Financial Performance - The company's operating revenue for Q3 2021 was CNY 412,462,597.61, representing a year-on-year increase of 4.46%[4] - The net profit attributable to shareholders for Q3 2021 was a loss of CNY 21,937,264.70, a decrease of 216.20% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was a loss of CNY 23,438,448.01, a decrease of 227.11% year-on-year[4] - The basic earnings per share for Q3 2021 was -CNY 0.13, a decrease of 218.18% year-on-year[4] - The diluted earnings per share for Q3 2021 was also -CNY 0.13, reflecting the same percentage decrease as basic earnings[4] - Total operating revenue for the first three quarters of 2021 reached ¥1,144,806,801.40, a significant increase from ¥872,203,856.16 in the same period of 2020, representing a growth of approximately 31.1%[18] - The net profit for the first three quarters of 2021 was a loss of ¥88,390,422.63, contrasting with a profit of ¥10,564,007.99 in the same period of 2020[19] - The basic and diluted earnings per share for the first three quarters of 2021 were both -¥0.52, compared to ¥0.08 in the previous year[20] - The company reported a total operating profit (loss) of -¥103,281,579.38 for the first three quarters of 2021, compared to a profit of ¥9,098,762.25 in the same period of 2020[19] - The total profit (loss) for the first three quarters of 2021 was -¥104,444,897.73, compared to a profit of ¥8,743,251.33 in 2020[19] Cash Flow - The net cash flow from operating activities for the year-to-date period was CNY 26,563,932.79, an increase of 340.05%[4] - The net cash flow from operating activities for Q3 2021 was CNY 26,563,932.79, a significant improvement compared to a net outflow of CNY 11,066,049.93 in Q3 2020[23] - Cash inflow from operating activities for the first three quarters of 2021 was ¥1,299,721,741.42, up from ¥1,006,031,803.85 in 2020, reflecting an increase of approximately 29.1%[22] - The net cash flow from investing activities was negative CNY 86,206,724.80, slightly worse than the negative CNY 81,110,498.36 recorded in the same period last year[23] - Cash inflow from financing activities totaled CNY 466,899,659.27, compared to CNY 467,458,907.11 in Q3 2020, indicating stable financing operations[23] - The company paid CNY 430,636,433.33 in debt repayments during Q3 2021, significantly higher than CNY 214,777,511.79 in Q3 2020[23] Assets and Liabilities - The total assets at the end of Q3 2021 were CNY 1,344,816,580.83, down 5.37% from the end of the previous year[5] - The total assets of the company as of Q3 2021 were CNY 1,421,125,739.60, a slight decrease from CNY 1,428,988,776.85 at the end of the previous year[27] - The total liabilities increased to CNY 741,586,728.23 from CNY 749,449,765.48, reflecting a minor adjustment in the company's financial structure[27] - The total liabilities decreased slightly to RMB 736,268,701.42 from RMB 741,586,728.23, a reduction of approximately 0.7%[15] - The company's total equity decreased to RMB 608,547,879.41 from RMB 679,539,011.37, reflecting a decline of about 10.4%[15] - The company's total equity remained stable at CNY 679,539,011.37, unchanged from the previous year[27] Current Assets and Inventory - As of September 30, 2021, total current assets amounted to RMB 561,337,537.23, a decrease from RMB 690,947,058.84 at the end of 2020, reflecting a decline of approximately 18.7%[13] - The company's cash and cash equivalents were reported at RMB 123,258,870.15, significantly down from RMB 290,502,527.82 at the end of 2020, indicating a decrease of about 57.5%[13] - Accounts receivable increased to RMB 168,684,422.79 from RMB 164,181,201.98, showing a growth of approximately 2.9% year-over-year[13] - Inventory levels rose to RMB 218,303,710.21, compared to RMB 201,571,542.27 at the end of 2020, marking an increase of about 8.3%[13] Expenses and Losses - The significant losses in net profit were primarily due to increased employee compensation, advertising expenses, and stock incentive costs[8] - Research and development expenses for the first three quarters of 2021 totaled ¥13,354,246.24, compared to ¥10,771,544.28 in 2020, marking an increase of about 24.0%[18] - The company incurred a financial expense of ¥16,241,394.28 in the first three quarters of 2021, slightly down from ¥16,501,257.65 in the previous year[18] - The company experienced a credit impairment loss of -¥3,449,239.05 in the first three quarters of 2021, compared to -¥615,596.72 in 2020, indicating a significant increase in credit losses[18] Changes in Financial Standards - The company implemented new leasing standards starting January 1, 2021, which did not have a significant impact on the financial statements[27]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥732,344,203.79, representing a 53.42% increase compared to ¥477,347,721.68 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was -¥65,650,817.53, a decrease of 1,060.09% from -¥5,659,123.43 in the previous year[20]. - The net cash flow from operating activities was -¥20,679,579.03, down 1,398.85% from ¥1,592,148.57 in the same period last year[20]. - The basic earnings per share for the first half of 2021 was -¥0.39, a decline of 1,200.00% compared to -¥0.03 in the same period last year[21]. - The weighted average return on net assets was -10.38%, a decrease of 9.50 percentage points from -0.88% in the previous year[21]. - The company reported a net loss for the first half of 2021 was ¥65,751,532.99, compared to a net loss of ¥7,578,340.80 in the first half of 2020, reflecting a deterioration in profitability[134]. - The total profit loss for the first half of 2021 was -¥77,907,253.80, compared to -¥10,434,094.44 in the same period last year, indicating a significant decline in financial performance[133]. Cash Flow and Liquidity - The net cash flow from operating activities for the first half of 2021 was negative at approximately -¥20.68 million, contrasting with a positive cash flow of ¥1.59 million in the first half of 2020[139]. - The total cash outflow from operating activities in the first half of 2021 was approximately ¥863.80 million, up from ¥568.99 million in the same period of 2020, representing an increase of 51.8%[139]. - The cash inflow from financing activities for the first half of 2021 was approximately ¥449.65 million, compared to ¥397.96 million in the first half of 2020, marking an increase of 13%[139]. - The total cash and cash equivalents at the end of the first half of 2021 stood at approximately ¥120.81 million, a decrease from ¥124.65 million at the end of the first half of 2020[139]. - The company paid approximately ¥107.53 million to employees in the first half of 2021, which is an increase of 54.6% compared to ¥69.54 million in the same period of 2020[139]. Operational Challenges - The company attributed the significant decrease in net profit to increased stock incentive expenses and employee compensation[22]. - The company also reported a reduction in net cash flow from operating activities due to increased employee compensation and marketing expenses[22]. - The company's sales expenses increased by 143.68% to 67.45 million yuan, primarily due to higher employee compensation and advertising costs[36]. - The company reported an investment loss of ¥94,816.38, compared to a loss of ¥54,653.23 in the previous year, highlighting challenges in investment performance[133]. - The company’s operating profit for the first half of 2021 was -¥77,170,503.59, compared to -¥10,125,713.44 in the first half of 2020, reflecting operational challenges[133]. Asset Management - Total assets increased by 1.59% to ¥1,443,782,496.20 from ¥1,421,125,739.60 at the end of the previous year[20]. - The total current assets amounted to RMB 671,700,338.48, a decrease from RMB 690,947,058.84 at the end of 2020, reflecting a decline of approximately 2.5%[124]. - Cash and cash equivalents were reported at RMB 252,817,337.82, down from RMB 290,502,527.82, indicating a decrease of about 13%[124]. - Accounts receivable decreased to RMB 142,811,281.92 from RMB 164,181,201.98, representing a decline of approximately 13%[124]. - Inventory increased to RMB 228,769,451.06, up from RMB 201,571,542.27, showing an increase of around 13.5%[124]. Market and Product Development - The company operates in the frozen food industry, specifically in the frozen prepared food sector, with a focus on meat products such as meatballs and lion's head[26]. - The company has a significant focus on product development, aiming to create a comprehensive range of frozen prepared foods for consumers[26]. - The company is expanding its supermarket sales model, which is currently in its early stages, to enhance brand recognition and sales volume[29]. - The company aims to strengthen its brand influence and expand its market share in the frozen prepared food sector[29]. - The company has established procurement systems to manage raw material sourcing effectively, ensuring quality and cost efficiency[27]. Environmental and Regulatory Compliance - The company emphasizes environmental protection and has not faced significant penalties related to environmental issues during the reporting period[77]. - The company adheres to ISO 14001 environmental management system certification and has established internal environmental protection regulations[77]. - Wastewater from production is treated at an in-house sewage treatment station, ensuring compliance with national discharge standards[78]. - The company has implemented measures to control noise pollution, achieving compliance with industrial noise emission standards[78]. - The company promotes energy conservation and green office practices among employees, fostering a culture of environmental awareness[77]. Shareholder Commitments and Governance - The controlling shareholder, Huifa Investment, committed to not transferring or entrusting the management of its shares for 36 months post-listing, with an automatic extension of 6 months if the stock price falls below the IPO price for 20 consecutive trading days[82]. - After the lock-up period, shareholders can reduce their holdings by no more than 10% of their pre-IPO shares, with a minimum selling price equal to the IPO price[82]. - The company has a commitment to resolve related party transactions and competition issues, although some commitments have not been fulfilled[82]. - The company will ensure compliance with relevant securities regulations and commitments during any share reduction activities[86]. - The company has committed to not engaging in any business that competes with its own operations, ensuring no direct or indirect competition[101]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the accrual basis of accounting, in accordance with the relevant accounting standards and regulations[166]. - The company has established a framework for recognizing and measuring long-term equity investments in accordance with applicable accounting standards[175]. - Significant intercompany balances, transactions, and unrealized profits are eliminated in the preparation of consolidated financial statements[183]. - The company applies the equity method for investments in joint ventures, recognizing its share of assets and liabilities[189]. - The company’s accounting records are maintained in Renminbi, ensuring consistency in financial reporting[172].

Financial Performance - Total revenue for Q1 2021 reached RMB 299,113,286.18, an increase of 85.56% compared to RMB 161,196,086.65 in the same period last year[7] - Net profit attributable to shareholders was a loss of RMB 32,583,812.03, a decline of 106.86% from a loss of RMB 15,751,946.46 in Q1 2020[7] - Basic earnings per share were negative RMB 0.19, a decrease of 111.11% from negative RMB 0.09 in the same period last year[7] - The company reported a significant decrease in investment income, with a loss of ¥224,979.33 compared to a loss of ¥25,765.35 in the same period last year, marking a decline of 773.19%[13] - The net loss for Q1 2021 was CNY 32,844,505.17, compared to a net loss of CNY 16,567,125.18 in Q1 2020, indicating a deterioration in profitability[25] - Total comprehensive income for Q1 2021 was -¥28.09 million, compared to -¥17.89 million in Q1 2020, reflecting a decline of 57.5%[30] Cash Flow - The net cash flow from operating activities was negative RMB 36,163,181.71, compared to negative RMB 1,518,848.34 in the previous year, representing a decrease of 2,280.96%[7] - Cash flow from operating activities showed a net outflow of ¥36.16 million in Q1 2021, compared to a net outflow of ¥1.52 million in Q1 2020[32] - In Q1 2021, the company's net cash flow from operating activities was ¥37,794,698.57, a decrease of 51.1% compared to ¥77,227,100.95 in Q1 2020[34] - The company incurred cash outflows of ¥304,300,871.84 from operating activities in Q1 2021, up 14.0% from ¥266,961,544.70 in Q1 2020[34] - The net cash flow from investing activities was -¥19,873,422.56 in Q1 2021, compared to -¥17,816,687.59 in Q1 2020, indicating a worsening of 11.5%[34] - The company reported a net decrease in cash and cash equivalents of ¥23,263,208.98 in Q1 2021, contrasting with an increase of ¥47,726,021.80 in Q1 2020[35] Assets and Liabilities - Total assets at the end of the reporting period were RMB 1,450,129,144.87, up 2.04% from RMB 1,421,125,739.60 at the end of the previous year[7] - Total liabilities increased to ¥793,578,495.78 from ¥741,586,728.23, reflecting a rise in short-term borrowings[18] - Total assets as of March 31, 2021, amounted to CNY 1,174,037,139.13, slightly up from CNY 1,173,124,149.67 at the end of 2020[21] - Total liabilities as of March 31, 2021, were CNY 679,965,917.86, compared to CNY 660,970,054.28 at the end of 2020, showing an increase of approximately 2.0%[21] - The company’s equity decreased to CNY 494,071,221.27 as of March 31, 2021, down from CNY 512,154,095.39 at the end of 2020, a decline of about 3.5%[22] Operating Costs and Expenses - Operating costs rose to ¥252,199,911.59, reflecting an 87.07% increase from ¥134,812,511.71 year-over-year[13] - Total operating costs for Q1 2021 were CNY 338,062,769.97, compared to CNY 183,123,454.84 in Q1 2020, reflecting an increase of about 84.8%[24] - Research and development expenses increased by 52.40% to ¥4,718,489.50, up from ¥3,096,082.33 in Q1 2020[13] - The company incurred R&D expenses of CNY 4,718,489.50 for Q1 2021, compared to CNY 3,096,082.33 in Q1 2020, representing an increase of approximately 52.3%[24] - The company reported a significant increase in sales expenses, which rose to ¥18.93 million in Q1 2021 from ¥10.59 million in Q1 2020, a 78.5% increase[28] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,169[11] - The largest shareholder, Shandong Huifa Investment Co., Ltd., held 31.33% of the shares, with 53,848,266 shares pledged[11]

Financial Performance - The company's operating revenue for 2020 was RMB 1,409,232,387.79, representing a 16.48% increase compared to RMB 1,209,814,314.35 in 2019[22]. - The net profit attributable to shareholders for 2020 was RMB 23,075,588.51, a significant increase of 287.73% from RMB 5,951,415.28 in 2019[22]. - The net profit after deducting non-recurring gains and losses was RMB 22,580,701.57, up 447.82% from RMB 4,121,915.14 in 2019[22]. - The basic earnings per share increased by 250.00% to CNY 0.14 in 2020 compared to CNY 0.04 in 2019[23]. - The net profit attributable to shareholders increased by CNY 17.12 million, a year-on-year growth of 287.73%, primarily due to a decrease in average raw material prices and an increase in gross margin[23]. - The company's revenue for the fourth quarter reached CNY 537.03 million, showing a significant increase compared to previous quarters[26]. - The company achieved a revenue of 1,409.23 million RMB, representing a year-on-year growth of 16.48% compared to 1,209.81 million RMB in the previous year[40]. - The company's operating revenue for the current period reached ¥1,409,232,387.79, representing a year-on-year increase of 16.48%[46]. - The total revenue for the main business reached approximately CNY 1.39 billion, with a year-on-year increase of 16.66%[65]. - The gross profit margin improved by 2.52 percentage points, primarily due to a decrease in raw material prices for chicken and an increase in product gross margins[48]. Cash Flow and Assets - The net cash flow from operating activities decreased by 36.77% to RMB 66,749,200.68 from RMB 105,567,986.46 in 2019[22]. - The total assets at the end of 2020 were RMB 1,421,125,739.60, reflecting a 16.05% increase from RMB 1,224,595,750.42 in 2019[22]. - The net cash flow from operating activities decreased by CNY 38.82 million, a decline of 36.77% compared to 2019, mainly due to increased employee compensation and marketing expenses[24]. - The company's cash and cash equivalents increased by 34.27% to 290,502,527.82 CNY, driven by higher sales revenue and cash inflows from financing activities[62]. - The total sales volume for major products increased by 0.25%, with a total sales volume of 110,616.55 tons[49]. - The company reported a significant increase in financing activities, with net cash flow from financing activities rising by 303.04% to ¥96,580,601.74[46]. Shareholder and Dividend Information - The company proposed a cash dividend of RMB 0.9 per 10 shares, totaling RMB 1,546.974 million, subject to shareholder approval[5]. - In 2020, the company distributed a cash dividend of 0.90 CNY per share, with a total payout amounting to 23,075,588.51 CNY, representing 67.04% of the net profit attributable to shareholders[111]. - The cash dividend in 2019 was 0.20 CNY per share, totaling 5,951,415.28 CNY, which was 56.46% of the net profit attributable to shareholders[111]. - The company has a cash dividend policy that prioritizes cash distributions, aiming for a minimum of 15% of distributable profits to be paid out as dividends[107]. - The profit distribution policy requires approval from more than half of the independent directors and a two-thirds majority from shareholders present at the meeting for any adjustments[110]. Business Operations and Strategy - The company focuses on the development, production, and sales of frozen prepared meat products, including various types of meatballs and sausages[31]. - The company aims to become a major production base for frozen prepared meat products in China, enhancing its market presence[31]. - The company has established a series of procurement systems to reduce costs and improve quality, including supplier management and procurement price management[32]. - The company is expanding its sales channels, including a focus on direct sales to restaurants, hotels, and group purchasing clients, to diversify its customer base[36]. - The company is enhancing its brand influence through supermarket channels, aiming to increase the sales share from this segment despite its current low contribution to total revenue[34]. - The company is actively developing new products tailored to various consumer scenarios, including community group purchases and fresh food delivery services[42]. - The company plans to expand its production capacity with an investment in an annual production project of 80,000 tons of frozen food to enhance market share[99]. - The company aims to develop a comprehensive food supply chain service for various sectors, including catering and community services[97]. Risk Management and Compliance - The report includes a risk statement regarding forward-looking statements based on subjective assumptions about future policies and economic conditions[6]. - The company faces risks related to food safety and environmental issues, which could significantly impact its reputation and operational performance[103]. - The company’s main raw materials, including meat and flour, are subject to price fluctuations that could affect profit margins and operational stability[105]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[7]. - The company has not violated any decision-making procedures for providing guarantees[8]. Environmental and Social Responsibility - The company has implemented environmental protection measures, including waste gas treatment that meets the relevant standards[151]. - Wastewater from production is treated to meet the Grade B standards before being discharged into municipal sewage systems[152]. - Solid waste is collected and processed, with some being recycled and the rest sent for harmless disposal[152]. - The company emphasizes energy conservation and green office practices among employees[151]. - The company has established an internal environmental protection system and has obtained ISO 14001 certification[151]. Governance and Shareholder Rights - The company has established a governance structure that protects the rights of minority shareholders[198]. - Independent directors performed their duties without influence from the company or major shareholders[200]. - The company has improved its governance practices by revising its articles of association[198]. - There were no instances of related party transactions harming the interests of the company or minority shareholders[199]. - The company has commitments from major shareholders to not transfer or manage their shares for 36 months post-IPO, ensuring stability in shareholding[113]. Employee and Management Information - The total remuneration for all directors, supervisors, and senior management personnel during the reporting period amounted to 3.2942 million yuan[189]. - The company employed a total of 1,983 staff, with 1,493 in the parent company and 490 in major subsidiaries[192]. - The company has a total of 932 production personnel, 421 sales personnel, 137 technical personnel, 65 financial personnel, and 428 administrative personnel[192]. - The company plans to implement a training program focused on enhancing management skills and ensuring quality work across departments[194]. - The company aims to establish a shared learning system and a knowledge base for employee self-study[195].

Financial Performance - Operating revenue for the first nine months reached CNY 872,203,856.16, a 22.96% increase year-on-year[6] - Net profit attributable to shareholders was CNY 13,220,120.58, a significant turnaround from a loss of CNY 40,344,580.86 in the same period last year, representing a 132.77% increase[6] - Basic earnings per share increased to CNY 0.08 from a loss of CNY 0.24, marking a 132.77% improvement[6] - The company's operating revenue for Q3 2020 was CNY 340,396,318.36, an increase from CNY 306,249,114.70 in Q3 2019, representing a growth of approximately 11%[25] - The net profit for Q3 2020 was ¥27,681,961.19, compared to a net loss of ¥38,038,793.98 in the same period of 2019, indicating a significant turnaround[26] - Net profit for the first three quarters of 2020 was ¥126,537,771.66, compared to ¥110,849,964.27 in the same period of 2019, indicating a year-on-year increase of 14.2%[18] Assets and Liabilities - Total assets increased by 14.43% to CNY 1,401,353,972.26 compared to the end of the previous year[6] - The total liabilities increased to RMB 738,840,283.75 from RMB 575,036,069.90, indicating a rise in the company's financial obligations[15] - The company's total assets as of Q3 2020 amounted to ¥1,169,879,233.21, compared to ¥1,050,851,788.84 at the end of Q3 2019, representing a growth of 11.3%[18] - Current liabilities totaled ¥602,759,011.87 in Q3 2020, an increase from ¥493,456,311.75 in Q3 2019, marking a rise of 22.2%[18] - Total assets amounted to approximately $1,050.85 million, with current assets at $428.84 million and non-current assets at $622.02 million[38] - Total liabilities reached $569.53 million, with current liabilities at $493.46 million and non-current liabilities at $76.07 million[39] Cash Flow - Net cash flow from operating activities showed a decline of 120.08% to -CNY 11,066,049.93 for the first nine months[6] - The net cash flow from financing activities was RMB 90,511,523.33, a significant increase compared to a negative RMB 20,948,859.99 in the previous period, driven by increased financing lease activities[11] - Cash inflow from operating activities for the first nine months of 2020 was ¥1,006,031,803.85, up from ¥832,200,530.68 in 2019, representing a growth of approximately 20.9%[27] - The net cash flow from financing activities was ¥90,511,523.33, a recovery from a negative cash flow of -¥20,948,859.99 in the same period of 2019[28] - The net cash flow from operating activities for Q3 2020 was CNY 175,752,698.39, an increase from CNY 132,410,928.84 in Q3 2019, representing a growth of approximately 32.6%[31] Shareholder Information - The total number of shareholders reached 10,100 as of the report date[8] - The largest shareholder, Shandong Huifa Investment Co., Ltd., holds 32.05% of the shares, with 24,360,000 shares pledged[9] Inventory and Costs - The operating cost increased by 16.68% to RMB 702,128,552.78, primarily due to a decrease in raw material prices and increased product sales volume[11] - The company's inventory increased by 57.23% to RMB 249,130,032.05, attributed to an increase in inventory reserves during the reporting period[11] - The company's inventory increased to ¥149,739,075.32 in Q3 2020, up from ¥106,693,964.31 in Q3 2019, reflecting an increase of 40.3%[18] - Total operating costs for Q3 2020 were CNY 266,474,051.15, slightly higher than CNY 263,334,544.10 in Q3 2019[25] Research and Development - Research and development expenses for the first three quarters of 2020 were ¥10,771,544.28, down from ¥14,518,054.89 in the same period of 2019, indicating a decrease of 25.0%[20] - Research and development expenses for Q3 2020 were CNY 3,453,697.95, compared to CNY 3,587,612.25 in Q3 2019, indicating a decrease of approximately 4%[25] Financial Standards and Reporting - The company implemented new revenue and lease standards starting January 1, 2020, which may impact future financial reporting and performance metrics[35] - The company implemented new revenue recognition standards starting January 1, 2020, affecting financial reporting[40]

Financial Performance - Operating revenue for the first nine months rose by 22.96% to CNY 872,203,856.16 year-on-year[6] - Net profit attributable to shareholders reached CNY 13,220,120.58, a significant turnaround from a loss of CNY 40,344,580.86 in the same period last year, representing a 132.77% increase[6] - Basic earnings per share increased to CNY 0.08 from a loss of CNY 0.24, marking a 132.77% improvement[6] - The company's operating revenue for Q3 2020 was CNY 340,396,318.36, an increase from CNY 306,249,114.70 in Q3 2019, representing a growth of approximately 11%[25] - The net profit for Q3 2020 was CNY 27,681,961.19, a significant increase compared to CNY 5,667,109.06 in Q3 2019, and a recovery from a net loss of CNY -38,038,793.98 in the same quarter of the previous year[26] - The total profit for Q3 2020 was CNY 19,177,345.77, a significant recovery from a total loss of CNY 47,591,303.18 in Q3 2019[25] Assets and Liabilities - Total assets increased by 14.43% to CNY 1,401,353,972.26 compared to the end of the previous year[6] - The total liabilities increased to RMB 738,840,283.75 from RMB 575,036,069.90, indicating a significant rise in the company's financial obligations[15] - The company's total assets as of Q3 2020 amounted to ¥1,169,879,233.21, up from ¥1,050,851,788.84 in Q3 2019, indicating a growth of 11.3%[18] - Current liabilities totaled ¥602,759,011.87 in Q3 2020, compared to ¥493,456,311.75 in Q3 2019, representing a 22.2% increase[18] - The company's total liabilities as of Q3 2020 were ¥672,867,587.89, an increase from ¥569,527,950.91 in Q3 2019, indicating an 18.1% rise[18] Cash Flow - Net cash flow from operating activities decreased by 5.98% to CNY 51,823,022.31 compared to the same period last year[6] - The net cash flow from investing activities was CNY -113,999,570.60 for the first nine months of 2020, worsening from CNY -58,054,207.33 in the same period of 2019[28] - Cash inflow from financing activities totaled CNY 437,458,907.11 in the first nine months of 2020, compared to CNY 250,169,083.34 in 2019, marking an increase of approximately 74.8%[28] - The ending cash and cash equivalents balance for Q3 2020 was CNY 129,684,431.22, slightly up from CNY 127,303,389.13 in Q3 2019[28] - The company's cash flow from operating activities was impacted by an increase in payments to suppliers and employees, with total cash outflows reaching CNY 941,208,781.54 in 2020, compared to CNY 777,080,752.42 in 2019[27] Shareholder Information - The total number of shareholders at the end of the reporting period was 10,100[8] - The largest shareholder, Shandong Huifa Investment Co., Ltd., holds 32.05% of the shares, with 24,360,000 shares pledged[8] Government Support and Non-Recurring Items - The company received government subsidies amounting to CNY 2,632,533.69 during the reporting period[7] - Non-recurring gains and losses for the first nine months included a loss of CNY 938,808.03 from other operating income and expenses[7] Inventory and Operating Costs - Operating costs increased by 16.68% to RMB 702,128,552.78, primarily due to a rise in product sales and a decrease in raw material prices[11] - The company's inventory increased by 57.23% to RMB 249,130,032.05, attributed to an increase in inventory reserves during the reporting period[11] Research and Development - Research and development expenses for the first three quarters of 2020 were ¥10,771,544.28, down from ¥14,518,054.89 in the same period of 2019, a decrease of 25.0%[20] - Research and development expenses for Q3 2020 were CNY 3,453,697.95, compared to CNY 3,587,612.25 in Q3 2019, indicating a focus on cost management[25] Financial Standards and Reporting - The company adopted new revenue and leasing standards starting January 1, 2020, impacting the financial statements accordingly[35] - The company has adopted new revenue recognition standards effective January 1, 2020, impacting financial reporting[40]

证券代码：603536 证券简称：惠发食品 公告编号：临 2020-071 山东惠发食品股份有限公司 关于参加山东辖区上市公司 2020 年度 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工作，构建和谐投资者关系，山东惠发食 品股份有限公司（以下简称"公司"）将参加由山东证监局、山东上市公司协会 与深圳市全景网络有限公司联合举办的"山东辖区上市公司 2020 年度投资者网 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 上平台举行，投资者可以登录"全景·路演天下"网站（http://rs.p5w.net） 参与公司本次投资者网上接待日活动。网上互动交流时间为 2020 年 9 月 29 日（星 期二）下午 15:00-16:55。 届时公司副总经理、董事会秘书魏学军先生，证券事务代表刘海伟先生将采 用网络远程方式，与投资者就公司治理、发展战略、经营状况、可持续发展等问 题进行沟通，欢迎广大投资者 ...

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 477.35 million, representing a year-on-year increase of 26.31% compared to CNY 377.92 million in the same period last year[20]. - The net profit attributable to shareholders of the listed company improved significantly to a loss of CNY 5.66 million, an 87.80% increase from a loss of CNY 46.39 million in the previous year[20]. - The net cash flow from operating activities increased by 107.58% to CNY 1.59 million, compared to a negative cash flow of CNY 21.02 million in the same period last year[20]. - The total assets of the company at the end of the reporting period were CNY 1.35 billion, a 9.94% increase from CNY 1.22 billion at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company decreased by 1.40% to CNY 635.51 million, down from CNY 644.53 million at the end of the previous year[20]. - The basic earnings per share improved to -CNY 0.03, an 87.97% increase from -CNY 0.28 in the same period last year[21]. - The weighted average return on net assets increased by 6.94 percentage points to -0.88% compared to -7.82% in the previous year[22]. - The gross profit margin improved due to a significant decrease in chicken raw material prices, leading to lower product costs[36]. - The company reported a net loss of CNY 7.58 million, a significant improvement from a net loss of CNY 46.44 million in the same period of 2019[128]. Operational Highlights - The company focuses on the research, production, and sales of frozen prepared meat products, including various types of meatballs, sausages, and fried products[28]. - The company operates three major production bases, ensuring timely delivery and product quality through a combination of self-production and commissioned processing[29]. - The main sales model is through distributors, with a focus on supporting them in business development and market expansion[30]. - The company is expanding its supermarket sales model, which currently contributes a low percentage to total revenue but aims to enhance brand recognition and sales scale[30]. - The company employs a direct sales model targeting restaurants, hotels, and group purchasing clients, with flexible payment terms[31]. - The supply chain model provides a one-stop service for various food ingredients, ensuring compliance with food safety standards[31]. - The company has expanded its market presence by enhancing its supply chain services through community group buying, fresh delivery, and online live streaming[36]. Financial Management - The company did not propose any profit distribution plan or capital reserve transfer to share capital during the reporting period[6]. - There were no non-operating fund occupation situations by controlling shareholders or related parties during the reporting period[7]. - The company reported a non-recurring gain of 5,583.34 million from the disposal of non-current assets[25]. - Government subsidies closely related to the company's normal operations amounted to 1,881,463.46 million[25]. - Research and development expenses decreased by 33.05% to CNY 7.32 million, down from CNY 10.93 million in the previous year[39]. - The company has not proposed any profit distribution or capital reserve increase for the half-year period, indicating a focus on reinvestment or financial stability[73]. Shareholder Commitments - The company held its first extraordinary shareholders' meeting on February 18, 2020, where a resolution to replace an independent director was passed[72]. - The annual shareholders' meeting on May 13, 2020, approved multiple resolutions, including the annual report and financial statements for 2019[72]. - The company’s controlling shareholder has committed to not transferring or managing its shares for 36 months post-IPO, ensuring stability in shareholding[74]. - The actual controllers of the company, Mr. Hui Zengyu and Ms. Zhao Hongyu, committed to not transferring or entrusting the management of their shares for 36 months from the date of the stock listing[76]. - Shareholders Li Yanmei and Huang Juan also made similar commitments regarding their shares for 36 months and 12 months respectively, with conditions for potential reductions after the lock-up periods[77][78]. Risk Management - The company primarily engages in the research, production, and sales of frozen meat products, which are subject to food safety risks during procurement, production, and distribution[67]. - The prices of key raw materials, including meat and flour, are subject to market fluctuations, which could adversely affect the company's gross margin and operational stability if not managed effectively[69]. - The company faces risks related to potential fluctuations in the supply and demand of agricultural products, which could impact raw material costs[69]. - The company has outlined a strategy to innovate management practices and improve procurement efficiency to mitigate raw material cost risks[69]. Environmental Compliance - The company is focused on maintaining compliance with environmental regulations and enhancing its environmental management practices[68]. - The company has implemented environmental management practices, achieving ISO 14001 certification and ensuring compliance with pollution discharge standards[99]. - Wastewater treatment processes ensure that discharged water meets the standards set by GB13457-92 and GB/T31962-2015[100]. - The company has no major environmental penalties during the reporting period, reflecting its commitment to environmental regulations[99]. Legal and Regulatory Matters - There were no significant lawsuits or arbitration matters during the reporting period, indicating a stable legal environment for the company[93]. - The company has not disclosed any major contracts or guarantees outside of its subsidiaries, maintaining a conservative approach to external commitments[95]. - The company has not reported any significant changes in its stock incentive plans or employee shareholding plans during the reporting period[93]. Future Outlook - The company plans to continue its market expansion efforts, focusing on enhancing user data analytics capabilities[140]. - Future outlook includes the development of new products and technologies aimed at increasing market share[140]. - The company is exploring potential mergers and acquisitions to strengthen its competitive position in the market[140]. - The overall performance guidance for the next period remains optimistic, with expectations of growth in key financial metrics[140].

Financial Performance - Operating revenue for the period was ¥161,196,086.65, a slight decrease of 0.03% compared to ¥161,241,097.40 in the same period last year[6] - Net profit attributable to shareholders improved by 36.99%, reaching -¥15,751,946.46 compared to -¥24,999,361.07 in the previous year[6] - Basic and diluted earnings per share improved by 40.00%, from -¥0.15 to -¥0.09[6] - Total revenue for Q1 2020 was ¥149,162,172.63, a decrease of 3.8% compared to ¥155,030,248.06 in Q1 2019[22] - Net loss for Q1 2020 was ¥17,888,239.29, compared to a net loss of ¥24,604,440.56 in Q1 2019, representing a 27.1% improvement[23] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,255,419,824.77, an increase of 2.52% compared to the end of the previous year[6] - Total liabilities increased to CNY 629,841,255.66 from CNY 569,527,950.91, marking an increase of approximately 10.6%[19] - The total equity decreased to CNY 463,435,598.64 from CNY 481,323,837.93, a decline of about 3.7%[20] - Current assets totaled CNY 454,982,515.36, up from CNY 428,836,359.87, indicating an increase of about 6.1%[18] - Total current liabilities were reported at CNY 493,456,311.75, with short-term borrowings at CNY 137,391,596.34 and accounts payable at CNY 56,132,401.71[39] Cash Flow - Cash flow from operating activities showed a significant decline of 105.43%, resulting in a net outflow of -¥1,518,848.34 compared to a net inflow of ¥27,996,427.37 in the same period last year[6] - Operating cash flow for Q1 2020 was -¥1,518,848.34, a significant decline from ¥27,996,427.37 in Q1 2019[26] - Cash inflow from operating activities included ¥234,925,974.52 from sales of goods and services, down from ¥248,048,680.48 in Q1 2019, indicating a decline of about 5%[29] - Cash flow from financing activities increased by 216.24% to ¥42,892,022.81, driven by an increase in short-term bank loan activities and the recovery of margin from bill financing[11] - The net cash flow from financing activities was -¥11,684,391.56, an improvement from -¥36,433,156.75 in Q1 2019, reflecting a decrease in cash outflow of about 68%[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,951[9] - The largest shareholder, Shandong Huifa Investment Co., Ltd., held 32.05% of the shares, with 53,848,266 shares pledged[9] - The company's minority shareholder equity increased by 32.33% to ¥6,653,997.61 due to the growth of its controlling subsidiaries[11] Investments and Expenses - Research and development expenses decreased by 42.87% to ¥3,096,082.33, indicating a reduction in R&D investment during the reporting period[11] - Investment income dropped significantly by 1986.55% to -¥25,765.35 due to a reduction in financial products[11] - The total operating costs decreased to CNY 183,123,454.84 in Q1 2020 from CNY 190,067,730.68 in Q1 2019, a reduction of approximately 3.9%[20] - Other operating income surged by 1464.64% to ¥826,912.64, mainly due to an increase in government subsidies received during the reporting period[11] Changes in Assets - Accounts receivable decreased by 34.11% to ¥109,996,914.47 due to increased sales collection during the reporting period[11] - Prepayments increased by 117.81% to ¥20,508,171.96 primarily due to higher advance payments for imported raw materials[11] - Other non-current assets rose by 69.82% to ¥13,351,355.74 as a result of increased advance payments for equipment and project costs[11] - The company's inventory rose to CNY 126,382,676.80 from CNY 106,693,964.31, representing an increase of approximately 18.4%[18] Regulatory Changes - The company implemented the new revenue recognition standards starting January 1, 2020, which resulted in the reclassification of "pre-receivables" to "contract liabilities" without adjusting comparative period information[36] - The company did not apply retrospective adjustments for prior comparative data under the new revenue and leasing standards[42]

Financial Performance - The company's operating revenue for 2019 was RMB 1,209,814,314.35, representing a 16.13% increase compared to RMB 1,041,776,538.68 in 2018[19] - The net profit attributable to shareholders of the listed company decreased by 86.91% to RMB 5,951,415.28 from RMB 45,460,812.59 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 89.67% to RMB 4,121,915.14 from RMB 39,918,874.41 in 2018[19] - Basic earnings per share decreased by 85.19% to CNY 0.04 in 2019 compared to CNY 0.27 in 2018[21] - Net profit attributable to shareholders decreased by CNY 39.51 million, a decline of 86.91% year-on-year, primarily due to rising average raw material prices and increased expenses[22] - The company's net assets attributable to shareholders decreased by CNY 15.02 million, a decline of 2.28% year-on-year, mainly due to reduced net profit[22] - The company's gross profit margin decreased by 5.07 percentage points to 17.79% in 2019, primarily due to rising product costs outpacing revenue growth[58] - The total operating cost for the reporting period was 846,418,465.47 yuan, an increase of 15.77% compared to the previous year[65] Cash Flow and Dividends - The net cash flow from operating activities improved significantly to RMB 105,567,986.46 from a negative RMB 660,185.49 in 2018[19] - The board proposed a cash dividend of RMB 0.2 per 10 shares, totaling RMB 3,360,000, based on a total share capital of 16,800,000 shares[5] - The company reported a cash dividend of 3,360,000 RMB for 2019, which represents 56.46% of the net profit attributable to ordinary shareholders[116] - The cash dividend distribution ratio is set to be at least 80% for mature companies without significant capital expenditure plans, and at least 40% for those with such plans[112] - The company will distribute cash dividends only if it has positive net profit and undistributed profits, and the cash flow remains sufficient for normal operations[110] Assets and Liabilities - The total assets of the company increased by 5.98% to RMB 1,224,595,750.42 compared to RMB 1,155,482,260.22 at the end of 2018[19] - The net assets attributable to shareholders decreased by 2.28% to RMB 644,531,488.44 from RMB 659,554,706.18 at the end of 2018[19] - Long-term borrowings rose by 178.13% to ¥44,500,000, reflecting an increase in long-term bank loans during the period[74] - The accounts payable increased by 70.86% to ¥113,022,710.29, mainly due to an increase in payable material costs[73] Production and Sales - The company produced 89,138.19 tons of products in 2019, with a production capacity utilization rate of 81.03%[63] - Total sales volume reached 110,342.51 tons, reflecting a year-on-year increase of 3.21%[61] - Quarterly revenue for Q4 2019 reached CNY 500.46 million, with a net profit of CNY 46.30 million attributable to shareholders[25] - The company specializes in the research, production, and sales of frozen prepared meat products, including various types of meatballs and sausages[31] Market and Competition - The frozen food market is experiencing strong growth due to rising consumer demand, with a shift from holiday to daily consumption patterns[40] - The frozen meat product market is characterized by low concentration and regional features, with the company positioned as a key player in the northern market[42] - The company has established a marketing network centered in Shandong, covering most provinces and regions in China, enhancing its market share in the frozen food industry[46] - The company is focusing on upgrading its marketing strategies and internal management to adapt to the competitive market and rising raw material prices[51] Research and Development - Research and development expenses amounted to 36,663,985.20 yuan, representing 3.03% of total operating revenue[69] - The company has 133 R&D personnel, making up 11.98% of the total workforce, focusing on food engineering and safety[70] - The company reduced its R&D expenses by 339,270 yuan, a decrease of 15.87% compared to the previous year, due to increased income from R&D products[67] Governance and Compliance - The audit report issued by Hexin Certified Public Accountants was a standard unqualified opinion[4] - The company has committed to not transferring or entrusting the management of shares held by major shareholders for 36 months post-IPO[118] - The company has established a mechanism for independent directors to gather opinions from minority shareholders regarding dividend proposals[113] - The company has made commitments to resolve related party transactions and competition issues, with varying compliance statuses[116] Environmental and Social Responsibility - The company has implemented ISO 14001 environmental management system certification to enhance its environmental protection efforts[154] - The company emphasizes energy conservation and green office practices, promoting a low-carbon lifestyle among employees[154] - The company made a targeted investment of 200,000 yuan for infrastructure development in Shandong Province as part of its social responsibility initiatives[149] Employee and Management Structure - The company employed a total of 1,659 staff, including 968 production personnel, 251 sales personnel, and 113 technical personnel[182] - The total remuneration for all directors, supervisors, and senior management during the reporting period amounted to 2.9897 million yuan[179] - The company has maintained a stable management team with no significant changes in key personnel during the reporting period[173] Risks and Future Outlook - The company faces risks related to food safety and environmental compliance, which could impact its reputation and financial performance[106] - The company is exposed to risks from fluctuations in raw material prices, which could impact gross profit margins and operational stability[108] - The company has not indicated any future performance guidance or outlook in the financial statements[170]