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]

Financial Performance - The company's operating revenue for the first half of 2019 was approximately ¥983.40 million, a decrease of 1.66% compared to ¥999.96 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was approximately ¥14.83 million, a significant increase of 120.44% compared to a loss of ¥72.58 million in the previous year[18]. - The net cash flow from operating activities was approximately -¥58.93 million, an improvement of 43.02% from -¥103.43 million in the same period last year[18]. - The basic earnings per share increased to ¥0.0177 from a loss of ¥0.0866, marking a 120.44% improvement[18]. - The company's operating revenue for the reporting period was approximately ¥983.40 million, a decrease of 1.66% compared to ¥999.96 million in the same period last year[39]. - The company's operating costs decreased by 2.38% to ¥702.71 million, compared to ¥719.88 million in the previous year[39]. - The company's financial expenses decreased by 17.69% to ¥47.80 million, down from ¥58.08 million in the previous year[39]. - The company's income tax expense increased by 221.89% to ¥7.20 million, primarily due to a decrease in deferred tax assets[39]. - The company reported a net loss of CNY 8,376,400 for the first half of 2019, compared to a loss of CNY 4,199,873 in the same period of 2018, indicating a worsening performance year-over-year[160]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥4.80 billion, an increase of 0.48% from ¥4.78 billion at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were approximately ¥2.14 billion, up 0.70% from ¥2.13 billion at the end of the previous year[18]. - Cash and cash equivalents decreased by 5.46 percentage points to 7.75% of total assets, amounting to ¥371,982,459.20[50]. - Short-term borrowings increased significantly, accounting for 14.19% of total liabilities, up from 8.93% in the previous year[50]. - The company's total assets increased to CNY 3,680.20 million as of June 30, 2019, compared to CNY 3,266.55 million at the end of 2018[141]. - Total liabilities decreased to CNY 2,385.68 million in the first half of 2019 from CNY 2,395.02 million in the previous year[136]. - The total equity at the end of the reporting period was 2,417 million, reflecting an increase from the previous period[158]. - The total liabilities and equity at the end of the reporting period were 2,417 million, indicating a balanced financial position[158]. Revenue Breakdown - Revenue from dairy products and food increased by 8.94% to ¥712,583,552.24, accounting for 72.46% of total revenue[41]. - Revenue from information services surged by 79.35% to ¥211,228,884.37, driven by the consolidation of Zhuwang Technology[44]. - Revenue from film production and advertising media plummeted by 94.11% to ¥9,434,350.30 due to the transfer of 100% equity in Shengshi Jiaoyang and industry adjustments[44]. - The Southwest region contributed ¥713,565,268.79, representing 72.56% of total revenue, with a growth of 4.45% compared to the previous year[41]. Investment and R&D - The company's research and development investment increased by 65.71% to ¥14.80 million, primarily due to the consolidation of Zhuwang Technology in the reporting period[39]. - The total investment amount for the reporting period reached ¥297,857,000, representing a significant increase of 265.47% compared to ¥81,500,000 in the same period last year[56]. Market Expansion and Business Strategy - The company plans to strengthen its market position and expand its business footprint in surrounding provinces such as Hunan, Guizhou, Guangdong, and Sichuan[25]. - The company plans to expand its market presence in new regions including Hunan, Guizhou, Sichuan, Guangdong, and Hainan, while maintaining its competitive advantage in the Southwest region[32]. - The company established Huanshi Digital Co., Ltd. to enhance its information business, focusing on SMS, customer service, and e-commerce[35]. Corporate Governance and Compliance - The company has not engaged in any securities or derivative investments during the reporting period[60][61]. - The company has not experienced any penalties or rectification requirements during the reporting period[87]. - The company has not undergone any bankruptcy reorganization during the reporting period[83]. - The company has not had any media controversies during the reporting period[86]. - The company has made commitments to avoid competition with its own subsidiaries and to comply with relevant regulations regarding related party transactions[79]. Social Responsibility and Community Engagement - The company actively participated in poverty alleviation efforts, donating CNY 100,000 and a batch of milk products to impoverished communities[105]. - The company invested CNY 171 million in poverty alleviation initiatives, helping 148 registered impoverished individuals to escape poverty[106]. - The dairy farming poverty alleviation project in Yunnan is expected to support 600 registered impoverished households and over 20,000 farmers[105]. - The company plans to continue its targeted poverty alleviation efforts in the second half of 2019, focusing on enhancing the self-development capabilities of impoverished individuals and promoting income growth[108]. Shareholder Information - The total number of shares is 837,640,035, with 37.92% being restricted shares and 62.08% being unrestricted shares[113]. - The company’s major shareholder, Huang Jiadi, holds 31.40% of the shares, amounting to 263,023,388 shares, with a portion being pledged[118]. - The company has not conducted any major asset or equity acquisitions or sales during the reporting period[90]. Legal Matters - The company has initiated legal proceedings against Xu Leilei for the unfulfilled performance commitments, with the case currently in the second instance[84]. - The company has received a court ruling requiring Xu Leilei and Kong Xiao to pay a total of 67.53 million yuan in compensation[84].

证券代码：002329 证券简称：皇氏集团 公告编号：2019–035 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、上证所信息网络有限公司、深圳市全景网络 有限公司共同举办的"2019 年广西地区上市公司投资者网上集体接待日活动"， 现将有关事项公告如下： 本次集体接待日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·路演天下"网站（http://rs.p5w.net）或关注微信公众号：全 景网路演天下（微信号：qj_lytx）参与公司本次投资者集体接待日活动，活动时 间为 2019 年 5 月 28 日（星期二）14:00 至 17:00。 届时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、财务负责 人康婷女士将通过网络在线问答互动的形式，与投资者就公司治理、发展经营情 况、融资情况和可持续发展等投资者关注的问题进行交流。期间，公司高管将全 程在线，通过全景 ...

Financial Performance - The company's operating revenue for 2018 was ¥2,335,911,679.89, a decrease of 1.30% compared to ¥2,366,753,868.96 in 2017[17] - The net profit attributable to shareholders was -¥616,199,415.30, representing a significant decline of 1,186.01% from a profit of ¥56,740,002.18 in the previous year[17] - The net cash flow from operating activities was ¥94,297,679.86, down 84.59% from ¥612,025,026.56 in 2017[17] - The total assets at the end of 2018 were ¥4,779,814,631.63, a decrease of 14.87% from ¥5,614,956,627.75 in 2017[17] - The net assets attributable to shareholders decreased by 22.60% to ¥2,128,672,360.20 from ¥2,750,193,721.53 in 2017[17] - The basic earnings per share for 2018 was -¥0.7356, a decline of 1,186.56% compared to ¥0.0677 in 2017[17] - The weighted average return on equity was -25.28%, a decrease of 27.35 percentage points from 2.07% in 2017[17] - The company reported a quarterly revenue increase, with Q4 revenue reaching ¥721,070,929.84, the highest for the year[21] - The company faced continuous losses over the past two years, indicating ongoing financial challenges[18] - The company's total revenue for 2018 was approximately CNY 2.34 billion, a decrease of 1.30% compared to 2017[48] Business Segments - The core business includes dairy products, information services, and film production, with a focus on buffalo milk, yogurt, and pasteurized fresh milk[27] - The dairy segment has expanded its market presence in Southwest China, with a comprehensive marketing network that includes distributors, supermarkets, and e-commerce channels[27] - The information services segment has shown steady growth, particularly in SMS and call center services, supported by strong technical capabilities and a large data foundation[28] - The film production segment faced significant challenges in 2018, with a notable decline in performance due to increased market competition and regulatory changes[31] - Revenue from dairy products and food reached CNY 1.36 billion, accounting for 58.25% of total revenue, with an increase of 11.58% year-on-year[48] - The information services segment saw significant growth, with revenue of CNY 399.1 million, up 78.50% from the previous year[48] - The company reported a fixed asset increase of ¥229.09 million due to construction and equipment completion in its dairy operations[33] - The film and television production segment experienced a significant decline, with revenue dropping by 59.56% to CNY 302.8 million due to market environment changes[48] Strategic Initiatives - The company aims to strengthen its regional market position and enhance marketing efforts to ensure steady growth in dairy product sales[29] - The dairy industry in China is experiencing a shift towards quality upgrades and innovation, providing opportunities for the company to expand its product offerings[30] - The company has established a provincial-level dairy technology research center and holds several patents, positioning itself as a leader in dairy product R&D in China[36] - The company completed the acquisition of Zhuwang Technology, enhancing its information services capabilities and industry influence[43] - The company plans to expand its market presence through strategic acquisitions and partnerships in the dairy sector[77] - The company is focusing on new product development and technological advancements in its dairy processing operations[77] Financial Management - The total operating costs increased by 8.68% to ¥1,683,601,940.70, with the dairy and food segment accounting for 56.32% of total costs[54] - Research and development expenses rose by 99.42% to ¥36,227,669.73, primarily due to the consolidation of Zhuwang Technology[61] - The company has committed to performance and compensation promises related to its subsidiaries, ensuring that net profits meet specified targets for the years 2015 to 2017[102] - The company reported a cash compensation of CNY 67.53 million due to unmet performance commitments from a related party[105] - The company has engaged Zhongxi Accounting Firm for auditing services, with a fee of CNY 1.2 million for the year[110] Shareholder and Governance - The company has a clear profit distribution policy, which includes cash dividends and conditions for distribution as outlined in its articles of association[96] - The independent directors have fulfilled their responsibilities in the decision-making process regarding the cash dividend policy[97] - The company ensures that minority shareholders have opportunities to express their opinions and that their legal rights are protected[97] - The company has not reported any significant changes in shareholding for independent directors during the reporting period, indicating stability in governance[162] - The company’s governance structure includes independent directors, ensuring accountability and transparency in its operations[173] Social Responsibility - The company actively fulfills its social responsibilities, focusing on sustainable development and stakeholder interests[131] - The company participates in public welfare initiatives, including energy conservation and environmental protection efforts[133] - The company has implemented targeted poverty alleviation projects, including infrastructure improvements and educational support in impoverished areas[135][137] - The company invested a total of 327.1 million yuan in poverty alleviation efforts, with 148 individuals lifted out of poverty[138] - The company plans to enhance its focus on industry and education poverty alleviation to improve self-sustainability in future initiatives[140]

Financial Performance - The company's operating revenue for Q1 2019 was CNY 467,336,959.89, representing a 4.04% increase compared to CNY 449,199,243.31 in the same period last year[7]. - Net profit attributable to shareholders was CNY 10,561,771.40, up 10.87% from CNY 9,526,207.00 year-on-year[7]. - The net profit after deducting non-recurring gains and losses decreased by 76.89% to CNY 1,020,458.82 from CNY 4,415,141.30 in the previous year[7]. - The company's net profit for Q1 2019 showed a loss of CNY 349,060,506.62, compared to a loss of CNY 342,941,870.93 in Q1 2018[37]. - The company's operating profit for Q1 2019 was CNY 27,902,500.57, an increase from CNY 11,598,515.96 in the previous period, representing a growth of approximately 140.5%[39]. - The net profit for Q1 2019 reached CNY 21,866,881.39, compared to CNY 13,834,882.75 in the same period last year, indicating a year-over-year increase of about 58.5%[39]. - The total comprehensive income for the period was CNY 21,867,141.32, up from CNY 13,835,957.25, reflecting a growth of approximately 58.5%[40]. - The company's total revenue for the period was CNY 27,621,683.63, with a cost of sales amounting to CNY 24,424,522.88, resulting in a gross profit margin of approximately 7.9%[42]. - The company reported a total profit of CNY 27,736,679.43 for the period, up from CNY 15,377,921.60, reflecting a growth of about 80.5%[39]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at CNY -62,175,717.54, a decline of 53.95% compared to CNY -40,386,314.43 in the same period last year[7]. - Cash flow from operating activities decreased by 53.95% year-on-year, mainly due to increased cash payments for goods and services[17]. - The cash flow from operating activities was CNY 640,620,937.84, compared to CNY 420,793,115.40 in the previous period, showing an increase of approximately 52.2%[45]. - Total cash inflow from operating activities was 662,750,744.71 CNY, up from 499,486,593.56 CNY, reflecting a 32.6% increase[46]. - Cash outflow from operating activities totaled 724,926,462.25 CNY, compared to 539,872,907.99 CNY, representing a 34.3% increase[46]. - The net cash flow from investing activities was -34,466,684.98 CNY, an improvement from -85,966,535.44 CNY in the previous period[47]. - The net cash flow from financing activities was -50,081,836.79 CNY, compared to 156,662,972.08 CNY in the previous period, indicating a shift towards negative cash flow[47]. - The ending cash and cash equivalents balance was 181,352,907.05 CNY, down from 477,101,049.28 CNY, indicating a significant reduction in liquidity[47]. - The company reported a net increase in cash and cash equivalents of -146,724,396.94 CNY, compared to an increase of 30,310,098.37 CNY in the previous period[47]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,734,976,582.04, a decrease of 0.94% from CNY 4,779,814,631.63 at the end of the previous year[7]. - The company's net assets attributable to shareholders increased by 0.50% to CNY 2,139,234,391.53 from CNY 2,128,672,360.20 at the end of the previous year[7]. - Total liabilities as of March 31, 2019, were CNY 1,840,838,431.26, compared to CNY 1,403,998,573.69 at the end of 2018, indicating a rise of 31.1%[36]. - The total liabilities of the company were not explicitly stated, but the increase in short-term borrowings suggests a potential rise in overall liabilities[30]. - Accounts receivable stood at CNY 790.53 million, down from CNY 848.44 million, indicating a reduction of about 6.8%[29]. - The company's inventory increased to CNY 167.73 million from CNY 153.19 million, reflecting an increase of approximately 9.5%[29]. - Short-term borrowings rose to CNY 646.43 million from CNY 512.87 million, marking an increase of about 26.0%[30]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 70,655, with the largest shareholder holding 31.40% of the shares[11]. - The company reported a commitment from Xu Leilei to compensate CNY 67.53 million in cash due to unmet performance targets from 2017, which remains unpaid[23]. - The company has initiated legal proceedings against Xu Leilei for the performance compensation that has not been fulfilled[23]. - The company is committed to avoiding competition with related parties and ensuring compliance with performance compensation commitments[21]. Research and Development - R&D expenses increased by 62.16% year-on-year, primarily due to the consolidation of Zhuwang Technology in the financial statements[16]. Other Income and Expenses - Other income grew by 546.03% year-on-year, mainly due to increased government subsidies related to revenue[16]. - Investment income decreased by 5,330.04% year-on-year, primarily due to reduced investment income from joint ventures[16]. - The income tax expense for Q1 2019 was CNY 5,869,798.04, compared to CNY 1,543,038.85 in the previous year, indicating an increase of approximately 279.5%[39]. - The company recorded an asset disposal loss of CNY 460,138.16, which was a significant increase from the previous loss of CNY 246,587.78[39]. - Asset impairment losses decreased by 524.25% year-on-year, attributed to reduced accounts receivable and lower bad debt provisions[16].

Financial Performance - Operating revenue increased by 16.76% to CNY 614,879,361.56 for the current period, and by 6.47% to CNY 1,614,840,750.05 year-to-date[6] - Net profit attributable to shareholders increased by 18.59% to CNY 28,414,985.49 for the current period, but decreased by 139.04% year-to-date to CNY -44,163,007.03[6] - Basic earnings per share rose by 18.53% to CNY 0.0339 for the current period[6] - The estimated net profit attributable to shareholders for 2018 is expected to decrease by 40% to 90%, ranging from 5.67 million to 34.04 million yuan[25] - The net profit for 2017 was 56.74 million yuan, indicating a significant decline in performance for 2018[25] - The decline in performance is attributed to the impact of the industry environment on the film and television media business and losses from the disposal of a subsidiary, Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd.[25] Cash Flow - Net cash flow from operating activities increased by 112.96% to CNY 18,370,676.60 for the current period[6] - The net cash flow from operating activities decreased by 128.14% year-on-year, primarily due to reduced cash received from sales by subsidiaries during the reporting period.[18] - The net cash flow from investing activities increased by 79.62% year-on-year, mainly due to cash received from the transfer of equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd. and Guangxi Huangshi Jiatianxia Food Co., Ltd.[18] - The net increase in cash and cash equivalents decreased by 1,501.05% year-on-year, primarily due to increased investment in film and television projects and repayment of bank debts during the reporting period.[18] Assets and Liabilities - Total assets decreased by 4.95% to CNY 5,336,760,355.91 compared to the end of the previous year[6] - The company’s monetary funds decreased by 35.68% compared to the beginning of the period due to increased investments in film projects and repayment of bank loans[14] - Other receivables increased by 278.62% compared to the beginning of the period due to the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd. and Guangxi Huangshi Jiatianxia Food Co., Ltd.[14] - Available-for-sale financial assets increased by 153.17% due to investments in China-ASEAN Information Harbor Co., Ltd.[14] - Construction in progress increased by 32.39% due to ongoing projects in various locations including South China Dairy Co., Ltd. and Zunyi Dairy Factory[14] - Intangible assets decreased by 72.59% due to the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd.[14] - The company's deferred tax assets decreased by 68.15% compared to the beginning of the period, primarily due to the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd.[15] - Short-term borrowings decreased by 45.03% compared to the beginning of the period, mainly due to increased repayment of short-term loans and the reduction in the scope of consolidation from the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd.[15] - The company's advance receipts decreased by 31.36% compared to the beginning of the period, primarily due to the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd. and Guangxi Huangshi Jiatianxia Food Co., Ltd.[15] Expenses and Losses - Financial expenses increased by 33.70% year-on-year, mainly due to increased interest accrued on bonds payable during the reporting period.[16] - Asset impairment losses increased by 4,556.87% year-on-year, primarily due to the provision for bad debts on accounts receivable and other receivables during the reporting period.[16] - Investment income decreased by 7,830.66% year-on-year, mainly due to the transfer of 100% equity in Beijing Shengshi Jiaoyang Cultural Communication Co., Ltd.[16] Corporate Governance and Commitments - The company has no violations regarding external guarantees during the reporting period[26] - There are no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[27] - The company did not engage in entrusted financial management during the reporting period[28] - There were no research, communication, or interview activities conducted during the reporting period[29] - The company has committed to pay 10% of 26.43 million yuan within 12 months from the effective date of the property transaction contract[24] - The company has also committed to pay 80% of 211.44 million yuan within 24 months from the effective date of the property transaction contract[24] - The company has made commitments to avoid competition and to regulate related transactions in accordance with relevant regulations[24]

Financial Performance - The company's operating revenue for the first half of 2018 was approximately ¥999.96 million, representing a 1.00% increase compared to ¥990.05 million in the same period last year[18]. - The net profit attributable to shareholders of the listed company was a loss of approximately ¥72.58 million, a decrease of 181.39% compared to a profit of ¥89.17 million in the previous year[18]. - The net cash flow from operating activities was a negative ¥103.43 million, a decline of 123.29% from ¥444.02 million in the same period last year[18]. - The basic earnings per share were -¥0.0866, down 181.31% from ¥0.1065 in the previous year[18]. - The company's revenue for the current period is ¥999,961,388.49, representing a 1.00% increase compared to ¥990,046,527.91 in the same period last year[38]. - Operating costs increased by 9.36% to ¥719,880,500.30 from ¥658,288,255.48 year-on-year[38]. - The company reported a net profit of -5,656.49 million yuan for the first nine months of 2018, compared to a profit of 11,312.98 million yuan in the same period of 2017, indicating a significant decline due to asset disposal losses from the sale of a subsidiary[63]. - The company’s comprehensive income totalled approximately CNY -62.70 million, a stark contrast to CNY 99.09 million in the previous year, indicating a significant downturn in overall financial performance[139]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥5.15 billion, a decrease of 8.28% from ¥5.61 billion at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company were approximately ¥2.67 billion, down 2.83% from ¥2.75 billion at the end of the previous year[18]. - The company's total assets include cash and cash equivalents of ¥680,081,458.01, which is 13.21% of total assets, an increase of 4.58 percentage points from the previous year[46]. - Total assets decreased from CNY 5,614,956,627.75 to CNY 5,149,904,417.09, a decline of approximately 8.3%[130]. - Current liabilities reduced significantly from CNY 2,123,785,622.03 to CNY 1,257,558,181.79, a decrease of about 40.8%[131]. - Non-current liabilities increased from CNY 550,168,166.82 to CNY 1,022,944,006.64, an increase of approximately 85.7%[131]. - Total equity decreased from CNY 2,941,002,838.90 to CNY 2,869,402,228.66, a decline of about 2.4%[132]. Cash Flow - The net cash flow from operating activities decreased by 123.29% to -¥103,433,119.20, mainly due to reduced cash receipts from sales of services[38]. - The net cash flow from investing activities improved by 234.33% to ¥283,821,611.47, attributed to the transfer of equity from subsidiaries[38]. - The net cash flow from operating activities was -126,009,685.08 CNY, compared to a positive cash flow of 4,486,398.95 CNY in the previous period[149]. - Cash inflow from investment activities totaled 442,495,516.89 CNY, significantly higher than 56,346,802.06 CNY in the previous period[149]. - The cash flow from other operating activities was 589,370,970.33 CNY, compared to 122,635,744.14 CNY in the previous period[149]. Business Segments - The company's core business includes dairy, film culture, and information services, with dairy being the pillar industry focused on buffalo milk processing, making it the largest buffalo milk processing enterprise in China[26]. - The dairy segment has a stable development with a continuous expansion of its footprint, supported by effective cost control and regional leadership characteristics[26]. - The film production subsidiary, Huangshi Yujia, continues to focus on high-quality productions, with several major projects underway, including "Dream Awakening Chang'an"[36]. - The information services segment is experiencing rapid growth, particularly in SMS and call center services, with plans to significantly increase the scale of operations[36]. Strategic Decisions and Future Outlook - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company expects to face intensified competition in the dairy industry, with a focus on maintaining product quality and developing new products to meet consumer demand[64]. - The company aims to enhance market expansion and product development strategies to mitigate competitive risks in the dairy sector[64]. - The company plans to strengthen internal controls to adapt to changes in national policies and market demands[66]. - The company aims to enhance its original content production capabilities and strengthen partnerships with quality platforms to reduce operational risks[65]. Research and Development - The company has a strong R&D capability, with several technology research centers and a unique probiotic strain resource bank, maintaining leading product standards in the industry[31]. - Research and development expenses rose significantly by 37.59% to ¥8,934,190.08, primarily due to increased investment in dairy products and information services[38]. - The report indicates ongoing efforts in research and development for new products and technologies to drive future growth[150]. Regulatory and Compliance - The company has committed to avoiding competition and complying with related regulations[76]. - The company will monitor the trends in national policies to mitigate unforeseen regulatory risks in the film and television production and distribution sector[66]. - The company is not classified as a key pollutant discharge unit by environmental protection authorities[100]. Social Responsibility - The company provided support funds of CNY 147.9 million for poverty alleviation efforts, helping 41 registered impoverished individuals to escape poverty[102]. - The investment in the dairy farming poverty alleviation project amounted to CNY 144 million, benefiting 40 registered impoverished individuals[102]. - The company plans to enhance vocational skills training to improve the self-development capabilities of poverty alleviation targets in the second half of 2018[104]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 79,530[115]. - The largest shareholder, Huang Jiadi, holds 31.40% of the shares, totaling 263,023,388 shares[115]. - The company reported a decrease in restricted shares from 323,203,456 (38.58%) to 319,010,913 (38.08%) due to a reduction of 4,192,543 shares[109]. Miscellaneous - There were no significant litigation or arbitration matters during the reporting period[79]. - The company did not experience any bankruptcy restructuring during the reporting period[78]. - The half-year financial report was not audited[77].