深圳市京基智农时代股份有限公司 2022 年第三季度报告 证券代码：000048 证券简称：京基智农 公告编号：2022-034 深圳市京基智农时代股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误导性陈述或重大遗漏。 重要内容提示： 1、董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、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。 2、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）声明：保证季度报告中财务信息的真实、准确、 完整。 3、第三季度报告是否经过审计 □是 否 1 深圳市京基智农时代股份有限公司 2022 年第三季度报告 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------|------------------------| ...

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,094,718,617.20, a decrease of 57.45% compared to ¥2,572,948,157.21 in the same period last year[27]. - The net profit attributable to shareholders of the listed company was -¥184,210,820.93, representing a decline of 137.64% from ¥489,431,861.25 in the previous year[27]. - The basic earnings per share for the reporting period was -¥0.3521, down 137.64% from ¥0.9354 in the same period last year[27]. - The diluted earnings per share also stood at -¥0.3521, reflecting the same decline as the basic earnings per share[27]. - The weighted average return on net assets was -8.77%, a decrease of 26.93% from 18.16% in the previous year[27]. - The company reported a net profit of -104,240,880.25 CNY from non-operating asset disposal losses during the reporting period[30]. - The company achieved a net profit growth of 42% in its feed business, despite facing challenges from high commodity prices and market competition[43]. - The company reported a significant decrease in sales expenses by 96.60% to ¥6,474,386.53, linked to the lack of real estate project revenue recognition[63]. - The company reported a net loss of approximately ¥30.46 million from investment income, primarily due to the transfer of equity in a subsidiary[71]. - The company reported a total comprehensive income attributable to the parent company of CNY -176,652,619.97 for the first half of 2022, compared to CNY 494,148,357.13 in the same period of 2021[197]. Assets and Liabilities - The total assets at the end of the reporting period were ¥15,189,815,000.20, reflecting a 2.41% increase from ¥14,832,560,318.32 at the end of the previous year[27]. - The company's total assets included cash of approximately ¥1.81 billion, down 11.87% from the previous year, mainly due to investments in pig farming projects and dividend distributions[72]. - Inventory increased to approximately ¥5.39 billion, representing 35.51% of total assets, up from 28.98% the previous year, driven by real estate project expenditures and biological asset increases in pig farming[72]. - Contract liabilities rose to approximately ¥7.93 billion, accounting for 52.21% of total assets, due to cash received from property sales[72]. - The company's total equity decreased to CNY 1,692,482,994.11 from CNY 2,559,146,639.08, representing a decline of 33.8%[188]. - The total current liabilities rose to approximately CNY 3.12 billion, compared to CNY 2.98 billion at the beginning of the year, indicating an increase of about 4.7%[182]. Operational Highlights - The company sold a total of 50.89 million pigs during the reporting period, including 9.84 million piglets[40]. - The company has established four major pig breeding bases in Guangdong and surrounding areas, with an annual production capacity exceeding 2 million pigs[37]. - The company’s feed production volume for the first half of 2022 was 2,332 million tons, a year-on-year decrease of 9.4%[39]. - The company’s total pig feed production volume was 945 million tons, down 12.4% year-on-year[39]. - The company’s chicken seedling output was 9.92 million chicks, a year-on-year decrease of 21%[43]. - The company has a total of approximately 90,900 breeding sows, maintaining a leading position in the region[52]. Strategic Initiatives - The company aims to enhance production capacity utilization and optimize the breeding structure in its modern agriculture projects[45]. - The company plans to focus on the construction and sales of the "Shanhai Gongguan" and "Shanhai Yuyuan" projects, ensuring timely delivery and increasing sales efforts[45]. - The company has established a full industry chain from breeding to feed to high-quality livestock products, primarily serving the Guangdong-Hong Kong-Macao Greater Bay Area market[49]. - The company has signed a strategic cooperation framework agreement with the Shenzhen Market Supervision Administration to ensure stable supply of pork products during the pandemic[50]. - The company is enhancing its biosecurity measures to mitigate risks from animal diseases, including establishing a dedicated management team for African swine fever[91]. Research and Development - Research and development investment rose by 14.54% to ¥17,860,133.55, indicating a commitment to innovation[63]. - The company has developed a comprehensive feed formula that effectively reduces breeding costs by providing balanced nutrition tailored to different growth stages of pigs[54]. - Research and development expenses increased to CNY 17,860,133.55 in the first half of 2022, compared to CNY 15,593,317.91 in the previous year, reflecting a focus on innovation[196]. Social Responsibility and Sustainability - The company actively engaged in social responsibility initiatives, donating over 300,000 yuan in funds and materials for various public welfare activities[110]. - The company is committed to environmental protection by implementing an ecological farming model and transforming waste into resources, contributing to local agricultural development[110]. - The company has built a comprehensive pig industry chain project, ensuring traceability from farm to table and providing high-quality pork products to consumers[109]. Corporate Governance - The annual shareholders' meeting had a participation rate of 73.46% on April 8, 2022[97]. - The company has fulfilled all commitments made by its actual controller and shareholders during the reporting period[117]. - The company reported no non-operating fund occupation by controlling shareholders or related parties[120]. - The company has no violations regarding external guarantees during the reporting period[120]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[82][83].

Financial Performance - The company's operating revenue for Q1 2022 was ¥460,365,527.64, a decrease of 77.21% compared to ¥2,020,310,009.13 in the same period last year[4] - The net profit attributable to shareholders was -¥141,770,640.19, representing a decline of 134.95% from ¥405,613,994.59 in the previous year[4] - The company's basic earnings per share were -¥0.2709, down 134.95% from ¥0.7752 in the same period last year[4] - The net profit for Q1 2022 was a loss of CNY 138,092,093.41, compared to a profit of CNY 408,096,968.68 in Q1 2021, indicating a substantial decline in profitability[20] - The company reported a gross loss of CNY 129,792,600.37 for Q1 2022, contrasting with a gross profit of CNY 560,000,959.87 in the previous year[20] Cash Flow - The net cash flow from operating activities increased by 148.30%, reaching ¥289,115,016.67, compared to -¥598,524,003.01 in the same period last year[4] - Cash flow from operating activities for Q1 2022 was CNY 1,516,072,450.59, a significant increase from CNY 611,388,608.57 in Q1 2021[24] - The company experienced a net increase in cash and cash equivalents of -¥436,216,917.26 for Q1 2022, compared to -¥1,807,180,980.63 in Q1 2021[26] - The cash flow from financing activities showed a net outflow of -¥120,858,700.63, contrasting with a net inflow of ¥331,172,912.04 in the previous year[26] Assets and Liabilities - Total assets at the end of the reporting period were ¥15,160,052,207.17, an increase of 2.21% from ¥14,832,560,318.32 at the end of the previous year[4] - The total liabilities increased to CNY 12,738,810,061.55 in Q1 2022 from CNY 12,273,413,679.24 in the previous year, reflecting a growth of 3.78%[20] - The total current liabilities have increased to approximately RMB 11.70 billion, compared to RMB 10.99 billion at the beginning of the year, representing an increase of about 6.49%[17] - The total equity attributable to shareholders decreased to CNY 2,391,198,633.59 in Q1 2022 from CNY 2,532,781,673.83 in Q1 2021, a decline of 5.57%[20] Shareholder Information - The total number of common shareholders at the end of the reporting period is 11,280, with the largest shareholder, Jingji Group Co., Ltd., holding 43.04% of shares, amounting to 225,191,557 shares[9] - The company has a significant portion of its shares pledged, with Jingji Group having 153,383,924 shares pledged[9] Operational Costs and Expenses - Total operating costs for Q1 2022 amounted to CNY 574,678,980.32, representing a 39.5% increase from CNY 1,461,280,732.19 in Q1 2021[19] - The financial expenses increased by 960.66% to ¥10,795,573.20, primarily due to rising interest costs associated with the pig farming project[8] - Research and development expenses for Q1 2022 were CNY 7,408,095.50, slightly up from CNY 7,085,084.46 in the same period last year[20] Inventory and Investments - The inventory at the end of the reporting period is approximately RMB 4.62 billion, up from RMB 4.30 billion at the beginning of the year, indicating an increase of about 7.51%[16] - The company has ongoing investments in fixed assets, with a total of approximately RMB 3.46 billion at the end of the reporting period, up from RMB 3.20 billion[16] Other Financial Metrics - The weighted average return on equity was -5.76%, a decrease of 19.49% compared to 13.73% in the previous year[4] - The company recorded a loss of -¥22,099,594.09 from asset disposals, a significant increase of 551.20% compared to the previous year[8] - Other comprehensive income after tax for Q1 2022 was CNY 187,599.95, compared to a loss of CNY 139,748.99 in the same period last year[23] Audit Information - The company did not conduct an audit for the Q1 2022 report[27]

Financial Performance - The company's operating revenue for 2021 was ¥3,221,474,431.12, a decrease of 20.88% compared to 2020[23]. - The net profit attributable to shareholders for 2021 was ¥389,339,568.12, down 55.07% from ¥866,563,499.30 in 2020[23]. - The net profit after deducting non-recurring gains and losses was ¥339,151,964.74, a decline of 58.54% compared to the previous year[23]. - The average return on equity was 15.00%, down from 35.46% in 2020, indicating a significant decline in profitability[23]. - The total operating revenue for 2021 was approximately CNY 3.22 billion, a decrease of 20.88% compared to CNY 4.07 billion in 2020[64]. - The revenue from feed production was CNY 745.08 million, accounting for 23.13% of total revenue, with a year-on-year increase of 7.98%[66]. - Real estate development revenue was CNY 2.22 billion, representing 68.80% of total revenue, with a year-on-year decrease of 31.20%[66]. - The breeding industry saw a significant revenue increase of 228.81%, reaching CNY 241.26 million, up from CNY 73.37 million in 2020[66]. Cash Flow and Assets - The net cash flow from operating activities increased by 46.21% to ¥2,640,721,394.56 in 2021[23]. - The total assets of the company at the end of 2021 were ¥14,832,560,318.32, representing a 49.77% increase from the previous year[24]. - The net cash flow from investment activities was -¥2,562,033,417.56, representing a significant increase of 849.31% compared to -¥269,883,819.01 in 2020[81]. - The total cash inflow from financing activities was ¥1,407,810,475.28, a 65.94% increase from ¥848,410,150.32 in the previous year[81]. - The company's cash and cash equivalents decreased by ¥24,276,224.04, a decline of 101.19% compared to an increase of ¥2,041,513,299.51 in the previous year[81]. - The inventory increased to ¥4,298,519,272.40, accounting for 28.98% of total assets, up from 25.92% in the previous year[88]. - The contract liabilities increased significantly to ¥6,093,887,836.36, representing 41.08% of total assets, up from 15.88% at the beginning of the year[88]. Business Operations and Strategy - The company has expanded its business scope to include livestock breeding, sales, and pork slaughtering, as well as meat product packaging, cold storage, and transportation[21]. - The company aims to achieve a pig output of over 1 million heads in 2022 and over 2 million heads in 2023[104]. - The company plans to enhance production capacity utilization and optimize pig herd structure to ensure stable supply[105]. - The company is committed to building a traceable quality safety system across the entire pig industry chain[105]. - The company has established a full industry chain for livestock production, focusing on pig breeding, feed, and high-quality livestock products, primarily serving the Guangdong-Hong Kong-Macao Greater Bay Area market[54]. - The company has implemented a strategy to optimize its product structure and enhance its market competitiveness in the feed industry[46]. - The company is expected to maintain a stable and healthy development in the real estate market, adhering to the "housing is for living, not for speculation" policy[44]. Risk Management - The company emphasizes the risks associated with raw material price fluctuations and the cyclical volatility of live pig prices, which may impact future performance[5]. - The company is facing challenges due to high raw material costs, with corn and soybean meal prices remaining elevated, impacting profitability[41]. - The cyclical nature of pig prices poses a risk, with the company planning to enhance research and development to improve breeding efficiency and manage cash flow effectively[110]. - The company faces macroeconomic risks due to ongoing challenges from the COVID-19 pandemic and geopolitical tensions, which may impact business development[109]. - The company has established a dedicated team for African swine fever prevention, focusing on improving biosecurity measures to mitigate disease risks[110]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[4]. - The company operates under the Shenzhen Stock Exchange's self-regulatory guidelines for the livestock and real estate industries[4]. - The company has established a sound independent financial accounting system, allowing for independent financial decision-making and management[116]. - The company has revised its articles of association and related rules to ensure compliance with legal regulations and improve corporate governance since April 2019[175]. - The company’s board of directors and supervisory board operate independently, ensuring effective management without interference from the controlling shareholder[117]. - The company has not reported any significant discrepancies between its governance practices and the regulatory requirements set forth by the China Securities Regulatory Commission[115]. Employee and Social Responsibility - The company has implemented a training program aimed at enhancing employee skills and supporting business development, with a focus on a dual-phase 180-day training for new graduates[157]. - The company has established a comprehensive employee compensation structure, including performance bonuses and welfare benefits[188]. - The company donated nearly 3 million yuan for social welfare activities, including support for education and assistance to the elderly[191]. - The company is actively involved in rural revitalization projects, creating quality employment opportunities and supporting local economic development[193]. - The company has provided 130,000 yuan in educational funding to support local students and established partnerships with educational institutions[193]. Future Outlook - The company provided a performance guidance for 2022, expecting a revenue growth of 10% to 12%[126]. - The company plans to invest 200 million RMB in new technology development over the next three years[124]. - The company aims to strengthen channel construction in the feed business, focusing on key products and regions, and expanding direct sales in large markets[106]. - The company plans to continue work on the Shanhai Shangyuan Phase III and IV projects, with the Shanhai Yuyuan project currently in pre-sale and expected to deliver units within the year[108].

Revenue and Profit - Revenue for Q3 2021 was CNY 307,318,314.99, a decrease of 14.18% compared to the same period last year[3] - Net profit attributable to shareholders was CNY -113,026,860.96, a decline of 506.78% year-on-year[3] - Net profit excluding non-recurring items was CNY -74,318,714.34, down 447.23% from the previous year[3] - The company reported a significant increase in revenue for the first nine months of 2021, totaling CNY 2,880,266,472.20, up 141.60% year-on-year[11] - Total operating revenue for the third quarter reached CNY 2,880,266,472.20, a significant increase from CNY 1,192,172,469.24 in the same period last year, representing a growth of approximately 141.8%[20] - Net profit attributable to the parent company was CNY 376,405,000.29, compared to CNY 165,879,175.72 in the previous year, marking an increase of about 126.7%[21] - The total comprehensive income for the quarter was CNY 383,742,254.76, compared to CNY 175,087,354.05 in the previous year, indicating a growth of about 118.9%[22] - The basic earnings per share for the quarter was CNY 0.7194, compared to CNY 0.3170 in the same quarter last year, representing an increase of approximately 126.5%[22] Assets and Liabilities - Total assets increased to CNY 12,241,093,812.61, representing a growth of 23.60% compared to the end of the previous year[3] - Owner's equity attributable to shareholders decreased to CNY 2,525,412,930.42, down 8.25% from the end of last year[3] - Total liabilities increased to CNY 9,691,538,330.30 from CNY 7,122,525,592.99, reflecting a growth of approximately 36%[20] - The company's total assets reached CNY 12,241,093,812.61, up from CNY 9,903,753,908.17, indicating an increase of around 23.7%[20] - Current assets totaled CNY 6,601,836,883.40, a slight decrease from CNY 6,780,783,587.67 in the previous period[18] - Non-current assets amounted to CNY 5,639,256,929.21, up from CNY 3,122,970,320.50, indicating significant investment in long-term assets[18] - Total cash and cash equivalents at the end of the period were 2,450,753,767.43 yuan, compared to 2,357,504,338.45 yuan at the end of the previous period, reflecting a net increase[27] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 682,833,791.31, a decrease of 58.53% compared to the same period last year[3] - The net cash flow from operating activities was 682,833,791.31 yuan, a decrease of 58.6% compared to the previous period's 1,646,574,486.47 yuan[26] - Total cash inflow from investment activities was 3,441,261,974.18 yuan, down 47.5% from 6,555,241,404.21 yuan in the previous period[26] - The net cash flow from investment activities was -2,353,679,962.37 yuan, compared to -513,364,163.99 yuan in the previous period, indicating a significant increase in cash outflow[26] - Cash outflow from financing activities totaled 741,199,760.23 yuan, an increase of 137.5% from 312,643,631.25 yuan in the previous period[27] - The net cash flow from financing activities was 581,100,317.05 yuan, a turnaround from -280,738,185.25 yuan in the previous period[27] Expenses - The company’s financial expenses increased significantly, with a reported amount of CNY 3,705,128.08, reflecting a 112.69% increase due to higher bank loan interest expenses[11] - The company reported a significant increase in sales expenses, which rose to CNY 201,232,779.51 from CNY 23,221,814.12, reflecting a growth of about 767.5%[20] - Research and development expenses for the quarter were CNY 23,952,220.40, compared to CNY 20,114,814.56 in the previous year, showing an increase of about 14.4%[20] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 13,192, with the top ten shareholders holding significant stakes in the company[15] - Cash distributed as dividends and interest payments rose by 114.54% to CNY 670,740,229.43, attributed to an increase in dividend distribution during the reporting period[12] - The company paid 670,740,229.43 yuan in dividends and interest, up from 312,634,835.57 yuan in the previous period, indicating a higher return to shareholders[27] Other Financial Metrics - The company’s cash and cash equivalents decreased by 30.78% to CNY 2,450,753,767.43, primarily due to investments in pig farming projects and tax payments[6] - The company’s fixed assets increased by 331.86% to CNY 2,324,164,880.02, mainly due to the construction of pig farming projects[6] - The cash paid for the construction of fixed assets, intangible assets, and other long-term assets increased by 102.60% to CNY 2,003,141,936.55, primarily due to increased investment in pig farming projects during the reporting period[12] - Cash received from borrowings surged by 4044.43% to CNY 1,322,300,077.28, mainly due to increased loans for real estate and pig farming projects[12] - Cash paid for debt repayment increased significantly by 582563.38% to CNY 51,249,206.24, reflecting a rise in loan repayments during the reporting period[12] Audit and Reliability - The report for the third quarter was not audited, which may affect the reliability of the financial data presented[33]

Financial Performance - The net profit attributable to shareholders for the reporting period was ¥2,572,948,157.21, representing an increase of 208.48% compared to the same period last year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥489,431,861.25, a 254.42% increase year-on-year[23]. - The basic earnings per share for the reporting period was ¥0.9354, reflecting a growth of 254.45% compared to the previous year[23]. - The weighted average return on equity was 18.16%, an increase of 11.51% from the previous year[23]. - The company reported a total profit of ¥675,833,811.56 for the first half of 2021, compared to ¥190,554,215.25 in the same period of 2020, indicating an increase of approximately 254.5%[163]. - The company's total comprehensive income for the first half of 2021 was ¥494,148,357.13, compared to ¥143,023,699.57 in the first half of 2020, reflecting an increase of about 245.5%[164]. Revenue and Costs - The company's operating revenue for the reporting period reached CNY 2,572,948,157.21, a significant increase of 208.48% compared to CNY 834,061,185.07 in the same period last year, primarily due to the recognition of revenue from real estate projects[49]. - Operating costs amounted to CNY 1,011,754,142.32, reflecting a 99.26% increase from CNY 507,754,371.20, corresponding to the rise in revenue from real estate projects[49]. - The total operating costs for the first half of 2021 were ¥1,879,244,351.88, compared to ¥690,195,770.54 in the same period of 2020, which is an increase of approximately 172.5%[161]. Cash Flow - The net cash flow from operating activities was -¥1,661,946,026.24, a decrease of 246.03% compared to the same period last year[23]. - Cash flow from operating activities showed a net outflow of ¥1,661,946,026.24 in the first half of 2021, contrasting with a net inflow of ¥1,138,074,256.29 in the first half of 2020[168]. - The company reported a significant decrease in cash flow from operations, which may affect future liquidity and investment capabilities[174]. Assets and Liabilities - The total assets at the end of the reporting period were ¥9,066,417,051.25, down 8.45% from the end of the previous year[23]. - The net assets attributable to shareholders at the end of the reporting period were ¥2,638,478,478.96, a decrease of 4.14% from the previous year[23]. - Total liabilities decreased from CNY 7,122,525,592.99 to CNY 6,404,577,975.44, a reduction of approximately 10%[153]. Strategic Initiatives - The company is committed to developing its agricultural and real estate sectors, with strategic partnerships to enhance operational efficiency[30]. - The company plans to develop multiple pig industry chain projects in Guangdong and surrounding provinces, focusing on high standards and efficiency in smart agriculture[39]. - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the provided data[167]. Risks and Challenges - The company faces risks related to raw material cost fluctuations and pig price cycle volatility[6]. - The company is exposed to epidemic risks in pig farming, particularly from African swine fever, which poses a significant operational risk until an effective vaccine is developed[62]. - The real estate sector is heavily influenced by national macro-control policies, and the company will closely monitor policy changes to adjust its business strategy accordingly[63]. Shareholder Information - The largest shareholder, Jingji Group, holds 43.04% of the shares, with a total of 225,191,557 shares[123]. - The total number of shares increased from 402,491,731 to 523,239,250 due to the implementation of the 2020 profit distribution plan, resulting in a total increase of 120,747,519 shares[121]. - The company reported a total of 12,995 shareholders at the end of the reporting period[123]. Corporate Governance - The company has not made any adjustments or restatements to previous years' accounting data[24]. - There were no significant environmental issues or administrative penalties reported during the reporting period[74]. - The company has not engaged in any significant equity or non-equity investments during the reporting period[61].

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].