Financial Performance - The company's operating revenue for the first half of 2022 was CNY 560,410,850.70, a decrease of 11.86% compared to CNY 635,826,712.95 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2022 was CNY 81,840,039.10, down 17.37% from CNY 99,041,367.45 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 75,560,844.12, a decline of 19.22% compared to CNY 93,544,158.28 in the same period last year[19]. - The net cash flow from operating activities was CNY 64,806,764.61, a significant drop of 47.17% from CNY 122,667,728.19 in the previous year[19]. - Basic earnings per share decreased by 17.36% to CNY 0.1000 compared to the same period last year[20]. - Diluted earnings per share also decreased by 17.36% to CNY 0.1000 compared to the same period last year[20]. - The weighted average return on equity fell to 3.805%, down from 4.770% in the previous year, a decrease of 0.965 percentage points[20]. - The company's operating costs were CNY 379.88 million, a reduction of 6.47% from the previous year[35]. - Sales expenses decreased by 16.37% to CNY 67.77 million, primarily due to reduced advertising and transportation costs[35]. - The company reported a significant decrease in R&D expenses, down 89.77% to CNY 1.51 million[36]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,554,963,544.85, a decrease of 4.34% from CNY 2,670,927,941.23 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were CNY 2,093,490,875.10, down 0.78% from CNY 2,109,894,950.60 at the end of the previous year[19]. - Total liabilities decreased by 12.37% to approximately 419.35 million from 478.57 million[39]. - Current liabilities decreased from CNY 464,878,190.10 to CNY 355,540,724.97, a reduction of about 23.5%[110]. - Non-current liabilities increased from CNY 53,443,979.48 to CNY 63,810,495.27, an increase of approximately 19.5%[110]. - The total current assets decreased from 1,858,286,043.23 RMB to 1,624,545,462.85 RMB, a decline of about 12.6%[108]. - The company's fixed assets decreased from 429,516,052.64 RMB to 399,488,997.20 RMB, a decrease of approximately 7%[108]. Cash Flow - The cash flow from operating activities fell by 47.17% to CNY 64.81 million, influenced by reduced cash receipts from sales[37]. - Cash inflows from operating activities totaled CNY 669.67 million, slightly down from CNY 691.96 million in the same period last year, a decrease of 3.2%[123]. - Cash outflows from operating activities were CNY 604.86 million, compared to CNY 569.30 million in the first half of 2021, an increase of 6.2%[123]. - The net cash flow from financing activities was -CNY 184.70 million, compared to -CNY 27.61 million in the first half of 2021, indicating increased cash outflows[124]. Strategic Partnerships and Market Presence - The company has established long-term partnerships with major clients such as McDonald's and IKEA, enhancing its market presence[27]. - The company aims to expand its market reach and enhance consumer engagement through product development and brand recognition[27]. - The company is expanding its product offerings in the pre-prepared food sector, responding to increased consumer demand during the pandemic[33]. - The company is focusing on health-oriented product development and expanding online marketing channels to reach consumers more effectively[32]. Risks and Compliance - The company has disclosed potential risks in the third section of the report, which investors should review[6]. - The company faces risks including food safety, market price fluctuations, and management challenges from diversification[52][53]. - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[7]. - The company received a warning letter from the China Securities Regulatory Commission regarding administrative regulatory measures taken against the company and certain executives[77]. - The company has completed rectification of internal control deficiencies identified during the review of relevant laws and regulations[77]. Shareholder Information - The company has a total of 4,960,435.28 RMB in related party debts, with a net balance of 3,081,463.10 RMB after transactions[87]. - The total number of shares held by the top shareholder, Fucheng Investment Group Co., Ltd., is 290,697,674, representing 35.51% of the total shares[102]. - The second-largest shareholder, Li Fucheng, holds 133,123,825 shares, accounting for 16.26% of the total shares[102]. - The company has 26,135 ordinary shareholders as of the end of the reporting period[100]. Environmental and Social Responsibility - The company has undertaken environmental protection measures, including the replacement of 4 coal-fired boilers with gas boilers to reduce emissions[65]. - The company has upgraded its wastewater treatment facility to ensure compliance with discharge standards[65]. Future Outlook - The company has set a target to further expand its market presence and enhance product offerings in the upcoming quarters, focusing on innovation and customer engagement strategies[135]. - The company plans to invest in new product development and technology upgrades to improve operational efficiency and product quality[135]. - The company has also indicated potential strategic partnerships and acquisitions to bolster its market position and expand its product lines[135].

河北福成五丰食品股份有限公司 2022 年第一季度报告 证券代码：600965 证券简称：福成股份 河北福成五丰食品股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整，不存 在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人李良、主管会计工作负责人甄兰兰及会计机构负责人（会计主管人员）张晶保证季度 报告中财务报表信息的真实、准确、完整。 1 / 11 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期增减 变动幅度(%) 营业收入 317,203,099.14 10.13 归属于上市公司股东的净利润 51,291,032.02 55.57 归属于上市公司股东的扣除非经常 性损益的净利润 50,105,624.84 59.43 经营活动产生的现金流量净额 44,062,570.41 -10.20 基本每股收益（元/股） 0.0626 55.33 稀释每股收益（元/ ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 560,410,850.70, a decrease of 11.86% compared to CNY 635,826,712.95 in the same period last year[19]. - The net profit attributable to shareholders for the first half of 2022 was CNY 81,840,039.10, down 17.37% from CNY 99,041,367.45 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 75,560,844.12, a decline of 19.22% compared to CNY 93,544,158.28 in the same period last year[19]. - The net cash flow from operating activities was CNY 64,806,764.61, a significant drop of 47.17% from CNY 122,667,728.19 in the previous year[19]. - Basic earnings per share decreased by 17.36% to CNY 0.1000 compared to the same period last year[20]. - Weighted average return on equity fell to 3.805%, down 0.965 percentage points year-on-year[20]. - The company's operating costs for the same period were CNY 379.88 million, a decrease of 6.47% compared to the previous year, with a 12.45% decline in main business income[35]. - The company reported a significant reduction in R&D expenses, which fell by 89.77% to CNY 1.51 million, primarily due to decreases in labor, material, and depreciation costs[36]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,554,963,544.85, a decrease of 4.34% from CNY 2,670,927,941.23 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were CNY 2,093,490,875.10, down 0.78% from CNY 2,109,894,950.60 at the end of the previous year[19]. - Cash and cash equivalents decreased by 20.72% to CNY 794,049,016.71, accounting for 31.08% of total assets[39]. - Short-term borrowings decreased by 44.44% to CNY 100,000,000.00, reflecting a reduction in bank loans[39]. - Accounts payable decreased by 35.90% to CNY 72,787,589.59, indicating a reduction in payable goods[39]. - Total liabilities decreased from CNY 518,322,169.58 to CNY 419,351,220.24, a reduction of approximately 19.09%[101]. Business Operations - The company has a live cattle inventory of 9,822 heads, indicating ongoing expansion in beef cattle breeding and slaughtering[25]. - The food processing segment has established strong partnerships with major clients, including McDonald's and IKEA, enhancing market presence[27]. - The company operates 32 chain restaurants, focusing on high-quality ingredients and direct management to ensure quality control[28]. - The funeral service business has developed a cemetery with a total area of over 760 acres, providing approximately 125,000 burial plots[28]. - The company aims to enhance its product development and market reach in the pre-prepared food sector, driven by increasing consumer demand[27]. - The impact of COVID-19 has significantly affected restaurant operations, with reduced operating days leading to revenue challenges[28]. - The company is committed to integrating agricultural and food processing services, creating a comprehensive supply chain from farming to dining[24]. Risk Management - The company has disclosed potential risks in the third section of the report, which investors should be aware of[6]. - The company emphasizes that forward-looking statements do not constitute a commitment to investors, highlighting the importance of recognizing investment risks[5]. - The company faces risks related to food safety, market price fluctuations, and management of diversified operations[44][45]. Corporate Governance - The company did not distribute profits or increase capital reserves during this reporting period[4]. - The report has not been audited, and the management has confirmed the accuracy and completeness of the financial report[7]. - The company held its annual general meeting on May 19, 2022, where 17 resolutions were approved without any dissenting votes[49]. - The company has made changes in its board of directors, with several resignations and new appointments effective from May 19, 2022[50]. - The company has not disclosed any new developments regarding its employee stock ownership plan since its last announcement[53]. Environmental and Social Responsibility - The company has implemented environmental protection measures, including the replacement of 4 coal-fired boilers with gas boilers to eliminate dust emissions[56]. - The company upgraded its industrial wastewater treatment facility in 2019, which became operational in 2020, ensuring that wastewater is treated to meet standards before discharge[56]. - The company continues to adhere to green development principles, emphasizing resource conservation and environmental protection in its operations[56]. - The company has actively promoted energy management and encouraged energy conservation and waste reduction in its operations[56]. Legal and Compliance Issues - The company received a warning letter from the China Securities Regulatory Commission regarding administrative regulatory measures taken against the company and its executives[68]. - The company has completed rectification of internal control deficiencies identified and has organized training on relevant laws and regulations for its directors and senior management[68]. - The company is currently involved in an ongoing investigation regarding a contract fraud case related to Tian De Fu Di Cemetery[81]. Shareholder Information - The major shareholder, Fucheng Group, holds 35.51% of the company's shares, which may influence operational and financial decisions[44]. - The total number of ordinary shareholders as of the reporting period was 26,135[91]. - The largest shareholder, Fucheng Investment Group Co., Ltd., holds 290,697,674 shares, accounting for 35.51% of total shares[93]. - Li Fucheng, the second-largest shareholder, holds 133,123,825 shares, representing 16.26%[93]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the accrual basis of accounting, reflecting the company's financial position and operating results accurately[142]. - The company follows specific accounting policies for business combinations, including the treatment of goodwill and identifiable net assets[151]. - The company assesses impairment of assets and recognizes impairment losses as per relevant regulations[142]. - The company recognizes expected credit losses based on the significant increase in credit risk since initial recognition, measuring losses over the entire lifetime if risk has increased significantly[177].

河北福成五丰食品股份有限公司 2021 年年度报告 公司代码：600965 公司简称：福成股份 河北福成五丰食品股份有限公司 2021 年年度报告 1 / 204 河北福成五丰食品股份有限公司 2021 年年度报告 重要提示 审计报告（三）强调事项 我们提醒财务报表使用者关注，如财务报表附注十一、4 所述，福成五丰公司控股子公司湖 南韶山天德福地陵园责任公司被韶山市公安局出具《立案决定书》，决定对湖南韶山天德福地陵 园责任公司等公司非法吸收公众存款案立案侦查。本段内容不影响已发表的审计意见。 四、 公司负责人李良、主管会计工作负责人程静（除外）及会计机构负责人（会计主管人员）张 晶声明：保证年度报告中财务报告的真实、准确、完整。主管会计工作负责人程静未签署年 度报告中财务报告书面确认意见，不保证年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 公司拟以2021年度末总股本818,700,955股为基数，向全体股东每10股派现金红利1.2元（含 税），合计分配现金红利98,244,114.60元，剩余未分配利润结转以后年度分配。 本年度无资本公积金转增股本方 ...

河北福成五丰食品股份有限公司 2022 年第一季度报告 证券代码：600965 证券简称：福成股份 河北福成五丰食品股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈 述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 公司董事会、监事会及董事、监事、高级管理人员（主管会计工作负责人程静除外）保证季度报 告内容的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法 律责任。 公司负责人李良及会计机构负责人（会计主管人员）张晶保证季度报告中财务报表信息的真实、 准确、完整。主管会计工作负责人程静不保证季度报告中财务信息的真实、准确、完整。 第一季度财务报表是否经审计 □是√否 一、 主要财务数据 (一)主要会计数据和财务指标 1 / 11 单位：元 币种：人民币 项目 本报告期 本报告期比上年同期增减 变动幅度(%) 营业收入 320,198,299.14 11.17 归属于上市公司股东的净利润 53,387,142.78 61.93 归属于上市公司股东的扣除非经常 性损益的净利润 52,201,73 ...

Financial Performance - The company's operating revenue for 2021 was CNY 1,268,506,611.25, representing a 16.77% increase compared to CNY 1,086,334,896.36 in 2020[23]. - Net profit attributable to shareholders for 2021 was CNY 150,336,976.91, a 24.49% increase from CNY 120,758,506.49 in 2020[23]. - The basic earnings per share for 2021 was CNY 0.1836, reflecting a 24.47% increase from CNY 0.1475 in 2020[24]. - The weighted average return on equity for 2021 was 5.878%, up from 4.411% in 2020[24]. - The net cash flow from operating activities for 2021 was CNY 51,801,516.95, a significant decrease of 76.16% from CNY 217,272,753.96 in 2020[23]. - The total assets at the end of 2021 were CNY 2,670,927,941.23, an increase of 5.56% from CNY 2,530,273,081.45 at the end of 2020[23]. - The net assets attributable to shareholders at the end of 2021 were CNY 2,109,894,950.60, a 3.35% increase from CNY 2,041,428,069.19 at the end of 2020[23]. - The company achieved a total revenue of 1.269 billion yuan and a net profit attributable to shareholders of 150 million yuan in 2021, representing year-on-year growth of 16.77% and 24.49% respectively[32]. - The company’s net profit excluding non-recurring gains and losses reached 141 million yuan, a significant increase of 72.91% compared to the previous year[32]. Dividend and Share Capital - The company plans to distribute a cash dividend of 1.2 RMB per 10 shares, totaling 98,244,114.60 RMB for the year 2021[6]. - The total share capital at the end of 2021 was 818,700,955 shares[6]. - The company has not proposed any capital reserve to increase share capital for the year[6]. Risk Management and Compliance - The company has reported a significant risk related to the illegal fundraising case involving its subsidiary, which is under investigation[5]. - The financial report has been audited by Yongtuo Accounting Firm, which issued a report with an emphasis on certain matters[5]. - The management has assured the accuracy and completeness of the financial report, except for the accounting supervisor who did not sign the confirmation[5]. - The company has confirmed that there are no violations in decision-making procedures regarding external guarantees[8]. - The report includes a detailed description of potential risks that the company may face in its future development[9]. - The company has emphasized the importance of reading the detailed explanations provided in the financial report regarding the risks involved[7]. Business Operations and Strategy - The company’s beef cattle breeding and slaughtering business has established a stock of 7,468 live cattle, aiming to meet the national target of 85% self-sufficiency in beef by 2025[34]. - The company’s food processing business generated revenue of 885 million yuan, with pre-prepared dishes contributing 302 million yuan, reflecting a year-on-year growth of 8.7% and 10.32% respectively[35]. - The restaurant service segment reported revenue of 197 million yuan, showing a year-on-year increase of 15.43% with a gross margin improvement of 2.44 percentage points[36]. - The company is focusing on ecological agriculture and has made progress in agricultural planting and ecological restoration projects, leveraging existing resources and market demand[39]. - The company plans to expand its live cattle stock and invest in upgrading existing facilities to support downstream business development[34]. - The company is enhancing its product development efforts, focusing on health-oriented and high-quality products to meet changing consumer demands[35]. - The company is actively optimizing its supply chain by purchasing raw materials at lower prices to reduce average costs[35]. - The company is committed to strengthening its core business through talent development, product service innovation, and marketing channel expansion[36]. Corporate Governance - The company held its annual general meeting in April 2021, approving 15 resolutions without any objections[129]. - The company held its first extraordinary general meeting in August 2021, approving 2 resolutions without any objections[131]. - The company is focused on enhancing investor relations and communication, with dedicated staff managing these efforts[122]. - The company has a structured salary system, which includes basic salary, position salary, and various allowances, adjusted according to operational performance and local living standards[164]. - The company has established a comprehensive training program covering all employees, including new employee orientation and specialized training for management and technical staff[165]. Market and Industry Insights - The company’s market share in the funeral service industry is very small, as the market is highly fragmented[46]. - The new Food Waste Law emphasizes resource conservation and food safety, which will influence the operational strategies of the catering service industry[45]. - The company’s food processing revenue accounts for less than 1% of the total sales in the national food processing manufacturing industry[43]. - The company aims to enhance service quality and meet personalized customer needs in the funeral service sector under new regulatory frameworks[46]. - The company’s livestock farming industry faces challenges such as low scale and concentration, with a lack of large-scale beef cattle farming groups[42]. Financial Management - The company has committed to strict internal control and cost management to improve profitability and ensure product quality and safety[113]. - The company has maintained a continuous cash dividend policy for 17 years since its listing, ensuring fair treatment of all shareholders[181]. - The company has effectively managed COVID-19 prevention measures to ensure employee health and safety during the pandemic[181]. - The company has established a systematic internal control framework to enhance management effectiveness and risk prevention[175]. Future Outlook - The company plans to invest in or acquire quality assets that align with its strategic development goals[112]. - The company has not reported any new product developments or technological advancements in the current document[134]. - There are no indications of market expansion or mergers and acquisitions mentioned in the report[134]. - The report does not provide specific future outlook or performance guidance for the upcoming periods[134].

河北福成五丰食品股份有限公司 2021 年第三季度报告 证券代码：600965 证券简称：福成股份 河北福成五丰食品股份有限公司 (一)主要会计数据和财务指标 | | | | | 单位：元 币种：人民币 | | | --- | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 本报告期比 上年同期增 | | 年初至报告期 末比上年同期 | | | | | | 年初至报告期末 | | | | | | 减变动幅度 | | 增减变动幅度 | | | | | (%) | | (%) | | | 营业收入 | 348,127,571.47 | 13.01 | 983,954,284.42 | 28.66 | | | 归属于上市公司股东的净 利润 | 48,757,490.17 | 15.63 | 147,798,857.62 | 69.69 | | | 归属于上市公司股东的扣 除非经常性损益的净利润 | 47,499,795.94 | 34.37 | 141,043,954.22 | | 90.61 | | 经营活动产生的现金流量 | 不适用 | 不适用 | 46,002,419. ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 635,826,712.95, representing a 39.22% increase compared to CNY 456,711,500.62 in the same period last year[20]. - Net profit attributable to shareholders of the listed company reached CNY 99,041,367.45, a significant increase of 120.43% from CNY 44,931,923.60 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 93,544,158.28, up 142.06% from CNY 38,645,035.46 in the same period last year[20]. - Basic earnings per share for the first half of 2021 were CNY 0.1210, up 120.40% from CNY 0.0549 in the same period last year[21]. - The weighted average return on net assets increased to 4.77%, compared to 2.20% in the previous year, indicating improved profitability[21]. - The company's total revenue for the first half of 2021 was 635.83 million RMB, a year-on-year increase of 39.22% from 456.71 million RMB[35]. - Net profit attributable to shareholders for the first half of 2021 reached 99 million RMB, representing a 120.43% increase compared to 45 million RMB in the previous year[35]. - The revenue from the funeral service segment increased by 126.96%, while the catering segment saw an 80.87% rise in revenue[40]. Cash Flow and Assets - The net cash flow from operating activities was CNY 122,667,728.19, an increase of 67.97% compared to CNY 73,030,463.83 in the previous year[20]. - The company's total assets at the end of the reporting period were CNY 2,679,767,254.92, reflecting a 5.91% increase from CNY 2,530,273,081.45 at the end of the previous year[20]. - Cash and cash equivalents rose by 15.79% to CNY 623,455,149.11, accounting for 23.27% of total assets[43]. - The company's cash and cash equivalents at the end of the period stood at CNY 543,455,149.11, up from CNY 411,368,577.27 in the previous year[127]. - The total cash inflow from operating activities reached CNY 691,963,099.37, up from CNY 539,872,712.32 in the first half of 2020, representing a growth of 28.2%[126]. Business Segments and Strategy - The growth in profit was primarily driven by the restaurant and funeral service sectors, which have nearly returned to pre-pandemic performance levels[22]. - The operation of the Grain Run Ecological Agriculture segment also contributed to the company's profit during the reporting period[22]. - The company has established a comprehensive "central kitchen" business model integrating beef cattle breeding, slaughtering, food processing, and catering services[28]. - The company is focusing on optimizing its business structure and enhancing product quality to drive performance growth[29]. - The company plans to maintain a self-sufficiency rate of 85% for beef and lamb by 2025, with production targets of 6.8 million tons and 5 million tons respectively[32]. - The company is actively involved in the funeral service industry, leveraging its geographical advantages to attract a large potential customer base[31]. - The company’s food processing segment is expected to continue its steady growth, driven by increasing consumer demand for convenient and healthy food products[29]. - The company’s strategic focus includes enhancing its dual business model of food processing and funeral services to ensure stable and healthy development[29]. Investments and Partnerships - The company invested 8.8 million RMB to establish the Grain Run Ecological Agriculture cooperative, holding an 88% stake, aimed at promoting local agricultural development[31]. - The company has formed long-term stable partnerships with high-quality clients such as Wanglaoji, FamilyMart, IKEA, and McDonald's, enhancing its brand recognition[33]. - The company is expanding into the funeral service industry through acquisitions, diversifying from its traditional food processing and catering business[49]. Risks and Compliance - The company faces risks related to food safety, market price fluctuations, and regulatory changes in the funeral services industry[46][50]. - The company has committed to ensuring that its operations and those of its controlled entities do not compete with Fucheng Wufeng and its subsidiaries[66]. - The company will adhere to relevant laws and regulations to minimize related party transactions with Fucheng Wufeng and its subsidiaries post-restructuring[66]. Environmental and Social Responsibility - The company has implemented measures to enhance environmental protection, including the replacement of coal boilers with gas boilers to eliminate pollutant emissions[61]. - The company has upgraded its wastewater treatment facilities, which became operational in 2020, ensuring compliance with discharge standards[61]. - The company has made commitments regarding the payment of social insurance and housing funds for employees, ensuring compliance with legal requirements[64]. Shareholder and Governance - The largest shareholder, Fucheng Group, holds 35.51% of the company's shares, which may influence operational and financial decisions[47]. - The company reported no profit distribution or capital reserve transfer plans for the half-year period, with no dividends or bonus shares proposed[55]. - The first phase of the employee stock ownership plan involved the purchase of 16,257,986 shares, accounting for 1.99% of the total share capital, with a lock-up period of 12 months[56]. - The employee stock ownership plan's duration has been extended by 36 months, now set to end on June 29, 2023[57]. Legal and Regulatory Matters - The company has not faced any administrative penalties due to environmental issues during the reporting period[60]. - The company has no significant litigation or arbitration matters during the reporting period[69]. - The company has initiated arbitration proceedings regarding the performance commitment dispute with the original shareholders of Tian Defu Cemetery[88]. Accounting and Financial Reporting - The financial statements are prepared based on the going concern principle, indicating no significant issues affecting the company's ability to continue operations for at least 12 months[162]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial reports accurately reflect its financial status and operational results[163]. - The company has established a robust framework for accounting treatment of mergers and acquisitions, ensuring proper valuation and reporting of assets and liabilities[169]. - The company recognizes expected credit losses for financial assets, including receivables, based on significant increases in credit risk since initial recognition[195].

[Definitions](index=4&type=section&id=第一节%20释义) This section provides definitions of key terms used throughout the report [Company Profile and Key Financial Indicators](index=5&type=section&id=第二节%20公司简介和主要财务指标) This section outlines the company's basic information and presents key financial data and indicators for recent years [Company Basic Information](index=5&type=section&id=一、%20公司信息) Hebei Fucheng Wufeng Food Co., Ltd. (Fucheng Shares, stock code 600965) is a company listed on the Shanghai Stock Exchange, with Li Gaosheng as its legal representative - | Item | Information | | :--- | :--- | | **Company Chinese Name** | Hebei Fucheng Wufeng Food Co., Ltd. | | **Company Chinese Abbreviation** | Fucheng Shares | | **Stock Exchange** | Shanghai Stock Exchange | | **Stock Code** | 600965 | | **Legal Representative** | Li Gaosheng | [Key Financial Data and Indicators](index=6&type=section&id=七、%20近三年主要会计数据和财务指标) In 2016, the company achieved operating revenue of 1.371 billion Yuan, a 2.02% year-on-year increase; net profit attributable to shareholders was 185 million Yuan, up 11.04%; basic earnings per share were 0.23 Yuan, increasing by 15.00%; and total assets grew 29.07% to 2.603 billion Yuan 2016 Annual Key Accounting Data | Key Accounting Data | 2016 | 2015 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 1,370,995,900.08 | 1,343,812,355.13 | 2.02 | | Net Profit Attributable to Shareholders (Yuan) | 184,743,226.22 | 166,380,400.38 | 11.04 | | Net Profit Attributable to Shareholders (Excl. Non-recurring Items) (Yuan) | 160,643,512.11 | 108,139,282.79 | 48.55 | | Net Cash Flow from Operating Activities (Yuan) | 212,010,334.03 | 258,105,639.00 | -17.86 | | **(Period-end)** | **2016 Year-end** | **2015 Year-end** | **YoY Change (%)** | | Net Assets Attributable to Shareholders (Yuan) | 1,754,404,347.21 | 1,626,970,187.84 | 7.83 | | Total Assets (Yuan) | 2,602,546,027.60 | 2,016,341,045.99 | 29.07 | 2016 Annual Key Financial Indicators | Key Financial Indicators | 2016 | 2015 | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.23 | 0.20 | 15.00 | | Basic EPS (Excl. Non-recurring Items) (Yuan/share) | 0.20 | 0.16 | 25.00 | | Weighted Average Return on Net Assets (%) | 10.93 | 10.58 | Increased by 0.35 percentage points | | Weighted Average Return on Net Assets (Excl. Non-recurring Items) (%) | 9.50 | 8.43 | Increased by 1.07 percentage points | - In 2016, non-recurring gains and losses totaled **24.1 million Yuan**, primarily from disposal gains/losses on non-current assets (**22.8 million Yuan**) and government grants (**5.38 million Yuan**)[27](index=27&type=chunk)[28](index=28&type=chunk) [Company Business Overview](index=8&type=section&id=第三节%20公司业务概要) This section provides an overview of the company's main businesses, operating models, and industry conditions, along with significant asset changes and core competencies [Main Businesses, Operating Models, and Industry Conditions](index=8&type=section&id=一、报告期内公司所从事的主要业务、经营模式及行业情况说明) The company has established four main business segments: livestock breeding and slaughter, food processing, catering services, and funeral services, with the high-margin funeral business acquired in 2014 contributing over half of the company's profit - The company has formed a multi-business structure encompassing livestock breeding and slaughter, food processing, catering services, and funeral services[30](index=30&type=chunk) - The newly added funeral service industry has a **higher gross margin**, contributing **over half of the company's profit**, and is a key focus for future mergers and acquisitions[31](index=31&type=chunk)[32](index=32&type=chunk) [Significant Changes in Major Assets](index=10&type=section&id=二、报告期内公司主要资产发生重大变化情况的说明) During the reporting period, the company significantly adjusted its asset structure by contracting catering operations, divesting dairy farm resources, investing over 200 million Yuan in Australian beef cattle resources, and increasing investment in funeral services via M&A funds, with overseas assets reaching 14.74% of total assets - The company actively adjusted its business structure by **reducing catering capacity** (terminating 15 stores) and **divesting dairy farm resources**[33](index=33&type=chunk) - The company continued to expand upstream, investing **over 200 million Yuan** in Australian beef cattle resources and increasing investment in the funeral service industry[33](index=33&type=chunk) - As of the end of the reporting period, the company's overseas assets reached **384 million Yuan**, accounting for **14.74% of total assets**[34](index=34&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=三、报告期内核心竞争力分析) The company's core competencies include a complete industry chain from beef cattle farming to catering, a highly recognized "Fucheng" brand, efficient logistics in the Beijing-Tianjin-Hebei region, and a unique position as the sole A-share listed funeral service company - The company has built a **complete industry chain** from beef cattle breeding, slaughter, and food processing to catering services, extending upstream to Australian farming bases[35](index=35&type=chunk) - The company is the **only A-share listed company with funeral services**, enjoying high industry recognition and capital market awareness, which provides a strong foundation for transformation and upgrading[39](index=39&type=chunk) [Management Discussion and Analysis (MD&A)](index=11&type=section&id=第四节%20经营情况讨论与分析) This section provides a comprehensive discussion and analysis of the company's operating performance, main business segments, asset and liability status, investment activities, and future development outlook [Overall Operating Performance](index=11&type=section&id=一、经营情况讨论与分析) In 2016, the company achieved operating revenue of 1.371 billion Yuan, up 2.02%, and net profit attributable to shareholders of 185 million Yuan, up 11.04%, driven by stable food production, strong funeral services, and strategic contraction in catering 2016 Annual Performance Overview | Indicator | Amount | YoY Growth | | :--- | :--- | :--- | | **Operating Revenue** | 1.371 Billion Yuan | 2.02% | | **Net Profit Attributable to Shareholders** | 185 Million Yuan | 11.04% | | **Earnings Per Share** | 0.23 Yuan | 15% | - The company's business segments have clear strategies: **stable growth in food production**, **proactive capacity reduction in catering services**, and **continued increased investment in the funeral industry**[41](index=41&type=chunk) [Main Business Analysis](index=11&type=section&id=%28一%29主营业务分析) During the reporting period, the company's main business revenue slightly increased by 1.54%, with livestock and funeral services growing by 8.58% and 20.18% respectively, while catering revenue decreased by 17.57% due to store closures; the funeral business, with an 84.84% gross margin, was a core profit driver, while financial expenses surged 132.99% due to increased financing, and operating cash flow decreased by 17.86% [Revenue and Cost Analysis](index=12&type=section&id=1.%20收入和成本分析) The company's main business revenue grew 1.54% year-on-year, driven by livestock and funeral services, which increased by 8.58% and 20.18% respectively, while catering revenue declined 17.57% due to strategic store reductions; all segments saw improved gross margins, with funeral services at 84.84%, livestock at 16.99%, and catering at 68.98% Main Business by Industry Segment | Industry Segment | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Change in Operating Revenue (%) | | :--- | :--- | :--- | :--- | :--- | | **Livestock Breeding, Slaughter, and Food Processing** | 802,823,888.92 | 666,410,032.82 | 16.99 | 8.58 | | **Catering Services** | 356,416,796.43 | 110,557,206.69 | 68.98 | -17.57 | | **Funeral Services** | 197,258,381.81 | 29,894,589.46 | 84.84 | 20.18 | | **Total** | 1,356,499,067.16 | 806,861,828.97 | 40.52 | 1.54 | - Livestock revenue growth was primarily due to increased income from **beef, lamb, and deeply processed products**; catering revenue decreased due to a **reduction in store count**; and funeral service revenue growth benefited from a **year-on-year increase in sales prices**[46](index=46&type=chunk) [Expense Analysis](index=15&type=section&id=2.%20费用) In 2016, the company's three major expenses showed significant changes: selling expenses decreased by 8.16% due to fewer catering stores and cost control; administrative expenses rose 4.51% due to increased employee compensation; and financial expenses surged 132.99% due to higher interest payments from increased financing Period Expense Changes | Expense Item | Current Period Amount (Ten Thousand Yuan) | YoY Change (%) | Primary Reason | | :--- | :--- | :--- | :--- | | **Selling Expenses** | 22,770.21 | -8.16% | Decrease in personnel, depreciation, and amortization due to fewer catering stores | | **Administrative Expenses** | 5,829.60 | 4.51% | Increase in employee compensation and company expenses | | **Financial Expenses** | 1,110.66 | 132.99% | Increased financing amount, leading to higher interest expenses | [Cash Flow Analysis](index=16&type=section&id=4.%20现金流) During the reporting period, net cash flow from operating activities was 212 million Yuan, a 17.86% decrease year-on-year due to reduced receivables; net cash outflow from investing activities was 142 million Yuan, a 33.67% decrease; and net cash inflow from financing activities surged 437.24% to 133 million Yuan, primarily due to increased bank borrowings Net Cash Flow Changes | Item | Current Period Net Amount (Yuan) | Prior Period Net Amount (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | **Operating Activities** | 212,010,334.03 | 258,105,639.00 | -17.86 | | **Investing Activities** | -141,566,152.03 | -213,433,090.79 | 33.67 | | **Financing Activities** | 133,154,400.57 | -39,483,820.07 | 437.24 | [Analysis of Assets and Liabilities](index=16&type=section&id=%28三%29%20资产、负债情况分析) As of year-end 2016, total assets reached 2.603 billion Yuan, up 29.07%, while total liabilities surged 118.51% to 847 million Yuan, driven by increased cash from financing and investments in M&A funds on the asset side, and significant increases in short-term borrowings and notes payable on the liability side Major Balance Sheet Item Changes | Item | Period-end Amount (Yuan) | Period-start Amount (Yuan) | Change Ratio (%) | Primary Reason | | :--- | :--- | :--- | :--- | :--- | | **Cash and Cash Equivalents** | 812,485,322.71 | 343,556,582.43 | 136.49 | Funds from financing deposited | | **Intangible Assets** | 225,872,164.26 | 42,972,273.38 | 425.62 | Addition of land from Australian company | | **Other Non-current Assets** | 188,490,281.79 | 3,358,655.00 | 5,512.08 | Increased investment in Fucheng Hehui Industrial M&A Fund | | **Short-term Borrowings** | 235,235,500.00 | 116,537,957.51 | 101.85 | Increased bank borrowings | | **Notes Payable** | 360,020,000.00 | 10,000,000.00 | 3,500.20 | Increased unexpired bank acceptance bills | [Analysis of Investment Status](index=22&type=section&id=%28五%29%20投资状况分析) The company, through its wholly-owned subsidiary Fucheng Holdings, participated in establishing the Fucheng Hehui Industrial M&A Fund in June 2016, later adjusting its contribution from 450 million Yuan (45% equity, general partner) to 150 million Yuan (15% equity, limited partner), marking a significant non-equity investment - The company participated in establishing the Fucheng Hehui Industrial M&A Fund, adjusting its capital contribution from **450 million Yuan** to **150 million Yuan**, and changing its role from a general partner to a limited partner[82](index=82&type=chunk)[83](index=83&type=chunk) [Company's Future Development Outlook](index=23&type=section&id=三、公司关于公司未来发展的讨论与分析) The company plans to stabilize existing livestock and food processing businesses while accelerating Australian project integration, continue adjusting catering operations for efficiency, and strategically focus on the funeral service industry through organic growth and M&A, aiming to become an industry leader and achieve strategic transformation [Industry Landscape and Trends](index=23&type=section&id=%28一%29%20行业格局和趋势) The company identifies challenges in the livestock industry due to insufficient beef cattle resources and import impacts, views the catering industry as a highly competitive "red ocean" market, and notes that the emerging funeral industry, despite high capital market attention, is still influenced by policy and localized competition, with market integration in its early stages - Livestock industry: **Insufficient beef cattle sources**, **import impacts**, with companies generally seeking overseas upstream resources - Catering industry: A typical **red ocean market** with rapid brand turnover; **cost and quality control are key** - Funeral industry: **Increased capital market attention**, but still dominated by **localized competition**, with industry integration awaiting policy advancement[85](index=85&type=chunk)[86](index=86&type=chunk) [Company Development Strategy and Operating Plan](index=24&type=section&id=%28二%29%20公司发展战略) The company's strategy is clear: stabilize and optimize traditional livestock and food processing, accelerate Australian projects, continue to adjust catering for better cash contribution, and prioritize funeral services through M&A and industrial funds to become an industry leader and achieve strategic transformation - Livestock and food processing: **Stabilize production**, **accelerate investment progress in Australian projects**, and **avoid new external expansion**[87](index=87&type=chunk) - Catering services: **Continue to reduce capacity and adjust store layout**, **optimize existing stores**, and **contribute cash flow to the company's transformation**[87](index=87&type=chunk) - Funeral services: As a **key development focus**, aim to become an **industry leader** and achieve **strategic transformation** through **external mergers and acquisitions** and **industrial fund operations**[87](index=87&type=chunk) [Potential Risks](index=25&type=section&id=%28四%29%20可能面对的风险) The company faces multiple risks, including epidemic and beef cattle resource shortages in livestock, food safety in processing and catering, market price volatility for agricultural products, controlling shareholder risk, management challenges from diversified operations, and overseas operational risks from Australian investments - The company has identified seven major risks: **epidemic risk**, **beef cattle resource shortage risk**, **food safety risk**, **market price fluctuation risk**, **controlling shareholder risk**, **diversified operation management risk**, and **overseas investment risk**[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk)[93](index=93&type=chunk)[94](index=94&type=chunk) [Significant Matters](index=27&type=section&id=第五节%20重要事项) This section details the company's profit distribution policy and the fulfillment of various commitments made during the reporting period [Profit Distribution Policy](index=27&type=section&id=一、普通股利润分配或资本公积金转增预案) The company proposes a 2016 profit distribution plan of 0.7 Yuan cash dividend (tax inclusive) per 10 shares, totaling 57,309,066.85 Yuan, representing 31.02% of net profit attributable to shareholders, consistent with prior years, reflecting a stable dividend policy Dividend Distribution Plans for the Past Three Years | Dividend Year | Dividend per 10 Shares (Yuan) (Tax Incl.) | Cash Dividend Amount (Yuan) (Tax Incl.) | % of Net Profit Attributable to Shareholders | | :--- | :--- | :--- | :--- | | **2016** | 0.7 | 57,309,066.85 | 31.02 | | **2015** | 0.7 | 57,309,066.85 | 34.44 | | **2014** | 0.7 | 36,960,229.67 | 28.03 | [Fulfillment of Commitments](index=28&type=section&id=二、承诺事项履行情况) During the reporting period, the company and related parties strictly fulfilled commitments made during major asset restructuring and equity changes, including share lock-ups, earnings forecasts, and compensation, with some restricted shares from the 2013 restructuring released on December 12, 2016 - Controlling shareholder Fucheng Group committed that shares subscribed in the major asset restructuring would be **locked up for 36 months** starting from July 21, 2015[98](index=98&type=chunk) - Fucheng Group made an earnings commitment for the target asset (Baota Cemetery) for 2014-2018, with a promised net profit (excluding non-recurring items) of **102 million Yuan** for 2016[98](index=98&type=chunk) - Shares subscribed by shareholders such as Fusheng Investment and Teng Zaisheng in the 2013 restructuring completed their **36-month lock-up commitment** on December 12, 2016[98](index=98&type=chunk) [Changes in Ordinary Shares and Shareholder Information](index=36&type=section&id=第六节%20普通股股份变动及股东情况) This section details changes in the company's ordinary shares, particularly restricted shares, and provides an overview of its shareholder structure and controlling parties [Share Changes](index=36&type=section&id=%28二%29%20限售股份变动情况) During the reporting period, the company's total share capital remained unchanged, but approximately 148 million restricted shares held by shareholders like Fusheng Investment, Teng Zaisheng, Li Fucheng, and Li Gaosheng from the 2013 major asset restructuring were released on December 12, 2016, leaving 291 million restricted shares held by the controlling shareholder, Fucheng Group, at year-end Restricted Shares Released This Year | Shareholder Name | Number of Restricted Shares Released This Year | | :--- | :--- | | Fusheng Investment | 73,795,393 | | Teng Zaisheng | 19,419,839 | | Li Fucheng | 17,656,737 | | Li Gaosheng | 17,656,737 | | Yangao Investment | 11,004,575 | | Mengrun Investment | 8,415,264 | | **Total** | **147,948,545** | [Shareholder Information](index=37&type=section&id=三、%20股东和实际控制人情况) As of year-end 2016, the company had 22,665 shareholders, with Fucheng Investment Group Co., Ltd. as the controlling shareholder holding 35.51%, and Li Fucheng and Li Gaosheng (father and son) as the actual controllers; the top three shareholders, including Sanhe Fusheng Investment Co., Ltd., collectively held over 60% of shares Top Three Shareholders' Holdings | Shareholder Name | Period-end Shareholding (Shares) | Percentage (%) | | :--- | :--- | :--- | | Fucheng Investment Group Co., Ltd. | 290,697,674 | 35.51 | | Li Fucheng | 128,137,155 | 15.65 | | Sanhe Fusheng Investment Co., Ltd. | 73,795,393 | 9.01 | - The company's controlling shareholder is **Fucheng Investment Group Co., Ltd.**, and the actual controllers are **Li Fucheng and Li Gaosheng (father and son)**[124](index=124&type=chunk)[126](index=126&type=chunk)[507](index=507&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=42&type=section&id=第八节%20董事、监事、高级管理人员和员工情况) This section provides details on the shareholding changes and compensation of directors, supervisors, and senior management, as well as the overall employee structure [D&S&SM Shareholding Changes and Compensation](index=42&type=section&id=一、持股变动情况及报酬情况) During the reporting period, the total compensation for the company's directors, supervisors, and senior management was 1.998 million Yuan, with Chairman and General Manager Li Gaosheng receiving 480,000 Yuan; Director Li Fucheng's shareholding increased by approximately 100 million shares due to an agreement transfer, and he does not receive compensation from the company - The total pre-tax compensation received by all directors, supervisors, and senior management during the reporting period was **1.998 million Yuan**[132](index=132&type=chunk)[136](index=136&type=chunk) - Director Li Fucheng increased his shareholding by **100,473,648 shares** through an agreement transfer, reaching a year-end total of **128,137,155 shares**[131](index=131&type=chunk) [Employee Information](index=47&type=section&id=六、母公司和主要子公司的员工情况) As of the end of the reporting period, the company and its main subsidiaries had a total of 3,823 employees, with production personnel being the largest group at 2,374, and 646 employees (16.9% of total) holding college degrees or higher Employee Structure | Professional Composition | Number of People | Education Level | Number of People | | :--- | :--- | :--- | :--- | | Production Personnel | 2,374 | College Degree or Above | 646 | | Sales Personnel | 722 | Secondary Vocational or Secondary Education | 2,817 | | Technical Personnel | 294 | Junior High School or Below | 360 | | Financial Personnel | 146 | | | | Administrative Personnel | 287 | | | | **Total** | **3,823** | **Total** | **3,823** | [Corporate Governance](index=48&type=section&id=第九节%20公司治理) This section outlines the company's corporate governance structure, emphasizing its compliance with regulations and the effective operation of its shareholder meetings, board of directors, and supervisory board [Overview of Corporate Governance](index=48&type=section&id=一、公司治理相关情况说明) The company reports its governance structure complies with regulations, demonstrating standardized operations in shareholder meetings, board of directors, supervisory board, controlling shareholder relations, information disclosure, and investor relations management, with 2 shareholder meetings, 10 board meetings, and 6 supervisory board meetings held during the period to ensure compliant operations and efficient decision-making - The company's corporate governance structure is **sound**, ensuring the **legitimate rights and interests of shareholders**, especially **minority shareholders**[144](index=144&type=chunk) - There was **no non-operating appropriation of company funds by the controlling shareholder** during the reporting period[144](index=144&type=chunk) [Financial Report](index=52&type=section&id=第十一节%20财务报告) This section presents the company's audited financial statements for the reporting period, including the audit report and detailed financial tables [Audit Report](index=52&type=section&id=一、审计报告) Beijing Yongtuo Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2016 financial statements, affirming that they fairly present the company's financial position, operating results, and cash flows in all material respects - The auditing firm is **Beijing Yongtuo Certified Public Accountants (Special General Partnership)**[157](index=157&type=chunk)[162](index=162&type=chunk) - The audit opinion is a **standard unqualified opinion**, stating that the financial statements comply with enterprise accounting standards and fairly reflect the company's financial position[161](index=161&type=chunk) [Financial Statements](index=53&type=section&id=二、财务报表) This section includes the company's 2016 consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in equity, providing detailed financial data as the basis for analyses in this report - Provides the **consolidated and parent company balance sheets** as of December 31, 2016[164](index=164&type=chunk)[168](index=168&type=chunk) - Provides the **consolidated and parent company income statements, cash flow statements, and statements of changes in equity** for the year 2016[173](index=173&type=chunk)[178](index=178&type=chunk)[189](index=189&type=chunk)[195](index=195&type=chunk) [Reference Documents Catalog](index=155&type=section&id=第十二节%20备查文件目录) This section lists all supplementary documents available for reference, providing additional detailed information related to the report

一、 本公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 河北福成五丰食品股份有限公司 2015 年年度报告 公司代码：600965 公司简称：福成五丰 河北福成五丰食品股份有限公司 2015 年年度报告 重要提示 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 公司拟以 2015 年度末总股本 818,700,955 股为基数，向全体股东每 10 股派现金红利 0.7 元 （含税），合计分配现金红利 57,309,066.85 元，剩余未分配利润结转以后年度分配。 本年度无资本公积金转增股本方案。 六、 前瞻性陈述的风险声明 本报告所涉及的未来计划、发展战略等前瞻性陈述，不构成公司对投资者的实质性承诺，请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 3 / 144 公司已在本报告中详细描述了可能存在的风险，敬请查阅第四节管理层讨论与分析中关于公 司未来发展可能面临的风险。 十、 其他 ...