Financial Performance - Revenue for the first quarter reached ¥397,517,740.20, an increase of 10.16% compared to ¥360,856,992.55 in the same period last year[8] - Net profit attributable to shareholders was ¥4,097,070.47, a significant turnaround from a loss of ¥16,363,982.95, representing a 125.04% increase[8] - Basic earnings per share improved to ¥0.02 from a loss of ¥0.08, marking a 125% increase[8] - The company expects a turnaround in net profit for the first half of 2014, projecting a net profit of between RMB 15 million to RMB 21 million, compared to a loss of RMB 10.03 million in the same period of 2013[21] - The increase in net profit is attributed to a land compensation payment of RMB 30.85 million received by a subsidiary, which contributed RMB 22.62 million to the net profit attributable to shareholders[21] - The sales and net profit from the company's biological products business have shown significant growth[21] Assets and Liabilities - Total assets increased by 5.46% to ¥1,808,789,293.49 from ¥1,715,171,786.52 at the end of the previous year[8] - Accounts receivable increased by 152.1%, attributed to higher sales with payments still within the credit period[16] - Prepayments increased by 88.8%, indicating a rise in customer advance payments for goods not yet delivered[16] - Financial expenses rose by 57.9% due to an increase in loans during the reporting period[16] Cash Flow - Cash flow from operating activities improved by 66.61%, reaching -¥37,399,891.90 compared to -¥112,015,928.16 in the previous year[8] - Cash flow from investing activities increased by 114.6%, driven by cash recovered from land compensation by a subsidiary[16] - Non-operating income surged by 110.97%, primarily due to government land compensation received by a subsidiary[16] Acquisitions and Fundraising - Tianbang Co. completed the acquisition of 100% equity in Agfeed Industries, Inc. for $46,920,664.13, equivalent to approximately RMB 288,622,012.26, including personnel compensation[17] - The company plans to raise funds through a private placement to finance the acquisition, pending approval from the China Securities Regulatory Commission (CSRC)[17] - As of the report date, Tianbang Co. has completed the equity transfer procedures and is currently integrating the acquired assets[17]

Dividend Distribution - The company plans to distribute a cash dividend of 1.00 RMB per 10 shares to all shareholders based on the total share capital as of December 31, 2013[6]. - The company reported a cash dividend of 20,550,000.00 RMB for 2013, representing 33.89% of the net profit attributable to shareholders[103]. - Since its listing in 2007, the company has cumulatively distributed cash dividends of CNY 123,300,000.00, representing 44.22% of the total net profit attributable to shareholders[109]. Acquisition and Integration - The acquisition of Agfeed Industries, Inc (BVI) was completed for a total price of approximately 46.92 million USD, equivalent to 286.06 million RMB[13]. - The company is currently conducting asset integration following the acquisition of Agfeed Industries, Inc (BVI) and is in the process of a non-public share issuance to fund this acquisition[13]. - The company has not included Agfeed Industries, Inc (BVI) in its consolidated financial statements for the fiscal year 2013 due to the timing of the acquisition[13]. - The company has committed to repurchase the 100% equity of Agfeed Industries, Inc (BVI) if the non-public issuance is not approved by the China Securities Regulatory Commission[13]. - The company acknowledges the integration risks associated with the acquisition of Aigefei Industrial and is implementing strategies to ensure effective communication and cultural integration[94]. - The company is actively pursuing asset integration and the non-public issuance of shares to mitigate the impact of the temporary control over Agfeed Industries[144]. - The company plans to acquire 100% equity of Aigefei Industrial through a non-public offering, with the acquisition process currently ongoing and awaiting approval from the China Securities Regulatory Commission (CSRC)[95]. Financial Performance - The company's operating revenue for 2013 was ¥2,078,401,943.10, representing a 1.78% increase compared to ¥2,042,040,537.48 in 2012[24]. - Net profit attributable to shareholders for 2013 was ¥60,631,109.81, a significant increase of 34.19% from ¥45,184,275.39 in 2012[24]. - The net profit after deducting non-recurring gains and losses was ¥51,053,582.19, up 30.97% from ¥38,980,844.01 in the previous year[24]. - The net cash flow from operating activities reached ¥183,028,801.90, marking a 74.42% increase from ¥104,935,079.37 in 2012[24]. - Basic and diluted earnings per share for 2013 were both ¥0.3, reflecting a 36.36% increase from ¥0.22 in 2012[24]. - The weighted average return on equity improved to 13.67%, up from 10.99% in the previous year[24]. - Total assets at the end of 2013 were ¥1,715,171,786.52, a 46.87% increase from ¥1,167,854,987.62 at the end of 2012[24]. - The net assets attributable to shareholders increased to ¥467,945,292.10, a 9.59% rise from ¥426,982,602.77 in 2012[24]. Research and Development - The company obtained 13 patent authorizations during the reporting period, including 7 invention patents and 6 utility model patents, indicating strong R&D capabilities[39]. - The total R&D expenditure in 2013 was ¥57,136,600, which is 2.75% of the operating revenue, up from 2.50% in 2012[52]. - The company has filed several patents related to vaccine production methods and feed formulations, indicating ongoing innovation in R&D[52]. - The company is actively pursuing product development in the bioproducts sector, collaborating with leading experts and institutions to align R&D with market needs[94]. Operational Efficiency - The company has established a dedicated team for technical services to enhance customer loyalty and improve profitability for clients[39]. - The company has implemented modern management methods, including budget management and CRM, to enhance operational efficiency and product quality[69]. - The company has established a comprehensive regulatory framework to enhance strategic decision-making and risk management capabilities[107]. - The company has established a complete and independent production, supply, and sales system, ensuring operational independence from the controlling shareholder[185]. Market and Sales Performance - The sales volume of aquatic and livestock feed was 289,189 tons, a year-on-year increase of 2.89%, with aquatic feed sales at 149,700 tons, up 10.25%[39]. - The biological products segment generated sales revenue of CNY 116.28 million, reflecting a growth of 22.58%[40]. - The revenue from the biological products segment increased by 22.58% to CNY 116.28 million, while the gross margin decreased by 3.43%[58]. - The company’s total revenue from domestic markets was CNY 1.97 billion, reflecting a growth of 14.25% compared to the previous year[58]. Risk Management - The company emphasizes risk control in its futures trading to avoid speculative losses and ensure stable profit levels despite market fluctuations[74]. - The company has established an internal control system for futures hedging, ensuring compliance with relevant regulations and risk management[74]. - The company faces risks from industry competition, raw material price fluctuations, and subsidiary management, which it aims to mitigate through strategic measures[93]. Governance and Compliance - The company has not faced any administrative penalties during the reporting period, indicating compliance with regulatory standards[112]. - The company’s board of directors and senior management have not faced any penalties from the China Securities Regulatory Commission or other relevant authorities[163]. - The company continues to improve its governance structure in accordance with relevant laws and regulations, ensuring no discrepancies with the requirements of the China Securities Regulatory Commission[189]. - The company has established a transparent and legally compliant mechanism for the appointment of senior management personnel[188]. Employee and Management Structure - The company employed a total of 1,747 staff as of December 31, 2013, with 43.85% being production personnel[179]. - The management personnel accounted for 19.92% of the total workforce, while sales personnel made up 26.39%[179]. - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 425.2 million[173]. - The company has a performance assessment method in place for timely evaluation of senior management[171]. Strategic Planning - The company plans to apply for a bank credit line of up to 1.5 billion yuan in 2014 to support its operational needs[93]. - The company aims to enhance its competitive edge by focusing on high-tech, high-value segments in the breeding industry, leveraging its strengths in feed, vaccines, and breeding[90]. - The company is actively pursuing strategic upgrades and expansions, including establishing new subsidiaries for market expansion and technology services[84]. - The company plans to implement a pig farm management model and develop family farms to optimize production and sales costs[90].