证券代码：603719 证券简称：良品铺子 公告编号：2021-033 良品铺子股份有限公司 关于参加湖北上市公司 2021 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。 重要内容提示： ● 会议召开时间：2021 年 6 月 24 日（星期四）15:30-17:00 ● 会议召开地点："全景•路演天下"（http://rs.p5w.net）网络平台 ● 会议召开方式：网络文字互动 ● 会议问题征集：投资者可在 2021 年 6 月 23 日（星期三）17:00 前将关注 的问题发送至公司电子邮箱（dongban@lppz.com），公司将在湖北上市公司 2021 年度投资者网上集体接待日活动中就投资者普遍关注的问题进行回答。 为进一步加强与广大投资者的互动交流，根据湖北省上市公司协会《关于举 办"真诚沟通，互信共赢"湖北上市公司 2021 年度投资者网上集体接待日活动 的通知》，良品铺子股份有限公司（以下简称"公司"）将于 2021 年 6 月 24 日下 午 15:30-17: ...

Financial Performance - Operating revenue for the first quarter reached CNY 2,573,830,142.77, a growth of 34.83% year-on-year[12] - Net profit attributable to shareholders was CNY 102,104,767.80, reflecting a 16.06% increase compared to the same period last year[12] - Basic earnings per share increased by 4.17% to CNY 0.25[12] - The diluted earnings per share also stood at CNY 0.25, marking a 4.17% increase year-on-year[12] - The company reported a net profit for Q1 2021 of ¥102,561,024.16, compared to ¥91,346,141.50 in Q1 2020, reflecting a 12% increase[49] - The net profit for Q1 2021 reached ¥10.94 million, up 194.5% from ¥3.72 million in the same period last year[55] - The total comprehensive income for Q1 2021 was approximately ¥10.94 million, compared to ¥3.72 million in Q1 2020, indicating strong growth[55] Cash Flow - Net cash flow from operating activities decreased significantly by 160.19% to -CNY 36,089,234.51[12] - The company reported a decrease in cash flow from operating activities, showing a net outflow of ¥36.09 million in Q1 2021, a decline from a net inflow of ¥59.95 million in Q1 2020[59] - The company’s cash flow from financing activities showed a substantial decrease, reflecting a strategic shift in funding approaches[65] - The company reported a total cash outflow of ¥379,238,702.74 from operating activities in Q1 2021, compared to ¥265,713,061.26 in Q1 2020, marking an increase of about 42.6%[65] Assets and Liabilities - Total assets increased by 7.16% to CNY 4,483,391,584.89 compared to the end of the previous year[12] - Total liabilities increased to CNY 2,310,915,557.18 from CNY 2,098,415,885.47, reflecting an increase of about 10.1%[39] - Current assets decreased to CNY 3,298,658,429.65 from CNY 3,366,928,690.07, a decline of about 2.0%[34] - Inventory decreased significantly from CNY 618,167,581.15 to CNY 480,374,396.69, a reduction of approximately 22.3%[34] - Total liabilities decreased by approximately 348.12 million, from 2.45 billion to 2.10 billion[73] - Total equity attributable to shareholders increased to CNY 2,169,149,623.84 from CNY 2,082,597,875.64, an increase of about 4.1%[39] Expenses - Research and development expenses surged by 151.10% to ¥10,334,755.14, up from ¥4,115,788.89, reflecting a commitment to product quality and customer satisfaction[26] - The company experienced a 40.49% increase in selling expenses, totaling ¥543,180,004.78, attributed to higher promotional costs[24] - The company reported a financial expense of -¥8,553,529.28, compared to -¥2,397,258.97 in Q1 2020, indicating a worsening in financial costs[49] Shareholder Information - The total number of shareholders at the end of the reporting period was 23,204[18] - The largest shareholder, Ningbo Hanyi Investment Management Partnership, holds 37.3% of the shares[18] Government Support - The company received government subsidies amounting to CNY 15,027,918.08 related to normal business operations[15] Compliance and Standards - The company has implemented the new leasing standards effective January 1, 2021, impacting financial reporting[82] - The company did not restate prior comparative data under the new leasing standards, simplifying the transition[82]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 343,579,525.05 in 2020, with a proposed cash dividend of RMB 2.57 per 10 shares, totaling RMB 103,057,000.00, which accounts for 30% of the net profit[8]. - The company's operating revenue for 2020 was approximately RMB 7.89 billion, representing a 2.32% increase compared to RMB 7.71 billion in 2019[30]. - The net profit attributable to shareholders for 2020 was approximately RMB 343.58 million, a slight increase of 0.95% from RMB 340.35 million in 2019[30]. - The net assets attributable to shareholders at the end of 2020 were approximately RMB 2.08 billion, reflecting a 47.12% increase from RMB 1.42 billion at the end of 2019[33]. - The total assets at the end of 2020 were approximately RMB 4.18 billion, which is a 9.19% increase from RMB 3.83 billion at the end of 2019[33]. - The basic earnings per share for 2020 was RMB 0.87, down 8.42% from RMB 0.95 in 2019[33]. - The cash flow from operating activities for 2020 was approximately RMB 330.21 million, a decrease of 3.50% from RMB 342.19 million in 2019[33]. - The company reported a non-operating income of ¥68,491,154.35 in 2020, compared to ¥66,827,510.46 in 2019, reflecting a year-over-year increase of approximately 2.5%[40]. - The company reported a net cash flow from operating activities of approximately RMB 330.21 million, a decrease of 3.50% from the previous year[95]. Dividend Policy - The company maintains a cash dividend policy, distributing at least 10% of the annual distributable profit in cash, provided there are no major investment plans or cash expenditures[174]. - The company plans to distribute a cumulative cash dividend of no less than 30% of the average annual distributable profit over the last three years[180]. - In the case of significant capital expenditures, the cash dividend ratio should be at least 40% during the mature phase of the company's development[174]. - The board of directors must obtain approval from more than half of the independent directors for the profit distribution proposal[185]. - The company will review the shareholder return plan at least every three years, considering the opinions of shareholders, independent directors, and supervisors[182]. - The company’s legal reserve fund must not be less than 25% of the registered capital when converted to capital[174]. - The company prioritizes cash dividends while ensuring the sustainability of its operations and long-term development[181]. - The company’s profit distribution policy emphasizes stability and continuity, balancing shareholder returns with long-term interests[171]. - The board must complete the distribution of dividends within two months after the shareholders' meeting resolution[174]. - The company will not use capital reserves to cover losses, ensuring that the legal reserve fund is utilized appropriately[174]. - The company plans to distribute cash dividends of no less than 10% of the distributable profits for each fiscal year, contingent on profitability and cash flow conditions[188]. - In 2020, the company distributed a cash dividend of 2.57 CNY per 10 shares, totaling 103,057,000 CNY, which represented 30% of the net profit attributable to ordinary shareholders[191]. - For 2019, the cash dividend was 2.55 CNY per 10 shares, amounting to 102,255,000 CNY, also at 30.04% of the net profit attributable to ordinary shareholders[191]. - The company will prioritize cash dividends unless there are significant investment plans or cash expenditures exceeding 30% of the latest audited net assets[188]. - The board will propose differentiated cash dividend policies based on the company's development stage and capital expenditure plans, with a minimum cash dividend ratio of 80% for mature companies without major expenditures[188]. - The company may propose stock dividends in addition to cash dividends, provided the minimum cash dividend ratio is maintained[187]. - The future three-year shareholder return plan emphasizes cash dividends while considering shareholder feedback, especially from public and minority investors[188]. - The company has committed to not transferring or managing shares held prior to the IPO for 36 months post-listing, ensuring stability in shareholding[195]. - The company will ensure that any stock dividend distribution aligns with the overall interests of all shareholders[187]. - The board will review and submit the annual dividend plan to the shareholders' meeting based on the company's profitability and future funding needs[188]. Risk Management - The report includes a risk statement indicating potential risks that the company may face, which investors should pay attention to[10]. - The report emphasizes that forward-looking statements do not constitute a commitment to investors, highlighting the importance of investment risk awareness[9]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[10]. - Seasonal sales fluctuations are a risk, with peak demand typically occurring in the first and fourth quarters due to holidays and climate factors, necessitating accurate market forecasting and inventory management[159]. - The company faces risks from raw material price volatility, as key ingredients like nuts and fruits are subject to market fluctuations, which could affect procurement costs and profitability[160]. - Increased competition in the snack food industry poses a risk, as new entrants may challenge the company's market position, potentially leading to decreased sales or lower prices[161]. - The company has implemented a comprehensive quality control system, but remains vulnerable to food safety risks that could harm its brand image and financial performance[162]. - Rising operational costs, including rent, labor, and logistics, could impact the company's profitability as these expenses are expected to increase in the future[166]. - The ongoing uncertainty from the COVID-19 pandemic continues to affect the supply chain and consumer demand, with the company taking measures to mitigate these risks[167]. Business Expansion and Strategy - The company plans to continue expanding its market presence and invest in new product development to drive future growth[36]. - The company opened a total of 622 new stores during the reporting period, expanding into seven new markets, resulting in a total of 2,701 stores across 21 provinces[62]. - The company achieved a leading position in e-commerce with 79 sub-channels on third-party platforms, launching nine new products with over 10 million in sales[63]. - The company has developed multiple advanced food processing technologies, including puffing technology and low-temperature sterilization technology, which are being applied to various products[59]. - The company’s focus on health-oriented product innovation aligns with industry trends, as the retail market for leisure food is projected to exceed 120 billion yuan in 2020[69]. - The company has positioned itself as a leading brand in the leisure food industry, recognized as the first "high-end snack stock" listed on the Shanghai Stock Exchange[71]. - The company plans to continue expanding its presence in Central China and solidifying its position in Southern China while advancing into Eastern and Northern markets[94]. - The company aims to expand its product lineup targeting niche markets, leveraging its technology and supply chain advantages to cover various categories and drive sustained high growth in these segments[153]. - In 2021, the company plans to enhance online and offline channel integration, focusing on user operations and aligning product development with consumer needs, while expanding its physical store presence across the country[153]. Research and Development - The company invested 3,371.70 million RMB in R&D, an increase of 23.22% year-on-year, and developed seven key patented technologies[89]. - The company has a high-level R&D team of 45 members, with 92% holding master's or doctoral degrees, enhancing its competitive edge in product development[78]. - The company’s R&D strategy is driven by user needs, focusing on health and nutrition, with a commitment to continuous technological innovation[55]. - The company’s processing technology research aims to develop proprietary techniques that enhance product quality and efficiency[58]. - The company established a digital platform that processed 10.75T of historical data, improving data timeliness by 30% and computational power by 3.75 times[81]. - The company has established a supplier collaboration system to enhance supply chain efficiency, focusing on product development collaboration and centralized procurement of bulk raw materials[154]. - The company has developed a product matrix covering over 1,200 SKUs to meet diverse consumer demands, but faces risks from significant changes in consumer preferences that could impact sales[155].

Financial Performance - Operating income for the first nine months was ¥5,529,868,543.81, representing a slight increase of 1.29% compared to the same period last year[18]. - Net profit attributable to shareholders of the listed company was ¥263,648,413.14, a decrease of 16.15% year-on-year[18]. - Basic earnings per share for the period was ¥0.67, a decrease of 22.99% compared to the same period last year[20]. - The weighted average return on net assets decreased by 11.07 percentage points to 14.41%[20]. - Total operating revenue for Q3 2020 was approximately ¥1.92 billion, a slight decrease of 1.8% compared to ¥1.96 billion in Q3 2019[56]. - Operating profit for Q3 2020 was approximately ¥135.25 million, down 17.5% from ¥163.99 million in Q3 2019[61]. - Net profit for Q3 2020 was approximately ¥101.52 million, a decrease of 16.7% compared to ¥121.84 million in Q3 2019[61]. - The company reported a total comprehensive income attributable to shareholders of approximately ¥102.73 million in Q3 2020, compared to ¥119.22 million in Q3 2019[62]. - The company reported a decrease in total comprehensive income for the first three quarters of 2020 to CNY 237.60 million from CNY 71.68 million in the same period of 2019[77]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,941,597,244.45, an increase of 2.87% compared to the end of the previous year[18]. - Current assets totaled RMB 3,154,165,275.44, up from RMB 3,014,904,523.23 in the previous year, indicating an increase of about 4.63%[40]. - Total liabilities decreased to RMB 1,938,165,323.00 from RMB 2,366,542,162.20, a decline of about 18.06%[46]. - The total liabilities of the company stand at approximately $2.37 billion, indicating a significant leverage position[92]. - The company has $521.51 million in fixed assets, indicating substantial investment in physical capital[89]. - Total liabilities were reported at $470,297,618.98, with non-current liabilities at $1,437,500.00[101]. Shareholder Information - Net assets attributable to shareholders of the listed company amounted to ¥2,002,666,763.13, reflecting a significant increase of 41.47% year-on-year[18]. - The total number of shareholders at the end of the reporting period was 32,682[26]. - The largest shareholder, Ningbo Hanyi Investment Management Partnership, held 37.30% of the shares, with 26,000,000 shares pledged[26]. - Shareholders' equity increased to RMB 2,003,431,921.45 from RMB 1,465,152,471.39, representing a growth of approximately 36.66%[46]. Cash Flow - The net cash flow from operating activities for the first nine months was ¥88,828,357.49, down 74.50% from the previous year[18]. - The net cash flow from investment activities was -¥403,844,916.78, a reduction compared to the previous year due to decreased bank financial investments[36]. - The net cash flow from financing activities was ¥370,257,110.26, primarily influenced by funds raised from the IPO and cash dividend payments[36]. - The cash inflow from operating activities totaled 745,657,421.54 RMB, down from 920,787,562.19 RMB, indicating a decline in operational cash generation[84]. - The total cash outflow from investing activities was 441,498,423.61 RMB, down from 664,590,419.09 RMB, resulting in a net cash flow from investing activities of -403,844,916.78 RMB[82]. Expenses - Research and development expenses increased to approximately ¥7.96 million in Q3 2020, up 29.5% from ¥6.14 million in Q3 2019[59]. - Sales expenses for Q3 2020 were approximately ¥422.07 million, an increase of 12.8% compared to ¥373.80 million in Q3 2019[59]. - Operating expenses increased to CNY 53.47 million in Q3 2020 from CNY 34.02 million in Q3 2019, marking a rise of 57.5%[70]. - The cash paid for employee compensation was 547,185,285.46 RMB, slightly up from 526,467,119.50 RMB[82]. - The cash paid for taxes increased to 416,289,993.02 RMB from 357,518,669.82 RMB, reflecting a 16.5% rise[82]. Changes in Financial Reporting - The company reclassified $150.06 million from advance receipts to contract liabilities and other current liabilities due to the new revenue recognition standards[95]. - Contract liabilities were reported at $140.93 million, reflecting the company's obligations for unfulfilled contracts[95]. - The company has adopted the new revenue recognition standards since January 1, 2020, impacting the financial reporting structure[102].

Financial Performance - The company's operating revenue for the first half of the year was CNY 3,610,310,717.20, representing a 3.02% increase compared to the same period last year [23]. - The net profit attributable to shareholders decreased by 17.56% to CNY 160,920,334.44 from CNY 195,199,585.18 in the previous year [23]. - The net cash flow from operating activities dropped significantly by 82.02% to CNY 35,850,828.88 [23]. - The company's total assets decreased by 5.45% to CNY 3,622,976,875.85 compared to the end of the previous year [23]. - The net assets attributable to shareholders increased by 34.21% to CNY 1,899,938,684.43 [23]. - The basic earnings per share fell by 23.37% to CNY 0.4155 from CNY 0.5422 in the same period last year [24]. - The gross profit margin for the main business was 30.90%, a decrease of 1.72 percentage points year-on-year [93]. - Net profit for the period was CNY 162.40 million, with net profit attributable to shareholders decreasing by 17.56% year-on-year [93]. - Operating income for the period was CNY 3,610.31 million, a 3.02% increase from CNY 3,504.50 million in the same period last year [96]. Risk Management - The company has described potential risks it may face in the report, urging investors to pay attention to these risks [8]. - The company faces risks from raw material price volatility, which can affect procurement costs and overall profitability [114]. - Increased competition in the snack food industry may impact sales and pricing if the company fails to maintain its competitive edge [115]. - The company has established a comprehensive quality control system to mitigate food safety risks, but external factors may still pose challenges [116]. - Rising operational costs, including rent and logistics, are expected to impact the company's profitability in the future [120]. - The ongoing COVID-19 pandemic continues to create uncertainties affecting supply chain and consumer demand [121]. Corporate Governance - The company emphasizes that the financial report is true, accurate, and complete, with no significant omissions or misleading statements [4]. - The board of directors and supervisory board members were present at the board meeting to review the report [5]. - The company has not reported any breaches of commitments made by shareholders during the reporting period [126]. - The company is focused on maintaining its financial stability and shareholder trust through transparent governance and compliance with regulatory requirements [127]. - The company has established a commitment to resolve industry competition issues, ensuring compliance with regulations [128]. Shareholder Commitments - The company’s controlling shareholders committed to not transferring or managing their shares for 36 months post-IPO, with an automatic extension of the lock-up period if certain stock price conditions are met [129]. - Major shareholders will develop a reduction plan post-lock-up period, ensuring compliance with relevant regulations and maintaining stock price stability [143]. - The company will adhere to the regulations set by the China Securities Regulatory Commission regarding share reduction and will disclose plans 6 months prior to any reduction [152]. - The company will ensure compliance with all relevant laws and regulations regarding share transfers and reductions [156]. - The company commits to compensating investors for losses if the prospectus is found to contain false statements or omissions, starting the compensation process within five trading days of the regulatory authority's determination [178]. Product Development and Innovation - The company launched over 1,500 SKUs, with new products accounting for 18.25% of the total product structure by the end of the reporting period [32]. - The company launched three sub-brands: "Liangpin Xiaoshixian," "Liangpin Gou," and "Liangpin Feiyang," targeting children's snacks, corporate group purchases, and fitness meal replacements respectively [40]. - The company identified a significant gap between consumer demand and market conditions in the children's snack segment, leading to the launch of over 40 children's snack products under the "Liangpin Xiaoshixian" brand [41]. - The company has implemented advanced food production technologies, including medium-temperature sterilization, to enhance product quality and nutritional value [75]. - The company introduced a new product line, "Liangpin Feiyang - Protein Meal Replacement Shake," featuring a three-fold sugar control technology, catering to fitness-conscious consumers [76]. Marketing and Sales Strategy - The company has established a social media marketing strategy, including collaborations with influencers and the creation of short video content, achieving an average daily viewership of 86,100 [54]. - The company’s B2B model involves selling products to e-commerce platforms, which then sell to end consumers, enhancing distribution efficiency [54]. - The company has expanded its online sales channels, achieving a 458% year-on-year increase in live streaming sales on Tmall, attracting nearly 1 million new customers [54]. - The company’s self-operated app, "Liangpin App," has been enhanced to include product management, order payment, and membership information management, aiming to provide a rich mobile shopping experience [54]. - The company has implemented a digital transformation strategy, integrating online and offline sales channels to enhance customer interaction and transaction experiences [54]. Supply Chain Management - The company implemented a supply chain management model that includes full-process control over procurement, warehousing, logistics, and delivery, enhancing product freshness and reducing inventory turnover [46]. - The company has a comprehensive supply chain management system that ensures high-quality raw materials through direct partnerships with producers [72]. - The company has integrated online and offline inventory sharing, enhancing collaboration efficiency across different supply chain segments [89]. - The company has established a digital supply chain system that includes five operational management systems and six technology modules to optimize inventory and logistics [86]. - The company has launched multiple information systems, including a supplier collaboration platform and a multi-level order delivery center, to enhance operational efficiency [91]. Awards and Recognition - The company received multiple international food awards, including the "Best snacking innovation" for its product in 2020 [35]. - The company won 18 products and the "Twelve Classic Gift Box" at the "2020 Monde Selection," with "All-in-One Mom Mixed Nuts" receiving the Grand Gold award [36].

Financial Performance - Operating revenue for the period was CNY 1,908,931,177.93, representing a year-on-year increase of 4.16%[14] - Net profit attributable to shareholders of the listed company decreased by 19.43% to CNY 87,979,426.00[14] - Basic earnings per share decreased by 20.00% to CNY 0.24[14] - The company reported a significant increase in minority shareholders' profit, amounting to RMB 3,366,715.50, due to improved performance from a subsidiary[30] - Total revenue for Q1 2020 was approximately ¥1.91 billion, an increase from ¥1.83 billion in Q1 2019, representing a growth of about 4%[51] - Net profit for Q1 2020 was approximately ¥121.51 million, compared to ¥117.79 million in Q1 2019, reflecting a growth of about 3%[51] - The company reported a decrease in sales expenses to approximately ¥386.62 million from ¥396.16 million in Q1 2019, a reduction of about 2%[52] - The total profit for Q1 2020 was CNY 123,871,890.30, a decrease of 15.6% from CNY 146,740,848.10 in Q1 2019[54] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,725,050,915.96, a decrease of 2.78% compared to the end of the previous year[14] - The company's total equity increased to RMB 1,977,371,794.69 from RMB 1,465,152,471.39, representing a growth of approximately 35%[42] - Total liabilities decreased to RMB 1,747,679,121.27 from RMB 2,366,542,162.20, reflecting a reduction of about 26.1%[42] - The company's cash and cash equivalents were RMB 1,856,412,089.38, up from RMB 1,523,677,625.79 year-on-year[36] - Total current assets amounted to RMB 2,916,406,199.22, a decrease from RMB 3,014,904,523.23 in the previous year[36] - The company reported fixed assets of ¥521,509,661.82 and intangible assets of ¥163,503,540.80[69] - The company holds long-term equity investments valued at approximately $268.06 million, indicating a strategic investment approach[80] Cash Flow - Net cash flow from operating activities was CNY 59,954,403.15, down 16.33% from the previous year[14] - The net cash flow from financing activities was RMB 443,789,664.88, resulting from funds raised through the company's initial stock issuance[31] - The net cash flow from investment activities was -96,478,256.06 RMB, improving from -191,927,442.88 RMB, indicating a reduction in losses[62] - The net increase in cash and cash equivalents was 407,265,811.97 RMB, compared to a decrease of 120,268,075.35 RMB in the previous period[64] - Cash inflow from financing activities reached 445,466,080.00 RMB, with cash outflow totaling 1,676,415.12 RMB, resulting in a net cash flow of 443,789,664.88 RMB[64] Shareholder Information - The total number of shareholders at the end of the reporting period was 28,596[20] - The largest shareholder, Ningbo Hanyi Investment Management Partnership, held 37.30% of the shares[20] - The company issued 41 million A-shares at a price of RMB 11.90 per share, raising a total of RMB 487.9 million, with a net amount of RMB 420.87 million after deducting issuance costs[32] Changes in Financial Position - Accounts receivable decreased by 30.45% to RMB 179,802,090.13, primarily due to reduced online sales[26] - Inventory saw a substantial decline of 42.08%, ending at RMB 562,311,124.60, attributed to seasonal sales fluctuations[26] - The company's capital reserve rose by 90.84% to RMB 798,053,956.19, due to the premium from the initial public offering[29] - The company experienced a 99.66% decrease in advance receipts, now classified as contract liabilities under new revenue recognition standards[26] - The company reclassified ¥150,064,379.08 from advance receipts to contract liabilities and other current liabilities due to the new revenue recognition standards[76] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 17,425,577.65 during the reporting period[16] - Other income dropped by 52.50% to RMB 17,425,577.65, mainly due to a reduction in government subsidies received[29] - The company reported other income of CNY 90,422.60 in Q1 2020, significantly lower than CNY 24,313,429.00 in Q1 2019[56]

Financial Performance - The company achieved a net profit attributable to shareholders of RMB 340,354,071.37 in 2019[6] - The company's operating revenue for 2019 was CNY 7,714,992,860.91, representing a 20.97% increase compared to CNY 6,377,558,563.11 in 2018[27] - The net profit attributable to shareholders for 2019 was CNY 340,354,071.37, which is a 42.68% increase from CNY 238,539,857.47 in 2018[27] - The net cash flow from operating activities for 2019 was CNY 342,192,635.83, showing a significant increase of 130.94% compared to CNY 148,171,014.38 in 2018[30] - The basic earnings per share for 2019 was CNY 0.95, up 43.94% from CNY 0.66 in 2018[30] - The company's total assets at the end of 2019 were CNY 3,831,694,633.59, a 20.39% increase from CNY 3,182,760,457.56 at the end of 2018[30] - The net profit after deducting non-recurring gains and losses for 2019 was CNY 273,526,560.91, which is a 31.78% increase from CNY 207,564,323.36 in 2018[30] - The company reported a weighted average return on equity of 27.30% for 2019, an increase of 2.38 percentage points from 24.92% in 2018[30] - The net assets attributable to shareholders at the end of 2019 were CNY 1,415,594,335.65, reflecting a 31.48% increase from CNY 1,076,663,741.62 at the end of 2018[30] - The company achieved quarterly revenues of CNY 2,255,325,443.52 in Q4 2019, marking a strong performance in the last quarter[33] Dividend Policy - The board proposed a cash dividend of RMB 2.55 per 10 shares, totaling RMB 102,255,000.00, which represents 30.04% of the net profit[6] - The company aims to distribute at least 10% of its distributable profits as cash dividends annually, provided it meets certain conditions[179] - In the case of major capital expenditures, the company plans to maintain a cash dividend ratio of at least 40% during its mature phase[179] - The company’s legal reserve fund must exceed 50% of its registered capital before it can cease further contributions[174] - The board of directors must consider various factors, including industry characteristics and competitive positioning, when formulating profit distribution policies[179] - The company is committed to maintaining a stable and continuous profit distribution policy while ensuring long-term sustainability[179] - The company will actively adopt cash dividends as a preferred method of profit distribution, subject to operational needs[175] - The company’s profit distribution policy adjustments require approval from a majority of the board and independent directors, ensuring shareholder interests are considered[181] - The company plans to distribute at least 10% of its distributable profits as cash dividends annually, with a cumulative cash distribution of no less than 30% of the average annual distributable profits over the last three years[184] - The cash dividend ratio will vary based on the company's development stage, with a minimum of 80% for mature companies without major expenditures and 40% for those with significant spending plans[188] - The company emphasizes a stable and sustainable profit distribution policy, taking into account the needs of small and medium investors and external financing conditions[185] - The board of directors must approve the profit distribution proposal, which then requires a two-thirds majority vote from shareholders at the general meeting[187] - The company will not conduct capital reserve transfers to increase share capital for the 2019 fiscal year[194] Risk Management - The report includes a risk statement indicating potential risks that the company may face, which investors should be aware of[8] - The report emphasizes the importance of investor awareness regarding forward-looking statements and associated risks[7] - The company expects to face risks related to seasonal sales fluctuations, particularly in the first and fourth quarters[165] - The company is exposed to raw material price volatility, which could impact its procurement costs and profitability[166] - The company has established a comprehensive quality control system covering procurement, warehousing, distribution, and sales, but still faces risks related to food safety due to factors like raw material supply and transportation conditions[168] Market Strategy and Expansion - The company plans to continue expanding its market presence and invest in new product development to drive future growth[1] - The company has established a multi-channel sales model, integrating new retail strategies across physical stores, e-commerce platforms, community group buying, mobile apps, and O2O delivery services[61] - The company has developed a digital model for precise marketing, targeting various consumer segments through social media and video platforms[75] - The company aims to capture the high-end snack market by aligning with the trends of health and nutrition in consumer preferences[71] - The company has implemented a "high-end snack" strategy, focusing on product quality, consumer experience, and differentiation in the market[75] - The company upgraded 12 classic products and launched several high-end series products, enhancing consumer recognition of its high-end snacks[78] - The company has received multiple international food awards, showcasing its commitment to high-quality product development[78] - The company aims to enhance product development investment and improve supply chain standards to support its high-end snack strategy[160] Sales and Revenue - The company reported a total revenue of 66,827,510.46 RMB, with a net loss of 74,327,185.99 RMB for the reporting period[39] - In 2019, the company's sales reached 9.737 billion yuan across various channels, establishing it as a well-known brand in the industry[71] - The company's main business revenue reached CNY 7,600.29 million, a year-on-year increase of 20.22%[89] - Online revenue accounted for 48.58% of total revenue, while offline revenue accounted for 51.42%[89] - The gross margin for the main business was 32.15%, an increase of 0.86 percentage points year-on-year[89] - The company reported a significant increase in online business revenue, contributing to overall growth[103] - The wholesale franchise sales segment saw a revenue increase of 16.70% year-on-year, with a gross margin of 21.99%[96] - The company expanded its market presence in East and South China, resulting in significant sales growth in these regions[103] Product Development and Innovation - The company has developed over 1,400 SKUs, covering various categories including meat snacks, nuts, candies, and dried fruits[40] - The company established a food nutrition and health research institute to enhance product development and innovation[78] - The company’s product operation model focuses on new product innovation and mature product management to meet diverse consumer needs[56] - R&D expenses rose by 31.50% compared to the previous year, reflecting increased investment in innovation[94] - Total research and development investment was 27.36 million yuan, representing 0.35% of operating revenue[109] - The company had 137 R&D personnel, making up 1.33% of the total workforce[112] Supply Chain and Logistics - The company has established a supply chain management model that includes comprehensive control over procurement, warehousing, logistics, and delivery[57] - The company improved its logistics efficiency, with warehouse utilization rising from 50% to 70%[86] - The OMS order processing capacity reached 200 million orders per hour, supporting over 6 million online transactions daily[87] - The company has optimized its supply chain management, engaging over 300 suppliers in a rating system[86] - The company operates six self-owned warehouses and collaborates with third-party logistics providers across multiple regions, enhancing its supply chain efficiency[133] - The company has implemented a data-driven inventory management system, optimizing stock turnover and reducing the risk of stockouts[135] Membership and Customer Engagement - The total number of reachable members across all channels is 80 million, with over 40 million key maintained members as of March 2020, and member sales accounted for approximately 57.4% of total sales[142] - Membership acquisition through the mini-program increased by over 80% year-on-year, with monthly sales during the New Year Festival up over 200%[79] - The proportion of high-end members, such as Tmall 88Vip and JD Plus members, has seen double growth, indicating an increase in customer loyalty and spending[78] - The company’s marketing strategies include various promotional activities such as theme promotions and membership discount cards, which are accounted for based on net amounts after discounts[143] Corporate Governance - The audit report issued by PwC confirms the financial statements are accurate and complete[5] - The board of directors and supervisory board members were present at the meeting, ensuring governance compliance[5] - The company has no non-operating fund occupation by controlling shareholders or related parties[8] - The controlling shareholder Ningbo Hanyi and its concerted parties committed not to transfer or entrust the management of shares held before the public offering for 36 months from the date of listing[198] - If the company's stock price falls below the issue price for 20 consecutive trading days within 6 months post-listing, the lock-up period will automatically extend by 6 months[198]

Financial Performance - Operating income for the period was CNY 1,908,931,177.93, representing a year-on-year increase of 4.16%[14] - Net profit attributable to shareholders of the listed company decreased by 19.43% to CNY 87,979,426.00[14] - Basic earnings per share decreased by 20.00% to CNY 0.24[14] - The company's other income decreased by 52.50% to RMB 17,425,577.65, mainly due to a reduction in government subsidies received[29] - Total operating revenue for Q1 2020 was approximately ¥1.91 billion, an increase from ¥1.83 billion in Q1 2019, representing a growth of about 4%[51] - Net profit for Q1 2020 was approximately ¥91.35 million, compared to ¥109.98 million in Q1 2019, reflecting a decrease of about 17%[54] - The total profit for Q1 2020 was approximately ¥123.87 million, down from ¥146.74 million in Q1 2019, indicating a decline of about 16%[54] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,725,050,915.96, a decrease of 2.78% compared to the end of the previous year[14] - The company's total liabilities decreased to ¥1,747,679,121.27 from ¥2,366,542,162.20, a reduction of about 26.1%[41] - The total assets as of March 31, 2020, were ¥3,725,050,915.96, down from ¥3,831,694,633.59, reflecting a decrease of about 2.8%[41] - The company reported a total liability of CNY 2,366,542,162.20, with current liabilities amounting to CNY 2,358,541,749.18[70] - The company’s total non-current liabilities are CNY 8,000,413.02, indicating a stable long-term financial position[70] Shareholder Information - Net assets attributable to shareholders of the listed company increased by 35.95% to CNY 1,924,446,943.46[14] - The company had a total of 200 shareholders at the end of the reporting period[20] - The largest shareholder, Ningbo Hanyi Investment Management Partnership, held 37.30% of the shares[20] - The second largest shareholder, Dayong Limited, held 30.30% of the shares[20] Cash Flow - Net cash flow from operating activities was CNY 59,954,403.15, down 16.33% from the previous year[14] - The cash inflow from operating activities totaled ¥2,004,442,534.57, down from ¥2,118,210,252.77 in Q1 2019[61] - The cash outflow from operating activities was ¥1,944,488,131.42, compared to ¥2,046,550,885.24 in Q1 2019[61] - The cash inflow from financing activities was 445,466,080.00 RMB, while the cash outflow was 1,676,415.12 RMB, resulting in a net cash flow of 443,789,664.88 RMB[65] Inventory and Receivables - Accounts receivable decreased by 30.45% to RMB 179,802,090.13, primarily due to a reduction in online sales[26] - Inventory decreased by 42.08% to RMB 562,311,124.60, attributed to seasonal fluctuations in sales[26] - The company's accounts receivable decreased to ¥179,802,090.13 from ¥258,523,157.41, a decline of about 30.5%[37] - Inventory levels significantly dropped to ¥562,311,124.60 from ¥970,818,284.66, indicating a reduction of approximately 42.1%[37] Capital and Reserves - The company's capital reserve increased by 90.84% to RMB 798,053,956.19, due to the premium from the initial public offering[29] - The company issued 41 million shares at RMB 11.90 per share, raising a total of RMB 487,900,000.00, with a net amount of RMB 420,873,181.81 after deducting issuance costs[32] - The company’s retained earnings stand at CNY 624,284,085.48, reflecting its accumulated profits[73] - The capital reserve totals approximately $399.31 million[81] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters to drive future growth[51] - The company continues to focus on cash management strategies to improve liquidity amid fluctuating cash flows[65] - The company has implemented new revenue and leasing standards starting from 2020, which may impact future financial reporting[65]