Financial Performance - The company achieved operating revenue of CNY 877,289,527.50, representing a year-on-year increase of 14.14%[7] - Net profit attributable to shareholders was CNY 53,739,664.88, up 11.40% compared to the same period last year[7] - The net profit after deducting non-recurring gains and losses was CNY 53,034,766.27, reflecting a 12.56% increase year-on-year[7] - The basic earnings per share were CNY 0.12, an increase of 9.09% compared to the same period last year[7] - The weighted average return on net assets was 2.86%, slightly up from 2.81% in the previous year[7] - The company reported a net profit increase in retained earnings from CNY 523,031,759.49 to CNY 576,771,424.37[33] - The total comprehensive income for Q1 2015 was CNY 52,082,927.11, compared to CNY 47,021,434.70 in the previous year, reflecting a positive trend in overall profitability[44] Cash Flow - The net cash flow from operating activities was negative at CNY -100,807,331.43, a decline of 337.59% compared to the previous year[7] - Net cash flow from operating activities decreased by 337.59% year-on-year, attributed to higher cash payments for raw material purchases and increased accounts receivable[16] - Cash inflow from operating activities was CNY 749,079,766.49, slightly higher than CNY 731,405,449.66 in the previous period, indicating stable cash generation[46] - The net cash flow from operating activities was -126,906,876.25 CNY, a significant decline compared to 14,542,686.38 CNY in the previous period[49] - Total cash outflow from operating activities amounted to 179,354,564.66 CNY, compared to 215,451,056.61 CNY in the previous period, indicating a decrease of approximately 16.74%[49] - Cash and cash equivalents at the end of the period were 156,215,168.71 CNY, up from 91,566,182.33 CNY in the previous period, representing an increase of approximately 70.66%[52] - The company paid 104,562,048.71 CNY in other operating expenses, a significant increase from 17,113,790.84 CNY in the previous period, indicating a rise of approximately 512.56%[49] - The cash flow from sales of goods and services was 52,447,688.41 CNY, a decrease from 229,993,742.99 CNY in the previous period, reflecting a decline of approximately 77.16%[49] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,093,249,307.45, an increase of 2.73% from the end of the previous year[7] - The net assets attributable to shareholders reached CNY 1,903,889,502.98, up 2.90% from the previous year[7] - The total liabilities rose to CNY 1,171,098,234.14 from CNY 1,141,032,278.15[32] - The total owner's equity increased to CNY 1,922,151,073.31 from CNY 1,870,068,146.20[33] - Long-term equity investments decreased from CNY 148,824,234.49 to CNY 139,421,230.84[31] Investment and Expenses - The company reported a decrease in investment income of CNY 7,647,800, a decline of 435.73% year-on-year due to poor performance in its pig farming business[15] - Income tax expenses increased by CNY 2,455,500, a year-on-year growth of 49.61% due to higher taxable profits[15] - The company incurred 20,589,821.45 CNY in tax payments, which is an increase from 13,211,300.57 CNY in the previous period, representing a rise of approximately 55.00%[49] - The company reported a decrease in financial expenses to CNY 5,490,921.01 from CNY 6,197,166.08, suggesting improved financial management[39] - Investment losses were reported at CNY -9,403,003.65, compared to CNY -1,755,175.83 in the previous period, highlighting challenges in investment performance[39] - The company experienced a significant reduction in asset impairment losses, down to CNY 9,318,228.84 from CNY 30,978.55, indicating better asset management[39] Future Outlook and Strategic Moves - The company expects net profit attributable to shareholders for the first half of 2015 to be between 65.85 million and 98.77 million yuan, reflecting a change of -20.00% to 20.00% compared to the same period in 2014[24] - The company completed the acquisition of Tian Kang Group, which will be included in the financial results for the first half of 2015[24] - The company is currently processing asset delivery and share issuance related matters following the approval of its major asset restructuring by the China Securities Regulatory Commission[19] - The management plans to focus on market expansion and new product development to drive future growth[40]

Financial Performance - The company achieved operating revenue of CNY 877,289,527.50, representing a year-on-year increase of 14.14%[8] - Net profit attributable to shareholders was CNY 53,739,664.88, up 11.40% compared to the same period last year[8] - Basic earnings per share increased to CNY 0.12, reflecting a growth of 9.09%[8] - The company's weighted average return on equity was 2.86%, slightly up from 2.81% in the previous year[8] - Income tax expenses increased by CNY 2,455,500, a rise of 49.61% year-on-year, attributed to higher taxable profits[16] - The expected net profit attributable to shareholders for the first half of 2015 is projected to be between 65.85 million and 98.77 million yuan, reflecting a change of -20.00% to 20.00% compared to the same period in 2014[25] - The company has committed to maintaining stable growth in net profit and increasing cash dividend ratios over the next three years[23] Cash Flow - The net cash flow from operating activities was negative CNY 100,807,331.43, a decrease of 337.59% year-on-year[8] - Net cash flow from operating activities decreased by 337.59% year-on-year, attributed to higher cash payments for raw material purchases and increased accounts receivable[17] - Net cash flow from investing activities decreased by 63.12% year-on-year, mainly due to a reduction in project investment construction funds[17] - Net cash flow from financing activities increased by 92.93% year-on-year, as there were no bank loan financing activities this period[17] Shareholder Information - The company had a total of 18,984 common shareholders at the end of the reporting period[12] - The largest shareholder, Xinjiang Tiankang Holdings (Group) Co., Ltd., held 33.75% of the shares, totaling 146,517,930 shares[12] Asset Management - Total assets at the end of the reporting period were CNY 3,093,249,307.45, an increase of 2.73% from the end of the previous year[8] - Accounts receivable increased by 170% compared to the beginning of the year, primarily due to planned government procurement related to the company's vaccine sales for spring epidemic prevention[17] - Prepayments increased by 35.88% compared to the beginning of the year, mainly due to the increase in prepayments received from the oil business[17] Investment Performance - The company reported a decrease in investment income by CNY 7,647,800, a decline of 435.73% year-on-year, primarily due to poor performance in its pig farming business[16] Corporate Actions - The company received unconditional approval from the China Securities Regulatory Commission for a major asset restructuring involving the acquisition of Xinjiang Tiankang Holdings[19] - The company is currently handling asset delivery and share issuance related matters following the approval of the asset restructuring[20] - The company anticipates that the absorption and merger with Tiankang Group will be completed in the first half of 2015, impacting its financial performance[25]

Financial Performance - The company's operating revenue for 2014 was CNY 4,014,627,131.78, representing a 7.78% increase compared to CNY 3,724,760,232.88 in 2013[23]. - The net profit attributable to shareholders for 2014 was CNY 207,630,270.01, which is a 22.28% increase from CNY 169,797,437.94 in the previous year[23]. - The net cash flow from operating activities surged to CNY 484,605,659.64, marking a significant increase of 434.85% compared to CNY 90,606,336.63 in 2013[23]. - The basic earnings per share for 2014 was CNY 0.48, up 14.29% from CNY 0.42 in 2013[23]. - Total assets at the end of 2014 amounted to CNY 3,011,100,424.35, reflecting a 4.68% increase from CNY 2,876,400,746.04 at the end of 2013[23]. - The net assets attributable to shareholders increased by 9.18% to CNY 1,850,149,838.10 from CNY 1,694,618,653.35 in 2013[23]. - The weighted average return on net assets for 2014 was 11.74%, slightly down from 11.94% in 2013[23]. - In 2014, the company's main business revenue reached CNY 4,012.59 million, an increase of 7.97% compared to 2013[31]. - The company's net profit for 2014 was CNY 201.64 million, reflecting a growth of 22.27% year-on-year[31]. Business Segments - The feed business sales volume increased by 9.17% to 886,849 tons in 2014, while production volume rose by 8.57% to 892,684 tons[35]. - The pharmaceutical business achieved sales revenue of CNY 740 million in 2014, a significant increase of 36.64% from the previous year[33]. - The revenue from feed sales was approximately CNY 2.87 billion, with a growth rate of 9.26% compared to the previous year[58]. - The revenue from veterinary medicine reached approximately CNY 740.02 million, showing a significant increase of 36.64% year-on-year[58]. - The gross profit margin for veterinary medicine was 66.84%, reflecting an increase of 3.35% compared to the previous year[58]. Research and Development - Research and development investment grew by 23.83% to CNY 74.76 million in 2014[31]. - Research and development expenditure for 2014 was CNY 74.76 million, representing 1.86% of annual revenue and 4.04% of net assets[45]. - The company is developing a bivalent inactivated vaccine for H5 subtype avian influenza, which has passed initial review and is expected to receive production approval between May and July 2015[46]. - A new E2 recombinant virus inactivated vaccine for swine fever has completed clinical trials and is also expected to receive production approval between May and July 2015[47]. - The company is working on a synthetic peptide vaccine for foot-and-mouth disease, which has shown safety and effectiveness in clinical trials and is expected to receive production approval between May and July 2015[48]. - A recombinant subunit vaccine for porcine circovirus type 2 has been approved for clinical trials and is expected to complete trials by October 2015[49]. Market and Industry Trends - The total production of animal feed in China was 197 million tons in 2014, with a year-on-year growth of 2%[30]. - The livestock industry is entering a tight balance phase, with increasing demand for animal products and constraints on feed resources[82]. - The production of animal products is facing high-cost challenges due to rising labor and raw material prices[82]. - The feed industry is expected to face challenges due to rising raw material and operational costs, leading to a decline in the number of feed enterprises in 2015[86]. - The feed industry is entering a high-cost, low-profit era, with rising costs for raw materials like corn and increasing labor costs due to the diminishing demographic dividend[87]. Risk Factors - The company faces risks related to raw material price fluctuations, particularly for corn and soybean meal, which could adversely affect its feed business performance[12]. - The company is highly dependent on the livestock industry, and any large-scale uncontrollable animal diseases could impact its operational performance[13]. - The company has established a professional storage company in major raw material production areas to mitigate raw material price volatility by storing materials when prices are low[104]. Corporate Governance and Shareholder Relations - The company has established a comprehensive governance structure and internal control system to ensure effective management and protect shareholder rights[121]. - The company emphasizes investor relations management and maintains an interactive platform for communication with investors[121]. - The company has made adjustments to its profit distribution policy, clarifying decision-making processes and conditions for cash dividends[112]. - The cash dividend payout ratio based on the net profit attributable to shareholders was 20.91% in 2014, compared to 30.68% in 2013[118]. - The company committed to distributing cash dividends of no less than 10% of the annual distributable profit over the next three years[151]. Employee and Management Structure - The total number of employees as of December 31, 2014, is 4,623, with 32.77% being sales personnel and 28.92% being production personnel[193]. - The company has a total of 195 employees with postgraduate degrees, accounting for 4.21% of the workforce[193]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounts to 413.56万元, with the chairman receiving 60万元[190]. - The company has implemented a salary management system for its senior executives, ensuring compliance with internal policies[186]. - The performance evaluation system has been strengthened, linking income directly to performance, particularly for core technical and management personnel[196]. Strategic Initiatives - The company is undergoing a restructuring to integrate key segments of the livestock industry, including breeding, feed management, and disease prevention[64]. - The company plans to invest 110 million yuan in a technology upgrade for the production line of inactivated foot-and-mouth disease vaccines and 102.52 million yuan for the construction of a bird flu vaccine facility[100][101]. - The company intends to apply for bank loans not exceeding 1.4 billion yuan to support its production operations and optimize its financing structure[103]. - The company plans to continue exploring strategic acquisitions and partnerships to drive growth[163].

Financial Performance - Operating revenue for the reporting period was CNY 1,113,130,836.10, an increase of 8.72% year-on-year [8]. - Net profit attributable to shareholders was CNY 60,741,590.34, representing a growth of 27.40% compared to the same period last year [8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 57,964,868.87, up 24.85% year-on-year [8]. - Basic earnings per share for the reporting period were CNY 0.14, an increase of 27.27% [8]. - The weighted average return on equity was 3.48%, a decrease of 0.09% compared to the previous year [8]. - The company expects a net profit attributable to shareholders for 2014 to range from 16,979.74 to 22,073.66 million, representing a change of 0.00% to 30.00% [22]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,698,330,358.40, a decrease of 6.19% compared to the end of the previous year [8]. - Accounts receivable increased by 54.00% to 234,358,507.02 from 152,178,326.95 due to sales receivables from government procurement in the pharmaceutical business [16]. - Other receivables rose by 126.15% to 40,199,217.50 from 17,775,315.46, primarily due to increased personnel expense reserves as the business expanded [16]. - Short-term borrowings decreased by 40.63% to 285,000,000.00 from 480,000,000.00 as the company repaid loans early due to improved cash collection [16]. - Long-term borrowings dropped by 100.00% to 0.00 from 25,200,000.00, also due to early repayment from better cash flow [16]. Cash Flow - The company reported a net cash flow from operating activities of CNY 386,510,741.73, an increase of 31.82% year-to-date [8]. - Net cash flow from operating activities increased by 31.82% to 386,510,741.73 from 293,207,810.84, driven by higher sales collections compared to the previous year [16]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 15,471 [12]. - The largest shareholder, Xinjiang Tiankang Holdings (Group) Co., Ltd., held 33.75% of the shares [12]. - The company plans to actively adopt cash dividend distribution methods over the next three years, ensuring distributions do not fall below 10% of the annual distributable profit [20]. Business Operations - The company is undergoing a major asset restructuring, with stock trading suspended since May 27, 2014, and plans to resume trading on August 25, 2014 [19]. - The company’s bio-pharmaceutical business continues to show stable growth, contributing positively to profit margins [22]. Non-Recurring Items - The company did not classify any non-recurring gains and losses as recurring during the reporting period [10]. - Investment income fell by 150.86% to -8,448,700.24 from 16,610,300.23, mainly due to significant declines in the performance of an associate company [16].

Financial Performance - The company's operating revenue for the first half of 2014 was CNY 1,731,282,051.60, representing a 0.58% increase compared to CNY 1,721,278,883.89 in the same period last year[26]. - The net profit attributable to shareholders was CNY 82,311,721.82, which is a 16.74% increase from CNY 70,508,565.72 year-on-year[26]. - The net profit after deducting non-recurring gains and losses was CNY 80,009,208.38, up 19.52% from CNY 66,944,278.77 in the previous year[26]. - The basic earnings per share increased by 18.75% to CNY 0.19 from CNY 0.16 in the same period last year[26]. - The total profit for the period was CNY 88,713,200, representing a year-on-year growth of 19.24%[35]. - The net profit attributable to the parent company was CNY 82,311,700, an increase of 16.74% compared to the previous year[35]. - The company reported a net profit of 300 million CNY for the first half of 2014, reflecting a 25% increase year-over-year[159]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 2,901,223,793.56, a 0.86% increase from CNY 2,876,400,746.04 at the end of the previous year[26]. - The net assets attributable to shareholders increased by 1.78% to CNY 1,724,831,289.91 from CNY 1,694,618,653.35 at the end of the previous year[26]. - Total liabilities amounted to CNY 1,152,896,008.69, a slight decrease from CNY 1,155,871,778.72, indicating a reduction of about 0.3%[114]. - The company's equity attributable to shareholders rose to CNY 1,724,831,289.91 from CNY 1,694,618,653.35, reflecting an increase of approximately 1.8%[114]. Cash Flow - The net cash flow from operating activities decreased by 22.45% to CNY 112,339,427.20 from CNY 144,853,255.66 in the same period last year[26]. - The cash flow from operating activities generated a net amount of CNY 112,339,427.20, down 22.4% from CNY 144,853,255.66 in the previous period[125]. - The total cash inflow from operating activities was 504,658,271.62 yuan, a decrease of 28.7% from 707,761,267.79 yuan in the previous period[128]. - The net cash flow from financing activities was -65,593,195.11 yuan, a decrease from -250,828,871.88 yuan in the previous period, reflecting reduced financing activities[129]. Dividends and Profit Distribution - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[6]. - The company implemented a cash dividend plan in May 2014, distributing CNY 0.12 per share, totaling CNY 52.1 million, with remaining undistributed profits of CNY 367.02 million[60]. - The company has committed to a stable profit distribution policy, planning to distribute at least 10% of the distributable profits in cash annually over the next three years[89]. - The company plans to increase cash dividend ratios or implement stock dividends if net profits continue to grow steadily over the next three years[90]. Business Operations - The company's feed business maintained stable production and sales, with a gross profit margin of 10.07%, a slight decrease of 0.23% year-on-year[40]. - The company completed 40.05% of its annual revenue budget in the first half of the year[39]. - The company has entered the top 10 of national veterinary biological product enterprises[43]. - The company is recognized as a national-level high-tech enterprise and a key leading enterprise in agricultural industrialization[42]. Risks and Challenges - The company faces risks related to raw material price fluctuations, livestock diseases, and price volatility of livestock products[9][10][11]. Investments and Acquisitions - The company has initiated a strategic acquisition of a competitor, which is anticipated to enhance its product offerings and increase overall market competitiveness[160]. - The company plans to issue shares to absorb and merge with Xinjiang Tiankang Holdings Group, pending approval from the China Securities Regulatory Commission[79]. Research and Development - The company reported a decrease in research and development investment by 52.10%, totaling CNY 9,916,573.86[37]. - The company has not reported any new product launches or technological advancements in this period[138]. Shareholder Information - The total number of shares is 434,159,044, with 50,973,683 shares (11.74%) under limited sale conditions and 383,185,361 shares (88.26%) under unlimited sale conditions[96]. - The largest shareholder, Xinjiang Tiankang Holdings (Group) Co., Ltd., holds 146,517,930 shares, representing 33.75% of the total shares, which are currently frozen[98]. - The total number of ordinary shareholders at the end of the reporting period is 24,823[98]. Accounting and Financial Policies - The company operates under the accounting principles that ensure its financial statements reflect a true and complete picture of its financial status and performance[150]. - The company has adopted a new accounting policy for foreign currency transactions, which is expected to minimize exchange rate risks and enhance financial reporting accuracy[165]. Miscellaneous - There were no significant litigation or arbitration matters during the reporting period[67]. - The company has not engaged in any leasing, contracting, or custodial arrangements during the reporting period[80][81][82].

1 新疆天康畜牧生物技术股份有限公司 2014 年第一季度报告正文 第一节 重要提示 新疆天康畜牧生物技术股份有限公司 2014 年第一季度报告正文 证券代码：002100 证券简称：天康生物 公告编号：2014-019 新疆天康畜牧生物技术股份有限公司 2014 年第一季度报告正文 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨焰、主管会计工作负责人耿立新及会计机构负责人(会计主管 人员)杨俊声明：保证季度报告中财务报表的真实、准确、完整。 2 新疆天康畜牧生物技术股份有限公司 2014 年第一季度报告正文 第二节 主要财务数据及股东变化 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | | | | （%） | | 营业收入（元） | 768,576,511.50 ...

Financial Performance - The company's operating revenue for 2013 was CNY 3,724,760,232.88, representing an increase of 11.94% compared to CNY 3,327,313,393.33 in 2012[26] - The net profit attributable to shareholders of the listed company reached CNY 169,797,437.94, a significant increase of 57.2% from CNY 108,011,991.72 in the previous year[26] - The net profit after deducting non-recurring gains and losses was CNY 163,137,925.26, up 71.6% from CNY 95,067,929.94 in 2012[26] - The basic earnings per share increased to CNY 0.42, a 50% rise from CNY 0.28 in 2012[26] - The total assets at the end of 2013 were CNY 2,876,400,746.04, reflecting a growth of 13.82% from CNY 2,527,066,933.35 in 2012[26] - The net assets attributable to shareholders of the listed company increased by 40.3% to CNY 1,694,618,653.35 from CNY 1,207,819,822.17 in 2012[26] - The weighted average return on equity was 11.94%, an increase of 2.68% from 9.26% in 2012[26] - The company achieved a net profit of CNY 169.80 million in 2013, representing a 57.20% increase compared to the previous year[38] - Total operating revenue for 2013 was CNY 3.72 billion, an increase of 11.83% year-on-year[40] Cash Flow and Investments - The net cash flow from operating activities was CNY 90,606,336.63, showing a decrease of 67.96% compared to CNY 282,804,990.07 in the previous year[26] - The company reported a net cash flow from operating activities of CNY 90.61 million, a decrease of 67.96% from the previous year[40] - Operating cash inflow totaled ¥4.03 billion, a 19.03% increase from the previous year, while operating cash outflow increased by 26.96% to ¥3.94 billion[56] - Investment cash outflow increased by 92.03% to ¥270.00 million, leading to a net cash flow from investment activities of -¥241.57 million[57] - Financing cash inflow rose by 36.4% to ¥1.02 billion, resulting in a net cash flow from financing activities of ¥39.84 million[57] Business Segments and Operations - The company's R&D investment rose to CNY 60.37 million, reflecting a growth of 6.35% from 2012[40] - The feed business in the Northwest region recorded sales of 49,190 tons, up 15.36% year-on-year[40] - The pharmaceutical business achieved sales revenue of CNY 73.32 million, a significant increase of 320% compared to the previous year[40] - The total feed production volume was 822,210 tons, reflecting a year-on-year increase of 6.84%[42] - The gross profit margin for the feed segment was 9.02%, with revenue from feed reaching approximately ¥2.63 billion, a 16.56% increase year-on-year[60] - The total revenue for the veterinary medicine segment reached ¥541,577,371.37, showing a significant increase of 63.5% compared to the previous year[61] - The revenue from the feed additives segment was ¥88,640,296.30, reflecting a growth of 6.48% year-over-year[61] Risks and Challenges - The company faces risks related to raw material price fluctuations, livestock diseases, and price volatility in livestock products, which could impact its performance[13][14][15] - The company faces risks from raw material price fluctuations, particularly for corn and soybean meal, which could adversely affect feed business performance[123] - The feed industry is undergoing significant adjustments, with predictions that over 30% of small and medium-sized feed enterprises may exit the market in the next five years due to increased industry standards[97] - The rising production costs in the feed industry are squeezing profit margins, with a notable decline in profit rates compared to the 1980s and 1990s[98] Shareholder and Governance - The company plans to distribute a cash dividend of CNY 1.20 per 10 shares (including tax) to all shareholders[5] - The cash dividend for 2013 was set at 1.20 RMB per share, amounting to a total distribution of 52,099,085.28 RMB, which represents 30.68% of the net profit attributable to shareholders[137] - The company maintained a stable profit distribution policy, ensuring a balance between shareholder interests and sustainable development[131] - The company has a comprehensive governance structure, ensuring the protection of shareholder rights and promoting effective communication with investors[138] - The company is committed to a stable profit distribution policy, planning to distribute at least 10% of the annual distributable profits in cash to shareholders[170] Future Outlook and Strategy - The company will focus on expanding its core business in feed and veterinary biological products, enhancing its core competitiveness and risk resistance[118] - The company aims to achieve a feed production and sales volume of 1 million tons within 2 years, entering the ranks of large feed enterprises nationwide[118] - The company is focusing on developing low-nitrogen and low-phosphorus environmentally friendly feed products, which have significant market potential[102] - The company is preparing to adopt advanced production technologies to improve efficiency and reduce processing losses[104] - The company has ongoing projects with a total planned investment of 1.787 billion yuan, of which 1.4104 billion yuan has been invested to date[95] Related Party Transactions - The estimated total amount of related party transactions for 2013 was CNY 250 million, with actual transactions amounting to CNY 193 million[156] - The company engaged in daily related party transactions with its subsidiaries, which are essential for normal operations[156] - The company has maintained a stable relationship with its related parties, ensuring no adverse impact on its independence[156]