Financial Performance - The company's operating revenue for Q3 2021 reached ¥791,092,711.24, an increase of 44.59% compared to the same period last year[3] - The net profit attributable to shareholders was a loss of ¥5,058,138.54, representing a decline of 112.68% year-on-year[3] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of ¥7,017,161.17, down 124.53% from the previous year[3] - Total operating revenue for the current period reached ¥2,185,633,677.33, a significant increase of 42.3% compared to ¥1,535,215,356.31 in the previous period[20] - The net profit for the current period was a loss of ¥9,207,537.33, contrasting sharply with a net profit of ¥176,796,773.20 in the previous period[21] - The company's operating profit was reported at -¥4,877,219.02, a decline from the previous operating profit of ¥183,076,339.10[21] - The basic and diluted earnings per share for the current period were both -¥0.10, down from ¥1.99 in the previous period[22] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥2,675,856,384.27, reflecting a growth of 12.54% compared to the end of the previous year[3] - Total assets as of September 30, 2021, reached CNY 2,675,856,384.27, an increase from CNY 2,377,630,161.37 at the end of 2020[16] - Current assets decreased to CNY 954,115,928.09 from CNY 1,186,845,584.73 year-over-year[16] - Total liabilities increased to CNY 644,937,163.64 from CNY 568,500,519.17, representing a rise of approximately 13.4%[17] - The total liabilities rose to ¥1,036,116,150.61, compared to ¥744,082,400.82 in the previous period, indicating increased financial obligations[21] - The total equity attributable to shareholders decreased by 1.90% to ¥1,573,904,994.82[4] - The total equity attributable to shareholders of the parent company decreased to ¥1,573,904,994.82 from ¥1,604,318,564.71 in the previous period[21] Cash Flow - Cash flow from operating activities showed a net outflow of ¥94,289,073.04, a decrease of 222.90% compared to the same period last year[10] - Cash flow from operating activities for the current period was ¥2,237,221,054.03, compared to ¥1,538,724,969.25 in the previous period, showing improved cash generation[24] - The net cash flow from operating activities was -94,289,073.04 CNY, compared to 76,717,786.10 CNY in the previous year[25] - Total cash inflow from operating activities was 2,364,592,635.10 CNY, an increase from 1,567,678,514.92 CNY year-over-year[25] - Cash outflow for purchasing goods and services was 1,949,525,330.38 CNY, up from 1,096,034,009.36 CNY in the same period last year[25] - The net cash flow from investing activities was -419,212,404.71 CNY, compared to -249,623,603.19 CNY in the previous year[26] - The net cash flow from financing activities was 98,062,112.16 CNY, a decrease from 739,891,095.01 CNY year-over-year[26] - The ending cash and cash equivalents balance was 247,018,239.76 CNY, down from 758,928,254.34 CNY in the previous year[26] Research and Development - The company reported a significant increase in research and development expenses, which rose by 685.83% to ¥11,989,977.34[10] - Research and development expenses increased to ¥11,989,977.34, compared to only ¥1,525,776.12 in the previous period, reflecting a focus on innovation[21] Inventory and Borrowings - The company’s inventory increased by 38.12% to ¥389,317,242.86, attributed to expanded operations and rising costs[9] - Short-term borrowings increased by 34.83% to ¥240,000,000.00, primarily due to increased bank loans[10] - Long-term borrowings rose to CNY 201,880,000.00 from CNY 99,000,000.00, reflecting a significant increase of approximately 103.0%[17] - Accounts receivable increased to CNY 225,799,470.51 from CNY 185,299,246.57, reflecting a growth of approximately 21.9%[16] - Deferred income increased significantly to ¥169,642,278.77 from ¥69,981,881.65 in the previous period, indicating potential future revenue[21] Shareholder Information - The company has a total of 14,574 common stock shareholders as of the reporting date[12] Other Information - The company did not require adjustments to the balance sheet due to the new leasing standards implemented in 2021[27] - The third-quarter report was not audited[28]

Financial Performance - The company reported a revenue of RMB 1.2 billion for the first half of 2021, representing a year-on-year increase of 15% compared to the same period in 2020[14]. - The net profit attributable to shareholders for the first half of 2021 was RMB 150 million, up 20% from RMB 125 million in the same period last year[14]. - The company's operating revenue for the reporting period was ¥1,394,540,966.09, an increase of 41.13% compared to ¥988,102,542.16 in the same period last year[19]. - The net profit attributable to shareholders was -¥5,050,946.49, representing a decrease of 103.61% from ¥139,803,928.59 in the previous year[19]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥15,026,800.36, a decline of 111.30% compared to ¥132,925,192.16 in the same period last year[19]. - The net cash flow from operating activities was -¥82,036,950.75, a decrease of 204.48% from ¥78,520,763.46 in the previous year[19]. - The total assets at the end of the reporting period were ¥2,520,579,232.30, an increase of 6.01% from ¥2,377,630,161.37 at the end of the previous year[19]. - The net assets attributable to shareholders at the end of the reporting period were ¥1,578,963,133.36, a decrease of 1.58% from ¥1,604,318,564.71 at the end of the previous year[19]. - The basic and diluted earnings per share were both -¥0.06, a decrease of 103.64% from ¥1.65 in the same period last year[19]. - The weighted average return on net assets was -0.32%, down from 12.83% in the previous year, a decline of 13.15%[19]. - The company reported a significant increase in operating costs across all regions, with Hunan region costs rising by 107.81% due to increased sales activities[60]. - The total profit for the first half of 2021 was a loss of ¥4,407,918.12, compared to a profit of ¥139,908,798.66 in the first half of 2020[189]. Market Strategy and Expansion - The company plans to expand its market presence by increasing distribution channels, targeting a 10% growth in market share by the end of 2022[14]. - Future guidance estimates a revenue growth of 12% for the second half of 2021, driven by increased demand and new product launches[14]. - The company is exploring strategic partnerships for potential mergers and acquisitions to enhance its product offerings and market reach[14]. - The company aims to enhance its supply chain efficiency, targeting a 15% reduction in operational costs by optimizing logistics[14]. - The company is actively exploring new product development and market expansion strategies, particularly in the ice-fresh and cooked poultry segments[41]. - The company is expanding its market presence, targeting three new provinces for distribution, which is anticipated to increase market share by 5%[123]. - A strategic acquisition of a local competitor is in progress, which is expected to enhance operational efficiency and increase overall market competitiveness[119]. Research and Development - The company has invested RMB 50 million in R&D for new product development, focusing on organic poultry products[14]. - Research and development expenses surged by 585.97% to ¥7,606,132.35, reflecting a significant increase in investment in R&D activities[54]. - The company plans to invest 100 million yuan in research and development for new technologies aimed at improving production processes and product quality[120]. - The company has established research cooperation agreements with several academic institutions to enhance its technological capabilities[51]. Operational Efficiency and Cost Management - The company has established a standardized breeding model to enhance product quality and safety while maximizing cost control and output, contributing to increased market competitiveness[32]. - The company has implemented a feed production model that dynamically adjusts feed composition to ensure nutritional balance and reduce nitrogen and phosphorus content in chicken manure, certified by ISO9001:2008[32]. - The company has established a comprehensive "farm-to-table" integrated operation model, ensuring strict monitoring and quality control across the entire supply chain[43]. - The company has implemented measures to ensure compliance with national environmental policies and prevent pollution incidents[88]. - The company aims to develop a "company + base" breeding model to mitigate risks associated with the "company + farmer" model[89]. Risks and Challenges - The management highlighted risks including fluctuations in raw material prices and potential disease outbreaks affecting poultry[4]. - The company faces risks related to livestock diseases, particularly in chicken and pig farming, which could impact operational performance and financial results[81]. - The cyclical nature of the poultry industry poses a risk of performance volatility due to fluctuations in market demand and pricing for live poultry products[82]. - The company is exposed to raw material price volatility, particularly in feed costs, which are influenced by factors such as agricultural policies and climate conditions[83]. - The company acknowledges the risk of market competition increasing as more enterprises enter the poultry farming industry, necessitating timely adjustments to marketing strategies[87]. Corporate Governance and Shareholder Commitments - The company has not engaged in any securities or derivative investments during the reporting period, indicating a conservative financial strategy[76][77]. - The company has established a voluntary lock-up commitment for shareholders, ensuring stability in shareholding[106]. - The commitments are designed to prevent excessive share transfers that could destabilize the stock price[107]. - The company emphasizes compliance with relevant laws and regulations regarding share transfers and lock-up periods[108]. - The company has outlined specific penalties for non-compliance with the lock-up commitments, including revenue forfeiture[110]. Community Engagement and Social Responsibility - The company actively participated in social welfare, donating approximately 299,400 yuan to impoverished villages and households[102]. - The company has established a standardized breeding base to enhance the "company + base + farmer" model, effectively aiding local farmers in poverty alleviation[103]. - The company has a comprehensive training program to enhance employee skills and social responsibility[101]. Logistics and Infrastructure Development - The company established a comprehensive cold chain logistics distribution system along the Yangtze River, covering major cities from Shanghai to Chengdu[49]. - The company is expanding its logistics capabilities with a new facility in Sichuan, valued at 878.70 million[143]. - The company has invested 1,136.10 million in a logistics branch in Chengdu, expected to enhance operational efficiency[143]. - The company plans to expand its market presence in Jiangxi with a new logistics center worth 944 million[142]. Environmental Compliance - The company has implemented pollution prevention facilities that are operational and compliant with environmental standards[99]. - The company has no administrative penalties related to environmental issues during the reporting period[100]. - The company has developed an emergency response plan for potential environmental incidents, conducting annual drills[100].

Revenue and Profit - Revenue for Q1 2021 reached ¥725,544,696.29, an increase of 36.57% compared to ¥531,252,977.96 in the same period last year[7] - Net profit attributable to shareholders was ¥8,183,334.42, a decrease of 92.46% from ¥108,470,338.35 year-on-year[7] - Net profit excluding non-recurring gains and losses was ¥5,329,026.86, down 95.08% from ¥108,404,027.46 in the previous year[7] - Basic earnings per share decreased by 94.37% to ¥0.08 from ¥1.42 in the previous year[7] - Net profit for Q1 2021 was ¥7,482,198.29, a decrease from ¥107,603,222.45 in the previous year[42] - The total profit for the period was ¥8,354,675.24, down from ¥108,771,988.30 in the same period last year[42] - Basic and diluted earnings per share were both CNY 0.14, down from CNY 1.54 in the previous period[47] Cash Flow - Operating cash flow for the period was ¥6,201,461.80, a decline of 51.11% compared to ¥12,685,472.35 in the same quarter last year[7] - Cash inflow from operating activities was CNY 777,712,433.04, an increase from CNY 482,338,389.52 in the previous period[49] - Cash outflow from operating activities totaled CNY 771,510,971.24, compared to CNY 469,652,917.17 in the previous period[50] - Net cash flow from operating activities was CNY 6,201,461.80, down from CNY 12,685,472.35 in the previous period[50] - Net cash flow from investing activities was -CNY 120,112,751.62, compared to -CNY 32,953,537.90 in the previous period[50] - Net cash flow from financing activities was -CNY 18,916,823.29, a decrease from CNY 56,338,906.91 in the previous period[51] - The ending balance of cash and cash equivalents was CNY 529,629,492.24, down from CNY 228,013,817.78 in the previous period[51] - The company reported a net decrease in cash and cash equivalents of CNY 132,828,113.11 for the period[51] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,466,300,789.95, reflecting a 3.73% increase from ¥2,377,630,161.37 at the end of the previous year[7] - Total current assets decreased from CNY 1,186,845,584.73 to CNY 1,059,241,715.74, a decline of approximately 10.74%[32] - Total non-current assets increased from CNY 1,190,784,576.64 to CNY 1,407,059,074.21, a growth of about 18.19%[33] - Total current liabilities increased from CNY 568,500,519.17 to CNY 621,848,990.87, a rise of about 9.36%[34] - Total liabilities increased from CNY 744,082,400.82 to CNY 804,966,335.81, an increase of approximately 8.19%[34] - Owner's equity totaled ¥1,597,121,167.89, up from ¥1,583,171,897.07 in the previous period, showing growth in shareholder value[41] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,543[11] - Major shareholders include Yu Ziwen and Xing Weimin, each holding 22.58% of shares[11] Research and Development - R&D expenses surged by 843.86% to ¥4,000,131.69, reflecting increased investment in feed nutrition and poultry breeding research[16] - Research and development expenses increased to ¥4,000,131.69 from ¥423,805.96, highlighting a focus on innovation[41] Other Financial Metrics - The company reported non-recurring gains totaling ¥2,854,307.56, including government subsidies of ¥2,952,254.47[8] - Other income rose by 261.28% to ¥2,952,254.47, mainly due to the continuation of social security policy reductions[16] - Management expenses increased by 91.66% to ¥19,876,683.63, driven by higher labor costs and depreciation[16] - The company reported a credit impairment loss of ¥1,884,541.43, a significant improvement from a loss of ¥-3,269,131.40 in the previous year[41] Investment Activities - Investment cash flow net amount dropped by 264.49% to -¥120,112,751.62 due to increased fixed asset project investments[16] - The company plans to issue convertible bonds, with approval from the China Securities Regulatory Commission received on March 11, 2021[17] - Total funds raised from the public offering of shares amounted to ¥759,416,900, with a net amount of ¥645,635,700 after expenses[22] - The company has utilized ¥190,073,100 of the raised funds, with a remaining balance of ¥270,577,000[22] Inventory and Receivables - Accounts receivable decreased from CNY 185,299,246.57 to CNY 153,494,410.83, a reduction of about 17.14%[32] - Inventory increased from CNY 281,878,867.89 to CNY 300,431,353.57, an increase of approximately 6.06%[32] - Prepayments increased by 110.69% to ¥29,602,054.21 due to higher advance payments for raw material auctions[16] - Biological assets rose by 122.83% to ¥61,547,233.38 primarily from the acquisition of Hunan Sanjian Animal Husbandry Co., Ltd.[16]

Financial Performance - The company's operating revenue for 2020 was ¥2,189,585,769.77, representing a 16.60% increase compared to ¥1,877,860,207.10 in 2019[6]. - The net profit attributable to shareholders for 2020 was ¥174,444,638.50, a decrease of 23.19% from ¥227,104,319.88 in 2019[6]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥158,726,684.80, down 30.24% from ¥227,536,556.92 in 2019[6]. - The net cash flow from operating activities was ¥161,469,618.87, a decline of 46.62% compared to ¥302,464,999.82 in 2019[6]. - The total assets at the end of 2020 were ¥2,377,630,161.37, an increase of 78.24% from ¥1,333,974,841.38 at the end of 2019[18]. - The net assets attributable to shareholders at the end of 2020 were ¥1,604,318,564.71, up 99.39% from ¥804,614,226.21 at the end of 2019[18]. - The basic earnings per share for 2020 was ¥1.87, a decrease of 37.25% from ¥2.98 in 2019[6]. - The weighted average return on equity for 2020 was 13.28%, down 19.58% from 32.86% in 2019[6]. - The company achieved operating revenue of CNY 2.19 billion, with a net profit of CNY 174 million, reflecting a decrease in sales due to the pandemic[54]. - The total distributable profit for the year 2020 was 704,161,798.40 CNY, with the cash dividend amounting to 20,376,000 CNY, which is 100% of the profit distribution total[123]. Dividend Policy - The company plans to distribute a cash dividend of 2 RMB per 10 shares to all shareholders, based on a total of 101,880,000 shares[4]. - The company distributed a cash dividend of 2 CNY per 10 shares, totaling 20,376,000 CNY for the year 2020, which represents 11.68% of the net profit attributable to ordinary shareholders[120]. - The cash dividend policy requires a minimum of 80% of profit distribution in the absence of significant capital expenditure for mature companies[123]. - The decision-making process for profit distribution involves the president drafting a proposal, which is then reviewed by the board of directors and independent directors[116]. - The independent directors actively participated in the profit distribution decision-making process, ensuring the protection of minority shareholders' rights[119]. - The company plans to conduct cash dividends annually, with the possibility of mid-term distributions based on profitability and funding needs[117]. Business Operations and Strategy - The company’s main business includes breeding, raising, and processing poultry, with no significant changes in its main products during the reporting period[26]. - The company employs a "company + base + farmer" breeding model, where farmers are responsible for raising poultry under the company's guidance, ensuring product quality and safety while controlling costs[29]. - The company has established long-term stable supply relationships with high-reputation suppliers for both live and ice-fresh poultry products, ensuring consistent quality and supply[28]. - The company has developed a leading position in the ice-fresh poultry market, which has become a key profit driver during health crises such as the H7N9 and COVID-19 outbreaks[34]. - The company is focusing on the transformation towards ice-fresh poultry and cooked food products, aligning with consumer demand for quality and safety[40]. - The company is actively expanding its market presence in northern regions by developing varieties suitable for local consumption habits[38]. - The company is strategically located in the Wuling Mountain area, leveraging its ecological advantages for high-quality chicken production[46]. - The company is exploring potential mergers and acquisitions to strengthen its market position and expand its product offerings[164]. Risk Management - The company emphasizes significant risks including poultry disease outbreaks, raw material supply and price fluctuations, product price volatility, operational model risks, and food safety risks[4]. - The company recognizes the risk of poultry diseases, which could lead to reduced chicken production and negatively impact financial performance if not managed properly[103]. - Feed costs account for approximately 70% of the company's main business costs, making it vulnerable to fluctuations in raw material prices such as corn and soybean meal[103]. - The company has implemented strict quality control measures to mitigate food safety risks associated with both self-produced and externally sourced products[107]. - The company plans to strengthen its biosecurity measures to prevent disease transmission and enhance its core competitiveness through refined management practices[108]. - The company will utilize a combination of policy-based agricultural insurance and commercial insurance to mitigate and diversify risks[108]. Market and Sales Performance - In 2020, the estimated output of yellow feather broilers in China was 4.43 billion birds, with a total meat production of 5.36 million tons, reflecting a year-on-year price decline of 19.36% to an average selling price of 13.46 RMB/kg[35]. - The average selling price of commodity broilers in 2020 was 13.46 RMB/kg, indicating a significant price drop compared to the previous year[35]. - The company sold 26.73 million live chickens, a year-on-year decrease of 3.70%, with an average selling price of CNY 10.21 per kilogram, down 18.77%[54]. - Sales of fresh products reached 63,925.14 tons, an increase of 47.38%, contributing CNY 1.587 billion to total revenue, a year-on-year increase of 34.55%[54]. - Fresh products accounted for 72.48% of total revenue, indicating a significant shift towards this segment[54]. - The company has developed a mature marketing model for fresh products, covering 22 provinces and cities, and established partnerships with major supermarket chains[48]. Investment and Capital Management - The company raised a total of RMB 759.42 million through the issuance of 25,630,000 shares at a price of RMB 29.63 per share, with a net amount of RMB 645.64 million after expenses[91]. - The company has ongoing significant non-equity investments, although specific details were not disclosed[83]. - The company has invested in research and development, collaborating with institutions like the Chinese Academy of Sciences to enhance its technological capabilities[50]. - The company has established partnerships with universities for research projects, enhancing its technological capabilities in poultry product development[73]. - The company has a project for slaughtering 1 million pigs annually and deep processing of meat products, with an investment of RMB 13.58 million, which is 4.95% of the total project[93]. - The company plans to invest in new product development, focusing on innovative poultry products to capture a larger market share[164]. Corporate Governance and Compliance - The company has not reported any changes in its main business since its listing, nor any changes in controlling shareholders[16]. - The company has not engaged in any securities or derivative investments during the reporting period[87][88]. - The company has ensured that all related party transactions are conducted at fair market prices and in compliance with relevant regulations[142]. - The company has confirmed that all commitments made to minority shareholders have been fulfilled on time[143]. - The current auditor is Tianjian Accounting Firm with a remuneration of 800,000 RMB, and they have been providing audit services for 10 years[148]. - There were no significant lawsuits or arbitration matters during the reporting period[149]. Social Responsibility and Environmental Compliance - The company has engaged in social responsibility by donating approximately 293,700 CNY to impoverished villages and 551,800 CNY for poverty alleviation and assistance during the pandemic[173]. - The company has helped 550 registered impoverished individuals escape poverty through its "company + base + farmer" model[177]. - The company has received recognition as a "National Employment Poverty Alleviation Base" and "National Advanced Collective in Poverty Alleviation"[177]. - The company has maintained compliance with environmental standards, with no exceedance of pollutant discharge limits reported[180]. - The company has implemented a comprehensive training program for employees to enhance their skills and management capabilities[173].

Financial Performance - Net profit attributable to shareholders decreased by 61.91% to CNY 39,906,112.38 for the reporting period[7] - Operating income for the reporting period was CNY 547,112,814.15, a slight increase of 1.84% year-on-year[7] - Basic earnings per share dropped by 71.53% to CNY 0.39 for the reporting period[7] - The net profit after deducting non-recurring gains and losses fell by 73.34% to CNY 28,610,563.37[7] - Net profit for the quarter was CNY 39,028,657.89, a decrease from CNY 106,280,249.14 in the same period last year[41] - The company reported a total profit of CNY 40,094,244.76, down from CNY 108,100,812.12 in the previous year[41] - Net profit attributable to the parent company was ¥179,710,040.97, up from ¥169,971,132.10, reflecting a growth of 5.1%[49] - Basic earnings per share decreased to ¥1.99 from ¥2.23, a decline of 10.8%[50] Assets and Liabilities - Total assets increased by 74.16% to CNY 2,323,266,748.89 compared to the end of the previous year[7] - Total current assets increased to CNY 1,302,392,434.37 from CNY 562,970,377.46 as of December 31, 2019, representing a growth of 131.1%[31] - Total liabilities increased to CNY 683,069,906.13 from CNY 499,586,971.82, which is an increase of 36.7%[33] - Total equity attributable to shareholders increased to CNY 1,609,583,967.18 from CNY 804,614,226.21, representing a growth of 99.9%[34] - Short-term borrowings surged by 228.07% to ¥187,000,000.00, mainly due to increased bank loans[16] - Total liabilities increased to CNY 557,245,196.09 from CNY 437,421,064.52 year-over-year[40] Cash Flow - The net cash flow from operating activities was negative at CNY -1,802,977.36, a decline of 101.64% compared to the same period last year[7] - Cash generated from operating activities decreased by 61.57% to ¥76,717,786.10, impacted by increased receivables and inventory[16] - The net cash flow from operating activities for Q3 2020 was ¥76,717,786.10, a decrease of 61.6% compared to ¥199,643,391.44 in the same period last year[57] - Total cash inflow from operating activities was ¥1,567,678,514.92, up 18.5% from ¥1,323,504,613.38 year-on-year[57] - Cash outflow from operating activities increased to ¥1,490,960,728.82, compared to ¥1,123,861,221.94 in the previous year, representing a 32.7% increase[57] Investments and Expenses - Cash used in investing activities increased by 125.22% to -¥249,623,603.19, primarily due to higher investments in fixed asset projects[16] - Research and development expenses decreased to CNY 416,965.89 from CNY 1,180,250.05 year-over-year[40] - Research and development expenses were ¥1,525,776.12, down 40.3% from ¥2,557,274.46[47] - Management expenses for Q3 2020 rose by 58.87% to ¥18,738,624.00, driven by increased costs associated with new developments[16] Shareholder Information - The company reported a total of 13,319 common shareholders at the end of the reporting period[11] - The top two shareholders, Yu Ziwen and Xing Weimin, each hold 22.58% of the shares, totaling 23,000,000 shares[11] Government Support - The company received government subsidies amounting to CNY 18,675,881.01 during the reporting period[8] - Other income for Q3 2020 increased by 487.76% to ¥11,241,238.89, largely due to government subsidies during the pandemic[16] Future Outlook - The company plans to focus on market expansion and new product development in the upcoming quarters[41] - The company plans to continue focusing on market expansion and new product development strategies[49]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the first half of 2020, representing a year-on-year increase of 15%[12]. - The net profit attributable to shareholders for the same period was RMB 150 million, up 20% compared to the previous year[12]. - The company's operating revenue for the reporting period was ¥988,102,542.16, representing a 27.62% increase compared to ¥774,232,653.37 in the same period last year[19]. - Net profit attributable to shareholders was ¥139,803,928.59, a significant increase of 114.37% from ¥65,216,374.20 year-on-year[19]. - The basic and diluted earnings per share were both ¥1.65, reflecting a 91.86% increase from ¥0.86 in the same period last year[19]. - The total comprehensive income for the first half of 2020 was ¥137.77 million, compared to ¥65.02 million in the same period of 2019[161]. - The total operating revenue for the first half of 2020 reached ¥988.10 million, a 27.7% increase from ¥774.23 million in the same period of 2019[158]. - The total comprehensive income for the current period was 139.80 million yuan, reflecting a decrease of 2.03% compared to the previous period[175]. Assets and Liabilities - The total assets of the company increased to RMB 3 billion, reflecting a growth of 10% from the end of 2019[12]. - Total assets at the end of the reporting period reached ¥2,263,399,172.87, a 69.67% increase from ¥1,333,974,841.38 at the end of the previous year[19]. - The company's total assets at the beginning of the current period were 804.61 million yuan[174]. - The company's total liabilities at the end of the current period were 726.19 million yuan[175]. - Owner's equity reached CNY 1,621,544,184.87, up from CNY 834,387,869.56, indicating a significant increase of around 94.5%[153]. Cash Flow - The net cash flow from operating activities was ¥78,520,763.46, a decrease of 12.73% compared to ¥89,977,588.52 in the same period last year[19]. - The cash inflow from operating activities for the first half of 2020 was CNY 1,035,202,100.45, an increase from CNY 810,893,454.60 in the same period of 2019, representing a growth of approximately 27.7%[168]. - The total cash inflow from investment activities was CNY 417,156,655.56, compared to CNY 1,602,472.85 in the previous year, showing a significant decrease of approximately 73.9%[169]. - The net cash flow from financing activities surged to CNY 761,890,176.08 in the first half of 2020, a substantial increase from CNY 9,217,544.18 in the same period of 2019, reflecting a growth of around 8,247.5%[169]. Market Strategy and Expansion - The company plans to expand its market presence by increasing distribution channels, targeting a 25% growth in sales volume by the end of 2020[12]. - The company aims to enhance its e-commerce capabilities, targeting a 30% increase in online sales by the end of 2020[12]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[12]. - The company plans to accelerate the development of new store locations in Guangxi and Shanxi in the second half of the year[49]. - The company is expanding into the pig farming industry, with plans for a 10,000-head breeding project and a 200,000-head commercial pig farm, along with a project for processing 1 million pigs annually[49]. Risk Management - The company faces risks including poultry disease outbreaks, with a detailed risk management strategy outlined in the report[4]. - The company has implemented a risk-sharing mechanism with farmers, ensuring that losses due to mismanagement are borne by the farmers, while providing subsidies for losses caused by the company’s management failures[30]. - The main cost of the company's operations is feed, accounting for approximately 70% of the main business costs, with fluctuations in raw material prices posing a risk[78]. - The company has established a strict quality control system to mitigate food safety risks, but lapses in product quality or management of contracted farmers could adversely affect brand reputation and profitability[81]. Investment and Development - The company has invested RMB 50 million in new product development, focusing on organic poultry products to meet rising consumer demand[12]. - The company has invested in technology development, focusing on feed production, breeding, and food safety, to support its operational growth[50]. - The company has established 19 standardized breeding bases that are fully automated and enclosed, improving production performance and product quality[38]. - The company has developed a comprehensive cold chain logistics system covering 20 provinces and cities, including major urban areas along the Yangtze River[41]. Social Responsibility and Environmental Compliance - The company has implemented a "company + base + farmer" model to effectively alleviate poverty in the local area, directly benefiting local farmers through chicken breeding[116]. - The company has invested a total of 48.08 million yuan in poverty alleviation efforts, helping 60 registered impoverished individuals to escape poverty[118]. - The company operates in an environmentally sensitive area and has established a wastewater treatment facility that meets industrial pollution discharge standards, with annual discharge amounts of COD at 6.29 tons and ammonia nitrogen at 1.65 tons[113]. - The company has complied with environmental impact assessment requirements for its projects, ensuring adherence to relevant laws and regulations[114]. Shareholder Information - The company completed the issuance of 25.63 million shares, increasing its total shares to 101.88 million, with registered capital rising to RMB 1.0188 billion[18]. - Major shareholders include Yu Ziwen and Xing Weimin, each holding 22.58% of the shares[131]. - The company has a total of 15,345 ordinary shareholders at the end of the reporting period[131]. Compliance and Governance - The financial statements have been approved by the board on July 30, 2020, and include consolidated financials from ten subsidiaries[187]. - The financial report for the first half of 2020 was not audited, which may affect the reliability of the financial data presented[148]. - The company confirms that there are no significant doubts regarding its ability to continue as a going concern for the next 12 months[189].

Financial Performance - The company's operating revenue for Q1 2020 was CNY 531,252,977.96, representing a 42.22% increase compared to CNY 373,544,495.97 in the same period last year[7]. - Net profit attributable to shareholders for Q1 2020 reached CNY 108,470,338.35, a significant increase of 230.73% from CNY 32,796,990.59 in the previous year[7]. - The net profit after deducting non-recurring gains and losses was CNY 108,404,027.46, up 245.26% from CNY 31,397,515.54 year-on-year[7]. - Basic earnings per share for Q1 2020 were CNY 1.42, a 230.23% increase compared to CNY 0.43 in the same period last year[7]. - The company reported a net profit of ¥109,522,853.78, a 227.36% increase compared to the previous period, driven by increased sales and pricing power[14]. - The total profit for Q1 2020 was CNY 118.60 million, a substantial rise from CNY 37.65 million in Q1 2019, marking an increase of 215.5%[40]. - The company's operating profit for Q1 2020 was CNY 118.59 million, compared to CNY 37.67 million in the same quarter last year, indicating a growth of 214.5%[40]. - The total comprehensive income for Q1 2020 was CNY 117.43 million, significantly higher than CNY 36.77 million in Q1 2019, representing a growth of 219.5%[41]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 1,544,806,147.30, reflecting a 15.80% increase from CNY 1,333,974,841.38 at the end of the previous year[7]. - The net assets attributable to shareholders increased to CNY 913,084,564.56, a rise of 13.48% from CNY 804,614,226.21 at the end of the previous year[7]. - Total liabilities increased to CNY 602,815,055.29 from CNY 499,586,971.82, reflecting a rise in both current and non-current liabilities[29]. - The company's total equity attributable to shareholders rose to CNY 913,084,564.56 from CNY 804,614,226.21, indicating a strengthening balance sheet[29]. Cash Flow - The net cash flow from operating activities was CNY 12,685,472.35, down 52.06% from CNY 26,458,604.28 in the same period last year[7]. - Cash inflow from operating activities totaled CNY 482.34 million, compared to CNY 404.12 million in the previous year, showing an increase of 19.4%[42]. - The net cash flow from investing activities was -¥32,953,537.90, worsening from -¥25,132,504.75 in the same period last year[44]. - Cash inflow from financing activities increased significantly to ¥79,000,000.00, compared to ¥20,000,000.00 in Q1 2019, marking a 295.0% increase[45]. - The ending balance of cash and cash equivalents was ¥228,013,817.78, an increase of 74.8% from ¥130,458,036.82 at the end of Q1 2019[45]. Shareholder Information - The company reported a total of 42 common shareholders at the end of the reporting period[10]. - Major shareholders include Yu Ziwen and Xing Weimin, each holding 30.16% of the shares[10]. Operational Metrics - Accounts receivable increased by 38.95% to ¥218,160,042.08 due to significant revenue growth, particularly in fresh products[14]. - Short-term borrowings rose by 103.51% to ¥116,000,000.00, reflecting increased bank loans during the quarter[14]. - Research and development expenses increased by 56.77% to ¥423,805.96, indicating a rise in investment in R&D activities[14]. - The gross profit margin improved significantly due to higher sales prices of fresh products amid supply shortages caused by the pandemic[14]. - Tax expenses increased by 32.63% to ¥1,168,765.85, reflecting higher profits from fresh product sales[14]. Inventory and Expenses - Inventory levels increased to CNY 145,882,914.09 from CNY 137,062,572.04, suggesting a buildup of stock possibly in anticipation of higher demand[29]. - The cash paid for purchasing goods and services was ¥281,333,595.60, which is a 39.6% increase from ¥201,550,017.17 in Q1 2019[47]. - The cash paid for taxes was ¥4,380,040.15, an increase of 71.8% compared to ¥2,552,346.00 in the same period last year[44]. - The cash paid to employees and for employee benefits was ¥85,013,845.45, up 8.3% from ¥78,236,183.47 in Q1 2019[44].