投资者关系活动记录表 证券代码：002458 证券简称：益生股份 山东益生种畜禽股份有限公司 投资者关系活动记录表 编号：2022-011 | --- | --- | --- | --- | |--------------|-----------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------|---------- ...

Financial Performance - The company's revenue for Q3 2022 was ¥567,778,158.87, representing a 13.42% increase compared to the same period last year[5] - The net profit attributable to shareholders was -¥32,123,846.78, a decrease of 32.00% year-on-year[5] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥34,039,105.07, down 28.35% from the previous year[5] - For the first nine months of 2022, the net profit decreased to -418,405,452.08, a decline of 285.64% compared to the same period in 2021[9] - Operating profit for the same period was -418,618,788.00, representing a decrease of 282.36% year-over-year, primarily due to a drop in chick prices and reduced operating income[9] - Total profit for the first nine months was -418,212,852.48, down 283.70% from the previous year, mainly due to decreased gross margins on key products[9] - The company reported a net loss of approximately 418.41 million in Q3 2022, compared to a net profit of 225.38 million in the same period last year[20] - The total operating profit was a loss of 418.62 million, contrasting with a profit of 229.56 million in the previous year[20] - The company recorded a total comprehensive loss of approximately 418.41 million, compared to a comprehensive income of 225.38 million in the prior year[22] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,714,564,911.87, an increase of 0.76% compared to the end of the previous year[5] - The equity attributable to shareholders decreased by 12.69% to ¥2,767,709,335.32 compared to the end of the previous year[5] - The company's total liabilities reached approximately 2.90 billion yuan, up from 2.43 billion yuan, indicating an increase of about 18.9%[19] - The long-term borrowings decreased by 44.54% to ¥205,061,017.38 as a result of reclassification to current liabilities[7] - Short-term borrowings increased to approximately 1.38 billion yuan from 1.17 billion yuan, marking a rise of about 18.5%[17] Cash Flow - The cash flow from operating activities was -¥137,579,891.40, a decline of 221.54% compared to the previous year[5] - Cash inflow from operating activities totaled approximately 1.51 billion, down from 1.74 billion in the previous year, representing a decline of about 13.1%[23] - Net cash flow from operating activities was -137,579,891.40, a decrease from 113,197,531.24 in the previous year[25] - Cash received from borrowings was 1,154,596,615.18, an increase from 981,916,942.64 year-over-year[25] - The cash flow from financing activities increased by 144.33%, with cash used to repay debts rising to 872,801,629.05, reflecting a higher repayment of bank loans[9] Investments and Expenditures - The company reported a significant increase in contract liabilities by 61.49% to ¥80,900,692.65 due to increased pre-receipts for equipment[7] - The company experienced an investment loss of 19.42 million, significantly higher than the loss of 3.57 million reported last year[20] - The company reported a 72.60% reduction in cash paid for fixed asset purchases, amounting to 176,498,753.47, indicating a decrease in capital expenditures[9] - Total cash outflow from investing activities was 176,498,753.47, down from 662,747,580.61 in the same period last year[25] - Cash inflow from investment activities totaled 1,182,762.07, significantly lower than 21,707,176.47 in the previous year[25] Shareholder Information - The number of common shareholders at the end of the reporting period was 64,101, with the largest shareholder holding 41.14% of the shares[12] - The company plans to issue up to 120 million A-shares to raise no more than 1.16 billion yuan for breeding projects and to enhance liquidity[14] Operational Metrics - Operating revenue for the third quarter was approximately 1.42 billion yuan, a decrease of about 16.3% compared to 1.70 billion yuan in the same period last year[19] - Total operating costs increased to approximately 1.82 billion yuan, up from 1.47 billion yuan, representing a rise of about 23.6%[19] - The company's cash and cash equivalents amounted to approximately 443.67 million yuan, an increase from 412.51 million yuan at the beginning of the year, showing a growth of about 7.5%[15] - Inventory levels rose to approximately 311.25 million yuan from 277.28 million yuan, reflecting an increase of about 12.2%[15] - Research and development expenses increased to 63.45 million, up from 50.44 million year-over-year, reflecting a growth of approximately 25.8%[20] - Sales expenses decreased slightly to 21.72 million from 22.46 million, indicating a reduction of about 3.3%[20] Tax and Financial Expenses - The company reported a tax expense of 192.60 thousand, which is a decrease from the previous year's tax expense of 2.28 million[20] - Cash paid for taxes was 9,941,221.25, a decrease from 19,647,486.12 in the same period last year[25] - The financial expenses increased to 59.79 million from 50.25 million, marking an increase of about 18.5%[20]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥855,190,782.25, a decrease of 28.71% compared to ¥1,199,628,103.58 in the same period last year[28]. - The net profit attributable to shareholders of the listed company was -¥370,283,435.11, representing a decline of 234.25% from ¥275,815,464.74 in the previous year[28]. - The basic earnings per share for the period was -¥0.37, down 232.14% from ¥0.28 in the same period last year[28]. - The total assets at the end of the reporting period were ¥5,564,506,608.96, a decrease of 1.89% from ¥5,671,517,652.70 at the end of the previous year[28]. - The net assets attributable to shareholders of the listed company were ¥2,799,833,182.10, down 11.68% from ¥3,170,116,617.21 at the end of the previous year[28]. - The company reported a net cash flow from operating activities of -¥172,692,877.54, a decline of 204.44% compared to ¥165,344,102.58 in the same period last year[28]. - The weighted average return on net assets was -12.40%, a decrease of 20.81% from 8.41% in the previous year[28]. Revenue and Sales - The company achieved operating revenue of 855.19 million yuan, a decrease of 28.71% compared to the same period last year[41]. - The total revenue from chicken sales was ¥760,641,002.81, accounting for 88.94% of total revenue, down 29.45% from ¥1,078,096,931.94[89]. - The revenue from pig sales dropped by 47.76% to ¥13,280,386.40, down from ¥25,422,567.50 in the previous year[89]. - The revenue from other income surged by 141.19% to ¥18,268,778.95, compared to ¥7,574,343.41 in the previous year[89]. Production and Breeding - The company launched the "Yisheng 909" small white feather broiler, contributing to new profit growth[41]. - The second quarter saw a significant recovery in broiler chick prices due to industry capacity reduction and consumption recovery[41]. - The company is actively pursuing a breeding source purification strategy to ensure the health of breeding stock and improve product quality[41]. - The demand for broiler chicks is expected to increase due to the recovery of the catering industry and the rise of ready-to-eat meals[41]. - The company achieved a 47.38% year-on-year increase in the sales volume of white feather broiler chicks during the reporting period[52]. - The company has been recognized as a "National Core Breeding Farm for Pigs" and has maintained high performance in provincial pig testing, achieving first place five times and second place twice over the past seven years[51]. - The company has implemented a source purification strategy to ensure the health of its poultry, receiving multiple honors including "National Level Poultry Leukemia Purification Farm" and "Shandong Provincial Level Chicken White Diarrhea Purification Farm"[52]. - The company focuses on breeding high-generation poultry and has expanded the breeding scale of parent generation chickens, leading to increased production efficiency[52]. Risks and Challenges - The company faces risks including reliance on foreign suppliers and breeding technologies, price fluctuations, and biosecurity risks[6]. - The company faced challenges from rising feed prices and a decline in broiler chick prices, impacting revenue and profits[41]. - The company is exposed to price volatility in livestock products, which could adversely affect its business performance[106]. - The company has implemented measures to mitigate risks associated with raw material price fluctuations, including establishing strategic partnerships with suppliers[111]. - The company emphasizes strict biosecurity measures to prevent disease outbreaks in its poultry operations[108]. Corporate Governance and Shareholder Matters - The company plans not to distribute cash dividends or issue bonus shares[7]. - The annual shareholders meeting had a participation rate of 45.59% on March 21, 2022, while the first extraordinary shareholders meeting had a participation rate of 5.16% on April 6, 2022[114]. - There are currently no stock incentive plans in place for the company[115]. - A total of 637 employees are included in the employee stock ownership plan, holding a total of 1.2046 million shares, which accounts for 0.12% of the company's total equity[118]. - The company confirmed that there are currently no direct or indirect competitive activities with its actual controller and shareholders, and they will not engage in any competitive business in the future[130]. - The company has committed to avoid related party transactions unless necessary for production and will adhere to fair principles and legal regulations[130]. Assets and Liabilities - The company's cash and cash equivalents decreased to ¥315,332,762.73, representing 5.67% of total assets, down from 7.27% last year[90]. - Short-term borrowings increased to ¥1,276,758,832.82, accounting for 22.94% of total liabilities, up from 20.59% last year[92]. - The company's inventory increased to ¥308,006,571.64, representing 5.54% of total assets, up from 4.89% last year[92]. - Total liabilities rose to CNY 2,709,855,202.62 from CNY 2,433,743,248.70, marking an increase of approximately 11.3%[196]. - The company's equity attributable to shareholders decreased to CNY 2,799,833,182.10 from CNY 3,170,116,617.21, a decline of approximately 11.7%[196]. Community Engagement and Social Responsibility - The company donated 1.218 million yuan to the Yantai Red Cross Society and provided over 110,000 yuan in epidemic prevention materials during the first half of 2022[125]. - The company actively participates in rural revitalization efforts, including funding local community projects and providing assistance to villagers[125]. - The company’s research institute director is a member of the technology support team for the key poverty alleviation county, Gansu Xihe County, and has conducted multiple on-site investigations[126]. - The company has established communication channels with local livestock authorities and has engaged in technical exchanges regarding poultry management[126].

2022 年第一季度报告 □ 是 √ 否 1 证券代码：002458 证券简称：益生股份 公告编号：2022-038 山东益生种畜禽股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在 虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告 中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (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 本报告期 上年同期 本报告期比上年同期增减 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------------------|------------------|--- ...

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2021, representing a year-on-year increase of 15%[17]. - The net profit attributable to shareholders was RMB 200 million, an increase of 10% compared to the previous year[17]. - The company's operating revenue for 2021 was ¥2,089,921,928.63, representing a 19.35% increase compared to ¥1,751,036,372.39 in 2020[24]. - The net profit attributable to shareholders for 2021 was ¥28,453,502.07, a decrease of 69.07% from ¥91,991,339.23 in 2020[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥21,648,758.00, down 44.28% from ¥38,851,546.63 in 2020[24]. - The net cash flow from operating activities increased by 72.35% to ¥100,251,756.17 from ¥58,166,557.08 in 2020[24]. - The total assets at the end of 2021 were ¥5,671,517,652.70, a 21.49% increase from ¥4,668,482,639.12 at the end of 2020[24]. - The basic earnings per share for 2021 was ¥0.03, down 66.67% from ¥0.09 in 2020[24]. - The diluted earnings per share for 2021 was also ¥0.03, reflecting a 66.67% decrease from ¥0.09 in 2020[24]. - The weighted average return on net assets for 2021 was 0.90%, down from 2.82% in 2020[24]. Market Expansion and Strategy - The company plans to expand its market presence by increasing production capacity by 20% in the next fiscal year[17]. - Future guidance estimates a revenue growth of 12% for the upcoming year, driven by new product launches[17]. - The company is expanding its breeding capacity for parent stock chickens, with increasing production of commercial meat chicken chicks[80]. - The company aims to cultivate over 40 new meat chicken varieties by 2025, with a market share of over 60% for self-bred varieties[73]. - The company is actively promoting its convertible bond issuance to fund pig breeding and chicken incubation projects, enhancing risk resistance and profitability[94]. - The company has a clear strategy for market expansion and product development, focusing on the future growth of its poultry and livestock sectors[154]. Research and Development - The company has invested RMB 50 million in research and development for new breeding technologies[17]. - The company has achieved significant breakthroughs in research and development, including the recognition of the "Yisheng 909" small white feather meat chicken breed as a national new variety[82]. - The company is actively participating in national and provincial research projects to enhance its technological capabilities and contribute to the poultry industry[82]. - The company focuses on genetic breeding and has established a high-standard breeding system, collaborating with research institutions to enhance breeding performance[87]. - R&D investment amounted to ¥70,669,349.44, a decrease of 20.28% compared to the previous year, with R&D investment accounting for 3.38% of operating income[120]. Operational Risks and Challenges - The company is facing risks related to reliance on foreign suppliers and fluctuations in raw material prices[5]. - The company faces risks related to reliance on foreign suppliers for breeding technology, which could impact supply stability[71]. - The company faces risks from price fluctuations in poultry products, which could negatively impact business performance if demand decreases[74]. - The cyclical nature of the pig farming industry results in price fluctuations approximately every 3-4 years, influenced by the production decisions of numerous small-scale farmers[46]. Corporate Governance and Management - The company maintains a governance structure that complies with relevant laws and regulations, ensuring independent operations from its controlling shareholder[159]. - The company has established a robust internal audit system to oversee economic performance and compliance with internal controls[160]. - The company has a total of 7 board members, including 3 independent directors, ensuring compliance with governance requirements[159]. - The company has an independent financial accounting department and a financial management system, allowing for independent financial decision-making[165]. - The company has established independent personnel archives and a salary management system, ensuring no overlap with the controlling shareholder[165]. Sustainability and Social Responsibility - The company is committed to sustainability practices, aiming to reduce its carbon footprint by 25% in the next five years[185]. - The company will focus on safety management and epidemic prevention measures to ensure biological safety and product quality[149]. Customer Engagement and Sales - User data indicates a growth in customer base by 25%, reaching a total of 500,000 active users[17]. - The total sales amount from the top five customers reached ¥438,395,529.91, accounting for 20.98% of the annual total sales[112]. - Direct sales accounted for 69.65% of total revenue, increasing from 73.72% in the previous year, while distribution sales rose to 30.35% from 26.28%[98]. Financial Management and Remuneration - The total pre-tax remuneration for directors, supervisors, and senior management during the reporting period amounted to CNY 7.76 million[191]. - The chairman and president, Cao Jisheng, received a total pre-tax remuneration of CNY 1.85 million[191]. - The total remuneration for the board members was approved by the compensation and assessment committee and the board of directors[190]. - The company’s remuneration policy includes a performance bonus based on the completion of responsibility targets[190].

关于参加网上集体接待日活动的公告 证券代码：002458 证券简称：益生股份 公告编号：2021-071 本公司及董事会全体成员保证信息披露内容真实、准确和完整， 没有虚假记载、误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流工作，构建和谐投资者关系， 切实提高公司透明度和治理水平，山东益生种畜禽股份有限公司（以 下简称"公司"）将参加"山东辖区上市公司 2021 年度投资者网上集 体接待日活动"，现将有关事项公告如下： 本次投资者网上集体接待日活动将在深圳市全景网络有限公司 提供的网上平台采取网络远程的方式举行，投资者可以登录"全 景· 路演天下"网站（http://rs.p5w.net）参与本次活动，网上互 动交流时间为 2021 年 11 月 16 日（星期二）下午 14:00-16:00。 届时公司董事会秘书、副总裁兼财务总监林杰先生、证券事务 代表李玲女士将通过网络在线交流形式与投资者进行沟通交流，欢迎 广大投资者积极参与。 特此公告。 山东益生种畜禽股份有限公司 董事会 2021 年 11 月 11 日 山东益生种畜禽股份有限公司 关于参加山东辖区上市公司2021年度投资者 网上集体接待日活 ...

Financial Performance - The company's revenue for Q3 2021 was ¥500,589,376.71, representing an increase of 8.27% compared to the same period last year[3]. - The net profit attributable to shareholders was -¥47,242,778.36, a decrease of 20.08% year-on-year[3]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥47,510,015.61, a decrease of 23.00% year-on-year[3]. - The basic earnings per share for the reporting period was -¥0.05, a decrease of 16.67% year-on-year[3]. - The weighted average return on net assets was -1.51%, a decrease of 0.58% compared to the same period last year[3]. - Net profit reached 225,384,654.47, a 48.00% increase driven by rising chick prices and improved gross margins[7]. - Total profit increased by 47.85% to 227,666,100.26, primarily due to higher chick prices and improved product margins[7]. - The total comprehensive income attributable to shareholders increased by 57.76% to 228,572,686.38, reflecting improved profitability[7]. - The company reported a revenue increase of 15% year-over-year, reaching 1.2 billion RMB in Q3 2021[38]. - Total operating revenue for the current period reached ¥1,700,217,480.29, an increase of 16.4% compared to ¥1,461,196,911.59 in the previous period[21]. - Operating profit for the current period was ¥229,556,689.12, up 42.6% from ¥160,962,402.63 in the previous period[23]. - Net profit attributable to the parent company was ¥228,572,686.38, a 57.8% increase from ¥144,887,881.27 in the previous period[23]. - The company recorded a total comprehensive income of ¥225,384,654.47, compared to ¥152,290,092.42 in the previous period, marking a 48.0% increase[23]. Assets and Liabilities - The total assets at the end of the reporting period were ¥5,605,264,468.21, an increase of 20.07% compared to the end of the previous year[3]. - The equity attributable to shareholders was ¥3,370,352,519.00, an increase of 7.40% compared to the end of the previous year[3]. - The company's current assets totaled RMB 888,022,359.09, down from RMB 1,034,056,983.15 in the previous year, indicating a decrease of about 14.1%[16]. - The total liabilities reached RMB 2,156,806,037.56, compared to RMB 1,451,657,207.86 in the previous year, representing an increase of approximately 48.5%[18]. - The total assets increased from 4,668,482,639.12 CNY to 4,791,035,873.34 CNY, reflecting a rise of approximately 2.6%[35]. - The total liabilities rose from 1,451,657,207.86 CNY to 1,574,210,442.08 CNY, an increase of about 8.4%[33]. - The total equity attributable to shareholders was 3,138,016,056.96 CNY, remaining stable compared to the previous period[33]. Cash Flow - The cash flow from operating activities for the year-to-date was ¥113,197,531.24, an increase of 30.24% year-on-year[3]. - Cash received from bank loans increased by 143.65% to 981,916,942.64, indicating a significant rise in borrowing[9]. - Cash inflow from operating activities totaled ¥1,738,346,564.06, compared to ¥1,427,506,784.87 in the previous period, indicating a growth of 21.8%[26]. - The net cash flow from investing activities was -641,040,404.14 CNY, compared to -833,337,508.86 CNY in the previous period, indicating an improvement of approximately 23%[28]. - The total cash inflow from financing activities was 1,010,556,746.05 CNY, up from 585,352,176.40 CNY, representing a growth of about 72%[28]. - The net cash flow from financing activities was 550,556,015.28 CNY, a significant recovery from -137,148,343.93 CNY in the previous period[28]. Investments and Expenses - R&D expenses surged by 104.05% to 50,443,211.26, reflecting continued investment in research and development[7]. - Research and development expenses increased significantly to ¥50,443,211.26, up 104.5% from ¥24,721,101.32 in the previous period[21]. - The company reported a decrease in financial expenses, which were ¥50,246,871.51, down from ¥290,100.15 in the previous period[21]. - The company reported a significant increase in tax expenses, which rose to ¥2,281,445.79 from ¥1,689,781.18 in the previous period[23]. - The company experienced a 32.29% decrease in cash and cash equivalents, attributed to increased investments in construction projects during the reporting period[5]. Strategic Initiatives - The company plans to raise up to RMB 104,000,000 through a public offering of convertible bonds to enhance its breeding capabilities and improve risk resistance and profitability[13]. - The company has initiated a strategy to enhance its industry layout by focusing on breeding and feed production, which is expected to solidify its long-term development foundation[13]. - New product development includes the launch of a premium poultry feed line, expected to contribute an additional 200 million RMB in revenue[38]. - The company plans to expand its market presence in Southeast Asia, targeting a 25% market share by 2025[38]. - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 30%[38]. - Research and development investment increased by 12%, focusing on sustainable farming technologies[38]. - The company aims to reduce operational costs by 5% through efficiency improvements in the supply chain[38]. - Customer satisfaction ratings improved to 90%, reflecting enhanced service and product quality[38]. - The company is exploring partnerships with local distributors to enhance market penetration and distribution efficiency[38]. Other Notable Points - The company reported a significant increase in production biological assets, which rose by 70.89% to ¥617,845,082.31 due to increased breeding of chickens and pigs[5]. - Goodwill increased to 24,370,870.71, up 51.40% due to the acquisition of 100% equity in Hebei Runyuan Breeding Co., Ltd.[7]. - Long-term prepaid expenses decreased by 84.32% to 11,423,058.55 as a result of the new leasing standards.[7]. - Short-term borrowings rose by 59.35% to 1,144,683,140.76, attributed to increased bank loans for working capital.[7]. - Contract liabilities increased by 140.46% to 46,840,680.24 due to prepayments for chick and equipment sales.[7]. - The report for the third quarter was not audited, which may affect the reliability of the financial data presented[36].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,199,628,103.58, representing a 20.10% increase compared to CNY 998,851,220.50 in the same period last year[25]. - The net profit attributable to shareholders of the listed company reached CNY 275,815,464.74, up 35.20% from CNY 204,002,961.14 in the previous year[25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 269,457,972.54, reflecting a 44.39% increase from CNY 186,619,511.82 year-on-year[25]. - The basic earnings per share increased to CNY 0.28, a rise of 33.33% compared to CNY 0.21 in the previous year[25]. - The total assets of the company at the end of the reporting period were CNY 5,623,369,303.27, which is a 20.45% increase from CNY 4,668,482,639.12 at the end of the previous year[25]. - The net assets attributable to shareholders of the listed company were CNY 3,417,595,297.36, an increase of 8.91% from CNY 3,138,016,056.96 at the end of the previous year[25]. - The company reported a net cash flow from operating activities of CNY 165,344,102.58, down 13.82% from CNY 191,848,294.84 in the same period last year[25]. - The weighted average return on net assets was 8.41%, an increase of 2.48% compared to 5.93% in the previous year[25]. Revenue Breakdown - Chicken revenue accounted for 89.87% of total operating revenue, amounting to CNY 1,078,096,931.94, with a year-on-year growth of 32.40%[72]. - Pig revenue decreased by 36.86% year-on-year to CNY 25,422,567.50, while the cost of sales increased by 105.62%[76]. - Milk revenue increased by 20.55% year-on-year to CNY 34,955,233.84, with a gross margin of 37.49%[75]. Business Operations and Strategy - The company is advancing its breeding project with the "Yisheng 909" small meat chicken, which has shown excellent performance in production data[36]. - The company has three pig farms in operation, with pig breeding capacity expected to gradually increase[36]. - The non-public offering of shares has been approved and is progressing, with funds aimed at enhancing chicken and pig breeding operations[36]. - The company has implemented a strategy to ensure the health of breeding sources, which has positively impacted product supply and quality[36]. - The company has maintained its leading position in the breeding of grandparent white feather broiler chickens, expanding the breeding volume of parent stock chickens and increasing the production of commercial broiler chicks[41]. - The company focuses on the breeding, rearing, and promotion of poultry breeds, with a business model that has remained stable over the years, emphasizing large-scale professional breeding[44]. - The company is positioned as a key player in the poultry breeding industry, with over 40% contribution to the development of the livestock industry through its breeding operations[41]. Research and Development - Research and development investment increased by 139.28% to ¥48,187,355.33 from ¥20,138,466.13 in the previous year, indicating a strong commitment to innovation[69]. - The company’s research institute has received two national invention patents and one provincial livestock science and technology award in 2020, indicating strong R&D capabilities[59]. - The company has obtained two national-level technology invention patents related to disease detection in poultry, enhancing its competitive edge in the market[41]. Risk Management - The company faces risks including reliance on foreign suppliers and breeding technologies, price fluctuations of products, and biosecurity risks[5]. - The company is exposed to price volatility in livestock products, which may adversely affect business performance during market downturns[95]. - The company has implemented strict biosecurity measures to mitigate risks associated with poultry diseases, ensuring the health of its breeding stock[96]. - The company is actively managing raw material price fluctuations by establishing strategic partnerships with suppliers and utilizing procurement contracts to stabilize costs[99]. Corporate Governance - The company confirmed that there are currently no direct or indirect competitors between the company and its controlling shareholders, and they will not engage in any competitive activities in the future[119]. - The controlling shareholder, Cao Jisheng, committed to not interfering in the company's management and to fulfill compensation measures for the company[122]. - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[125]. - There were no violations of external guarantees during the reporting period[126]. Social Responsibility and Environmental Initiatives - The company has contributed nearly 11 million RMB in donations during the COVID-19 pandemic, including cash and supplies for epidemic prevention[115]. - The company has implemented a comprehensive employee welfare program, including housing loans and a charity fund to support employees in need[112]. - The company has invested in environmental protection technologies, including a biological fermentation facility that can process 120,000 tons of livestock manure annually, producing 60,000 tons of organic fertilizer[112]. - The company has adopted heat recovery systems in livestock housing to reduce heating costs and harmful emissions, contributing to environmental sustainability[115].

Financial Performance - The company's operating revenue for Q1 2021 was ¥581,404,558.24, representing a 5.34% increase compared to ¥551,952,200.71 in the same period last year[8]. - The net profit attributable to shareholders for Q1 2021 was ¥111,973,600.12, a decrease of 42.79% from ¥195,736,402.49 in the previous year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥105,116,250.81, down 37.19% from ¥167,353,688.34 year-on-year[8]. - Total revenue for Q1 2021 was 115,279,772.16, a decrease of 41.53% compared to 197,145,344.59 in Q1 2020, primarily due to rising raw material prices and a decline in gross margin[28]. - The company reported a net profit of 111,973,600.12 for Q1 2021, down 42.79% from 195,736,402.49 in Q1 2020, attributed to increased costs[28]. - Basic earnings per share for Q1 2021 were ¥0.11, a decrease of 45.00% from ¥0.20 in the previous year[8]. - Net profit for the current period was ¥115,279,772.16, a decrease from ¥197,145,344.59 in the previous period, reflecting a decline of approximately 41.4%[66]. - Net profit for the current period was CNY 85,385,036.35, a decrease of 42.9% from CNY 149,572,780.65 in the previous period[72]. Cash Flow - The net cash flow from operating activities was ¥16,124,031.55, a significant decline of 85.24% compared to ¥109,214,350.24 in the same period last year[8]. - Cash flow from operating activities increased by 63.68% to 11,363,276.71, driven by VAT refunds received during the period[28]. - Cash flow from operating activities generated CNY 16,124,031.55, down from CNY 109,214,350.24 in the previous period[79]. - Operating cash inflow for the period was CNY 792,022,672.09, an increase of 18.66% compared to CNY 667,805,674.82 in the previous period[83]. - Net cash flow from operating activities was CNY 16,282,637.49, up from CNY 11,920,395.09, reflecting a growth of 36.67%[83]. - Cash outflow from operating activities totaled CNY 775,740,034.60, compared to CNY 655,885,279.73 in the prior period, representing an increase of 18.25%[83]. - The company experienced a cash outflow from investing activities of CNY 234,586,094.60, compared to CNY -113,911,612.37 in the previous period, reflecting increased capital expenditures[79]. - The net cash flow from financing activities was CNY 530,092,847.79, a significant improvement from a negative cash flow of CNY -578,804,343.41 in the previous period[81]. Assets and Liabilities - Total assets at the end of the reporting period were ¥5,402,415,237.24, an increase of 15.72% from ¥4,668,482,639.12 at the end of the previous year[8]. - Total non-current assets reached CNY 4,189,593,924.36, a significant increase of 15.3% from CNY 3,634,425,655.97[47]. - Total liabilities rose to CNY 2,070,115,108.90, reflecting a 42.6% increase from CNY 1,451,657,207.86[50]. - Current liabilities totaled CNY 1,528,543,303.82, an increase of 21.1% from CNY 1,262,470,802.38[50]. - The company's total liabilities increased significantly, with long-term borrowings rising by 140.49% to 380,455,954.87 from 158,202,988.21[28]. - Total liabilities were CNY 1,262,470,802.38, unchanged from the previous period, indicating stable liability management[89]. - The company's total equity reached ¥2,825,979,851.69, up from ¥2,731,926,590.42, showing an increase of about 3.5%[59]. - Shareholders' equity attributable to the parent company increased to CNY 3,257,603,674.58 from CNY 3,138,016,056.96, a growth of 3.8%[53]. Investment and Expenses - Research and development expenses increased by 209.09% to 18,134,471.43 from 5,866,967.21, indicating a continued investment in innovation[28]. - Financial expenses surged by 1277.16% to 18,485,891.40, primarily due to increased interest expenses from bank loans[28]. - The company reported a decrease in investment income by 117.55% to -1,255,010.47, due to reduced profits from an associated company[28]. - The company reported an investment loss of ¥1,255,010.47, compared to a gain of ¥7,149,027.47 in the previous period[64]. - The company’s cash outflow for fixed asset purchases rose by 81.87% to 243,192,345.33, reflecting increased investment in infrastructure[28]. - The company reported a significant increase in sales expenses, which decreased to CNY 2,259,356.41 from CNY 4,362,269.83, indicating improved cost management[72]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 90,537[13]. - The company reported a net profit of CNY 1,414,319,618.75 in retained earnings, up from CNY 1,302,346,018.63, indicating a growth of 8.6%[53].

Company Overview - The company has established itself as one of the largest breeding enterprises in China, focusing on high-generation poultry source supply as its core competitiveness [9]. - The company has imported Hubbard great-grandparent white feather broilers, reducing its complete reliance on imported grandparent poultry sources [9]. - The company is actively exploring collaborations with domestic and international breeding institutions to advance its breeding initiatives [9]. - The company has not changed its main business since its listing [31]. - There were no changes in the controlling shareholders during the reporting period [31]. Financial Performance - The company's operating revenue for 2020 was CNY 1,751,036,372.39, a decrease of 51.14% compared to CNY 3,583,534,105.26 in 2019 [32]. - The net profit attributable to shareholders for 2020 was CNY 91,991,339.23, down 95.77% from CNY 2,176,039,144.86 in 2019 [32]. - The net cash flow from operating activities was CNY 58,166,557.08, a decline of 97.28% compared to CNY 2,134,744,427.38 in 2019 [32]. - Basic earnings per share for 2020 were CNY 0.09, a decrease of 95.96% from CNY 2.23 in 2019 [32]. - The net profit attributable to shareholders was CNY 91.99 million, down 95.77% year-on-year, with basic earnings per share of CNY 0.09, a decline of 95.96% [79]. Raw Material and Cost Management - The company faces risks related to price fluctuations of raw materials, particularly corn and soybean meal, which significantly impact production costs [14]. - The company has implemented measures to mitigate raw material price volatility, including pre-order contracts and strategic partnerships with major suppliers [14]. - The cost of raw materials for poultry farming was ¥470,557,316.57, representing 35.62% of total operating costs, an increase of 21.00% from the previous year [96]. Research and Development - The company is committed to complying with the national genetic improvement plan for broilers, aiming to cultivate over 40 new broiler varieties by 2025 [9]. - The company has implemented a disease purification strategy focusing on major vertical transmissible diseases, continuously improving product quality and providing high-quality breeding chickens [64]. - The company has achieved significant results in the research and development of a new small chicken breed, "Yisheng 909," which has completed pilot testing and is currently in the approval stage, showing advantages in growth metrics compared to mainstream breeds [110]. - Research and development expenses increased by 77.93% in 2020, totaling ¥52,496,299.14, due to increased investment in R&D [108]. - The proportion of R&D investment to operating income rose significantly from 2.10% in 2019 to 5.06% in 2020, indicating a strategic focus on innovation [114]. Breeding and Production - The company has established a complete and robust breeding system for broiler chickens, solidifying its leading position in the industry [63]. - The company is actively developing the pig breeding industry alongside chicken breeding to enhance its risk resistance and profitability [63]. - The company has established a high-standard breeding system for pigs, with its breeding farm recognized as a national core breeding farm, achieving 5 first and 2 second places in provincial testing over 7 years [70]. - The company has introduced a new white feather broiler breed with competitive advantages in egg production rate and feed conversion ratio, enhancing its market position [63]. - The company is the largest breeding enterprise for grandparent white feather broiler chickens in China, significantly reducing reliance on imports [63]. Market and Industry Trends - The overall capacity of the white feather chicken industry increased in 2020, but demand was affected by the COVID-19 pandemic, leading to a decline in industry profitability [76]. - The company anticipates a recovery in demand for white feather chicken as consumer habits shift and the market stabilizes post-pandemic [76]. - The white feather broiler industry has become one of the highest degrees of scale, intensification, organization, and marketization in China's livestock sector, with an annual output close to 5 billion birds [137]. Shareholder and Dividend Policy - The company will not distribute cash dividends, issue bonus shares, or increase capital from reserves in the upcoming period [14]. - The company has established a three-year shareholder return plan (2021-2023) to enhance transparency and return to investors, with a cash dividend of RMB 1.00 per share for the first half of 2020 [150]. - The company has maintained a consistent cash dividend policy, ensuring transparency and compliance with regulations [150]. - The company has not proposed any cash dividend distribution plan for the reporting period despite positive profits [157]. Risk Management - The company acknowledges the risks associated with reliance on foreign suppliers for breeding technology and the potential impact on its business operations [5]. - The company emphasizes strict biosecurity measures to prevent disease outbreaks in its poultry operations [11]. - The company is focusing on the purification and prevention of vertically transmitted diseases in poultry, achieving significant breakthroughs [109]. Asset Management - Total assets at the end of 2020 were CNY 4,668,482,639.12, an increase of 12.74% from CNY 4,140,859,202.23 at the end of 2019 [32]. - The company's fixed assets increased by 36.96% in 2020 compared to 2019, primarily due to the expansion of production capacity [60]. - The company's intangible assets rose by 31.36% in 2020 compared to 2019, mainly due to the acquisition of new land [60]. - The total liabilities amounted to approximately CNY 488.33 million, with current liabilities making up a substantial portion [173]. Corporate Governance - The company appointed He Xin Accounting Firm (Special General Partnership) for auditing services, with a remuneration of 1.1 million CNY, marking a continuous service period of 5 years [188]. - There are no bankruptcy reorganization matters reported during the reporting period [189]. - The company has committed to fulfilling its obligations to minority shareholders, ensuring their rights are protected [170].