is exploring potential acquisitions to further strengthen its market position, with a budget of $200 million allocated for this purpose[102]. - The company plans to enhance strategic mergers and acquisitions to achieve rapid breakthroughs in products, brands, and channels, as well as vertical integration for full industry chain development[83]. Compliance and Governance - The company’s board of directors and management have confirmed the accuracy and completeness of the financial report[5]. - The company has strengthened its compliance management system, focusing on food safety and risk prevention[38]. - The company has established a performance evaluation and incentive mechanism for management to align with its strategic goals[90]. - The company has held 10 board meetings and 3 supervisory meetings during the reporting period, ensuring compliance with governance standards[89]. - The company is committed to transparent information disclosure, ensuring all shareholders have equal access to timely information[91]. Environmental and Social Responsibility - The company is committed to rural revitalization and has participated in initiatives to improve nutrition and education for rural youth, including donations of milk powder to revolutionary areas[146]. - The company has established an environmental protection risk emergency mechanism and updated its emergency response plan annually[138]. - The company’s wastewater treatment facilities are designed and constructed simultaneously with the main project, ensuring compliance with national and local discharge standards[136]. - The company has reported no significant internal control deficiencies during the reporting period[131]. - The company implemented a detailed self-monitoring plan for pollutants, ensuring compliance with environmental standards through real-time data uploads to the environmental monitoring platform[139]. Future Outlook - The company aims to achieve a revenue of 15 billion CNY and a net profit of 420 million CNY by 2025, with these targets subject to future market conditions[83]. - For 2022, the company targets a revenue of 8.5 billion CNY and a net profit of 210 million CNY, also subject to market uncertainties[84]. - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12%[106]. - Future strategies may include further market expansion and potential acquisitions to enhance growth opportunities[99]. - The management team emphasized the importance of sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[106].

Financial Performance - The company's operating revenue for Q3 2021 was ¥1,930,534,498.59, a decrease of 4.27% compared to the same period last year[7]. - The net profit attributable to shareholders for Q3 2021 was ¥66,122,355.22, representing a year-on-year increase of 20.59%[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was ¥61,370,957.88, an increase of 24.97% year-on-year[7]. - The basic earnings per share for Q3 2021 was ¥0.0442, reflecting a year-on-year increase of 20.77%[10]. - Net profit for the third quarter of 2021 was CNY 181,957,351.02, a significant recovery from a net loss of CNY 51,407,611.45 in the same quarter of 2020[46]. - The company reported a profit before tax of CNY 222,449,564.58 for the third quarter of 2021, compared to CNY 12,940,496.03 in the previous year, indicating a substantial improvement[46]. - Basic earnings per share for the third quarter of 2021 were CNY 0.1416, recovering from a loss of CNY 0.0310 per share in the same quarter of 2020[48]. Assets and Liabilities - The total assets at the end of Q3 2021 were ¥12,640,028,843.87, a decrease of 5.48% compared to the end of the previous year[10]. - The company's total liabilities were RMB 6,579,489,908.86, down from RMB 7,385,951,212.30, representing a decrease of about 10.9%[41]. - The company's total assets amounted to $13.37 billion, a slight decrease from $13.38 billion in the previous period[55]. - Total non-current liabilities amounted to approximately ¥3.20 billion, with long-term borrowings at ¥1.88 billion[58]. - Total liabilities reached approximately ¥7.39 billion, reflecting a slight decrease from the previous period[58]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥128,888,241.14, a decrease of 41.97% year-on-year[10]. - Cash inflows from operating activities totaled CNY 6,241,273,939.59 for the first three quarters of 2021, compared to CNY 5,690,840,480.51 in 2020, representing an increase of 9.7%[49]. - Cash flow from operating activities net amount was $128.89 million, a decrease of 42.1% compared to $222.12 million in the previous period[51]. - The ending balance of cash and cash equivalents was $1.26 billion, down from $1.73 billion in the previous period[53]. - Cash paid for debt repayment was $797.34 million, an increase of 42.1% from $561.16 million in the previous period[53]. Shareholder Information - The company’s major shareholders include Beijing Shounong Food Group Co., Ltd. with a 35.79% stake and BEIJING ENTERPRISES (DAIRY) LIMITED with an 18.91% stake[19]. - The company has not identified any other shareholders with related party relationships or acting in concert, aside from those already disclosed[22]. - The company’s major shareholders are primarily state-owned or controlled entities, indicating a stable ownership structure[19]. Investments and Acquisitions - The company is planning to acquire assets from its controlling shareholder, Beijing Shou Nong Food Group, which will include a 51% stake in Shou Nong Animal Husbandry[33]. - The company intends to acquire a 7.89% stake in its subsidiary Manzhouli Sanyuan Dairy Co., Ltd. for no more than RMB 300,000 and subsequently merge it, as it has been inactive for several years[29]. Operational Changes - The company approved a comprehensive credit line application of up to RMB 1 billion from its controlling shareholder's wholly-owned subsidiary for various funding needs[24]. - The company has authorized the use of up to RMB 300 million of temporarily idle funds for cash management, focusing on high-security and liquid bank products[27]. - The company agreed to extend the joint venture contract with Qiu Zhigang for Tianjin Sanyuan Dairy Co., Ltd. for an additional 5 years, until April 25, 2026[29]. - The company has approved a reduction of registered capital for its wholly-owned subsidiary Hebei Sanyuan Food Co., Ltd. from RMB 1,000,000,000 to RMB 1,157,725,500[30]. Research and Development - Research and development expenses increased to CNY 58,182,166.58 in the first three quarters of 2021, compared to CNY 16,686,032.12 in the same period of 2020, marking a growth of 248.5%[43].

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥4,001,784,700.25, representing a 17.56% increase compared to ¥3,403,899,022.07 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was ¥145,890,708.49, a significant recovery from a loss of ¥101,301,441.37 in the previous year[22]. - The net cash flow from operating activities was ¥226,590,229.54, compared to a negative cash flow of ¥70,496,002.63 in the same period last year[22]. - The basic earnings per share for the first half of 2021 was ¥0.0974, a recovery from a loss of ¥0.0676 per share in the previous year[24]. - The weighted average return on net assets increased to 2.8991%, up by 4.9466 percentage points from -2.0475% in the previous year[24]. - The total assets of the company at the end of the reporting period were ¥13,182,197,025.08, a decrease of 1.43% from ¥13,373,475,395.64 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company increased to ¥5,070,680,687.50, reflecting a 2.19% increase from ¥4,962,047,398.13 at the end of the previous year[24]. - The company achieved operating revenue of 4.002 billion RMB in the first half of 2021, representing a year-on-year growth of 17.56%[36]. - Net profit for the same period was 146 million RMB, reflecting the company's efforts to enhance internal growth and operational quality despite external challenges[36]. Operational Efficiency - The company operates six major business divisions, including long-term milk, short-term milk, and special channels, enhancing operational efficiency[31]. - The company reported a significant increase in cash flow from operating activities, amounting to 226 million RMB, due to higher sales[43]. - The company has implemented refined management practices across production, sales, and distribution to control costs and ensure operational efficiency amid rising raw material prices[58]. - The company reported a decrease in sales expenses to ¥433.72 million from ¥512.63 million, indicating improved operational efficiency[167]. Research and Development - Research and development expenses surged by 252.73% to 48 million RMB, highlighting a strong commitment to innovation and product development[43]. - The company has developed multiple proprietary technologies in dairy processing, including low-temperature sterilization and rapid detection methods[32]. - Research and development expenses increased significantly to ¥48,070,663.85 in the first half of 2021, compared to ¥13,628,232.51 in the same period of 2020, marking a growth of 252.5%[161]. - The company has a strong brand presence with well-known brands such as "Sanyuan," "Jizhi," and "Ailiyou," contributing to its competitive advantage[32]. Market Position and Expansion - The company maintains a leading market share in liquid milk in the offline market in Beijing[28]. - E-commerce revenue increased by nearly 40% year-on-year, indicating a successful expansion into online sales channels[40]. - The subsidiary St Hubert, focusing on plant-based products, expanded into the Chinese and Southern European markets, contributing to diversified revenue streams[40]. - The company reported a significant increase in international expansion efforts, adapting to changing market dynamics and enhancing product differentiation through technology development and collaboration[58]. - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[186]. Financial Management - The company reduced short-term borrowings by 41.23%, reflecting improved financial management and debt reduction strategies[44]. - The company has a loan balance of €207 million as of June 2021, secured by assets of HCo France and SPV (Luxembourg)[49]. - The total guarantee amount provided by the company, including guarantees to subsidiaries, is CNY 1,676,957,267, which accounts for 33.07% of the company's net assets[130]. - The company has provided a guarantee of CNY 8 million for the loan of its subsidiary Jiangsu Sanyuan Shuangbao Dairy Co., Ltd.[131]. Environmental Responsibility - The company has implemented pollution control measures, ensuring that all key pollutant discharge units have installed automatic monitoring systems[82]. - The company has upgraded its wastewater treatment facilities, including online monitoring systems and new anaerobic tanks, to ensure compliance with discharge standards[90]. - The company has focused on energy conservation and emission reduction, resulting in a decrease in total energy consumption compared to the previous year[93]. - The company has committed to maintaining compliance with environmental regulations and has conducted environmental impact assessments for its projects[83]. Corporate Governance - The company has appointed several new executives, including a new General Manager and Chief Scientist, while multiple senior management members left[77]. - The company maintains a good integrity status during the reporting period, with no significant debts or court judgments unfulfilled[99]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[97]. - The company has not reported any changes in its share capital structure during the reporting period[136]. Shareholder Information - The company has a total of 31,066 common stock shareholders as of the end of the reporting period[137]. - Beijing Shunong Food Group Co., Ltd. holds 535,908,935 shares, representing 35.79% of the total shares[137]. - The company distributed CNY 7,487,787.13 to shareholders during the reporting period[191]. - The total owner's equity has increased by CNY 96,120,125.42 during the reporting period[191]. Related Party Transactions - The total amount of related party transactions in the first half of 2021 was 514,221.82 RMB, with significant transactions involving Beijing Heiliu Animal Husbandry Technology Co., Ltd. and Beijing Yanqi Yuansheng Zhai Halal Food Co., Ltd.[103]. - The company has adhered to the market pricing principle in its related party transactions, ensuring fair and reasonable pricing[103].

Financial Performance - The company achieved a net profit attributable to shareholders of the parent company of 22.06 million yuan for the year 2020, with distributable profits amounting to 75.42 million yuan as of December 31, 2020[8]. - The proposed cash dividend is 0.05 yuan per share, totaling approximately 7.49 million yuan, which represents 33.95% of the net profit attributable to shareholders for 2020[8]. - The company reported a significant increase in retained earnings, with undistributed profits of 327.88 million yuan as of December 31, 2020[8]. - The company's operating revenue for 2020 was approximately ¥7.35 billion, a decrease of 9.78% compared to ¥8.15 billion in 2019[29]. - The net profit attributable to shareholders was approximately ¥22.06 million, down 83.58% from ¥134.34 million in the previous year[29]. - Basic earnings per share decreased by 83.33% to ¥0.015, down from ¥0.090 in 2019[30]. - The weighted average return on equity dropped to 0.44%, a decrease of 2.25 percentage points from 2.69% in 2019[30]. - The total assets at the end of 2020 were approximately ¥13.37 billion, a slight decrease of 0.11% from ¥13.39 billion at the end of 2019[29]. - The company executed a new revenue standard, resulting in a year-on-year revenue decline of 1.43% when compared on a like-for-like basis[30]. - The company achieved total operating revenue of CNY 7.35 billion in 2020, a decrease of 9.78% year-on-year, primarily due to the implementation of new revenue standards and the impact of the COVID-19 pandemic[52]. Audit and Compliance - The company has received a standard unqualified audit report from its accounting firm, ensuring the accuracy of the financial statements[7]. - The board of directors confirmed that all members attended the meeting, ensuring the integrity of the financial report[6]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[10]. - The company has not violated any decision-making procedures regarding external guarantees[10]. - The company’s financial report is available for review at its securities department, ensuring transparency for stakeholders[24]. - The company has selected multiple media outlets for information disclosure, including the China Securities Journal and Shanghai Securities Journal[24]. Market and Operational Insights - The company plans to expand its market presence and enhance its product offerings in response to the ongoing challenges and opportunities in the dairy industry[40]. - The liquid milk business experienced a decline lower than the overall industry average, with positive growth in the core market of Beijing, leading to an increased market share[42]. - The company maintains a strong brand reputation with a focus on quality, safety, and health, supported by a comprehensive product line and high consumer trust[43]. - The company is recognized as a national high-tech enterprise and has established multiple innovation platforms, enhancing its research and development capabilities[43]. - The demand for nutritional health products surged due to the pandemic, with a significant increase in consumer interest in dairy products as a protein source[45]. - The company aims to enhance its market share and brand influence by focusing on consumer-centered operations and innovation[47]. - The company is leveraging new consumption trends such as online shopping and health-oriented products to capture market opportunities[47]. - The company is committed to building an intelligent supply chain and improving incentive mechanisms to achieve high-quality growth[47]. Research and Development - The company invested CNY 35.33 million in R&D, a 73.55% increase year-on-year, underscoring its commitment to innovation[52]. - Research and development expenses amounted to ¥35.33 million, representing 0.48% of total revenue, with 71 R&D personnel, accounting for 1.03% of the total workforce[67]. Related Party Transactions - The company reported a total of 5,038,363.95 RMB in related party transactions, with the largest transaction being 3,222,642.15 RMB for labor services, accounting for 74.36% of similar transaction amounts[125]. - The company’s related party transactions are based on market prices, ensuring fairness and independence in pricing[125]. - The company has not reported any significant changes in its financial service agreements with Beijing Shou Nong Food Group Financial Co., Ltd.[121]. - The company’s related party transactions with subsidiaries accounted for a small percentage of total transaction amounts, ensuring minimal impact on independence[125]. Environmental Compliance - The company has installed automatic monitoring systems for wastewater discharge across all key pollutant units by the end of 2020[173]. - The annual discharge of COD from Hebei is 28.3 tons, with a concentration of 33.52 mg/L, against a permitted total discharge of 121.5 tons/year[172]. - The company has implemented a detailed self-monitoring plan for pollutants, ensuring compliance with environmental standards through real-time data uploads to the environmental protection bureau[178]. - The company has maintained a stable operation of pollution prevention facilities, ensuring that wastewater treatment capacity meets production waste generation[173]. - The company has adhered to environmental impact assessments and obtained necessary permits for construction projects as per national regulations[176]. Shareholder Information - The total number of ordinary shareholders decreased from 32,152 to 29,333 during the reporting period[185]. - The top ten shareholders hold a total of 1,140,000,000 shares, representing 76.67% of the company's total shares[188]. - Beijing Shounong Food Group Co., Ltd. is the largest shareholder with 535,908,935 shares, accounting for 35.79%[188]. - The company has a total share capital of 1,484,557,426 shares, with 885,000,000 shares being unrestricted[194]. - The company has no major changes in controlling shareholders during the reporting period[199].

Financial Performance - Operating revenue for the first quarter was CNY 1,867,575,905.40, representing a year-on-year increase of 23.05%[12] - Net profit attributable to shareholders was CNY 44,115,735.71, a significant recovery from a loss of CNY 118,778,262.77 in the same period last year[12] - Net cash flow from operating activities was CNY 216,219,350.93, a turnaround from a negative cash flow of CNY 161,818,329.56 in the previous year[12] - The weighted average return on equity was 0.8851%, compared to -2.3962% in the same period last year[12] - Basic and diluted earnings per share were both CNY 0.0295, recovering from a loss of CNY 0.0793 per share in the previous year[12] - The company reported a significant increase in operating costs, reaching 136,769.64 million RMB, a 34.94% rise year-on-year due to increased sales volume[22] - The company achieved a remarkable 365.46% increase in investment income, amounting to 4,957.50 million RMB, primarily due to increased earnings from joint ventures[22] - The total operating revenue for Q1 2021 reached ¥1,867,575,905.40, an increase of 23.06% compared to ¥1,517,740,599.81 in Q1 2020[45] - Net profit for Q1 2021 was ¥34,808,358.81, a significant recovery from a net loss of ¥124,505,432.88 in Q1 2020[45] - The company reported a gross profit margin of approximately 0.11% for Q1 2021, compared to a negative margin in Q1 2020[45] - The company achieved an investment income of ¥49,574,964.99 in Q1 2021, a turnaround from a loss of ¥18,675,423.01 in Q1 2020[45] - The company’s total comprehensive income for Q1 2021 was CNY 38,883,386.29, recovering from a total comprehensive loss of CNY -108,394,927.69 in Q1 2020[49] Shareholder Information - The total number of shareholders at the end of the reporting period was 32,152[15] - The largest shareholder, Beijing Shunyi Food Group Co., Ltd., held 35.79% of the shares[15] - The company plans to distribute cash dividends of 0.05 RMB per share, totaling approximately 748.78 million RMB, which represents 33.95% of the net profit attributable to the parent company for 2020[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 13,325,668,711.85, a decrease of 0.36% compared to the end of the previous year[12] - Total liabilities decreased slightly from ¥7,385,951,212.30 to ¥7,354,428,928.72, a decrease of approximately 0.43%[37] - Current liabilities increased from ¥4,184,713,820.15 to ¥4,276,452,292.45, an increase of approximately 2.19%[35] - Cash and cash equivalents decreased from ¥935,082,911.44 to ¥653,107,180.50, a decline of about 30.2%[41] - Total liabilities amounted to $7,385,951,212.30, slightly down from $7,388,587,438.41, indicating a stable liability position[63] Cash Flow and Financing - The company has approved a comprehensive credit facility application of up to 1 billion RMB to meet various funding needs[26] - The company is providing a full guarantee for a loan of 7.3 million NZD for its subsidiary in New Zealand, which will be secured by part of its equipment[23] - The company reported cash and cash equivalents at the end of Q1 2021 amounting to CNY 1,920,331,764.90, a decrease from CNY 1,997,507,200.05 at the beginning of the quarter[56] - The company’s financing activities resulted in a net cash outflow of CNY -237,736,872.85 in Q1 2021, contrasting with a net inflow of CNY 232,366,323.80 in Q1 2020[56] Research and Development - Research and development expenses surged by 87.95% to 268.21 million RMB, reflecting higher investment in scientific research[22] - Research and development expenses increased to ¥2,682,134.84 in Q1 2021, up 88.06% from ¥1,427,057.48 in Q1 2020[45] - The company incurred R&D expenses of CNY 369,554.81 in Q1 2021, down from CNY 525,852.98 in Q1 2020, indicating a reduction of about 30%[49] Government Support - The company received government subsidies amounting to CNY 2,759,842.83, which were closely related to its normal business operations[15] Challenges and Recovery - The company faced challenges due to the COVID-19 pandemic but managed to achieve revenue growth compared to both 2020 and 2019[12] - The company anticipates a significant increase in cumulative net profit for the first half of 2021 compared to the same period last year, projecting a positive net profit attributable to the parent company[28]

Financial Performance - Net profit attributable to shareholders was a loss of CNY 46.47 million, a decrease of 122.67% year-on-year[18]. - Operating revenue for the first three quarters was CNY 5.42 billion, down 13.73% compared to the same period last year[18]. - The weighted average return on net assets decreased by 4.97 percentage points to -0.94%[18]. - Cash flow from operating activities for the first three quarters was CNY 222.12 million, a decrease of 11.94% year-on-year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 59.04 million, a decrease of 142.86% year-on-year[18]. - The company anticipates a significant decline in cumulative net profit compared to the same period last year due to losses in the first quarter caused by the pandemic, despite profitability in the second and third quarters[48]. - The company reported a net profit from continuing operations of ¥48,105,724.50 for the current quarter, compared to a net loss of ¥51,407,611.45 in the same quarter last year, indicating a significant recovery[72]. - The total comprehensive income for the period was ¥39,850,334.82, compared to a loss of ¥82,481,582.40 in the previous year[81]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 13.54 billion, an increase of 1.15% compared to the end of the previous year[18]. - Total liabilities reached CNY 7,643,678,955.93, up from CNY 7,353,964,195.84, indicating a growth of approximately 3.93%[60]. - The company's short-term borrowings increased by 89.00% to CNY 51,917.93 million, primarily due to an increase in bank loans[29]. - Total equity decreased to CNY 5,897,622,358.03 from CNY 6,033,819,726.40, a decline of approximately 2.26%[60]. - Current assets totaled CNY 3,620,143,068.23, compared to CNY 3,552,466,942.45, marking an increase of about 1.91%[58]. - Total assets increased to CNY 13,541,301,313.96, up from CNY 13,387,783,922.24, reflecting a growth of approximately 1.14%[60]. - The company’s total liabilities reached 7,353,964,195.84, with no change from the previous reporting period[97]. Cash Flow and Investments - Cash received from other operating activities decreased by 61.60% to CNY 8,170.44 million, primarily due to the absence of development funds received in the previous period[32]. - The net cash flow from operating activities for the first three quarters of 2020 was ¥222,116,768.12, a decrease from ¥252,242,607.03 in the same period of 2019, reflecting a decline of approximately 11.97%[85]. - Total cash inflow from operating activities was ¥5,690,840,480.51, down from ¥6,245,820,122.24 in the previous year, indicating a decrease of about 8.87%[85]. - The cash flow from investment activities showed a net outflow of ¥98,689,002.24, an improvement from a net outflow of ¥148,017,565.90 in the same period last year[86]. - Cash inflow from investment activities totaled ¥194,749,914.50, significantly higher than ¥23,349,363.07 in the previous year[86]. - The net cash flow from financing activities was -¥120,438,304.23, worsening from -¥43,761,521.97 in the same period of 2019[86]. Shareholder Information - The total number of shareholders at the end of the reporting period was 27,361[22]. - Major shareholder Beijing Shounong Food Group Co., Ltd. holds 35.79% of the shares[22]. - The company approved a cash dividend distribution of RMB 0.27 per 10 shares, totaling approximately RMB 40.43 million, which accounts for 30.10% of the net profit attributable to the parent company for 2019[42]. Research and Development - R&D expenses rose by 70.08% to CNY 1,668.60 million, attributed to the cyclical nature of research projects[29]. - Research and development expenses for Q3 2020 were approximately ¥3.06 million, an increase from ¥2.04 million in Q3 2019, highlighting a focus on innovation[69]. - Research and development expenses increased to ¥1,521,903.13 from ¥359,755.68, highlighting the company's commitment to innovation[75]. Future Plans and Investments - The company plans to invest approximately CNY 95 million in a new PET bottle production line with an annual capacity of about 29,000 tons in Hebei Industrial Park[36]. - The company plans to build a new sterile filling production line with an annual capacity of approximately 9,700 tons, with a total investment of about RMB 21.25 million[42]. - The company plans to acquire a 5% stake in Beijing Aileifaxi Food Co., Ltd. for RMB 100.2 million, based on an evaluation report[45]. - The company will provide a guarantee for Jiangsu Sanyuan Shuangbao Dairy Co., Ltd. for a bank loan of RMB 9.8 million with a one-year term[43]. - The company will provide a guarantee of up to NZD 8 million for its subsidiary's loan application to the Australia and New Zealand Banking Group[33].

Financial Performance - The company's operating revenue for the first half of 2020 was ¥3,403,899,022.07, a decrease of 18.43% compared to ¥4,172,731,094.07 in the same period last year[21] - The net profit attributable to shareholders of the listed company was -¥101,301,441.37, representing a decline of 155.06% from a profit of ¥183,979,038.38 in the previous year[21] - The net cash flow from operating activities was -¥70,496,002.63, a significant drop from ¥193,894,817.70 in the same period last year, reflecting a decrease of 136.36%[21] - The basic earnings per share for the first half of 2020 was -¥0.0676, a decrease of 155.00% compared to ¥0.1229 in the same period last year[22] - The weighted average return on net assets was -2.0475%, a decrease of 5.6816 percentage points from 3.6341% in the previous year[22] - The company reported a net profit excluding non-recurring gains and losses of -¥108,145,358.37, a decline of 191.24% compared to ¥118,526,733.77 in the same period last year[21] - The company reported a significant decrease in advance receipts to ¥4,671,136.83, down 96.25% from ¥124,677,847.93, due to adjustments from new revenue standards[42] - The company reported a net profit of -99,513,335.95 yuan for the current period, compared to a net profit of 224,609,532.82 yuan in the same period last year, indicating a significant decline[155] - The company's total equity decreased to CNY 5,699,475,104.80 from CNY 5,862,241,072.52, a decline of 2.8%[152] Assets and Liabilities - The total assets at the end of the reporting period were ¥13,687,019,143.86, an increase of 2.24% compared to ¥13,387,783,922.24 at the end of the previous year[21] - The net assets attributable to shareholders of the listed company decreased by 4.02%, from ¥5,016,306,222.66 to ¥4,814,867,753.77[21] - The company's total assets amounted to approximately RMB 13.69 billion, an increase from RMB 13.39 billion as of December 31, 2019[141] - The company's current assets totaled approximately RMB 3.85 billion, up from RMB 3.55 billion in the previous year, reflecting a growth of about 8.26%[141] - Total liabilities rose to CNY 2,576,012,484.55, up from CNY 1,956,416,594.82, indicating an increase of 31.6%[152] - Short-term borrowings surged to ¥491,978,961.17, a 222.47% increase from ¥152,565,284.39, primarily due to increased bank loans during the period[42] Revenue and Costs - Total operating revenue for the first half of 2020 was CNY 3,403,899,022.07, a decrease of 18.4% compared to CNY 4,172,731,094.07 in the same period of 2019[152] - Total operating costs for the first half of 2020 were CNY 3,448,798,876.96, down from CNY 4,105,941,308.43 in the first half of 2019, reflecting a reduction of 16.0%[152] - The company reported a significant decrease in cash received from sales of goods and services, totaling 3,487,151,465.41 CNY, compared to 3,933,841,232.56 CNY in the previous period[165] Research and Development - Research and development expenses increased by 75.33% to CNY 13.63 million, indicating a commitment to innovation and product development[38] - Research and development expenses for the first half of 2020 were CNY 13,628,232.51, an increase of 75.5% compared to CNY 7,772,959.35 in the same period of 2019[152] Market and Product Development - The company launched 19 new products during the reporting period, focusing on innovation in maternal and infant nutrition[38] - The liquid milk business experienced a decline in sales, but the company outperformed the industry average, achieving positive growth in its core market of Beijing[31] - The company’s marketing strategy shifted towards health-oriented, online, and family-focused approaches, with significant growth in e-commerce sales[35] Environmental Compliance - The company has installed automatic monitoring systems for wastewater discharge at all key pollution units, ensuring compliance with national and local discharge standards[117] - The company has ensured that all pollution control facilities are operational and comply with environmental protection regulations[117] - The company has established an environmental protection risk emergency mechanism and updates its emergency response plan for sudden environmental pollution incidents annually[119] Shareholder and Equity Information - The total number of ordinary shareholders at the end of the reporting period was 27,384[128] - The top three shareholders hold a combined total of 1,068,669,935 shares, representing 71.37% of the total shares[128] - Beijing Shounong Food Group Co., Ltd. is the largest shareholder, holding 535,908,935 shares, which is 35.79% of the total[128] - The company has not reported any changes in its share capital structure during the reporting period[125] Corporate Governance and Legal Matters - The company reported no significant litigation or arbitration matters during the reporting period, indicating a stable legal environment[80] - The integrity status of the company and its major stakeholders remains good, with no unfulfilled court judgments or significant overdue debts reported[80] Future Plans and Investments - The company plans to invest approximately CNY 95 million in a new PET bottle production line with an annual capacity of about 29,000 tons[6] - The company plans to build a new sterile filling production line with an annual capacity of approximately 9,700 tons, with a total investment of about ¥21.25 million[67] - The company plans to increase its business scope to include "food sales" as part of its operational strategy[67]