Financial Performance - The company's revenue for Q3 2022 was ¥8,701,286,613.33, representing a year-on-year increase of 6.46%[4] - The net profit attributable to shareholders for Q3 2022 was ¥181,891,288.40, a significant increase of 146.48% compared to the same period last year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥166,259,745.48, up 141.53% year-on-year[4] - The company's basic earnings per share for Q3 2022 was ¥0.04, a 140.00% increase compared to the same period last year[4] - The weighted average return on equity was 1.76%, an increase of 5.21% year-on-year[4] - Total operating revenue for the current period is ¥22,094,415,865.46, a decrease of 5.77% from ¥23,441,504,152.54 in the previous period[28] - Net profit for the current period is a loss of ¥320,540,263.56, compared to a loss of ¥86,975,965.14 in the previous period[30] - The total profit for the current period is a loss of ¥257,605,137.82, compared to a profit of ¥67,968,391.36 in the previous period[29] - The diluted earnings per share for the current period is -0.08, compared to 0.03 in the previous period[32] - Other comprehensive income after tax for the current period is a loss of ¥50,714,517.43, compared to a gain of ¥82,877,950.35 in the previous period[30] Assets and Liabilities - Total assets at the end of Q3 2022 reached ¥31,121,911,443.25, reflecting a growth of 15.72% from the end of the previous year[4] - As of September 30, 2022, the company's total assets amounted to RMB 31.12 billion, an increase from RMB 26.89 billion at the beginning of the year[25] - The company's current assets totaled RMB 12.43 billion, up from RMB 10.48 billion at the start of the year, indicating a growth of approximately 18.6%[24] - The company's inventory increased to RMB 4.05 billion from RMB 3.31 billion, reflecting a growth of about 22.3%[24] - The company's total liabilities reached RMB 18.69 billion, compared to RMB 14.19 billion at the beginning of the year, representing a rise of approximately 31.5%[26] - The company's equity attributable to shareholders decreased to RMB 10.43 billion from RMB 10.74 billion, a decline of about 2.7%[27] - The company reported a short-term loan of RMB 6.69 billion, an increase from RMB 4.91 billion, indicating a rise of approximately 36.0%[26] Cash Flow - The company reported a net cash flow from operating activities of ¥603,547,584.57, which is a 3.56% increase compared to the previous year[4] - The net cash flow from operating activities for Q3 2022 was CNY 603.55 million, an increase from CNY 582.81 million in Q3 2021, reflecting a growth of approximately 3%[34] - Cash inflow from operating activities is ¥22,416,358,858.93, down 5.54% from ¥23,729,086,505.03 in the previous period[33] - The total cash flow from operating activities was CNY 21.81 billion, down from CNY 23.15 billion in the same quarter last year, a decrease of approximately 6%[34] - The net cash flow from investment activities decreased by 1.34 billion RMB, a decline of 85.17%, primarily due to increased external investments[14] - Total cash outflow from investing activities was CNY 3.01 billion, compared to CNY 2.01 billion in the same period last year, indicating a significant increase of about 49%[34] - The company reported a cash inflow from investment activities of CNY 97.56 million, significantly lower than CNY 436.80 million in Q3 2021, reflecting a decline of about 78%[34] - The company experienced a negative cash flow from investing activities of CNY 2.91 billion, compared to a negative cash flow of CNY 1.57 billion in Q3 2021, indicating a worsening of about 85%[34] - The net cash flow from financing activities reached CNY 2.10 billion, up from CNY 1.12 billion in Q3 2021, representing an increase of approximately 87%[35] - Cash inflow from financing activities totaled CNY 7.36 billion, compared to CNY 6.41 billion in Q3 2021, marking an increase of about 15%[35] Expenses - The company experienced a significant increase in financial expenses, with interest expenses rising to ¥344,262,323.84 from ¥249,761,015.09, an increase of 37.8%[29] - The company's financial expenses increased by ¥77,962,500, a growth of 35.51% compared to the same period last year[10] - Research and development expenses for the current period are ¥432,878,804.65, a slight decrease of 4.3% from ¥452,097,361.80 in the previous period[29] - The company experienced a decrease in sales expenses, which rose to ¥816,667,521.05 from ¥761,593,807.72, an increase of 7.2%[29] - The company paid CNY 362.71 million in dividends and interest in Q3 2022, down from CNY 589.29 million in the same quarter last year, a decrease of approximately 38%[35] Acquisitions and Legal Matters - The company terminated the acquisition of Hunan Jiuding Technology Group Co., Ltd. due to a lawsuit, with a claim for the second payment of RMB 396 million and a penalty of RMB 4.95 million as of July 25, 2022[19] - The company is pursuing a counterclaim to recover RMB 417.67 million already paid for the acquisition and to seek tax refund cooperation for RMB 242.33 million[19] - The company has initiated legal proceedings to recover RMB 500 million in advance payment related to the acquisition of subsidiaries from Jiangxi Zhengbang Technology Co., Ltd., along with interest and penalties[22] - Jiangxi Zhengbang Technology has been placed under pre-restructuring proceedings by the court, creating uncertainty regarding its future restructuring[22] Other Financial Metrics - Cash received from tax refunds decreased by 14.19 million RMB, a decline of 38.00% compared to the same period last year, mainly due to a reduction in VAT refunds received[11] - Cash received from other operating activities increased by 188.23 million RMB, a growth of 71.74%, primarily due to an increase in government subsidies and receivables[11] - Cash paid for various taxes decreased by 75.36 million RMB, a decline of 33.25%, mainly due to a reduction in tax payments[11] - Cash paid for the acquisition of fixed assets decreased by 671.99 million RMB, a decline of 35.77%, mainly due to reduced payments for fixed asset investment projects[11] - Cash received from the disposal of subsidiaries increased by 11.10 million RMB, a growth of 3536.56%, mainly due to increased cash from equity transfers[11] - Cash received from other investment activities increased by 37.98 million RMB, a growth of 2452.23%, primarily due to increased profits from futures trading[11] - Cash paid for other financing activities increased by 479.40 million RMB, a growth of 143.86%, mainly due to increased repayments for financing leases[14]

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 13,393,129,252.13, a decrease of 12.28% compared to the same period last year[14]. - The net profit attributable to shareholders was a loss of CNY 510,514,116.97, representing a decline of 202.35% year-on-year[14]. - The net cash flow from operating activities was a negative CNY 648,148,651.66, a decrease of 271.57% compared to the previous year[14]. - The company's operating revenue for the reporting period was ¥13,393,129,252.13, a decrease of 12.28% compared to ¥15,268,065,953.19 in the same period last year[33]. - The gross margin for the first half of 2022 was reported at 35%, a slight increase from 33% in the previous year, indicating improved operational efficiency[101]. - The company reported a net profit margin of 12% for the first half of 2022, showcasing improved operational efficiency[152]. Revenue Breakdown - The feed business accounted for 71.36% of the main business revenue, with sales revenue of CNY 955,766.76 million, down 14.8% year-on-year[20]. - The revenue from the pig farming business was CNY 183,243.10 million, a decline of 22.57% year-on-year[22]. - The seed business accounted for 1.35% of the main business revenue, with seed sales volume reaching 8.67 million kg, a year-on-year increase of 16.8%[24]. - The revenue from the feed and veterinary industry was ¥9,673,682,853.56, accounting for 72.23% of total revenue, down 15.09% year-on-year[34]. - The pig farming sector generated ¥1,832,431,030.98, representing 13.68% of total revenue, a decrease of 22.57% compared to the previous year[34]. Cost and Expenses - The cost of feed raw materials accounts for over 90% of the total cost of feed products, with key ingredients including corn, wheat, fish meal, and soybean meal[2]. - The operating cost decreased by 7.65% to ¥12,098,659,474.89 from ¥13,100,297,031.69, resulting in a gross margin of 9.66%[36]. - Research and development expenses were ¥307,948,953.93, a slight decrease of 0.48% compared to ¥309,449,507.94[33]. - The company experienced a 38.43% decline in revenue from veterinary products, primarily due to market conditions affecting pig prices[36]. Market and Operational Risks - Major animal diseases such as African swine fever and porcine reproductive and respiratory syndrome pose significant operational risks, potentially affecting both pig production and feed demand[3]. - The company emphasizes the importance of monitoring fluctuations in pig prices, which can significantly impact operational performance[4]. - The company faces risks from fluctuations in feed raw material prices, which account for over 90% of total feed costs, and is implementing measures to optimize procurement channels and reduce costs[51]. - The company is also addressing risks from animal diseases by enhancing biosecurity measures and investing in disease prevention technology[52][53]. Strategic Initiatives - The report indicates that the company is focused on developing new technologies and products to enhance its market position[9]. - The company has established a comprehensive management platform for pig farming, integrating various aspects of pig management into a smart solution[9]. - The company has developed various new products, including new feed additives, biological feed, and animal vaccines, through its innovative research and development efforts[28]. - The company aims to improve pig farming efficiency and reduce operational costs to mitigate risks from price volatility[54]. Environmental and Sustainability Efforts - The company has implemented measures for wastewater treatment, including a sewage treatment station that meets discharge standards[61]. - The company is exposed to environmental regulations as a key pollutant discharge unit, with specific measures in place for pollution control[60]. - The company has implemented measures to reduce carbon emissions, including upgrading equipment and processes to improve waste treatment efficiency, effectively reducing CO2 and methane emissions[68]. - The company is committed to sustainable development by integrating environmental protection into its operations and enhancing resource utilization through technology upgrades[70]. Shareholder and Governance - The company does not plan to distribute cash dividends or issue bonus shares for the current period[4]. - The management team has confirmed the accuracy and completeness of the financial report, taking legal responsibility for its content[2]. - The company held four shareholder meetings in 2022, with participation rates of 31.40%, 26.18%, 28.69%, and 28.46% respectively[55]. - The company has experienced changes in its board and management, with several resignations and appointments in 2022[56]. Research and Development - The company has allocated significant resources towards research and development, with a budget increase of 20% compared to the previous year[83]. - The company has committed to a research and development budget of 2,000 million aimed at innovating new agricultural technologies and products[107]. - The company has invested significantly in research and development, with a budget allocation of 1,573.79 million for innovative projects[133]. Guarantees and Financial Commitments - The company has provided guarantees totaling ¥500 million for various third parties, with actual guarantees amounting to ¥409.31 million as of February 10, 2022[78]. - The company has provided guarantees totaling 5,000 million for various subsidiaries, indicating strong financial backing and support for its operations[120]. - The company has a total of 9,000 million in guarantees for various projects, indicating strong financial backing and commitment to growth[150]. - The company has provided joint liability guarantees for various subsidiaries, with amounts including 2,654.67 million and 2,766.17 million for specific subsidiaries[155]. Future Outlook - The company anticipates a revenue growth of 20% year-over-year for the next fiscal year[88]. - The company has set a performance guidance of 2,172.8 million for the upcoming quarter, indicating strong growth expectations[85]. - The company is exploring potential mergers and acquisitions to enhance its competitive position in the market[90]. - The company is actively pursuing market expansion strategies, targeting new regions and increasing its distribution network[83].

Financial Performance - The company's operating revenue for Q1 2022 was ¥6,459,940,820.51, a decrease of 12.73% compared to ¥7,401,924,717.39 in the same period last year[4] - The net profit attributable to shareholders was a loss of ¥232,567,144.99, representing a decline of 159.49% from a profit of ¥390,933,756.67 in the previous year[4] - The net cash flow from operating activities was -¥950,214,637.51, a decrease of 139.90% compared to -¥396,086,296.69 in the same period last year[4] - The company's basic earnings per share were -¥0.06, down 160.00% from ¥0.10 in the same period last year[4] - Total operating revenue for Q1 2022 was CNY 6,459,940,820.51, a decrease of 12.7% from CNY 7,401,924,717.39 in the same period last year[20] - Net profit for Q1 2022 was a loss of CNY 286,040,568.67, compared to a profit of CNY 474,090,259.81 in Q1 2021[21] - The total comprehensive income for Q1 2022 was a loss of CNY 308,869,117.74, compared to a gain of CNY 474,252,004.19 in Q1 2021[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥27,783,675,828.24, an increase of 3.30% from ¥26,894,815,883.44 at the end of the previous year[4] - The company's total liabilities increased by 66.34% to ¥71,000,000, mainly due to an increase in financing lease liabilities[8] - The company's total liabilities increased to CNY 15,461,070,973.44, up from CNY 14,188,708,534.50 in the previous year[21] - The total equity attributable to shareholders of the parent company decreased to CNY 10,457,162,995.84 from CNY 10,737,179,620.57 year-on-year[21] - The company's non-current liabilities totaled CNY 4,446,381,993.76, an increase from CNY 4,001,390,802.95 in the previous year[21] Cash Flow - Cash and cash equivalents decreased from ¥5,798,620,930.01 to ¥4,324,891,386.19, a decline of approximately 25.5%[17] - The net cash flow from operating activities was -950,214,637.51 CNY, compared to -396,086,296.69 CNY in the previous year, indicating a decline of approximately 139.5%[24] - Total cash inflow from financing activities was 2,441,238,241.98 CNY, up from 1,687,220,077.25 CNY, representing an increase of about 44.6%[25] - Cash outflow for investing activities amounted to 1,841,762,039.02 CNY, compared to 898,102,940.65 CNY in the previous year, reflecting an increase of approximately 105.5%[24] - The total cash and cash equivalents at the end of the period were 4,223,180,549.16 CNY, compared to 3,547,522,383.69 CNY, showing an increase of about 19.0%[25] - The net increase in cash and cash equivalents was -1,503,523,888.47 CNY, compared to -723,728,053.07 CNY in the previous year, representing a decline of approximately 107.8%[25] Expenses - The company reported a significant increase in management expenses by 34.66% to ¥45,747,000, primarily due to investments in high-end talent and stock incentive plans[9] - Total operating costs for Q1 2022 were CNY 6,751,312,265.63, down 3.2% from CNY 6,970,928,437.85 year-on-year[20] - Research and development expenses for Q1 2022 were CNY 109,308,395.20, down from CNY 121,998,681.32 in Q1 2021[21] - Cash paid for purchasing goods and services was 5,987,787,077.51 CNY, down from 6,533,758,404.57 CNY, indicating a decrease of about 8.4%[24] Investments - Investment income decreased by 73.85% to ¥2,400,000, mainly due to losses recognized from associates[9] - The cash received from investment income was 2,764,712.30 CNY, a decrease from 9,783,559.01 CNY, reflecting a decline of approximately 71.7%[24] Shareholder Information - Total number of common shareholders at the end of the reporting period is 235,926[13] - The company has not disclosed any related party relationships among the top shareholders[15] - The company is unaware of whether the shareholders are considered acting in concert as per the relevant regulations[15]

Financial Performance - The company's operating revenue for 2021 was ¥31,328,078,121.44, representing a 37.32% increase from ¥22,813,861,332.61 in 2020[19]. - The net profit attributable to shareholders for 2021 was -¥440,340,985.21, a decrease of 122.52% compared to ¥1,955,722,850.86 in 2020[19]. - The net cash flow from operating activities for 2021 was ¥1,148,769,576.72, down 38.12% from ¥1,856,435,731.39 in 2020[19]. - The total assets at the end of 2021 were ¥26,894,815,883.44, an increase of 11.87% from ¥24,041,748,998.06 at the end of 2020[19]. - The net assets attributable to shareholders at the end of 2021 were ¥10,737,179,620.57, a decrease of 2.53% from ¥11,015,444,461.02 at the end of 2020[19]. - The company reported a basic earnings per share of -¥0.11 for 2021, down 122.92% from ¥0.48 in 2020[19]. - The company's quarterly revenue for Q4 2021 was ¥7,886,573,968.90, showing a slight decrease from Q3 2021[23]. - The company experienced a significant decline in net profit attributable to shareholders in Q3 and Q4 2021, with losses of -¥391,361,981.56 and -¥547,755,309.52 respectively[23]. - The company's weighted average return on equity for 2021 was -4.05%, down from 18.70% in 2020[19]. - The company’s revenue for the reporting period was 31.328 billion yuan, a year-on-year increase of 37.32%, while the net profit attributable to shareholders was -440 million yuan, a decrease of 122.52% compared to the previous year[44]. Feed and Pig Farming Operations - The cost of feed raw materials accounts for over 90% of the total cost of feed products, with key ingredients including corn, wheat, and protein sources like fish meal and soybean meal[3]. - In 2021, the price of live pigs continued to decline, leading to significant losses in pig farming operations, which may persist if prices remain low[7]. - Major animal diseases, such as African swine fever, pose operational risks that could reduce pig production and affect feed demand[6]. - The pig farming business experienced a significant decline in gross profit margin due to falling pig prices and the ongoing presence of African swine fever, leading to losses in this segment[44]. - The feed business saw a sales volume increase of 26.47% and a revenue increase of 36.83%, with profits in this segment also rising year-on-year[44]. - The company’s pig feed sales volume was 4.5756 million tons, a year-on-year increase of 39.76%[43]. - The company recorded a significant increase in pig farming sales volume, which grew by 129.05% year-on-year[60]. - The company aims to enhance cooperation between academia and industry to accelerate the commercialization of veterinary biological products[40]. - The company is focused on integrating technology and innovation to enhance its competitive edge in the agricultural sector[48]. Research and Development - The company has invested in high-end research talent and technology services, resulting in a year-on-year increase in operating expenses due to stock incentive costs[44]. - The company has 2,796 research personnel, including 79 PhDs and 287 Masters, and has undertaken 22 breeding-related and 20 planting-related technology projects in 2021[46]. - The company has applied for 120 new patents and has a total of 2,121 patent applications, with 1,224 valid patents, including 480 valid invention patents[46]. - The company is developing new functional feed additives aimed at improving the reproductive performance of sows, with promising results from trials[69]. - Research on functional feed additives for growing pigs has identified optimal combinations that enhance growth performance and meat quality[69]. - The company has established a new IoT-based precision nutrition testing platform to improve feed formulation for weaning pigs[69]. - The company aims to reduce feed costs and enhance product competitiveness through the development of new functional yeast products[69]. - The company is focusing on the development of gene-engineered vaccines, which are expected to lay the foundation for future vaccine innovations[72]. Market Trends and Industry Insights - In 2021, the total production of industrial feed in China reached 293.44 million tons, an increase of 16.1% year-on-year, with pig feed production rising to 130.77 million tons, up 46.6% year-on-year[27]. - The seed market in China was valued at approximately 119.99 billion yuan in 2020, maintaining its position as the second-largest seed market globally[32]. - The total production of feed additives in China was 14.78 million tons in 2021, reflecting a year-on-year increase of 6.2%[27]. - The overall grain production in China was 683 million tons in 2021, a 4.9-fold increase since 1949, largely due to the development of high-yield crop varieties[31]. - The company plans to integrate upstream and downstream operations to enhance cost control and expand overall business scale in response to rising raw material costs[100]. - The feed industry is transitioning from competition in feed processing to comprehensive competition across the entire agricultural and animal husbandry industry chain[100]. - The company plans to leverage its strong brand and resources to focus on modern biotechnology and breeding technology, aiming to meet the long-term demand for key crops like corn, rice, and soybeans[111]. Corporate Governance and Management - The company has established a comprehensive internal control system to enhance governance and operational efficiency[132]. - The board of directors consists of 9 members, including 4 independent directors, ensuring compliance with legal requirements[136]. - The company has implemented a performance evaluation and incentive mechanism covering all employees to encourage excellence[138]. - The company maintains a commitment to transparency and timely information disclosure, utilizing multiple media channels for communication[140]. - The company has established an independent financial department with a dedicated accounting system and complies with the financial management requirements for listed companies[146]. - The company’s management structure is independent, with no dual appointments among senior management, ensuring compliance with corporate governance regulations[143]. - The company has a competitive salary policy, ensuring relative competitiveness externally and fairness internally, with total employee compensation including fixed salary, performance bonuses, and long-term incentives[174]. Environmental and Social Responsibility - The company has adopted an ecological circular utilization model for pig farming, effectively treating waste and meeting national and local environmental standards[193]. - The company has committed to reducing carbon emissions by replacing coal boilers with solar, natural gas, or biomass boilers across all facilities[195]. - The company has actively engaged in poverty alleviation projects, investing significant funds to support sustainable development in national-level poverty-stricken areas[196]. - The company has initiated the "Love in Flight" public welfare project, donating 2.4 million yuan to build schools in revolutionary old areas[200]. - The company has implemented a robust environmental risk identification and response mechanism to ensure legal and reasonable waste management practices[194].

Revenue and Profitability - Revenue for Q3 2021 reached ¥8,173,438,199.35, an increase of 30.26% year-over-year, and cumulative revenue for the year-to-date was ¥23,441,504,152.54, up 53.55% compared to the same period last year[3] - Net profit attributable to shareholders was -¥391,361,981.56 for Q3 2021, a decrease of 166.38% year-over-year, with a year-to-date net profit of ¥107,414,324.31, down 92.76% compared to the previous year[3] - The company reported a basic earnings per share of -¥0.10 for Q3 2021, reflecting a decline of 166.67% year-over-year, and a year-to-date basic earnings per share of ¥0.03, down 91.89%[3] - Net profit for the current period was reported at -¥86,975,965.14, contrasting sharply with a net profit of ¥1,931,260,705.85 in the same period last year[21] - The company reported a basic earnings per share of ¥0.03, down from ¥0.37 in the previous period[22] Assets and Liabilities - Total assets increased to ¥26,680,959,699.43, a growth of 10.98% from the end of the previous year, while total equity attributable to shareholders rose to ¥11,259,005,707.81, up 2.21%[3] - As of September 30, 2021, the total assets of Beijing Dabeinong Technology Group Co., Ltd. reached approximately CNY 26.68 billion, an increase from CNY 24.04 billion as of December 31, 2020, representing a growth of about 11.1%[19] - The company's total liabilities amounted to approximately CNY 13.24 billion as of September 30, 2021, compared to CNY 11.00 billion at the end of 2020, marking an increase of about 20.3%[18] - The long-term borrowings increased significantly to approximately CNY 2.83 billion from CNY 1.94 billion, representing a growth of about 46%[18] - The company's total liabilities were CNY 9,573,285,748.84, reflecting a slight increase from CNY 9,537,450,096.04 year-over-year[27] Cash Flow - Cash received from sales increased by ¥841,411.43 million, a growth of 56.04% year-on-year for the first nine months of 2021[10] - Net cash flow from operating activities decreased by ¥60,953.16 million, a decline of 51.12% year-on-year for the first nine months of 2021[10] - The net cash flow from operating activities was CNY 582,811,586.13, a decrease of 51.1% compared to CNY 1,192,343,201.47 in the same period last year[24] - The company’s cash flow from investment activities was negative at CNY -1,572,760,305.29, worsening from CNY -1,032,641,603.17 in the previous year[24] - Cash received from financing activities increased by ¥50,330.85 million, a growth of 244.32% year-on-year for the first nine months of 2021[11] Operating Costs and Expenses - Operating costs for the first nine months of 2021 increased by ¥911,308,700.00, or 77.69%, primarily due to higher sales of pigs and feed[9] - Management expenses for the first nine months of 2021 rose by ¥326,324,100.00, an increase of 45.92%, attributed to enhanced talent development efforts[9] - Interest expenses increased by ¥61,737,400.00, or 32.83%, due to higher bank borrowing costs during the first nine months of 2021[9] - Total operating costs amounted to ¥23,359,678,283.88, up 71.3% from ¥13,655,007,642.25 in the prior period[20] Investment and Research - The company recorded a significant decline in investment income, reporting a loss of ¥30,211,815.46 compared to a profit of ¥474,858,381.48 in the previous period[20] - Research and development expenses increased to ¥452,097,361.80, up from ¥349,408,133.37, reflecting a growth of 29.5%[20] Shareholder Information - Total number of common shareholders at the end of the reporting period was 260,723[12] - The largest shareholder, Shao Genhuo, holds 26.51% of the shares, totaling 1,097,865,045 shares[12] - The company has implemented a stock incentive plan approved by the shareholders, aimed at motivating key personnel and aligning their interests with those of the shareholders[15] Compliance and Standards - The company did not undergo an audit for the third quarter report[29] - The report indicates that the new leasing standards were not applicable for the current period[29]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 15,268,065,953.19, representing a year-on-year increase of 69.80%[15]. - The net profit attributable to shareholders was CNY 498,776,305.87, a decrease of 44.15% compared to the same period last year[15]. - The net cash flow from operating activities was negative CNY 174,433,244.38, a decline of 133.62% year-on-year[15]. - The total assets at the end of the reporting period were CNY 26,016,233,110.61, an increase of 8.21% from the end of the previous year[15]. - The company's total liabilities increased to CNY 12,222,685,093.44 from CNY 11,004,905,744.58, marking a rise of approximately 11.0%[126]. - The total equity attributable to shareholders increased to CNY 11,619,639,368.63 from CNY 11,015,444,461.02, reflecting a growth of about 5.5%[126]. - The company reported a total revenue of 5,421.16 million for the first half of 2021, reflecting a significant increase compared to previous periods[98]. - The company reported a total revenue of 4,800 million for the first half of 2021, showing a significant increase compared to the previous year[92]. Investment and R&D - Research and development expenses increased as the company emphasized technological innovation and talent development[22]. - Research and development expenditures have increased by 25% year-over-year, focusing on sustainable farming solutions[92]. - The company has established five national-level R&D institutions and 11 provincial-level recognized R&D institutions, forming a leading enterprise technology innovation system in China[24]. - The company has invested 6,500 million in R&D for new technologies aimed at improving feed efficiency and animal health[98]. - The company plans to enhance its market presence through strategic partnerships and technology development initiatives in 2021[78]. Market Dynamics and Risks - The ongoing risk of African swine fever and other diseases may impact pig production and consequently affect feed demand[4]. - The company emphasizes the importance of international trade dynamics and extreme weather conditions on the prices of key raw materials like corn and soybean meal[3]. - The company is facing risks from major epidemics such as African swine fever, which could significantly impact pig production and feed demand[52]. - The company has increased its investment in pig farming, leading to a higher proportion of revenue from pig farming, which exposes it to price volatility risks[54]. Corporate Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management[3]. - The management team has confirmed that all board members attended the meeting to review the report, ensuring corporate governance compliance[3]. - The company operates under the Shenzhen Stock Exchange's disclosure requirements for livestock and aquaculture businesses[3]. Shareholder and Equity Management - The company does not plan to distribute cash dividends or issue bonus shares for the current period[5]. - The company has a stock incentive plan that includes granting 142,324,743 restricted shares at a price of 3.76 yuan per share, with a three-phase unlocking schedule[59]. - The company repurchased and canceled 54.047642 million restricted stocks, accounting for 1.29% of the total share capital, at an adjusted price of 3.3173 CNY per share[60]. - The total number of ordinary shareholders at the end of the reporting period was 308,826[115]. Operational Efficiency and Cost Management - The company is focusing on enhancing biosecurity measures and improving production efficiency to mitigate the impact of price fluctuations and disease threats[20]. - The company has implemented a strategic procurement strategy to mitigate risks associated with raw material price fluctuations, including centralized purchasing and local sourcing[52]. - The company aims to enhance operational efficiency by implementing new technologies, targeting a 15% reduction in production costs by 2022[95]. Customer Engagement and Market Expansion - The customer base expanded with 1,400 clients in February 2021, up from 1,100 in March 2020, indicating a growth of approximately 27.3%[77]. - User data indicates a steady increase in customer engagement, with a notable rise in active users by 15% year-over-year[85]. - The company is expanding its market presence in Southeast Asia, targeting a 20% market share by 2023[85]. - New product launches are expected to contribute an additional 1,000 million CNY in revenue by the end of 2021, driven by innovative features and market demand[86]. Financial Guarantees and Liabilities - The company has provided joint liability guarantees for various subsidiaries, with amounts ranging from 195 million to 8,498 million[81]. - The total external guarantee amount approved at the end of the reporting period is 177,902.88 million, with an actual guarantee amount of 136,493.81 million[83]. - The company has a total of 40 guarantees listed, with various amounts and terms, indicating a significant commitment to its subsidiaries[82]. Sustainability and Social Responsibility - The company is involved in ecological protection projects, utilizing livestock waste for soil improvement and promoting sustainable development in arid regions[67]. - The management emphasized a commitment to sustainability, aiming for a 30% reduction in carbon footprint by 2025[92]. - The company has initiated educational support programs, including building hope schools and providing scholarships to underprivileged students[67].