Revenue and Profit - Revenue for Q3 2021 was CNY 626,419,133.27, a decrease of 9.86% year-over-year, while year-to-date revenue increased by 13.13% to CNY 1,933,047,242.35[3] - Net profit attributable to shareholders for Q3 2021 was CNY 7,496,627.96, down 76.80% year-over-year, and year-to-date net profit decreased by 45.62% to CNY 18,001,249.78[3] - The basic earnings per share for Q3 2021 was CNY 0.0090, a decline of 76.68% compared to the same period last year[4] - Total operating revenue for the current period reached ¥1,933,047,242.35, an increase of 13.14% compared to ¥1,708,767,877.30 in the previous period[22] - Net profit for the current period was ¥44,961,109.98, a decrease of 20.06% from ¥56,154,213.55 in the previous period[23] - Basic earnings per share decreased to ¥0.0215 from ¥0.0395, representing a decline of 45.57%[24] - The total comprehensive income for the current period was ¥44,961,641.99, down from ¥56,154,302.70 in the previous period[24] Cash Flow - Cash flow from operating activities for the year-to-date period increased by 189.53% to CNY 124,056,099.64[3] - Cash flow from operating activities generated a net amount of ¥124,056,099.64, significantly higher than ¥42,847,770.63 in the previous period[27] - Cash flow from investing activities decreased by 178.20% year-over-year, primarily due to last year's equity transfer receipts[12] - Cash flow from investing activities resulted in a net outflow of ¥289,433,280.83, worsening from a net outflow of ¥104,038,660.55 in the previous period[28] - Cash flow from financing activities showed a net outflow of ¥253,004,618.39, compared to a net inflow of ¥72,355,071.65 in the previous period[28] Assets and Liabilities - Total assets at the end of the reporting period were CNY 5,858,277,285.20, a decrease of 3.31% from the previous year-end[4] - Total current assets as of September 30, 2021, is CNY 2,357,347,348.52, down from CNY 2,758,359,778.48 at the end of 2020, a decrease of approximately 14.5%[18] - Total liabilities decreased to CNY 3,544,356,952.48 from CNY 3,735,076,443.69, a reduction of about 5.1%[20] - The company's total assets as of September 30, 2021, are CNY 5,858,277,285.20, down from CNY 6,058,748,582.89, a decline of approximately 3.3%[20] - The company’s total non-current assets increased to CNY 3,500,929,936.68 from CNY 3,300,388,804.41, an increase of about 6.1%[19] - The company’s capital reserve decreased to CNY 1,097,232,948.46 from CNY 1,179,812,724.50, a decrease of approximately 7%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period is 51,416[15] - The largest shareholder, Huang Jiadi, holds 31.40% of shares, amounting to 263,023,388 shares, with 163,482,000 shares pledged[15] Inventory and Receivables - Accounts receivable increased to CNY 572,027,132.61 from CNY 475,800,877.80, representing a growth of about 20.2%[18] - Inventory as of September 30, 2021, is CNY 340,622,327.88, up from CNY 277,693,823.72, an increase of approximately 22.6%[18] Tax and Expenses - The company reported a decrease in tax expenses to ¥1,890,862.37 from ¥13,516,590.84, a reduction of 86.01%[23] - The company reported a 32.96% increase in selling expenses due to expanded sales scale and increased promotional costs[11] Other Financial Information - The company reported a net loss of CNY 22,621,281.98, an improvement from a loss of CNY 40,622,531.76 in the previous period[20] - The company adopted a new leasing standard starting January 1, 2021, adjusting retained earnings and related financial statement items accordingly[33] - The company reported a decrease in construction in progress by CNY 70,177,000.00 due to the new leasing standard[31] - The company has not audited its third-quarter report for 2021[34]

Financial Performance - The company's operating revenue for the reporting period was ¥1,306,628,109.08, representing a 28.88% increase compared to ¥1,013,822,003.13 in the same period last year[24]. - The net profit attributable to shareholders of the listed company reached ¥10,504,621.82, a significant increase of 1,232.13% from ¥788,557.94 in the previous year[24]. - The net cash flow from operating activities was ¥5,610,651.14, a turnaround from a negative cash flow of ¥56,131,776.03 in the same period last year, marking a 110.00% improvement[24]. - The basic earnings per share increased to ¥0.0125, up 1,288.89% from ¥0.0009 in the previous year[24]. - The company reported a decrease in the net profit after deducting non-recurring gains and losses, amounting to -¥8,716,692.94, an improvement of 60.72% from -¥22,193,856.49 in the previous year[24]. - The company reported a significant increase in revenue, reaching 2.86 billion, with a year-over-year growth of 8.6%[93]. - The net profit for the reporting period was 1.6 billion, reflecting a 6.1% increase compared to the previous year[93]. - The company reported a total revenue of 837,640,000,000 CNY for the current period, showing a significant increase compared to the previous period[197]. - The net profit attributable to shareholders reached 1,310,000,000 CNY, reflecting a growth of 2.8% year-over-year[197]. - The total revenue for the first half of 2021 was reported at 2.36 billion, a decrease of 2.36% compared to the previous period[198]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,534,197,215.19, down 8.66% from ¥6,058,748,582.89 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company decreased to ¥1,963,766,611.58, a decline of 3.54% from ¥2,035,841,171.75 at the end of the previous year[24]. - Cash and cash equivalents decreased to ¥679,936,586.25, representing 12.29% of total assets, down from 22.47%, a decrease of 10.18 percentage points due to payments for maturing medium-term notes and fixed asset acquisitions[83]. - Accounts receivable increased to ¥517,309,607.02, accounting for 9.35% of total assets, up from 7.85%, an increase of 1.50 percentage points[83]. - Inventory rose to ¥307,512,755.79, making up 5.56% of total assets, compared to 4.58%, an increase of 0.98 percentage points[83]. - The company's total liabilities decreased from 3,735,076,443.69 to 3,314,626,730.50, a reduction of 11.25%[166]. - The company's total equity decreased from 2,323,672,139.20 to 2,219,570,484.69, a reduction of 4.48%[166]. Business Operations - The core business remains focused on dairy products, with revenue from this segment accounting for 74.46% of total revenue[30]. - The company has not reported any significant changes in its main business operations or product lines during the reporting period[30]. - The company has established a full industry chain layout across four provinces, becoming a regional leader, and is planning to expand into the Greater Bay Area and Sichuan-Chongqing regions during the 14th Five-Year Plan[35]. - The company’s milk product sales volume reached a new high since its listing, with significant revenue growth from its two innovative brands, "One Water Buffalo" and "Mofei Water Buffalo"[41]. - The company is investing in high-standard cloud-based ranches and has completed upgrades to several ranches to ensure high-quality milk supply[36]. - The company has expanded production capacity by adding new production lines in its Guangxi factory and is preparing for trial production in its new factory in Guizhou[37]. - The company has initiated research and introduction of water buffalo genetic resources, including a commercial visit to Pakistan for potential collaboration[38]. - The company is exploring advanced breeding techniques, including space breeding technology, to enhance the quality of its probiotic strains[39]. - The company has established a comprehensive marketing network combining direct sales, distribution, and e-commerce, enhancing its brand presence in various regions[40]. Research and Development - The company invested ¥23,984,064.56 in research and development, a significant increase of 56.82% compared to the previous year, focusing on new dairy product development[67]. - The company is focusing on integrating smart technology with urban development and industry to promote smart infrastructure projects[45]. - The company is investing $50 million in R&D for new technologies aimed at enhancing user experience[114]. - Research and development expenses increased by 10% to $500 million, focusing on new technology innovations[195]. - The company is investing heavily in R&D, with a budget allocation of 1,600,000,000 CNY for the development of new technologies and products[197]. Market Expansion and Strategy - The company aims to deepen its competitive strategy through product, service, and management innovations, leveraging stable milk sources and intelligent production technology[41]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[186]. - The company plans to enter two new international markets by the end of 2024[114]. - Market expansion efforts have led to a 25% increase in market share in the Asia-Pacific region[114]. - The company is considering strategic acquisitions to enhance its product offerings, with a budget of $500 million allocated for potential deals[193]. - The company plans to expand its market presence through new product launches and technological advancements in the upcoming quarters[188]. Compliance and Governance - The company adheres to strict food safety standards, including ISO9001 and HACCP, to mitigate risks associated with product quality[97]. - Environmental risks are being managed through compliance with national standards and ongoing improvements to pollution control facilities[98]. - The company is actively assessing market trends and adjusting its business structure to mitigate risks from external environmental changes[99]. - The company has established a comprehensive environmental management system to improve resource usage efficiency and comply with environmental regulations[109]. - The company is focused on maintaining compliance with evolving environmental regulations to minimize future risks[98]. Shareholder and Financial Management - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company did not conduct any repurchase transactions during the reporting period[150]. - The company announced a share buyback program worth $300 million to enhance shareholder value[193]. - The company reported no significant related party transactions during the reporting period[126]. - The company reported a total equity attributable to shareholders of 837,640,003.50, showing a significant increase compared to the previous period[186].

证券代码：002329 证券简称：皇氏集团 公告编号：2021–038 皇氏集团股份有限公司关于 参加投资者网上集体接待日活动暨 2020 年度业绩说明会的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 为进一步加强与投资者特别是中小投资者的互动交流，皇氏集团股份有限公 司（以下简称"公司"）将参加由广西上市公司协会、深圳市全景网络有限公司 共同举办的"2021 年广西地区上市公司投资者网上集体接待日暨 2020 年度业绩 说明会" 活动，现将有关事项公告如下： 本次活动将通过深圳市全景网络有限公司提供的互联网平台举行，投资者可以登 录"全景·投资者关系互动平台"网站（http://ir.p5w.net）参与本次活动，活动时 间为 2021 年 5 月 21 日（星期五）15:30 至 17:00。 公司出席本次活动的人员有：公司董事兼总裁陈易一先生、董事兼董事 会秘书王婉芳女士、独立董事许春明先生、财务负责人孙红霞女士。 为充分尊重投资者、提升交流的针对性，公司向所有投资者提前公开征集问 题，投资者可于 2021 年 5 月 19 日（星期三）17:0 ...

Financial Performance - The company's operating revenue for 2020 was CNY 2,490,168,717.50, representing a 10.51% increase compared to CNY 2,253,248,315.76 in 2019[18] - The net profit attributable to shareholders was a loss of CNY 136,198,564.49, a decrease of 380.10% from a profit of CNY 48,625,794.16 in 2019[18] - The net cash flow from operating activities was a negative CNY 44,910,411.54, down 156.59% from CNY 79,361,229.95 in the previous year[18] - The total assets at the end of 2020 were CNY 6,058,748,582.89, an increase of 22.51% from CNY 4,945,626,395.91 at the end of 2019[18] - The net assets attributable to shareholders decreased by 6.63% to CNY 2,035,841,171.75 from CNY 2,180,413,213.36 in 2019[18] - The basic earnings per share for 2020 was -CNY 0.1626, a decline of 379.86% from CNY 0.0581 in 2019[18] - The weighted average return on net assets was -6.45%, a decrease of 8.71 percentage points from 2.26% in 2019[18] Revenue and Sales Growth - In Q1 2020, the company reported a revenue of approximately $350 million, which increased to about $781 million by Q4 2020, showing a growth of 123% over the year[23] - The company reported a significant increase in other business income, with a total of CNY 301,525,631.80 in 2020 compared to CNY 194,946,292.75 in 2019[19] - The company reported a revenue increase of 5.87% in the distribution model, totaling approximately CNY 1.33 billion, while the gross margin decreased by 6.46 percentage points to 22.21%[52] - Direct sales revenue grew by 21.79% to approximately CNY 319 million, but the gross margin fell by 6.97 percentage points to 25.66%[52] - E-commerce sales surged by 99.45% to approximately CNY 50.7 million, with a gross margin increase of 11.35 percentage points to 35.62%[56] Market and Product Development - The company has established four major production bases in Guangxi, Yunnan, Hunan, and Guizhou, and is expanding its market presence into regions like the Yangtze River Delta and Greater Bay Area[30] - The company aims to leverage stable high-quality milk sources and innovative production technologies to maintain its growth trajectory in the dairy market[30] - The company’s core dairy products include water buffalo milk, fermented milk, and pasteurized fresh milk, which are produced through a fully integrated supply chain[30] - The company has launched new products such as "Little Yogurt" and "Rice Not Available," which have gained popularity among consumers and contributed to sales growth[50] - The company is focusing on brand promotion through online channels, achieving significant sales during live-streaming events, with 210,000 units sold in three minutes during a live session[50] Operational Challenges and Risks - The company indicated potential risks in its future development and outlined its operational plans for 2021[4] - The company faces operational management risks due to the increasing complexity of its organizational structure and the need for improved management practices[116] - The company faced rising costs due to the global COVID-19 pandemic and Sino-US trade tensions, impacting international transportation, raw material supply, and procurement costs[118] Research and Development - The company has a strong R&D capability, with multiple research centers and patents in dairy technology, positioning it as a leader in the industry[38] - The company’s R&D expenses increased by 25.31% to ¥73,882,279.17 in 2020 from ¥58,960,783.80 in 2019[91] - The proportion of R&D investment to operating revenue rose by 0.35 percentage points to 2.97% in 2020 from 2.62% in 2019[91] - The company is exploring further technological innovations and collaborations with academic institutions to enhance its R&D capabilities[120] Social Responsibility and Community Engagement - The company donated over 5.5 million yuan in materials to support frontline pandemic efforts, demonstrating its commitment to social responsibility during the COVID-19 crisis[45] - The company invested a total of 94.80 million yuan in poverty alleviation efforts, including 82.28 million yuan specifically for industrial development projects[168] - A total of 24 individuals from registered impoverished households were helped to escape poverty through various initiatives[168] - The company has established a mechanism to ensure that the benefits of consumption-based poverty alleviation reach impoverished areas effectively[167] Corporate Governance and Shareholder Relations - The company has established a profit distribution policy, with a cash dividend of RMB 0.1 per 10 shares for the 2019 fiscal year, amounting to RMB 8,376,400.35, which is 17.23% of the net profit attributable to shareholders[126] - For the 2020 fiscal year, the company did not propose any cash dividends or stock bonuses, despite having positive distributable profits[127] - The company has maintained its leadership structure since 2006, suggesting stability in management[200] - The company has a total of 144,040 shares held by the vice president Wu Yun, which remains unchanged[200] Financial Management and Investments - The total liabilities increased, with short-term loans rising by 25.61% to ¥1,551,356,400.00 in 2020 from ¥951,963,900.00 in 2019[102] - The company reported a significant increase in investment activity cash inflow by 1,426.06% to ¥466,152,725.30 in 2020, compared to ¥30,546,153.30 in 2019[94] - The company has committed to achieving net profits of no less than RMB 75 million, RMB 90 million, and RMB 108 million for the years 2015, 2016, and 2017 respectively, after deducting non-recurring gains and losses[128] Environmental Commitment - The company was awarded the title of "National Green Factory" in 2020 for its commitment to environmental protection and sustainable development[163] - The company has not been penalized for any violations of environmental protection laws during the reporting period[173]

Financial Performance - The company's operating revenue for Q1 2021 was ¥601,432,679.90, representing a 71.83% increase compared to ¥350,012,820.69 in the same period last year[7]. - The net profit attributable to shareholders for Q1 2021 was ¥5,137,107.53, a significant turnaround from a loss of ¥44,417,176.53 in the previous year, marking an increase of 111.57%[7]. - The basic earnings per share for Q1 2021 was ¥0.0061, up 111.51% from a loss of ¥0.0530 per share in the previous year[7]. - The company reported a net profit of 6,753.16 million yuan as a cash compensation due to unmet performance targets from 2017, with a total of 22,405,300 shares to be repurchased at a nominal value of 1 yuan[23]. - The total comprehensive income for Q1 2021 was CNY 14,594,706.96, compared to a loss of CNY 48,372,827.22 in the same period last year[43]. - The net profit for the first quarter of 2021 was -26,984,418.27 CNY, compared to a net profit of 5,853,478.07 CNY in the same period last year, indicating a significant decline[46]. - The company reported a gross profit margin of approximately 2% for Q1 2021, compared to a negative margin in the previous year[41]. Cash Flow and Liquidity - The net cash flow from operating activities improved to ¥53,225,385.60, compared to a negative cash flow of ¥80,887,190.51 in the same period last year, reflecting a 165.80% increase[7]. - The company experienced a 42.94% decrease in cash and cash equivalents compared to the beginning of the period, primarily due to the payment of maturing medium-term notes[15]. - Cash flow from financing activities dropped by 463.30% year-on-year, mainly due to cash payments for maturing medium-term notes[19]. - The net increase in cash and cash equivalents decreased by 1,619.99% year-on-year, largely due to increased cash payments for debt repayment[19]. - The total cash and cash equivalents at the end of the period was 7,869,352.93 CNY, a decrease from the beginning balance of 561,919,490.90 CNY[53]. - Cash flow from investing activities decreased by 368.14% year-on-year, primarily due to increased cash payments for the acquisition of fixed assets and intangible assets[19]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,615,807,194.02, a decrease of 7.31% from ¥6,058,748,582.89 at the end of the previous year[7]. - Total current assets decreased from 2,758,359,778.48 to 2,245,615,785.83, a decline of approximately 18.56%[32]. - Total liabilities decreased from 3,735,076,443.69 to 3,281,127,724.65, representing a reduction of approximately 12.14%[34]. - Total current liabilities decreased from 2,818,875,157.05 to 2,409,496,143.08, a decline of about 14.49%[34]. - The company's total equity as of Q1 2021 was CNY 2,089,627,995.05, slightly down from CNY 2,116,612,413.32 in the previous year[41]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 57,688[11]. - The largest shareholder, Huang Jiadi, holds 31.40% of the shares, with a total of 263,023,388 shares, of which 197,267,541 are pledged[11]. - The company's net assets attributable to shareholders increased slightly by 0.25% to ¥2,040,978,054.38 from ¥2,035,841,171.75 at the end of the previous year[7]. Operational Insights - The company's operating revenue increased by 71.83% year-on-year, primarily due to continuous growth in sales and a low sales base in Q1 2020 due to the COVID-19 pandemic[17]. - Operating costs rose by 65.73% year-on-year, attributed to the increase in sales revenue[17]. - Investment income grew by 39.79% year-on-year, mainly due to a reduction in losses from equity investments[17]. - Credit impairment losses surged by 159.27% year-on-year, resulting from an increase in bad debt provisions[17]. - The company is focused on enhancing its core competitiveness and expanding its product offerings, particularly in the dairy sector[29]. Compliance and Governance - The company has committed to ensuring compliance with related regulations regarding performance commitments and has initiated legal proceedings to recover compensation from a former controlling shareholder[23]. - There are no violations of external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[27][28]. - The company has not engaged in any entrusted financial management during the reporting period[26]. Market and Strategic Outlook - The company anticipates a significant change in net profit for the period from January to June 2021, but specific figures are not disclosed[26]. - The company is actively monitoring the impact of market conditions and competition on its operations and sales channels[29]. - The company conducted investor communications, including a site visit on January 12, 2021, discussing production capabilities and sales channels[29].

Financial Performance - Operating revenue for the period reached ¥694,945,874.17, reflecting a year-on-year increase of 16.39%[7] - Net profit attributable to shareholders surged to ¥32,313,757.02, marking a significant increase of 509.18% year-on-year[7] - The net profit excluding non-recurring gains and losses reached ¥22,788,154.13, a staggering increase of 2,338.32% year-on-year[7] - The total operating revenue for the third quarter of 2020 was CNY 694,945,874.17, representing an increase of 16.4% compared to CNY 597,106,286.88 in the same period last year[44] - The net profit for the third quarter was CNY 42,348,483.99, a significant increase of 211.5% compared to CNY 13,617,090.85 in the previous year[45] - The total comprehensive income for the third quarter was CNY 42,348,616.43, compared to CNY 13,616,719.04 in the same quarter last year, showing an increase of 211.5%[46] Cash Flow - The net cash flow from operating activities was ¥98,979,546.66, up 663.99% compared to the same period last year[7] - The total cash inflow from operating activities for the period was CNY 1,948,881,252.99, a decrease of approximately 5.2% compared to CNY 2,055,556,663.77 in the previous period[57] - The net cash flow from operating activities was CNY 42,847,770.63, recovering from a negative cash flow of CNY -76,484,542.09 in the previous period[57] - Cash inflow from financing activities was CNY 1,564,712,844.46, up from CNY 864,163,406.00 in the previous period, reflecting increased borrowing and investment[59] - The ending cash and cash equivalents balance was CNY 268,312,233.80, compared to CNY 249,737,139.28 in the previous period, showing a positive increase[59] Assets and Liabilities - Total assets increased to ¥5,738,435,770.34, a growth of 16.03% compared to the previous year[7] - The company's cash and cash equivalents grew by 71.11% compared to the beginning of the year, primarily due to increased cash from financing activities[16] - Total liabilities grew to CNY 3,247,513,024.03 from CNY 2,490,258,511.32, reflecting an increase of around 30%[37] - Short-term borrowings rose to CNY 1,294,177,170.00, compared to CNY 951,963,900.00, which is an increase of about 36%[36] - The company's total liabilities to equity ratio increased, indicating a higher leverage position compared to the previous year[37] Inventory and Investments - Inventory increased by 166.54% compared to the beginning of the year, driven by procurement for information engineering projects[16] - The company reported a 108.41% increase in construction in progress, attributed to the development of new production facilities[16] - Long-term investments increased to CNY 751,626,070.93 from CNY 654,261,200.82, reflecting a growth of about 15%[36] - The company reported an investment loss of CNY 813,060.05, contrasting with a profit of CNY 2,564,662.31 in the previous year[44] Research and Development - The company's research and development expenses increased by 54.74% year-on-year, mainly due to increased investment in research and development during the reporting period[19] - Research and development expenses rose to CNY 32,238,341.92, up from CNY 15,914,246.18, indicating a year-over-year increase of 102.0%[44] - The company plans to continue investing in R&D to drive future growth, as indicated by the significant increase in R&D expenses[52] Shareholder and Legal Matters - The company reported a net profit compensation obligation of 22.41 million shares and cash compensation of 67.53 million yuan due to unmet performance targets from 2017[26] - The company is actively pursuing legal action against a former shareholder for unfulfilled performance commitments, with the case currently in the first instance stage[26] - The company has committed to avoid competition and comply with relevant regulations regarding related party transactions[26] Miscellaneous - The company has no securities investments, derivative investments, or entrusted financial management during the reporting period[27][28][29] - There were no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[30][31] - The company has not disclosed any financial forecasts for the year 2020[29] - The company has no significant contracts or fundraising projects reported for the year 2020[29]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥1,013,822,003.13, representing a 3.09% increase compared to ¥983,401,729.76 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was ¥788,557.94, a decrease of 94.68% from ¥14,831,673.52 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥22,193,856.49, a decline of 427.36% compared to -¥4,208,487.09 in the same period last year[18]. - The basic earnings per share were ¥0.0009, down 94.92% from ¥0.0177 in the same period last year[18]. - The diluted earnings per share were also ¥0.0009, reflecting the same decline of 94.92% compared to ¥0.0177 in the previous year[18]. - The weighted average return on net assets was 0.04%, a decrease of 0.65 percentage points from 0.69% in the previous year[18]. - The company's revenue for the reporting period was ¥1,013,822,003.13, representing a year-over-year increase of 3.09% compared to ¥983,401,729.76 in the same period last year[42]. - Operating costs increased by 10.56% to ¥776,937,543.91 from ¥702,713,856.31, leading to a decrease in gross margin[42]. - The company reported a significant decrease in income tax expenses by 83.54% to ¥1,185,644.83, mainly due to the impact of the COVID-19 pandemic on profit levels[42]. - The company reported a net loss of CNY 17,063,961.89 for the first half of 2020[162]. Cash Flow and Investments - The net cash flow from operating activities was -¥56,131,776.03, showing a 4.76% improvement from -¥58,934,749.79 in the previous year[18]. - The net cash flow from investing activities improved significantly by 175.99%, reaching ¥28,229,425.84, primarily due to the receipt of equity transfer payments[42]. - Cash flow from financing activities surged by 436.74% to ¥80,308,538.24, attributed to increased borrowings and cash received from sale-leaseback financing[42]. - The net increase in cash and cash equivalents was ¥52,406,544.16, a 143.70% improvement compared to a decrease of ¥119,932,622.89 in the previous year[42]. - The company generated approximately ¥126.37 million in cash inflow from investment activities in the first half of 2020, a significant increase from ¥21.89 million in the same period of 2019[153]. - The total cash outflow from investment activities was approximately ¥98.14 million in the first half of 2020, compared to ¥59.04 million in the same period of 2019[153]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,570,170,896.37, an increase of 12.63% from ¥4,945,626,395.91 at the end of the previous year[18]. - The total liabilities rose to CNY 3,114,872,498.62 from CNY 2,490,258,511.32, reflecting an increase of around 25.0%[137]. - The company's short-term borrowings increased to CNY 1,305,316,020.00, compared to CNY 951,963,900.00 at the end of 2019, which is an increase of approximately 37.3%[136][137]. - The total equity attributable to shareholders was CNY 2,181,201,728.01, slightly up from CNY 2,180,413,213.36, showing a marginal increase of about 0.04%[138]. - The company reported a total of ¥1,068,674,330.21 in restricted assets, primarily due to collateral for loans[55]. Business Operations and Strategy - The company plans not to distribute cash dividends or issue bonus shares for this period[6]. - The company's core dairy business includes buffalo milk, yogurt, and pasteurized fresh milk, covering the entire industry chain from planting to dairy farming, processing, and sales[27]. - The company has established a comprehensive marketing network across Southwest China, with a focus on Guangxi and Yunnan, gradually expanding to surrounding provinces such as Hunan, Guizhou, Guangdong, and Sichuan[27]. - The company is expanding its market presence in new regions such as Hunan, Guizhou, Sichuan, Guangdong, and Hainan, enhancing its competitive advantage[32]. - The company is leveraging digital integration to enhance its competitive edge, utilizing big data and new media for effective consumer interaction[33]. - The company has implemented measures to mitigate the impact of COVID-19, achieving a record high in dairy product sales in June 2020[37]. Research and Development - Research and development expenses rose by 3.31% to ¥15,294,278.20 from ¥14,804,449.61, indicating continued investment in innovation[42]. - The company possesses strong R&D capabilities, including a provincial-level dairy technology research center and multiple patents, leading in water buffalo milk and yogurt technology[31]. Corporate Governance and Compliance - The company faces risks from intensified market competition and management challenges due to business expansion, which it aims to address through improved governance and risk management mechanisms[65][66]. - The company has not undergone any bankruptcy restructuring during the reporting period[77]. - The half-year financial report has not been audited[76]. - There are no significant related party transactions during the reporting period[83]. Social Responsibility and Community Engagement - The company actively participates in poverty alleviation efforts, aligning its initiatives with national policies and leveraging its advantages in agricultural industrialization[100]. - The company has invested a total of CNY 87.68 million in poverty alleviation efforts, including CNY 81.78 million specifically for industrial development projects[102][103]. - A total of 23 individuals from registered impoverished households have been lifted out of poverty through the company's initiatives[102]. Shareholder Information - The number of shareholders at the end of the reporting period was 59,986, with significant shareholders including Huang Jiadi holding 31.40% (263,023,388 shares) and Dongfang Securities holding 6.97% (58,410,000 shares)[116]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[119]. Legal Matters - The company is currently involved in a lawsuit regarding the unfulfilled performance commitments, with the court hearing scheduled for September 2020[78]. - The company reported other litigation matters with a total amount of 38.05 million RMB, which does not meet the threshold for significant litigation disclosure[79].

Financial Performance - The company's operating revenue for Q1 2020 was ¥350,012,820.69, a decrease of 25.10% compared to ¥467,336,959.89 in the same period last year[7]. - The net profit attributable to shareholders was -¥44,417,176.53, representing a decline of 520.55% from ¥10,561,771.40 in the previous year[7]. - The operating profit was reported at CNY -49,572,871.70, compared to a profit of CNY 27,902,500.57 in the same period last year[42]. - The net profit for the quarter was CNY -48,372,455.52, a significant decline from CNY 21,866,881.39 in the previous year[42]. - The company's weighted average return on net assets was -2.06%, a decrease of 2.55 percentage points from the previous year[7]. - Basic and diluted earnings per share were both reported at CNY -0.0530, compared to CNY 0.0126 in the previous year[43]. Cash Flow - The net cash flow from operating activities was -¥80,887,190.51, a decrease of 30.09% compared to -¥62,175,717.54 in the same period last year[7]. - The total cash inflow from operating activities is ¥495,743,789.18, down from ¥662,750,744.71 in the previous period[49]. - The net cash flow from financing activities increased by 372.16% year-on-year, primarily due to an increase in cash received from loans and cash received from sale-leaseback financing leases[17]. - The net cash flow from financing activities is ¥136,302,450.56, improving from -¥50,081,836.79 in the previous period[50]. - The net cash flow from investment activities was -1,663,798.87, resulting in a total net cash flow from investment activities of -222,006,136.24[53]. Assets and Liabilities - Total assets increased by 5.57% to ¥5,221,091,346.44 from ¥4,945,626,395.91 at the end of the previous year[7]. - The company's current assets totaled CNY 2,204,656,593.94, up from CNY 1,938,356,464.83, indicating an increase of about 13.73%[32]. - Total liabilities increased to CNY 2,821,107,347.23 from CNY 2,490,258,511.32, reflecting a growth of about 13.29%[34]. - Short-term borrowings rose to CNY 1,117,336,150.00 from CNY 951,963,900.00, an increase of approximately 17.39%[33]. - The total liabilities were CNY 1,733,990,021.56, down from CNY 1,747,201,043.83, indicating a reduction of 0.8%[38]. Investments - The company's investment income decreased by 1,443.29% year-on-year, primarily due to reduced investment returns from joint ventures[16]. - The company reported an investment loss of CNY -3,523,740.27, compared to a loss of CNY -228,326.17 in the previous year[41]. - The company reported an investment loss of ¥3,480,119.39, contrasting with an investment gain of ¥12,898,636.86 in the previous period[45]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 60,860[11]. - The company's equity attributable to shareholders decreased to CNY 2,135,995,665.13 from CNY 2,180,413,213.36, a decline of about 2.03%[35]. Other Financial Metrics - The company reported a total of ¥8,137,827.55 in non-recurring gains and losses during the reporting period[8]. - Research and development expenses rose to CNY 6,837,390.99, an increase from CNY 5,844,651.27, indicating a growth of 17%[41]. - The company executed new revenue and lease standards starting in 2020, impacting the financial statements[54].

Financial Performance - The company's operating revenue for 2019 was CNY 2,253,248,315.76, a decrease of 3.54% compared to CNY 2,335,911,679.89 in 2018[17] - The net profit attributable to shareholders of the listed company was CNY 48,625,794.16, a significant increase of 107.89% from a loss of CNY 616,199,415.30 in 2018[17] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 3,703,122.37, up 100.59% from a loss of CNY 630,603,017.63 in the previous year[17] - The basic earnings per share for 2019 was CNY 0.0581, compared to a loss of CNY 0.7356 in 2018, reflecting an increase of 107.90%[17] - The total assets at the end of 2019 were CNY 4,945,626,395.91, an increase of 3.47% from CNY 4,779,814,631.63 at the end of 2018[17] - The net assets attributable to shareholders of the listed company were CNY 2,180,413,213.36, up 2.43% from CNY 2,128,672,360.20 at the end of 2018[17] - The company reported a weighted average return on equity of 2.26%, an increase of 27.54 percentage points from -25.28% in 2018[17] - The company achieved a total operating revenue of CNY 2,253,248,315.76 in 2019, a decrease of 3.54% year-on-year[41] - The net profit attributable to shareholders was CNY 4,862.58 million, marking a significant increase of 107.89% year-on-year[41] Cash Flow - The net cash flow from operating activities was CNY 79,361,229.95, a decrease of 15.84% compared to CNY 94,297,679.86 in 2018[17] - The company faced challenges in cash flow, with a net cash flow from operating activities showing fluctuations throughout the year, particularly a significant negative cash flow in the first quarter[21] - The net cash flow from investing activities saw a significant decline of 390.03%, resulting in a net outflow of ¥410,363,094.89, primarily due to reduced cash received from subsidiary transfers[67] - The net cash flow from financing activities increased by 301.19%, reaching ¥260,072,584.47, driven by increased cash from financing activities and reduced cash used for debt repayment[68] - The net increase in cash and cash equivalents improved by 40.25%, totaling -¥70,928,953.03, attributed to increased cash from financing activities and decreased cash used for debt repayment[68] - Cash and cash equivalents at the end of 2019 amounted to ¥569,495,901.37, representing 11.52% of total assets, an increase of 2.23 percentage points from the beginning of the year[72] Business Segments - The dairy and food segment generated revenue of CNY 1,520,328,824.94, reflecting a growth of 11.74% compared to the previous year[47] - The information services and engineering segment saw a revenue increase of 28.33%, reaching CNY 512,175,286.66[47] - The company’s gross profit margin for the dairy and food segment was 29.35%, while the information services segment had a gross profit margin of 26.39%[50] - The company’s core products, including water buffalo milk and yogurt, have shown outstanding performance, contributing to brand recognition in the southwestern region of China[37] Research and Development - The company has a strong R&D capability, with a provincial-level dairy technology research center and multiple patents in dairy product technology[36] - Research and development expenses increased by 62.75% to 58,960,783.80 CNY in 2019, up from 36,227,669.73 CNY in 2018, representing 2.62% of operating revenue[65] - The company has established a provincial-level dairy technology research center and a national dairy processing technology R&D center, enhancing its competitive advantage in product development[63] Market Expansion and Strategy - The company is expanding its market presence in new regions such as Hunan, Guizhou, Sichuan, Guangdong, and Hainan, enhancing its competitive advantage[37] - The company is actively seeking innovation and market optimization to maintain healthy growth in its dairy segment[31] - The company plans to accelerate the construction of two smart factories in Yunnan and Guizhou to consolidate its industry position in core regions[88] - The company aims to strengthen its core dairy business and enhance online and offline sales channels, with a goal of becoming the leading dairy enterprise in Southwest China[88] Corporate Governance and Compliance - The company has maintained a stable board composition, with no changes in the number of shares held by directors and supervisors during the reporting period[179] - The governance structure complies with the requirements set by the China Securities Regulatory Commission and the Shenzhen Stock Exchange[198] - The company has not faced any major accounting errors requiring retrospective restatement during the reporting period[115] - The company has not encountered any bankruptcy reorganization matters during the reporting period[119] Social Responsibility and Community Engagement - The company received the title of "2019 China Dairy Industry Social Responsibility Model Enterprise" for its achievements in quality management, technological innovation, and environmental protection[141] - The company initiated a poverty alleviation project in Yunnan, involving the breeding of 10,000 dairy cows and the cultivation of 100,000 acres of forage, benefiting 46 impoverished villages and 520 registered poor households[146] - The company invested CNY 371.80 million in poverty alleviation efforts during the reporting period[148] - The company plans to enhance its focus on precise poverty alleviation and increase investments in industrial and educational poverty alleviation initiatives[151] Shareholder Information - The company emphasizes shareholder rights protection and has implemented a stable cash dividend policy to ensure continuous profit growth for investors[141] - The company distributed a cash dividend of 0.1 RMB per 10 shares, totaling 8,376,400.35 RMB, which accounted for 17.23% of the net profit attributable to ordinary shareholders[104] - The company did not distribute any cash dividends in 2018, reflecting a net loss of 616,199,415.30 RMB[104] Future Outlook - The company has set a future outlook with a revenue target of 1.8 billion yuan for the next fiscal year, indicating a growth forecast of 20%[186] - The management has outlined a new strategy focusing on sustainability, aiming to reduce carbon emissions by 25% over the next five years[186] - The company plans to increase its marketing budget by 50% to enhance brand visibility and customer engagement[186]

Financial Performance - Operating revenue for the reporting period was ¥597,106,286.88, a decrease of 2.89% year-on-year[8] - Net profit attributable to shareholders was ¥5,304,452.55, down 81.33% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥934,584.76, a decrease of 96.49% year-on-year[8] - The weighted average return on net assets was 0.25%, a decrease of 0.81 percentage points compared to the previous year[8] - Total operating revenue for Q3 2019 was CNY 597,106,286.88, a decrease of 2.8% compared to CNY 614,879,361.56 in the same period last year[43] - The net profit for the third quarter was 13,617,091 CNY, down 63.1% from 36,846,790 CNY year-over-year[48] - The company's total profit for the third quarter was 16,488,170 CNY, a decline of 58.8% from 39,943,905 CNY in the previous year[46] - The basic and diluted earnings per share for the third quarter were both 0.0063 CNY, down from 0.0339 CNY in the same quarter last year[45] - The total comprehensive income for the third quarter was 13,616,719 CNY, a decrease of 63.1% from 36,846,632 CNY year-over-year[45] Cash Flow - Cash flow from operating activities showed a net outflow of ¥17,549,792.30, a decline of 195.53% compared to the previous year[8] - Cash flow from investment activities decreased by 36.23% year-on-year, mainly due to a reduction in cash received from the disposal of subsidiaries and other business units.[21] - Cash flow from financing activities increased by 178.76% year-on-year, attributed to a decrease in cash paid for debt repayment during the reporting period.[21] - Net increase in cash and cash equivalents grew by 64.88% year-on-year, primarily due to reduced cash outflows for debt repayment.[21] - The cash flow from operating activities for the current period was CNY 1,945,103,864.10, an increase from CNY 1,642,592,592.56 in the previous year[58] - The net cash flow from operating activities was -76,484,542.09 CNY, compared to -85,062,442.60 CNY in the previous period, indicating a slight improvement[59] - Total cash inflow from operating activities reached 2,055,556,663.77 CNY, up from 1,779,810,221.07 CNY year-over-year[59] - Cash outflow from operating activities totaled 2,132,041,205.86 CNY, compared to 1,864,872,663.67 CNY in the previous period[59] - The net cash flow from investment activities was -70,045,248.10 CNY, compared to -51,415,930.64 CNY in the previous period[60] - The net cash flow from financing activities was 68,189,469.93 CNY, a recovery from -86,581,282.91 CNY in the previous period[60] Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,945,796,158.35, an increase of 3.47% compared to the end of the previous year[8] - Current assets totaled CNY 2,811,830,945.67, up from CNY 2,675,128,003.66 at the end of 2018, reflecting a growth of approximately 5.1%[35] - Total liabilities increased to CNY 1,935,830,472.94 from CNY 1,403,998,573.69 year-over-year[41] - The equity attributable to the parent company was CNY 1,810,437,569.51, down from CNY 1,862,552,250.32 in the previous year[42] - Total assets amounted to CNY 4,779,814,631.63, with current assets at CNY 2,675,128,003.66 and non-current assets at CNY 2,104,686,627.97[67] - Total liabilities reached CNY 2,395,015,036.07, with current liabilities at CNY 1,455,431,246.32 and non-current liabilities at CNY 939,583,789.75[69] - Owner's equity totaled CNY 1,862,552,250.32, with a negative retained earnings of CNY -342,941,870.93[73] Investments and Expenses - R&D expenses increased by 81.36% year-on-year due to the consolidation of Zhejiang Zhuwang Technology Co., Ltd.[18] - Other income rose by 490.20% year-on-year, primarily due to an increase in government subsidies received during the reporting period.[18] - Investment income grew by 108.11% year-on-year, as there were no investment losses from the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd. during this period.[18] - Non-operating income increased by 80.57% year-on-year, mainly from government subsidies and other non-operating income received.[19] - Non-operating expenses surged by 597.86% year-on-year, primarily due to increased donation expenses and other non-operating expenditures.[19] - Income tax expenses rose by 88.84% year-on-year, mainly due to a decrease in deferred income tax assets recognized by the parent company.[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,678[12] - The company has no reported violations regarding external guarantees during the reporting period[27] - There were no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[28] - The company did not engage in any entrusted financial management during the reporting period[29] Miscellaneous - The company established a joint investment fund with a total subscribed capital of RMB 121.5 million, focusing on the dairy, smart information, and cultural industries.[23] - The company is implementing new financial instrument standards effective from January 1, 2019, which may affect financial reporting[74] - The report was released on October 26, 2019, by Chairman Huang Jiadi[75] - The company did not conduct an audit for the third quarter report[75]