Financial Performance - The company's consolidated net profit attributable to shareholders for 2017 was CNY 2,309.88 million, while the net profit for the parent company was CNY 2,399.47 million[7]. - The total distributable profit at the end of 2017 was CNY 4,985.21 million, after distributing cash dividends of CNY 990 million[7]. - The profit distribution plan for 2017 includes a stock dividend of 4 shares for every 10 shares held and a cash dividend of CNY 26 per 10 shares (including tax)[7]. - The company's operating revenue for 2017 was approximately ¥7.74 billion, a decrease of 13.03% compared to ¥8.90 billion in 2016[23]. - Net profit attributable to shareholders was approximately ¥2.31 billion, down 15.72% from ¥2.74 billion in 2016[23]. - Basic earnings per share decreased to ¥4.6664, a decline of 15.72% from ¥5.5368 in 2016[24]. - The weighted average return on equity fell to 38.77%, down 7.96 percentage points from 46.73% in 2016[24]. - The company's total assets increased to approximately ¥11.19 billion, reflecting a growth of 14.65% from ¥9.76 billion in 2016[23]. - Cash flow from operating activities was approximately ¥2.13 billion, a decrease of 11.25% compared to ¥2.40 billion in 2016[23]. - The net profit after deducting non-recurring gains and losses was approximately ¥1.89 billion, down 20.80% from ¥2.39 billion in 2016[23]. - The company's net assets attributable to shareholders increased to approximately ¥7.34 billion, a rise of 22.82% from ¥5.97 billion in 2016[23]. Market and Product Development - The company reported a significant increase in user data, with a focus on expanding its market presence through new product development and technology[8]. - The company has been dedicated to the research, production, and sales of plant protein beverages primarily made from walnut kernels since its establishment in September 1997[32]. - The company has a diverse product range, including walnut milk, walnut peanut milk, walnut almond milk, and other plant protein beverages[32]. - In 2017, the company launched a new fermented walnut milk product, completing trial production in December, which is expected to enhance product offerings[50]. - The company plans to enhance product R&D, focusing on high-value walnut milk products tailored for different consumer groups, including children and the elderly[63]. - The company aims to deepen market penetration in lower-tier cities while expanding into first and second-tier cities, with a goal of achieving nationwide market depth in 2-3 years[65]. Sales and Distribution - The company's main sales model is distribution, with distribution sales revenue accounting for over 98% of total main business income during the reporting period[39]. - The company has established a comprehensive sales network with approximately 1,800 distributors, covering major provinces and cities in China, including Hebei, Henan, and Jiangsu[46]. - The total number of distributors increased by 252 to 1,812, with a significant portion (67%) having partnered with the company for over four years[108]. - Online sales through e-commerce platforms reached RMB 5,298.88 million, a significant increase of 392% compared to RMB 1,077.00 million in the previous period[117]. - The company aims to enhance its marketing efforts in urban areas and expand into new markets such as Guangdong, Guangxi, and Guizhou[115]. Social Responsibility and Community Engagement - The company is actively involved in a public welfare fund aimed at donating books and facilities to underprivileged schools[13]. - The company has invested approximately 25 million yuan in the "Six Walnuts·Reading Wisdom" public welfare fund, benefiting over 520,000 students in impoverished areas[56]. - The company has contributed to the education of over 520,000 students across 948 primary and secondary schools in impoverished areas through its public welfare fund[191]. - The company has been actively involved in the walnut planting and procurement business in approximately 60 poverty-stricken counties[191]. Risks and Challenges - The company has no major risks that could materially affect its operations during the reporting period[9]. - The company faces risks related to food safety, which could impact brand reputation and operational performance if safety standards are not met[145]. - The company is exposed to risks from fluctuating prices of essential packaging materials, particularly aluminum cans, which are sourced from a limited number of suppliers[149][150]. - The decline in revenue was attributed to consumption upgrades and structural adjustments in the fast-moving consumer goods industry, leading to a decrease in sales of traditional brands[61]. Environmental and Operational Efficiency - The company has removed coal-fired boilers and switched to steam since October 2017, eliminating related emissions[198]. - The company’s wastewater emissions include 45.68 tons of COD and 7.61 tons of ammonia nitrogen, with all emissions meeting environmental standards[198]. - The company has been recognized as a key pollutant discharge unit by the local environmental protection bureau[197]. - The company has established partnerships with around 68 walnut suppliers, with 44 of them situated in national poverty counties, covering 60 counties in total[193]. Corporate Governance and Compliance - The company has established a clear cash dividend policy in accordance with relevant regulations, ensuring shareholder interests are balanced with sustainable development[156]. - The company has committed to measures to stabilize its stock price if it falls below net asset value within three years post-IPO[4]. - All directors, supervisors, and senior management have pledged to ensure the accuracy and completeness of the prospectus and will bear legal responsibility for any misleading information[167]. - The company has confirmed that it will compensate for any losses incurred due to non-fulfillment of commitments made in the letter[174].

Financial Performance - Revenue for the reporting period reached CNY 2.85 billion, a growth of 20.12% year-on-year[6] - Net profit attributable to shareholders increased by 77.75% to CNY 834.54 million compared to the same period last year[6] - Basic earnings per share rose by 75.18% to CNY 1.8259[6] - Net profit for the period increased 80.25% compared to the previous period, driven by a 20.12% increase in operating revenue and a 3.00% increase in gross margin due to lower raw material prices[14] - Investment income for the period increased 41.11% compared to the previous period, mainly due to higher returns from bank wealth management products[14] - The net profit for Q1 2018 was ¥930,039,485.76, representing a growth of 80.5% from ¥515,959,481.21 in Q1 2017[25] - The company's operating revenue for Q1 2018 was CNY 2,850,235,877.80, representing a 20% increase from CNY 2,372,970,129.19 in the same period last year[27] - The total comprehensive income for Q1 2018 was CNY 450,983,418.97, significantly lower than CNY 1,642,059,418.37 in Q1 2017[28] Assets and Liabilities - Total assets increased by 20.89% to CNY 13.53 billion compared to the end of the previous year[6] - Total assets at the end of the period amounted to approximately 13.53 billion yuan, an increase from 11.19 billion yuan at the beginning of the year[18] - Total assets as of March 31, 2018, amounted to ¥13,143,641,995.45, up from ¥10,758,584,368.04 at the beginning of the year, indicating a growth of approximately 22.1%[22] - Total liabilities decreased to ¥3,655,914,859.28 from ¥4,987,512,650.84, reflecting a reduction of about 26.7%[23] - The company's equity attributable to shareholders rose to ¥9,487,727,136.17, up from ¥5,771,071,717.20, an increase of about 64.5%[23] Cash Flow - The net cash flow from operating activities improved by 48.31%, reaching CNY -771.54 million[6] - The net cash flow from operating activities for the period was negative, but increased 48.31% compared to the previous period, mainly due to a significant increase in bank acceptance bills used for payments[14] - The cash flow from operating activities showed a net outflow of CNY -771,537,293.55, an improvement from CNY -1,492,676,235.57 in the same period last year[31] - The cash flow from investing activities generated a net inflow of CNY 3,432,345,042.95, compared to CNY 1,684,828,952.51 in Q1 2017[32] - The cash flow from financing activities resulted in a net inflow of CNY 3,262,828,192.60, contrasting with a net outflow of CNY -160,000,000.00 in the previous year[32] - The ending balance of cash and cash equivalents stood at $6,449,297,360.52, up from $669,662,381.65 in the previous period[36] Shareholder Information - The number of shareholders reached 42,487 by the end of the reporting period[9] - The largest shareholder, Yao Kuizhang, holds 21.01% of the shares[9] Other Financial Metrics - The weighted average return on equity increased by 2.17 percentage points to 10.45%[6] - The company reported non-recurring gains of CNY 95.50 million during the period[8] - Cash and cash equivalents at the end of the period increased 10.57 times compared to the beginning of the year, mainly due to the funds raised from the IPO and a decrease in purchased bank wealth management products[12] - Accounts receivable at the end of the period increased 2.36 times compared to the beginning of the year, primarily due to the settlement method with large supermarkets and e-commerce platforms, with significant sales occurring during the delayed Spring Festival[12] - Other current assets decreased 44.59% compared to the beginning of the year, attributed to a reduction in purchased bank wealth management products[12] - Sales expenses decreased 40.45% compared to the previous period, primarily due to adjustments in advertising media and strategies[12] - Other comprehensive income at the end of the period increased 34.47% compared to the beginning of the year, mainly due to the recognition of equity in long-term investments[12] - The company completed a settlement payment of approximately 1.65 million USD related to a lawsuit, which was recognized as an extraordinary expense[14]