深圳市金新农科技股份有限公司 2022 年第三季度报告 证券代码：002548 证券简称：金新农 公告编号：2022-121 深圳市金新农科技股份有限公司 2022 年第三季度报告 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. 第三季度报告是否经过审计 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 是 □否 追溯调整或重述原因 会计政策变更 | | 本报告期 | 上年同期 | | 本报告期比上年 | | 上年同期 | | 年初至报告期末 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | | | | 同期增减 | 年初至报告期末 | | | 比上年同期增减 | | | | 调 ...

Financial Performance - The company's operating revenue for the first half of 2022 was CNY 1,932,335,660.31, a decrease of 26.22% compared to CNY 2,618,996,890.44 in the same period last year[21]. - The net profit attributable to shareholders was a loss of CNY 184,606,152.99, representing a decline of 563.80% compared to a profit of CNY 39,802,840.00 in the previous year[21]. - The basic earnings per share were -CNY 0.27, a decrease of 550.00% from CNY 0.06 in the previous year[21]. - The net profit after deducting non-recurring gains and losses was a loss of CNY 179,093,717.23, a decrease of 294.20% from CNY 92,219,079.43 in the previous year[21]. - The net loss for the first half of 2022 was CNY 222,286,649.19, compared to a net profit of CNY 58,338,928.64 in the first half of 2021[195]. - The company's total equity decreased from CNY 2.005 billion to CNY 1.427 billion, a decline of 28.8%[189]. Cash Flow and Assets - The net cash flow from operating activities increased by 257.04% to CNY 145,935,150.57, up from CNY 40,873,742.08 in the same period last year[21]. - The company's cash and cash equivalents increased by 113.34% to CNY 14,858,861.36, compared to a negative balance of CNY 111,390,147.97 in the same period last year[53]. - Total assets at the end of the reporting period were CNY 5,494,782,454.05, down 6.14% from CNY 5,854,217,111.26 at the end of the previous year[21]. - Total current assets decreased from CNY 1.892 billion to CNY 1.715 billion, a reduction of approximately 9.36%[187]. - The total liabilities increased from CNY 3.849 billion to CNY 4.068 billion, reflecting a growth of 5.69%[189]. Revenue Breakdown - The revenue from the pig farming business was 762.35 million yuan, accounting for 39.45% of total revenue, with a year-on-year sales volume increase of 48.45%[41]. - The revenue from the feed business was 1,008.79 million yuan, representing 52.21% of total revenue, but the gross margin decreased by 5.16% due to rising raw material prices[41]. - The company sold 669,600 pigs, representing a year-on-year increase of 48.45%[35]. - The feed sales volume was 388,200 tons, with a year-on-year decline of 6.30% for external sales[36]. Cost Management - The cost of selling commodity pigs was CNY 17.24 per kg, a year-on-year decrease of 21.24%[35]. - Sales expenses decreased by 36.94% to CNY 22.50 million, while management expenses dropped by 50.38% to CNY 105.27 million[37]. - The company implemented cost control measures, resulting in improved production indicators and reduced feed costs[35]. Investments and Acquisitions - The company sold 51% of Huayang Pharmaceutical for 153 million yuan, generating an investment income of 6.55 million yuan[40]. - The company acquired 49% of Fujian Yichun for 271.1 million yuan, making it a wholly-owned subsidiary to enhance core competitiveness[40]. - The cumulative investment in the Jin Xin Agricultural Industrial Park project reached ¥143,468,337.98, with a construction progress of 76.78%[67]. Risk Management - The company emphasizes the importance of risk disclosure and management strategies in its report[5]. - The company faces significant risks from animal diseases, which could impact production and costs[79]. - The company is exposed to price volatility in live pig markets, which could affect profitability if prices fall below production costs[80]. - The company is actively managing raw material price fluctuations through hedging and optimizing feed formulations[81]. Environmental Compliance - The company has established a wastewater treatment facility with a capacity of 230m³/d and 250m³/d, which is operating normally[94]. - The company received a fine of 148,756 RMB for environmental violations related to wastewater discharge[98]. - The company has complied with environmental regulations by preparing environmental impact reports for projects prior to implementation[95]. Shareholder and Stock Information - The company repurchased and canceled 1,725,900 shares of restricted stock during the reporting period[90]. - The total number of shares decreased from 690,731,133 to 689,039,362 due to the conversion of 34,129 shares from convertible bonds and the repurchase of 1,725,900 shares from departed incentive recipients[151]. - The proportion of restricted shares decreased from 22.12% to 20.95%, with a total of 8,481,922 restricted shares released[146]. Future Outlook - The company plans to expand its market presence, focusing on increasing production capacity and enhancing product offerings in the upcoming quarters[131]. - Future guidance suggests a projected revenue growth of 15% for the next quarter, driven by increased demand and market expansion strategies[131]. - The company is exploring potential mergers and acquisitions to enhance its market position and diversify its product portfolio[131].

Financial Performance - The company's revenue for Q1 2022 was ¥1,069,619,354.61, a decrease of 14.97% compared to ¥1,257,861,446.80 in the same period last year[5] - The net profit attributable to shareholders was a loss of ¥148,556,592.76, a decline of 869.14% from a profit of ¥19,314,569.43 in the previous year[5] - The company reported a net loss of ¥187,475,293.17 for Q1 2022, compared to a net profit of ¥47,306,532.90 in the same period last year, indicating a significant decline in profitability[32] - Operating profit for the quarter was -¥167,809,397.05, a stark contrast to the operating profit of ¥59,804,215.97 in Q1 2021[32] - Total revenue from sales of goods and services was ¥1,120,481,097.32, slightly down from ¥1,140,635,346.97 in the previous year[34] - Total comprehensive loss for the quarter was ¥187,475,293.17, compared to a comprehensive income of ¥16,467,812.90 in Q1 2021[33] - The company reported a basic earnings per share of -¥0.17, compared to ¥0.03 in the previous year[33] Cash Flow and Assets - The net cash flow from operating activities was ¥100,913,103.54, an increase of 139.19% compared to a negative cash flow of ¥257,500,350.11 in the same period last year[5] - The company's cash and cash equivalents at the end of the period were CNY 844,398,270.33, an increase of 7.67% from CNY 784,414,719.21 at the beginning of the year[27] - The cash and cash equivalents at the end of the period stood at ¥756,213,683.52, compared to ¥850,573,419.62 at the end of Q1 2021[36] - The company incurred research and development expenses of ¥15,766,093.01, down from ¥23,008,529.90 in Q1 2021, reflecting a 31.5% decrease[32] - The company’s investment activities resulted in a net cash outflow of -¥31,345,919.11, compared to -¥432,217,299.09 in Q1 2021, indicating improved cash management[36] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,780,936,797.72, down 1.25% from ¥5,854,217,111.26 at the end of the previous year[6] - Total liabilities increased to CNY 3,974,772,782.63, compared to CNY 3,849,012,479.57 at the start of the year[29] - The company reported a net loss of CNY 910,324,782.84 in retained earnings, worsening from a loss of CNY 761,768,190.08 at the beginning of the year[29] - The company’s non-current liabilities decreased to CNY 1,068,096,506.22 from CNY 1,281,298,513.64 at the beginning of the year[29] Shareholder Information - Total number of common shareholders at the end of the reporting period is 51,120[17] - Guangzhou Jinnong Industry Investment Partnership holds 36.29% of shares, totaling 250,699,507 shares[17] - The top ten shareholders include several funds managed by Industrial and Commercial Bank of China, with varying shareholdings from 0.78% to 36.29%[18] - The company has 128,499,507 shares under limited sale conditions held by its largest shareholder[17] Strategic Plans - The company plans to raise up to RMB 700 million through a non-public offering of A-shares, with a maximum of 126 million shares to be issued[19] - The company intends to sell 100% equity of its subsidiary Wuhan Tianzhong Agricultural Technology Development Co., Ltd. for a listing price of RMB 138.98 million[22] - The company has completed the transfer of 51% equity of its subsidiary Wuhan Huayang Animal Medicine Co., Ltd. for RMB 153 million[23] - The company plans to acquire 49% equity of its subsidiary Fujian Yichun Agricultural Development Co., Ltd. for RMB 271.1 million, making it a wholly-owned subsidiary[23] - The company is focusing on optimizing resource allocation and enhancing its core development strategy in pig farming[22] Expenses - Management expenses decreased by 60.84%, mainly due to organizational streamlining and reduced personnel costs[14] - Research and development expenses decreased by 31.48%, reflecting a reduction in R&D investment during the reporting period[14] - The company’s financial expenses included interest expenses of ¥28,719,946.72, slightly down from ¥30,360,326.07 in the previous year[32]

Animal Health and Biosecurity - The company reported a significant impact from animal diseases, particularly African swine fever, which has led to a decrease in pig production and increased costs[5]. - The company has implemented strict biosecurity measures to mitigate the risks associated with animal diseases, focusing on comprehensive safety systems across all operational aspects[6]. - The company is committed to improving its biosecurity systems to prevent disease outbreaks and ensure operational stability[6]. Financial Performance - The company's operating revenue for 2021 was CNY 4,867,040,473.69, representing a 19.61% increase compared to CNY 4,069,241,396.79 in 2020[27]. - The net profit attributable to shareholders for 2021 was a loss of CNY 989,098,868.81, a decrease of 847.90% from a profit of CNY 132,249,279.70 in 2020[27]. - The net cash flow from operating activities decreased by 68.52% to CNY 113,477,156.77 in 2021 from CNY 360,427,989.53 in 2020[27]. - The total assets at the end of 2021 were CNY 5,854,217,111.26, down 4.92% from CNY 6,156,989,203.56 at the end of 2020[27]. - The net assets attributable to shareholders decreased by 37.57% to CNY 1,650,904,804.85 at the end of 2021 from CNY 2,644,382,803.57 at the end of 2020[27]. - The basic earnings per share for 2021 was CNY -1.60, a decline of 766.67% from CNY 0.24 in 2020[27]. - The company reported a significant decline in the weighted average return on net assets to -45.93% in 2021 from 6.87% in 2020[27]. Market and Pricing Risks - Fluctuations in pig prices have been identified as a risk, with potential impacts on profitability if prices fall below production costs; the company is enhancing its operational integration to manage this risk[7]. - The company is actively monitoring raw material prices, particularly corn and soybean meal, and is utilizing hedging tools to mitigate the impact of price volatility on its feed and breeding operations[8]. - The company is leveraging futures contracts for hedging to manage price fluctuations in pig sales effectively[7]. - The company experienced a substantial decline in the price of live pigs, dropping from ¥35.95/kg at the beginning of 2021 to ¥16.92/kg by year-end, representing a decrease of 52.93%[39]. Production and Sales - The company sold over 1 million pigs during the reporting period, despite the ongoing downturn in the pig market[64]. - The company achieved a pig sales volume of 1,068,900 heads, a year-on-year increase of 33.01%, with sales revenue of CNY 2,029,926,139.41, down 6.45% year-on-year[65]. - The company reported a record feed sales volume of 1,024,600 tons, a year-on-year increase of 62.69%, with feed sales revenue of CNY 2,317,209,560.65, up 48.43% year-on-year[67]. - The company's feed sales volume increased by 35.65% year-on-year, surpassing revenue from the breeding business by 14.15%[51]. Cost Management and Efficiency - The company is enhancing its procurement management and optimizing feed formulations to improve production efficiency and reduce costs[7]. - The company is exploring new raw material alternatives and continuously optimizing feed formulation technology to control costs[9]. - The company has reduced low-efficiency production capacity by approximately 30% by eliminating ineffective sows and optimizing pig herd structure[64]. - The company will adopt a low-cost, high-efficiency pig farming system to reduce costs and improve profitability[142]. Research and Development - The company has completed the development of a new wet fermentation feed product for piglets, which is expected to improve growth rates by 4%-8%, reduce diarrhea rates by 5%-10%, and increase survival rates by 3%-5%[91]. - The research on the application of plant polysaccharides in piglet nursery feed aims to enhance growth performance and improve gut health, with a focus on meeting the nutritional needs of piglets during critical growth phases[92]. - The company has established a technology system for live measurement of eye muscle area in pigs, which will aid in breeding high-quality, high-yield pig varieties, contributing to the development of the livestock industry in China[92]. - The company is focused on developing safe, non-toxic feed additives to replace antibiotics, addressing concerns related to drug residues and environmental pollution[92]. Governance and Management - The company emphasizes the importance of governance and has revised several internal control and decision-making procedures to enhance operational transparency[148]. - The company held a total of 8 shareholder meetings during the reporting period, all convened by the board of directors, ensuring legal compliance and protecting shareholder rights[149]. - The company experienced a change in management with the appointment of Zhao Zukai as the new General Manager on July 3, 2021, following the resignation of Yang Hualin[166]. - The company is focusing on enhancing its governance structure through the election of new board members and management personnel[166]. Future Outlook and Strategy - The company plans to focus on the core businesses of pig farming and feed, with an integrated layout in key regions such as Northeast, Central, South, and East China[137]. - For 2022, the company plans to increase feed sales to 1.25 million tons and pig sales to 1.3 million heads, with a projected revenue of 6 billion yuan[139]. - The company aims to implement a "cash is king" initiative to ensure positive cash flow as a fundamental condition for sustainability[141]. - The company plans to optimize its capital structure by raising 700 million yuan through a private placement of shares and revitalizing idle assets[143].

Financial Performance - The company's operating revenue for Q3 2021 was CNY 1,079,099,456.31, representing a year-on-year increase of 6.07% and a cumulative increase of 55.35% year-to-date[5]. - The net profit attributable to shareholders was a loss of CNY 332,168,535.80, a decrease of 337.16% compared to the same period last year, with a year-to-date loss of CNY 292,365,695.80, down 189.88%[5]. - The basic earnings per share for Q3 2021 was -CNY 0.48, a decrease of 292.00% year-on-year, while the diluted earnings per share was -CNY 0.47, down 295.83%[5]. - The net profit for the current period was a loss of ¥341,075,155.09, compared to a profit of ¥396,923,843.08 in the previous period, indicating a substantial decline in profitability[32]. - The basic earnings per share for the current period was -¥0.42, compared to ¥0.58 in the previous period, indicating a negative shift in earnings performance[32]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 6,646,270,527.37, an increase of 7.95% compared to the end of the previous year[5]. - As of September 30, 2021, the company's total assets amounted to RMB 6,646,270,527.37, an increase from RMB 6,156,989,203.56 at the end of 2020[29]. - The company's current assets decreased to RMB 2,155,132,454.65 from RMB 2,561,284,628.52 at the end of 2020, representing a decline of approximately 15.8%[27]. - The company's total liabilities increased to RMB 3,878,626,487.08 from RMB 3,098,504,859.12, reflecting a rise of about 25.2%[28]. - Total current liabilities were CNY 2,310,025,244.30, showing an increase of CNY 71,849,169.40 from the previous period[40]. - Total non-current liabilities increased to CNY 788,479,614.82, a rise of CNY 442,797,117.43 compared to the prior period[40]. Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 59,838,899.43, representing a decrease of 73.72% year-to-date[5]. - The cash flow from operating activities showed a net outflow of ¥59,838,899.43, an improvement from a net outflow of ¥227,671,721.83 in the prior period[34]. - Cash and cash equivalents at the end of the period totaled ¥622,851,592.45, down from ¥706,663,167.11 at the end of the previous period[36]. - The company's cash and cash equivalents decreased significantly to RMB 657,013,214.57 from RMB 1,201,738,545.61, a decline of approximately 45.2%[26]. Expenses and Costs - The company's inventory increased by 39.92% year-on-year, reflecting changes in stock management and production levels[11]. - The company reported a 98.46% increase in operating costs compared to the same period last year, primarily due to increased sales of pigs and feed[11]. - Financial expenses increased by 36.73% compared to the same period last year, mainly due to the growth in bank loan scale and interest expenses[12]. - Research and development expenses increased by 122.62% year-on-year, indicating a significant increase in investment in R&D[10]. - Cash paid to employees increased by 65.00% year-on-year, mainly due to an increase in personnel and higher bonus payments from the previous year[13]. Investments and Financing - The company plans to issue non-public corporate bonds amounting to 300 million RMB, which has not yet been issued as of September 30, 2021[18]. - The company plans to issue up to 126,000,000 shares to no more than 35 specific investors, raising a total of up to RMB 700 million[22]. - The cash inflow from financing activities was ¥1,583,835,772.55, a decrease from ¥2,239,975,398.55 in the previous period, reflecting changes in capital structure[36]. Management and Governance - The company appointed Zhao Zukai as the new general manager following the resignation of Yang Hualin[23]. - The company has seen changes in its board of directors, with multiple resignations and appointments occurring in July and August 2021[24]. Other Financial Metrics - Other income decreased by 69.66% year-on-year, primarily due to a reduction in government subsidies received during the reporting period[12]. - Investment income decreased by 178.20% year-on-year, mainly due to losses from pig hedging operations[12]. - Credit impairment losses increased by 263.97% year-on-year, attributed to an increase in accounts receivable and higher bad debt provisions[12]. - Cash received from sales of goods and services increased by 50.32% year-on-year, driven by increased business volume[13]. - Cash received from investment income surged by 2,123.71% year-on-year, primarily due to increased investment income from external companies[13]. Audit and Compliance - The report for the third quarter was not audited[41]. - The company implemented the new leasing standard from January 1, 2021, resulting in adjustments to the initial figures for right-of-use assets and lease liabilities[40].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 2,618,996,890.44, representing a 92.14% increase compared to CNY 1,363,092,015.72 in the same period last year[23]. - The net profit attributable to shareholders of the listed company decreased by 78.51% to CNY 39,802,840.00 from CNY 185,225,499.64 year-on-year[23]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 92,219,079.43, down 38.67% from CNY 150,364,899.04 in the previous year[23]. - The basic earnings per share decreased by 81.82% to CNY 0.06 from CNY 0.33 in the same period last year[23]. - The diluted earnings per share also fell by 81.25% to CNY 0.06 from CNY 0.32 year-on-year[23]. - The weighted average return on net assets decreased to 1.49%, down 7.30% from 8.79% in the previous year[23]. - The company achieved a revenue of CNY 261,899.69 million, representing a year-on-year increase of 92.14%[40]. - The net profit attributable to the parent company was CNY 3,980.28 million, a decrease of 78.51% year-on-year[40]. - The company reported a net loss attributable to shareholders of CNY 21,411,796.47, which is a decrease compared to the previous loss of CNY 20,721,796.47[192]. - The total comprehensive income for the first half of 2021 was CNY 58,338,928.64, a decrease of 74.7% from CNY 230,212,848.77 in the first half of 2020[177]. Cash Flow and Liquidity - The net cash flow from operating activities improved significantly to CNY 40,873,742.08, compared to a negative CNY 140,364,497.07 in the same period last year, marking a 129.12% increase[23]. - The company reported a net cash flow from operating activities of CNY 40,873,742.08, a significant improvement compared to a net outflow of CNY 140,364,497.07 in the same period of 2020[184]. - Cash generated from operating activities was CNY 2,541,098,621.41, an increase of 77.5% compared to CNY 1,430,989,544.08 in the same period of 2020[183]. - The ending balance of cash and cash equivalents was CNY 1,044,881,187.68, down from CNY 759,998,450.49 at the end of the previous year[185]. - Cash and cash equivalents decreased to CNY 846,109,197.19 from CNY 995,190,553.26, a decline of about 14.9%[173]. Assets and Liabilities - Total assets at the end of the reporting period reached CNY 7,155,961,527.86, a 16.23% increase from CNY 6,156,989,203.56 at the end of the previous year[23]. - Total liabilities increased to CNY 3,991,009,109.69, up from CNY 3,098,504,859.12, representing a growth of approximately 28.8% year-over-year[170]. - Current liabilities totaled CNY 2,464,613,915.34, compared to CNY 2,310,025,244.30, reflecting an increase of about 6.7%[170]. - Non-current liabilities rose to CNY 1,526,395,194.35 from CNY 788,479,614.82, marking a significant increase of approximately 93.7%[170]. - Total equity reached CNY 3,164,952,418.17, up from CNY 3,058,484,344.44, indicating a growth of around 3.5%[171]. Sales and Production - The company sold 451,100 pigs, a year-on-year increase of 157.77%[34]. - The feed sales reached 41,600 tons, with a year-on-year growth of 57.93%[35]. - The feed sales revenue was CNY 107,458.23 million, up 64.38% year-on-year[40]. - The livestock breeding segment generated CNY 1,214,078,208.77 in revenue, marking a significant year-on-year growth of 142.36% from CNY 500,941,333.85[54]. - The company achieved a sales volume of 451,100 pigs, representing a year-on-year increase of 157.77%, with sales revenue reaching CNY 1,214.08 million, up 142.36% year-on-year[42]. Strategic Initiatives - The company plans not to distribute cash dividends or issue bonus shares[6]. - The company plans to expand into pig slaughtering and food industries as part of its strategic layout[31]. - The company is focusing on cost reduction and efficiency improvement in response to the declining pig prices[40]. - The company is actively developing new products and enhancing its market presence in the feed sector[33]. - The company has established a comprehensive breeding system and control framework, supported by partnerships with universities for research and development[45]. Research and Development - Research and development expenses increased by 145.16% to CNY 60.28 million, indicating a strong commitment to innovation[52]. - The company is focusing on enhancing its technological capabilities and product offerings to drive future growth[196]. Risk Management - The company has established a strict biosecurity prevention system to mitigate risks from animal diseases, particularly African swine fever, which has severely impacted the livestock industry since August 2018[78]. - The company is actively enhancing its internal controls and risk management measures to safeguard against market volatility and operational risks[71]. - The company is closely monitoring supply and demand trends for feed raw materials and utilizing hedging tools to reduce the impact of price volatility[80]. Shareholder Information - The company did not distribute cash dividends or issue bonus shares for the half-year period[85]. - The company has implemented a stock incentive plan, with adjustments made to the repurchase price and quantity of restricted stocks for certain employees[86]. - The total number of shares decreased from 691,054,202 to 690,727,703 due to the repurchase and cancellation of 364,000 restricted stocks and the conversion of 37,501 convertible bonds[136]. - The company’s major shareholder, Guangzhou Bay Area Jin Nong Investment Partnership, holds 128,499,507 shares, which are subject to a 36-month transfer restriction[139]. Social Responsibility - The company actively fulfills its social responsibilities while pursuing economic benefits, ensuring the protection of stakeholders' rights[93]. - The company participated in social welfare activities, including donations to 75 households in need, contributing to poverty alleviation efforts[94].

Financial Performance - The company's operating revenue for Q1 2021 was ¥1,257,861,446.80, representing a 104.11% increase compared to ¥616,265,336.25 in the same period last year[8]. - The net profit attributable to shareholders decreased by 71.76% to ¥19,314,569.43 from ¥68,395,371.24 year-on-year[8]. - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 250.36% to ¥120,801,538.77 from ¥34,479,564.77 in the previous year[8]. - The basic earnings per share dropped by 81.25% to ¥0.03 from ¥0.16 in the same period last year[8]. - The company reported a total profit for the quarter of CNY 30,602,621.90, significantly lower than CNY 99,198,353.85 in the same period last year, a decline of about 69.0%[50]. - The total comprehensive income for the quarter was CNY 16,467,812.90, down from CNY 98,234,934.22, reflecting a decrease of approximately 83.3%[51]. Assets and Liabilities - The total assets at the end of the reporting period were ¥6,942,110,503.87, a 12.75% increase from ¥6,156,989,203.56 at the end of the previous year[8]. - The company's total liabilities as of March 31, 2021, amounted to CNY 3,825,410,505.70, up from CNY 3,098,504,859.12 at the end of 2020, reflecting a growth of 23.4%[43]. - Non-current liabilities increased to CNY 1,566,600,349.85 from CNY 788,479,614.82, marking a rise of 98.7%[43]. - The company's non-current assets totaled CNY 4,227,689,027.55, an increase from CNY 3,595,704,575.04 at the end of 2020[41]. - The company's total current assets amounted to CNY 2,561,284,628.52, an increase from CNY 2,536,173,334.76, an increase of CNY 25,111,293.76[65]. Cash Flow - The net cash flow from operating activities was negative at -¥257,500,350.11, compared to -¥209,404,975.40 in the previous year[8]. - The total cash outflow from investing activities was 499,460,697.46 CNY, resulting in a net cash flow from investing activities of -432,217,299.09 CNY, a significant decrease from the previous year's net inflow of 33,940,149.19 CNY[58]. - The net cash flow from financing activities was 384,019,733.17 CNY, down from 609,074,951.38 CNY in the same period last year, reflecting a reduction in financing inflows[59]. - The company experienced a net decrease in cash and cash equivalents of -305,697,916.03 CNY in Q1 2021, contrasting with an increase of 433,610,125.17 CNY in Q1 2020[59]. Shareholder Information - The total number of shareholders at the end of the reporting period was 65,661[12]. - The largest shareholder, Guangzhou Bay Area Jin Nong Investment Partnership, held 36.28% of the shares, totaling 250,699,507 shares[12]. Operational Highlights - Operating revenue increased by 104.11% compared to the same period last year, mainly due to an increase in the scope of consolidation and sales volume of live pigs[18]. - Operating costs rose by 100.82% year-on-year, attributed to the same factors as revenue growth[18]. - Research and development expenses increased by 113.35% year-on-year, reflecting a significant increase in R&D investment[18]. - The company reported a loss of -¥100,052,512.97 from its pig hedging business during the reporting period[9]. Investment and Financing Activities - The company raised CNY 640,741,175.27 through a private placement of 128,499,507 shares, which will be used for pig farming projects and to supplement working capital[31]. - The company has invested CNY 16,338,200.00 in the construction of a pig breeding project and CNY 19,524,200.00 in a pig farming project, both expected to be operational by June 30, 2021[31]. - The company reported a total of 25,362.57 million CNY in derivative investments, with a net investment amount of 3,928.53 million CNY at the end of the reporting period[29]. Risk Management - The company has outlined risk control measures for its hedging operations, including strict control of futures and options positions[29]. - The company has established a futures decision-making group to manage its hedging activities, ensuring compliance with internal controls and risk management measures[30].

Revenue and Financial Performance - The company's operating revenue for 2020 was CNY 4,069,241,396.79, representing a 69.55% increase compared to CNY 2,400,007,144.16 in 2019[21]. - The net profit attributable to shareholders for 2020 was CNY 132,249,279.70, a decrease of 5.89% from CNY 140,531,369.06 in 2019[21]. - The net profit after deducting non-recurring gains and losses was CNY 87,929,034.28, showing a significant increase of 296.34% from CNY 22,185,153.92 in 2019[21]. - The net cash flow from operating activities for 2020 was CNY 360,427,989.53, up 66.11% from CNY 216,981,689.27 in 2019[21]. - Total assets at the end of 2020 reached CNY 6,156,989,203.56, an increase of 48.11% from CNY 4,157,139,623.55 at the end of 2019[21]. - The net assets attributable to shareholders at the end of 2020 were CNY 2,644,382,803.57, a growth of 44.06% compared to CNY 1,835,629,874.10 at the end of 2019[21]. - The company reported a basic earnings per share of CNY 0.24 for 2020, down 11.11% from CNY 0.27 in 2019[21]. - The company experienced a significant increase in government subsidies, with CNY 54,551,100.41 received in 2020 compared to CNY 28,773,910.06 in 2019[27]. - The company reported a total of CNY 44,320,245.42 in non-recurring gains for 2020, compared to CNY 118,346,215.14 in 2019[27]. Pig Farming Operations - The company's revenue from pig farming has increased significantly, becoming a core business with a growing revenue share[7]. - The company sold 803,600 pigs during the reporting period, including 43,700 pigs from entrusted sales, representing a year-on-year growth of 104.11%[35]. - The sales revenue from the pig farming business reached CNY 2,169.99 million, a year-on-year increase of 198.61%[35]. - The company has a current pig farming capacity of approximately 1.8 million heads and is building or planning an additional capacity of 3.6 million heads[34]. - The company aims to achieve its "Four Good" breeding goals through a strategy focused on "scale, standardization, ecology, and intelligence" in pig farming[42]. - The company has established a comprehensive breeding system and has two national-level core breeding enterprises, enhancing its competitive edge in the industry[44]. - The company is focusing on a five-year strategic plan (2020-2024) centered on pig farming, with ongoing projects expected to increase production capacity and sales[35]. Feed and Animal Health Business - The company has expanded its main business to include pig feed research, production, sales, and other related services through investments and acquisitions[19]. - The company sold 629,800 tons of feed, including 172,800 tons of internal sales, a year-on-year increase of 5.18%[36]. - The feed sales revenue was CNY 1,561.18 million, a year-on-year increase of 12.34%[36]. - The animal health subsidiary achieved sales revenue of CNY 105.41 million, a year-on-year increase of 8.83%[36]. - The company has a strong brand reputation in the high-end pig feed market, particularly with its "Chengnong" brand, which is well-regarded among large-scale pig farms[43]. Risk Management and Biosecurity - The company has implemented strict biosecurity measures to combat the African swine fever epidemic, which has severely impacted the pig farming industry since August 2018[6]. - The company has established a comprehensive biosecurity system to safeguard its operations against potential animal disease outbreaks[6]. - The company is exploring pig futures trading to mitigate risks associated with price fluctuations in the pig farming sector[7]. - The company faces risks from the cyclical nature of pig prices, which can lead to significant fluctuations in gross margins[7]. - The company is closely monitoring the supply and demand trends of feed raw materials to enhance its forecasting capabilities[9]. Investment and Financial Strategy - The company has made significant equity investments in new ventures, including ¥26,000,000 in Jiangxi Jinyong Food Co., Ltd. and ¥195,000,000 in Guangdong Tianzhong Animal Husbandry Co., Ltd.[92]. - The company has committed to ensuring the independence of its financial and operational structures, including independent financial decision-making and tax compliance[149]. - The company aims to expand its financing channels to support growth and align with the interests of all shareholders[180]. - The company has a flexible financing strategy, utilizing loans with no collateral requirements, which helps reduce financing costs and risks[180]. - The company plans to issue non-public corporate bonds with guarantees from its controlling shareholder, although the issuance has not yet been implemented[181]. Corporate Governance and Compliance - The company has established a performance reward system for its management team, with 30% of the determined performance linked to their incentives[151]. - The company will ensure that any future equity incentive policies are aligned with the company's performance recovery measures[154]. - The company has not faced any penalties or rectification issues during the reporting period[167]. - The company has not undergone any bankruptcy reorganization during the reporting period[165]. - The company reported no significant changes in its operational structure or major contracts during the reporting period, maintaining stability[183][184][185]. Future Outlook and Strategic Goals - For 2021, the company aims to sell 1 million tons of feed and 1.5 million heads of pigs, projecting a revenue of 7 billion yuan[125]. - The company plans to establish a standardized, scaled, intelligent, and ecological breeding model, focusing on four key regions: Northeast, Central China, South China, and East China[123]. - The company will implement the "Ark Plan" to reduce production and management costs, aiming to enhance efficiency and lower breeding costs[127]. - The company is actively involved in the production and sale of organic fertilizers and microbial fertilizers, contributing to its overall business strategy[178]. - The company is committed to expanding its breeding scale through a self-breeding model as part of its five-year strategic plan[177].

Financial Performance - Net profit attributable to shareholders surged by 692.16% to CNY 140,061,920.65 for the current period[8] - Operating revenue rose by 78.22% to CNY 1,017,336,767.12 for the current period[8] - Basic earnings per share increased by 525.00% to CNY 0.25 for the current period[8] - Net profit increased by 225.69% compared to the beginning of the period, mainly due to the company's profitability[17] - The net profit for the quarter was CNY 166,710,994.31, a substantial rise from CNY 25,651,034.73 in the same period last year[50] - The net profit attributable to the parent company is 325,287,420.29, up from 34,967,890.18, showing a substantial increase[59] - The total comprehensive income for the current period is 396,923,843.08, compared to 60,576,768.97 in the previous period, marking a notable increase[60] - The net profit for the current period was a loss of ¥84,893,744.64, compared to a loss of ¥53,809,710.29 in the previous period, indicating a deterioration in profitability[63] Assets and Liabilities - Total assets increased by 37.12% to CNY 5,700,307,021.39 compared to the end of the previous year[8] - The company's total liabilities amounted to CNY 3,137,246,117.11, up from CNY 2,106,658,118.14, which is an increase of approximately 48.83%[42] - The equity attributable to shareholders increased to CNY 2,168,441,707.29 from CNY 1,835,629,874.10, showing a growth of about 18.16%[43] - The total assets increased to CNY 4,997,844,362.87 from CNY 4,000,953,891.95[46] - Total liabilities rose to CNY 3,228,034,208.92, up from CNY 2,153,906,612.43 in the previous year[46] - The company's equity decreased to CNY 1,769,810,153.95 from CNY 1,847,047,279.52[46] - The total assets of the company stood at 4,157,139,623.55 CNY, unchanged from the previous reporting period[75] - The total liabilities amounted to 1,814,704,843.57 CNY, reflecting a slight increase from 1,817,833,210.93 CNY[76] Cash Flow - The net cash flow from operating activities was negative at CNY -87,307,224.76, a decline of 945.69% compared to the previous period[8] - Cash and cash equivalents increased by 84.20% compared to the beginning of the period, mainly due to the company's profits and increased loans[16] - The total cash flow from operating activities was negative at ¥227,671,721.83, contrasting with a positive cash flow of ¥173,394,307.05 in the previous period[67] - Cash flow from investing activities showed a net outflow of ¥471,717,710.93, compared to a net outflow of ¥306,548,101.99 previously, indicating increased investment expenditures[68] - Cash flow from financing activities generated a net inflow of ¥994,372,157.79, a significant improvement from a net outflow of ¥17,790,586.76 in the previous period[68] - The total cash and cash equivalents at the end of the period increased to 548,048,151.06 CNY from 220,518,629.17 CNY year-over-year[72] Shareholder Information - The total number of shareholders at the end of the reporting period was 56,584[12] - The largest shareholder, Guangzhou Bay Area Jinong Investment Partnership, holds 21.72% of the shares[12] - The company did not engage in any repurchase transactions during the reporting period[13] Government Subsidies and Other Income - The company received government subsidies amounting to CNY 45,224,905.84 during the reporting period[9] - Other income increased by 360.43% year-on-year, mainly due to an increase in government subsidies received[18] - The company reported a total of CNY 16,579,361.55 in other income, up from CNY 3,532,389.32 in the prior year[49] Expenses - Management expenses increased by 74.88% year-on-year, mainly due to higher salary levels and the implementation of a restricted stock incentive plan[18] - Financial expenses increased to 73,654,971.66 from 44,085,245.80, which is an increase of approximately 67.3%[58] - The company experienced a significant increase in management expenses, which rose to 276,655,075.15 from 158,195,833.75, reflecting a growth of about 74.8%[58] Investment Activities - The company reported a derivative investment of 470.11 million yuan, with a net asset value of 188.85 million yuan at the end of the reporting period[30] - The company has established a dedicated futures operation team and monitoring team to control risks associated with derivative investments[31] - The company’s hedging activities are aimed at mitigating the risks associated with fluctuations in feed raw material prices, effectively utilizing the futures market[31] - The company has not engaged in any securities investments during the reporting period[28] - The company reported an investment loss of -4,223,235.34, a decrease from -18,269,387.60 in the previous period, indicating an improvement in investment performance[58] - The investment income for the current period was ¥1,801,663.80, a recovery from a loss of ¥10,175,556.63 in the previous period, suggesting improved performance in investments[61] Research and Development - Research and development expenses for the quarter were CNY 17,446,200.75, compared to CNY 10,967,073.36 in the previous year[49] - Research and development expenses rose to 3,061,793.29 from 2,474,921.46, reflecting an increase of about 23.6%[53] - Research and development expenses were ¥8,373,719.18, slightly down from ¥8,494,956.11, indicating stable investment in innovation[61] Regulatory and Compliance - The company received approval from the China Securities Regulatory Commission for its non-public offering of shares on October 10, 2020[26] - The company has implemented strict internal controls and risk prevention measures for its hedging operations[31] - The company has not reported any significant changes in accounting policies related to derivative investments compared to the previous reporting period[31] - The company has not disclosed any major contracts or entrusted financial management during the reporting period[32] - The company has not undergone an audit for the third quarter report[82]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,363,092,015.72, representing a 7.72% increase compared to CNY 1,265,434,194.58 in the same period last year[17]. - The net profit attributable to shareholders of the listed company reached CNY 185,225,499.64, a significant increase of 971.48% from CNY 17,286,896.10 in the previous year[17]. - The net profit after deducting non-recurring gains and losses was CNY 150,364,899.04, up 7,978.68% from CNY 1,861,254.81 in the same period last year[17]. - The basic earnings per share increased to CNY 0.33, a rise of 725.00% compared to CNY 0.04 in the previous year[17]. - The total assets at the end of the reporting period were CNY 4,900,742,087.26, reflecting a 17.89% increase from CNY 4,157,139,623.55 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were CNY 2,016,092,298.01, which is a 9.83% increase from CNY 1,835,629,874.10 at the end of the previous year[17]. - The company achieved operating revenue of 1,363.09 million CNY, a year-on-year increase of 7.72%[28]. - The net profit attributable to the parent company was 185.23 million CNY, representing a significant year-on-year growth of 971.48%[28]. - The company reported a significant increase in return on equity, with a weighted average net asset return rate of 8.79%, up 7.33 percentage points from 1.46% in the previous year[17]. Cash Flow and Liquidity - The net cash flow from operating activities was negative CNY 140,364,497.07, a decline of 186.08% compared to a positive CNY 163,070,481.33 in the same period last year[17]. - The company’s cash and cash equivalents increased by 75.61% compared to the beginning of the period, mainly due to increased profits and loans[29]. - The company’s cash and cash equivalents increased by 219.60% to CNY 348,318,008.41, primarily due to increased profitability and additional borrowings[40]. - Cash and cash equivalents at the end of the period totaled 759,998,450.49 CNY, a significant increase from 124,802,483.93 CNY at the end of the previous period[181]. - The total cash inflow from operating activities was 2,339,268,166.96 CNY, compared to 2,017,980,838.08 CNY in the prior year, indicating growth in operational revenue[183]. Operational Highlights - The average selling price of live pigs increased by 195.63% compared to the same period last year, driven by tight market supply due to African swine fever[28]. - The company sold 263,400 tons of feed, a decrease of 18.63% year-on-year, with feed sales revenue of 653.71 million CNY, down 17.45%[35]. - The livestock farming segment reported a significant revenue of CNY 500,941,333.85, up 51.85% compared to the previous year, driven by increased market prices due to supply shortages[45]. - The company sold 175,000 pigs during the reporting period, generating sales revenue of CNY 50,094.13 million, a year-on-year growth of 51.85%[36]. - The company is expanding its breeding operations through a "light asset" model, leasing existing pig farms for rapid scale-up[27]. Investment and R&D - The company is enhancing its research and development capabilities to produce high-quality, cost-effective antibiotic-free feed products[35]. - Research and development expenses increased by 4.81% to CNY 24,589,333.61, indicating ongoing investment in innovation[40]. - The company made significant equity investments totaling ¥323,000,000.00 during the reporting period, with a focus on agricultural and livestock sectors[54]. - The company has completed the investment projects funded by convertible bonds, which are expected to enhance profitability[153]. Risks and Challenges - The company faces significant risks from animal diseases, particularly African swine fever, which has adversely affected the pig farming industry since August 2018[77]. - Fluctuations in pig prices pose a risk to the company's profitability, as significant price drops could lead to losses if sales prices fall below production costs[77]. - The company faces risks from raw material price fluctuations, particularly for feed products like corn and soybean meal, which are influenced by various domestic and international factors[78]. Corporate Governance and Structure - The company has established several new subsidiaries during the reporting period, with net profit impacts of -830,150 yuan and -130,530 yuan from two of them[73]. - The company has undergone changes in its board and management, with new appointments aimed at strengthening governance and operational efficiency[157]. - The company has implemented an employee stock ownership plan, with 19,000,000 shares sold by April 30, 2020[91]. - The company approved a restricted stock incentive plan on February 28, 2020, with independent directors expressing clear agreement[92]. Financial Strategy and Guarantees - The company reported a total external guarantee amount approved during the reporting period of CNY 20,000 million, with actual guarantees amounting to CNY 7,590 million[112]. - The company has a history of providing guarantees for its subsidiaries, with various amounts and terms documented from 2018 to 2019[112]. - The company’s financial strategy includes maintaining a significant level of guarantees to support its subsidiaries' operations and growth[112]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 45,207[137]. - The largest shareholder, Guangzhou Bay Area Jin Nong Investment Partnership, held 21.73% of the shares, totaling 122,200,000 shares[137]. - The total number of shares held by the top ten unrestricted shareholders includes 122,200,000 shares held by the largest shareholder, Guangzhou Bay Area Jin Nong Investment Partnership[139].