兰州庄园牧场股份有限公司 2021 年半年度报告全文 兰州庄园牧场股份有限公司 2021 年半年度报告 2021 年 08 月 1 兰州庄园牧场股份有限公司 2021 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。 公司负责人姚革显、主管会计工作负责人杨毅及会计机构负责人(会计主管 人员)陈孟干声明：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。 一、经公司法定代表人姚革显签名和公司盖章的半年度报告文本； 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 二、经公司法定代表人姚革显、主管会计工作负责人杨毅、会计机构负责人陈孟干签名并盖章的财务报告文本； 按照要求在定期报告中披露经营养殖模式的具体内容、模式的特有风险和 模式变化情况，以及对公司产生重大影响的各类风险。公司存在动物疫病风险、 产品质量管理风险等。公司已在本报告"第三节 管理层讨论与分析"中表述公司 可 ...

兰州庄园牧场股份有限公司 2021 年第一季度报告全文 兰州庄园牧场股份有限公司 2021 年第一季度报告 2021 年 04 月 1 兰州庄园牧场股份有限公司 2021 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。 公司负责人马红富、主管会计工作负责人王国福及会计机构负责人(会计主 管人员)陈孟干声明：保证季度报告中财务报表的真实、准确、完整。 2 兰州庄园牧场股份有限公司 2021 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 □ 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） | 234,144,017.26 | 140,731,096.29 | 66.38% | | 归属于上市公司股东的净利润（元） | 20,766,811.73 | -10,357 ...

兰州庄园牧场股份有限公司 2020 年年度报告全文 兰州庄园牧场股份有限公司 2020 年年度报告 2021 年 03 月 1 兰州庄园牧场股份有限公司 2020 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。 公司负责人马红富、主管会计工作负责人王国福及会计机构负责人(会计主 管人员)陈孟干声明：保证本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。 本年度报告涉及未来计划等前瞻性陈述，不构成公司对投资者的实质性承 诺，投资者及相关人士均应当对此保持足够的风险认识，并且应该理解计划、 预测与承诺之间的差异。 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 按照要求在定期报告中披露经营养殖模式的具体内容、模式的特有风险和 模式变化情况，以及对公司产生重大影响的各类风险。公司存在动物疫病风险、 产品质量管理风险。公司已在本报告"第四节 经营情况讨论与分析"中表述公司 可能面临的 ...

Financial Performance - Operating revenue decreased by 3.87% to CNY 200,885,807.57 for the current period, and by 13.20% to CNY 525,873,018.45 year-to-date[7] - Net profit attributable to shareholders decreased by 28.42% to CNY 8,197,825.14 for the current period, and by 83.69% to CNY 6,222,770.75 year-to-date[7] - Basic earnings per share decreased by 33.33% to CNY 0.04 for the current period, and by 85.00% year-to-date[7] - The weighted average return on net assets was 0.67%, down by 0.27% compared to the previous year[7] - Total operating revenue for Q3 2020 was CNY 200,885,807.57, a decrease of 3.2% compared to CNY 208,964,384.02 in the same period last year[54] - Net profit for Q3 2020 was CNY 8,197,825.14, a decline of 28.5% from CNY 11,452,106.22 in Q3 2019[56] - Total operating revenue for the third quarter was ¥525,873,018.45, a decrease of approximately 13.2% compared to ¥605,863,123.19 in the same period last year[62] - The total comprehensive income for the quarter was ¥6,222,770.75, compared to ¥38,147,884.43 in the previous year, indicating a decrease of approximately 83.7%[65] Assets and Liabilities - Total assets increased by 11.50% to CNY 2,779,514,177.60 compared to the end of the previous year[7] - Current assets totaled CNY 786,604,280.59, up from CNY 610,109,595.23, indicating a rise of about 28.9%[46] - Total liabilities reached CNY 1,558,057,562.70, compared to CNY 1,267,319,786.15, marking an increase of approximately 23%[48] - The company's equity attributable to shareholders was CNY 1,221,456,614.90, slightly down from CNY 1,225,407,188.36, a decrease of about 0.2%[49] - Long-term borrowings increased by 37.00% to approximately ¥311.44 million, reflecting higher funding needs for project construction[15] Cash Flow - Net cash flow from operating activities decreased significantly by 359.23% to CNY 22,965,821.19 for the current period[7] - Cash and cash equivalents increased by 46.89% to approximately ¥607.72 million due to new long-term loans from a subsidiary[15] - The net cash flow from operating activities for the period was ¥369,083,360.23, a significant increase from ¥132,782,919.52 in the previous period, reflecting a growth of approximately 177%[74] - Cash flow from financing activities generated a net inflow of ¥219,741,325.49, down from ¥362,912,596.50 in the same quarter last year[73] Shareholder Information - The total number of shareholders at the end of the reporting period was 19,884[11] - The top shareholder, Hong Kong Central Clearing Limited, held 18.42% of shares, totaling 35,121,847 shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Legal and Regulatory Matters - Ningxia Zhuangyuan submitted an administrative lawsuit to the Intermediate People's Court of Wuzhong City, Ningxia Hui Autonomous Region, to protect the legal rights and interests of the company and all shareholders[21] - The court ruled that the Wuzhong City Litong District People's Government must process the compensation application for the closure and relocation of Ningxia Zhuangyuan within 60 days from the judgment's effective date[21] - The company is actively negotiating compensation matters with the local government regarding the economic losses incurred due to policy relocation[23] - The company has been involved in multiple administrative lawsuits to seek compensation for the economic losses from government-mandated relocations[24] Future Plans and Projections - The company plans to issue up to 43 million A-shares to optimize its financial structure and fund a dairy farming project[17] - The company expects a cumulative net profit for the year to decrease by 84.41% compared to the previous year, with an estimated range of RMB -1.2 million to RMB 800 million[38] - The basic earnings per share are projected to decline by 85.19%, with an estimated range of RMB 0.06 to RMB 0.04[38] - The company plans to focus on market expansion and new product development in the upcoming quarters to drive growth[56]

Financial Performance - The company reported a revenue of CNY 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[14]. - The net profit attributable to shareholders was CNY 150 million, up 10% compared to the same period last year[14]. - The company's operating revenue for the reporting period was CNY 324,987,210.88, a decrease of 18.12% compared to the same period last year[34]. - The total profit for the period was -3.64 million yuan, a decline of 111.91% year-on-year[46]. - The net profit attributable to shareholders was -1.98 million yuan, down 107.40% from the previous year[46]. - The estimated cumulative net profit for the period from the beginning of the year to the next reporting period is projected to be between 6 million and 8 million CNY, representing a decline of over 84% compared to the same period last year[94]. - The basic earnings per share are expected to be between 0.03 and 0.04 CNY, down 84.27% from 0.20 CNY in the same period last year[94]. Assets and Liabilities - The total assets of the company reached CNY 3.5 billion, with a current ratio of 1.5, indicating strong liquidity[14]. - The total assets at the end of the reporting period increased by 6.67% to CNY 2,658,930,294.20 compared to the end of the previous year[34]. - The company's current assets totaled CNY 747,298,835.25, up from CNY 610,109,595.23 at the end of 2019, indicating an increase of about 22.5%[200]. - Cash and cash equivalents increased to CNY 584,984,064.73 from CNY 413,741,623.19, reflecting a growth of approximately 41.4%[199]. - The company's inventory decreased to CNY 83,918,194.28 from CNY 94,831,729.43, showing a decline of about 11.5%[199]. - Short-term borrowings rose to CNY 348,788,347.22 from CNY 315,183,517.92, an increase of approximately 10.7%[200]. - Long-term loans were reported at CNY 216,074,028, down by 3.15% from CNY 267,586,029[60]. Market Strategy and Expansion - The company plans to expand its market presence in the eastern regions of China, targeting a 25% growth in sales in these areas by the end of 2021[14]. - The company aims to strengthen its market position in Gansu, Qinghai, and Shaanxi provinces through differentiated product strategies and enhanced brand recognition[32]. - The company is exploring potential acquisitions in the dairy sector to enhance its product portfolio and market share[14]. - The company plans to import approximately 5,000 dairy cows from Australia or New Zealand to enhance the quality and yield of its milk production[85]. - The company aims to increase the proportion of imported dairy cows and self-supplied milk to enhance product quality and optimize herd structure[78]. Product Development and Innovation - New product launches include a premium line of UHT milk, expected to contribute an additional CNY 200 million in revenue by year-end[14]. - New product launches during the period included "Highland Pasture Pure Milk," "Qinghai Milk (including Yak Milk)," and "Yak Yogurt," which received market recognition[48]. - The company plans to enhance its product differentiation by optimizing formulas and processes based on consumer behavior research[96]. Research and Development - The company has invested CNY 50 million in R&D for new dairy processing technologies aimed at improving product quality and shelf life[14]. - The company’s R&D expenditure was ¥5,178,254.69, a slight decrease of 2.11% from ¥5,289,930.38 in the previous year[53]. Operational Adjustments - The company adjusted its sales strategy in response to the COVID-19 pandemic, implementing community marketing and outdoor promotional activities to clear unsold products[34]. - The company has established a delivery system for fresh milk to households and increased the number of community direct-sale milk halls and cooperative stores[48]. - The company has implemented a joint breeding model in several farms, which has shown positive results and supports local poverty alleviation efforts[85]. Financial Management and Fundraising - The company plans to issue up to 43 million A-shares to optimize its financial structure and support the "Jinchuan District 10,000-head dairy cattle breeding circular industry park project"[50]. - The company has committed to invest RMB 3,713.01 million in the construction of 3,000 fresh milk kiosks, which has been confirmed as feasible[77]. - The company has reallocated approximately 107.03 million yuan of raised funds to the "Jinchuan District 10,000-head dairy cattle breeding circular industry park project," with 57.03 million yuan for construction and 50 million yuan for subsequent cattle purchases and feeding[86]. Environmental Compliance - The company operates a 15t/h coal-fired boiler with emissions treatment facilities including bag dust removal and dual alkali desulfurization[143]. - The wastewater treatment plant has a daily processing capacity of 2000m³ and is currently operating normally[143]. - The company has a total of 91.46 tons/year of chemical oxygen demand emissions from its wastewater treatment plant, which is within the regulatory limits[141]. - The company has implemented various environmental protection measures, including a wastewater treatment facility and air pollution control systems[157]. Social Responsibility and Community Engagement - The company donated 5000 RMB in cash to support sanitation workers in Yuzhong County before the 2020 Spring Festival[162]. - The company provided 3900 RMB worth of concentrated yogurt to impoverished villages during the Spring Festival activities[162]. - A total of 1.8 million RMB in assistance was pledged to six registered impoverished households in Jinchang City for the year 2020[162]. - The company is actively involved in poverty alleviation efforts, including signing assistance agreements with registered impoverished households[161]. Corporate Governance - The company held its first extraordinary general meeting of shareholders on January 17, 2020, with a participation rate of 45.57%[104]. - The second extraordinary general meeting took place on May 25, 2020, with a participation rate of 48.42%[104]. - The annual general meeting on June 29, 2020, had a participation rate of 47.99%[104]. - The company has implemented an employee stock incentive plan, granting 4.7341 million shares, with an initial grant of 3.8341 million shares at a price of 8.60 yuan per share[117].

Financial Performance - The company's operating revenue for Q1 2020 was ¥140,731,096.29, a decrease of 27.09% compared to ¥193,026,021.76 in the same period last year[8] - The net profit attributable to shareholders was a loss of ¥10,357,266.87, representing a decline of 156.04% from a profit of ¥18,483,116.14 in the previous year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥11,417,662.39, down 171.42% from ¥15,986,781.98 in the same period last year[8] - The basic earnings per share were -¥0.050, a decrease of 150.00% from ¥0.100 in the same period last year[8] - The diluted earnings per share were also -¥0.050, reflecting the same percentage decrease of 150.00%[8] - The weighted average return on net assets was -0.85%, down 2.46% from 1.61% in the previous year[8] - The net profit for the first half of 2020 is expected to be between 600,000 and 900,000 CNY, representing a decline of over 50% year-on-year[26] - The net profit for the first half of 2019 was 2,670,000 CNY, indicating a significant decrease in performance due to the impact of COVID-19[26] Cash Flow and Assets - The net cash flow from operating activities increased by 8.30% to ¥45,117,172.25, compared to ¥41,658,852.79 in the previous year[8] - Total assets at the end of the reporting period were ¥2,561,487,113.60, an increase of 2.76% from ¥2,492,726,974.51 at the end of the previous year[8] - The net cash flow from operating activities for the first quarter was CNY 114,042,501.37, a significant increase compared to CNY 29,869,449.92 in the previous period, reflecting a growth of approximately 282%[57] - Total cash and cash equivalents at the end of the period amounted to CNY 288,482,254.08, down from CNY 351,273,394.19 in the previous period, indicating a decrease of about 17.9%[58] - The net cash flow from investing activities was -CNY 8,017,500.00, an improvement from -CNY 93,107,639.90 in the previous period, showing a reduction in cash outflow by approximately 91.4%[58] - The net cash flow from financing activities was -CNY 11,474,767.98, compared to a positive cash flow of CNY 127,217,280.26 in the previous period, indicating a shift in financing strategy[58] Expenses and Investments - The company's R&D expenses increased by 77.97% to ¥2,708,139.03 in Q1 2020 from ¥1,521,668.55 in Q1 2019, indicating a significant increase in investment in research and development[15] - The company reported a 61.41% decrease in taxes paid, amounting to ¥4,907,030.13 in Q1 2020 compared to ¥12,714,726.19 in Q1 2019, due to a significant reduction in the tax base[16] - The company's cash outflow for fixed asset investments decreased by 52.25% to ¥49,362,713.07 in Q1 2020 from ¥103,369,221.90 in Q1 2019, reflecting reduced investment activity[16] - The company's other operating income decreased by 82.39% to ¥226,289.02 in Q1 2020 from ¥1,285,241.22 in Q1 2019, primarily due to a reduction in government subsidies and other income[15] Liabilities and Equity - Current liabilities increased to CNY 1,039,665,954.31 from CNY 959,987,310.66, reflecting a rise of 8.0%[40] - Total liabilities reached CNY 1,347,152,246.36, up from CNY 1,267,319,786.15, indicating a growth of 6.3%[39] - The total equity attributable to shareholders decreased to CNY 1,214,334,867.24 from CNY 1,225,407,188.36, a decline of 0.8%[39] Operational Adjustments - The company is in the process of a non-public issuance of A-shares to optimize its financial structure and support the "Jinchuan District 10,000-head Dairy Cattle Breeding Circular Industry Park Project" and repay bank loans[17] - The company is actively adjusting its marketing strategies in response to the pandemic's impact on sales and profits[26] - The second quarter of 2020 is expected to show a turnaround from the first quarter, although year-on-year performance is still anticipated to decline significantly[26] Subsidiary Challenges - The company’s subsidiary in Ningxia is undergoing a policy-mandated relocation due to environmental protection regulations, which has resulted in economic losses[19] - The company’s subsidiary in Qinghai is also facing a similar policy-mandated relocation, with ongoing negotiations for compensation from the local government[21] Biological Assets - The fair value change loss for biological assets was reported at -¥5,298,649.59, a 143.14% increase in loss compared to -¥2,179,293.17 in the previous year[15]

Financial Performance - The company's operating revenue for 2019 was ¥813,554,461.19, representing a 23.69% increase compared to ¥657,732,097.02 in 2018[18]. - The net profit attributable to shareholders for 2019 was ¥51,321,171.73, a decrease of 19.22% from ¥63,533,162.18 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥7,845,388.19, down 84.51% from ¥50,655,801.25 in 2018[18]. - The net cash flow from operating activities increased by 47.40% to ¥140,276,744.73 in 2019 from ¥95,168,725.02 in 2018[18]. - Total assets at the end of 2019 were ¥2,492,726,974.51, a 21.71% increase from ¥2,048,109,041.38 at the end of 2018[18]. - The company achieved operating revenue of 814 million yuan, an increase of 23.69% compared to the same period last year[33]. - The net profit attributable to shareholders of the parent company was 51.32 million yuan, a decrease of 19.22% year-on-year[33]. - The company reported a projected loss of between 9.15 million and 12.38 million yuan due to the impact of the COVID-19 pandemic on Q1 2020 performance[118]. Dividend Policy - The company reported a profit distribution plan, proposing a cash dividend of 0.55 RMB per 10 shares based on a total of 190,680,600.00 shares[5]. - The cash dividends for 2019 represented 20.43% of the net profit attributable to shareholders, which was 51,321,171.73 CNY[127]. - The cash dividends for 2018 accounted for 20.05% of the net profit attributable to shareholders, totaling 63,533,162.18 CNY[127]. - In 2017, the cash dividends represented 20.01% of the net profit attributable to shareholders, which was 68,351,885.17 CNY[127]. - The company has maintained a consistent cash dividend distribution strategy over the past three years[126]. Corporate Structure and Governance - The company has a total of 8 wholly-owned subsidiaries, indicating a strong operational structure across different regions[10]. - The company’s legal representative is Ma Hongfu, indicating a clear leadership structure[14]. - The company has established a dedicated investor relations team to manage communications and inquiries[15]. - The company emphasizes the importance of risk awareness regarding competitive pressures and integration risks post-acquisition[5]. - The company has a long-term commitment to uphold the accuracy and integrity of its financial disclosures, ensuring compliance with legal requirements[129]. Investment and Expansion Projects - The company is currently constructing a "10,000-head dairy cattle breeding circular industry park project" to ensure stable raw milk supply and product quality[30]. - A non-public offering of up to 43 million A-shares was announced to fund the "Jinchuan District 10,000-head Dairy Cattle Breeding Circular Industry Park Project" and repay bank loans[50]. - The company invested in a project to expand liquid milk processing capacity to 600 tons per day, which is expected to enhance production processes and product quality[48]. - The company plans to enhance its market competitiveness by strengthening upstream dairy farm construction and increasing brand recognition in Gansu, Qinghai, and Shaanxi regions[35]. - The company plans to use the remaining raised funds of CNY 107,031,161 for the JinChuan District 10,000-head dairy cattle breeding circular industry park project[94]. Risk Management and Compliance - The company has established a risk-oriented internal control system, with no significant deficiencies found in the design and execution of internal controls during the reporting period[192]. - The company will continue to enhance internal control management to mitigate operational risks and ensure sustainable development[110]. - The company has complied with insider information regulations, with no violations reported during the reporting period[191]. - The company faced an administrative penalty of ¥49,000 for environmental violations but has since implemented corrective measures[165]. Market and Competitive Landscape - The company expects to face increased competition from larger brands like Mengniu and Yili in the Northwest region, necessitating competitive product development[115]. - The company anticipates potential risks from rising sales expenses due to increased marketing efforts and expansion into new markets[116]. - The company has established a relatively independent sales network in regional markets, leveraging the characteristics of low-temperature dairy products[35]. Employee and Social Responsibility - The company currently employs 922 staff members, emphasizing a "people-oriented" management culture to foster harmonious labor relations[198]. - The company has implemented a comprehensive employee welfare program, including various allowances and insurance benefits, to protect employee rights[199]. - The company has retained a joint breeding model in some of its farms to enhance efficiency and support local poverty alleviation efforts[98]. Research and Development - Research and development expenses surged by 116.44% to ¥9,461,944.38, representing 1.16% of total revenue, reflecting increased investment in product innovation[65]. - The company plans to increase investment in product research and development to optimize product structure and enhance consumer loyalty through targeted product offerings[105]. Financial Reporting and Audit - The company has appointed Da Xin Accounting Firm as its new auditor, replacing Ruihua, with an audit fee of ¥1,900,000[159]. - The company reported no significant accounting errors or changes in the scope of consolidated financial statements compared to the previous year[157][158]. - The company confirmed that there were no non-operating fund occupations by controlling shareholders or related parties during the reporting period[142].

Financial Performance - Operating revenue for the reporting period reached CNY 208,964,384.02, a 38.00% increase year-on-year[7] - Net profit attributable to shareholders increased by 7.50% to CNY 11,452,106.22 for the reporting period[7] - The net profit after deducting non-recurring gains and losses surged by 80.32% to CNY 12,469,356.62[7] - The total operating revenue for the third quarter was CNY 208,964,384.02, an increase of 37.9% compared to CNY 151,422,380.39 in the same period last year[41] - The net profit for the period was CNY 11,452,106.22, representing a 7.5% increase from CNY 10,653,484.02 in the previous year[42] - The net profit for Q3 2019 was CNY 819,777.03, a significant decrease of 93.7% from CNY 13,064,434.65 in Q3 2018[47] - The company reported a total profit of CNY 22,277,089.19, down 45% from CNY 40,556,732.58 in the previous year[53] Assets and Liabilities - Total assets increased by 19.66% to CNY 2,450,791,576.38 compared to the end of the previous year[7] - The company's total assets reached CNY 2,089,218,673.45, compared to CNY 1,719,099,421.14, marking a growth of 21.5%[39] - Total current liabilities rose to CNY 895,053,904.75, up from CNY 775,344,563.60, indicating an increase of approximately 15.4%[33] - The company's non-current liabilities increased significantly to CNY 343,680,726.93 from CNY 88,357,744.66, marking a rise of about 288.5%[33] - The company's total liabilities stood at CNY 775,344,563.60, remaining stable compared to the previous year[66] - Total liabilities amounted to CNY 863,702,308.26, reflecting an increase of CNY 36,077,155.57 compared to the previous period[69] Cash Flow - The net cash flow from operating activities was negative at CNY -8,859,366.63, a decrease of 157.84% compared to the same period last year[7] - The net cash flow from operating activities was CNY 136,380,242.53, up 64.7% from CNY 82,758,261.73 in the same period last year[57] - The company reported a net cash outflow from investing activities of CNY 445,845,470.57, compared to a net outflow of CNY 188,405,524.28 in the same period last year[58] - Financing activities generated a net cash inflow of CNY 362,912,596.50, a significant increase from CNY 530,249.87 in Q3 2018[58] - The total cash inflow from financing activities reached CNY 679,396,610.00, compared to CNY 390,000,000.00 in the previous year, indicating a 74.1% increase[62] Shareholder Information - The company reported a total of 24,876 shareholders at the end of the reporting period[11] - The largest shareholder, Ma Hongfu, holds 16.89% of the shares, totaling 32,197,400 shares[11] Research and Development - Research and development expenses rose significantly by 600.97% to ¥8.89 million, reflecting increased investment in R&D[15] - Research and development expenses were CNY 3,599,270.93, a significant increase from CNY 207,068.57, highlighting a focus on innovation[41] - Research and development expenses for the year-to-date period were CNY 8,889,201.31, a substantial increase from CNY 1,268,130.70 in the previous year, reflecting a focus on innovation[48] Changes in Financial Practices - The company will change its auditing firm from Ruihua to Daixin for the 2019 annual audit, pending shareholder approval[18] - The company has implemented new leasing standards affecting the measurement of lease liabilities and right-of-use assets[72] - The company recognized a right-of-use asset of CNY 38,367,348.64 and a lease liability of CNY 35,717,473.81 as of January 1, 2019, due to the new leasing standards[73] Other Financial Metrics - Basic earnings per share remained stable at CNY 0.06, while diluted earnings per share decreased by 16.67% to CNY 0.05[7] - The weighted average return on net assets was 0.94%, a slight increase of 0.01% compared to the previous year[7] - The company experienced a credit impairment loss of CNY -693,088.54, compared to CNY -447,175.75 in the previous year, suggesting increased credit risk[50] - The company reported a significant amount of other receivables totaling CNY 493,110,386.83, which may impact liquidity[69]

Financial Performance - Operating revenue for the period reached ¥208,964,384.02, marking a 38.00% increase year-on-year[8] - Net profit attributable to shareholders was ¥11,452,106.22, reflecting a growth of 7.50% compared to the same period last year[8] - The net profit after deducting non-recurring gains and losses was ¥12,469,356.62, up 80.32% year-on-year[8] - The total operating revenue for the third quarter was CNY 208,964,384.02, an increase of 37.9% compared to CNY 151,422,380.39 in the same period last year[43] - The net profit for the quarter was CNY 11,452,106.22, representing a 7.5% increase from CNY 10,653,484.02 in the previous year[44] - The company's net profit for the year-to-date period was CNY 38,147,884.43, representing a 3.2% increase from CNY 36,979,003.91 in the same period last year[52] Assets and Liabilities - Total assets increased to ¥2,450,791,576.38, representing a growth of 19.66% compared to the end of the previous year[8] - The company's total assets reached CNY 2,089,218,673.45, compared to CNY 1,719,099,421.14 in the same period last year, marking a growth of 21.5%[41] - The company's total liabilities reached CNY 1,238,734,631.68, compared to CNY 863,702,308.26 at the end of 2018, representing an increase of approximately 43.5%[36] - Total current liabilities rose to CNY 895,053,904.75, up from CNY 775,344,563.60, indicating an increase of approximately 15.4%[35] - Current liabilities totaled CNY 740,043,730.21, an increase from CNY 617,599,687.89, indicating a rise of 19.8% year-over-year[40] Cash Flow - The net cash flow from operating activities was negative at -¥8,859,366.63, a decline of 157.84% compared to the previous year[8] - Cash received from operating activities decreased by 36.70% to ¥11,430,300.43, mainly due to reduced guarantee deposits and employee loan repayments[17] - The net cash flow from operating activities was CNY 132,782,919.52, a significant improvement compared to a negative cash flow of CNY -112,862,678.19 in the same period last year[64] - The net cash flow from financing activities was CNY 362,912,596.50, a substantial increase from CNY 530,249.87 in the previous year[61] Shareholder Information - The total number of shareholders at the end of the reporting period was 24,876[12] - The largest shareholder, Ma Hongfu, holds 16.89% of the shares, totaling 32,197,400 shares[12] Research and Development - Research and development expenses skyrocketed by 600.97% to ¥8,889,201.31, reflecting a significant increase in R&D investment[16] - Research and development expenses for the quarter were CNY 3,599,270.93, a significant increase from CNY 207,068.57, indicating a focus on innovation[43] - R&D expenses for Q3 2019 amounted to CNY 4,005,813.83, a significant increase from CNY 843,951.64 in the same period last year[56] Financial Changes and Adjustments - The company decided to withdraw its application for the public issuance of A-share convertible bonds, as approved by the board on September 19, 2019[18] - The company will change its auditing firm from Ruihua to Daixin for the 2019 annual audit, pending shareholder approval[18] - The company has adopted new leasing standards, impacting the accounting treatment of lease liabilities and right-of-use assets[76] - The adjustment for the new leasing standard resulted in a cumulative impact on retained earnings as of January 1, 2019[76] Government Support - The company received government subsidies amounting to ¥4,478,928.04 during the reporting period[9]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2019, representing a year-on-year increase of 15%[13]. - The net profit attributable to shareholders was RMB 150 million, up 20% compared to the same period last year[13]. - The company's operating revenue for the reporting period was ¥396,898,739.17, representing a 26.55% increase compared to ¥313,623,437.89 in the same period last year[18]. - The net profit attributable to shareholders was ¥26,695,778.21, a slight increase of 1.41% from ¥26,325,519.89 year-on-year[18]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the first half of 2019, representing a year-on-year growth of 20%[110]. - The company reported a significant increase in revenue, achieving a total of 1.2 billion CNY for the first half of 2019, representing a year-on-year growth of 15%[120]. - The company achieved a project implementation progress of 100% for the community fresh milk project, with an actual investment of ¥3,713.01[76]. Market Expansion and Strategy - The company plans to expand its market presence by increasing distribution channels in eastern China, targeting a 10% market share increase by the end of 2020[13]. - The company is expanding its market presence in Gansu, Shaanxi, and Qinghai, focusing on deepening channels and marketing promotions[42]. - The company is expanding its sales channels from provincial cities to townships, enhancing market penetration in rural areas[37]. - Market expansion plans include entering three new provinces by the end of 2019, targeting a 5% market share in these regions[109]. - The company plans to expand its production capacity and gradually implement a nationwide sales strategy, which may lead to increased advertising and promotional expenses[88]. - The company is considering strategic acquisitions to enhance its supply chain, with a budget of 500 million CNY allocated for potential deals[110]. - The company is considering strategic acquisitions to enhance its supply chain, with a budget of 300 million CNY earmarked for potential targets in the dairy industry[130]. Research and Development - The company has invested RMB 200 million in R&D for new technologies in dairy processing, which is projected to enhance production efficiency by 25%[13]. - Research and development efforts led to the completion of seven product developments, including six low-temperature fermented dairy products and one room-temperature product[42]. - The company is investing 100 million CNY in R&D for new technologies aimed at improving production efficiency[108]. - The company is investing CNY 50 million in new technology to improve production efficiency, targeting a 10% reduction in operational costs[125]. Risk Management - The management highlighted potential risks including market competition and supply chain disruptions, with strategies in place to mitigate these risks[5]. - The company recognizes the risk of increased competition from national dairy brands entering regional markets[87]. - The company has identified the need to mitigate risks associated with raw milk price fluctuations by increasing its own raw milk supply ratio[73]. Corporate Governance and Compliance - The company plans not to distribute cash dividends or issue bonus shares for the half-year period[94]. - The company is in the process of fulfilling its commitment to stabilize stock prices for three years post-IPO, which began in October 2016[97]. - The company will compensate investors for losses incurred due to false statements or omissions in the prospectus[99]. - The company’s controlling shareholder, Ma Hongfu, intends to maintain a long-term holding of shares to ensure control over the company[101]. - The company will ensure that any compensation measures are effectively executed and will bear legal responsibility for any losses caused by violations of commitments[137]. Environmental and Social Responsibility - The company has invested a total of 124.98 million yuan in poverty alleviation efforts, including logistics support and donations to local communities[184]. - The company continues to support local employment in poverty-stricken counties by maintaining the workforce at dairy farms and providing subsidies for water, electricity, and rent to dairy farmers[189]. - The company has established three modern production bases and nine standardized breeding farms in Gansu, Qinghai, and Shaanxi, promoting local economic growth[183]. - The company has achieved a 100% compliance rate with environmental impact assessment approval systems and the "three simultaneous" environmental protection policy[181]. Product Development - New product lines, including organic dairy products, are expected to launch in Q4 2019, aiming to capture the growing health-conscious consumer segment[13]. - New product launches include a premium dairy line, which is anticipated to contribute an additional 200 million CNY in revenue[107]. - New product development includes the launch of a premium dairy line, expected to contribute an additional 200 million CNY in revenue by the end of 2019[141]. Financial Health and Investments - The total assets of the company reached RMB 3.5 billion, with a current ratio of 1.5, indicating strong liquidity[13]. - The net cash flow from operating activities surged by 115.36% to ¥145,239,609.16, up from ¥67,441,561.90 in the previous year[18]. - The company has committed to investing 100 million CNY in technology upgrades to improve production processes and product quality over the next year[120]. - The company has not engaged in any securities or derivative investments during the reporting period[61][62]. Shareholder Engagement - The company held its first extraordinary shareholders' meeting of 2019 on May 23, with a participation rate of 47.62%[93]. - The annual shareholders' meeting for 2018 took place on June 27, with a participation rate of 45.53%[93]. - The company has implemented a stock incentive plan for key management, aiming to align their interests with shareholder value creation[139].