Financial Performance - The company's revenue for Q1 2021 was ¥7,401,924,717.39, representing an increase of 81.37% compared to ¥4,081,196,693.95 in the same period last year[3]. - Net profit attributable to shareholders decreased by 16.01% to ¥390,933,756.67 from ¥465,462,716.98 year-on-year[3]. - Basic and diluted earnings per share both decreased by 9.09% to ¥0.10 from ¥0.11[3]. - Operating revenue for Q1 2021 increased by 3,320.73 million yuan, a growth of 81.37%, driven by higher sales of feed and live pigs[11]. - Operating profit for Q1 2021 was CNY 537,673,174.92, a decrease from CNY 626,595,891.77 in Q1 2020, showing a decline of about 14%[34]. - The total comprehensive income attributable to the parent company was CNY 391,097,527.94, compared to CNY 465,554,490.01 in Q1 2020, reflecting a decline of approximately 16%[35]. - The company reported a decrease in investment income by 86.04 million yuan, a decline of 48.48%, due to fewer equity transfer gains compared to the previous year[12]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at -¥396,086,296.69, a decline of 427.78% compared to -¥75,046,967.14 in the previous year[3]. - Cash received from sales of goods and services increased by 3,186.46 million yuan, a growth of 81.14%, due to higher sales collections[13]. - Cash inflows from operating activities amounted to CNY 7.31 billion, up from CNY 4.06 billion year-on-year, indicating a growth of approximately 80.5%[39]. - The net cash flow from financing activities was CNY 552.62 million, down from CNY 943.29 million year-on-year, indicating a decrease of approximately 41.3%[41]. - The company's cash and cash equivalents decreased to CNY 1,375,888,550.91 from CNY 1,502,994,885.52, a decline of about 8.5%[29]. Assets and Liabilities - Total assets at the end of the reporting period were ¥25,578,696,514.55, an increase of 6.39% from ¥24,041,748,998.06 at the end of the previous year[3]. - The total liabilities increased to CNY 12,172,358,295.71 from CNY 11,004,905,744.58, reflecting a growth of about 10.6% year-over-year[28]. - The company's current assets totaled CNY 9.98 billion as of March 31, 2021, compared to CNY 9.57 billion at the end of 2020, indicating an increase of about 4.41%[25]. - The total liabilities increased by CNY 567,430,979.62 to CNY 11,572,336,724.20 as of January 1, 2021[49]. - The company's total liabilities and equity amounted to CNY 24,562,223,467.86 as of January 1, 2021[49]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 297,591[6]. - The largest shareholder, Shao Genhuo, holds 27.91% of the shares, totaling 1,171,094,399 shares[6]. - Net assets attributable to shareholders increased by 3.18% to ¥11,366,187,603.26 from ¥11,015,444,461.02[3]. Research and Development - R&D expenses for Q1 2021 increased by 48.39 million yuan, a growth of 65.73%, reflecting the company's increased investment in R&D personnel and projects[12]. - The company is actively engaged in research and development of new technologies and products to enhance its competitive positioning in the biotechnology sector[23]. Investment Activities - Trading financial assets increased by 99.77 million yuan, a growth of 5,370.10% compared to the beginning of the year, mainly due to the company's investment in financial products with temporarily idle funds[10]. - The company reported a total of 2,551.2 million in derivative investments, with a net asset ratio of 0.18% and a loss of 371.77 million during the reporting period[17]. - The company engaged in futures contracts for corn and soybean meal, with transactions occurring from January 1, 2021, to March 31, 2021[17]. Regulatory and Compliance - The company has not reported any non-operating fund occupation by controlling shareholders or related parties[21]. - There were no violations of external guarantees during the reporting period[21]. - The company has not experienced any significant changes in accounting policies or principles regarding derivative investments compared to the previous reporting period[19].

Financial Performance - In 2020, the company's operating income reached ¥22.81 billion, representing a 37.62% increase compared to 2019[14]. - The net profit attributable to shareholders was ¥1.96 billion, a significant increase of 281.02% year-on-year[14]. - The company's revenue for 2020 reached 22.814 billion CNY, representing a year-on-year growth of 37.62%[21]. - The net profit attributable to shareholders was 1.956 billion CNY, a significant increase of 281.02% compared to 0.513 billion CNY in the previous year[21]. - The company's feed business accounted for 72.90% of total revenue, while the pig farming business contributed 16.71%[19]. - The total sales volume of feed reached 4.66 million tons, a year-on-year growth of 22.94%[19]. - The company sold 1.85 million pigs, achieving a revenue of ¥7.03 billion, which is a 109.68% increase compared to the previous year[19]. - The weighted average return on equity was 18.70%, up from 5.07% in 2019[14]. - The net cash flow from operating activities was ¥1.86 billion, reflecting a 3.88% increase from the previous year[14]. - The company's comprehensive gross margin was 22.03%, an increase of 2.12 percentage points year-on-year[42]. - The feed sales revenue was CNY 16,586.63 million, a 27.20% increase, with feed sales volume reaching 4,662,000 tons, up 22.94%[41]. - The pig farming products revenue also increased to ¥3.80 billion, maintaining a 16.66% share of total revenue[47]. - The overall gross margin for the feed and veterinary industry was 16.45%, a decrease of 3.14% compared to the previous year[49]. Investment and Growth Strategies - The company plans to enhance its core capabilities in pig farming technology and expand its market for genetically modified crops[19]. - The company is actively preparing for the future by investing in talent, technology, and product reserves to support its dual domestic and international strategy[21]. - The company is focused on expanding its pig farming operations in response to national policies supporting the recovery of pig production[84]. - The company is exploring various financing methods to support rapid development across its technology sectors, including bond financing and agricultural policy financing tools[95]. - The company plans to implement a "123 Talent Project" to recruit 10,000 pig farming personnel, 200 PhDs, and build a technical service team of 3,000[93]. - The company aims to capture market opportunities in the feed and pig farming sectors, targeting a trillion-level market space[92]. - The company plans to invest 200 million in new technology initiatives over the next two years to further enhance its competitive edge[132]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[134]. Research and Development - The company has established five national-level R&D institutions and 11 provincial-level R&D institutions, enhancing its technological innovation capabilities[34]. - The company’s R&D team consists of 2,652 personnel, including 61 PhDs and 262 Masters, and it undertook 28 technology projects in 2020[42]. - The company applied for 76 new patents and was ranked first in various patent categories within the agricultural sector[43]. - The company is committed to accelerating the research and development of transgenic corn and soybean technologies to strengthen its competitive edge[92]. - The company is actively involved in research and development of new agricultural technologies to enhance productivity and efficiency in the sector[134]. - Research and development expenditures increased by 15% in 2020, reflecting the company's commitment to innovation and technology advancement[132]. Market Trends and Industry Insights - The cost of feed raw materials accounts for over 90% of the total cost of feed products, with key ingredients including corn, wheat, and soybean meal[3]. - The introduction of pig futures in April 2020 is expected to help mitigate price volatility and improve production planning for large-scale pig farming[24]. - The market for pig vaccines is experiencing a recovery, with significant year-on-year growth in major vaccine categories from January to November 2020[30]. - The commercialization rate of quality seeds in China is below 50%, compared to an average of 70% internationally, suggesting significant room for growth[27]. - The concentration of the seed market in China is low, with the top three companies holding less than 10% market share in staple crops, indicating substantial growth potential for leading firms[29]. - The production of pig feed in China in 2020 was 89.23 million tons, an increase of 12.59 million tons compared to 2019[87]. - The industry concentration in the pig farming sector is expected to increase, providing significant growth opportunities for leading companies[86]. Corporate Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, as stated by its management team[3]. - The company operates under the disclosure requirements set by the Shenzhen Stock Exchange for companies engaged in livestock and aquaculture businesses[3]. - The company has maintained a consistent cash dividend policy over the past three years, with varying amounts based on net profit performance[109]. - The company has a cash dividend policy that is compliant, transparent, and clearly defined[106]. - The company has not experienced any significant accounting errors that require retrospective restatement during the reporting period[116]. - The company has not faced any major penalties or rectification situations during the reporting period[119]. - The company is committed to maintaining transparency and governance through its independent directors and supervisory board members[193]. Social Responsibility and Sustainability - The company aims to assist 100 impoverished counties with an investment of CNY 10 billion, implementing 100 poverty alleviation projects to achieve over CNY 10 billion in annual output value and lift 1 million people out of poverty[158]. - The company has established a cooperative model to support impoverished households in the pig farming industry, ensuring sustainable income growth for these households[158]. - The company is committed to ecological protection through soil improvement projects, investing 1.54 million CNY in these initiatives[164]. - The company has formed a leadership group to oversee and coordinate its poverty alleviation efforts effectively[162]. - The company is committed to sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[144]. Shareholder and Financial Management - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares to all shareholders, based on a total of 4,055,725,770 shares[5]. - The cash dividend for 2019 was CNY 2.30 per 10 shares, amounting to CNY 945,247,884.76, which represented 232.75% of the net profit attributable to ordinary shareholders[107]. - The cash dividend amount for 2020 represents 10.37% of the net profit attributable to ordinary shareholders, which was CNY 1,955,722,850.86[109]. - The company has committed to ensuring that minority shareholders have the opportunity to express their opinions and that their legal rights are fully protected[112]. - The company has a guarantee limit of CNY 1,200 million for clients of Nanning Dabeinong Feed Technology Co., Ltd., with an actual guarantee amount of CNY 512.53 million[130]. - The company has a total of CNY 95,182.96 million in guarantees for entities with a debt ratio exceeding 70%[153]. - The company has a total of CNY 98,112.66 million in guarantees exceeding 50% of net assets[153].

Financial Performance - Operating revenue for the period was CNY 6.27 billion, representing a growth of 53.74% year-on-year[3] - Net profit attributable to shareholders was CNY 589.61 million, up 119.66% from the previous year[3] - Net profit excluding non-recurring gains and losses was CNY 471.79 million, an increase of 281.19% year-on-year[3] - Basic earnings per share were CNY 0.15, reflecting a 150.00% increase compared to the same period last year[3] - The weighted average return on equity was 5.75%, an increase of 3.05% from the previous year[3] - Total operating revenue for Q3 2020 reached CNY 6,274,727,430.60, a significant increase of 54.0% compared to CNY 4,081,333,598.61 in the same period last year[27] - Operating profit for the period was CNY 855,878,076.33, up 216.5% from CNY 270,667,286.12 in the previous year[28] - The company reported a total comprehensive income of CNY 794,148,323.23, compared to CNY 242,787,136.29 in the same quarter last year, marking an increase of 227.5%[29] Assets and Liabilities - Total assets reached CNY 22.64 billion, an increase of 19.75% compared to the end of the previous year[3] - Total liabilities reached CNY 10.20 billion, an increase from CNY 7.44 billion, which is a growth of around 37.5%[23] - The company's equity attributable to shareholders increased to CNY 10.55 billion, compared to CNY 10.07 billion, showing a rise of about 4.8%[23] - Non-current assets totaled CNY 13.78 billion, compared to CNY 12.53 billion in the previous year, reflecting an increase of about 9.9%[22] - Short-term borrowings rose significantly to CNY 3.99 billion, up from CNY 2.65 billion, marking an increase of approximately 50.4%[22] - The total current liabilities increased to CNY 8.04 billion, compared to CNY 5.69 billion, reflecting a rise of about 41.3%[22] - The company reported cash and cash equivalents of CNY 3.89 billion as of September 30, 2020, up from CNY 2.73 billion at the end of 2019, indicating a 42.38% increase[21] Cash Flow - Cash flow from operating activities was CNY 673.45 million, down 15.72% compared to the previous year[3] - Net cash flow from operating activities increased by RMB 385.82 million, a growth of 47.84%, primarily due to increased sales collections[11] - Cash received from financing activities increased by CNY 1,865.33 million, a growth of 228.08% year-on-year, mainly due to increased bank borrowings[13] - Cash paid for dividends and interest increased by CNY 828.10 million, a growth of 228.79% year-on-year, reflecting higher dividend distributions to shareholders[13] - The net cash flow from financing activities was negative at approximately -¥680.73 million, an improvement from -¥1.27 billion in the previous year[38] Investment Activities - Investment income increased by RMB 414.87 million, a growth of 691.55%, mainly due to significant profit growth from affiliated breeding enterprises[10] - Cash inflow from investment activities increased by CNY 445.83 million, a growth of 121.51% year-on-year, mainly due to increased cash from equity disposals[12] - Cash outflow from investment activities rose by CNY 1,245.57 million, an increase of 207.66% year-on-year, primarily due to higher payments for fixed asset investments[12] - The company reported no securities investments during the reporting period[14] Shareholder Information - The total number of shareholders at the end of the reporting period was 244,731[6] - Major shareholder Shao Genhuo holds 32.87% of the shares, with a total of 1,379,138,081 shares[6] Research and Development - Research and development expenses increased by RMB 95.17 million, a growth of 37.43%, attributed to increased investment in R&D[10] - The company has a strong focus on developing new products and technologies to support market expansion and enhance competitiveness[16] Future Projections - The estimated cumulative net profit for the year is projected to be CNY 190 million, representing a 270.16% increase compared to the previous year's CNY 51.33 million[17] - Basic earnings per share are expected to be CNY 0.47, reflecting a 291.67% growth from CNY 0.12 in the same period last year[17] - The company anticipates a positive growth trend in its pig farming business, contributing to its overall profitability[17]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 8.99 billion, representing a 10.43% increase compared to the same period last year[10]. - The net profit attributable to shareholders for the first half of 2020 was approximately CNY 893 million, a significant increase of 2,556.20% year-on-year[10]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was approximately CNY 771 million, up 23,918.47% from the previous year[10]. - The net cash flow from operating activities reached approximately CNY 519 million, an increase of 6,856.49% compared to the same period last year[10]. - The basic and diluted earnings per share for the first half of 2020 were both CNY 0.22, a 2,100.00% increase year-on-year[10]. - The weighted average return on net assets was 8.62%, up 8.28 percentage points from the previous year[10]. - Total assets as of June 30, 2020, were approximately CNY 20.98 billion, an increase of 11.00% compared to the end of the previous year[10]. - The net assets attributable to shareholders were approximately CNY 9.97 billion, a slight decrease of 1.06% from the previous year[10]. Revenue Breakdown - The feed business accounted for 73.92% of the total revenue, while the pig farming business contributed 15.65%[17]. - The total sales volume of feed reached 1.8992 million tons, with pig feed sales at 1.3127 million tons, a year-on-year decrease of 18.90%[17]. - The sales of live pigs by the company and its subsidiaries were 648,400 heads, a year-on-year decrease of 33.08%, but the sales revenue from live pigs increased by 103.24% to 266.41 million yuan[17]. - The company’s feed production for pigs was 3,536,000 tons in the first half of 2020, with a recovery trend noted in June 2020[38]. - The company’s subsidiary, Beijing Dabeinong Biotechnology Co., Ltd., received a safety certificate for herbicide-resistant soybean DBN-09004-6, allowing for commercial planting in Argentina[31]. Market Trends and Industry Insights - In the first half of 2020, the average price of live pigs in China was 33.90 yuan/kg, an increase of 136.95% compared to the same period last year[21]. - The pig farming industry is expected to see a recovery in profitability due to rising pig prices and strong policy support[21]. - The concentration of feed enterprises is increasing, with larger companies gaining competitive advantages amid market disruptions[22]. - The approval of transgenic corn and soybean varieties for commercial planting is anticipated to significantly enhance the development space for the seed industry[23]. - The Chinese government has implemented various policies to promote the development of the seed industry, emphasizing its strategic importance for national food security[23]. Technological Advancements - The company emphasizes the development of integrated management platforms for pig farming, enhancing its digital solutions in the agricultural sector[5]. - The company has made significant progress in transgenic technology for corn and soybeans, enhancing its market position[16]. - The company has established five national-level R&D institutions and eight provincial-level R&D institutions, focusing on agricultural biotechnology and animal health products[30]. - The company is currently in the process of developing a vaccine for African swine fever, which, if successfully commercialized, could create substantial market opportunities[26]. - The company has developed a closed-loop service platform for pig farming, integrating data, transactions, and finance to enhance efficiency[33]. Investment and Growth Strategies - The company plans not to distribute cash dividends or issue bonus shares for this reporting period[2]. - The company is focusing on expanding its pig farming technology sector, which is expected to be a key growth area in the coming years[17]. - The company has increased its raw material trading business to mitigate price volatility risks, leading to a notable rise in revenue share from this sector[47]. - The company is exploring potential mergers and acquisitions to further strengthen its market position and diversify its product offerings[107]. - The company has set a performance guidance for the second half of 2020, aiming for a revenue increase of at least 20% compared to the first half of the year[93]. Sustainability and Social Responsibility - The company has implemented a poverty alleviation strategy, aiming to invest CNY 100 billion in 100 poverty-stricken counties through 100 projects[132]. - The company’s "Internet + Poverty Alleviation" model aims to enhance agricultural product sales and provide financial support to impoverished farmers[134]. - The company is committed to sustainability, with plans to reduce carbon emissions by 30% over the next five years[107]. - The company has established partnerships with local farmers, resulting in a 25% increase in user engagement and satisfaction[106]. - The company has developed a comprehensive training program through its affiliated China Farmers University to improve the skills of impoverished individuals[135]. Shareholder and Equity Information - The largest shareholder, Shao Genhuo, holds 34.49% of the shares, totaling 1,446,969,204 shares, with a decrease of 163,978,004 shares during the reporting period[146]. - The company reported a total of 220,411 shareholders holding more than 5% of the shares at the end of the reporting period[146]. - The number of restricted shares decreased by 101,457,493, resulting in a total of 1,310,295,793 restricted shares, which is 31.23% of the total[143]. - The company’s board of directors and senior management saw changes, with several new appointments made on March 20, 2020[157][158]. - The company has no outstanding publicly issued bonds that are due or have not been fully paid as of the report date[159].

Financial Performance - The company's revenue for Q1 2020 was CNY 4,081,196,693.95, representing a 0.58% increase compared to CNY 4,057,485,579.82 in the same period last year[4]. - Net profit attributable to shareholders was CNY 465,462,716.98, a significant increase of 1,298.16% from a loss of CNY 38,848,239.65 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was CNY 383,958,703.68, up 869.38% from a loss of CNY 49,904,960.40 in the same period last year[4]. - The basic earnings per share were CNY 0.11, compared to a loss of CNY 0.01 per share in the same period last year, marking a 1,200.00% increase[4]. - Net profit surged by 1,146.94% to 624.39 million CNY, driven by significant growth in the pig farming business[12]. - Total profit increased by 2,389.29% to 650.38 million CNY, mainly due to the profitability of the pig farming sector[12]. - The net profit for the first half of 2020 is expected to be between 80,000,000 and 110,000,000 CNY, representing a year-on-year increase of 2,279.39% to 3,171.66%[21]. - The main reasons for the performance increase include enhanced profitability in pig farming and continued implementation of cost reduction strategies, leading to a decrease in expenses year-on-year[22]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 20,331,919,848.66, an increase of 7.55% from CNY 18,904,149,244.36 at the end of the previous year[4]. - The net assets attributable to shareholders were CNY 10,538,745,282.59, reflecting a 4.63% increase from CNY 10,071,990,388.44 at the end of the previous year[4]. - Long-term borrowings rose by 56.10% to 364.81 million CNY, reflecting increased fixed asset investment[11]. - The company's total liabilities increased to CNY 7.93 billion from CNY 6.91 billion, reflecting a growth of about 14.8%[32]. - The total current liabilities amounted to CNY 6,157,662,441.29, an increase of 8.2% from CNY 5,691,766,394.13[34]. - The total non-current liabilities increased to CNY 2,123,608,763.70 from CNY 1,749,162,454.39, reflecting a growth of 21.4%[34]. Cash Flow - The net cash flow from operating activities was -CNY 75,046,967.14, an improvement of 67.99% from -CNY 234,469,669.53 in the same period last year[4]. - Cash flow from operating activities increased by 67.99% to 39.24 million CNY, attributed to higher sales collections[14]. - The cash flow from operating activities showed a net outflow of CNY 75,046,967.14, improving from a net outflow of CNY 234,469,669.53 in the same quarter last year[47]. - Investment activities resulted in a net cash outflow of CNY 286,798,761.57, compared to a net outflow of CNY 198,251,564.83 in the previous year[47]. - Financing activities generated a net cash inflow of CNY 943,288,128.96, a turnaround from a net outflow of CNY 129,586,773.15 in the same quarter last year[47]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 210,110, with the largest shareholder, Shao Genhuo, holding 35.87% of the shares[7]. - The total equity attributable to shareholders reached CNY 10,538,745,282.59, up from CNY 10,071,990,388.44, reflecting a growth of 4.6%[34]. Investment and Income - Trading financial assets increased by 5,849.29% to 46.21 million CNY due to the purchase of wealth management products[10]. - Investment income rose by 445.04% to 228.90 million CNY, primarily from increased equity transfer gains[12]. - The company reported a significant increase in investment income from joint ventures, amounting to approximately CNY 177.46 million, compared to a loss of CNY 51.43 million in the previous year[39]. - The company reported an increase in investment income to CNY 175,264,071.31, recovering from a loss of CNY 71,697,880.06 in the same period last year[43]. Operational Efficiency - Total operating costs decreased to approximately CNY 3.63 billion from CNY 4.01 billion, a reduction of about 9.4% year-over-year[38]. - The company’s sales expenses decreased to approximately CNY 213.15 million from CNY 285.94 million, a reduction of about 25.4% year-over-year[38]. - Research and development expenses for Q1 2020 were approximately CNY 73.61 million, slightly down from CNY 73.81 million in the same period last year[38]. - The company recorded a decrease in credit impairment losses to CNY -141,672.59 from CNY -45,999.51 in the previous year[43]. Miscellaneous - The company received government subsidies amounting to CNY 80,595,412.71 during the reporting period, primarily from equity transfer gains and project-related subsidies[5]. - The company has no securities investments during the reporting period[22]. - The company has established a professional futures research team to monitor market trends and manage risks effectively[30]. - There were no significant changes in the company's accounting policies or principles compared to the previous reporting period[30].

Financial Performance - The company's operating revenue for 2019 was approximately ¥16.58 billion, a decrease of 14.11% compared to ¥19.30 billion in 2018[17]. - Net profit attributable to shareholders was approximately ¥513.29 million, representing a slight increase of 1.26% from ¥506.91 million in the previous year[17]. - The net profit after deducting non-recurring gains and losses surged by 180.70% to approximately ¥328.54 million from ¥117.04 million in 2018[17]. - The net cash flow from operating activities increased by 67.41% to approximately ¥1.79 billion, up from ¥1.07 billion in 2018[17]. - Total assets at the end of 2019 were approximately ¥18.90 billion, reflecting a growth of 4.47% from ¥18.10 billion at the end of 2018[17]. - The net assets attributable to shareholders increased by 3.00% to approximately ¥10.07 billion, compared to ¥9.78 billion at the end of 2018[17]. - The company reported a basic earnings per share of ¥0.12, unchanged from the previous year[17]. - The company achieved a gross margin increase of 0.13 percentage points for pig feed despite a decline in sales volume[24]. - The company's comprehensive gross margin increased by 1.22 percentage points to 19.91%[45]. Dividend Distribution - The company plans to distribute a cash dividend of 2.30 RMB per 10 shares (including tax) to all shareholders based on a total share capital of 4,195,329,495 shares as of December 31, 2019[6]. - The cash dividend distribution represents 232.75% of the company's net profit attributable to ordinary shareholders for the year 2019, which was RMB 1,194,694,151.68[111]. - The company’s total distributable profit for the year was RMB 2,113,882,207.70, with cash dividends accounting for 100% of the total profit distribution[113]. - The cash dividend distribution plan was approved in the board meeting held on November 22, 2019, and implemented on December 24, 2019[108]. Market Conditions and Risks - The cost of feed raw materials accounts for over 90% of the total cost of feed products, with key ingredients including corn, wheat, and soybean meal[2]. - The company faces risks related to the supply and price of feed raw materials, which are influenced by international trade negotiations and extreme weather events[4]. - The ongoing risk of African swine fever and other diseases poses significant operational risks, potentially affecting pig production and feed demand[5]. - The company anticipates that pig prices may continue to remain high in 2020 due to tight supply conditions[6]. - The price of corn showed a cyclical fluctuation in 2019, with a general upward trend after initial declines, influenced by supply and trade relations[30]. Production and Sales - In 2019, the company's feed business revenue accounted for 78.89% of total revenue, while pig farming and related services accounted for 11.78%[24]. - The total sales volume of feed reached 3.79 million tons, with pig feed sales declining by 25.40% year-on-year to 2.79 million tons[24]. - The company sold a total of 1.64 million pigs in 2019, with a 16.47% year-on-year decrease in sales volume, but sales revenue increased by 45.64% to CNY 1,919.72 million[25]. - The company’s pig feed accounted for over 70% of its feed revenue, reflecting a shift in demand towards safe and healthy feed products[44]. Research and Development - The company has established five national-level R&D institutions and eight R&D centers, focusing on agricultural technology innovation, including the development of new feed additives and vaccines[39]. - The company’s R&D investment has increased, with 22 livestock technology projects and 2 internet + agriculture projects undertaken in 2019[46]. - The company applied for 59 new patents and received 76 patent grants, totaling 345 effective authorized invention patents[47]. - The company’s corn transgenic technology made significant breakthroughs in marketization, indicating strong future economic benefits[24]. Strategic Initiatives - The company is developing an integrated online pig farming solution through its "Pig Internet" platform, aimed at providing comprehensive management for pig farmers[10]. - The company’s "Agricultural Credit Network" serves as a comprehensive service platform for customers, facilitating various agricultural needs[10]. - The company is focused on creating a world-class agricultural technology and service enterprise, leveraging biotechnology and information technology for innovation[39]. - The company has implemented a "1240" precision service strategy to enhance the competitiveness of its seed industry[26]. Environmental and Social Responsibility - The company has established a comprehensive disease prevention system to mitigate risks from major animal diseases, including African swine fever[104]. - The company has implemented a poverty alleviation strategy, aiming to assist 100 impoverished counties with an investment of 10 billion yuan and create over 100 billion yuan in annual output value[162]. - The company constructed 11 pig farms during the reporting period, implementing effective waste treatment facilities and achieving zero emissions through anaerobic fermentation[172]. - The company’s technology innovation system includes 8 research platforms focused on agricultural science, enhancing productivity and efficiency for impoverished households[165]. Future Outlook - The company expects a gradual recovery in pig feed demand as pig farming capacity stabilizes and policy support increases[29]. - The company has set a performance guidance for the upcoming year, anticipating a revenue growth of approximately 15%[137]. - The company plans to invest 2,000 million in research and development for innovative agricultural solutions over the next two years[147]. - The company is exploring market expansion opportunities, particularly in the aquaculture segment, with contracts valued at 1,275 million[138].

Financial Performance - The company's revenue for Q1 2020 was CNY 4,081,196,693.95, representing a 0.58% increase compared to CNY 4,057,485,579.82 in the same period last year[4]. - Net profit attributable to shareholders was CNY 465,462,716.98, a significant increase of 1,298.16% from a loss of CNY 38,848,239.65 in the previous year[4]. - The net profit after deducting non-recurring gains and losses was CNY 383,958,703.68, up 869.38% from a loss of CNY 49,904,960.40 in the same period last year[4]. - The basic earnings per share were CNY 0.11, compared to a loss of CNY 0.01 in the same period last year, marking a 1,200.00% increase[4]. - The total profit increased by 2,389.29% to 650.38 million CNY, largely due to the profitability of the pig farming business[13]. - The net profit for the first quarter of 2020 was approximately ¥569.95 million, a significant recovery from a net loss of ¥54.44 million in the same period last year, representing a turnaround of over 1045%[38]. - The total profit for the quarter reached ¥623.16 million, compared to a loss of ¥27.22 million in the previous year, indicating a substantial improvement[38]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 20,331,919,848.66, a 7.55% increase from CNY 18,904,149,244.36 at the end of the previous year[4]. - The net assets attributable to shareholders were CNY 10,538,745,282.59, reflecting a 4.63% increase from CNY 10,071,990,388.44 at the end of the previous year[4]. - The company's total equity attributable to shareholders reached CNY 10,538,745,282.59, compared to CNY 10,071,990,388.44 at the end of 2019, marking a growth of about 4.6%[35]. - The total liabilities increased to CNY 8,281,271,204.99 from CNY 7,440,928,848.52, representing a growth of about 11.3%[32]. - The company's total liabilities were ¥7,440,928,848.52 as of January 1, 2020, unchanged from the previous year[52]. Cash Flow - The net cash flow from operating activities was CNY -75,046,967.14, an improvement of 67.99% from CNY -234,469,669.53 in the same period last year[4]. - The net cash flow from operating activities rose by 67.99% to 159.42 million CNY, due to increased sales collections[15]. - The cash flow from operating activities was approximately ¥3.93 billion, indicating strong operational cash generation capabilities[44]. - The net cash flow from financing activities reached 943,288,128.96 RMB, a substantial increase compared to -129,586,773.15 RMB in the prior year, showing strong financing support[46]. - The total cash and cash equivalents at the end of the period amounted to 3,169,278,751.15 RMB, up from 1,608,567,458.88 RMB year-over-year, indicating improved liquidity[46]. Shareholder Information - The top shareholder, Shao Genhuo, holds 35.87% of the shares, with a total of 1,504,699,420 shares[7]. - The company has completed the repurchase and cancellation of 7,095,639 shares of restricted stock due to unfulfilled unlocking conditions[18]. - The third unlocking period for restricted stock, corresponding to 54,091,642 shares, is set for November 6, 2020, but the conditions for unlocking have not been met[18]. Government Support and Subsidies - The company received government subsidies amounting to CNY 17,435,701.19 during the reporting period, contributing to the overall financial performance[5]. Investment and Financial Management - Trading financial assets increased by 5,849.29% to 46.21 million CNY due to the purchase of wealth management products[11]. - Investment income rose by 445.04% to 228.90 million CNY, primarily from increased equity transfer gains[13]. - The company has engaged in entrusted financial management with a total amount of 896,940,200 CNY, with an outstanding balance of 47,000 CNY[23]. - The company has invested in derivatives, with a total initial investment amount of 15,871,100 CNY, and a year-end investment amount of 23,171,400 CNY, representing 0.22% of the company's net assets[24]. - The company has not engaged in any securities investments during the reporting period[22]. Operational Efficiency - The company's earnings per share increased by 1,200.00% to 0.13 CNY, reflecting the strong performance of the pig farming segment[14]. - The improvement in profitability is attributed to enhanced profitability in pig farming operations and a continued focus on cost reduction strategies[22]. - Operating costs decreased to CNY 3,632,202,613.77 from CNY 4,013,328,999.10 in the previous quarter, showing a reduction of about 9.4%[37]. - The company reported a decrease in sales expenses to CNY 213,150,834.50 from CNY 285,941,874.74, a reduction of about 25.4%[37]. Compliance and Governance - The company has committed to maintaining independence in its operations and not engaging in competitive activities with its major shareholders[19]. - The company has adhered to all commitments made regarding financial assistance and compensation during the reporting period[20]. - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[26][27]. - There were no violations regarding external guarantees during the reporting period[26]. - The company has established a risk control team for futures operations to manage and audit risks effectively[25]. Future Outlook - The company expects a net profit for the first half of 2020 to increase by over 50% year-on-year, with a projected range of net profit between 80,000,000 and 110,000,000 CNY[21]. - The net profit for the first half of 2019 was 33,622,100 CNY, indicating a significant growth trajectory[21].

Financial Performance - Operating revenue for the period was CNY 4.08 billion, representing a decrease of 20.67% year-on-year[4] - Net profit attributable to shareholders was CNY 268.42 million, down 20.25% compared to the same period last year[4] - Basic earnings per share were CNY 0.06, down 25.00% year-on-year[4] - The weighted average return on equity was 2.70%, a decrease of 16.67% compared to the previous year[4] - Total operating revenue for Q3 2019 was CNY 4,081,333,598.61, a decrease of 20.7% compared to CNY 5,144,865,484.55 in the same period last year[32] - Net profit for Q3 2019 was CNY 305,919,216.50, compared to CNY 335,619,750.40 in Q3 2018, indicating a decline of 8.8%[33] - The net profit attributable to the parent company was CNY 302,042,237.04, down 31.5% from CNY 440,585,469.77 year-on-year[41] - The total profit for the quarter was CNY 407,666,185.67, a decline of 25.3% from CNY 545,937,957.54 in the previous year[40] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 18.37 billion, an increase of 1.51% compared to the end of the previous year[4] - The company's total assets decreased to CNY 11,689,777,125.68 from CNY 12,212,800,450.17, a reduction of 4.3%[31] - The total liabilities amounted to CNY 6,839,209,353.95, down from CNY 7,381,368,275.95, indicating a decrease of 7.4%[26] - Current liabilities decreased to CNY 5,306,320,772.60 from CNY 6,437,402,732.84, a reduction of 17.5%[26] - The company's total assets decreased by 12.5% compared to the previous year, reflecting a strategic shift in asset management[40] Cash Flow - Net cash flow from operating activities was CNY 799.07 million, a decrease of 10.17% compared to the previous year[4] - Cash flow from operating activities was CNY 11,988,512,960.99, a decrease from CNY 13,165,003,844.65 in the previous year[45] - The net cash flow from operating activities was 903,688,281.43 CNY, a decrease from 1,440,119,845.58 CNY in the previous period[49] - Total cash inflow from operating activities was 4,295,426,245.57 CNY, down from 7,140,493,264.49 CNY year-on-year[49] - The total cash outflow for operating activities was 3,391,737,964.14 CNY, compared to 5,700,373,418.91 CNY in the previous period[49] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 148,628[7] - The largest shareholder, Shao Genhuo, holds 38.69% of the shares, totaling 1,641,461,553 shares[7] Investment and Expenses - Investment income decreased by CNY 249.18 million, a decline of 80.60%, mainly due to a decrease in equity transfer income[14] - Research and development expenses for Q3 2019 were CNY 94,406,149.76, up from CNY 84,973,235.56, representing an increase of 11.7%[32] - The company reported a decrease in sales expenses to CNY 268,195,688.63 from CNY 381,492,487.44, a reduction of 29.7%[32] - Research and development expenses for the current period are CNY 254,238,176.77, down from CNY 275,447,967.98 in the previous period[39] Other Financial Metrics - Non-recurring gains and losses totaled CNY 175.06 million, primarily from asset disposal gains and government subsidies[5] - The company incurred a credit impairment loss of CNY -43,265,354.86 during the quarter[40] - The company reported a fair value loss of CNY 6,658,119.96 in the current period, compared to a gain of CNY 2,767,350.00 in the previous period[39] Future Outlook - The company plans to expand its market presence through new product development and strategic acquisitions in the upcoming quarters[40]

Pig Farming Operations - In the first half of 2019, the company sold 950,000 pigs, including those from equity investment breeding platform companies[8]. - The company plans to increase its investment in the pig farming industry, aiming to expand its breeding platform company shareholding ratio[8]. - The company has established eight major platform companies for pig farming across the country, increasing the revenue proportion from this sector year by year[8]. - The company sold approximately 970,000 pigs and breeding pigs in the first half of 2019, an increase of 26.64% year-on-year[33]. - The company's pig farming output increased by 26.64% year-on-year, with a total of approximately 970,000 pigs sold, generating sales revenue of 1.31 billion yuan, a 92.19% increase[50]. - The company has invested in 19,000 breeding sows and has 46,000 more under construction, with a total production capacity of 105,000 sows planned[50]. - The company’s pig farming business experienced a 57.35% quarter-on-quarter growth in performance in Q2 2019, following a significant loss in Q1 due to market conditions[49]. - The company has developed a "Pig Internet+" platform that connects various stakeholders in the pig industry, enhancing production, transaction, and financing efficiency[46]. Financial Performance - The company's operating revenue for the first half of 2019 was ¥8,142,140,653.71, a decrease of 10.26% compared to the same period last year[22]. - The net profit attributable to shareholders was ¥33,622,125.57, down 67.67% year-on-year[22]. - The net profit after deducting non-recurring gains and losses was ¥3,210,934.20, a decline of 91.19% compared to the previous year[22]. - The total cash flow from operating activities was ¥7,459,151.44, a significant improvement from a negative cash flow of ¥597,252,236.43 in the same period last year, representing a 101.25% increase[22]. - The company reported total revenue of 814.21 million yuan, a decrease of 10.26% year-on-year, and a net profit of 33.62 million yuan, down 67.67% compared to the previous year[49]. - The company’s feed sales revenue for the reporting period was CNY 683.87 million, a year-on-year decrease of 11.67%, with total sales volume at 1.99 million tons, down 6.09%[51]. - The company reported a significant reduction in cash and cash equivalents, with CNY 357,616,088.84 as of June 30, 2019, compared to CNY 1,117,795,881.58 at the end of 2018, indicating cash flow pressures[172]. Cost Management and Profitability - The fluctuation in feed raw material prices significantly impacts the company's overall performance, with rising costs due to U.S.-China trade relations and tightening global soybean supply[5]. - The company emphasizes the importance of effectively passing on rising costs to downstream customers to maintain profitability[5]. - The company aims to enhance breeding efficiency and reduce costs to maintain profitability amid fluctuating pig prices[85]. - Selling expenses decreased by approximately ¥161,993,000, a decline of about 21.68% year-on-year[34]. - Management expenses were reduced by ¥71,496,500, representing a decrease of approximately 14.24%[34]. - The gross profit margin for the feed and veterinary industry was 20.07%, with a decrease of 0.53% year-on-year[59]. Research and Development - The number of core R&D personnel reached 1,400, contributing to the company's competitive edge in technology and innovation[41]. - The company has established multiple national-level R&D institutions, enhancing its technological innovation capabilities in the agricultural sector[42]. - Research and development investment amounted to CNY 178.33 million, a decrease of 18.66% compared to the previous year[56]. - The company applied for 16 new patents and was granted 50 patents in the first half of 2019, along with 41 new plant variety rights applications[52]. - The company aims to enhance its research and development efforts, focusing on innovative agricultural technologies[196]. Risk Management - The company faces risks from natural disasters and seasonal pests that could adversely affect seed production and sales[7]. - The company has implemented a strict three-level epidemic prevention system to mitigate the risks of major animal diseases, such as African swine fever[7]. - The company has a robust epidemic prevention system in place, but still faces risks if severe outbreaks occur near production areas[6]. - The company is facing risks from raw material price fluctuations, particularly in feed ingredients due to trade tensions[82]. Market Expansion and Strategy - The company is actively increasing its shareholding in pig farming platform companies, with ownership stakes ranging from 50.29% to 88.45% in various regional companies[49]. - The company is focusing on sustainability initiatives, aiming to reduce its carbon footprint by 25% over the next five years[115]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product portfolio[121]. - The company is actively pursuing market expansion strategies, with a focus on increasing its presence in the agricultural technology sector[119]. - The company plans to expand its market presence and invest in new product development to enhance competitiveness[196]. Shareholder and Corporate Governance - The company will not distribute cash dividends, issue bonus shares, or convert reserves into share capital[9]. - The company has fulfilled all commitments made by its actual controller and shareholders during the reporting period[91]. - The company did not experience any penalties or rectification situations during the reporting period[98]. - The company has not undergone any bankruptcy reorganization during the reporting period[95]. - The company has no major litigation or arbitration matters during the reporting period[96]. Environmental and Social Responsibility - The company has implemented a poverty alleviation model that includes providing 2 breeding pigs to each paired impoverished household, ensuring a fixed annual income of CNY 3,000 for these households[139]. - In the first half of 2019, the company allocated CNY 3.15 million for poverty alleviation efforts[141]. - The company’s major environmental projects have achieved zero emissions and resource utilization, impacting an area of 790 hectares[138]. - The company has established a comprehensive environmental risk identification and response mechanism to ensure compliance with local environmental regulations[138].

Financial Performance - The company's operating revenue for Q1 2019 was ¥4,057,485,579.82, a decrease of 11.82% compared to ¥4,601,386,528.69 in the same period last year[4]. - The net profit attributable to shareholders was -¥38,848,239.65, representing a decline of 121.48% from ¥180,869,236.01 in the previous year[4]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥49,904,960.40, down 129.40% from ¥169,724,203.31 year-on-year[4]. - The basic earnings per share for the reporting period was -¥0.01, down 125.00% from ¥0.04 in the same period last year[4]. - The diluted earnings per share also stood at -¥0.01, reflecting a 125.00% decline from ¥0.04 year-on-year[4]. - Total profit decreased by CNY 254.66 million, a decline of 111.97%, primarily due to losses in the pig farming business[12]. - The net profit for Q1 2019 was a loss of CNY 54,439,468.25, compared to a profit of CNY 199,289,538.67 in Q1 2018[30]. - The total comprehensive income for the current period was -¥169,643,535.83, compared to ¥6,843,633.43 in the previous period[34]. Cash Flow - The net cash flow from operating activities improved to -¥234,469,669.53, a 68.14% increase compared to -¥736,025,173.13 in the same period last year[4]. - The total cash inflow from operating activities was ¥3,716,145,336.78, a decrease from ¥4,096,354,072.43 in the previous period[36]. - The total cash outflow from operating activities was ¥3,950,615,006.31, down from ¥4,832,379,245.56 in the previous period[36]. - The net cash flow from operating activities was -6,898,370.47 CNY, compared to 120,723,135.81 CNY in the previous period, indicating a significant decline[38]. - The company reported a total cash outflow of 942,250,494.68 CNY from operating activities, compared to 2,111,217,828.71 CNY in the previous period[38]. Assets and Liabilities - The total assets at the end of the reporting period were ¥17,474,130,869.14, a decrease of 3.44% from ¥18,095,720,578.33 at the end of the previous year[4]. - The net assets attributable to shareholders at the end of the reporting period were ¥9,764,816,512.96, a slight decrease of 0.14% from ¥9,778,885,025.66 at the end of the previous year[4]. - Total liabilities as of March 31, 2019, were CNY 6,789,776,434.98, a decrease of 8.0% from CNY 7,381,368,275.95[23]. - The company's total assets decreased to CNY 17,474,130,869.14 from CNY 18,095,720,578.33, reflecting a decline of 3.4%[24]. - Total liabilities decreased to CNY 4,174,612,664.34 in Q1 2019 from CNY 4,634,363,968.35 in the same period last year[27]. Shareholder Information - The company reported a total of 121,313 common shareholders at the end of the reporting period[7]. - The equity attributable to shareholders of the parent company was CNY 9,764,816,512.96, slightly down from CNY 9,778,885,025.66[24]. Expenses - Research and development expenses for Q1 2019 were CNY 73,806,186.46, a decrease of 19.6% compared to CNY 91,832,215.51 in Q1 2018[29]. - Research and development expenses for the current period were ¥10,614,918.45, down 45% from ¥19,291,866.14 in the previous period[32]. - Financial expenses increased by CNY 13.76 million, a growth of 32.30%, mainly due to increased financing interest expenses[13]. Investment and Financing Activities - The company plans to repurchase and cancel 7.10 million shares of unvested restricted stock due to non-compliance with incentive conditions[15]. - The company reported a decrease in cash received from financing activities by CNY 279.12 million, a decline of 186.20%, mainly due to reduced short-term financing[14]. - The net cash flow from investing activities was -165,862,339.32 CNY, compared to -1,091,710,737.49 CNY in the previous period, showing an improvement[38]. - Total cash inflow from financing activities was 93,685,151.92 CNY, significantly lower than 1,655,000,000.00 CNY in the previous period[39]. Other Financial Metrics - The weighted average return on equity was -0.40%, a decrease of 2.15% compared to 1.75% in the previous year[4]. - The fair value of financial assets decreased by CNY 76.21 million, primarily due to losses in futures trading[18]. - The company had no violations regarding external guarantees during the reporting period[19].