Financial Performance - Operating revenue for the period reached CNY 3.42 billion, a 125.60% increase year-on-year[10] - Net profit attributable to shareholders surged by 239.98% to CNY 1.29 billion compared to the same period last year[10] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 534.36% to CNY 1.29 billion[10] - Basic earnings per share rose by 225.53% to CNY 1.0648[10] - Total operating revenue for Q3 2020 reached CNY 3,415,071,081.89, a significant increase from CNY 1,513,745,131.82 in the same period last year, representing a growth of approximately 126.5%[67] - Net profit for Q3 2020 was CNY 1,290,042,810.10, compared to CNY 381,806,618.83 in Q3 2019, reflecting a growth of approximately 237.5%[73] - The company's total operating income for the year-to-date is 8,025,501,034.46, up from 4,454,306,585.01, representing an increase of approximately 80%[81] - The net profit attributable to the parent company's owners for the current period is 2,824,370,401.67, a significant increase from 11,940,662.50 in the previous period[84] Assets and Liabilities - Total assets increased by 82.03% to CNY 13.71 billion compared to the end of the previous year[10] - Net assets attributable to shareholders increased by 189.43% to CNY 8.34 billion compared to the end of the previous year[10] - Cash and cash equivalents increased by 253.2% compared to the beginning of the period, mainly due to funds raised from a non-public stock issuance[23] - Accounts receivable increased by 213.3% compared to the beginning of the period, primarily due to sales of aquatic feed being within the credit period[23] - Total non-current assets amounted to approximately CNY 8.54 billion, compared to CNY 5.34 billion, which is an increase of 60.9%[53] - Current liabilities decreased to approximately CNY 3.93 billion from CNY 4.04 billion, a decline of 2.8%[56] - Total liabilities rose to approximately CNY 5.36 billion from CNY 4.64 billion, reflecting an increase of 15.5%[56] - The company's equity attributable to shareholders increased to approximately CNY 8.34 billion from CNY 2.88 billion, a growth of 189.5%[59] Cash Flow - Net cash flow from operating activities was CNY 1.64 billion, a significant increase of 6,399.13% year-on-year[10] - Net cash flow from operating activities increased by 5692.6% year-on-year, mainly due to a significant increase in cash inflows from operating activities[23] - The total cash inflow from operating activities for the current period is ¥3,601,161,778.20, a substantial increase from ¥62,168,365.07 in the previous period[96] - The net increase in cash and cash equivalents for the period was 2,128,062,772.75, compared to 170,858,647.59 in the previous period, showing robust cash generation[100] Investment and Financing - The company raised a total of RMB 2,665,599,933.30 from a non-public stock issuance, with a net amount of RMB 2,634,298,334.03 after deducting issuance costs[25] - The company raised 2,638,278,334.03 from new investments, indicating strong investor confidence[103] - Total cash inflow from financing activities reached 6,085,396,189.30, up from 2,659,563,948.32 in the prior period[100] - The company reported a total cash inflow from financing activities of 5,140,158,334.03, a notable increase from 2,047,651,815.00 in the prior year[103] Research and Development - Research and development expenses for the quarter amounted to CNY 32,229,243.58, compared to CNY 23,602,675.27 in the same period last year, reflecting an increase of approximately 36.6%[70] - The company's research and development expenses for the current period are ¥18,600,523.15, slightly down from ¥18,819,265.92 in the previous period[89] Risk Management - The company has established a dedicated internal control system and risk management system for commodity futures hedging, ensuring compliance with relevant laws and regulations[35] - The company plans to continue using self-owned and self-raised funds for hedging activities to mitigate commodity price risks[35] - The company has not engaged in speculative trading and maintains a controlled risk environment[35] - The company has set up a specialized team for commodity hedging operations and monitoring to manage risks effectively[31] Other Financial Metrics - The company reported government subsidies of CNY 20.40 million during the period[10] - Investment income decreased by 94.2% year-on-year, mainly due to gains from the disposal of Guangdong Haimao equity in the previous period[23] - The company reported a net profit of RMB 99.20 million from derivative investments during the reporting period[31] - The company has not reported any significant changes in accounting policies related to derivatives compared to the previous reporting period[31]

Financial Performance - The company's revenue for the first half of 2020 reached ¥4,610,429,952.57, representing a 56.79% increase compared to ¥2,940,561,453.19 in the same period last year[17] - Net profit attributable to shareholders was ¥1,534,881,799.82, a significant turnaround from a loss of ¥367,337,476.18, marking a 517.84% increase[17] - The net profit after deducting non-recurring gains and losses was ¥1,542,743,771.95, compared to a loss of ¥307,114,623.62, reflecting a 602.33% increase[17] - The net cash flow from operating activities surged to ¥1,959,266,465.37, up 2,120.54% from ¥88,233,804.22 in the previous year[17] - Basic and diluted earnings per share were both ¥1.3236, a recovery from a loss of ¥0.3168 per share in the same period last year, representing a 517.80% increase[17] - Operating profit reached 1.555 billion yuan and net profit after tax was 1.534 billion yuan, a significant improvement compared to last year's operating loss of 292 million yuan and net loss of 368 million yuan[36] - Total operating revenue for the first half of 2020 reached ¥4,610,429,952.57, a significant increase from ¥2,940,561,453.19 in the same period of 2019, representing a growth of approximately 56.8%[194] - Net profit for the first half of 2020 was ¥1,534,186,848.17, compared to a net loss of ¥368,178,474.91 in the first half of 2019, indicating a turnaround in profitability[196] Assets and Liabilities - Total assets increased by 35.77% to ¥10,229,075,627.10 from ¥7,534,383,259.18 at the end of the previous year[17] - The total liabilities as of the end of the reporting period amounted to ¥2,995,413,586.37, up from ¥2,465,891,163.17 at the end of the previous year, reflecting an increase of approximately 21.4%[194] - The company's equity attributable to shareholders reached CNY 4,418,285,414.59, up from CNY 2,881,871,430.52, indicating an increase of around 54%[186] - Total current liabilities amounted to CNY 4,595,433,535.97, compared to CNY 4,035,635,713.66, indicating an increase of approximately 14%[184] Business Operations - The main business includes the development of the food industry, focusing on pig breeding, meat processing, and feed production[25] - The company has established a full industry chain from feed to table, with an increasing proportion of revenue coming from pig farming[28] - The pig farming model has shifted to a combination of family farms, leased fattening farms, and self-built fattening farms to enhance biosecurity and efficiency[29] - The company continues to process pigs sourced from its own breeding operations, supplying fresh and processed pork products through various channels[34] - The company achieved sales revenue of 4.61 billion yuan, a year-on-year increase of 56.8%[36] - The company sold 1.1197 million pigs at an average selling price of 55.60 yuan/kg, with a year-on-year price increase of 336.11%[36] - Revenue from pig farming accounted for 77.28% of total revenue, amounting to CNY 3,562,833,329.37, with a growth of 62.03% compared to the previous year[72] Research and Development - The company holds 184 valid patents, including 41 invention patents and 143 utility model patents, reflecting strong R&D capabilities[39] - The company strategically invested in Choice Genetics, acquiring a 40.69% stake, enhancing its breeding technology and genetic resources[40] - The company is developing a new oral adjuvant for the porcine epidemic diarrhea vaccine, addressing the challenge of poor protection through oral immunization[64] - The company has established extensive cooperation with various universities and research institutions for vaccine research and development, enhancing product quality assurance[46] - Research and development expenses for the first half of 2020 were ¥49,220,943.87, slightly up from ¥47,632,436.67 in the same period of 2019, indicating continued investment in innovation[194] Risk Management - The report highlights significant risks including disease outbreaks, market price fluctuations, and food safety concerns, with detailed responses outlined in the report[4] - The company has implemented a high-standard biosecurity system to mitigate risks from diseases such as African swine fever and COVID-19, which have significantly impacted the livestock industry[93][94] - The company anticipates fluctuations in commodity pig market prices, which may lead to income volatility and potential losses[96] - The company has set up a risk management system to address potential natural disaster impacts on livestock operations[99] Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares, nor to increase capital from reserves[4] - The company reported a total related party transaction amount of 2,025.98 million CNY, which is within the approved annual limit of 7,300 million CNY[113] - The company has no significant related party transactions, including asset or equity acquisitions, joint investments, or non-operating fund occupation by controlling shareholders during the reporting period[115] - The company has established a professional investment team to enhance project management and optimize capital expenditure[101] Social Responsibility - The company reported a total of 861,000 RMB in funds allocated for poverty alleviation projects during the reporting period[137] - A total of 717 individuals were lifted out of poverty through the company's initiatives[137] - The company implemented 36 poverty alleviation projects focused on agricultural and forestry industries, with an investment of 915,000 RMB[137] - The company provided vocational training to 450 individuals, with an investment of 5,000 RMB in skills training[137]

Financial Performance - The company's revenue for Q1 2020 was ¥1,887,600,942.78, representing a 51.60% increase compared to ¥1,245,086,754.50 in the same period last year[10] - Net profit attributable to shareholders was ¥476,277,806.84, a significant turnaround from a loss of ¥335,287,082.36, marking a 242.05% increase[10] - Basic earnings per share improved to ¥0.41, compared to a loss of ¥0.29 per share in the same quarter last year, reflecting a 241.62% increase[10] - The company reported a significant increase in net profit after deducting non-recurring gains and losses, reaching ¥480,560,257.15, compared to a loss of ¥282,065,636.07, marking a 270.37% increase[10] - The total operating revenue for the first quarter reached ¥1,887,600,942.78, a significant increase from ¥1,245,086,754.50 in the previous period, representing a growth of approximately 51.6%[60] - The net profit for the current period is 476,150,381.96, a significant recovery from a net loss of -336,196,101.91 in the previous period[66] - The total profit for the current period is 477,927,111.87, compared to a total loss of -335,255,206.42 in the previous period[66] - The total comprehensive income for the current period is 476,088,210.42, compared to -337,129,612.05 in the previous period, showing a significant turnaround[69] Cash Flow - The net cash flow from operating activities reached ¥415,236,595.76, a remarkable increase of 1,024.68% from a negative cash flow of ¥44,905,739.77 in the previous year[10] - Cash inflow from operating activities reached 2,127,793,051.68 CNY, compared to 1,437,616,179.32 CNY in the prior period, indicating a significant increase[77] - The net cash flow from operating activities was 415,236,595.76 CNY, a turnaround from -44,905,739.77 CNY in the previous year[80] - The cash inflow from sales of goods and services was 1,977,962,970.79 CNY, significantly higher than 1,231,017,702.45 CNY in the prior period[77] Assets and Liabilities - Total assets at the end of the reporting period were ¥8,313,302,849.56, up 10.34% from ¥7,534,383,259.18 at the end of the previous year[10] - The total liabilities increased to ¥4,938,984,275.48 from ¥4,636,152,895.52, reflecting a rise of about 6.5%[51] - The total equity attributable to shareholders of the parent company rose to ¥3,358,153,903.83, up from ¥2,881,871,430.52, indicating an increase of approximately 16.5%[51] - The total current liabilities increased to ¥2,530,355,498.56 from ¥2,465,891,163.17, showing a growth of about 2.6%[55] - The total current assets amounted to CNY 2,194,856,781.25 as of December 31, 2019, remaining unchanged as of January 1, 2020[91] - Total non-current assets were CNY 5,339,526,477.93 as of December 31, 2019, also unchanged as of January 1, 2020[91] - Total assets reached CNY 7,534,383,259.18 as of December 31, 2019, consistent with January 1, 2020[91] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 60,646, indicating a broad shareholder base[15] - The top shareholder, Zhang Banghui, held 24.75% of the shares, with a total of 286,953,918 shares, indicating strong insider ownership[15] Operational Metrics - Operating income increased by 51.6% year-on-year, mainly due to a significant rise in pig sales prices[24] - Accounts receivable increased by 64.5% compared to the beginning of the period, mainly due to sales of aquatic feed being within the credit period[24] - Prepayments increased by 69.9% compared to the beginning of the period, primarily due to the expansion of breeding scale and increased advance payments[24] - Production biological assets increased by 50.7% compared to the beginning of the period, mainly due to an increase in breeding stock[24] Expenses and Income - Other income decreased by 58% year-on-year, mainly due to a reduction in government subsidies received[24] - Investment income decreased by 64.1% year-on-year, primarily due to a decline in equity method investment income[24] - Tax expenses increased by 88.8% year-on-year, mainly due to an increase in pre-tax profits from vaccine products[24] - Credit impairment losses increased by 66.7% year-on-year, attributed to a greater increase in accounts receivable compared to the same period[24] - Research and development expenses decreased to 18,110,296.61 from 23,339,844.71, a reduction of approximately 22.4%[63] - The financial expenses increased to 37,998,627.31 from 31,476,081.20, representing an increase of about 20.1%[63] - The investment income for the current period is 600,009.81, down from 1,672,656.29 in the previous period, indicating a decline of approximately 64.1%[63]

Financial Performance - The company's operating revenue for 2019 was ¥6,006,883,384.85, representing a 32.93% increase compared to ¥4,518,950,572.98 in 2018[16] - The net profit attributable to shareholders was ¥100,402,423.01, a significant turnaround from a loss of ¥571,964,274.51 in the previous year, marking a 117.55% improvement[16] - The net cash flow from operating activities increased by 180.03% to ¥531,939,239.51 from ¥189,959,340.22 in 2018[16] - Basic earnings per share rose to ¥0.09 from a loss of ¥0.49, reflecting a 118.37% increase[16] - Total revenue for the year was approximately ¥6.99 billion, with a quarterly breakdown of ¥1.25 billion, ¥1.70 billion, ¥1.51 billion, and ¥1.55 billion respectively[21] - The net profit attributable to shareholders for the year was a loss of approximately ¥335 million in Q1, a loss of ¥32 million in Q2, a profit of ¥379 million in Q3, and a profit of ¥88 million in Q4[21] - The company achieved a sales revenue of 6.007 billion yuan, a year-on-year increase of 33%[36] - The company's net profit improved significantly to 100 million yuan, compared to a net loss of 575 million yuan in the previous year[36] - The company reported a total revenue of 148,000 million, with a net profit of 10,027.87 million, showing an increase compared to the previous period[135] Assets and Liabilities - Total assets at the end of 2019 were ¥7,534,383,259.18, up 20.96% from ¥6,228,766,400.88 at the end of 2018[17] - The net assets attributable to shareholders increased by 21.06% to ¥2,881,871,430.52 from ¥2,380,518,922.26 in 2018[17] - Fixed assets increased by 52.45% year-on-year, primarily due to the expansion of production scale and increased investment in pig farms[58] - The company's inventory decreased by 29.32% year-on-year, attributed to adjustments in pig farm stocking density and delays in production due to African swine fever prevention measures[58] - The total amount of cash and cash equivalents was CNY 478,561,333.51[190] - The company’s total liabilities and owner's equity combined also equaled CNY 4,362,563,717.32[198] Business Operations - The company continues to focus on the full pork industry chain, with an emphasis on fresh pork and meat products, maintaining its position as a major player in pig breeding and feed production[27][28] - The company has adopted a two-point production model for pig farming, enhancing biosecurity and operational efficiency through specialized breeding and fattening stages[29][31] - The company is expanding its rental fattening model, which allows for larger scale operations with lower overall costs and improved biosecurity measures[31] - The feed business is being optimized with a focus on high-end aquatic feed and functional feed products, aiming to meet diverse customer needs and enhance market presence[32] - The company is actively upgrading its production processes to prevent disease transmission and improve feed efficiency in pig feed production[32] - The company has established a smart farming direction, implementing a core production management system and utilizing electronic ear tags for real-time monitoring of livestock[66] Market and Industry Trends - The average selling price of live pigs was 18.58 yuan/kg, up 53.31% compared to 2018[36] - The price of live pigs in China has shown significant cyclical fluctuations, with the African swine fever outbreak causing increased volatility and extended cycles[49] - The company’s fresh pork products gained recognition in the market, leveraging the growth of fresh e-commerce platforms[57] - The government is promoting local slaughtering to improve the supply chain, with fresh pork expected to gain market share due to changing consumer preferences[46] - The company is focusing on upgrading its slaughtering and processing capabilities to align with modern supply chain standards[46] Research and Development - The company holds 158 effective patents, including 34 invention patents and 124 utility model patents, demonstrating strong innovation capabilities[59] - The company has formed extensive collaborations with multiple universities and research institutions to enhance vaccine research and development capabilities[65] - The company has completed 42 out of 56 planned R&D projects in 2019, achieving a completion rate of 75%[112] - R&D investment decreased by 11.40% to approximately CNY 99 million in 2019, accounting for 1.65% of total revenue[113] Risk Management - The company faces risks including disease outbreaks, market price fluctuations, and food safety concerns, which are detailed in the report[4] - The company has established a high-standard biosecurity prevention system to mitigate risks from epidemics, particularly African swine fever, which poses a significant threat to the pig farming industry[168] - The company is enhancing its risk management strategies to address potential natural disasters that could impact production facilities and livestock numbers[173] Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[5] - The company aims to reduce logistics and management costs by integrating pig farming and slaughtering bases within 200 kilometers, enhancing food safety traceability[69] - The company is exploring new financing models and strategic partnerships to expand its breeding scale and optimize its asset-light operations[145] - The company has proposed changes to project locations to enhance operational effectiveness and align with strategic goals[135] Employee Development - The company has achieved a 95% employee training coverage rate in 2019, with an average training time of 28 hours per employee, enhancing workforce skills and development[75]

Financial Performance - Operating revenue for the quarter reached CNY 1,513,745,131.82, a year-on-year increase of 14.97%[10] - Net profit attributable to shareholders surged by 841.90% to CNY 379,278,138.68 compared to the same period last year[10] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 202,595,454.11, an increase of 452.29% year-on-year[10] - Basic earnings per share rose by 842.65% to CNY 0.3271 per share[10] - The total operating revenue for the period reached ¥1,513,745,131.82, an increase of 15% compared to ¥1,316,660,862.67 in the previous period[62] - Net profit for the period was ¥381,806,618.83, up from ¥39,344,519.71 in the same period last year, representing a significant increase[65] - The total comprehensive income for the period was ¥383,242,882.69, compared to ¥40,590,584.34 in the same period last year, indicating a strong performance[69] - Net profit for the current period is approximately ¥161.55 million, compared to ¥5.99 million in the previous period, indicating a substantial increase[73] - Total comprehensive income for the current period is approximately ¥161.09 million, compared to ¥5.99 million in the previous period[76] Assets and Liabilities - Total assets increased by 9.26% to CNY 6,805,271,521.45 compared to the end of the previous year[10] - Total assets increased to approximately $6.81 billion, up from $6.23 billion, representing a growth of about 9.2% year-over-year[51] - Current assets totaled approximately $2.38 billion, compared to $2.33 billion in the previous period, reflecting a slight increase of 1.98%[45] - Non-current assets rose to approximately $4.43 billion, an increase of about 14.5% from $3.90 billion[45] - Total liabilities reached approximately $4.39 billion, up from $3.83 billion, indicating an increase of around 14.6%[48] - Current liabilities amounted to approximately $3.86 billion, compared to $3.47 billion, marking an increase of about 11.4%[48] - The company's equity attributable to shareholders increased to approximately $2.39 billion, up from $2.38 billion, a growth of about 0.3%[51] - The total liabilities increased to ¥2,580,744,393.47 from ¥2,073,664,500.63, reflecting a growth of approximately 24.5%[61] - The total equity increased to ¥2,430,230,141.69 from ¥2,288,899,216.69, marking an increase of about 6.2%[61] Cash Flow - The company reported a net cash flow from operating activities of -CNY 26,065,439.15, a decrease of 115.20% compared to the same period last year[10] - Net cash flow from operating activities decreased by 37.4% year-on-year, mainly due to the return of deposits to cooperative farmers and guarantees for a pig farming project[27] - Cash flow from operating activities increased to ¥4,221,711,366.42 from ¥2,939,652,779.95, a growth of 43.6%[95] - The net cash flow from operating activities was -126,989,844.08, compared to -759,784,500.10 in the previous period, indicating an improvement[106] - Cash inflow from operating activities totaled 569,681,482.64, up from 383,286,206.82 in the previous period[106] Shareholder Information - The total number of shareholders at the end of the reporting period was 69,043, with the top ten shareholders holding a combined 40.25% of shares[14] - Zhang Banghui, the actual controller of the company, held 24.75% of shares, amounting to 286,953,918 shares[15] Expenses - Operating costs increased by 47.4% year-on-year, attributed to increased sales volume and higher unit costs due to the African swine fever outbreak[27] - Financial expenses increased by 142.2% year-on-year, primarily due to an increase in loan amounts[27] - Research and development expenses for the period were ¥23,602,675.27, down from ¥31,346,215.40, indicating a reduction of approximately 24.7%[62] - The company reported a decrease in research and development expenses to ¥6.64 million from ¥7.46 million, reflecting a 11.0% reduction[73] - Sales expenses decreased to ¥29,019,055.11 from ¥45,935,614.73, a reduction of about 36.6%[62] Other Income and Investments - Non-operating income included CNY 122,158,464.69 from the disposal of assets and government subsidies of CNY 24,590,728.57[10] - Other income increased by 189.3% year-on-year, mainly due to increased government subsidies received[27] - The company reported an investment income of ¥207,830,974.18, a significant recovery from a loss of ¥3,778,652.50 in the previous period[62] - Investment income rose to ¥210,869,268.80 from ¥130,151,206.49, an increase of 62.0%[89] Equity and Ownership - The equity attributable to shareholders of the parent company was CNY 2,380,518,922.26, while total equity stood at CNY 2,396,913,439.23[120] - The company holds long-term equity investments valued at CNY 1,523,485,115.67[126]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 2,940,561,453.19, representing a 57.90% increase compared to CNY 1,862,321,767.47 in the same period last year[23]. - The net profit attributable to shareholders of the listed company was a loss of CNY 367,337,476.18, a decrease of 555.90% from a profit of CNY 80,574,836.78 in the previous year[23]. - The net cash flow from operating activities was CNY 88,233,804.22, showing a significant improvement of 222.28% compared to a negative cash flow of CNY 72,155,216.33 in the same period last year[23]. - The total assets at the end of the reporting period were CNY 6,021,063,523.40, a decrease of 3.33% from CNY 6,228,766,400.88 at the end of the previous year[23]. - The net assets attributable to shareholders of the listed company decreased by 15.44% to CNY 2,013,052,438.84 from CNY 2,380,518,922.26 at the end of the previous year[23]. - The basic earnings per share were -CNY 0.3168, a decline of 555.83% compared to CNY 0.0695 in the same period last year[23]. - The company reported a net loss of RMB 368 million in the first half of 2019, with a loss of RMB 363 million in pig farming due to the impact of the African swine fever and a low pig cycle in Q1[79]. - The company’s bioproducts segment generated sales revenue of RMB 47 million, a 60% year-on-year decline, with net profit dropping by 65% to RMB 1.825 million due to challenges posed by the African swine fever[81]. Operational Changes - The company reported non-operating losses from the disposal of non-current assets amounting to CNY -76,526,810.70 due to the upgrading and disposal of old assets in some pig farms[26]. - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[6]. - The company faces significant risks including disease outbreaks, market price fluctuations, and food safety risks, which are detailed in the report[5]. - The company is implementing a two-point production model for pig farming, which separates the weaning and fattening stages to enhance biosecurity and efficiency[42]. - The company is expanding its rental farming model to improve biosecurity and reduce farming costs, with an increasing proportion of this model expected in the future[42]. - The company has established six integrated pig farming and slaughtering bases in economically developed regions, enhancing competitiveness and reducing logistics costs[65]. - The company has adopted a "company + family farm" model, effectively integrating resources for rapid expansion and reducing market risks for farmers[66]. Research and Development - The company has established a strong R&D capability with 146 authorized patents, including 31 invention patents and 115 utility model patents[54]. - The company has a talent pool of 480 R&D personnel, including over 200 dedicated researchers, to drive innovation and development[68]. - The company has developed a proprietary fermentation technology for aquaculture feed, enhancing product quality and differentiation in the market[60]. - The vaccine production capacity has tripled, with ongoing collaborations with several universities and research institutions to enhance product quality and safety[61]. - The company has obtained new veterinary drug registration certificates for several vaccines and is developing over 10 new products in its bioproducts segment[81]. Supply Chain and Production - The company is focused on integrating its supply chain, with five business segments including feed, biological products, pig farming, fresh food, and engineering construction[63]. - The company has a dedicated supply chain center to monitor raw material price trends and adjust procurement strategies accordingly, enhancing its bargaining power with suppliers[115]. - The company is actively seeking to integrate its supply chain to reduce transaction costs and stabilize market fluctuations, aiming for superior profit margins compared to industry averages[114]. - The company has established a comprehensive production and sales system from feed to table, making it one of the larger pig breeding and vaccine production enterprises in China[35]. Environmental and Social Responsibility - The company has implemented pollution prevention facilities that are operational and compliant with environmental regulations[187]. - The company has developed an emergency response plan for environmental incidents and conducts regular training and drills[188]. - The company has invested a total of 460.59 million yuan in poverty alleviation projects, with 801 impoverished individuals lifted out of poverty[195]. - The company has established a "company + farmer" model to enhance income stability for impoverished households[199]. - The company directly employs impoverished individuals at its breeding bases, feed factories, and slaughter processing plants[195]. - The company has received recognition for its poverty alleviation initiatives, although specific awards were not detailed[198]. Market Outlook - The company anticipates that the supply of pigs will remain tight for the next 2-3 years, resulting in sustained high prices for pork[74]. - The number of breeding sows has decreased by 26.7% year-on-year as of June 2019, leading to a tight supply of pigs and expected high prices in the coming years[74]. - The company plans to establish a breeding stock of 1.4 million pigs under a rental farming model by the end of 2019 to mitigate biosecurity risks and improve production efficiency[76]. Compliance and Governance - The company has not experienced any major litigation or arbitration matters during the reporting period[131]. - The company has submitted a rectification report to the Ningbo Securities Regulatory Bureau following regulatory measures taken against it[132]. - The company has not engaged in any significant related party transactions during the reporting period[137]. - The company’s half-year financial report has not been audited[126].

Financial Performance - The company's operating revenue for 2018 was ¥4,518,950,572.98, representing a 47.63% increase compared to ¥3,061,060,630.82 in 2017[22]. - The net profit attributable to shareholders for 2018 was -¥571,964,274.51, a decrease of 318.19% from ¥262,140,967.26 in 2017[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥660,591,874.39, down 381.28% from ¥234,851,104.60 in 2017[22]. - The net cash flow from operating activities was ¥189,959,340.22, a decline of 43.26% compared to ¥334,798,271.65 in 2017[22]. - The basic earnings per share for 2018 was -¥0.49, a decrease of 296.00% from ¥0.25 in 2017[22]. - The diluted earnings per share for 2018 was also -¥0.49, reflecting the same percentage decrease as basic earnings per share[22]. - The weighted average return on net assets was -21.14%, down 31.29% from 10.15% in 2017[22]. - The company achieved a total operating revenue of 4.52 billion yuan in 2018, representing a year-on-year increase of 47.63%[99]. - The net profit attributable to shareholders was -572 million yuan, a decrease of 318% compared to the previous year[99]. - The company reported a total of 2.1697 million pigs slaughtered in 2018, ranking 9th in the domestic market[72]. Business Operations - The company maintained its focus on the full industry chain of pork and aquatic products, with no major changes in its main business and products during the reporting period[37]. - The company has developed a high-end aquatic feed business, focusing on shrimp, crab, and cold-water fish, enhancing customer satisfaction through specialized services[39]. - The animal vaccine business has been strengthened with a focus on biosecurity and personalized disease prevention solutions, supported by two R&D bases[43]. - The company expanded its pig farming scale, with a total of 2.1697 million pigs sold, an increase of 113.93% year-on-year[54]. - The company is focusing on the development of cold fresh meat products, which are expected to see significant growth opportunities in the market[61]. - The company has adopted a two-point production model in pig farming, enhancing biosecurity and efficiency through collaboration with farmers[54]. - The company is developing an integrated supply chain from breeding to fresh meat processing, focusing on six new pig farming and slaughtering bases in economically developed regions[88]. - The company is expanding its business layout from breeding and vaccines to include slaughtering, processing, and sales channels, enhancing its competitive edge in the meat industry[3]. Market and Industry Trends - The company faces significant risks including market price fluctuations and food safety risks, which are detailed in the report[5]. - The African swine fever outbreak has accelerated industry consolidation, with smaller players exiting the market, providing larger companies with greater market opportunities[2]. - The animal vaccine market in China is projected to reach approximately 32.5 billion yuan by 2022, driven by stricter regulations on antibiotic use and increased demand for high-quality vaccines[4]. - The company anticipates a shift in the meat supply chain from "transporting pigs" to "transporting meat" due to regulatory changes following the African swine fever outbreak[3]. - The feed product sector is expected to see growth in high-quality aquatic feed, driven by rising consumer demand for premium seafood products[4]. Investments and Projects - The total investment amount for the reporting period was ¥1,283,264,143.45, a 22.05% increase compared to the previous year[147]. - The company has initiated multiple modern pig farming industrialization projects, including locations in Guangxi and Shandong, with a total investment of approximately 78,830.29 million yuan[180]. - The company plans to invest a total of RMB 9,548.75 million in the Guangxi Zhuang Autonomous Region modern pig farming project, with an actual investment of RMB 294.7 million, achieving a progress rate of 4.30%[172]. - The company has abandoned the original Wuhu project due to environmental concerns and has redirected funds to new projects in Guangxi and Shanxi, enhancing operational efficiency[177]. - The company has made changes to the implementation subjects of several projects, including the transfer of the Anhui Wuhu modern pig farming project to new locations[169]. Cost Management - The total operating costs for 2018 amounted to ¥3,967,577,035.16, representing a 76.89% increase compared to ¥2,242,960,311.13 in 2017[129]. - The raw material costs in pig farming reached ¥1,652,950,239.52, accounting for 63.13% of the total operating costs, up from 60.70% in 2017, with a year-on-year increase of 123.58%[125]. - Labor costs in pig farming were ¥475,696,140.46, making up 18.17% of the total operating costs, compared to 19.26% in the previous year, reflecting a 102.78% increase[129]. - The cost of veterinary drugs and vaccines in pig farming was ¥228,248,255.21, which accounted for 8.72% of the total operating costs, showing a 115.15% increase year-on-year[129]. Strategic Focus - The company aims to achieve a sales target of 100 billion and a market value of 100 billion, focusing on becoming a world-class animal-source food enterprise[199]. - The company will leverage social capital to establish standardized fattening farms under a leasing model for rapid expansion[200]. - The company will focus on high pathogenic vaccines and transition to technical marketing in the animal vaccine segment[199]. - The food processing segment is expected to become a new profit growth point, emphasizing high-value deep processing products and new retail models[199]. - The company will enhance its biosecurity measures against African swine fever while expanding its breeding capacity[200].

Financial Performance - The company's operating revenue for Q1 2019 was ¥1,245,086,754.50, representing a 47.64% increase compared to ¥843,300,297.75 in the same period last year[10] - The net profit attributable to shareholders was -¥335,287,082.36, a decrease of 1,141.95% from ¥32,178,832.76 in the previous year[10] - Basic and diluted earnings per share were both -¥0.29, down 825.00% from ¥0.04 in the previous year[10] - The weighted average return on equity was -15.15%, a decrease of 16.21% from 1.06% in the same period last year[10] - The company reported a net loss of ¥147,548,574.00 in retained earnings, compared to a profit of ¥187,738,508.36 in the previous period[44] - The total revenue for the current period is CNY 81,702,639.24, a decrease of 3.4% compared to CNY 84,610,616.91 in the previous period[60] - The net profit for the current period is CNY -336,196,101.91, compared to a net profit of CNY 31,294,234.15 in the previous period, indicating a significant decline[59] - The operating profit for the current period is CNY -271,516,088.91, down from CNY 37,144,195.85 in the previous period[59] - The comprehensive income total for the current period is CNY -337,129,612.05, compared to CNY 29,176,974.69 in the previous period[59] - The total profit for the current period is CNY -335,255,206.42, compared to CNY 35,240,916.64 in the previous period, reflecting a substantial loss[59] Cash Flow - The net cash flow from operating activities was -¥44,905,739.77, a decline of 3,110.10% compared to ¥1,491,835.53 in the same period last year[10] - Cash inflow from financing activities was CNY 1,130,043,333.33, significantly higher than CNY 682,000,000.00 in the previous period, driven by increased borrowings[73] - Cash outflow for debt repayment was CNY 784,502,666.34, a substantial increase from CNY 94,000,000.00, reflecting a strategic focus on reducing leverage[73] - Operating cash inflow totaled CNY 1,437,616,179.32, compared to CNY 955,853,388.72 in the previous period, reflecting a significant increase[70] - Operating cash outflow amounted to CNY 1,482,521,919.09, up from CNY 954,361,553.19, leading to a net cash flow from operating activities of CNY -44,905,739.77, a decline from CNY 1,491,835.53[70] - The total cash and cash equivalents at the end of the period were CNY 468,353,460.96, compared to CNY 586,244,275.17 in the previous period, showing a decrease[73] - The net increase in cash and cash equivalents was CNY 36,443,381.14, a decrease from CNY 168,462,741.68 in the previous period, highlighting tighter liquidity conditions[73] Assets and Liabilities - Total assets at the end of the reporting period were ¥6,174,409,586.88, a decrease of 0.87% from ¥6,228,766,400.88 at the end of the previous year[10] - Total liabilities amounted to 4,114,325,759.70 yuan as of March 31, 2019[38] - The total equity attributable to shareholders was ¥2,254,836,348.25, down from ¥2,288,899,216.69, indicating a decrease of 1.5%[51] - The total liabilities were ¥2,259,676,727.54, an increase of 9.0% from ¥2,073,664,500.63 year-on-year[48] - The company’s total liabilities and equity amounted to ¥6,174,409,586.88, a slight decrease from ¥6,228,766,400.88[44] Operating Costs and Expenses - Operating costs increased by 93.5% year-on-year, attributed to the increase in sales volume[22] - Research and development expenses increased by 38% year-on-year, mainly due to increased direct investment in R&D[22] - Financial expenses increased by 382% year-on-year, primarily due to an increase in loan amounts[22] - The company recognized a loss of ¥65,890,966.68 from the disposal of non-current assets due to upgrades and scrapping of old assets during the reporting period[10] - The company reported a 76.2% decrease in income tax expenses year-on-year, mainly due to a decline in pre-tax profit from vaccine sales[22] - Research and development expenses were ¥23,339,844.71, representing a 38.0% increase from ¥16,912,315.63 in the previous year[52] - The research and development expenses for the current period are CNY 5,679,038.33, slightly down from CNY 5,941,906.69 in the previous period[60] - The financial expenses for the current period are CNY 20,508,986.64, significantly higher than CNY 6,164,094.45 in the previous period, primarily due to increased interest expenses[60] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,129[14] - The net assets attributable to shareholders decreased by 14.11% to ¥2,044,574,434.41 from ¥2,380,518,922.26 at the end of the previous year[10] Government Subsidies - The company received government subsidies amounting to ¥10,620,437.90 during the reporting period[10] - Other income increased by 987.8% year-on-year, mainly due to an increase in government subsidies received[22] Audit Information - The company did not undergo an audit for the first quarter report, which may affect the reliability of the financial data presented[80]

Financial Performance - Operating revenue for the reporting period was ¥659,041,346.56, a decrease of 17.53% year-on-year[6] - Net profit attributable to shareholders of the listed company was ¥73,456,475.96, representing a significant increase of 53.79% compared to the same period last year[6] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥63,528,271.58, up 47.27% year-on-year[6] - Basic earnings per share increased by 51.51% to ¥0.3521[6] - Total profit increased by 142.6% compared to the same period last year, primarily due to increased profits from pig farming sales driven by rising pig prices[14] - The total operating profit for Q3 2015 was ¥45,259,988.67, a decrease of 173.8% compared to a loss of ¥61,634,222.76 in the same period last year[48] - Net profit attributable to shareholders of the parent company reached ¥52,256,365.25, up 187.5% from ¥18,191,549.49 in Q3 2014[48] - Total revenue for the period was ¥361,769,929.35, a decline of 2.3% from ¥371,030,074.49 in the same quarter last year[51] - The company reported a total comprehensive income of ¥49,782,047.84, compared to ¥15,131,954.63 in Q3 2014[48] Cash Flow - The net cash flow from operating activities for the year-to-date reached ¥131,747,249.15, a substantial increase of 354.20%[6] - The net cash flow from operating activities was ¥131,747,249.15, a recovery from a negative cash flow of -¥51,828,756.29 in the same period last year[55] - Total cash inflow from operating activities was 372,128,530.59 yuan, while cash outflow was 297,938,761.56 yuan, resulting in a cash inflow net of 74,189,769.03 yuan[59] - The company’s cash flow from sales of goods and services was 302,431,467.52 yuan, slightly up from 299,918,729.09 yuan in the previous year[58] - The company paid 240,277,352.26 yuan for purchases of goods and services, a decrease from 292,133,670.17 yuan in the previous year[58] Assets and Liabilities - Total assets at the end of the reporting period reached ¥1,898,045,331.88, an increase of 0.72% compared to the end of the previous year[6] - Total current assets increased to CNY 851,378,202.83 from CNY 844,235,285.32, reflecting a growth of approximately 0.14%[31] - Total non-current assets increased to CNY 1,046,667,129.05 from CNY 1,040,329,532.90, showing a growth of about 0.62%[32] - Total liabilities decreased to CNY 1,250,946,889.25 from CNY 1,264,502,811.18, indicating a reduction of approximately 1.07%[33] - Owner's equity increased to CNY 647,098,442.63 from CNY 620,062,007.04, reflecting a growth of about 4.35%[34] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,206[10] - The top shareholder, Zhang Banghui, holds 24.04% of the shares, with 50,140,000 shares pledged[10] Investment Activities - The company has not made any securities investments during the reporting period[26] - The company has not held any shares in other listed companies during the reporting period[27] - The company’s non-public issuance of A-shares has received conditional approval from the China Securities Regulatory Commission[15] - The company is participating in an overseas project equity bidding, with significant uncertainty regarding the outcome[20] Expenses - Total operating costs for the current period are $592.58 million, down 23.2% from $771.54 million in the previous period[39] - Sales expenses for the current period are $102.77 million, a decrease of 6.5% from $110.03 million in the previous period[47] - Management expenses for the current period are $132.48 million, down 7.6% from $143.38 million in the previous period[47] - The company has shown a significant improvement in operating efficiency, with a notable reduction in both operating costs and expenses compared to the previous period[40]

Financial Performance - The company's operating revenue for the first half of 2015 was ¥1,019,964,484.78, a decrease of 19.12% compared to the same period last year[25]. - The net profit attributable to shareholders was a loss of ¥21,200,110.71, compared to a profit of ¥16,005,665.22 in the previous year, reflecting a significant decline[25]. - The basic earnings per share for the first half of 2015 was -¥0.1017, compared to ¥0.078 in the same period last year, indicating a decline of 27.36%[25]. - The net profit attributable to shareholders was -21.20 million yuan, a year-on-year improvement of 28.31%[34]. - The comprehensive gross profit margin was 14.77%, an increase of 6.87% year-on-year[34]. - The company reported a net profit contribution of RMB -44.39 million from the sale of assets, with a transaction price of RMB 1,310.39 million[81]. - The company reported a net profit of 27,966,491.64 CNY for the current period, reflecting a growth of 5.58% compared to the previous period[161]. Cash Flow and Liquidity - The net cash flow from operating activities increased by 307.18% to ¥75,588,921.20, compared to a negative cash flow of ¥6,349,691.87 in the same period last year[25]. - The company reported a cash flow from operating activities generated a net inflow of CNY 75,588,921.20, a significant improvement from a net outflow of CNY -36,484,740.07 in the previous period[149]. - The ending balance of cash and cash equivalents was 55,868,254.89 yuan, down 75% from 225,219,601.10 yuan last year[153]. - The company received 902,100,000.00 yuan in loans, significantly higher than 486,100,000.00 yuan in the previous period, indicating increased leverage[153]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,853,755,527.69, a decrease of 1.63% from the end of the previous year[25]. - The total liabilities were CNY 1,058,932,847.88, compared to CNY 1,045,245,508.44 at the start of the year[138]. - The total equity attributable to the parent company's shareholders at the end of the reporting period was CNY 478,028,900, showing a decrease of CNY 4,479,530 compared to the previous period[158]. Strategic Initiatives - The company plans to maintain strict cost control to mitigate risks associated with fluctuations in pig prices and raw material costs[8]. - The company has established strategic partnerships with quality raw material suppliers to stabilize procurement costs[7]. - The company is actively promoting the "Smart Tianbang" strategy, leveraging IoT and big data to enhance operational efficiency[40]. - The company plans to develop the "Shifen Weidao" brand of delicious pork, focusing on first-tier cities like Beijing, Shanghai, Guangzhou, and Shenzhen[41]. Investments and R&D - The company has established a provincial engineering technology center and a postdoctoral research workstation, enhancing its R&D capabilities[45]. - The company has invested in advanced production lines for special aquatic feed, with seven international-grade production lines currently operational[46]. - The company made an external investment of ¥10,000,000 during the reporting period, compared to ¥0 in the same period last year, indicating a significant increase[52]. Shareholder and Equity Information - The company distributed a cash dividend of RMB 1.00 per 10 shares, totaling RMB 20,831,000 (including tax) based on a total share capital of 208,610,000 shares[68]. - The total number of shares increased to 208,610,000 after the exercise of stock options, with 3,110,000 shares exercised during the period[117]. - Major shareholders include Zhang Banghui with 23.73% (49,500,000 shares) and Wu Tianxing with 14.38% (30,000,000 shares) of total shares[120]. Compliance and Governance - The company has made commitments to avoid competition and ensure compliance with regulations, which are being strictly fulfilled[106][107]. - The company did not engage in any related party transactions during the reporting period[90]. - The semi-annual financial report has not been audited[108]. Market and Operational Risks - The company is aware of the risks associated with fluctuations in pig market prices, which could significantly impact profitability[66]. - The integration risks following the acquisition of Agfeed Industries and investment in Choice Genetics SAS are being addressed through effective management and cultural training[10]. Accounting and Financial Reporting - The company's financial statements comply with the latest accounting standards issued by the Ministry of Finance, ensuring transparency and accuracy[174]. - The company follows specific accounting methods for mergers and acquisitions, including goodwill recognition and fair value assessments[178][179]. - The company recognizes cash and cash equivalents as cash on hand and deposits that are readily available for payment[188].