Financial Performance - The company's operating revenue for Q1 2021 reached ¥2,020,310,009.13, representing a 387.69% increase compared to the same period last year[8]. - Net profit attributable to shareholders was ¥405,613,994.59, a significant increase of 582.92% year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥410,141,195.94, reflecting a 685.30% increase compared to the previous year[8]. - The basic earnings per share for the quarter was ¥1.0078, up 582.79% from ¥0.1476 in the same period last year[8]. - The weighted average return on equity was 13.73%, an increase of 11.02 percentage points from 2.71% in the previous year[8]. - The company reported a substantial increase in tax and additional fees, totaling ¥466,736,294.06, which is an increase of 828.70% compared to ¥50,256,848.05[26]. - The company reported a gross profit of CNY 558,029,276.94 for Q1 2021, compared to CNY 71,864,679.44 in Q1 2020, indicating a significant increase of approximately 676.5%[51]. - The total comprehensive income attributable to the parent company was CNY 405,474,245.60, compared to CNY 59,288,910.42 in the same quarter last year, marking an increase of approximately 584.5%[52]. Assets and Liabilities - Total assets at the end of the reporting period were ¥9,099,152,319.94, a decrease of 8.12% from the end of the previous year[8]. - Net assets attributable to shareholders increased by 14.73% to ¥3,157,881,058.58 compared to the end of the previous year[8]. - As of March 31, 2021, the company's total current assets amounted to ¥4,756,878,375.03, a decrease of approximately 30% from ¥6,780,783,587.67 as of December 31, 2020[38]. - The company's total liabilities decreased to ¥5,909,966,785.07 from ¥7,122,525,592.99, indicating a decline of about 17%[41]. - The total liabilities decreased to CNY 4,665,825,373.90 in Q1 2021 from CNY 6,510,154,419.15 in Q1 2020, a reduction of approximately 28.3%[47]. - The total equity attributable to shareholders rose to ¥3,157,881,058.58 from ¥2,752,406,812.98, an increase of about 15%[42]. - Non-current liabilities totaled CNY 888,919,423.61, down from CNY 962,540,463.57, a reduction of CNY 73,621,039.96[65]. Cash Flow - The net cash flow from operating activities was negative at -¥598,524,003.01, a decline of 308.55% compared to the previous year[8]. - The company reported a cash flow from operating activities of CNY -598,524,003.01, a decline from CNY 286,990,215.24 in the previous year, indicating a negative cash flow situation[57]. - Total cash inflow from operating activities was 1,214,485,936.18 yuan, while cash outflow was 2,578,915,608.97 yuan, resulting in a net cash outflow of 1,364,429,672.79 yuan[61]. - The total cash outflow from investment activities was 2,094,104,634.54 yuan, significantly higher than 1,321,513,803.50 yuan in the previous period[61]. - The company incurred a total of 2,073,000,000.00 yuan in cash payments related to investment activities, which is a substantial increase from 1,281,197,798.50 yuan in the previous period[61]. Investments and Projects - The cash flow from investing activities showed a significant outflow of ¥1,164,481,802.47, up 1023.59% from ¥103,638,994.71, mainly due to increased investments in pig farming projects[26]. - The fixed assets increased by 59.74% to ¥859,711,880.91, driven by the construction of pig farming projects[24]. - The company’s long-term borrowings rose by 46.55% to ¥1,132,833,377.28, reflecting new bank loans for pig farming projects[24]. - The production biological assets increased by 32.27% to ¥416,488,185.67, due to the purchase of breeding pigs[24]. - The company confirmed a significant reduction in contract liabilities, down 90.42% to ¥153,028,003.75, as a result of recognized sales revenue[24]. Shareholder Information - The top two shareholders, Jingji Group Co., Ltd. and Shenzhen Jingji Times Real Estate Co., Ltd., hold 43.04% and 29.85% of the shares, respectively[13]. - The company has not audited the first quarter report[70].

Financial Performance - The company's operating revenue for 2020 was CNY 4,071,503,296.81, a decrease of 17.22% compared to 2019[24]. - Net profit attributable to shareholders for 2020 was CNY 866,563,499.30, down 21.28% from CNY 1,100,831,801.48 in 2019[25]. - The net cash flow from operating activities increased by 78.15% to CNY 1,806,061,154.61 in 2020[25]. - Total assets at the end of 2020 reached CNY 9,903,753,908.17, reflecting a 53.02% increase from CNY 6,471,993,600.37 at the end of 2019[25]. - The company's net assets attributable to shareholders rose by 28.93% to CNY 2,752,406,812.98 at the end of 2020[25]. - The company reported a basic earnings per share of CNY 2.1530, a decrease of 21.28% from CNY 2.7350 in 2019[25]. - Total revenue for 2020 was approximately $4.07 billion, a decrease of 17.22% compared to $4.92 billion in 2019[59]. - The revenue from the real estate development sector was approximately $3.22 billion, accounting for 79.13% of total revenue, with a year-on-year decrease of 5.64%[60]. - The feed production revenue was approximately $690 million, representing 16.95% of total revenue, with a year-on-year decrease of 24.78%[61]. - The company's sales volume in the feed production sector decreased by 27.47% to approximately 238,021 tons in 2020[63]. - The gross profit margin for the real estate development sector was 68.57%, with a decrease of 0.95% compared to the previous year[61]. - The total operating costs for the feed production sector were approximately $618 million, down 25.68% from $832 million in 2019[64]. - The company reported a significant reduction in water supply revenue, which fell by 81.91% to approximately $60 million[59]. - The revenue from the Shenzhen region accounted for 81.38% of total revenue, with a year-on-year decrease of 13.74%[60]. - The company experienced a 52.92% decline in financial revenue, dropping to approximately $557,000[61]. - The total revenue for 2020 was 5,333,187,026.16 CNY, representing a 10.80% increase compared to 2019[80]. - Research and development expenses rose by 12.68% to 33,527,987.19 CNY, accounting for 0.82% of total revenue[77]. - The company reported a significant decrease in sales costs in the breeding industry, down 18.04% to 73,522,021.86 CNY[74]. - The company reported a total revenue of 129,818.31 million yuan for the year 2020, with a cumulative payment of 23,194.66 million yuan by the end of the reporting period[165]. Profit Distribution - The company reported a profit distribution plan to distribute a cash dividend of 15 RMB (including tax) for every 10 shares, along with 3 bonus shares (including tax), based on a total share capital of 402,491,731 shares as of December 31, 2020[5]. - In 2020, the company distributed cash dividends of 603,737,596.50 yuan (including tax), which accounted for 69.67% of the net profit attributable to ordinary shareholders[115]. - The cash dividend distribution for 2020 represents a significant increase compared to the previous year's distribution of 301,868,798.25 yuan, which was 27.42% of the net profit[115]. - The profit distribution plan for 2020 includes a cash dividend of 15 yuan per 10 shares and a bonus share distribution of 3 shares per 10 shares, totaling 120,747,519 shares[118]. Business Operations and Strategy - The company expanded its business scope to include livestock breeding, sales, and pork slaughtering, as well as meat product packaging, cold storage, and transportation, effective from September 2020[20]. - The company operates in three main sectors: modern agriculture, real estate, and financial investment, focusing on standardized livestock farming and food safety[33]. - The company plans to build multiple integrated pig industry chain projects in Guangdong Province and surrounding areas[35]. - The company has signed 11 framework agreements with local governments in Guangdong, Guangxi, and Hainan, targeting a total production capacity of approximately 13 million pigs[37]. - The company's breeding model allows for a maximum output of 180,000 pigs per production line, enhancing operational efficiency and reducing health risks through closed-group management[38]. - The company has established a comprehensive food safety traceability system across its entire supply chain, ensuring quality control from feed production to end sales[40]. - The company has developed a proprietary breeding technology system, reducing reliance on external breeding sources and associated costs[39]. - The company has implemented energy-saving and environmentally friendly practices, including automatic manure cleaning and closed-loop waste treatment systems[38]. - The company has established strategic partnerships with institutions like South China Agricultural University to enhance its research and development capabilities in breeding and nutrition[42]. - The company aims to achieve the goal of "domestic breeding of quality pigs" through its collaboration with the Chinese Academy of Agricultural Sciences[39]. - The company has signed framework agreements for pig farming projects with multiple local governments, targeting a total production capacity of approximately 13 million pigs[49]. - The first phase of the Gaozhou project, designed for an annual capacity of 540,000 pigs, successfully completed its first building in August 2020 and began production in October 2020[49]. - The company achieved a breeding stock of over 40,000 sows by the end of the reporting period, with ongoing projects progressing steadily[49]. - The company is actively expanding its market presence and product offerings, including a strategic cooperation agreement with the Shenzhen Market Supervision Administration to stabilize supply and prices[49]. - The company plans to launch the Shanhai Gongguan and Shanhai Yuyuan projects in the second half of 2021, with ongoing construction progress[55]. - The company is facing increased financing costs in the real estate sector due to new regulatory measures aimed at stabilizing the housing market[48]. - The company will enhance its research and development in feed products, particularly for special aquatic feeds, to maintain competitive advantage[103]. - The company plans to maintain its annual chick production at the 2020 level while gradually expanding production[103]. - The company will continue to explore new sales channels and commercial models to strengthen its brand presence in the market[103]. - The company anticipates that the price of live pigs will decline in 2021 due to recovering production capacity and normalizing market demand[101]. - The company will implement strict biosecurity measures to mitigate risks associated with disease outbreaks in livestock[106]. - The company is committed to enhancing its environmental compliance by upgrading production facilities to meet regulatory standards[106]. - The company plans to increase R&D investment to improve breeding efficiency and reduce costs in the pig farming sector, addressing the cyclical price fluctuations of live pigs[107]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,359, an increase from 13,165 at the end of the previous month[185]. - The largest shareholder, Jingji Group Co., Ltd., holds 42.88% of the shares, totaling 172,597,757 shares[185]. - The company has a total of 402,491,731 shares, with 99.98% being unrestricted shares[183]. - The company reported a significant increase in shareholder engagement, with a notable rise in the number of shareholders holding more than 5% of shares[185]. - The controlling shareholder, Jingji Group, holds 172,597,757 shares, representing a significant portion of the company's equity[188]. - The second largest shareholder, Shenzhen Jingji Times Industrial Co., Ltd., holds 120,141,071 shares, indicating a strong alignment in shareholder interests[188]. - The top ten unrestricted shareholders collectively hold a substantial number of shares, with the largest shareholder owning approximately 100% of the voting rights[188]. - The company plans to increase its shareholding by investing between RMB 100 million and RMB 200 million within six months starting from November 30, 2020[197]. - The actual controller, Chen Hua, has not changed during the reporting period, ensuring stability in management[191]. - The company does not have any preferred shares outstanding, simplifying its capital structure[199]. Regulatory and Compliance - The company has not reported any changes in its controlling shareholders during the reporting period[20]. - The company’s financial report for the reporting period does not show any discrepancies between international accounting standards and Chinese accounting standards regarding net profit and net assets[22]. - The company’s financial advisor and continuous supervision responsibilities during the reporting period were not applicable[21]. - The company’s accounting firm is Dahua Certified Public Accountants (Special General Partnership) with no changes reported in the accounting firm during the reporting period[21]. - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[123]. - The company has not faced any bankruptcy reorganization matters during the reporting period[131]. - The company has maintained normal performance in fulfilling its commitments regarding related party transactions and competition avoidance[121]. - The company has not reported any significant accounting errors requiring retrospective restatement during the reporting period[125]. - The company has not experienced any changes in the scope of consolidated financial statements compared to the previous year[126]. - The company faced litigation involving an amount of 21.95 million RMB, but it did not form any expected liabilities[132]. - The company received a warning and a fine of 400,000 RMB from the China Securities Regulatory Commission for suspected information disclosure violations[134]. - The company reported a total of 427.94 million RMB in related party transactions, with 96.77% of the transactions priced at market rates[139]. - The company has a total external guarantee amount of 360 million RMB, with actual guarantees amounting to 234.79 million RMB[153]. - The company is involved in a city renewal project covering approximately 243,000 square meters of land in Shenzhen[144]. - The total approved guarantee amount for subsidiaries during the reporting period was CNY 480,000, with an actual guarantee amount of CNY 77,300[156]. - The total guarantee amount at the end of the reporting period was CNY 840,000, with an actual guarantee balance of CNY 312,090.8, representing 113.39% of the company's net assets[157]. - The company engaged in entrusted financial management with a total amount of CNY 233,525.99, of which CNY 5,702.47 was the balance of unexpired investments[159]. - The company has no instances of unauthorized external guarantees during the reporting period[158]. - The company has no entrusted loan situations during the reporting period[160]. - The company has cumulative payments of CNY 14,779.03 for the construction contract with Guangxi Construction Group as of the end of the reporting period[163]. - The company has cumulative payments of CNY 31,345.54 for another construction contract with Guangxi Construction Group as of the end of the reporting period[163]. - The company has cumulative payments of CNY 40,520.28 for real estate project development and management services as of the end of the reporting period[163]. - The company has cumulative payments of CNY 10,202.15 for the construction contract with Guangdong Wuchuan Construction and Installation Engineering as of the end of the reporting period[163]. - The company has no overdue amounts in its entrusted financial management[159]. Corporate Social Responsibility - The company actively engaged in social responsibility by donating pandemic prevention materials worth hundreds of thousands of yuan and providing support to frontline workers during the COVID-19 outbreak[172]. - The company emphasizes environmental protection by upgrading its facilities and adopting advanced technologies for waste treatment, aiming for a sustainable development model[170]. - The company has received multiple honors, including "2019 Guangdong Province Contract-abiding and Trustworthy Enterprise" and "2020 Excellent 'Zhenpin' Enterprise," reflecting its commitment to quality and social responsibility[170]. - The company has not yet initiated targeted poverty alleviation efforts and has no plans for such initiatives in the near future[173]. - The company has established a talent training system with five major series of training programs to enhance employee skills and promote organizational capability[169]. - The company has implemented a comprehensive safety production management system, ensuring a safe working environment for employees and addressing health concerns during the COVID-19 pandemic[167]. Market Trends and Industry Outlook - The agricultural industry is transitioning towards modernization, with a focus on scale, intelligence, and traceability, presenting new development opportunities for large enterprises[97]. - In 2020, the national poultry output reached 15.57 billion birds, with a total poultry meat production of 23.61 million tons, while the top four listed poultry companies accounted for only 12.11% of the total output[98]. - The national pig output in 2020 was 52.704 million heads, with 13 listed pig companies collectively accounting for 10.53% of the market share[98]. - The company plans to achieve a production capacity of approximately 13 million heads in the Guangdong-Hong Kong-Macao Greater Bay Area, with over 2 million heads already in production[102]. - The company aims to accelerate pig production and expects the first batch of pigs to be sold by May 2021, while also focusing on project development and construction[102].

Financial Performance - Operating revenue for the period was ¥358,111,284.17, representing a decrease of 35.22% year-on-year[8] - Net profit attributable to shareholders was ¥27,785,414.86, down 81.48% compared to the same period last year[8] - Basic earnings per share decreased to ¥0.0690, down 81.49% from the previous year[8] - The weighted average return on equity was 1.36%, a decrease of 10.61% compared to the previous year[8] - The company reported a significant increase in construction expenditures for fixed assets, rising by 2231.83% to ¥988,736,073.20 from ¥42,401,721.73, mainly for pig farming project investments[22] - The company reported a net profit of CNY 196.27 million from its entrusted financial management activities during the reporting period[34] - The net profit for the third quarter was CNY 30.65 million, compared to CNY 162.78 million in the previous year, indicating a decrease of approximately 81.2%[52] - The total profit for Q3 2020 was CNY 234,517,583.86, down from CNY 415,760,993.23 in the same period last year, a decrease of approximately 43.5%[62] Cash Flow - The net cash flow from operating activities was ¥508,500,230.18, a significant increase of 5,676.35% year-on-year[8] - Net cash flow from operating activities increased by 69.59% to ¥1,646,574,486.47 from ¥970,929,914.83, mainly due to increased sales collections from the Shanhai Shangyuan project[22] - Total cash inflow from operating activities reached CNY 4,391,670,626.42, up from CNY 3,369,324,665.94, reflecting a growth of 30.3%[67] - The cash outflow from operating activities increased to CNY 2,745,096,139.95 from CNY 2,398,394,751.11, representing a rise of 14.5%[68] - Cash and cash equivalents at the end of the period amounted to CNY 2,357,504,338.45, an increase from CNY 2,002,397,807.63, marking a growth of 17.7%[71] Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,384,488,086.06, an increase of 29.55% compared to the previous year[8] - Total liabilities increased to CNY 6.21 billion from CNY 4.09 billion, representing a growth of around 52%[45] - The company's total assets increased to CNY 8,702,111,421.29 as of September 30, 2020, compared to CNY 6,536,465,896.09 at the end of 2019, representing a growth of 33.2%[48] - Current assets totaled CNY 7,292,827,531.47, up from CNY 5,212,007,749.31, indicating a significant increase of 40.1%[47] - The total liabilities reached CNY 6,660,471,344.99, compared to CNY 4,427,995,956.56 at the end of 2019, marking a rise of 50.4%[49] Shareholder Information - The top two shareholders, Jingji Group Co., Ltd. and Shenzhen Jingji Times Industry Co., Ltd., hold 41.65% and 29.85% of shares respectively[11] - The total number of ordinary shareholders at the end of the reporting period was 8,704[11] - The company distributed dividends amounting to ¥312,634,835.57, a 698.77% increase from the previous year, reflecting the implementation of dividend distribution during the reporting period[22] Investment Activities - The company signed an investment framework agreement for the Yangjiang agricultural project with the local government on August 13, 2020, with progress reported as smooth[23] - The company initiated the pig farming project in Yun'an District, with a framework agreement signed on October 13, 2020, for an annual output of 2 million pigs[23] - Investment income decreased by 63.80% to ¥49,171,746.91 from ¥135,821,582.85, primarily due to the sale of transportation company equity in the previous year[22] Inventory and Accounts - The company's inventory decreased to CNY 2.22 billion from CNY 2.49 billion, showing a decline of approximately 11%[42] - The company’s inventory decreased to CNY 2,175,678,907.20 from CNY 2,448,152,242.69, a reduction of 11.1%[48] Financial Standards and Compliance - The company has implemented a new revenue recognition standard starting January 1, 2020, affecting retained earnings and related financial statement items[81] - The company has no reported violations regarding external guarantees or non-operational fund occupation by major shareholders during the reporting period[35][36]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[14]. - The net profit attributable to shareholders for the same period was RMB 200 million, up 10% compared to the previous year[14]. - The company's operating revenue for the reporting period was ¥834,061,185.07, a decrease of 28.82% compared to the same period last year[25]. - Net profit attributable to shareholders was ¥138,093,760.86, down 7.75% year-on-year[25]. - The total profit for the first half of 2020 was ¥190,554,215.25, a decrease from ¥200,201,742.07 in the first half of 2019, reflecting a decline of about 5%[152]. - The company reported a significant increase of 104.29% in net cash flow from financing activities, amounting to ¥12,918,992.22, compared to a net outflow of ¥301,403,653.51 in the previous year[43]. - The company's earnings per share (EPS) for the first half of 2020 was 0.3431, compared to 0.3719 in the first half of 2019[153]. Revenue and Growth Projections - Future guidance estimates a revenue growth of 20% for the second half of 2020, driven by increased market demand[14]. - User data indicates a growth in customer base by 25%, reaching 500,000 active users[14]. - The company plans to expand its production capacity by 30% in the next year, focusing on the pig farming sector[14]. - The company plans to achieve an annual output of 9.5 million pigs through its modern pig farming projects, with several projects already underway and utilizing advanced technologies for efficient operations[37]. Research and Development - The company has invested RMB 50 million in R&D for new agricultural technologies aimed at improving yield and efficiency[14]. - The company has initiated five R&D projects in collaboration with South China Agricultural University, focusing on pig breeding and disease control[34]. - The company’s R&D investment was ¥12,446,318.54, a decrease of 1.92% compared to the previous year[43]. Risk Management - Risks identified include fluctuations in raw material costs and pig price cycles, which may impact profitability[5]. - The company is committed to enhancing its supply chain management to mitigate risks associated with market volatility[5]. - The company has established a comprehensive disease prevention management system to address the risks associated with African swine fever, which remains a significant threat to pig farming[66]. - The company plans to enhance strategic planning and inventory management for raw material procurement in response to price fluctuations caused by COVID-19 and global agricultural challenges[66]. Investments and Acquisitions - The company is exploring potential acquisitions in the aquaculture sector to diversify its product offerings[14]. - The company has signed framework agreements with multiple local governments for pig farming projects, indicating strong support and collaboration with regional authorities[37]. - The company has signed a cooperation agreement for urban renewal projects covering approximately 243,000 square meters of land in Baoan District, Shenzhen, with Shenzhen Kingkey Hongda Industrial Co., Ltd.[87]. Real Estate and Assets - The real estate project "Shan Hai Shang Yuan" has a near 95% sales rate for its second phase, with ongoing developments for the third and fourth phases scheduled for completion in 2021[39]. - Revenue from real estate development was ¥408,740,360.01, accounting for 49.01% of total revenue, with a slight decrease of 1.98% compared to the previous year[46]. - The company has long-term lease agreements for a total of 3,407.60 acres of land for chicken breeding and 3,000 acres for production operations in Guangdong Province[93]. - The company has signed land lease agreements totaling 1,136.53 acres for pig farming projects in Hezhou City, with leases extending until 2040[96]. Financial Position and Liabilities - The total liabilities amounted to CNY 5,254,396,229.95, an increase of 28.3% compared to CNY 4,094,259,640.94 in the previous period[142]. - The total assets reached CNY 7,713,759,465.10, up from CNY 6,536,465,896.09, reflecting a growth of 18.0%[147]. - The cash and cash equivalents increased to CNY 2,375,289,985.10 from CNY 1,397,602,320.54, representing a growth of 70.0%[146]. - The company's total equity attributable to shareholders was CNY 2,021,013,748.50, down from CNY 2,134,846,547.50, indicating a decrease of 5.3%[143]. Compliance and Governance - The company received a warning and a fine of 400,000 yuan from the China Securities Regulatory Commission for failing to disclose its 2017 annual report and 2018 Q1 report on time[77]. - The company reported no major litigation or arbitration matters during the reporting period, indicating a stable legal environment[75]. - The company has not engaged in any securities or derivative investments during the reporting period[60][61]. Strategic Focus - The company is focusing on modern agriculture as its core strategic business, with plans to build standardized breeding and processing bases in the Guangdong-Hong Kong-Macao Greater Bay Area[31]. - The company plans to focus on new product development and market expansion strategies to improve future performance[162]. - The company has adopted a self-breeding and self-raising model in its pig farming operations, emphasizing sustainability and environmental protection[37].

Dividend Distribution - The company plans to distribute a cash dividend of 7.5 RMB per 10 shares (including tax) based on a total share capital of 402,491,731 shares as of December 31, 2019[5]. - In 2019, the company distributed cash dividends of 301,868,798.25 yuan (including tax), which accounted for 27.42% of the net profit attributable to ordinary shareholders[103]. - The company’s cash dividend policy is compliant with relevant laws and regulations, ensuring the protection of shareholders' rights[105]. Financial Performance - The company's operating revenue for 2019 reached ¥4,918,723,380.78, representing a 43.11% increase compared to the previous year[20]. - Net profit attributable to shareholders was ¥1,100,831,801.48, marking a significant increase of 151.68% year-over-year[20]. - The net profit after deducting non-recurring gains and losses was ¥986,833,457.76, up 125.34% from the previous year[20]. - The basic earnings per share for 2019 was ¥2.7350, reflecting a 151.68% increase compared to ¥1.0867 in 2018[20]. - Total assets at the end of 2019 amounted to ¥6,471,993,600.37, a 24.88% increase from the previous year[21]. - The net assets attributable to shareholders reached ¥2,134,846,547.50, showing a substantial growth of 110.28% year-over-year[21]. - The company reported a weighted average return on equity of 70.35%, an increase of 15.40% compared to the previous year[20]. Business Operations - The company has not changed its main business operations since its listing, which includes poultry, real estate development, and import/export activities[18]. - The company has engaged Da Hua Accounting Firm for auditing services during the reporting period[19]. - The company has confirmed that all board members attended the meeting to review the annual report, ensuring accountability for the report's accuracy[4]. - The company emphasizes the importance of reading the full annual report, particularly regarding future development plans and risk factors[5]. - The company has not experienced any changes in its controlling shareholders during the reporting period[18]. - The company operates in compliance with the Shenzhen Stock Exchange's disclosure requirements for its business sectors[5]. Strategic Initiatives - The company engaged in strategic cooperation with Jingji Real Estate for real estate development and operations starting June 2019[32]. - The main business segments include modern agriculture, real estate, financial investment, and public utilities, with a focus on the agricultural sector as the strategic core[32]. - The company has initiated the construction of a pig farming project, impacting the in-progress construction assets[34]. - The company signed framework agreements for pig industry chain projects across multiple regions, with a planned annual output of 5.4 million pigs[42]. - The company has optimized its product structure, focusing on special aquatic feed and antibiotic-free feed, leading to a significant increase in aquatic feed sales[43]. - The company has established a technology research institute in collaboration with South China Agricultural University, focusing on pig breeding and biosecurity systems[37]. Market Challenges - The company reported significant risks related to raw material cost fluctuations and pig price cycle volatility, which may impact future performance[5]. - The feed industry faces challenges due to overcapacity and stringent environmental regulations, impacting market dynamics and operational models[86]. - The African swine fever has significantly impacted the industry, leading to deep losses for some companies and providing opportunities for leading enterprises to expand through horizontal integration[87]. Compliance and Governance - The company’s financial report is guaranteed to be true, accurate, and complete by its management team[4]. - The company has not made any adjustments or restatements to previous years' accounting data[19]. - The company has maintained compliance with all commitments made during its public offering and financing processes[108]. - The company has committed to fair and transparent related-party transactions, ensuring no harm to the interests of minority shareholders[108]. - The company has not reported any non-operating fund occupation by the controlling shareholder or its affiliates during the reporting period[110]. Investor Relations - The company received a total of 135 inquiries from investors during the reporting period, primarily regarding company strategy, business development, and financial reports[96]. - The company has maintained effective communication with investors through various channels, ensuring equal access to information[166]. Social Responsibility - The company donated 10 million CNY to support the development of traditional Chinese medicine, emphasizing its commitment to social responsibility[168]. - The company has committed to food safety and quality, participating in the establishment of food safety standards in Shenzhen[168]. Real Estate Development - Real estate development contributed CNY 3,414,140,594.23, accounting for 69.41% of total revenue, with a year-on-year growth of 90.72%[48]. - The company plans to continue expanding its real estate projects and has adjusted financing strategies to support ongoing sales[46]. - The average occupancy rate for the commercial properties in Shan Hai Shang Cheng was 21.94%[48]. Research and Development - R&D expenses rose by 18.06% to CNY 29,754,031.26, reflecting increased investment in research projects[66]. - The number of R&D personnel remained stable at 51, with R&D investment accounting for 0.60% of operating revenue[67]. Financial Management - The company reported a fair value of financial assets at ¥4,376,198,244.00, with a change in value of ¥688,494,063.89 during the reporting period[75]. - The company has engaged in cash asset management, with a total of RMB 118,295.2 million in entrusted financial products, of which RMB 88,295.2 million are bank financial products[159]. - The total amount of entrusted financial management reached 701.43 million CNY, with an expected return of 136.27 million CNY, and an actual profit of 134.52 million CNY during the reporting period[161].

Financial Performance - The company's operating revenue for Q1 2020 was ¥414,257,688.63, a decrease of 42.46% compared to ¥719,930,211.46 in the same period last year[8] - Net profit attributable to shareholders was ¥59,393,932.19, down 46.44% from ¥110,883,146.40 year-on-year[8] - Basic earnings per share decreased to ¥0.1476, a drop of 46.42% from ¥0.2755 in the same period last year[8] - Revenue decreased by 42.46% to ¥414,257,688.63 from ¥719,930,211.46 primarily due to a decline in property sales[16] - The total operating profit for Q1 2020 was approximately ¥90 million, a decrease of 41% compared to ¥152 million in the same period last year[42] - The net profit for Q1 2020 was approximately ¥69 million, down 39% from ¥113 million in Q1 2019[42] - The total comprehensive income for Q1 2020 was approximately ¥69 million, compared to ¥113 million in the same period last year, reflecting a decrease of 39%[43] Cash Flow - The net cash flow from operating activities was ¥286,990,215.24, reflecting a significant decline of 70.75% compared to ¥981,186,606.69 in the previous year[8] - Cash flow from operating activities for Q1 2020 was approximately ¥287 million, significantly lower than ¥981 million in Q1 2019, indicating a decline of 71%[45] - The net cash flow from operating activities decreased to ¥228,913,663.18 from ¥1,005,876,729.04, representing a decline of approximately 77.3% year-over-year[50] - Cash flow from investing activities showed a net outflow of approximately ¥187 million in Q1 2020, compared to a net outflow of approximately ¥157 million in the same period last year[46] - Cash flow from financing activities resulted in a net inflow of approximately ¥21.6 million in Q1 2020, contrasting with a net outflow of approximately ¥272 million in Q1 2019[46] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,918,027,244.52, an increase of 6.89% from ¥6,471,993,600.37 at the end of the previous year[8] - Current liabilities rose to CNY 4,286,698,829.74, compared to CNY 3,963,956,929.56, indicating an increase of about 8.2%[31] - The total liabilities reached CNY 4,432,855,689.87, an increase from CNY 4,094,259,640.94, representing a growth of approximately 8.3%[31] - The company's total equity reached CNY 2,485,171,554.65, up from CNY 2,377,733,959.43, reflecting a growth of approximately 4.5%[32] - The company's total non-current assets amounted to CNY 1,279,473,942.90, up from CNY 1,168,365,803.20, indicating an increase of about 9.5%[30] Shareholder Information - The top shareholder, Jingji Group Co., Ltd., holds 41.65% of the shares, while the second-largest shareholder, Shenzhen Jingji Times Industry Co., Ltd., holds 29.85%[10] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[11] Other Income and Expenses - The company reported non-operating income of ¥7,166,634.59, which includes gains from non-current asset disposals and government subsidies[8] - Investment income increased by 65.63% to ¥9,591,430.84 from ¥5,790,921.16, driven by higher returns from financial products[16] - The income tax expense for Q1 2020 was approximately ¥19 million, down from ¥38 million in Q1 2019, reflecting a decrease of 50%[42] Inventory and Cash Equivalents - The company's inventory decreased slightly to CNY 2,419,425,291.17 from CNY 2,448,152,242.69, a decline of about 1.2%[33] - Cash and cash equivalents increased by 8.07% to ¥1,626,517,319.84 from ¥1,505,032,201.19 due to increased mortgage repayments during the reporting period[16] - Cash and cash equivalents at the end of the period totaled ¥1,492,209,784.98, down from ¥1,874,110,215.07, indicating a decrease of approximately 20.4%[51] Changes in Accounting Standards - The company executed new revenue and leasing standards starting January 1, 2020, impacting the financial statements and retained earnings[54] - The company began implementing new revenue recognition standards on January 1, 2020, affecting the financial statements[60]

Financial Performance - Net profit attributable to shareholders surged by 971.50% to CNY 150,052,284.93 compared to the same period last year[11]. - Operating revenue for the period reached CNY 552,769,067.64, a year-on-year increase of 15.15%[11]. - Basic earnings per share rose by 971.50% to CNY 0.3840[11]. - The weighted average return on equity increased to 11.97%, a rise of 467.74% compared to the previous year[11]. - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 488.31% to CNY 66,288,491.84[11]. - The company reported a significant investment income of CNY 121,244,069.67, compared to CNY 3,452,482.54 in the same period last year[56]. - The company reported a significant increase in cash received from investment recoveries, totaling CNY 2,556,051,466.69, a 1176% increase from CNY 200,315,715.28[25]. - The company reported a net profit for Q3 2019 of CNY 162,780,208.18, a significant recovery from a net loss of CNY 10,396,764.84 in the previous year[56]. Assets and Liabilities - Total assets increased by 24.53% to CNY 6,453,989,293.42 compared to the end of the previous year[11]. - Current liabilities rose to CNY 4,765,506,251.44, compared to CNY 3,782,581,535.40, marking an increase of about 26%[47]. - The total liabilities increased to CNY 4,930,117,777.23 from CNY 3,957,123,227.41, marking an increase of about 24.5%[47]. - The company's total equity attributable to shareholders reached CNY 1,333,596,354.71, up from CNY 1,015,258,130.81, reflecting a growth of approximately 31.3%[48]. - The total amount of entrusted financial management reached ¥113,766,000, with an outstanding balance of ¥91,321,910[34]. - The company's long-term equity investments decreased to CNY 724,559,534.45 from CNY 768,716,277.46, a decline of about 5.8%[52]. - The total non-current assets decreased to CNY 1,076,437,044.82 from CNY 1,200,595,057.85, indicating a decline of approximately 10.3%[46]. Cash Flow - Cash flow from operating activities reached CNY 970,929,914.83, an increase of 18.79% year-to-date[11]. - The company reported a cash outflow of CNY 3,204,777,380.00 for investment payments, a significant increase from CNY 206,100,000.00 in Q3 2018[74]. - Cash flow from financing activities resulted in a net outflow of CNY 309,676,258.25, compared to a net inflow of CNY 373,979,311.76 in the previous year[75]. - The total cash and cash equivalents at the end of Q3 2019 stood at CNY 2,002,397,807.63, down from CNY 2,286,185,451.86 at the end of Q3 2018[75]. - The net cash flow from investment activities was negative CNY 446,975,838.58, worsening from negative CNY 105,950,222.43 year-over-year[74]. Investments and Projects - The company has signed investment framework agreements for a 1 million head pig industry chain project and a pig farming project with local governments, indicating future expansion plans[27]. - The company plans to invest significantly in financial products, with cash outflows for investments reaching CNY 3,204,777,380.00, a 1455% increase from CNY 206,100,000.00[25]. - The company has completed the transfer of 100% equity in Shenzhen Jingi Times Industrial Co., Ltd., enhancing its control over this subsidiary[27]. - The company signed a strategic cooperation framework agreement with South China Agricultural University on October 18, 2019, focusing on research, talent resources, and industrialization[29]. Inventory and Financial Management - Inventory increased by 23% to CNY 2,077,801,086.54 from CNY 1,683,574,909.50, primarily due to investments in the Shanhai Shangyuan real estate project[23]. - The company reported a decrease in accounts receivable from ¥67,566,216.83 in 2018 to ¥63,096,605.13 in 2019, a decline of approximately 6.5%[44]. - The company's financial expenses turned negative at CNY -19,354,500.57, a decrease of 899% from CNY 2,423,137.77, reflecting gains from financial products[23]. - The company has no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[30]. - The company has not engaged in derivative investments during the reporting period[37]. Comprehensive Income - The company's other comprehensive income showed a significant decline to -CNY 67,663,986.07 from CNY 7,319,126.52[48]. - Other comprehensive income showed a loss of CNY 74,163,500.00, indicating challenges in this area[54]. - The company’s other comprehensive income showed a negative value of CNY -74,163,500.00, which may affect overall financial health[92].

Financial Performance - The company's operating revenue for the reporting period was ¥1,171,741,047.15, representing a 59.15% increase compared to the previous year[21] - The net profit attributable to shareholders was ¥149,692,595.48, a significant increase of 465.34% from the previous year's net profit of ¥73,102,827.76[21] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥140,652,553.83, up 451.78% from the previous year[21] - The net cash flow from operating activities reached ¥980,048,792.02, marking a 680.45% increase compared to the previous year[21] - Basic earnings per share were ¥0.3831, reflecting a 465.20% increase from the previous year's earnings of ¥0.1871[21] - Total assets at the end of the reporting period amounted to ¥6,101,286,907.36, a 17.73% increase from the previous year's total assets[21] - The net assets attributable to shareholders were ¥1,172,831,164.61, which is a 15.52% increase from the previous year[21] - The weighted average return on equity was 13.73%, an increase of 21.08% compared to the previous year[21] Profit Distribution - The company plans to distribute profits by increasing capital reserves, with a proposal to convert 0.3 shares for every 10 shares held, without cash dividends[5] - The company reported a total distributable profit of CNY 581,750,161.88 as of June 30, 2019, with no cash dividends declared[64] - The company plans to increase its share capital by 11,723,060 shares through a stock dividend of 0.3 shares for every 10 shares held[64] Business Segments and Operations - The main business segments include modern agriculture, public utilities, real estate, and financial investment, with a focus on high-end pork and egg sales[27] - The company is enhancing its feed product competitiveness by developing special aquatic feeds and antibiotic-free feeds, despite a decline in pig feed sales due to African swine fever[37] - The real estate sector showed an increase in transaction volume in Shenzhen, indicating a stable market environment[37] - The company has established partnerships with several academic institutions for research and development in safe and efficient feed and ecological farming practices[32] - The company aims to build a traceable supply chain from farm to table, ensuring food safety and quality control[33] - The company’s financial investment segment is focused on insurance brokerage, adapting to stricter regulatory requirements in the financial sector[37] - The company is strategically expanding its agricultural operations in the Guangdong-Hong Kong-Macao Greater Bay Area[28] Cash Flow and Investments - The company’s cash flow increased due to a rise in property sales from the Shanhai Shangyuan project[29] - The company reported a significant increase in R&D investment, which rose by 22.30% to ¥12,689,435.92, reflecting a commitment to enhancing product development[42] - The company is actively expanding its sales channels, adding new sales terminals in Xiamen and Shenzhen for its poultry business[38] - The water supply segment achieved a revenue increase of 24.02% to ¥145,835,811.60, with improved efficiency in operations[44] - Investment income contributed ¥14,577,513.18, accounting for 7.28% of total profit, primarily from equity disposals and financial products[45] Financial Adjustments and Compliance - The company has undergone adjustments to its financial statements due to discrepancies in revenue recognition, impacting previous years' financial data[21] - The company has implemented corrective measures since August 2018 regarding significant deficiencies identified in the previous audit, including adjustments to personnel and improvements in the internal control system for advance payments[71] - The audit report issued by Zhongzheng Asia Pacific Accounting Firm contains a reserved opinion due to issues related to previous management's legal troubles[129] - The company is committed to avoiding related party transactions that could harm the interests of minority shareholders[66] - The company is ensuring compliance with legal procedures when providing guarantees to related parties[68] Risks and Challenges - The company is facing risks from fluctuating raw material costs and environmental regulations, which may impact profitability and operational efficiency[55] - The real estate business is closely monitoring government policy changes to adjust operational strategies and mitigate risks[57] - The transportation business faces increased costs due to heightened government safety regulations, impacting profit levels[58] - The insurance brokerage segment has struggled to develop external resources and relies heavily on group relationships, leading to information asymmetry[59] Shareholder Information - The largest shareholder, Jingji Group, holds 41.65% of the shares, totaling 162,754,238 shares[110] - Shenzhen Huachao Investment Holding Group Co., Ltd. is the second-largest shareholder with a 29.85% stake, amounting to 116,641,816 shares[110] - The company had a total of 8,396 shareholders holding more than 5% of the shares at the end of the reporting period[110] - The company has not engaged in any repurchase transactions during the reporting period[108] Legal and Regulatory Matters - The company faced a lawsuit with a disputed amount of 51,872,520 RMB, which was resolved through a settlement agreement in July 2019[73] - There were no bankruptcy reorganization matters during the reporting period[72] - The company has no violations regarding external guarantees during the reporting period[98] Company Overview - The company operates in multiple industries including real estate development, feed production, water supply, public transportation, and financial services[192] - The company has a total of 39 subsidiaries included in the consolidated financial statements[190] - The company was established in 1994 and listed on the Shenzhen Stock Exchange on November 1, 1994[189] - The financial reporting period follows the calendar year, from January 1 to December 31[196]

Financial Performance - The company's operating revenue for Q1 2019 was CNY 719,930,211.46, representing a 110.85% increase compared to CNY 384,919,312.24 in the same period last year[10] - Net profit attributable to shareholders was CNY 110,883,146.40, a significant increase of 1,031.85% from CNY 2,260,801.56 in the previous year[10] - The net cash flow from operating activities reached CNY 981,186,606.69, marking a 1,356.76% increase from a negative cash flow of CNY -78,072,549.46 in the same period last year[10] - Basic earnings per share rose to CNY 0.2838, up 1,031.85% from CNY 0.0058 in the previous year[10] - The company reported a gross profit margin improvement, with gross profit rising to CNY 147,230,467.41 from CNY -10,120,296.47 in the previous year[50] - The company reported a total comprehensive income of ¥113,518,379.22, compared to a comprehensive loss of -¥13,154,924.08 in the previous period[57] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,804,758,384.89, reflecting a 12.01% increase from CNY 5,182,504,077.75 at the end of the previous year[10] - The total liabilities as of March 31, 2019, were CNY 4,467,407,433.45, compared to CNY 3,957,123,227.41 at the end of 2018, indicating an increase of approximately 12.9%[42] - Total equity attributable to shareholders reached CNY 1,126,909,572.57, up from CNY 1,015,258,130.81, marking an increase of around 11%[43] - The total assets of the company stood at 5,182,504,077.75 CNY, with current assets amounting to 3,981,909,019.90 CNY[67] - Total liabilities amounted to CNY 3,957,123,227.41, with current liabilities at CNY 3,782,581,535.40[70] Cash Flow - Cash and cash equivalents increased by 30.88% to CNY 2,340,119,937.13 from CNY 1,787,994,691.32, primarily due to the receipt of mortgage repayments for commercial housing[22] - The cash inflow from operating activities totaled ¥1,676,675,502.56, compared to ¥578,198,512.13 in the previous period[59] - The cash flow from investment activities included cash received from investments amounting to ¥860,510,000.00[59] - The net cash flow from operating activities was 1,005,876,729.04 CNY, compared to 329,242,955.30 CNY in the previous period, indicating a significant increase[62] - The company experienced a net cash flow from financing activities of -236,196,551.90 CNY, indicating higher cash outflows than inflows[65] Shareholder Information - The top shareholder, Jingji Group Co., Ltd., held 41.65% of the shares, while Shenzhen Huachao Investment Holding Group Co., Ltd. held 29.85%[15] - The company has made adjustments to its financial statements for previous years due to accounting errors related to revenue recognition in real estate development[10] Legal and Compliance Issues - The company faced a lawsuit from COFCO Group regarding shareholder capital contribution obligations, with a total claim amounting to CNY 518,725,153.38[23] - As of the report date, the company has assets frozen totaling approximately CNY 531,473,978.10, which may adversely affect its liquidity and operational capacity[25] - The company received a warning and a fine of CNY 400,000 from the China Securities Regulatory Commission for failing to disclose its 2017 annual report on time[25] - The company’s stock has been under delisting risk warning since July 2, 2018, due to the inability to disclose the 2017 annual report within the required timeframe[28] - The company is currently undergoing litigation related to the aforementioned capital contribution dispute, which is still under review[25] Inventory and Prepayments - Prepayments rose by 44.53% to CNY 2,928,346,185.41 from CNY 2,026,055,926.07, reflecting the receipt of pre-sale funds for commercial housing[22] - Inventory decreased by 3.64% to CNY 1,622,276,554.63 from CNY 1,683,574,909.50, mainly due to the cost transfer of commercial housing inventory[22] - The company’s inventory decreased slightly to CNY 1,538,943,873.78 from CNY 1,588,209,450.15, a decline of approximately 3.1%[46] Operational Highlights - The company signed a total contract worth CNY 582 million with Guangxi Construction Group for construction projects, with a contract period from March 1, 2019, to December 31, 2020[27] - Operating revenue surged by 110.85% to CNY 719,930,211.46 compared to CNY 341,436,876.05 in the same period last year, mainly driven by new sales of commercial housing[22] - The company reported no derivative investments during the reporting period, indicating a conservative investment strategy[33] - There were no instances of non-compliance with external guarantees during the reporting period, reflecting sound financial governance[35] - The company did not report any non-operational fund occupation by controlling shareholders or related parties, ensuring financial integrity[36]

Financial Performance - The company's operating revenue for 2018 was CNY 3,436,940,910.61, representing a 121.79% increase compared to CNY 1,549,614,465.33 in 2017[23]. - The net profit attributable to shareholders for 2018 was CNY 437,394,982.71, a significant increase of 381.22% from CNY 276,762,330.92 in 2017[26]. - Basic earnings per share for 2018 were CNY 1.1193, an increase of 381.23% compared to CNY 0.7083 in 2017[26]. - Total assets at the end of 2018 amounted to CNY 5,182,504,077.75, reflecting a 32.72% increase from CNY 3,904,776,967.49 in 2017[26]. - The net assets attributable to shareholders were CNY 1,015,258,130.81, a 75.86% increase from CNY 577,300,726.09 in 2017[26]. - The company reported a significant adjustment in revenue recognition for real estate projects, impacting the financial results for 2017 and 2018[31]. - The company experienced a quarterly revenue of CNY 2,220,610,238.48 in Q4 2018, with a net profit of CNY 495,586,288.85[30]. - Non-recurring gains and losses for 2018 included a loss of CNY 536,224.74, compared to a loss of CNY 31,432,095.02 in 2017[33]. - The total operating revenue for 2018 reached CNY 3,436,940,910.61, representing a 121.79% increase compared to CNY 1,549,614,465.33 in 2017[56]. Profit Distribution - The company reported a profit distribution plan for 2018, proposing a capital reserve increase of 11,723,060 shares, resulting in a total share capital of 402,491,731 shares[5]. - The company did not distribute profits for the 2018 fiscal year, indicating a focus on capital retention[5]. - The company did not distribute cash dividends in 2018, maintaining a cash dividend ratio of 0.00%[118]. - The retained undistributed profits will primarily be used for repaying bank loans and supporting the working capital needs of subsidiaries[120]. Corporate Governance - The audit report from Zhongchao Yatai Accounting Firm highlighted significant internal control deficiencies due to previous management's legal issues and questionable prepayment investments[5]. - The company reported a non-standard audit opinion due to issues related to former management and prepayment investments, leading to a reserved audit report and a negative internal control audit report[129]. - The company has implemented corrective measures for significant deficiencies identified in the audit, including adjustments to management positions and improvements in the prepayment authorization system[131]. - The company has engaged Zhongshun Yatai Accounting Firm for auditing services, with a fee of 1.6 million RMB for the year[135]. Legal Matters - The company is involved in a lawsuit with shareholder Lin Zhi, with the amount in dispute being 0 million RMB[143]. - Another lawsuit involves the company against Lin Zhi and others, with a disputed amount of 50 million RMB[144]. - The company incurred legal fees of 1,270,900 RMB related to a lawsuit that was withdrawn, which will not significantly impact current or future profits[147]. - A lawsuit initiated by Jingji Group against the company has a disputed amount of 49 million RMB, which also does not form an expected liability[147]. - The company faced a series of civil rulings and appeals related to the lawsuits, with the latest ruling allowing the withdrawal of a lawsuit by Jingji Group[152]. - The company has been involved in multiple legal proceedings, but none have resulted in significant financial liabilities[145]. - The company continues to monitor ongoing litigation and its potential impacts on operations and financial health[148]. - The company is involved in a loan dispute case with Shenzhen Longgang Investment Holding Group, with the amount in dispute being RMB 67.19 million[167]. - The company is currently facing a lawsuit from COFCO Group regarding a shareholder contribution dispute, with the amount in dispute being RMB 518.73 million[169]. Operational Challenges - The company emphasized potential risks in its future development outlook, urging investors to be aware of investment risks[5]. - The company faced challenges in the pig farming sector due to African swine fever, leading to a decrease in pig feed sales[48]. - The real estate market in Shenzhen is experiencing a downturn, with a shift to a buyer's market due to increased supply and decreased demand[103]. - The company anticipates that the impact of African swine fever will continue into 2019, affecting both feed and breeding industries[99]. - Environmental regulations are tightening, leading to the exit of small-scale pig farming and the expansion of large-scale farming operations[100]. Strategic Initiatives - The company aims to enhance its market competitiveness through management, technology, and brand advantages, focusing on integrity and efficiency[42]. - The company is focusing on developing antibiotic-free feed products in response to upcoming regulations banning antibiotic use[101]. - The company will implement safety production measures and improve water supply quality to mitigate operational risks in the public utility sector[111]. - The company plans to upgrade its water treatment facilities to improve water quality and increase production capacity[111]. - The company aims to deepen agricultural development, leverage real estate, and steadily advance public utilities as part of its strategic direction for 2018[105]. - In 2019, the company plans to focus on core agricultural enterprises, accelerate real estate development, and stabilize public utilities to enhance social benefits[106]. Sector Performance - The company operates in four main sectors: modern agriculture, public utilities, real estate, and financial investment, focusing on high-end pork and egg sales, feed production, and urban water supply[36]. - The modern agriculture sector is the strategic core, utilizing a company + cooperative model to enhance the production and supply chain of quality meat products[36]. - The public utility segment includes 886 electric taxis and 61 long-distance buses, emphasizing safety and community service[37]. - The real estate sector is impacted by national policies, with a decrease in new construction area growth and an increase in second-hand housing costs due to regulatory changes[40]. - The financial investment sector is adapting to stricter regulatory requirements, leading to more standardized operations[40]. Research and Development - The company has established several research and development initiatives, including the establishment of academic workstations to enhance agricultural technology and eco-friendly practices[44]. - Research and development expenses rose by 14.70% to CNY 25,201,621.33, reflecting increased investment in various R&D projects[75]. - The number of R&D personnel increased by 54.55% to 51, representing 3.28% of the total workforce[75]. Related Party Transactions - The total amount of related party transactions during the reporting period is estimated at 31.2624 million yuan[177]. - The company procured finished water from Shenzhen Water (Group) Co., Ltd. at a government-set price, amounting to 31.2624 million yuan, which accounts for 22.48% of total transactions[177]. - There were no joint external investment related party transactions during the reporting period[179]. - The company reported no related party debt or credit transactions during the reporting period[180]. Cash Flow and Investments - The net cash flow from operating activities increased by 228.13% year-on-year, reaching ¥1,078,635,007.00, primarily due to increased pre-sale payments for the Shanhai Shangyuan project[80]. - The net cash flow from investment activities decreased by 776.61% year-on-year, resulting in a net outflow of ¥534,218,381.81, mainly due to investments in equity funds and bank financial products[80]. - The total cash and cash equivalents increased by 123,559,435.48, a decrease of 85.47% compared to the previous year[80]. - The company reported a total of ¥532,908,914.82 in cash that is restricted due to legal disputes and loan collateral[87].