Dividend Policy - The company distributed a total cash dividend of ¥533,239,718.40, which represents 83.31% of the net profit attributable to ordinary shareholders in the consolidated financial statements [38]. - The company will implement a cash dividend policy, distributing no less than 30% of the annual distributable profit in cash dividends when profitable and with sufficient cash [35]. - The company plans to prioritize cash dividends, distributing profits in cash or stock based on profitability and operational needs [60]. - The company plans to distribute a cash dividend of 4 CNY per 10 shares, totaling approximately 533.24 million CNY, which accounts for 83.31% of the net profit attributable to shareholders [103]. - The dividend amount accounts for 83.31% of the net profit attributable to ordinary shareholders in the consolidated financial statements [64]. - The company's remaining undistributed profits will be carried forward to the next fiscal year [103]. Governance and Compliance - The company plans to enhance its governance structure in accordance with regulatory requirements and best practices [1]. - The company has not reported any significant changes in the governance structure or compliance with regulations [4]. - The company has established a robust internal control system that meets regulatory requirements and protects shareholder interests [42]. - The company received a standard unqualified audit report from Rongcheng Accounting Firm for its internal control audit [95]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties [107]. - The company has established performance evaluation standards for senior management, ensuring transparency and compliance with legal regulations [93]. Employee Incentives and Development - The company has established a broad salary mechanism to stimulate business breakthroughs and enhance employee motivation and creativity [30]. - The company is exploring new incentive models to boost the performance of employees at all levels [30]. - The company has not disclosed any new developments regarding incentive matters that were previously announced [41]. - The company completed the third employee stock ownership plan, purchasing a total of 509,600 shares, accounting for 0.04% of the total share capital [65]. - The 2020 employee stock ownership plan resulted in the purchase of 22,731,374 shares, representing 1.76% of the total share capital [66]. - The fourth employee stock ownership plan involved the transfer of 376,088 shares, which is 0.029% of the total share capital [66]. - The fifth employee stock ownership plan included 1,994,867 shares, making up 0.15% of the total share capital [66]. - The company is committed to continuous improvement of its training system, emphasizing talent development and key personnel training [31]. - The company plans to enhance its employer brand by collaborating with educational institutions and organizing campus activities to build a talent pipeline [175]. Financial Performance - The company's operating revenue for 2022 was ¥6,686,263,321.97, an increase of 5.54% compared to ¥6,335,381,671.50 in 2021 [133]. - The net profit attributable to shareholders for 2022 was ¥640,057,492.01, a decrease of 16.14% from ¥763,265,673.71 in 2021 [133]. - The net profit after deducting non-recurring gains and losses was ¥629,363,887.98, down 12.07% from ¥715,794,619.35 in 2021 [133]. - The net cash flow from operating activities was ¥1,066,390,988.94, reflecting a 5.19% increase from ¥1,013,779,179.83 in 2021 [133]. - Total assets at the end of 2022 reached ¥6,622,042,405.64, a 10.06% increase from ¥6,016,892,732.31 at the end of 2021 [133]. - The net assets attributable to shareholders increased by 1.85% to ¥5,026,161,810.76 from ¥4,935,065,406.47 in 2021 [133]. - The basic earnings per share decreased by 16.14% to RMB 0.4801 in 2022 from RMB 0.5725 in 2021 [158]. Market Expansion and Strategy - The company has proposed a plan to increase capital for its wholly-owned subsidiary, indicating a strategy for market expansion [26]. - The company plans to expand its market presence in Southwest and Xinjiang regions while focusing on improving customer service quality and increasing store productivity [165]. - The company is focusing on expanding its market presence in East and South China while refining its sales network in mature markets like Northeast and North China [185]. - The company is actively engaged in the development of new products and technologies, as well as market expansion strategies [53]. - The company is committed to diversifying its product offerings to meet evolving consumer preferences for safety, nutrition, and functionality in baked goods [191]. - The company aims to provide high cost-performance products, with a mission to "make more people love bread," leveraging strong brand influence and a stable sales channel [198]. Environmental Responsibility - The company invested 4.1131 million yuan in environmental protection during the reporting period [44]. - The company has implemented a mechanism for environmental protection, ensuring compliance with relevant regulations [44]. - The company has implemented carbon reduction measures, including the use of clean energy for power generation [75]. Operational Efficiency - The overall capacity utilization rate across production bases was 81.39% as of December 31, 2022, with specific regions like Northeast and North China exceeding 85% [172][174]. - The company is leveraging digitalization to improve data analysis capabilities, enhancing operational efficiency and reducing costs [170]. - The company conducts centralized or phased procurement of raw materials monthly based on sales and production needs, optimizing supply chain efficiency [200]. Industry Trends - The baking industry in Asia is experiencing steady growth due to increasing consumer awareness and rising income levels, with a notable trend towards healthier and convenient baked products [197]. - The overall sales revenue of the baking industry is showing a steady growth trend, driven by economic development and increased consumer spending [196]. - The penetration rate of baked products is continuously increasing due to ongoing urbanization in the country, contributing to market expansion [197]. - The baking industry is characterized by a diverse range of products, appealing flavors, and convenience, making it increasingly popular among consumers [196]. - Bread has become a staple in consumers' daily lives, particularly in high-frequency meal replacement scenarios, indicating significant market potential [197].

Financial Performance - The company's revenue for Q3 2022 was approximately ¥1.82 billion, representing a year-over-year increase of 5.67%[10] - Net profit attributable to shareholders decreased by 33.88% to approximately ¥132.19 million for the quarter[10] - The basic earnings per share (EPS) for Q3 2022 was ¥0.0992, down 33.88% compared to the same period last year[10] - Total operating revenue for the first three quarters of 2022 reached ¥5,027,565,476.21, an increase of 7.8% compared to ¥4,663,469,990.79 in the same period of 2021[47] - Net profit for the third quarter of 2022 was ¥489,897,220.65, a decrease of 13.8% from ¥568,323,165.30 in the same quarter of 2021[51] - Basic earnings per share for the third quarter of 2022 were ¥0.3675, down from ¥0.4263 in the same quarter of 2021, representing a decline of 13.8%[56] - The company reported a total comprehensive income of ¥489,162,030.38 for the third quarter of 2022, compared to ¥568,323,165.30 in the same quarter of 2021, reflecting a decline of 13.9%[56] Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥6.41 billion, an increase of 6.46% from the end of the previous year[10] - Total assets as of September 30, 2022, are ¥6,405,423,106.42, compared to ¥6,016,892,732.31 at the end of 2021, reflecting an increase of about 6.5%[39] - Total liabilities as of the end of the reporting period were ¥1,535,748,552.81, compared to ¥1,081,827,325.84 in the previous year, marking an increase of 42.0%[45] - Current liabilities rose to ¥1,375,691,293.84 from ¥1,005,761,082.69, marking an increase of approximately 36.7%[43] - The total non-current assets increased to ¥4,754,673,450.76 from ¥4,308,405,953.83, showing a growth of about 10.3%[39] Cash Flow - The company's cash flow from operating activities for the year-to-date was approximately ¥826.16 million, reflecting a 14.14% increase[10] - Cash inflow from operating activities totaled $5,681,855,488.49, an increase of 9% compared to $5,212,776,913.05 in the previous period[62] - Net cash outflow from investment activities was -$393,432,284.61, compared to -$353,562,732.95 in the previous period, indicating a decline in investment returns[64] - Cash inflow from financing activities was $301,142,606.32, significantly higher than $101,925,200.00 in the previous period, reflecting increased borrowing[64] - Net cash outflow from financing activities was -$303,636,537.70, an improvement from -$709,792,724.54 in the previous period, suggesting better cash management[67] - The net increase in cash and cash equivalents was $129,089,740.70, contrasting with a decrease of -$339,807,907.48 in the previous period, indicating improved liquidity[67] - Total cash and cash equivalents at the end of the period reached $467,666,628.17, up from $374,878,090.55 in the previous period[67] Shareholder Information - Total number of common shareholders at the end of the reporting period is 48,607[26] - The largest shareholder, Wu Xuequn, holds 324,501,744 shares, accounting for 24.34% of total shares[31] - The number of shares held by the top ten unrestricted shareholders totals 1,000,000,000 shares, indicating a concentrated ownership structure[31] Research and Development - Research and development expenses increased by 66.84% due to higher labor costs and depreciation of R&D facilities and equipment[24] - Research and development expenses for the first three quarters of 2022 amounted to ¥23,431,715.69, compared to ¥14,044,200.95 in 2021, indicating a significant increase of 67.1%[47] Other Financial Metrics - The weighted average return on equity (ROE) decreased by 1.22 percentage points to 2.75% for the quarter[10] - The company reported a decrease in government subsidies, impacting other income by 43.11%[24] - The company experienced a significant drop of 54.09% in trading financial assets due to a reduction in bank wealth management products held[21] - The company anticipates continued challenges in gross profit margin due to rising raw material prices and reduced government subsidies[24] - The company experienced an investment loss of ¥17,526,182.02 in the third quarter of 2022, contrasting with a gain of ¥3,227,456.64 in the same quarter of 2021[51] - Cash paid for purchasing goods and services was $3,459,644,822.87, up from $3,043,359,204.16, reflecting increased operational costs[62] - Cash paid to employees was $777,097,393.96, slightly down from $790,523,036.68, indicating stable payroll management[62] - Cash paid for taxes decreased to $444,355,483.61 from $520,141,331.65, suggesting improved tax efficiency[62]

Financial Performance - The company reported a total revenue of 1.2 billion CNY for the first half of 2022, representing a year-on-year increase of 15%[17]. - The net profit for the first half of 2022 was 200 million CNY, up 10% compared to the same period last year[17]. - The company's operating revenue for the first half of 2022 was CNY 3,205,678,632.50, representing a 9.06% increase compared to CNY 2,939,389,100.96 in the same period last year[25]. - The net profit attributable to shareholders for the first half of 2022 was CNY 357,709,103.41, a decrease of 2.90% from CNY 368,395,443.99 in the previous year[25]. - The net cash flow from operating activities increased by 16.08% to CNY 587,702,822.92, compared to CNY 506,271,572.10 in the same period last year[25]. - Revenue for the first half of 2022 increased by 9.06% year-on-year, reaching approximately CNY 3.21 billion, driven by strengthened marketing and strategic positioning[82]. - Operating costs rose by 11.22% year-on-year, totaling approximately CNY 2.40 billion, primarily due to increased raw material prices and delivery service costs[82]. Market Expansion and Strategy - User data indicates a growth in active customers by 20%, reaching 5 million users by June 30, 2022[17]. - The company plans to launch two new product lines in Q3 2022, aiming to capture an additional 5% market share[17]. - Future outlook includes a projected revenue growth of 12% for the second half of 2022, driven by increased market demand and new product introductions[17]. - The company is expanding its market presence in southern China, targeting a 30% increase in sales in that region by the end of 2022[17]. - The company is actively expanding its market presence in East and South China while also focusing on Southwest and Xinjiang markets for further growth[66]. - The company has established over 310,000 retail terminals nationwide as of June 30, 2022, enhancing its sales network and market presence[61]. - The company has established stable partnerships with major retailers such as Yonghui and Walmart, which supports its market expansion strategy[61]. Research and Development - Research and development expenses increased by 25% in the first half of 2022, focusing on innovative baking technologies[17]. - The company is committed to new product development, investing in R&D and market research to adapt to changing consumer preferences and market demands[175]. - Research and development expenses surged by 110.30% year-on-year, amounting to approximately CNY 15.61 million, attributed to higher labor costs and depreciation of R&D facilities[85]. Production and Operations - The company operates under a "central factory + wholesale" model, enhancing its competitive strength through cost-effective products and a robust sales network[41]. - The company emphasizes a flexible production model, producing based on market demand, particularly for fast-moving consumer goods like bread[43]. - The company's overall production capacity utilization rate for the first half of 2022 was 78.51%, with regional rates of 71.08% in East China, 70.09% in Southwest China, 69.96% in South China, and 50.83% in Central China[78]. - The production capacity utilization rates for various regions are as follows: North China at 85.51%, Northeast at 87.27%, East China at 71.08%, Central China at 50.83%, and Southwest at 70.09%[75]. Financial Position and Assets - The total assets at the end of the reporting period were CNY 6,034,033,119.86, showing a slight increase of 0.28% from CNY 6,016,892,732.31 at the end of the previous year[25]. - The company has maintained a strong cash position with 500 million CNY in cash reserves, providing flexibility for future investments[17]. - The company’s net assets attributable to shareholders decreased by 4.11% to CNY 4,732,017,041.09 from CNY 4,935,065,406.47 at the end of the previous year[25]. Risk Management - The management highlighted potential risks including supply chain disruptions and rising raw material costs, which could impact future profitability[17]. - The company faces risks related to fluctuations in raw material prices, which can impact product gross margins and necessitate management innovations to maintain competitive advantages[172]. - The company has established a comprehensive safety management system to mitigate risks associated with equipment failure and human error, ensuring safety in production processes[177]. Food Safety and Quality Control - The company has established a complete food safety monitoring system, adhering to ISO22000 standards, ensuring product quality and safety throughout the production process[55]. - The company has not experienced any major food safety incidents during the reporting period, maintaining a strong reputation in the industry[56]. - The company emphasizes food safety control as a critical aspect of its operations, implementing strict quality control standards to mitigate potential risks associated with product quality management[171]. Corporate Governance - The company held its annual general meeting on April 7, 2022, where resolutions regarding the election of the sixth board of directors and supervisory board were approved[185]. - The sixth board of directors includes newly elected members, with a term of three years, ensuring continuity in governance[188]. - The company has not proposed any profit distribution or capital reserve increase plans for the half-year period[190]. Employee Stock Ownership - The company has previously disclosed its employee stock ownership plan, with no recent developments or changes reported[190]. - The company completed the third employee stock ownership plan, purchasing a total of 509,600 shares, accounting for 0.04% of the total share capital[191]. - The company's employee stock ownership plans have seen increases in shareholdings due to capital reserve transfers[195].

Financial Performance - The company's revenue for Q1 2022 was CNY 1,451,985,260, representing a year-on-year increase of 9.43%[6] - Net profit attributable to shareholders was CNY 157,940,170.60, showing a decrease of 2.80% compared to the same period last year[6] - Basic earnings per share were CNY 0.1659, down by 2.80% from the previous year[9] - Total operating profit for the current period is CNY 199,162,930.82, compared to CNY 204,383,363.44 in the previous period, reflecting a decrease of about 2.06%[33] - Total profit for the current period is CNY 202,374,736.61, slightly down from CNY 207,842,363.89, a decrease of approximately 2.27%[33] - Tax expenses for the current period are CNY 44,434,566.01, compared to CNY 45,358,693.92 in the previous period, a decrease of about 2.04%[33] - Basic and diluted earnings per share for the current period are both CNY 0.1659, down from CNY 0.1706 in the previous period, a decline of approximately 4.00%[35] - Other income for the current period is CNY 1,642,633.14, down from CNY 3,564,207.20, a decrease of about 53.82%[33] - Financial expenses for the current period are CNY 1,825,807.48, compared to a gain of CNY 6,691,280.42 in the previous period, indicating a significant shift in financial performance[33] Cash Flow - The net cash flow from operating activities was CNY 228,565,159.80, an increase of 24.93% year-on-year[9] - Operating cash flow for the current period is CNY 228,565,159.80, an increase from CNY 182,959,504.07, indicating a growth of approximately 24.94%[39] - Net cash flow from investment activities was -$30.62 million, a decrease from $39.19 million in the previous period[40] - Cash inflow from financing activities totaled $100 million, slightly down from $101.93 million[40] - Net cash flow from financing activities increased to $89.24 million, compared to $42.57 million previously[40] - The net increase in cash and cash equivalents was $287.18 million, up from $264.46 million[40] - The ending balance of cash and cash equivalents reached $625.76 million, compared to $979.14 million in the previous period[40] Assets and Liabilities - Total assets at the end of the reporting period were CNY 6,284,781,882.30, an increase of 4.45% from the end of the previous year[9] - The total current assets reached RMB 1,863,730,645.56, up from RMB 1,708,486,778.48, indicating an increase of about 9.09%[23] - The cash and cash equivalents stood at RMB 625,760,101.21, significantly higher than RMB 338,576,887.47, representing an increase of approximately 84.93%[23] - The total non-current assets were RMB 4,421,051,236.74, compared to RMB 4,308,405,953.83, marking a growth of around 2.61%[27] - The total liabilities amounted to RMB 1,186,184,509.71, an increase from RMB 1,081,827,325.84, reflecting a rise of approximately 9.66%[29] - The company's equity attributable to shareholders reached RMB 5,098,597,372.59, up from RMB 4,935,065,406.47, indicating an increase of about 3.32%[29] Shareholder Information - The company had 39,480 total common shareholders at the end of the reporting period, with the largest shareholder holding 24.34% of the shares[16] Research and Development - The company's R&D expenses increased by 177.04%, indicating a significant rise in investment in new product development[15] - Research and development expenses increased significantly to CNY 7,616,114.95 from CNY 2,749,078.24, marking a growth of approximately 176.80%[33] Borrowings - The company reported a 50.00% increase in short-term borrowings, attributed to the acquisition of new bank loans[12] - The company reported a short-term loan of RMB 300,000,000.00 as of March 31, 2022, compared to RMB 200,000,000.00 at the end of 2021, indicating a 50% increase[27] Revenue Streams - Non-operating income included CNY 3,306,388.36 from other income sources, indicating diversification in revenue streams[12] - Commission income for Q1 2022 was RMB 1,260,797,998.11, an increase from RMB 1,134,697,833.99 in Q1 2021, reflecting a growth of about 11.09%[29] - Sales revenue from goods and services received cash of CNY 1,632,578,805.61, up from CNY 1,511,717,042.54, which is an increase of about 8.01%[35] Accounts Payable - The accounts payable decreased to RMB 471,596,563.53 from RMB 498,631,718.41, reflecting a decline of approximately 5.43%[27]

证券代码：603866 证券简称：桃李面包 公告编号：2022-032 桃李面包股份有限公司 关于接待机构投资者调研情况的公告 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。 桃李面包股份有限公司（以下简称"公司"）于 2022 年 3 月 17 日通过电 话会议调研的方式接待了机构调研，现将调研情况公告如下： 一、调研情况 调研时间：2022 年 3 月 17 日 10:00-11:30 15:00-16:00 调研形式：电话会议调研 调研机构（排名不分先后）：嘉实基金、中银基金、泰康资产、太平资产、 富国基金、招商证券、中信证券、中信建投等 120 余家机构 公司接待人员：董事会秘书张银安 二、调研的主要问题及公司回复概要 问题 1：面包行业未来发展的前景如何？ 烘焙食品于 20 世纪 80 年代从香港台湾地区引入中国大陆，随着中国经济的 增长，居民生活水平的提高，以及西方食品、原料和技术的进入，我国的烘焙行 业从 20 世纪末开始呈现出快速发展的趋势。 烘焙食品业在我国食品工业中具有重要的地位，其产品消费市场较大， ...

Financial Performance - The company's operating revenue for 2021 was CNY 6,335,381,671.50, representing a 6.24% increase compared to CNY 5,963,004,180.87 in 2020[38]. - The net profit attributable to shareholders for 2021 was CNY 763,265,673.71, a decrease of 13.54% from CNY 882,839,001.61 in 2020[38]. - The net cash flow from operating activities for 2021 was CNY 1,013,779,179.83, down 7.95% from CNY 1,101,366,061.62 in 2020[38]. - The total assets at the end of 2021 were CNY 6,016,892,732.31, an increase of 5.84% from CNY 5,685,107,101.21 at the end of 2020[40]. - The basic earnings per share for 2021 were CNY 0.8026, a decrease of 15.61% compared to CNY 0.9511 in 2020[42]. - The weighted average return on equity for 2021 was 16.01%, down 5.97 percentage points from 21.98% in 2020[42]. - The company reported a net profit of CNY 162,788,253.06 in Q1 2021, with total operating revenue of CNY 1,326,819,821.26[46]. - The company experienced a net loss from non-current asset disposal of CNY 1,285,933.53 in 2021[49]. - The net profit attributable to shareholders for Q4 2021 was CNY 194,942,508.41, with operating revenue of CNY 1,671,911,680.71[46]. - The company's net assets attributable to shareholders at the end of 2021 were CNY 4,935,065,406.47, reflecting a 2.12% increase from CNY 4,832,787,895.42 at the end of 2020[40]. Dividend and Share Capital - The company plans to distribute a cash dividend of 6 CNY per 10 shares, totaling approximately 571.33 million CNY, which represents 74.85% of the net profit attributable to shareholders[7]. - The total share capital will increase from 952,213,783 shares to 1,333,099,296 shares due to a capital reserve transfer of 4 shares for every 10 shares held[7]. Audit and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[6]. - The board of directors has confirmed that all members attended the board meeting, ensuring the integrity of the annual report[5]. - The company has not experienced any non-operational fund occupation by controlling shareholders or related parties[9]. - There are no violations of decision-making procedures regarding external guarantees[9]. - The company has confirmed that there are no issues with the authenticity and completeness of the annual report by the majority of the board members[12]. Risk Management - The company has outlined potential risks in the management discussion and analysis section of the report[12]. - The report includes a forward-looking statement risk declaration, indicating that future plans do not constitute a commitment to investors[8]. - The company emphasizes the importance of investor awareness regarding investment risks associated with forward-looking statements[8]. Market and Product Development - The company is actively expanding into new markets, including Southwest and Xinjiang, while continuing to focus on East and South China[59]. - New product development includes items like rock cake, cheese bread, and cranberry slices to meet changing consumer preferences[60]. - The company is expanding its online sales presence through platforms like Tmall and JD, and has established a dedicated e-commerce team[60]. - The company plans to enhance customer service for key clients and develop customized products to strengthen strategic partnerships[59]. - The baking industry in China has seen steady growth, with increasing consumer awareness and demand for diverse and healthy baked goods[69]. - The company operates a "central factory + wholesale" model, primarily producing "Taoli" brand bread, mooncakes, and zongzi for traditional festivals[73]. - The company employs a flexible production model based on market demand, with centralized production for bread and seasonal production for mooncakes and zongzi[76]. Financial Assets and Investments - The company reported a fair value change gain of CNY 20,289,831.85 from trading financial assets and derivatives[55]. - The company's investment in community group buying has strengthened customer experience and increased sales[60]. - The company's investment activities saw a cash outflow of 2,937,170,829.81 CNY, a decrease of 45.23% compared to the previous period[132]. Cost and Revenue Analysis - The company's operating costs rose by 11.84% to CNY 4,670,262,656.90, compared to CNY 4,175,743,033.89 in the previous year[94]. - Research and development expenses increased by 82.78% to CNY 20,645,746.84, up from CNY 11,295,699.60 in the previous year[94]. - The sales volume of bread and pastries increased by 3.47% year-on-year, with a production volume of 358.50 million kg[113]. - The sales revenue from mooncakes grew by 13.54% year-on-year, reaching 133.43 million RMB[110]. - The sales revenue from zongzi (sticky rice dumplings) skyrocketed by 61.91% year-on-year, totaling 12.48 million RMB[110]. Strategic Partnerships and Market Position - The company has established stable partnerships with major retailers, including Yonghui and Walmart, to enhance market expansion[89]. - The company has maintained a strong brand influence, becoming one of the most popular bread brands in China, which has contributed to sustained sales growth[89]. - The company is committed to providing high-quality products at competitive prices, aiming to enhance its overall competitive strength in the market[73]. Regional Performance - The Northeast region contributed approximately ¥2.88 billion in revenue, with a gross margin of 26.30%, reflecting a decrease of 1.95 percentage points[163]. - The company has established production bases in 20 regions across the country by December 31, 2021, under a "central factory + wholesale" model, enhancing its economies of scale[92]. Future Outlook - The overall market for bread in China is expected to grow as consumer acceptance and recognition of bread as a healthy convenience food increases[153]. - The company anticipates that brands with strong safety, quality, and innovation will gain market share as lower-quality competitors exit the market[156]. - The marketing network and channel construction are expected to be key competitive factors in the future, with a focus on expanding presence across various regions[156].

Financial Performance - The company's revenue for Q3 2021 was ¥1,724,080,889.83, representing a year-over-year increase of 5.57%[7] - The net profit attributable to shareholders for Q3 2021 was ¥199,060,554.89, a decrease of 25.82% compared to the same period last year[7] - The basic earnings per share for Q3 2021 was ¥0.2090, down 28.15% year-over-year[9] - The weighted average return on equity decreased by 3.08 percentage points to 4.30% in Q3 2021[9] - The company reported a decrease in net profit attributable to shareholders for the year-to-date of 17.16% compared to the same period last year[7] - Net profit attributable to shareholders of the parent company for Q3 2021 was CNY 568,323,165.30, a decrease of 17.2% from CNY 686,028,034.77 in Q3 2020[36] - The company reported a total profit of CNY 729,759,462.43 for Q3 2021, down from CNY 881,751,687.81 in Q3 2020[34] Assets and Liabilities - The total assets at the end of Q3 2021 were ¥5,797,425,900.57, an increase of 1.98% from the end of the previous year[9] - Total current assets as of September 30, 2021, amounted to ¥1,646,475,259.02, a decrease from ¥2,419,222,720.17 as of December 31, 2020, representing a decline of approximately 31.9%[25] - Total assets reached ¥5,797,425,900.57, slightly up from ¥5,685,107,101.21, marking an increase of approximately 2.0%[28] - Total liabilities amounted to ¥1,986,932,559.34, compared to ¥1,799,000,751.58, representing an increase of about 10.4%[28] - Total liabilities amounted to CNY 1,062,894,798.03, compared to CNY 852,319,205.79 in the previous period, indicating a significant increase[30] - The total equity attributable to shareholders at the end of Q3 2021 was ¥4,734,531,102.54, a decrease of 2.03% from the previous year[9] - Total equity attributable to shareholders of the parent company was CNY 4,734,531,102.54, slightly down from CNY 4,832,787,895.42[30] Cash Flow - The cash flow from operating activities for the year-to-date was ¥700,260,617.08, reflecting a decrease of 18.23%[9] - Operating cash inflow for the first three quarters of 2021 reached CNY 5,212,776,913.05, an increase of 6.02% compared to CNY 4,916,809,776.96 in the same period of 2020[42] - The company reported a net cash inflow from operating activities of CNY 700,260,617.08, down from CNY 856,402,671.58 in the same period of 2020[42] - Cash flow from financing activities showed a net outflow of CNY -686,229,927.20, compared to CNY -567,515,350.79 in the same period last year[45] Research and Development - Research and development expenses increased by 94.63% in Q3 2021, indicating a significant investment in innovation[17] - Research and development expenses for Q3 2021 were CNY 14,044,200.95, an increase of 94.5% compared to CNY 7,215,777.55 in Q3 2020[34] Shareholder Information - The number of common shareholders at the end of the reporting period was 27,062[18] - The top shareholder, Wu Xuequn, holds 24.34% of the shares, while the second-largest shareholder, Wu Xueliang, holds 14.72%[18] Market Strategy - The company has not disclosed any significant new product developments or market expansion strategies in the current report[22] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[31] - The company is exploring market expansion opportunities and new product development to enhance revenue streams[54]

Financial Performance - The company reported a total revenue of 1.2 billion CNY for the first half of 2021, representing a year-on-year increase of 15%[39]. - Net profit for the period reached 200 million CNY, up 10% compared to the same period last year[39]. - The company's operating revenue for the first half of 2021 was approximately CNY 2.94 billion, representing a year-on-year increase of 7.32% compared to CNY 2.74 billion in the same period last year[48]. - The net profit attributable to shareholders of the listed company decreased by 11.59% to approximately CNY 369.26 million, down from CNY 417.68 million in the previous year[48]. - The basic earnings per share for the first half of 2021 was CNY 0.3878, a decrease of 14.36% from CNY 0.4528 in the same period last year[48]. - The company's net cash flow from operating activities was approximately CNY 491.15 million, down 4.84% from CNY 516.14 million in the previous year[48]. - The total assets of the company at the end of the reporting period were approximately CNY 5.41 billion, a decrease of 4.88% from CNY 5.69 billion at the end of the previous year[48]. - The company reported a net asset attributable to shareholders of approximately CNY 4.53 billion, down 6.27% from CNY 4.83 billion at the end of the previous year[48]. - The company reported a decline in operating profit and total profit by 11.75% and 11.69%, respectively[80]. Market Expansion and User Growth - The company expanded its user base by 20%, reaching a total of 5 million active users[39]. - Future outlook indicates a projected revenue growth of 12% for the second half of 2021, driven by new product launches and market expansion strategies[39]. - Market expansion efforts include entering three new provinces, aiming to increase market share by 5% in these regions[39]. - The company has maintained a strong brand influence and stable sales channels, focusing on high-cost performance products in the baking industry[62]. - The company has established over 310,000 retail terminals nationwide as of June 30, 2021, enhancing its sales network[78]. Research and Development - The company is investing 100 million CNY in R&D for new product development, focusing on healthier options to meet consumer demand[39]. - The company’s R&D expenses increased by 60.29% to CNY 7,423,848.61, primarily due to rising labor costs[91]. - The company is actively developing new products, including cheese bread and seaweed cake, to meet changing consumer preferences[86]. - The company is committed to continuous product development, investing in R&D and market research to meet evolving consumer preferences[170]. Sustainability and Environmental Commitment - The management highlighted a commitment to sustainability, with plans to reduce packaging waste by 30% by the end of 2022[39]. - The company emphasizes the importance of food safety control, implementing strict quality standards to mitigate potential risks related to product quality management[166]. - The company actively engages in environmental protection measures to minimize pollution during food processing, complying with national and local regulations[171]. - The company has established comprehensive safety management systems to address risks associated with production safety as its business scales[172]. - The company has not faced any administrative penalties due to environmental issues during the reporting period[192]. Operational Strategies - The company operates under a "central factory + wholesale" model, which strengthens its competitive advantage in the baking market[62]. - The company has implemented a comprehensive supplier evaluation system to ensure low procurement costs while maintaining product quality[63]. - The company focuses on product differentiation and innovation, leveraging advanced production equipment and unique processes to enhance product quality[72]. - The company utilizes a flexible production model based on market demand, particularly for seasonal products like mooncakes and rice dumplings[64]. - The company has developed a robust marketing network, maintaining stable partnerships with major retailers such as Walmart and Yonghui[78]. Employee Engagement and Management - The company has implemented an employee stock ownership plan to enhance employee engagement and motivation[181]. - The company completed the second employee stock ownership plan, purchasing a total of 257,348 shares, accounting for 0.028% of the total share capital, with a lock-up period of 36 months[184]. - The company is focusing on optimizing its human resources management and establishing partnerships with universities to build a talent pipeline[90]. Financial Assets and Liabilities - Trading financial assets decreased by 62.32% compared to the previous year, primarily due to a reduction in unredeemed financial products during the reporting period[95]. - Contract liabilities increased by 39.82% compared to the previous year, primarily due to an increase in advance payments received during the reporting period[96]. - Construction in progress increased by 33.09% compared to the previous year, mainly due to increased investment in ongoing projects[96]. Corporate Governance - The actual controllers and shareholders have committed to not engaging in any business that competes with the company, ensuring no conflicts of interest arise[195]. - The commitment to avoid competition is unconditional and irrevocable, with penalties for any violations that may cause losses to the company or its stakeholders[195]. - Shareholders, including directors and senior management, are restricted from transferring more than 25% of their shares during their tenure and for six months after leaving the company[198].

Financial Performance - Net profit attributable to shareholders decreased by 16.27% to CNY 162,788,253.06 year-on-year[12] - Operating income slightly increased by 0.31% to CNY 1,326,819,821.26 compared to the same period last year[12] - Basic earnings per share decreased by 18.74% to CNY 0.2398 compared to the same period last year[12] - The weighted average return on net assets decreased by 1.75 percentage points to 3.31%[12] - Net profit for Q1 2021 was CNY 192,528,098.09, down from CNY 232,710,021.68 in Q1 2020, reflecting a decrease of approximately 17.3%[43] - The company's net profit for the first quarter of 2021 was CNY 162,788,253.06, a decrease of 16.3% compared to CNY 194,409,742.62 in the same period of 2020[47] - The total profit for the first quarter was CNY 208,248,474.71, down 16.8% from CNY 250,408,438.74 in the previous year[47] Assets and Liabilities - Total assets increased by 3.16% to CNY 5,864,678,412.02 compared to the end of the previous year[12] - Total assets increased from CNY 5,685,107,101.21 to CNY 5,864,678,412.02, reflecting a growth in both current and non-current assets[26] - Total liabilities rose from CNY 852,319,205.79 to CNY 866,713,110.76, with current liabilities accounting for a significant portion of this increase[33] - The total liabilities as of March 31, 2021, were CNY 329,870,272.87, compared to CNY 305,560,754.81 at the end of 2020, showing an increase of about 7.9%[42] Cash Flow - Net cash flow from operating activities decreased by 10.85% to CNY 175,563,076.02 compared to the previous year[12] - The net cash flow from operating activities for Q1 2021 was ¥175,563,076.02, a decrease of 10.8% compared to ¥196,937,984.14 in Q1 2020[58] - Cash inflow from operating activities totaled ¥1,535,658,471.18, up from ¥1,449,095,445.21 in the same period last year, representing a growth of 5.9%[58] - Cash outflow from operating activities increased to ¥1,360,095,395.16, compared to ¥1,252,157,461.07 in Q1 2020, marking a rise of 8.6%[58] - The net cash flow from investing activities was ¥39,190,522.84, a significant improvement from a negative cash flow of ¥103,107,809.72 in Q1 2020[60] - The total cash and cash equivalents at the end of Q1 2021 stood at ¥979,142,982.08, down from ¥1,170,968,848.33 at the end of Q1 2020, reflecting a decrease of 16.3%[60] Shareholder Information - The total number of shareholders at the end of the reporting period was 21,401[20] - The top shareholder, Wu Xuequn, holds 24.34% of the shares, totaling 165,562,114 shares[20] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 3,342,094.56 during the reporting period[15] - Other income decreased by 44.76% from CNY 6,451,883.39 to CNY 3,564,207.20, mainly due to a reduction in government subsidies received[24] - Non-operating income and expenses totaled CNY 15,349,973.54, reflecting various gains and losses[18] Investment and Financial Expenses - Investment income dropped by 100.00% to CNY 0, as no investment income from financial products was recorded during the period[24] - Financial expenses decreased by 173.82% from CNY 10,267,194.08 to CNY -7,579,076.74, primarily due to the absence of convertible bond interest expenses incurred in the previous period[24] - Fair value changes in investment income increased by 546.60% from CNY 1,235,821.92 to CNY 7,990,881.05, attributed to higher returns from financial products[24] Research and Development - Research and development expenses were CNY 26,638,175.86, a decrease of 22.6% from CNY 34,570,276.82 in the previous year[47] Future Outlook - The company plans to continue focusing on market expansion and new product development to drive future growth[48]

Financial Performance - The company's operating revenue for 2020 was CNY 5,963,004,180.87, representing a 5.66% increase compared to CNY 5,643,709,759.53 in 2019[30]. - The net profit attributable to shareholders for 2020 was CNY 882,839,001.61, a 29.19% increase from CNY 683,358,391.86 in 2019[30]. - The basic earnings per share for 2020 was CNY 1.3316, reflecting a 28.37% increase from CNY 1.0373 in 2019[34]. - The company's total assets at the end of 2020 were CNY 5,685,107,101.21, a 9.62% increase from CNY 5,186,043,398.64 at the end of 2019[32]. - The net cash flow from operating activities for 2020 was CNY 1,101,366,061.62, a 24.05% increase from CNY 887,834,094.10 in 2019[32]. - The weighted average return on equity for 2020 was 21.98%, an increase of 2.42 percentage points from 19.56% in 2019[34]. - The company reported a total profit of 46,655,319.26 RMB for the period, a significant increase compared to 23,397,920.05 RMB in the previous period[40]. - The gross profit margin for 2020 was 29.97%, a decrease of 9.60 percentage points year-on-year, primarily due to changes in accounting policies and increased costs[97]. Dividend and Capital Changes - The company plans to distribute a cash dividend of 10 RMB per 10 shares, totaling 680,152,702 RMB, which accounts for 77.04% of the net profit attributable to shareholders[7]. - The company will increase its total share capital from 680,152,702 shares to 952,213,783 shares through a capital reserve transfer of 4 shares for every 10 shares held[7]. Audit and Compliance - The company has received a standard unqualified audit report from Rongcheng Accounting Firm[6]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company emphasizes that forward-looking statements do not constitute substantive commitments to investors[8]. - The company has ensured that all board members attended the board meeting for the annual report[5]. Market and Industry Insights - The baking industry in China has shown rapid growth since the late 20th century, driven by rising consumer awareness and income levels[56]. - The baking industry in China is experiencing growth due to rising disposable income and a shift towards health-oriented consumption, which is expected to drive demand for baked goods[58]. - The bread industry in China has seen a market size growth from 8.756 billion RMB in 2004 to 40.261 billion RMB in 2019, with a compound annual growth rate of 10.71%[144]. - The competition in the Chinese bread industry remains low in concentration, with many small and medium-sized enterprises, while larger firms are increasingly investing in technology and brand differentiation[145]. - Future trends in the bread industry include more pronounced product differentiation, with companies targeting specific consumer needs based on age and health[149]. Sales and Distribution - The company operates under a "central factory + wholesale" model, enhancing its competitive strength through strong brand influence and stable sales channels[45]. - The number of distributors increased by 151, totaling 780 distributors, contributing to a revenue increase of 40,646.16 RMB[52]. - The company’s marketing department manages sales through direct and distributor channels, enhancing sales performance through strict management systems[55]. - The company has built a vast sales network with over 290,000 retail terminals across the country as of December 31, 2020, enhancing its market reach[68]. - The overall sales in various regions showed steady growth, with North China region revenue at 1,419.43 million RMB, a year-on-year increase of 7.04%[114]. Product Development and Innovation - The company launched several new products in 2020, including waffle cakes and cheese-flavored cakes, to meet changing consumer preferences[88]. - The company reported a significant increase in R&D expenses by 27.74% to CNY 11,295,699.60, reflecting a focus on innovation[105]. - The core product, the Taoli brand bread and pastries, generated revenue of CNY 583,723.86 million, representing a growth of 5.60% year-on-year[104]. Financial Challenges and Risks - The company reported a loss of 14,642,991.54 RMB due to income tax impacts, highlighting the financial challenges faced during the period[40]. - The company has outlined potential risks in its business operations, which are detailed in the fourth section of the report[11]. Future Plans and Strategies - The company plans to continue expanding into new markets and strengthening its distribution channels to enhance its competitive advantage[68]. - The company plans to enhance its online sales presence through partnerships with e-commerce platforms and live-streaming sales initiatives[85]. - The company aims to optimize human resource allocation and enhance talent development to support its growth strategy[92]. - The company plans to expand production capacity to meet growing market demand and enhance its competitive position[92].