Financial Performance - The company's operating revenue for Q3 2021 was ¥485,515,094.25, a decrease of 45.95% compared to the same period last year[10] - The net profit attributable to shareholders of the listed company was -¥174,361,178.92, a decline of 298.42% year-on-year[10] - The net cash flow from operating activities was -¥371,774,050.79, representing a decrease of 517.97% compared to the previous year[10] - Total operating revenue for the first three quarters of 2021 was ¥1,453,929,997.30, a decrease of approximately 20.3% compared to ¥1,823,173,714.96 in the same period of 2020[31] - Net profit for the third quarter of 2021 was -¥99,130,738.14, compared to a net profit of ¥236,136,662.30 in the same quarter of 2020, reflecting a significant decline[36] - Total comprehensive income for the third quarter of 2021 was -¥99,130,738.14, compared to ¥236,136,662.30 in the same quarter of 2020, indicating a substantial decline[36] Assets and Liabilities - Total assets increased to ¥4,145,709,857.32, an increase of 86.03% from the end of the previous year[10] - The company's total liabilities reached RMB 2,759,635,828.20, compared to RMB 727,428,454.90 in the previous year, marking an increase of about 278%[28] - The owner's equity decreased to RMB 1,386,074,029.12 from RMB 1,501,089,423.78, reflecting a decline of approximately 7.7%[28] - The company's total equity decreased slightly from 1,501,089,423.78 RMB to 1,489,078,546.46 RMB, a decline of about 0.8%[51] - Non-current liabilities rose significantly from 89,515,783.37 RMB to 499,833,383.40 RMB, an increase of about 458.5%[51] Cash Flow - The net cash flow from operating activities for the first three quarters of 2021 was -¥371,774,050.79, a stark contrast to a positive cash flow of ¥88,947,202.44 in the same period of 2020[40] - Cash received from operating activities totaled ¥1,611,923,833.21 in the first three quarters of 2021, a decrease from ¥1,969,867,033.58 in the same period of 2020[40] - The net cash flow from investment activities was -227,838,049.77 RMB, compared to -221,148,956.48 RMB in the previous period, indicating a slight increase in cash outflow[43] - The net cash flow from financing activities was 510,206,238.50 RMB, compared to 259,550,303.77 RMB previously, showing improved financial management[43] Shareholder Information - The total number of common shareholders at the end of the reporting period was 84,220[18] - The largest shareholder, Hunan Grain and Oil Food Import and Export Group Co., Ltd., held 30.88% of the shares[18] Operational Insights - The company attributed the decline in revenue and profit primarily to falling pig prices and rising feed costs[14] - Research and development expenses increased to ¥9,294,906.95 in the first three quarters of 2021, up from ¥5,538,379.17 in 2020, representing a growth of approximately 67.5%[31] - The company reported a significant increase in financial expenses, which rose to ¥40,958,436.68 in the first three quarters of 2021, compared to ¥7,915,130.66 in the same period of 2020[31] Future Outlook - The company provided a future outlook with a revenue guidance of 1.5 billion RMB for Q4 2021, reflecting an expected growth of 25%[52] - New product launches are anticipated to contribute an additional 300 million RMB in revenue over the next quarter[52] - The company is investing 100 million RMB in R&D for new technologies aimed at enhancing product efficiency[52] - Market expansion plans include entering two new provinces, projected to increase market share by 10%[52] - The company is exploring potential acquisitions to enhance its product portfolio, with a budget of 500 million RMB allocated for this purpose[52] - A new marketing strategy is expected to boost brand awareness by 30% in the next six months[52] Performance Metrics - The basic earnings per share were -¥0.27, a decrease of 307.69% compared to the same period last year[10] - The weighted average return on net assets was -12.42%, a decrease of 18.95 percentage points year-on-year[10] - Basic earnings per share for the third quarter of 2021 were -¥0.15, down from ¥0.36 in the same quarter of 2020[36] - The gross margin for Q3 2021 improved to 35%, up from 30% in the previous quarter[52] - Operating expenses were reduced by 5% compared to the previous quarter, contributing to overall profitability[52]

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 ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 968.41 million, an increase of 4.71% compared to CNY 924.83 million in the same period last year[23]. - The net profit attributable to shareholders of the listed company decreased by 50.49% to CNY 73.94 million from CNY 149.35 million year-on-year[23]. - The net cash flow from operating activities was negative at CNY -241.98 million, a significant decline of 444.73% compared to CNY 70.19 million in the previous year[23]. - The total assets increased by 65.27% to CNY 3.68 billion from CNY 2.23 billion at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company rose by 2.06% to CNY 1.46 billion compared to CNY 1.43 billion at the end of the previous year[23]. - Basic earnings per share decreased by 52.17% to CNY 0.11 from CNY 0.23 in the same period last year[23]. - The weighted average return on net assets was 5.06%, down from 12.04% year-on-year, reflecting a decrease of 6.98%[23]. - The company achieved a revenue of 968.41 million yuan and a net profit of 73.94 million yuan during the reporting period[55]. - The company reported a total revenue of 19,204.07 million, with a significant increase of 42.23% compared to the previous period[107]. - The company has set a future outlook with a revenue target of 61,436.24 million, aiming for a 13,896 million increase in the next quarter[107]. Operational Developments - The company operates in the livestock industry, focusing on pig farming, meat sales, and feed processing, establishing a complete industrial chain from feed production to meat processing[29]. - The company has a slaughtering capacity of 700,000 pigs per year and a cold storage capacity of 40,000 tons[32]. - The company plans to establish a new subsidiary for a slaughtering and cold chain distribution project with an annual capacity of 500,000 pigs and a cold storage of 4,000 tons[32]. - The company aims to enhance its "company + appropriate scale small farm" model, optimizing farmer structures and adjusting profit distribution mechanisms[32]. - The company has established a complete pig industry chain, enhancing its risk resistance and regional competitiveness, with a focus on standardized and large-scale breeding practices[40]. - The company has initiated a digital transformation in pig farming through a partnership with Huawei, aiming to reduce production costs and improve breeding quality[45]. - The company has implemented a standardized and intelligent breeding model, significantly upgrading its breeding facilities to enhance industry competitiveness[45]. - The company has established a new subsidiary, Hunan Shunxin Food Co., Ltd., with a registered capital of CNY 100 million to invest in a slaughter and cold chain distribution project[84]. - The company has invested in a new breeding base and feed processing plant for Tibetan pigs, increasing its registered capital to CNY 35.2049 million, with the company holding a 20% stake[62]. Market and Industry Trends - The pig farming industry in China has seen a rise in scale, with the scale farming rate reaching 57.1% in 2020, an increase of 4.1 percentage points from the previous year[36]. - In the first half of 2021, the national pork production increased by 35.9% compared to the same period in 2020, with a total of 2,715 million tons produced[36]. - As of the end of Q2 2023, the national pig inventory reached 43.91 million heads, a year-on-year increase of 29.2%, recovering to 99.4% of the end of 2017 level[37]. - The number of breeding sows stood at 4.564 million heads, up 25.7%, equivalent to 102% of the end of 2017 level[37]. - In the first half of 2023, the national pig slaughter volume was 33.742 million heads, an increase of 34.4% year-on-year, while pork production reached 2.715 million tons, up 35.9%[37]. Risk Management and Compliance - The company has outlined potential risks in the management discussion and analysis section of the report[8]. - The company has established a comprehensive biosecurity management system to prevent African swine fever, including a strict "three zones and two lines" disinfection management system[49]. - The company has implemented a risk-sharing mechanism for African swine fever prevention, enhancing collaboration between management and farms[58]. - The company has focused on digital transformation and capacity expansion despite challenges from COVID-19 and fluctuating feed prices[55]. - The company has established a comprehensive epidemic prevention system to mitigate risks associated with pig diseases, particularly African swine fever[116]. - The company is committed to maintaining a robust epidemic prevention framework, including regular training and monitoring of staff to ensure compliance with biosecurity protocols[116]. Investment and Financing - The company plans to raise up to 1.03 billion yuan through a non-public offering of up to 152,365,383 new shares[50]. - The company completed a non-public offering to raise up to CNY 1.02999 billion to expand pig farming scale and improve market competitiveness[69]. - The company has received credit support from multiple banks to facilitate its funding needs for expansion[123]. - The company is in a rapid growth phase requiring significant funding; it plans to utilize retained earnings and capital market financing to support expansion[123]. Environmental Management - The company has implemented environmental protection measures to comply with national standards, but increasing regulations may lead to higher operational costs[120]. - The company’s wastewater discharge meets national standards, with specific discharge limits for COD, ammonia nitrogen, and BOD[134]. - The company has established a comprehensive wastewater treatment system, ensuring compliance with environmental regulations across its subsidiaries[135]. - The company is actively enhancing its environmental management system and increasing investments in environmental protection facilities[120]. - The company is committed to reducing carbon emissions through low-carbon pig farming practices and the use of automated feeding systems[161]. Social Responsibility and Community Engagement - The company actively engages in rural revitalization efforts to support poverty alleviation initiatives[166]. - The company has implemented a "modular breeding unit" poverty alleviation model in Pingjiang County, achieving approximately CNY 560,000 in income for the village group in 2021[167]. - The company has signed cooperative breeding agreements with impoverished households, resulting in a live pig inventory of 4,800 heads and generating over CNY 900,000 in income for these households[168]. - Guangzhou Zhuangzhuang Technology Development Co., Ltd. has committed CNY 300,000 annually to local public welfare projects to support rural revitalization[168]. Legal and Regulatory Matters - The company has ongoing litigation with a claim amounting to approximately ¥26.07 million, with a second-instance judgment already made[198]. - The arbitration case involving the company has a claim amount of approximately ¥11.02 million, with a decision already rendered[198]. - The company has a long-term commitment to ensure that the conditions for stock option incentives are linked to the execution of compensation measures[187]. - The company will strictly comply with relevant regulations during the issuance process, ensuring no improper benefits are provided to related parties[186].

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].

Financial Performance - Net profit attributable to shareholders reached CNY 100,491,171.41, a significant recovery from a loss of CNY 29,446,589.75 in the same period last year[10] - Operating revenue for the quarter was CNY 426,528,313.85, reflecting an 8.41% increase year-on-year[10] - The total profit for the current period is 101,306,285.61 CNY, compared to a loss of 28,485,984.24 CNY in the previous period[42] - The net profit attributable to the parent company's shareholders is 100,491,171.41 CNY, while the previous period showed a loss of 29,446,589.75 CNY[42] - Basic and diluted earnings per share for the current period are both 0.15 CNY, compared to a loss of 0.05 CNY in the previous period[42] - Operating profit for Q1 2020 was $104.72 million, a significant recovery from a loss of $24.61 million in Q1 2019[40] - The company reported a net profit of $104.72 million for Q1 2020, a turnaround from a net loss in the same period last year[40] Cash Flow - The net cash flow from operating activities was CNY 44,238,217.93, a turnaround from a negative cash flow of CNY 107,639,918.62 in the previous year[10] - Cash inflow from operating activities reached 382,572,078.84 RMB, up from 274,004,954.51 RMB year-over-year[53] - Total cash inflow from financing activities amounted to 175,500,000.00 RMB, while cash outflow was 89,839,085.83 RMB, resulting in a net cash flow of 85,660,914.17 RMB[51] - The company reported a total cash and cash equivalents balance of 280,238,895.36 RMB at the end of the period, compared to 199,083,610.84 RMB in the previous year[53] - The cash inflow from sales of goods and services was 378,782,023.34 RMB, compared to 270,944,857.80 RMB in the same quarter last year[53] Assets and Liabilities - Total assets increased by 13.14% to CNY 1,847,451,689.66 compared to the end of the previous year[10] - The company's total liabilities amounted to $516.99 million, an increase of 28.2% from $403.29 million at the end of 2019[34] - Total liabilities amounted to $403,285,224.15, with non-current liabilities at $39,842,143.11[61] - Total equity reached $1,273,229,574.27, indicating a strong capital position[68] - The total assets of the company were reported at $1,576,670,598.28, reflecting overall financial health[68] Shareholder Information - The total number of shareholders at the end of the reporting period was 69,237[12] - The largest shareholder, Hunan Grain and Oil Food Import and Export Group Co., Ltd., holds 30.95% of the shares[12] Research and Development - Research and development expenses rose to $1.50 million in Q1 2020, compared to $461,364 in Q1 2019, showing a significant increase[40] - Research and development expenses for the current period are 1,504,657.93 CNY, significantly higher than 461,364.01 CNY in the previous period, indicating a focus on innovation[46] Inventory and Receivables - Accounts receivable rose by 40.27% to ¥33,463,241.51 from ¥23,855,677.29, primarily due to increased receivables from frozen meat[16] - Inventory levels increased to $426.58 million as of March 31, 2020, up from $373.30 million at the end of 2019, representing a rise of 14.3%[34] Cost Management - Total operating costs decreased to $323.60 million in Q1 2020 from $420.78 million in Q1 2019, representing a reduction of 23.1%[40] - The company reported a decrease in sales expenses to 1,646,051.13 CNY from 4,248,014.54 CNY in the previous period, reflecting improved cost management[46] Future Expectations - The company expects net profit attributable to shareholders for the period from January 1, 2020, to June 30, 2020, to be between ¥160 million and ¥240 million, driven by rising pig prices[20][21] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[15] - The company has not reported any net profit from the merged entity prior to the merger, indicating no impact on current earnings from acquisitions[42] - There were no significant mergers or acquisitions mentioned in the earnings call[69]

Financial Performance - The company achieved a net profit of ¥65,972,229.85 for the year 2019, with a statutory surplus reserve of ¥6,597,222.99 deducted, resulting in a total undistributed profit available for distribution of ¥269,112,310.01 as of December 31, 2019[6]. - The proposed cash dividend distribution is ¥0.30 per 10 shares (including tax), amounting to a total of ¥19,580,267.52 based on the total share capital of 652,675,584 shares[6]. - The cash dividend represents 30.93% of the net profit attributable to shareholders of the listed company for 2019[6]. - The company's operating revenue for 2019 was approximately CNY 2.13 billion, representing a 4.38% increase compared to CNY 2.04 billion in 2018[26]. - The net profit attributable to shareholders was CNY 63.30 million, a significant recovery from a loss of CNY 35.84 million in 2018[26]. - The net profit after deducting non-recurring gains and losses was CNY 60.07 million, compared to a loss of CNY 45.69 million in the previous year[26]. - The basic earnings per share for 2019 was CNY 0.10, a recovery from a loss of CNY 0.05 in 2018[26]. - The weighted average return on equity increased to 5.58%, up 8.72 percentage points from -3.14% in 2018[26]. Operational Overview - The company has established a complete industrial chain layout for pig farming, including feed production, breeding, and meat processing[35]. - The company operates 13 self-owned and 24 leased pig farming bases, utilizing both self-raising and cooperative farming models[36]. - The slaughtering capacity of the company's subsidiary is 700,000 pigs per year, with a cold storage capacity of 40,000 tons[37]. - The company aims to optimize product structure and enhance quality control across the entire supply chain[36]. - The company has established a complete industrial chain from upstream raw material procurement to downstream sales, enhancing its risk resistance and regional competitiveness[44]. - The company has maintained a dual market strategy, engaging in both domestic and export sales to mitigate price fluctuations[45]. - The company has established partnerships with various agents for pig exports, primarily through auction methods in Hong Kong and Macau markets[128]. Risk Management - The report includes a risk statement regarding uncertainties in future plans and development strategies, advising investors to be cautious[8]. - The company has detailed potential risk factors and countermeasures in the report's operational discussion and analysis section[11]. - The company has implemented a comprehensive biosecurity management system to mitigate risks associated with disease outbreaks[46]. - The company faces risks from fluctuations in pig prices, which can significantly impact operations, and plans to mitigate this by diversifying sales strategies and optimizing the supply chain[186]. - Environmental policy changes pose a risk, and the company is committed to increasing investments in environmental protection measures to comply with stricter regulations[189]. - The company has enhanced its detection capabilities for African swine fever and invested in training for technical personnel to improve response measures[186]. Research and Development - The company’s R&D expenses surged by 218.33% to approximately ¥6.23 million, indicating a strong focus on innovation and technology development[63]. - The company has developed a standardized production and quality control system to ensure sustainable development in the pig industry[48]. - The company plans to continue its focus on innovation in breeding technology and management to reduce costs and enhance operational resilience[186]. Market Dynamics - In 2019, the average price of live pigs increased by 138.57% year-on-year, reaching 33.28 RMB/kg in December[44]. - The company reported a 27.5% year-on-year decrease in pig inventory, totaling 31,041 million heads in 2019, due to the impact of African swine fever[51]. - The company aims to increase the scale of pig farming, targeting a 58% scale farming rate by 2022 and over 65% by 2025[41]. - The competitive landscape of the pig industry remains fragmented, with a low concentration of large-scale breeding operations[172]. - The average annual growth rate of pork consumption is expected to be 1.5%, reaching 63.2 million tons by 2025, a 5.8% increase from 2020[174]. Financial Position - The company's total assets at the end of 2019 were approximately CNY 1.63 billion, reflecting a 2.43% increase from CNY 1.59 billion in 2018[26]. - The company has a low debt-to-asset ratio of less than 30%, allowing it to leverage capital markets for financing[48]. - The company's asset-liability ratio is below 30%, allowing for favorable financing conditions through both direct and indirect means[95]. - Cash and cash equivalents at the end of the period amounted to ¥177,801,910.76, representing 10.89% of total assets, a decrease of 46.15% compared to the previous year[83]. Strategic Initiatives - The company has established a specialized epidemic prevention agency to oversee and enforce biosecurity measures[95]. - The company aims to establish a full industry chain in pig farming, focusing on high-quality production and expanding into the Guangdong-Hong Kong-Macao Greater Bay Area and Shanghai Bay Area[179]. - The company is actively pursuing market expansion and technological development in the livestock sector[171]. - The company has made long-term commitments to align voting results with Xinwufeng during shareholder meetings[199].