Financial Performance - The company's operating revenue for Q1 2021 was ¥15,713,132,477.82, representing a 49.77% increase compared to ¥10,491,833,608.90 in the same period last year[3] - Net profit attributable to shareholders for Q1 2021 was ¥707,280,316.86, a significant increase of 132.90% from ¥303,687,270.44 in the previous year[3] - The net profit after deducting non-recurring gains and losses was ¥691,739,925.38, up 126.55% from ¥305,340,906.20 year-on-year[3] - The basic earnings per share for Q1 2021 was ¥0.43, an increase of 115.00% compared to ¥0.20 in the same period last year[3] - The total operating profit for Q1 2021 was approximately CNY 928.06 million, a significant increase from CNY 453.49 million in the same period last year, representing a growth of 104.5%[37] - The total comprehensive income for Q1 2021 was CNY 811.99 million, compared to CNY 342.04 million in the same period last year, indicating a growth of 137.5%[38] Assets and Liabilities - The total assets at the end of the reporting period were ¥33,196,469,633.69, reflecting a 20.60% increase from ¥27,526,958,371.19 at the end of the previous year[3] - The total liabilities increased to CNY 18,081,536,330.15 from CNY 12,568,266,409.83, reflecting a growth of about 43.8% year-over-year[31] - The company's total liabilities increased to CNY 17.533 billion as of March 31, 2021, from CNY 14.264 billion at the end of 2020[29] - The company's current assets totaled CNY 17.534 billion as of March 31, 2021, compared to CNY 14.264 billion at the end of 2020[28] - The company's total equity attributable to shareholders of the parent company was CNY 14,005,408,781.51, up from CNY 13,972,788,864.41, indicating a slight increase of about 0.2%[31] Cash Flow - The net cash flow from operating activities was negative at -¥834,854,929.29, worsening by 215.91% compared to -¥264,442,060.74 in the same period last year[3] - Cash inflow from operating activities totaled CNY 17,171,454,546.97, an increase from CNY 11,123,393,323.45 in the previous period[42] - Cash outflow from operating activities was CNY 18,006,309,476.26, compared to CNY 11,387,835,384.19 in the previous period[43] - The net cash flow from financing activities was CNY 2,264,584,227.80, down from CNY 5,266,870,512.47 in the previous period[44] Shareholder Information - The largest shareholder, Guangzhou Haihao Investment Co., Ltd., held 53.95% of the shares, with a total of 896,203,359 shares[6] - The company executed a share repurchase plan on October 26, 2020, with a budget of RMB 300 million to RMB 600 million and a maximum repurchase price of RMB 70 per share, valid for up to 12 months[17] - As of the report date, the company repurchased a total of 11,466,690 shares, accounting for 0.69% of the total share capital, with a total transaction amount of RMB 791,371,488.37, exceeding the lower limit of the repurchase budget by 197.84%[18] Investment Activities - The company reported no securities investments during the reporting period, but engaged in derivative investments totaling RMB 53,204.10 million, with a net asset value of RMB 93,799.72 million, representing 6.71% of the total company assets[19] - The company utilized its own funds for derivative investments, focusing on hedging strategies to manage market risks associated with raw material costs[20] - The company established a dedicated team for commodity hedging operations and implemented strict risk control measures to mitigate various risks, including market, liquidity, credit, operational, and legal risks[20] Operational Costs - Operating costs rose by 50.46% year-on-year, corresponding to the increase in product sales[10] - The company's operating costs rose to CNY 14.86 billion, up from CNY 9.96 billion, which is a 49.1% increase year-on-year[36] Government Support - The company received government subsidies amounting to ¥16,748,684.29 during the reporting period[4] Employee Stock Ownership Plans - The company implemented the second phase of the core team employee stock ownership plan, with a special fund of RMB 38,511,460.57 and employee self-raised funds not exceeding RMB 50,000,000, resulting in 4,386,186 shares being fully vested by December 31, 2020, representing 0.264% of the total share capital[16] - The third phase of the employee stock ownership plan was approved with a total fund of RMB 30,180,630.23, leading to the purchase of 888,500 shares, with 355,400 shares (40%) vested by December 31, 2019, and an additional 266,559 shares (30%) vested by December 31, 2020, representing 0.053% of the total share capital[16] - The company’s employee stock ownership plans and share repurchase strategies reflect its commitment to aligning employee interests with shareholder value and enhancing market confidence[16][18]

Financial Performance - Net profit attributable to shareholders increased by 31.26% to CNY 969,441,641.84 for the reporting period[3] - Operating revenue for the reporting period reached CNY 17,919,935,213.06, a 24.03% increase year-on-year[3] - Basic earnings per share rose by 29.79% to CNY 0.61 for the reporting period[3] - The company reported a net profit of CNY 2,073,455,342.08 for the year-to-date, reflecting a 46.80% increase compared to the same period last year[3] - The company reported a net profit of CNY 6.46 billion, an increase from CNY 4.94 billion in the previous year, representing a growth of approximately 30.6%[35] - The net profit for the third quarter reached CNY 1.07 billion, compared to CNY 786.36 million in the previous year, marking a year-over-year increase of about 36.5%[40] - The company's net profit for Q3 2020 reached CNY 2,344,088,908.09, a significant increase from CNY 1,502,168,400.45 in the same period last year, representing a growth of approximately 56%[46] Assets and Liabilities - Total assets increased by 49.38% to CNY 28,164,316,331.30 compared to the end of the previous year[3] - Cash and cash equivalents increased by 31.13% compared to the end of the previous year[11] - Trading financial assets increased by 5,390.34% compared to the end of the previous year, mainly due to the issuance of convertible bonds[11] - Accounts receivable increased by 162.06% compared to the end of the previous year, attributed to rapid business growth[11] - Prepayments increased by 415.59% compared to the end of the previous year, driven by significant increases in agricultural product prices[11] - Contract liabilities increased by 100% compared to the end of the previous year, due to the adjustment of previously reported amounts under new revenue standards[12] - Tax payable increased by 110.61% compared to the end of the previous year, reflecting higher corporate income tax due to increased profits[12] - Short-term borrowings increased by 107.16% compared to the end of the previous year, as favorable loans applied for in the first half of the year were received[12] - The company's total liabilities stood at CNY 15.54 billion, up from CNY 9.11 billion, which is an increase of approximately 70%[34] - Current liabilities reached CNY 7,905,859,730.27, including short-term borrowings of CNY 3,020,892,004.18[59] Cash Flow - The net cash flow from operating activities was negative at CNY -694,709,163.42, a decrease of 141.53% compared to the previous year[3] - Net cash flow from operating activities decreased by 120.46% compared to the same period last year, turning from inflow to outflow[13] - Net cash flow from investing activities decreased by 119.93% compared to the same period last year, due to increased investments and purchases of financial products[13] - Net cash flow from financing activities increased by 570.07% compared to the same period last year, driven by the issuance of convertible bonds and increased borrowings[13] - The cash inflow from operating activities totaled CNY 43.35 billion, an increase from CNY 35.83 billion in the previous year, reflecting a growth of approximately 21.5%[52] - The net cash outflow from operating activities was CNY -409.35 million, a significant decline compared to a net inflow of CNY 2.00 billion in the same period last year[52] - Investment activities resulted in a net cash outflow of CNY -4.24 billion, worsening from a net outflow of CNY -1.93 billion year-over-year[53] - The financing activities generated a net cash inflow of CNY 5.66 billion, a recovery from a net outflow of CNY -1.20 billion in the previous year[53] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 20,622, with the largest shareholder holding 56.13%[6] - There were no agreed repurchase transactions conducted by the top 10 shareholders during the reporting period[9] - The company approved the unlocking of 10.95 million shares under the 2016 Restricted Stock Incentive Plan, with an additional 1.13 million shares reserved for the second unlocking period[16] - A total of 168,307 shares were repurchased and canceled due to the departure or death of 22 incentive plan participants[17] - As of the end of the reporting period, 12.45 million shares were granted but not yet unlocked under the incentive plan[16] Investments and Development - The company has plans for further investments in new technologies and product development to drive future growth[30] - The company reported a total investment in derivatives of 68,207.44 million RMB, with a net loss of 1,959.71 million RMB during the reporting period[23] - The company raised a total of 283,000 million RMB through the issuance of convertible bonds, with a net amount of 281,085.42 million RMB after deducting issuance costs[25] - The company has invested 160,500 million RMB in bank wealth management products, with no overdue amounts[28] - The company has implemented strict risk control measures for its derivative investments, including a dedicated team for monitoring and managing risks[24] - The company has established a foreign exchange hedging management system to mitigate financial risks associated with currency fluctuations[24] Research and Development - Research and development expenses increased to CNY 114,330,774.66, reflecting a rise of 15.9% from CNY 98,620,366.79 in the previous year[39] - Research and development expenses for the third quarter amounted to CNY 39.80 million, an increase from CNY 30.52 million in the previous year, showing a growth of about 30.4%[42] - Research and development expenses for the period amounted to CNY 106,339,744.26, an increase from CNY 89,601,561.88 in the previous year, showing a growth of about 18.67%[49] Market Strategy - The company has been actively engaging with institutional investors, discussing its annual performance and development strategies during multiple meetings throughout 2020[30] - The company is focusing on expanding its market presence and enhancing its product offerings as part of its strategic initiatives[30] - The company plans to continue expanding its market presence and investing in new product development to drive future growth[40]

Business Operations and Strategy - The company reported a comprehensive layout of factories in major breeding areas in South China, Central China, East China, North China, and Southeast Asia to mitigate risks from weather anomalies and natural disasters [5]. - The company has a diverse range of feed products, including pig, chicken, duck, fish, and shrimp feed, which enhances its ability to respond to disease risks associated with single breeding varieties [5]. - The company has implemented a centralized procurement strategy for bulk raw materials while also focusing on local procurement to manage costs effectively [6]. - The company plans to enhance its service capabilities to breeding households, integrating animal protection, vaccines, and financial services to strengthen customer loyalty [7]. - The company is adapting its production capacity to align with environmental regulations, which may lead to a restructuring of the feed industry and market share adjustments [7]. - The company is actively managing foreign exchange risks through careful selection of settlement currencies and utilizing financial instruments to hedge against currency fluctuations [8]. - The company’s main business includes aquaculture and livestock feed, high-quality aquatic animal seedlings, animal health products, and pig farming, covering all aspects from R&D to sales and services [21]. - The company’s feed business is its largest segment, utilizing a centralized procurement model and a multi-point production layout to optimize costs and logistics [21]. - The company is positioned as a leading comprehensive enterprise in the feed industry, with significant market share in both aquatic and livestock feed sectors [24]. - The company has strategically expanded into various business areas, including high-quality aquatic animal seedlings and veterinary products, creating new growth points and profit sources [31]. Financial Performance - The operating revenue for the first half of 2020 was CNY 25,885,924,574.92, representing an increase of 22.89% compared to CNY 21,064,293,070.43 in the same period last year [16]. - The net profit attributable to shareholders was CNY 1,104,013,700.24, a significant increase of 63.82% from CNY 673,919,802.59 in the previous year [16]. - The net profit after deducting non-recurring gains and losses was CNY 1,100,863,250.08, up by 65.99% compared to CNY 663,223,064.28 in the same period last year [16]. - The basic earnings per share increased to CNY 0.70, reflecting a growth of 62.79% from CNY 0.43 [16]. - Total assets at the end of the reporting period reached CNY 25,903,877,313.48, marking a 37.39% increase from CNY 18,854,315,218.31 at the end of the previous year [16]. - The net cash flow from operating activities was CNY 285,356,705.39, showing a decrease of 13.10% compared to CNY 328,358,268.89 in the same period last year [16]. - The weighted average return on equity was 11.20%, up from 8.30% in the previous year, indicating improved profitability [16]. - The company achieved a revenue of 25.886 billion yuan, representing a year-on-year growth of 22.89% [33]. - Net profit attributable to shareholders reached 1.104 billion yuan, an increase of 63.82% year-on-year [33]. Research and Development - The company has invested significantly in research and development, with a team of nearly 2,000 dedicated to animal nutrition, feed formulation technology, and health breeding models, allowing for quick adjustments in feed formulations during raw material price fluctuations [6]. - The company’s research and development efforts are supported by a multi-layered R&D system and high-investment production bases, focusing on differentiated products and service support [22]. - The company has established a large animal nutrition demand database, adding over 1,000 comparative experimental results each year to optimize feed formulation technology [29]. - The company has a research and development team of nearly 2,000 people, investing significant funds annually to enhance product configuration and technical service capabilities [28]. Market Expansion and Risks - The company has expanded its market presence in countries such as Vietnam, India, Indonesia, and Ecuador, focusing on feed, seed, and animal health markets [24]. - The company faces risks from abnormal weather and diseases affecting the feed industry, which can lead to fluctuations in demand [68]. - The company is exposed to significant risks from the volatility of raw material prices, primarily corn and soybean meal [69]. - Environmental regulations pose risks to the livestock industry, potentially reshaping market dynamics and production capacity [69]. Shareholder and Equity Management - The company has not declared any cash dividends or stock bonuses for the current period [8]. - The company has implemented a restricted stock incentive plan, granting up to 46 million shares to incentivize employees [80]. - The company has achieved a 61.52% participation rate in the annual shareholders' meeting held on May 11, 2020 [73]. - The company has not experienced any major litigation or arbitration matters during the reporting period [79]. - The company has not sold any significant assets or equity during the reporting period [64][65]. Environmental and Social Responsibility - The company has developed a poverty alleviation plan, establishing a poverty investment company to support targeted poverty alleviation efforts [106]. - The company adheres to environmental regulations, preparing environmental impact reports before project implementation and obtaining necessary approvals [104]. - The company has implemented emergency response plans for environmental incidents, enhancing management levels [105]. - The company combines self-monitoring and third-party monitoring to strengthen environmental protection oversight [105]. Financial Instruments and Risk Management - The company has established a dedicated team for commodity hedging operations and risk management to control market and operational risks [55]. - The company has implemented strict controls on the scale of hedging funds and follows regulatory requirements for risk management [55]. - The company has enhanced its foreign exchange risk management awareness in response to the dual fluctuations of the RMB exchange rate [72]. - The company has utilized financial instruments such as forward foreign exchange contracts to lock in exchange rate risks [72].

Financial Performance - The company's operating revenue for Q1 2020 was ¥10,491,833,608.90, representing an increase of 18.22% compared to ¥8,874,920,365.40 in the same period last year[3] - Net profit attributable to shareholders was ¥303,687,270.44, a significant increase of 147.93% from ¥122,489,585.76 year-on-year[3] - The net profit after deducting non-recurring gains and losses reached ¥305,340,906.20, up 154.34% from ¥120,051,433.64 in the previous year[3] - Basic earnings per share increased to ¥0.20, reflecting a growth of 150.00% from ¥0.08 in the previous year[3] - The net profit for the first quarter of 2020 was CNY 369,131,548.02, a significant increase from CNY 123,418,115.17 in the same period last year, representing a growth of approximately 199.5%[32] - The total revenue for the first quarter reached CNY 10,909,959,012.06, compared to CNY 9,507,640,897.86 in the previous year, indicating an increase of about 14.7%[37] - The operating profit for the first quarter was CNY 453,490,539.53, compared to CNY 154,042,998.55 in the previous year, marking an increase of approximately 194.5%[32] - The company reported a total comprehensive income of CNY 342,041,776.71 for the first quarter, compared to CNY 116,841,906.80 in the same period last year, representing a growth of about 192.3%[33] Cash Flow - The net cash flow from operating activities improved to -¥264,442,060.74, a 61.04% reduction in losses compared to -¥678,764,341.96 in the same period last year[3] - Net cash flow from operating activities increased by 61.04% compared to the same period last year, driven by increased sales revenue and improved gross profit[10] - The net cash flow from financing activities increased by 317.45% compared to the same period last year, primarily due to the issuance of convertible bonds and increased borrowings[10] - The net cash flow from financing activities was 5,266,870,512.47 CNY, compared to 1,261,687,316.61 CNY in the previous year, showing a strong financing position[39] - The company received 4,746,031,036.11 CNY from loans, a substantial increase from 2,935,579,341.47 CNY in the previous year, indicating a reliance on debt financing[39] - The net cash flow from investment activities was -773,776,314.22 CNY, worsening from -605,568,575.76 CNY year-over-year, indicating higher investment losses[38] Assets and Liabilities - Total assets at the end of the reporting period were ¥25,147,659,313.15, up 33.38% from ¥18,854,315,218.31 at the end of the previous year[3] - The total liabilities as of March 31, 2020, were ¥14,573,972,361.75, compared to ¥9,112,324,910.55 at the end of 2019, marking an increase of around 60%[26] - The company's total assets reached ¥25,147,659,313.15, up from ¥18,854,315,218.31, which is an increase of about 33%[25] - The total current assets reached ¥14,592,713,681.76, up from ¥8,734,939,894.77 at the end of 2019, indicating an increase of about 67%[24] - The total non-current liabilities were CNY 2,625,008,952.71, a substantial increase from CNY 288,199,720.68 in the previous period[30] - The total liabilities increased to CNY 10,250,805,036.60 in Q1 2020 from CNY 5,431,300,982.56 in Q4 2019, representing an increase of 88.5%[30] Shareholder Information - The company reported a total of 13,077 common shareholders at the end of the reporting period[6] - The largest shareholder, Guangzhou Haihao Investment Co., Ltd., held 57.62% of the shares, with a total of 910,589,359 shares[6] - Net assets attributable to shareholders increased to ¥9,877,180,420.01, an 8.50% rise from ¥9,103,789,731.01 at the end of the previous year[3] Investment and Financing Activities - The company issued CNY 283,000,000 in convertible bonds, approved by the China Securities Regulatory Commission on February 19, 2020[16] - The convertible bonds were issued on March 19, 2020, with a total of 28.3 million bonds at a face value of CNY 100 each[16] - The company reported a total initial investment of CNY 52,662.72 million in derivative investments, with a net loss of CNY 8,533.92 million during the reporting period[19] - The company has established a dedicated team for commodity hedging operations to manage risks associated with futures and options trading[19] Operational Metrics - Total operating costs for Q1 2020 were CNY 9,955,633,784.93, up from CNY 8,651,734,243.29, reflecting a year-over-year increase of 15.1%[31] - Research and development expenses for Q1 2020 were CNY 70,422,416.51, slightly up from CNY 69,256,748.53 in the previous year[31] - The company's inventory as of March 31, 2020, was CNY 49,272,246.72, compared to CNY 23,596,543.22 at the end of 2019, reflecting an increase of 109.5%[28] - The inventory value as of March 31, 2020, was ¥4,842,892,829.72, compared to ¥4,463,319,035.43 at the end of 2019, showing an increase of approximately 8.5%[24] Compliance and Reporting - There were no instances of non-compliance regarding external guarantees or non-operating fund occupation by major shareholders during the reporting period[21] - The first quarter report for 2020 has not been audited[48] - The company has implemented new revenue and lease standards starting in 2020[48] - Future outlook and performance guidance are not detailed in the report[48] - The report does not provide specific financial performance metrics or user data[48]

Procurement and Supply Chain Management - The company reported a comprehensive procurement cost increase risk due to abnormal weather and disease impacts on the feed industry, which may lead to fluctuations in livestock inventory and feed demand [4]. - The company has established a comprehensive layout of factories in major breeding areas in China and Southeast Asia to mitigate regional risks from weather anomalies and natural disasters [5]. - The company employs a strategy of centralized procurement for bulk raw materials while also utilizing local procurement to enhance responsiveness to market changes [7]. - The company is implementing measures to manage foreign exchange risks, including careful selection of settlement currencies and the use of financial instruments to hedge against currency fluctuations [9]. - The company is focused on maintaining a balanced inflow and outflow of regional funds to control exchange rate risks associated with its international operations [9]. - The company is actively addressing risks from weather anomalies and animal diseases by expanding its factory layout across major breeding regions and overseas markets [80]. - The company is implementing measures to manage risks from raw material price volatility through strategic procurement and futures hedging [82]. Financial Performance - The company's operating revenue for 2019 was ¥47.61 billion, an increase of 12.94% compared to ¥42.16 billion in 2018 [19]. - The net profit attributable to shareholders for 2019 was ¥1.65 billion, representing a growth of 14.71% from ¥1.44 billion in 2018 [19]. - The net cash flow from operating activities surged by 213.49% to ¥3.25 billion, up from ¥1.04 billion in the previous year [19]. - Basic earnings per share increased by 17.78% to ¥1.06, compared to ¥0.90 in 2018 [19]. - Total assets at the end of 2019 reached ¥18.85 billion, an 8.57% increase from ¥17.37 billion at the end of 2018 [19]. - The net assets attributable to shareholders rose by 17.53% to ¥9.10 billion, compared to ¥7.75 billion in 2018 [19]. - The company reported a diluted earnings per share of ¥1.05, up 16.67% from ¥0.90 in the previous year [19]. - The weighted average return on equity was 19.54%, slightly down from 20.21% in 2018 [19]. - The company experienced a significant increase in cash flow from operations, indicating improved operational efficiency [19]. Product and Market Development - The company has diversified its product line to include various types of feed for livestock and aquaculture, allowing for quick adjustments in production capacity to meet market changes [8]. - The company is expanding into pig farming and food processing, enhancing its operational model and product offerings [25]. - The company’s main business includes the production and sale of aquaculture and livestock feed, high-quality aquatic animal seedlings, and animal health products [24]. - The feed business remains the largest segment, with a focus on centralized procurement and localized marketing strategies [24]. - The company has expanded its product line from aquaculture premix to various aquaculture feeds, enhancing its competitive advantage in both aquaculture and livestock feed [36]. - The company is focused on product technology development and service provision to enhance customer loyalty and market presence during challenging times [37]. - The company has a strong R&D team of over 1,000 people, investing significantly in research to enhance animal nutrition and feed formulation technology, which helps mitigate risks from raw material price fluctuations [82]. Research and Development - The company has a research team of over 1,000 people dedicated to animal nutrition and feed formulation technology, investing significant funds annually to enhance its risk management capabilities against raw material price fluctuations [7]. - The company has a research and development team of over 1,600 people, investing significant funds annually to enhance its product configuration and technical service capabilities [31]. - Research and development investment reached 428 million yuan, a 37.93% increase, with a focus on building a comprehensive R&D system across the entire industry chain [41]. - The company is investing in technology upgrades, with a budget of 50 million RMB aimed at improving production efficiency by 25% [196]. - The company has a commitment to research and development in new feed additives, which is crucial for maintaining competitive advantage in the aquaculture industry [198]. Environmental and Regulatory Compliance - The company is actively responding to environmental regulations that affect livestock farming, which may lead to a restructuring of the industry and a reshuffling of market leaders [8]. - The company’s environmental protection facilities are fully operational and comply with relevant standards, ensuring effective pollution control [158]. - The company has implemented a self-monitoring plan for environmental pollutants, with third-party monitoring confirming compliance with emission standards [161]. - The company has established emergency response plans for environmental incidents, enhancing its management capabilities [160]. - The company has complied with all environmental regulations and obtained necessary permits for its projects [159]. Social Responsibility and Community Engagement - The company actively participates in social responsibility initiatives, including poverty alleviation efforts [148]. - The company has developed an industrial poverty alleviation plan to support targeted poverty alleviation work [148]. - The company invested approximately 5.6 million CNY in new poverty alleviation projects during the reporting period [149]. - A total of 416,500 CNY was provided in donations and materials to impoverished areas in Guangxi and Fujian provinces [150]. - The company aims to integrate economic value creation with social responsibility in its ongoing poverty alleviation efforts [154]. Shareholder and Dividend Policy - The company plans to distribute a cash dividend of ¥3.5 per 10 shares, with no bonus shares issued [10]. - The cash dividend for 2018 was 3.0 CNY per 10 shares, amounting to approximately 474.39 million CNY, representing 33.01% of the net profit attributable to ordinary shareholders [90]. - The cash dividend for 2017 was 2.5 CNY per 10 shares, totaling approximately 395.38 million CNY, which was 32.75% of the net profit attributable to ordinary shareholders [90]. - The company reported a net profit attributable to ordinary shareholders of approximately 1.65 billion CNY for 2019, with a cash dividend payout ratio of 33.55% [90]. - The company has established a three-year dividend return plan (2019-2021) to ensure compliance with legal and regulatory requirements [92]. Corporate Governance and Management - The company appointed RSM China as the auditor for the 2019 financial report, with an audit fee of CNY 3.6 million [112]. - The company did not face any major litigation or arbitration matters during the reporting period [114]. - The company has a structured approach to managing external guarantees, ensuring compliance with regulatory requirements and internal policies [137]. - The company’s financial health is reflected in its ability to manage and report on substantial guarantee amounts effectively [137]. - The company has a diverse management team with expertise in finance, aquaculture engineering, and business administration, enhancing its operational capabilities [199].

Financial Performance - Operating revenue for the period was CNY 14,448,270,108.28, reflecting a year-on-year growth of 9.85%[3] - Net profit attributable to shareholders was CNY 738,553,472.12, up 10.13% from the same period last year[3] - Basic earnings per share increased by 9.30% to CNY 0.47[3] - The total operating revenue for the current period reached CNY 35,512,563,178.71, an increase from CNY 30,833,476,824.35 in the previous period, representing a growth of approximately 8.7%[42] - The net profit for the current period was CNY 77,654,095.97, compared to CNY 50,717,687.62 in the previous period, indicating a year-over-year increase of about 53.1%[41] - The total comprehensive income for the current period was CNY 809,966,853.01, compared to CNY 690,039,551.74 in the previous period, representing an increase of about 17.3%[39] - The net profit for the third quarter of 2019 was CNY 1,502,168,400.45, an increase of 14.8% compared to CNY 1,308,144,084.63 in the same period last year[43] Assets and Liabilities - Total assets reached CNY 18,260,777,455.45, an increase of 5.15% compared to the end of the previous year[3] - The company's current assets totaled CNY 8.75 billion, down from CNY 9.29 billion at the end of 2018, indicating a decrease of about 5.80%[29] - The total liabilities of the company were CNY 8.82 billion, a slight decrease from CNY 9.14 billion, showing a decline of approximately 3.49%[30] - Long-term borrowings decreased significantly to CNY 834.02 million from CNY 1.84 billion, a reduction of approximately 54.73%[30] - Total liabilities reached CNY 9,141,737,827.16, with no change from the previous period[58] - Total assets were reported at CNY 17,365,663,861.06, unchanged from the previous period[58] Cash Flow - Net cash flow from operating activities surged by 588.03% to CNY 1,672,826,361.80[3] - The net cash flow from operating activities turned from net outflow to net inflow, increasing by 4,306.26% compared to the same period last year, due to increased sales collections and reduced inventory[11] - The net cash flow from operating activities was CNY 2,001,184,630.69, a significant improvement compared to a negative cash flow of CNY -47,576,286.96 in the same period last year[49] - Total cash inflow from operating activities reached CNY 35,833,023,617.23, up from CNY 30,147,257,727.57 year-on-year, indicating a growth of approximately 22.3%[49] Investments and Expenditures - Long-term equity investments increased by 63.40% compared to the end of the previous year, due to increased investments in joint ventures and better earnings from these ventures[10] - The company’s development expenditures increased by 136.63% compared to the end of the previous year, indicating a sustained increase in R&D investment[10] - Research and development expenses for the quarter were CNY 98,620,366.79, an increase of 31.0% from CNY 75,257,230.79 in the previous year[36] - Investment income increased by 175.32% compared to the same period last year, mainly from gains on equity disposals and commodity futures hedging[11] Shareholder Information - The top shareholder, Guangzhou Haihao Investment Co., Ltd., holds 57.60% of the shares[6] - The company did not engage in any repurchase transactions during the reporting period[8] - The company repurchased and canceled 309,400 restricted shares due to 28 employees leaving and 18 not meeting performance criteria[16] - As of the end of the reporting period, there were 25,214,580 restricted shares granted but not yet unlocked[16] Financial Management - The company reported government subsidies amounting to CNY 38,954,195.57 during the period[4] - The company has a total of 43 million yuan in entrusted financial management, with an outstanding balance of 34.8 million yuan[24] - The company plans to issue convertible bonds not exceeding 3.421 billion yuan, pending regulatory approval[20] Compliance and Governance - The company has no violations regarding external guarantees during the reporting period[23] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[23] - The company did not conduct an audit for the third quarter report[74] - The report does not include any information regarding mergers or acquisitions[74]

Research and Development - The company reported a significant focus on research and development, with over 1,000 personnel dedicated to animal nutrition and feed formulation technology, investing substantial funds annually [6]. - The company invests over 200 million yuan annually in R&D, supported by a research team of over 1,000 personnel across various disciplines [27]. - Research and development expenses for the first half of 2019 were CNY 59,085,920.14, up from CNY 36,259,990.95 in the first half of 2018, indicating a growth of 62.8% [143]. Market Expansion and Production Capacity - The company has expanded its production capacity in key regions such as South China, Central China, East China, and North China, as well as in Southeast Asia, to effectively respond to local market demands and environmental challenges [5]. - The company is committed to enhancing its market share in newly emerging livestock regions by strategically expanding its production capacity [7]. - The company is expanding its market presence across various regions, including Southeast Asia and South America, leveraging its learning culture for growth [31]. Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥21.06 billion, representing a 19.14% increase compared to the same period last year [16]. - The net profit attributable to shareholders for the same period was approximately ¥673.92 million, an increase of 12.24% year-on-year [16]. - The total assets at the end of the reporting period were approximately ¥19.82 billion, an increase of 14.14% compared to the end of the previous year [16]. Risk Management - The feed industry is highly influenced by weather conditions and animal diseases, which can lead to fluctuations in demand; the company has strategies in place to mitigate these risks through regional factory layouts and diverse product offerings [4][5]. - The company is facing risks from significant fluctuations in raw material prices, particularly for corn and soybeans, which are critical to feed production; it has established a mature research team to monitor market trends and adjust procurement strategies accordingly [5][6]. - The company has implemented a dual procurement strategy for raw materials, combining centralized purchasing for bulk commodities and local sourcing to manage costs and risks associated with price volatility [5]. Product Diversification - The company continues to focus on the production and sales of aquaculture and livestock feed, which remains its primary business [21]. - The company has expanded its product offerings to include high-quality animal seedlings, animal health products, and biological products, enhancing its service capabilities [21]. - The company has diversified its product line, including livestock and aquaculture feeds, which strengthens its risk resistance [30]. Environmental and Social Responsibility - The company has established pollution prevention facilities at all key pollutant discharge subsidiaries, which are operating normally [94]. - The company actively participates in educational poverty alleviation initiatives to help cultivate talent in impoverished areas [99]. - The company invested a total of 2,750.25 million CNY in poverty alleviation projects, specifically in the agricultural and forestry sectors, with 8 projects initiated [101]. Shareholder and Equity Management - The company has decided not to distribute cash dividends or issue bonus shares, focusing instead on reinvestment strategies [8]. - The company has implemented a stock incentive plan, granting 14.395 million restricted shares at a price of 5.64 CNY per share and 10.425 million stock options with an exercise price of 11.41 CNY per share [73]. - The total number of shares outstanding decreased from 1,581,211,084 to 1,580,870,934 shares after the stock incentive activities [76]. Inventory and Asset Management - The company's inventory increased by 30.92% year-on-year, reaching RMB 5,051,249,047.99, which now constitutes 25.48% of total assets [45]. - The company's fixed assets grew by 26.31% year-on-year, totaling RMB 4,967,150,746.49, representing 25.06% of total assets [45]. - The total non-current assets increased to CNY 9.08 billion from CNY 8.07 billion, indicating a growth of approximately 12.52% [127]. Financial Instruments and Investments - The company has established risk management measures for its foreign exchange hedging activities, ensuring compliance with relevant regulations [52]. - The company engaged in derivative investments with a total initial investment of RMB 98.64 million, resulting in a net investment amount of RMB 92.96 million at the end of the reporting period, which represents 11.49% of the company's net assets [50]. - The company recognizes expected credit losses based on past events, current conditions, and forecasts of future economic conditions, using a probability-weighted approach [187]. Compliance and Governance - The financial report for the first half of 2019 was not audited, indicating a potential area of concern for investors [125]. - The company has not engaged in any major equity investments or significant non-equity investments during the reporting period [48]. - The company has fulfilled its commitments related to stock incentives and has no overdue commitments [70].

Financial Performance - The company's operating revenue for Q1 2019 was ¥8,874,920,365.40, representing a 22.25% increase compared to ¥7,259,881,518.56 in the same period last year[3] - Net profit attributable to shareholders was ¥122,489,585.76, up 21.81% from ¥100,553,917.47 year-on-year[3] - The net profit after deducting non-recurring gains and losses was ¥120,051,433.64, reflecting a 28.55% increase from ¥93,390,698.04 in the previous year[3] - Basic earnings per share increased to ¥0.08, a rise of 14.29% from ¥0.07 in the previous year[3] - Total operating revenue for Q1 2019 reached ¥8,874,920,365.40, an increase of 22.2% compared to ¥7,259,881,518.56 in the same period last year[29] - Total operating costs amounted to ¥8,674,087,832.99, up 21.4% from ¥7,144,074,854.97 year-over-year[29] - Net profit for Q1 2019 was ¥123,418,115.17, representing a 12.4% increase from ¥110,095,258.75 in the previous year[30] - The company reported a total profit of ¥146,749,158.21 for Q1 2019, which is a 21.8% increase from ¥120,482,010.80 in the same period last year[30] - The company’s total comprehensive income for Q1 2019 was ¥116,841,906.80, compared to ¥89,818,318.27 in the previous year, marking a 30.1% increase[30] Cash Flow - The company's cash flow from operating activities showed a significant decline, with a net outflow of ¥678,764,341.96 compared to a net inflow of ¥147,825,655.92 in the same period last year, a decrease of 559.17%[3] - Net cash flow from operating activities turned from inflow to outflow, decreasing by 559.17% compared to the same period last year, mainly due to increased prepayments for raw materials[12] - The net cash flow from operating activities was negative at approximately -¥678.76 million, a significant decline compared to a positive cash flow of ¥147.83 million in the previous period[36] - The net cash flow from investing activities increased by 31.93% compared to the same period last year, mainly due to a decrease in purchases of bank wealth management products[12] - The net cash flow from investing activities was negative at approximately -¥605.57 million, compared to -¥889.66 million in the previous period, indicating a slight improvement[36] - The net cash flow from financing activities was positive at approximately ¥1.26 billion, an increase from ¥826.59 million in the previous period[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥19,206,841,913.53, up 10.60% from ¥17,365,663,861.06 at the end of the previous year[3] - The total current assets reached ¥10,704,432,305.10, up from ¥9,292,227,937.00 at the end of 2018, indicating an increase of about 15.2%[22] - The company's inventory as of March 31, 2019, was ¥5,057,495,759.00, compared to ¥4,843,780,132.17 at the end of 2018, reflecting a rise of approximately 4.4%[22] - Total liabilities increased to CNY 10.82 billion, up from CNY 9.14 billion, representing a growth of approximately 18% year-over-year[25] - Current liabilities totaled CNY 8.48 billion, compared to CNY 6.95 billion in the previous year, marking an increase of about 22%[25] - Non-current liabilities rose to CNY 2.34 billion, up from CNY 2.19 billion, reflecting a growth of around 7%[25] - Total equity rose to CNY 8.39 billion, compared to CNY 8.22 billion, reflecting an increase of approximately 2%[25] Shareholder Information - The top shareholder, Guangzhou Haihao Investment Co., Ltd., holds 57.58% of the shares, totaling 910,589,359 shares[6] - The total number of ordinary shareholders at the end of the reporting period was 12,885[6] - The number of shares increased by 89,850 shares due to the exercise of stock options under the incentive plan[15] Government Support and Subsidies - The company received government subsidies amounting to ¥9,514,975.61 during the reporting period[4] Employee Stock Ownership Plan - The core team employee stock ownership plan's second phase involved a special fund of ¥38,511,460.57 and a maximum employee self-raised fund of ¥50,000,000, with a total of 4,386,186 shares purchased[17] - The first phase of the core team employee stock ownership plan saw 720,187 shares purchased, with 40% of these shares (288,075 shares) vesting by December 29, 2017[16] - The company plans to implement a third phase of the core team employee stock ownership plan with a special fund of ¥30,180,630.23, pending shareholder approval[17] Compliance and Governance - The company reported no violations regarding external guarantees during the reporting period[19] - The company has no non-operating fund occupation by controlling shareholders or related parties during the reporting period[19] - The company has not made any adjustments to the previous year's comparative data due to the new financial instrument standards implemented from January 1, 2019[46] - The first quarter report has not been audited[47]

Dividend Distribution - The company plans to distribute a cash dividend of 3.00 RMB per 10 shares (including tax) to all shareholders[2] - The cash dividend payout ratio for 2018 is set at 100% of the total distributable profit[90] - The total distributable profit available for shareholders as of December 31, 2018, was 2.50 billion CNY[91] - The cash dividend for the 2017 fiscal year was 2.50 CNY per 10 shares, amounting to approximately 395.38 million CNY, which accounted for 32.75% of the net profit[89] - The cash dividend for the 2016 fiscal year was 3.00 CNY per 10 shares, totaling approximately 472.80 million CNY, representing 55.25% of the net profit[89] - The company has maintained a clear and transparent profit distribution policy, ensuring the protection of minority shareholders' rights[88] - The independent directors confirmed that the profit distribution plan for 2018 adequately considers investor returns and aligns with the company's actual situation[91] - The company’s net profit for the 2018 fiscal year was approximately 1.37 billion CNY, with a statutory surplus reserve of 136.77 million CNY allocated[91] Financial Performance - The company's operating revenue for 2018 was CNY 42,156,628,800.11, representing a 29.49% increase compared to CNY 32,556,634,127.38 in 2017[14] - The net profit attributable to shareholders for 2018 was CNY 1,437,281,732.28, up 19.06% from CNY 1,207,225,209.35 in the previous year[14] - The net cash flow from operating activities reached CNY 1,035,764,006.33, a significant increase of 109.57% compared to CNY 494,221,455.85 in 2017[14] - The basic earnings per share for 2018 was CNY 0.90, reflecting a 15.38% increase from CNY 0.78 in 2017[14] - Total assets at the end of 2018 amounted to CNY 17,365,663,861.06, a 31.95% increase from CNY 13,160,456,702.93 at the end of 2017[14] - The net assets attributable to shareholders increased by 19.63% to CNY 7,745,939,076.96 at the end of 2018, compared to CNY 6,474,694,687.24 in 2017[14] - The company reported a total income of 42,724,171.61 in the latest financial period, compared to 44,468,747.87 in the previous period, indicating a decrease of approximately 3.9%[18] Market and Industry Trends - The feed industry in China is experiencing a phase of stable development, with a projected growth of 10% in feed production by 2020, reaching 220 million tons[22] - The market for high-quality animal seedlings is expected to grow significantly, as there is currently a supply shortage, particularly in aquatic seedlings[23] - The animal health industry is witnessing rapid growth, driven by increasing demand for healthy and safe livestock products, with a focus on preventive measures[23] - The pig farming sector is moving towards larger-scale, industrialized operations, with small-scale farmers exiting the market due to rising operational demands[23] Research and Development - The company has invested significantly in a research team of over 1,000 people focused on animal nutrition and feed formulation technology, allowing for quick adjustments to feed formulations in response to raw material price fluctuations[4] - The company has a research and development team of over 1,000 people, investing more than 200 million yuan annually in R&D, which supports its strong product configuration capabilities[28] - The company has established a large animal nutrition demand database, with over 1,000 comparative experiment results added each year, enhancing its ability to adjust feed formulations quickly in response to raw material price fluctuations[29] - The company emphasizes the transformation of R&D results into marketable products, enhancing its competitive edge in the industry[44] Risk Management - The company is facing risks from major raw material price volatility, particularly for corn and soybeans, which could impact feed and breeding costs[4] - The company is implementing strategies to manage foreign exchange risks, including using financial instruments like forward contracts and options to lock in exchange rates[6] - The company is focused on maintaining a balanced inflow and outflow of regional funds to control foreign exchange risks associated with its global procurement[6] - The company has implemented a risk management strategy for raw material price fluctuations, including centralized procurement and local sourcing to mitigate cost increases[81] - The company faces risks from extreme weather and animal diseases, which can lead to fluctuations in feed demand and production[80] Production and Operations - The company is adjusting its production capacity layout to quickly respond to changes in the industry and market demands due to environmental regulations[5] - The company is expanding into pig farming and food processing, with a business model that combines company resources with farmer partnerships for better production efficiency[21] - The feed business remains the largest segment, with a focus on centralized procurement and multi-point production layout to optimize costs and enhance risk control[20] - The company is enhancing its service capabilities to large-scale farmers, integrating feed products with animal health and financial services[83] Corporate Governance and Shareholder Relations - The company has a long-term commitment to fulfill its obligations regarding stock incentives and dividends[94] - The company has a structured governance framework that complies with relevant laws and regulations, enhancing operational transparency[198] - The company maintains complete independence from its controlling shareholder in terms of business operations, personnel, and finances[200] - The company has not reported any changes in its major shareholders or their shareholding structure during the reporting period[173] Social Responsibility and Environmental Impact - The company has prioritized environmental protection and compliance with relevant regulations, investing in waste management and pollution control measures[141] - The company aims to integrate economic value creation with social responsibility in its ongoing poverty alleviation efforts[148] - The company has engaged in 35 public welfare activities, donating approximately 1.49 million CNY to support children, the elderly, and local health initiatives[142] - The company has established multiple subsidiaries in impoverished areas, including Guangxi and Guizhou, to promote local economic development[144] Employee Engagement and Development - The company has established a comprehensive training management system to enhance employee skills and professional development[196] - The company has implemented a stock incentive plan to align employee performance with compensation, enhancing motivation and economic efficiency[195] - The company employs a total of 17,389 staff, with 7,286 in production, 5,768 in sales, and 1,200 in technical roles[193]

Financial Performance - Total assets increased by 34.88% to CNY 17.75 billion compared to the end of the previous year[8] - Net assets attributable to shareholders rose by 16.55% to CNY 7.55 billion year-on-year[8] - Operating revenue for the period reached CNY 13.15 billion, a 9.88% increase compared to the same period last year[8] - Net profit attributable to shareholders was CNY 670.63 million, reflecting a growth of 6.34% year-on-year[8] - Basic earnings per share increased by 4.88% to CNY 0.43[8] - The weighted average return on equity was 9.32%, a decrease of 0.76% compared to the previous year[8] Cash Flow and Assets - The net cash flow from operating activities showed a significant decline, with a net outflow of CNY 342.77 million, a decrease of 1,450.56%[8] - Operating cash flow net increased by 69.47% year-on-year, mainly due to increased cash receipts from sales growth[20] - Financial assets measured at fair value increased by 509.31% compared to the beginning of the period, mainly due to increased floating profits from financial derivatives[19] - Accounts receivable increased by 187.03% compared to the beginning of the period, driven by increased sales during the peak season[19] - Prepayments rose by 80.75% compared to the beginning of the period, attributed to increased raw material purchases due to sales growth[19] - Construction in progress increased by 92.79% compared to the beginning of the period, reflecting increased investment in new factories and farms[19] - Short-term borrowings increased by 79.53% compared to the beginning of the period, primarily due to increased bank borrowings[20] Shareholder Information - The company reported a total of 11,780 shareholders at the end of the reporting period[13] - The largest shareholder, Guangzhou Haizao Investment Co., Ltd., holds 57.56% of the shares, amounting to 910,589,359 shares[13] - The company did not engage in any repurchase transactions during the reporting period[14] - The total number of shares increased from 1,575,237,054 to 1,581,937,704 due to stock grants and repurchases during the reporting period[34] Stock and Incentive Plans - The company granted 4,028.32 million restricted stocks to 1,373 incentive objects at a price of 7.48 CNY per share on March 13, 2017[28] - As of the end of the reporting period, a total of 31,316,000 restricted stocks were granted but not yet unlocked, including 4,259,800 reserved stocks[32] - The company completed the repurchase and cancellation of 51,090 shares and 4,820 shares of restricted stocks due to various reasons, including employee departures[30] - The first unlock period for the restricted stocks granted in the 2016 plan allowed for the circulation of 7,837,500 shares starting from May 11, 2018[31] - The company implemented a second phase of the core team employee stock ownership plan, raising a special fund of 38,511,460.57 CNY and allowing employee contributions up to 50 million CNY[38] Future Outlook and Growth Strategies - The company expects to continue expanding its production capacity to support future growth amid industry challenges[18] - The company expects a net profit attributable to shareholders for 2018 to be between 1,207.23 million CNY and 1,569.39 million CNY, representing a change of 0.00% to 30.00% compared to 2017[40] - The company anticipates that the total feed sales for the year will exceed 10.5 million tons, contributing to stable growth in revenue and profit[40] - Guangdong Haid Group reported significant growth in revenue for Q3 2018, with a year-on-year increase of 12%[47] - Future outlook remains positive, with the company projecting a revenue growth of 10-15% for the next quarter[47] - New product development initiatives are underway, focusing on innovative feed solutions to enhance market competitiveness[47] - The company is exploring market expansion opportunities in Southeast Asia, aiming for a 20% increase in market share by 2020[47] - Guangdong Haid Group is considering strategic acquisitions to bolster its supply chain efficiency and product offerings[47] - The company emphasized its commitment to R&D, allocating 5% of revenue towards new technology advancements in the aquaculture sector[47] - Operational efficiency improvements have led to a 3% reduction in production costs year-on-year[47] - The company plans to enhance its digital marketing strategies to better engage with customers and increase sales conversion rates[47] - Guangdong Haid Group is focused on sustainability initiatives, aiming to reduce carbon emissions by 10% over the next three years[47]