西王食品股份有限公司 2021 年第一季度报告全文 西王食品股份有限公司 2021 年第一季度报告 （公告编号：2021-013） 2021 年 04 月 1 西王食品股份有限公司 2021 年第一季度报告全文 第一节 重要提示 西王食品股份有限公司 2021 年第一季度报告全文 第二节 公司基本情况 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 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 1,572,990,272.81 | 1,207,630,520.71 | 30.25% | | 归属于上市公司股东的净利润（元） | 86,154,040.16 | 77,581,974.51 | 11.05% | | 归属于上市公司股东的扣除非经常性损 益的净利润（元） | 85,865,423.90 | 78,278,650.96 | 9.69% | | 经营活动产生的现金流量净额（元） | 51,518,860.81 | -20,616,842.68 | 349.89% | | 基 ...

Financial Performance - The company reported a total revenue of RMB 3.5 billion for the year 2020, representing a year-on-year increase of 12%[21]. - The net profit attributable to shareholders was RMB 250 million, an increase of 15% compared to the previous year[21]. - The company's operating revenue for 2020 was approximately CNY 5.78 billion, representing a 0.92% increase compared to 2019[28]. - The net profit attributable to shareholders for 2020 was approximately CNY 312.84 million, a significant turnaround from a loss of CNY 751.99 million in 2019, marking a 141.60% increase[28]. - The net cash flow from operating activities for 2020 was approximately CNY 702.65 million, an increase of 78.71% from the previous year[28]. - The basic earnings per share for 2020 was CNY 0.29, compared to a loss of CNY 0.70 in 2019, reflecting a 141.43% improvement[28]. - The company reported a weighted average return on equity of 8.63% for 2020, a significant improvement from -19.19% in 2019[28]. - The company reported a net profit of 108,305 million yuan for the year 2020, reflecting its strong financial performance[51]. - The company's total revenue for the year was approximately CNY 5.78 billion, with a year-on-year increase of 0.92%[76]. Market Expansion and Product Development - The company plans to invest RMB 100 million in new product development and technology research in 2021[21]. - The company has expanded its market presence, entering three new provinces in China during 2020[21]. - The company plans to expand its production capacity with a new project aimed at producing 300,000 tons of small-packaged corn oil annually, which will increase total production capacity to 600,000 tons[41]. - The company launched over 60 new products in the sports nutrition segment during the year, including the new Platinum NMN capsule[42]. - The company aims to enhance brand competitiveness through a long-term brand development plan and regular brand updates every two years[42]. - The company is expanding its product line with new corn oil products that offer comprehensive nutritional benefits[90]. - The company plans to invest RMB 1.5 billion in the new corn oil project to meet the increasing market demand for corn oil[127]. Customer and Market Insights - User data indicates a growth in customer base by 20%, reaching 1.2 million active users by the end of 2020[21]. - The sports nutrition market is expected to continue growing as consumer health awareness increases, with diverse product offerings becoming mainstream[46]. - The company’s revenue from the Chinese market increased by 19.70% to CNY 3.82 billion, making up 66.09% of total revenue[74]. - The company’s online sales during the Double 11 shopping festival increased by 39% compared to the previous year, setting new sales records[68]. - The company’s marketing efforts included a partnership with global celebrity Henry Cavill, resulting in over 700 million promotional exposures throughout the year[69]. Risk Management - The company is actively managing risks related to raw material price fluctuations, particularly in edible oil, which has seen a price increase of approximately 10%[7]. - The company is monitoring foreign exchange risks, particularly the fluctuation of the RMB against the USD, which could impact profitability[10]. - The company faces risks from international trade tensions, raw material price fluctuations, and the ongoing global COVID-19 pandemic, which may impact downstream demand[120][121]. Operational Stability and Employee Management - The company has implemented strategies to ensure operational stability and employee safety during the pandemic[9]. - The company is committed to talent development and retention, implementing succession plans and improving performance management systems[43]. - The company has a structured remuneration scheme approved by the board and shareholders[184]. - The company employs a total of 1,957 staff, with 577 in production, 654 in sales, and 113 in technical roles[186]. Governance and Shareholding Structure - The company has not proposed cash dividend distribution plans for 2020 despite having positive distributable profits, focusing instead on future project funding needs[127]. - The total number of shares after the recent changes is 1,079,428,095, with 99.71% being unrestricted shares[150]. - The largest shareholder, Xiwang Group Co., Ltd., holds 29.70% of the shares, totaling 320,545,721 shares, which are currently pledged[158]. - The company has a policy that limits the transfer of shares by departing executives to no more than 25% of their total holdings within six months after leaving[150]. - The board of directors consists of 9 members, including 3 independent directors, and operates in accordance with legal requirements to ensure effective governance[197]. Research and Development - Research and development expenses increased by 8.32% to CNY 103.05 million, reflecting ongoing investment in new product development[88]. - The number of R&D personnel decreased by 3.42% to 113, while their proportion of total employees increased to 6.80%[90]. - Research and development investment increased by 8.32% to ¥103,052,176.70 in 2020, representing 1.78% of operating revenue[90]. Environmental and Social Responsibility - There were no significant environmental protection issues reported, as the company is not classified as a key pollutant discharge unit by environmental authorities[144]. - The company has not reported any social responsibility initiatives or achievements for the year 2020[143].

Financial Performance - Net profit attributable to shareholders was CNY 105,287,790.80, down 2.84% year-on-year[7]. - Operating revenue for the period was CNY 1,634,154,405.54, an increase of 14.12% compared to the same period last year[7]. - The company reported a net profit attributable to shareholders for the year-to-date of CNY 285,288,903.15, down 14.24% compared to the previous year[7]. - The estimated cumulative net profit for the year is projected to be between 340 million and 380 million yuan, representing a significant increase of 145.21% compared to the previous year's loss of 751.99 million yuan[20]. - Basic earnings per share are expected to rise to 0.315 yuan, compared to a loss of 0.6967 yuan per share in the previous year, marking an increase of 145.21%[20]. - The net profit for Q3 2020 was CNY 129,279,034.93, compared to CNY 113,843,319.40 in the previous year, reflecting an increase of about 13.5%[38]. - The total profit for Q3 2020 was CNY 159,799,648.84, up from CNY 141,381,698.90, indicating a growth of approximately 13%[38]. - The operating profit for Q3 2020 was CNY 161,703,721.97, compared to CNY 138,354,066.96 in the same quarter last year, marking an increase of about 16.9%[38]. - The company reported a decrease in other comprehensive income attributable to the parent company, with a net amount of CNY -74,754,459.31 compared to CNY 77,705,451.11 in the previous year[39]. - The total comprehensive income for Q3 2020 was CNY 285,626,178.45, a decrease of 40.9% from CNY 482,373,129.57 in Q3 2019[47]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 7,750,885,143.17, a decrease of 4.78% compared to the end of the previous year[7]. - Total liabilities as of September 30, 2020, amounted to CNY 3,364,579,172.57, down from CNY 4,039,450,097.99 at the end of 2019[31]. - Total assets as of September 30, 2020, were CNY 7,750,885,143.17, a decrease from CNY 8,140,129,890.14 at the end of 2019[31]. - Current liabilities total 2,427,082,325.95 CNY, with short-term borrowings at 1,145,815,000.00 CNY and accounts payable at 356,913,859.13 CNY[62]. - Non-current liabilities amount to 1,612,367,772.04 CNY, primarily driven by long-term borrowings of 1,019,588,467.43 CNY and deferred tax liabilities of 592,745,533.22 CNY[63]. - Total equity is reported at 4,100,679,792.15 CNY, with a capital reserve of 1,674,745,138.73 CNY and retained earnings of 566,024,008.96 CNY[63]. Cash Flow - The net cash flow from operating activities was CNY 182,017,546.34, an increase of 3.01% year-on-year[7]. - The net cash flow from operating activities for Q3 2020 was ¥361,004,587.32, a decrease of 4.1% compared to ¥378,563,045.40 in Q3 2019[54]. - Total cash inflow from operating activities was ¥4,477,069,041.59, while cash outflow was ¥4,116,064,454.27, resulting in a net cash flow of ¥361,004,587.32[54]. - Investment activities resulted in a net cash outflow of ¥392,943,997.06, compared to a net outflow of ¥251,689,630.61 in the previous year[55]. - Cash inflow from financing activities was ¥639,059,872.39, while cash outflow was ¥241,300,587.09, leading to a net cash flow of -¥241,300,587.09[55]. - The total cash and cash equivalents at the end of Q3 2020 was ¥616,264,837.14, down from ¥864,710,984.24 at the end of Q3 2019[55]. Operational Efficiency - Basic earnings per share were CNY 0.0975, a decrease of 2.89% compared to the same period last year[7]. - The weighted average return on equity was 2.79%, an increase of 0.72% compared to the previous year[7]. - Total operating costs for Q3 2020 reached CNY 1,461,725,949.71, up 12.6% from CNY 1,297,335,078.20 in Q3 2019[37]. - The operating costs for the third quarter were CNY 3,911,894,680.02, an increase from CNY 3,798,156,990.73, representing a rise of about 3%[44]. - The company reported a decrease in financial expenses, with interest expenses at CNY 27,340,324.44, down from CNY 44,149,016.08 in the previous year[37]. - Research and development expenses for Q3 2020 were CNY 70,352,917.90, compared to CNY 47,090,180.43 in the previous year, indicating an increase of approximately 49.3%[44]. Compliance and Governance - The company has committed to avoiding any illegal occupation of funds and assets, ensuring the protection of shareholder rights[17]. - The company has maintained its commitment to uphold the independence of its operations and assets, ensuring no non-operational fund occupation by controlling shareholders[22]. - The company has not engaged in any major contracts or commissioned financial management during the reporting period[21][24]. - The company has committed to transferring or temporarily managing any competing business to avoid conflicts with its operations[17]. - The third-quarter report has not been audited, which may affect the reliability of the financial data presented[67].

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 2,647,043,749.56, a decrease of 4.58% compared to CNY 2,774,186,788.06 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 180,001,112.35, down 19.75% from CNY 224,300,930.38 in the previous year[16]. - The net profit after deducting non-recurring gains and losses was CNY 161,658,135.40, a decline of 25.08% compared to CNY 215,778,628.07 in the same period last year[16]. - The net cash flow from operating activities was CNY 178,987,040.98, which is 11.33% lower than CNY 201,864,301.46 in the previous year[16]. - The total assets at the end of the reporting period were CNY 7,976,036,173.77, a decrease of 2.02% from CNY 8,140,129,890.14 at the end of the previous year[16]. - The basic earnings per share were CNY 0.17, down 19.05% from CNY 0.21 in the same period last year[16]. - The diluted earnings per share were also CNY 0.17, reflecting the same percentage decrease of 19.05% compared to the previous year[16]. - The weighted average return on net assets was 4.94%, an increase of 0.57% from 4.37% in the previous year[16]. Business Segments and Operations - The company operates primarily in two segments: edible oil and sports nutrition, with a focus on non-GMO corn oil and a complete supply chain from raw materials to end products[24]. - The edible oil segment has established a strong brand presence, with "Xiwang" corn oil achieving a market share exceeding 30% and brand recognition reaching 60%[35]. - The company has expanded its sales network to over 200,000 marketing outlets across major cities, supported by partnerships with nearly 800 distributors[38]. - The sports nutrition segment includes the acquisition of Kerr Company, which offers a range of well-known brands and aims to expand sales channels in China through gyms and high-end supermarkets[25][26]. - The company emphasizes product innovation and quality control in the sports nutrition segment, leveraging a complete supply chain and global sales channels[29]. - The company has implemented a comprehensive quality monitoring system throughout the production process, ensuring food safety and product quality[24][34]. - The company’s research and development capabilities are supported by advanced production technology and equipment, ensuring high-quality edible oil products[34]. Market Strategy and Expansion - The company aims to consolidate its presence in first-tier cities while developing second and third-tier cities as part of its market expansion strategy[24]. - The company reported a net profit of 76,376 million yuan during the reporting period, reflecting strong performance in both segments[32]. - The company maintains a stable supply of raw materials, with one-third of its corn germ sourced from its controlling shareholder, ensuring a reliable production base[33]. - Kerr's products are sold in over 130 countries, with a strong presence in North America, leveraging high brand recognition and partnerships with NBA star Russell Westbrook as a spokesperson[40]. - The company has developed over 800 innovative products through significant R&D investment and collaboration with universities, maintaining a competitive edge in the sports nutrition sector[42]. - The company launched new products including a protein bar series and BCAA sparkling water, achieving an exposure rate of 28 million for promotional content[52]. - The company expanded its distribution network by adding over 60 new distributors and opening more than 10,000 new retail points, enhancing its offline sales channels[48]. - The marketing campaign during the Spring Festival generated sales of 60 million yuan across 1,000 stores, showcasing effective promotional strategies[49]. - The company has established a community retail platform with 10,000 stores and over 200 partners to adapt to changing consumer behaviors during the pandemic[48]. Financial Health and Investments - The company plans to invest in a new project to build a 300,000-ton small packaging corn germ oil production line to enhance its market position[53]. - Research and development investment increased by 91.93% to ¥40,790,524.14 from ¥21,252,730.84 in the previous year[56]. - The company's cash and cash equivalents decreased by 335.63% to a net decrease of ¥273,163,450.23, mainly due to acquisition payments[56]. - The company aims to strengthen its market potential and improve operational efficiency through strategic resource investments[54]. - The company's short-term borrowings decreased by 3.50% to ¥1,093,000,000.00 from ¥1,761,173,990.83 in the previous year[61]. - The company reported a net profit of 57.34 million yuan for Shandong Xiwang Food Co., Ltd. during the reporting period, with operating income of 129.77 million yuan[72]. - Zou Ping Xiwang Corn Oil Co., Ltd. achieved an operating income of 85.08 million yuan and a net profit of 4.07 million yuan in the same period[73]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[81]. Risks and Challenges - The company faces risks from international trade tensions, rising costs, and the ongoing global COVID-19 pandemic, but remains confident in long-term development[76][77]. - The company will continue to increase R&D investment to enhance product competitiveness and maintain gross profit levels amid rising costs[76]. - The company is monitoring exchange rate fluctuations and will adjust pricing strategies to mitigate potential impacts on operations[78]. Shareholder Information - The largest shareholder, Xiwang Group Co., Ltd., holds 29.70% of the shares, totaling 320,545,721 shares, which are pledged[110]. - Shandong Yonghua Investment Co., Ltd. holds 22.62% of the shares, totaling 244,154,025 shares, which are also pledged[110]. - The total number of ordinary shareholders at the end of the reporting period was 33,606[110]. - The company reported no changes in the controlling shareholder or actual controller during the reporting period[113]. Accounting and Compliance - The financial statements are prepared based on the assumption of going concern, following the accounting standards set by the Ministry of Finance[165]. - The company has not yet implemented the revised accounting standards for leases issued in 2018[166]. - The accounting policies include significant estimates related to deferred tax assets and fair value measurement of financial instruments[168]. - The company’s fiscal year runs from January 1 to December 31[172]. - The company’s financial statements comply with the disclosure requirements of the China Securities Regulatory Commission[171].

Financial Performance - The company reported a significant increase in revenue, achieving a total of RMB 1.5 billion in 2019, representing a year-on-year growth of 15%[12]. - The company's operating revenue for 2019 was ¥5,727,004,023, a decrease of 2.02% compared to ¥5,845,040,221 in 2018[20]. - The net profit attributable to shareholders was -¥751,998,817, representing a decline of 260.52% from ¥468,462,924 in the previous year[20]. - The net cash flow from operating activities decreased by 67.04% to ¥393,179,862.94 from ¥1,192,994,534.56 in 2018[20]. - The total assets at the end of 2019 were ¥8,140,129,890, down 20.81% from ¥10,279,742,024 in 2018[20]. - The company reported a basic earnings per share of -¥0.70, a decrease of 259.09% from ¥0.44 in 2018[20]. - The company incurred non-recurring losses of ¥110,004,862 in 2019, primarily due to litigation and arbitration compensation expenses[27]. - The company reported a significant reduction in financial expenses by 91.43% to CNY 10,035,700.13 due to adjustments in estimated equity acquisition payments[57]. - The company reported a total profit (loss) amounted to -1,125,976,874.10, contrasting with a profit of 656,546,797.23 in the prior year[200]. Market Strategy and Expansion - The company plans to expand its market presence by entering new regions, targeting a 20% increase in market share over the next two years[12]. - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[12]. - The company has established partnerships with local suppliers to mitigate supply chain risks and ensure product quality[12]. - The company is focusing on expanding its offline market presence by entering all Walmart Sam's Club stores in China[31]. - The company is actively expanding its presence in emerging retail channels while solidifying its traditional channel advantages[83]. - The company plans to launch two new brands in 2020 targeting the "green natural" and "high-performance" segments, which are currently underdeveloped markets[86]. - The company aims to optimize its supply chain and product structure to improve profit margins and focus resources on core brands and products[85]. Product Development and Innovation - The company is focusing on the development of new products, with an investment of RMB 200 million allocated for R&D in 2020[12]. - The company has developed over 800 products, maintaining its innovation capability and competitive edge in the market[41]. - The company has conducted research on new technologies for high-end edible oils, enhancing product quality and market competitiveness[58]. - The introduction of ready-to-drink products and protein bars has allowed the company to quickly adapt to market trends and maintain market share[31]. - The company is focusing on launching competitive new products, particularly in the sports nutrition and fat loss categories, to drive market share growth[87]. Financial Governance and Compliance - The board of directors has confirmed that all financial reports are accurate and complete, ensuring transparency for investors[4]. - The company has no significant discrepancies between financial reports prepared under international and Chinese accounting standards[21]. - The company has established a transparent performance evaluation and incentive mechanism for senior management[155]. - The company maintains a clear and independent governance structure, ensuring compliance with relevant laws and regulations[156]. - The company has committed to avoiding any illegal occupation of funds and assets of the listed company and its subsidiaries[94]. - The company has adhered to new financial instrument standards and accounting policies as mandated by the Ministry of Finance[97]. Sales and Marketing Performance - User data indicates a 30% increase in customer engagement through digital platforms, reflecting successful marketing strategies[12]. - The company has established a marketing network with 200,000 sales outlets for its edible oil products, emphasizing non-GMO and high-end oils[30]. - The sports nutrition segment has seen stable growth, with the market share of the Six Star brand increasing from 20 to 35 in the Amazon fair share index throughout 2019[30]. - The company achieved a 67% year-on-year increase in online sales during the Double Eleven shopping festival, reaching a total retail value of 100 million yuan[84]. Shareholder and Equity Information - No cash dividends will be distributed to shareholders, as the company aims to reinvest profits into growth initiatives[6]. - The company has not distributed cash dividends or issued bonus shares in 2019, despite having a positive profit available for distribution[90]. - The total number of shares after the distribution increased to 1,079,428,095 shares[119]. - The total number of shares held by major shareholders includes 320,545,721 shares by Xiwang Group, accounting for 29.70% of total shares[123]. - The company has a total of 28,209 shareholders at the end of the reporting period[123]. Operational Challenges - The management has set a performance guidance of 10% revenue growth for 2020, despite potential risks from raw material price fluctuations[5]. - The sports nutrition market in China is experiencing rapid growth due to increasing fitness awareness and rising obesity rates[32]. - The company recorded an asset impairment loss of -1,706,024,225.52, a significant increase from -49,517,097.85 in the previous year[200]. Internal Control and Audit - The company maintained effective internal controls over financial reporting in all material respects as of December 31, 2019[170]. - The company received a standard unqualified audit opinion from KPMG for its financial statements[174]. - The audit committee conducted quarterly meetings to review internal audit activities and ensure compliance with established audit plans[164].

Financial Performance - The company's operating revenue for Q1 2020 was ¥1,207,630,520.71, a decrease of 12.68% compared to ¥1,382,926,225.89 in the same period last year[8] - The net profit attributable to shareholders was ¥77,581,974.51, down 15.44% from ¥91,743,304.15 in the previous year[8] - Basic earnings per share decreased by 22.22% to ¥0.07 from ¥0.09 in the previous year[8] - The company's operating revenue for the reporting period was CNY 1,207,630,520.71, a decrease of 12.68% compared to CNY 1,382,926,225.89 in the same period last year, primarily due to reduced sales of bulk oil and sports nutrition products impacted by the pandemic[15] - Net profit for Q1 2020 was CNY 80,672,731.68, a decline of 22.6% from CNY 104,208,835.07 in Q1 2019[37] - The company's net profit attributable to shareholders increased to CNY 643,605,983.47 from CNY 566,024,008.96, showing a growth in retained earnings despite the revenue decline[29] Cash Flow and Liquidity - The net cash flow from operating activities was negative at ¥20,616,842.68, a decline of 231.94% compared to a positive cash flow of ¥15,625,944.07 in the same period last year[8] - The cash flow from operating activities showed a significant decline, with a net cash outflow of CNY 20,616,842.68 compared to a positive cash inflow of CNY 15,625,944.07 in the same period last year, reflecting increased raw material purchases[15] - The company's cash and cash equivalents decreased from CNY 2,302,822,092.15 at the beginning of the period to CNY 2,168,480,318.18, indicating a reduction in liquidity[26] - Cash and cash equivalents at the end of the period decreased to ¥708,480,318.18 from ¥947,770,670.39, a decline of approximately 25.2%[45] - The company received cash from operating activities amounting to ¥1,319,648,518.30, slightly down from ¥1,398,166,310.94 in the previous period[43] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,079,984,501.41, a decrease of 0.74% from ¥8,140,129,890.14 at the end of the previous year[8] - The total assets decreased from CNY 8,140,129,890.14 at the beginning of the period to CNY 8,079,984,501.41, reflecting a slight contraction in the asset base[27] - The total liabilities decreased from CNY 4,039,450,097.99 to CNY 3,812,731,219.94, indicating a reduction in the company's debt levels[28] - The total liabilities as of January 1, 2020, were CNY 4,039,450,097.99, with current liabilities amounting to CNY 2,427,082,325.95[51] Shareholder Information - The top shareholder, Xiwang Group Co., Ltd., holds 29.70% of the shares, while the second-largest shareholder, Shandong Yonghua Investment Co., Ltd., holds 22.62%[11] - The total number of ordinary shareholders at the end of the reporting period was 34,526[11] - The total equity attributable to shareholders was CNY 1,654,886,783.80 as of March 31, 2020, down from CNY 1,659,029,566.84 at the end of 2019[33] Expenses - The company's sales expenses decreased by 19.69% to CNY 246,040,002.23 from CNY 306,366,502.46, attributed to reduced marketing activities due to the pandemic[15] - Research and development expenses for Q1 2020 were CNY 13,847,907.83, an increase from CNY 10,412,612.11 in the same period last year[36] - Management expenses increased to ¥3,238,899.25 from ¥2,661,031.54, reflecting a rise of approximately 21.6%[40] - Financial expenses showed a significant change, with interest expenses rising to ¥5,319,116.67 from ¥2,392,499.99, an increase of about 121.1%[40] Tax and Other Comprehensive Income - The company reported a significant reduction in tax payable, decreasing by 75.21% from CNY 38,317,331.68 to CNY 9,498,323.01, primarily due to tax payments made during the reporting period[15] - The company’s other comprehensive income after tax for Q1 2020 was CNY 85,900,757.64, compared to a loss of CNY 29,454,249.19 in Q1 2019[37] Audit and Standards - The first quarter report for 2020 was not audited[54] - The company has implemented new revenue and lease standards starting January 1, 2020, affecting the financial statements[54]

Financial Performance - Operating revenue for the reporting period was approximately ¥1.43 billion, down 4.02% year-on-year[9]. - Net profit attributable to shareholders of the listed company was approximately ¥108.37 million, a decrease of 13.45% compared to the same period last year[9]. - Basic earnings per share were ¥0.1004, reflecting a decline of 13.45% year-on-year[9]. - The weighted average return on net assets was 2.07%, down 23.74% compared to the previous year[9]. - Total operating revenue for Q3 2019 was CNY 1,431,994,644.76, a decrease of 4.0% compared to CNY 1,491,958,374.49 in the same period last year[39]. - Net profit for Q3 2019 was CNY 113,843,319.40, a decline of 17.7% from CNY 138,475,799.17 in Q3 2018[40]. - Earnings per share for Q3 2019 were CNY 0.1004, compared to CNY 0.116 in the same quarter last year[41]. - Total operating revenue for the current period is approximately ¥4.21 billion, a decrease of 1.04% from ¥4.25 billion in the previous period[47]. - Net profit for the current period is approximately ¥377.71 million, compared to ¥371.81 million in the previous period, reflecting a growth of 1.04%[48]. - Total comprehensive income for the current period is approximately ¥482.37 million, compared to ¥505.13 million in the previous period, reflecting a decrease of 4.5%[49]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥9.92 billion, a decrease of 3.52% compared to the end of the previous year[9]. - The company's current assets totaled CNY 3,529,589,107.54, down from CNY 3,997,519,427.38 at the end of 2018, reflecting a decline of approximately 11.7%[30]. - Total liabilities decreased to CNY 4,410,696,662.31 from CNY 5,253,355,988.06, a decline of about 16.0%[32]. - The total assets as of Q3 2019 amounted to CNY 4,220,138,762.01, a slight decrease from CNY 4,344,438,265.98 at the end of the previous year[37]. - Total liabilities for Q3 2019 were CNY 992,803,080.83, down from CNY 1,053,159,924.31 in the previous year[36]. - Long-term liabilities totaled 2,386,374,387.11 CNY, including long-term borrowings of 973,058,213.56 CNY[63]. Shareholder Information - Net assets attributable to shareholders of the listed company increased by 8.11% to approximately ¥4.73 billion[9]. - The total number of shareholders at the end of the reporting period was 26,778[14]. - The largest shareholder, Xiwang Group Co., Ltd., held 29.70% of the shares, totaling approximately 320.55 million shares[14]. - The company's equity attributable to shareholders rose to CNY 4,730,101,991.63 from CNY 4,375,386,803.60, an increase of approximately 8.1%[32]. - Shareholders' equity totaled ¥3,291,278,341.67, with a capital reserve of ¥2,224,431,877.56[69]. Cash Flow - Cash flow from operating activities for the year-to-date was approximately ¥378.56 million, a significant decrease of 56.32%[9]. - The net cash flow from operating activities decreased to 378,563,045.40, down from 866,728,803.74 in the previous year[55]. - Cash and cash equivalents at the end of the period were 864,710,984.24, a decrease from 1,509,744,450.20 at the end of the previous period[56]. - The cash inflow from financing activities was 639,059,872.39, down from 2,053,959,918.72 in the previous period, showing a decline in financing[56]. - The total cash inflow from financing activities amounted to 1,654,099,918.72 CNY, while cash outflow was 1,070,570,139.11 CNY, resulting in a net cash flow of -69,477,109.26 CNY[59]. Expenses - Total operating costs for Q3 2019 were CNY 1,297,335,078.20, down 2.1% from CNY 1,325,141,619.60 in the previous year[39]. - Financial expenses for the current period amount to approximately ¥29.46 million, significantly reduced from ¥100.56 million in the previous period, a decrease of 70.7%[47]. - Research and development expenses for Q3 2019 were CNY 25,837,449.59, an increase from CNY 17,614,372.40 in Q3 2018[39]. - The company incurred management expenses of 4,063,386.48, compared to 3,969,142.81 in the previous period, reflecting a rise of approximately 2.4%[51]. - Interest expenses for the quarter were 7,257,249.97, significantly higher than 2,742,484.73 in the previous period[51]. Other Information - The company reported no significant changes in its commitments or major events during the reporting period[18]. - The company had no securities investments, entrusted financial management, or derivative investments during the reporting period[20][21][22]. - The company executed new financial instrument standards starting January 1, 2019, affecting the classification and measurement of financial instruments[60]. - The company has not disclosed any new product developments or market expansion strategies in the current report[71]. - The report does not provide future performance guidance or outlook for the upcoming quarters[71].

Financial Performance - The company's operating revenue for the first half of 2019 was approximately RMB 2.77 billion, representing a 0.57% increase compared to the same period last year[17]. - The net profit attributable to shareholders was approximately RMB 224.3 million, an increase of 9.66% year-on-year[17]. - The net cash flow from operating activities decreased significantly by 71.28% to approximately RMB 201.86 million[17]. - The basic earnings per share decreased by 21.62% to RMB 0.29[17]. - Total assets at the end of the reporting period were approximately RMB 10.24 billion, a decrease of 0.39% from the end of the previous year[17]. - The net assets attributable to shareholders increased by 3.85% to approximately RMB 4.54 billion[17]. - The company reported a net profit margin of 28.61% for the first half of 2019, indicating strong financial performance[30]. - The company achieved total revenue of RMB 2.774 billion in the first half of 2019, an increase of 0.57% compared to the same period last year[49]. - Net profit attributable to the parent company was RMB 224 million, representing a growth of 9.66% year-on-year[49]. - The company reported a net profit of ¥81,207,777 from Shandong Xiwang Food Co., Ltd., with operating income of ¥115,319.96 million[62]. - The company reported a net loss of approximately RMB 59.48 million for the first half of 2019[152]. Market Position and Strategy - The company has established itself as the largest corn germ oil production base in China, focusing on health-oriented edible oils[25]. - The company aims to become a leading brand in health foods, having acquired Canadian Kerr Company to expand into the health product market[26]. - The company is committed to a three-step strategy to enhance its brand presence in the edible oil and health food sectors[26]. - Muscletech has been a leading sports nutrition supplement brand for over 20 years, achieving sales of over 68 million during the 2019 "618" promotion, representing a 70% year-on-year growth[27]. - Purely Inspired has become the second-ranked weight management brand in North American retail channels, reflecting a significant growth trend in the plant-based supplement market[27]. - The company aims for double-digit growth in small packaging sales within the edible oil segment in 2019, supported by brand rejuvenation and promotional activities[28]. - The company has established a sales network of approximately 195,000 marketing outlets across major cities, enhancing its market presence and sales growth[34]. - The company aims to expand its market share in both North America and international markets while enhancing brand awareness and product offerings[39]. Product Development and Innovation - The company has developed over 800 products and holds more than 70 patents, showcasing its strong innovation capabilities[37]. - The company plans to enhance its product offerings in the sports nutrition sector, including ready-to-drink protein products and protein bars, to meet market trends[45]. - The company is focusing on brand rejuvenation and has launched new products, including a 900ml fresh germ oil version and a 6L anniversary edition, achieving sales of 3,000 tons in May alone[42]. - The company is exploring new strategies for market expansion and product development to drive future growth[149]. - The company aims to increase its investment in research and development to innovate new products and technologies[149]. Financial Health and Liabilities - The company's total liabilities decreased from CNY 5,253,355,988.06 in December 2018 to CNY 4,943,758,076.19 by June 30, 2019, indicating a reduction of approximately 5.9%[119]. - The company's total liabilities decreased to CNY 989,115,247.55 in the first half of 2019 from CNY 1,053,159,924.31 in 2018, a reduction of about 6.09%[124]. - The company's long-term borrowings rose from CNY 973,058,213.56 to CNY 1,145,565,706.34, an increase of approximately 17.7%[119]. - The company reported a financial expense of CNY -994,180.47 in the first half of 2019, a significant improvement compared to CNY 48,646,949.74 in 2018[127]. Corporate Governance and Compliance - The company has committed to avoiding any illegal occupation of funds and assets from the listed company and its subsidiaries, ensuring the protection of shareholder rights[71]. - The actual controller, Wang Yong, has promised to strictly adhere to laws and regulations while exercising shareholder rights and to regulate related transactions[71]. - The company has not undergone any major litigation or arbitration matters during the reporting period[75]. - The semi-annual financial report has not been audited[73]. - The company has committed to maintaining its independence in assets, personnel, finance, organization, and business[71]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 23,789[100]. - The largest shareholder, Xiwang Group Co., Ltd., holds 29.70% of the shares, totaling 228,961,230 shares[100]. - The top three shareholders collectively hold over 57% of the company's shares[100]. - There were no changes in the controlling shareholder or actual controller during the reporting period[103]. Environmental and Regulatory Compliance - The company is not classified as a key pollutant unit by environmental protection authorities[92]. - There were no significant environmental issues reported during the first half of 2019[92]. Accounting and Financial Reporting - The company adheres to the accounting standards set by the Ministry of Finance of the People's Republic of China[159]. - The financial statements are prepared based on the assumption of going concern, indicating confidence in meeting debt obligations[157]. - The company recognizes cash and cash equivalents as cash on hand, demand deposits, and short-term, highly liquid investments[167].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,382,926,225.89, representing a 1.52% increase compared to ¥1,362,202,787.63 in the same period last year[9] - Net profit attributable to shareholders was ¥91,743,304.15, marking a 9.47% increase from ¥83,809,616.37 year-on-year[9] - The net profit after deducting non-recurring gains and losses was ¥85,483,316.90, which is a 2.21% increase from ¥83,633,551.80 in the previous year[9] - Basic earnings per share increased by 9.09% to ¥0.12, compared to ¥0.11 in the previous year[9] - Total operating revenue for the period reached CNY 1,382,926,225.89, an increase of 1.5% compared to CNY 1,362,202,787.63 in the previous period[26] - Net profit attributable to the parent company was CNY 91,743,304.15, representing a year-over-year increase of 9.4% from CNY 83,809,616.37[28] - Total operating costs amounted to CNY 1,268,452,742.31, up from CNY 1,247,296,152.48, reflecting a year-over-year increase of approximately 1.5%[26] - Gross profit for the period was CNY 114,473,483.58, resulting in a gross margin of approximately 8.3%[28] Cash Flow and Liquidity - The net cash flow from operating activities significantly decreased to ¥15,625,944.07, down 96.95% from ¥512,189,239.91 in the same period last year[9] - Operating cash flow generated was CNY 15,625,944.07, a significant decrease from CNY 512,189,239.91 in the previous period[35] - The net cash flow from operating activities was -123,036,567.76 CNY, a significant decrease compared to 157,091,919.29 CNY in the previous period, indicating a decline in operational performance[36] - The total cash outflow from operating activities was 127,169,503.33 CNY, compared to 3,545,880.22 CNY in the previous period, showing a substantial increase in cash expenditures[36] - The company reported a decrease in cash flow from operating activities, indicating potential challenges in maintaining liquidity[35] - The total cash and cash equivalents at the end of the period were -75,909,048.13 CNY, a significant drop from 800,464,570.28 CNY in the previous period, indicating liquidity challenges[37] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,123,947,306.41, a decrease of 1.52% from ¥10,279,742,024.01 at the end of the previous year[9] - The company's total assets decreased to CNY 4,220,564,018.52 from CNY 4,344,438,265.98, a decline of about 2.9%[25] - Total liabilities decreased to CNY 928,655,510.32 from CNY 1,053,159,924.31, indicating a reduction of approximately 12%[25] - The company reported total assets of 10,279,742,024.01 CNY, with total liabilities amounting to 5,253,355,988.06 CNY, reflecting a healthy asset-to-liability ratio[40] - The company’s total equity represents approximately 75.8% of total assets[41] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,167[12] - The net assets attributable to shareholders increased by 1.56% to ¥4,443,566,708.40 from ¥4,375,386,803.60 at the end of the previous year[9] - The company's equity attributable to shareholders increased to CNY 3,291,908,508.20, slightly up from CNY 3,291,278,341.67[25] - The total equity attributable to shareholders was 4,375,386,803.60 CNY, indicating a stable equity position despite cash flow challenges[40] Expenses - Research and development expenses were CNY 10,412,612.11, down significantly from CNY 19,519,534.64, a decrease of about 46%[28] - The company reported a decrease in financial expenses, which fell to CNY 18,962,397.16 from CNY 35,526,888.21, a reduction of approximately 46%[28] Government Support - The company received government subsidies amounting to ¥6,000,000.00 during the reporting period[10] Audit Information - The company did not conduct an audit for the first quarter report[44]

Financial Performance - The total revenue for the year was 771,020,068 RMB, reflecting the company's financial performance[5]. - The company's operating revenue for 2018 was CNY 5,845,040,221.08, representing a 4.03% increase from CNY 5,618,341,324.44 in 2017[18]. - Net profit attributable to shareholders for 2018 was CNY 468,462,924.19, a significant increase of 36.47% compared to CNY 343,273,683.04 in 2017[18]. - The net cash flow from operating activities reached CNY 1,192,994,534.56, marking a substantial increase of 206.17% from CNY 389,651,293.55 in the previous year[18]. - Basic earnings per share for 2018 were CNY 0.62, up 14.81% from CNY 0.54 in 2017[18]. - Total assets at the end of 2018 amounted to CNY 10,279,742,024.01, reflecting a 33.38% increase from CNY 7,706,854,038.77 at the end of 2017[18]. - The net assets attributable to shareholders increased by 93.66% to CNY 4,375,386,803.60 from CNY 2,259,291,787.24 in 2017[18]. - The company reported quarterly revenues of CNY 1,594,697,524.09 in Q4 2018, showing consistent growth throughout the year[21]. - The weighted average return on equity for 2018 was 19.01%, an increase of 3.57% from 15.44% in 2017[18]. - The total operating cost was RMB 3.723 billion, reflecting a year-on-year increase of 2.9%[47]. - The company achieved operating revenue of RMB 5.845 billion, a year-on-year increase of 4.03%[47]. - The net profit attributable to the parent company was RMB 468 million, up 36.47% year-on-year[47]. Profit Distribution - The company reported a profit distribution plan, proposing a cash dividend of 0.80 RMB per 10 shares (including tax) and a capital reserve increase of 4 shares per 10 shares[5]. - In 2018, the company distributed cash dividends totaling RMB 61,681,605.44, with a payout of RMB 0.8 per 10 shares[105]. - The total cash dividend amount is CNY 61,681,605.44, which accounts for 26.4% of the distributable profit of CNY 233,678,078.66[108]. - The company has committed to a cash dividend policy that ensures at least 30% of the average distributable profit over the past three years is distributed as cash dividends[103]. Market Position and Strategy - The company is focused on expanding its market presence and developing new products and technologies to enhance competitiveness[5]. - In 2018, the market share of Xiwang Corn Germ Oil reached nearly 30%, maintaining its position as the leading brand in the corn germ oil sector[26]. - The company has established a three-step strategy to become the top brand in corn oil, high-end edible oil, and health food in China[25]. - The company has accelerated the integration of resources with Kerr, focusing on e-commerce and international market expansion[29]. - The company has launched new product lines, including sunflower seed oil and peanut oil, to diversify its offerings and enhance profit margins for distributors[33]. - The company is actively expanding its international market presence, including emerging markets like India and Brazil, while strengthening e-commerce sales channels[94]. Governance and Compliance - The board of directors confirmed that all members attended the meeting to review the annual report, ensuring governance and oversight[4]. - The company emphasizes the importance of accurate financial reporting, with key personnel affirming the integrity of the annual report[4]. - The company is committed to maintaining a robust governance structure, with a dedicated board and management team overseeing operations[4]. - The company has established a comprehensive information disclosure system, utilizing platforms like the Securities Times and China Securities Journal for transparency[14]. - The company has implemented a rigorous information disclosure system, ensuring timely and accurate communication with shareholders[173]. - The company has established independent operational systems for research, sales, and service, ensuring market-oriented business capabilities[174]. Risks and Challenges - The company acknowledges potential risks in the industry, including raw material price fluctuations and food safety incidents, which may impact future growth[5]. - The company did not require restatement of previous years' financial data, indicating stable accounting practices[19]. - The company has not reported any issues or other situations regarding the use and disclosure of raised funds[79]. Research and Development - The company has developed over 800 products and holds more than 70 patents, showcasing its strong innovation capabilities[40]. - Research and development expenses increased by 9.05% to ¥90,039,553.71, representing 1.54% of total revenue[64]. - The number of R&D personnel rose by 2.54% to 121, increasing their proportion of total employees to 5.74%[64]. Sales and Marketing - The company has established a sales network of approximately 180,000 marketing outlets, with 30,000 new outlets opened in 2018, primarily in fruit and vegetable stores[34]. - Online sales during the 618 shopping festival doubled compared to the previous year, and sales during Double 11 increased by 252% year-on-year[35]. - The company has signed strategic cooperation agreements with key clients, resulting in a 170% sales increase at Shenzhen Tianhong within six months[35]. - The company has implemented a performance evaluation and reward mechanism for mid-level sales management, ensuring team motivation and effectiveness[37]. Acquisitions and Subsidiaries - The company successfully acquired Kerr, a leader in the sports nutrition and weight management sector, marking its entry into the trillion-dollar health industry[94]. - The company established a new subsidiary, Iovate Health Sciences UK Inc Ltd, during the reporting period[60]. - The company merged its subsidiary Iovate Health Sciences International Inc. with Old Iovate International Inc. and Lakeside Innovations Holding Corp.[60]. Internal Control and Audit - The company maintained effective internal control over financial reporting as of December 31, 2018, according to the internal control audit report[187]. - The internal control self-assessment report indicated that 100% of the company's total assets and operating income were included in the evaluation scope[186]. - The audit report issued by KPMG confirmed that the financial statements fairly reflect the financial position and operating results of the company for the year ended December 31, 2018[191]. Employee and Management Structure - The total number of employees in the company is 2,107, with 2,096 in major subsidiaries and 11 in the parent company[166]. - The company has implemented a salary policy that aligns responsibility with benefits, capability with value, risk with return, and performance with income[168]. - The company has a clear career development and promotion channel for employees, enhancing job satisfaction and retention[168]. - The company’s management structure includes a diverse range of professionals, ensuring a well-rounded approach to governance and oversight[164].