Financial Performance - The company's operating revenue for 2021 was approximately CNY 2.78 billion, a 2.02% increase from CNY 2.72 billion in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 245.29 million, a significant decrease of 78.44% compared to CNY 1.14 billion in 2020[17]. - The net cash flow from operating activities for 2021 was CNY 585.86 million, down 33.86% from CNY 885.83 million in 2020[17]. - The total assets at the end of 2021 were CNY 5.17 billion, representing a 79.79% increase from CNY 2.88 billion at the end of 2020[18]. - The net assets attributable to shareholders increased by 98.99% to CNY 4.50 billion in 2021 from CNY 2.26 billion in 2020[18]. - Basic earnings per share for 2021 were CNY 0.64, a decrease of 79.75% from CNY 3.16 in 2020[19]. - The weighted average return on net assets for 2021 was 6.86%, down 57.89 percentage points from 64.75% in 2020[19]. - The company reported a government subsidy of CNY 22.53 million in 2021, compared to CNY 9.37 million in 2020[22]. Dividend Policy - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares, totaling 100,057,253 RMB (including tax) to all shareholders[3]. - The proposed cash dividend for the 2021 fiscal year is also 2.50 RMB per 10 shares, with a total distribution of 100,057,253.00 RMB, representing 40.79% of the net profit attributable to shareholders[146]. - The company emphasizes a stable and continuous dividend policy, with no adjustments made to the profit distribution policy during the reporting period[145]. - The company has a cash dividend policy that mandates a minimum distribution of 10% of the distributable profits each year, provided certain conditions are met[143]. Risk Management - The company has outlined various risks and countermeasures in its management discussion and analysis section[4]. - Major risks include animal epidemics such as African swine fever, which could lead to increased mortality rates and significant losses in biological assets[101]. - Natural disasters pose a risk to the company's feed and breeding operations, particularly in earthquake-prone areas like Yunnan Province[102]. - Fluctuations in pig and pork prices are cyclical, influenced by supply-demand dynamics, which could adversely affect the company's profitability[104]. - The company faces risks from the volatility of raw material prices, particularly corn and soybean meal, which significantly impact operating costs[104]. - Food safety remains a critical concern, with potential regulatory changes requiring increased investment in quality control and testing[104]. - Environmental protection policies may lead to higher operational costs and potential relocation of breeding facilities if new restrictions are imposed[103]. Operational Strategy - The company plans to continue expanding its market presence and invest in new product development to enhance future growth[17]. - The company is actively expanding its breeding farms and slaughtering capacity, aiming to enhance production scale and reduce breeding costs[26]. - The company is transitioning its marketing strategy from "sales" to "providing specialized pig farming services" to adapt to market changes and enhance feed sales[27]. - The company is focusing on improving its biosecurity management system to mitigate risks associated with African swine fever[28]. - The company aims to increase its market share in the feed business by enhancing product competitiveness and expanding its sales team[27]. - The company is advancing the construction of a 500,000-head annual slaughter project to improve production capacity and ensure food safety[30]. - The company plans to launch deep processing products in 2022, including processed meat products and pre-prepared dishes, to enhance product value and market reach[31]. Corporate Governance - The company has established a transparent information disclosure system, enhancing shareholder rights and preventing insider trading[115]. - The company is committed to improving corporate governance and internal control mechanisms to promote sustainable and stable development[116]. - The company respects the rights of stakeholders, including customers, employees, suppliers, and partners, to enhance both economic and social benefits[115]. - The company has maintained a clear separation in operations, assets, and finances from its controlling shareholder, ensuring independent business capabilities[115]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring the protection of shareholder rights[112]. Research and Development - The research and development center has been recognized as a provincial-level technology center, indicating a strong commitment to innovation[57]. - The company plans to continue optimizing its core technologies for feed production, focusing on high-energy feed formulations for high-yield sows and piglets[59]. - Research and development expenses rose by 66.77% year-on-year to CNY 28.30 million, attributed to an increase in R&D projects[64]. - The company holds a total of 48 authorized patents, including 3 invention patents and 45 utility model and design patents[58]. Environmental Responsibility - The company strictly adhered to environmental regulations, with no exceedance of pollutant discharge limits during the reporting period[153]. - The company implemented various pollution prevention measures, including real-time monitoring of wastewater discharge[156]. - The company committed to reducing carbon emissions through various energy-saving projects, including the installation of solar heating facilities and the replacement of high-energy-consuming processes[159]. - The company is committed to continuous improvement in environmental management and resource utilization to enhance competitiveness[158]. Market Trends - The company is witnessing an increase in industry concentration as smaller slaughterhouses are phased out in favor of larger, more modern facilities[91]. - The company anticipates significant growth potential in the agricultural and livestock industry, with targets set for pork, poultry, and beef production values[90]. - The total output of the national feed industry reached 293.44 million tons, a year-on-year increase of 16.1%, with pig feed accounting for 130.77 million tons, up 46.6%[32]. - The top 20 livestock companies accounted for 20.3% of the national pig output, with a significant increase in industry concentration due to the expansion of breeding capacity[33]. Employee Management - The company has a clear human resource management mechanism that promotes talent development and employee welfare, enhancing overall business capabilities[48]. - The company has established a comprehensive employee training system to enhance the overall quality of its workforce[141]. - The total number of employees in the parent company is 247, while the main subsidiaries employ 1,646, resulting in a total of 1,893 employees[139].

Financial Performance - Revenue for Q1 2022 was CNY 553,117,885.90, a decrease of 35.89% compared to the same period last year[2] - Net profit attributable to shareholders was a loss of CNY 150,005,491.81, down 147.71% year-over-year[2] - Basic earnings per share were CNY -0.37, representing a decrease of 142.53% year-over-year[2] - Total operating revenue for Q1 2022 was ¥553,117,885.90, a decrease of 35.8% compared to ¥862,801,080.58 in Q1 2021[20] - Net profit for Q1 2022 was a loss of ¥150,005,491.81, compared to a net profit of ¥314,381,608.26 in Q1 2021[22] - Operating profit for Q1 2022 was a loss of ¥144,075,367.75, a significant decline from a profit of ¥322,355,567.61 in Q1 2021[21] - Earnings per share for Q1 2022 was -0.37, compared to 0.87 in Q1 2021[22] - Net profit for Q1 2022 was CNY 7,816,544.44, a decrease of 6.4% compared to CNY 8,347,892.28 in Q1 2021[29] Cash Flow and Assets - Net cash flow from operating activities was a negative CNY 50,986,565.02, a decline of 16.63% compared to the previous year[2] - Cash inflow from operating activities totaled 544,148,818.98 RMB, down 34.7% from 833,708,110.32 RMB in the previous year[23] - Cash outflow from operating activities was 595,135,384.00 RMB, a decrease of 32.2% compared to 877,423,697.69 RMB in Q1 2021[23] - Total assets at the end of the reporting period were CNY 4,889,862,630.80, down 5.42% from the end of the previous year[3] - The company's current assets totaled RMB 2,390,573,476.02 as of March 31, 2022, down from RMB 2,709,785,589.20 at the end of December 2021, indicating a decrease of about 11.8%[17] - Cash and cash equivalents decreased to RMB 812,823,972.67 from RMB 1,080,171,699.17, representing a decline of approximately 25%[17] - Total liabilities decreased to ¥543,655,770.79 in Q1 2022 from ¥673,597,626.60 in Q1 2021, a reduction of 19.3%[21] - Total current liabilities decreased to RMB 391,194,249.04 from RMB 528,260,463.73, reflecting a decline of about 26%[18] Costs and Expenses - Total operating costs increased to ¥649,706,518.32 in Q1 2022, up 19.6% from ¥543,264,940.49 in Q1 2021[21] - Research and development expenses rose to ¥7,270,306.41 in Q1 2022, up 27% from ¥5,733,734.11 in Q1 2021[21] - The company reported a decrease in sales expenses to CNY 1,622,623.56 in Q1 2022, down from CNY 2,119,933.43 in Q1 2021[28] Shareholder Equity - Shareholders' equity attributable to the parent company was CNY 4,346,206,860.01, a decrease of 3.34% compared to the previous year[3] - Total equity attributable to shareholders decreased to ¥4,346,206,860.01 in Q1 2022 from ¥4,496,212,351.82 in Q1 2021, a decline of 3.3%[21] Other Significant Events - The decline in revenue was primarily due to a drop in pig prices[7] - The decrease in net profit was attributed to falling pig prices and rising raw material costs[7] - The company completed the deregistration of its wholly-owned subsidiary, Yunnan Shennong Breeding Co., Ltd., on March 25, 2022[13] - The company is involved in a lawsuit regarding mining rights, with the case accepted by the Anning People's Court[15][16]

Financial Performance - The company's operating revenue for Q3 2021 was ¥626,237,277.13, a decrease of 9.92% compared to the same period last year[2]. - The net profit attributable to shareholders was a loss of ¥135,038,112.28, representing a decline of 143.84% year-over-year[2]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥145,496,549.35, down 147.18% from the previous year[2]. - The basic and diluted earnings per share were both -¥0.34, a decrease of 139.53% compared to the same period last year[3]. - The weighted average return on equity decreased by 48.90 percentage points to -2.91%[3]. - The decline in net profit was primarily attributed to falling pig prices, impacting overall profitability[7]. - Net profit for Q3 2021 was CNY 228,883,305.36, a decrease from CNY 937,624,035.15 in Q3 2020, representing a decline of approximately 75.6%[20]. - Operating profit for Q3 2021 was CNY 239,285,036.73, down from CNY 947,754,337.77 in the same period last year, indicating a decrease of about 74.8%[20]. - The total comprehensive income for Q3 2021 was CNY 228,883,305.36, down from CNY 937,624,035.15 in Q3 2020, marking a decline of approximately 75.6%[21]. - Basic and diluted earnings per share for Q3 2021 were both CNY 0.61, compared to CNY 2.60 in Q3 2020, representing a decrease of about 76.5%[21]. Assets and Liabilities - Total assets increased by 76.11% to ¥5,063,967,661.26 compared to the end of the previous year[3]. - Total current assets reached approximately ¥2.75 billion, up from ¥1.40 billion, marking a 96.9% increase year-over-year[17]. - The company's total liabilities decreased to approximately ¥584.16 million from ¥615.95 million, a reduction of 5.1%[18]. - Total liabilities increased to CNY 615,948,088.88 from CNY 706,848,240.51, a change of CNY 90,900,151.63[27]. - Owner's equity totaled CNY 2,259,542,958.94, remaining unchanged[27]. Cash Flow - The net cash flow from operating activities for the year-to-date was ¥220,991,423.23, a decrease of 76.21% year-over-year[3]. - Cash flow from operating activities for the first three quarters of 2021 was CNY 2,175,852,988.38, compared to CNY 2,033,296,931.77 in the previous year, showing an increase of approximately 7%[22]. - Cash flow from investing activities for Q3 2021 resulted in a net outflow of CNY 1,298,753,352.10, compared to a net outflow of CNY 924,061,916.32 in Q3 2020, reflecting a significant increase in investment activities[23]. - Cash flow from financing activities for Q3 2021 was CNY 1,845,356,035.38, a substantial increase compared to a net outflow of CNY 157,398,761.86 in Q3 2020, indicating strong financing efforts[23]. - The net increase in cash and cash equivalents for Q3 2021 was CNY 767,594,106.51, contrasting with a decrease of CNY 152,357,180.50 in Q3 2020, indicating improved liquidity[24]. - Cash and cash equivalents at the end of Q3 2021 totaled CNY 1,046,013,223.18, up from CNY 308,644,197.37 at the end of Q3 2020, reflecting a significant increase in cash reserves[24]. Investments and Subsidiaries - The company established three wholly-owned subsidiaries with an investment of RMB 10 million each, totaling RMB 30 million[11]. - The subsidiaries include "Qujing Zhanyi Shennong Animal Husbandry Co., Ltd.", "Yunnan Chengjiang Shennong Food Co., Ltd.", and "Guangxi Chongzuo Shennong Feed Co., Ltd."[11]. - The establishment of these subsidiaries aims to enhance the company's competitiveness and improve its risk resistance during periods of declining pig prices[13]. - The company expects that these investments will not adversely affect its financial and operational status[13]. - The investments are funded entirely by the company's own capital, mitigating risks to shareholders, especially minority shareholders[13]. - The company will closely monitor the performance of the new subsidiaries and strengthen risk prevention mechanisms[14]. Research and Development - Research and development expenses for the first three quarters of 2021 were approximately ¥18.45 million, compared to ¥9.53 million in the same period of 2020, an increase of 93.5%[19].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,587,978,953.05, representing a 20.87% increase compared to ¥1,313,771,628.65 in the same period last year [15]. - The net profit attributable to shareholders for the first half of 2021 was ¥363,921,417.64, a decrease of 42.20% from ¥629,590,826.98 in the previous year [15]. - The net cash flow from operating activities was ¥86,055,284.02, down 85.23% from ¥582,732,146.95 in the same period last year [15]. - The company's total assets increased by 84.02% to ¥5,291,497,652.56 from ¥2,875,491,047.82 at the end of the previous year [15]. - The net assets attributable to shareholders rose by 108.67% to ¥4,714,898,776.58 from ¥2,259,542,958.94 at the end of the previous year [15]. - Basic earnings per share decreased by 43.43% to ¥0.99 from ¥1.75 in the same period last year [16]. - The weighted average return on equity dropped by 27.93 percentage points to 13.04% from 40.97% in the previous year [16]. Dividend Policy - The company plans to distribute a cash dividend of 2.50 RMB per 10 shares to all shareholders, subject to approval at the shareholders' meeting [4]. - The company implements a stable dividend distribution policy, prioritizing cash dividends when cash flow is sufficient, with a minimum cash dividend ratio of 10% of distributable profits [75]. - In mature stages without significant capital expenditures, the minimum cash dividend ratio should reach 80% of the profit distribution; in cases with significant expenditures, it should be at least 40% [76]. Risk Management - The company has detailed potential risks in the report, which investors should review [5]. - The company faces significant risks from animal epidemics, including diseases such as African swine fever, which can severely impact the pig farming industry [53]. - Natural disasters pose a risk to the company's feed and breeding operations, particularly in earthquake-prone areas like Yunnan Province, potentially leading to direct losses and increased feed costs due to supply disruptions [54]. - The cyclical nature of pig and pork prices, influenced by supply and demand dynamics, can lead to significant fluctuations in profitability, with a typical cycle lasting approximately 3-4 years [55]. - Major raw material costs, such as corn and soybean meal, account for about 60-70% of feed costs and 40-50% of commodity pig costs, making the company vulnerable to price volatility in these commodities [56]. Corporate Governance - The board of directors and management confirm the accuracy and completeness of the financial report [3]. - All directors attended the board meeting, ensuring accountability [3]. - The company has not faced any issues with the authenticity of the disclosed semi-annual report [5]. - The company has committed to fulfilling all public commitments made during the IPO process [81]. - The company is committed to maintaining a high level of corporate governance and transparency in its operations [79]. Environmental Compliance - The company emphasizes the importance of food safety and compliance with regulations, which may require increased investment in quality control and testing [56]. - The company reported a total CODcr discharge of 1.253 tons, well below the regulatory limit of 72.8 tons, indicating no exceedance of pollution standards [64]. - The ammonia nitrogen (NH3-N) discharge was recorded at 0.2477 tons, significantly lower than the allowable limit of 6.552 tons, demonstrating effective pollution control measures [64]. - The company has implemented strict pollution prevention measures, including real-time monitoring of wastewater discharges through an online monitoring system [68]. - The company has established an emergency response plan for environmental incidents and conducts regular drills to ensure preparedness [67]. Operational Strategy - The company operates in the feed processing, pig farming, and pig slaughtering industries, facing intense competition and regulatory challenges [20][22]. - The shift towards modernized farming practices is crucial for the company to enhance biosecurity and operational efficiency in the current market environment [21]. - The company has established a complete pig industry chain, including feed processing, pig breeding, slaughtering, and fresh pork sales, enhancing its market reputation [23]. - The company has implemented a biosecurity management system that effectively prevents animal diseases, significantly improving work efficiency in pig farming [25]. - The integrated operation model allows the company to reduce external transaction costs and respond quickly to market price fluctuations, enhancing long-term stability [25]. Financial Management - The company raised a total of RMB 2,244,882,400 through its IPO, with a net amount of RMB 2,091,434,400 after deducting issuance costs [39]. - The company plans to enhance the efficiency of raised funds management to ensure effective use and mitigate the risk of immediate return dilution [77]. - The company will focus on improving internal controls and management efficiency while controlling costs to enhance profitability [78]. - The company plans to accelerate the construction of fundraising investment projects to achieve expected benefits as soon as possible [77]. Shareholder Information - The total number of shareholders reached 39,530 by the end of the reporting period [89]. - The largest shareholder, He Zuxun, holds 200,782,039 shares, representing 50.17% of total shares [90]. - The second-largest shareholder, He Qiaoguan, holds 46,334,317 shares, accounting for 11.58% [90]. - The company plans to lift the trading restrictions on certain shares on November 28, 2024, after a 42-month lock-up period [91]. Research and Development - Research and development expenses increased to ¥12,183,561.71, compared to ¥6,836,356.55 in the previous year, indicating a focus on innovation [100]. - The company plans to strengthen research and development of feed formulas to promote food safety and enhance market share through the "Shennong Safe Meat" brand [77]. Accounting and Financial Reporting - The financial report has not been audited [3]. - The company adheres to the Chinese Accounting Standards, ensuring that financial reports accurately reflect its financial position and operating results [130]. - The company has established specific accounting policies for biological assets depreciation and intangible asset amortization, enhancing the reliability of financial data [129]. - The company recognizes lease liabilities at the present value of future lease payments, excluding short-term and low-value asset leases [178].