Financial Performance - The company's operating revenue for 2020 was CNY 820,327,472.41, representing a 26.40% increase compared to CNY 649,011,242.00 in 2019[16]. - The net profit attributable to shareholders for 2020 was CNY 11,945,396.84, a significant turnaround from a loss of CNY 57,168,011.36 in 2019, marking a 120.90% improvement[16]. - The net cash flow from operating activities reached CNY 155,385,601.50, a remarkable increase of 615.56% from CNY 21,715,132.16 in the previous year[16]. - The basic earnings per share for 2020 was CNY 0.06, compared to a loss of CNY 0.27 per share in 2019, reflecting a 122.22% increase[16]. - Total assets at the end of 2020 amounted to CNY 1,071,526,903.21, a 2.11% increase from CNY 1,049,370,989.69 at the end of 2019[16]. - The net assets attributable to shareholders increased to CNY 578,135,097.21, up 2.11% from CNY 566,189,700.37 in 2019[16]. - The operating profit for 2020 was CNY 32.30 million, up 171.83% compared to the previous year[71]. - The company sold dairy products generating revenue of CNY 600.24 million, a 29.86% increase from the previous year[71]. - The revenue of large-scale dairy processing enterprises in China reached 394.7 billion RMB in 2019, representing a year-on-year growth of 10.17%[38]. - The profit margin of the dairy industry was 9.61% in 2019, an increase of 41.74 percentage points year-on-year, reflecting significant improvement in profitability[38]. Cash Dividends and Profit Distribution - The company plans not to distribute cash dividends or issue bonus shares for the year[5]. - The company reported a net profit of 11,945,396.84 yuan for the year 2020, but the total distributable profit at the end of the year was -275,710,991.78 yuan[151]. - The company plans not to distribute any cash dividends, stock dividends, or capital reserve transfers for the year 2020 due to negative distributable profits[151]. - The company has not issued any cash dividends in the past three years, with the last reported cash dividend being 0 yuan[149]. - The company’s cash dividend policy requires that at least 10% of the distributable profit be distributed in cash if there are no major investment plans or cash expenditures[146]. - The company’s profit distribution policy can be adjusted only under significant adverse conditions, such as a 50% decline in total revenue, net profit, or earnings per share[146]. - The company’s board of directors must seek approval from more than half of the independent directors and supervisors before submitting any profit distribution proposals to the shareholders' meeting[146]. Market and Industry Trends - The dairy industry in China is expected to grow significantly due to increasing consumer demand and supportive government policies aimed at revitalizing the dairy sector[28]. - The competitive landscape of the dairy industry in China has stabilized, with increasing brand awareness among consumers and a rising market concentration[29]. - The average annual growth rate of the dairy industry has been robust, reflecting a growing consumer demand for dairy products[36]. - The barriers to entry in the dairy industry include policy approval, milk source construction, marketing networks, and brand recognition[32]. - The company is focused on dairy product processing and sales, feed production, and livestock breeding, aiming to become a leading enterprise in modern animal husbandry in Xinjiang[26]. Product Development and Diversification - The company has launched a variety of dairy products, including infant formula and specialized milk powder for different age groups, enhancing product diversification[27]. - The company is expanding its product line to include various dairy products, beverages, and infant formula, targeting different age groups[58]. - The company aims to strengthen its control over high-quality milk sources to produce premium dairy products[73]. - The company has developed a standardized feeding technique to ensure balanced nutrition and maximize the genetic potential of dairy cows[51]. Research and Development - The company has implemented 135 R&D projects in recent years, with 63 projects funded by various levels of government[63]. - The company holds 20 patents, including 10 copyrights, and has completed 78 various technology projects[63]. - The company has established partnerships with multiple universities and research institutions to enhance its R&D capabilities[68]. - The company has established research and development partnerships with several universities and institutions, enhancing its technological capabilities in dairy production[49]. Risk Management and Compliance - The company has identified several risks, including product quality, market competition, and environmental protection risks, which may impact future operations[4]. - The company has implemented an environmental management system aimed at reducing pollution and ensuring compliance with emission standards, in response to heightened regulatory scrutiny[134]. - The company has established preventive measures against animal diseases to safeguard its fresh milk supply and maintain consumer confidence in product safety[137]. - The company has committed to transparency in its financial reporting and adheres to the disclosure requirements set by the Shenzhen Stock Exchange[4]. Supply Chain and Operations - The company has established a strong supply chain with dairy farmers, ensuring high-quality fresh milk without contamination issues[50]. - The procurement model focuses on centralized management and unified purchasing to improve raw material quality and reduce costs, with over 90% of inventory being stored forage[77]. - The production model integrates breeding, large-scale farming, and mechanized milking, ensuring high-quality fresh milk through advanced technology and standardized management[78]. - The company has established a complete industrial chain from forage resource development to dairy and meat product processing[52]. Environmental and Social Responsibility - The company has established an environmental management system and obtained ISO 14000 certification[189]. - The company donated over 800,000 CNY to support frontline epidemic prevention efforts in various communities and hospitals[184]. - The company plans to launch a "Guardian Plan" public welfare activity in 2021 to assist special groups such as cancer-stricken mothers and abandoned infants[185]. Strategic Initiatives - The company is pursuing mergers and acquisitions, specifically targeting Tianshan Guanghe Company to integrate its supply chain[126]. - The company intends to raise up to 50 million CNY through a private placement to no more than 35 specific investors[190]. - The company aims to enhance product brand promotion and accelerate market layout in 2021, indicating a focus on market expansion and new product development[151].

Financial Performance - The company's operating revenue for 2020 was CNY 820,327,472.41, representing a 26.40% increase compared to CNY 649,011,242.00 in 2019[16]. - The net profit attributable to shareholders for 2020 was CNY 11,945,396.84, a significant turnaround from a loss of CNY 57,168,011.36 in 2019, marking a 120.90% improvement[16]. - The net profit after deducting non-recurring gains and losses was CNY 5,099,505.44, compared to a loss of CNY 56,006,772.06 in the previous year, reflecting a 109.11% increase[16]. - The net cash flow from operating activities reached CNY 155,385,601.50, a remarkable increase of 615.56% from CNY 21,715,132.16 in 2019[16]. - Basic earnings per share improved to CNY 0.06 from a loss of CNY 0.27 in 2019, representing a 122.22% increase[16]. - Total assets at the end of 2020 were CNY 1,071,526,903.21, a 2.11% increase from CNY 1,049,370,989.69 at the end of 2019[16]. - The net assets attributable to shareholders increased to CNY 578,135,097.21, up 2.11% from CNY 566,189,700.37 in 2019[16]. - The weighted average return on net assets was 1.81%, a significant recovery from -9.61% in 2019[16]. - The operating profit for 2020 was CNY 32.30 million, up 171.83% compared to the previous year[71]. - The sales revenue from dairy products was CNY 600.24 million, representing a year-on-year growth of 29.86%[71]. - The company's revenue from feed reached 190,054,283.80 CNY, which is 23.17% of total revenue, reflecting a year-on-year increase of 21.61%[87]. Market and Industry Insights - The dairy industry in China is expected to grow due to increasing per capita income and changing dietary structures, with significant market demand for dairy products[28]. - The competitive landscape of the dairy industry in China has stabilized, with increasing market concentration and brand awareness among consumers[29]. - The total sales revenue of China's dairy industry reached CNY 357.7 billion in 2019, with a compound annual growth rate of 54.51% from 2011 to 2019[31]. - The dairy industry in China has seen a concentration of market share towards larger, well-known brands due to recent policy support aimed at optimizing the industry structure[31]. - The average annual per capita consumption of dairy products is a key indicator of living standards, reflecting the growing importance of dairy in the Chinese diet[35]. - The dairy industry is increasingly focusing on quality control and the establishment of stable milk sources to ensure product reliability and safety[33]. - The company plays a crucial role in stabilizing the supply of basic dairy products in Xinjiang and promoting social employment[28]. Product Development and R&D - The company has established a strong research and development capability through partnerships with universities and research institutions, enhancing its technological strength in the dairy sector[49]. - The company holds 15 infant formula product registration certificates, making it the only dairy processing enterprise in Xinjiang with two infant formula production facilities[49]. - The company has implemented 135 R&D projects in recent years, with 63 projects at various governmental levels and 73 internal key projects[63]. - The company reported a significant focus on R&D, with several patents related to IoT-based feeding machines and yogurt mixing devices[57]. - The company is expanding its product line to include a variety of dairy and non-dairy beverages, such as almond milk and fruit juices[58]. Risk Management - The company faces various risks including product quality, market competition, and environmental protection, which are detailed in the report[4]. - The company is addressing the risk of animal diseases that could impact fresh milk supply and consumer confidence in dairy products[129]. - The company has established an environmental management system to reduce pollution and ensure compliance with environmental regulations[126]. Corporate Governance and Shareholder Relations - The company has established a clear cash dividend policy that prioritizes investor returns and requires a minimum of 10% of distributable profits to be distributed in cash when conditions are met[135][136]. - The company’s profit distribution policy emphasizes the need for continuous and stable returns to shareholders while considering long-term sustainability[135]. - The company has not engaged in any investor communication activities during the reporting period[131]. - The company’s board of directors has decided against any capital reserve conversion to increase share capital for the year 2020[144]. - The company’s financial performance has shown a trend of negative retained earnings over the past three years, impacting its ability to distribute profits[145]. Environmental and Social Responsibility - The company donated over 800,000 CNY to support frontline epidemic prevention efforts in various cities and communities[177]. - The wastewater from the company's processing plants meets the secondary discharge standards and does not exceed the approved discharge limits[179]. - The company has implemented a comprehensive emergency management system for environmental incidents, including various emergency response plans[181]. Strategic Initiatives - The company plans to acquire 100% equity of Tianshan Guanghe Animal Husbandry Co., Ltd. for a transaction price of 870 million CNY[183]. - The company intends to raise up to 500 million CNY through a share issuance to no more than 35 specific investors[183]. - The company is accelerating the merger and restructuring of Tian Shan Guang He Company to integrate the entire industry chain from feed production to dairy processing[119]. - The company aims to strengthen its market position in the western region through the acquisition, leveraging synergies across its operations[72].

Financial Performance - The company's operating revenue for Q1 2021 was ¥243,012,169.11, representing a 59.98% increase compared to ¥151,899,794.36 in the same period last year[7] - Net profit attributable to shareholders was ¥2,176,693.60, a significant turnaround from a loss of ¥4,381,268.61 in the previous year, marking a 149.68% improvement[7] - The net profit after deducting non-recurring gains and losses reached ¥2,854,544.18, up 166.14% from a loss of ¥4,315,758.21 in the prior year[7] - Basic earnings per share improved to ¥0.0103 from a loss of ¥0.0207, reflecting a 149.76% increase[7] - Operating profit rose by 433.42% year-on-year, amounting to 7.41 million yuan[16] - Net profit attributable to shareholders increased by 149.68% year-on-year, totaling 2.18 million yuan[16] - The net profit for Q1 2021 was CNY 6,445,424.36, a turnaround from a net loss of CNY 2,461,224.55 in Q1 2020[36] - The company reported a gross profit margin of approximately 1.3% for Q1 2021, compared to a negative margin in the same period last year[34] Cash Flow - The net cash flow from operating activities was ¥2,345,861.72, a 144.85% increase from a negative cash flow of ¥5,230,851.30 in the same period last year[7] - Cash inflow from operating activities totaled 262,728,783.88 CNY, up from 151,784,595.77 CNY in the previous period[44] - The net cash flow from operating activities was 2,345,861.72 CNY, a significant improvement from -5,230,851.30 CNY in the previous period[44] - Cash outflow for purchasing goods and services was 218,518,655.37 CNY, compared to 129,494,760.36 CNY in the previous period[44] - Cash inflow from financing activities was 55,000,000.00 CNY, down from 67,500,000.00 CNY in the previous period[45] - The net cash flow from financing activities was 17,633,611.12 CNY, a decrease from 42,501,180.85 CNY in the previous period[45] - The ending balance of cash and cash equivalents was 225,615,605.55 CNY, compared to 126,588,156.94 CNY in the previous period[45] - The company reported a cash inflow of 199,341.00 CNY from the disposal of fixed assets[45] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,138,089,485.41, up 6.21% from ¥1,071,526,903.21 at the end of the previous year[7] - Current assets totaled CNY 564,166,703.21, up from CNY 491,709,753.45, indicating an increase of about 14.7%[27] - The company's cash and cash equivalents increased to CNY 231,035,169.55 from CNY 213,387,201.71, reflecting a growth of approximately 8.3%[26] - The total liabilities increased to CNY 477,476,056.10 from CNY 417,358,898.26, marking an increase of approximately 14.4%[28] - The total liabilities as of March 31, 2021, were CNY 245,934,541.84, compared to CNY 223,636,205.93 at the end of 2020, reflecting a 9.9% increase[33] - The company's total equity decreased slightly to CNY 646,437,011.53 from CNY 647,773,590.43, indicating a marginal decline[33] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,012[11] - The largest shareholder, Shihezi State-owned Assets Management (Group) Co., Ltd., holds 41.82% of the shares, totaling 88,378,171 shares[11] - The net assets attributable to shareholders increased slightly by 0.38% to ¥580,311,790.81 from ¥578,135,097.21 at the end of the last year[7] - The company's equity attributable to shareholders reached CNY 580,311,790.81, a slight increase from CNY 578,135,097.21, indicating a growth of about 0.4%[29] Research and Development - Research and development expenses surged by 313.41% year-on-year, primarily due to increased consulting fees[16] - Research and development expenses increased to CNY 1,170,573.94, up from CNY 283,148.39, indicating a focus on innovation[34] Strategic Initiatives - The company plans to strengthen the dairy and meat product industries, aiming to enhance overall economic efficiency[16] - The company is accelerating the acquisition and restructuring of Tian Shan Guang He Company to integrate the supply chain[17] - The company aims to improve its governance structure and increase the market-oriented selection ratio of its management team[18] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[34] - The increase in sales expenses to CNY 31,493,123.75 from CNY 19,650,411.56 suggests a strategic push for market penetration[34] Other Information - The company reported a government subsidy of ¥30,000.00 related to the "Strong Towns" project for technical training[8] - The company did not undergo an audit for the first quarter report[49]

Financial Performance - Operating revenue for the period reached CNY 232,087,766.98, representing a 27.64% increase year-on-year[8] - Net profit attributable to shareholders surged by 781.41% to CNY 4,311,522.24 for the quarter[8] - The net profit after deducting non-recurring gains and losses increased by 232.10% to CNY 3,474,370.39[8] - Basic earnings per share rose by 780.00% to CNY 0.0204[8] - Operating profit increased by 782.41% year-on-year, while net profit grew by 191.01%, driven by higher profitability at Huayuan Dairy and Quansheng Livestock[18] - The company's net profit for Q3 2020 showed a significant improvement, with undistributed profits increasing to CNY 41,186,837.42 from CNY 31,768,981.45 in the previous year, marking a growth of 29.5%[32] - The total profit for the third quarter was CNY 6,349,296.97, compared to a net profit of CNY 682,377.30 in the same period last year[36] - The total profit for the period was CNY 9,417,855.97, compared to a loss of CNY 74,392.95 in the same period last year[49] Assets and Liabilities - Total assets increased by 10.17% to CNY 1,156,128,463.37 compared to the end of the previous year[8] - Total liabilities as of September 30, 2020, amounted to CNY 520,358,972.09, compared to CNY 414,456,476.09 at the end of 2019, representing a rise of 25.5%[29] - The total current liabilities increased to CNY 485,899,526.77 from CNY 377,362,711.85, reflecting a growth of 28.8%[29] - The total assets of the company reached CNY 1,142,877,746.97, an increase from CNY 1,104,046,319.29 at the end of 2019, indicating a growth of 3.5%[32] Cash Flow - The net cash flow from operating activities decreased by 60.36% to CNY 50,150,079.67[8] - The net cash flow from operating activities was CNY 26,930,620.27, down from CNY 105,909,364.93 in the previous year[52] - The net cash flow from operating activities was -44,146,665.07 yuan, a significant decrease compared to 17,652,722.75 yuan in the previous period[55] - Cash inflow from investment activities was CNY 29,103,926.31, while cash outflow was CNY 16,333,515.08, resulting in a net cash flow of CNY 12,770,411.23[52] - The net cash flow from financing activities was 23,343,742.45 yuan, compared to -18,180,309.94 yuan in the same period last year[56] Shareholder Information - The total number of shareholders at the end of the reporting period was 35,617[12] - The largest shareholder, Shihezi State-owned Assets Management (Group) Co., Ltd., holds 41.82% of the shares[12] Government Support - The company received government subsidies totaling CNY 3,140,100.00 related to COVID-19 prevention and dairy industry development[9] Investment and Expenses - Financial expenses rose by 125.76% year-on-year, due to increased bank loans and bill discounting costs[17] - Investment income increased by 127.32% year-on-year, reflecting higher profits from associated companies[17] - Research and development expenses for Q3 2020 were CNY 1,559,215.98, which is a 77% increase compared to CNY 881,648.52 in the same period last year[35] Other Financial Metrics - The weighted average return on equity improved significantly by 939.85% to 0.76%[8] - Cash and cash equivalents increased by 82.41% compared to the beginning of the period, primarily due to the subsidiary Huayuan Dairy's investment in a financial product and increased sales[16] - Accounts receivable decreased by 48.19%, attributed to increased sales volume at the wholly-owned subsidiary Quansheng Livestock[16] - Prepayments increased by 223.56%, mainly due to the subsidiaries locking in raw material prices[16] - Accounts payable increased by 64.07%, primarily due to higher logistics and advertising costs at Huayuan Dairy[17] - The company recorded an asset impairment loss of CNY 2,284,712.77 during the reporting period[39] - The company reported a significant increase in investment income, amounting to CNY 13,574,157.69, compared to a loss of CNY 2,990,379.87 in the previous year[47] Auditing and Reporting - The third-quarter report was not audited, indicating that the figures presented are preliminary and subject to change[59]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 352,033,181.99, representing a 2.61% increase compared to CNY 343,081,009.35 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 2,060,916.36, up by 9.97% from CNY 1,874,035.76 in the previous year[17]. - The net profit after deducting non-recurring gains and losses reached CNY 2,164,144.79, a significant increase of 118.34% compared to CNY 991,189.93 in the same period last year[17]. - The company's total assets at the end of the reporting period were CNY 1,114,666,758.07, reflecting a growth of 6.22% from CNY 1,049,370,989.69 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company were CNY 568,250,616.73, a slight increase of 0.36% from CNY 566,189,700.37 at the end of the previous year[17]. - The basic earnings per share for the reporting period was CNY 0.0098, which is a 10.11% increase from CNY 0.0089 in the same period last year[17]. - The company reported a net cash flow from operating activities of CNY -23,219,459.40, which is a 12.67% decline compared to CNY -20,608,582.48 in the previous year[17]. - The company reported a total investment of CNY 939,692.44 in various projects during the reporting period[90]. - The company reported a total comprehensive income for the first half of 2020 was CNY 12,528,296.70, a decrease of CNY 2,761,557.73 compared to the same period in 2019[189]. Subsidiary Performance - The subsidiary Xinjiang Shihezi Huayuan Dairy Co., Ltd. reported a revenue of 217.59 million yuan, up 25.34% year-on-year, and a net profit of 11.11 million yuan, an increase of 138.85%[67]. - The subsidiary Xinjiang Ximu Dairy Co., Ltd. experienced a revenue decline of 39.80% to 39.65 million yuan, resulting in a net loss of 7.30 million yuan[68]. - The company’s subsidiary, Xinjiang Shihezi Garden Dairy Co., Ltd., generated revenue of CNY 21,758.74 and a net profit of CNY 1,111.19 as of June 30, 2020[98]. - Xinjiang Ximu Dairy Co., Ltd., another subsidiary, reported a revenue of CNY 3,965.23 but incurred a net loss of CNY 730.05[99]. - Xinjiang Quansheng Animal Husbandry Co., Ltd. achieved revenue of CNY 8,761.48 with a net profit of CNY 702.88[99]. Market and Industry Trends - The dairy industry in China has seen a consolidation trend, with major brands like Yili and Mengniu holding 23.6% and 22.4% market shares in liquid milk as of 2018, indicating increasing market concentration[28]. - The dairy industry in China is subject to strict regulatory oversight, with the National Development and Reform Commission and the Ministry of Agriculture overseeing project approvals and industry standards[26]. - The dairy industry in China is experiencing a growth cycle, with increasing consumer demand for dairy products as living standards rise[40]. - The dairy industry in China is expected to maintain a steady growth in profitability due to ongoing consumption upgrades[36]. Product Development and Innovation - The company has established a research and development center in collaboration with China Agricultural University and has formed partnerships with institutions in Canada and Australia, enhancing its R&D capabilities significantly[48]. - The company has developed new products such as specialty formula milk powder and functional fermented dairy products, reaching advanced domestic levels[61]. - The company has registered multiple infant formula products with the National Medical Products Administration, including various stages of formula for different age groups[57]. - The company has introduced a variety of products, including grape seed oil and distilled grape wine, to diversify its offerings and meet market demands[25]. - New product development includes the introduction of a yogurt line, expected to contribute CNY 200 million in sales within the first year[55]. Financial Management and Investments - The company has increased its self-supplied raw milk ratio due to investments in its own pastures and strengthened cooperation with farms[40]. - The company has secured several patents, including a method for producing soybean protein and a new milk tea powder, enhancing its competitive edge in the market[55]. - The company plans to invest CNY 100 million in marketing campaigns to boost brand awareness and customer loyalty[54]. - The company has implemented 138 R&D projects in recent years, with 65 projects at various governmental levels and 73 internal key projects[59]. Risk Management - The company faces various risks including product quality, market competition, and environmental protection, which are detailed in the report[5]. - The company is exposed to risks from animal diseases that could affect fresh milk supply and consumer confidence in dairy product safety[115]. - The company has implemented strict animal disease prevention measures and has the capability to respond to major outbreaks[117]. - The company benefits from government subsidies and tax incentives for the agriculture sector, which could be impacted by future policy changes[114]. Environmental Compliance - The company operates two dairy processing plants that comply with environmental discharge standards, with no exceedance of pollutant discharge limits[145]. - The company has established an environmental management system and obtained ISO 14000 certification, ensuring compliance with environmental regulations[148]. - The company has developed emergency response plans for various environmental incidents, ensuring preparedness for potential environmental emergencies[147]. Corporate Governance - The total number of ordinary shareholders at the end of the reporting period is 15,842, with the largest shareholder holding 41.82% of the shares[156]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[158]. - The company has not reported any major events or changes in its subsidiaries during the reporting period[151]. - The company has not issued any preferred shares or convertible bonds during the reporting period[161][164].

Financial Performance - Total revenue for Q1 2020 was ¥151,899,794.36, a decrease of 11.06% compared to ¥170,780,840.46 in the same period last year[7] - Net profit attributable to shareholders was -¥4,381,268.61, representing a decline of 463.49% from ¥1,205,346.76 in the previous year[7] - The operating profit was -2.22 million yuan, a decrease of 406.73% year-on-year, while the total profit was -2.29 million yuan, down 229.80% from the previous year[18] - The company's net loss for Q1 2020 was CNY 3,009,735.73, compared to a net profit of CNY 1,962,378.69 in Q1 2019, reflecting a significant decline in profitability[38] - The total profit for the period was -2,288,917.65 CNY, down from 1,763,368.32 CNY year-over-year[39] - The company's weighted average return on equity was -0.78%, down from 0.19% in the previous year[7] - The basic and diluted earnings per share were both -0.0207 CNY, compared to 0.0057 CNY in the previous year, reflecting a negative performance[40] Cash Flow and Liquidity - Net cash flow from operating activities improved by 89.24%, reaching -¥5,230,851.30 compared to -¥48,619,178.35 in the same period last year[7] - The cash flow from operating activities showed a net outflow of -5,230,851.30 CNY, an improvement from -48,619,178.35 CNY in the previous year[46] - The company reported a decrease in cash inflow from operating activities, totaling 151,784,595.77 CNY, down from 182,968,344.73 CNY year-over-year[46] - The total cash inflow from operating activities was 130,000.00 yuan, down from 13,639,944.62 yuan in the previous period[49] - The cash outflow from operating activities totaled 38,488,878.94 yuan, compared to 12,279,761.49 yuan in the previous period[50] - The company's cash and cash equivalents stood at CNY 5,618,192.11, slightly up from CNY 5,580,509.93 at the end of 2019, indicating stable liquidity[32] - The company reported a significant increase in cash and cash equivalents, with a net increase of 36,415,327.52 yuan during the period[47] Assets and Liabilities - Total assets increased by 5.86% to ¥1,110,886,208.33 from ¥1,049,370,989.69 at the end of the previous year[7] - Total liabilities increased to CNY 478,432,919.28 in Q1 2020 from CNY 414,456,476.09 in Q1 2019, indicating a rise in financial obligations[32] - The total assets of the company reached CNY 1,142,158,955.48 as of March 31, 2020, compared to CNY 1,104,046,319.29 at the end of 2019, showing growth in asset base[34] - The total owner's equity decreased to CNY 632,453,289.05 from CNY 634,914,513.60, reflecting a slight decline in shareholder value[32] - The company's total liabilities amounted to 414,456,476.09 yuan, with current liabilities at 377,362,711.85 yuan[53] - The total assets of the company were reported at 1,049,370,989.69 yuan[52] - Owner's equity totaled CNY 885,615,070.44, with share capital at CNY 211,332,310.00 and retained earnings at CNY 31,768,981.45[55] Expenses and Cost Management - The company's sales expenses rose by 65.51% due to increased marketing efforts by its subsidiary, Huayuan Dairy, to expand into markets outside Xinjiang[15] - Research and development expenses decreased by 73.29%, primarily due to a reduction in consulting fees at Huayuan Dairy[15] - Financial expenses increased by 84.02% as a result of higher bank loans compared to the previous year[15] - Total operating costs for Q1 2020 were CNY 154,909,530.09, down from CNY 170,818,461.77 in the same period last year, indicating a cost reduction strategy[38] - Research and development expenses were CNY 283,148.39 in Q1 2020, significantly lower than CNY 1,060,203.34 in Q1 2019, indicating a potential reduction in innovation spending[38] - The company reported a decrease in sales expenses to CNY 19,650,411.56 from CNY 11,872,424.18, reflecting a shift in marketing strategy[38] Strategic Initiatives - The company aims to enhance economic efficiency by improving management and introducing professional talent to overcome production and market operation bottlenecks[19] - New product development will focus on diversifying offerings to meet consumer needs, with an emphasis on expanding the infant formula market[20] - The company plans to optimize its supplier system to reduce procurement costs and ensure timely supply of raw materials[21] - Safety production supervision will be strengthened to create a harmonious environment for company development[22] Other Information - The first quarter report was not audited, indicating preliminary financial data[56] - The company adopted new revenue and lease standards starting in 2020, affecting financial reporting[56] - There were no significant mergers or acquisitions mentioned in the report, indicating a focus on internal operations[39] - The company has not reported any new product developments or market expansions in the current quarter[39]

Financial Performance - The company's operating revenue for 2019 was CNY 649,011,242, a decrease of 4.25% compared to CNY 677,811,826.82 in 2018[16]. - The net profit attributable to shareholders was a loss of CNY 57,168,011.36, representing a decline of 390.04% from a profit of CNY 19,710,127.53 in the previous year[16]. - The net cash flow from operating activities was CNY 21,715,132.16, down 97.07% from CNY 741,993,353.67 in 2018[16]. - The total assets at the end of 2019 were CNY 1,049,370,989.69, a decrease of 6.63% from CNY 1,123,922,680.30 at the end of 2018[16]. - The net assets attributable to shareholders decreased by 9.17% to CNY 566,189,700.37 from CNY 623,357,711.73 in 2018[16]. - The basic earnings per share for 2019 was -CNY 0.27, a decline of 400.00% from CNY 0.09 in 2018[16]. - The weighted average return on net assets was -9.61%, a decrease of 12.33% compared to 2.72% in the previous year[16]. - The company reported a significant drop in quarterly performance, with the fourth quarter showing a net loss of CNY 58,409,311.72[18]. - The company achieved total operating revenue of 649.01 million yuan in 2019, a decrease of 4.25% year-on-year[66]. - The net profit attributable to shareholders was -57.17 million yuan, a decrease of 390.04% compared to the previous year[66]. Revenue Breakdown - The company recorded a sales revenue of 462.22 million yuan from dairy products, an increase of 3.21% year-on-year[66]. - The sales revenue from feed reached 175.49 million yuan, showing a significant growth of 36.28% year-on-year[66]. - Revenue from the livestock industry decreased by 15.58% to CNY 175,488,269.03, while industrial revenue increased by 2.68% to CNY 462,224,500.93[86]. - The gross profit margin for industrial products (dairy) was 15.00%, an increase from the previous year's margin of 13.36%[88]. Market and Industry Trends - The dairy industry in China is experiencing a trend towards higher integration, with companies increasingly investing in downstream processing[28]. - The dairy industry in China is expected to maintain steady growth due to ongoing consumption upgrades[37]. - The average price of dairy products in China rose from 10.28 yuan/kg in 2011 to 13.54 yuan/kg in 2018, with a compound annual growth rate of 3.5%[37]. - The company’s main business includes dairy product processing and sales, feed production, and livestock breeding, aiming to become a leading enterprise in modern animal husbandry in Xinjiang[25]. - The company has launched a variety of dairy products, including infant formula and specialized milk powder for different age groups, enhancing product diversification[26]. Risk Factors - The company faces various risks including product quality, market competition, and environmental protection, which may impact future performance[4]. - The company is exposed to market competition risks due to fluctuating prices in the domestic fresh milk market, influenced by international market trends[77]. - The company is subject to potential impacts from changes in government subsidies and tax policies that support the agricultural sector[81]. - The company has established a comprehensive risk management strategy to address potential animal disease outbreaks that could affect milk supply[82]. Research and Development - The company has established partnerships with multiple universities and research institutions to enhance its R&D capabilities[62]. - The company has a strong emphasis on research and development, as evidenced by its patented technologies in dairy and food processing[54]. - A total of 135 R&D projects have been implemented in recent years, with 63 projects funded by national and local governments[58]. - The company has achieved significant technological advancements, including the development of a vaccine for bovine mycoplasma pneumonia and key technologies for beef cattle nutrition control[60]. Environmental Initiatives - The company invested significantly in environmental protection initiatives, including the construction of a closed coal yard and upgrades to coal-fired boilers, to meet annual environmental goals[73]. - The company has established an environmental management system and obtained ISO14000 certification, ensuring compliance with environmental regulations and effective management[198]. - The company’s two dairy processing plants comply with environmental standards, with no instances of exceeding pollutant discharge limits[195]. - Emergency management protocols are in place for various incidents, including wastewater treatment equipment failure and chemical leaks, with annual drills incorporated into the work plan[196]. Corporate Governance - The company has established a clear cash dividend policy to protect the rights of minority investors, requiring a minimum of 10% of distributable profits to be distributed as cash dividends annually[132]. - The company’s financial decisions are subject to approval by more than half of the independent directors and supervisors before being submitted to the shareholders' meeting[137]. - The commitments made by the controlling shareholder are designed to protect the interests of all shareholders of Western Animal Husbandry[149]. Community Engagement - The company completed its poverty alleviation tasks for the year, focusing on technological support for sheep farming in southern Xinjiang[184]. - The company provided training for 102 local technicians and farmers on sheep breeding and disease prevention techniques[186]. - The company donated 4 tons of nutritional milk powder to support 1,000 preschool children in the 224th regiment, amounting to a total value of 210,000 yuan[192].

Financial Performance - Operating revenue for the reporting period was CNY 181,825,582.15, down 10.20% year-on-year, while year-to-date revenue was CNY 524,906,591.50, a decrease of 1.59%[8] - Net profit attributable to shareholders was a loss of CNY 632,735.40, a decline of 100.98% compared to the same period last year[8] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 2,630,203.79, an increase of 96.05% year-on-year[8] - Operating profit decreased by 94.99% compared to the same period last year, and net profit decreased by 82.03% due to the absence of asset sales that positively impacted previous year's performance[18] - The company reported a net profit of CNY 4,417,292.03 for the year-to-date period, down from CNY 24,577,687.05 in the previous year, showing a decline of about 82.0%[48] - The company reported a loss attributable to shareholders of ¥632,735.40 in Q3 2019, contrasting with a profit of ¥64,598,266.61 in the previous year[39] - Basic and diluted earnings per share for Q3 2019 were both -¥0.0030, compared to ¥0.3057 in Q3 2018[39] - The net profit for the third quarter was -74,392.95, a significant decrease compared to -26,482,405.32 in the same period last year, indicating ongoing financial challenges[51] Cash Flow - Cash flow from operating activities for the year-to-date was CNY 105,909,364.93, down 49.83% compared to the same period last year[8] - Net cash flow from operating activities decreased by 49.83%, primarily due to a significant reduction in cash inflows from sales of goods and services[18] - Operating cash flow for the third quarter was 105,909,364.93, down from 211,097,031.75 year-over-year, reflecting reduced cash generation from operations[55] - The company’s cash and cash equivalents at the end of the period were 65,743,973.79, down from 57,828,834.78 at the end of the previous year[56] - The net cash flow from financing activities was -¥18,180,309.94, indicating a decrease compared to the previous period's net cash flow of -¥372,132,331.54[59] - Total cash inflow from financing activities amounted to ¥125,042,600.00, while total cash outflow was ¥143,222,909.94, resulting in a net outflow[59] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,122,821,206.63, a decrease of 1.29% compared to the end of the previous year[8] - Total assets as of September 30, 2019, amounted to CNY 1,122,821,206.63, a decrease from CNY 1,137,464,935.58 at the end of 2018[28] - Current assets totaled CNY 503,413,208.50 as of September 30, 2019, slightly up from CNY 498,184,280.46 at the end of 2018[27] - Total liabilities decreased from CNY 437,884,294.67 at the end of 2018 to CNY 418,823,273.69 as of September 30, 2019[29] - The company's cash and cash equivalents decreased from CNY 80,049,498.42 at the end of 2018 to CNY 65,743,973.79 as of September 30, 2019[27] - The company reported a decrease in inventory from CNY 159,663,244.08 at the end of 2018 to CNY 134,997,330.55 as of September 30, 2019[27] Expenses - Management expenses decreased by 36.26% year-on-year, primarily due to changes in the scope of consolidation after the disposal of subsidiaries[17] - Financial expenses decreased by 87.78% year-on-year, attributed to the disposal of subsidiaries and active repayment of bank loans[17] - The company experienced an increase in sales expenses, which rose to ¥17,851,669.30 from ¥14,392,385.68 year-on-year[37] - The company incurred asset impairment losses of CNY 2,284,712.77, compared to losses of CNY 6,767,592.33 in the previous year, indicating an improvement[47] - The company’s financial expenses decreased to CNY 379,501.04 from CNY 4,268,904.73 year-over-year, reflecting a reduction of approximately 91.1%[41] Government Support - The company received government subsidies amounting to CNY 3,780,000.00, including CNY 1,780,000.00 for research funding[9] Comprehensive Income - The total comprehensive income for the third quarter was CNY 2,687,164.78, compared to a total comprehensive loss of CNY 7,100,198.74 in the same quarter last year[43] - The total comprehensive income for the quarter was -74,392.95, which mirrors the net profit loss, indicating no other comprehensive income contributions[52] Investment Activities - Investment activities resulted in a net cash outflow of -27,816,994.37, contrasting with a net inflow of 335,507,363.91 in the previous year, indicating a shift in investment strategy[56] - The company’s investment loss was reported at -2,990,379.87, highlighting challenges in its investment portfolio[51] Audit and Standards - The company did not undergo an audit for the third quarter report, which may affect the reliability of the financial data presented[60] - The company has not applied new financial instrument standards or new leasing standards for the current reporting period[60]

Financial Performance - Total revenue for the first half of 2019 was CNY 343,081,009.35, an increase of 3.67% compared to CNY 330,920,291.04 in the same period last year[18]. - Net profit attributable to shareholders was CNY 1,874,035.76, a significant turnaround from a loss of CNY 41,616,640.65 in the previous year, representing a 104.50% increase[18]. - The net profit after deducting non-recurring gains and losses was CNY 991,189.93, compared to a loss of CNY 42,602,215.61 in the same period last year, marking a 102.33% improvement[18]. - Basic earnings per share increased to CNY 0.0089 from a loss of CNY 0.1969, reflecting a 104.52% increase[18]. - The weighted average return on net assets improved to 0.29% from -6.99%, an increase of 7.28 percentage points[18]. - The company reported a net profit for the first half of 2019 of CNY 3,734,914.73, a turnaround from a net loss of CNY 40,294,150.88 in the first half of 2018[180]. - The company reported a profit margin of approximately 1.09% in the first half of 2019, compared to a negative margin in the previous year[180]. - Total operating revenue for the first half of 2019 was CNY 343,081,009.35, an increase of 3.5% compared to CNY 330,920,291.04 in the same period of 2018[179]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,113,297,837.68, a decrease of 2.12% from CNY 1,137,464,935.58 at the end of the previous year[18]. - The company's total liabilities decreased to CNY 209,903,041.56 from CNY 229,839,116.46, reflecting a reduction of approximately 8.7%[178]. - The company's equity attributable to shareholders increased slightly from CNY 636,278,735.28 to CNY 638,152,771.04, an increase of approximately 0.3%[171]. - The company's current assets totaled CNY 491,902,456.29, slightly down from CNY 498,184,280.46 at the end of 2018, indicating a decrease of about 1.6%[169]. - Total liabilities decreased from CNY 437,884,294.67 to CNY 409,982,282.04, reflecting a decline of about 6.4%[171]. Cash Flow - The net cash flow from operating activities was negative at CNY -20,608,582.48, a decline of 151.35% compared to CNY 40,131,497.86 in the previous year[18]. - Cash inflow from operating activities was 424,595,874.24 CNY, down 34.7% from 650,028,452.55 CNY in the first half of 2018[186]. - The total cash and cash equivalents at the end of the period was 49,823,947.26 CNY, a decrease from 50,622,931.96 CNY at the end of the first half of 2018[189]. - Cash and cash equivalents decreased significantly from CNY 80,049,498.42 at the end of 2018 to CNY 49,823,947.26, a drop of approximately 37.8%[168]. Market Position and Strategy - The company is recognized as a national key leading enterprise in agricultural industrialization, indicating its significant role in the industry[26]. - The company is positioned as a regional leader in the dairy industry, contributing to local employment and social stability in Xinjiang[28]. - The competitive landscape includes three tiers of dairy companies, with the company classified as a second-tier regional leader, indicating strong local market presence[29]. - The company plans to enhance its brand, market, and product focus to drive the growth of the dairy industry[78]. - The company aims to leverage its unique position as the only two dairy processing enterprises in Xinjiang with infant formula production licenses to boost market presence[78]. Research and Development - The company has implemented 135 R&D projects in recent years, with 63 projects funded by various government levels and 73 internal key projects[67]. - The company has a strong technological advantage, collaborating with institutions like China Agricultural University and establishing research centers to enhance its R&D capabilities[50]. - R&D investment rose by 20.33% to CNY 1,345,651.60, reflecting the company's commitment to innovation[84]. - The company has developed key technologies for the industrialization of infant formula and functional fermented dairy products[69]. Product and Service Offerings - The company has a diverse product range including infant formula, milk powder for different age groups, and various meat products, enhancing market competitiveness[27]. - The company has established a complete industrial chain from forage resource development and utilization to livestock breeding and dairy product processing[53]. - The company is actively expanding its product offerings in the dairy sector, including infant formula and nutritional products, to capture a larger market share[58]. Risk Management - The company faces various risks including product quality, market competition, and environmental protection, which are detailed in the report[5]. - The company plans to enhance cost management and product quality to address increasing market competition risks[110]. - The company is committed to ensuring the quality and safety of its products through rigorous production standards and quality control measures[58]. Environmental and Social Responsibility - The company established an environmental management system and obtained ISO 14000 certification, ensuring compliance with environmental regulations[141]. - The company donated 5,035 boxes of nutritional milk powder, totaling 2.014 tons, to support poverty alleviation efforts by May 2019[143]. - The company conducted two training sessions for local farmers, training 60 individuals in sheep breeding management and disease prevention techniques[144]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period is 18,492[153]. - The largest shareholder, Shihezi State-owned Assets Management Group Co., Ltd., holds 88,378,171 shares, accounting for 41.82% of the total shares[153]. - There were no changes in the controlling shareholder or actual controller during the reporting period[155].

Financial Performance - Total operating revenue for Q1 2019 was CNY 170,780,840.46, an increase of 16.13% compared to CNY 147,065,259.06 in the same period last year[7] - Net profit attributable to shareholders was CNY 1,205,346.76, a significant turnaround from a loss of CNY 35,750,876.22, representing a growth of 103.37%[7] - The net profit after deducting non-recurring gains and losses was CNY 166,857.17, compared to a loss of CNY 31,148,750.94, marking a 100.54% increase[7] - Basic and diluted earnings per share were both CNY 0.0057, a recovery from a loss of CNY 0.1692 per share in the same period last year, reflecting a growth of 103.37%[7] - Operating profit grew by 99.89% and total profit increased by 104.71% compared to the previous year, attributed to optimized asset structure and improved management efficiency[16] - The company's total revenue for Q1 2019 reached 170.78 million yuan, an increase of 16.13% compared to the same period last year[18] - The net profit attributable to shareholders was 1.21 million yuan, reflecting a growth of 103.37% year-on-year[18] - Operating profit improved significantly to ¥724,878.73 compared to a loss of ¥32,827,440.62 in the previous period[42] - Net profit for the current period was ¥1,608,871.92, recovering from a net loss of ¥37,429,565.90 in the previous period[42] Cash Flow - The net cash flow from operating activities was negative CNY 48,619,178.35, worsening from negative CNY 24,362,709.55 in the previous year[7] - The company's cash flow from operating activities decreased by 99.56% compared to the same period last year[17] - The net cash flow from operating activities was -48,619,178.35 CNY, compared to -24,362,709.55 CNY in the previous period, indicating a decline in operational cash flow[49] - The total cash outflow for employee payments was 14,443,538.94 CNY, down from 23,772,514.67 CNY in the previous period[49] - The cash flow from operating activities showed a net inflow of 1,360,183.13 CNY, a significant recovery from -69,192,853.07 CNY in the previous period[53] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,131,892,719.49, a decrease of 0.49% from CNY 1,137,464,935.58 at the end of the previous year[7] - Total assets decreased from CNY 1,137,464,935.58 to CNY 1,131,892,719.49, a decline of approximately 0.32%[32] - Current liabilities decreased from CNY 389,368,105.59 to CNY 382,894,605.62, a reduction of about 1.22%[33] - Non-current liabilities decreased from CNY 48,516,189.08 to CNY 47,808,601.04, a decrease of approximately 1.46%[33] - Total liabilities decreased from CNY 437,884,294.67 to CNY 430,703,206.66, a decline of about 1.27%[33] - Owner's equity increased from CNY 699,580,640.91 to CNY 701,189,512.83, an increase of approximately 0.23%[34] - Total liabilities amounted to CNY 437,884,294.67, with current liabilities at CNY 389,368,105.59[57] - Total assets reached CNY 1,179,065,230.66, with current assets totaling CNY 678,537,444.36[59] Operational Strategy - The company aims to enhance its dairy product segment, focusing on infant formula milk powder as a key product[19] - The feed processing capacity has reached over 200,000 tons annually, with efforts to reduce costs and increase market competitiveness[21] - The company plans to invest in technology development for meat and oil products to improve quality and marketing capabilities[22] - The company is implementing a professional management approach to improve economic efficiency across subsidiaries[25] - The company aims to continue expanding its market presence and enhancing product development strategies moving forward[42] Financial Adjustments - The company has no significant changes in its major suppliers or customers during the reporting period[24] - The company reported a net loss of CNY 1,205,346.76 in retained earnings, compared to a loss of CNY 1,217,353.71 in the previous period, indicating a slight improvement[34] - Cash and cash equivalents decreased by 48.66% due to the purchase of raw materials and repayment of debts by subsidiaries[16] - Accounts receivable increased by 34.65% as subsidiaries actively expanded the market and increased product sales[16] - Cash and cash equivalents decreased from CNY 3,863,920.90 to CNY 3,560,780.84, a decline of about 7.83%[36] - Accounts receivable decreased from CNY 2,148,650.16 to CNY 1,948,822.40, a reduction of approximately 9.29%[36] - Inventory remained stable at CNY 986,668.11, unchanged from the previous period[36] - The company has not undergone an audit for the first quarter report[60] - There were no adjustments made for the new financial instrument and lease standards[60]