Financial Performance - The company's revenue for Q1 2021 was ¥462,170,158.21, representing a 6.73% increase compared to ¥433,027,256.62 in the same period last year[7]. - Net profit attributable to shareholders was ¥85,425,834.34, a significant increase of 57.97% from ¥54,075,869.30 year-over-year[7]. - The net profit after deducting non-recurring gains and losses was ¥63,697,503.71, up 19.81% from ¥53,166,354.15 in the previous year[7]. - The basic earnings per share increased by 44.44% to ¥0.13 from ¥0.09 in the same period last year[7]. - The company's net profit margin improved significantly, reflecting a strong operational performance and effective cost management strategies[20]. - The company reported a total comprehensive income of CNY 98,859,141.70 for Q1 2021, compared to CNY 66,181,077.77 in the previous year, marking an increase of approximately 49.5%[53]. Assets and Liabilities - Total assets at the end of the reporting period were ¥3,660,920,295.03, an increase of 8.41% from ¥3,376,867,194.00 at the end of the previous year[7]. - Total liabilities rose to ¥1,812,698,017.30 from ¥1,626,925,856.12, reflecting an increase of about 11.4%[43]. - The company's equity attributable to shareholders increased to ¥1,701,959,012.78 from ¥1,614,883,310.48, representing a growth of approximately 5.4%[44]. - Current assets increased to ¥1,471,015,962.11 as of March 31, 2021, up from ¥1,240,147,130.98 on December 31, 2020, representing a growth of approximately 18.6%[41]. - Total assets reached ¥3,660,920,295.03, up from ¥3,376,867,194.00, indicating an increase of about 8.4%[44]. Cash Flow - The net cash flow from operating activities was negative at -¥25,322,456.62, a drastic decline from ¥169,026.42 in the same period last year, representing a decrease of 15,081.36%[7]. - Cash received from operating activities increased by ¥8,293,766.36, a rise of 169.89%, mainly due to the return of previously paid land compensation[22]. - Cash flow from investing activities showed a net outflow increase of ¥35,758,681.30, a rise of 111.87%, primarily due to the concentrated procurement phase of the vaccine base construction project[24]. - Cash flow from financing activities increased by ¥67,169,988.99, a rise of 60.61%, due to increased reserves for operational needs and changes in borrowing models[24]. Shareholder Information - The total number of shareholders at the end of the reporting period was 36,906, indicating a stable shareholder base[11]. - The controlling shareholder, Inner Mongolia Jinhai Construction and Installation Co., Ltd., underwent a division, transferring 241,758,670 shares to Inner Mongolia Jinhai Holdings Co., Ltd.[25]. Research and Development - The company is focusing on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[45]. - Research and development expenses for Q1 2021 were CNY 17,370,744.69, up from CNY 14,920,829.51, indicating a focus on innovation[51]. Regulatory and Compliance - The company received approval from the China Securities Regulatory Commission for a non-public stock issuance on December 11, 2020[25]. - There were no overdue commitments from actual controllers, shareholders, or related parties during the reporting period[29]. - The company reported no securities or derivative investments during the reporting period[30][31]. - There were no violations regarding external guarantees during the reporting period[34]. - The company did not engage in any entrusted financial management during the reporting period[33]. - The company has not undergone an audit for the first quarter report[72].

Financial Performance - In 2020, the company's operating revenue was CNY 1,814,638,965.54, representing a 1.81% increase compared to CNY 1,782,364,081.84 in 2019[15]. - The net profit attributable to shareholders decreased by 36.56% to CNY 117,324,525.93 from CNY 184,938,644.89 in the previous year[15]. - The net profit after deducting non-recurring gains and losses was CNY 100,055,200.95, down 31.39% from CNY 145,831,108.52 in 2019[15]. - The basic earnings per share fell by 37.93% to CNY 0.18 from CNY 0.29 in 2019[15]. - The total assets at the end of 2020 were CNY 3,376,867,194.00, a 0.97% increase from CNY 3,344,278,815.41 at the end of 2019[15]. - The net assets attributable to shareholders decreased by 3.81% to CNY 1,614,883,310.48 from CNY 1,678,925,673.71 in 2019[15]. - The net cash flow from operating activities was CNY 258,079,960.72, down 8.54% from CNY 282,185,997.03 in the previous year[15]. - The weighted average return on equity decreased to 7.13% from 10.45% in 2019, reflecting a decline of 3.32 percentage points[15]. - The company achieved operating revenue of CNY 1,814.64 million, an increase of 1.81% year-on-year[44]. - The net profit attributable to shareholders decreased by 36.56% to CNY 117.32 million[44]. - The revenue from veterinary chemical drugs was CNY 935.08 million, accounting for 51.53% of total revenue, which is a decrease of 11.70% compared to the previous year[55]. - The revenue from veterinary biological products surged to CNY 268.43 million, a significant increase of 210.22% year-on-year, indicating strong market acceptance[55]. - Domestic sales reached CNY 1.17 billion, representing 64.32% of total sales, with a year-on-year growth of 9.95%[56]. Market and Product Development - The company aims to expand its product offerings in veterinary pharmaceuticals, including new vaccines and pet medications, to capture emerging market opportunities[24]. - The company is positioned as a leader in the veterinary antibiotic market, particularly in the production of veterinary tetracycline[24]. - The market for veterinary pharmaceuticals is steadily growing, with a global market demand for aquatic and pet medications reaching $12.5 billion[32]. - The company's main product, Jinmeisu, has an annual production capacity of approximately 55,000 tons, accounting for about 50% of the global capacity[39]. - The company has established four major technology platforms for vaccine development, enhancing its competitive edge in the veterinary vaccine market[39]. - The company is actively expanding its marketing network, establishing a global sales network and enhancing its international presence[44]. - The company is focusing on R&D, with new vaccine approvals and ongoing development of several veterinary vaccines[48]. - The company plans to continue expanding its market presence and product offerings, particularly in the veterinary vaccine sector[62]. Environmental Initiatives - The company has initiated projects for zero wastewater discharge and solid waste landfill, enhancing its environmental solutions capabilities[28]. - The company is actively expanding its business areas and models in the environmental protection sector, focusing on high-difficulty wastewater treatment[34]. - The company has invested significantly in environmental protection, establishing itself as a benchmark in the treatment of fermentation wastewater and resource utilization[166]. - The company achieved compliance with the "Comprehensive Emission Standard for Air Pollutants" (GB16297-1996), with all systems and equipment operating effectively[163]. - The company has installed online monitoring devices for real-time emissions tracking, ensuring compliance with national environmental standards[165]. - The company is classified as a key pollutant discharge unit and has implemented effective pollution control measures[159]. - The company emphasizes its commitment to social responsibility and aims to be a leading animal health company[147]. Shareholder and Capital Management - The company plans to distribute a cash dividend of CNY 1 per 10 shares based on a total share capital of 635,289,655 shares as of December 31, 2020[4]. - The cash dividend for 2020 represents 54.15% of the net profit attributable to the company's ordinary shareholders[114]. - The company has established a shareholder return plan for the next three years (2021-2023) to enhance transparency in profit distribution[110]. - The company plans to issue non-public shares following approval from the China Securities Regulatory Commission, aiming to enhance its capital structure[52]. - The company has committed to not engage in any competitive activities with its controlling shareholder, Inner Mongolia Jinhai Construction Installation Co., Ltd., during the reporting period[116]. - The company has not experienced any violations of commitments during the reporting period, and all commitments are being strictly fulfilled[118]. Management and Governance - The company appointed new board members on May 11, 2020, including Wang Dongxiao as Chairman and Xie Changxian as General Manager[194]. - The company reported significant changes in its management team, with multiple appointments of vice presidents and independent directors on May 12, 2020[195]. - The management team has extensive experience in the biotechnology and agricultural sectors, which is expected to drive innovation and growth[199]. - The board's diverse professional backgrounds are anticipated to contribute to the company's strategic decision-making processes[197]. - The company is focused on maintaining stability in its leadership structure, with no new appointments or departures reported[192]. Risks and Challenges - The company faced challenges due to the COVID-19 pandemic, regulatory changes, and the impact of African swine fever on the livestock industry[44]. - The company has identified potential risks in its future development, which investors are advised to consider[4]. - The adjustment of veterinary drug regulations is expected to positively impact the long-term market for the company's product, chloramphenicol, despite short-term challenges[52]. Research and Development - The company has a strong commitment to R&D, particularly in the veterinary vaccine sector, following the acquisition of the U.S. company Pharmgate Biologics[39]. - Research and development expenses increased by 9.32% to ¥66,358,027.62, reflecting a greater emphasis on R&D and an increase in the number and compensation of R&D personnel[72]. - The company’s R&D investment totaled ¥79,499,200, accounting for 4.38% of total revenue, with a decrease of 4.36% compared to the previous year[73]. - The number of R&D personnel increased by 23.76% to 250, representing 11.89% of the total workforce[73].

Financial Performance - Operating revenue for the reporting period was CNY 358,633,107.37, down 13.57% year-on-year[8] - Net profit attributable to shareholders was CNY 6,931,601.38, a significant decline of 81.86% compared to the same period last year[8] - Basic earnings per share were CNY 0.01, down 83.33% compared to the same period last year[8] - The weighted average return on net assets was 0.43%, a decrease of 1.89 percentage points year-on-year[8] - Net profit attributable to shareholders decreased by CNY 41,321,238.51, a decline of 28.84%, mainly due to reduced sales of a key product and increased exchange losses[21] - The net profit for the third quarter was CNY 11,107,893.29, compared to CNY 37,524,806.44 in the same period last year, reflecting a significant decline[56] - The total profit for the quarter was CNY 8,363,126.53, down from CNY 47,034,283.86 in the previous year[56] - The net profit attributable to the parent company was CNY 101.94 million, down 28.8% from CNY 143.26 million year-on-year[65] - The total operating revenue for the third quarter was CNY 131,621,328.74, a decrease from CNY 233,848,963.15 in the previous period[59] Cash Flow and Liquidity - The net cash flow from operating activities was CNY 37,009,264.25, a decrease of 60.87% year-on-year[8] - Cash flow from operating activities decreased by CNY 80,029,333.53, a drop of 34.93%, mainly due to increased payments for raw materials and services[23] - Cash and cash equivalents decreased by CNY 118,819,515.64, a reduction of 32.83%, primarily due to cash dividends paid to shareholders[16] - Cash and cash equivalents decreased to approximately CNY 243.09 million from CNY 361.91 million at the end of 2019, representing a decline of about 32.8%[45] - The net cash flow from operating activities for Q3 2020 was ¥149,079,893.69, a decrease of 34.9% compared to ¥229,109,227.22 in Q3 2019[72] - Cash inflow from financing activities was ¥1,152,030,316.69, with cash outflow totaling ¥1,181,293,483.59, leading to a net cash flow of -¥29,263,166.90[73] - The company reported a cash balance of ¥223,686,878.96 at the end of Q3 2020, down from ¥235,363,136.12 at the end of Q3 2019[73] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,279,600,314.42, a decrease of 1.93% compared to the end of the previous year[8] - Total assets amounted to CNY 3,344,278,815.41, with current assets at CNY 1,240,717,688.82 and non-current assets at CNY 2,103,561,126.59[79] - Total liabilities reached CNY 1,537,400,385.63, with current liabilities at CNY 1,145,351,088.56 and non-current liabilities at CNY 392,049,297.07[81] - The total amount of receivables, including accounts receivable and other receivables, is CNY 193,721,748.58[84] - The company holds inventory valued at CNY 429,610,788.66, indicating a strong asset base for operations[79] Changes in Financial Position - Cash and cash equivalents increased by CNY 74,629,273.44, a growth of 97.58%, primarily due to increased bank borrowings to support operations[26] - The company received CNY 158,365,000.00 from other financing activities, an increase of 1,015.16%, mainly from the unfreezing of large deposits[26] - Accounts receivable financing increased by CNY 25,691,786.82, an increase of 35.28%, mainly due to bank acceptance bills used for settlement[16] - Accounts payable decreased by CNY 69,735,692.99, a reduction of 45.88%, primarily due to decreased procurement and payment for raw materials and coal[17] - Contract liabilities increased by CNY 16,845,667.17, attributed to adjustments made under the new revenue recognition standards[17] Financial Expenses and Income - Financial expenses increased by CNY 27,927,050.24, a rise of 109.62%, mainly due to the appreciation of the RMB and increased interest income from bank deposits[18] - Interest income surged by CNY 8,455,934.74, an increase of 1,009.70%, primarily from the unfreezing of large deposits[19] - The company reported a significant increase in financial expenses, amounting to CNY 22,640,180.60, compared to a negative CNY 13,621,506.42 in the previous period[59] - The company incurred income tax expenses of CNY 12.72 million, significantly lower than CNY 34.43 million in the same quarter last year[67] Shareholder and Corporate Actions - The company plans to issue shares through a non-public offering, which was approved in board and shareholder meetings[27] - The company’s controlling shareholder underwent a restructuring, resulting in a change of the controlling entity to Inner Mongolia Jinhai Holdings Co., Ltd.[29] - The company has not engaged in any securities or derivative investments during the reporting period[34][35] - There were no overdue commitments from the actual controller, shareholders, or related parties during the reporting period[33] Research and Development - Research and development expenses amounted to CNY 4,920,646.62, down from CNY 7,113,804.73 in the same period last year[59] - Research and development expenses for the quarter were CNY 20.38 million, a decrease of 10.2% from CNY 22.83 million in the previous year[67] Comprehensive Income - The company reported a decrease in comprehensive income from CNY 5,647,398.42 to CNY -2,963,642.81[48] - The comprehensive income totalled CNY -5,395,373.33 for the quarter, contrasting with CNY 40,471,164.30 in the previous year[57] - The company experienced a loss in comprehensive income attributable to the parent company of CNY -7,101,369.21, compared to CNY 40,724,257.39 in the previous year[57] - The comprehensive income attributable to the parent company was CNY 93.33 million, down from CNY 145.91 million year-on-year[65]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 848,429,942.59, representing a 1.77% increase compared to CNY 833,702,310.89 in the same period last year[15]. - The net profit attributable to shareholders of the listed company decreased by 9.55% to CNY 95,005,448.80 from CNY 105,038,435.48 year-on-year[15]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 91,914,488.91, down 7.56% from CNY 99,430,945.90 in the previous year[15]. - The net cash flow from operating activities was CNY 112,070,629.44, a decrease of 16.70% compared to CNY 134,531,768.18 in the same period last year[15]. - The basic earnings per share decreased by 11.76% to CNY 0.15 from CNY 0.17 year-on-year[15]. - The total assets at the end of the reporting period were CNY 3,345,092,169.86, a slight increase of 0.02% from CNY 3,344,278,815.41 at the end of the previous year[15]. - The net assets attributable to shareholders of the listed company decreased by 3.33% to CNY 1,623,036,488.80 from CNY 1,678,925,673.71 at the end of the previous year[15]. Revenue Breakdown - The sales revenue from the animal feed additive business was 437.05 million yuan, a decrease of 13.57% year-on-year, reflecting a decline in market demand due to COVID-19[32]. - The veterinary vaccine business saw sales revenue of 88.88 million yuan, an increase of 152.97% year-on-year, indicating successful market expansion[32]. - The sales revenue from veterinary chemical drugs increased to 23.28 million yuan, a growth of 95.71% year-on-year, driven by rising demand in the livestock sector[33]. - The agricultural product processing business generated revenue of 232.49 million yuan, an increase of 7.30% year-on-year, with net profit rising by 19.47%[33]. - The environmental protection business reported revenue of 30.37 million yuan, a decrease of 17.18% year-on-year, due to delayed resumption of operations in upstream water supply companies[33]. Cash Flow and Financing - The net cash flow from operating activities was ¥112.07 million, a decrease of 16.70% year-on-year, attributed to increased payments for raw materials and utilities[36]. - The financial expenses decreased by 38.47% to ¥18.30 million, mainly due to the release of large deposits and lower interest expenses[35]. - The company reported a net increase in cash and cash equivalents of ¥55.88 million, a significant improvement of 157.20% year-on-year[39]. - The investment activities generated a net cash flow of -¥52.08 million, an improvement of 39.32% compared to the previous year, due to reduced capital expenditures[36]. - The company received ¥705,000,000.00 in loans during the first half of 2020, compared to ¥460,000,000.00 in the same period last year, reflecting increased leverage[161]. Shareholder and Equity Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The total number of shares before the recent changes was 635,289,655, with 1,166,775 shares reduced from limited shares, resulting in a new total of 624,444,580 unlimited shares[113]. - The company reported a decrease in limited shares from 12,011,922 to 10,845,147, reflecting a reduction of 1,166,775 shares[116]. - The company’s major shareholders include Inner Mongolia Jinhai Construction Installation Co., Ltd., which holds 82% of the shares, and Lu Mudan, who holds 18%[120]. - The company’s shareholder structure indicates a significant concentration of ownership among a few key individuals and entities[120]. Environmental Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[94]. - The total emissions of smoke and dust are 8.368 tons, with a standard limit of 30 mg/m³, indicating compliance[94]. - The total emissions of SO2 are 71.372 tons, with a standard limit of 200 mg/m³, indicating compliance[94]. - The company has received multiple environmental impact assessment approvals and pollutant discharge permits, demonstrating its commitment to environmental compliance[99]. - The company upgraded its steam boiler to ensure compliance with emission standards, operating at a pressure of 3.82 Mpa and a temperature of 450℃ with a capacity of 2×35t/h[96]. Strategic Initiatives - The company highlighted potential risks and countermeasures in its operational analysis section[4]. - The company plans to address risks related to industry policy changes, raw material price increases, exchange rate fluctuations, new product development, market development expectations, and animal epidemic outbreaks[64][65]. - The company is focusing on enhancing its research and development capabilities for veterinary products, which involves significant investment and long development cycles[64]. - The company anticipates potential fluctuations in net profit for the upcoming reporting period due to various market and operational factors[64]. - The company is exploring market expansion opportunities in Southeast Asia, targeting a 15% market share within the next two years[191]. Legal and Governance Matters - The half-year financial report has not been audited[71]. - There were no significant litigation or arbitration matters during the reporting period[74]. - The company underwent a board restructuring on May 11, 2020, with all current directors and senior management being elected or appointed[131]. - The total number of independent directors who left their positions due to term expiration was three, indicating a significant change in governance[130]. - The company has not reported any new product developments or market expansion strategies in the provided financial documents[138].

Financial Performance - The company's revenue for Q1 2020 was ¥433,027,256.62, representing a 12.58% increase compared to ¥384,630,239.08 in the same period last year[7]. - Net profit attributable to shareholders was ¥54,075,869.30, a 43.31% increase from ¥37,734,004.99 year-over-year[7]. - The net profit after deducting non-recurring gains and losses was ¥53,166,354.15, up 48.60% from ¥35,778,746.87 in the previous year[7]. - The basic earnings per share increased by 50.00% to ¥0.09 from ¥0.06 in the same period last year[7]. - The total comprehensive income attributable to shareholders increased by ¥24,370,153.68, a growth of 68.80%[18]. - Net profit for Q1 2020 reached CNY 59,453,809.43, compared to CNY 36,784,353.67 in the same period last year, reflecting a growth of approximately 61.5%[46]. - The company reported a total comprehensive income of CNY 66,181,077.77 for Q1 2020, compared to CNY 34,066,575.69 in the same period last year[47]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,511,630,838.99, a 5.00% increase from ¥3,344,278,815.41 at the end of the previous year[7]. - The company's equity attributable to shareholders reached CNY 1,738,850,223.89, up from CNY 1,678,925,673.71, representing an increase of about 3.6%[38]. - Total liabilities increased to CNY 1,638,440,828.65 from CNY 1,537,400,385.63, which is an increase of approximately 6.6%[37]. - The company's total liabilities increased to CNY 1,135,020,827.97 from CNY 942,889,537.47, indicating a rise of about 20.5%[45]. - Current assets reached CNY 1,395,517,616.82, up from CNY 1,240,717,688.82, indicating an increase of about 12.5%[35]. Cash Flow - The net cash flow from operating activities was ¥169,026.42, a significant decrease of 95.47% compared to ¥3,731,560.95 in the same period last year[7]. - Cash inflow from operating activities amounted to CNY 404,345,431.78, an increase from CNY 376,065,554.73, reflecting a growth of about 7.5%[53]. - Cash outflow from operating activities totaled CNY 404,176,405.36, compared to CNY 372,333,993.78 in the previous year, showing an increase of approximately 8.5%[54]. - The net cash flow from financing activities increased by ¥43,487,733.71, a growth of 64.59%, mainly due to increased bank borrowings for loan repayments[21]. - The company reported a net cash outflow from investing activities of CNY 31,963,446.17, compared to CNY 29,802,810.33 in the previous year, indicating a decline of about 7.2%[54]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 35,395[10]. - The company's retained earnings increased to CNY 552,987,945.89 from CNY 498,912,076.59, showing a growth of approximately 10.8%[38]. Government Support and Other Income - The company received government subsidies amounting to ¥1,130,958.33 during the reporting period[8]. - Other comprehensive income after tax increased by ¥9,445,046.32, a growth of 347.53%, primarily due to foreign exchange differences[17]. - Interest income rose by ¥649,301.29, an increase of 271.82%, mainly from a one-time interest income received by a subsidiary[15]. Operational Costs - Total operating costs for Q1 2020 were CNY 365,234,360.24, up from CNY 340,404,778.12 in the previous period, with operating costs specifically rising from CNY 218,739,868.46 to CNY 267,084,257.49[45]. - Research and development expenses decreased to CNY 14,920,829.51 from CNY 19,235,074.07, showing a reduction of approximately 22.4%[45].

Financial Performance - The company's operating revenue for 2019 was CNY 1,782,364,081.84, representing a 9.42% increase compared to CNY 1,628,890,098.36 in 2018[16] - The net profit attributable to shareholders for 2019 was CNY 184,938,644.89, which is a 13.02% increase from CNY 163,628,881.41 in 2018[16] - The net cash flow from operating activities increased significantly by 140.83% to CNY 282,185,997.03 from CNY 117,174,643.71 in 2018[16] - The basic earnings per share for 2019 was CNY 0.29, up 11.54% from CNY 0.26 in 2018[16] - The total assets at the end of 2019 were CNY 3,344,278,815.41, a slight increase of 0.27% from CNY 3,335,354,103.12 at the end of 2018[16] - The net assets attributable to shareholders at the end of 2019 were CNY 1,678,925,673.71, showing a marginal increase of 0.06% from CNY 1,677,942,572.62 in 2018[16] - The company reported a decrease of 4.22% in net profit attributable to shareholders after deducting non-recurring gains and losses, totaling CNY 145,831,108.52 in 2019 compared to CNY 152,255,616.24 in 2018[16] - The weighted average return on net assets for 2019 was 10.45%, slightly up from 10.24% in 2018[16] Dividend Distribution - The company plans to distribute a cash dividend of CNY 2.5 per 10 shares, based on a total share capital of 635,289,655 shares as of December 31, 2019[4] - The company plans to distribute a cash dividend of 2.50 yuan per 10 shares, totaling 158,822,413.75 yuan for 2019, which represents 85.88% of the net profit attributable to shareholders[105] Market and Product Development - The company has expanded its product offerings to include animal health products, environmental wastewater treatment, and corn deep processing, diversifying its revenue streams[25] - The company aims for a scale farming rate of 58% by 2022, supported by government policies promoting large-scale farming operations[30] - The company transitioned its product classification from drug feed additives to veterinary drugs starting in 2020, aligning with international regulatory standards[30] - The company has transitioned the use of the antibiotic additive, Chlortetracycline, from a feed additive to a veterinary drug, primarily for therapeutic prevention in livestock, with a usage dosage of 400-600g (active ingredient) per ton of feed[32] - The company plans to evolve from a single product supplier to a comprehensive service provider for multiple veterinary products, necessitating enhanced efforts in channel development and technical service team building[34] - The company is focusing on cost control and market expansion in the veterinary chemical drug business, which has been impacted by the decline in pig inventory due to African swine fever[50] - The company is actively developing new vaccines, including a recombinant protein subunit vaccine for swine fever and a dual inactivated vaccine for swine reproductive and respiratory syndrome[50] Research and Development - The company has a strong focus on R&D, with a dedicated research center and partnerships with renowned universities and research institutions[40] - The total R&D investment amounted to ¥83,125,940.19, representing 4.66% of the company's revenue, an increase of 23.26% compared to 2018[69] - The company reported a 49.84% increase in R&D expenses, totaling ¥60,702,589.06, due to enhanced investment in R&D to improve market competitiveness[68] - The company has established a research and development center and applied for two invention patents and two utility model patents during the reporting period[52] Environmental Initiatives - The company has made significant investments in environmental protection, including the establishment of a wastewater treatment subsidiary that has received positive industry feedback[147] - The company has installed 9 sets of online monitoring systems for environmental compliance, ensuring effective pollution control measures are in place[155] - The company has developed a third-party pollution treatment demonstration base to enhance its wastewater treatment technology and maintain a leading position in the industry[147] - The company is actively developing new business areas in environmental protection, capitalizing on favorable national policies[96] - The environmental protection business is driven by national policies, with a 15% corporate income tax rate reduction for third-party pollution prevention enterprises from January 1, 2019, to the end of 2021[35] Financial Management - The company's financial expenses rose by 71.66% to ¥43,717,586.33, attributed to increased average bank loan amounts and reduced exchange gains[68] - The net cash flow from investing activities was -184,084,838.72 yuan, showing a slight improvement of 4.13% compared to the previous year[71] - The net cash flow from financing activities decreased by 339,507,618.48 yuan, a decline of 221.08%, mainly due to increased repayments of bank loans and cash distributions to shareholders[71] - The company's net profit attributable to shareholders was 184,938,600 yuan, with a significant difference of 9,724,740 yuan compared to the net cash flow from operating activities, representing a difference of 52.58%[72] Shareholder Structure - The largest shareholder, Inner Mongolia Jinhai Construction Installation Co., Ltd., holds 241,758,600 shares, representing 38.05% of total shares[177] - The second-largest shareholder, Shangyin Fund - Pudong Development Bank - Shangyin Fund, holds 33,706,780 shares, with a decrease of 16,676,300 shares during the reporting period[177] - The company reported a total of 33,662 common shareholders at the end of the reporting period[177] - The shareholding structure indicates that 90,689,655 shares were released from limited sale conditions, impacting the liquidity of the stock[173] Corporate Governance - The company has established a comprehensive corporate governance structure and internal control system to protect the rights of shareholders and creditors, ensuring timely and accurate information disclosure[145] - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[113] - The company has no significant penalties or rectification measures during the reporting period[123] - The company has not engaged in any share buyback activities during the reporting period[173] Strategic Partnerships - The company signed a five-year procurement agreement with the world's largest animal health company, Merck, for chlortetracycline products[47] - The company has made significant progress in product registration and sales in overseas markets, including the United States, Brazil, and several Southeast Asian countries[50] - The company has received FDA approval for several product applications, including the combination use of Deracin and Tiamulin in the U.S. market[48] Challenges and Risks - The company faces risks from rising raw material prices, particularly corn, which significantly impacts product costs[97] - The company is under pressure from the ongoing African swine fever epidemic, which may affect the demand for its animal health products[99]

Financial Performance - Operating revenue for the reporting period was ¥414,928,220.67, reflecting a year-on-year growth of 1.83%[7] - Net profit attributable to shareholders was ¥38,219,853.21, a decrease of 12.59% compared to the same period last year[7] - Basic earnings per share decreased by 14.29% to ¥0.06[7] - The weighted average return on equity was 2.32%, down 13.75% year-on-year[7] - The company reported a net profit attributable to shareholders after deducting non-recurring gains and losses of ¥36,600,347.90, a decrease of 13.88%[7] - The company reported a significant increase in tax refunds received, amounting to ¥19,623,693.82, an increase of 348.83%[19] - The company’s cash dividends and interest payments increased by ¥159,940,240.91, a rise of 257.16%, due to higher cash dividends distributed to shareholders[20] - The company reported a net profit margin improvement, with net profit for the period not explicitly stated but inferred from revenue growth and cost management strategies[48] Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,347,223,843.30, an increase of 0.36% compared to the previous year[7] - The company's current assets decreased to 1,243,519,139.71 yuan from 1,315,694,940.70 yuan at the end of 2018, reflecting a decline of approximately 5.5%[38] - The company's non-current assets totaled 2,103,704,703.59 yuan, compared to 2,019,659,162.42 yuan at the end of 2018, showing an increase of about 4.2%[39] - Total liabilities of the company reached CNY 947,170,292.39, compared to CNY 854,990,788.11 in the previous year, indicating a rise of 10.76%[46] - The total non-current liabilities decreased to CNY 420,559,900.64 from CNY 453,074,492.14, reflecting a reduction of 7.15%[46] - Total liabilities reached CNY 1,555,962,970.72, with current liabilities at CNY 1,102,888,478.58 and non-current liabilities at CNY 453,074,492.14[74] Shareholder Information - The total number of shareholders at the end of the reporting period was 35,282[11] - The largest shareholder, Inner Mongolia Jinhai Construction Installation Co., Ltd., held 38.05% of the shares[11] - The company’s controlling shareholder plans to reduce its shareholding, as notified on August 19, 2019[24] - The major shareholder, Shangyin Fund, plans to continue reducing its stake by up to 12,705,793 shares, representing no more than 2% of the total share capital[27] Cash Flow - Net cash flow from operating activities increased significantly by 316.67% to ¥94,577,459.04[7] - Net cash flow from operating activities increased by ¥150,550,334.47, an increase of 191.64%, driven by sales revenue growth and effective collection of receivables[19] - The company reported a cash inflow from operating activities of CNY 1.29 billion, compared to CNY 1.05 billion in the previous period[63] - The net cash flow from operating activities for Q3 2019 was CNY 229,109,227.22, a significant increase from CNY 78,558,892.75 in Q3 2018, representing a growth of approximately 191.5%[64] - Total cash inflow from operating activities reached CNY 1,342,617,565.51, compared to CNY 1,103,997,758.39 in the previous year, indicating an increase of about 21.7%[64] Research and Development - Research and development expenses increased by ¥19,126,494.68, a rise of 76.09%, as the company enhanced R&D investments across its business segments[17] - Research and development expenses increased significantly to CNY 13,432,935.06, compared to CNY 4,953,323.06 in Q3 2018, marking a growth of 171.36%[48] - The company plans to continue investing in R&D to enhance product offerings and market competitiveness[48] Financial Management - Financial expenses increased by ¥17,180,896.09, a surge of 207.10%, due to a higher average amount of bank loans and corresponding interest expenses[17] - The financial expenses for the third quarter were reported as -¥13,621,506.42, a decrease from -¥17,743,230.12 in the previous year[52] - The company recorded a credit impairment loss of -¥485,467.66 during the quarter[52] - The total assets impairment loss was -¥332,787.00, contributing to the overall financial performance[52] Investment Activities - The company plans to increase capital in its subsidiary, Jinhe Youben, raising its registered capital from ¥10 million to ¥50 million[25] - The company has increased its investment in its subsidiary, Hangzhou Youben Animal Vaccine Co., Ltd., raising its registered capital from 77.92 million yuan to 200 million yuan[29] Inventory and Receivables - Accounts receivable decreased by ¥53,812,189.51, a reduction of 51.16%, mainly due to a decrease in payments settled by acceptance bills[15] - The company's inventory rose to 391,554,980.87 yuan, up from 366,049,329.28 yuan, marking an increase of approximately 7%[38] - The company reported a decrease in accounts receivable from 300,373,769.73 yuan to 277,023,249.78 yuan, a decline of approximately 7.7%[38]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 833,702,310.89, representing an increase of 18.50% compared to CNY 703,552,615.17 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was CNY 105,038,435.48, up 23.31% from CNY 85,178,965.69 year-on-year[16]. - The net profit after deducting non-recurring gains and losses was CNY 99,430,945.90, reflecting a growth of 28.24% compared to CNY 77,532,391.89 in the previous year[16]. - Basic earnings per share rose to CNY 0.17, a 30.77% increase from CNY 0.13 in the previous year[16]. - Operating profit reached 130.74 million CNY, reflecting a year-on-year increase of 29.04%[34]. - The company's overall operating income was CNY 833.702 million, reflecting an 18.50% increase compared to the previous year[42]. - The total comprehensive income for the first half of 2019 was CNY 132,022,296.17, compared to CNY 82,211,544.29 in the first half of 2018, indicating a growth of 60.8%[153]. - The total revenue for the first half of 2019 was 1,677 million yuan, representing a decrease of 53.78% compared to the previous period[163]. Cash Flow and Financial Position - The net cash flow from operating activities increased significantly by 140.83%, reaching CNY 134,531,768.18, compared to CNY 55,860,584.37 in the same period last year[16]. - Cash and cash equivalents at the end of the reporting period were ¥416,498,603.90, up from ¥308,612,288.05, reflecting a 2.33% increase in total assets[51]. - The company reported a net cash outflow from financing activities of CNY 146.345 million, a decrease of 424.60% year-on-year, largely due to increased cash dividends paid to shareholders[43]. - The cash flow from financing activities showed a net outflow of -CNY 146,345,025.69, compared to -CNY 27,896,354.60 in the previous year, indicating a decline in financing efficiency[157]. - The cash balance at the end of the reporting period was RMB 416,498,603.98, down from RMB 491,811,925.20, a decrease of about 15.2%[136]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,338,610,237.31, a slight increase of 0.10% from CNY 3,335,354,103.12 at the end of the previous year[16]. - Total liabilities increased to CNY 1.62 billion as of June 30, 2019, compared to CNY 1.56 billion at the end of 2018[144]. - Short-term borrowings rose to ¥987,315,039.40, representing 29.57% of total liabilities, an increase of 7.65% compared to the previous year[52]. - The company's total assets at the end of the reporting period amounted to 5,230.1 million CNY, with a total equity of 1,728.3 million CNY[169]. Revenue Sources - Revenue from animal feed additives was ¥505,661,565.14, accounting for 60.65% of total revenue, with a year-on-year growth of 15.88%[44]. - Sales revenue from feed additives amounted to 505.66 million CNY, representing a growth of 15.88% year-on-year[34]. - The veterinary vaccine business generated sales revenue of CNY 35.135 million, a decrease of CNY 29.648 million or 45.77% year-on-year, primarily due to reduced demand from the African swine fever epidemic[35]. - The agricultural product processing business reported revenue of CNY 216.6598 million, an increase of CNY 58.0994 million or 36.64% year-on-year, driven by expanded downstream market demand[35]. Research and Development - Research and development investment increased by 22.23% year-on-year, totaling CNY 40.6407 million, reflecting the company's commitment to innovation[42]. - Research and development expenses for the first half of 2019 were CNY 30.83 million, a significant increase of 52.5% from CNY 20.18 million in the first half of 2018[146]. - The R&D expenses for the first half of 2019 were 1,599.3 million CNY, which is 4.96% of total revenue, highlighting the company's commitment to innovation[171]. Market and Strategic Focus - The company is focusing on adjusting its product structure and expanding into overseas markets in response to the ongoing impact of African swine fever[26]. - The company plans to continue expanding its wastewater treatment operations and enhance its product offerings in the animal health sector[46]. - The company plans to focus on expanding its market presence and enhancing product development in the upcoming quarters[163]. - The company has initiated new strategies for technological advancements and product innovation to drive future growth[163]. Risks and Challenges - The company has outlined potential risks and countermeasures in its report, emphasizing the importance of investor awareness regarding these risks[4]. - The ongoing African swine fever epidemic has led to a significant decrease in the breeding stock of pigs, adversely affecting the demand for the company's vaccine products[65]. - The company faces risks from policy changes regarding feed additives, which may impact product sales due to regulatory shifts[65]. - The company is taking measures to mitigate the impact of rising raw material prices, particularly corn, which constitutes a significant portion of product costs[65]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company held its first extraordinary shareholders' meeting in 2019 with a participation rate of 39.86% on January 14, 2019[68]. - The total number of ordinary shareholders at the end of the reporting period was 33,319, with the largest shareholder holding 38.05% of the shares[120]. Environmental and Social Responsibility - The company invested 2.5 million yuan in poverty alleviation efforts, focusing on industrial development and employment transfer in partnership with local villages[103]. - The company has received multiple environmental impact assessment approvals and permits for its construction projects, ensuring compliance with environmental regulations[97]. - The company has been awarded the "Demonstration Base for Third-Party Environmental Pollution Governance" by local environmental protection authorities[100].

Financial Performance - Revenue for Q1 2019 was CNY 384,630,239.08, representing a 13.95% increase compared to CNY 337,548,703.22 in the same period last year[7] - Net profit attributable to shareholders was CNY 37,734,004.99, up 22.44% from CNY 30,819,150.40 year-over-year[7] - Net profit excluding non-recurring items reached CNY 35,778,746.87, a significant increase of 43.52% compared to CNY 24,930,082.05 in the previous year[7] - Basic earnings per share increased by 20.00% to CNY 0.06 from CNY 0.05 in the same quarter last year[7] - The company reported a total comprehensive income of CNY 34,066,575.69 for Q1 2019, compared to CNY 30,469,344.37 in the same quarter last year[42] - The company's operating profit for Q1 2019 was approximately ¥58.11 million, compared to ¥21.44 million in the same period last year, representing an increase of 171.5%[45] - The net profit for Q1 2019 reached approximately ¥49.33 million, up from ¥18.18 million in Q1 2018, marking a growth of 171.5%[46] - Basic and diluted earnings per share for Q1 2019 were both ¥0.08, compared to ¥0.03 in the same period last year, indicating an increase of 166.7%[46] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,446,045,189.92, reflecting a 3.32% increase from CNY 3,335,354,103.12 at the end of the previous year[7] - Total current assets increased to ¥1,425,674,790.19 as of March 31, 2019, up from ¥1,315,694,940.70 at the end of 2018, representing a growth of approximately 8.5%[31] - Total liabilities increased to ¥1,631,237,826.77 from ¥1,555,962,970.72, representing a growth of approximately 4.8%[32] - The total liabilities as of Q1 2019 amounted to CNY 968,678,901.22, compared to CNY 854,990,788.11 in the same period last year, reflecting a growth of 13.27%[38] - The company's equity attributable to shareholders increased to ¥1,714,678,437.43 from ¥1,677,942,572.62, reflecting a growth of approximately 2.2%[33] Cash Flow - The net cash flow from operating activities decreased by 65.02% to CNY 3,731,560.95 from CNY 10,666,985.40 in the same period last year[7] - The total cash inflow from operating activities was approximately ¥376.07 million, compared to ¥361.41 million in the previous year, indicating a year-over-year increase of 4.6%[49] - The net cash flow from operating activities was approximately ¥3.73 million, down from ¥10.67 million in the same period last year, reflecting a decrease of 65.0%[49] - The company reported cash inflow from financing activities of approximately ¥380.00 million, an increase from ¥327.43 million in the previous year, representing a growth of 16.0%[50] - The net cash flow from financing activities improved to CNY 118,356,326.55, compared to a negative cash flow of CNY 23,172,630.52 in Q1 2018[54] Expenses and Investments - Research and development expenses increased by 9,748,650.90 yuan, an increase of 102.76%, primarily due to increased investment in R&D across various business segments to enhance market competitiveness[15] - Total operating costs for Q1 2019 were CNY 340,359,134.17, up 11.43% from CNY 305,421,167.03 in Q1 2018[39] - Cash outflow for purchasing goods and services was CNY 122,192,716.84, significantly higher than CNY 60,766,059.88 in Q1 2018, indicating increased operational costs[53] - Cash outflow for employee payments was CNY 36,651,823.74, compared to CNY 30,871,566.23 in the previous year, reflecting a 18.7% increase[53] - The company reported a cash outflow from investing activities of approximately ¥29.81 million, compared to ¥36.63 million in the previous year, indicating a decrease of 18.8%[50] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,666[10] - The largest shareholder, Inner Mongolia Jinhai Construction Installation Co., Ltd., held 38.05% of the shares, amounting to 241,758,670 shares[10] - The company’s non-public issuance of 90,689,655 shares, accounting for 14.2753% of the total share capital, was released for trading on February 11, 2019[20]

Financial Performance - In 2018, the company's operating revenue reached ¥1,628,890,098.36, an increase of 11.73% compared to ¥1,457,826,359.89 in 2017[14] - The net profit attributable to shareholders was ¥163,628,881.41, representing a significant growth of 50.92% from ¥108,423,892.06 in the previous year[14] - The net profit after deducting non-recurring gains and losses was ¥152,255,616.24, up 60.15% from ¥95,070,633.81 in 2017[14] - The net cash flow from operating activities surged by 329.95% to ¥117,174,643.71, compared to ¥27,253,028.88 in 2017[14] - Basic earnings per share increased by 52.94% to ¥0.26, up from ¥0.17 in the previous year[14] - Total assets at the end of 2018 amounted to ¥3,335,354,103.12, a 12.68% increase from ¥2,959,911,864.10 at the end of 2017[14] - The net assets attributable to shareholders rose by 9.92% to ¥1,677,942,572.62, compared to ¥1,526,518,658.25 in 2017[14] Business Expansion and Operations - The company expanded its business scope in 2018 to include the production of calcium premix for oxytetracycline and mixed feed additives[13] - The main business areas include veterinary feed additives, veterinary vaccines, and industrial wastewater treatment, with no significant changes reported during the reporting period[23] - The company operates under a third-party governance model for industrial wastewater treatment, which is expected to enhance treatment efficiency and reduce costs[25] - The company has established a diversified industrial layout in animal health, including feed additives, veterinary vaccines, and veterinary chemical drugs[39] Revenue Breakdown - The feed additive business achieved revenue of CNY 1,042.13 million, a year-on-year increase of 6.45%[40] - The veterinary biological products segment generated revenue of CNY 123.61 million, up 31.15% from the previous year, with a gross margin increase of 13.98%[43] - The wastewater treatment business recorded revenue of CNY 101.80 million, reflecting a 19% year-on-year growth[46] - The starch and related products segment achieved revenue of CNY 331.75 million, a 14.83% increase compared to the previous year[47] - Domestic sales accounted for 63.73% of total revenue, while international sales made up 36.27%[49] Cost and Expenses - The total cost of raw materials for animal feed additives in 2018 was ¥299,706,207.06, accounting for 53.19% of the operating costs, a decrease of 0.84% compared to 2017[57] - The labor cost for animal feed additives increased to ¥71,165,654.12, representing 12.63% of operating costs, up by 0.20% year-on-year[57] - Sales expenses increased by 16.12% to ¥131,786,770.97 due to increased sales personnel compensation and market development costs[64] - Management expenses rose by 13.54% to ¥203,896,040.99, driven by performance increases and regulatory registration costs[64] - R&D expenses increased by 20.84% to ¥40,512,065.45, reflecting the company's commitment to enhancing market competitiveness[64] Shareholder and Dividend Information - The company plans to distribute a cash dividend of ¥2.50 per 10 shares, based on a total share capital of 635,289,655 shares as of December 31, 2018[4] - The cash dividend per 10 shares is CNY 2.50, with a total of 635,289,655 shares as the base for distribution[99] - The total distributable profit for the year was CNY 453,604,715.67, with the cash dividend accounting for 100% of the profit distribution[99] Environmental and Social Responsibility - The company has received recognition for its environmental protection efforts, including being awarded as a "Demonstration Base for Third-Party Pollution Control" by local environmental authorities[133] - The company actively participates in social welfare initiatives, including poverty alleviation and support for underprivileged students and employees[134] - The company adheres to pollution discharge standards, with no reported exceedances in emissions for key pollutants[138] Governance and Compliance - The company has established a comprehensive corporate governance structure and internal control system to protect the rights of shareholders and creditors, ensuring timely and accurate information disclosure[131] - The audit firm, Ruihua Certified Public Accountants, has been engaged for 10 consecutive years, with an audit fee of 1.3 million yuan[108] - There were no significant accounting errors requiring restatement during the reporting period[106] Future Outlook and Strategy - Future outlook indicates a projected revenue growth of 15% for 2019, driven by new product launches and market expansion strategies[173] - The company is considering strategic acquisitions to enhance its product portfolio and increase operational efficiency[176] - The management team has a strong background in the industry, with an average of over 15 years of experience among senior executives[175]