Group 1: Financial Performance and Goals - The company has set a high revenue target for 2021, exceeding previous annual highs, despite Q1 revenue not reaching the highest levels of past years [1] - Q1 sales were impacted by the pandemic, particularly in North and Northeast China, but there has been a noticeable recovery in sales compared to Q4 of the previous year [1] - The company aims to clarify its market expansion, new product development, brand promotion, and human resources efforts by the end of the year [1] Group 2: Product Development and Market Strategy - The company is considering the introduction of sugar substitutes in new product development, aligning with consumer health trends [2] - Future product focus will be on health, premium quality, and youth appeal, leveraging technology to expand market size [2] - The company aims to deepen its market presence while exploring new markets, striving to become a leader in the plant-based beverage industry [2] Group 3: Marketing and Brand Management - Increased investment in new media advertising is planned to enhance brand operation and communication [3] - The company is addressing historical trademark issues while prioritizing business development [3] - Internal incentives are being arranged to foster growth, with plans for a pressure-based stockholding scheme [3]

Revenue and Profitability - Revenue for Q3 2022 was CNY 508,662,207.09, an increase of 3.00% year-over-year[5] - Net profit attributable to shareholders for Q3 2022 was CNY 122,865,803.59, up 5.21% compared to the same period last year[5] - Total operating revenue for the quarter was approximately $1.97 billion, an increase from $1.85 billion in the previous year, representing a growth of about 6.3%[28] - Net profit for the quarter was approximately $420.44 million, compared to $399.91 million in the same period last year, marking an increase of about 5.1%[31] - The company reported a total profit of approximately $556.63 million, compared to $531.17 million in the previous year, reflecting an increase of about 4.8%[28] - The company’s total comprehensive income for the quarter was approximately $420.44 million, compared to $399.91 million in the previous year, representing an increase of about 5.1%[31] Cash Flow and Liquidity - Net cash flow from operating activities for the year-to-date period decreased by 65.41% to CNY 76,404,173.67[9] - The net cash flow from operating activities was approximately $76.40 million, a decrease from $220.91 million in the previous year, indicating a decline of about 65.4%[34] - Cash flow from financing activities totaled 200,115,653.77, compared to 413,750,472.73 in the previous period, indicating a decrease of approximately 51.7%[37] - Net cash flow from financing activities was -200,115,653.77, reflecting a significant decline from -413,750,472.73 year-over-year[37] - The net increase in cash and cash equivalents was -136,390,765.50, down from -199,579,759.18 in the prior period, showing an improvement of about 31.7%[37] - The ending balance of cash and cash equivalents was 2,470,244,940.47, compared to 2,142,299,864.65 at the end of the previous period, representing an increase of approximately 15.3%[37] - The beginning balance of cash and cash equivalents was 2,606,635,705.97, indicating a strong liquidity position at the start of the period[37] Assets and Liabilities - Total assets at the end of Q3 2022 were CNY 3,131,843,021.26, a decrease of 10.73% from the end of the previous year[5] - The total liabilities as of September 30, 2022, amounted to RMB 519,386,670.08, a significant decrease from RMB 1,116,273,798.56 at the beginning of the year, reflecting a reduction of approximately 53.4%[24] - The company's total equity increased from RMB 2,392,060,812.50 at the beginning of the year to RMB 2,612,456,351.18, representing an increase of about 9.2%[24] Shareholder Information - The company reported a total of 70,281 common shareholders at the end of the reporting period[10] - The largest shareholder, Wanxiang Agricultural Group Co., Ltd., holds 40.68% of the shares[10] - Basic earnings per share for Q3 2022 remained at CNY 0.11, unchanged from the previous year[5] Operational Developments - The company is currently constructing a project with an annual production capacity of 500,000 tons of Lululemon series beverages, with an expected completion date in June 2024[18] - The company aims to enhance its production capabilities through smart, digital, and flexible manufacturing processes, which will help improve product quality and market share[15] - The company has optimized the design of its beverage production project to achieve energy efficiency and smooth logistics, aligning with its mission to support rural development and agricultural modernization[15] Other Financial Metrics - Government subsidies recognized in the current period amounted to CNY 60,348.52[6] - The company reported a total non-recurring gains and losses of CNY 48,581.70 for the current period[6] - The company repurchased a total of 23,864,926 shares, accounting for 2.22% of the total share capital, with a total payment of approximately RMB 200 million[14] - The company's inventory decreased significantly from RMB 351,421,050.73 at the beginning of the year to RMB 123,773,065.76, a reduction of about 64.8%[19] - The fixed assets as of September 30, 2022, were valued at RMB 193,435,044.53, down from RMB 205,239,866.70 at the beginning of the year, indicating a decrease of approximately 5.4%[22] Audit and Financial Reliability - The company did not undergo an audit for the third quarter report, which may affect the perception of financial reliability[38]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,462,450,201.71, representing a 7.52% increase compared to CNY 1,360,179,159.76 in the same period last year[29]. - The net profit attributable to shareholders of the listed company was CNY 297,736,735.66, up 5.00% from CNY 283,570,317.20 year-on-year[29]. - The net profit after deducting non-recurring gains and losses was CNY 298,093,720.37, reflecting a 5.10% increase compared to CNY 283,641,731.71 in the previous year[29]. - The basic earnings per share for the reporting period was CNY 0.28, a 3.70% increase from CNY 0.27 in the same period last year[29]. - The diluted earnings per share also stood at CNY 0.28, reflecting a 3.70% increase compared to CNY 0.27 year-on-year[29]. - The total profit for the first half of 2022 was CNY 416,660,404.41, compared to CNY 362,039,920.41 in the first half of 2021, marking an increase of 15.1%[194]. - The company's net profit for the first half of 2022 reached CNY 346,491,524.69, representing a significant increase of 20.5% from CNY 287,477,512.16 in the first half of 2021[194]. Cash Flow and Assets - The net cash flow from operating activities decreased significantly by 94.72%, amounting to CNY 5,524,940.55, down from CNY 104,624,448.97 in the same period last year[29]. - Cash and cash equivalents at the end of the reporting period amounted to ¥2,611,215,953.44, representing 80.62% of total assets, an increase of 6.32% from the previous year[68]. - The company's operating cash flow for the first half of 2022 was CNY 5,524,940.55, a decrease from CNY 104,624,448.97 in the same period of 2021[198]. - The ending balance of cash and cash equivalents was 2,611,215,953.44, compared to 2,030,420,466.01 in the previous period[200]. - The total current assets as of June 30, 2022, amounted to CNY 2,717,544,709.43, a decrease from CNY 2,973,237,162.90 at the beginning of the year[169]. - Total assets decreased to CNY 3,238,976,451.20 from CNY 3,508,334,611.06, showing a reduction in overall asset base[172]. Revenue and Sales - The almond milk series generated revenue of 1,435,354,703.78 CNY, with a gross margin of 45.34%, reflecting a 7.24% increase in revenue year-on-year[44]. - The company achieved operating revenue of 1,462,450,201.71 CNY, an increase of 7.52% compared to the same period last year[39]. - The sales volume of the main products reached 139,754.90 tons, representing a year-on-year increase of 7.41%[52]. - The company's sales volume for the walnut series increased by 26.38% year-on-year, reaching 2,949.53 tons, while production volume decreased by 10.14% to 1,961.43 tons[55]. - Total sales volume for the company reached 142,704.43 tons, a 7.74% increase compared to 132,452.93 tons in the previous year, while total production volume decreased by 11.82% to 93,454.66 tons[55]. Costs and Expenses - Operating costs rose by 19.83% to CNY 804,214,824.89, while sales expenses decreased by 16.79% to CNY 237,047,059.57[60]. - The gross margin for the overall business was 45.01%, a decrease of 5.65 percentage points compared to the previous year[44]. - The company's sales expenses decreased to CNY 235,921,077.43 in the first half of 2022 from CNY 283,746,800.13 in the same period of 2021, reflecting a reduction of 16.8%[194]. Research and Development - Research and development investment increased by 1.27% to CNY 10,205,857.39, reflecting the company's commitment to innovation[60]. - The company's research and development expenses for the first half of 2022 were CNY 10,205,857.39, slightly up from CNY 10,077,960.43 in the previous year[194]. Market Position and Strategy - The company maintains a strong market position as the largest producer of almond milk in China, with a focus on product quality and safety[56]. - The company plans to continue expanding its product matrix and market reach, focusing on innovation and meeting diverse consumer needs[39]. - The company launched new products including classic low-sugar almond milk and classic low-sugar walnut milk, which are currently being promoted in e-commerce platforms and select cities[42]. Social Responsibility and Community Engagement - The company is committed to social responsibility and actively participates in community welfare initiatives[99]. - The company has cumulatively donated RMB 836,059.00 since 2009 for social welfare activities, including support for disabled children[101]. - The company emphasizes that its commitment to social responsibility enhances its corporate image and market share, leading to economic benefits[101]. Legal and Compliance - The company received a civil judgment from the Shantou Intermediate People's Court, which upheld the original ruling against the company in a trademark licensing dispute[116]. - The company is currently involved in a lawsuit regarding related party transaction disputes, which is still pending[118]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[98]. Shareholder Information - The largest shareholder, Wanxiang San Nong Group Co., Ltd., holds 40.68% of the shares, totaling 437,931,866 shares[145]. - The company plans to repurchase shares at a price not exceeding RMB 13.30 per share, with a total repurchase amount between RMB 200 million and RMB 400 million[142]. - As of the report date, the company has repurchased 480,800 shares, accounting for 0.04% of the total share capital, with a total payment of RMB 4,383,216[144].

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].