Financial Performance - The company's operating revenue for Q1 2019 was ¥601,294,893.98, a decrease of 18.56% compared to ¥738,365,321.68 in the same period last year[7]. - The net profit attributable to shareholders was a loss of ¥10,972,034.25, representing a decline of 158.86% from a profit of ¥18,642,348.02 in the previous year[7]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥19,270,524.80, worsening by 60.01% compared to a loss of ¥12,043,095.76 last year[7]. - Basic and diluted earnings per share were both -¥0.03, a decrease of 160.00% from ¥0.05 in the previous year[7]. - The company reported a net loss of CNY 1,794,144.12, an improvement from a loss of CNY 3,484,567.94 in the previous period, indicating a narrowing of losses[36]. - The total comprehensive loss for Q1 2019 was CNY -5,190,112.35, compared to a comprehensive income of CNY 19,900,022.12 in Q1 2018, highlighting a challenging financial period[44]. Cash Flow - The net cash flow from operating activities was -¥56,415,063.85, an improvement of 53.55% from -¥121,464,982.75 in the same period last year[7]. - The company experienced a net cash outflow from operating activities of -56,415,063.85, an improvement from -121,464,982.75 in the previous period[52]. - Cash inflow from operating activities totaled 620,564,648.89, down from 687,083,958.82 in the previous period[52]. - The company reported a net cash outflow from investing activities of -138,417,666.71, compared to -59,697,706.22 in the previous period[53]. - Cash inflow from financing activities was 472,000,000.00, a decrease from 1,036,000,000.00 in the previous period[53]. - The ending cash and cash equivalents balance was ¥148,161,990.23, down 80.2% from ¥746,798,764.18 in the previous period[57]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,039,633,779.79, a slight decrease of 0.36% from ¥4,054,351,050.37 at the end of the previous year[7]. - The total liabilities decreased to CNY 2,479,024,189.07 from CNY 2,554,448,759.93, indicating a reduction in financial obligations[35]. - The company's equity attributable to shareholders increased to CNY 1,365,769,017.12 from CNY 1,292,246,613.59, showing a positive trend in retained earnings[36]. - The company's total current assets were CNY 916,202,128.56, with an increase in trading financial assets of CNY 59,870,800.00[64]. - The company's total liabilities were CNY 2,412,644,851.93, reflecting a slight increase of CNY 2,840,325.00[65]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 29,381[11]. - The largest shareholder, Zhoushan Dacheng Xinnong Equity Investment Partnership, held 37.92% of the shares, totaling 148,356,576 shares[11]. - The company repurchased 13,549,932 shares, accounting for 3.56% of the total share capital, with a total payment of approximately 104.55 million[19]. - The controlling shareholder transferred 94 million shares, representing 24.70% of the total share capital, to a new controlling entity[20]. Government Subsidies and Other Income - The company received government subsidies amounting to ¥10,268,280.96, primarily related to business operations[8]. - Other income increased by 2,803.79% to CNY 3.31 million, primarily due to increased government subsidies received[15]. Investment and Financial Instruments - Investment income decreased by 142.06% to -14.26 million, primarily due to increased investment losses from associated companies[16]. - The company has implemented new financial instrument standards, leading to significant reclassifications in financial assets[15]. - The fair value of financial assets has been impacted by new accounting standards implemented from January 1, 2019[26]. - The company recognized a trading financial liability of CNY 2,700,000.00 due to fair value changes[64]. Future Outlook - The company expects a net profit of between 15 million and 22 million yuan for the first half of 2019, a turnaround from a net loss of 36.28 million yuan in the same period of 2018[24]. - The company anticipates stable growth in its feed, animal health, and telecom value-added services businesses[24]. - The company emphasizes the potential impact of African swine fever and market price fluctuations on its operational performance[24].

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the year 2018, representing a year-on-year increase of 15%[12]. - The gross profit margin for 2018 was 25%, which is a slight decrease from the previous year's margin of 27%[12]. - The company's operating revenue for 2018 was ¥2,800,624,074.89, representing a decrease of 8.52% compared to 2017[6]. - The net profit attributable to shareholders was -¥287,177,994.02, a decline of 524.46% from the previous year[6]. - The net cash flow from operating activities was ¥34,928,705.57, down 83.24% year-on-year[6]. - Basic earnings per share for 2018 were -¥0.75, a decrease of 516.67% compared to ¥0.18 in 2017[18]. - The company reported a net profit attributable to shareholders of -¥232,470,658.14 in Q4 2018[22]. - The company reported a total operating revenue of CNY 280,062.41 million for the year, a decrease of 8.52% compared to the previous year[49]. - The company experienced a net profit loss of CNY 28,717.80 million, representing a decline of 524.46% year-on-year[49]. - The company reported a total revenue of 39.32 billion RMB for the year, with significant sales returns impacting the financial results[181]. Investment and Development - The company plans to invest 200 million RMB in new product development and technology research in 2019[12]. - The company has ongoing projects in the feed production sector, with a planned capacity of 240,000 tons of pig feed, and an investment of ¥32,867,704.54[95]. - The company is exploring new product development in the agricultural sector, particularly in feed and livestock management technologies[94]. - The company is actively seeking opportunities for mergers and acquisitions to strengthen its market position and diversify its product offerings[94]. - The company has a long-term investment strategy focusing on agricultural technology and livestock breeding, aiming to enhance operational efficiency and market reach[94]. Market Strategy and Expansion - The company has outlined a market expansion strategy targeting Southeast Asia, aiming for a 10% market share within three years[12]. - The company is focused on expanding its ecological breeding projects, which are expected to enhance its market position in the livestock sector[97]. - The company is actively pursuing market expansion through strategic partnerships and acquisitions to enhance its competitive position[181]. - The company aims to enhance operational efficiency and streamline its organization to improve profitability in 2019[120]. - The company will focus on developing cooperative relationships with growth-oriented distributors to increase sales and profitability[121]. Risks and Challenges - The company has identified risks related to regulatory changes in the livestock industry that may impact future operations[5]. - The company is facing challenges in the pig farming industry due to the outbreak of African swine fever, which has significantly impacted the industry structure and supply chain[116]. - The company faces risks from raw material price fluctuations, swine price volatility, and potential impacts from animal diseases and natural disasters[125][127][128]. - The cyclical nature of the pig farming industry is characterized by fluctuations in supply and demand, impacting feed and animal health businesses[36]. Research and Development - The company’s R&D investment for 2018 was CNY 5,190.26 million, representing 1.85% of total revenue, focusing on antibiotic-free feed additives and breeding technology[57]. - The company is committed to enhancing its research and development capabilities to innovate in the agricultural sector and improve product quality[94]. - The company plans to enhance its research and development capabilities in response to the increasing importance of biosecurity in feed and livestock enterprises[118]. Shareholder and Dividend Policy - No cash dividends or stock bonuses will be distributed to shareholders for the fiscal year 2018[5]. - The company plans to distribute no cash dividends for 2018, 2017 dividends were 38,053,820.40 yuan, representing 56.24% of the net profit[138]. - The company has set a profit distribution policy to distribute at least 10% of the annual distributable profit in cash from 2018 to 2020[135]. - The company’s board proposed no capital reserve transfer to increase share capital for 2018[141]. Asset Management and Financial Stability - The company’s total assets at the end of 2018 were ¥4,054,351,050.37, an increase of 15.39% from the previous year[18]. - The company’s cash and cash equivalents increased by 37.31%, mainly due to funds raised from issuing convertible bonds[39]. - The company’s total share capital is 380,538,204 shares, which was the basis for the 2017 dividend distribution[138]. - The company has not reported any non-operating fund occupation by controlling shareholders during the reporting period[167]. Compliance and Governance - The company has established a commitment to reduce and standardize related party transactions following the completion of the transaction with partners Cai Changxing, Cai Yaling, and Zhongfu Yingbang[145]. - The company has committed to compensating any losses incurred by Jin Xin Nong or related parties due to non-compliance with the commitments made by its controlling shareholders and related parties[145]. - The company has implemented measures to avoid any competitive business activities that may arise from its controlling shareholders or their family members[145]. - The company has established internal procedures to avoid conflicts of interest in related party transactions[147].

Financial Performance - Operating revenue decreased by 19.94% to CNY 743,751,786.29 for the current period, and by 10.89% to CNY 2,155,046,450.84 year-to-date[8] - Net profit attributable to shareholders was a loss of CNY 18,425,383.10, down 165.48% year-on-year, with a year-to-date loss of CNY 54,707,335.88, down 159.73%[8] - Basic earnings per share were -CNY 0.0488, down 169.71% year-on-year, while diluted earnings per share were -CNY 0.0266, down 138.00%[8] - The weighted average return on net assets was -0.98%, a decrease of 2.66% compared to the previous year[8] - The estimated net profit attributable to shareholders for 2018 is projected to be between 2,000,000 CNY and 4,000,000 CNY, representing a decrease of 40.88% to 70.44% compared to 2017's net profit of 6,765,780 CNY[24] Cash Flow and Assets - The net cash flow from operating activities was a negative CNY 51,866,952.05, representing a decrease of 170.72% compared to the same period last year[8] - The company's cash and cash equivalents increased by 91.26% compared to the beginning of the period, primarily due to funds raised from the issuance of convertible bonds and increased bank loans[17] - The net cash flow from operating activities decreased by 235.49% compared to the same period last year, primarily due to a 12.11% decrease in cash received from sales of goods and services[18] - Accounts receivable increased by 66.95% compared to the beginning of the period, mainly due to an increase in receivables from direct sales customers[17] Shareholder Information - The total number of shareholders at the end of the reporting period was 30,111[12] - The largest shareholder, Xinjiang Chengnong Yuanda Equity Investment Partnership, held 40.19% of shares, totaling 148,356,576 shares[12] - The company repurchased a total of 11,387,132 shares, accounting for 2.99% of the total share capital, with a total payment of approximately 90.78 million yuan[19] Debt and Financial Obligations - The company's short-term borrowings increased by 53.25% compared to the beginning of the period, mainly to supplement working capital[17] - The company's financial expenses increased by 48.89% compared to the same period last year, primarily due to interest expenses from the issuance of convertible bonds[18] Investments and Future Plans - The company plans to dispose of certain equity assets in Q4 2018 to recover some investment returns[24] - The company is implementing a sales system partnership plan to stimulate the sales team and is expected to see steady growth in feed and animal health businesses[24] - The company is actively pursuing cost reduction and efficiency improvement measures in its breeding business, with expectations of a recovery in pig prices in Q4 2018[24] - The company reported a total investment of 3,407,620 CNY in futures, with a loss of 4,282,318.96 CNY recorded during the reporting period[26] - The company has entrusted 45,000,000 CNY in bank financial products, with an outstanding balance of 23,500,000 CNY[30] Non-Operating Income and Losses - Non-operating income included government subsidies of CNY 6,648,139.92, primarily related to received government support[9] - The company reported a significant increase in non-recurring losses, with a total of CNY 25,779,099.81 from various non-operating activities[10] Changes in Assets - The company's construction in progress increased by 194.29% compared to the beginning of the period, mainly due to accelerated progress in a subsidiary's project[17] - The company's deferred tax assets increased by 79.75% compared to the beginning of the period, mainly due to the recognition of deferred tax assets from losses in a controlling subsidiary[17] - The company's prepaid accounts increased by 55.19% compared to the beginning of the period, mainly due to an increase in prepaid raw material payments[17] Convertible Bonds - The company issued 650 million yuan of convertible bonds, which began trading on April 2, 2018, with a current conversion price of 9.62 yuan per share[20] - The initial conversion price of the company's convertible bonds was adjusted from 9.72 CNY/share to 9.62 CNY/share effective from May 28, 2018[21] - As of September 30, 2018, the remaining balance of convertible bonds was 649,924,500 CNY, with a conversion amount of 7,792 shares during Q3 2018[21]

Financial Performance - The company's operating revenue for the first half of 2018 was ¥1,411,294,664.55, a decrease of 5.25% compared to ¥1,489,442,505.88 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥36,281,952.78, representing a decline of 157.18% from ¥63,452,036.37 in the previous year[18]. - The net cash flow from operating activities was -¥89,399,731.03, a significant decrease of 389.14% compared to ¥30,919,492.25 in the same period last year[18]. - The basic earnings per share were -¥0.0953, down 157.20% from ¥0.1666 in the previous year[18]. - The diluted earnings per share were -¥0.0636, a decrease of 138.18% from ¥0.1666 in the previous year[18]. - The weighted average return on net assets was -2.19%, down 5.98% from 3.79% in the previous year[18]. - The company achieved operating revenue of CNY 1,411.29 million, a year-on-year decrease of 5.25%[30]. - The net profit attributable to shareholders was CNY -36.28 million, a year-on-year decline of 157.18%[30]. - The company’s livestock output was 129,200 pigs, a decrease of 35.53% year-on-year, with a total stock of approximately 136,000 pigs at the end of the reporting period[43]. - The average price of live pigs in the first half of 2018 was CNY 12.38, a decrease of 23.51% compared to the previous year[41]. Revenue Breakdown - Feed sales volume increased by 12.73% year-on-year, while feed revenue grew by 6.25%[30]. - The animal health business saw a revenue increase of 26.57% year-on-year, contributing a net profit growth of 29.34%[31]. - The telecommunications value-added business revenue and net profit decreased by 19.74% and 17.88% respectively due to competition from mobile payment platforms[31]. - The revenue from the feed processing segment was approximately ¥1.12 billion, accounting for 79.39% of total revenue, with a year-on-year increase of 6.25%[50]. - The livestock breeding segment saw a revenue drop of 40.77% to approximately ¥186.35 million, significantly impacting overall performance[50]. Assets and Liabilities - Total assets at the end of the reporting period were ¥4,204,929,975.07, an increase of 19.68% from ¥3,513,555,595.10 at the end of the previous year[18]. - The company's total liabilities increased to CNY 2,300,776,353.27 from CNY 1,646,104,065.78 at the end of the previous year[182]. - The company's cash and cash equivalents rose to CNY 939,549,569.07 from CNY 398,750,539.22 at the beginning of the period[180]. - The company's long-term investments grew to CNY 2,549,913,505.16 from CNY 2,425,019,144.21, an increase of about 5.2%[186]. Cash Flow - The net cash flow from financing activities increased by 282.23% to approximately ¥803.12 million, primarily due to the issuance of convertible bonds[47]. - Cash inflow from operating activities totaled ¥1,403,559,217.95, slightly up from ¥1,401,684,192.02 in the previous period[198]. - Cash outflow from operating activities increased to ¥1,492,958,948.98 from ¥1,370,764,699.77, marking an increase of about 8.9%[198]. Investment and Financing - The company issued convertible bonds, improving cash flow but increasing financial expenses by 55.9%[32]. - The company issued 6.5 million convertible bonds, raising a total of CNY 650 million to support its breeding strategy projects[44]. - The total amount of funds raised by the company was CNY 639.945 million, with a net amount of CNY 639.945 million after deducting related issuance costs[71]. - The company has a significant short-term structured deposit of CNY 413,750,000.00 as part of its cash management strategy[59]. Risks and Challenges - The company faces various risks as detailed in the report, which may impact future performance[7]. - The cyclical nature of pig prices poses a risk, as significant price drops could lead to losses in the breeding segment if sales prices fall below production costs[89]. - The company faces risks from fluctuations in raw material prices, which could adversely affect operational performance if costs cannot be effectively passed on to downstream customers[88]. - The company has established a comprehensive disease prevention system to mitigate risks from animal diseases, which could impact production and sales if outbreaks occur[90]. Corporate Governance and Compliance - The company is committed to transparency in its financial reporting and compliance with regulatory requirements[81]. - The company has not reported any changes in investment projects or significant changes in project feasibility[73]. - There were no major litigation or arbitration matters during the reporting period[103]. - The company has not provided any external guarantees excluding those for subsidiaries[122]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,102[149]. - Major shareholder Xinjiang Chengnong Yuanda holds 39.61% of shares, with a reduction of 2,529,413 shares during the reporting period[149]. - The company’s shareholding structure shows that 81.85% of shares are unrestricted, while 18.15% are subject to restrictions[141]. - The company has not yet reached the conversion period for the issued convertible bonds[147].

Financial Performance - The company's operating revenue for 2017 was CNY 3,061,354,021.55, representing a 10.80% increase compared to CNY 2,762,858,232.92 in 2016[17] - The net profit attributable to shareholders for 2017 was CNY 67,657,846.86, a decrease of 57.40% from CNY 158,822,702.64 in 2016[17] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 57,001,712.41, down 56.13% from CNY 129,944,426.94 in the previous year[17] - Basic earnings per share for 2017 were CNY 0.18, a decline of 57.14% compared to CNY 0.42 in 2016[17] - The weighted average return on net assets was 4.11%, down from 9.96% in 2016, indicating a decrease in profitability[17] - Total assets increased by 3.10% to CNY 3,513,555,595.10 compared to the previous year[18] - Net profit attributable to shareholders decreased by 0.87% to CNY 1,636,103,773.06[18] - The company reported a significant decrease in raw material trade sales volume, which fell by 93.40% to 0.68 million tons[60] - The company reported a net loss of CNY 5,558.70 million during the reporting period[86] - The company reported a total of CNY 130,895 million in revenue for the year, with a year-on-year growth of 8.28%[86] Cash Flow and Investments - The net cash flow from operating activities was CNY 208,425,076.31, a significant improvement from a negative CNY 48,668,014.36 in 2016[17] - The company’s cash flow from operating activities showed a net inflow of CNY 153,036,699.42 in Q4 2017[22] - Operating cash inflow totaled ¥3,705,223,724.97, a 32.42% increase year-on-year, primarily due to the expanded consolidation scope[75] - Investment cash outflow decreased by 61.83% to ¥377,108,734.11, due to fewer investment projects compared to the previous year[77] - Financing cash outflow increased by 52.16% to ¥1,187,085,441.23, mainly due to cash payments for acquiring minority stakes and debt repayment[77] - The company raised a total of RMB 576 million from the public offering, with a net amount of RMB 545.42 million after deducting issuance costs, exceeding the original fundraising plan by RMB 207.22 million[94] - The company successfully issued CNY 650 million of convertible bonds to support future project construction[52] - The company has committed to using the raised funds for specific projects, with no changes in the intended use reported[89] Business Operations and Segments - The company operates in four main business segments: feed, pig farming, animal health, and telecom value-added services[27] - The company has expanded its business scope to include a full range of pig feed production, breeding, animal health, and biopharmaceutical technology applications[16] - The company’s feed sales maintain a direct sales ratio of over 60%[27] - The company achieved a total of 374,800 pigs sold in 2017, including 109,600 breeding pigs and 147,900 piglets, with production costs significantly reduced due to improved internal controls[32] - The telecommunications value-added services generated revenue of 90.08 million yuan, a year-on-year increase of 19.26%, with net profit rising by 29.85% to 62.57 million yuan[32] - The company’s total feed production capacity reached 180,000 tons following the release of new capacity in Anhui[27] - The company has adopted a "self-breeding and self-raising" model for its pig farming operations[28] Research and Development - Research and development (R&D) investment for the year was ¥54,352,784.83, which is 1.78% of operating revenue, with a 13.06% increase from the previous year[73] - The company is actively involved in multiple R&D projects aimed at improving feed efficiency and breeding technology, enhancing its competitive edge in the market[72] - The company has expanded its R&D team, increasing the number of R&D personnel by 15.69% to 118, which now represents 4.19% of the total workforce[73] - The company has received recognition as a national high-tech enterprise, enhancing its R&D capabilities[98] Risk Factors - The company faces risks from fluctuations in raw material prices, which can impact feed formulation costs if not effectively passed on to downstream customers[119] - The cyclical nature of pig prices poses a risk, as significant price drops could lead to losses in the company's breeding segment if sales prices fall below breeding costs[120] - Animal disease outbreaks present a major risk, potentially leading to production declines and increased costs, which could adversely affect the company's performance[121] - Recent government policies aimed at promoting standardized large-scale breeding may affect the company's operations due to environmental regulations and designated restricted areas[123] Dividend and Profit Distribution - The company plans to distribute a cash dividend of CNY 1.00 per 10 shares, based on a total of 380,538,204 shares[4] - The cash dividend for 2016 represented 35.97% of the net profit attributable to shareholders, while the 2017 dividend accounted for 56.24% of the net profit[131] - The company reported a net profit attributable to shareholders of 67,657,846.86 CNY for 2017, with a total distributable profit of 211,399,823.65 CNY[132] - The remaining undistributed profit for 2017 was 173,346,003.25 CNY, which will be carried forward to future years[133] Corporate Governance and Compliance - The company has committed to maintaining transparency and accuracy in all financial disclosures, ensuring compliance with regulatory standards[149] - The company has established a commitment to reduce and regulate related party transactions post-transaction completion, ensuring fair pricing and compliance with legal procedures[144] - The company has committed to linking its compensation system to the execution of its performance recovery measures[158] - The company has implemented measures to ensure compliance with regulatory requirements regarding performance commitments and related disclosures[158] Future Outlook - The company provided an optimistic outlook for 2018, projecting a revenue growth of 10% to 15%[149] - New product launches are expected to contribute an additional $50 million in revenue in the upcoming fiscal year[149] - The company aims to enhance its breeding capabilities through shareholding, acquisitions, and self-built farms in response to industry changes[107] - The company plans to strengthen its marketing system by promoting high-quality, high-value products and optimizing its sales strategies[114]

Financial Performance - The company's operating revenue for Q1 2018 was ¥738,365,321.68, representing a decrease of 12.95% compared to ¥848,223,121.43 in the same period last year[8]. - The net profit attributable to shareholders was ¥18,642,348.02, down 46.00% from ¥34,525,387.73 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was -¥12,043,095.76, a decline of 135.97% compared to ¥33,476,949.74 in the previous year[8]. - The basic earnings per share decreased by 44.44% to ¥0.05 from ¥0.09 in the same period last year[8]. - The diluted earnings per share also fell by 44.44% to ¥0.05 from ¥0.09 year-on-year[8]. - The weighted average return on equity was 1.13%, down 0.94% from 2.07% in the previous year[8]. - Net profit for the current period was CNY 19,900,022.12, a decline of 62.7% from CNY 53,306,206.67 in the previous period[40]. - The company reported a basic earnings per share of CNY 0.05, down from CNY 0.09 in the previous period[41]. - The company reported a total profit of ¥13,564,182.10, compared to a loss of ¥317,245.99 in the same period last year[42]. Cash Flow - The net cash flow from operating activities was -¥121,464,982.75, worsening by 60.41% from -¥75,720,659.13 in the same period last year[8]. - The net cash flow from operating activities decreased by CNY 45.7443 million year-on-year, mainly due to payments for bulk raw material purchases[16]. - Cash flow from financing activities generated a net inflow of ¥759,012,126.84, compared to ¥142,556,206.45 in the previous year, indicating strong financing activity[48]. - Net cash flow from financing activities was $762,663,264.39, compared to $131,596,981.58 in the previous period[51]. - The ending balance of cash and cash equivalents was $746,798,764.18, a significant increase from $128,917,077.62 in the previous period[51]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥4,258,680,812.37, an increase of 21.21% from ¥3,513,555,595.10 at the end of the previous year[8]. - The total liabilities as of March 31, 2018, were approximately 2.21 billion RMB, up from 1.65 billion RMB at the beginning of the year[33]. - The total current assets as of March 31, 2018, were approximately 1.91 billion RMB, compared to 1.19 billion RMB at the beginning of the year[30]. - The company's total assets increased to CNY 3,764,054,473.73 from CNY 3,159,909,093.91, representing a growth of 19.1%[37]. - The total liabilities increased to CNY 2,028,009,313.79 from CNY 1,604,650,579.09, an increase of 26.4%[37]. Investment Activities - The company raised a total of CNY 650 million through the issuance of convertible bonds, with a net amount of CNY 639.945 million after deducting issuance costs[16]. - Investment income increased by 106.70% year-on-year, primarily due to the disposal of part of the equity in an associated enterprise, Henan Xinda Animal Husbandry Co., Ltd.[16]. - The company is collaborating with professional investment institutions to establish a food industry equity investment fund with a total scale of CNY 454.5 million[17]. - The first phase of the food industry fund is set at CNY 151.5 million, while the second phase will be CNY 303 million[17]. - The company plans to participate in a collective fund trust plan, contributing CNY 14.5 million as a limited partner in the food fund[18]. Operational Challenges - The company reported a significant decline in pig prices, which adversely affected its breeding business, leading to losses, while the feed, animal health, and small-scale billing segments showed steady growth[23]. - The company plans to maintain a focus on steady growth in its feed and animal health segments despite challenges in the breeding business[23]. - The company conducted on-site research and communication activities with institutions on March 21 and 22, 2018, to enhance investor relations[26]. Other Financial Metrics - Cash and cash equivalents increased by 141.80% compared to the beginning of the period, primarily due to the funds raised from the convertible bond issuance[16]. - Accounts receivable rose by 54.12% year-on-year, attributed to the expansion of the company's business scale and an increase in direct sales customers[16]. - Financial expenses increased by 93.76% year-on-year, mainly due to higher interest expenses from bank loans and the recognition of interest expenses related to the convertible bonds[16]. - The company received cash from borrowings amounting to ¥386,000,000.00, an increase from ¥339,500,000.00 in the previous year[48]. - The company issued bonds totaling $650,000,000.00 during the period[51].

Financial Performance - Operating revenue for the reporting period was ¥929,024,963.46, representing a year-on-year increase of 13.69%[9] - Net profit attributable to shareholders was ¥28,139,783.41, a decrease of 31.32% compared to the same period last year[9] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥24,314,596.44, down 41.66% year-on-year[9] - Basic earnings per share were ¥0.07, down 36.36% from the same period last year[9] - The weighted average return on net assets was 1.68%, a decrease of 0.88% compared to the previous year[9] - The net profit attributable to the parent company was CNY 28,139,783.41, down from CNY 40,971,516.23 year-over-year, representing a decrease of approximately 31.4%[52] - The net profit for the third quarter was CNY 38,694,964.54, a decrease of 24.5% from CNY 51,185,064.72 in the same quarter last year[52] - The total profit for the third quarter was CNY 148,104,730.22, compared to CNY 157,194,516.26 in the previous year[58] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,536,342,213.54, an increase of 3.77% compared to the previous year[9] - As of September 30, 2017, the company's total current assets amounted to RMB 1,223.95 million, an increase from RMB 1,193.42 million at the beginning of the period[42] - The company's total liabilities reached CNY 1,658,407,946.25, compared to CNY 1,452,116,822.37, reflecting an increase of 14.2%[44] - Current liabilities rose to CNY 1,362,541,828.08, up from CNY 1,142,136,115.42, indicating a year-over-year increase of 19.3%[44] - Short-term borrowings increased significantly to CNY 842,250,000.00 from CNY 594,500,000.00, representing a growth of 41.7%[44] Cash Flow - The net cash flow from operating activities was ¥73,345,911.12, a decline of 29.77% compared to the previous year[9] - Net cash flow from operating activities increased by 223.16% compared to the same period last year, driven by a significant increase in cash received from sales of goods and services[20] - The company generated cash flow from operating activities of CNY 2,223,800,227.73, an increase from CNY 1,762,517,373.23 in the previous period[64] - The net cash flow from operating activities for Q3 2017 was ¥104,265,403.37, a significant improvement from a net outflow of ¥84,661,713.65 in Q3 2016[65] - Total cash inflow from operating activities reached ¥2,500,727,687.67, compared to ¥1,886,291,638.36 in the same period last year, marking an increase of approximately 32.6%[65] Expenses - Financial expenses increased by 203.15% compared to the same period last year, mainly due to an increase in bank loan interest payments[19] - Management expenses increased by 39.65% compared to the same period last year, mainly due to an increase in the scope of consolidation and upgrades to the management system[19] - The company incurred financial expenses of CNY 12,463,539.74, an increase from CNY 6,318,858.55 in the previous period[51] - Sales expenses increased to CNY 103,043,160.14 from CNY 91,932,198.36 in the previous period[58] - Financial expenses increased significantly to CNY 38,671,193.30 from CNY 12,756,369.11 year-over-year[58] Shareholder Information - The total number of shareholders at the end of the reporting period was 36,339[13] - The largest shareholder, Xinjiang Chengnong Yuanda Equity Investment Partnership, holds 39.99% of the shares, amounting to 152,161,667 shares[13] Investments and Acquisitions - The company acquired an additional 19.7499% stake in Wuhan Tianzhong Animal Husbandry Co., Ltd. for RMB 157.60 million, increasing its total ownership to 99.7499%[24] - The company plans to issue convertible bonds with a total amount not exceeding RMB 66,000.00 million, primarily for the construction of pig farming and feed projects[21] - The company plans to establish a food industry equity investment fund with a total scale of RMB 454.5 million, with the first phase at RMB 151.5 million and the second phase at RMB 303 million[28] Other Financial Metrics - The company reported a 396.28% increase in taxes and surcharges compared to the same period last year, due to changes in accounting standards[19] - The company's cash and cash equivalents decreased to RMB 360.26 million from RMB 403.24 million at the beginning of the period[42] - The company's total assets impairment loss was CNY 4,845,533.59, compared to CNY 5,413,273.42 in the previous period[51] - The company's main business segments, including feed, breeding, and third-party billing services, are expected to see growth, although investment income is projected to decline significantly compared to the same period last year[32]

Financial Performance - The company's operating revenue for the first half of 2017 was CNY 1,489,442,505.88, representing a 27.18% increase compared to CNY 1,171,149,997.50 in the same period last year[17]. - The net profit attributable to shareholders of the listed company decreased by 23.37% to CNY 63,452,036.37, down from CNY 82,802,942.42 in the previous year[17]. - Basic earnings per share decreased by 24.27% to CNY 0.1666, down from CNY 0.22 in the previous year[17]. - The company's operating revenue for the reporting period was CNY 1,489,442,505.88, representing a year-on-year increase of 27.18% due to an expanded consolidation scope compared to the previous year[38]. - The net profit attributable to the parent company was CNY 6,345.20 million, a decrease of 23.37% compared to the same period last year, influenced by declining pig prices and a reduction in the number of pigs[34]. - The company expects a net profit for the first nine months of 2017 to range between CNY 8.66 million and CNY 12.38 million, a decrease of 30% to 0% compared to the same period in 2016[76]. - The anticipated decline in net profit is attributed to falling pig prices and increased financial costs due to upgrades in the R&D and management systems[76]. Cash Flow and Assets - The net cash flow from operating activities improved significantly to CNY 30,919,492.25, compared to a negative cash flow of CNY -189,094,407.04 in the same period last year, marking a 116.35% change[17]. - The company reported a significant increase in cash and cash equivalents, totaling CNY 135,661,068.47, compared to a negative balance of CNY -227,594,633.25 last year, marking a 159.61% improvement[42]. - The total assets increased by 5.16% to CNY 3,584,031,700.37, compared to CNY 3,408,016,015.01 at the end of the previous year[17]. - The company's total equity rose to ¥1,986,874,971.36 from ¥1,955,899,192.64, showing an increase of about 1.6%[139]. - The total cash and cash equivalents at the end of the period reached 322,899,329.67 CNY, compared to 466,701,817.91 CNY at the end of the previous period, indicating a decline in liquidity[158]. Investments and Projects - The company has invested ¥2,784.88 million in the R&D center and headquarters office building project, achieving 110.85% of the planned investment[62]. - The project for producing 230,000 tons of pig feed in Guangdong has achieved a cumulative investment of ¥11,175.42 million, exceeding the planned investment of ¥15,203.46 million[62]. - The company is expanding its market presence through various projects, including the establishment of ecological breeding bases[72]. - The company has made adjustments to the implementation subjects and locations of several fundraising projects, including the "Guangdong Jinnong" project[65]. Liabilities and Financial Health - Total liabilities increased to ¥1,597,156,729.01 from ¥1,452,116,822.37, which is an increase of approximately 10%[138]. - Short-term borrowings rose to CNY 900,000,000.00, representing 25.11% of total assets, an increase from 20.74% last year[46]. - The company reported a total investment cash outflow of 287,557,297.03 CNY, down from 392,129,291.03 CNY in the previous period, reflecting a reduction in capital expenditures[158]. Shareholder Information - The total number of shares before the change was 380,842,772, with 63,717,909 shares (16.73%) under limited sale conditions and 317,124,863 shares (83.27%) under unrestricted sale conditions[114]. - The largest shareholder, Xinjiang Chengnong Yuanda Equity Investment Partnership, holds 40.95% of the shares, totaling 155,966,967 shares[122]. - The company has not experienced any changes in its controlling shareholder during the reporting period[124]. Risk Management - The company faces risks from raw material price fluctuations, which could adversely affect operating performance if costs cannot be effectively passed on to downstream customers[77]. - The expansion of pig farming operations poses risks related to significant price drops in live pigs, which could lead to losses if sales prices fall below production costs[78]. - The company is actively managing risks associated with external investments, including potential goodwill impairment due to underperforming investee companies[81]. Corporate Governance and Compliance - The company held its first extraordinary general meeting of shareholders in 2017 with a participation rate of 44.82% on March 1, 2017[84]. - There were no major litigation or arbitration matters during the reporting period[89]. - The company did not experience any penalties or rectification situations during the reporting period[90]. Social Responsibility - The company donated 300,000 RMB in cash and materials to support poverty alleviation efforts in Enshi County[108]. - A strategic cooperation framework agreement was signed with the government of Xiping County to develop a 500,000-head pig industry chain, aligning with local poverty alleviation policies[108].

深圳市金新农科技股份有限公司 2017 年第一季度报告全文 深圳市金新农科技股份有限公司 2017 年第一季度报告 2017 年 04 月 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。 公司负责人陈俊海、主管会计工作负责人刘阳及会计机构负责人(会计主管 人员)凌科声明：保证季度报告中财务报表的真实、准确、完整。 2 除下列董事外，其他董事亲自出席了审议本次季报的董事会会议 未亲自出席董事姓名 未亲自出席董事职务 未亲自出席会议原因 被委托人姓名 佟景国 独立董事 公务出差 李斌 蔡长兴 董事 家中突发事件 陈俊海 深圳市金新农科技股份有限公司 2017 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否因会计政策变更及会计差错更正等追溯调整或重述以前年度会计数据 1 深圳市金新农科技股份有限公司 2017 年第一季度报告全文 第一节 重要提示 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增 | | --- | --- | --- | --- | | ...

Financial Performance - The company's operating revenue for 2016 was ¥2,762,858,232.92, representing a 10.30% increase compared to ¥2,504,853,176.52 in 2015[18]. - The net profit attributable to shareholders of the listed company was ¥158,822,702.64, a 53.38% increase from ¥103,547,604.86 in the previous year[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥129,944,426.94, up 35.93% from ¥95,599,448.89 in 2015[18]. - Basic earnings per share increased by 27.27% to CNY 0.42 from CNY 0.33[19]. - Total assets grew by 39.48% to CNY 3,408,016,015.01 from CNY 2,443,375,945.95[19]. - The company reported an operating profit of CNY 188.61 million, an increase of 42.99% compared to the previous year[53]. - The net profit attributable to the parent company reached CNY 158.82 million, up by 53.38% year-on-year[53]. - The company achieved a net profit of 172.78 million yuan in 2016, reflecting a significant contribution from its subsidiaries[107]. Cash Flow and Dividends - The net cash flow from operating activities was -¥48,668,014.36, a significant decrease of 117.04% compared to ¥285,625,774.18 in 2015[18]. - The company plans to distribute a cash dividend of ¥1.50 per 10 shares, based on a total of 380,842,772 shares[6]. - The company reported a total of ¥64,620,000 in ongoing significant non-equity investments, with a cumulative actual investment of ¥2,677,789.67 in the pig breeding ecological project[87]. - The cash dividend for 2015 was 57,476,057.85 CNY, which represented 55.51% of the net profit attributable to shareholders[131]. - The company has committed to maintaining a minimum cash dividend ratio of 20% during its growth phase[131]. - The company’s cash dividends have consistently increased over the past three years, reflecting a commitment to shareholder returns[131]. Business Expansion and Strategy - The company has expanded its business scope to include a full range of pig feed research, production, and sales, as well as breeding and animal health services[16]. - The company is focused on modern agricultural technology, including biopharmaceutical technology research and application capabilities[16]. - The company aims to enhance its comprehensive service capabilities across the entire industry chain, including feed nutrition, breeding, and animal health[40]. - The company is developing a 1 million head ecological pig farming project in Heilongjiang Province[29]. - The company plans to sell 900,000 tons of feed and expects a total sales revenue of 3.7 billion yuan in 2017[113]. - The company aims to enhance its competitive edge by integrating feed, veterinary, and breeding businesses, focusing on system solutions for large-scale pig farms[115]. Acquisitions and Investments - The company completed acquisitions of 80% of Wuhan Tianzhong and 60% of Fujian Yichun, enhancing its breeding business[29]. - The company established strategic partnerships and acquired stakes in various breeding enterprises, enhancing its market position[47]. - The company completed a significant equity investment in Wuhan Tianzhong, acquiring 32.2% for ¥19,370,000[84]. - The company has increased its external investment activities, leading to a higher proportion of goodwill in net assets, which poses a risk of impairment if invested companies underperform[122]. Research and Development - Research and development investment rose to CNY 48.07 million, a significant increase of 58.15% from the previous year[50]. - The number of R&D personnel increased by 175.68% to 102, enhancing the company's technological capabilities[71]. - The company has undertaken over 10 government technology projects and holds 58 patents and 31 software copyrights[39]. Risk Factors - The company emphasizes the importance of risk factors in its future development strategy, as outlined in the management discussion and analysis section[6]. - The company faces risks from raw material price fluctuations that may not be effectively passed on to downstream customers, potentially impacting operating performance[119]. - The expansion of pig farming operations through various methods may expose the company to operational risks, including significant price drops in live pigs[120]. - The company acknowledges potential impacts from natural disasters on its farming operations, which could lead to significant losses[121]. - The company is subject to industry policy risks that may affect its pig farming operations due to environmental regulations[120]. Related Party Transactions - The company reported a total of 39,007.76 million yuan in related party transactions, with a maximum expected amount of 55,350 million yuan[171]. - The company’s sales of feed to related parties included 1,795.19 million yuan to Fujian Yichun, accounting for 0.77% of similar transaction amounts[170]. - The company has established a 20% stake in a related company and has been involved in daily related transactions based on market prices[171]. - The company’s chairman and general manager, Chen Junhai, is also a director at the related party, New Big Animal Husbandry, indicating a close relationship[178]. Fundraising and Financial Management - The company reported a total fundraising amount of 54,542.4 million RMB from its initial public offering, with a net amount of 54,542.40 million RMB after deducting issuance costs[95]. - The company has established a cash dividend policy that aligns with shareholder interests while ensuring normal operations and long-term development[127]. - The company has engaged in cash asset management through structured deposits totaling 5,000,000[192]. - The expected annualized return rate for the structured deposits was 3.25%[192]. Corporate Governance and Compliance - The company has committed to ensuring that all information provided during the transaction process is true, accurate, and complete, with no false records or misleading statements[145]. - The company has established a commitment to cover any legal costs arising from disputes related to land and property leases without requiring compensation from the company[152]. - The company has outlined the responsibilities of its partners in the event of tax liabilities arising from the asset restructuring, including timely payment of taxes and penalties[147].