Key Financial Data and Shareholder Information [Core Financial Indicators](index=1&type=section&id=Core%20Financial%20Indicators) Q1 2022 saw double-digit YoY growth in operating revenue and net profit, but net cash flow from operations significantly decreased by **33.23%** due to increased cash payments Key Financial Indicators for Q1 2022 | Indicator | Current Period | Prior Year Period | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 1,117,806,873.79 | 972,447,722.32 | 14.95% | | Net Profit Attributable to Shareholders (CNY) | 235,286,448.80 | 211,610,293.29 | 11.19% | | Net Cash Flow from Operating Activities (CNY) | 80,312,831.40 | 120,280,304.08 | -33.23% | | Basic Earnings Per Share (CNY/share) | 0.22 | 0.20 | 10.00% | | Weighted Average Return on Net Assets | 9.51% | 9.46% | 增加0.05个百分点 | | Total Assets (CNY) | 3,373,403,611.07 | - | -3.85% (vs. Year-End) | | Equity Attributable to Shareholders (CNY) | 2,592,003,742.01 | - | 9.98% (vs. Year-End) | - Net cash flow from operating activities decreased by **33.23%** year-over-year, primarily due to increased cash payments for goods purchased in the current period[6](index=6&type=chunk) [Non-Recurring Gains and Losses](index=2&type=section&id=Non-Recurring%20Gains%20and%20Losses) Total non-recurring gains and losses were **CNY 318,015.20**, mainly from government subsidies and asset disposal, having a negligible impact on net profit Details of Non-Recurring Gains and Losses | Item | Amount for Current Period (CNY) | | :--- | :--- | | Gains/Losses on Disposal of Non-Current Assets | 46,530.00 | | Government Subsidies Recognized in Current Profit/Loss | 317,390.20 | | Other Non-Operating Income and Expenses | 60,144.23 | | Less: Income Tax Impact | 106,016.11 | | Less: Impact on Minority Interests (After Tax) | 33.12 | | **Total** | **318,015.20** | [Shareholder Ownership](index=2&type=section&id=Shareholder%20Ownership) As of period-end, the company had **65,432** common shareholders; Wanxiang Sannong Group Co., Ltd. is the largest at **40.68%**, ensuring a stable equity structure with institutional investors - As of the end of the reporting period, the company had **65,432** common shareholders[7](index=7&type=chunk) Top Ten Shareholders' Ownership | Shareholder Name | Shareholder Type | Shareholding Percentage | | :--- | :--- | :--- | | Wanxiang Sannong Group Co., Ltd. | Domestic Non-State-Owned Legal Person | 40.68% | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 8.44% | | UBS Asset Management (Singapore) Ltd. | Overseas Legal Person | 2.33% | | National Social Security Fund 413 Portfolio | Domestic Non-State-Owned Legal Person | 1.18% | | National Social Security Fund 604 Portfolio | Domestic Non-State-Owned Legal Person | 0.68% | Quarterly Financial Statements [Consolidated Balance Sheet](index=3&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2022, total assets were **CNY 3.373 billion** (down **3.85%**), and equity was **CNY 2.592 billion** (up **9.98%**), reflecting a healthy financial position with high cash and low liabilities Key Balance Sheet Items (CNY) | Item | Period-End Balance | Year-Start Balance | | :--- | :--- | :--- | | **Total Assets** | **3,373,403,611.07** | **3,508,334,611.06** | | Cash and Cash Equivalents | 2,683,200,365.08 | 2,606,635,705.97 | | Inventories | 148,538,049.54 | 351,421,050.73 | | **Total Liabilities** | **746,120,605.39** | **1,116,273,798.56** | | Accounts Payable | 243,411,628.23 | 172,237,381.06 | | Contract Liabilities | 213,378,236.54 | 640,407,975.64 | | **Total Equity** | **2,627,283,005.68** | **2,392,060,812.50** | | Equity Attributable to Parent Company Shareholders | 2,592,003,742.01 | 2,356,717,293.21 | [Consolidated Income Statement](index=6&type=section&id=Consolidated%20Income%20Statement) In Q1 2022, operating revenue grew **14.95%** to **CNY 1.118 billion**, and net profit attributable to parent increased **11.19%** to **CNY 235 million**, primarily due to a **48.11%** reduction in administrative expenses Key Income Statement Items (CNY) | Item | Current Period Amount | Prior Period Amount | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,117,806,873.79 | 972,447,722.32 | 14.95% | | Operating Cost | 594,523,445.56 | 477,794,364.02 | 24.43% | | Selling Expenses | 189,883,980.93 | 186,926,427.96 | 1.58% | | Administrative Expenses | 11,399,882.59 | 21,968,197.24 | -48.11% | | Operating Profit | 313,593,532.31 | 281,765,721.69 | 11.29% | | Total Profit | 313,653,676.54 | 281,524,138.43 | 11.41% | | Net Profit Attributable to Parent Company Shareholders | 235,286,448.80 | 211,610,293.29 | 11.19% | | Basic Earnings Per Share | 0.22 | 0.20 | 10.00% | [Consolidated Cash Flow Statement](index=8&type=section&id=Consolidated%20Cash%20Flow%20Statement) Net cash flow from operating activities decreased **33.23%** to **CNY 80 million** due to higher payments for goods; period-end cash and cash equivalents stood at **CNY 2.683 billion**, indicating ample reserves Key Cash Flow Statement Items (CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | **80,312,831.40** | **120,280,304.08** | | Cash Received from Sales of Goods and Services | 776,373,514.19 | 762,390,251.07 | | Cash Paid for Goods and Services | 447,046,747.73 | 381,662,834.88 | | **Net Cash Flow from Investing Activities** | **-3,695,590.84** | **44,087.80** | | **Net Cash Flow from Financing Activities** | **-52,581.45** | **-128,335,417.84** | | **Period-End Cash and Cash Equivalents Balance** | **2,683,200,365.08** | **2,333,868,597.87** | [Audit Opinion](index=9&type=section&id=Audit%20Opinion) The company's Q1 2022 financial report was not audited by a certified public accountant - The company's first quarter report was unaudited[25](index=25&type=chunk)

Financial Performance - The company's operating revenue for 2021 was CNY 2,523,907,407.01, representing a 35.65% increase compared to CNY 1,860,643,698.75 in 2020[27]. - Net profit attributable to shareholders for 2021 was CNY 569,504,092.63, up 31.77% from CNY 432,188,575.47 in 2020[27]. - The net cash flow from operating activities increased by 81.78% to CNY 688,132,513.30 in 2021, compared to CNY 378,550,364.75 in 2020[27]. - Basic earnings per share for 2021 were CNY 0.54, a 35.00% increase from CNY 0.40 in 2020[27]. - The total assets at the end of 2021 were CNY 3,508,334,611.06, reflecting a 13.43% increase from CNY 3,092,933,440.81 at the end of 2020[27]. - The net assets attributable to shareholders at the end of 2021 were CNY 2,356,717,293.21, up 7.06% from CNY 2,201,387,767.44 at the end of 2020[27]. - The weighted average return on equity for 2021 was 25.83%, an increase of 4.93 percentage points from 20.90% in 2020[27]. - The company's total revenue for the year reached CNY 2,523,907,407.01, representing a year-on-year increase of 35.65%[39]. - The net profit attributable to shareholders was CNY 56,813,930, marking a 31.06% increase compared to the previous year[39]. Cash Flow and Dividends - The company reported a net cash flow from operating activities of CNY 467,223,617.75 in the fourth quarter[31]. - The company approved a cash dividend of 2.6 RMB per 10 shares, with a total cash dividend amounting to 140,898,829.72 RMB from share repurchases[130]. - The company reported a total distributable profit for 2021 of ¥643,519,180.82, with a total profit distribution (cash dividends and stock buybacks) of ¥639,717,200, which is 133.38% of the average annual distributable profit of ¥47,962,370 over the last three years[135]. - In 2021, the company repurchased 21,864,807 shares for a total amount of ¥140,898,829.72, which accounted for 21.90% of the distributable profit for the year[135]. Market and Sales Performance - The sales volume of almond milk increased by 35.92% to 248,222.41 tons in 2021, up from 182,620.46 tons in 2020, while production volume rose by 67.47% to 271,991.47 tons[47]. - The revenue from the direct sales model surged by 706.79% year-on-year, indicating significant growth in this channel[42]. - The company achieved a gross profit margin of 46.79% for the overall business, a decrease of 3.33 percentage points from the previous year[42]. - Plant protein beverages accounted for 99.90% of total revenue, generating ¥2,521,301,798.90, up 35.60% from ¥1,859,310,490.40 in 2020[53]. - Almond milk sales contributed ¥2,472,148,690.03, representing 97.95% of total revenue, with a growth of 33.84% from ¥1,847,046,260.23 in 2020[54]. Research and Development - The company invested ¥18,819,402.70 in research and development, marking a 71.37% increase from ¥10,981,417.64 in the previous year, reflecting a commitment to product innovation[52]. - The company has developed low-sugar almond and walnut beverages targeting various consumer groups, with flavor formulations confirmed and market expansion planned in East and Southwest China[65]. - The company is preparing to launch new almond milk products with higher plant protein content, targeting the premium market and younger consumers[67]. Corporate Governance and Management - The company maintains strict independence from its controlling shareholder, Wanxiang San Nong Group, in business, personnel, assets, institutions, and finance[95]. - The company has a complete and independent organizational structure, with no subordination to the controlling shareholder[95]. - The company’s board of directors and supervisory board are established in accordance with relevant laws, ensuring independent decision-making[95]. - The company is committed to maintaining a high level of corporate governance and transparency through its board structure[108]. - The company reported a significant leadership change with the resignation of directors Ma Xiang and Ding Xingxian due to work reasons in early 2021[104]. Environmental and Social Responsibility - The company has invested in a wastewater treatment facility with a capacity of 1,000 m³/d, ensuring compliance with environmental standards[158]. - The company actively participates in social responsibility initiatives, including annual fundraising activities[162]. - Cumulative donations reached 836,059.00 RMB, with over 4.6 million RMB allocated to support orphans and disabled children from 2010 to 2020[164]. - The company aims to align its development strategy with social responsibility, focusing on "environmental protection, health, and green" initiatives[164]. Legal and Compliance Issues - The company is involved in a lawsuit with a claimed amount of 138.66 million yuan, which has not formed an estimated liability[182]. - The lawsuit has progressed through various courts, with the Guangdong Shantou Intermediate People's Court rejecting the plaintiff's claims on January 4, 2021[185]. - The company has filed for a retrial, and the second instance hearing was held on January 7, 2022, but the judgment is still pending[185]. - The company has not faced any penalties or rectification measures during the reporting period[190].

Financial Performance - The company's operating revenue for the first half of 2021 was ¥1,360,179,159.76, representing a 36.44% increase compared to ¥996,881,960.58 in the same period last year[26]. - The net profit attributable to shareholders of the listed company reached ¥283,570,317.20, a 39.52% increase from ¥203,239,878.30 in the previous year[26]. - Basic earnings per share rose to ¥0.27, up 42.11% from ¥0.19 in the previous year[26]. - The company achieved operating revenue of 1,360.18 million yuan, a year-on-year increase of 36.44%[35]. - Net profit reached 283.30 million yuan, up 38.14% compared to the previous year[35]. - Operating profit for the first half of 2021 was ¥380,657,931.34, up 35% from ¥281,977,271.79 in the same period last year[182]. - Net profit for the first half of 2021 was ¥283,301,315.63, representing a 38% increase compared to ¥205,081,460.65 in the first half of 2020[182]. - The company reported a total profit of ¥380,416,564.33 for the first half of 2021, compared to ¥282,070,000.20 in the same period last year, marking a 34.9% increase[182]. Cash Flow - The net cash flow from operating activities improved significantly to ¥104,624,448.97, compared to a negative cash flow of -¥211,161,433.66 in the same period last year, marking a 149.55% increase[26]. - Total cash inflow from operating activities reached ¥1,184,205,564.86, up from ¥544,688,285.64 in the first half of 2020, indicating a growth of approximately 117.5%[192]. - The cash flow from investing activities showed a net outflow of ¥1,833,309.20, worsening from a net outflow of ¥615,130.20 in the first half of 2020[197]. - Cash flow from financing activities resulted in a net outflow of ¥414,250,297.59, compared to a net outflow of ¥210,979,124.61 in the same period last year, indicating an increase in cash outflow of approximately 96.5%[194]. - The ending balance of cash and cash equivalents was ¥2,030,420,466.01, an increase from ¥1,780,866,590.14 at the end of the first half of 2020[194]. Assets and Liabilities - The total assets at the end of the reporting period were ¥2,627,896,879.08, a decrease of 15.04% from ¥3,092,933,440.81 at the end of the previous year[26]. - Total current assets decreased to approximately ¥2.10 billion, down 17.7% from ¥2.55 billion at the end of 2020[166]. - Total liabilities decreased from 854,837,400.85 to 520,519,721.50, a reduction of approximately 39.0%[169]. - Current liabilities decreased from 802,376,902.19 to 468,059,222.84, a decrease of about 41.7%[169]. - The company's cash and cash equivalents at the end of the reporting period amounted to CNY 2,030,420,466.01, accounting for 77.26% of total assets[56]. Market and Sales - The sales volume of the almond milk series increased by 610.32% year-on-year, with a production volume of 103,835.64 tons[44]. - The company expanded its market presence by developing 92,300 new restaurant points and 888 high-speed rail terminals[37]. - The almond drink series accounted for 98.46% of total revenue, with a 35.55% year-on-year increase[50]. - The company holds over 90% market share in the domestic almond drink market, particularly strong in northern regions[48]. - The company's online sales channels include major platforms such as Tmall, JD.com, and Pinduoduo, enhancing brand visibility[41]. Research and Development - Research and development investment surged by 97.94% to ¥10,077,960.43, aimed at product improvement and new product trials[50]. - Research and development expenses increased to ¥10,077,960.43 in the first half of 2021, up from ¥5,091,393.86 in the first half of 2020, reflecting a 97.8% increase[180]. Risk Management - The company has identified potential risks in future operations and outlined corresponding countermeasures in the report[6]. - The company maintains a risk-averse approach with a prepayment system for distributors to mitigate bad debt risks[40]. - The company is facing intense competition in the plant protein beverage industry, prompting it to strengthen its core competitive advantages[65]. Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company did not distribute cash dividends or issue bonus shares for the reporting period[73]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[93]. - There were no violations regarding external guarantees during the reporting period[95]. Social Responsibility - The company has provided over 4.5 million RMB in cumulative donations through its annual charity initiatives since 2009[90]. - Approximately 300,000 local farmers are involved in the almond industry chain, accounting for 30% of the remaining labor force in the region[90]. - The company aims to align its development strategy with social responsibility, advocating for "environmental protection, health, and green" initiatives[90]. Legal Matters - The company is currently involved in a trademark licensing contract dispute, which is pending trial[103]. - The company faced a significant lawsuit involving 138.66 million RMB, but the court ruled in favor of the company, dismissing the plaintiff's claims[101]. - The company is currently involved in multiple ongoing litigation cases, with some cases being suspended[103][105].

Financial Performance - The company's operating revenue for Q1 2021 was ¥972,447,722.32, representing a 14.55% increase compared to ¥848,943,283.52 in the same period last year[7]. - The net profit attributable to shareholders for Q1 2021 was ¥211,610,293.29, up 16.14% from ¥182,206,531.98 in the previous year[7]. - Basic and diluted earnings per share for Q1 2021 were both ¥0.20, reflecting a 5.26% increase from ¥0.19 in the previous year[7]. - The weighted average return on equity increased to 9.46%, up from 8.15% in the same period last year, marking a 1.31% improvement[7]. - Total operating revenue for the first quarter of 2021 was CNY 1,004,703,018.85, an increase from CNY 875,318,168.19 in the same period last year, representing a growth of approximately 14.6%[58]. - Net profit for the first quarter was CNY 211,453,807.30, compared to CNY 184,370,163.31 in the previous year, indicating an increase of approximately 14.7%[55]. - Total profit for the quarter was CNY 281,524,138.43, compared to CNY 245,992,723.26 in the previous year, showing an increase of approximately 14.4%[58]. Cash Flow - The net cash flow from operating activities improved significantly to ¥120,280,304.08, a 172.35% increase from a negative cash flow of -¥166,247,510.09 in the same period last year[7]. - Cash inflow from operating activities increased by 120.73% to 776,791,452.32 from 351,922,288.84 due to an increase in advance payments from distributors[18]. - The total cash inflow from operating activities is ¥776,791,452.32, up from ¥351,922,288.84 in the previous period, indicating a growth of approximately 120.5%[61]. - The cash flow from investing activities shows a net inflow of ¥44,087.80, compared to a net outflow of -¥193,729.00 in the previous period, marking a turnaround[68]. - The company reported a net increase in cash and cash equivalents of -¥7,607,670.33, compared to -¥159,572,253.84 in the previous period, showing an improvement in cash management[68]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,947,810,484.10, a decrease of 4.69% from ¥3,092,933,440.81 at the end of the previous year[7]. - Current liabilities decreased from ¥802,376,902.19 to ¥574,082,420.21, a reduction of about 28.38%[45]. - Total liabilities decreased from ¥1,043,962,973.74 to ¥889,375,152.24, a reduction of approximately 14.83%[51]. - The company's equity attributable to shareholders increased from ¥2,201,387,767.44 to ¥2,284,715,778.70, an increase of approximately 3.77%[47]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 70,518, with the largest shareholder holding 40.68% of the shares[11]. - The company plans to repurchase shares at a price not exceeding RMB 10.23 per share, with a total repurchase amount between RMB 150 million and RMB 300 million, potentially acquiring between 14.66 million and 29.33 million shares, representing approximately 1.36% to 2.72% of the total shares[29]. - As of the report date, the company has repurchased a total of 24,051,785 shares, accounting for 2.2344% of the total shares, with a total transaction amount of RMB 158,267,802.77[30]. Operational Efficiency - Accounts receivable decreased by 44.76% to 276,222.00 from 500,000.00 due to reduced credit sales[18]. - Inventory decreased by 68.17% to 61,506,690.41 from 193,238,951.37 due to a reduction in raw materials and finished goods[18]. - The company has not engaged in any securities or derivative investments during the reporting period, maintaining a conservative investment strategy[31][32]. - There are no overdue commitments from major shareholders or related parties during the reporting period, indicating stable governance[36]. Legal and Compliance - The company faced a lawsuit regarding related party transactions, which was ultimately dismissed by the court[22]. - The company is actively pursuing legal actions to protect its intellectual property rights, which have been compromised by illegal activities involving related parties[27]. - The company has not reported any non-compliance with external guarantees during the reporting period, ensuring financial integrity[35]. - The company has conducted communications regarding its operational status and litigation progress, reflecting transparency in its dealings[37].

Financial Performance - The company reported a significant increase in revenue, achieving a total revenue of 1.2 billion RMB, representing a year-on-year growth of 15%[15]. - The net profit attributable to shareholders was 300 million RMB, reflecting a growth of 20% compared to the previous year[15]. - The company's operating revenue for 2020 was ¥1,860,643,698.75, a decrease of 17.50% compared to 2019[23]. - The net profit attributable to shareholders for 2020 was ¥432,188,575.47, down 7.03% from the previous year[23]. - The net cash flow from operating activities was ¥378,550,364.75, representing a decline of 43.95% year-on-year[23]. - The basic earnings per share for 2020 was ¥0.40, a decrease of 6.98% compared to 2019[23]. - The total profit amounted to 584.97 million yuan, down 5.38% year-on-year, while the net profit attributable to shareholders was 432.19 million yuan, a decline of 7.03%[36]. - The company reported a significant reduction in operating costs, with current period costs at CNY 927,990,115.38 compared to CNY 1,068,706,640.63 in the previous period, reflecting a decrease of approximately 13.1%[92]. Market Expansion and Strategy - The company plans to expand its market presence by entering three new provinces in the next fiscal year[15]. - Future guidance indicates an expected revenue growth of 10-15% for the upcoming fiscal year[15]. - The company plans to continue expanding its market share in the competitive plant protein beverage industry[31]. - The company plans to enhance its marketing team and optimize its distribution network to increase market penetration and reduce blank markets[78]. - The company aims to achieve a revenue target of 3.2 billion CNY and a total profit of 635 million CNY for 2021[78]. Research and Development - Research and development expenses increased by 10%, totaling 50 million RMB, focusing on new product innovations[15]. - The company is focused on innovation and has established provincial-level technology centers to enhance its research and development capabilities[33]. - R&D expenditure totaled 10.98 million yuan, accounting for 0.59% of the company's operating revenue, with plans to increase investment in new products and packaging[62]. - The company will increase R&D investment to create new growth points, focusing on health-oriented beverage products[77]. Legal and Compliance - The company has not faced any bankruptcy reorganization or major litigation matters during the reporting period[100][101]. - The company is currently involved in a trademark licensing contract dispute with Shantou High-tech Zone Lulun Southern Co., Ltd., which has been accepted by the Jinping District People's Court of Shantou City[111]. - The company has received a notification from the Chengde Intermediate People's Court regarding the acceptance of a lawsuit related to damage liability disputes, which is currently pending[109]. - The company has been involved in multiple legal proceedings, including a case regarding patent infringement that has been ongoing since 2017[105]. Corporate Governance - The board confirmed that all directors attended the meeting to review the annual report, ensuring transparency and accountability[5]. - The company has maintained its auditor, Tianzhi International Accounting Firm, for 10 consecutive years, with an audit fee of CNY 500,000 for the current year[95]. - The company has successfully completed the re-election of its board and management team, ensuring continuity in leadership[145]. - The company has a stable management team with no changes in key positions reported[183]. Shareholder Information - The company proposed a profit distribution plan to distribute a cash dividend of 2.6 RMB per 10 shares (including tax) to all shareholders, with no bonus shares issued[7]. - The total cash dividend distributed to shareholders is approximately CNY 273,108,941.30, which accounts for 100% of the distributable profit[90]. - The largest shareholder, Wanxiang San Nong Group Co., Ltd., holds 437,931,866 shares, accounting for 61.33% of the total shares[171]. - The number of shareholders holding more than 5% of the shares increased to 71,152 by the end of the reporting period[162]. Social Responsibility and Environmental Compliance - The company has engaged in social responsibility initiatives, including annual fundraising activities that have raised a total of 771,637.00 yuan for various charitable causes since 2009[134]. - The company has invested in a wastewater treatment facility with a capacity of 1,000 m³/d, ensuring compliance with environmental standards[142]. - The company adheres to environmental monitoring regulations, with quarterly noise monitoring and automatic wastewater COD monitoring in place[144]. - The company emphasizes product quality as its lifeline, ensuring no counterfeit products are produced[136].

Financial Performance - Operating revenue for the reporting period was CNY 383,484,659.50, down 25.59% year-on-year[8]. - Net profit attributable to shareholders was CNY 96,956,340.30, a decrease of 3.58% compared to the same period last year[8]. - Basic earnings per share were CNY 0.09, reflecting a decline of 10.00% year-on-year[8]. - The net cash flow from operating activities was CNY 185,611,361.80, down 6.36% compared to the previous year[8]. - Total operating revenue for Q3 2020 was CNY 383,484,659.50, a decrease of 25.6% compared to CNY 515,355,120.05 in the same period last year[51]. - Net profit for Q3 2020 was CNY 96,965,644.98, a decline of 3.2% from CNY 100,128,826.14 in Q3 2019[54]. - Total operating revenue for the year-to-date period decreased to ¥1,380,366,620.08, down 22.1% from ¥1,772,282,323.21 in the previous year[60]. - Net profit for the year-to-date period is ¥302,047,105.63, a decrease of 16.7% from ¥362,586,257.61 in the previous year[62]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,565,557,604.42, a decrease of 17.39% compared to the end of the previous year[8]. - Total liabilities decreased by 57.35% to ¥458,223,963.14 mainly due to a reduction in current liabilities[18]. - Current liabilities decreased significantly from CNY 1,023,044,707.34 to CNY 406,765,656.33, a reduction of about 60.2%[43]. - Total current assets decreased to CNY 2,014,018,728.26 from CNY 2,530,646,346.30 in the previous year[39]. - Total non-current assets totaled CNY 551,538,876.16, down from CNY 574,855,308.95, a decrease of about 4.0%[41]. - The company's equity attributable to shareholders rose to CNY 2,070,070,410.57 from CNY 1,995,586,297.42, an increase of approximately 3.7%[45]. Cash Flow - The net cash flow from operating activities turned negative at -¥25,550,071.86, a decrease of 123.19% compared to the previous year[19]. - Cash flow from operating activities showed a net outflow of ¥25,550,071.86, compared to a net inflow of ¥110,169,346.17 in the same period last year[71]. - Cash outflow for financing activities was ¥225,602,422.97, down 42.2% from ¥390,613,148.17 in the previous period[76]. - The ending cash and cash equivalents balance was ¥1,905,507,852.14, an increase from ¥1,596,961,745.02 in the previous period[76]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 60,853[13]. - The largest shareholder, Wanxiang Agricultural Group Co., Ltd., held 40.68% of the shares[13]. - The company repurchased a total of 4,135,188 shares, representing 0.3842% of the total share capital, with a total transaction amount of CNY 29,996,843.32[31]. Legal Matters - The company is pursuing a lawsuit against Wang Baolin and Wang Qiumin for damages amounting to CNY 108.32 million due to secret transactions that harmed the company's interests[21]. - The company is involved in a lawsuit initiated by its controlling shareholder, Wanxiang San Nong Group, seeking compensation of CNY 135.04 million for damages related to collusive agreements[23]. - The company has faced multiple court hearings regarding the trademark licensing dispute, with the latest hearings held on September 10 and 11, 2020, but no judgment has been made yet[23]. - The company is currently under scrutiny for its involvement in related party transactions that may have violated company laws and regulations[23]. - The company has indicated that it will disclose further updates on the ongoing litigation to keep investors informed of potential risks[21]. Research and Development - Research and development expenses decreased by 40.06% to ¥7,013,538.89 due to reduced investment in R&D[18]. - Research and development expenses for Q3 2020 were CNY 1,922,145.03, down from CNY 2,705,256.64 in the same period last year[51]. - Research and development expenses decreased to ¥7,013,538.89, down 40% from ¥11,701,257.60 in Q3 2019[65]. Inventory and Expenses - Inventory decreased by 82.37% to ¥55,243,486.85 due to a reduction in raw materials and finished goods[18]. - Sales expenses decreased by 63.78% to ¥45,101,139.65 as a result of lower advertising costs[19]. - Sales expenses significantly reduced to ¥37,919,205.98, down 68.5% from ¥120,292,244.82 in the previous period[57].

Financial Performance - The company's revenue for the reporting period was CNY 996,881,960.58, a decrease of 20.69% compared to the same period last year[23]. - The net profit attributable to shareholders was CNY 203,239,878.30, down 22.51% year-on-year[23]. - The net cash flow from operating activities was negative CNY 211,161,433.66, representing a decline of 139.84% compared to the previous year[23]. - The basic earnings per share decreased by 29.63% to CNY 0.19[23]. - The company experienced a decline in operating profit to CNY 28,197,730, down 19.19% year-on-year[28]. - The company reported a significant decrease in revenue from its main product, Lululemon Almond Milk and others, which dropped from ¥1,256,927,203.16 to ¥996,881,960.58[47]. - The total operating revenue for the first half of 2020 was CNY 996,881,960.58, a decrease of 20.7% compared to CNY 1,256,927,203.16 in the first half of 2019[162]. - The total profit for the first half of 2020 was CNY 282,070,000.20, down from CNY 348,774,292.69 in the first half of 2019, reflecting a decrease of 19.1%[164]. - The company reported a decrease in cash flow from sales of goods and services, which was CNY 527,159,647.97, down from CNY 884,723,075.04 in the previous year, indicating a decline of approximately 40%[174]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,395,100,868.82, a decrease of 22.88% from the end of the previous year[23]. - Cash and cash equivalents at the end of the reporting period amounted to ¥1,780,866,590.14, accounting for 74.35% of total assets, an increase of 7.56% from the previous year[51]. - The company’s total liabilities amounted to CNY 535,189,015.80, while total equity was CNY 1,818,417,539.83 as of the reporting date[161]. - The company’s total liabilities at the end of the reporting period were CNY 1,983,114,216.00, reflecting an increase from the previous period[189]. - Current liabilities decreased to approximately CNY 323.27 million from CNY 1.02 billion, a reduction of 68.4%[151]. - Total liabilities decreased to approximately CNY 374.73 million from CNY 1.07 billion, a decline of 65.1%[151]. Research and Development - R&D investment decreased by 43.40% to CNY 5.09 million compared to the previous year[43]. - The company reported a significant reduction in research and development expenses, which were CNY 5,091,393.86 in the first half of 2020, down from CNY 8,996,000.96 in the first half of 2019, a decrease of 43.3%[164]. Market and Competition - The company aims to consolidate and develop its core competitive advantages in brand, scale, and technology[7]. - The company is experiencing intense competition in the plant protein beverage market, which may lead to increased investment and competition[62]. - The company developed 7,000 community WeChat groups, selling 136,000 boxes of products through these channels during the pandemic[38]. - The company conducted 22 live streaming sessions on platforms like JD and Tmall, achieving over 1.3 million likes, enhancing product exposure and sales[39]. Legal Matters - The company is actively pursuing legal actions regarding trademark and patent infringement issues to protect its brand[42]. - The company is currently contesting the execution of the court's ruling, which is in the objection review stage[69]. - The company is currently involved in a lawsuit regarding patent infringement, with the case being accepted by the Beijing Intellectual Property Court on August 21, 2017[72]. - The company has filed a civil lawsuit against Shantou Lulun Southern Co., Ltd. and Beijing Rongcheng Wenhua Supermarket for trademark infringement, with the case being accepted on February 8, 2018[74]. - The company plans to disclose relevant information in a timely manner based on the progress of the lawsuits, urging investors to be aware of investment risks[72]. Shareholder Actions - The company plans to not distribute cash dividends or issue bonus shares[7]. - The company has approved a share buyback plan on May 15, 2020, with a total fund of no less than RMB 150 million and no more than RMB 300 million[100]. - The company plans to repurchase shares at a price not exceeding RMB 10.23 per share, with an estimated repurchase quantity between approximately 14.66 million and 29.33 million shares[100]. - The company has decided to lay off employees from Langfang Lulu due to the long-term production halt[104]. Environmental and Operational Matters - The company has invested in a wastewater treatment facility with a capacity of 1,000 m³/d, which operates normally and meets environmental standards[95]. - The company has implemented an environmental monitoring plan, including automatic and manual monitoring of wastewater and noise levels[97]. - The company faced risks from the COVID-19 pandemic, which could adversely affect production and operations, and is implementing strict preventive measures[62]. - The company has decided to suspend operations at Langfang Lulule Beverage Co., Ltd. due to severe issues with steam supply, which affects production capacity[58]. Financial Position - The company’s total assets were reported at CNY 2,353,606,555.63, indicating a decrease from CNY 3,034,231,783.65 in the previous year[161]. - The company’s capital stock remained unchanged at CNY 978,562,728.00 during the reporting period[192]. - The company reported a decrease in undistributed profits by CNY 195,712,545.60 during the period[198]. - The total equity attributable to the parent company at the end of the reporting period was CNY 1,995,586,297.42, an increase from CNY 1,922,142,893.10 at the end of the previous period[189].

证券简称：承德露露 证券代码：000848 公告编号：2020-033 关于参加河北辖区上市公司 2020 年度投资者网上集体 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 河北承德露露股份有限公司（以下简称"公司"）已于 2020 年 3 月 28 日发布 了 2019 年年度报告。为便于广大投资者更深入全面地了解公司情况、发展战略、 经营状况、可持续发展等投资者所关心的问题，公司定于 2020 年 6 月 12 日（星期 五）15:50-17:00 参加中国证监会河北监管局举办的"河北辖区上市公司 2020 年 度投资者网上集体接待日活动"，现将有关事项公告如下： 本次年度集体接待日将在深圳市全景网络有限公司提供的网上平台采取网络 远程的方式举行，投资者可以登录"河北辖区上市公司投资者关系互动平台" （http：//rs.p5w.net）参与交流。 出席本次年度网上集体接待日的人员有：董事长、总经理、董事会秘书梁启朝 先生，副总经理、财务负责人丁兴贤先生及公司证券业务人员。 欢迎广大投资者积极参与。 特此公告。 河北承德露露股份有限公司董事会 2020 ...

Financial Performance - The company's operating revenue for Q1 2020 was ¥848,943,283.52, a decrease of 8.80% compared to ¥930,892,960.54 in the same period last year[9]. - Net profit attributable to shareholders was ¥182,206,531.98, down 17.97% from ¥222,109,281.77 year-on-year[9]. - Basic earnings per share decreased to ¥0.19, down 17.39% from ¥0.23 in the same period last year[9]. - Operating income decreased by 38.54% to ¥346,198,281.65, attributed to a decrease in advance payments from distributors[20]. - Net profit for the current period is ¥184,370,163.31, a decline of 17.3% compared to ¥222,820,556.97 in the previous period[66]. - Total operating revenue for the current period is ¥848,943,283.52, a decrease of 8.8% from ¥930,892,960.54 in the previous period[59]. - The total comprehensive income amounted to CNY 145,235,649.72, compared to CNY 163,212,684.90 in the previous period, indicating a decrease of approximately 11%[72]. Cash Flow - The net cash flow from operating activities was -¥166,247,510.09, representing a decline of 56.13% compared to -¥106,480,255.10 in the previous year[9]. - Cash inflows from operating activities totaled CNY 351,922,288.84, down from CNY 568,367,249.82, representing a decline of about 38.2%[73]. - Cash outflows from operating activities were CNY 518,169,798.93, compared to CNY 674,847,504.92 in the previous period, reflecting a decrease of approximately 23.2%[76]. - The cash inflow from sales of goods and services was CNY 346,198,281.65, a decrease from CNY 563,293,682.42, indicating a decline of approximately 38.6%[73]. - The company's cash and cash equivalents net increase was -¥166,441,239.09, reflecting a decrease in operating cash flow[20]. - The ending cash and cash equivalents balance was CNY 2,037,181,039.52, compared to CNY 1,820,097,198.35 at the end of the previous period, showing an increase of about 12%[79]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,686,060,319.31, a decrease of 13.51% from ¥3,105,501,655.25 at the end of the previous year[9]. - Total liabilities decreased by 56.19% to ¥470,691,514.90, primarily due to a significant reduction in current liabilities[18]. - The company's total liabilities decreased from CNY 1,074,503,014.15 to CNY 470,691,514.90, a reduction of about 56.2%[47]. - The total equity attributable to shareholders rose from CNY 1,995,586,297.42 to CNY 2,177,792,829.40, an increase of approximately 9.1%[49]. - The company's current assets totaled CNY 2,126,934,073.57 as of March 31, 2020, down from CNY 2,530,646,346.30 at the end of 2019, indicating a decrease of about 16%[41]. Shareholder Information - The top shareholder, Wanxiang Agricultural Group Co., Ltd., holds 40.68% of the shares, with a total of 398,119,878 shares[12]. - The total number of ordinary shareholders at the end of the reporting period was 52,758[12]. Legal Matters - The company is involved in ongoing litigation regarding related party transactions, seeking compensation of ¥108,320,300 for economic losses[21]. - The company is currently involved in multiple legal disputes, including a case accepted by the Intermediate People's Court of Chengde on April 2, 2020, which may impact current and future profits[27]. - The company’s production operations remain normal despite ongoing legal disputes[24]. Operational Insights - Inventory decreased by 75.22% to ¥77,663,365.87 due to a reduction in raw materials and finished goods[18]. - Other current assets decreased by 81.55% to ¥207,972.64 due to a reduction in uncredited input tax[18]. - The company reported non-recurring gains and losses totaling ¥190,638.30 after tax impacts of ¥63,546.10[9]. - The company has maintained communication with investors regarding operational and litigation matters[36]. Research and Development - Research and development expenses for the current period are ¥3,706,464.81, slightly decreased from ¥4,644,207.04, indicating a focus on cost management in R&D[62]. - The company has not disclosed any new product developments or technological advancements in the recent reports[28][33]. Future Outlook - The company has not provided specific performance guidance or future outlook in the available documents[28][39]. - The company has not reported any significant market expansion or acquisition activities during the reporting period[28][39]. - The company has not reported any significant changes in user data or customer metrics in the recent disclosures[28][39].

Financial Performance - The company's operating revenue for 2019 was CNY 2,255,394,058.97, representing a 6.29% increase compared to CNY 2,121,966,609.34 in 2018[25]. - The net profit attributable to shareholders for 2019 was CNY 464,868,495.52, which is a 12.54% increase from CNY 413,057,313.39 in 2018[25]. - The total profit for the year was CNY 618.24 million, reflecting a growth of 12.57% compared to the previous year[36]. - The basic earnings per share for 2019 was CNY 0.47, up 11.90% from CNY 0.42 in 2018[25]. - The total assets at the end of 2019 were CNY 3,105,501,655.25, a 9.24% increase from CNY 2,842,852,497.72 at the end of 2018[25]. - The net assets attributable to shareholders at the end of 2019 were CNY 1,995,586,297.42, reflecting a 3.82% increase from CNY 1,922,142,893.10 at the end of 2018[25]. - The company achieved operating revenue of CNY 2,255.39 million in 2019, a year-on-year increase of 6.29%[36]. - Revenue from plant protein beverages accounted for 99.91% of total revenue, amounting to CNY 2,253,373,440.87, with a year-on-year growth of 8.57%[54]. - The gross profit margin for plant protein beverages was 52.64%, an increase of 1.24% compared to the previous year[54]. Production and Capacity - The company has a production capacity of over 500,000 tons annually, making it the largest producer of almond milk in China[36]. - The sales volume of LuLu almond milk increased by 4.79% to 223,560.66 tons in 2019, while production volume rose by 11.59% to 237,342.94 tons[55]. - The company's inventory of almond milk increased by 38.69% to 49,408.04 tons due to early stockpiling ahead of the 2020 Spring Festival[55]. Market Strategy and Expansion - The company plans to expand its marketing efforts targeting young urban professionals, focusing on the health benefits of wild almonds[46]. - The company has established a sales network covering 43 cities across Northeast, North China, Central Plains, and Northwest regions, with 6 sales districts and 209 small groups[45]. - The company aims to enhance its production capabilities through smart and flexible manufacturing, which will improve food safety and provide space for new product development[78]. - The company will continue to develop its e-commerce business to meet the purchasing needs of the emerging consumer base[78]. - The company has set a goal to increase its market share and core competitiveness by continuously developing new products and optimizing marketing strategies[78]. Research and Development - The company holds 42 patents, including 12 invention patents, showcasing its strong technological capabilities in the beverage industry[40]. - Research and development expenses increased by 20.52% to CNY 13,686,809.40, attributed to higher personnel costs[62]. - The total R&D expenditure for the reporting period was CNY 13.69 million, accounting for 0.61% of the company's operating revenue and 0.69% of net assets[63]. - The number of R&D personnel decreased by 19.40% from 134 in 2018 to 108 in 2019, with the proportion of R&D personnel dropping from 10.72% to 9.33%[63]. Legal and Compliance Issues - The company is actively pursuing litigation related to trademark infringement to resolve ongoing issues[79]. - The company received a civil judgment from the Shantou Jinping District People's Court on June 3, 2019, confirming the validity of the trademark licensing agreement with Shantou Gaoxin District Lulu South Co., Ltd.[111]. - The company has filed for a retrial to protect its core intellectual property rights, indicating potential future legal costs and impacts on brand influence and market competitiveness[111]. - The company is involved in another lawsuit regarding damages related to associated transactions, with a claim amounting to 135.04 million yuan[112]. - The company emphasizes the importance of protecting its legal rights and interests amid ongoing litigation, which may affect investor confidence[112]. Corporate Governance and Management - The total pre-tax remuneration for the board of directors and senior management amounted to CNY 396.94 million[200]. - The chairman and general manager, Liang Qichao, received a pre-tax remuneration of CNY 58.94 million[200]. - The company has implemented a performance-based annual salary system for its directors and senior management, which includes guaranteed income, position income, and incentive income[198]. - The company’s independent directors have no remuneration from related parties, ensuring independence in their oversight role[200]. - The management team has undergone changes, with the appointment of a new CFO to strengthen financial oversight[186]. Environmental and Social Responsibility - The company has established an emergency response plan for environmental incidents and has registered it with the local environmental protection bureau[146]. - The company's wastewater monitoring includes continuous automatic monitoring of COD and quarterly manual monitoring of ammonia nitrogen, BOD, SS, and pH[146]. - The wastewater treatment facility has a capacity of 1,000 m³/d, and the treated pollutants meet environmental assessment requirements[141]. - A focus on sustainability initiatives is being implemented, with a goal to reduce carbon emissions by 15% over the next three years[181]. Shareholder Information - The company has a total of 978,562,728 shares, with 99.98% being unrestricted shares[158]. - The controlling shareholder, Wanxiang San Nong Group Co., Ltd., holds 40.68% of the shares, totaling 398,119,878 shares[162]. - The second largest shareholder, Sunshine Property & Casualty Insurance Co., Ltd., holds 5.10% of the shares, totaling 49,906,677 shares[165]. - The company has a total of 53,241 common shareholders at the end of the reporting period[162].