证券代码：605089 证券简称：味知香 公告编号：2023-044 苏州市味知香食品股份有限公司 关于使用部分暂时闲置募集资金进行现金管理到期 赎回的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 苏州市味知香食品股份有限公司（以下简称"公司"或"味知香"）于 2023 年 4 月 24 日召开了第二届董事会第十次会议及第二届监事会第十次会议，审议 通过了《关于使用部分暂时闲置募集资金进行现金管理的议案》，同意公司使用 不超过人民币 30,000 万元暂时闲置募集资金进行现金管理，投资的产品品种为 安全性较高、流动性较好、风险较低的保本型理财产品。上述议案已经公司 2022 年年度股东大会审议通过。使用期限自公司 2022 年年度股东大会审议通过之日 起 12 个月内有效，上述额度在使用期限内可以滚动使用。 一、本次使用募集资金进行现金管理到期赎回情况 公司使用部分暂时闲置募集资金 6,000 万元购买了中国工商银行结构性存款， 具体内容详见公司于 2023 年 5 月 18 日在上海证券交易所网 ...

证券代码：605089 证券简称：味知香 公告编号：2023-043 苏州市味知香食品股份有限公司 关于使用部分暂时闲置募集资金进行现金管理的 进展公告 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。 | 序号 | 受托方名称 | 金额 | 产品名称 | | | 产品期限 | | --- | --- | --- | --- | --- | --- | --- | | | | （万元） | | | | （天） | | 1 | 中国工商银行 | 1,000 | 中国工商银行挂钩汇率区间累计型法人 年 人民币结构性存款产品-专户型 2023 | | | 92 | | | | | 第 291 E | 期 | 款 | | | 2 | 中国工商银行 | 1,000 | 中国工商银行挂钩汇率区间累计型法人 人民币结构性存款产品-专户型 2023 年 | | | 92 | | | | | 第 291 E | 期 | 款 | | 履行的审议程序：苏州市味知香食品股份有限公司（以下简称"公司" 或"味知香"）于 2023 年 4 月 24 ...

证券代码：605089 证券简称：味知香 公告编号：2023-029 苏州市味知香食品股份有限公司 关于召开 2022 年度业绩说明会的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示： 会议召开时间：2023 年 05 月 23 日(星期二) 上午 09:00-10:00 会 议 召 开 地 点 ： 上海证券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 05 月 16 日(星期二) 至 05 月 22 日(星期一)16:00 前 登录上证路演中心网站首页点击"提问预征集"栏目或通过公司邮箱 info@weizhixiang.com 进行提问。公司将在说明会上对投资者普遍关注的问题进 行回答。 苏州市味知香食品股份有限公司（以下简称"公司"）已于 2023 年 04 月 26 日发布公司 2022 年年度报告，为便于广大投资者更全面深入地了解公司 2022 年度经营成果、财务 ...

Financial Performance - The company's operating revenue for Q1 2023 was CNY 202,175,207.68, representing an increase of 8.61% compared to the same period last year[5] - The net profit attributable to shareholders was CNY 35,629,223.60, showing a slight decrease of 0.17% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 34,752,246.60, which increased by 13.41% year-on-year[5] - The basic and diluted earnings per share were both CNY 0.3563, down by 0.17% from the previous year[5] - The net profit for Q1 2023 was CNY 35,629,223.60, slightly down from CNY 35,690,979.24 in Q1 2022, reflecting a decrease of approximately 0.2%[19] - The company's total revenue for Q1 2023 was CNY 202,154,993.00, an increase of 8.6% compared to CNY 186,156,224.48 in Q1 2022[25] Cash Flow - The net cash flow from operating activities was CNY 8,630,230.64, reflecting a significant decrease of 82.07% compared to the previous year[5] - The company reported a net cash flow from operating activities of CNY 8,630,230.64 in Q1 2023, compared to CNY 48,127,779.32 in Q1 2022, showing a significant decline[21] - The cash inflow from investment activities was CNY 249,874,022.88 in Q1 2023, down from CNY 493,315,319.07 in Q1 2022, reflecting a decrease of approximately 49.3%[22] - The company experienced a net cash outflow from investment activities of CNY 17,842,713.47 in Q1 2023, compared to a much larger outflow of CNY 364,226,597.06 in Q1 2022[22] - The net cash flow from operating activities for Q1 2023 was $8,553,811.82, a decrease of 82.2% compared to $48,127,779.32 in Q1 2022[28] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,302,794,664.75, a slight decrease of 0.15% from the end of the previous year[6] - Total assets as of March 31, 2023, were RMB 1,302,794,664.75, a marginal decrease from RMB 1,304,753,782.27 at the end of 2022[15] - Total liabilities decreased to RMB 53,402,467.69 from RMB 90,990,808.81, reflecting a reduction in financial obligations[15] - The total liabilities decreased to CNY 51,896,255.93 in Q1 2023 from CNY 90,990,808.81 in Q4 2022, a reduction of 42.9%[24] Shareholder Equity - Shareholder equity attributable to the parent company was CNY 1,249,392,197.06, an increase of 2.94% from the end of the previous year[6] - The total equity attributable to shareholders increased to RMB 1,249,392,197.06 from RMB 1,213,762,973.46, reflecting strong shareholder value growth[15] - The total equity increased to CNY 1,249,384,203.43 in Q1 2023 from CNY 1,213,762,973.46 at the end of 2022, an increase of 2.9%[25] Operational Efficiency - The company is focused on improving operational efficiency and expanding its market presence in the upcoming quarters[12] - The company experienced a significant decline in cash flow due to prepayments to suppliers locking in raw material prices[8] Research and Development - Research and development expenses increased to CNY 1,031,901.53 in Q1 2023 from CNY 797,820.68 in Q1 2022, marking a rise of approximately 29.3%[18] - Research and development expenses increased to CNY 1,031,901.53 in Q1 2023 from CNY 797,820.68 in Q1 2022, reflecting a growth of 29.3%[25] Inventory and Financial Management - The company's inventory as of March 31, 2023, was CNY 32,252,935.55, a slight decrease from CNY 32,526,217.31 at the end of 2022[23] - The company's financial expenses showed a net income of CNY -2,820,574.14 in Q1 2023, compared to CNY -2,950,302.83 in Q1 2022, indicating an improvement[25]

Financial Performance - The company's total revenue for 2022 was RMB 798,294,346.20, representing a 4.40% increase compared to RMB 764,646,362.88 in 2021[22]. - The net profit attributable to shareholders for 2022 was RMB 143,177,605.84, which is a 7.95% increase from RMB 132,635,699.91 in 2021[22]. - The net profit attributable to shareholders, excluding non-recurring gains and losses, was CNY 128.50 million, an increase of 4.98% compared to CNY 122.41 million in the previous year[24]. - The net cash flow from operating activities increased by 22.39% to CNY 157.01 million from CNY 128.29 million in the previous year[24]. - The total assets at the end of 2022 were CNY 1,304.75 million, reflecting a 6.55% increase from CNY 1,224.51 million at the end of 2021[24]. - Basic earnings per share decreased by 1.38% to CNY 1.43 from CNY 1.45 in the previous year[25]. - The weighted average return on equity dropped to 11.53%, a decrease of 17.45 percentage points from 28.98% in the previous year[25]. - The company's net profit for the fourth quarter was CNY 32.76 million, down from CNY 40.04 million in the third quarter[28]. - The total revenue for the first quarter was CNY 186.16 million, with a slight increase in the second quarter to CNY 191.85 million[27]. - The company's main business revenue grew by 4.54% year-on-year, reaching 788.31 million RMB, while the main business cost increased by 6.19%[52]. - The overall gross margin decreased by 1.18 percentage points due to rising raw material costs[52]. Dividend and Share Capital - The proposed cash dividend for 2022 is RMB 8.00 per 10 shares, totaling RMB 80,000,000.00 based on a total share capital of 100,000,000 shares[4]. - The company plans to increase its share capital by 3.8 shares for every 10 shares held, resulting in a new total share capital of 138,000,000 shares[5]. - The cash dividend distribution will account for 55.87% of the net profit attributable to ordinary shareholders in the consolidated financial statements[128]. - The company has established a profit distribution policy that mandates a minimum cash dividend of 10% of the distributable profit for the year[122]. - In the case of significant capital expenditures, the minimum cash dividend ratio is set at 40% for mature companies[123]. - The company emphasizes a stable and continuous profit distribution policy, prioritizing cash dividends when conditions permit[122]. Market Expansion and Product Development - The company is focused on expanding its market presence and enhancing its product offerings in the prepared food sector[15]. - The company has accelerated new capacity construction to meet current production and sales demands, with plans for future capacity expansion[35]. - The retail channels have expanded to regions including Anhui, Hubei, Fujian, Jiangxi, and Shandong, while wholesale channels are now nationwide[35]. - The company has established two core brands, "Weizhi Xiang" and "Zhuan Yu," and is upgrading brand packaging and marketing to enhance consumer recognition[36]. - The company plans to launch several new products each month, currently offering over 300 products across 8 product lines to meet diverse consumer needs[36]. - The company is focusing on talent acquisition to support its expanding operations and enhance organizational capabilities[36]. Risks and Challenges - The company has outlined potential risks in its future development, which are detailed in the management discussion section of the report[8]. - The company faced challenges due to rising raw material costs and impacts on consumer income and spending in 2022[34]. - Raw material price volatility poses a risk, as the company relies on agricultural products whose prices fluctuate due to natural conditions and market demand[93]. - The competitive landscape is intensifying in the prepared food industry, with an increasing number of registered companies and growing market demand[93]. Governance and Compliance - The company has received a standard unqualified audit report from the auditing firm, ensuring the accuracy of its financial statements[4]. - The board of directors held three meetings during the reporting period, reviewing 22 proposals to ensure effective governance and decision-making[97]. - The supervisory board conducted three meetings, approving 15 proposals to oversee financial and operational compliance[97]. - The company adheres to legal and regulatory requirements in its governance practices, maintaining transparency and accountability to shareholders[95]. - The company has retained the auditing firm Tianye Certified Public Accountants for the 2022 fiscal year[102]. Environmental and Social Responsibility - The company invested 45.74 million yuan in environmental protection during the reporting period[133]. - The company has achieved compliance with national environmental standards for waste gas, wastewater, solid waste, and noise emissions[137]. - The company has committed to sustainability and social responsibility, as evidenced by the simultaneous disclosure of its corporate social responsibility report[139]. Internal Control and Risk Management - The internal control audit report issued by the accounting firm confirmed the effectiveness of internal controls related to financial reporting, with a standard unqualified opinion[131]. - The company has a well-defined internal control system in place, adhering to the basic norms of internal control and related regulations[131]. - The company has not disclosed any significant internal control deficiencies during the reporting period[131]. Shareholder Commitments and Lock-up Period - The controlling shareholders and senior management have committed to not transferring or managing their shares for 36 months post-IPO, with a potential 6-month extension if stock prices fall below the issue price for 20 consecutive trading days within the first 6 months[144]. - Shareholders holding more than 5% of shares are also bound by a similar 36-month lock-up commitment, with the same conditions for extension based on stock performance[147]. - The commitments are designed to ensure stability and confidence in the company's stock performance post-IPO[152]. - The company will ensure compliance with relevant laws and regulations regarding share reduction methods, including market trading and block trades[158].

证券代码：605089 证券简称：味知香 苏州市味知香食品股份有限公司 投资者关系活动记录表 编号：2022-001 | --- | --- | --- | --- | --- | --- | |-----------------|------------------------------|----------------------------|-------|-------|-------| | 投资者关系活动 | √特定对象调研 □分析师会议 | | | | | | 类别 | □媒体采访 √业绩说明会 | | | | | | | □新闻发布会 □路演活动 | | | | | | | □现场参观 | √电话会议 | | | | | | □其他 | （请文字说明其他活动内容） | | | | | 参与单位 | 2022 年 4 月 29 日 | | | | | | | 国泰君安 | | | | | | | 招商证券 | | | | | | | 中金公司 | | | | | | | 浙商证券 | | | | | | | 中信建投 | | | | | | | 国盛证券 | | | | | | | | | | ...

证券代码：605089 证券简称：味知香 苏州市味知香食品股份有限公司 投资者关系活动记录表 编号：2022-002 | --- | --- | --- | |-----------------|-----------------------------------------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | √特定对象调研 □分析师会议 | | | 类别 | □媒体采访 □业绩说明会 | | | | □新闻发布会 □路演活动 | | | | □现场参观 | √电话会议 | | | □其他 | （请文字说明其他活动内容） | | | | | | 参与单位 | 2022 年 5 月 6 日 2022 年 5 月 6 日 | 长信基金 华安基金 | | | 2022 年 5 月 17 日 | 日本瑞穗证券 | | 地点 公司会议室 | | | | 上市公司接待 | 财务总监兼董事会秘书谢林华 | | | 人员姓名 | 一、互动提问 | | | | 1 、问 ...

2022 年第三季度报告 证券代码：605089 证券简称：味知香 苏州市味知香食品股份有限公司 2022 年第三季度报告 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法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比 | | 年初至报告期 | | --- | --- | --- | --- | --- | | | | 上年同期增 | 年初至报告期末 | 末比上年同期 | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 229,293,901.16 | 11.82 | 607,295,694.2 ...

2022 年半年度报告 公司代码：605089 公司简称：味知香 苏州市味知香食品股份有限公司 2022 年半年度报告 1 / 104 2022 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准确性、 完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人夏靖、主管会计工作负责人谢林华及会计机构负责人（会计主管人员）刘苏珍声 明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 不适用 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 本报告中已详细描述可能存在的相关风险，敬请查 ...

Company Profile and Key Financial Indicators [Company Information](index=5&type=section&id=公司信息) This section outlines the company's fundamental corporate details, including its official name, legal representative, contact information, and disclosure channels - The company's full name is "Suzhou Weizhixiang Food Co., Ltd.", abbreviated as "Weizhixiang", with Xia Jing as the legal representative[13](index=13&type=chunk) [Key Accounting Data and Financial Indicators for the Past Three Years](index=6&type=section&id=近三年主要会计数据和财务指标) In 2021, the company reported 765 million yuan in operating revenue and 133 million yuan in net profit, with total assets and net assets significantly increasing due to its IPO, though per-share metrics declined due to share dilution Key Accounting Data for the Past Three Years (Unit: Yuan) | Key Accounting Data | 2021 (Yuan) | 2020 (Yuan) | YoY Change (%) | 2019 (Yuan) | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 764,646,362.88 | 622,468,529.81 | 22.84 | 542,424,535.17 | | **Net Profit Attributable to Shareholders** | 132,635,699.91 | 125,052,675.49 | 6.06 | 86,243,277.50 | | **Net Profit Attributable to Shareholders (Excluding Non-Recurring Items)** | 122,410,194.44 | 124,102,029.38 | -1.36 | 85,978,441.62 | | **Net Cash Flow from Operating Activities** | 128,286,065.00 | 134,802,572.82 | -4.83 | 72,830,612.07 | | **Total Assets** | 1,224,509,501.20 | 426,958,478.69 | 186.80 | 303,621,691.96 | | **Net Assets Attributable to Shareholders** | 1,170,585,367.62 | 391,332,310.21 | 199.13 | 266,279,634.72 | Key Financial Indicators for the Past Three Years | Key Financial Indicators | 2021 | 2020 | YoY Change (%) | 2019 | | :--- | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (Yuan/Share)** | 1.45 | 1.67 | -13.17 | 1.15 | | **Weighted Average Return on Net Assets (%)** | 28.98% | 38.03% | Decreased by 9.05 percentage points | 38.65% | | **Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%)** | 26.75% | 37.74% | Decreased by 10.99 percentage points | 38.53% | [Quarterly Financial Data for 2021](index=7&type=section&id=2021%20年分季度主要财务数据) The company's 2021 quarterly revenue and profit were relatively balanced, with Q2 and Q3 as peak revenue periods, while Q4 operating cash flow was notably lower Key Quarterly Financial Data for 2021 (Unit: Yuan) | | Q1 (Jan-Mar) (Yuan) | Q2 (Apr-Jun) (Yuan) | Q3 (Jul-Sep) (Yuan) | Q4 (Oct-Dec) (Yuan) | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 163,047,903.26 | 202,288,442.42 | 205,058,643.83 | 194,251,373.37 | | **Net Profit Attributable to Shareholders** | 28,510,081.23 | 32,910,355.30 | 41,153,778.48 | 30,061,484.90 | | **Net Cash Flow from Operating Activities** | 33,521,260.98 | 40,949,149.96 | 44,046,727.55 | 9,768,926.51 | [Non-Recurring Gains and Losses](index=7&type=section&id=非经常性损益项目和金额) In 2021, the company's non-recurring gains and losses totaled 10.23 million yuan, primarily from government subsidies and fair value changes in financial assets Major Non-Recurring Gains and Losses Items in 2021 (Unit: Yuan) | Non-Recurring Gains and Losses Item | 2021 Amount (Yuan) | | :--- | :--- | | Government subsidies recognized in current profit and loss | 6,659,444.34 | | Investment and fair value change gains/losses from transactional financial assets | 8,570,179.06 | | Net non-operating income and expenses | -1,363,938.73 | | **Total** | **10,225,505.47** | Management Discussion and Analysis [Discussion and Analysis of Operations](index=8&type=section&id=一、经营情况讨论与分析) In 2021, the company listed on the SSE, using IPO funds to expand capacity, enhance R&D, upgrade brands, and build e-commerce and IT teams for national expansion and digital transformation - Following its successful listing, the company accelerated new capacity construction to address current full-capacity sales bottlenecks[31](index=31&type=chunk) - The company strengthened brand building, comprehensively upgrading its C-end brand "Weizhixiang" and B-end brand "Zhuanyu" to support national market expansion[32](index=32&type=chunk) - To adapt to market changes, the company recruited new talent to establish e-commerce and information department teams, expanding online business and promoting corporate digital transformation, respectively[32](index=32&type=chunk) [Industry Development](index=9&type=section&id=二、报告期内公司所处行业情况) In 2021, the pre-cooked dish industry grew in volume and quality, driven by consumption upgrades and the pandemic, but faces cost pressures and remains highly fragmented with low brand concentration - The pre-cooked dish industry emerged in the C-end due to the pandemic, "lazy economy," and fast-paced lifestyles, while continuously growing in the B-end due to demand for cost reduction and efficiency improvement[33](index=33&type=chunk)[35](index=35&type=chunk) - The industry faces rising costs for raw materials, packaging, labor, and logistics, demanding higher supply chain management and operational efficiency from companies[35](index=35&type=chunk) - The current pre-cooked dish industry structure is generally fragmented, dominated by regional enterprises, with low market concentration and weak brand power[35](index=35&type=chunk) [Company Business Overview](index=10&type=section&id=三、报告期内公司从事的业务情况) The company specializes in R&D, production, and sales of over 300 pre-cooked dish categories under "Weizhixiang" (C-end) and "Zhuanyu" (B-end) brands, utilizing an independent production model and primarily offline distribution with supplementary online sales - The company's core business is the R&D, production, and sales of pre-cooked dishes, with two core brands: "Weizhixiang" for individual consumers and "Zhuanyu" for B-end clients[36](index=36&type=chunk) - The company's procurement model is based on production plans, orders, and inventory, utilizing methods like futures purchasing to lock in prices and mitigate raw material price fluctuations[36](index=36&type=chunk)[37](index=37&type=chunk) - The sales model is primarily offline distribution, supplemented by online sales, with offline channels including retail (franchise and distribution stores) for individual consumers and wholesale for catering businesses[37](index=37&type=chunk)[38](index=38&type=chunk) [Analysis of Core Competencies](index=11&type=section&id=四、报告期内核心竞争力分析) The company's core competencies include its leading brand reputation, extensive East China distribution network with 1,319 franchise stores and self-built cold chain, a diverse product line of over 300 items, and stringent quality control with multiple certifications - The company has established a mature offline marketing network centered in East China, with **1,319 franchise stores** and **572 cooperative distributors** as of the end of the reporting period, and has begun expanding online channels like Tmall and JD.com[39](index=39&type=chunk) - The company has built a comprehensive self-owned cold chain logistics and distribution system, with its own fleet exclusively serving internal needs, ensuring product delivery efficiency and freshness[40](index=40&type=chunk) - The company is committed to product innovation, having developed over **300 product varieties** covering various sub-categories such as main courses, hot pot, and Western-style steaks[41](index=41&type=chunk) - The company has established a stringent full-process quality control system, undergoing nearly **20 inspection procedures** from raw material procurement to finished product warehousing, and has obtained multiple management system certifications including ISO9001 and ISO22000[41](index=41&type=chunk)[42](index=42&type=chunk) [Analysis of Key Operating Performance](index=12&type=section&id=五、报告期内主要经营情况) In 2021, the company's operating revenue grew by 22.84% to 765 million yuan, driven by wholesale and online channels, but rising costs led to a 4.31 percentage point decline in gross margin, with net profit attributable to shareholders increasing by 6.06% Major Changes in 2021 Income Statement and Cash Flow Statement Accounts | Account | Current Period (Yuan) | Prior Period (Yuan) | Change (%) | Explanation of Change | | :--- | :--- | :--- | :--- | :--- | | **Operating Revenue** | 764,646,362.88 | 622,468,529.81 | 22.84 | Primarily due to significant growth in wholesale channel business and expansion into online channels | | **Operating Cost** | 572,681,258.86 | 439,061,355.12 | 30.43 | Primarily due to high fulfillment costs for newly launched e-commerce business and logistics expenses reclassified as operating costs this year | | **Administrative Expenses** | 34,359,686.65 | 20,009,393.83 | 71.72 | Primarily due to increased employee count and expenses incurred during the company's IPO period | | **Financial Expenses** | -14,256,250.14 | -2,108,235.90 | -576.22 | Primarily due to maturity of prior period time deposits and increased interest income from higher deposits | | **Net Cash Flow from Investing Activities** | -540,296,114.94 | -15,575,030.68 | -3,368.99 | Primarily due to increased bank wealth management investments and payments for new factory construction | | **Net Cash Flow from Financing Activities** | 644,592,386.25 | - | - | Primarily due to proceeds from the company's initial public offering | [Analysis of Main Business](index=12&type=section&id=(1).%20主营业务分情况) In 2021, main business revenue grew by 22.67% to 754 million yuan, but gross margin declined by 4.31 percentage points, with beef products, East China, and franchise/wholesale channels being key contributors, while the new e-commerce channel had low profitability Main Business by Sales Model (Unit: Yuan) | Sales Model | Operating Revenue (Yuan) | Operating Cost (Yuan) | Gross Margin (%) | YoY Operating Revenue Change (%) | YoY Gross Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Franchise Stores | 346,788,018.33 | 256,599,652.63 | 26.01 | 8.37 | Decreased by 3.94 percentage points | | Distribution Stores | 130,257,833.74 | 97,225,662.92 | 25.36 | 24.30 | Decreased by 4.62 percentage points | | Wholesale Channels | 242,976,594.49 | 182,904,379.61 | 24.72 | 31.50 | Decreased by 3.27 percentage points | | E-commerce Channels | 15,215,931.16 | 14,768,122.17 | 2.94 | - | - | Main Business by Product (Unit: Yuan) | By Product | Operating Revenue (Yuan) | % of Main Business Revenue | Gross Margin (%) | YoY Gross Margin Change (%) | | :--- | :--- | :--- | :--- | :--- | | Beef Products | 355,168,491.60 | 47.10% | 26.93 | Decreased by 4.46 percentage points | | Poultry Products | 104,842,511.61 | 13.90% | 25.89 | Decreased by 7.00 percentage points | | Aquatic Fish Products | 98,472,775.45 | 13.06% | 24.06 | Decreased by 2.42 percentage points | | Aquatic Shrimp Products | 96,732,734.86 | 12.83% | 17.44 | Decreased by 1.31 percentage points | | Pork Products | 57,809,430.85 | 7.67% | 27.57 | Decreased by 4.16 percentage points | - The company's production and sales volumes were largely balanced, with **19,224.17 tons** of pre-cooked dishes produced and **19,187.76 tons** sold in 2021, representing year-on-year increases of **28.27%** and **25.16%** respectively[52](index=52&type=chunk) [Cost Analysis](index=15&type=section&id=(4).%20成本分析表) In 2021, main business costs increased by 30.15% to 565 million yuan, primarily driven by direct materials (90.94% of total costs) and the reclassification of 20.45 million yuan in transportation expenses to operating costs under new accounting standards Main Business Cost Composition (Unit: Yuan) | Cost Component | Current Period Amount (Yuan) | % of Total Cost (Current Period) | Prior Period Amount (Yuan) | % of Total Cost (Prior Period) | Change (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Direct Materials | 513,761,392.05 | 90.94 | 410,064,650.27 | 94.47 | 25.29 | | Direct Labor | 19,520,741.65 | 3.46 | 15,029,373.72 | 3.46 | 29.88 | | Manufacturing Overhead | 11,205,082.34 | 1.98 | 8,979,636.02 | 2.07 | 24.78 | | Transportation Costs | 20,452,875.42 | 3.62 | - | - | - | - According to new accounting revenue standards, transportation costs for 2021 were reclassified from selling expenses to operating costs[56](index=56&type=chunk) [Major Customers and Suppliers](index=17&type=section&id=(7).%20主要销售客户及主要供应商情况) The company maintains low customer and supplier concentration, with the top five customers accounting for 9.61% of sales and the top five suppliers for 33.54% of purchases in 2021, indicating no significant reliance on any single party - Sales to the top five customers totaled **73.5145 million yuan**, accounting for **9.61%** of total annual sales[57](index=57&type=chunk) - Purchases from the top five suppliers amounted to **183 million yuan**, representing **33.54%** of total annual purchases[59](index=59&type=chunk)[62](index=62&type=chunk) [R&D Investment](index=18&type=section&id=4.%20研发投入) In 2021, the company's R&D investment increased by 79.67% to 2.25 million yuan, representing 0.29% of operating revenue, with all R&D expenses fully expensed and a team of 7 individuals 2021 R&D Investment Overview | Item | Amount (Yuan) | | :--- | :--- | | Expensed R&D Investment for the Period | 2,250,035.23 | | Total R&D Investment | 2,250,035.23 | | Total R&D Investment as % of Operating Revenue | 0.29 | [Cash Flow Analysis](index=18&type=section&id=5.%20现金流) During the period, operating cash flow was 128 million yuan (down 4.83%), investing cash flow was -540 million yuan due to wealth management and new factory construction, and financing cash flow was 645 million yuan from IPO proceeds 2021 Cash Flow Overview (Unit: Million Yuan) | Item | 2021 (Million Yuan) | 2020 (Million Yuan) | Explanation of Change | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 128.2861 | 134.8026 | Increased payments to suppliers due to strategic raw material stocking and rising costs | | **Net Cash Flow from Investing Activities** | -540.2961 | -15.5750 | Increased bank wealth management investments and payments for new factory construction | | **Net Cash Flow from Financing Activities** | 644.5924 | 0 | Proceeds from initial public offering | [Asset and Liability Analysis](index=19&type=section&id=(三)%20资产、负债情况分析) As of 2021 year-end, total assets surged by 186.80% to 1.225 billion yuan, driven by IPO proceeds and new factory construction, while total liabilities were 53.92 million yuan, resulting in a robust financial structure with an asset-liability ratio of 4.40% Major Balance Sheet Items Change Overview (Unit: Yuan) | Item Name | Current Period End (Yuan) | Prior Period End (Yuan) | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | **Monetary Funds** | 563,104,999.53 | 330,272,663.22 | 70.50 | Primarily due to proceeds from the company's initial public offering | | **Transactional Financial Assets** | 460,918,332.11 | 0 | - | Primarily due to the company using raised funds and own funds to purchase bank wealth management products | | **Inventories** | 53,026,887.84 | 36,333,682.30 | 45.94 | Primarily due to stocking for year-end sales peak | | **Construction in Progress** | 72,885,898.98 | 11,832,775.47 | 515.97 | Primarily due to the company's new factory construction | | **Other Non-Current Assets** | 18,444,210.58 | 216,527.24 | 8,418.19 | Primarily due to the company's prepaid amounts for new factory construction | [Analysis of Investment Status](index=22&type=section&id=(五)%20投资状况分析) During the period, the company's investments focused on a new 286 million yuan production plant (61.05 million yuan invested this period) and cash management, with 461 million yuan in bank wealth management products at year-end - The company's significant non-equity investment is a new production plant project, with a planned total investment of **286 million yuan**, and **61.0531 million yuan** invested during the reporting period[77](index=77&type=chunk) - The company's financial assets measured at fair value had an ending balance of **461 million yuan**, entirely consisting of bank wealth management products, with a current period impact on profit of **6.4276 million yuan**[28](index=28&type=chunk)[79](index=79&type=chunk) [Future Development Outlook](index=23&type=section&id=六、公司关于公司未来发展的讨论与分析) The company anticipates significant growth in the early-stage pre-cooked dish industry, driven by industrialization and consumption trends, and plans to consolidate its position through a dual B/C-end strategy, focusing on R&D, product diversification, supply chain optimization, and national market expansion - The company's core development strategy involves simultaneous B-end and C-end efforts, continuous R&D investment, enriching the product matrix, enhancing supply chain efficiency, and comprehensively improving channel capabilities[87](index=87&type=chunk) - Future operational plans include: 1. Expanding network layout to increase market share; 2. Optimizing the supply chain to lay the foundation for national expansion; 3. Strengthening new product R&D to open new profit growth points; 4. Advancing both B-end and C-end to enhance brand influence; 5. Continuously building organizational capabilities and talent reserves[88](index=88&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk) - The company identified key future risks including food safety, raw material price fluctuations, animal epidemics or natural disasters, and distributor management[91](index=91&type=chunk)[92](index=92&type=chunk) Corporate Governance [Overview of Corporate Governance](index=26&type=section&id=一、%20公司治理相关情况说明) During the reporting period, the company maintained a sound corporate governance structure, ensuring effective internal controls and investor interests through the balanced operation of its shareholder, board, and supervisory bodies, while strictly adhering to information disclosure regulations - The company's corporate governance structure complies with regulations such as the Company Law and Securities Law, with the General Meeting of Shareholders, Board of Directors, and Supervisory Board each performing their duties in a standardized manner[95](index=95&type=chunk) - During the reporting period, the company held **1 annual general meeting**, **2 extraordinary general meetings**, **8 board meetings**, and **8 supervisory board meetings**[95](index=95&type=chunk)[96](index=96&type=chunk) - The company listed in April 2021, and its Board of Directors highly prioritizes information disclosure, maintaining good communication with investors through various channels[97](index=97&type=chunk) [Directors, Supervisors, and Senior Management](index=28&type=section&id=四、%20董事、监事和高级管理人员的情况) This section details the appointments, unchanged shareholdings, and remuneration of the company's directors, supervisors, and senior management, with Chairman Xia Jing holding 54.75% of shares and the total pre-tax remuneration for all executives being 4.4458 million yuan Shareholding and Remuneration of Selected Directors, Supervisors, and Senior Management | Name | Position | Shares Held at Year-End | Total Pre-Tax Remuneration from Company During Reporting Period (Million Yuan) | | :--- | :--- | :--- | :--- | | Xia Jing | Chairman, General Manager | 54,750,000 | 1.0309 | | Xie Linhua | Director, CFO, Board Secretary | 0 | 0.8158 | | Zhang Songbai | Director | 3,750,000 | 0 | | Xia Jiulin | Deputy General Manager | 7,500,000 | 0.4081 | | **Total** | **/** | **66,000,000** | **4.4458** | [Employee Information](index=34&type=section&id=九、%20报告期末母公司和主要子公司的员工情况) As of the reporting period, the company employed 475 staff, predominantly production personnel (282) and those with junior high education or below (230), supported by comprehensive remuneration and training programs, including collaborations for further education Employee Professional Composition | Professional Category | Number of Employees | | :--- | :--- | | Production Personnel | 282 | | Sales Personnel | 90 | | Technical Personnel | 40 | | Financial Personnel | 6 | | Administrative Personnel | 57 | | **Total** | **475** | - The company has established comprehensive remuneration, welfare, performance appraisal, and promotion incentive systems, providing multi-level training covering corporate culture, professional ethics, and job functions for employees[123](index=123&type=chunk)[124](index=124&type=chunk) [Profit Distribution Plan](index=36&type=section&id=十、%20利润分配或资本公积金转增预案) The Board approved a 2021 profit distribution plan proposing a cash dividend of 1.00 yuan per share (tax inclusive) to all shareholders, totaling 100 million yuan, which aligns with the company's dividend policy and awaits shareholder approval - The 2021 profit distribution plan proposes a cash dividend of **1.00 yuan per share** (tax inclusive), totaling **100 million yuan** (tax inclusive) in cash dividends[6](index=6&type=chunk)[129](index=129&type=chunk) - The company's cash dividend policy stipulates that the annual cash distribution amount shall not be less than **10%** of the distributable profit for the year, with differentiated cash dividend ratios based on the company's development stage[127](index=127&type=chunk)[128](index=128&type=chunk) Environmental and Social Responsibility [Environmental Information](index=38&type=section&id=一、环境信息情况) The company is not a key pollutant-discharging unit, received no environmental penalties, holds ISO14001 certification, and effectively manages all production-related emissions and waste to comply with environmental standards - The company's production and operations comply with environmental requirements, with all exhaust gas, wastewater, solid waste, and noise emissions meeting standards, and no significant environmental violations during the reporting period[140](index=140&type=chunk) - The company implements specific treatment measures for various pollutants: oil fume exhaust gas is processed by purification facilities; production and domestic wastewater are pre-treated on-site before discharge into municipal pipelines; solid waste is sorted, with recyclables sold and non-recyclables transported by specialized units[139](index=139&type=chunk) Significant Matters [Fulfillment of Commitments](index=40&type=section&id=(一)%20公司实际控制人、股东、关联方、收购人以及公司等承诺相关方在报告期内或持续到报告期内的承诺事项) All IPO commitments by the company and related parties, including share lock-up, price stabilization, profit distribution, and non-competition, were strictly and timely fulfilled during the reporting period - Controlling shareholder and actual controller Xia Jing committed not to reduce his shareholding within **36 months** from the listing date, with conditions for extended lock-up periods and a reduction price no lower than the offering price[146](index=146&type=chunk) - The company has formulated a share price stabilization plan, which will sequentially trigger company buybacks, controlling shareholder increases, and director/supervisor/senior management increases if the share price falls below net assets per share for **20 consecutive trading days**[164](index=164&type=chunk)[165](index=165&type=chunk) - The company, controlling shareholder, and directors/supervisors/senior management all committed to taking measures such as share buybacks and compensating investor losses in accordance with the law if there are material information disclosure violations in the prospectus[174](index=174&type=chunk)[175](index=175&type=chunk)[176](index=176&type=chunk)[178](index=178&type=chunk) [Appointment of Accounting Firm](index=52&type=section&id=六、聘任、解聘会计师事务所情况) The company re-appointed Grant Thornton China (Special General Partnership) as its auditor for 2021, with an audit fee of 0.8 million yuan, marking their fourth year of service - The company re-appointed Grant Thornton China (Special General Partnership) as its auditor for 2021, with an audit fee of **0.8 million yuan**[191](index=191&type=chunk) [Significant Related-Party Transactions](index=53&type=section&id=十二、重大关联交易) The company reported no significant related-party transactions during the period, with only minor sales of goods to key management personnel totaling 13,978.72 yuan, representing a negligible 0.07% of similar transactions, conducted at fair prices - Total daily operating transactions with related parties during the reporting period amounted to only **13,978.72 yuan**, primarily involving product sales to company supervisors and senior management, with negligible transaction amounts and fair pricing[193](index=193&type=chunk)[195](index=195&type=chunk) [Major Contracts and Their Performance](index=55&type=section&id=十三、重大合同及其履行情况) During the period, the company signed major contracts for its new production base, including a 128 million yuan construction contract and equipment purchases, while also engaging in 830 million yuan of entrusted wealth management using idle funds - The company signed multiple major contracts related to the construction of its new production base, including a general construction contract totaling **128 million yuan**, with the project currently under construction[205](index=205&type=chunk) Overall Entrusted Wealth Management Overview (Unit: Yuan) | Type | Source of Funds | Amount Incurred (Yuan) | Unmatured Balance (Yuan) | | :--- | :--- | :--- | :--- | | Bank Structured Deposits | Idle Raised Funds | 390,000,000 | 200,000,000 | | Bank Wealth Management | Own Funds | 440,000,000 | 335,000,000 | Share Changes and Shareholder Information [Changes in Share Capital](index=59&type=section&id=一、%20股本变动情况) Following its April 2021 IPO of 25 million shares, the company's total share capital increased from 75 million to 100 million shares, comprising 75% restricted and 25% unrestricted shares - Due to the initial public offering, the company's total share capital increased from **75 million shares** to **100 million shares**[211](index=211&type=chunk) Share Capital Change Table (Unit: Shares) | | Before This Change | After This Change | | :--- | :--- | :--- | | | **Quantity (Shares)** | **Proportion (%)** | **Quantity (Shares)** | **Proportion (%)** | | **I. Restricted Shares** | 75,000,000 | 100 | 75,000,000 | 75 | | **II. Unrestricted Tradable Shares** | 0 | 0 | 25,000,000 | 25 | | **III. Total Shares** | 75,000,000 | 100 | 100,000,000 | 100 | [Major Shareholder Information](index=61&type=section&id=(二)%20截至报告期末前十名股东、前十名流通股东（或无限售条件股东）持股情况表) As of the reporting period, the company had 21,305 shareholders, with a highly concentrated equity structure where controlling shareholder Xia Jing held 54.75% and related parties collectively held 18.75% of shares Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (Shares) | Proportion (%) | Restricted Shares Held (Shares) | | :--- | :--- | :--- | :--- | | Xia Jing | 54,750,000 | 54.75 | 54,750,000 | | Xia Jiulin | 7,500,000 | 7.50 | 7,500,000 | | Suzhou Jinhua Sheng Management Consulting Enterprise (Limited Partnership) | 7,500,000 | 7.50 | 7,500,000 | | Zhang Songbai | 3,750,000 | 3.75 | 3,750,000 | | Chen Hong | 1,500,000 | 1.50 | 1,500,000 | - Shareholders Xia Jing and Xia Jiulin are brothers; Zhang Songbai is a cousin to Xia Jing and Xia Jiulin; shareholder Jinhua Sheng is the company's employee stock ownership platform, controlled by Xia Jing[218](index=218&type=chunk)[220](index=220&type=chunk) [Controlling Shareholder and Actual Controller](index=63&type=section&id=四、%20控股股东及实际控制人情况) Mr. Xia Jing serves as both the controlling shareholder and actual controller, directly holding 54.75% of shares and indirectly controlling additional shares through an employee stock ownership platform, with no changes during the reporting period - The company's controlling shareholder and actual controller is Mr. Xia Jing, whose primary positions are Chairman and General Manager of the company[221](index=221&type=chunk)[222](index=222&type=chunk) Financial Report [Audit Report](index=66&type=section&id=一、%20审计报告) Grant Thornton China issued a standard unqualified audit opinion on the 2021 financial statements, with "Revenue Recognition" identified as a key audit matter due to its significance and inherent risk - The auditing firm, Grant Thornton China (Special General Partnership), issued a standard unqualified audit opinion[5](index=5&type=chunk)[227](index=227&type=chunk) - The key audit matter is **Revenue Recognition**, with audit procedures including internal control testing, sample examination, analytical review, confirmations, and cut-off testing[229](index=229&type=chunk)[230](index=230&type=chunk) [Financial Statements](index=67&type=section&id=二、%20财务报表) This section presents the company's 2021 financial statements, showing rapid asset expansion and continued profitability post-IPO, despite diluted EPS, indicating a healthy financial position with strong cash flow Balance Sheet Summary (December 31, 2021) | Item | December 31, 2021 (Yuan) | December 31, 2020 (Yuan) | | :--- | :--- | :--- | | **Total Current Assets** | 1,099,818,785.62 | 391,022,105.79 | | **Total Non-Current Assets** | 124,690,715.58 | 35,936,372.90 | | **Total Assets** | 1,224,509,501.20 | 426,958,478.69 | | **Total Liabilities** | 53,924,133.58 | 35,626,168.48 | | **Total Owners' Equity** | 1,170,585,367.62 | 391,332,310.21 | Income Statement Summary (2021) | Item | 2021 (Yuan) | 2020 (Yuan) | | :--- | :--- | :--- | | **I. Operating Revenue** | 764,646,362.88 | 622,468,529.81 | | **II. Operating Profit** | 141,083,727.33 | 132,439,958.75 | | **III. Total Profit** | 145,709,137.85 | 131,054,659.41 | | **IV. Net Profit** | 132,635,699.91 | 125,052,675.49 | Cash Flow Statement Summary (2021) | Item | 2021 (Yuan) | 2020 (Yuan) | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 128,286,065.00 | 134,802,572.82 | | **Net Cash Flow from Investing Activities** | -540,296,114.94 | -15,575,030.68 | | **Net Cash Flow from Financing Activities** | 644,592,386.25 | - | | **Net Increase in Cash and Cash Equivalents** | 232,582,336.31 | 119,227,542.14 | [Significant Accounting Policies and Estimates](index=78&type=section&id=五、%20重要会计政策及会计估计) The company's financial statements, prepared under enterprise accounting standards on a going concern basis, detail key policies for financial instruments, inventories, fixed assets, and revenue recognition, with the adoption of new lease standards from January 1, 2021 - The company adopted the Ministry of Finance's revised "Enterprise Accounting Standard No. 21 – Leases" from **January 1, 2021**, and made corresponding changes to its accounting policies[308](index=308&type=chunk) - Revenue recognition policy: The company primarily sells pre-cooked dishes, which are performance obligations satisfied at a point in time, with revenue recognized when the customer obtains control of the related goods[296](index=296&type=chunk)[297](index=297&type=chunk) - Financial instrument impairment: For receivables, the company consistently measures loss provisions at an amount equal to the expected credit losses over the entire lifetime[273](index=273&type=chunk) [Taxation](index=90&type=section&id=六、%20税项) The company's primary taxes are VAT (6%, 9%, 13%) and CIT (25%), with its pre-cooked dish business qualifying for corporate income tax exemption/reduction as primary processing of agricultural products - The company benefits from corporate income tax exemption/reduction policies for primary processing of agricultural products[310](index=310&type=chunk)