投资者可于 2023 年 06 月 09 日(星期五) 至 06 月 15 日(星期四)16:00 前登 录上证路演中心网站首页点击"提问预征集"栏目或通过 公司邮箱 irm@qianhefood.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 千禾味业食品股份有限公司（以下简称"公司"）已于 2023 年 4 月 8 日发布 公司 2022 年度报告、于 2023 年 4 月 29 日发布公司 2023 年第一季度报告，为便 于广大投资者更全面深入地了解公司 2022 年度及 2023 年第一季度经营成果、财 务状况，公司计划于 2023 年 06 月 16 日上午 09:00-10:00 举行 2022 年度暨 2023 年第一季度业绩说明会，就投资者关心的问题进行交流。 一、 说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2022 年度及 2023 年第 一季度的经营成果及财务指标的具体情况与投资者进行互动交流和沟通，在信息 披露允许的范围内就投资者普遍关注的问题进行回答。 二、 说明会召开的时间、地点 （一） 会议召开时间：2023 年 06 月 16 日 上午 0 ...

Financial Performance - The company's operating revenue for Q1 2023 was approximately ¥818.63 million, representing a year-on-year increase of 69.81%[19] - Net profit attributable to shareholders for Q1 2023 was approximately ¥145.23 million, reflecting a significant increase of 162.94% compared to the same period last year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately ¥144.80 million, up by 168.57% year-on-year[19] - The basic earnings per share for Q1 2023 was ¥0.1504, an increase of 161.19% compared to the previous year[19] - The diluted earnings per share reached CNY 0.1504, an increase of 161.19% compared to the previous period[22] - Return on equity increased to 5.99%, up by 3.36 percentage points from the previous year[22] - The total operating revenue for Q1 2023 was CNY 818,630,296.99, a significant increase from CNY 482,088,325.32 in Q1 2022, representing a growth of approximately 70%[44] - The net profit for Q1 2023 was CNY 145,231,975.67, up from CNY 55,233,734.25 in Q1 2022, reflecting an increase of approximately 162%[46] - The basic and diluted earnings per share for Q1 2023 were both CNY 0.1504, compared to CNY 0.0576 in Q1 2022, showing an increase of about 161%[46] Cash Flow and Liquidity - The net cash flow from operating activities was approximately ¥3.07 million, a decrease of 96.27% year-on-year, primarily due to increased payments for raw materials[19] - The cash flow from operating activities for Q1 2023 was not explicitly stated but is critical for assessing liquidity and operational efficiency[38] - In Q1 2023, the company reported cash inflows from operating activities of CNY 859,028,512.97, an increase from CNY 560,287,298.86 in Q1 2022, representing a growth of approximately 53.4%[52] - The cash outflows for purchasing goods and services amounted to CNY 624,896,068.27 in Q1 2023, compared to CNY 323,968,960.99 in Q1 2022, indicating a significant increase of about 93.1%[52] - The net cash flow from investing activities was CNY 21,877,405.67 in Q1 2023, recovering from a negative cash flow of CNY -100,740,171.05 in Q1 2022[52] - The company experienced a net increase in cash and cash equivalents of CNY 24,745,803.85 in Q1 2023, contrasting with a decrease of CNY -18,967,850.66 in Q1 2022[54] - The total cash and cash equivalents at the end of Q1 2023 reached CNY 434,025,463.33, up from CNY 177,987,496.36 at the end of Q1 2022, marking an increase of approximately 143.5%[54] - The company reported a total cash outflow from financing activities of CNY 205,416.00 in Q1 2023, down from CNY 544,320.00 in Q1 2022, indicating a reduction of about 62.2%[54] Shareholder Information - The total number of common shareholders at the end of the reporting period was 60,076[6] - The largest shareholder, Wu Chaoqun, holds 36.83% of the shares, while the second-largest shareholder, Wu Jianyong, holds 9.76%[6] Costs and Expenses - The total operating costs for Q1 2023 were CNY 654,328,893.58, compared to CNY 418,175,793.65 in Q1 2022, indicating an increase of about 56.5%[44] - The company reported a significant increase in sales expenses, which reached CNY 95,764,118.90 in Q1 2023, compared to CNY 72,606,176.98 in Q1 2022, marking an increase of approximately 31.9%[44] - Research and development expenses for Q1 2023 amounted to CNY 24,681,596.66, which is an increase from CNY 12,521,766.92 in Q1 2022, representing a growth of approximately 97%[44] Assets and Liabilities - Total assets decreased by 0.83% to CNY 3,145,132,750.17 from CNY 3,171,593,207.19 at the end of the previous year[22] - Net assets attributable to shareholders increased by 6.77% to CNY 2,512,283,836.76 from CNY 2,353,022,936.10[22] - The total liabilities as of Q1 2023 were CNY 632,848,913.41, down from CNY 818,570,271.09 in the previous year, indicating a reduction of about 22.6%[42] Investment and Development - The company invested CNY 1.26 billion in a smart manufacturing project for seasoning products, with a total investment of CNY 573.96 million as of March 31, 2023[27] - The first phase of the project, with an annual production capacity of 200,000 tons of soy sauce and 100,000 tons of cooking wine, was completed and put into use by the end of February 2023[27] - The company has not disclosed any new product or technology developments, market expansion, or acquisition strategies in this report[2] - The company has plans for market expansion and new product development, although specific details were not disclosed in the report[39] Non-Recurring Gains - The company reported non-recurring gains of CNY 428,873.78 after tax, with government subsidies recognized as recurring income[25]

Corporate Social Responsibility - The company reported a total investment of 61.22 million yuan in charitable donations, benefiting 80 individuals[21]. - The company has prepared a Corporate Social Responsibility Report for 2022, which was disclosed on April 8, 2023[20]. - The company invested CNY 575.08 million in environmental protection during the reporting period[46]. - The company has maintained its ISO14001 environmental management certification, ensuring compliance with environmental standards[114]. - The company has implemented a pollution prevention and control plan, including a risk assessment report and an emergency response plan for environmental incidents, which was filed with the local ecological environment bureau[139]. Financial Performance - The company's revenue for the reporting period reached ¥2,436,471,672.19, representing a 26.55% increase compared to ¥1,925,286,294.09 in the same period last year[64]. - The net profit attributable to shareholders reached 344 million RMB, up 55.35% year-on-year[86]. - The net assets attributable to shareholders increased by 13.44% to CNY 2,353,022,936.10 from CNY 2,074,320,828.60[37]. - Total assets grew by 32.26% to CNY 3,171,593,207.19 from CNY 2,397,922,657.19[37]. - The company reported a cash dividend of 67,097,701.27 RMB, which accounts for 30.31% of the net profit attributable to ordinary shareholders in the consolidated financial statements[181]. Operational Efficiency - The company has established a comprehensive internal control system, with an audit report confirming effective controls as of December 31, 2022[28]. - The company has undergone a self-assessment of its internal control situation for 2022[26]. - The company has a standard unqualified opinion from the auditing firm on its internal control[28]. - The company is implementing cost control measures to mitigate the pressure from rising raw material prices and intensified market competition[43]. - The company is focusing on enhancing product competitiveness by improving quality and expanding product lines in soy sauce, vinegar, cooking wine, and oyster sauce[43]. Market Strategy - The company is focusing on expanding its market presence through a dual sales model of "mainly distribution + supplementary direct sales" across various channels[62]. - The company is adapting to a diversified channel strategy as consumer purchasing behavior shifts towards online and community stores[110]. - The company is positioned to benefit from the recovery in the restaurant sector, which is expected to drive demand for condiments[110]. - The company has enhanced its research and development efforts, leading to increased R&D expenses during the reporting period[66]. - The company is focused on expanding its brand presence in the health-conscious food market, emphasizing high-quality and zero-additive products[85]. Governance and Management - The company has established internal control management and internal audit systems to ensure independence from its controlling shareholders[157]. - The controlling shareholders have not engaged in similar business operations outside the company, maintaining operational independence[157]. - The company’s independent directors are actively involved in various other organizations, ensuring diverse governance perspectives[168]. - The company has a structured board with specialized committees to enhance governance and oversight[174]. - The company’s management team includes experienced individuals with a history in the industry, contributing to its operational stability[193]. Sales and Revenue Growth - The company achieved operating revenue of 2.436 billion RMB, a year-on-year increase of 26.55%[86]. - The company's soy sauce revenue was ¥1,513,144,072.56, with a gross margin of 37.15%, reflecting a 28.01% increase in revenue year-over-year[64]. - The vinegar segment generated revenue of ¥378,083,273.79, with a gross margin of 37.02%, marking a 17.59% increase in revenue compared to the previous year[64]. - Online sales accounted for 25.87% of total revenue, generating ¥63,025.22 million, with a gross profit margin of 42.09%[123]. - The company’s sales through distribution and direct sales channels grew by 28.94% and 21.13% respectively[1]. Environmental Initiatives - The wastewater treatment capacity of Qianhe Flavor Industry is 2,500 m³/d, meeting the Class III standard of the "Comprehensive Wastewater Discharge Standard" (GB8978-1996) before being discharged into the municipal sewage treatment plant[137]. - The company has three gas boilers, and the treated exhaust gas meets the "Boiler Air Pollutant Emission Standards" (GB13271-2014) and can be directly discharged[137]. - Qianhe Flavor Industry has a project for the annual production of 600,000 tons of seasoning products, which received environmental impact assessment approval in December 2020[138]. - The company has installed online monitoring equipment for its wastewater treatment and boiler flue gas systems, tracking key pollutants in real-time[140]. - The company has adopted carbon reduction measures, including the use of green electricity and enhanced energy management[143]. Employee and Compensation - The company has a total of 2,702 employees, with 1,383 in sales and 893 in production[177]. - Total compensation for all directors, supervisors, and senior management at the end of the reporting period amounted to 6.8701 million yuan[198]. - The performance evaluation standards and incentive mechanisms for senior management were established, linking their compensation directly to operational performance[185]. - The total number of restricted stocks granted to management and key personnel was 377,904,592 shares, with a total value of approximately 687.01 million[189]. - The company approved a three-year shareholder dividend return plan for 2022-2024 during the second extraordinary general meeting of shareholders in 2022[180].

Financial Performance - The company's operating revenue for Q3 2022 was RMB 539,244,677.24, representing a year-on-year increase of 14.75%[2] - The net profit attributable to shareholders for the same period was RMB 68,538,707.26, with a year-on-year growth of 3.7%[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 67,538,576.94, reflecting a 2.87% increase year-on-year[2] - The basic earnings per share for the period was RMB 0.0715, up 3.78% compared to the same period last year[4] - The diluted earnings per share also stood at RMB 0.0715, showing a 3.78% increase year-on-year[4] - The company reported a 42.05% increase in net profit attributable to shareholders for the year-to-date, driven by increased operating revenue and reduced advertising expenses[8] - Total operating revenue for the first three quarters of 2022 reached ¥1,553,838,735.33, an increase of 14.66% compared to ¥1,355,565,366.72 in the same period of 2021[16] - Net profit for the third quarter of 2022 was ¥187,370,973.67, representing a 42.14% increase from ¥131,904,809.33 in the same quarter of 2021[19] - Basic and diluted earnings per share for the third quarter of 2022 were both ¥0.1955, compared to ¥0.1376 in the same period of 2021, marking a growth of 42.14%[20] - Net profit for the first three quarters of 2022 was ¥185,422,296.27, up 45.4% from ¥127,449,899.77 in the previous year[28] Assets and Liabilities - The total assets at the end of the reporting period were RMB 2,708,498,005.79, an increase of 12.95% compared to the end of the previous year[4] - The total assets of the company as of September 30, 2022, amount to 2.71 billion RMB, an increase from 2.40 billion RMB at the end of 2021[14] - The company's current assets total 1.37 billion RMB, compared to 1.14 billion RMB at the end of 2021[13] - The company's fixed assets increased to 892.77 million RMB from 842.53 million RMB year-over-year[14] - The company's total liabilities as of the end of the third quarter of 2022 were ¥513,903,904.17, significantly higher than ¥323,601,828.59 at the end of the same period in 2021[18] - The total liabilities rose to $442.37 million in Q3 2022, compared to $307.23 million in Q3 2021, marking an increase of approximately 44%[26] Cash Flow - The net cash flow from operating activities for the year-to-date was RMB 413,287,458.46, reflecting a significant increase of 188.40%[4] - The net cash flow from operating activities for Q3 2022 was $413.29 million, a significant increase from $143.30 million in Q3 2021, representing a growth of approximately 188.5%[22] - Cash flow from operating activities for the first three quarters of 2022 amounted to ¥1,771,952,775.68, an increase from ¥1,544,273,283.52 in the same period of 2021[21] - Cash flow from operating activities generated a net amount of ¥435,915,690.83, significantly higher than ¥149,020,105.98 in the same period last year[29] Investments and Projects - The company's total investment in the "annual production of 600,000 tons of seasoning intelligent manufacturing project" is 1.26 billion RMB, with a cumulative investment of 401.19 million RMB as of September 30, 2022[12] - The company plans to complete the first phase of the seasoning project by the end of 2024, which includes the construction of production lines for 200,000 tons of soy sauce and 100,000 tons of cooking wine[12] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[31] Shareholder Information - The total number of common shareholders at the end of the reporting period is 98,140[10] - The largest shareholder, Wu Chaoqun, holds 355,560,883 shares, representing 37.09% of the total shares[10] Expenses - Total operating costs for the third quarter of 2022 were ¥1,330,283,818.85, up from ¥1,201,249,264.37 in the previous year, reflecting a year-over-year increase of 10.74%[18] - Research and development expenses for the third quarter of 2022 were ¥39,126,858.23, compared to ¥35,929,809.22 in the same quarter of 2021, showing an increase of 6.12%[18] - Research and development expenses increased to ¥39,126,858.23, compared to ¥34,647,062.30 in the previous year, reflecting a focus on innovation[27] - Sales expenses decreased to ¥181,269,804.25 from ¥269,723,358.71, indicating improved cost management[27]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,014,594,058.09, representing a 14.56% increase compared to CNY 885,652,088.37 in the same period last year[12]. - The net profit attributable to shareholders of the listed company reached CNY 118,832,266.41, an increase of 80.56% from CNY 65,812,828.28 year-on-year[12]. - The net cash flow from operating activities was CNY 257,053,448.12, a significant increase of 460.73% compared to CNY 45,842,973.25 in the previous year[12]. - The basic earnings per share for the first half of 2022 was CNY 0.1240, up 80.49% from CNY 0.0687 in the same period last year[13]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 114,755,909.46, up 74.14% from CNY 65,900,309.06 year-on-year[12]. - The company reported a total operating cash inflow of CNY 1,042,971,150.74, which is an increase of about 17% from CNY 890,773,420.28 in the first half of 2021[87]. - The total comprehensive income for the first half of 2022 was CNY 118,832,266.41[90]. Assets and Liabilities - The total assets of the company at the end of the reporting period were CNY 2,522,323,624.17, reflecting a 5.19% increase from CNY 2,397,922,657.19 at the end of the previous year[12]. - The company's net assets attributable to shareholders at the end of the reporting period were CNY 2,126,055,394.36, a 2.49% increase from CNY 2,074,320,828.60 at the end of the previous year[12]. - Total liabilities increased to CNY 396,268,229.81 from CNY 323,601,828.59, showing an increase of about 22.4%[74]. - Current assets totaled CNY 1,202,252,341.27, up from CNY 1,139,211,664.30, indicating an increase of about 5.5%[72]. - Total liabilities rose to ¥346,009,578.09, up from ¥307,231,395.30, indicating an increase of 12.6%[77]. Market and Competition - The company experienced a challenging market environment in the first half of 2022, with a notable decline in consumer demand for condiments, leading to intensified competition[19]. - The condiment market is characterized by a trend towards premiumization and diversification, with consumers increasingly seeking quality and convenience[18]. - The company has strengthened its market expansion efforts, leading to increased product sales and improved market competitiveness[25]. Research and Development - The company has invested in R&D, with expenses amounting to ¥29,050,656.42, a rise of 28.12% compared to the previous year[28]. - Research and development expenses for the first half of 2022 were ¥29,050,656.42, up from ¥22,673,832.57, an increase of 28.0%[78]. - The company has initiated new product development strategies aimed at enhancing its product portfolio and market competitiveness[102]. Environmental and Sustainability Practices - The company emphasizes sustainable sourcing, using non-GMO soybeans and organic ingredients in its products, aligning with consumer preferences for natural and healthy options[20]. - The company has a wastewater treatment capacity of 2500 m³/d, and the treated wastewater meets the Class III standard of the Comprehensive Wastewater Discharge Standard (GB8978-1996)[43]. - The company replaced a 35 tons/hour coal boiler with a new natural gas boiler in 2021, significantly reducing emissions of particulate matter, nitrogen oxides, and sulfur dioxide[49]. Shareholder Information - The largest shareholder, Wu Chaoqun, holds 355,560,883 shares, representing 37.09% of the total shares[65]. - The total number of unrestricted circulating shares increased to 958,538,590, accounting for 100% of the total shares[61]. - The company reported a decrease of 4,215,912 shares in restricted shares, resulting in a total of 0 shares remaining in this category[61]. Financial Management - The company has implemented a comprehensive procurement management system to mitigate risks associated with raw material price fluctuations, particularly for key ingredients like soybeans and wheat[21]. - The company has reduced sales expenses by 38.24% to ¥144,807,725.42, primarily due to a decrease in advertising costs[28]. - The company anticipates continued pressure on operating margins due to high raw material costs and competitive market dynamics[19]. Accounting and Financial Reporting - The financial statements are prepared based on the principle of continuous operation, reflecting the company's financial position, operating results, changes in equity, and cash flows accurately[107]. - The company recognizes cash equivalents as short-term, highly liquid investments that are easily convertible to known amounts of cash[113]. - The group recognizes revenue when control of goods or services is transferred to customers, with specific conditions outlined for revenue recognition[150].

Financial Performance - The company's operating revenue for Q1 2022 was RMB 482,088,325.32, representing a year-on-year increase of 0.93%[2] - The net profit attributable to shareholders was RMB 55,233,734.25, reflecting a significant increase of 38.47% compared to the same period last year[2] - Basic earnings per share were RMB 0.0691, up by 38.48% from the previous year[2] - Operating profit for Q1 2022 increased to RMB 67,170,415.55, compared to RMB 55,869,387.27 in Q1 2021, reflecting a growth of approximately 20.5%[15] - Net profit for Q1 2022 was RMB 55,233,734.25, up from RMB 39,887,817.49 in Q1 2021, indicating an increase of around 38.5%[16] - Basic and diluted earnings per share for Q1 2022 were both RMB 0.0691, compared to RMB 0.0499 in Q1 2021, marking an increase of approximately 38.5%[17] Cash Flow - The net cash flow from operating activities reached RMB 82,316,640.39, showing a remarkable increase of 661.6% year-on-year[2] - Cash inflow from operating activities was RMB 560,287,298.86, an increase from RMB 533,412,652.29 in the same period last year, representing a growth of about 5.0%[17] - Cash outflow from operating activities decreased to RMB 477,970,658.47 from RMB 522,604,278.60 in Q1 2021, a reduction of approximately 8.5%[17] - The net increase in cash and cash equivalents was -$18,967,850.66, compared to -$42,615,967.90 in the previous period[18] - Cash and cash equivalents at the end of the period totaled $177,987,496.36, down from $74,847,322.84 in the previous period[18] Assets and Liabilities - Total assets at the end of the reporting period amounted to RMB 2,459,738,645.81, an increase of 2.66% from the end of the previous year[3] - The company's total liabilities as of March 31, 2022, are approximately 330.18 million RMB, compared to 323.60 million RMB at the end of 2021, indicating an increase of about 2.0%[14] - Current assets as of March 31, 2022, amount to approximately 1.12 billion RMB, a decrease from approximately 1.14 billion RMB at the end of 2021, representing a decline of about 1.7%[12] - The total assets of the company as of March 31, 2022, are approximately 2.46 billion RMB, an increase from approximately 2.40 billion RMB at the end of 2021, reflecting a growth of about 2.6%[13] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 82,936[8] - The largest shareholder, Wu Chaoqun, held 37.09% of the shares, totaling 296,300,736 shares[8] - The company has a significant shareholder structure, with the largest shareholder holding approximately 296.3 million shares, representing a substantial portion of the total equity[9] Project Investments - The total investment for the "annual production of 600,000 tons of seasoning intelligent manufacturing project" is 1.26 billion RMB, with a construction period from January 2020 to December 2024[10] - As of March 31, 2022, the cumulative investment in the project has reached 344.55 million RMB[11] - The company has a plan to complete the first phase of production lines for 200,000 tons of soy sauce and 100,000 tons of cooking wine by the end of the first phase of the project[11] Expenses - Total operating costs decreased to RMB 418,175,793.65 from RMB 426,684,766.54 in the previous year, a reduction of about 2.4%[15] - Research and development expenses for Q1 2022 were RMB 12,521,766.92, down from RMB 14,405,514.27 in Q1 2021, a decrease of approximately 13.1%[15] - Sales expenses decreased significantly to RMB 72,606,176.98 from RMB 122,705,923.58 in the previous year, a reduction of about 40.9%[15] - Tax expenses for Q1 2022 were RMB 12,821,383.51, compared to RMB 8,318,056.33 in Q1 2021, reflecting an increase of about 54.5%[16] Non-Recurring Items - Non-recurring gains and losses included RMB 600,558.86 from the disposal of non-current assets and RMB 421,068.50 from entrusted investment management[4]

Financial Performance - The company's operating revenue for 2021 was approximately CNY 1.93 billion, representing a 13.7% increase compared to CNY 1.69 billion in 2020[12]. - The net profit attributable to shareholders of the listed company was approximately CNY 221.40 million, an increase of 7.58% from CNY 205.80 million in the previous year[12]. - The net profit after deducting non-recurring gains and losses was approximately CNY 217.88 million, reflecting an 8.26% increase from CNY 201.25 million in 2020[12]. - Basic earnings per share rose by 7.03% to CNY 0.2772 in 2021 from CNY 0.2590 in 2020[13]. - The company achieved a total revenue of 1.93 billion RMB in 2021, representing a year-on-year growth of 13.7%[22]. - The net profit attributable to shareholders was 221 million RMB, an increase of 7.58% compared to the previous year[22]. - The gross profit margin for the food manufacturing sector decreased by 3.83 percentage points to 40.24%[26]. - The company's food manufacturing segment achieved revenue of 1.898 billion yuan, a year-on-year increase of 13.69%[27]. Cash Flow and Assets - The net cash flow from operating activities decreased by 52.86% to approximately CNY 178.19 million from CNY 378.03 million in 2020[12]. - Total assets increased by 9.72% to CNY 2,397,922,657.19 in 2021 compared to CNY 2,185,494,550.48 in 2020[13]. - The company reported cash and cash equivalents of ¥196,955,347.02 in 2021, up from ¥117,463,290.74 in 2020, which is an increase of about 67.5%[144]. - The total liabilities increased to ¥323,601,828.59 from ¥287,583,201.48, marking a rise of approximately 12.53%[145]. - The company reported a significant increase in inventory, which rose to ¥507,061,198.81 from ¥325,041,451.70, representing a growth of approximately 55.8%[146]. Market and Competition - The company faced increased operational pressure due to rising prices of raw materials and packaging during the reporting period[17]. - The market for condiments showed signs of weakness, with intensified competition and a shift in consumer demand towards cost-effectiveness[17]. - The seasoning industry is experiencing increased competition due to rising production capacities and changing consumer preferences[19]. - The company is focusing on innovation and expanding sales channels, including community group buying and live streaming sales[17]. Product Development and R&D - The company invested 55.39 million RMB in R&D, reflecting a 22.49% increase from the previous year[22]. - The company launched several new products, including a compound seasoning series, enzyme soy sauce, and low-salt soy sauce[18]. - The company is actively enhancing its production capacity with a project aimed at building a smart production line with an annual capacity of 600,000 tons of seasoning products[18]. - The company emphasizes product quality and innovation, focusing on health, nutrition, and taste, while enhancing its fermentation technology and collaborating with renowned universities and experts[49]. Corporate Governance and Management - The company is committed to improving corporate governance and transparency, ensuring compliance with relevant laws and regulations[52]. - The company has established specialized committees, including an audit committee and a nomination committee, which held a total of 10 meetings during the reporting period[70]. - The company has implemented a performance evaluation standard and incentive mechanism for senior management, linking their compensation directly to operational performance[87]. - The company has a long-term strategy for talent retention, as indicated by the ongoing roles of several directors and supervisors in other organizations[63]. Shareholder and Dividend Policy - The company plans to distribute a cash dividend of CNY 0.84 per 10 shares (before tax) to all shareholders[2]. - The company has established a cash dividend policy, ensuring that at least 20% of the distributable profit is allocated as cash dividends each year[78]. - The company plans to continue its cash dividend distribution strategy, prioritizing cash dividends over stock dividends[78]. Environmental and Social Responsibility - The company has maintained its ISO14001 environmental management system certification since 2012, with the current certification valid until September 20, 2023[97]. - The company has conducted risk assessments and established an emergency response plan for environmental incidents, which has been filed with the local environmental authority[95]. - The company donated 500,000 yuan to kindergartens and middle schools during the reporting period, actively participating in various public welfare activities[100]. - The company is committed to further engaging in environmental protection and social responsibility, promoting harmonious development with society[102]. Audit and Compliance - The company has engaged Xinyong Zhonghe Accounting Firm to provide a standard unqualified audit report for the financial statements[2]. - The audit report confirmed that the financial statements fairly represent the company's financial position as of December 31, 2021[133]. - The company has retained the auditing firm for the 2021 annual audit, ensuring compliance with auditing standards[74].

Financial Performance - The company's operating revenue for Q3 2021 was ¥469,913,278.35, representing an increase of 11.08% compared to the same period last year[7]. - The net profit attributable to shareholders for Q3 2021 was ¥66,091,981.05, showing a decrease of 1.17% year-on-year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥65,657,002.15, down 0.69% from the previous year[7]. - The basic earnings per share for Q3 2021 was ¥0.0827, a decrease of 17.55% compared to the same period last year[9]. - The diluted earnings per share for Q3 2021 was also ¥0.0827, reflecting a decline of 17.63% year-on-year[9]. - The weighted average return on equity for Q3 2021 was 3.38%, a decrease of 0.1 percentage points compared to the previous year[9]. - Total operating revenue for the first three quarters of 2021 reached ¥1,355,565,366.72, an increase of 10.9% compared to ¥1,222,242,049.51 in the same period of 2020[32]. - Net profit for the first three quarters of 2021 was ¥131,904,809.33, a decrease of 41.0% from ¥223,911,545.07 in the same period of 2020[37]. - Basic earnings per share for the first three quarters of 2021 were ¥0.1651, down from ¥0.3387 in the same period of 2020[37]. Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥2,306,126,707.95, an increase of 5.52% from the end of the previous year[9]. - The equity attributable to shareholders at the end of Q3 2021 was ¥1,969,425,152.51, up 3.77% from the previous year[9]. - The total current assets as of September 30, 2021, are 1.07 billion RMB, slightly up from 1.06 billion RMB at the end of 2020[27]. - The total assets as of September 30, 2021, stand at 2.31 billion RMB, compared to 2.19 billion RMB at the end of 2020, indicating an increase of about 5%[27]. - Non-current assets total 1.24 billion RMB, up from 1.12 billion RMB at the end of 2020, marking an increase of approximately 10%[27]. - Total liabilities increased to ¥336,701,555.44 in 2021 from ¥287,583,201.48 in 2020, representing a growth of 17.1%[29]. - The company reported a financial income of ¥8,584,382.72 for the first three quarters of 2021, compared to ¥5,387,913.80 in the same period of 2020, reflecting a growth of 59.0%[32]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥143,304,666.65, down 51.78% compared to the same period last year[10]. - Cash inflow from operating activities for the first three quarters of 2021 was ¥1,544,273,283.52, compared to ¥1,429,435,819.57 in the same period of 2020, reflecting a growth of 8.0%[39]. - Cash flow from operating activities net amount was 143,304,666.65, a decrease of 51.9% compared to 297,188,815.67 from the previous period[40]. - Cash inflow from investment activities totaled 590,343,036.56, down 20.1% from 738,622,461.90 in the prior period[40]. - Cash outflow from investment activities was 700,973,415.56, a decrease of 29.0% compared to 987,236,210.98 previously[40]. - Net cash flow from financing activities was -62,033,771.15, compared to -67,991,688.93 in the previous period[42]. - The ending balance of cash and cash equivalents was 88,103,807.24, an increase from 66,646,039.24 in the prior period[42]. - Current cash and cash equivalents amount to 88.10 million RMB, down from 117.46 million RMB at the end of 2020, representing a decrease of approximately 25%[23]. Investments and Projects - The total investment for the "annual production of 600,000 tons of seasoning intelligent manufacturing project" is 1.26 billion RMB, with a construction period from January 2020 to December 2024[21]. - As of September 30, 2021, the cumulative investment in the project has reached 214.57 million RMB[21]. - The company’s long-term investments in construction projects have increased to 290.41 million RMB from 140.30 million RMB, reflecting a growth of over 106%[27]. Expenses - The company attributed the decline in net profit to increased advertising and promotional expenses[16]. - Total operating costs for the first three quarters of 2021 were ¥1,201,249,264.37, up 24.4% from ¥966,046,702.08 in the previous year[32]. - Research and development expenses for the first three quarters of 2021 amounted to ¥35,929,809.22, an increase from ¥33,936,839.95 in the previous year[32]. - Total cash outflow for employee payments was 178,606,582.35, an increase of 18.9% from 150,233,182.90[40]. - Total cash outflow for other operating activities was 242,135,102.55, up 42.4% from 169,829,371.39[40]. Inventory and Payables - Inventory has increased to 504.88 million RMB from 395.05 million RMB at the end of 2020, reflecting a growth of approximately 28%[23]. - Accounts payable have risen to 90.27 million RMB from 71.61 million RMB at the end of 2020, which is an increase of about 26%[27]. - The company has reported a significant increase in contract liabilities, rising to 43.54 million RMB from 20.38 million RMB, which is an increase of approximately 114%[27].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥885,652,088.37, an increase of 10.82% compared to ¥799,212,259.71 in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 58.09% to ¥65,812,828.28 from ¥157,034,954.24 year-on-year[22]. - Basic earnings per share decreased by 65.44% to ¥0.0824 from ¥0.2384 in the previous year[22]. - The weighted average return on net assets fell by 5.72 percentage points to 3.41% compared to 9.13% in the same period last year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses also saw a decrease of 57.16%[22]. - The company's total profit for the first half of 2021 was CNY 80,127,249.09, compared to CNY 183,697,939.27 in the first half of 2020, reflecting a decline of 56.36%[171]. - The comprehensive income for the period is 65,812,828.28, reflecting the company's performance[195]. Cash Flow and Investment - The net cash flow from operating activities dropped by 76.79% to ¥45,842,973.25, primarily due to increased payments for raw materials, packaging, and advertising expenses[22]. - The company reported a significant decrease in net cash flow from investment activities, which fell by 86.13% to -¥18,098,082.48 from -¥130,469,792.23[55]. - Operating cash inflow for the first half of 2021 was CNY 1,023,037,432.30, an increase from CNY 945,304,676.63 in the same period of 2020, representing a growth of approximately 8.2%[179]. - The company received CNY 390,000,000.00 from investment recoveries in the first half of 2021, down from CNY 573,000,000.00 in the same period of 2020, a decline of approximately 31.9%[179]. - The company paid CNY 165,493,461.68 for the acquisition of fixed assets and intangible assets in the first half of 2021, compared to CNY 101,975,620.76 in the same period of 2020, an increase of about 62.3%[181]. Operational Efficiency - Operating costs increased by 27.39% to ¥511,805,460.38 from ¥401,773,321.41, primarily due to rising raw material prices and the implementation of new revenue recognition standards[55]. - The company aims to optimize cost management and improve operational efficiency in response to rising raw material prices[51]. - The company reported an increase in operating expenses of CNY 429,787,152.51 in the first half of 2021, which is an increase from CNY 333,897,606.47 in the same period of 2020[171]. Production and Quality Management - The company operates in the condiment industry, focusing on high-quality soy sauce, vinegar, and cooking wine production and sales[31]. - The company has established five production bases, including Meishan and Zhenjiang, primarily for condiment production[35]. - The company has implemented a comprehensive quality management system, achieving multiple certifications including ISO 9001 and FSSC22000[34]. - The company has achieved multiple food safety certifications, including BRC and IFS, enhancing product quality and safety standards[39]. - The company is focused on high-quality production with a target of 600,000 tons of condiment production capacity through smart manufacturing projects[50]. Market Strategy and Innovation - The company has diversified its sales channels, including retail, catering, and e-commerce, to enhance market reach[38]. - The company is adapting to market trends by optimizing channels and innovating business models in response to changing consumer demands[31]. - The company plans to enhance its product offerings by innovating in new categories and improving existing products to meet consumer demands[50]. - The company is committed to strengthening its marketing strategies across retail, dining, and e-commerce channels to adapt to evolving consumer behaviors[51]. Environmental Responsibility - The company’s wastewater treatment system has a capacity of 2,500 m³/d, meeting the Class III discharge standards[92]. - The company has passed the ISO14001 environmental management system certification multiple times, with the latest certification in 2019[98]. - The company has implemented an emergency response plan for environmental incidents, which was filed with the local environmental bureau on April 5, 2021[94]. - The company has installed online monitoring equipment for wastewater and flue gas treatment systems, monitoring indicators including COD and ammonia nitrogen, and is connected to the local environmental monitoring platform[97]. - There were no administrative penalties due to environmental issues during the reporting period[98]. Shareholder and Capital Management - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital during this reporting period[22]. - The company completed a capital reserve transfer plan, increasing shares by 133,135,064 shares[128]. - The total number of shares after the changes is 798,810,382 shares, with 99.47% being unrestricted circulating shares[127]. - The company has confirmed compliance with all relevant laws and regulations regarding stock incentive plans[111]. - The top shareholder, Wu Chaoqun, holds 296,300,736 shares, representing 37.09% of the total shares[134].

Financial Performance - Operating income rose by 32.91% to CNY 477,648,276.60 year-on-year, driven by growth in condiment sales[21] - Net profit attributable to shareholders decreased by 43.34% to CNY 39,887,817.49, primarily due to increased advertising and promotional expenses[21] - Basic earnings per share fell by 60.36% to CNY 0.0599, mainly due to an increase in share capital[21] - The weighted average return on net assets decreased by 2.24 percentage points to 2.08%[21] - Total revenue for Q1 2021 reached ¥477,648,276.60, a 32.9% increase from ¥359,375,317.94 in Q1 2020[52] - Net profit for Q1 2021 was ¥39,887,817.49, down 43.4% from ¥70,396,189.07 in Q1 2020[56] - The total comprehensive income for Q1 2021 was CNY 35.50 million, a decrease of 47.9% from CNY 68.15 million in Q1 2020[64] Cash Flow - Net cash flow from operating activities decreased by 87.33% to CNY 10,808,373.69, attributed to higher payments for raw materials and advertising[21] - Cash flow from operating activities for Q1 2021 was CNY 10.81 million, a significant decrease from CNY 85.32 million in Q1 2020[64] - The net cash flow from operating activities for Q1 2021 was $16.59 million, a decrease of 82.3% compared to $93.35 million in Q1 2020[71] - The company received cash from operating activities totaling CNY 533.41 million in Q1 2021, compared to CNY 420.49 million in Q1 2020[64] Assets and Liabilities - Total assets increased by 1.95% to CNY 2,228,202,094.76 compared to the end of the previous year[18] - The company's current assets totaled CNY 1,054,809,737.12, slightly down from CNY 1,061,701,171.11 year-over-year[41] - The total liabilities of the company were CNY 290,006,968.29, up from CNY 287,583,201.48, indicating a slight increase of 0.5%[44] - The equity attributable to shareholders reached CNY 1,938,195,126.47, compared to CNY 1,897,911,349.00, showing an increase of approximately 2.1%[46] Investments and Expenses - Research and development expenses surged by 172.00% to ¥14,405,514.27, reflecting increased investment in condiment research and product development[30] - Sales expenses increased by 66.15% to ¥122,705,923.58, mainly due to higher promotional and advertising costs[30] - The company reported a 428.34% increase in investment income to ¥4,579,220.68, attributed to higher returns from financial products[30] - The company invested approximately $180 million in cash for investments in Q1 2021, down from $354.89 million in Q1 2020, reflecting a decrease of about 49.3%[71] Shareholder Information - The number of shareholders reached 62,456 by the end of the reporting period[24] - The top shareholder, Wu Chaoqun, holds 37.09% of the shares, totaling 246,917,280 shares[24] Government Support - The company received government subsidies amounting to CNY 141,708.03, which are closely related to its normal business operations[22] Inventory and Receivables - Inventory increased to CNY 448,900,204.82 from CNY 395,049,175.42, reflecting a growth of approximately 13.6%[41] - Accounts receivable rose to CNY 131,411,456.65, compared to CNY 124,069,455.07, marking an increase of about 5.4%[41]