山东仙坛股份有限公司 2019 年第一季度报告全文 山东仙坛股份有限公司 2019 年第一季度报告 2019 年 04 月 1 山东仙坛股份有限公司 2019 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王寿纯、主管会计工作负责人许士卫及会计机构负责人(会计主 管人员)王斌声明：保证季度报告中财务报表的真实、准确、完整。 2 山东仙坛股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | |-----------------------------------------------------|---------------------------|---------------------------|-------------------------------| | □ ...

山东仙坛股份有限公司 2018 年第三季度报告正文 证券代码：002746 证券简称：仙坛股份 公告编号：2018--058 山东仙坛股份有限公司 2018 年第三季度报告正文 1 山东仙坛股份有限公司 2018 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,844,825,618.98 | 2,580,021,024.57 | | 10.26% | | 归属于上市公司股东的净资产 | 2,265,803,062.67 | 2,118,826,260.00 | | 6.94% | | （元） | | | | | | | 本报告期 | 本报告期比上年同期 | ...

山东仙坛股份有限公司 2018 年半年度报告全文 山东仙坛股份有限公司 2018 年半年度报告 2018 年 08 月 1 山东仙坛股份有限公司 2018 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。 公司负责人王寿纯、主管会计工作负责人许士卫及会计机构负责人(会计主 管人员)王斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司需遵守《深圳证券交易所行业信息披露指引第 1 号——上市公司从事 畜禽、水产养殖业务》的披露要求 1、禽类疫情及重大自然灾害发生引致的风险 鸡在饲养过程中会发生疫病，包括禽流感或其他类似疫症，因此，公司经 营过程中将会面临鸡发生疫病和养殖行业爆发大规模疫情传播导致的风险。具 体包括：（1）鸡因感染疾病死亡，鸡只出栏量下降直接影响公司生产经营业绩； （2）疫病发生后，公司需对养殖场净化，净化过程增加生产成本；（3）疫情传 播开始，公司需要增加防疫投入，包括实施强制疫苗接种、隔离甚至 ...

山东仙坛股份有限公司 2017 年年度报告全文 山东仙坛股份有限公司 2017 年年度报告 2018 年 04 月 1 山东仙坛股份有限公司 2017 年年度报告全文 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。 公司负责人王寿纯、主管会计工作负责人许士卫及会计机构负责人(会计主 管人员)王斌声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司需遵守《深圳证券交易所行业信息披露指引第 1 号——上市公司从事 畜禽、水产养殖业务》的披露要求 1、禽类疫情及重大自然灾害发生引致的风险 鸡在饲养过程中会发生疫病，包括禽流感或其他类似疫症，因此，公司经 营过程中将会面临鸡发生疫病和养殖行业爆发大规模疫情传播导致的风险。具 体包括：（1）鸡因感染疾病死亡，鸡只出栏量下降直接影响公司生产经营业绩； （2）疫病发生后，公司需对养殖场净化，净化过程增加生产成本；（3）疫情传 播开始，公司需要增加防疫投入，包括实施强制疫苗接种、隔离甚至扑杀等导 致 ...

山东仙坛股份有限公司 2018 年第一季度报告正文 证券代码：002746 证券简称：仙坛股份 公告编号：2018-030 山东仙坛股份有限公司 2018 年第一季度报告正文 2018 年 04 月 1 山东仙坛股份有限公司 2018 年第一季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王寿纯、主管会计工作负责人许士卫及会计机构负责人(会计主 管人员)王斌声明：保证季度报告中财务报表的真实、准确、完整。 2 山东仙坛股份有限公司 2018 年第一季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业收入（元） | 452,472,801.67 | 465,534,788.07 | -2.81% | | 归属于上市公司股东的净利润 ...

山东仙坛股份有限公司 2017 年第三季度报告正文 证券代码：002746 证券简称：仙坛股份 公告编号：2017-038 山东仙坛股份有限公司 2017 年第三季度报告正文 2017 年 10 月 1 山东仙坛股份有限公司 2017 年第三季度报告正文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王寿纯、主管会计工作负责人许士卫及会计机构负责人(会计主 管人员)王斌声明：保证季度报告中财务报表的真实、准确、完整。 2 山东仙坛股份有限公司 2017 年第三季度报告正文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期末 | 上年度末 | | 本报告期末比上年度末增减 | | --- | --- | --- | --- | --- | | 总资产（元） | 2,584,686,608.16 | 2,485,259,525.95 | | 4.00% | | ...

山东仙坛股份有限公司 2017 年半年度报告全文 山东仙坛股份有限公司 2017 年半年度报告 2017 年 08 月 1 山东仙坛股份有限公司 2017 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。 公司负责人王寿纯、主管会计工作负责人许士卫及会计机构负责人(会计主 管人员)王斌声明：保证本半年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 公司需遵守《深圳证券交易所行业信息披露指引第 1 号——上市公司从事 畜禽、水产养殖业务》的披露要求 1、禽类疫情及重大自然灾害发生引致的风险 鸡在饲养过程中会发生疫病，包括禽流感或其他类似疫症，因此，公司经 营过程中将会面临鸡发生疫病和养殖行业爆发大规模疫情传播导致的风险。具 体包括：（1）鸡因感染疾病死亡，鸡只出栏量下降直接影响公司生产经营业绩； （2）疫病发生后，公司需对养殖场净化，净化过程增加生产成本；（3）疫情传 播开始，公司需要增加防疫投入，包括实施强制疫苗接种、隔离甚至 ...

[Important Notice](index=2&type=section&id=First%20Section%20Important%20Notice) The company's board of directors, supervisory board, and all senior management ensure the truthfulness, accuracy, and completeness of this quarterly report and assume corresponding legal responsibilities, with all directors attending the board meeting to review this report - Company management guarantees the quarterly report content is true, accurate, and complete, free from false records, misleading statements, or major omissions[4](index=4&type=chunk) - The company's head, the person in charge of accounting, and the head of the accounting department all declare to guarantee the truthfulness, accuracy, and completeness of the financial statements[5](index=5&type=chunk) [Company Overview](index=3&type=section&id=Second%20Section%20Company%20Overview) This chapter outlines the company's core financial data and shareholder structure for the first quarter of 2017, showing year-on-year revenue growth but a decline in net profit, with highly concentrated shareholding by the controlling shareholders [Key Accounting Data and Financial Indicators](index=3&type=section&id=II.I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In Q1 2017, the company's operating revenue was CNY 465.53 million, up 6.96% year-on-year, but net profit attributable to shareholders was CNY 15.76 million, down 22.44%, with non-recurring net profit declining by 62.70%, while net cash flow from operating activities significantly increased by 169.98% | Indicator | Current Period | Prior Year Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 465,534,788.07 | 435,249,767.17 | 6.96% | | Net Profit Attributable to Shareholders of Listed Company (CNY) | 15,764,538.47 | 20,325,634.23 | -22.44% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses (CNY) | 7,014,771.75 | 18,807,191.81 | -62.70% | | Net Cash Flow from Operating Activities (CNY) | 15,583,754.50 | -22,268,852.23 | 169.98% | | Basic Earnings Per Share (CNY/share) | 0.09 | 0.13 | -30.77% | | Total Assets (CNY) | 2,516,794,165.08 | 2,485,259,525.95 | 1.27% (vs. end of prior year) | | Net Assets Attributable to Shareholders of Listed Company (CNY) | 2,069,377,972.32 | 2,053,613,433.85 | 0.77% (vs. end of prior year) | - Total non-recurring gains and losses for the period amounted to **CNY 8.75 million**, primarily from investment income on wealth management products (**CNY 6.98 million**) and government subsidies (**CNY 2.05 million**)[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=II.II.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period%20End) As of the end of the reporting period, the company had 27,713 common shareholders, with controlling shareholder Wang Shouchun and his spouse Qu Lirong collectively holding 55.09% of the shares, indicating a highly concentrated equity structure - At the end of the reporting period, the company had **27,713** common shareholders[11](index=11&type=chunk) - The company's controlling shareholder and de facto controller, Wang Shouchun, holds **28.69%**, and his spouse, Qu Lirong, holds **26.40%**, with both acting in concert[11](index=11&type=chunk)[12](index=12&type=chunk) - Among the top ten shareholders, some shares held by Wang Kegong and He Chuanhu are pledged[11](index=11&type=chunk) [Significant Matters](index=6&type=section&id=Third%20Section%20Significant%20Matters) This chapter details the reasons for changes in key financial data during the reporting period and provides a performance forecast for the first half of 2017, anticipating a significant year-on-year decline in net profit due to market conditions, with no major commitments or illegal guarantees reported [Analysis of Changes in Key Financial Data and Reasons](index=6&type=section&id=III.I.%20Changes%20and%20Reasons%20for%20Key%20Financial%20Data%20and%20Indicators%20During%20the%20Reporting%20Period) During the reporting period, several financial indicators changed significantly, with prepayments surging by 4306.41% due to increased raw material prepayments, short-term borrowings decreasing by 41.67% due to repayment, investment income rising by 835.74% from wealth management products, and operating cash flow improving while financing cash flow decreased due to loan repayments - Prepayments at period-end surged by **4,306.41%** compared to the beginning of the year, primarily due to increased prepayments for major raw materials like corn[15](index=15&type=chunk) - Short-term borrowings at period-end decreased by **41.67%** compared to the beginning of the year, leading to a **177.56%** year-on-year reduction in financial expenses and a **376.15%** decrease in net cash flow from financing activities[15](index=15&type=chunk)[17](index=17&type=chunk) - Investment income increased by **835.74%** year-on-year, mainly due to an increase in wealth management products during the current period[16](index=16&type=chunk) [2017 Half-Year Performance Forecast](index=6&type=section&id=III.IV.%20Forecast%20of%20Operating%20Performance%20for%20January-June%202017) The company forecasts a significant decline in net profit attributable to shareholders for January-June 2017, expecting to earn between CNY 20 million and CNY 50 million, representing a year-on-year decrease of 34.54% to 73.82%, primarily due to rising feed costs and falling chicken product prices | Item | Change Range | | :--- | :--- | | Change in Net Profit Attributable to Parent Company Shareholders (Jan-Jun 2017) | -73.82% to -34.54% | | Net Profit Attributable to Parent Company Shareholders (Jan-Jun 2017) Range (CNY) | 20,000,000 to 50,000,000 | | Net Profit Attributable to Parent Company Shareholders (Jan-Jun 2016) (CNY) | 76,382,600 | - The primary reason for performance change is the impact of the overall market environment, with expected increases in feed costs and a year-on-year decline in chicken product prices, leading to a decrease in operating performance[20](index=20&type=chunk) [Other Significant Matters](index=6&type=section&id=III.%20Other%20Significant%20Matters) During the reporting period, the company had no overdue unfulfilled commitments, illegal external guarantees, or non-operating fund occupation by controlling shareholders, and no investor relations activities were conducted - The company had no overdue unfulfilled commitments, illegal external guarantees, or fund occupation by controlling shareholders during the reporting period[18](index=18&type=chunk)[21](index=21&type=chunk)[22](index=22&type=chunk) - No investor relations activities such as research visits, communications, or interviews occurred during the reporting period[23](index=23&type=chunk)

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) [Significant Risk Warnings](index=2&type=section&id=Significant%20Risk%20Warnings) The company faces major risks including poultry epidemics and natural disasters, product price fluctuations, raw material supply and price volatility, cooperative farming model risks, rising food safety standards, and underperforming fundraising projects, which could significantly impact its operations, cost control, and profitability - Poultry epidemics (e.g., avian influenza) and major natural disasters may lead to chicken deaths, increased production costs, and market demand contraction, adversely affecting company performance[4](index=4&type=chunk)[5](index=5&type=chunk) - The prices of the company's main products (white feather broiler chicken products) are subject to significant fluctuation risks due to market supply and demand, epidemics, and food safety incidents, potentially leading to performance decline or even losses[6](index=6&type=chunk) - Feed costs account for approximately **67% of main business costs**, with corn and soybean meal together exceeding **40%**, making significant fluctuations in these raw material prices directly impact production costs and operating performance[7](index=7&type=chunk) - The company's "company + base + farm" cooperative farming model faces risks if cooperative farms lose enthusiasm or engage in non-compliant farming, which would negatively affect production and operations[8](index=8&type=chunk)[9](index=9&type=chunk) - Food safety incidents or stricter national standards may result in product sales damage, brand image impact, and increased operating costs for the company[10](index=10&type=chunk) - The non-public offering's fundraising project for processed food faces market expansion risks, potentially leading to actual results differing from expectations[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=8&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) [Key Accounting Data and Financial Indicators](index=9&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) In 2016, the company achieved explosive growth, with operating revenue increasing by **19.32%** and net profit attributable to shareholders soaring by **988.41%** to **CNY 246 million**, demonstrating strong profitability and cash generation, while total assets and net assets also significantly grew due to capital raised from a non-public offering 2016 Annual Key Financial Data | Indicator | 2016 | 2015 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 2,095,018,758.69 | 1,755,788,002.76 | 19.32% | | Net Profit Attributable to Shareholders (CNY) | 245,516,007.12 | 22,557,355.38 | 988.41% | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) (CNY) | 242,141,219.76 | 6,043,242.98 | 3,906.81% | | Net Cash Flow from Operating Activities (CNY) | 430,115,147.66 | 154,129,710.56 | 179.06% | | Basic Earnings Per Share (CNY/share) | 1.49 | 0.15 | 893.33% | | Weighted Average Return on Net Assets | 18.63% | 2.36% | 16.27% | | Total Assets (CNY) | 2,485,259,525.95 | 1,451,108,965.01 | 71.27% | | Net Assets Attributable to Shareholders (CNY) | 2,053,613,433.85 | 997,544,929.68 | 105.87% | 2016 Quarterly Key Financial Indicators (Unit: CNY) | Indicator | Q1 | Q2 | Q3 | Q4 | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 435,249,767.17 | 509,773,885.29 | 567,158,426.45 | 582,836,679.78 | | Net Profit Attributable to Shareholders | 20,325,634.23 | 56,056,939.51 | 102,081,188.64 | 67,052,244.74 | - The company's 2016 non-recurring gains and losses totaled **CNY 3.3748 million**, primarily from government subsidies and investment income[29](index=29&type=chunk)[31](index=31&type=chunk) [Company Business Overview](index=12&type=section&id=Item%203.%20Company%20Business%20Overview) [Main Business and Operating Model](index=12&type=section&id=Main%20Business%20and%20Operating%20Model) The company's main business is white feather broiler chicken farming and processing, having established a complete industrial chain from parent breeder chicken farming, chick hatching, feed production, commercial broiler farming, to slaughtering and processing, with commercial chicken farming primarily adopting a "company + base + farm" cooperative model under "nine unified" management to ensure product quality and safety - The company's main business covers parent breeder chicken farming, chick hatching, feed production, commercial broiler farming and slaughtering, chicken product processing and sales, with main products being commercial broilers and segmented frozen chicken products[34](index=34&type=chunk) - The company adopts an integrated industrial chain model, effectively ensuring supply at each stage, improving efficiency, and monitoring food safety[35](index=35&type=chunk) - Commercial chicken farming employs a "company + base + farm" cooperative model with "nine unified" management, where the company provides chicks, feed, medicine, etc., and reclaims mature chickens, paying farming fees to cooperative farms[37](index=37&type=chunk) [Industry Development and Company Position](index=13&type=section&id=Industry%20Development%20and%20Company%20Position) The company operates in the white feather broiler industry, with a value chain covering everything from breeder chicken farming to chicken product processing and sales, holding a significant position as a vice-chairman unit of the China Animal Agriculture Association and chairman unit of its Poultry Branch, and has received numerous honors such as "National Key Leading Enterprise in Agricultural Industrialization" and "China Well-known Trademark," serving as a premium supplier to renowned enterprises like KFC and McDonald's - The company's business covers the entire industrial chain from parent breeder chicken farming to chicken product processing and sales, enhancing its comprehensive competitiveness in food safety traceability[42](index=42&type=chunk) - The company holds multiple important positions in the industry, including vice-chairman unit of the China Animal Agriculture Association and chairman unit of its Poultry Branch, and has been awarded titles such as "National Key Leading Enterprise in Agricultural Industrialization" and "China Well-known Trademark"[46](index=46&type=chunk) - The company is a premium supplier to well-known fast-food and food processing enterprises in China, including KFC, McDonald's, Shuanghui, and Jinluo[47](index=47&type=chunk) [Core Competitiveness Analysis](index=15&type=section&id=Core%20Competitiveness%20Analysis) The company's core competitiveness is reflected in six aspects: the integrated industrial chain advantage, the unique "nine unified" cooperative farming model, superior ecological farming location advantage, leading technological advantage, excellent product quality and brand advantage, and stable high-quality customer resources - Integrated Operations: Business covers feed production, farming, slaughtering, and processing, achieving vertical integration of the industrial chain, enhancing market responsiveness and risk resistance[52](index=52&type=chunk) - Cooperative Farming Model: Adopts a "company + base + farm" model with "nine unified" management, effectively integrating the company's management advantages with farmers' breeding advantages, enabling rapid scale expansion[53](index=53&type=chunk) - Location Advantage: Farming bases are located in the Jiaodong Peninsula's disease-free animal demonstration zone, possessing geographical advantages for ecological farming and closed epidemic prevention[54](index=54&type=chunk) - Technological Advantage: Possesses core technologies such as healthy and efficient broiler farming, green nutritional feed formulations, and disease prevention and control, implementing full-process food safety control[55](index=55&type=chunk)[56](index=56&type=chunk) - Brand and Quality: Certified by multiple quality and food safety systems, awarded honors such as "China Well-known Trademark," and products certified as green food and halal food[57](index=57&type=chunk) - Customer Advantage: Possesses numerous long-term stable high-quality customer resources due to premium products and stable supply capacity[58](index=58&type=chunk) [Discussion and Analysis of Operations](index=17&type=section&id=Item%204.%20Discussion%20and%20Analysis%20of%20Operations) [Overview of Operations](index=17&type=section&id=Overview%20of%20Operations) In 2016, benefiting from industry capacity reduction and decreased grandparent breeder chicken imports, the white feather broiler market gradually recovered, allowing the company to seize opportunities by increasing capacity, boosting sales, and lowering farming costs, achieving significant performance growth with operating revenue reaching **CNY 2.095 billion** (up **19.32%**) and net profit attributable to shareholders soaring to **CNY 246 million** (up **988.41%**), while also extending its industrial chain through a non-public offering for a processed food project to enhance risk resistance - In 2016, white feather grandparent breeder chicken imports continuously declined for three years, leading to industry capacity reduction and gradual market recovery, creating favorable conditions for large-scale enterprises[61](index=61&type=chunk) 2016 Annual Operating Performance Summary | Indicator | Amount (CNY 10,000) | Year-on-Year Growth | | :--- | :--- | :--- | | Operating Revenue | 209,501.88 | 19.32% | | Operating Profit | 24,658.79 | 2,143.44% | | Total Profit | 24,579.66 | 989.85% | | Net Profit Attributable to Shareholders | 24,551.60 | 988.41% | | Basic Earnings Per Share (CNY) | 1.49 | 893.33% | - The significant performance growth was primarily due to increased company capacity, higher sales volume, an overall increase in industry sales prices year-on-year, and reduced farming costs[63](index=63&type=chunk) - The company completed a non-public offering, raising funds for a processed food project aimed at extending the industrial chain and developing processed food products closer to end consumers, thereby enhancing profitability and risk resistance[62](index=62&type=chunk) [Main Business Analysis](index=17&type=section&id=Main%20Business%20Analysis) In 2016, the company's main business revenue was **CNY 2.095 billion**, a **19.32%** increase year-on-year, with chicken products contributing **94.87%** of the revenue; gross profit margins across all business segments significantly improved, with the farming industry's gross margin increasing from **13.3%** to **43.93%**, driven by rising sales prices and cost control, while physical sales of processed food, as a core business, saw a **10.08%** increase in volume [Revenue and Cost Analysis](index=18&type=section&id=Revenue%20and%20Cost%20Analysis) In 2016, the company's operating revenue reached **CNY 2.095 billion**, a **19.32%** year-on-year increase, with chicken products being the primary revenue source, accounting for **94.87%**; operating costs were **CNY 1.768 billion**, increasing by **5.80%**, a much slower rate than revenue growth, mainly due to effective raw material cost control, leading to significant improvements in gross profit margins for both food processing and farming, which increased by **9.87** and **30.63** percentage points respectively, while sales to the top five customers accounted for **33.01%** of total sales, indicating moderate customer concentration Operating Revenue Composition (2016) | Category | Amount (CNY) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | | **By Product** | | | | | Chicken Products | 1,987,614,628.17 | 94.87% | 18.96% | | Commercial Broilers and Others | 107,404,130.52 | 5.13% | 26.50% | | **By Region** | | | | | Domestic Sales | 2,092,163,449.98 | 99.86% | 19.16% | | Overseas Sales | 2,855,308.71 | 0.14% | 100.00% | Major Business Gross Profit Margin Changes | Industry Segment | 2016 Gross Profit Margin | Change from Previous Year | | :--- | :--- | :--- | | Food Processing | 14.34% | 9.87% | | Farming Industry | 43.93% | 30.63% | Operating Cost Composition (2016) | Industry Segment | Item | Amount (CNY) | Proportion of Operating Cost | | :--- | :--- | :--- | :--- | | Broiler Farming and Slaughtering/Processing | Raw Materials | 1,192,846,615.18 | 67.46% | | Broiler Farming and Slaughtering/Processing | Labor Wages | 175,478,369.31 | 9.92% | | Broiler Farming and Slaughtering/Processing | Other | 311,906,839.20 | 17.64% | - Sales to the top five customers accounted for **33.01%** of total annual sales, and purchases from the top five suppliers accounted for **31.46%** of total annual purchases, indicating no significant reliance on a single customer or supplier[76](index=76&type=chunk) [Expense Analysis](index=21&type=section&id=Expense%20Analysis) In 2016, the company maintained good control over its three major expenses, with selling and administrative expenses remaining largely consistent with the previous year, while financial expenses significantly decreased by **113.21%**, turning from positive to negative, primarily due to reduced interest expenses from lower borrowings Period Expense Changes (Unit: CNY) | Expense Item | 2016 | 2015 | Year-on-Year Change | Significant Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 17,424,871.70 | 16,898,138.20 | 3.12% | - | | Administrative Expenses | 53,941,780.00 | 51,910,351.25 | 3.91% | - | | Financial Expenses | -827,754.78 | 6,267,229.85 | -113.21% | Decrease in borrowings, leading to reduced interest expenses | [Cash Flow Analysis](index=22&type=section&id=Cash%20Flow%20Analysis) In 2016, the company's cash flow significantly improved, with net cash flow from operating activities increasing by **179.06%** year-on-year, mainly due to increased revenue and profitability; net cash flow from investing activities showed a substantial outflow, primarily for wealth management products and fixed asset investments; net cash flow from financing activities saw a significant inflow, mainly from the proceeds of a non-public share offering Major Cash Flow Statement Item Changes (Unit: CNY) | Item | 2016 | 2015 | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 430,115,147.66 | 154,129,710.56 | 179.06% | | Net Cash Flow from Investing Activities | -852,129,611.01 | -125,005,352.05 | -581.67% | | Net Cash Flow from Financing Activities | 730,562,383.16 | -81,190,270.88 | 999.82% | | Net Increase in Cash and Cash Equivalents | 308,556,638.17 | -52,065,755.00 | 692.63% | - The significant increase in net cash flow from operating activities was primarily due to the company's increased revenue and substantial profit growth[79](index=79&type=chunk) - The significant decrease in net cash flow from investing activities was mainly due to increased investments in wealth management products and fixed assets during the year[80](index=80&type=chunk) - The significant increase in net cash flow from financing activities was primarily due to the proceeds from the non-public share offering during the year[80](index=80&type=chunk) [Analysis of Assets and Liabilities](index=23&type=section&id=Analysis%20of%20Assets%20and%20Liabilities) As of the end of 2016, the company's total assets were **CNY 2.485 billion**, a **71.27%** increase year-on-year, with a significant change in asset structure as monetary funds' proportion rose to **16.34%** while fixed assets' proportion decreased from **46.40%** to **30.83%**, and short-term borrowings significantly reduced, indicating eased debt repayment pressure Major Balance Sheet Item Changes (Unit: CNY) | Item | Amount as of Dec 31, 2016 | Proportion of Total Assets | Amount as of Dec 31, 2015 | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 406,056,413.86 | 16.34% | 96,613,674.69 | 6.66% | 9.68% | | Inventories | 265,861,586.11 | 10.70% | 271,537,864.46 | 18.71% | -8.01% | | Fixed Assets | 766,178,968.21 | 30.83% | 673,353,477.13 | 46.40% | -15.57% | | Short-term Borrowings | 12,000,000.00 | 0.48% | 90,000,000.00 | 6.20% | -5.72% | [Analysis of Investment Status](index=23&type=section&id=Analysis%20of%20Investment%20Status) In 2016, the company raised a total of **CNY 837.76 million** through a non-public offering, with net proceeds of **CNY 826.4875 million**, primarily invested in a processed food project, a commercial chicken three-dimensional farming technology renovation project, and supplementary working capital; as of the end of the reporting period, **CNY 290.1643 million** had been utilized, with **CNY 547.5957 million** remaining unused, mainly for purchasing wealth management products - In 2016, the company raised a total of **CNY 837.76 million** through a non-public offering, with net proceeds of **CNY 826.4875 million**[89](index=89&type=chunk) Use of Committed Raised Funds Projects (Unit: CNY 10,000) | Committed Investment Project | Total Committed Investment of Raised Funds | Amount Invested in Current Period | Cumulative Amount Invested as of Period End | Investment Progress | | :--- | :--- | :--- | :--- | :--- | | Processed Food Project | 23,259 | 3,258.68 | 3,258.68 | 14.01% | | Commercial Chicken Three-dimensional Farming Technology Renovation Project | 52,517 | 17,885 | 17,885 | 34.06% | | Supplementary Working Capital | 8,000 | 7,872.75 | 7,872.75 | 98.41% | | **Total** | **83,776** | **29,016.43** | **29,016.43** | **-** | - As of the end of the reporting period, **CNY 547.5957 million** of raised funds remained unused, primarily for purchasing wealth management products and subsequent project investments[89](index=89&type=chunk)[92](index=92&type=chunk) [Outlook for Company's Future Development](index=27&type=section&id=Outlook%20for%20Company%27s%20Future%20Development) The company plans to continue leveraging its integrated operational advantages, expand its business scale, and extend downstream into the industrial chain to develop high-value-added products such as processed foods and convenience foods, building a terminal brand, with a goal to achieve over **120 million birds** annually within the next 3 years, and **260,000 tons** of annual slaughtering and processing within the next 5 years, along with supplying tens of thousands of tons of convenience and processed foods to enhance brand awareness and profitability - The company's strategic goal is to expand its business scale and extend into the end-consumer market, developing processed foods and convenience foods to build a terminal brand enterprise[100](index=100&type=chunk)[101](index=101&type=chunk) - Future 3-year target: Achieve over **120 million birds/year** in broiler output, slaughtering and processing, and optimized matching capacity[101](index=101&type=chunk) - Future 5-year target: Annual output of **120 million commercial broilers**, annual slaughtering and processing of **260,000 tons** of frozen segmented chicken, annual supply of **10,000 tons** of convenience foods, and **42,000 tons** of processed foods[101](index=101&type=chunk) - The company will enhance deep processing capabilities through introducing advanced equipment, improving processes, and product R&D, achieving diversified, serialized, and high-value-added products[103](index=103&type=chunk) [Important Matters](index=30&type=section&id=Item%205.%20Important%20Matters) [Profit Distribution and Capital Reserve to Share Capital Conversion](index=30&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Conversion) The company's 2016 profit distribution plan proposes a cash dividend of **CNY 2.00** (tax inclusive) per 10 shares to all shareholders based on a total share capital of **181,840,201 shares**, totaling **CNY 36,368,040.20**, with no capital reserve to share capital conversion, representing **14.81%** of net profit attributable to shareholders for the year 2016 Annual Profit Distribution Plan | Item | Content | | :--- | :--- | | Dividend per 10 shares (CNY) (tax inclusive) | 2.00 | | Bonus shares per 10 shares (shares) | 0 | | Capitalization issue per 10 shares (shares) | 0 | | Share capital base for distribution plan (shares) | 181,840,201 | | Total cash dividend (CNY) (tax inclusive) | 36,368,040.20 | | Proportion of cash dividend to total profit distribution | 100.00% | Cash Dividends for the Past Three Years (Unit: CNY) | Dividend Year | Cash Dividend Amount (tax inclusive) | Ratio of Net Profit Attributable to Ordinary Shareholders | | :--- | :--- | :--- | | 2016 | 36,368,040.20 | 14.81% | | 2015 | 15,935,000.00 | 70.64% | | 2014 | 0.00 | 0.00% | [Major Asset Sale](index=26&type=section&id=Major%20Asset%20Sale) On September 30, 2016, the company sold properties, land, and some equipment located in Muping District, Yantai City, to Shandong Ronghua Food Group Co., Ltd. for **CNY 72 million**, with the proceeds used to increase the company's working capital, positively impacting its cash flow - On September 30, 2016, the company sold some properties, land, and equipment to Shandong Ronghua Food Group Co., Ltd. for **CNY 72 million**, with the proceeds used to supplement working capital[94](index=94&type=chunk) [Analysis of Major Holding and Participating Companies](index=27&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) Shandong Xiantan Food Co., Ltd., a major subsidiary, performed strongly during the reporting period, achieving nearly **CNY 2 billion** in operating revenue and **CNY 68.3193 million** in net profit, making it a significant source of the company's profit Major Subsidiary Financial Situation (Unit: CNY) | Company Name | Main Business | Total Assets | Net Assets | Operating Revenue | Operating Profit | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Shandong Xiantan Food Co., Ltd. | Food Processing | 344,400,425.12 | 274,485,700.68 | 1,999,970,380.66 | 69,253,401.90 | 68,319,311.73 | [Changes in Shares and Shareholder Information](index=55&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) [Changes in Share Capital](index=55&type=section&id=Changes%20in%20Share%20Capital) During the reporting period, the company's total share capital increased by **22,490,201 shares** due to a non-public offering, rising from **159,350,000 shares** to **181,840,201 shares**, while the proportion of unrestricted shares increased from **24.98%** to **32.64%** due to the lifting of restrictions on some initial public offering shares - On September 22, 2016, **22,490,201 shares** from the company's non-public offering were listed, leading to an increase in total share capital[195](index=195&type=chunk) - On February 17, 2016, restrictions on **19,500,000 shares** of initial public offering shares were lifted[194](index=194&type=chunk) Share Structure Changes | Share Class | Quantity Before Change | Quantity After Change | Proportion After Change | | :--- | :--- | :--- | :--- | | Restricted Shares | 119,550,000 | 122,490,201 | 67.36% | | Unrestricted Shares | 39,800,000 | 59,350,000 | 32.64% | | **Total Shares** | **159,350,000** | **181,840,201** | **100.00%** | [Shareholder Information](index=57&type=section&id=Shareholder%20Information) As of the end of 2016, the company had **26,531** shareholders, with controlling shareholders and actual controllers Wang Shouchun and Qu Lirong jointly holding **55.09%** of shares, and the top ten shareholders, excluding the controlling shareholders, primarily consisting of institutional investors who entered through the non-public offering - The total number of ordinary shareholders at the end of the reporting period was **26,531**[200](index=200&type=chunk) Top Ten Shareholders' Shareholding | Shareholder Name | Shareholding Percentage | Number of Shares Held at Period End | | :--- | :--- | :--- | | Wang Shouchun | 28.69% | 52,173,800 | | Qu Lirong | 26.40% | 48,000,000 | | First Capital Securities - Guosen Securities - Gongying Dayan Quantitative Private Placement Collective Asset Management Plan | 4.87% | 8,859,060 | | Wang Kegong | 2.47% | 4,500,000 | | He Chuanhu | 2.47% | 4,500,000 | - The company's controlling shareholder and actual controller, Wang Shouchun and Qu Lirong, are a married couple[201](index=201&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=62&type=section&id=Item%208.%20Directors%2C%20Supervisors%2C%20Senior%20Management%2C%20and%20Employees) [D&S&SM Shareholding and Remuneration](index=62&type=section&id=D%26S%26SM%20Shareholding%20and%20Remuneration) During the reporting period, only Chairman and President Mr. Wang Shouchun held company shares, with **52,173,800 shares** at period-end, having increased his holdings by **123,800 shares** during the period, and the total pre-tax remuneration paid to directors, supervisors, and senior management in 2016 was **CNY 1.0681 million** - Chairman and President Wang Shouchun held **52,050,000 shares** at the beginning of the period, increased his holdings by **123,800 shares** during the period, and held **52,173,800 shares** at the end of the period[209](index=209&type=chunk) Remuneration of Selected Directors, Supervisors, and Senior Management (Unit: CNY 10,000) | Name | Position | Total Pre-tax Remuneration from Company | | :--- | :--- | :--- | | Wang Shouchun | Chairman, President | 19.06 | | Xu Shiwei | Director, Vice President, CFO, Board Secretary | 11.26 | | Wang Shouheng | Vice President | 11.26 | | Song Tao | Vice President | 11.26 | | **Total** | **--** | **106.81** | [Employee Information](index=66&type=section&id=Employee%20Information) As of the end of the reporting period, the company had a total of **4,466** employees, with production personnel constituting the largest proportion at **4,056** employees, and the vast majority, **4,202** employees, having a junior college education or below Employee Professional Composition | Professional Category | Number of Employees (people) | | :--- | :--- | | Production Personnel | 4,056 | | Technical Personnel | 228 | | Administrative Personnel | 137 | | Financial Personnel | 25 | | Sales Personnel | 20 | | **Total** | **4,466** | [Corporate Governance](index=68&type=section&id=Item%209.%20Corporate%20Governance) [Overview of Corporate Governance](index=68&type=section&id=Overview%20of%20Corporate%20Governance) During the reporting period, the company operated strictly in accordance with laws and regulations such as the "Company Law" and "Securities Law," with no significant discrepancies between its actual corporate governance status and relevant regulations of the China Securities Regulatory Commission; the company maintained independence from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing complete independent operating capabilities, and has established a sound corporate governance structure and internal control system to ensure the orderly conduct of all production and operating activities - The actual status of corporate governance has no significant discrepancies with the normative documents issued by the China Securities Regulatory Commission[238](index=238&type=chunk) - The company is separate from its controlling shareholder in terms of assets, business, personnel, finance, and organization, possessing independent and complete business operations and the ability to operate independently in the market[239](index=239&type=chunk) - The company's Board of Directors has established specialized committees including Audit, Nomination, Remuneration and Appraisal, and Strategy, providing professional opinions for decision-making[234](index=234&type=chunk) [Financial Report](index=75&type=section&id=Item%2011.%20Financial%20Report) [Audit Report](index=75&type=section&id=Audit%20Report) Shandong Hexin Certified Public Accountants (Special General Partnership) audited the company's 2016 financial statements and issued a standard unqualified audit opinion, concluding that the financial statements were prepared in all material respects in accordance with enterprise accounting standards, fairly reflecting the company's financial position as of December 31, 2016, and its operating results and cash flows for the year 2016 - The auditing firm was Shandong Hexin Certified Public Accountants (Special General Partnership), which issued a standard unqualified audit opinion[256](index=256&type=chunk)[265](index=265&type=chunk) [Main Financial Statements](index=78&type=section&id=Main%20Financial%20Statements) As of the end of 2016, the company's total assets were **CNY 2.485 billion**, net assets attributable to the parent company were **CNY 2.054 billion**, and the asset-liability ratio was **17.32%**; in 2016, it achieved operating revenue of **CNY 2.095 billion** and net profit attributable to the parent company of **CNY 246 million**, with net cash flow from operating activities of **CNY 430 million**, demonstrating a healthy financial position, excellent profitability, and cash flow performance Consolidated Balance Sheet Major Items (Unit: CNY) | Item | Dec 31, 2016 | Dec 31, 2015 | | :--- | :--- | :--- | | Monetary Funds | 406,056,413.86 | 96,613,674.69 | | Inventories | 265,861,586.11 | 271,537,864.46 | | Fixed Assets | 766,178,968.21 | 673,353,477.13 | | **Total Assets** | **2,485,259,525.95** | **1,451,108,965.01** | | Short-term Borrowings | 12,000,000.00 | 90,000,000.00 | | **Total Liabilities** | **430,369,654.83** | **452,768,107.83** | | Net Assets Attributable to Parent Company | 2,053,613,433.85 | 997,544,929.68 | | **Total Liabilities and Owners' Equity** | **2,485,259,525.95** | **1,451,108,965.01** | Consolidated Income Statement Major Items (Unit: CNY) | Item | 2016 | 2015 | | :--- | :--- | :--- | | Total Operating Revenue | 2,095,018,758.69 | 1,755,788,002.76 | | Total Operating Costs | 1,852,638,061.54 | 1,749,748,832.28 | | Operating Profit | 246,587,922.41 | 10,991,486.70 | | Total Profit | 245,796,621.73 | 22,553,282.88 | | Net Profit | 245,196,516.89 | 22,553,282.88 | | Net Profit Attributable to Parent Company Shareholders | 245,516,007.12 | 22,557,355.38 | Consolidated Cash Flow Statement Major Items (Unit: CNY) | Item | 2016 | 2015 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 430,115,147.66 | 154,129,710.56 | | Net Cash Flow from Investing Activities | -852,129,611.01 | -125,005,352.05 | | Net Cash Flow from Financing Activities | 730,562,383.16 | -81,190,270.88 | | Net Increase in Cash and Cash Equivalents | 308,556,638.17 | -52,065,755.00 |

Financial Performance - Total assets increased by 65.30% to CNY 2,398,693,650.11 compared to the end of the previous year[9] - Net assets attributable to shareholders increased by 99.15% to CNY 1,986,561,189.10 compared to the end of the previous year[9] - Operating revenue for the period was CNY 567,158,426.45, a 37.32% increase year-on-year[9] - Net profit attributable to shareholders surged by 1,688.49% to CNY 102,081,188.64 compared to the same period last year[9] - Basic earnings per share reached CNY 0.64, reflecting a 1,500.00% increase year-on-year[9] - Cash flow from operating activities increased by 116.93% to CNY 256,612,589.47 year-to-date[9] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 11,127[13] - The largest shareholder, Wang Shouchun, holds 28.69% of the shares, totaling 52,173,800 shares[13] Cash and Receivables - The company reported a 912.85% increase in cash and cash equivalents due to stock issuance[17] - Prepaid accounts increased by 1,348.35% due to higher advance payments for key raw materials[18] - The ending balance of advance receipts increased by 136.31% compared to the beginning of the year, attributed to higher pre-receipts for chicken products[21] - The ending balance of employee compensation payable increased by 46.96% compared to the beginning of the year, due to increased accrual of employee compensation[21] - The ending balance of interest payable decreased by 85.93% compared to the beginning of the year, resulting from a reduction in short-term borrowings[21] - The ending balance of capital reserves increased by 209.78% compared to the beginning of the year, due to the issuance of new shares and an increase in share premium[21] Financial Expenses and Income - Financial expenses decreased by 76.29% compared to the same period last year, attributed to reduced short-term borrowings and lower loan interest rates[21] - Investment income increased by 69.22% compared to the same period last year, due to an increase in financial products[21] - The net cash flow from operating activities increased by 116.93% compared to the same period last year, driven by increased revenue and corresponding cash flow[21] - The net cash flow from investing activities decreased by 56.28% compared to the same period last year, due to increased investments[21] - The net cash flow from financing activities increased by 1726.17% compared to the same period last year, attributed to the issuance of new shares[21] Stock Price Stabilization Measures - The company plans to implement stock price stabilization measures due to the stock price being lower than the audited net asset value per share from the previous fiscal year[26] - The company will propose a profit distribution plan or capital reserve conversion to increase share capital within 10 trading days after the stabilization measures are triggered[26] - If the stock price remains below the audited net asset value per share for a continuous period, the company may repurchase shares using its own funds, with the repurchase amount not exceeding 50% of the net profit attributable to shareholders from the previous fiscal year[26] - The controlling shareholders are required to propose a plan to increase their shareholding if the stock price continues to be below the audited net asset value per share after the stabilization measures[28] - Directors and senior management may also buy shares to stabilize the stock price under similar conditions, with the purchase amount not exceeding 50% of their after-tax salary and cash dividends from the previous fiscal year[28] - The company emphasizes compliance with relevant laws and regulations during the implementation of these measures[28] - The stock price stabilization measures will be executed in a specific order, starting with profit distribution or capital reserve conversion[26] - The company will disclose the plans for share repurchase and controlling shareholder increases in shareholding within three trading days after the proposals are made[28] - The company commits to repurchase shares if any false statements or omissions are found in its IPO prospectus, with the repurchase price adjusted according to relevant regulations[28] - The company’s stock distribution must comply with listing conditions after any share repurchase or increase in shareholding by controlling shareholders[28] Profit Projections and Market Conditions - The estimated net profit attributable to shareholders for 2016 is projected to be between 200 million and 210 million RMB, representing a year-on-year increase of 786.63% to 830.96%[31] - The significant profit increase is attributed to a substantial decrease in feed raw material prices and a gradual recovery in chicken product prices compared to the previous year[31] - The net profit for 2015 attributable to shareholders was 22.5573 million RMB[31] Compliance and Governance - There are no violations regarding external guarantees during the reporting period[32] - There are no non-operating fund occupations by controlling shareholders or their affiliates during the reporting period[33] - The company has committed to not transferring shares during the lock-up period following its IPO[30] - The controlling shareholders have pledged to not interfere with the company's management and to protect the interests of all shareholders[30] - The company plans to increase its shareholding by at least 5 million RMB using its own funds within six months[30] - The company has conducted multiple institutional research activities throughout the year[34] - The company is focused on maintaining compliance with relevant laws and regulations regarding shareholding and management practices[30]