编号：2021-001 证券代码：002695 证券简称：煌上煌 江西煌上煌集团食品股份有限公司 投资者关系活动记录表 | --- | --- | --- | |-------------------------|------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | 投资者关系活 | □媒体采访 □业绩说明会 | | | 动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | √其他 （电话会议调研） | | 参与单位名称 及人员姓名 | | 由国泰君安、信达证券、长城 ...

证券代码：002695 证券简称：煌上煌 江西煌上煌集团食品股份有限公司 投资者关系活动记录表 编号：2022-001 | --- | --- | --- | |-------------------------|---------------------------------------------------------------|-------------------------------------------------------------------------------------------------------------| | | □特定对象调研 □分析师会议 | | | 投资者关系活 | □媒体采访 √业绩说明会 | | | 动类别 | □新闻发布会 | □路演活动 | | | □现场参观 | □其他 | | 参与单位名称 及人员姓名 | 通过全景网"投资者关系互动平台"（ 与本次年度业绩说明会的投资者 | http://rs.p5w.net | | 时间 | 2022 年 5 月 18 日 | 15:00-17:00 | | 地点 | 全景网"投资者关系互动平台"（ | ...

Financial Performance - The company's revenue for Q3 2022 was ¥435,737,371.68, a decrease of 17.23% compared to the same period last year[4]. - The net profit attributable to shareholders was ¥4,571,295.64, down 86.40% year-on-year, while the net profit after deducting non-recurring gains and losses was ¥730,125.43, a decline of 97.28%[4]. - Total operating revenue for the current period was ¥1,617,723,296.96, a decrease of 16.3% from ¥1,933,342,435.02 in the previous period[17]. - Operating profit for the current period was ¥102,871,255.69, a decline of 54.8% compared to ¥227,331,958.60 in the previous period[17]. - Net profit for the current period was ¥81,486,917.19, down 57.0% from ¥189,026,268.73 in the previous period[18]. - Basic earnings per share decreased to ¥0.16 from ¥0.36, reflecting a 55.6% decline[18]. - The company experienced a 56.89% decline in net profit for the first three quarters, primarily due to the impact of the pandemic and rising costs of raw materials and labor[9]. - The company reported a decrease in sales revenue from customers, totaling ¥1,591,554,058.30, down 25.4% from ¥2,133,393,818.91 in the previous period[19]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,091,353,003.44, representing a 2.34% increase from the end of the previous year[4]. - As of September 30, 2022, the total assets of Jiangxi Huangshanghuang Group Food Co., Ltd. amounted to CNY 3,091,353,003.44, an increase from CNY 3,020,703,366.58 at the beginning of the year[14]. - The company's current assets decreased slightly to CNY 1,878,471,452.97 from CNY 1,886,995,673.75 at the beginning of the year, with cash and cash equivalents increasing to CNY 970,694,485.92[14]. - Inventory levels significantly decreased to CNY 467,705,331.91 from CNY 736,875,796.30, indicating a reduction of approximately 36.5%[14]. - Total liabilities increased to CNY 665,818,351.73 from CNY 644,218,974.25, reflecting a rise of about 3.5%[15]. - The company's equity attributable to shareholders rose to CNY 2,378,229,212.28 from CNY 2,327,888,465.00, marking an increase of approximately 2.2%[15]. - The company reported a short-term loan of CNY 130,500,000.00, up from CNY 113,152,945.84, representing an increase of about 15.3%[15]. Cash Flow - The cash flow from operating activities for the first nine months was ¥387,945,993.36, a decrease of 10.27% compared to the same period last year[4]. - Cash flow from operating activities was ¥387,945,993.36, a decrease of 10.3% from ¥432,353,548.29 in the previous period[19]. - The company reported a 90.90% increase in cash flow from investment activities, mainly due to increased purchases of financial products and project investments[9]. - Investment activities resulted in a net cash outflow of ¥202,370,866.33, worsening from a net outflow of ¥106,007,039.50 in the previous period[19]. - Financing activities generated a net cash outflow of ¥17,808,489.69, compared to a larger outflow of ¥313,001,704.51 in the previous period[20]. - The company’s cash and cash equivalents increased by approximately 21% compared to the beginning of the year, indicating improved liquidity[14]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 47,458[10]. - The largest shareholder, Jiangxi Huangshanghuang Group Co., Ltd., holds 38.64% of the shares[10]. - The number of shares held by the top ten unrestricted shareholders includes Huangshanghuang Group Co., Ltd. with 197,952,000 shares, accounting for a significant portion of the total shares[11]. Operational Developments - The company completed the construction and commenced production of a project with an annual capacity of 6,000 tons of meat products at its wholly-owned subsidiary, Shaanxi Huangshanghuang Food Co., Ltd.[12].

Financial Performance - The company's operating revenue for the first half of 2022 was ¥1,181,985,925.28, a decrease of 15.98% compared to ¥1,406,869,313.46 in the same period last year[22]. - The net profit attributable to shareholders was ¥79,915,466.52, down 46.70% from ¥149,929,028.74 year-on-year[22]. - The net profit after deducting non-recurring gains and losses was ¥69,208,545.82, a decline of 49.81% compared to ¥137,883,599.49 in the previous year[22]. - The basic earnings per share decreased by 46.58% to ¥0.156 from ¥0.292 in the same period last year[22]. - The net cash flow from operating activities increased by 4.46% to ¥283,367,018.51, compared to ¥271,270,041.09 in the previous year[22]. - Total assets at the end of the reporting period were ¥3,119,599,592.62, reflecting a 3.27% increase from ¥3,020,703,366.58 at the end of the previous year[22]. - The net assets attributable to shareholders increased by 2.12% to ¥2,377,308,816.64 from ¥2,327,888,465.00 at the end of the previous year[22]. - The weighted average return on equity was 3.38%, down from 6.03% in the previous year, a decrease of 2.65%[22]. Market Trends and Consumer Behavior - The company reported a year-on-year GDP growth of 2.5% in the first half of 2022, indicating a stabilization in the national economy amidst global uncertainties[30]. - The traditional marinated products market is experiencing growth alongside new consumer brands, driven by product innovation and consumer experience[30]. - The rise of online channels such as e-commerce and live-streaming has created new opportunities for the company to attract younger consumers[31]. - The company emphasizes the importance of quality and experience in consumer preferences, with a shift towards premium and experiential dining[31]. - The company is adapting to changing consumer habits, with an increased focus on home dining experiences and nutritional value[31]. - The company is positioned to benefit from the growing trend of brand consolidation in the marinated products industry[30]. Product Development and Innovation - The company has developed over 200 types of products, including quick-consumption meat products, side dishes, and rice products, focusing on convenience and nutritional safety[32]. - The company has focused on new product development, particularly promoting its hand-pulled duck products to enhance brand recognition[70]. - The company has invested over ¥20 million to establish a food quality safety inspection and research engineering technology center, enhancing its ability to conduct over 60 quality inspections[72]. Operational Challenges - The revenue from the sauce and marinated meat products segment decreased by 16.28% year-on-year[42]. - The rice products business saw a revenue decline of 19.58% year-on-year due to pandemic-related impacts[42]. - The company faced increased costs in raw materials and packaging, leading to compressed profit margins[43]. - The pandemic has led to a decrease in foot traffic and store closures, affecting overall sales performance[42]. Strategic Initiatives - The company plans to establish production bases in Hainan, Shandong, and the Beijing-Tianjin-Hebei region to enhance its national sales network[49]. - The company is focusing on expanding its market presence beyond Jiangxi, particularly in the leisure food segment outside the province[32]. - The company aims to collaborate with new consumer brands to attract younger demographics and enhance brand visibility[45]. Environmental Compliance and Sustainability - The company has implemented a strict food safety control system, certified by ISO22000 and HACCP, to mitigate risks associated with food safety[117]. - The company’s wastewater treatment facilities are reported to be operating stably, with no exceedances reported in the first half of 2022[134]. - The company complies with the Environmental Protection Law and other relevant regulations during its daily operations[133]. Shareholder Relations and Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares[5]. - The company has repurchased and canceled 126,180 restricted shares due to performance criteria not being met[127]. - The company has a 64.90% investor participation rate in the 2021 annual general meeting held on May 20, 2022[124]. Future Outlook - Future outlook indicates a commitment to innovation and development of new products to meet market demands[158]. - The company plans to explore potential acquisitions to strengthen its market position and diversify its portfolio[158]. - The company aims to improve operational efficiency and reduce costs through enhanced management practices[158].

Financial Performance - The company's operating revenue for 2021 was ¥2,338,738,028.36, a decrease of 4.01% compared to ¥2,436,379,031.28 in 2020[19]. - The net profit attributable to shareholders for 2021 was ¥144,579,707.26, down 48.76% from ¥282,172,604.89 in 2020[19]. - The net profit after deducting non-recurring gains and losses was ¥117,450,291.65, a decline of 53.91% compared to ¥254,802,957.37 in 2020[19]. - Basic earnings per share for 2021 were ¥0.282, a decrease of 48.73% from ¥0.550 in 2020[19]. - The weighted average return on net assets for 2021 was 5.65%, down from 12.48% in 2020[19]. - The company's total revenue for the four quarters was approximately CNY 2.34 billion, with the highest revenue in Q2 at CNY 866.21 million and the lowest in Q4 at CNY 339.89 million[23]. - The net profit attributable to shareholders for the year was CNY 144.58 million, with a significant loss of CNY 40.97 million in Q4[23]. - The company's revenue from fresh products was 1.705 billion yuan, accounting for 72.88% of total revenue, with a year-on-year decline of 7.17%[81]. - The company's revenue for the food processing segment reached ¥2,249,634,078.32, a decrease of 5.35% compared to the previous year, with a gross margin of 32.71%[85]. - The company reported a total revenue of 63,967,050 in the fiscal year 2021, with a significant increase compared to the previous year[169]. Cash Flow and Investments - The net cash flow from operating activities increased by 151.73% to ¥315,469,236.50 from ¥125,319,174.32 in 2020[19]. - The total cash inflow from operating activities was ¥2,570,102,674.11, down 9.82% from ¥2,849,865,199.39 in the previous year[98]. - The company achieved a net cash flow from investment activities of -¥198,806,053.84, a decline of 54.56% from -¥128,626,481.96 in 2020[99]. - The net cash flow from financing activities decreased by 448.32% to -¥298,767,898.69, compared to -¥54,487,380.38 in the previous year[99]. - The cash and cash equivalents net increase was -¥182,104,716.03, a significant decline of 215.09% from -¥57,794,688.02 in 2020[98]. - As of the end of 2021, cash and cash equivalents amounted to ¥802,927,848.58, representing 26.58% of total assets, a decrease of 5.96% from the beginning of the year due to share repurchases for employee stock ownership plans and investments in infrastructure in Shaanxi and Chongqing[103]. Market and Industry Trends - The market size of the marinated food industry in China exceeded CNY 300 billion in 2021, with a growth rate of over 10% in the leisure marinated products segment[30]. - The industry is expected to maintain a growth rate of 10%-15% due to consumption upgrades and supply-side reforms[30]. - The company operates over 200 product varieties, focusing on convenience and safety, with a product mix that includes marinated meat, cold dishes, and rice products[34]. - The market for marinated products in China is still growing, with the top five companies holding only 19.23% of the market share, indicating potential for further market concentration[42]. Business Strategy and Expansion - The company plans to enhance its store image to appeal to modern young consumers, with new store designs being launched in major cities[46]. - The company is expanding its offline sales network and exploring new online channels, including e-commerce and live streaming[31]. - The company plans to open 1,059 new stores, including 86 direct-operated stores, focusing on expanding into new markets in provinces such as Guangdong, Yunnan, Guizhou, Sichuan, Shaanxi, and Jiangsu-Zhejiang-Shanghai[51]. - The company aims to enhance market presence by focusing on key urban clusters such as Beijing-Tianjin-Hebei, Yangtze River Delta, and Guangdong-Hong Kong-Macau Greater Bay Area[76]. - The company is focusing on expanding its national marketing network, particularly in key urban clusters such as Beijing-Tianjin-Hebei and the Yangtze River Delta[146]. Product Development and Innovation - The company launched several new products, including spicy boneless duck feet and lemon chicken feet, to cater to diverse consumer needs[77]. - The company has developed over 200 SKUs across three product series, focusing on product innovation and quality assurance in new product launches[71]. - The company is investing 100 million RMB in R&D for new technologies in food preservation and packaging[179]. - The company is committed to enhancing its marketing network and information technology infrastructure to support its growth strategy[138]. Quality and Safety Management - The company has established a robust food safety management system, having obtained ISO22000 and HACCP certifications[150]. - The company has implemented a comprehensive quality management system, achieving certifications such as HACCP and ISO22000, ensuring high standards in food safety[73]. - The company has established a rapid identification technology for hazard factors in duck meat products, enhancing quality control measures[97]. Governance and Compliance - The company maintains independence from its controlling shareholders in terms of assets, operations, and financial management, adhering to regulatory requirements[163]. - The company has established a transparent performance evaluation and incentive mechanism for its directors and senior management, ensuring compliance with legal regulations[160]. - The board of directors consists of 9 members, including 3 independent directors, ensuring compliance with relevant laws and regulations[160]. - The company has a complete organizational structure with independent procurement, research and development, and sales systems[164]. Employee and Labor Management - The company reported a total of 2,279 employees, with 1,004 in the parent company and 1,275 in major subsidiaries[191]. - The employee composition includes 790 production personnel, 999 sales personnel, and 104 technical personnel[192]. - The company has implemented a salary adjustment policy based on national labor regulations and market trends[193]. - The company conducted 230 training sessions with a total participation of 85,091 people, including 1,553 hours of offline classes and 29,800 hours of online classes[194]. Financial Management and Shareholder Returns - The total cash dividend amount (including other methods) was 280,494,395.24 CNY, representing 100% of the total profit distribution[197]. - The proposed cash dividend for 2021 is CNY 0.60 per 10 shares, totaling CNY 30,522,372.24, which represents 27.77% of the distributable profit of CNY 109,902,421.00 for the year[200]. - The remaining undistributed profit of CNY 946,731,120.95 will be carried forward to the next year for distribution[200].

Financial Performance - The company's revenue for Q1 2022 was ¥541,807,466.47, a decrease of 10.62% compared to ¥606,168,870.85 in the same period last year[3] - Net profit attributable to shareholders was ¥36,585,064.02, down 45.57% from ¥67,210,300.17 year-on-year[3] - The basic earnings per share decreased by 45.80% to ¥0.071 from ¥0.131 in the same period last year[3] - Net profit for the current period was ¥34,886,474.77, down 47.0% from ¥65,889,580.33 in the previous period[23] - Operating profit decreased to ¥43,859,859.14 from ¥79,071,074.15, a decline of 44.7%[23] - Total operating revenue for the current period was ¥541,807,466.47, a decrease of 10.6% compared to ¥606,168,870.85 in the previous period[22] - Total operating costs decreased to ¥506,841,174.50 from ¥532,477,094.85, reflecting a reduction of 4.8%[22] - Basic and diluted earnings per share decreased to ¥0.071 from ¥0.131, a drop of 45.8%[24] Cash Flow and Investments - The net cash flow from operating activities increased by 130.22% to ¥144,188,869.68, compared to ¥62,631,393.89 in the previous year[11] - Cash flow from operating activities generated a net amount of ¥144,188,869.68, significantly up from ¥62,631,393.89 in the previous period[26] - The company reported a net cash outflow from investing activities of ¥125,677,028.10, compared to a net inflow of ¥25,000,618.53 in the previous period[26] - Investment activities generated a net cash outflow of ¥125,677,028.10, a decrease of 602.70% compared to the previous year[12] - The company incurred sales expenses of ¥82,479,813.29, down 25.0% from ¥109,700,505.31 in the previous period[22] - The company’s investment income increased to ¥965,074.43 from ¥843,164.78, reflecting a growth of 14.5%[25] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,060,032,081.12, reflecting a 1.30% increase from ¥3,020,703,366.58 at the end of the previous year[3] - The total liabilities of the company were RMB 647,557,485.84, slightly up from RMB 644,218,974.25, showing a marginal increase of 0.5%[20] - The company's equity attributable to shareholders increased to RMB 2,364,473,529.02 from RMB 2,327,888,465.00, representing a growth of approximately 1.6%[21] - The total non-current assets amounted to RMB 1,163,599,359.13, up from RMB 1,133,707,692.83, showing an increase of approximately 2.6%[19] - The company's accounts receivable increased to RMB 134,340,956.99 from RMB 109,067,765.60, indicating a growth of about 23.2%[19] - The company's cash and cash equivalents amounted to RMB 837,651,186.02, up from RMB 802,927,848.58 at the beginning of the year, reflecting a growth of approximately 4.1%[19] - Inventory decreased to RMB 626,276,778.55 from RMB 736,875,796.30, indicating a reduction of about 15%[19] - The company has seen a 40.77% increase in other current assets due to the addition of financial products worth ¥80 million[9] Future Plans and Approvals - The board approved an investment of up to RMB 30 million for financial management using idle funds[16] - The company plans to use over-raised funds to increase capital for its wholly-owned subsidiary, Zhejiang Huangshanghuang Food Co., Ltd., for a new project with an annual production capacity of 8,000 tons of sauce and marinated food[16] - Short-term borrowings rose to RMB 130,500,000.00 from RMB 113,152,945.84, reflecting an increase of approximately 15.3%[20]

Financial Performance - The company's revenue for Q3 2021 was ¥526,473,121.56, a decrease of 7.59% compared to the same period last year[3]. - Net profit attributable to shareholders was ¥33,609,059.10, down 55.61% year-on-year, while net profit after deducting non-recurring gains and losses was ¥26,862,444.00, a decline of 60.75%[3]. - The basic earnings per share for the period was ¥0.07, representing a decrease of 53.33% compared to the previous year[3]. - The company's revenue for the year-to-date was ¥1,933,342,435.02, a slight decrease of 0.05% year-on-year, with the meat processing segment down 1.65%[9]. - Total operating revenue for the current period is ¥1,933,342,435.02, slightly down from ¥1,934,367,075.02 in the previous period, representing a decrease of approximately 0.05%[20]. - Net profit for the current period is ¥189,026,268.73, down from ¥236,543,706.65, indicating a decrease of approximately 20%[21]. - Earnings per share (EPS) for the current period is ¥0.36, compared to ¥0.45 in the previous period, reflecting a decline of 20%[22]. Assets and Liabilities - The company's total assets at the end of the reporting period were ¥2,368,433,780.97, down 2.27% from the end of the previous year[4]. - Total assets as of September 30, 2021, are ¥2,975,991,386.74, down from ¥3,026,744,153.59 at the end of 2020[17]. - The company’s total liabilities decreased to ¥348,864,061.30 from ¥407,309,869.07, reflecting a reduction of about 14%[17]. - The total liabilities amount to ¥553,707,338.04, a slight decrease from ¥555,013,014.09 in the previous period[21]. - Total liabilities amounted to CNY 1,200,000,000.00, indicating a significant leverage position[28]. - The company’s total current liabilities were CNY 407,309,869.07[29]. Cash Flow - Cash flow from operating activities for the year-to-date increased by 70.05%, amounting to ¥432,353,548.29[3]. - The net cash flow from operating activities for Q3 2021 was CNY 432,353,548.29, an increase from CNY 254,255,680.87 in Q3 2020, representing a growth of approximately 70%[24]. - Total cash inflow from operating activities was CNY 2,251,429,061.11, while cash outflow was CNY 1,819,075,512.82, resulting in a net cash inflow of CNY 432,353,548.29[24]. - Cash flow from investing activities showed a net outflow of CNY 106,007,039.50, compared to a net outflow of CNY 77,919,160.77 in the same period last year[24]. - Cash inflow from financing activities was CNY 131,000,000.00, while cash outflow totaled CNY 444,001,704.51, leading to a net cash outflow of CNY 313,001,704.51[25]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 48,299[11]. - The largest shareholder, Huang Shang Huang Group Co., Ltd., holds 38.60% of shares, totaling 197,952,000 shares[11]. - The company repurchased 7,164,000 shares, representing 0.73% of the total share capital[12]. Operational Changes and Investments - The company plans to continue its "531" medium to long-term plan and accelerate the implementation of its "thousand cities, ten thousand stores" development goals[9]. - The company is investing in new production bases in Shaanxi and Chongqing, focusing on digital transformation and strategic procurement of raw materials[9]. - The company is focusing on expanding its market presence and enhancing its product offerings through strategic investments and R&D initiatives[26]. Expense Management - The company reported a significant increase in financial expenses by 125.7% year-on-year, primarily due to reduced interest income from idle bank deposits[8]. - The company experienced a 28.53% increase in sales expenses, attributed to ongoing investments in labor costs, store rental fees, and marketing support[9]. - Total operating costs increased to ¥1,731,615,173.08 from ¥1,676,047,810.50, marking an increase of about 3.3%[20]. - Research and development expenses decreased to ¥51,093,957.37 from ¥59,465,607.67, a reduction of about 14%[21]. - Sales expenses increased to ¥272,969,034.53 from ¥265,187,310.56, an increase of approximately 2.9%[21]. Equity and Ownership - The total equity attributable to shareholders of the parent company is ¥2,368,433,780.97, down from ¥2,423,369,052.66, a decrease of about 2.3%[21]. - Total equity reached CNY 2,471,731,139.50, including minority interests of CNY 48,362,086.84[30]. - The total equity attributable to the parent company was CNY 2,423,369,052.66[29]. Miscellaneous - The company has implemented a revised employee stock ownership plan approved in August 2021[13]. - The third quarter report was not audited[31].

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,406,869,313.46, representing a 3.09% increase compared to CNY 1,364,636,086.06 in the same period last year[20]. - The net profit attributable to shareholders of the listed company decreased by 4.84% to CNY 149,929,028.74 from CNY 157,549,237.47 year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 137,883,599.49, down 7.00% from CNY 148,255,965.61 in the previous year[20]. - The net cash flow from operating activities was CNY 271,270,041.09, a decrease of 7.67% compared to CNY 293,795,038.99 in the same period last year[20]. - The basic earnings per share were CNY 0.292, down 4.89% from CNY 0.307 in the previous year[20]. - The total operating revenue for the first half of 2021 was 917,576,942.24 CNY, an increase of 6.44% compared to 862,064,998.85 CNY in the same period of 2020[60]. - The total operating costs for the first half of 2021 amounted to CNY 1,221,143,652.49, compared to CNY 1,173,941,808.58 in the first half of 2020, indicating an increase of about 4.0%[191]. - The net profit attributable to the parent company for the first half of 2021 was CNY 185,725,660.97, up from CNY 190,694,277.48 in the same period of 2020, reflecting a decrease of approximately 2.6%[191]. - The total profit for the first half of 2021 was CNY 199,704,998.53, a slight decrease of 0.46% from CNY 201,636,123.37 in the first half of 2020[196]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,969,140,903.39, a decrease of 1.90% from CNY 3,026,744,153.59 at the end of the previous year[20]. - The company's total assets as of June 30, 2021, were CNY 2,509,259,336.52, a decrease from CNY 2,601,200,231.62 at the end of 2020[189]. - The total liabilities increased to CNY 587,644,453.01 as of June 30, 2021, compared to CNY 482,796,239.23 at the end of 2020, marking an increase of approximately 21.8%[190]. - Cash and cash equivalents at the end of the reporting period amounted to ¥916,949,197.53, representing 30.88% of total assets, a decrease of 1.66% from the previous year[83]. - Accounts receivable increased to ¥276,046,762.24, accounting for 9.30% of total assets, up from 4.12% last year, primarily due to increased sales during the peak season[83]. - Inventory decreased to ¥584,664,572.82, making up 19.69% of total assets, down 6.45% from the previous year, mainly due to consumption of raw materials during the sales peak[83]. Market Strategy and Expansion - The company plans to open approximately 1,500 new stores annually from 2021 to 2025, aiming to capture market share following the exit of weaker competitors due to the pandemic[35]. - The company targets to open 2,000 stores in the Yangtze River Delta region over the next three years to solidify its market position[34]. - The company is focusing on a dual strategy of youth-oriented branding and internet technology-driven business restructuring to enhance consumer experience[35]. - The company is enhancing store capabilities through a new retail framework, focusing on multi-channel traffic generation and transforming public traffic into private traffic for better conversion and experience[36]. - The company is actively pursuing market expansion through strategic store placements in high-traffic areas[36]. Product Development and Innovation - The company has developed over 200 SKUs across three major product lines, focusing on product innovation and quality improvement[66]. - The company is expanding its product offerings, including ready-to-eat packaging, to create a closed-loop consumer experience[36]. - The company’s main business includes the development, production, and sales of quick-consumption products such as marinated meat and rice products, with over 200 product varieties[30]. Environmental and Social Responsibility - The company has established a comprehensive food safety control system and has obtained ISO22000 and HACCP certifications to mitigate food safety risks[94]. - The company is classified as a key pollutant discharge unit by environmental authorities, indicating a significant focus on pollution control[108]. - The company emphasizes social responsibility, actively participating in community support and promoting harmonious development with society[115]. - The company donated 1 million yuan to the Nanchang No. 2 Middle School Education Development Foundation through its charity fund, and provided 30,000 yuan worth of materials to 100 households in need[121]. Shareholder and Investor Relations - The company has a clear profit distribution policy, committing to distribute no less than 25% of the annual distributable profit in cash to shareholders[116]. - The company held its annual general meeting with a 64.24% investor participation rate, approving key financial reports and plans for the upcoming year[99]. - The company approved the 2021 employee stock ownership plan at the first extraordinary general meeting of shareholders, emphasizing management's commitment to employee engagement[105]. Risks and Challenges - The company is facing risks related to potential food safety incidents in the industry that could impact consumer confidence and sales[94]. - The company faces market risks due to increasing competition in the quick-consumption food industry, with a focus on enhancing core competitiveness through market expansion and brand promotion[95]. - Raw material costs account for approximately 87% of the company's main business costs, with key materials like duck and beef making up about 46% of these costs, indicating vulnerability to price fluctuations[96].

Financial Performance - The company's operating revenue for Q1 2021 was ¥606,168,870.85, representing a 12.12% increase compared to ¥540,658,855.66 in the same period last year[8]. - The net profit attributable to shareholders was ¥67,210,300.17, up 3.09% from ¥65,196,359.95 year-on-year[8]. - The net profit after deducting non-recurring gains and losses was ¥62,013,662.00, an increase of 3.52% from ¥59,904,681.26 in the previous year[8]. - The basic earnings per share for the period was ¥0.131, a 3.15% increase from ¥0.127[8]. - The company achieved operating revenue of CNY 606.17 million, an increase of CNY 65.51 million, or 12.12%, driven by accelerated store expansion and online sales[15]. - Operating profit for the current period was ¥79,071,074.15, slightly higher than ¥77,149,246.22 from the previous period, reflecting a growth of 2.5%[43]. - Net profit for the current period was ¥65,889,580.33, compared to ¥64,129,725.61 in the previous period, showing an increase of approximately 2.7%[43]. - Earnings per share (EPS) for the current period was ¥0.131, up from ¥0.127 in the previous period, marking a growth of 3.1%[44]. - The total profit for the current period was ¥80,062,856.86, compared to ¥77,378,255.96 in the previous period, indicating an increase of approximately 3.3%[43]. Cash Flow and Assets - The net cash flow from operating activities decreased by 49.29%, from ¥123,517,010.94 to ¥62,631,393.89[8]. - Cash flow from operating activities decreased by CNY 60.89 million, a decline of 49.29%, due to increased procurement for raw material strategic reserves[15]. - Cash and cash equivalents decreased from CNY 985,032,564.61 to CNY 829,406,666.64, representing a decrease of about 15.8%[33]. - The company reported a net cash decrease of CNY 155.63 million during the period, contrasting with an increase of CNY 107.57 million in the previous period[52]. - The company’s cash flow from operating activities totaled CNY 587.29 million, down from CNY 654.65 million year-over-year[54]. - Cash outflow for purchasing goods and services increased to CNY 270.27 million from CNY 223.21 million, representing a 21.1% increase[51]. - Cash outflow from financing activities was CNY 301.26 million, compared to CNY 55.55 million in the previous period, indicating a substantial increase in cash used for financing[52]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 39,055[11]. - The company repurchased 10,888,200 shares, accounting for 2.1233% of the total share capital, with a total transaction amount of CNY 249.97 million[18]. - The company has completed the share repurchase plan approved by the board, with a total repurchase amount between CNY 150 million and CNY 250 million[16]. Assets and Liabilities - Total assets at the end of the reporting period were ¥2,810,185,801.89, down 7.15% from ¥3,026,744,153.59 at the end of the previous year[8]. - Total current assets decreased from CNY 2,109,019,639.00 on December 31, 2020, to CNY 1,893,708,573.10 on March 31, 2021, a decline of approximately 10.2%[33]. - Total liabilities decreased from CNY 555,013,014.09 to CNY 501,522,026.40, a reduction of approximately 9.6%[35]. - Owner's equity decreased from CNY 2,471,731,139.50 to CNY 2,308,663,775.49, a reduction of approximately 6.6%[36]. Expenses - Sales expenses increased by CNY 38.97 million, a growth of 55.09%, due to higher labor costs, leasing, marketing, and promotional expenses[15]. - Research and development expenses were ¥14,968,193.94, a decrease from ¥16,124,838.71, indicating a reduction of about 7.2%[42]. - Sales expenses increased to ¥109,700,505.31 from ¥70,732,610.57, representing a significant rise of approximately 55%[42]. Future Outlook - The company expects to continue its strategic expansion and product development initiatives in the upcoming periods[29].

Financial Performance - The company's operating revenue for 2020 was approximately ¥2.44 billion, representing a 15.09% increase compared to ¥2.12 billion in 2019[16]. - The net profit attributable to shareholders for 2020 was approximately ¥282.17 million, an increase of 28.04% from ¥220.38 million in 2019[16]. - The net profit after deducting non-recurring gains and losses was approximately ¥254.80 million, up 33.09% from ¥191.45 million in 2019[16]. - The basic earnings per share for 2020 was ¥0.550, reflecting a 28.21% increase from ¥0.429 in 2019[16]. - The total assets at the end of 2020 were approximately ¥3.03 billion, a 9.47% increase from ¥2.76 billion at the end of 2019[16]. - The net assets attributable to shareholders at the end of 2020 were approximately ¥2.42 billion, up 12.65% from ¥2.15 billion at the end of 2019[16]. - The net cash flow from operating activities for 2020 was approximately ¥125.32 million, a decrease of 44.26% compared to ¥224.81 million in 2019[16]. - The weighted average return on equity for 2020 was 12.48%, an increase from 11.12% in 2019[16]. Business Operations - The company’s main business includes the development, production, and sales of quick-consumption products such as marinated meat products and rice-based foods, with over 200 product varieties[27]. - The company operates through three main business models: direct chain, franchise chain, and distributor model, allowing for diverse market penetration[28]. - The company has established a quality management system certified by the China Quality Certification Center, ensuring compliance with food safety standards[31]. - The company has implemented various certifications to enhance its operational standards and product quality, including HACCP and food safety management systems[31]. - The company has developed over 200 SKUs across three main product lines, focusing on continuous product innovation and improvement[45]. Market Trends - The overall scale of China's snack food industry reached CNY 1,298.4 billion in 2020, with a growth rate of 12.8%[33]. - The casual marinated products segment is expected to grow at a CAGR of 18.8% from 2015 to 2020, outperforming the overall snack food industry growth rate of 12.3%[35]. - The poultry marinated products market generated sales of CNY 60 billion in 2020, accounting for 48.6% of the casual marinated products market, with a CAGR of 21.6%[37]. - The casual marinated products market is projected to reach CNY 227.5 billion by 2025, with an estimated CAGR of around 13% from 2020 to 2025[35]. - The casual marinated food industry in China has maintained an average growth rate of 18.8% over the past five years, with the top five companies holding only 19.23% of the market share[39]. Store Expansion and Development - As of the end of 2020, the company operated 4,627 stores nationwide and has established eight production bases, with plans to build additional bases in Zhejiang, Shandong, and the Beijing-Tianjin-Hebei region[40]. - The company opened 1,206 new stores and closed 285 stores during the reporting period, resulting in a net increase of 921 stores, bringing the total to 4,627 stores by the end of 2020[57]. - The company plans to open 1,400 new stores in 2021, including 50 direct-operated stores, focusing on markets outside its home province, with a monthly opening plan starting from 56 in January to 177 in September[61]. Financial Management - The company has received government subsidies amounting to ¥28.93 million in 2020, an increase from ¥24.40 million in 2019[22]. - The company’s total procurement amount for raw materials in 2020 was approximately 1.641 billion yuan, with over 30% sourced from farmers and cooperatives[64]. - The company’s total investment amount for the committed investment projects is 330.60 million yuan, with a cumulative investment of 282.56 million yuan, achieving an investment progress of 85.4%[107]. - The company has not engaged in any violations regarding the use of raised funds during the reporting period, ensuring compliance with regulatory requirements[133]. Risk Management - The company has identified potential risks and corresponding countermeasures in its future development analysis[5]. - The company is actively managing risks related to food safety, market competition, and raw material price volatility through strategic planning and operational improvements[161]. Shareholder Returns - The company plans to distribute a cash dividend of ¥1.3 per 10 shares (including tax) to all shareholders[5]. - The cash dividend payout ratio for 2020 is 27.57% of the company's available profit for distribution, which is 733,310,473.78 CNY[175]. - The company has consistently maintained a stable dividend policy since its listing, aligning with the regulatory encouragement for cash dividends[175]. Digital Transformation - The company has implemented a digital transformation strategy, focusing on upgrading marketing models and developing a full-channel sales approach through online and offline integration[52]. - The company is advancing digital transformation by developing existing e-commerce platforms and integrating new retail formats, aiming for a comprehensive membership system that connects online and offline users[155]. - The company is focusing on digital transformation to enhance customer experience and operational efficiency, including the establishment of five major operational systems[153]. Corporate Governance - The company has committed to not engaging in any competitive business activities that may affect its operations or development[177]. - The company has fulfilled all commitments made by its actual controllers and shareholders during the reporting period[177]. - The company has not faced any penalties or rectification issues during the reporting period[187].