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].

Financial Performance - The company's operating revenue for 2018 was ¥19,302,066,717.55, representing a 2.99% increase from ¥18,741,738,574.13 in 2017[18]. - The net profit attributable to shareholders for 2018 was ¥506,911,261.57, a decrease of 59.93% compared to ¥1,265,211,910.87 in 2017[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥117,044,006.53, down 88.26% from ¥996,819,640.23 in 2017[18]. - The net cash flow from operating activities increased by 49.29% to ¥1,067,467,486.86 in 2018 from ¥715,022,801.00 in 2017[18]. - The total assets at the end of 2018 were ¥18,095,720,578.33, a decrease of 6.03% from ¥19,257,822,745.27 at the end of 2017[18]. - The net assets attributable to shareholders at the end of 2018 were ¥9,778,885,025.66, down 4.28% from ¥10,216,472,825.41 at the end of 2017[18]. - The basic earnings per share for 2018 was ¥0.12, a decrease of 61.29% from ¥0.310 in 2017[18]. - The diluted earnings per share for 2018 was also ¥0.12, reflecting the same percentage decrease as basic earnings per share[18]. - The company's overall gross profit margin for 2018 was 18.70%, a decrease of 5.47 percentage points year-on-year, with feed products' gross margin at 19.45% and breeding products' gross margin at -6.79%[42]. - The company reported a significant non-recurring gain from the disposal of non-current assets amounting to ¥347,026,011.92 in 2018[21]. Pig Farming Sector - In 2018, the company sold 1.68 million pigs, including those from eight affiliated breeding platform companies, indicating a significant increase in revenue contribution from the pig farming sector[7]. - The outbreak of African swine fever in the second half of 2018 significantly impacted the pig farming industry, leading to a sharp reduction in production capacity across the sector[6]. - The company plans to continue increasing its investment in pig farming, with a focus on expanding its breeding scale to capitalize on industry opportunities[8]. - The company anticipates that pig prices will enter an upward cycle in the second half of 2019, following significant capacity reductions in the industry[8]. - The company reported a loss of approximately 260 million yuan in its pig farming business, significantly impacting the net profit[25]. - The African swine fever outbreak has accelerated the industry's capacity reduction, with a significant decline in the number of breeding sows and overall pig inventory[28]. - The company has established eight major pig farming platforms across China, with a total of 84 tier-three pig farming companies and a land reserve for nearly 30 million pigs, indicating strong future production capacity[41]. - In 2018, the company achieved total revenue from pig farming of CNY 1.318 billion, a year-on-year increase of 29.44%[41]. Feed Business - In 2018, the company's feed business revenue accounted for 86.67% of total revenue, while pig farming and seed business contributed 6.90% and 2.04% respectively[23]. - The total sales volume of pig feed in 2018 was 374.25 million tons, representing a year-on-year growth of 1.38%, but the gross margin decreased by approximately 3.58 percentage points due to raw material price fluctuations[25]. - The feed sales revenue was CNY 1,666,956.43 million, accounting for 86.67% of the main business revenue, with a sales volume of 459.75 million tons, up 3.56% year-on-year[40]. - The gross profit margin for feed products was 19.45%, reflecting a decrease of 3.01% compared to the previous year[48]. Research and Development - The company launched 107 new patent applications and received 79 patent grants in 2018, with a total of 193 plant variety rights granted[35]. - The company’s R&D efforts included 22 livestock technology projects and 26 crop technology projects, with a focus on green and safe nutrition technologies[43]. - The company holds 329 effective invention patents and 130 authorized plant variety rights, reflecting its commitment to innovation and technology development[43]. - The company has a workforce of 17,230, including over 1,500 core R&D personnel, enhancing its competitive edge in technology and innovation[33]. - The total R&D investment amounted to ¥494,391,367.90, which is 2.56% of total revenue, down from 2.81% the previous year[59]. Market Expansion and Strategy - The company is focusing on global integration of resources and results to develop competitive new products and services in agricultural technology[34]. - The company is actively pursuing market expansion strategies, targeting new regions with a projected increase in customer acquisition by 15%[123]. - The company aims to increase its market share by 10% through targeted marketing campaigns and customer engagement initiatives[123]. - The company is focusing on expanding its market presence, with new contracts signed in various regions, including 1,000 million from Changde and 2,000 million from Zhengzhou[125]. - The company plans to enhance its digital platform to improve customer engagement, with an investment of 10 million allocated for this initiative[129]. Financial Management and Investments - The company does not plan to distribute cash dividends or issue bonus shares for the year[8]. - The company has received approval for its genetically modified soybean DBN-09004-6 in Argentina and is pursuing import permits in other major markets[94]. - The company will strengthen its financial management and explore various financing options, including corporate bonds and bank loans, to support the pig farming sector[93]. - The company has a total of 120,304.77 million in other financial products from its own funds, with no overdue amounts[140]. - The company reported a total of 17,000 million in other types of entrusted financial management sourced from raised funds, with no overdue amounts[140]. Social Responsibility and Community Engagement - The company has made significant contributions to social responsibility, aligning its business strategies with national poverty alleviation goals[145]. - The company has established a cooperative model that pairs family farms with impoverished households, providing financial support and resources, including two breeding pigs per household, ensuring a fixed annual income of 3,000 yuan[146]. - The company has developed a technology promotion poverty alleviation model, utilizing a nationwide service network to deliver agricultural innovations and training to farmers, enhancing production efficiency and income[147]. - The company has invested a total of 756.53 million CNY in 13 poverty alleviation projects focused on agricultural and forestry industry development[153]. Governance and Compliance - The company has established a comprehensive internal control system to enhance governance and operational efficiency[195]. - The company has maintained a continuous relationship with the auditing firm Ruihua for 6 years, with an audit fee of 2.4 million yuan for the current period[111]. - The company has not faced any penalties or rectification issues during the reporting period[113]. - The company has not undergone any bankruptcy restructuring during the reporting period[112]. - The board of directors consists of 5 members, including 2 independent directors, complying with legal and regulatory requirements[198].

Financial Performance - Operating revenue for the reporting period was CNY 5,144,865,484.55, reflecting a year-on-year increase of 2.89%[8] - Net profit attributable to shareholders decreased by 47.52% to CNY 440,585,469.77 year-to-date[8] - The basic earnings per share for the reporting period was CNY 0.08, a decrease of 47.53% compared to the same period last year[8] - The weighted average return on equity was 3.24%, down by 4.51% year-on-year[8] - The company reported a significant decline in net profit due to a 79.04% drop in net profit after deducting non-recurring gains and losses[8] - The estimated net profit attributable to shareholders for 2018 is projected to be between CNY 50,608.48 million and CNY 88,564.83 million, representing a decrease of 30% to 60% compared to 2017's net profit of CNY 126,521.19 million[32] - The company expects to report a positive net profit for 2018, indicating no turnaround from a loss situation[31] Cash Flow and Investments - Net cash flow from operating activities surged by 162.93% to CNY 889,551,338.50[8] - Cash received from investment activities increased by CNY 3,345.45 million, a growth of 6433.55%, mainly from the transfer of equity in joint ventures[22] - The total investment in stocks amounted to 613,740,915, with a fair value change loss of -32,186,821.66, resulting in a year-end amount of 621,838,879[34] - The company reported a total of 1,085,279,155.81 in investments, with a fair value change loss of -31,435,019.12 during the reporting period[34] Shareholder Information - The total number of shareholders at the end of the reporting period was 111,086[13] - Major shareholder Shao Genhuo holds 41.25% of the shares, with a total of 1,750,382,283 shares[13] - The company repurchased 72,675,176 shares, accounting for 1.71% of the total share capital, with a total payment of CNY 306.53 million[25] - The company has been repurchasing its shares through centralized bidding, with announcements made on multiple dates in 2018[27][28] Asset Management - Total assets increased by 1.31% to CNY 19,510,485,009.21 compared to the end of the previous year[8] - Cash and cash equivalents decreased by CNY 1,607.10 million, a decline of 42.43%, primarily due to the company's investment in financial products and increased payments[18] - Accounts receivable increased by CNY 957.84 million, a growth of 68.81%, mainly due to higher credit limits extended to reputable clients facing short-term cash flow difficulties[18] - Other current assets rose by CNY 604.09 million, a growth of 100.86%, attributed to the investment of temporarily idle funds in financial products[18] - Long-term equity investments increased by CNY 956.49 million, a growth of 70.58%, due to changes in ownership percentages and additional investments in joint ventures[18] Expenses and Liabilities - Management expenses for the first nine months of 2018 increased by CNY 189.65 million, a growth of 31.60%, mainly due to higher stock incentive expenses[21] - Financial expenses rose by CNY 71.68 million, a growth of 66.49%, primarily due to increased financing and corresponding interest expenses[21] - The company’s short-term borrowings repayment increased by CNY 690.26 million, a growth of 65.61%, due to an increase in repayments of maturing short-term loans[23] Business Outlook - The company anticipates significant losses in its pig farming business due to fluctuations in pig prices, impacting overall profitability[32] - The sales growth of the company's pig feed business is expected to slow down, with a decline in gross profit margin compared to the previous year[32] - High costs associated with restricted stock incentive plans are expected to have a substantial impact on the company's performance this year[32] Compliance and Governance - The company has committed to maintaining the independence of its assets, business, personnel, finance, and organization[29] - The company has made various commitments regarding financial assistance and compliance with regulations, ensuring no conflicts of interest with shareholders[30] - The company has no violations regarding external guarantees during the reporting period[35] - There were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[36] - The total amount of entrusted financial management was 251,448.63 million, with no overdue amounts[38] - The company utilized self-owned funds for 76,336 in bank financial products and 8,000 in broker financial products[38] - The company has a remaining balance of 83,864.36 million in entrusted financial management[38] - There were no high-risk entrusted financial management situations that could lead to impairment during the reporting period[38] Employee Stock Ownership - The company is actively promoting its employee stock ownership plan, which was approved by the board and shareholders in July 2018[26] - The company has transitioned the management of its employee stock ownership plan from Huatai Securities to self-management[26] Investor Relations - The company conducted an on-site investigation on July 16, 2018, with institutional investors[38]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥9,073,372,471.54, an increase of 8.21% compared to ¥8,384,792,664.80 in the same period last year[22]. - The net profit attributable to shareholders decreased by 80.18% to ¥103,991,719.49 from ¥524,664,427.01 year-on-year[22]. - The net profit after deducting non-recurring gains and losses fell by 92.18% to ¥36,435,592.88 compared to ¥466,183,230.50 in the previous year[22]. - The company reported a net cash flow from operating activities of -¥597,252,236.43, worsening by 50.84% from -¥395,955,682.53 in the same period last year[22]. - The total assets at the end of the reporting period were ¥18,993,477,787.64, a decrease of 1.37% from ¥19,257,822,745.27 at the end of the previous year[22]. - The company achieved total revenue of CNY 907.34 million in the first half of 2018, an increase of 8.21% year-on-year[51]. - The company's net profit attributable to shareholders decreased by 80.18% year-on-year to CNY 103.99 million, primarily due to lower pig market prices and increased costs[51]. - The feed sales revenue reached CNY 773.68 million, a year-on-year growth of 5.66%, with total feed sales volume of 212.42 thousand tons, up 7.62%[52]. - The company reported a significant increase in pig revenue, which rose by 69.34% year-on-year to CNY 68.20 million, with a total of 586.6 thousand pigs sold[52]. Operational Challenges - The company reported a significant risk related to the supply and price fluctuations of key feed raw materials, which could adversely affect production costs and profit margins if prices rise significantly[6]. - The cyclical volatility of commodity pig prices impacts the company's gross margin, which aligns with industry trends; a substantial decline in pig sales prices could lead to decreased performance in the pig farming business[8]. - The company faces risks from major epidemics and natural disasters that could disrupt feed production and sales, emphasizing the need for enhanced control over raw materials and improved product quality[9]. - The company experienced a decline in overall feed gross margin by approximately 3.05 percentage points due to rising raw material prices[34]. - The company anticipates increased losses in its pig farming business due to the impact of pig prices, along with a slowdown in sales growth and a decline in gross profit margin for its feed business[98]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares, indicating a focus on reinvestment rather than shareholder payouts[10]. - The company is developing a comprehensive online pig farming management platform, "Pig Internet," aimed at providing integrated solutions for pig farmers[15]. - The company has established "Agricultural Credit Network," a comprehensive service platform for customers, facilitating various agricultural management needs[15]. - The company aims to stabilize its operational performance by improving pricing power and service capabilities in response to market challenges[9]. - The company’s financial report emphasizes the importance of strategic procurement to buffer against rising raw material costs[6]. - The company is implementing strategic procurement and raw material reserves to mitigate the impact of rising raw material prices on its operations[100]. - The company is enhancing its core raw material technology research and improving product quality to stabilize operational performance and mitigate risks[102]. Investments and Projects - The company has established partnership platforms in key breeding areas, promoting integrated farming and driving sales of feed, veterinary drugs, and vaccines[41]. - The company has invested a total of 99,449.05 million in various projects, with an actual investment of 14,389.97 million during the reporting period[89]. - The company has completed the construction of a 90,000-ton feed production line with a total investment of 992 million, achieving 100% of the planned investment[89]. - The company has faced delays in several projects due to land acquisition issues and regulatory changes, impacting the expected progress and benefits[83]. - The company has made non-proportional capital increases in several subsidiaries, including Wuhan Green Giant Agricultural Co., Ltd. and Shaanxi Changnong Kangmu Agricultural Development Co., Ltd.[97]. Employee and Management - The company has a strong talent pool of 18,534 employees, including over 1,700 core R&D personnel, enhancing its innovation capabilities[45]. - The company’s core research and development team consists of over 1,700 members, including nearly 100 PhDs and 700 master's degree holders[56]. - The company is planning to implement an employee stock ownership plan to enhance its incentive mechanism[116]. - The company’s management is committed to ensuring the accuracy and completeness of financial reporting, with key personnel affirming the integrity of the half-year report[4]. Guarantees and Financial Risks - The total external guarantee amount approved during the reporting period is CNY 156,192.8 million, with an actual guarantee amount of CNY 46,454.51 million[132]. - The company has provided guarantees totaling 10,000 million for various clients, with a specific guarantee amount of 592 million due on May 30, 2018[130]. - The company has not fulfilled some of its guarantee obligations, indicating potential financial risk[138]. - The total approved guarantee amount at the end of the reporting period was 432,805.38 million, with an actual guarantee balance of 315,975.22 million[137]. Social Responsibility - The company invested a total of 210.28 million yuan in poverty alleviation projects in the first half of 2018, with 56.02 million yuan allocated for educational support, benefiting 2,024 students[151]. - The company helped 2,920 registered impoverished individuals to escape poverty through various initiatives[152]. - The company implemented seven agricultural and forestry poverty alleviation projects, with a total investment of 210.28 million yuan[152]. - The company aims to promote the "Three Hundred" project, which includes helping 100 counties, investing in 100 projects, and lifting 1 million farmers out of poverty[144]. Environmental Initiatives - The company has established a comprehensive environmental risk identification and response mechanism to ensure legal and reasonable operation of its wastewater discharge[141]. - The company’s pig farms utilize an ecological recycling model, achieving zero emissions and resource utilization over an area of 790 hectares[141].

Financial Performance - Total revenue for Q1 2018 reached CNY 4,601,386,528.69, an increase of 15.97% compared to CNY 3,967,597,578.44 in the same period last year[8] - Net profit attributable to shareholders decreased by 5.91% to CNY 180,869,236.01 from CNY 192,239,079.82 year-on-year[8] - Net profit after deducting non-recurring gains and losses was CNY 169,724,203.31, down 2.51% from CNY 174,092,775.50 in the previous year[8] - Basic earnings per share decreased by 5.97% to CNY 0.0441 from CNY 0.0469 year-on-year[8] - The company expects net profit attributable to shareholders for H1 2018 to range from CNY 472.20 million to CNY 629.60 million, representing a change of -10.00% to 20.00% compared to the same period in 2017[26] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -736,025,173.13, a decline of 25.12% compared to CNY -588,239,353.88 in the same period last year[8] - Cash and cash equivalents decreased by CNY 1,908.45 million, a decline of 50.38% compared to the beginning of the year, primarily due to the purchase of financial products and increased investment payments[18] - Accounts receivable increased by CNY 482.17 million, a growth of 36.17%, mainly due to higher credit limits extended to reputable clients facing short-term cash flow difficulties[18] - Other current assets rose by CNY 515.07 million, an increase of 85.99%, as the company invested idle funds in financial products[18] - Cash received from operating activities increased by CNY 66.33 million, a growth of 127.86%, mainly due to repayments from related parties[22] - Cash paid for fixed assets, intangible assets, and other long-term assets increased by CNY 183.46 million, a growth of 82.84%, indicating higher investment in asset acquisition[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 112,976[13] - Major shareholder Shao Genhuo holds 41.25% of the shares, with 1,750,382,283 shares, of which 1,479,797,283 are under pledge[13] - Net assets attributable to shareholders increased by 2.01% to CNY 10,421,513,737.26 from CNY 10,216,472,825.41 at the end of the previous year[8] Financial Activities - Financial expenses for Q1 2018 increased by CNY 12.96 million, a growth of 43.72%, primarily due to higher financing interest costs[20] - Investment income from joint ventures and associates increased by CNY 9.91 million, a growth of 159.64%, reflecting higher recognized investment income[20] - Cash received from financing activities increased by CNY 1,499.53 million, a growth of 2573.27%, primarily due to the issuance of short-term financing bonds[23] - Cash paid for other financing activities increased by CNY 1,046.68 million, a growth of 1251.90%, mainly due to the repayment of short-term financing bonds[24] Investments and Market Activities - The total investment in various asset classes amounts to 1,153,080,200, with a cumulative investment return of 10,094,759.15[28] - The fair value change gain for soybean meal futures is reported at 1,058,863.77[28] - The total amount purchased during the reporting period is 4,584,535,640, while the total amount sold is 4,045,583,290[28] - The monetary market funds and bank wealth management products have a total initial investment of 173,462,880, with a fair value change gain of 729,570.84[28] Compliance and Investigations - There are no instances of non-compliance with external guarantees during the reporting period[29] - The company reports no non-operating fund occupation by controlling shareholders or their affiliates[30] - The company conducted multiple on-site investigations with institutions on January 3, January 30, and February 6, 2018[31]

Financial Performance - The company's operating revenue for 2017 was ¥18,741,738,574.13, representing an increase of 11.29% compared to ¥16,840,937,066.60 in 2016[24]. - The net profit attributable to shareholders for 2017 was ¥1,265,211,910.87, a significant increase of 43.34% from ¥882,681,887.02 in 2016[24]. - The net profit after deducting non-recurring gains and losses was ¥996,819,640.23, up 23.08% from ¥809,865,304.04 in 2016[24]. - The company's total assets at the end of 2017 reached ¥19,257,822,745.27, marking a 26.21% increase from ¥15,258,184,052.74 at the end of 2016[24]. - The basic earnings per share for 2017 was ¥0.31, reflecting a 40.91% increase compared to ¥0.22 in 2016[24]. - The weighted average return on equity for 2017 was 13.16%, an increase of 3.28% from 9.88% in 2016[24]. - The net cash flow from operating activities for 2017 was ¥715,022,801.00, which is an 11.31% increase from ¥642,399,239.11 in 2016[24]. - The company reported a total of ¥268,392,270.64 in non-recurring gains for 2017, compared to ¥72,816,582.98 in 2016[30]. - The company achieved total revenue of CNY 1,874,173.86 million in 2017, a year-on-year increase of 11.29%[59]. - The net profit attributable to shareholders reached CNY 126,521.19 million, reflecting a growth of 43.34% compared to the previous year[59]. Dividend Policy - The company plans to distribute a cash dividend of 0.80 RMB per 10 shares to all shareholders, based on a total of 4,242,993,865 shares[11]. - In 2017, the company distributed cash dividends totaling CNY 339,439,509.20, which is 26.83% of the net profit attributable to shareholders[154]. - The total share capital as of December 31, 2017, was 4,242,993,865 shares, with a proposed cash dividend of CNY 0.80 per 10 shares[155]. - The company's distributable profits for the year amounted to CNY 2,107,456,687.36, with cash dividends accounting for 100% of the profit distribution[155]. - The cash dividend payout ratio has shown a consistent trend, with 2017 being the lowest at 26.83% compared to previous years[154]. - The company has committed to maintaining a minimum cash dividend payout ratio of 20% during its growth phase[155]. Business Expansion and Strategy - The company is expanding its pig farming business through partnerships, but faces uncertainties related to market conditions, animal diseases, and management efficiency[10]. - The company is investing in talent development for pig farming to enhance management and reduce risks associated with the business[10]. - The company aims to achieve a 20% market share in high-end pig feed within three years as part of its strategic goals[40]. - The company’s direct sales ratio in large-scale pig farms exceeded 60%, with plans to further increase this ratio in the future[35]. - The company is focusing on technological innovation in feed, veterinary vaccines, and seed industries to strengthen its core competitiveness[51]. - The company is committed to providing high-end, high-value products and services to farmers, aiming to build the largest comprehensive pig farming service platform in the agricultural sector[124]. - The company is exploring the integration of crop technology with livestock and feed industries to enhance overall operational efficiency[133]. - The company plans to strengthen its R&D and market promotion of high-end feed products over the next three to five years, focusing on agricultural technology and vaccine technology[125]. Risk Management - The company faces risks related to the supply and price fluctuations of key feed raw materials, such as corn and soybean meal, which could adversely affect profitability if prices continue to rise[7]. - The company acknowledges the impact of natural disasters and animal diseases on its production and sales, and is taking measures to strengthen its control over raw materials[9]. - The company is exposed to risks from major epidemics and natural disasters that could affect feed production and sales[140]. - The company recognizes the competitive landscape in the seed industry and aims to strengthen its R&D capabilities to seize development opportunities in this sector[122]. Research and Development - The company launched 81 new patent applications and received 90 patent grants in 2017, along with 57 new plant variety rights applications[52]. - Research and development (R&D) expenses amounted to ¥525,880,132.24, which is 2.81% of the annual sales revenue, a decrease from 3.11% in the previous year[85]. - The company developed 103 new product projects, which accounted for 47.03% of its total technology innovation projects[83]. - The company has established a team of over 19,030 employees, including more than 1,600 core R&D personnel, enhancing its competitive edge[48]. Market Presence and Customer Engagement - The company is focusing on expanding its market presence through strategic partnerships and guarantees to enhance operational capabilities[197]. - The company has established partnerships with local farmers, resulting in a 40% increase in user engagement and loyalty programs[199]. - The company is actively pursuing mergers and acquisitions to enhance its product portfolio, with a target of completing two acquisitions by the end of 2017[193]. - The company plans to enhance its distribution network, aiming to increase market penetration in under-served regions by 30% over the next two years[198]. Sustainability and Environmental Initiatives - The company is committed to sustainability, with initiatives aimed at reducing carbon emissions by 20% in its production processes by 2020[198]. - The company is focused on creating a sustainable and environmentally friendly pig farming model, aligning with national poverty alleviation strategies[125]. Financial Transparency and Compliance - The company is committed to maintaining transparency and accuracy in its financial reporting, as affirmed by its board and management[5]. - The company has not experienced any major accounting errors requiring restatement during the reporting period[167]. - The company has not engaged in any significant related party transactions during the reporting period[179]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[157].