Financial Performance - The company's operating revenue for the first half of 2021 was ¥2,099,722,740.78, a decrease of 1.72% compared to the same period last year[20]. - The net profit attributable to shareholders of the listed company reached ¥108,319,778.82, an increase of 777.59% year-on-year[20]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥42,327,775.21, a significant increase of 523.84% compared to the previous year[20]. - The net cash flow from operating activities was ¥273,304,877.70, up 1,363.70% from the same period last year[20]. - The net profit for the first half of 2021 reached CNY 108,319,778.82, a significant increase of 775.5% compared to CNY 12,342,867.39 in the first half of 2020[129]. - The company reported a gross margin of 44.59%, indicating a slight improvement in profitability[44]. - The company achieved total revenue of CNY 2,099.72 million, remaining flat compared to the same period last year, while net profit attributable to shareholders increased by 777.59% to CNY 108.32 million[44]. Assets and Liabilities - Total assets increased by 15.26% to ¥3,120,774,971.10 compared to the end of the previous year[20]. - The net assets attributable to shareholders at the end of the reporting period were ¥1,773,764,880.45, an increase of 6.52% from the end of the previous year[20]. - Cash and cash equivalents at the end of the period amounted to CNY 847,113,930.22, representing 27.14% of total assets[62]. - The company reported a significant decrease in inventory by 40.10% to CNY 191,784,218.67, mainly due to a decline in stock after the peak season[62]. - Total liabilities rose to CNY 1,347,010,090.65, up from CNY 1,042,409,841.38, indicating an increase of about 29.2%[122]. - Owner's equity reached CNY 1,773,764,880.45, compared to CNY 1,665,226,391.13, reflecting a growth of approximately 6.5%[122]. Market and Product Development - The company developed over 150 new products in the first half of 2021, focusing on health-oriented snacks and innovative categories[29]. - The company launched a series of new products, including a probiotic series that gained popularity among young consumers and mothers[29]. - The company aims to build a family life ecological platform through its ongoing strategies, including the Fresh Snack Strategy and the Wan Jia Deng Huo Plan[28]. - The snack industry in China shows significant growth potential, with per capita spending at $86.2 compared to $394.2 in the U.S., indicating a large untapped market[35]. Sales and Distribution - The company operates a multi-channel sales network, including direct stores, franchise stores, and e-commerce platforms, achieving full business synergy[31]. - The company operates a direct chain model for its "Lai Yi Fen" snack brand, focusing on standardized, scalable, and data-driven store management[32]. - The online sales model includes B2B and B2C approaches, with partnerships with platforms like JD.com and Tmall, and a self-developed APP for direct consumer engagement[33][34]. - The community business (group buying and 30-minute delivery) grew by 80% year-on-year in the first half of 2021, achieving revenue exceeding 160 million yuan, with over 2.7 million orders for in-store pickup[48]. Operational Efficiency - The company has established a comprehensive procurement system based on consumer demand, ensuring quality management throughout the product lifecycle[30]. - The company has established an automated and digitalized logistics base in Shanghai, utilizing systems like SAP and WMS&TMS for comprehensive supply chain management[34]. - The company achieved a 15% improvement in SKU performance and a 10% reduction in operational complexity through data analysis modeling[55]. - Inventory turnover days for trial categories decreased by 20%, and the in-stock rate increased by 5%, saving billions in inventory costs[57]. Risk Management - The company faces risks from fluctuations in raw material prices, which could impact sales prices and overall performance[70]. - The company is exposed to operational risks due to rising rental and labor costs, which could adversely affect financial performance[71]. - Seasonal sales fluctuations are a risk, with higher demand typically in the first and fourth quarters due to weather and holidays[72]. - The company plans to mitigate seasonal risks by developing new products and enhancing marketing activities during off-peak seasons[72]. Corporate Governance - The company did not propose any profit distribution or capital reserve transfer for the first half of the year[77]. - The company has committed to ensuring the authenticity, accuracy, and completeness of the prospectus, taking legal responsibility for any false statements or omissions that significantly affect the issuance conditions[90]. - The company has confirmed that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[151]. - The financial report was approved by the board of directors on August 26, 2021, ensuring corporate governance compliance[147]. Shareholder Information - As of the end of the reporting period, the total number of ordinary shareholders was 38,134[108]. - The top shareholder, Shanghai Aiwu Enterprise Management Co., Ltd., holds 188,964,000 shares, representing 56.05% of the total shares, with 65,000,000 shares pledged[110]. - The company has a repurchase account holding 2,135,742 shares as of the report date, indicating ongoing share buyback activities[111]. Financial Management - The company plans to raise a total of up to 500 million RMB through a non-public stock issuance for the construction of an all-channel marketing network and upgrading the R&D center[103]. - The company has established measures to compensate for any dilution of immediate returns, linking executive compensation to the execution of these measures[96]. - The company has committed to not transferring benefits unfairly to other parties, ensuring the protection of its interests[96].

Financial Performance - The company's total revenue for 2020 was approximately ¥4.03 billion, representing a 0.59% increase compared to ¥4.00 billion in 2019[19]. - The net profit attributable to shareholders for 2020 was a loss of approximately ¥65.20 million, a decrease of 728.65% from a profit of ¥10.37 million in 2019[19]. - The net cash flow from operating activities for 2020 was approximately ¥95.91 million, down 5.54% from ¥101.54 million in 2019[19]. - The total assets at the end of 2020 were approximately ¥2.71 billion, a decrease of 5.54% from ¥2.87 billion at the end of 2019[19]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥1.67 billion, down 5.57% from ¥1.76 billion at the end of 2019[19]. - Basic earnings per share for 2020 was -0.19 CNY, a decrease of 733.33% compared to 0.03 CNY in 2019[20]. - The weighted average return on equity for 2020 was -3.80%, a decrease of 4.36 percentage points from 0.56% in 2019[20]. - The company reported a gross profit margin of 42.13%, maintaining stability compared to previous periods[61]. - The gross profit margin for the wholesale and retail sector decreased by 1.44 percentage points to 42.13%[66]. - The gross profit margin for meat products and aquatic products was 42.66%, with a decrease of 1.99 percentage points compared to the previous year[66]. - The gross profit margin for the confectionery and puffed food segment was 45.37%, with a decrease of 1.48 percentage points compared to the previous year[66]. Operational Highlights - The company has reported a significant increase in non-recurring losses, with a net profit loss of approximately ¥104.58 million attributable to non-recurring items[19]. - The company has acknowledged potential risks in its operations, which are detailed in the report[6]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[5]. - The company has received a standard unqualified audit report from its accounting firm, indicating the financial statements are accurate and complete[7]. - The company has established a leading position in the domestic snack food market, with its core brands enjoying high recognition and reputation among consumers[31]. - The company operates a multi-channel sales model, including direct stores, franchise stores, e-commerce, and its own app, achieving full business synergy across online and offline channels[34]. - The total number of chain stores reached 3,004 by December 31, 2020, an increase of 212 stores year-on-year, with 2,369 direct-operated stores (down 60) and 635 franchised stores (up 272)[49]. - The company has expanded its global food sourcing, offering over 800 products across 10 core categories, including nuts, meat snacks, and baked goods, sourced from over 20 countries and 25 provinces in China[32]. - The company has established a consumer demand-oriented procurement system, managing the entire product lifecycle from planning to quality control, ensuring comprehensive quality assurance[33]. - The company has implemented a digital and automated warehousing system, improving supply chain management and ensuring product quality through real-time monitoring[36]. Strategic Initiatives - The company is focused on enhancing its brand image and product offerings through continuous upgrades in store appearance, mobile app systems, and packaging[31]. - The company aims to provide a one-stop shopping experience for fresh, delicious, and healthy snacks, enhancing consumer engagement and brand loyalty[31]. - The company has initiated a brand strategy upgrade focusing on "fresh snacks," aligning with the "Healthy China" initiative, and appointed a new brand ambassador, Wang Yibo, to attract younger consumers[43]. - The company has established a comprehensive multi-channel network including direct stores, franchise stores, special channels, smart terminals, e-commerce, and the Laiyifen APP, enhancing customer reach and engagement[44]. - The company aims to enhance brand value and consumer perception of "fresh snacks = company name" through systematic brand upgrades[54]. - The company plans to continue expanding its market presence in Jiangsu, Zhejiang, Shanghai, and Anhui, focusing on franchise and online growth as key strategies[60]. - The company plans to raise up to 500 million yuan through a private placement to fund multi-channel marketing network construction and R&D center upgrades[154]. Challenges and Risks - The company has acknowledged potential risks in its operations, which are detailed in the report[6]. - The company recognizes risks related to raw material price fluctuations and plans to stabilize procurement channels to mitigate potential impacts[107]. - The company faces operational risks from rising rental and labor costs, particularly in urban areas, and is working on improving store profitability[108]. - The company is addressing seasonal sales fluctuations by developing new products and implementing targeted marketing strategies during off-peak seasons[109]. Shareholder and Governance Matters - The company plans not to distribute cash dividends or stock dividends for the 2020 fiscal year[4]. - The company did not propose a cash dividend distribution for 2020, despite having a positive profit available for distribution to ordinary shareholders[119]. - The cash dividend distribution plan must be approved by the board and then submitted to the shareholders' meeting for review, ensuring communication with minority shareholders[114]. - The company’s cash dividend policy remains unchanged during the reporting period[115]. - The controlling shareholder, Aiwuqi, commits to not transferring shares within 24 months after the lock-up period, with a transfer price not lower than the adjusted issuance price[122]. - The company guarantees the authenticity, accuracy, and completeness of the prospectus, and will repurchase shares if there are any false statements or omissions that materially affect the issuance conditions[125]. - The company promises to not abuse its controlling position and to ensure that all directors and senior management act in the best interests of the company and its shareholders[128]. Employee and Management Insights - The total number of employees in the parent company is 666, while the main subsidiaries employ 7,271, resulting in a total of 7,937 employees[195]. - The professional composition includes 6,841 sales personnel, 156 technical staff, 70 financial staff, 643 administrative staff, and 227 logistics personnel[195]. - The company implemented a talent development program and established a star employee system to enhance employee recognition and salary alignment with performance[196]. - The company has a training academy, "Lai Yi Fen University," which focuses on talent development and organizational empowerment, with various specialized colleges under it[197]. - The company has a strong management team with key personnel holding multiple executive positions across various subsidiaries, enhancing operational synergy[188]. - The company has maintained a consistent leadership structure with several executives serving since the establishment of the original company in 2002[185]. Market Trends and Consumer Behavior - The snack industry is projected to reach nearly 3 trillion yuan in total output value by 2020, reflecting a compound annual growth rate of 17.98% from 2006 to 2016[37]. - The retail landscape for snack foods is diversifying, with a mix of online platforms and various types of physical stores, indicating a shift in consumer purchasing behavior[38]. - Regional brands are gaining traction, while national brands are leveraging their scale and quality to expand market presence and compete effectively[38]. - The leisure food industry is experiencing a trend towards health-conscious products, driven by increased consumer awareness post-COVID-19[96]. - The market for personalized and functional snack foods is expanding, catering to diverse consumer needs[97].

2021 年第一季度报告 公司代码：603777 公司简称：来伊份 上海来伊份股份有限公司 2021 年第一季度报告 1 / 23 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 5 | | 四、 | 附录 6 | 2021 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 | | | 单位：元 币种：人民币 | | --- | --- | --- | | 项目 | 本期金额 | 说明 | | 非流动资产处置损益 | 14,684.61 | | | 越权审批，或无正式批准文件，或偶发性的税收返还、减免 | | | | 计入当期损益的政府补助，但与公司正常经营业务密切相关，符 合国家政策规定、按照一定标准定额或定量持续享受的政府补助 | 2,524,171.88 | | | 除外 | | | | 计入当期损益的对非金融企业收取的资金占用费 | 6,385.81 | | | 企业取得子公司、联营企业及合营企业的投资成本小于取得投资 | | | | 时应享有被投资单位可辨认净资产 ...

Financial Performance - Net profit attributable to shareholders was CNY -37,587,018.04, a decline of 349.46% year-on-year[8] - Operating revenue increased by 2.90% to CNY 2,999,106,132.21 for the period[8] - The company reported a net profit excluding non-recurring gains and losses of CNY -72,403,626.37[8] - Basic and diluted earnings per share were both CNY -0.11, a decrease of 375.00% compared to the previous year[8] - Total operating revenue for Q3 2020 was ¥862,744,702.85, a decrease of 1.5% compared to ¥877,067,808.09 in Q3 2019[30] - The net profit for Q3 2020 was a loss of ¥49.93 million, compared to a loss of ¥29.41 million in Q3 2019, reflecting a significant increase in losses[33] - The company's total profit for Q3 2020 was a loss of ¥53.91 million, compared to a loss of ¥30.12 million in the same period last year[33] - The basic and diluted earnings per share for Q3 2020 were both -¥0.11, compared to ¥0.04 in Q3 2019[32] Assets and Liabilities - Total assets decreased by 10.20% to CNY 2,574,012,043.05 compared to the end of the previous year[8] - Total net assets attributable to shareholders decreased by 3.96% to CNY 1,693,575,090.82 compared to the end of the previous year[8] - Total liabilities decreased from 1,102,836,809.47 RMB at the end of 2019 to 880,436,952.23 RMB[24] - The company's equity attributable to shareholders decreased from 1,763,459,465.64 RMB to 1,693,575,090.82 RMB[24] - Total liabilities decreased to ¥811,738,570.77 in Q3 2020 from ¥961,068,760.92 in Q3 2019, a reduction of 15.6%[27] - The total equity attributable to shareholders was ¥1,471,193,092.49, down from ¥1,529,299,474.21 in the previous year, indicating a decrease of 3.8%[27] Cash Flow - Net cash flow from operating activities rose by 10.65% to CNY 74,067,174.25 year-to-date[8] - The net cash flow from operating activities for the first three quarters of 2020 was CNY 74,067,174.25, compared to CNY 66,935,889.14 in 2019, indicating an increase of about 10.5%[38] - The total cash outflow from operating activities was CNY 3,355,525,476.30 in 2020, compared to CNY 3,300,167,561.46 in 2019, which shows an increase of about 1.7%[38] - The company reported a cash outflow from financing activities of CNY 57,640,984.83 in 2020, which is an improvement compared to CNY 105,054,336.39 in 2019, indicating a reduction of about 45.5%[39] - The net cash flow from investing activities was 378,809,443.61 RMB, compared to 209,462,888.73 RMB in the same period last year, representing an increase of 80.9%[42] Inventory and Expenses - Inventory decreased by 46.35% from the beginning of the year, primarily due to a decline in stock after the Spring Festival peak season[14] - Research and development expenses rose by 52.49% to 9,109,024.36, driven by increased investment in platform projects and new product development[15] - Research and development expenses for Q3 2020 were ¥7,382,625.89, significantly higher than ¥1,968,342.57 in Q3 2019, marking a 274.5% increase[30] - Operating costs for Q3 2020 were ¥925,675,885.31, an increase of 1.0% from ¥916,800,035.46 in Q3 2019[30] Shareholder Information - Total number of shareholders reached 34,849[12] - The top shareholder, Shanghai Aiwu Enterprise Management Co., Ltd., holds 197,065,542 shares, accounting for 58.45% of total shares[12] Government Support - Government subsidies recognized in the current period amounted to CNY 3,946,326.25[10] - Other income surged by 143.69% to 22,313,772.43, mainly due to increased government subsidies received this year[15] Capital Management - The company has a share repurchase account holding 2,135,742 shares, indicating ongoing efforts to manage share capital[13] - The company completed the cancellation of 2,935,400 restricted stocks and 342,640 stock options, reducing registered capital from 339,067,764 RMB to 337,132,088 RMB[16] - The company plans to raise up to 500 million RMB through a non-public stock issuance to enhance its omni-channel marketing network and upgrade its R&D center[18]

Financial Performance - The company reported no profit distribution or capital reserve transfer to increase share capital for the first half of 2020[4]. - The company’s revenue for the first half of 2020 was approximately RMB 2.14 billion, representing a 4.85% increase compared to the same period last year[20]. - Net profit attributable to shareholders decreased by 72.25% year-on-year, amounting to RMB 12.34 million, primarily due to increased expenses from channel expansion[21]. - The basic and diluted earnings per share fell by 69.23% to RMB 0.04, reflecting the decline in net profit[20]. - The net cash flow from operating activities decreased by 38.93% to RMB 18.67 million, mainly due to adjustments in card reserve deposit policies[21]. - Total assets decreased by 10.95% to approximately RMB 2.55 billion compared to the end of the previous year[20]. - The company reported a total comprehensive income of 12,342,867.39 RMB for the period, contributing to the increase in equity[137]. - The company reported a significant increase in employee compensation liabilities, rising by 123.37% to ¥43,643,851.68, due to delayed social security payments and adjustments in salary structure[61]. - The company reported a financial income of CNY 1,103,464.33 for the first half of 2020, compared to a financial expense of CNY 2,069,934.33 in the same period of 2019, indicating a positive turnaround[125]. Risk Factors - The company faces potential risks as outlined in the discussion and analysis section of the report, which investors should pay attention to[5]. - The company faces risks from fluctuations in raw material prices, which could impact sales prices and overall profitability[66]. - Rising rental costs and increasing labor expenses pose operational risks, particularly for the company's physical stores[67]. - Seasonal sales fluctuations are a concern, with higher demand typically seen in the first and fourth quarters due to weather and holidays[68]. Business Model and Operations - The company operates a franchise model, allowing franchisees to independently manage stores and bear associated costs[10]. - The company has a diverse range of subsidiaries, including various regional food companies and e-commerce platforms[9]. - The company operates a franchise chain model, providing franchisees with trademarks, management methods, and operational tools to enhance market share and brand influence[30]. - The company has expanded its product offerings to include over 800 items across 10 core categories, including nuts, meat snacks, and imported products[27]. - The company has implemented a full-channel sales model, integrating online and offline sales through various platforms, including its own app[29]. - The company is focusing on expanding its market presence through both online and offline channels, reflecting a trend towards deep integration of these sales channels[34]. Marketing and Brand Strategy - The company launched a new brand strategy with a focus on "fresh snacks" and appointed a new brand ambassador, Wang Yibo, to attract younger consumers[38]. - The company reported a 512% year-on-year increase in daily active users on its app following the brand strategy launch[53]. - The company achieved a product inspection pass rate of 99.4% for 25,417 batches of products in the first half of 2020, maintaining a high standard in the industry[51]. Financial Management and Investments - The company plans to raise up to 500 million RMB through a private placement to enhance its marketing network and upgrade its R&D center[56]. - The company has completed 15 iterations of its app, introducing features like a game center and black gold membership to enhance user experience[55]. - The company has established multiple regional distribution centers (RDC) to enhance logistics capabilities and ensure timely delivery of products[31]. - The company is leveraging big data analytics for supply chain management, enabling better inventory forecasting and order integration[31]. Corporate Governance - The board of directors and senior management confirmed the accuracy and completeness of the half-year report, which has not been audited[6]. - A total of three shareholder meetings were held in the first half of 2020 to discuss various corporate governance matters[71]. - The controlling shareholder committed to not transferring shares for 24 months post-lockup, with a maximum transfer of 5% of shares held per year[78]. - The company has ensured compliance with all commitments made by shareholders and management regarding share transfers and business operations[76]. Compliance and Audit - The company has appointed Lixin Certified Public Accountants as its financial audit institution for the year 2020[84]. - The financial statements were approved by the board of directors on August 26, 2020[142]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that financial statements reflect true and complete financial conditions[148]. Shareholder Information - As of the end of the reporting period, the total number of common stock shareholders is 32,695[100]. - The largest shareholder, Shanghai Aiwu Enterprise Management Co., Ltd., holds 58.12% of the shares, totaling 197,065,542 shares[101]. - The company has not reported any major accounting errors that require retrospective restatement[95]. Subsidiaries and Market Presence - The company has a consolidated financial statement scope that includes 30 subsidiaries as of June 30, 2020[143]. - The company continues to focus on the Jiangsu, Zhejiang, and Shanghai markets, aiming to strengthen its competitive edge through franchise and online business growth[57].

Financial Performance - Operating income increased by 10.08% to CNY 1,314,312,497.53 year-on-year[5] - Net profit attributable to shareholders increased by 12.94% to CNY 73,225,035.65 compared to the same period last year[5] - Basic and diluted earnings per share increased by 15.79% to CNY 0.22[5] - The weighted average return on equity increased by 18.24% to 4.07%[5] - Other income increased by 122.74% to CNY 7,177,093.65, mainly due to an increase in government subsidies received[13] - Total operating revenue for Q1 2020 was CNY 1,314,312,497.53, representing an increase of 10.1% compared to CNY 1,193,971,667.12 in Q1 2019[25] - The net profit for Q1 2020 reached CNY 73,225,035.65, representing a 12.5% increase from CNY 64,836,992.91 in Q1 2019[27] - Operating profit for Q1 2020 was CNY 101,704,035.62, an increase of 22.7% from CNY 82,838,121.34 in Q1 2019[26] - The total profit for Q1 2020 was CNY 99,220,224.56, up from CNY 84,087,097.13 in Q1 2019, marking a growth of 18.0%[26] Cash Flow - Cash flow from operating activities rose significantly by 62.33% to CNY 91,419,564.27[5] - Net cash flow from operating activities increased by 62.33% to CNY 91,419,564.27 compared to CNY 56,317,201.68 in the previous year[14] - Cash inflow from operating activities for Q1 2020 was CNY 1,488,716,087.05, up from CNY 1,389,541,373.39 in Q1 2019, representing an increase of about 7.13%[31] - Cash outflow from investing activities in Q1 2020 totaled CNY 522,117,364.39, slightly down from CNY 537,958,369.72 in Q1 2019[31] - Net cash flow from investing activities was negative CNY 17,217,596.99 in Q1 2020, an improvement from negative CNY 32,481,708.53 in Q1 2019[31] - The company reported a net increase in cash and cash equivalents of CNY 74,219,278.27 in Q1 2020, compared to CNY 16,121,327.00 in Q1 2019, showing a significant increase[31] Assets and Liabilities - Total assets decreased by 4.75% to CNY 2,730,057,450.65 compared to the end of the previous year[5] - Total liabilities decreased from CNY 1,102,836,809.47 at the end of 2019 to CNY 892,969,351.14, a reduction of about 19.0%[19] - Accounts payable decreased by 32.57% from CNY 715,693,410.59 to CNY 482,622,434.40, influenced by seasonal fluctuations[13] - Inventory decreased by 39.21% from CNY 426,845,020.38 at the beginning of the year to CNY 259,486,670.07 due to a decline in stock after the Spring Festival peak season[13] - Cash and cash equivalents increased from CNY 458,973,287.30 at the end of 2019 to CNY 591,032,348.82 as of March 31, 2020, an increase of about 28.8%[21] - The total equity increased from CNY 1,763,459,465.64 at the end of 2019 to CNY 1,837,088,099.51 as of March 31, 2020, an increase of about 4.2%[19] Shareholder Information - The total number of shareholders reached 29,316 at the end of the reporting period[10] - The largest shareholder, Shanghai Aiwu Enterprise Management Co., Ltd., holds 58.12% of the shares, with 65,000,000 shares pledged[10] Accounting Changes - The company has implemented new revenue and leasing standards starting from 2020, which may impact future financial reporting[35] - The company implemented new revenue recognition standards effective January 1, 2020, impacting the classification of contract liabilities and other current liabilities[39] - The implementation of new revenue recognition standards began on January 1, 2020, affecting the presentation of customer prepayments[43] Expenses - Income tax expenses rose by 35.04% to CNY 25,995,188.91, driven by increased profits[14] - Financial expenses increased by 104.54% to CNY 46,567.05 due to new payment method fees[13] - The company incurred a tax expense of CNY 25,995,188.91 in Q1 2020, compared to CNY 19,250,104.22 in Q1 2019, reflecting a rise of 35.0%[26] - The company reported a financial expense of CNY 46,567.05 in Q1 2020, a decrease from a financial income of CNY 1,024,703.53 in Q1 2019[26] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[5] - Non-recurring gains and losses totaled CNY 7,793,463.24 for the period[9] - The company reported a research and development expense of CNY 705,558.48 for Q1 2020, with no corresponding expense reported in Q1 2019[29]

Financial Performance - The company's operating revenue for 2019 was CNY 4,002,490,956.85, representing a 2.86% increase compared to 2018[22]. - The net profit attributable to shareholders for 2019 was CNY 10,370,689.02, a 2.59% increase from the previous year[22]. - The net cash flow from operating activities increased by 39.57% year-on-year, amounting to CNY 101,537,382.67[23]. - The total assets at the end of 2019 were CNY 2,866,296,275.11, showing a 0.88% increase from 2018[22]. - The net assets attributable to shareholders decreased by 4.86% to CNY 1,763,459,465.64 at the end of 2019[22]. - The basic earnings per share for 2019 remained at CNY 0.03, unchanged from 2018[24]. - The weighted average return on equity increased to 0.56% in 2019, up from 0.54% in 2018[24]. - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of CNY -32,959,823.23 for 2019[22]. - The gross profit margin remained stable at 42.39%, with the main business revenue of 3,945.99 million yuan and main business costs of 2,226.67 million yuan[51]. - The company achieved a total revenue of 4,002.49 million yuan in 2019, representing a growth of 2.86% compared to the same period in 2018[51]. Dividend Policy - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares, totaling approximately 33.91 million RMB (including tax), reflecting a cash dividend ratio of 326.95% for the year 2019[6]. - The cash dividend policy remained unchanged during the reporting period, with a total cash dividend amount of 36,588,600 CNY in 2019[112]. - The company must provide detailed explanations in the annual report if it fails to propose a cash dividend plan despite having positive distributable profits, including the reasons and intended use of retained earnings[113]. - The board of directors must ensure that any cash dividend proposal is approved by at least 66.67% of the voting rights at the shareholders' meeting[109]. - The company actively engages with shareholders, especially minority shareholders, through various communication channels to gather opinions on cash dividend proposals[108]. Share Repurchase - The company has repurchased 2,135,742 shares, which will not participate in this profit distribution[6]. - The company repurchased and canceled a total of 1,376,466 restricted stocks at a repurchase price of 13.933 CNY per share[133]. - The company will repurchase shares within a price range based on the net asset value and will allocate no less than 5% and no more than 20% of the previous year's net profit for the repurchase[118]. - The controlling shareholder promises to vote in favor of the share repurchase plan at the shareholders' meeting and will notify the company of specific plans to increase shareholding within 10 trading days[120]. - The company guarantees that the prospectus does not contain false records or misleading statements, and will compensate investors for losses caused by any such omissions[117]. Business Model and Market Strategy - The company has a comprehensive business model that includes both direct-operated and franchised stores[13]. - The company is focused on expanding its market presence and enhancing its product offerings in the snack food sector[13]. - The company has established a comprehensive multi-channel sales network, including direct stores, franchise stores, e-commerce platforms, and its own APP, enhancing customer engagement and sales efficiency[36]. - The company aims to expand its market presence through franchise models, enhancing brand visibility and market share[37]. - The company is committed to enhancing its brand image and consumer experience through continuous upgrades in product quality and service standards[33]. Product Innovation and Development - The company has focused on product innovation, introducing new categories such as short-shelf-life pastries and ready-to-eat meals to meet diverse consumer needs[34]. - The company is focusing on product innovation and brand enhancement, with initiatives like the "Yizai" brand IP and the animated series "Super Yizai" to engage younger consumers[45]. - The company launched over 100 new products in 2019, focusing on young, healthy, and high-quality offerings, including new categories like fresh bread and ready-to-eat meals[57]. - The company is committed to expanding its product categories while ensuring iterative development of existing products to keep pace with market trends[88]. - The company emphasizes a consumer-driven procurement system, utilizing big data analysis to launch new products that align with market trends[35]. Risk Management - The company has described potential risks in its annual report, which investors should pay attention to[8]. - The company faces risks from rising raw material prices, increased rental costs, and labor costs, which could negatively impact operational performance[101]. - The company emphasizes that forward-looking statements do not constitute a substantive commitment to investors[7]. Corporate Governance - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[6]. - The company has committed to not transferring or managing shares held by major shareholders for a period of 36 months post-IPO, ensuring stability in shareholding[114]. - The company has a structured plan for communicating with shareholders, including online voting options to facilitate participation in decision-making[109]. - The independent directors are required to express clear opinions on the cash dividend proposals during board discussions[109]. - The company has undergone changes in accounting policies that do not materially affect its profit, total assets, or net assets, but have adjusted the presentation of financial statements[126]. Employee and Management Structure - The total number of employees in the parent company is 862, while the total number of employees in major subsidiaries is 8,129, resulting in a combined total of 8,991 employees[186]. - The management team has extensive experience, with key members having served since the establishment of the company in 2002[173]. - The board of directors includes independent members with diverse backgrounds in finance and management, enhancing governance[179]. - The company has a strong emphasis on human resources development, with dedicated personnel in training and organizational development[175]. Market Trends and Consumer Behavior - The snack food industry in China has seen a significant growth, with total output value increasing from 424 billion RMB in 2006 to 2.22 trillion RMB in 2016, representing a growth rate of 422.51% and a compound annual growth rate of 17.98%[39]. - The snack food retail landscape is diversifying, with a mix of online platforms and various offline retail formats, indicating a shift in consumer purchasing behavior[39]. - The market for leisure foods is characterized by a young consumer base, particularly among women, indicating a shift towards more personalized and convenient products[88]. - The trend towards brand recognition and loyalty is increasing, driving the industry towards a more mature market focused on quality and service[88]. Financial Management - The company has engaged in non-principal floating income financial management with a total amount of RMB 1,950,000,000, and an unexpired balance of RMB 500,000,000[140]. - The annualized return rate for various financial management products is around 4.15% to 5.00%[142]. - The company’s financial strategy includes managing idle funds through wealth management products, ensuring liquidity and returns[143]. - The company has shown a commitment to shareholder value through its share repurchase program, aligning with its financial strategy[146].

Financial Performance - Net profit attributable to shareholders increased by 12.38% to CNY 15,067,233.99 for the first nine months of the year[6]. - Operating revenue for the first nine months was CNY 2,914,676,378.53, a 2.39% increase year-on-year[6]. - The company reported a significant increase in operating profit, reaching RMB 33,489,411.13, a 45.60% increase compared to the previous period[17]. - The company reported a net loss of CNY 8,249,623.55 after deducting non-recurring gains and losses, a 75.25% improvement compared to the previous year[6]. - Net profit for the first three quarters of 2019 was CNY 201,235,273.37, down from CNY 262,814,523.73 in the same period of 2018, reflecting a decrease of approximately 23.4%[31]. - The company reported a significant increase in inventory, which decreased to CNY 88,434,664.01 from CNY 151,138,429.59, a reduction of approximately 41.5%[30]. - The total comprehensive income for Q3 2019 was a loss of ¥29.41 million, compared to a loss of ¥23.61 million in Q3 2018, indicating a worsening of comprehensive income performance[40]. Assets and Liabilities - Total assets decreased by 9.52% to CNY 2,570,666,035.07 compared to the end of the previous year[6]. - The company's current assets totaled ¥1,698,618,060.42, down from ¥1,954,750,028.18 at the end of 2018, indicating a decline of approximately 13.1%[25]. - Total liabilities decreased to ¥785,128,496.85 from ¥987,837,094.44, indicating a reduction of about 20.5%[27]. - The company's total liabilities to total assets ratio improved to approximately 30.6% from 34.7% at the end of 2018[27]. - The company's equity attributable to shareholders was reported at ¥1,785,537,538.22, down from ¥1,853,460,471.27, a decrease of approximately 3.7%[27]. Cash Flow - The net cash flow from operating activities surged by 977.28% to CNY 66,935,889.14 compared to the same period last year[6]. - Cash flow from operating activities for the first nine months of 2019 was 66,935,889.14 RMB, a significant increase from 6,213,400.66 RMB in the same period of 2018[44]. - The company reported a cash and cash equivalents balance of 663,804,237.83 RMB at the end of Q3 2019, down from 731,585,713.74 RMB at the end of Q3 2018[45]. - Cash outflow for investment activities totaled $377,031,185.80, a decrease from $664,093,079.90[48]. Store and Revenue Growth - The total number of stores reached 2,746, an increase of 83 stores compared to the same period last year[7]. - E-commerce revenue grew by 19.33% year-on-year, while franchise income increased by 3.07%[7]. - Total revenue from sales of goods and services for the first nine months of 2019 was 3,319,220,086.50 RMB, slightly up from 3,311,484,602.51 RMB in the same period of 2018[44]. Research and Development - Research and development expenses amounted to RMB 5,973,413.68, driven by major platform projects and new product development[17]. - Research and development expenses for Q3 2019 were ¥1.75 million, with no comparative figure provided for Q3 2018, indicating ongoing investment in innovation[41]. Shareholder Information - The total number of shareholders reached 36,202, with the largest shareholder holding 57.88% of the shares[11]. - The company granted 993,400 stock options to 134 incentive targets at an exercise price of ¥13.10 per share on October 21, 2019[22].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,037,608,570.44, representing a 2.25% increase compared to CNY 1,992,758,097.46 in the same period last year[21]. - Net profit attributable to shareholders increased by 20.16% to CNY 44,474,827.95 from CNY 37,013,699.42 year-on-year[21]. - The net profit after deducting non-recurring gains and losses surged by 6564.58% to CNY 29,418,639.12, primarily due to increased sales revenue and gross profit[21]. - The net cash flow from operating activities improved by 181.42% to CNY 30,572,756.91, driven by higher sales revenue and reduced procurement payments[21]. - Basic earnings per share rose to CNY 0.13, an 18.18% increase from CNY 0.11 in the previous year[22]. - The weighted average return on net assets increased by 0.41 percentage points to 2.37%[22]. - The gross profit margin improved to 44.42%, up from 43.30% in the previous year[50]. - The total operating revenue for the first half of 2019 reached ¥2,037,608,570.44, an increase of 2.6% compared to ¥1,992,758,097.46 in the first half of 2018[154]. - The company's total profit for the first half of 2019 was CNY 66,614,868.59, slightly up from CNY 65,147,825.35 in the same period last year[158]. - The company reported a net profit margin improvement, with net profit figures to be detailed in future reports[154]. Risk Management - The report includes a risk statement indicating that future plans and strategies do not constitute a commitment to investors, highlighting potential investment risks[6]. - The company has a comprehensive risk management strategy outlined in the report, addressing potential risks and countermeasures[6]. - The company faces risks from fluctuations in raw material prices, which could impact sales prices and overall profitability[71]. - Rising rental costs and increasing labor expenses pose operational risks, with the company implementing measures to enhance store profitability[72]. Corporate Governance - The company’s board and management have confirmed the accuracy and completeness of the half-year report, taking legal responsibility for any misstatements[7]. - The company guarantees the authenticity and completeness of the prospectus, accepting legal responsibility for any false statements or omissions that materially affect the issuance conditions[88]. - The controlling shareholders committed to the same authenticity and completeness guarantees for the prospectus, with obligations to repurchase shares if false information leads to investor losses[89]. - The company’s financial audit and internal control audit institutions for 2019 were reappointed during the annual shareholder meeting[78]. - The company has committed to not engaging in any business that competes directly or indirectly with its main operations, ensuring no conflicts of interest arise[94]. Shareholder Information - The company did not distribute profits or increase capital reserves in the first half of 2019[5]. - No profit distribution or capital reserve transfer plans were proposed for the half-year period, with 0 shares for bonus shares, dividends, or capital increase per 10 shares[79]. - The company plans to repurchase A-shares, with the implementation period from January 30, 2019, to June 12, 2019[82]. - The company’s major shareholders have made commitments regarding share transfers and management for a period of 36 months post-IPO[81]. - The company will not distribute dividends or bonus shares in the current half-year report[79]. Operational Strategy - The company operates both directly managed stores and franchise stores, with the latter being managed by franchisees[11]. - The company continues to invest in offline store expansion and e-commerce development to enhance its market presence[22]. - The company has established a multi-channel sales network, including direct stores, franchise stores, special channels, e-commerce, and the Laiyifen APP platform, achieving comprehensive business collaboration and precise marketing[30]. - The company’s online sales model includes B2B and B2C approaches, with flagship stores on platforms like Tmall and JD, as well as its own APP for direct consumer engagement[32]. - The company has built an automated and digitalized logistics base in Shanghai, utilizing systems like SAP and WMS&TMS for integrated supply chain management[32]. Product Development - The company has expanded its product offerings to include over 800 products across 10 core categories, including nuts, meat snacks, and dried fruits[28]. - The company has launched new product lines, including fresh food and anime derivative products, to meet diverse consumer needs[43]. - The company developed over 80 new products in the first half of 2019, focusing on youth-oriented, healthy, and high-quality goods[56]. - The company has established a comprehensive quality control system certified by ISO9001, ensuring product safety and quality across the supply chain[44]. Financial Position - Total assets decreased by 9.66% to CNY 2,566,882,286.85, mainly due to a reduction in inventory[21]. - The company's current assets totaled ¥1,691,399,995.29, down from ¥1,954,750,028.18 at the end of 2018, reflecting a decline of approximately 13.4%[142]. - Total liabilities decreased to ¥700,827,062.08 from ¥987,837,094.44, marking a decline of approximately 29.1%[146]. - The company's equity attributable to shareholders increased slightly to ¥1,866,055,224.77 from ¥1,853,460,471.27, reflecting a growth of about 0.6%[146]. - The retained earnings at the end of the current period amount to 558,134,931.16 CNY, reflecting the company's ability to maintain a solid profit retention strategy[173]. Market Trends - The snack industry has shown significant growth potential, with total output value projected to approach 3 trillion yuan by 2020, reflecting a compound annual growth rate of 17.98% from 2006 to 2016[34]. - The integration of online and offline channels is becoming a development trend, with a focus on leveraging technology to enhance consumer experience and operational efficiency[37]. - The company emphasizes the importance of scale and quality as key competitive factors in the snack food industry, with a trend towards market share concentration among a few brands[36]. Legal and Compliance - There are no significant litigation or arbitration matters reported during the reporting period, indicating a stable legal standing for the company[99]. - The financial statements are prepared based on the going concern principle and comply with the relevant accounting standards[182]. - The company confirms that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[183].

Dividend Policy - The company plans to distribute a cash dividend of 1.50 RMB per 10 shares to all shareholders, with the total amount depending on the total share capital on the dividend record date[5]. - The company does not plan to increase capital reserves or issue bonus shares at this time[5]. - The company has a stable cash dividend policy, ensuring that at least 10% of the annual distributable profit is distributed in cash[118]. - The company aims for a minimum cash dividend ratio of 80% for mature stages without major capital expenditure plans[118]. - The cash dividend policy remained unchanged during the reporting period[120]. - The profit distribution plan requires approval from the shareholders' meeting before implementation[123]. - The remaining undistributed profits will be carried forward to the next fiscal year[123]. - The company is currently in a share repurchase period, which may affect the final cash dividend amount[123]. Financial Performance - In 2018, the company's operating revenue was CNY 3,891,222,840.55, representing a year-on-year increase of 7.01% compared to CNY 3,636,346,287.47 in 2017[22]. - The net profit attributable to shareholders of the listed company decreased by 90.03% to CNY 10,108,986.87 from CNY 101,369,902.30 in the previous year[22]. - The net cash flow from operating activities fell by 52.54% to CNY 72,749,733.19, primarily due to increased cash payments for goods and services[22][23]. - The basic earnings per share dropped by 90.00% to CNY 0.03 from CNY 0.30 in 2017[24]. - The weighted average return on net assets decreased by 4.84 percentage points to 0.54% compared to 5.38% in the previous year[24]. - The total assets at the end of 2018 were CNY 2,841,297,565.71, down 5.34% from CNY 3,001,430,245.43 at the end of 2017[22]. - The company reported a significant increase in non-recurring gains and losses, totaling CNY 56,634,050.31 in 2018, compared to CNY 15,652,077.65 in 2017[26]. - The company experienced a decline in net profit after deducting non-recurring gains and losses, which fell by 154.28% to CNY -46,525,063.44[22][23]. Risk Management - The company has outlined potential risks in its annual report, which investors should pay attention to[7]. - The company has a comprehensive risk statement regarding future plans and investment risks[6]. - The company faces risks related to fluctuations in raw material prices due to factors such as agricultural cost increases and natural disasters, which could impact product pricing[110]. - The company faces operational risks due to rising store rental costs and increasing labor expenses, which could negatively impact performance[111]. Market Strategy - The company operates a full-channel business model focused on leisure food, with core brands "Laiyifen," "Yami," and "Yizai" enjoying high consumer recognition and reputation[30]. - The company is committed to expanding its product offerings, including new categories such as fresh food and beverages, to enhance consumer experience and satisfaction[30]. - The company aims to expand its market presence by leveraging regional brand advantages and transitioning successful local brands into national brands[43]. - The company is focusing on brand enhancement through continuous upgrades in store image, mobile app, and product packaging, strengthening its market presence[45]. - The company is actively pursuing digital transformation through smart retail initiatives, including the integration of CRM systems and facial recognition technology to enhance customer experience[65]. Product Development - The company offers nearly 1,400 products across 10 core categories, including nuts, meat snacks, dried fruits, and more, while continuously expanding its product lines to meet consumer demands[30]. - The company has developed over 100 new products in 2018, including popular items such as "天天坚果" and "4号猪肉脯," enhancing product variety and quality[61]. - The company is focusing on developing products that cater to specific dietary needs, such as low-calorie options for weight management and alternatives for lactose-intolerant consumers[98]. - Health-conscious products are becoming mainstream, with a focus on fresh, low-calorie, and low-fat options to meet consumer demands for healthier eating[98]. Shareholder Engagement - The company will actively communicate with shareholders regarding cash dividend proposals, ensuring transparency and engagement[119]. - The company has a diverse shareholder base, including both institutional and individual investors, which may provide stability and support for future growth[182]. - The report highlights the importance of shareholder engagement and communication as part of the company's overall strategy[184]. Corporate Governance - The company has confirmed that all board members attended the board meeting for the annual report[4]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[7]. - There are no violations of decision-making procedures regarding external guarantees[7]. - The company has assured the authenticity and completeness of the IPO-related documents, taking legal responsibility for any misrepresentation[131]. Financial Management - The company has entrusted its idle self-owned funds for financial management, with a total amount of RMB 2.08 billion and an outstanding balance of RMB 500 million[153]. - The company has consistently achieved returns above 5% across various financial management products, indicating strong performance in cash management strategies[156]. - The investment strategy includes a mix of non-principal guaranteed floating products, reflecting a risk-tolerant approach to asset management[156]. - The company plans to continue leveraging idle funds for future investments, aiming for similar or improved returns[156]. Operational Efficiency - The company has established a digital and automated logistics base in Shanghai, enhancing supply chain efficiency through advanced inventory and logistics management systems[34]. - The company has developed a smart supply chain management system to optimize operations, ensuring fresh products while reducing operational costs[49]. - The company has implemented measures such as store upgrades and flexible product configurations to improve single-store profitability[111]. Share Repurchase - The company commits to repurchase shares if the stock price closes below the announced net asset value per share for 20 consecutive trading days, with a repurchase obligation triggered under specific conditions[133]. - The repurchase plan will involve a total amount not less than 5% and not more than 20% of the previous year's net profit attributable to shareholders[133]. - The controlling shareholder will vote in favor of the share repurchase plan at the shareholders' meeting and notify the company of specific plans for increasing shareholding within 10 trading days[134].