Financial Performance - The company reported a net profit of -256,369,650.89 RMB for the year 2021, with accumulated undistributed profits available for distribution to shareholders amounting to 239,017,229.23 RMB as of December 31, 2021[7]. - The company will not distribute profits or increase capital reserves for the year 2021 due to the reported losses[7]. - In 2021, the company's operating revenue was approximately ¥2.00 billion, a decrease of 26.47% compared to ¥2.72 billion in 2020[29]. - The net profit attributable to shareholders was approximately -¥280.26 million, representing a decline of 199.13% from ¥282.72 million in 2020[29]. - The net cash flow from operating activities was -¥530.14 million, a decrease of 440.91% compared to ¥155.51 million in 2020[29]. - The total assets at the end of 2021 reached approximately ¥5.41 billion, an increase of 142.61% from ¥2.23 billion at the end of 2020[29]. - The basic earnings per share for 2021 was -¥0.41, a decline of 195.35% from ¥0.43 in 2020[29]. - The weighted average return on equity was -19.50% in 2021, down 41.32% from 21.82% in 2020[29]. - The company achieved a total operating revenue of ¥2,002,862,891.24, a decrease of 26.47% compared to the previous year, primarily due to a decline in pig prices[84]. - The company reported a net cash flow from operating activities of -¥530,136,533.08, a significant decline from ¥155,506,162.85 in the previous year, indicating cash flow challenges[84]. - Financial expenses increased by 676.74% year-on-year, primarily due to the implementation of new accounting standards and increased bank borrowings[88]. - The total expenses for the reporting period amounted to 2.099167 billion yuan, an increase of 55.74% compared to the previous year[107]. Operational Highlights - The company completed the construction and commissioning of 32 pig farm projects during the reporting period, adding a total capacity of 3.01 million breeding pigs and 642,800 fattening pigs annually[47]. - The company achieved a 28.8% increase in pork production, reaching 5.296 million tons in 2021, contributing to the overall growth in the meat supply market[52]. - The company reported a 27.4% increase in pig slaughtering, totaling 67.128 million heads in 2021, compared to the previous year[4]. - The company has established a full industry chain layout, including feed production, breeding, pig farming, slaughtering, and meat processing[6]. - The company is a key player in the live pig export market, particularly to Hong Kong and Macau, with a history of over 60 years in this business[5]. - The company has established a complete pig industry chain, enhancing its ability to resist market risks and adjust product structures during price fluctuations[64]. - The company has implemented a comprehensive internal control system to enhance management efficiency and operational effectiveness[68]. - The company has optimized its sales team management structure to improve headquarters management efficiency and control capabilities[72]. Strategic Initiatives - The company emphasized the importance of high-quality development and the integration of party building with production operations in 2021[39]. - The company is investing in new projects, including a pig slaughtering and cold chain distribution project with an annual capacity of 500,000 pigs[6]. - The company plans to build a new feed factory with an annual production capacity of 240,000 tons, currently in the preparation stage[6]. - The company has developed a "14th Five-Year" development plan for the pig industry, outlining a strategic framework for high-quality growth[47]. - The company plans to engage in commodity futures hedging to mitigate the impact of price volatility on its operations[67]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[178]. - The company is focusing on enhancing its logistics and supply chain capabilities to improve operational efficiency and customer service[178]. - The company is committed to promoting innovation and risk prevention as key components of its operational strategy for 2022[199]. Research and Development - Research and development expenses increased by 81.60% to ¥16,344,007.21, reflecting the company's commitment to enhancing its technological capabilities[84]. - The total R&D investment accounted for 0.82% of operating income, with no capitalized R&D expenses[108]. - The number of R&D personnel was 23, representing 1.01% of the total workforce[109]. - The company is actively collaborating with research institutions to develop key technologies in the pig industry, enhancing its core competitiveness and promoting high-quality development[78]. Market Position and Future Outlook - The company is positioned to benefit from supportive national policies aimed at modernizing the livestock industry and ensuring stable pork supply[189]. - The overall market for pork consumption in China is projected to grow at an annual rate of 1.5%, reaching 63.2 million tons by 2025[192]. - Future outlook suggests a focus on expanding breeding capacity and enhancing production efficiency, aiming for a stable output of approximately 60 million pigs annually by 2023[192]. - The competitive landscape shows that the industry remains fragmented, with a target of achieving a breeding scale rate of 58% by 2022 and 65% by 2025[192]. - The company is focusing on optimizing the entire industry chain by extending, supplementing, and strengthening the chain, with an emphasis on technological upgrades and intelligent farming[197].

2021 年第三季度报告 单位：元 币种：人民币 证券代码：600975 证券简称：新五丰 湖南新五丰股份有限公司 2021 年第三季度报告 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。 公司负责人何军、主管会计工作负责人肖立新及会计机构负责人（会计主管人 员）杨巧辉保证季度报告中财务报表信息的真实、准确、完整。 第三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 | --- | --- | --- | --- | --- | |-------|----------|-----------------------|----------------|---------------| | | | | | 年初至 | | | | | | 报告期 | | | | 本报告期比 上年同期增 | | 末比上 | | | | | | ...

证券代码：600975 证券简称：新五丰 公告编号：2021-067 湖南新五丰股份有限公司 关于参加 2021 年湖南辖区上市公司投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 ●活动时间：2021年9月24日15:00－17:00 ●活动地点："全景·路演天下"网站（http://rs.p5w.net）或关注"全景财经" 微信公众号 ●活动方式：网络在线交流 为进一步加强与投资者的互动交流，使广大投资者能更深入全面地了解公司 情况，湖南新五丰股份有限公司（以下简称"公司"）将参加由中国证券监督管理 委员会湖南监管局、湖南省上市公司协会与深圳市全景网络有限公司联合举办的 "2021年湖南辖区上市公司投资者网上集体接待日"活动，现将有关事项公告如 下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网上 平台，采取网络远程的方式举行，投资者可以登陆"全景·路演天下"网站 （http://rs.p5w.net）或关注微信公众号"全景财经"参与本次活动，活动时间为2021 年 ...

2021 年半年度报告 公司代码：600975 公司简称：新五丰 湖南新五丰股份有限公司 2021 年半年度报告 1 / 192 2021 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半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。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人何军、主管会计工作负责人肖立新及会计机构负责人（会计主管人员）杨巧辉声 明：保证半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 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本年度报告内容中涉及的未来计划、发展战略等前瞻性陈述因存在不确定性，不构成公司对 投资者的实质承诺，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、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报告中详细描述可能存在的相关风 ...

Financial Performance - Net profit attributable to shareholders decreased by 56.69% to CNY 43,521,867.11 from CNY 100,491,171.41 year-on-year[10] - Operating revenue rose by 6.52% to CNY 454,351,749.81 compared to CNY 426,528,313.85 in the same period last year[10] - Basic earnings per share fell by 53.33% to CNY 0.07 from CNY 0.15 in the same period last year[10] - The company's net profit for the period from January 1, 2021, to June 30, 2021, is expected to decline, estimated between 60 million to 90 million yuan[19] - The company reported a net profit of ¥577,932,956.79, compared to ¥539,957,516.51, reflecting an increase of about 7%[35] - The company’s total profit for Q1 2021 was approximately ¥43.86 million, down from ¥101.31 million in Q1 2020, indicating a decline of 56.7%[42] - The net profit for the current period is approximately 49.32 million, down from 110.47 million in the previous period, indicating a decline of about 55.4%[49] Assets and Liabilities - Total assets increased by 51.59% to CNY 3,378,165,117.9 compared to the end of the previous year[10] - Total assets increased to ¥3,126,275,406.69, up from ¥2,095,179,984.71, representing a growth of approximately 49.3% year-over-year[34] - Current liabilities totaled 917,042,379.53 yuan, compared to 637,912,671.53 yuan in the previous period[28] - Total liabilities reached ¥1,511,955,688.53, compared to ¥518,835,706.83, marking a significant increase of around 191.5%[35] - The total liabilities amounted to 1,149,417,654.83 RMB, indicating a significant leverage position[63] Cash Flow - Net cash flow from operating activities turned negative at CNY -173,662,264.79, a decrease of 492.56% compared to CNY 44,238,217.93 in the previous year[10] - Cash flow from operating activities shows a net outflow of approximately 173.66 million, contrasting with a net inflow of 44.24 million in the same period last year[53] - Cash inflow from financing activities reached 514,194,177.33 RMB, with cash outflow totaling 143,661,529.52 RMB, leading to a net cash flow of 370,532,647.81 RMB[61] Investments and Expenses - Research and development expenses rose by 72.39% to 2,593,928.24 yuan, indicating increased investment in innovation[19] - Financial expenses surged by 521.77% to 11,857,993.24 yuan, attributed to increased bank loans and financing interest[19] - Total operating costs for Q1 2021 were approximately ¥409.23 million, up 26.5% from ¥323.60 million in Q1 2020[40] - The company paid 41,040,942.80 RMB in cash to employees, which is a substantial increase from 19,988,393.10 RMB in Q1 2020[59] Shareholder Information - The number of shareholders at the end of the reporting period was 86,907, with the largest shareholder holding 30.95% of the shares[12] - The company’s total owner's equity attributable to shareholders increased from $1,416.9 million to $1,428.7 million, reflecting a growth of approximately $11.9 million[65] Risks and Market Conditions - The company highlighted risks associated with fluctuations in pig prices, which could significantly impact performance[20]

Financial Performance - The company achieved a net profit of ¥322,694,971.13 for the year 2020, with a proposed cash dividend of ¥0.50 per 10 shares, totaling ¥32,633,779.20 (including tax) to be distributed to shareholders[6]. - The cash dividend represents 11.54% of the net profit attributable to shareholders of the listed company for 2020[6]. - As of December 31, 2020, the accumulated undistributed profits available for distribution to shareholders amounted to ¥539,957,516.51[6]. - The company's operating revenue for 2020 was CNY 2,723,731,158.81, representing a 27.85% increase compared to CNY 2,130,425,322.84 in 2019[27]. - The net profit attributable to shareholders for 2020 was CNY 282,724,071.78, a significant increase of 346.66% from CNY 63,297,284.54 in 2019[27]. - The basic earnings per share for 2020 was CNY 0.43, up 330.00% from CNY 0.10 in 2019[27]. - The weighted average return on equity for 2020 was 21.82%, an increase of 16.24 percentage points from 5.58% in 2019[27]. - The total assets at the end of 2020 were CNY 2,228,517,878.68, a 36.48% increase from CNY 1,632,840,846.63 at the end of 2019[27]. - The company reported a total revenue of 24,587.22 million, with a net profit of -408.92 million[135]. Dividend Policy - The company plans to maintain its profit distribution ratio unchanged, with adjustments to the total distribution amount if there are changes in the total share capital before the dividend distribution date[7]. - The company has revised its cash dividend policy to protect the rights of minority shareholders and ensure clear standards for profit distribution[165]. - The company has established a three-year shareholder return plan for 2020-2022, which includes cash dividends and capital reserve transfers[166]. - In 2019, the company distributed a cash dividend of 0.30 RMB per 10 shares, amounting to 19,580,267.52 RMB, which was 30.93% of the net profit attributable to ordinary shareholders[167]. Operational Efficiency - The company has optimized its organizational structure, reducing the number of functional and management departments from 13 to 7, improving management efficiency[49]. - The company has implemented a public recruitment process, resulting in 36.36% of newly appointed department managers being born in the 1980s and 54.55% holding master's degrees[49]. - The company is enhancing its digital infrastructure with 15 subsystems to improve operational efficiency and management[71]. - The company aims to optimize its management structure for capacity expansion, with responsibilities clearly defined and project management centralized under the investment development center[67]. Industry Position and Strategy - The company operates in the livestock industry, focusing on pig farming, meat sales, and feed processing, with a comprehensive supply chain from feed production to meat processing[36]. - The company is the only state-controlled listed company in Hunan focusing on the pig industry, recognized as a national key leading enterprise in agricultural industrialization[45]. - The company aims to achieve a breeding scale rate of over 65% by 2025, as per national agricultural development plans[41]. - The company is actively pursuing opportunities to expand its slaughtering capacity in response to market trends shifting from live pig trading to meat trading[67]. - The company is committed to high-quality development goals and will prioritize epidemic prevention and control measures[152]. Risk Management - The company has outlined potential risks in its report, advising investors to be aware of investment risks[11]. - The company faces a risk of pig diseases, with an average mortality rate of around 10%, leading to a survival rate of approximately 90% during large-scale breeding[153]. - The African swine fever outbreak since August 2018 has significantly impacted the pig farming industry, increasing the need for stringent biosecurity measures[155]. - The company has implemented a comprehensive disease prevention system, focusing on timely monitoring, prevention, and response to minimize losses from disease outbreaks[156]. - Fluctuations in pig prices pose a risk to the company's operations, as rapid declines or significant volatility can adversely affect production[157]. Investment and Expansion - The company has invested over 40 million yuan in innovative smart farming technology and engineering construction, enhancing production automation and data management[54]. - The company has completed a strategic layout for its feed industry, with a newly leased feed factory increasing capacity by 60,000 tons per year[67]. - The company plans to invest in the construction of pig farms and related projects, indicating a focus on market expansion[106]. - The company acquired 90% of Guangzhou Zhuangzhuang Technology Development Co., Ltd. for RMB 14,968,421 to expand its pig farming scale in Guangdong[111]. - The company is exploring new cooperative fattening models for pig farming to enhance operational efficiency[124]. Financial Management - The company has a low debt-to-asset ratio and has secured credit lines from multiple banks for indirect financing[162]. - The company has received credit support from multiple banks, allowing it to leverage capital market platforms for financing[53]. - The company’s cash flow from financing activities reached CNY 249,166,103.69, a significant increase of 1,164.93% compared to the previous year[80]. - The company has significant restricted assets, including ¥210,347,294.09 in fixed assets and ¥56,572,500.42 in intangible assets, both pledged for bank loans[100]. Research and Development - The company’s R&D expenses increased by 44.46% to CNY 9,000,062.06, indicating a focus on innovation[80]. - The company has collaborated with research institutions to develop key technologies in the pig industry, enhancing its core competitiveness[54]. - The company is actively involved in the research and development of feed and livestock technology, aiming to improve production efficiency[137]. Compliance and Governance - The company has committed to maintaining operational independence from its controlling shareholders to ensure compliance with regulatory requirements[171]. - The company has not encountered any significant accounting errors or changes in accounting policies that would impact its financial statements[179]. - The company has appointed Tianjian Accounting Firm for auditing services, with a remuneration of 55,000 RMB[181]. - The company has maintained a clean integrity status with no reported issues among its executives and major shareholders[188].

2020 年第三季度报告 公司代码：600975 公司简称：新五丰 湖南新五丰股份有限公司 2020 年第三季度报告 1 / 27 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 11[ 重要事项 四、 附录 目录 2 / 27 2020 年第三季度报告 单位：元 币种：人民币 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人何军、主管会计工作负责人肖立新及会计机构负责人（会计主管人员）杨巧辉 保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |-----------------------------------------------|------------------------------|-------------------------------------|---- ...

证券代码：600975 证券简称：新五丰 公告编号：2020-055 湖南新五丰股份有限公司 关于参加 2020 年湖南辖区上市公司投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为进一步加强与投资者的互动交流，使广大投资者能更深入全面地了解公司 情况，湖南新五丰股份有限公司（以下简称"公司"）将参加由中国证券监督管理 委员会湖南监管局、湖南省上市公司协会与深圳市全景网络有限公司联合举办的 "2020年湖南辖区上市公司投资者网上集体接待日"活动，现将有关事项公告如 下： 本次投资者网上集体接待日活动将通过深圳市全景网络有限公司提供的网上 平台，采取网络远程的方式举行，投资者可以登陆"全景·路演天下"网站 （http://rs.p5w.net/），参与公司本次投资者集体接待日活动，活动时间为2020年9 月11日（星期五）下午15:00－17:00。 届时公司董事会秘书罗雁飞女士、证券事务代表解李貌先生将通过网络文字 交流形式与投资者进行沟通。欢迎广大投资者积极参与。 特此公告。 湖南新五 ...

Financial Performance - The company's operating revenue for the first half of 2020 was RMB 924,833,716, representing a 12.43% increase compared to RMB 822,600,491.20 in the same period last year[24]. - The net profit attributable to shareholders of the listed company reached RMB 149,346,057.19, a significant increase of 2,384.61% from RMB 6,010,842.09 in the previous year[24]. - The net cash flow from operating activities was RMB 70,194,137.46, a recovery from a negative cash flow of RMB -222,596,110.07 in the same period last year[24]. - The total assets at the end of the reporting period amounted to RMB 1,976,422,632.50, reflecting a 21.04% increase from RMB 1,632,840,846.63 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company increased to RMB 1,295,365,032.32, up 11.13% from RMB 1,165,599,242.65 at the end of the previous year[24]. - Basic earnings per share for the reporting period were RMB 0.23, a substantial increase of 2,200.00% compared to RMB 0.01 in the same period last year[24]. - The weighted average return on net assets rose to 12.04%, an increase of 11.50 percentage points from 0.54% in the previous year[24]. - The company reported a 78.87% increase in domestic sales revenue, totaling CNY 573.71 million, due to high pig prices in the first half of 2020[64]. - The company experienced a 63.00% decrease in slaughter and cold storage revenue, amounting to CNY 145.97 million, primarily due to a decline in slaughter volume[64]. - The company’s export sales revenue decreased by 2.83% to CNY 28.14 million, with a total export of 5400 pigs, a 60.87% decline year-on-year[63]. Industry Context - The company operates in the livestock industry, focusing on pig farming, meat sales, and feed processing, with a comprehensive supply chain from feed production to meat processing and cold chain logistics[31]. - In the first half of 2020, the national pig production was 1,998 million tons, accounting for 57.27% of total meat production, indicating strong demand for pork[38]. - The company reported a 19.9% year-on-year decrease in pig output, with 25,103 million pigs slaughtered in the first half of 2020, reflecting the impact of African swine fever[41]. - The average pig price in the first quarter of 2020 remained above 35 RMB per kilogram, significantly higher than previous cycles, with a June price of 31.2 RMB per kilogram in Hunan Province[41]. - The industry is expected to see a rise in scale farming, with projections indicating that by 2022, the scale farming rate will reach approximately 58%[38]. Operational Developments - The company has established 13 self-owned and 24 leased pig farming bases, utilizing both self-raising and contracted farming models to optimize production efficiency[32]. - The slaughtering capacity of the company's subsidiary, Guanglian, is 700,000 pigs per year, with a cold storage capacity of 40,000 tons[33]. - The company aims to enhance its production capacity and market share through strategic investments in food processing and logistics[31]. - The company has initiated technical upgrades for its pig farms in Huizhou and Hunan Shaoshan, enhancing its breeding facilities and competitiveness in the industry[47]. - The company has established a complete industrial chain through the Guanglian project, significantly enhancing its ability to withstand market risks associated with fluctuating pig prices[43]. Financial Strategy and Investments - The company has received credit support from multiple banks, allowing it to utilize both direct and indirect financing methods to meet its development funding needs[47]. - The company has acquired 90% of Guangzhou Zhuangzhuang Technology Development Co., Ltd. for RMB 14.97 million, aiming to expand its pig farming scale in the Guangdong market[57]. - The company plans to invest RMB 16.40 million in the construction of the Aotou pig farm project in Guangzhou after the acquisition and capital increase[57]. - The company invested CNY 34.42 million to upgrade its Huizhou subsidiary to achieve an annual output of 72,000 market pigs[58]. - Research and development expenses rose by 246.40% to CNY 3.54 million, reflecting increased investment in R&D[72]. Risk Management - The company faces a risk of pig diseases, with an estimated mortality rate of around 10%, leading to a survival rate of approximately 90%[97]. - The company has implemented a comprehensive disease prevention system and will enhance monitoring efforts to mitigate risks associated with pig diseases[99]. - The company is exposed to risks from fluctuations in pig prices, which could significantly impact its operations[101]. - The company plans to adopt a dual market strategy, focusing on both domestic and international sales to mitigate the impact of price volatility[101]. - The cost of feed, primarily corn and soybean meal, constitutes the largest portion of the company's breeding costs, making it vulnerable to raw material price fluctuations[101]. Environmental and Social Responsibility - The company is committed to environmental protection and will increase investments in environmental facilities to comply with stricter regulations[104]. - The company has invested 12 million yuan in a comprehensive waste management project at its Yong'an subsidiary, which includes anaerobic biogas production and organic fertilizer production[147]. - The Yong'an subsidiary has a wastewater discharge capacity of approximately 100 tons per day, adhering to national discharge standards with COD at 50 mg/L and ammonia nitrogen at 8 mg/L[144]. - The company actively participates in poverty alleviation efforts, implementing targeted measures to assist impoverished households in various villages[131]. - The company has implemented a "company + farmer" model to enhance income stability for impoverished households through standardized management and support[135]. Governance and Shareholder Structure - The company appointed new executives, including He Jun as the chairman of the fifth board of directors, indicating a leadership change[182]. - The company has established various specialized committees under the board, including the Strategy Committee and the Audit Committee, to enhance governance and oversight[186]. - The company has not experienced any changes in its controlling shareholder or actual controller, maintaining stability in ownership[176]. - The company has a total of 28,677,100 shares held by Shaanxi International Trust Co., Ltd., reflecting its investment interest[174]. - The company reported a total of 202,018,546 shares held by Hunan Grain and Oil Food Import and Export Group Co., Ltd., representing a significant shareholder[174].

2020 年第一季度报告 公司代码：600975 公司简称：新五丰 湖南新五丰股份有限公司 2020 年第一季度报告 1 / 23 2020 年第一季度报告 | --- | --- | --- | |-------|--------------|-------| | | | | | | | | | | | | | | 目录 | | | 一、 | 重要提示 | | | i i | 公司基本情况 | | | 三、 | 重要事项 | | | 四、 | 附录 | | 2 / 23 2020 年第一季度报告 一、 重要提示 1.1 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人何军、主管会计工作负责人肖立新及会计机构负责人（会计主管人员）肖立新保 证季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |---------------- ...