Financial Performance - The company's operating revenue for 2021 was ¥2,568,690,730.34, an increase of 3.15% compared to ¥2,490,168,717.50 in 2020[24]. - The net profit attributable to shareholders was a loss of ¥471,871,670.86, representing a decrease of 244.01% from a loss of ¥136,198,564.49 in 2020[24]. - The basic earnings per share for 2021 was -¥0.5633, a decline of 243.89% from -¥0.1626 in 2020[25]. - The net profit attributable to shareholders for Q4 2021 was a loss of approximately ¥489.87 million, while the total net profit for the year was negative, indicating ongoing financial challenges[31]. - The company reported a non-recurring profit of approximately ¥48.29 million for 2021, down from ¥55.21 million in 2020, reflecting a decrease of about 12.5%[32]. - The company reported a net loss attributable to shareholders of CNY 51,543,692.95 in Q4 2021, compared to a profit of CNY 4,101,929.68 in Q4 2020[80]. - The company reported a significant impact from the pandemic on its sales channels and the cost of raising water buffaloes[136]. Cash Flow and Investments - The net cash flow from operating activities was ¥266,229,464.68, a significant increase of 692.80% compared to a negative cash flow of ¥44,910,411.54 in 2020[25]. - The net cash flow from investing activities decreased by 157.17% year-on-year, mainly due to cash received from equity investments in the previous year[107]. - The net cash flow from financing activities decreased by 139.75% year-on-year, primarily due to cash payments for maturing medium-term notes[108]. - The total investment amount for the reporting period was 59.12 million, a decrease of 68.34% compared to the previous year's investment of 186.73 million[121]. - The company reported an investment loss of 65.33 million, accounting for 14.04% of total profit, primarily due to losses from joint ventures[111]. Revenue Breakdown - The company's revenue from the distribution model in 2021 was approximately ¥1.69 billion, representing a year-on-year increase of 26.87%[49]. - The revenue from the direct sales model in 2021 was approximately ¥379.88 million, with an 18.92% year-on-year growth[49]. - The revenue from low-temperature milk reached approximately ¥840.81 million in 2021, an increase of 11.70% compared to 2020[51]. - The revenue from ambient milk surged to approximately ¥801.05 million, marking a significant 43.88% increase year-on-year[51]. - The revenue from low-temperature milk increased by 12.09% to CNY 974,842,562.30, while the revenue from ambient milk surged by 38.08% to CNY 1,037,761,082.99[82]. Market Expansion and Strategy - The company aims to expand its market reach beyond its core regions to other areas in China, including the Yangtze River Delta and Greater Bay Area[39]. - The company is actively expanding its market network through a combination of direct sales, distribution, and e-commerce channels[48]. - The company plans to continue expanding its product offerings and market presence to drive future growth[78]. - The company aims to become a "billion-level dairy enterprise" by focusing on the sales growth of water buffalo milk products and expanding into key markets in Central, East, and South China[129]. - The company is planning to develop new products and technologies to strengthen its market position[137]. Operational Efficiency and R&D - The company has established a unique probiotic strain resource bank, which is the first of its kind in the domestic dairy industry[65]. - The company is leveraging technological innovation through the Huangshi Research Institute to develop high-tech dairy products, including those incorporating hyaluronic acid and probiotics[73]. - The company completed several key R&D projects aimed at improving production efficiency and product quality, including high-performance heat recovery technology and multi-strain symbiotic fermentation technology[100]. - The company is focusing on the development of children's milk enriched with DHA and ARA, essential for child development[102]. - The company is exploring partnerships with tech firms to integrate AI in production processes, aiming for a 20% increase in operational efficiency[162]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[3]. - The company has a complete and independent accounting system and financial management policies, ensuring compliance with tax obligations[145]. - The company has implemented risk prevention mechanisms to enhance sustainable development[141]. - The company has no significant discrepancies with the regulations set by the China Securities Regulatory Commission regarding corporate governance[141]. - The company is committed to continuous training for its board members and management to improve compliance awareness[196]. Challenges and Risks - The company has faced uncertainties regarding its ability to continue as a going concern, as indicated by the negative net profits over the last three years[26]. - The company faces risks from the ongoing COVID-19 pandemic, which has affected costs and logistics, and will maintain strict pandemic prevention measures[133]. - The company is addressing management risks associated with its growing scale by improving strategic planning and internal control processes[134]. - The company has faced regulatory challenges, including warnings from the China Securities Regulatory Commission regarding information disclosure and accounting practices[165]. Employee and Management Changes - The company experienced a leadership change with the resignation of several key executives, including the president and vice president, effective January 3, 2022[152]. - The total number of employees at the end of the reporting period is 2,782, with 1,060 in sales and 1,055 in production[184]. - The company has established a compensation system based on employee positions, linking corporate performance and individual performance closely[186]. - The company reported a total pre-tax remuneration of 273.99 million CNY for its directors, supervisors, and senior management in 2021[169].

Financial Performance - The company's operating revenue for 2021 was ¥2,568,690,730.34, representing a 3.15% increase compared to ¥2,490,168,717.50 in 2020[24] - The net profit attributable to shareholders was -¥471,871,670.86, a decrease of 244.01% from -¥136,198,564.49 in the previous year[24] - The net cash flow from operating activities was ¥266,229,464.68, a significant increase of 692.80% compared to -¥44,910,411.54 in 2020[25] - The total assets at the end of 2021 were ¥5,422,846,087.95, a decrease of 10.47% from ¥6,058,748,582.89 in 2020[25] - The net assets attributable to shareholders decreased by 23.34% to ¥1,559,474,711.85 from ¥2,035,841,171.75 in 2020[25] - The basic earnings per share for 2021 was -¥0.5633, down 243.89% from -¥0.1626 in 2020[25] - The company reported a significant increase in non-operating income, with government subsidies amounting to approximately ¥30.92 million in 2021, down from ¥41.15 million in 2020[32] - The net profit attributable to shareholders for Q4 2021 was a loss of approximately ¥489.87 million, while the total net profit for the year was negative, reflecting ongoing financial challenges[31] Revenue Breakdown - The company's revenue from the distribution model reached ¥1,689,791,707.29 in 2021, representing a year-on-year increase of 26.87%[49] - The revenue from direct sales was ¥379,877,784.56, showing an 18.92% increase compared to 2020[49] - The revenue from low-temperature milk was ¥840,806,923.18, with an 11.70% year-on-year growth[51] - The revenue from ambient milk surged to ¥801,047,770.77, marking a significant increase of 43.88%[51] - The company reported a decrease in gross margin for the distribution model to 20.54%, down by 1.67 percentage points from the previous year[49] - The gross margin for low-temperature milk decreased to 26.43%, a reduction of 0.21 percentage points[51] - The gross margin for ambient milk fell to 14.85%, down by 2.15 percentage points compared to 2020[51] Market Expansion and Strategy - The company is implementing a "water buffalo genetic chip" strategy to enhance milk production, aiming to reduce the breeding cycle from 12 years to 3-4 years, potentially tripling the milk yield per buffalo[38] - The company has established five major production and sales bases across several provinces, including Guangxi and Yunnan, and is expanding its market reach to other regions such as the Yangtze River Delta and Greater Bay Area[39] - The average per capita consumption of dairy products in China was reported at 38.3 kg in 2021, which is still only one-third of the global average, indicating significant growth potential in the market[37] - The company aims to expand its market presence and enhance its product offerings in response to the evolving digital communication landscape[44] - The company operates a comprehensive sales model combining direct sales, distribution, and e-commerce to enhance market reach[48] - The company is focusing on expanding its sales channels, particularly in core markets like Guangxi and Yunnan, and has increased its e-commerce presence, leading to a 5% growth in distribution sales[73] Research and Development - The company has established a unique probiotic strain resource library, which is the first of its kind built by a dairy enterprise in China[66] - The company is investing in the Baima probiotic project to capitalize on local health resources, aiming to create a "Baima + probiotics" health industry[74] - The company is focusing on the development of low-fat milk with a fat content below 1.5%, utilizing ultra-high temperature sterilization technology[105] - New product development includes a children's milk enriched with DHA and ARA, essential nutrients for brain and retinal development[105] - The company is enhancing its product range with low-sugar fermented dairy products, aiming to reduce sugar dependency in yogurt[104] - The company has completed research on the fermentation process using A6 bifidobacteria, improving the quality and health benefits of dairy products[104] Operational Efficiency and Cost Management - The total operating costs for 2021 were approximately ¥2.04 billion, reflecting a 3.19% increase from the previous year[89] - Sales expenses increased by 37.61% year-on-year to ¥271,461,075.04, primarily due to expanded sales scale and increased marketing costs[99] - Financial expenses rose by 62.47% year-on-year to ¥115,233,505.83, primarily due to a decrease in interest income[99] - The company aims to reduce operational costs by 15% through digital transformation initiatives in the next fiscal year[163] - The company is investing 100 million yuan in technology upgrades to improve operational efficiency and reduce costs by 15%[162] Corporate Governance and Management - The company has established a three-year corporate governance action plan starting in 2022, focusing on optimizing organizational structure and internal management systems[144] - The company maintains independence from its controlling shareholders in terms of assets, personnel, finance, institutions, and business operations[145] - The company has a well-established corporate governance structure, with independent operation of the shareholders' meeting, board of directors, and supervisory board[149] - The company has implemented a collective decision-making process for determining the remuneration of its directors and senior management[168] - The company received regulatory measures from the China Securities Regulatory Commission, requiring rectification of disclosure issues[199] Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 25% driven by new product launches and market expansion strategies[162] - The company is optimistic about future growth prospects, projecting an increase in revenue driven by new product launches and market expansion[140] - The company aims to achieve a total dairy product sales volume exceeding 260,000 tons in 2021, representing a year-on-year growth target of 20%[180] - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share within the next three years[162] Employee and Stakeholder Engagement - The total number of employees at the end of the reporting period was 2,782, with 2,780 employees receiving salaries[184] - The company has established a compensation system based on job positions, linking employee performance closely with salary distribution[186] - The company launched an online learning platform "Huangshi Academy" to enhance employee skills and efficiency[187] - The company has no plans for stock incentive programs or employee stock ownership plans during the reporting period[189] Challenges and Risks - The company is facing uncertainties regarding its ability to continue as a going concern, as indicated by the negative net profit figures over the past three years[26] - The company faces risks from the ongoing COVID-19 pandemic, which has affected costs and logistics, and is implementing measures to ensure orderly operations[136] - The company is addressing management risks associated with its expanding scale by improving internal control and management processes[137]

Financial Performance - The company's operating revenue for 2021 was ¥2,568,690,730, representing a 3.15% increase compared to ¥2,490,168,717 in 2020[24]. - The net profit attributable to shareholders was -¥471,871,670.8, a significant decline of 244.01% from -¥136,198,564.4 in the previous year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥520,162,275.6, a decrease of 170.38% compared to -¥191,411,651.0 in 2020[24]. - The net cash flow from operating activities improved to ¥266,229,464.68, a substantial increase of 692.80% from -¥44,910,411.54 in 2020[24]. - The basic earnings per share were -¥0.5633, reflecting a decline of 243.89% from -¥0.1626 in the previous year[24]. - The diluted earnings per share for the year were -0.5633 CNY, a decrease of 243.89% compared to the previous year[26]. - The total assets at the end of 2021 were 5,422,846,087.95 CNY, representing a decrease of 10.47% from the previous year[26]. - The net assets attributable to shareholders decreased by 23.34% to 1,559,474,711.8 CNY compared to the previous year[26]. - The company reported a net cash decrease of ¥464,633,817.51, a significant decline of 197.87% compared to an increase of ¥474,769,856.00 in the previous year[106]. - The company’s net profit for the year was reported at -¥44,842,420.00, reflecting significant losses attributed to asset impairment and investment losses[107]. Revenue Breakdown - Total revenue for 2021 reached ¥2,568,690,730.34, representing a year-on-year increase of 3.15% compared to ¥2,490,168,717.50 in 2020[75]. - Revenue from dairy and food products accounted for 80.57% of total revenue, increasing by 25.33% year-on-year to ¥2,069,669,491.85[76]. - Revenue from information services decreased by 36.05% year-on-year to ¥335,054,343.57, representing 13.04% of total revenue[76]. - The company’s revenue from low-temperature milk reached ¥840,806,923.18, an increase of 11.70% compared to the previous period[50]. - Revenue from room-temperature milk surged to ¥801,047,770.77, marking a significant growth of 43.88% year-over-year[50]. - The revenue from other beverages and food products increased by 114.09%, totaling ¥47,937,013.34[50]. - The company's sales revenue in the dairy sector reached a new high since its listing, with a year-on-year growth of 25.33%[66]. Market and Product Strategy - The company is focusing on digital and intelligent transformation to adapt to changing consumer demands in the dairy market[37]. - The company is expanding its market presence beyond its core regions of Guangxi and Yunnan to other areas such as the Yangtze River Delta and Greater Bay Area[39]. - The company is actively exploring new customer resources and enhancing its product services and technology to mitigate industry risks[43]. - The company is implementing a "water buffalo genetic chip" strategy to improve the breeding cycle from 12 years to 3-4 years, aiming to triple the milk yield per buffalo[38]. - The company is focusing on innovative product development, combining water buffalo milk with ingredients like hyaluronic acid and collagen peptides[71]. - The company plans to introduce Pakistani water buffalo breeds to enhance its water buffalo industry[61]. - The company aims to capture the domestic functional dairy market through differentiated and refined product strategies[99]. Operational Efficiency and Cost Management - The company has launched new automated production lines and processing bases, achieving domestic leading levels in automation and production efficiency[68]. - The company has completed the development of a high-performance heat recovery system, aimed at reducing production costs and improving resource utilization[98]. - The main business cost for dairy products and food was CNY 1,625,222,485, accounting for 79.68% of total operating costs, representing a year-on-year increase of 27.62%[85]. - The total operating costs amounted to CNY 2,039,684,279, which is a 3.19% increase compared to CNY 1,976,700,604 in the previous year[85]. - The company is investing in new technology for production efficiency, aiming to reduce operational costs by 5% in the upcoming fiscal year[135]. Governance and Management - The company has a complete governance structure with independent operation of the shareholders' meeting, board of directors, and supervisory board[145]. - The company operates independently from its controlling shareholders in terms of assets, personnel, finance, institutions, and business, ensuring a complete and independent business system[141]. - The company has established a three-year corporate governance action plan starting in 2022, focusing on optimizing organizational structure and internal management systems[140]. - The company has faced administrative regulatory measures due to governance issues, highlighting the need for improved compliance practices[168]. - The company underwent a board and supervisory committee election on January 28, 2022, resulting in several key personnel changes, including the departure of the CEO and CFO[173]. Future Outlook - The company provided a positive outlook for 2022, projecting a revenue growth of 10% to 12% driven by new product launches and market expansion strategies[135]. - The company plans to continue expanding its market presence and developing new products to enhance revenue streams[76]. - Future strategies include diversifying product offerings to include plant-based alternatives, responding to market trends and consumer preferences[136]. - The company is exploring potential mergers and acquisitions to strengthen its market position, with a budget of 500 million yuan allocated for this purpose in 2022[161]. - The company aims to enhance its supply chain logistics, which is expected to decrease delivery times by 15%[135].

Financial Performance - The company's operating revenue for Q1 2022 was ¥564,794,721.22, a decrease of 6.09% compared to ¥601,432,679.90 in the same period last year[3]. - Net profit attributable to shareholders increased significantly to ¥76,424,672.34, up 1,387.70% from ¥5,137,107.53 year-on-year[3]. - Net profit for Q1 2022 reached ¥75,958,732.29, significantly higher than ¥14,594,931.86 in Q1 2021, marking a year-over-year increase of 419.5%[23]. - Earnings per share (EPS) for Q1 2022 was ¥0.0912, compared to ¥0.0061 in the previous year[24]. - Total operating costs increased to ¥609,573,719.48, up 3.9% from ¥589,421,234.65 year-over-year[22]. Cash Flow - The net cash flow from operating activities was negative at -¥2,887,611.37, a decline of 105.43% compared to ¥53,225,385.60 in the previous year[3]. - Cash flow from operating activities showed a net outflow of ¥2,887,611.37, a decline from a net inflow of ¥53,225,385.60 in Q1 2021[27]. - The net cash flow from investing activities was -180,666,147.67 CNY, compared to -94,266,248.58 CNY in the previous year[28]. - The total cash inflow from financing activities was 907,183,332.78 CNY, up from 417,120,981.79 CNY year-over-year[28]. - The net cash flow from financing activities was 384,636,558.48 CNY, a significant improvement from -495,192,728.49 CNY in the same period last year[28]. - The company reported a net increase in cash and cash equivalents of 201,082,706.24 CNY, contrasting with a decrease of 536,233,552.23 CNY in the prior year[28]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥5,884,116,893.60, reflecting an increase of 8.51% from ¥5,422,846,087.95 at the end of the previous year[4]. - The total liabilities amounted to ¥3,722,981,076.19, an increase from ¥3,575,640,936.48 year-over-year[21]. - The company's total liabilities increased significantly, with long-term borrowings rising by 39.62% due to new long-term loans obtained during the reporting period[7]. - The company's short-term borrowings decreased to RMB 1.285 billion from RMB 1.379 billion, a reduction of approximately 6.8%[20]. - The company’s total liabilities decreased to RMB 2.242 billion from RMB 2.316 billion, a decline of approximately 3.2%[20]. Investment and Equity - The company reported a 224.44% increase in investment income, primarily due to the transfer of equity in Yunnan Laisier Logistics Co., Ltd.[9]. - The company transferred 20% equity stakes in its subsidiaries to strategic investor Junlebao Dairy Group for a total price of RMB 200 million, reducing its ownership in both subsidiaries from 52.8996% to 32.8996%[15]. - The company acquired a 17.2% stake in Zhijiang Technology for RMB 79.8833 million, completing the acquisition on March 11, 2022[16]. - The total equity attributable to shareholders of the parent company was ¥1,737,341,662.93, up from ¥1,559,474,711.85 in the previous year[21]. Research and Development - Research and development expenses surged by 118.95% year-on-year, indicating increased investment in new dairy product development[9]. - Research and development expenses increased to ¥18,111,358.47, up 118.5% from ¥8,271,775.43 in the previous year[23]. Taxation - The company experienced a 32.65% increase in taxes and surcharges, mainly due to higher property and land use taxes[9]. Cash and Equivalents - The company's cash and cash equivalents increased to RMB 787.87 million from RMB 707.71 million, reflecting a growth of about 11.3%[19]. - The cash and cash equivalents at the end of the period increased to 468,367,095.69 CNY, compared to 195,684,654.73 CNY at the end of the previous year[28]. - The company had a beginning cash balance of 267,284,389.45 CNY at the start of the period[28].

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]