Financial Performance - The company reported a significant increase in revenue, with a year-on-year growth of 15% in 2019[18]. - The company's operating revenue for 2019 was CNY 3,583,534,105.26, representing a 143.26% increase compared to the previous year[6]. - The net profit attributable to shareholders for 2019 was CNY 2,176,039,144.86, showing a significant increase of 499.73% year-over-year[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 2,175,209,364.60, reflecting a 498.29% increase compared to the previous year[6]. - The net cash flow from operating activities for 2019 was CNY 2,134,744,427.38, an increase of 397.85% year-over-year[6]. - Basic earnings per share for 2019 were CNY 3.79, up 501.59% from CNY 0.63 in 2018[6]. - The diluted earnings per share for 2019 were CNY 3.77, representing a 498.41% increase compared to the previous year[6]. - The weighted average return on equity for 2019 was 83.18%, an increase of 57.36 percentage points from 25.82% in 2018[6]. - Total assets at the end of 2019 were CNY 4,140,859,202.23, a 79.21% increase from CNY 2,310,623,565.50 at the end of 2018[6]. - The net assets attributable to shareholders at the end of 2019 were CNY 3,600,728,050.97, reflecting a 125.73% increase compared to CNY 1,595,173,638.53 at the end of 2018[6]. Market Expansion and Strategy - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[18]. - The company aims to increase its production capacity by 20% in the upcoming fiscal year to meet growing market demand[18]. - The company is exploring potential mergers and acquisitions to accelerate growth and expand its market share[18]. - The company has established strategic partnerships to enhance its supply chain efficiency and reduce operational costs[18]. - The company is actively developing its pig breeding business, leveraging successful experiences from its chicken breeding operations[121]. Product Development and Innovation - The company has introduced the new Lifen breed of white feather broiler chickens, which shows significant advantages in egg production rate and feed-to-meat ratio compared to older breeds[63]. - The company has successfully developed a new chicken breed "Yisheng 909," which is currently in the trial promotion stage, showing significant advantages over mainstream breeds[92]. - The company is focusing on the development of white feather broiler chicken, which has become a leading meat consumption product in developed countries[116]. Sustainability and Environmental Practices - The company is committed to sustainable practices and has invested in environmentally friendly technologies to reduce its carbon footprint[18]. - The company emphasizes environmental sustainability by promoting the use of organic fertilizers derived from waste, contributing to a circular economy[118]. - The company’s organic fertilizer production utilizes waste from poultry farming, contributing to sustainable agricultural practices[48]. Operational Efficiency and Cost Management - The company reported a net profit margin of 12% for the fiscal year 2019, reflecting effective cost management strategies[18]. - The company has implemented strict biosecurity measures to mitigate risks from poultry diseases, including batch management and full entry-exit protocols[131]. - The company faces risks related to raw material price fluctuations, particularly for corn and soybean meal, which significantly impact production costs[132]. - The company is addressing the risk of price fluctuations in the poultry market by enhancing customer development and maintaining product quality[130]. Research and Development - Research and development (R&D) expenses increased by 50.99% to ¥29,503,969.37, primarily due to new R&D projects[90]. - The total R&D investment amounted to ¥75,300,830.65, a significant increase of 231.88% compared to the previous year[98]. - The number of R&D personnel increased by 11.76% to 38, maintaining a stable proportion of 0.96% of the total workforce[94]. Shareholder Returns and Dividends - The company plans to distribute a cash dividend of 10.00 RMB per 10 shares (including tax) to all shareholders, based on a total share capital of 577,045,341 shares[6]. - In 2019, the cash dividend represented 34.43% of the net profit attributable to ordinary shareholders, amounting to RMB 749,253,068.40[141]. - The company has not proposed any stock dividends for the year 2019, maintaining a focus on cash dividends[144]. Industry Position and Challenges - The company operates in a highly cyclical industry, with a breeding cycle that requires over six months before economic returns are realized[54]. - The company faces a supply shortage of white feather broiler breeding stock due to import restrictions from major exporting countries, with annual imports falling below 750,000 sets from 2015 to 2018[53]. - The livestock industry is positioned for growth, with significant opportunities for industrialized operations amid ongoing agricultural supply-side reforms in China[49]. Financial Management and Governance - The company has not experienced any significant accounting errors requiring retrospective restatement during the reporting period[159]. - The company has maintained its accounting firm, He Xin Accounting Firm, for four consecutive years, with an audit fee of CNY 900,000[161]. - The company has not faced any penalties or rectification issues during the reporting period[169].

山东益生种畜禽股份有限公司 2019 年第三季度报告全文 山东益生种畜禽股份有限公司 2019 年第三季度报告 2019 年 10 月 山东益生种畜禽股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人曹积生、主管会计工作负责人林杰及会计机构负责人(会计主管 人员)徐淑艳声明：保证季度报告中财务报表的真实、准确、完整。 山东益生种畜禽股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|------------------|--------------- ...

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 1,446,291,289.47, representing an increase of 188.07% compared to CNY 502,062,554.73 in the same period last year[22] - Net profit attributable to shareholders was CNY 903,514,666.04, a significant increase of 2,688.67% from CNY 32,399,430.01 in the previous year[22] - The net profit after deducting non-recurring gains and losses reached CNY 909,237,360.23, up 2,796.86% from CNY 31,386,948.24 year-on-year[22] - The net cash flow from operating activities was CNY 784,476,321.83, a remarkable increase of 5,604.80% compared to CNY 13,751,165.50 in the same period last year[22] - Basic earnings per share were CNY 1.58, compared to CNY 0.06 in the previous year, marking an increase of 2,533.33%[22] - Total assets at the end of the reporting period were CNY 2,780,403,391.17, reflecting a growth of 20.33% from CNY 2,310,623,565.50 at the end of the previous year[22] - Net assets attributable to shareholders increased to CNY 2,445,829,438.88, up 53.33% from CNY 1,595,173,638.53 at the end of the previous year[22] - The weighted average return on equity was 44.79%, a significant increase from 2.63% in the previous year[22] Dividend and Shareholder Information - The company plans to distribute a cash dividend of CNY 3.00 per 10 shares, totaling CNY 172,207,577.74 based on the total share capital of 574,025,758 shares[6] - The total number of shares increased from 337,378,701 to 574,025,758 after a capital increase of 236,165,090 shares through a bonus issue[167] - The proportion of limited shares decreased from 46.49% to 38.08% following the conversion of 89,995,786 shares from limited to unrestricted[166] - The total number of common shareholders at the end of the reporting period was 60,660[175] - The largest shareholder, Cao Jisheng, holds 41.86% of the shares, totaling 240,275,252 shares, with a decrease of 6,620,000 shares during the reporting period[175] Business Operations and Industry Position - The company operates in the livestock industry, focusing on breeding and sales of various poultry and livestock products, including parent stock broilers and pigs[33] - The main products include parent stock broiler chicks, parent stock layer chicks, commodity broiler chicks, breeding pigs, and organic fertilizers[34] - The company has established a breeding process for parent stock broiler chicks, utilizing both imported and self-bred stock, ensuring a steady supply for downstream breeding enterprises[35] - The company is positioned to leverage opportunities in the livestock sector, with ongoing support from government policies aimed at enhancing agricultural productivity[42] - The chicken industry is the second largest meat consumption category in China, with the white feather broiler industry being a significant part of modern animal husbandry[43] Environmental and Regulatory Compliance - Environmental protection regulations have been implemented, promoting sustainable development in the poultry industry, with a focus on waste management and resource utilization[48] - The company has replaced all coal-fired boilers with natural gas and biomass boilers to reduce air pollution and is actively researching heat recovery technology for chicken houses[160] - The company does not belong to the key pollutant discharge units as published by environmental protection departments and has implemented effective pollution prevention measures[160] Research and Development - Research and development expenses increased by 27.19% to RMB 7,218,871.61, highlighting the company's commitment to innovation and product quality[72] - The company has established a comprehensive technical system to support various breeding species, enhancing research and development capabilities[68] Risks and Challenges - The company faces risks related to reliance on foreign suppliers for breeding technology, which could impact business operations if supply is disrupted[91] - The company faces risks from raw material price fluctuations, particularly for feed ingredients like corn and soybean, which significantly impact production costs[97] Legal and Corporate Governance - The company did not face any significant adverse impacts from major diseases or natural disasters during the reporting period[68] - There are no major litigation or arbitration matters reported during the reporting period[117] - The company has not faced any penalties or rectification issues during the reporting period[122] - The half-year financial report has not been audited[116] Shareholder Engagement and Stock Options - The company has made commitments to encourage employees to invest in its stock, with a compensation plan for any losses incurred during a specified period[113] - The company’s stock option plan saw 481,967 options exercised by June 28, 2019, impacting the total share count[167]

Financial Performance - The company's revenue for Q1 2019 reached ¥651,486,939.01, representing a 193.55% increase compared to ¥221,934,934.18 in the same period last year[7] - Net profit attributable to shareholders was ¥381,941,911.73, a significant increase of 3,503.70% from ¥10,598,605.80 in the previous year[7] - Basic earnings per share increased to ¥0.67, up 3,250.00% from ¥0.02 in the previous year[7] - Operating revenue for Q1 2019 was ¥651,486,939.01, a 193.55% increase year-over-year, driven by substantial price hikes of main products[14] - Net profit for Q1 2019 reached ¥381,276,197.99, reflecting a remarkable increase of 3,708.62% compared to the same period last year, mainly due to increased product prices[16] - Operating profit for Q1 2019 was CNY 381,323,085.06, compared to CNY 6,837,185.48 in Q1 2018, indicating a substantial improvement in profitability[42] - The total profit for Q1 2019 was CNY 381,276,197.99, compared to CNY 10,010,873.21 in Q1 2018, marking a significant increase[42] Cash Flow - The net cash flow from operating activities was ¥301,278,074.55, showing a remarkable improvement of 938.69% compared to -¥35,922,308.07 in the same period last year[7] - Cash received from sales and services in Q1 2019 was ¥642,407,239.63, an increase of 206.81% year-over-year, resulting from higher sales revenue[16] - The company reported cash inflows from operating activities totaling ¥644,988,350.66, compared to ¥210,724,461.37 in the previous period, marking an increase of about 205.5%[50] - The net cash flow from operating activities was ¥191,880,063.29, a significant improvement from the previous period's net cash flow of -¥68,174,433.30[53] - Cash inflow from operating activities totaled ¥693,396,777.26, compared to ¥245,470,918.63 in the prior period, indicating a growth of approximately 182%[53] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,563,047,179.00, a 10.92% increase from ¥2,310,623,565.50 at the end of the previous year[7] - Total liabilities decreased to ¥641,371,318.83 from ¥705,763,426.12, indicating a reduction of approximately 9.1%[30] - Current assets increased to ¥717,517,267.64 as of March 31, 2019, up from ¥481,446,226.06 on December 31, 2018, representing a growth of approximately 49.0%[26] - Total non-current assets amounted to ¥1,845,529,911.36, slightly up from ¥1,829,177,339.44, showing a growth of approximately 0.9%[28] - Total equity increased to CNY 1,757,173,685.93 from CNY 1,517,892,406.95, representing a growth of approximately 15.7%[40] Shareholder Information - The top shareholder, Cao Jisheng, holds 41.89% of the shares, with a total of 141,338,384 shares[9] - The company did not engage in any repurchase transactions during the reporting period[11] Research and Development - Research and development expenses for Q1 2019 amounted to ¥4,396,236.04, up 146.23% year-over-year, due to increased investments in disease purification and biosecurity systems[14] - Research and development expenses for Q1 2019 were CNY 4,396,236.04, up from CNY 1,785,384.65 in the previous year, indicating a focus on innovation and development[40] Financial Expenses and Income - Financial expenses decreased by 43.92% to ¥3,730,140.85 in Q1 2019, due to reduced bank loan balances and increased interest income[14] - The company reported an investment income of ¥11,699,759.54 for Q1 2019, a 273.16% increase year-over-year, primarily from profits of an associated company[14] - The company reported investment income of CNY 11,699,759.54, a recovery from a loss of CNY 6,756,622.78 in the same period last year[40] Other Financial Metrics - The weighted average return on equity was 21.37%, a significant increase from 0.87% in the previous year[7] - The company's gross profit margin improved significantly, contributing to a 213.72% increase in retained earnings to ¥461,608,334.55 as of March 31, 2019[14]

Financial Performance - The company's operating revenue for 2018 was approximately RMB 1.47 billion, representing a 124.42% increase compared to the previous year [23]. - The net profit attributable to shareholders for 2018 was approximately RMB 362.84 million, a significant turnaround from a loss of RMB 310.37 million in 2017, marking a 216.91% increase [23]. - The net cash flow from operating activities reached approximately RMB 428.80 million, a 405.11% increase from a negative cash flow of RMB 140.99 million in 2017 [23]. - The total assets of the company at the end of 2018 were approximately RMB 2.31 billion, reflecting a 7.75% increase from the previous year [26]. - The net assets attributable to shareholders increased by 31.57% to approximately RMB 1.60 billion at the end of 2018 [26]. - The basic earnings per share for 2018 was RMB 1.08, compared to a loss of RMB 0.92 per share in 2017, indicating a 217.39% improvement [23]. - The company reported a weighted average return on equity of 25.82% for 2018, a significant recovery from -23.13% in 2017 [23]. - The company achieved an operating revenue of 1,473.12 million CNY, representing a growth of 124.42% compared to the previous year [68]. - The net profit attributable to shareholders reached 362.84 million CNY, marking a significant increase of 216.91% from the previous year [68]. Dividend Distribution - The company plans to distribute a cash dividend of 2.00 RMB per 10 shares (including tax) to all shareholders, based on a total share capital of 337,378,701 shares [6]. - The company distributed a cash dividend of RMB 2.00 per 10 shares, totaling RMB 67,475,740.20 (including tax), which represents 18.60% of the net profit attributable to shareholders [138]. Business Operations and Stability - The company has not reported any changes in its main business since its listing, indicating stability in operations [22]. - The company did not experience any significant changes in its main products during the reporting period [37]. - The main business activities include breeding and sales of various poultry and livestock, as well as production and sales of feed and organic fertilizers [39]. - The company has not disclosed any significant differences in net profit and net assets between international and Chinese accounting standards during the reporting period [27]. Research and Development - The company has maintained its commitment to research and development in livestock and poultry breeding technologies, aiming to enhance product quality and yield [21]. - The company has established multiple functional R&D departments focusing on disease control, nutrition, breeding, and waste treatment, enhancing its technical capabilities [73]. - The company achieved significant progress in the purification control research of avian leukosis, becoming the first domestic enterprise to pass the national "Avian Leukosis Purification Demonstration Farm" acceptance [96]. - The company continues to enhance its research on vertical transmission diseases, with notable advancements in the control of mycoplasma diseases [98]. - The company is focusing on new product development and technology improvements to enhance product quality and market share [98]. Market Position and Industry Trends - The poultry industry is the second largest meat consumption category in China, with a significant focus on the white feather broiler sector [45]. - The company is positioned to benefit from national policies supporting the livestock industry, which emphasize scale, standardization, and modernization [46]. - The company is the only domestic enterprise with the great-grandparent generation of white feather broilers, importing Hubbard great-grandparent white feather broilers and breeding them into grandparent generation [48]. - The national genetic improvement plan aims to cultivate over 40 new chicken varieties by 2025, with a market share of over 60% for self-bred varieties [49]. - The overall industry for white feather broiler chickens is experiencing a recovery, with rising prices driven by supply constraints and increased demand [65]. Environmental and Social Responsibility - The company focuses on the comprehensive utilization of poultry waste to meet national pollution prevention requirements, allowing for tax reductions [51]. - The company is implementing a livestock pollution control project through its wholly-owned subsidiary, which aligns with national policies on circular economy and environmental protection [195]. - The company actively participates in social responsibility initiatives, funding local infrastructure projects and providing scholarships to impoverished students, contributing hundreds of thousands of yuan over the years [199]. Challenges and Risks - The company faces risks related to price fluctuations in poultry products and plans to enhance customer development to stabilize sales [128]. - The company has faced risks related to the outbreak of poultry diseases and has implemented strict biosecurity measures to mitigate these risks [129]. - The company is exposed to fluctuations in raw material prices, particularly corn and soybean meal, which significantly impact production costs [132]. - The company has not distributed cash dividends in 2016 and 2017 due to negative net profits, indicating a focus on maintaining liquidity for operations [136][137]. Strategic Partnerships and Supply Chain - The company has established a long-term strategic partnership with foreign breeding suppliers to secure the supply of grandparent stock chickens [71]. - The company has imported Hubbard grandparent white feather broiler chickens, reducing reliance on foreign suppliers for breeding stock [127]. - The company is actively exploring partnerships with leading enterprises to reduce industry volatility risks and enhance product value [120]. Financial Management and Reporting - The company has integrated various financial reporting items to streamline its financial statements, enhancing clarity [153]. - The company has maintained a strong asset quality with all subscribed funds being legally sourced [149]. - The company has not reported any significant accounting errors that require retrospective restatement for the reporting period [157]. - The company has no significant litigation or arbitration matters pending [161].

山东益生种畜禽股份有限公司 2018 年第三季度报告正文 证券代码：002458 证券简称：益生股份 公告编号：2018-084 山东益生种畜禽股份有限公司 2018 年第三季度报告正文 山东益生种畜禽股份有限公司 2018 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人曹积生、主管会计工作负责人林杰及会计机构负责人(会计主管 人员)徐淑艳声明：保证季度报告中财务报表的真实、准确、完整。 山东益生种畜禽股份有限公司 2018 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,225,931,000.98 | | 2,144,391,505.23 | 3.80% | | 归属于 ...

Financial Performance - The company's operating revenue for the reporting period reached ¥502,062,554.73, representing a 60.34% increase compared to ¥313,119,734.06 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was ¥32,399,430.01, a significant turnaround from a loss of ¥120,180,987.42 in the previous year, marking a 126.96% improvement[16]. - The net cash flow from operating activities was ¥13,751,165.50, compared to a negative cash flow of ¥82,403,052.13 in the same period last year, reflecting a 116.69% increase[16]. - Basic earnings per share improved to ¥0.1 from a loss of ¥0.36, indicating a 127.78% increase[16]. - The company's total operating revenue for the first half of 2018 reached CNY 502,062,554.73, a significant increase from CNY 313,119,734.06 in the same period of 2017, representing a growth of approximately 60.4%[151]. - Operating profit for the first half of 2018 was CNY 30,778,360.97, compared to a loss of CNY 140,703,744.45 in the first half of 2017, indicating a turnaround in profitability[151]. - Net profit for the first half of 2018 was CNY 31,057,628.40, contrasting with a net loss of CNY 121,060,327.13 in the same period last year, marking a substantial improvement[152]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,256,013,427.21, up 5.21% from ¥2,144,391,505.23 at the end of the previous year[16]. - Total liabilities rose to CNY 991,991,747.75 from CNY 919,163,384.71, an increase of approximately 7.9%[143]. - The total equity at the beginning of the current period was CNY 1,225,228,120.52, which has been positively impacted by the current period's performance[166]. - The total owner's equity at the end of the period is CNY 1,318,823,997.94, an increase from the previous year's CNY 1,289,524,418.37, reflecting a growth of approximately 2.3%[180]. Operational Highlights - The company operates in the livestock industry, focusing on the breeding and sales of parent stock chickens, pig breeding, dairy production, and organic fertilizer production[24]. - The main products include parent stock meat chickens, parent stock egg chickens, commodity meat chickens, breeding pigs, dairy products, SPF eggs, and organic fertilizers[25]. - The company has not experienced significant changes in its main business operations during the reporting period[24]. - The company is committed to advancing its breeding technologies and expanding its market presence in the livestock industry[24]. Market Position and Strategy - The company is the only domestic enterprise with the great-grandparent generation of white feather broilers, importing Hubbard great-grandparent white feather broilers and breeding the grandparent generation[31]. - The company has a significant market share in the breeding of parent generation white feather broilers, contributing to over 40% of the livestock industry's development[31]. - The company is positioned in major chicken breeding regions, with Shandong accounting for over 30% of the national breeding volume[36]. - The company has eliminated seasonal production impacts through technological advancements, ensuring year-round production of white feather broilers[36]. Environmental and Regulatory Compliance - The company emphasizes resource efficiency and environmental protection in its production processes, aligning with national agricultural policies[29]. - The introduction of environmental protection tax aims to promote cleaner production and enhance the competitiveness of the industry[33]. - The company has increased investment in environmental technology, effectively managing waste and complying with environmental regulations[41]. - The company has implemented measures to reduce air pollution by replacing coal-fired boilers with natural gas and biomass boilers[112]. Research and Development - Research and development expenses surged by 239.51% to ¥16,715,792.95 from ¥4,923,493.27, reflecting increased investment in R&D projects[53]. - The company has established multiple R&D departments focusing on disease control, nutrition, breeding, and waste treatment, enhancing its technical capabilities[49]. Shareholder and Capital Management - The company plans not to distribute cash dividends or issue bonus shares for this period[6]. - The company has committed to avoiding direct or indirect competition with its own business, ensuring compliance with relevant regulations and maintaining transparency in related transactions[82]. - The company has maintained a commitment to its small shareholders, ensuring that promises made are fulfilled on time[84]. - The company reported a capital increase of CNY 846,472.83 from equity instruments, indicating shareholder confidence and investment[180]. Legal Matters - The company is currently involved in a lawsuit with Hong Kong Ruixin Asset Management Company, with a claim amounting to 5.27 million yuan, which is still under trial[88]. - Another ongoing lawsuit involves COFCO Feed (Xinyi) Co., Ltd., with a claim of 1.625 million yuan related to unpaid goods, which is also in the trial phase[88]. - There are no major litigation or arbitration matters reported during this period[87]. Financial Reporting and Compliance - The half-year financial report has not been audited[85]. - The financial statements are prepared based on the going concern principle, indicating the company has the ability to continue operations for at least 12 months from the reporting date[195]. - The company adheres to the accounting standards set by the Ministry of Finance, ensuring that the financial reports accurately reflect its financial position as of June 30, 2018[197].

Financial Performance - The company's operating revenue for 2017 was approximately ¥656.40 million, a decrease of 59.26% compared to ¥1.61 billion in 2016[15]. - The net profit attributable to shareholders was a loss of approximately ¥310.37 million, representing a decline of 155.21% from a profit of ¥562.16 million in 2016[15]. - The net cash flow from operating activities was negative at approximately ¥140.99 million, down 124.68% from ¥571.26 million in 2016[15]. - The basic earnings per share for 2017 was -¥0.92, a decrease of 154.12% compared to ¥1.70 in 2016[15]. - The company reported a net profit excluding non-recurring gains and losses of approximately -¥320.63 million, down 156.52% from ¥567.27 million in 2016[15]. - The company reported a significant decrease in sales volume for poultry farming, down 22.91% to 207,224,644[56]. - The company reported a gross margin decrease in chicken products from 40.35% to 33.87% year-over-year[59]. - The company's revenue from chicken products was 520,758,559.51, a decrease of 64.51% year-over-year, with a gross margin of -21.71%[55]. Assets and Liabilities - Total assets at the end of 2017 were approximately ¥2.14 billion, an increase of 10.70% from ¥1.94 billion at the end of 2016[15]. - The net assets attributable to shareholders decreased by 17.60% to approximately ¥1.21 billion from ¥1.47 billion in 2016[15]. - The company's intangible assets increased by 53.40% at the end of 2017 compared to the end of 2016, primarily due to the addition of subsidiary land[38]. - Short-term borrowings rose significantly by 12.21% to ¥418,000,000, reflecting increased operational borrowing[75]. - The actual total guarantee amount accounted for 19.54% of the company's net assets[125]. Operational Highlights - The company has not made any changes to its main business since its listing[14]. - The company operates in the livestock industry, which is a crucial part of China's economy, contributing over 40% to the development of the livestock sector[31]. - The company imports grandparent stock chickens from France, which has helped mitigate risks associated with supply chain disruptions and disease[25]. - The company maintains a national-level core breeding farm for original breeding pigs, ensuring genetic progress through international collaboration[27]. - The company is the largest breeding enterprise for ancestor white feather broiler chickens in China and the only one with ancestor breeding capabilities, ensuring a stable supply of breeding stock[39]. Market and Industry Trends - The white feather broiler chicken industry is the most advanced and standardized sector in China's poultry farming, significantly contributing to the optimization of meat consumption structure and increasing farmers' income[29]. - The chicken meat industry has become the second largest meat consumption category in China, with an annual output of nearly 5 billion white feather broilers, following pork[84]. - Recent policies have emphasized environmental protection in livestock farming, leading to the closure of non-compliant farms and the introduction of an environmental protection tax[33]. - The livestock industry has seen accelerated growth due to supportive agricultural policies, with a focus on large-scale, standardized, and industrialized production[28]. Research and Development - R&D investment increased by 24.07% in 2017, totaling ¥22,639,215.81, which represents 3.45% of operating revenue[68]. - The company is focusing on reducing antibiotic use and researching probiotics to address bacterial resistance issues[68]. - The company has established a research institute focused on technological innovation, covering areas such as disease control, nutrition, and waste treatment[132]. - The company continues to focus on the purification and control of vertical transmission diseases as a key area of research and development[49]. Environmental and Social Responsibility - The company has increased its investment in environmental protection technologies, effectively managing waste and producing organic fertilizers, which aligns with stricter environmental policies[41]. - The company is implementing a livestock waste treatment project through its wholly-owned subsidiary, aiming to effectively address pollution from livestock farming[131]. - The company has invested hundreds of thousands of yuan in scholarships for impoverished students across multiple universities[134]. - The company has not been classified as a key pollutant discharge unit and has complied with environmental protection laws without facing penalties[136]. Governance and Compliance - The company adheres to legal regulations in corporate governance, ensuring independent operation from its controlling shareholder[176]. - The board of directors consists of 9 members, including 3 independent directors, complying with legal requirements[177]. - The company has maintained a robust internal control system, as evidenced by the lack of significant deficiencies reported[191]. - The audit opinion for Shandong Yisheng Livestock and Poultry Co., Ltd. is a standard unqualified opinion, indicating that the financial statements fairly present the company's financial position as of December 31, 2017[196]. Shareholder and Management Structure - The largest shareholder, Cao Jisheng, holds 46.40% of the shares, totaling 156,540,409 shares, with a decrease of 3,100,619 shares during the reporting period[149]. - The company has a total of 23,999 common shareholders at the end of the reporting period[149]. - The company has a total of 1,401,000 stock options granted in the 2017 stock option incentive plan, with 182 participants[111]. - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 299.93 million[167]. Strategic Partnerships and Acquisitions - The company acquired 100% equity of Anhui Minyi and Poultry Breeding Co., Ltd., which was included in the consolidated financial statements from January 1, 2017[60]. - The company has established long-term strategic partnerships with foreign breeding suppliers for ancestor generation chickens, enhancing procurement stability[46]. - The company signed a cooperation and leasing contract with Zhonghong Pulin Group Co., Ltd. for 6 breeding farms and 1 hatchery in Tangshan, Hebei, with a leasing period of 10 years[122].

Financial Performance - The company's revenue for Q1 2018 was ¥221,934,934.18, representing a 5.89% increase compared to ¥209,598,063.77 in the same period last year[8]. - Net profit attributable to shareholders was ¥10,598,605.80, a significant increase of 211.87% from ¥3,398,403.52 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥7,003,901.49, up 136.53% from a loss of ¥19,170,740.28 in the previous year[8]. - The basic earnings per share rose to ¥0.03, a 200.00% increase from ¥0.01 in the same period last year[8]. - The total profit for the period was ¥10,010,873.21, reflecting a 210.49% increase from the previous year, driven by improved market conditions for the company's main products[15]. - Net profit for Q1 2018 was CNY 10,010,873.21, an increase of 210.07% year-on-year, attributed to improved market conditions and increased sales revenue[16]. - Net profit attributable to shareholders for Q1 2018 was CNY 10,598,605.80, up 211.87% compared to the same period last year, driven by the recovery in market conditions[16]. - The total comprehensive income attributable to the parent company was CNY 10,598,605.80, compared to CNY 3,398,403.52 in the previous period[39]. Cash Flow and Operating Activities - The company reported a net cash flow from operating activities of -¥35,922,308.07, a decline of 165.54% compared to -¥13,528,176.23 in the same period last year[8]. - Cash received from operating activities decreased by 59.04% year-on-year to CNY 1,342,846.32, mainly due to reduced employee payments and government subsidies[16]. - Cash flow from operating activities showed a net outflow of CNY 35,922,308.07, worsening from a net outflow of CNY 13,528,176.23 in the previous year[45]. - The net cash flow from operating activities was -68,174,433.30 CNY, a significant decline compared to 14,906,012.08 CNY in the previous year[49]. - Cash outflow from operating activities totaled 313,645,351.93 CNY, up from 193,995,941.11 CNY year-over-year[49]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,158,117,112.50, a 0.64% increase from ¥2,144,391,505.23 at the end of the previous year[8]. - The company's total assets decreased to CNY 2,103,814,155.87 from CNY 2,130,591,205.85, a decline of about 1.3%[35]. - Current liabilities totaled CNY 670,162,709.57, down from CNY 704,069,645.17, reflecting a decrease of approximately 4.8%[34]. - The total liabilities amounted to CNY 806,957,773.47, a decrease from CNY 841,066,787.48, indicating a reduction of about 4.0%[35]. - The equity attributable to shareholders of the parent company increased to CNY 1,296,856,382.40 from CNY 1,289,524,418.37, showing a growth of approximately 0.6%[35]. Expenses - Financial expenses for Q1 2018 amounted to ¥6,651,278.53, an increase of 135.56% year-on-year due to higher bank loan interest[15]. - Tax expenses for Q1 2018 were CNY 483,740.57, an increase of 35.07% year-on-year, due to higher land tax, property tax, and new environmental taxes[16]. - Management expenses decreased by 44.81% year-on-year to CNY 14,251,045.04, primarily due to lower stock incentive expenses compared to the previous year[16]. - The company reported a significant reduction in sales expenses, which fell to CNY 4,759,118.10 from CNY 7,336,532.05, a decrease of about 35.3%[38]. - Sales expenses decreased significantly to CNY 2,690,880.76 from CNY 5,441,979.65 year-on-year, indicating cost control efforts[41]. Future Outlook - The company expects to turn a profit in the first half of 2018, with net profit projected between CNY 30,000,000 and CNY 45,000,000, compared to a loss of CNY 123,065,900 in the same period last year[20]. - The company plans to focus on improving operational efficiency and exploring new market opportunities in the upcoming quarters[39]. Shareholder Information - The company had a total of 23,999 common shareholders at the end of the reporting period[11]. - The chairman of the company is Cao Jisheng[51]. Miscellaneous - The company did not conduct an audit for the first quarter report[50].

Financial Performance - Operating revenue for the reporting period was CNY 165,867,766.71, a decrease of 65.17% year-on-year[7]. - Net profit attributable to shareholders was a loss of CNY 64,961,850.50, representing a decline of 127.66% compared to the same period last year[7]. - The net cash flow from operating activities was a negative CNY 77,807,121.15, down 140.28% year-on-year[7]. - Basic earnings per share were -CNY 0.19, a decrease of 127.14% compared to the same period last year[7]. - The weighted average return on net assets was -4.64%, a decline of 22.78% year-on-year[7]. - Total operating revenue for the current period was CNY 165,867,766.71, a significant decrease from CNY 476,208,624.04 in the previous period, representing a decline of approximately 65.2%[47]. - The company reported a net loss of CNY 65,789,488.40 for the current period, compared to a net profit of CNY 234,467,564.93 in the previous period, marking a substantial decline[48]. - The gross profit margin for the current period was negative, reflecting the challenges faced in maintaining profitability[48]. - Net profit for the first nine months of 2017 was CNY -186,849,815.53, a decrease of 137.13% year-on-year, attributed to declining product prices and reduced sales volume[21]. - The company expects a net loss for 2017, projected between -28,000 and -25,000 thousand yuan, compared to a net profit of 56,215.99 thousand yuan in 2016[32]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 1,996,725,721.92, an increase of 3.08% compared to the end of the previous year[7]. - The company’s total liabilities increased significantly, with long-term borrowings reaching CNY 130,000,000.00, up from CNY 0.00 at the beginning of the year[14]. - Total liabilities increased from 462,629,037.68 to 658,497,897.41, an increase of approximately 42.3%[41]. - The company's equity attributable to shareholders decreased from 1,471,438,135.56 to 1,336,941,047.01, a decline of approximately 9.1%[42]. - Total cash inflow from investment activities was 117,211,281.99 CNY, while cash outflow was 193,794,265.90 CNY, resulting in a net cash flow of -76,582,983.91 CNY[65]. Cash Flow - Cash received from sales of goods and services was CNY 461,069,827.49, down 62.98% compared to the previous year, due to lower sales prices[21]. - The company’s cash paid for operating activities increased by 32.59% to CNY 120,174,093.73, primarily due to loans made to subsidiaries[22]. - The net cash flow from operating activities was -139,677,180.38 CNY, a significant decrease compared to 399,525,276.45 CNY in the previous period[65]. - The total cash inflow from operating activities was 555,129,986.30 CNY, compared to 1,296,029,934.05 CNY in the previous year[65]. - The company paid 262,679,688.35 CNY for purchasing goods and services, down from 476,110,299.94 CNY last year[65]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 19,499[11]. - The largest shareholder, Cao Jisheng, held 47.32% of the shares, with 124,010,771 shares pledged[11]. Market Conditions - Total revenue for the first nine months of 2017 was CNY 478,987,500.77, a decrease of 62.42% compared to the same period last year, primarily due to a prolonged market downturn[18]. - The significant decline in performance is attributed to a sharp drop in the prices of the company's main products[32]. - The company is focusing on strategies for market expansion and new product development to recover from the current financial challenges[48]. Other Financial Metrics - The company reported a significant increase in short-term borrowings, totaling CNY 250,000,000.00, which is a 77.30% increase from the beginning of the year, due to increased bank loans[8]. - Other payables increased by 248.00% to CNY 38,137,141.20, mainly due to unpaid amounts related to the acquisition of Anhui Minyi and Poultry Breeding Co., Ltd.[17]. - The company recorded a significant increase in tax and additional charges, rising to $2.00 million from $0.23 million in the previous period[55].