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].

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 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].