Financial Performance - The total revenue for 2022 was 28.215 billion CNY, achieving 88.79% of the target, while the net profit attributable to shareholders was 361 million CNY, reaching 53.88% of the plan[29]. - The company's revenue for 2022 was ¥28.21 billion, a decrease of 3.39% compared to ¥29.21 billion in 2021[40]. - Net profit attributable to shareholders was ¥360.69 million, down 39.11% from ¥592.34 million in the previous year[40]. - The net profit after deducting non-recurring gains and losses was ¥168.69 million, a decline of 61.08% from ¥433.37 million in 2021[40]. - The company achieved a net profit of ¥145,454,236 for the year 2022, with a proposed cash dividend of ¥0.08 per share, totaling ¥110,291,269 (including tax) to be distributed to shareholders[48]. - Basic earnings per share decreased by 45.83% to ¥0.26 in 2022, compared to ¥0.48 in 2021[72]. - The weighted average return on net assets dropped to 4.57% in 2022, down from 9.35% in 2021, a decrease of 4.78 percentage points[72]. - The company's total revenue from distributors was CNY 20.53 billion, a year-on-year decrease of 3.03%, while the gross margin increased by 2.87 percentage points to 13.84%[117]. - The revenue from the dairy segment was CNY 24.09 billion, down 5.82% year-on-year, with a gross margin of 20.43%, an increase of 0.80 percentage points[117]. - The livestock segment reported revenue of ¥2,640,585,610, an increase of 15.33% year-over-year, but with a gross margin of only 1.35%, down 1.57 percentage points[151]. Cash Flow and Investments - Cash received from operating activities decreased by 35.29% to 222,965,280 yuan compared to the previous year[5]. - Cash flow from the disposal of fixed assets decreased by 35.21% to 278,640,432 yuan year-on-year[5]. - The company experienced a 41.83% decrease in cash paid for the acquisition of fixed assets, totaling 1,386,014,807 yuan[5]. - The company reported a significant increase of 121.44% in cash received from borrowings, amounting to 2,347,822,176 yuan[5]. - The net cash flow from operating activities was ¥667.14 million, a significant drop of 67.59% compared to ¥2.06 billion in 2021[40]. - The company has significant investments in subsidiaries, including a loan of ¥150 million for acquisitions, with interest expenses of ¥6,056,875 incurred[157]. - The company has provided guarantees totaling ¥222,550,000, which represents 2.78% of its net assets[159]. Research and Development - The total R&D investment for the period was 84,661,532 yuan, representing 0.30% of operating revenue[3]. - The company plans to invest in research and development, focusing on high-value functional products and leveraging big data for precise innovation[33]. - The company has established a national key laboratory for dairy biotechnology, showcasing its leading R&D capabilities in the dairy industry[86]. - The company applied for 92 national patents in 2022, including 82 invention patents and 10 utility model patents[94]. - The company employed 115 R&D personnel, representing 0.9% of the total workforce, with 21 holding doctoral degrees[131]. Market and Competitive Strategy - The company aims for a total revenue of 32.05 billion CNY and a net profit of 680 million CNY for 2023, with a target return on equity greater than 8%[29]. - The company plans to enhance digital transformation and improve overall competitiveness through a comprehensive digital management system[29]. - The company is committed to strengthening its brand and marketing efforts to enhance the "Bright" brand's market presence and appeal[33]. - The company intends to expand its national layout and enhance resource integration to create a new competitive landscape in the industry[33]. - The company is focused on product innovation and upgrading to inject new vitality into the Bright brand[84]. - The company is accelerating the digital transformation of its entire industry chain to empower high-quality development[91]. Inventory and Supply Chain - The company noted an increase in inventory due to higher raw material and finished goods levels at the end of the reporting period[7]. - The company's inventory reached ¥4,196,700,084, representing a 34.75% increase compared to the previous period[141]. - The company is focusing on digital transformation across the entire supply chain to enhance operational efficiency and data quality[112]. - The company plans to enhance its core competitiveness by optimizing its supply chain and expanding its market presence through digital transformation[33]. Risks and Audit - The company has outlined potential risks including industry risks, livestock diseases, financial risks, food safety risks, production safety risks, and environmental risks[55]. - The company has received a standard unqualified audit opinion from PwC Zhongtian[50]. - The audit report highlights significant risks of material misstatement due to fraud, emphasizing the need for robust internal controls[197]. - The company must assess the appropriateness of the going concern assumption, with potential uncertainties affecting its ability to continue operations[198]. Subsidiaries and Market Presence - The company has included a new subsidiary, Chuzhou Guangming Ecological Smart Ranch Co., Ltd., in its consolidation scope this year[120]. - New Zealand New Light generated revenue of ¥6,920,597,830 and a net profit of ¥28,180,241, contributing significantly to the company's overall performance[148]. - The overseas segment saw revenue of ¥6,909,746,928, an increase of 4.68% year-over-year, with a gross margin of 9.74%, up 2.87 percentage points[151]. - The company has expanded its market presence through community group buying channels and online platforms[102]. Asset and Liability Management - The company's total assets increased by 4.27% to ¥24.45 billion at the end of 2022, up from ¥23.45 billion at the end of 2021[40]. - Total current liabilities surged to CNY 10,734,516,944, compared to CNY 8,689,140,992 in the previous year, representing an increase of about 23.54%[178]. - The company reported a total non-current asset value of CNY 14,543,864,321, up from CNY 14,272,109,228, which is an increase of about 1.90%[178]. - The total liabilities of the company increased significantly, reflecting a growing leverage position in the market[178].

Financial Performance - Revenue for Q3 2022 was CNY 6,974,593,636, a decrease of 10.5% compared to the same period last year[7] - Net profit attributable to shareholders was CNY 88,025,723, down 52.18% year-over-year[7] - Net profit excluding non-recurring gains and losses was CNY 40,195,749, a decline of 71.08% compared to the previous year[7] - Basic earnings per share for the quarter was CNY 0.06, a decrease of 60.00% year-over-year[7] - Total operating revenue for the first three quarters of 2022 was 21,385,131,429, a decrease of 3.2% compared to 22,056,891,118 in the same period of 2021[20] - Net profit attributable to shareholders of the parent company for Q3 2022 was 369,491,014, down from 445,081,675 in Q3 2021, representing a decline of 17.0%[23] - The total comprehensive income for Q3 2022 was -482,130,521, compared to -35,313,971 in Q3 2021, showing a significant decline[23] Assets and Liabilities - Total assets at the end of the quarter were CNY 22,883,573,306, a decrease of 2.42% from the end of the previous year[7] - Total assets as of September 30, 2022, were 22,883,573,306, a decrease from 23,450,401,026 at the end of 2021, reflecting a reduction of 2.4%[17] - Total liabilities increased to 13,243,400,625 as of September 30, 2022, compared to 13,098,498,836 at the end of 2021, marking an increase of 1.1%[17] - The company reported a total current liabilities of 9,425,533,638, an increase from 8,689,140,992, representing a rise of 8.5%[17] Cash Flow - Operating cash flow for the year-to-date period was CNY 416,163,471, down 54.94% compared to the previous year[7] - The net cash flow from operating activities for the first three quarters of 2022 was ¥416,163,471, a decrease of 55.0% compared to ¥923,625,526 in the same period of 2021[26] - Total cash inflow from operating activities was ¥25,131,667,790, down 1.4% from ¥25,494,689,382 in the previous year[26] - Cash outflow from investing activities was ¥916,329,175, a decrease of 27.7% compared to ¥1,267,576,704 in the same period of 2021[26] - The net cash flow from investing activities was -¥805,744,245, an improvement from -¥1,177,093,266 in the previous year[26] - Cash inflow from financing activities totaled ¥1,389,880,604, an increase of 33.8% from ¥1,043,872,378 in the same period of 2021[26] - The net cash flow from financing activities was -¥312,308,760, an improvement from -¥594,995,229 in the previous year[29] - The ending balance of cash and cash equivalents was ¥2,498,176,051, an increase from ¥2,109,527,788 at the end of the previous year[29] Shareholder Information - Shareholder equity attributable to the parent company was CNY 7,633,318,680, down 2.89% from the previous year[7] - The company had 90,838 common shareholders at the end of the reporting period[11] - The largest shareholder, Bright Food (Group) Co., Ltd., held 51.63% of the shares[11] Inventory and Expenses - Cash and cash equivalents decreased to 2,498,176,051 from 3,206,113,341, a decline of 22.0%[15] - Inventory increased to 3,237,979,322 from 3,114,510,306, reflecting a rise of 4.0%[15] - Research and development expenses for the first three quarters of 2022 were 58,638,895, down from 68,423,337 in the same period of 2021, a decrease of 14.0%[20] - Basic earnings per share for Q3 2022 were 0.27, compared to 0.36 in Q3 2021, indicating a decrease of 25.0%[23] - The cash inflow from sales of goods and services was ¥24,661,795,753, a decrease of 0.9% from ¥24,892,897,119 in the same period of 2021[26]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 14,410,537,793, representing a 1.03% increase compared to CNY 14,264,084,192 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 281,465,291, which is a 7.83% increase from CNY 261,019,201 year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 241,630,801, reflecting a significant increase of 23.65% compared to CNY 195,419,989 in the previous year[20]. - The net cash flow from operating activities was CNY 372,344,564, a notable recovery from a negative cash flow of CNY -66,644,021 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 23,325,301,172, showing a slight decrease of 0.53% from CNY 23,450,401,026 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased to CNY 7,944,906,105, marking a 1.07% rise from CNY 7,860,659,338 at the end of the last year[20]. - Basic earnings per share decreased to CNY 0.20, down 4.76% from CNY 0.21 in the same period last year[20]. - The weighted average return on net assets was 3.58%, a decrease of 0.56 percentage points compared to 4.14% in the previous year[20]. - The company reported a significant increase in financial expenses, rising by 71.09% to CNY 72.59 million[46]. - The total comprehensive income attributable to the parent company decreased by 42.16% to ¥81,197,181, primarily due to a reduction in other comprehensive income after tax[49]. Operational Highlights - The company achieved a revenue of 29.2 billion yuan in 2021, ranking among the top in the dairy industry[30]. - In the first half of 2022, the dairy product output was 15.1 million tons, with a year-on-year growth of 1.0%[30]. - The average price of raw milk began to decline seasonally in February 2022, following an increase in supply from newly established large-scale farms[30]. - The company has 4 farms recognized as national benchmark farms and 10 farms certified under GAP standards[31]. - In the first half of 2022, the company applied for 13 national patents, including 11 invention patents[32]. - The company has developed a unique technology for long-term storage of yogurt, addressing cold chain challenges[32]. - The company operates a comprehensive cold chain management system, utilizing advanced technologies such as WMS and GPS[37]. - The company’s subsidiary in New Zealand focuses on the production and sale of industrial milk powder and infant formula, exporting globally[27]. - The company has seen a 50% increase in corn prices since 2020, impacting feed costs[30]. - The company is recognized as a key leading enterprise in agricultural industrialization and has received the Shanghai Mayor's Quality Award[30]. Investment and Expansion - The company plans to invest approximately CNY 2.493 billion in the construction of a dairy farm project in Chuzhou, Anhui, with a designed capacity of 47,500 dairy cows[41]. - The company launched new product lines, including blueberry and peach-flavored yogurt, and introduced a dual-protein bottle for balanced nutrition[41]. - The overseas business saw a revenue increase of 20.14%, reaching CNY 3.749 billion, with a net profit of CNY 128 million, marking a turnaround from losses[44]. - The company is advancing its digital transformation projects, including the launch of a collaborative office platform and enhancements to its group buying app[44]. Risk Management - The company has outlined various risks including industry risks, livestock disease risks, and food safety risks in its management discussion and analysis section[20]. - The company faces industry risks including intense competition and high operational costs, and plans to leverage existing resources to expand market presence and enhance cost management[66]. - The company has a structured approach to disease prevention in cattle, enhancing its capabilities to mitigate risks associated with livestock health[68]. Environmental and Social Responsibility - The company emphasizes environmental protection and has implemented measures to enhance waste management and resource utilization in compliance with regulatory standards[68]. - The company has established a comprehensive food safety management system to ensure product quality and safety, adhering to a "zero defect" quality philosophy[68]. - The company reported a continuous discharge of COD at 47.58 mg/L, well below the standard value of 500 mg/L, with a total discharge of 41.724 tons[79]. - Ammonia nitrogen (NH3-N) emissions were recorded at 7.46 mg/L, significantly lower than the standard of 45 mg/L, with a total discharge of 6.647 tons[79]. - The company has received government approval for environmental impact assessments for all construction projects[85]. - The company maintains an emergency response plan for environmental pollution incidents, updated annually to align with environmental department standards[86]. - The company has implemented a resource utilization strategy for solid and liquid waste from its farms, promoting sustainability[81]. - The company invested CNY 7.368 million in energy-saving technological upgrades and CNY 9.087 million in environmental protection during the reporting period[94]. - The company achieved photovoltaic power generation of 2.38 million kWh, equivalent to a reduction of 193.9 tons of standard coal consumption[94]. Shareholder and Governance - The total number of shares is 1,378,640,863, with 88.80% being unrestricted tradable shares[129]. - The number of restricted shares released during the reporting period is 74,409,824, with 79,743,530 restricted shares remaining[130]. - The proportion of state-owned shares is 6.47%, while other domestic shares account for 4.50%[129]. - The company has no new strategies or significant changes in shareholding structure reported for the period[133]. - The total number of shareholders with restricted shares is 18, with varying amounts of shares released[130]. - The largest shareholder, Guangming Food Group, holds 632,117,066 shares, representing a significant portion of the company's equity[146]. - The company is actively managing its shareholder structure, with several private equity investment plans in place[140]. Financial Position - The total assets of the company amounted to RMB 23,325,301,172, a decrease from RMB 23,450,401,026 at the beginning of the period[158]. - Current assets totaled RMB 8,774,720,155, down from RMB 9,178,291,798[158]. - The company's cash and cash equivalents decreased to RMB 2,546,700,227 from RMB 3,206,113,341[158]. - Accounts receivable increased to RMB 2,224,654,726 from RMB 1,914,279,778, reflecting a growth of approximately 16.2%[158]. - Total liabilities were RMB 13,032,752,533, slightly down from RMB 13,098,498,836[160]. - The company's equity attributable to shareholders rose to RMB 7,944,906,105 from RMB 7,860,659,338[160]. - The company reported a decrease in inventory to RMB 3,119,775,149 from RMB 3,114,510,306[158]. - Short-term borrowings decreased significantly to RMB 508,496,010 from RMB 712,580,089, a reduction of approximately 28.6%[160].

Financial Performance - The company's revenue for Q1 2022 was CNY 7,246,234,781, representing a 3.68% increase compared to CNY 6,985,625,527 in the same period last year[5]. - Net profit attributable to shareholders was CNY 165,818,384, a significant increase of 65.93% from CNY 99,207,726 in the previous year[5]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 139,560,960, reflecting a 104.97% increase compared to CNY 68,089,512 last year[5]. - Basic earnings per share increased by 50.00% to CNY 0.12 from CNY 0.08 in the previous year[7]. - The total operating revenue for Q1 2022 was RMB 7,246,234,781, an increase from RMB 6,989,074,161 in Q1 2021, representing a growth of approximately 3.7%[31]. - The net profit for Q1 2022 was RMB 186,995,976, significantly higher than RMB 86,558,389 in Q1 2021, reflecting an increase of approximately 116.5%[31]. - The total comprehensive income attributable to the parent company for the first quarter of 2022 was 160,493,509 RMB, up from 11,794,651 RMB in the first quarter of 2021[33]. - Basic and diluted earnings per share for the first quarter of 2022 were both 0.12 RMB, compared to 0.08 RMB in the first quarter of 2021, reflecting a 50% increase[33]. Cash Flow and Liquidity - The net cash flow from operating activities was CNY 111,850,305, a recovery from a negative cash flow of CNY -182,119,665 in the same period last year[5]. - The net cash flow from operating activities for the first quarter of 2022 was 111,850,305 RMB, compared to a negative cash flow of -185,317,974 RMB in the same period last year[33]. - The cash and cash equivalents decreased to RMB 2,816,849,506 from RMB 3,206,113,341, a decline of about 12.1%[25]. - The cash and cash equivalents at the end of the first quarter of 2022 were 2,816,849,506 RMB, a decrease from 2,032,174,906 RMB at the end of the first quarter of 2021[35]. - The net cash flow from investing activities for the first quarter of 2022 was -420,711,597 RMB, compared to -306,673,312 RMB in the same period last year[35]. - The cash flow from financing activities for the first quarter of 2022 resulted in a net outflow of -77,419,163 RMB, an improvement from -434,212,034 RMB in the first quarter of 2021[35]. - The company reported a total cash inflow from operating activities of 8,791,576,988 RMB, while cash outflow was 8,679,726,683 RMB, leading to a positive net cash flow[33]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 24,029,979,520, up 2.47% from CNY 23,450,401,026 at the end of the previous year[9]. - The company's total assets as of March 31, 2022, amounted to RMB 24,029,979,520, up from RMB 23,450,401,026 at the end of 2021, showing a growth of about 2.5%[27]. - The total liabilities increased to RMB 13,431,486,392 in Q1 2022 from RMB 13,098,498,836 in Q4 2021, representing an increase of approximately 2.5%[27]. - The total equity attributable to shareholders of the parent company was RMB 8,024,130,263 as of March 31, 2022, compared to RMB 7,860,659,338 at the end of 2021, reflecting an increase of about 2.1%[27]. Operational Metrics - The total operating costs for Q1 2022 were RMB 7,041,109,713, compared to RMB 6,871,601,185 in Q1 2021, indicating an increase of about 2.5%[31]. - The company experienced an increase in gross margin, contributing to the rise in net profit and earnings per share[13]. - Research and development expenses for Q1 2022 were RMB 16,760,085, down from RMB 21,610,674 in Q1 2021, reflecting a decrease of about 22.5%[31]. - The company reported a significant increase in sales expenses, which rose to RMB 964,769,907 in Q1 2022 from RMB 876,105,828 in Q1 2021, an increase of approximately 10.0%[31]. - The inventory as of March 31, 2022, was RMB 3,445,751,503, an increase from RMB 3,114,510,306 at the end of 2021, indicating a growth of approximately 10.6%[25]. Shareholder Information - The top shareholder, Bright Food (Group) Co., Ltd., holds 51.63% of the shares, totaling 711,860,596 shares[14]. - The company completed the acquisition of 100% equity in Shanghai Dingying Agricultural Co., Ltd. and Dafeng Dingsheng Agricultural Co., Ltd. in April 2021, which has been consolidated into the financial statements[9]. Foreign Currency Impact - The company experienced a foreign currency translation loss of -30,170,364 RMB in the first quarter of 2022, compared to -46,571,054 RMB in the same period last year[33].

Financial Performance - Bright Dairy achieved a revenue of CNY 29,205,992,515 in 2021, representing a 15.59% increase compared to CNY 25,266,056,840 in 2020[26] - The net profit attributable to shareholders was CNY 592,337,225, a decrease of 2.55% from CNY 607,829,009 in the previous year[26] - The net profit after deducting non-recurring gains and losses was CNY 433,374,596, down 6.50% from CNY 463,481,472 in 2020[26] - The net cash flow from operating activities for 2021 was CNY 2,058,481,160, a decrease of 5.62% compared to the previous year[28] - The net assets attributable to shareholders increased by 24.85% year-on-year, reaching CNY 7,860,659,338 at the end of 2021[28] - Total assets grew by 16.28% year-on-year, amounting to CNY 23,450,401,026 at the end of 2021[28] - Basic earnings per share for 2021 were CNY 0.48, reflecting a decrease of 4.00% compared to 2020[28] - The weighted average return on equity decreased by 0.78 percentage points to 9.35% in 2021[28] - The company reported a total of CNY 158,962,629 in non-recurring gains for the year, after accounting for tax and minority interests[32] - The company reported a significant decrease in other income by 53.02%, from ¥121,010,397 to ¥56,853,128[76] - Investment income decreased by 175.08%, from ¥6,163,496 to -¥4,627,648, primarily due to increased losses from joint ventures[76] - The company experienced a 64.22% reduction in income tax expenses, decreasing from ¥371,769,878 to ¥133,009,974[76] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 0.16 per share, totaling CNY 220,582,539, which represents 37.24% of the net profit attributable to shareholders[7] - The total distributable profit for 2021 was CNY 2,271,131,439, after accounting for a statutory reserve of CNY 64,939,890 and retained earnings[7] - In 2021, the company distributed cash dividends of 195,918,002 yuan, with a payout of 1.6 yuan per 10 shares[168] - The company has committed to a cash dividend policy for the next three years (2021-2023) as part of its shareholder return plan[168] Strategic Initiatives and Future Plans - The company’s future plans include strategic initiatives that may involve market expansion and new product development, although specific details were not disclosed in the report[8] - The company plans to continue expanding its market presence and investing in new product development to address rising raw material costs and enhance profitability[64] - The company aims for a total revenue of 31.777 billion yuan and a net profit of 0.67 billion yuan for 2022[122] - The company plans to invest approximately 1.521 billion yuan in fixed assets in 2022[122] Acquisitions and Investments - The company completed the acquisition of 100% equity in Shanghai Dingying Agricultural Co., Ltd. and Dafeng Dingsheng Agricultural Co., Ltd. in April 2021[28] - The company acquired a 60% stake in Xiaoxiniu Company to enhance its milk source, production capacity, and market layout in the western region[41] - The company completed a private placement of 154 million shares at a price of RMB 12.52 per share, raising a total of RMB 1.93 billion, with RMB 1.355 billion allocated for ranch construction[55] - The company plans to acquire 60% equity in Qinghai Xiaoxiniu Biological Dairy Co., Ltd., expanding its market presence[158] Research and Development - The company applied for 86 national patents in 2021, including 83 invention patents, and was granted 24 invention patents and 10 utility model patents[49] - The company has established a national key laboratory for dairy biotechnology, showcasing its leading R&D capabilities in the dairy industry[44] - The total R&D expenditure amounted to ¥89,259,433, representing 0.31% of operating revenue[80] - The number of R&D personnel is 101, making up 0.8% of the total workforce, with 12 holding doctoral degrees[81] - The company will continue to focus on research and development, particularly in high-value functional products for children and adolescents[118] Risk Management and Compliance - The company has identified various risks including industry risks, livestock disease, financial risks, food safety risks, production safety risks, and environmental risks[9] - The company has implemented a risk assessment-based food safety management mechanism, ensuring compliance and safety across all product stages[126] - The company emphasizes safety management, adhering to the principle of "life first, safe development," and has increased safety investments to enhance management standards[126] - The company has not reported any significant differences in governance practices compared to regulatory requirements, indicating strong compliance[129] Environmental Responsibility - Environmental protection measures have been strengthened, including source reduction and upgrading of pollution control facilities, to ensure compliance with national and local regulations[126] - The company’s environmental emissions for COD were reported at 39.64 mg/L, well below the standard limit of 500 mg/L[178] - The company has committed to long-term effective measures to reduce methane emissions from its ranches[195] - The company has implemented pollution prevention facilities in accordance with environmental protection principles, ensuring they are operational and effective[185] Corporate Governance - The company has revised its governance documents, including the Articles of Association and information disclosure management system, to enhance transparency and shareholder rights[128] - The company maintains independence from its controlling shareholder in operations, assets, and finances, ensuring compliance with governance regulations[129] - The total pre-tax remuneration for the financial director was CNY 1.6 million, reflecting the company's commitment to competitive compensation for key management[135] - The company has established a remuneration and assessment committee authorized by the general meeting of shareholders[143] Employee Management - The company reported a total of 11,999 employees, with 4,002 in production, 3,871 in sales, and 2,377 in technical roles[162] - The company’s employee training programs, including "Heart Integration" and "Heart Sharp," aim to enhance employee performance and integration into the company culture[164] - The company’s remuneration policy links employee compensation to performance, ensuring fairness and motivation[163] Operational Performance - The company's dairy product manufacturing achieved revenue of 25.58 billion RMB, a year-on-year increase of 15.97%, while the operating cost rose to 20.56 billion RMB, an increase of 21.56%[64] - Liquid milk revenue reached 17.10 billion RMB, up 19.85% year-on-year, with a gross margin of 27.15%, down 3.57 percentage points[66] - The company produced 456,028 tons of fresh milk, a 22% increase year-on-year, and sold 451,336 tons, also up 22%[68]

Financial Performance - The company's operating revenue for Q3 2021 was CNY 7,792,806,926, representing an increase of 18.25% compared to CNY 6,578,906,800 in the same period last year[7] - Net profit attributable to shareholders was CNY 184,062,474, a significant increase of 55.85% from CNY 117,238,063 year-on-year[7] - The basic earnings per share for the period was CNY 0.15, up 50.00% from CNY 0.10 in the same quarter last year[7] - Total operating revenue for the first three quarters of 2021 reached CNY 22,056,891,118, an increase of 17.7% compared to CNY 18,743,863,271 in the same period of 2020[29] - Operating profit for the third quarter of 2021 was CNY 364,415,481, a decrease of 51.6% from CNY 753,216,706 in the third quarter of 2020[33] - Net profit attributable to shareholders of the parent company for the third quarter of 2021 was CNY 445,081,675, an increase of 3.5% compared to CNY 431,868,349 in the same quarter of 2020[33] - The basic earnings per share for the third quarter of 2021 was CNY 0.36, compared to CNY 0.35 in the same quarter of 2020[35] - The company reported a total comprehensive income of CNY -35,313,971 for the third quarter of 2021, contrasting with CNY 557,528,580 in the same quarter of 2020[35] Cash Flow and Investments - The net cash flow from operating activities for the year-to-date period was CNY 923,625,526, a decrease of 38.34% compared to CNY 1,477,214,370 in the previous year[7] - The company's cash flow from operating activities for the first three quarters of 2021 was CNY 923,625,526, down from CNY 1,498,025,617 in the same period of 2020[36] - The net cash flow from investing activities was -1,177,093,266 RMB, compared to -1,040,767,682 RMB in the previous period, indicating a decrease in investment cash flow[37] - The total cash inflow from financing activities was 1,043,872,378 RMB, down from 2,415,470,082 RMB, reflecting a significant reduction in financing cash inflow[37] - The net cash flow from financing activities was -594,995,229 RMB, contrasting with a positive flow of 756,909,618 RMB in the previous period, showing a decline in financing performance[37] Assets and Liabilities - Total assets at the end of the reporting period were CNY 20,325,110,196, reflecting a slight increase of 0.76% from CNY 20,309,910,295 at the end of the previous year[10] - As of September 30, 2021, total assets amounted to CNY 20,325,110,196, an increase from CNY 20,171,775,399 in the previous year[23] - Current assets decreased to CNY 7,958,764,453 from CNY 9,015,844,480 year-over-year[27] - Total liabilities decreased to CNY 7,767,840,062 from CNY 9,080,083,434 year-over-year[27] - The total liabilities increased to CNY 11,676,114,130 in 2021 from CNY 11,239,978,837 in 2020, reflecting a growth of 3.9%[29] - The total non-current liabilities increased significantly to CNY 3,908,274,068 in 2021 from CNY 2,159,895,403 in 2020[29] - The company's total equity decreased to CNY 8,648,996,066 in 2021 from CNY 8,931,796,562 in 2020, a decline of 3.2%[29] - The total equity attributable to shareholders decreased to 6,295,619,868 RMB, down by 28,444,879 RMB from 6,267,174,989 RMB[42] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 100,025[16] Operational Changes - The company completed the acquisition of 100% equity in Shanghai Dingying Agricultural Co., Ltd. and Dafeng Dingsheng Agricultural Co., Ltd. in April 2021, which led to adjustments in previous financial data[11] - The company reported a significant reduction in short-term borrowings, dropping to CNY 151,729,074 from CNY 1,314,421,625[27] - The company’s long-term borrowings increased to CNY 1,545,815,078 from CNY 477,306,993, indicating a rise of approximately 223.5%[27] - The company’s goodwill decreased to CNY 516,694,156 from CNY 545,906,979, a decline of about 5.3%[27] - The company’s total equity remains stable, reflecting ongoing operational adjustments and strategic financial management[22] Research and Development - Research and development expenses for the first three quarters of 2021 were CNY 68,423,337, slightly up from CNY 67,507,919 in the same period of 2020[29]

Financial Performance - The company's operating revenue for the first half of 2021 reached CNY 14,264,084,192, representing a 17.36% increase compared to the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 261,019,201, a decrease of 16.81% year-on-year[20]. - The net cash flow from operating activities was negative at CNY -66,644,021, a decline of 110.43% compared to the previous year[20]. - The total assets of the company at the end of the reporting period were CNY 20,115,746,164, a decrease of 0.28% from the end of the previous year[20]. - The company's net assets attributable to shareholders decreased by 2.18% to CNY 6,158,457,342 compared to the end of the previous year[20]. - Basic earnings per share for the first half of 2021 were CNY 0.21, down 19.23% from CNY 0.26 in the same period last year[20]. - The company reported a significant decrease in minority shareholders' profit by 123.27%, primarily due to losses from the New Zealand subsidiary[50]. - The company reported a total comprehensive income of CNY -76,403,786, contrasting with CNY 385,035,355 in the first half of 2020[150]. - The company reported a comprehensive income loss of 120,645,461 RMB for the first half of 2021[166]. Investments and Acquisitions - The company completed the acquisition of 100% equity in Shanghai Dingying Agricultural Co., Ltd. and Dafeng Dingsheng Agricultural Co., Ltd. in April 2021[20]. - The company plans to raise up to RMB 1.93 billion through a private placement, with RMB 1.355 billion allocated for ranch construction and RMB 575 million for working capital[42]. - The company reported a significant investment in Jinhua Haihua Dairy Co., with an investment cost of CNY 14,965,000 and an end-of-year balance of CNY 24,974,739, representing a 7.5% increase[66]. - The company is in the process of establishing Wuzhong Guangming Agricultural Co., Ltd. and Zhongwei Guangming Agricultural Co., Ltd. as part of its expansion strategy[122]. Operational Developments - The company achieved a sales scale exceeding 25 billion yuan in the dairy industry, ranking among the top players[31]. - The company has established a stable and high-quality raw milk supply base, with several farms certified under various quality standards[32]. - The company has a comprehensive cold chain preservation system, utilizing advanced logistics management technologies[39]. - New product launches in the first half of 2021 included A2β-casein fresh milk and a sugar-free series, contributing to product innovation and market expansion[42]. - The company has initiated a digital transformation project to enhance operational efficiency and integrate online and offline channels[45]. Research and Development - The company has applied for 14 national patents in the first half of 2021, including 12 invention patents[36]. - The company has a strong research and development capability, supported by a national key laboratory in dairy biotechnology[35]. - Research and development expenses increased to CNY 43,527,200, up from CNY 39,191,126 in the same period last year, indicating a focus on innovation[147]. Financial Position - Total liabilities reached RMB 11,506,539,914, compared to RMB 11,239,978,837 at the end of 2020, reflecting an increase of 2.4%[140]. - The company's total liabilities to equity ratio increased slightly, indicating a shift in the capital structure[140]. - The total equity attributable to shareholders decreased to RMB 6,158,457,342 from RMB 6,295,619,868, a decline of 2.2%[140]. - The company’s total assets at the beginning of the year were 8,896,966,548 RMB, with a slight decrease in total equity by the end of the period[166]. Environmental and Social Responsibility - The company has implemented pollution prevention facilities that comply with environmental protection regulations, ensuring normal operation[92]. - The company has established self-monitoring plans to oversee the discharge of major pollutants[92]. - The company actively promotes the TSCP training program, providing free technical services to improve local dairy farming efficiency[99]. - The company maintains a commitment to green and low-carbon sustainable development, aligning with carbon peak and carbon neutrality goals[98]. Risk Management - The company faced various risks including industry risks, livestock diseases, and food safety risks as detailed in the management discussion[7]. - Financial risks are acknowledged due to the high liquidity requirements in the fast-moving consumer goods sector, prompting the company to improve accounts receivable recovery and inventory management[74]. - The company has established a disease prevention system for cattle to mitigate risks associated with livestock diseases, emphasizing the importance of health management[72]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 92,284[127]. - The largest shareholder, Bright Food (Group) Co., Ltd., held 632,117,066 shares, representing 51.62% of the total shares[127]. - The company did not issue any corporate bonds or convertible bonds during the reporting period[134].

Financial Performance - Operating revenue for the first quarter reached CNY 6,985,625,527, representing a year-on-year increase of 36.07%[10] - Net profit attributable to shareholders was CNY 99,207,726, up 28.59% from the same period last year[10] - Basic earnings per share increased to CNY 0.08, reflecting a growth of 33.33% year-on-year[10] - The company's operating revenue increased to ¥6,985,625,527, representing a growth of 36.07% compared to the previous year[21] - Total operating revenue for Q1 2021 reached CNY 6,985,625,527, a 36.1% increase from CNY 5,134,028,633 in Q1 2020[46] - Net profit for Q1 2021 was CNY 85,836,264, a decrease of 43.0% compared to CNY 150,657,386 in Q1 2020[47] - The company recorded a total comprehensive income of CNY -133,799,909 for Q1 2021, compared to CNY -418,130,732 in Q1 2020[50] - Total profit for Q1 2021 reached CNY 44,107,081, while the total loss in Q1 2020 was CNY 76,530,371, showcasing a turnaround in financial performance[53] - Net profit for Q1 2021 was CNY 35,226,929, compared to a net loss of CNY 57,141,139 in the same period last year, reflecting improved profitability[53] Cash Flow - The net cash flow from operating activities improved to CNY -182,119,665, compared to CNY -476,690,878 in the previous year, indicating a significant recovery[10] - Cash inflow from operating activities in Q1 2021 was CNY 7,755,370,803, up from CNY 5,803,733,635 in Q1 2020, representing a growth of approximately 33.6%[56] - Cash outflow from operating activities in Q1 2021 totaled CNY 7,937,490,468, compared to CNY 6,280,424,513 in Q1 2020, indicating an increase of about 26.4%[56] - The net cash flow from operating activities for Q1 2021 was negative at CNY -182,119,665, an improvement from CNY -476,690,878 in Q1 2020[56] - Cash inflow from investment activities in Q1 2021 was CNY 33,674,001, down from CNY 38,073,023 in Q1 2020[56] - Cash outflow from investment activities in Q1 2021 was CNY 340,330,527, significantly lower than CNY 799,673,373 in Q1 2020, indicating reduced capital expenditures[56] - The net cash flow from financing activities in Q1 2021 was negative at CNY -434,212,034, compared to a positive inflow of CNY 553,240,557 in Q1 2020, reflecting changes in financing strategy[56] Assets and Liabilities - Total assets at the end of the reporting period were CNY 19,972,169,854, a decrease of 0.54% compared to the end of the previous year[10] - The company's current assets totaled ¥8,233,698,305, down from ¥8,976,852,381 at the end of 2020, indicating a decrease of about 8.27%[36] - Total liabilities stood at ¥11,228,162,758, slightly up from ¥11,165,573,760 at the end of 2020, marking an increase of approximately 0.56%[38] - The company's equity totaled ¥8,744,007,096, down from ¥8,915,264,086 at the end of 2020, indicating a decrease of about 1.92%[38] - Total liabilities decreased to CNY 6,445,286,222 from CNY 7,118,151,819 year-over-year[46] - The company reported a decrease in short-term borrowings to ¥911,226,585 from ¥1,314,421,625, a reduction of approximately 30.7%[38] Shareholder Information - The total number of shareholders at the end of the reporting period was 69,530[14] - The largest shareholder, Bright Food (Group) Co., Ltd., held 51.62% of the shares[14] Government Subsidies and Investments - The company reported a government subsidy income of CNY 21,568,714, which is closely related to its normal business operations[13] - The company plans to invest in new projects, including the establishment of a new dairy farm in Huaibei and acquisitions of agricultural companies[29] - The company has initiated a non-public offering of A-shares to support its strategic expansion plans[29] Operational Costs - Operating costs rose to ¥5,415,079,743, an increase of 58.05% year-on-year, primarily due to higher raw material prices[21] - Total operating costs for Q1 2021 were CNY 6,866,277,537, up 37.5% from CNY 4,999,051,225 in Q1 2020[47] Research and Development - Research and development expenses increased to CNY 21,610,674 in Q1 2021, up from CNY 20,638,537 in Q1 2020[47] Financial Adjustments - The company has implemented new leasing standards starting from 2021, affecting the financial statements[62] - The company did not adjust comparative data for the periods prior to the implementation of the new leasing standards[72]

Financial Performance - The company achieved a net profit of CNY 228,594,457 for the year 2020, with a total distributable profit of CNY 1,883,155,064[6]. - The proposed cash dividend is CNY 0.16 per share, amounting to a total of CNY 195,918,002, which represents 32.25% of the net profit attributable to shareholders[6]. - The company's operating revenue for 2020 was CNY 25.22 billion, an increase of 11.79% compared to CNY 22.56 billion in 2019[23]. - The net profit attributable to shareholders for 2020 was CNY 607.59 million, representing a growth of 21.91% from CNY 498.41 million in 2019[23]. - The net cash flow from operating activities decreased by 10.42% to CNY 2.16 billion in 2020, down from CNY 2.41 billion in 2019[23]. - The total assets at the end of 2020 reached CNY 20.31 billion, a 15.15% increase from CNY 17.64 billion at the end of 2019[23]. - The basic earnings per share for 2020 was CNY 0.50, up 21.95% from CNY 0.41 in 2019[23]. - The company reported a weighted average return on equity of 10.19% for 2020, an increase of 1.16 percentage points from 9.03% in 2019[23]. - The company achieved total revenue of 63.21 billion RMB in 2020, representing a year-on-year growth of 27.57%[48]. - The net profit for the year was 3.03 billion RMB, an increase of 2.18% compared to the previous year[48]. Dividend Policy - The company implemented a cash dividend distribution plan, distributing 1.3 RMB per 10 shares, totaling 159,183,376 RMB in June 2020[108]. - The cash dividend payout ratio for 2020 was 32.25%, compared to 31.94% in 2019 and 35.83% in 2018, indicating a stable return to shareholders[112]. - The company has a long-term commitment to cash dividends, prioritizing shareholder returns while ensuring sustainable operations[108]. Risk Management - The company has outlined various risks including industry risks, livestock disease risks, and food safety risks in its report[10]. - The company emphasizes the importance of investor awareness regarding the risks associated with forward-looking statements in its report[7]. - The company is enhancing its disease prevention system for cattle to mitigate risks associated with livestock diseases, focusing on feed and health management[1]. - The company aims to improve asset liquidity by accelerating accounts receivable collection and inventory management to reduce potential financial risks[1]. Research and Development - The company applied for 110 national patents in 2020, including 101 invention patents[44]. - The company has established a national key laboratory for dairy biotechnology, showcasing its leading research and development capabilities in the industry[34]. - The company will leverage its research platforms to increase innovation and improve the conversion rate of research results[95]. - R&D expenses totaled CNY 72.84 million, representing 0.29% of operating revenue[64]. - The number of R&D personnel was 94, making up 0.8% of the total workforce[64]. Market Strategy - The company operates a dual circulation strategy, leveraging both domestic and international markets to enhance growth potential in the dairy industry[34]. - The company is recognized as a leader in high-end dairy brands in China, with a sales scale exceeding CNY 20 billion[34]. - The company launched a new fresh milk product line, which quickly penetrated second and third-tier cities after its release in April 2020[45]. - The company signed a long-term supply agreement with a multinational dairy company, enhancing its business diversification[48]. - The company plans to enhance its supply chain competitiveness by optimizing milk source layout and logistics support[99]. Environmental Responsibility - The company emphasizes food safety, establishing a three-tier management system to ensure quality control across the entire supply chain[1]. - Environmental protection measures are being strengthened, including waste treatment and resource utilization, to comply with increasing regulatory standards[1]. - The company has established a pollution prevention and control facility that operates in compliance with environmental regulations, ensuring normal operation[146]. - The company has developed self-monitoring plans for major pollutants, adhering to local environmental department requirements[151]. - No environmental pollution incidents occurred during the reporting period, demonstrating the company's commitment to environmental protection[152]. Corporate Governance - The company has maintained compliance with corporate governance regulations, ensuring equal rights for all shareholders[194]. - The company is actively managing its governance structure to ensure compliance and effective oversight[176]. - The board of directors held a total of 14 meetings in 2020, with 3 in-person meetings and 11 conducted via communication methods[199]. - The audit committee convened 7 times in 2020, approving 19 proposals including the estimated daily related transactions for the year[200]. - The company is committed to transparency in its remuneration practices, as evidenced by the detailed disclosure of executive compensation[173]. Employee Management - The company employed a total of 11,856 staff, including 3,854 production personnel and 3,953 sales personnel[187]. - The total amount paid for labor outsourcing was CNY 712,132,762[190]. - The company has established a performance-oriented compensation policy that links employee income to individual, departmental, and company performance[188]. - The company has implemented various training programs, including online sales training and food safety training, to enhance employee skills[189].

Financial Performance - Operating revenue for the first nine months rose by 9.26% to CNY 18,724,916,802 compared to the same period last year[10] - Net profit attributable to shareholders decreased by 4.16% to CNY 425,501,716 year-on-year[10] - Cash flow from operating activities decreased by 20.33% to CNY 1,477,214,370 for the first nine months[10] - The weighted average return on net assets decreased by 0.73 percentage points to 7.34%[10] - Total operating revenue for Q3 2020 reached RMB 6.58 billion, an increase of 8.8% compared to RMB 6.05 billion in Q3 2019[40] - Net profit for Q3 2020 was RMB 106.23 million, slightly up from RMB 103.41 million in Q3 2019, reflecting a growth of 1.8%[44] - The total profit for Q3 2020 was RMB 96.66 million, down from RMB 150.83 million in Q3 2019, reflecting a decline of 35.9%[44] Assets and Liabilities - Total assets increased by 14.31% year-on-year to CNY 20,161,643,371[10] - Current assets increased to ¥8,897,481,857 as of September 30, 2020, up from ¥7,205,510,710 on December 31, 2019, representing a growth of approximately 23.5%[31] - Total liabilities increased to ¥12,265,897,267 from ¥10,220,165,759, reflecting a growth of approximately 20.1%[33] - Non-current assets totaled ¥11,264,161,514, up from ¥10,431,596,095, indicating an increase of about 8.0%[31] - The company's total assets reached ¥20,161,643,371, compared to ¥17,637,106,805, which is an increase of approximately 14.3%[33] - Total current liabilities amounted to ¥9,328,444,757, compared to ¥8,230,772,133, reflecting an increase of about 13.4%[33] Cash Flow - The cash inflow from operating activities for the first three quarters of 2020 was CNY 21.85 billion, an increase of 10.7% compared to CNY 19.73 billion in the same period of 2019[50] - The net cash flow from operating activities decreased to CNY 1.48 billion in 2020 from CNY 1.85 billion in 2019, representing a decline of 20.2%[50] - The cash inflow from financing activities totaled CNY 2.42 billion in 2020, down from CNY 4.15 billion in 2019[52] - The net cash flow from financing activities was CNY 756.91 million in 2020, compared to a negative CNY 372.92 million in 2019[52] Shareholder Information - The number of shareholders at the end of the reporting period was 66,247[13] - The largest shareholder, Bright Food (Group) Co., Ltd., holds 51.62% of the shares[13] - The equity attributable to shareholders increased to ¥5,971,225,237 from ¥5,717,938,355, showing a growth of approximately 4.4%[33] Investments and Expenses - R&D expenses rose by 43.83% to ¥67,507,919, primarily due to increased spending on new product development[20] - The company reported a decrease in investment income, with a loss of ¥5,742,602 compared to a gain of ¥1,495,844 in the previous year, primarily due to reduced returns from joint ventures[20] - Long-term equity investments increased by 57.52% to CNY 118,461,421[17] Revenue Recognition Standards - The company implemented the new revenue recognition standards starting January 1, 2020, in accordance with the Ministry of Finance's notification[66] - The company will adjust the financial statement amounts for relevant items at the beginning of 2020 based on the cumulative impact of the first-time application of the new revenue standards[66] - The comparable period data will not be adjusted due to the implementation of the new revenue standards[66] - The new revenue standards are applicable to domestic listed companies from January 1, 2020[66] - The Ministry of Finance's notification was issued on July 5, 2017, regarding the revision of the revenue recognition standards[66]