Financial Performance - The company's revenue for Q1 2020 was ¥616,265,336.25, representing a 2.49% increase compared to ¥601,294,893.98 in the same period last year[8]. - Net profit attributable to shareholders was ¥68,395,371.24, a significant recovery from a loss of ¥10,972,034.25 in the previous year[8]. - The basic earnings per share increased to ¥0.16 from a loss of ¥0.03 in the same period last year[8]. - Net profit for Q1 2020 was CNY 98,234,934.22, a significant recovery from a net loss of CNY 5,190,112.35 in the same period last year[45]. - The net profit for the first quarter of 2020 was -9,377,969.79 yuan, compared to -29,898,617.11 yuan in the same period last year, showing an improvement[49]. - The company reported a total comprehensive income of -9,377,969.79 yuan, improving from -29,898,617.11 yuan in the same period last year[50]. Assets and Liabilities - The total assets at the end of the reporting period were ¥4,786,016,608.44, reflecting a 15.13% increase from ¥4,157,139,623.55 at the end of the previous year[8]. - The total assets of the company as of December 31, 2019, were 4,157,139,623.55 CNY, with total liabilities amounting to 2,106,658,118.14 CNY[60]. - Total liabilities increased to CNY 2,592,130,652.52 from CNY 2,153,906,612.43, indicating a rise in financial obligations[41]. - The company reported a significant increase in short-term borrowings, which rose to CNY 1,205,380,624.95 from CNY 750,143,353.77, reflecting a growth of approximately 60.7%[36]. - The total liabilities increased to CNY 2,568,072,532.35 from CNY 2,106,658,118.14, indicating a growth of about 22%[37]. Shareholder Information - The total number of shareholders at the end of the reporting period was 41,699[12]. - The largest shareholder, Guangzhou Bay Area Jinong Investment Partnership, holds 21.72% of the shares, totaling 94,000,000 shares[12]. - The total equity attributable to shareholders increased to CNY 1,903,672,629.13 from CNY 1,835,629,874.10, marking a growth of about 3.7%[38]. - Total equity decreased slightly to CNY 1,837,238,096.04 from CNY 1,847,047,279.52, reflecting a minor reduction in shareholder value[41]. Cash Flow - The net cash flow from operating activities was negative at -¥209,404,975.40, worsening from -¥56,415,063.85 in the same period last year[8]. - The cash flow from investment activities generated a net inflow of 33,940,149.19 yuan, compared to a net outflow of -138,417,666.71 yuan in the same period last year[54]. - The cash flow from financing activities resulted in a net inflow of 609,074,951.38 yuan, significantly higher than 39,238,638.26 yuan in the previous year[54]. - The net cash flow from financing activities was 114,562,613.60 CNY in Q1 2020, compared to 47,874,863.94 CNY in Q1 2019, reflecting a positive trend[56]. Government Support and Subsidies - The company received government subsidies amounting to ¥26,590,312.91 during the reporting period[9]. - Other income increased by 741.58% compared to the same period last year, primarily due to an increase in government subsidies received[18]. Future Plans and Strategies - The company plans to issue up to 120,824,810 shares at a price of 6.62 yuan per share, aiming to raise no more than 799.86 million yuan[20]. - The company intends to grant 13.55 million shares of restricted stock as part of its incentive plan, with 12.79 million shares to be granted initially[21]. - The company is focusing on expanding its market presence and developing new technologies to enhance its competitive edge in the industry[36]. - The company plans to continue focusing on cost management and operational efficiency to sustain profitability in future quarters[45]. Accounting Standards - The company has implemented new revenue and leasing standards starting from January 1, 2020, which may impact future financial reporting[57]. - The company has not reported any adjustments to its financial statements related to the new accounting standards, indicating compliance with the regulations[61].

Financial Performance - The company's operating revenue for 2019 was ¥2,400,007,144.16, a decrease of 14.30% compared to ¥2,800,624,074.89 in 2018[22]. - The net profit attributable to shareholders was ¥140,531,369.06, a significant recovery from a loss of ¥287,177,994.02 in 2018[22]. - The net cash flow from operating activities increased by 521.21% to ¥216,981,689.27 from ¥34,928,705.57 in the previous year[23]. - The basic earnings per share improved to ¥0.34 from a loss of ¥0.75 in 2018[23]. - The total assets at the end of 2019 were ¥4,157,139,623.55, reflecting a 2.54% increase from ¥4,054,351,050.37 in 2018[23]. - The net assets attributable to shareholders increased by 42.05% to ¥1,835,629,874.10 from ¥1,292,246,613.59 in 2018[23]. - The company achieved operating revenue of CNY 2,400 million, a year-on-year decrease of 14.30%[36]. - The net profit attributable to the parent company was CNY 140.53 million, influenced by the sale of a 25% stake in a subsidiary, contributing CNY 92.90 million to net profit[36]. - The company reported a gross margin of 29.48% for the livestock breeding segment, an increase of 21.46% compared to the previous year[55]. - The company reported a profit for the reporting period, with a net profit attributable to ordinary shareholders of CNY 38,144,013.60[124]. Business Operations - The company underwent significant changes in its main business operations, expanding from pig feed production to include animal health and investment management services[21]. - The company plans to focus on pig farming, emphasizing self-built farms and third-party leasing to expand operations rapidly[34]. - The company is committed to adhering to national policies aimed at promoting standardized and modernized livestock production[11]. - The company is focusing on the transition from smallholder farming to large-scale farming in the pig industry, which is currently experiencing a shift due to the impact of African swine fever[102]. - The company has established a comprehensive breeding system and is committed to enhancing biosecurity measures against African swine fever[38]. - The company is committed to becoming a comprehensive service provider for large-scale pig farming enterprises, enhancing customer loyalty through improved service capabilities[44]. - The company is integrating its resources to expand its market presence, particularly in the animal health sector and digital services[112]. Market Challenges - The company reported a significant impact from the African swine fever outbreak, leading to a noticeable decline in pig inventory from 2018 to 2019[5]. - The company faces risks from price fluctuations in raw materials such as corn and soybean meal, which can adversely affect its feed business performance[9]. - The company’s livestock business is vulnerable to natural disasters, which can lead to significant losses in inventory and operational performance[6]. - The company’s profitability is subject to cyclical fluctuations in pig prices, which can impact gross margins and overall financial performance[8]. - The company aims to balance the impact of cyclical fluctuations in pig prices by diversifying its business into feed, veterinary, and telecom value-added services[115]. Research and Development - The company has made significant advancements in research and development, particularly in the development of antibiotic-free feed products, positioning itself favorably in the market[45]. - The company is focusing on research and development of new products, especially in biological feed, to enhance overall operational efficiency[111]. - Research and development (R&D) investment for the year is ¥47,293,386.07, which is 1.97% of operating revenue[65]. - Investment in R&D increased by 25% year-over-year, focusing on innovative agricultural technologies and sustainable practices[145]. Strategic Plans - The company plans to implement a five-year strategic development plan (2020-2024) to enhance operational efficiency and adapt to market changes[50]. - The company aims to achieve an annual pig output of 5.6 million heads and feed sales of 3 million tons by 2024 as part of its five-year strategic plan[106]. - The company plans to sell 700,000 tons of feed and 800,000 heads of pigs in 2020, with an expected revenue of 3.7 billion yuan[108]. - The company is focusing on a "four modernization" breeding model: standardization, scale, intelligence, and ecology[110]. Environmental and Regulatory Compliance - The company has implemented comprehensive upgrades to its environmental protection facilities, achieving compliance with national wastewater discharge standards[162]. - The company has faced a total of 1,128.35 million yuan in lawsuits related to accounts receivable and compensation, with ongoing litigation[161]. - The company has actively cooperated with environmental authorities to rectify violations and reduce wastewater generation[163]. - The company has incurred a total fine of 1.14 million yuan due to environmental violations at its subsidiary Huizhou Sangzi Lake, and has initiated corrective actions[194]. Shareholder and Capital Management - The company plans to distribute a cash dividend of 0.20 CNY per 10 shares (including tax) and to increase capital by converting 3 shares for every 10 shares held[12]. - A cash dividend of CNY 0.20 per 10 shares (including tax) was proposed, with a total cash dividend amount of CNY 8,385,196.96[124]. - The company is in a growth phase and has significant capital expenditure plans, which influenced the dividend distribution strategy[124]. - The company has committed to maintaining the independence of its management and financial operations[126]. Related Party Transactions - The company has no significant related party transactions during the reporting period[172]. - The company has confirmed that the pricing of related transactions is based on market principles[166]. - The company has received interest-free loans from related parties totaling 36 million yuan, which will be used to temporarily supplement working capital[171]. - The company has provided guarantees to downstream distributors and farms, with a total guarantee amount of 50 million yuan and 20 million yuan for different contracts[178]. Future Outlook - The company provided a future outlook projecting a revenue growth of 10% for the next fiscal year, driven by new product launches and market expansion strategies[146]. - The company aims to launch three new products in the upcoming year, which are anticipated to contribute an additional 200 million RMB in revenue[145]. - The company plans to expand its market presence in Southeast Asia, targeting a 30% increase in market share within the next two years[144].

Financial Performance - Operating revenue for the reporting period was approximately CNY 570.84 million, down 23.25% year-on-year[8]. - Net profit attributable to shareholders was approximately CNY 17.68 million, an increase of 195.96% year-on-year[8]. - Basic earnings per share increased by 183.81% to CNY 0.0409[8]. - The company reported a significant increase in net profit excluding non-recurring gains and losses, which rose by 216.60% to approximately CNY 27.11 million[8]. - Net profit increased by 1,366.89% compared to the beginning of the period, primarily due to profitability and adjustments related to the new financial instruments standards[19]. - The company reported a net profit of ¥44,145,780.31 compared to a loss of ¥3,484,567.94 in the previous period[42]. - Net profit for Q3 2019 reached CNY 25,651,034.73, compared to a net loss of CNY 14,039,233.31 in Q3 2018[50]. - The company reported a comprehensive income total of CNY 60,576,768.97, recovering from a loss of CNY 41,989,088.41 in the same period last year[59]. - The company reported a total profit of -59,232,558.12 CNY for the quarter, compared to a profit of 17,150,043.65 CNY in the previous year[62]. Assets and Liabilities - Total assets at the end of the reporting period were approximately CNY 4.02 billion, a decrease of 0.75% compared to the end of the previous year[8]. - Total current assets decreased to ¥1,191,997,001.66 from ¥1,367,827,266.09, a decline of approximately 12.8%[40]. - Total non-current assets rose to ¥2,831,911,052.31 from ¥2,686,523,784.28, an increase of about 5.4%[40]. - Total liabilities decreased to ¥2,098,965,571.88 from ¥2,554,448,759.93, a reduction of approximately 17.8%[41]. - Total equity increased to ¥1,924,942,482.09 from ¥1,499,902,290.44, representing a growth of about 28.4%[42]. - The total assets as of Q3 2019 were CNY 3,918,587,455.85, slightly up from CNY 3,866,364,913.21 year-on-year[47]. - Total liabilities as of Q3 2019 amounted to CNY 2,118,220,176.09, a decrease from CNY 2,412,644,851.93 in the previous year[47]. - The total owner's equity reached CNY 1,499,902,290.44, reflecting an increase of CNY 12,662,458.07 from the prior period[76]. Cash Flow - Net cash flow from operating activities was approximately CNY 10.32 million, up 119.90% year-on-year[8]. - Cash paid for operating activities decreased by 59.80% year-on-year, mainly due to larger restricted cash payments in the previous year[22]. - Cash received from investment income decreased by 100% year-on-year, primarily due to cash received from the disposal of equity interests in the previous year[22]. - The net cash flow from operating activities for Q3 2019 was ¥165.41 million, a significant improvement from a net outflow of ¥95.74 million in the same period last year[70]. - The net cash flow from financing activities was -¥12.03 million, contrasting with a positive net inflow of ¥721.06 million in Q3 2018[71]. Shareholder Information - The company has a total of 37,293 shareholders at the end of the reporting period[12]. - The largest shareholder, Guangzhou Bay Area Jinong Investment Partnership, holds 21.72% of the shares[12]. Government Support - The company received government subsidies amounting to approximately CNY 18.45 million during the reporting period[9]. - Deferred income increased by 95.78% compared to the beginning of the period, mainly due to an increase in government subsidies[18]. Operational Efficiency - Sales expenses decreased by 32.47% compared to the same period last year, mainly due to organizational optimization and staff reduction[20]. - Other income increased by 60.43% compared to the same period last year, mainly due to an increase in government subsidies received[20]. - Research and development expenses for Q3 2019 were CNY 10,967,073.36, down from CNY 13,886,790.57 in the same period last year[49].

深圳市金新农科技股份有限公司 2019 年半年度报告全文 深圳市金新农科技股份有限公司 2019 年半年度报告 股票代码：002548 股票简称：金新农 债券代码：128036 债券简称：金农转债 2019 年 08 月 1 深圳市金新农科技股份有限公司 2019 年半年度报告全文 第一节 重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的 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钱子龙及会计机构负责人(会计主 管人员)李稳声明：保证本半年度报告中财务报告的真实、准确、完整。 除下列董事外，其他董事亲自出席了审议本次半年报的董事会会议 | 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 | | --- | --- | --- | --- | | 孔英 | 独立董事 | 因公出差 | 李斌 | | 李雪 | 董事 | 身体不适 | 王坚能 | 本报告中如有涉及未来计划、发展战略、业绩预测等前瞻性陈述，均不构 成公司对投资者的实质承诺，投资者及相关人士均应对 ...

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].