Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥3.93 billion, a decrease of 29.97% compared to ¥5.61 billion in the same period last year[25]. - The net profit attributable to shareholders of the listed company was approximately ¥583.22 million, a significant increase of 189.65% from a loss of ¥650.54 million in the previous year[25]. - The net cash flow from operating activities was approximately ¥305.88 million, a substantial increase of 349.34% compared to a negative cash flow of ¥122.67 million in the same period last year[25]. - The total assets at the end of the reporting period were approximately ¥19.17 billion, reflecting a growth of 3.66% from ¥18.49 billion at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company increased by 16.17% to approximately ¥4.01 billion from ¥3.45 billion at the end of the previous year[25]. - The basic earnings per share for the reporting period was ¥0.3171, compared to a loss of ¥0.3537 per share in the same period last year, marking a recovery of 189.65%[25]. - The weighted average return on equity was 15.59%, an increase of 23.54% from -7.95% in the previous year[25]. - The company's operating revenue for the reporting period was ¥3,926,069,348.97, a decrease of 29.97% compared to ¥5,606,148,883.50 in the previous year, primarily due to a significant drop in pig prices[70]. - The cost of goods sold was ¥3,824,923,619.66, down 27.99% from ¥5,311,770,098.67, attributed to a decrease in unit costs of pigs[70]. - The gross profit margin for the pig farming segment was 2.97%, reflecting a slight decrease of 0.15% year-on-year[73]. Business Operations - The company reported a total pig output of 2.079 million heads, an increase of 12.30% year-on-year, but the average selling price decreased by 44.92%[45]. - The company processed 837,200 heads of pigs, a year-on-year increase of 141.48%, with fresh meat sales increasing by 109.09% and total sales revenue growing by 30%[46]. - The company incurred a loss of 646 million yuan in the pig farming business due to low market prices and high feed costs, despite a reduction in sales costs[45]. - The company sold 51% of its subsidiary Shiji Biological (Nanjing) Co., Ltd., generating an investment gain of 1.42 billion yuan, which improved its profitability and asset-liability situation[47]. - The company’s new pig slaughtering plant in Anhui, with an annual capacity of 5 million heads, commenced production, marking a significant increase in slaughtering capacity[37]. - The company aims to enhance its product structure by focusing on differentiated offerings such as hot pot and barbecue series under the "Piaoxiang Meat" brand[37]. - The company is transitioning towards becoming a high-quality food supplier, focusing on optimizing resource allocation in pig farming and slaughtering processes[47]. - The company ranks 7th among listed companies in terms of total pig output, reflecting its significant position in the domestic pig farming industry[52]. - In the first half of 2022, the company achieved a pig slaughter volume of 837,200 heads, representing a year-on-year increase of 141.48%[55]. - The company reported a pig output of 2.079 million heads in the first half of 2022, an increase of 12.3% year-on-year[54]. Research and Development - The company has established a strong R&D capability with 54 valid patents, including 17 invention patents and 37 utility model patents as of June 30, 2022[58]. - The company is focusing on developing 3R products (ready-to-cook, ready-to-heat, ready-to-eat) to enhance its product offerings and meet diverse market demands[55]. - Investment in R&D increased by 25%, totaling $150 million, focusing on innovative technologies[200]. Risk Management - The company has detailed risk factors and proposed countermeasures in the management discussion and analysis section of the report[4]. - The company faces significant risks from major diseases, particularly African swine fever, which has previously caused substantial losses in the pig farming industry[120]. - Market price fluctuations pose a risk to the company's operations, as the pig farming industry experiences cyclical price changes influenced by supply and demand[123]. - Natural disasters such as droughts and floods can impact the company's operations, potentially damaging facilities and affecting product transportation[124]. - Raw material price volatility, particularly for key ingredients like soybean meal and wheat, significantly affects the company's production costs, which exceed 70% of its main business costs[125]. Environmental and Social Responsibility - The company has implemented a modern pig farming and poverty alleviation project, with a scale of 50,000 pigs in the Menggong poverty alleviation farm and 23,000 pigs in the Dalingxiang farm, benefiting over 100 local farmers[155]. - The company has helped over 200 households in Hubei and Jiangxi achieve poverty alleviation, creating approximately 1,000 job opportunities in the process[156]. - The company has adopted a "zero emissions, zero pollution" approach in its ecological farming practices, utilizing waste for organic fertilizer production[158]. - The company has actively engaged in public welfare during the pandemic, supplying tens of tons of pork daily to Shanghai and donating food supplies to local epidemic prevention personnel[161]. Corporate Governance - The company has undergone significant changes in its board of directors, with multiple resignations and new appointments on May 18, 2022[136]. - The company has appointed Du Chao as the new Chief Financial Officer on May 18, 2022, following the re-election of the board[139]. - The company has established a comprehensive compliance risk control system to manage operational risks effectively[164]. Future Outlook - The company provided guidance for Q4 2023, expecting revenue between $1.3 billion and $1.4 billion, representing a growth of 10-17%[200]. - New product launch scheduled for Q1 2024, anticipated to contribute an additional $200 million in revenue[200]. - The company plans to enter two new international markets by mid-2024[200].

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,639,594,622.68, a decrease of 51.89% compared to ¥3,408,300,974.80 in the same period last year[6] - The net profit attributable to shareholders was -¥673,650,083.21, representing a decline of 444.78% from ¥195,385,721.19 in the previous year[6] - The net cash flow from operating activities was -¥91,557,968.08, a decrease of 111.11% compared to ¥824,409,265.41 in the same period last year[6] - Total operating revenue for the current period is 1,639,594,622.68, a decrease from 3,408,300,974.80 in the previous period, representing a decline of approximately 52%[23] - Operating profit for the current period is -647,744,318.97, compared to a profit of 316,179,484.77 in the previous period, reflecting a significant loss swing[26] - Net profit for the current period is -671,194,899.77, contrasting with a net profit of 195,809,901.18 in the previous period, marking a substantial decline[26] - The basic earnings per share for the current period is -0.37, compared to 0.11 in the previous period, reflecting a negative shift in earnings[29] Assets and Liabilities - The total assets at the end of the reporting period were ¥18,612,454,808.87, an increase of 0.66% from ¥18,491,186,457.13 at the end of the previous year[6] - The total liabilities at the end of the period amount to 15,572,642,472.06, an increase from 14,780,489,303.25 at the beginning of the year, showing a rise of approximately 5.4%[23] - The total equity at the end of the period is 3,039,812,336.81, down from 3,710,697,153.88 at the beginning of the year, indicating a decrease of about 18%[23] - The company's total current assets at the end of the reporting period amount to 4,113,825,698.88 RMB, an increase from 3,998,017,460.45 RMB at the beginning of the year[16] - The company's long-term equity investments decreased to 189,600,209.28 RMB from 198,646,060.64 RMB[20] - Short-term borrowings decreased to 2,449,672,182.47 RMB from 2,582,340,621.92 RMB, indicating a reduction of approximately 5.1%[20] - Accounts payable increased significantly to 2,724,706,347.02 RMB from 1,734,281,466.52 RMB, representing an increase of about 57.2%[20] Cash Flow - The cash inflow from operating activities totaled CNY 2,075,908,249.83, a decrease of 48.2% compared to CNY 4,009,448,430.37 in the previous period[33] - The net cash flow from operating activities was negative at CNY -91,557,968.08, contrasting with a positive CNY 824,409,265.41 in the prior period[33] - Cash outflow for purchasing goods and services was CNY 1,102,685,086.64, down 50.4% from CNY 2,217,362,011.02 year-over-year[33] - The cash inflow from investment activities was CNY 16,900,163.65, significantly lower than CNY 553,515,274.76 in the previous period[33] - The net cash flow from investment activities was CNY -339,392,692.82, an improvement from CNY -426,477,285.66 in the prior period[33] - Cash inflow from financing activities amounted to CNY 1,496,940,500.00, up from CNY 1,429,486,000.00 year-over-year[33] - The net cash flow from financing activities was CNY -320,981,489.91, compared to a positive CNY 323,893,440.02 in the previous period[33] - The ending balance of cash and cash equivalents was CNY 897,236,421.70, a decrease from CNY 2,642,063,442.94 in the prior period[36] - The company reported a cash outflow of CNY 1,817,921,989.91 for financing activities, which is an increase from CNY 1,105,592,559.98 year-over-year[33] - The company’s cash and cash equivalents decreased by CNY 751,942,270.62 during the period, contrasting with an increase of CNY 721,898,755.83 in the previous period[33] Shareholder Information - The total number of common shareholders at the end of the reporting period is 81,927[14] - The largest shareholder, Zhang Banghui, holds 21.84% of the shares, totaling 401,735,485 shares, with 166,260,000 shares pledged[14] Inventory and Expenses - The company reported a 37.17% decrease in cash and cash equivalents compared to the beginning of the period, primarily due to lower pig prices and reduced sales receipts[11] - The company experienced a 51.89% decrease in operating income due to a decline in pig prices and a slight decrease in the number of pigs sold[11] - Management expenses increased by 49.53% due to the expansion of pig farming and slaughtering operations, leading to an increase in personnel in management departments[11] - The company reported an investment loss of -16,395,851.36 in the current period, compared to a gain of 189,195,735.95 in the previous period, indicating a drastic change in investment performance[26] - Research and development expenses for the current period are 6,762,751.13, significantly lower than 24,302,448.97 in the previous period, a reduction of approximately 72%[26] - Inventory has significantly increased to 2,526,880,279.04 RMB from 1,774,319,396.43 RMB, reflecting a growth of approximately 42.4%[16] - The company reported a total non-current asset value of 14,498,629,109.99 RMB, slightly up from 14,493,168,996.68 RMB[20] - The total operating costs for the current period are 2,278,962,513.71, down from 3,278,684,085.34 in the previous period, indicating a reduction of about 30%[26] - Other comprehensive income for the current period is 310,082.70, contrasting with -228,657.53 in the previous period, indicating a recovery in this area[29] - The net loss for the period resulted in a 32.75% decrease in retained earnings compared to the beginning of the period[11]

Financial Performance - The total revenue for 2021 was CNY 10,506,630,781.93, a decrease of 2.39% compared to CNY 10,764,148,563.64 in 2020[18]. - The net profit attributable to shareholders was CNY -4,461,798,357.13, representing a decline of 237.50% from CNY 3,244,986,853.52 in the previous year[18]. - The net cash flow from operating activities was CNY -555,707,470.19, a decrease of 112.48% compared to CNY 4,453,081,509.46 in 2020[18]. - The basic and diluted earnings per share were both CNY -2.43, a decline of 227.23% from CNY 1.91 in 2020[18]. - The weighted average return on equity was -73.16%, down 133.45% from 60.29% in the previous year[18]. - The company reported a significant decline in net profit, indicating potential uncertainties in its ongoing operations[19]. - The company achieved a non-recurring profit of CNY 443.36 million in 2021, a significant recovery from a loss of CNY 67.33 million in 2020[25]. - The company reported a significant increase in raw material costs for pig farming, which rose by 130.09% to CNY 5,748,539,407.44[65]. - The company reported a significant increase in management expenses, totaling ¥1,262,784,697.81, primarily due to the expansion of pig farming and slaughtering operations[74]. - The company reported a significant decrease in net profit for its subsidiary Han Shi Wei Food Group, with a net loss of CNY 4.64 billion in the reporting period[99]. Revenue Breakdown - Revenue from pig farming decreased by 20.88% to CNY 6.35 billion, accounting for 60.44% of total revenue[58]. - Revenue from food processing surged by 95.48% to CNY 2.66 billion, representing 25.28% of total revenue[58]. - The company achieved a sales revenue of 10.507 billion yuan, a year-on-year decrease of 2.39%, and a net loss attributable to shareholders of 4.462 billion yuan, a significant decline from a profit of 3.245 billion yuan in the same period last year[37]. - The company's pork processing business generated revenue of 2.657 billion yuan, a year-on-year increase of 95.48%, with a total of 1.3313 million pigs slaughtered[39]. - The company reported a total revenue amount of 100% included in the evaluation scope, indicating comprehensive coverage of its financial statements[187]. Production and Operations - The company is transitioning from a pig farming enterprise to a food company, focusing on fresh pork and meat products after divesting from its biological products and aquaculture feed businesses[32]. - The company employs a two-point production model for pig farming, enhancing biosecurity and operational efficiency[33]. - The company plans to expand its production capacity through a combination of self-built, leased, and contracted farms, optimizing its operational model[34]. - The number of pigs sold reached 4.28 million, an increase of 39.06% year-on-year, but the average selling price dropped by 64.29%[38]. - The company slaughtered 1.3313 million pigs in 2021, a year-on-year increase of 307.37%[50]. Strategic Initiatives - The company plans to enhance its processing capacity with the completion of a modern slaughter and deep processing facility in Fuyang, which is set to begin trial operations in January 2022[46]. - The company is focusing on the integration of the pig breeding and meat processing industries to enhance competitiveness and operational efficiency[41]. - The company aims to achieve a pig output of over 5 million heads in 2022, focusing on regions with high demand and premium pricing such as the Bohai Rim, Yangtze River Delta, and Greater Bay Area[107]. - The company is committed to digital transformation and innovation to become China's leading pork brand while ensuring food safety and quality[105]. - The company is exploring a "rental and breeding" model to expand its operations while ensuring biosecurity and production efficiency[55]. Governance and Management - The company has established a governance framework that complies with the Company Law, Securities Law, and Corporate Governance Guidelines, ensuring effective execution[189]. - The company has a fully independent financial department with its own accounting system and tax obligations, without any shared bank accounts with controlling shareholders[135]. - The company has conducted multiple shareholder meetings with participation rates ranging from 23.59% to 31.06% during the reporting period, ensuring transparency and engagement with investors[136]. - The company has maintained a stable leadership structure despite recent changes, ensuring continuity in its strategic initiatives[141]. - The company’s commitment to transparency is reflected in the detailed reporting of board activities and compensation in its annual report[159]. Environmental Responsibility - The company is committed to environmental responsibility, adhering to pollution discharge standards and monitoring its environmental impact[192]. - The company faced administrative penalties totaling 1,114,739.00 CNY for exceeding water pollution discharge standards and failing to establish hazardous waste management records[196]. - The company has implemented pollution prevention facilities that are operational and in compliance with environmental regulations[195]. - The company has developed an emergency response plan for environmental incidents, enhancing its ability to respond to pollution events[194]. - The company has made significant investments in pollution control technologies to enhance its environmental performance[197]. Social Responsibility and Community Engagement - The company actively engages in poverty alleviation through modern pig farming projects, utilizing advanced breeding technology and various cooperative models[199]. - The company supports local communities by providing virtual job positions and assisting vulnerable groups such as the elderly and low-income households[199]. - In Jiangxi, the company adopts a "company + farmer" model, integrating resources to expand family farm operations under the "precise poverty alleviation" concept[199]. - The company has engaged in direct donations and created job opportunities as part of its poverty alleviation initiatives[200]. - The company has implemented a replicable family farm model in multiple counties in Jiangxi, focusing on sustainable poverty alleviation[199].

Financial Performance - The total revenue for 2021 was ¥10,506,630,781.93, a decrease of 2.39% compared to ¥10,764,148,563.64 in 2020[27] - The net profit attributable to shareholders was -¥4,461,798,357.13, representing a decline of 237.50% from ¥3,244,986,853.52 in the previous year[27] - The net cash flow from operating activities was -¥555,707,470.19, a significant drop of 112.48% compared to ¥4,453,081,509.46 in 2020[27] - The basic earnings per share for 2021 was -¥2.43, a decline of 227.23% from ¥1.91 in the previous year[27] - The diluted earnings per share also stood at -¥2.43, reflecting the same percentage decline as basic earnings per share[27] - The weighted average return on equity was -73.16%, a decrease of 133.45% compared to 60.29% in 2020[27] - The company achieved a sales revenue of 10.507 billion yuan, a year-on-year decrease of 2.39%, and a net loss attributable to shareholders of 4.462 billion yuan, a significant decline from a profit of 3.245 billion yuan in the same period last year[50] - The company reported a net profit of CNY -4.64 billion from Hansiwei Food Group Co., Ltd., which significantly affected overall performance[129] Revenue Breakdown - The company's operating revenue for 2021 was approximately ¥10.51 billion, a decrease from ¥10.76 billion in 2020, reflecting a decline of about 2.4%[29] - Revenue from pig farming was CNY 6.35 billion, accounting for 60.44% of total revenue, down 20.88% year-on-year[73] - Revenue from food processing surged by 95.48% to CNY 2.66 billion, representing 25.28% of total revenue[73] - The company reported a pig slaughter volume of 4.28 million heads, an increase of 39.06% year-on-year, but the sales price decreased by 64.29%[51] - The revenue from the pork processing business reached 2.657 billion yuan, a year-on-year increase of 95.48%, with a total of 1.3313 million pigs slaughtered[52] Production and Operations - The total number of pigs slaughtered in 2021 reached approximately 67.13 million, marking a year-on-year increase of 27.4%[42] - The company achieved a total pig output of 4.28 million heads in 2021, representing a year-on-year increase of 39.06%[61] - The company processed 1.3313 million pigs during the reporting period, a significant year-on-year increase of 307.37%[64] - The company is transitioning from a pig farming enterprise to a food company, focusing on fresh pork and meat products after divesting from its bioproducts and aquaculture feed businesses[44] - The company employs a two-point production model for pig farming, which includes separate facilities for breeding and fattening pigs, enhancing biosecurity and production efficiency[45] Costs and Expenses - Total operating costs for 2021 reached CNY 12,315,065,662.11, a significant increase from CNY 6,164,684,294.30 in 2020, reflecting a year-on-year growth of 99.83%[88] - The cost of raw materials in the pig farming segment was CNY 5,748,539,407.44, accounting for 67.76% of the total operating costs, up from 66.34% in 2020, with a year-on-year increase of 130.09%[86] - Labor costs in the food processing segment rose to CNY 30,150,587.84, representing 1.15% of total operating costs, a substantial increase of 161.27% compared to CNY 11,539,871.96 in 2020[86] - The overall gross margin for pig farming was -33.60%, reflecting significant cost pressures in the sector[77] Strategic Initiatives - The company is developing a functional micro-ecological preparation to reduce the incidence of digestive diseases in sows, aiming for a 10% or higher reduction in constipation and bloating mortality rates[101] - The company aims to extend its industrial chain from breeding to deep processing of meat products, focusing on high-consumption areas like Beijing-Tianjin-Hebei and the Yangtze River Delta[67] - The company is exploring a "rental breeding" model to enhance production efficiency and ensure stable supply for its meat processing business[70] - The company has initiated a digital transformation, implementing advanced management software SAP and collaborating with Accenture to enhance management efficiency[66] Market and Industry Trends - The pig production industry in China saw a 28.8% increase in pork production in 2021, with a total output of 5.296 million tons[42] - The average price of live pigs dropped from 35.8 yuan per kilogram in January 2021 to 17.59 yuan in December 2021, a decrease of 50.87%[50] - The overall market for live pig sales in China is valued at over one trillion yuan, with annual slaughter volumes around 700 million heads and pork consumption exceeding 55 million tons[55] Governance and Management - The company maintains independent operations in business, personnel, assets, organization, and finance, ensuring no dependency on controlling shareholders[171][172][173][176][177] - The company has improved its corporate governance structure in compliance with relevant laws and regulations, enhancing investor relations management[160] - The company has established a performance evaluation system and incentive mechanism for senior management, ensuring transparency and compliance with legal regulations[169] - The independent directors on the board are professionals in industry, finance, and law, ensuring high-quality decision-making[165] Future Outlook - The company aims to achieve over 5 million pigs slaughtered in 2022, focusing on production stability, efficiency improvement, and cost reduction[142] - The company plans to enhance its processing capabilities and efficiency as it expands its pork processing business following the completion of new facilities[52][60] - The company is focusing on the development of low-temperature meat products, which are increasingly favored by consumers due to their superior quality[136] - The company is committed to digital transformation and innovation to become China's leading pork brand while ensuring food safety[140]

Financial Performance - The company's operating revenue for Q1 2022 was ¥1,639,594,622.68, a decrease of 51.89% compared to ¥3,408,300,974.80 in the same period last year[5] - The net profit attributable to shareholders was -¥673,650,083.21, representing a decline of 444.78% from ¥195,385,721.19 in the previous year[5] - The net cash flow from operating activities was -¥91,557,968.08, a decrease of 111.11% compared to ¥824,409,265.41 in the same period last year[5] - Total operating revenue for the current period was ¥1,639,594,622.68, a decrease of 52.1% compared to ¥3,408,300,974.80 in the previous period[27] - Net profit for the current period was a loss of ¥671,194,899.77, compared to a profit of ¥195,809,901.18 in the previous period, indicating a significant decline[27] - The company incurred a significant asset impairment loss of ¥440,407,411.21 during the current period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥18,612,454,808.87, an increase of 0.66% from ¥18,491,186,457.13 at the end of the previous year[5] - The company's total liabilities increased to ¥15,572,642,472.06 from ¥14,780,489,303.25, representing a rise of 5.4%[23] - The total equity attributable to shareholders decreased to ¥2,779,699,814.28 from ¥3,453,039,814.79, a decline of 19.5%[23] - The total current assets amount to 4,113,825,698.88 RMB, an increase from 3,998,017,460.45 RMB at the beginning of the year[16] - The total non-current assets are reported at 14,498,629,109.99 RMB, slightly up from 14,493,168,996.68 RMB[19] Cash Flow - Cash flow from operating activities was ¥1,670,330,902.93, down from ¥3,536,490,383.72, a decrease of 52.8%[32] - The company reported a decrease in cash and cash equivalents to 1,175,418,468.32 RMB from 1,870,807,492.47 RMB[16] - The ending balance of cash and cash equivalents decreased to $897.24 million from $2.64 billion, highlighting liquidity challenges[38] - Cash received from operating activities totaled $2.08 billion, down from $4.01 billion, indicating a decline in revenue generation[35] - Cash outflow from financing activities increased to $1.82 billion, compared to $1.11 billion in the previous period, indicating higher financing costs[38] Expenses - Management expenses increased by 49.53% year-on-year, attributed to the expansion of pig farming and slaughtering operations[10] - The company's management expenses increased to ¥294,743,449.00 from ¥197,118,845.93, an increase of 49.4%[27] - Research and development expenses decreased by 72.17% compared to the previous year, due to the reduction of related R&D activities in the vaccine sector[10] - Cash paid for purchasing goods and services was $1.10 billion, a decrease from $2.22 billion, suggesting cost-cutting measures[35] - Cash paid to employees decreased to $378.54 million from $456.50 million, reflecting potential workforce adjustments[35] Shareholder Information - The total number of common shareholders at the end of the reporting period is 81,927[13] - Zhang Banghui holds 21.84% of shares, totaling 401,735,485 shares, with 166,260,000 shares pledged[13] Other Income and Comprehensive Income - Other income increased by 207.08% year-on-year, primarily due to an increase in government subsidies received during the reporting period[10] - Other comprehensive income after tax for the current period was ¥310,082.70, compared to a loss of ¥507,192.71 in the previous period[31] Inventory and Accounts Payable - Inventory has increased to 2,526,880,279.04 RMB from 1,774,319,396.43 RMB, indicating a significant rise in stock levels[16] - Accounts payable increased significantly to 2,724,706,347.02 RMB from 1,734,281,466.52 RMB, reflecting higher operational liabilities[19] Foreign Exchange Impact - The company experienced a foreign exchange impact of -$10,119.81 on cash and cash equivalents, contrasting with a positive impact of $73,336.06 in the previous period[38] Strategic Developments - The company has not disclosed any new strategies or product developments in the current report[13]

Group 1: Event Details - The event is titled "Ningbo District 2021 Annual Listed Company Investor Online Collective Reception Day" [1] - Scheduled for November 18, 2021, from 15:00 to 17:00 [1] - The platform login address is http://rs.p5w.net/ [1] Group 2: Company Participation - Company executives will participate in the event [1] - The format will be an online "one-to-many" communication with investors [1] Group 3: Objectives - Aimed at enhancing investor relations management [1] - Focus on improving transparency and governance levels of listed companies [1] - Addressing investor concerns regarding corporate governance, development strategy, operational status, and sustainable development [1]

天邦食品股份有限公司 2021 年第三季度报告 证券代码：002124 证券简称：天邦股份 公告编号：2021-129 天邦食品股份有限公司 2021 年第三季度报告 2021 年 10 月 1 天邦食品股份有限公司 2021 年第三季度报告 天邦食品股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没 有虚假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准 确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带 的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声 明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |------------------------------------------------------|-------------------| ...

Financial Performance - The company's operating revenue for the first half of 2021 was ¥5,606,148,883.50, representing a 21.60% increase compared to ¥4,610,429,952.57 in the same period last year[27]. - The net profit attributable to shareholders of the listed company was -¥650,538,562.95, a decrease of 142.38% from ¥1,534,881,799.82 in the previous year[27]. - The net cash flow from operating activities was -¥122,674,761.85, down 106.26% from ¥1,959,266,465.37 in the same period last year[27]. - The basic earnings per share were -¥0.3537, a decline of 126.72% compared to ¥1.3236 in the previous year[27]. - Total assets at the end of the reporting period were ¥21,481,505,585.05, an increase of 38.57% from ¥15,501,961,361.98 at the end of the previous year[27]. - The net assets attributable to shareholders of the listed company decreased by 18.04% to ¥7,197,224,826.76 from ¥8,781,208,147.08 at the end of the previous year[27]. - The weighted average return on net assets was -7.95%, a decrease of 50.00% from 42.05% in the previous year[27]. - The company reported a significant decline in net profit due to increased costs and market challenges[27]. Revenue and Sales - The company achieved a sales revenue of 5.606 billion yuan, representing a year-on-year increase of 21.6%[46]. - The average selling price of live pigs decreased by 55% year-on-year, while the company’s pig output increased by 65% to 1.8513 million heads[46]. - The company’s pork processing business revenue reached 999.7 million CNY, a year-on-year increase of 157%, with a net loss reduced by 25% to 30.52 million CNY[47]. - The food processing segment saw a remarkable revenue increase of 156.72%, driven by enhanced pig slaughtering and processing capabilities[81]. Business Strategy and Operations - Future strategies include focusing on market expansion and new product development to recover from current losses[27]. - The company is focusing on the fresh pork and meat products industry chain by selling its biological products business and planning to divest its aquaculture feed business[38]. - The company has established a pig breeding division to enhance its breeding capabilities and expand production capacity[39]. - The company is focusing on a "rental breeding" model, with 84 cooperative breeding households having an average stock capacity of over 14,000 heads[60]. - The company aims to enhance its risk resistance and profitability by extending its industrial chain and internalizing external transactions[71]. Production and Capacity - The company achieved a total pig output of 1.8313 million heads in the first half of 2021, representing a year-on-year growth of 65.34%[60]. - The company slaughtered 345,200 pigs in the first half of 2021, representing a year-on-year increase of 277%[61]. - The company has a total of 583,000 breeding sows, with an actual stock of 428,900 productive sows as of June 30, 2021[59]. - The company has established a new high-level genetic core farm with a scale of 3,000 heads and plans to import 2,000 heads from abroad[65]. Financial Management - The company’s financing activities generated a net cash inflow of ¥941,393,029.41, a 52.93% increase, reflecting higher financing amounts during the reporting period[77]. - The total investment during the reporting period was ¥921,852,075.96, representing a 141.63% increase compared to ¥381,519,562.89 in the same period last year[89]. - The company completed the acquisition of a 61% stake in Zhejiang Xingnong Farming Co., Ltd. for ¥318,474,663.75, with a reported loss of ¥7,150,598.96 during the period[89]. Environmental and Social Responsibility - The company has implemented a high-standard biosecurity system to mitigate risks associated with major diseases affecting the pig farming industry[108]. - The company has actively engaged in poverty alleviation projects, implementing modern pig farming models that have been promoted in multiple provinces, contributing to local economic development[139]. - The company has maintained a strong commitment to environmental protection, implementing clean production practices and sustainable development initiatives across all operations[143]. Research and Development - The company has launched a digital transformation initiative, implementing advanced management software and enhancing data accuracy and real-time monitoring[67]. - The company has established a learning organization atmosphere with over 30 internal trainers, including more than 30% of vice presidents and above[146]. - The company has developed 223 self-developed courses on its online learning platform, totaling 8,233 hours of training[146]. Shareholder Engagement and Governance - The company held several shareholder meetings with participation rates ranging from 24.72% to 31.06% during the reporting period, indicating active shareholder engagement[116]. - The company plans not to distribute cash dividends or issue bonus shares for the half-year period, focusing on long-term growth strategies instead[120]. - A stock incentive plan was initially approved but was later terminated due to changing external business conditions and a need to realign with the company's operational strategies[121].

Financial Performance - The company's operating revenue for Q1 2021 was CNY 3,408,300,974.80, representing an increase of 80.56% compared to CNY 1,887,600,942.78 in the same period last year[10] - The net profit attributable to shareholders was CNY 195,385,721.19, a decrease of 58.98% from CNY 476,277,806.84 year-on-year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 123,933,405.59, down 74.21% from CNY 480,560,257.15 in the previous year[10] - Operating revenue increased by 80.6% year-on-year, driven by higher sales volume of live pigs, although prices decreased compared to the same period last year[24] - The company's net profit for the first quarter of 2021 was CNY 195,809,901.18, compared to CNY 476,150,381.96 in the previous year, indicating a decrease of approximately 58.8%[66] Cash Flow - The net cash flow from operating activities increased by 98.54% to CNY 824,409,265.41, compared to CNY 415,236,595.76 in the same period last year[10] - Net cash flow from operating activities amounted to ¥824,409,265.41, an increase of 98.6% compared to ¥415,236,595.76 in the previous period[82] - Cash inflow from operating activities totaled ¥1,478,692,492.18, a substantial increase from ¥159,719,629.74 in the previous period[86] Assets and Liabilities - Total assets at the end of the reporting period were CNY 18,755,452,088.52, up 20.99% from CNY 15,501,961,361.98 at the end of the previous year[10] - Total liabilities increased to CNY 4,134,167,052.73 as of March 31, 2021, from CNY 3,351,082,092.51 at the end of 2020, marking an increase of about 23.3%[63] - Total liabilities amounted to CNY 6,703,982,551.75, down by CNY 1,848,284,633.79 from the previous period[96] - The company's total current assets as of March 31, 2021, amounted to RMB 7,116,235,323.45, an increase from RMB 5,771,399,004.78 as of December 31, 2020[47] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 54,337, with the largest shareholder holding 21.84%[14] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[20] Investment and Expenses - Research and development expenses increased by 34.2% year-on-year, reflecting higher investment in R&D activities[24] - The company incurred a loss from investment activities of ¥22,974,451.32, contrasting with a gain of ¥12,097,121.42 in the previous period[75] - The total operating costs amounted to ¥90,186,718.92, up from ¥68,002,769.10, representing an increase of approximately 32.5%[75] Equity and Earnings - Basic earnings per share were CNY 0.15, down 63.41% from CNY 0.41 year-on-year[10] - The total comprehensive income attributable to the parent company was ¥195,157,063.66, a decrease from ¥476,282,473.31[70] - The company's total equity decreased slightly to CNY 7,087,619,877.40 from CNY 7,108,250,136.74, a decline of approximately 0.3%[63] Other Financial Metrics - The company reported non-operating income of CNY 71,452,315.60, primarily from the disposal of non-current assets and government subsidies[10] - The company reported a 267.4% increase in income tax expenses year-on-year, mainly due to increased operating profits from certain subsidiaries[24] - The company's cash and cash equivalents increased to RMB 2,871,416,036.89 from RMB 2,126,068,400.24 year-over-year[47]

Financial Performance - The company's operating revenue for 2020 was CNY 10,764,148,563.64, representing a 79.20% increase compared to CNY 6,006,883,384.85 in 2019[22] - The net profit attributable to shareholders for 2020 reached CNY 3,244,986,853.52, a significant increase of 3,131.98% from CNY 100,402,423.01 in 2019[22] - The net cash flow from operating activities was CNY 4,453,081,509.46, up 737.14% from CNY 531,939,239.51 in the previous year[22] - Basic earnings per share for 2020 were CNY 2.68, a dramatic rise of 2,877.78% compared to CNY 0.09 in 2019[22] - The weighted average return on net assets was 60.29%, an increase of 56.16 percentage points from 4.13% in 2019[22] - Operating profit reached 3.348 billion yuan, and net profit after tax was 3.246 billion yuan, significantly improved from 228 million yuan and 100 million yuan in the previous year[48] - The company achieved a total revenue of approximately CNY 9.12 billion, with a net profit of approximately CNY 3.29 billion[192] Revenue Breakdown - The revenue from pig farming accounted for 74.56% of total revenue, amounting to approximately 8.026 billion yuan, an increase of 80.59% year-on-year[97] - The total revenue from feed products was ¥1,270,059,791.01, representing 11.80% of total revenue, with a slight year-on-year increase of 0.08%[101] - The revenue from food processing surged to ¥1,359,034,298.69, which is 12.63% of total revenue, reflecting a significant year-on-year increase of 518.69%[101] - Domestic revenue accounted for 99.19% of total revenue at ¥10,677,374,047.65, marking an 81.96% increase year-on-year[101] Production and Sales - The company sold 3.0778 million live pigs, a year-on-year increase of 26.17%, with breeding pigs up 515% and piglets up 443%[48] - The average price of live pigs sold was 51.46 yuan/kg, an increase of 177% compared to the previous year[48] - The company achieved a pig output of 3.08 million heads in 2020, representing a year-on-year increase of 26.17%[90] - The company provided 329,100 high-quality breeding pigs in 2020, aiming to meet the needs for producing 200 million market pigs[40] Investment and Expansion - The total investment amount for the reporting period was ¥3,180,005,886.13, a 164.66% increase from ¥1,201,523,295.63 in the previous year[131] - The company has established a complete breeding pyramid system, investing in Choice Genetics to gain a 40.69% stake, enhancing its breeding technology[71] - The company has added a new core production site with a capacity of 6,000 heads and two new boar stations with capacities of 1,200 and 1,000 heads respectively[74] - The company is expanding its feed production capacity to better control costs and quality as its breeding scale increases[45] Research and Development - The company reported a total of 54 planned R&D projects in 2020, with 45 completed, achieving an 83% completion rate[119] - R&D expenses for 2020 amounted to CNY 108,310,205.02, reflecting a 9.37% increase from CNY 99,026,909.47 in 2019[118] - The number of R&D personnel increased by 41.94% to 352 in 2020, while the proportion of R&D personnel decreased to 3.73% from 4.65% in 2019[120] - The company developed new functional feeds, including "Liver and Intestine Health" and micro-particle starter feeds, which contributed to rapid sales growth[76] Market Trends and Strategy - The pig farming industry is experiencing a recovery phase, with a 31.0% year-on-year increase in the national pig inventory[49] - The market for live pigs in China is substantial, with an annual output of approximately 700 million pigs and a market size exceeding ¥1 trillion[44] - The processed meat products sector is evolving, with a growing consumer preference for safe, nutritious, and convenient meat products[197] - The company aims to become a world-class feed supply chain service provider and a leading comprehensive service provider in animal nutrition[199] Risk Management and Financial Strategy - The company has established a dedicated internal control system and risk management system for its commodity futures hedging business[141] - The company aims to mitigate market volatility risks through its hedging strategies, enhancing its ability to withstand market fluctuations[141] - The company reported no impairment provisions for its derivative investments during the reporting period[137] - The company plans to maintain a futures position that does not exceed the hedging demand of its physical goods[141] Operational Efficiency and Sustainability - The company is undergoing digital transformation with the implementation of SAP software to enhance management efficiency and reduce risks[78] - The company emphasizes the production of safe and delicious pork by using high-quality feed ingredients and advanced fermentation technologies[84] - The company is focusing on modernizing its pig farming operations to align with national industrial policies and improve overall profitability[161] - The company is committed to providing safe food and integrating community development as part of its social responsibility[199]