证券代码：000860 证券简称：顺鑫农业 北京顺鑫农业股份有限公司 投资者关系活动记录表 编号：2022-002 | --- | --- | --- | --- | --- | |---------------------------------------|-------------------------------------------------------------------------------------------------------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------|------------------------------------------------|----------------------------------------------------| | | | | | ...

Revenue and Profitability - Revenue for Q3 2022 was CNY 2,587,480,734.18, an increase of 6.94% year-over-year, while revenue for the year-to-date period decreased by 21.57% to CNY 9,106,435,809.27[3] - Net profit attributable to shareholders for Q3 2022 was a loss of CNY 12,382,783.99, an increase in loss of 88.08% year-over-year, with a year-to-date net profit of CNY 27,595,064.15, down 92.58%[3] - Basic and diluted earnings per share for Q3 2022 were both CNY -0.0167, reflecting an increase in loss of 88.07% year-over-year[3] - Total operating revenue for the current period is ¥9,106,435,809.27, a decrease of 21.5% from ¥11,610,988,901.60 in the previous period[25] - Net profit for the current period is ¥11,130,013.08, a significant decline from ¥377,202,469.51 in the previous period[28] - Earnings per share (EPS) for the current period is ¥0.0372, compared to ¥0.5013 in the previous period[31] - The total comprehensive income for the current period is ¥11,130,013.08, down from ¥377,202,469.51 in the previous period[31] Cash Flow and Operating Activities - Net cash flow from operating activities for the year-to-date period was CNY -700,958,966.58, an improvement of 42.45% compared to the previous year[3] - The company reported a 42.45% increase in net cash flow from operating activities for the year-to-date period, amounting to an increase of CNY 51,703,750.00[14] - Operating cash inflow for the current period was ¥9,705,977,430.29, down 13.9% from ¥11,288,980,514.27 in the previous period[32] - Operating cash outflow for the current period was ¥10,406,936,396.87, a decrease of 16.8% compared to ¥12,506,977,014.32 in the previous period[32] - Net cash flow from operating activities was -¥700,958,966.58, an improvement from -¥1,217,996,500.05 in the previous period[32] - Cash flow from investing activities resulted in a net outflow of -¥131,645,188.30, compared to -¥86,987,998.79 in the previous period[34] - Cash inflow from financing activities was ¥4,155,000,000.00, an increase of 12.7% from ¥3,686,049,192.10 in the previous period[34] - Net cash flow from financing activities was ¥55,749,013.68, a significant improvement from -¥194,762,812.43 in the previous period[34] - The ending cash and cash equivalents balance was ¥6,780,230,156.40, down from ¥7,244,237,743.70 in the previous period[34] - The company received ¥18,245,777.43 in tax refunds during the current period[32] - The company paid ¥1,763,575,883.52 in taxes, a decrease of 15.7% from ¥2,093,240,726.28 in the previous period[32] - The company reported a cash outflow of ¥572,064,218.70 for employee compensation, slightly up from ¥571,174,796.31 in the previous period[32] Assets and Liabilities - Total assets as of September 30, 2022, were CNY 18,356,090,766.87, a decrease of 5.34% from the end of the previous year[3] - Shareholders' equity attributable to the parent company was CNY 7,778,657,490.07, a slight increase of 0.12% from the end of the previous year[3] - Long-term borrowings increased by CNY 101,098,680.00, a growth of 49.41%, primarily due to the optimization of the debt structure[10] - The total current liabilities amount to ¥5,000,000,000.00, with short-term borrowings at ¥2,695,000,000.00[21] - The total liabilities of the company as of September 30, 2022, are not explicitly stated but can be inferred from the current liabilities and other financial obligations[21] - The company has a total of ¥1,647,955,211.34 in contract liabilities as of September 30, 2022, down from ¥2,569,815,341.92 at the beginning of the year[21] - Total liabilities decreased to ¥10,570,728,383.82 from ¥11,599,720,849.49, a reduction of 8.8%[25] Shareholder Information - The total number of common shareholders at the end of the reporting period is 120,389, with the largest shareholder, Beijing Shunxin Holdings Group Co., Ltd., holding 37.51% of shares[15] - The company has a total of 278,209,668 shares held by Beijing Shunxin Holdings Group Co., Ltd., which represents the largest single holding[18] - The company has no shares under pledge or marked status as per the shareholder information[15] Expenses - Research and development expenses for the current period are ¥25,101,140.67, an increase from ¥22,938,052.88 in the previous period[28] - Sales expenses rose to ¥770,518,578.30 from ¥698,957,132.08, indicating an increase of 10.3%[28] - Total operating costs for the current period are ¥8,858,107,509.70, down 19.9% from ¥11,040,269,719.78 in the previous period[25]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 6,518,955,075.09, a decrease of 29.07% compared to CNY 9,191,314,181.33 in the same period last year[24]. - The net profit attributable to shareholders of the listed company was CNY 39,977,848.14, down 91.60% from CNY 475,695,944.76 year-on-year[24]. - The basic earnings per share decreased to CNY 0.0539, down 91.60% from CNY 0.6413 in the same period last year[24]. - The net profit after deducting non-recurring gains and losses was CNY 41,896,636.63, a decrease of 91.20% compared to CNY 476,067,566.73 in the same period last year[24]. - The company's revenue for the first half of 2022 was CNY 4.91 billion, a decrease of 24.88% compared to the same period last year[32]. - The company's total revenue for the first half of 2022 was CNY 6,029,589,410.91, a decrease of 29.1% compared to CNY 8,503,579,576.29 in the first half of 2021[192]. - The net profit for the first half of 2022 was CNY 190,669,041.48, down 70.7% from CNY 649,015,714.11 in the same period last year[192]. Cash Flow and Financial Position - The net cash flow from operating activities improved to -CNY 511,412,584.90, a 65.17% increase compared to -CNY 1,468,420,095.72 in the previous year[24]. - The company's cash and cash equivalents decreased by 71.92% to -¥517,539,562.24 from -¥1,843,404,026.37 in the previous year[59]. - The company raised CNY 2,757,500,000.00 through borrowings in the first half of 2022, compared to CNY 2,535,384,700.60 in the same period last year[199]. - The operating cash flow for the first half of 2022 was negative CNY 511,412,584.90, an improvement from negative CNY 1,468,420,095.72 in the first half of 2021[196]. - Cash outflow from operating activities also decreased to 6,754,817,496.82 CNY in 2022 from 9,197,298,815.76 CNY in 2021, reflecting a reduction of about 26.6%[200]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,724,872,523.90, a decrease of 3.44% from CNY 19,392,497,386.66 at the end of the previous year[24]. - The total liabilities decreased to 10,922.50 billion from 11,599.72 billion, a reduction of 5.84%[179]. - Long-term borrowings increased by 5.16% to ¥2,941,709,594.93, attributed to adjustments in the company's debt structure[69]. - Total liabilities decreased to CNY 10,261,217,652.29 from CNY 11,235,112,809.41, a decline of 8.7%[185]. Revenue Segments - The pork industry segment achieved a total revenue of CNY 1.16 billion, with slaughtering business sales at CNY 1.06 billion and breeding sales at CNY 0.097 billion[34]. - The white liquor segment accounted for 75.32% of total revenue, generating ¥4,910,003,164.27, down 24.88% year-over-year[63]. - The pork segment generated ¥1,063,920,632.64, representing 16.32% of total revenue, with a year-over-year decline of 44.72%[63]. Research and Development - Research and development expenses increased by 18.49% to ¥16,560,947.13 from ¥13,976,711.54, indicating a focus on innovation[59]. - The company has established a "post-doctoral research workstation" and "academician workstation" to enhance its research capabilities in fermentation and flavor technology[53]. Environmental Compliance - The company has implemented a wastewater treatment facility with a capacity of 6,000 tons per day, operational since 2014, and is functioning normally[92]. - The company has conducted monthly monitoring of wastewater and waste gas, with third-party testing to ensure compliance with environmental standards[94]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[95]. Strategic Initiatives - The company’s management emphasizes the need for strategic adjustments in response to market challenges and aims to enhance operational efficiency moving forward[24]. - The company focused on key markets and core products, emphasizing brand upgrades and marketing innovations to enhance sales performance[33]. - The company is actively seeking potential partners to advance its real estate business divestiture[35]. Shareholder Information - The total number of common shareholders at the end of the reporting period was 131,243[149]. - Beijing Shunxin Holdings Group Co., Ltd. holds 37.51% of shares, totaling 278,209,668 shares[149]. - The second largest shareholder, China Bank Co., Ltd. - CMB Zhongxin Liquor Index Fund, holds 4.63% with 34,357,343 shares, a decrease of 1,103,970 shares during the reporting period[149].

Financial Performance - The company's operating revenue for 2021 was ¥14,869,379,036.69, a decrease of 4.14% compared to ¥15,511,399,521.15 in 2020[6]. - The net profit attributable to shareholders for 2021 was ¥102,302,082.57, representing a significant decline of 75.64% from ¥420,008,785.08 in 2020[6]. - The net cash flow from operating activities was negative at ¥348,678,880.55, a decrease of 122.56% compared to ¥1,545,548,332.46 in 2020[6]. - The basic earnings per share for 2021 was ¥0.1379, down 75.64% from ¥0.5662 in 2020[6]. - Total assets at the end of 2021 were ¥19,392,497,386.66, a decrease of 10.52% from ¥21,673,379,639.15 at the end of 2020[6]. - The company achieved total revenue of CNY 14.87 billion in 2021, a decrease of 4.14% compared to CNY 15.51 billion in 2020[57]. - The net profit attributable to shareholders was CNY 102 million, down 75.64% year-on-year[55]. - The liquor segment generated revenue of CNY 10.23 billion, a slight increase of 0.40% year-on-year, accounting for 68.77% of total revenue[55]. - The pork segment reported revenue of CNY 3.60 billion, a decrease of 22.31% year-on-year, with slaughtering and breeding revenues at CNY 3.31 billion and CNY 289 million, respectively[55]. Dividend Distribution - The company reported a profit distribution plan to distribute a cash dividend of 0.25 CNY per 10 shares to all shareholders, based on a total of 741,766,989 shares[8]. - The total cash dividend distributed to shareholders is CNY 18,544,174.73, with a dividend of CNY 0.25 per 10 shares[141]. - The cash dividend represents 100% of the total profit distribution amount, reflecting a strong commitment to returning value to shareholders[140]. Business Operations - The company has maintained its main business operations without changes since its listing[25]. - The company has not reported any changes in its major business operations since its establishment[25]. - The company maintains a complete industrial chain in the pork industry, with a slaughter capacity of 3 million heads per plant and a cold storage capacity of 40,000 tons[39]. - The company has established a comprehensive supply chain in the pork industry, integrating breeding, slaughtering, processing, and logistics[56]. - The company is actively addressing challenges from the "pig cycle" downturn by implementing biosecurity measures and restoring slaughtering productivity[56]. Market and Product Development - The company plans to continue enhancing brand premium capabilities and market competitiveness through product development and differentiation strategies[38]. - The company has launched several new products, including the premium Niulanshan series, which has been well received in key markets such as Beijing and the Yangtze River Delta[40]. - The company plans to enhance brand value through product structure upgrades and has launched high-end products like "Kuisenghao Zunxi" to boost the Baijiu category[55]. - The company aims to enhance brand recognition by establishing strong associations between the Niulanshan brand and mid-to-high-end core products, upgrading visual branding, and engaging with younger consumers[98]. - The company plans to increase the production capacity of processed and small-packaged products, promoting them through retail and e-commerce channels to expand market reach[98]. Environmental Management - The company operates a wastewater treatment facility at Niulanshan Distillery with a capacity of 6,000 tons per day, which has been functioning normally since its commissioning in 2014[158]. - The company has implemented a 24-hour online monitoring system for wastewater discharge at Pengcheng Food, tracking parameters such as COD, ammonia nitrogen, and total phosphorus[159]. - The company has committed to publicizing its wastewater and air emissions monitoring data monthly through its official website[159]. - The company has made progress in carbon emission verification and energy-saving self-evaluation as per the requirements of the Beijing Ecological Environment Bureau[161]. - The company has established an emergency response plan for environmental incidents, led by the general manager[158]. Corporate Governance - The company has maintained compliance with corporate governance standards, ensuring independence from its controlling shareholders in operations and finances[104]. - The company held its annual shareholder meeting with a participation rate of 53.21% on May 19, 2021, discussing key resolutions and future strategies[105]. - The company has maintained a stable management team with no changes in the positions of directors and senior management during the reporting period[111]. - The management team is committed to maintaining corporate governance and transparency, as evidenced by the election of new independent directors[110]. - The company has a governance structure involving the shareholders' meeting, board of directors, supervisory board, and management, ensuring clear division of responsibilities and mutual supervision among departments[145]. Related Party Transactions - The total amount of related party transactions for 2021 was 27,060.04 million yuan, within the estimated range of 42,640.00 million yuan[192]. - The company engaged in various related party transactions, including labor services and product sales, with significant transactions including 14,758.71 million yuan for engineering services and 5,852.17 million yuan for advertising services[187]. - The company reported that the price for related party transactions was based on market pricing, ensuring compliance with market standards[187]. - The company maintained transparency in its related party transactions, with all transactions disclosed in accordance with regulatory requirements[192]. Legal Matters - The company is involved in a lawsuit with Beijing Yao Ah Yao Catering Management Co., with a disputed amount of 318,400 RMB, which has been ruled but lacks execution conditions[181]. - The company faced a lawsuit from Quzhou Jiuping Trading Co., with a claim of 3.2857 million RMB, which resulted in a judgment requiring compensation of 800,000 RMB[181]. - A contract dispute with Beijing Shunkang Hongtai Packaging Technology Co. resulted in a judgment requiring the defendant to pay 2,669,254.06 RMB, which has been fully executed[181]. - The company has a pending case against Beijing Rongjin Lehua Investment Management Co., with a claim of 3 million RMB, of which 213,800 RMB has been recovered, leaving an outstanding amount of 2,786,200 RMB[182]. - The company is involved in a trademark infringement case with Liu Qiulin, with a claim of 63,000 RMB, and the court has ruled in favor of the company[184].

Financial Performance - The company's operating revenue for Q1 2022 was ¥3,907,059,496.43, a decrease of 28.78% compared to ¥5,485,544,794.89 in the same period last year[2] - Net profit attributable to shareholders was ¥104,283,647.52, down 72.06% from ¥373,201,085.89 year-on-year[2] - Basic earnings per share decreased by 72.05% to ¥0.1406 from ¥0.5031 in the previous year[2] - Total operating revenue for the current period is approximately ¥3.91 billion, a decrease of 29% from ¥5.49 billion in the previous period[18] - Net profit for the current period is approximately ¥101.97 million, a decrease of 73% compared to ¥379.92 million in the previous period[18] - The company reported a basic earnings per share of ¥0.1406, down from ¥0.5031 in the previous period[19] Cash Flow and Liquidity - The net cash flow from operating activities improved by 16.60%, amounting to -¥1,005,660,549.39 compared to -¥1,205,876,128.31 in the same period last year[2] - Cash flow from operating activities shows a net outflow of approximately ¥1.01 billion, an improvement from a net outflow of ¥1.21 billion in the previous period[21] - The net increase in cash and cash equivalents for the period was approximately -¥587.31 million, an improvement from -¥951.52 million year-over-year[22] - The beginning balance of cash and cash equivalents was approximately ¥7.56 billion, compared to ¥8.74 billion at the start of the previous year[22] - The ending balance of cash and cash equivalents was approximately ¥6.97 billion, down from ¥7.79 billion year-over-year[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,635,330,983.29, a decrease of 3.90% from ¥19,392,497,386.66 at the end of the previous year[2] - The company's current assets totaled CNY 13,531,082,424.07, down from CNY 14,216,085,410.15 at the start of the year, indicating a decline of approximately 4.8%[14] - Total liabilities decreased to CNY 10,740,579,534.49 from CNY 11,599,720,849.49, a reduction of approximately 7.4%[16] - The company's equity attributable to shareholders increased to CNY 7,873,890,240.64 from CNY 7,769,606,593.12, reflecting an increase of about 1.3%[16] Expenses - Sales expenses increased by 40.26% to ¥32,000,000, attributed to higher promotional and advertising expenditures[4] - The company incurred sales expenses of approximately ¥337.42 million, an increase of 40% from ¥240.56 million in the previous period[18] - Research and development expenses increased to approximately ¥8.39 million from ¥6.61 million in the previous period, reflecting a growth of 27%[18] Contract Liabilities and Receivables - The company's receivables increased by 39.83% to ¥162,586,400 from the end of 2021, due to increased support for distributors in new market development[4] - Contract liabilities decreased by 48.06% to ¥123,497,480, primarily due to the recognition of revenue from prepayments as distributors took delivery of goods[4] - The company reported a decrease in contract liabilities from CNY 2,569,815,341.92 to CNY 1,334,840,544.25, a significant decline of about 48.0%[16] - Accounts receivable increased to CNY 570,786,435.00 from CNY 408,200,000.00, representing a growth of approximately 39.7%[12] Operating Costs - The company reported a 32.72% decrease in operating costs, amounting to ¥262,000,000, due to lower revenue compared to the previous year[4] - Total operating costs for the current period are approximately ¥3.69 billion, down 26% from ¥4.98 billion in the previous period[18] Other Financial Metrics - The weighted average return on equity was 1.33%, down 3.38% from 4.71% in the same period last year[2] - The tax expenses for the current period are approximately ¥113.88 million, slightly down from ¥120.43 million in the previous period[18] - The company raised approximately ¥900 million through financing activities, a decrease from ¥1.21 billion in the previous period[21] - The net cash flow from financing activities was approximately ¥438.63 million, an increase from ¥287.43 million in the previous year[22] Audit Status - The first quarter report was not audited[23]

Revenue and Profit - Revenue for Q3 2021 was CNY 2,419,674,720.27, a decrease of 16.54% compared to the same period last year[2] - Net profit attributable to shareholders was a loss of CNY 103,841,484.79, an increase in loss of 9.67% year-on-year[2] - Total operating revenue for Q3 2021 was CNY 11,610,988,901.60, a decrease of 6.5% compared to CNY 12,419,465,178.78 in Q3 2020[19] - The net profit for Q3 2021 was CNY 377,202,469.51, a decrease of 15.4% compared to CNY 445,740,557.20 in Q3 2020[21] - Operating profit for Q3 2021 was CNY 576,119,959.20, down 15.2% from CNY 679,820,126.29 in the same period last year[21] - The basic earnings per share for Q3 2021 was CNY 0.5013, down from CNY 0.5845 in Q3 2020, representing a decrease of 14.2%[23] Cash Flow and Liquidity - Net cash flow from operating activities was a negative CNY 1,217,996,500.05, down 44.79% year-on-year[2] - Cash flow from operating activities showed a net outflow of CNY 1,217,996,500.05, worsening from a net outflow of CNY 841,240,194.84 in the previous year[26] - The total cash and cash equivalents at the end of Q3 2021 were CNY 7,244,237,743.70, compared to CNY 7,084,355,728.14 at the end of Q3 2020[26] - The company reported a total operating cash outflow of CNY 12,506,977,014.32, slightly down from CNY 12,741,695,339.11 in the previous year[26] - Investment activities resulted in a net cash outflow of CNY 86,987,998.79, compared to a net outflow of CNY 95,592,805.96 in Q3 2020[26] - Financing activities generated a net cash outflow of CNY 194,762,812.43, compared to a net outflow of CNY 57,344,415.16 in the same period last year[26] Assets and Liabilities - Total assets decreased to CNY 19,096,419,073.35, down 11.89% from the end of the previous year[2] - Total liabilities decreased to CNY 11,026,809,632.61 from CNY 13,900,915,969.02, a reduction of 20.6%[18] - Current liabilities totaled CNY 11.22 billion, while total liabilities reached CNY 13.90 billion[30] - The company reported cash and cash equivalents of CNY 8.80 billion and inventory valued at CNY 7.29 billion[28] - The company has a total of CNY 5.09 billion in contract liabilities, indicating future revenue obligations[30] - The total liabilities to equity ratio is approximately 1.79, indicating a leveraged position[30] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 113,880[9] - The largest shareholder, Beijing Shunxin Holdings Group Co., Ltd., holds 37.51% of the shares[9] - Shareholder equity attributable to the parent company increased to CNY 8,039,158,970.52, up 3.85% from the end of the previous year[2] - The company’s total equity increased to CNY 8,069,609,440.74 from CNY 7,772,463,670.13, an increase of 3.8%[18] Research and Development - R&D expenses increased by CNY 11,903,500, representing a growth of 107.88% compared to the same period last year[5] - Research and development expenses increased to CNY 22,938,052.88, up from CNY 11,034,540.00, indicating a growth of 108.4% year-over-year[21] Other Information - The company has no significant new product launches or strategic acquisitions reported in this quarter[12] - The report was not audited, which may affect the reliability of the financial data presented[33]

Financial Performance - The company's operating revenue for the first half of 2021 was ¥9,191,314,181.33, a decrease of 3.46% compared to ¥9,520,279,214.65 in the same period last year[32]. - The net profit attributable to shareholders of the listed company was ¥475,695,944.76, down 13.27% from ¥548,481,671.41 in the previous year[32]. - The net cash flow from operating activities was -¥1,468,420,095.72, representing a decline of 101.48% compared to -¥728,827,558.94 in the same period last year[32]. - The basic earnings per share decreased to ¥0.6413, down 13.27% from ¥0.7394 in the previous year[32]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was ¥476,067,566.73, down 14.74% from ¥558,374,905.78 in the previous year[32]. - The company reported a net profit increase, with retained earnings rising from CNY 3.59 billion to CNY 3.99 billion, an increase of approximately 11.36%[167]. - Net profit for the first half of 2021 was CNY 483,369,572.71, a decline of 13.09% from CNY 556,126,599.87 in the first half of 2020[176]. Assets and Liabilities - Total assets at the end of the reporting period were ¥19,279,706,983.38, a decrease of 11.04% from ¥21,673,379,639.15 at the end of the previous year[32]. - The total liabilities decreased from CNY 13.90 billion to CNY 11.10 billion, a decline of about 20.06%[165]. - The total equity increased from CNY 7.77 billion to CNY 8.18 billion, reflecting a growth of about 5.27%[167]. - The company's total liabilities decreased to CNY 10,594,714,082.00 from CNY 13,366,251,114.01, reflecting a reduction of approximately 20.6%[174]. - Current liabilities decreased from CNY 11.22 billion to CNY 7.95 billion, a reduction of about 29.96%[165]. - Non-current liabilities increased from CNY 2.68 billion to CNY 3.15 billion, an increase of approximately 17.55%[165]. Revenue by Segment - The company's liquor segment achieved revenue of 6.536 billion CNY in the first half of 2021, a year-on-year increase of 1.09%[41]. - The pork segment generated total revenue of 2.150 billion CNY, with slaughtering business sales at 1.925 billion CNY and breeding sales at 225 million CNY[42]. - The real estate segment reported revenue of 422 million CNY, with a net loss of 230 million CNY due to stringent regulatory policies[43]. - The revenue from the liquor industry was ¥6,536,241,806.93, accounting for 71.11% of total revenue, with a year-on-year increase of 1.09%[61]. Marketing and Distribution - The company plans to enhance its market presence in key regions such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Pearl River Delta through product upgrades and digital marketing strategies[41]. - The company has a total of 471 distributors, with 77 in Beijing and 394 in other regions, reflecting a strategic focus on regional market penetration[47]. - The top five distributors in the liquor segment contributed 1.642 billion CNY in sales, accounting for 25.12% of total sales, with no accounts receivable at the end of the period[47]. - The company has implemented a digital marketing strategy to integrate online and offline sales channels, aiming to adapt to changing consumer behaviors[41]. Research and Development - The company's R&D investment increased by 82.04% to ¥13,976,711.54, indicating a significant focus on innovation[59]. - The company is focusing on optimizing its product structure and enhancing brand image through continuous research and development efforts in the meat processing segment[42]. - Research and development expenses rose to CNY 13,976,711.54, an increase of 82.67% compared to CNY 7,677,751.57 in the previous year[174]. Environmental and Social Responsibility - The company has a strong commitment to social responsibility, focusing on agricultural industrialization and rural revitalization efforts[86]. - The company’s wastewater discharge meets the standards set by local environmental regulations[82]. - The company reported a significant focus on environmental protection, with all new projects adhering to national environmental impact assessment regulations[84]. - The company has installed online monitoring equipment for wastewater, ensuring compliance with local water pollution discharge standards through 24-hour monitoring[85]. Operational Challenges - The company faces operational risks due to the ongoing global pandemic and its impact on the economy[74]. - Systemic risks in the liquor industry include macroeconomic changes and industry policy adjustments[74]. - The company is exposed to cyclical fluctuations in pig prices affecting its profitability in the pork industry[74]. - The company reported a significant increase in finished product inventory, indicating potential challenges in sales performance[50]. Related Party Transactions - The total amount of expected related party transactions for 2021 is estimated to not exceed 426.40 million yuan[109]. - The actual amount of related party transactions during the reporting period was within the expected range[111]. - The company engaged in related party transactions with Beijing Futu Internet Technology Group Co., Ltd. and Beijing Qianshou Fruits and Vegetables Beverage Co., Ltd., both controlled by the major shareholder[110]. Shareholder Information - The total number of shares remained at 741,766,989, with no changes in shareholding structure during the reporting period[135]. - The total number of common shareholders at the end of the reporting period was 97,257, with Beijing Shunxin Holdings Group Co., Ltd. holding 37.51% of shares, totaling 278,209,668 shares[137]. - The annual shareholders' meeting had a participation rate of 53.21%[77].

Financial Performance - The company's operating revenue for Q1 2021 was ¥5,485,544,794.89, a decrease of 0.70% compared to ¥5,524,406,490.53 in the same period last year[8] - Net profit attributable to shareholders for Q1 2021 was ¥373,201,085.89, an increase of 5.73% from ¥352,978,906.14 in the previous year[8] - Basic earnings per share for Q1 2021 were ¥0.5031, up 5.72% from ¥0.4759 in the previous year[8] - Total operating revenue for Q1 2021 was CNY 5,485,544,794.89, a decrease of 0.7% compared to CNY 5,524,406,490.53 in Q1 2020[44] - Net profit for Q1 2021 was CNY 379,923,970.69, an increase of 3.5% compared to CNY 366,620,040.45 in Q1 2020[46] - The net profit for the first quarter of 2021 was CNY 442,112,096.71, an increase of 14.5% compared to CNY 386,275,131.02 in the same period last year[50] - Operating revenue reached CNY 5,138,741,545.06, slightly up from CNY 5,121,200,509.38 year-over-year, indicating a growth of 0.34%[50] - The total comprehensive income for the period was CNY 442,112,096.71, an increase of 14.5% from CNY 386,275,131.02 year-over-year[52] Cash Flow - The net cash flow from operating activities was -¥1,205,876,128.31, representing a decline of 40.50% compared to -¥858,282,473.90 in the same period last year[8] - Cash inflow from operating activities totaled CNY 4,345,179,522.63, down from CNY 4,515,135,137.37 in the previous year, a decrease of 3.8%[53] - The total cash outflow from operating activities amounted to 5,551,055,650.94 CNY, up from 5,373,417,611.27 CNY year-over-year[55] - The net cash flow from financing activities increased by ¥18,350.01 million, a growth of 176.56% due to increased cash from borrowings[20] - Cash inflow from financing activities was 1,205,384,700.60 CNY, an increase from 1,050,000,000.00 CNY in the previous year[55] - The net cash flow from financing activities was 287,432,045.61 CNY, compared to 103,931,953.10 CNY in the same period last year, showing significant improvement[57] Assets and Liabilities - Total assets at the end of Q1 2021 were ¥20,623,764,853.75, a decrease of 4.84% from ¥21,673,379,639.15 at the end of the previous year[8] - The company's total assets as of March 31, 2021, were CNY 21,861,438,162.25, a decrease from CNY 22,870,761,048.72 at the end of 2020[41] - The company's total liabilities decreased to ¥12,477,257,212.93 from ¥13,900,915,969.02, a decline of 10.23%[37] - The total liabilities decreased to CNY 11,914,816,130.83 from CNY 13,366,251,114.01 at the end of 2020[43] - Total liabilities reached CNY 13,900,915,969.02, with current liabilities at CNY 11,221,728,551.85 and non-current liabilities at CNY 2,679,187,417.17[63] - The company's net assets attributable to shareholders increased by 4.82% to ¥8,114,682,295.35 from ¥7,741,481,209.45 at the end of the previous year[8] Expenses - Total operating costs for Q1 2021 were CNY 4,983,494,810.62, down from CNY 5,028,986,061.03 in the same period last year[46] - Research and development expenses increased by ¥269.45 million, a growth of 68.82% compared to the same period last year[20] - Research and development expenses increased to CNY 6,609,960.69 from CNY 3,915,435.34 in Q1 2020, reflecting a focus on innovation[46] - The company reported a decrease in sales expenses to CNY 218,782,725.67 from CNY 262,705,112.47, a reduction of 16.7%[50] - The financial expenses showed a significant improvement, with a net financial income of CNY -29,045,295.70 compared to CNY 6,597,823.11 in the previous year[50] Inventory and Receivables - Accounts receivable notes increased by ¥383,457,600, a growth of 101.24% due to increased support for distributors to develop new markets[18] - The company's accounts receivable increased to ¥762,204,083.87 from ¥378,746,526.07, a growth of 101.01%[33] - The company's inventory decreased to ¥6,840,799,775.76 from ¥7,290,874,326.57, a decline of 6.17%[33] - Inventory decreased to CNY 1,372,024,379.41 from CNY 1,691,636,557.33 at the end of 2020[40] Other Information - The company did not conduct any repurchase transactions among the top 10 shareholders during the reporting period[15] - The company reported no non-recurring gains or losses that were classified as recurring during the reporting period[8] - The company has not undergone an audit for the first quarter report[68] - The company has not applied the new leasing standards for retrospective adjustments[68]

Financial Performance - The company reported a total revenue of 7.42 billion RMB for the year 2020, representing a year-on-year increase of 12%[14] - The net profit attributable to shareholders was 1.05 billion RMB, an increase of 15% compared to the previous year[14] - The company's operating revenue for 2020 was ¥15,511,399,521.15, representing a year-over-year increase of 4.10% from ¥14,900,141,028.95 in 2019[21] - The net profit attributable to shareholders for 2020 was ¥420,008,785.08, a decrease of 48.10% compared to ¥809,229,378.33 in 2019[21] - The net cash flow from operating activities increased by 18.47% to ¥1,545,548,332.46 from ¥1,304,598,844.28 in 2019[21] - The basic earnings per share for 2020 was ¥0.5662, a decline of 48.10% from ¥1.0909 in 2019[21] - The total assets at the end of 2020 were ¥21,673,379,639.15, a decrease of 1.58% from ¥22,021,558,785.01 at the end of 2019[21] - The net assets attributable to shareholders increased by 4.15% to ¥7,741,481,209.45 from ¥7,432,737,472.72 at the end of 2019[21] Market Expansion and Strategy - The company is focusing on expanding its market presence, particularly in the southern regions of China, aiming for a 30% increase in market share by 2022[14] - The company anticipates a revenue growth of 10-15% for the upcoming fiscal year, driven by new product launches and market expansion efforts[14] - The company plans to increase its market presence in fresh food by leveraging brand advantages and expanding production capacity outside Beijing while maintaining existing customer relationships[99] - Market expansion plans include entering three new provinces, aiming for a 10% market share in these regions within two years[198] Product Development and Innovation - New product development includes the launch of a premium liquor line, expected to contribute an additional 500 million RMB in revenue in 2021[14] - New product launches are expected to contribute an additional 1 billion RMB in revenue, with a focus on expanding the beverage line[198] - The company is investing 500 million RMB in research and development for new technologies in food processing[198] Financial Management and Dividends - The company plans to distribute a cash dividend of 1 RMB per 10 shares, based on a total of 741,766,989 shares[6] - The total cash dividend for 2020 is ¥74,176,698.90, which represents 17.66% of the net profit attributable to the company's ordinary shareholders[108] - The total distributable profit for 2020 is ¥3,592,495,860.90, with cash dividends accounting for 100% of the profit distribution[111] - The company has committed to maintaining a minimum cash dividend ratio of 80% during its mature development stage[111] Risks and Challenges - The management highlighted potential risks including market competition and regulatory changes that could impact future performance[6] - The company anticipates potential risks from the ongoing global pandemic, including systemic risks from macroeconomic changes and market expansion uncertainties[99] Industry Performance - The white liquor industry saw a revenue growth of 1.40% and profit growth of 11.70% in 2020, reflecting a trend towards high-quality development and market concentration[32] - The white liquor segment generated sales revenue of 10.185 billion yuan, a decrease of 1.01% year-on-year, with a production volume of 690,500 kiloliters and sales volume of 690,100 kiloliters[42] - The pork segment achieved sales revenue of 4.637 billion yuan, representing a growth of 30.26% year-on-year, with slaughtering business revenue at 4.209 billion yuan and breeding revenue at 427 million yuan[42] Corporate Governance and Compliance - The company has not experienced any significant changes in its financial policies or accounting estimates compared to the previous year[116] - The company reported no penalties or rectification measures during the reporting period[127] - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[112] Related Party Transactions - The company reported a significant portion of its revenue from related party transactions, with 95.59% of procurement from Beijing Shunxin Rui Agricultural Co., Ltd. amounting to 1,404.02 million CNY[133] - The company’s revenue from food sales to related parties reached 2,210.13 million CNY, accounting for 99.78% of the total sales[133] Investment and Capital Management - The company has committed to several investment projects, including the renovation of the Niulanshan Distillery, with a total commitment of ¥93,222.57 million, fully utilized as of the reporting date[80] - The company utilized RMB 6,000 million of idle raised funds to supplement working capital, with a usage period not exceeding 12 months[83] Shareholder Information - The company has a total of 741,766,989 shares, all of which are unrestricted shares, representing 100% of the total share count[169] - Beijing Shunxin Holdings Group Co., Ltd. holds 37.51% of the shares, totaling 278,209,668 shares, with a decrease of 7,000,000 shares during the reporting period[172]

Financial Performance - Operating revenue for the reporting period was ¥2,899,185,964.13, representing an increase of 9.57% year-on-year[8] - Net profit attributable to shareholders was -¥114,952,529.77, a decline of 789.81% compared to the same period last year[8] - Basic earnings per share were -¥0.1550, reflecting a drop of 788.89% compared to the previous year[8] - The net profit for the current period was a loss of ¥110,386,042.67, compared to a profit of ¥19,456,928.68 in the previous period, indicating a significant decline[54] - The operating profit for the current period was a loss of ¥101,893,651.54, down from a profit of ¥24,262,245.87 in the previous period[54] - The total profit for the current period was a loss of ¥103,308,394.58, compared to a profit of ¥24,122,321.39 in the previous period[54] - The total comprehensive income for the current period was a loss of ¥110,386,042.67, compared to a profit of ¥19,456,928.68 in the previous period[54] - Net profit for the current period was ¥445,740,557.20, a decline of 33.5% compared to ¥671,405,602.15 in the same period last year[62] - The company reported a basic earnings per share of ¥0.5845, down from ¥0.8961 in the previous year[64] Cash Flow - The net cash flow from operating activities was -¥112,412,635.90, a decrease of 69.95% year-on-year[8] - The net cash flow from operating activities was -841,240,194.84 yuan, a decline from -230,147,576.76 yuan in the previous period, indicating a worsening cash flow situation[71] - Total cash inflow from operating activities was 11,900,455,144.27 yuan, down from 12,185,634,208.71 yuan year-over-year, reflecting a decrease of approximately 2.34%[69] - Cash outflow from operating activities totaled 12,741,695,339.11 yuan, compared to 12,415,781,785.47 yuan in the previous period, representing an increase of about 2.62%[71] - Cash flow from investing activities showed a net outflow of -95,592,805.96 yuan, slightly improved from -102,477,516.76 yuan in the previous period[71] - Cash inflow from financing activities was 4,650,000,000.00 yuan, down from 5,060,000,000.00 yuan, indicating a decrease of approximately 8.12%[71] - The net cash flow from financing activities was -57,344,415.16 yuan, a significant decline from 1,021,025,928.68 yuan in the previous period[71] Assets and Liabilities - Total assets at the end of the reporting period amounted to ¥19,577,463,217.36, a decrease of 11.10% compared to the end of the previous year[8] - Total liabilities amounted to CNY 15.143 billion, a decrease from CNY 17.557 billion as of December 31, 2019[40] - Total liabilities decreased from CNY 14.56 billion to CNY 11.79 billion, a reduction of approximately 19%[44] - Current assets decreased from CNY 18.62 billion to CNY 16.90 billion, a decline of about 9.2%[46] - Non-current liabilities increased from CNY 2.52 billion to CNY 2.97 billion, an increase of approximately 17.7%[44] - Total equity increased from CNY 7.46 billion to CNY 7.79 billion, reflecting a growth of about 4.4%[44] - Total assets decreased from CNY 22.27 billion to CNY 20.47 billion, a decline of approximately 8.1%[49] - Total liabilities reached CNY 14,561,289,851.81, with current liabilities at CNY 12,037,827,662.36 and non-current liabilities at CNY 2,523,462,189.45[84] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 49,354, with the top 10 shareholders holding 37.51% of the shares[14] - The company's total equity attributable to shareholders increased from CNY 7.43 billion to CNY 7.76 billion, reflecting a growth of about 4.4%[44] Operational Metrics - The company received government subsidies amounting to ¥5,790,561.00 during the reporting period[9] - Research and development expenses decreased to ¥3,356,788.43, down 35.73% from ¥5,225,994.50 in the previous period[52] - Financial expenses increased to ¥191,803,367.24, compared to ¥101,564,704.71 in the previous period[62] - Tax expenses for the current period were ¥220,228,909.55, down from ¥265,430,297.22 in the previous year[62] - The company aims to expand its market presence and enhance product offerings in the upcoming quarters[64]