Group 1: Financial Performance and Challenges - The company's profit significantly declined in Q3 due to sharp increases in raw material costs, particularly for peas, coal, and shipping fees [1] - The cost of peas, which are primarily sourced from new suppliers, has risen considerably, impacting production costs [1] - Shipping fees for pea protein products, mainly exported to the US and Europe, have also increased, although a slight decrease is expected in Q4 [1] Group 2: Production and Sales Impact - The company has not been significantly affected by power rationing, as it can compensate with its own biogas power generation [2] - Sales of high-end protein products remained strong in Q3, with the company increasing production and sales of these products while reducing low-end protein output [2] - Main products such as pea protein, noodles, and dietary fiber are performing normally in terms of production and sales [2] Group 3: Strategic Responses to Raw Material Costs - The company is expanding its pea procurement channels to mitigate risks and price fluctuations, including potential imports from Russia [2] - Collaboration with agricultural institutions for pea seed breeding and domestic planting trials is underway [2] Group 4: Management and R&D Expenses - Management expenses surged in Q3 primarily due to stock incentive plans, which increased cumulative management costs [2] - R&D expenses focus on the circular industry chain, product development, and process innovation, particularly for functional pea protein and resistant starch [2] Group 5: Competitive Advantages - The company is a leading player in the pea protein industry, boasting the largest scale, advanced technology, and the lowest comprehensive costs [2] - It maintains a significant market share in pea protein, noodles, and dietary fiber, consistently ranking first in production and sales [2] - The company possesses strong technical barriers in pea protein extraction, utilizing multiple extraction processes [2] Group 6: Sales Channels and Capacity Expansion - High-end pea protein is primarily used in dietary supplements, accounting for over 50% of sales, with growth expected in plant-based meat applications [3] - A new pea deep processing project is in the trial phase, expected to add over 10,000 tons of high-end pea protein capacity annually, with official production anticipated in November [3]

Group 1: Event Announcement - Yantai Shuangta Food Co., Ltd. will participate in the "2022 Annual Investor Online Collective Reception Day" organized by the Shandong Securities Regulatory Bureau and the Shandong Listed Companies Association [2] - The event will be held online on November 16, 2022, from 14:00 to 16:00 [2] - Investors can join the event via the "Investor Relations Interactive Platform" at http://ir.p5w.net/ [2] Group 2: Company Representatives - The company's Chairman, Mr. Yang Junmin, will be present during the online communication with investors [2] - The Chief Financial Officer, Ms. Sui Junmei, and the Board Secretary, Mr. Shi Enzhan, will also participate in the event [2] Group 3: Purpose and Commitment - The event aims to enhance interaction with investors and provide a comprehensive understanding of the company's operational development [2] - The company assures that the information disclosed is true, accurate, and complete, with no false records or misleading statements [2]

Revenue and Profitability - Revenue for Q3 2022 reached ¥658,685,600.99, an increase of 39.50% compared to the same period last year[3] - Net profit attributable to shareholders was -¥185,278,498.96, a decrease of 1,951.03% year-on-year[3] - Basic earnings per share for Q3 2022 was -¥0.1548, down 1,987.80% from the previous year[3] - Total operating revenue for Q3 2022 reached ¥1,849,055,816.47, an increase of 24.7% compared to ¥1,483,712,648.76 in the same period last year[19] - The net profit for Q3 2022 was a loss of ¥196,009,089.07, compared to a profit of ¥229,581,218.72 in Q3 2021, indicating a significant decline[20] - The operating profit for Q3 2022 was a loss of ¥213,215,254.15, down from a profit of ¥262,471,721.89 in the previous year[19] - Basic and diluted earnings per share for Q3 2022 were both -¥0.1637, compared to ¥0.1877 in Q3 2021[20] Assets and Liabilities - Total assets at the end of Q3 2022 amounted to ¥4,128,071,358.04, reflecting a growth of 10.92% from the end of the previous year[3] - Total liabilities as of Q3 2022 amounted to ¥1,642,403,401.31, an increase from ¥979,229,984.10 in the same period last year[19] - Total equity attributable to shareholders of the parent company was ¥2,468,836,885.51, down from ¥2,725,940,153.32 in Q3 2021[19] - The company’s total current assets amounted to CNY 1,915,530,448.96, an increase from CNY 1,583,965,090.52, reflecting a growth of approximately 21%[16] - Non-current assets totaled CNY 2,212,540,909.08, up from CNY 2,137,760,462.91, marking an increase of about 3.5%[16] Cash Flow - Cash flow from operating activities showed a net outflow of -¥283,157,742.82, a decrease of 375.01% compared to the same period last year[3] - The cash inflow from operating activities for the period was CNY 1,818,155,188.27, compared to CNY 1,745,824,975.31 in the previous period, showing an increase of approximately 4.15%[21] - The net cash flow from operating activities was negative at CNY -283,157,742.82, a significant decline from CNY 102,964,072.13 in the same period last year[21] - Cash inflow from investment activities totaled CNY 167,539,826.29, a substantial increase from CNY 581,788.00 in the previous period[21] - The net cash flow from investment activities was CNY 30,792,189.67, recovering from a negative CNY -333,766,043.91 in the previous year[21] - Cash inflow from financing activities was CNY 1,773,234,494.12, up from CNY 1,003,932,344.80 in the previous period, indicating a growth of approximately 76.5%[22] - The net cash flow from financing activities increased to CNY 296,544,529.13, compared to CNY 80,093,197.54 in the same period last year[22] Costs and Expenses - The company reported a significant increase in costs, with a 59.64% rise attributed to the sharp increase in raw material prices[7] - Total operating costs for Q3 2022 were ¥1,943,750,509.68, up 52.3% from ¥1,275,035,853.07 in Q3 2021[19] - Financial expenses for Q3 2022 were ¥47,721,278.74, significantly higher than ¥11,138,191.96 in Q3 2021[19] - The company experienced a 328.45% increase in financial expenses, mainly due to exchange losses and increased borrowing costs[8] - Research and development expenses for Q3 2022 were ¥52,725,019.98, compared to ¥49,090,031.13 in the same period last year, reflecting a 5.3% increase[19] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 65,613[9] - The company plans to terminate the 2021 restricted stock incentive plan and repurchase 4,656,250 shares that have not been released from restrictions[14] - The registered capital was adjusted to CNY 1,238,352,750 as of August 1, 2022, following the completion of the stock repurchase[13] - The company held a total of 41,626,408 shares in its repurchase account, which is not listed among the top ten shareholders[14] Inventory and Receivables - Accounts receivable decreased to CNY 212,482,949.48 from CNY 261,911,476.46, indicating a decline of approximately 18.9%[16] - Inventory rose to CNY 840,374,584.38 from CNY 741,134,846.11, showing an increase of around 13.3%[16] - The company’s fixed assets decreased slightly to CNY 1,647,913,586.16 from CNY 1,681,799,534.87, indicating a decline of about 2%[16] - Cash and cash equivalents increased to CNY 366,095,151.38 from CNY 230,673,189.05, representing a growth of about 58.5%[16]

Financial Performance - The company's revenue for the first half of 2022 was approximately ¥1.19 billion, representing a 17.68% increase compared to ¥1.01 billion in the same period last year[19]. - The net loss attributable to shareholders was approximately ¥11 million, a decrease of 105.01% from a profit of ¥219 million in the previous year[19]. - The net cash flow from operating activities was negative at approximately ¥267 million, a decline of 316.22% compared to a positive cash flow of ¥123 million in the same period last year[19]. - The company's basic earnings per share were -¥0.0092, down 105.12% from ¥0.1797 in the same period last year[19]. - The weighted average return on net assets was -0.41%, a decrease of 8.41% from 8.00% in the previous year[19]. - The company's operating revenue for the reporting period reached ¥1,190,370,215.48, representing a year-on-year increase of 17.68% compared to ¥1,011,527,109.43 in the same period last year[48]. - The cost of goods sold increased by 49.68% to ¥1,016,417,508.87, primarily due to a significant rise in raw material prices[48]. - The net profit for the first half of 2022 was CNY -11,275,356.73, a significant decline from CNY 219,685,719.10 in the previous year[134]. - The total operating revenue for the first half of 2022 reached CNY 1,190,370,215.48, an increase of 17.7% compared to CNY 1,011,527,109.43 in the same period of 2021[132]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥4.31 billion, reflecting a 15.75% increase from ¥3.72 billion at the end of the previous year[19]. - Total current assets increased to CNY 2,112,004,465.66 as of June 30, 2022, up from CNY 1,583,965,090.52 on January 1, 2022, representing a growth of approximately 33.3%[124]. - Total liabilities rose to CNY 1,588,754,734.82 as of June 30, 2022, compared to CNY 979,229,984.10 on January 1, 2022, an increase of approximately 62.2%[126]. - The company's equity attributable to shareholders decreased to CNY 2,702,835,812.17 from CNY 2,725,940,153.32, a decline of approximately 0.8%[126]. - The total assets of the company reached CNY 4,692,096,915.35, up from CNY 4,000,273,638.69, reflecting a growth of 17.3%[133]. Market and Product Development - The company's main businesses include pea protein, vermicelli, and dietary fiber, with a focus on optimizing product structure and enhancing product value[27]. - Pea protein has become the company's largest product, with a significant increase in high-end protein sales; the company has established partnerships with major firms like Beyond Meat and Nestle[30]. - The company holds approximately 20% market share in the vermicelli sector, with plans to increase production capacity to 100,000 tons over the next three years[31]. - The company has developed a comprehensive multi-channel marketing network, including traditional retail, e-commerce, and food service channels[28]. - The demand for plant-based meat in China is projected to increase by 200% over the next five years, with the market expected to reach $13 billion by 2023[30]. - The company plans to expand its market presence and invest in new product development to drive future growth[146]. Research and Development - The company collaborates with universities for research and development, maintaining an industry-leading position in pea protein extraction technology[29]. - The company has established an academic workstation and collaborates with renowned academicians in the field of pea protein research[29]. - The company aims to increase its R&D investment by 10% in the upcoming fiscal year to support innovation[149]. - The company has developed proprietary extraction technologies for pea protein, including a new dry extraction method tailored to customer needs, and holds multiple invention patents[45]. Operational Challenges - The company faces risks related to raw material price fluctuations, which could impact profitability due to unpredictable market conditions[4]. - The company is experiencing challenges in labor availability and rising labor costs due to rural labor migration to cities[5]. - The main components of operating costs include raw materials (72.94%), labor (3.65%), and manufacturing expenses (23.41%), totaling approximately 1.02 billion yuan[43]. Environmental and Social Responsibility - The company emphasizes the importance of food safety and has established a strict quality control system to ensure product safety[7]. - The company has established a closed-loop circular economy model, including processes such as wastewater treatment and biogas production, ensuring zero pollution and zero emissions during production[73]. - The company actively participates in local poverty alleviation and environmental improvement initiatives, aligning its growth with community development[76]. - The company has established a robust environmental protection management system, ensuring timely updates and upgrades to pollution control facilities[73]. Shareholder and Governance - The company plans not to distribute cash dividends or issue bonus shares[8]. - The company has implemented a restricted stock incentive plan approved by the board, aimed at promoting sustainable development[69]. - The company has maintained a consistent approach to managing its share capital and incentivizing employees through stock options[107]. - The overall shareholder structure remains stable, with no significant changes in the proportion of shares held by major stakeholders[110]. Financial Management - The company reported a significant increase in cash and cash equivalents, with a net increase of ¥375,185,005.41, compared to a decrease of ¥98,439,587.46 in the previous year, marking an increase of 481.13%[48]. - The company has increased its pea raw material reserves to mitigate the impact of rising prices, collaborating with global grain merchants to ensure supply stability[44]. - The company has successfully optimized its supply chain and distribution channels, enhancing cooperation with distributors and suppliers for mutual benefits[78].

Financial Performance - The company's operating revenue for 2021 was approximately ¥2.165 billion, representing a 7.22% increase compared to ¥2.020 billion in 2020[21] - The net profit attributable to shareholders decreased by 24.12% to approximately ¥267.55 million from ¥352.60 million in the previous year[21] - The net cash flow from operating activities fell by 53.31% to approximately ¥214.97 million, down from ¥460.40 million in 2020[21] - Basic earnings per share decreased by 21.43% to ¥0.22, compared to ¥0.28 in 2020[21] - Total assets at the end of 2021 were approximately ¥3.722 billion, a slight decrease of 0.75% from ¥3.750 billion at the end of 2020[22] - The company's net assets attributable to shareholders were approximately ¥2.726 billion, down 0.83% from ¥2.749 billion in 2020[22] - In Q4 2021, the company's operating revenue reached ¥681,667,168.20, marking a significant increase compared to Q1's ¥468,194,236.28[25] - The net profit attributable to shareholders for Q2 2021 was ¥120,052,350.24, while Q3 saw a sharp decline to ¥10,009,498.73, indicating volatility in profitability[25] - The company reported a net cash flow from operating activities of ¥111,546,413.01 in Q4 2021, recovering from a negative cash flow of -¥20,367,310.05 in Q3[25] Market Trends and Opportunities - The demand for plant-based meat in China is projected to increase by 200% over the next five years, with the market size expected to reach $13 billion by 2023[31] - The global market for plant-based meat could potentially reach $182 billion, based on a 13% market share of the total meat market[34] - The annual demand for plant protein globally is estimated to exceed 2.3 million tons, indicating a tight supply-demand balance in the market[34] - The dietary fiber industry in China is projected to grow from CNY 3.66 billion in 2018 to CNY 5.71 billion by 2025, highlighting significant market potential[58] Product Development and R&D - The company has invested in R&D to improve product value and optimize its product structure, particularly in the areas of dietary fiber and plant-based proteins[35] - The company is currently developing high-resistance pea resistant starch, which is expected to enhance the value of pea starch and expand its application in functional foods[74] - The company completed the development of a new plant-based protein product aimed at high-nutrition food markets, suitable for protein-deficient populations[75] - The company is developing low-fat, high-protein plant-based products to expand its offerings in the health food market[75] - The company has established a research institute in collaboration with China Agricultural University to focus on pea nutrition and health, indicating a strong commitment to R&D[58] Partnerships and Collaborations - The company has established partnerships with major players like Beyond Meat and Nestle, enhancing its market position in the plant-based protein sector[31] - The company has established strong partnerships with major players such as Beyond Meat, Cargill, Du Pont, Mars, Nestle, and Sojitz[37] - The international sales model focuses on protein products, with established relationships with distributors and major clients like Du Pont, Nestle, and Beyond Meat[44] Production and Capacity - The company holds approximately 20% market share in the Longkou vermicelli industry, with plans to increase production capacity to 100,000 tons over the next three years[38] - The company plans to expand its pea protein production capacity, focusing on high-end protein products in the next three years[51] - The company is focusing on expanding its pea protein business, which has become its largest product line, leveraging advanced extraction technologies[36] Sales and Marketing - The company has a comprehensive sales network with 47,500 total retail outlets in the supermarket channel, including 1,500 international chain stores and 16,000 national chain stores[42] - Domestic sales accounted for 56.77% of total revenue, while international sales represented 43.23%, with the latter growing by 21.96%[63] - The company has established a complete and independent production and sales system for its main products, including noodles, starch, protein, and fiber, ensuring no reliance on controlling shareholders for sales or raw material procurement[100] Corporate Governance and Management - The company has a total of 9 board members, including 3 independent directors, and has set up specialized committees to provide professional opinions for decision-making[97] - The company has implemented a transparent performance evaluation and incentive mechanism for directors, supervisors, and senior management, ensuring compliance with legal regulations[98] - The company maintains good relationships with stakeholders, including distributors and suppliers, to balance the interests of shareholders, employees, and society[98] - The company has a dedicated investor relations management team to ensure equal access to information for all shareholders, utilizing various communication channels[99] Environmental and Social Responsibility - The company is classified as a key pollutant discharge unit and has implemented a closed-loop economic development model for waste management[143] - The company actively engages in social responsibility initiatives, promoting healthy and safe food products while participating in local poverty alleviation and environmental improvement activities[147] - The company has completed environmental impact assessments for all construction projects in accordance with relevant laws[144] - The company emphasizes food safety and product quality, ensuring that no substandard products reach consumers[148] Employee Development and Compensation - The company has established a comprehensive training program to enhance employee skills, covering various areas including management, technical training, and safety production[127] - The company maintains a competitive salary structure to attract and retain talent, with employee wages increasing moderately in line with economic growth[126] - The company has implemented a stock incentive plan approved on February 5, 2021, aimed at enhancing the long-term development and interests of the company and its shareholders[132] Shareholder Information - The company reported a cash dividend total of ¥179,902,303.20, which represents 14.05% of the total profit distribution amount[130] - The company has a total of 1,206,313,331 shares as the basis for the dividend distribution plan, with no cash dividends or stock bonuses proposed for the reporting period[129] - The largest shareholder, Zhaoyuan Junxing Agricultural Development Center, holds 35.01% of the shares, totaling 435,250,137 shares[192] - The company has not reported any changes in the positions of directors, supervisors, or senior management during the reporting period[106]

Financial Performance - Revenue for Q1 2022 was CNY 449.20 million, a decrease of 4.06% compared to CNY 468.19 million in the same period last year[3] - Net profit attributable to shareholders was CNY 51.48 million, down 48.30% from CNY 99.59 million year-on-year[3] - Basic earnings per share decreased by 46.50% to CNY 0.0428 from CNY 0.08 in the previous year[3] - Total operating revenue for Q1 2022 was 396,825,178.63 CNY, an increase from 372,017,622.19 CNY in Q1 2021, representing a growth of approximately 6.5%[20] - Net profit for Q1 2022 was 51,284,881.74 CNY, down from 99,588,987.78 CNY in Q1 2021, indicating a decline of about 48.5%[21] - Operating profit decreased to 60,271,286.03 CNY in Q1 2022 from 118,925,207.27 CNY in Q1 2021, a drop of approximately 49.3%[20] - The company reported a decrease in total profit to 60,749,833.15 CNY in Q1 2022 from 118,510,296.83 CNY in Q1 2021, a decline of about 48.7%[20] Cash Flow - Net cash flow from operating activities was negative CNY 259.46 million, a decline of 317.22% compared to CNY 119.44 million in the same period last year[6] - Cash flow from operating activities showed a net outflow of -259,457,922.17 CNY in Q1 2022, compared to a net inflow of 119,444,895.77 CNY in Q1 2021[23] - Cash flow from investing activities generated a net inflow of 128,807,768.93 CNY in Q1 2022, a significant recovery from a net outflow of -131,118,152.95 CNY in Q1 2021[24] - Cash flow from financing activities resulted in a net inflow of 130,011,140.58 CNY in Q1 2022, contrasting with a net outflow of -246,737,379.63 CNY in Q1 2021[24] Assets and Liabilities - Total assets increased by 3.83% to CNY 3.86 billion from CNY 3.72 billion at the end of the previous year[3] - The company's total assets as of March 31, 2022, amounted to ¥3,864,227,381.26, an increase from ¥3,721,725,553.43 at the beginning of the year[17] - The company's total liabilities increased to ¥1,067,411,266.25 as of March 31, 2022, compared to ¥979,229,984.10 at the beginning of the year[17] - The company's total current assets reached ¥1,741,867,827.38, up from ¥1,594,419,909.96 at the beginning of the year[15] - The company's total current liabilities increased to ¥1,017,485,531.05 from ¥930,625,324.14 at the beginning of the year[17] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,150[8] - As of March 31, 2022, the company repurchased a total of 15,292,169 shares, accounting for 1.230% of the total share capital, with a total transaction amount of ¥130,002,893.79[10] - The company decided to repurchase and cancel 503,725 shares of restricted stock due to the departure of 9 incentive plan participants, representing 0.41% of the current total share capital[13] Expenses - Management expenses decreased by 50.12% year-on-year, primarily due to a reduction in share-based payment expenses[6] - Financial expenses increased by 189.02% year-on-year, mainly due to increased exchange losses[6] - Other income decreased by 65.13% year-on-year, attributed to a reduction in VAT refunds[6] - Research and development expenses increased to 14,154,314.99 CNY in Q1 2022 from 13,492,874.66 CNY in Q1 2021, reflecting a rise of about 4.9%[20] Inventory and Receivables - The company reported a decrease in accounts receivable to ¥202,759,488.63 from ¥261,911,476.46 at the beginning of the year[15] - The company’s inventory increased to ¥926,196,250.76 from ¥741,134,846.11 at the beginning of the year[15]

Revenue and Profitability - Revenue for Q3 2021 was CNY 472,185,539.33, a decrease of 0.52% compared to the same period last year[3] - Net profit attributable to shareholders was CNY 10,009,498.73, down 90.23% year-on-year[3] - Basic earnings per share decreased by 89.75% to CNY 0.0082[3] - Total operating revenue for Q3 2021 was CNY 1,483,712,648.76, an increase of 2.5% compared to CNY 1,446,226,496.11 in Q3 2020[17] - Net profit for Q3 2021 was CNY 229,581,218.72, a decrease of 15.2% from CNY 270,642,547.81 in Q3 2020[18] - Earnings per share for Q3 2021 was CNY 0.1877, down from CNY 0.2178 in Q3 2020, representing a decline of 13.9%[18] Assets and Liabilities - Total assets increased by 12.14% to CNY 4,205,171,297.00 compared to the end of the previous year[3] - As of September 30, 2021, total current assets amounted to CNY 2,160,149,872.77, an increase from CNY 1,834,665,424.30 at the end of 2020, representing a growth of approximately 17.74%[12] - Total assets reached CNY 4,205,171,297.00, up from CNY 3,749,861,389.49, indicating a growth of about 12.12%[13] - Total liabilities increased to CNY 2,160,149,872.77, reflecting a significant rise compared to previous periods[13] - Total liabilities as of Q3 2021 amounted to CNY 1,358,653,644.43, compared to CNY 1,001,072,667.58 in the previous year, marking an increase of 35.8%[17] - Short-term borrowings increased to CNY 802,848,399.99 from CNY 614,847,292.47, representing a rise of approximately 30.54%[13] Cash Flow and Financing Activities - Cash flow from operating activities decreased by 67.48% to CNY 102,964,072.13 year-to-date[7] - Cash flow from operating activities for Q3 2021 was CNY 102,964,072.13, significantly lower than CNY 316,646,495.22 in Q3 2020, indicating a decrease of 67.5%[21] - The net cash flow from investment activities was -333,766,043.91 CNY, indicating a significant outflow compared to the previous period's inflow of 385,856,218.46 CNY[22] - Total cash inflow from financing activities reached 1,003,932,344.80 CNY, a substantial increase from 817,714,581.27 CNY in the prior period[22] - The net cash flow from financing activities was 80,093,197.54 CNY, contrasting with a negative cash flow of -590,624,345.36 CNY in the previous period[22] - Cash received from investment activities totaled 581,788,000.00 CNY, while cash paid for investment activities amounted to 334,347,831.91 CNY[22] - The company reported cash received from borrowings of 922,150,664.80 CNY, reflecting strong financing activity during the quarter[22] - Cash paid for debt repayment was 733,879,115.20 CNY, indicating a significant outflow related to financing activities[22] Expenses and Financial Performance - Management expenses increased by 117.7% year-on-year, primarily due to stock option expenses related to restricted stock grants[8] - Financial expenses rose by 165.95% year-on-year, mainly due to a decrease in bank deposit interest income[8] - Investment income increased by 442.33% year-on-year, driven by returns from purchased financial products[8] - Total operating costs for Q3 2021 were CNY 1,275,035,853.07, up from CNY 1,176,966,331.64 in the same period last year, reflecting a year-over-year increase of 8.4%[17] - The company reported a decrease in sales expenses to CNY 54,090,646.49 from CNY 74,411,133.11, a reduction of 27.3% year-over-year[17] - Research and development expenses increased slightly to CNY 49,090,031.13 from CNY 47,341,329.40, indicating a growth of 3.7%[17] - Deferred income tax liabilities rose to CNY 29,627,716.15 from CNY 27,182,056.81, an increase of 9.0% year-over-year[17] Shareholder Information - The company has a major shareholder, Zhaoyuan Junxing Agricultural Development Center, holding 35.01% of shares, with 258,620,000 shares pledged[10] - The top ten shareholders collectively hold a significant portion of the company's equity, indicating concentrated ownership[10] - The company is actively involved in financing activities, with major shareholders participating in margin trading[10] Audit and Reporting - The company did not undergo an audit for the third quarter report, which may affect the reliability of the financial data presented[23] - The company did not apply new leasing standards for the financial statements, which may impact future reporting[23] - The cash flow from operating activities was not detailed in the provided documents, suggesting a need for further analysis to understand operational performance[22]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,011,527,109.43, representing a 4.11% increase compared to CNY 971,570,660.09 in the same period last year[18]. - Net profit attributable to shareholders was CNY 219,641,338.02, a 30.49% increase from CNY 168,316,220.89 year-on-year[18]. - Basic earnings per share rose to CNY 0.1797, reflecting a 32.72% increase from CNY 0.1354 in the same period last year[18]. - The weighted average return on net assets improved to 8.00%, up from 5.89% in the previous year[18]. - The company reported a revenue of ¥1,011,527,109.43 for the current period, representing a 4.11% increase compared to ¥971,570,660.09 in the same period last year[44]. - The revenue from the main product, vermicelli, was CNY 279,443,332.67, accounting for 27.63% of total revenue, with a year-on-year growth of 4.73%[47]. - The company reported a total revenue of CNY 220 million for the first half of 2021, with a year-on-year growth rate of 9.52%[155]. - The net profit margin for the first half of 2021 was 7.58%, indicating a stable profitability level[155]. Cash Flow and Financial Position - The net cash flow from operating activities surged to CNY 123,331,382.18, marking a significant increase of 1,291.41% compared to CNY 8,863,762.78 in the previous year[18]. - Cash flow from financing activities increased by 202.68% to CNY 97,147,784.51, primarily due to reduced cash payments for debt repayment[45]. - The company's cash and cash equivalents decreased by 159.03%, totaling CNY -98,439,587.46, indicating a significant cash outflow during the period[45]. - The total liabilities increased to CNY 1,366,840,083.37 from CNY 1,001,072,667.58, marking a rise of about 36.4%[127][128]. - The company's equity attributable to shareholders reached CNY 2,810,587,621.36, compared to CNY 2,748,805,091.91 at the end of 2020, showing a slight increase of around 2.2%[128]. - The total comprehensive income for the period was CNY 178,889,779.37, compared to CNY 140,020,336.02 in the previous year[140]. Market and Product Development - The company's main business, pea protein, generated sales revenue of CNY 411,086,560.44, accounting for 40.64% of total revenue, with a gross profit contribution of 74.64%[27]. - The company plans to enhance its production capacity for high-end pea protein, which is expected to further increase its market share[27]. - The company has established deep collaborations in pea protein with leading firms such as Beyond Meat, Unilever, Cargill, Du Pont, Mars, and Nestle, indicating a strong market presence[28]. - The company aims to increase the sales proportion of food-grade dietary fiber, enhancing profitability in response to the growing demand for dietary fiber in China[30]. - The company has initiated an organic vermicelli project in Xichong, Sichuan, further expanding its production capabilities[29]. - The company plans to continue focusing on investment in fixed assets and long-term assets, with cash payments for these investments amounting to 204,198,070.21 RMB in the first half of 2021[148]. Research and Development - The company has invested ¥36,804,760.94 in R&D, accounting for 3.64% of total revenue, with a slight decrease of 2.69% compared to the previous year[44]. - The company has established partnerships with several universities for research and development, including Jiangnan University and China Agricultural University, focusing on pea protein extraction technologies[27]. - The company has allocated CNY 24 million for future investments in research and development to enhance product offerings[156]. Environmental and Social Responsibility - The company emphasizes the importance of food safety and quality control, implementing strict quality assurance measures throughout the production process[59]. - The company actively participates in local poverty alleviation and environmental improvement initiatives[73]. - The company has established a closed-loop circular economy model for wastewater treatment and pollution prevention[69]. - The company is committed to developing a circular economy, achieving zero pollution and zero emissions in its production processes[75]. Shareholder and Governance - The company will not distribute cash dividends or issue bonus shares for this reporting period[7]. - The company has a stable cash dividend policy to ensure continuous profit growth for investors[73]. - The company has not engaged in any non-operational fund occupation by major shareholders or related parties during the reporting period[79]. - The company has not issued any guarantees or engaged in significant related party transactions during the reporting period[90]. - The company has approved a total guarantee amount of CNY 230 million for its subsidiaries, with actual guarantees amounting to CNY 6.94 million during the reporting period[97]. Risks and Challenges - Despite challenges from rising raw material and shipping costs, the company's high-end pea protein exports have shown good growth, with shipping prices increasing by 100%-150% during the reporting period, impacting net profit by approximately 25 million yuan[29]. - The company faced risks related to raw material price fluctuations, which could impact profitability due to the unpredictability of agricultural product prices[58]. - Future guidance suggests a cautious outlook due to market volatility and changing consumer preferences[163].

Financial Performance - The company's revenue for Q1 2021 was ¥468,194,236.28, representing a 9.73% increase compared to ¥426,689,320.32 in the same period last year[8]. - Net profit attributable to shareholders increased by 41.03% to ¥99,588,987.78 from ¥70,615,169.68 year-on-year[8]. - Basic earnings per share rose by 33.33% to ¥0.08 from ¥0.06 in the same period last year[8]. - The company reported a weighted average return on equity of 3.60%, up from 2.52% in the previous year[8]. - Net profit for Q1 2021 was ¥99,588,987.78, up from ¥70,478,745.92 in the same period last year, reflecting a growth of approximately 41.2%[41]. - The total comprehensive income for the period was ¥119,085,634.25, compared to ¥80,842,693.36 in the previous year, marking a 47.0% increase[46]. Cash Flow and Liquidity - The net cash flow from operating activities surged by 427.19% to ¥119,444,895.77, compared to ¥22,656,962.48 in the previous year[8]. - The company's cash and cash equivalents decreased from 551,135,216.79 CNY on December 31, 2020, to 200,352,846.31 CNY by March 31, 2021[31]. - The cash and cash equivalents decreased significantly from ¥509,107,725.81 to ¥159,333,629.11, a decline of about 68.7%[36]. - The ending cash and cash equivalents balance was 78,452,851.95, down from 345,025,224.47, indicating a decrease of about 77%[53]. - The net cash flow from operating activities was -352,515,499.73, compared to -313,854,126.13 in the previous period, indicating a decline in cash flow[52]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,723,835,153.77, a decrease of 0.69% from ¥3,749,861,389.49 at the end of the previous year[8]. - Total liabilities decreased from 1,001,072,667.58 CNY on December 31, 2020, to 920,598,748.16 CNY by March 31, 2021[33]. - The company's total assets as of March 31, 2021, were ¥3,932,896,035.17, a slight decrease from ¥4,003,085,263.12 at the end of 2020[37]. - Current assets decreased to ¥1,622,355,608.36 from ¥1,732,793,751.84, indicating a reduction of about 6.4%[36]. - The total liabilities decreased to ¥1,197,791,257.67 from ¥1,341,924,815.79, showing a decline of approximately 10.7%[37]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 56,943[12]. - The largest shareholder, Zhaoyuan Junxing Agricultural Development Center, holds 35.01% of the shares, amounting to 435,250,137 shares[12]. - As of January 11, 2021, the company repurchased a total of 26,440,750 shares, accounting for 2.1265% of the total share capital as of December 31, 2020[17]. Research and Development - R&D expenses increased by 104.69% compared to the beginning of the year, reflecting the company's commitment to enhancing its research and development efforts[16]. - Research and development expenses rose to ¥13,492,874.66, compared to ¥6,591,722.32 in the previous year, indicating an increase of approximately 104.5%[40]. Operating Costs - Total operating costs amounted to ¥372,017,622.19, compared to ¥352,098,426.69 in the prior year[40]. - The total operating expenses increased to ¥488,388,042.33 from ¥300,000,000.00, reflecting a rise in costs associated with sales and management[44]. Financial Expenses - The company’s financial expenses showed a significant decrease, with interest expenses at ¥2,002,365.78 compared to ¥4,386,348.45 in the previous year[44]. Compliance and Adjustments - The company reported no overdue commitments or violations regarding external guarantees during the reporting period[19][23]. - The company did not require adjustments to the balance sheet under the new leasing standards implemented from January 1, 2021[54].

Financial Performance - The company's operating revenue for 2020 was ¥2,019,632,594.36, a decrease of 4.81% compared to ¥2,121,775,326.84 in 2019[17] - The net profit attributable to shareholders increased by 88.51% to ¥352,597,087.01 from ¥187,044,052.14 in the previous year[17] - The net cash flow from operating activities surged by 376.97% to ¥460,397,756.40, compared to ¥96,524,896.57 in 2019[17] - Basic earnings per share rose by 86.67% to ¥0.280 from ¥0.150 in 2019[17] - The weighted average return on net assets improved to 12.09%, up from 6.98% in the previous year, reflecting a 5.11% increase[17] - Total assets decreased by 12.66% to ¥3,749,861,389.49 from ¥4,293,553,808.87 at the end of 2019[17] - The net assets attributable to shareholders slightly decreased by 0.84% to ¥2,748,805,091.91 from ¥2,772,178,707.57 in 2019[17] - In Q1 2020, the company reported revenue of approximately ¥426.69 million, with a net profit attributable to shareholders of about ¥70.62 million, and a net cash flow from operating activities of ¥22.66 million[21] - The net profit attributable to shareholders for Q2 2020 was approximately ¥97.70 million, showing a strong performance despite fluctuations in cash flow[21] - The company reported a net cash flow from operating activities of ¥307.78 million in Q3 2020, indicating improved operational efficiency[21] Market Position and Growth - The company holds nearly 40% of the global pea protein market share, with a production capacity of around 70,000 tons, and plans to expand capacity by 20% annually[26] - The company's pea protein business generated revenue of approximately ¥653.25 million in 2020, representing a year-on-year growth of 22.16%, and accounted for 32.54% of total revenue[26] - The company is the largest producer of vermicelli in the industry, with a market share of about 20% in Longkou vermicelli, and plans to increase production capacity to 100,000 tons over the next three years[29] - The company has established partnerships with major brands such as Beyond Meat and Nestle, enhancing its market presence in the plant-based protein sector[28] - The company’s dietary fiber products are positioned as a solution to the significant dietary fiber deficiency in China, with a potential market growth driven by health trends[31] - The company has developed a circular economy industrial chain, significantly increasing the added value of by-products and reducing overall costs compared to industry peers[39] - The company is focusing on developing plant-based protein products, including pea protein and egg substitutes, to meet market demand[83] - The global plant-based meat market is projected to reach $450 billion by 2040, indicating significant growth potential for the company's products[84] Sales and Distribution - Domestic sales accounted for 61.99% of total revenue at ¥1.25 billion, down 14.73% from the previous year[54] - International sales increased by 14.80% to ¥767.57 million, making up 38.01% of total revenue[54] - The company has established a comprehensive marketing network with 47,500 retail outlets in the supermarket channel[47] - The restaurant channel has 76,175 terminal outlets, including 32,996 from national chains[47] - The company has over 210,000 terminal customers in the distribution channel, including 52,500 grocery stores and 42,000 convenience stores[38] Research and Development - The company has invested in R&D to enhance its product offerings and maintain industry-leading extraction technology for pea protein[27] - Research and development expenses rose by 19.25% to ¥58,105,333.40, indicating a focus on innovation[67] - The company is conducting research on pea protein and its applications in food products, including protein yogurt and ice cream[68] - The company is exploring new technologies for pea and mung bean proteins in collaboration with universities, enhancing its product offerings in the plant-based protein sector[85] Risk Management - The company faces risks related to raw material price fluctuations, labor costs, and market distribution changes impacting revenue and profit margins[5] - The company is addressing potential risks in raw material supply and is focused on maintaining its competitive edge in the pea protein industry[87] Corporate Governance - The company has maintained a transparent and fair performance evaluation and incentive mechanism for its directors, supervisors, and senior management[169] - The governance structure complies with relevant laws and regulations, enhancing transparency and accountability[167] - The company has established good cooperative relationships with distributors and suppliers, respecting the legitimate rights and interests of stakeholders[169] Environmental and Social Responsibility - The company actively engages in environmental protection, achieving zero pollution and zero emissions in its production processes[126] - The company has invested CNY 949.51 million in poverty alleviation efforts, although specific breakdowns of this investment were not provided[127] - The company has established a closed-loop economic development model, including processes from starch extraction to organic fertilizer production, ensuring effective pollution control[129] Shareholder Information - The company plans to distribute a cash dividend of ¥1 per 10 shares, based on a total of 1,226,642,750 shares[6] - The company's retained earnings for 2020 amount to 1,082,650,928.11 yuan, with a cash dividend payout ratio of 34.79%[93] - The company did not issue any bonus shares or convert capital reserves into share capital for the 2020 fiscal year[92] Employee Information - The total number of employees in the company is 854, with 760 in the parent company and 94 in major subsidiaries[161] - The company has established a competitive salary policy linked to performance, ensuring that salary growth does not exceed the growth of net profit[159] - The company has implemented a comprehensive training plan that includes various types of training to enhance employee skills[164]