上海雪榕生物科技股份有限公司 投资者关系活动记录 证券代码：300511 证券简称：雪榕生物 | --- | --- | --- | |----------------|------------------------|--------------------------------------------------------| | | | | | 投资者关系活动 | | 特定对象调研 □分析师会议 | | 类别 | □ | 媒体采访 □业绩说明会 | | | □ 新闻发布会 □路演活动 | | | | 现场参观 | | | | □其他 | | | 参与单位名称及 | | 国金证券 钟凯锋；千般资本 朱豪；常春藤资本 石海慧；长 | | 人员姓名 | | 信基金 丁洋；徐星投资 许成；毅鸣投资 柏晓艳 陈琳；瀚伦 | | | 投资 黄志青。 | | | 时间 | 12 月 27 日 | 9:00-11:00 | | 地点 | 雪榕生物一楼会议室 | | | 上市公司接待人 | 董 秘:靳佩臻 | | | 员姓名 | | 证券事务代表：顾永康（活动记录） | | 投资者关系活动 | 1 、观看公司宣传片 | ...

上海雪榕生物科技股份有限公司 投资者关系活动记录 证券代码：300511 证券简称：雪榕生物 | --- | --- | --- | --- | --- | --- | |----------------|---------------------------------------|-------|-------|-----------------|-------| | | | | | | | | 投资者关系活动 | 特定对象调研 □分析师会议 | | | | | | 类别 | □ 媒体采访 □业绩说明会 | | | | | | | □ 新闻发布会 □路演活动 | | | | | | | 现场参观 | | | | | | | □其他 | | | | | | 参与单位名称及 | 1 、大简资本 张敏 2、中金公司 于芝欢 | | | | | | 人员姓名 | 3 、中金公司 孙杨 | | 4 | 、必达控股 张峥 | | | | 5、海通证券 夏越 6、加拿大鲍尔 罗贤润 | | | | | | | 7 、宏信证券 张睿 | | 8 | 、宏信证券 刘冉 | | | | 9、西南证券 徐卿 10、隽诚投资 曹 ...

Group 1: Company Strategy and Market Potential - The company has invested in Beijing Weishida Technology Co., Ltd. and established a joint venture with Aiyi (Xiamen) Food Technology Co., Ltd. to focus on the "plant-based meat" sector, which is still in its early development stage. The Chinese meat market is nearly 3 trillion CNY, and even a 10% share for plant-based meat indicates significant growth potential [2]. - The strategic investments in Weishida and Aiyi are aligned with the company's core business and are expected to enhance growth in the food technology sector [2]. Group 2: Research and Development Focus - Current R&D efforts for plant-based meat (including mushroom protein) are concentrated on improving taste to make it more meat-like, leveraging both local cultural insights and advanced foreign technologies [3]. - Another key focus is on reducing production costs through technological breakthroughs and scaling up production, which is a competitive advantage for the company as the largest edible mushroom producer in China [4]. Group 3: Brand Development and Market Penetration - The company has shifted towards a direct-to-consumer (B2C) model, with small packaging products increasing from 10% to 40% market share within a year, aiming for over 50% by the end of the year [4]. - Brand building has been prioritized since 2019, focusing on penetrating the consumer market through a multi-variety, multi-channel approach, particularly in lower-tier cities [5]. Group 4: Production and Supply Chain Resilience - The company’s factory-based production model for edible mushrooms ensures mechanization and standardization, making it resilient to extreme weather conditions, which has been crucial during recent flooding events [6]. - The current factory production capacity for enoki mushrooms is approximately 900 tons, with the top five companies in the industry accounting for about 60% of production capacity, indicating a significant concentration in the market [7]. Group 5: Future Expansion Plans - The company plans to expand its production capacity with a new facility in Shandong, which will add 100 tons of daily production capacity for enoki mushrooms, even with the potential shutdown of the Shanghai facility [8]. - There are considerations for establishing new bases in underdeveloped regions, such as Central China, to further enhance production capabilities [8]. Group 6: International Operations - The company has established a mushroom factory in Bangkok, Thailand, to tap into the high local market prices and serve surrounding countries with a combined population of 170 million [8]. - Despite delays due to the COVID-19 pandemic, the Thai project is progressing within controllable timelines, with initial daily production capacity set at 66 tons [8]. Group 7: Financial Performance and Market Strategy - The company’s performance in the restaurant sector has improved despite the pandemic, attributed to its transition to a B2C model and strong brand and channel strategies [9]. - The company is preparing to disclose its half-year report on August 27, 2020, while also addressing seasonal fluctuations in the edible mushroom market through robust branding and channel strategies [9].

Financial Performance - The company's revenue for Q3 2022 reached ¥675,808,928.45, representing a 35.03% increase year-over-year[6] - Net profit attributable to shareholders was ¥107,044,675.06, a significant increase of 339.54% compared to the same period last year[6] - The basic earnings per share rose to ¥0.21, reflecting a 310.00% increase year-over-year[6] - Total operating revenue for the current period reached ¥1,649,344,357.67, an increase of 15.4% compared to ¥1,429,298,969.19 in the previous period[24] - The net profit for the current period was a loss of ¥7,016,834.22, an improvement from a loss of ¥143,764,632.81 in the previous period[25] - Total comprehensive income for the current period was a loss of ¥8,314,113.31, compared to a loss of ¥155,792,313.28 in the previous period, indicating a significant reduction in losses[25] Cash Flow - Operating cash flow net amount for the year-to-date was ¥176,348,880.42, up 148.46% from the previous year[12] - Cash flow from operating activities generated a net amount of ¥176,348,880.42, compared to ¥70,975,793.40 in the previous period, indicating a positive trend[26] - The net cash flow from financing activities surged to ¥313,830,951.19, a 3620.84% increase, attributed to funds raised from issuing shares[12] - The total cash and cash equivalents at the end of the period reached CNY 460,946,877.58, up from CNY 310,782,975.99[27] - The company experienced a net increase in cash and cash equivalents of CNY 121,566,461.70, contrasting with a decrease of CNY 449,091,333.34 in the prior period[27] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,590,867,399.61, an increase of 5.78% from the end of the previous year[6] - The company's total liabilities were RMB 2.557 billion, a decrease from RMB 2.686 billion at the beginning of the year[22] - The company's current assets totaled RMB 1.243 billion, up from RMB 874.94 million at the beginning of the year[21] - The company's inventory increased to RMB 464.92 million from RMB 384.08 million at the beginning of the year[21] Shareholder Information - The total number of common shareholders at the end of the reporting period is 33,282[14] - The largest shareholder, Yang Yongping, holds 21.39% of shares, totaling 107,606,850 shares[14] - The company has a diverse shareholder base, including various investment funds and private equity firms[15] - The company is actively managing its shareholder structure to comply with regulatory requirements and enhance shareholder value[16] Investment and Development - The company reported a 927.82% increase in investment income, amounting to ¥14,225,226.09, primarily due to gains from the transfer of subsidiary equity[11] - Research and development expenses decreased by 54.91% to ¥5,607,961.11, mainly due to the shutdown of the Shanghai base[11] - The company acquired a 5% stake in Dafa Xuerong Biotechnology Co., Ltd. for RMB 1.997 million, increasing its total ownership to 69%[18] - The company decided to postpone the Anhui Xuerong Pleurotus eryngii project completion date to August 30, 2024, due to intense market competition and rising raw material costs[18] Regulatory and Compliance - The company has received approval from the China Securities Regulatory Commission for a stock issuance to specific targets, allowing for the issuance of 65,676,567 new shares[17] - The new shares from the specific target issuance were listed on the Shenzhen Stock Exchange on March 21, 2022[17] - The company is subject to lock-up regulations for executives, with Yang Yongping's shares locked for the duration of her tenure[16] Other Financial Metrics - The company reported a short-term loan of RMB 732.68 million, down from RMB 777.49 million at the beginning of the year[22] - The company paid CNY 867,557,375.03 in cash for debt repayment, up from CNY 626,772,839.20[27] - The company reported a foreign exchange impact of CNY 6,657.96 on cash and cash equivalents, compared to a negative impact of CNY -3,616,779.83 in the previous period[27] - The company did not have its third-quarter report audited[28]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥973,535,429.22, representing a 4.82% increase compared to ¥928,810,813.47 in the same period last year[22]. - The net loss attributable to shareholders was ¥100,813,187.17, a 42.59% increase from a loss of ¥70,702,210.37 in the previous year[22]. - The net cash flow from operating activities was -¥14,358,874.35, a decrease of 127.72% compared to ¥51,797,697.21 in the same period last year[22]. - The total assets at the end of the reporting period were ¥4,647,326,566.31, an increase of 7.08% from ¥4,340,128,937.57 at the end of the previous year[22]. - The net assets attributable to shareholders increased by 17.19% to ¥1,959,459,938.11 from ¥1,672,047,546.39 at the end of the previous year[22]. - The basic earnings per share were -¥0.21, a decrease of 31.25% from -¥0.16 in the same period last year[22]. - The diluted earnings per share were -¥0.19, an 18.75% decrease from -¥0.16 in the previous year[22]. - The weighted average return on net assets was -5.57%, a decline of 2.02% from -3.55% in the same period last year[22]. - The company achieved operating revenue of CNY 973.54 million, a year-on-year increase of 4.82%[40]. - The net profit attributable to shareholders was CNY -100.81 million, a decrease of 42.59% year-on-year, primarily due to intense market competition and the impact of COVID-19 on logistics and consumption[40]. - The company reported a net loss from investment income of ¥777,622.30, which constituted 0.67% of total profit[48]. - The total operating revenue for the first half of 2022 was CNY 973,535,429.22, an increase from CNY 928,810,813.47 in the same period of 2021, representing a growth of approximately 4.5%[182]. - The total operating costs for the first half of 2022 amounted to CNY 1,106,396,341.78, up from CNY 1,039,447,123.59 in the previous year, indicating an increase of about 6.4%[182]. - The net loss for the first half of 2022 was CNY 111,544,773.83, compared to a net loss of CNY 89,979,415.46 in the same period of 2021, reflecting a deterioration in performance[184]. Cash Flow and Financing - Cash flow from financing activities increased by 345.49% to CNY 442.09 million, primarily due to funds raised from issuing shares[45]. - The net cash flow from financing activities was 69,133,414.51 CNY, improving from a negative cash flow of -157,313,043.91 CNY in the previous period[193]. - The total cash inflow from financing activities reached 1,111,007,824.02 CNY, an increase from 676,749,527.54 CNY in the prior period[193]. - The cash outflow for debt repayment was 502,000,000.00 CNY, compared to 426,000,000.00 CNY in the previous period[193]. - The company reported a net increase in cash and cash equivalents of 124,806,479.25 CNY, contrasting with a decrease of -177,898,646.29 CNY in the prior period[193]. - The cash and cash equivalents at the end of the first half of 2022 totaled CNY 577.65 million, an increase from CNY 286.33 million at the end of the first half of 2021[191]. Market and Product Strategy - The company operates modern agricultural enterprises focused on the production of edible fungi, with investments in multiple regions including Jilin, Shandong, Guangdong, and Thailand[30]. - Main products include enoki mushrooms, king oyster mushrooms, shiitake mushrooms, and others, emphasizing food safety and high quality[30]. - The company aims to become a leader in the edible fungi industry, focusing on mechanization and standardization in production[30]. - The company has established a pricing management system for both regular and new products, with market analysis conducted weekly[36]. - The company plans to expand its market presence in Southeast Asia, targeting a 20% increase in market share by the end of 2023[200]. - The company has initiated a strategic partnership with a leading biotech firm to enhance its product offerings and technological capabilities[200]. Research and Development - Research and development expenses decreased by 61.90% to CNY 3.08 million, mainly due to the shutdown of the Shanghai base[44]. - Research and development expenses for the first half of 2022 were CNY 3,082,989.11, down from CNY 8,091,916.41 in the same period of 2021, a decrease of about 61.9%[183]. - Research and development expenses for the first half of 2022 were 150 million yuan, accounting for 10% of total revenue, aimed at new product development[200]. Environmental and Social Responsibility - The company has established an environmental monitoring plan and engages third-party agencies for regular monitoring of major pollutants to ensure compliance with discharge standards[90]. - There were no administrative penalties due to environmental issues during the reporting period[91]. - The company continuously improves its environmental protection and pollution prevention systems, ensuring efficient operation of environmental facilities without major pollution incidents[88]. - The company actively participates in social welfare activities, including blood donation and support for the elderly, contributing to community development[94]. - The company has invested in poverty alleviation projects in key areas, achieving significant social benefits and recognition for its contributions[95]. - The company prioritizes employment for impoverished households and provides training to enhance their skills, ensuring sustainable poverty alleviation[96]. Shareholder and Corporate Governance - The company plans not to distribute cash dividends, issue bonus shares, or convert capital reserves into share capital for the half-year period[81]. - The company approved the repurchase and cancellation of 4.556 million restricted stocks held by 167 incentive objects at a price of RMB 3.98 per share, totaling RMB 18,264,525.19 paid in cash[82]. - The company’s stock incentive plan will continue to be executed in accordance with regulatory requirements[84]. - The company has a diverse shareholder base, with significant holdings from various private equity funds[149]. - The report indicates that there are no related party transactions or concerted actions among the top shareholders[150]. - The company has not engaged in any major litigation or arbitration matters during the reporting period[108]. Risks and Challenges - The company faces risks such as intensified market competition leading to price declines and fluctuations in raw material prices[4]. - The company has faced challenges in the edible mushroom market due to intense competition and fluctuating prices, impacting profitability[62]. - Raw material prices have increased during the reporting period, affecting procurement costs; the company aims to optimize its substrate formula and production processes to mitigate cost increases[72]. - The company anticipates potential declines in gross margin and profits if product prices continue to fall and cost reduction efforts are insufficient[73]. - Seasonal fluctuations in sales prices and profits are evident, with the lowest prices typically occurring in Q2 and Q3, while Q1 and Q4 see higher prices due to increased demand[73].

Financial Performance - The company's revenue for Q1 2022 was ¥575,916,010.18, representing a 1.66% increase compared to ¥566,499,913.52 in the same period last year[3] - Net profit attributable to shareholders decreased by 43.38% to ¥57,397,068.93 from ¥101,367,147.34 year-on-year[3] - Basic earnings per share fell by 45.83% to ¥0.13, compared to ¥0.24 in the same period last year[3] - The total comprehensive income for Q1 2022 was ¥60,304,994.90, down from ¥93,107,824.21 in the same period last year, indicating a decrease of about 35.3%[23] - Net profit for the quarter was CNY 60,526,964.61, compared to CNY 96,052,419.32 in the same period last year, reflecting a decrease[22] Cash Flow - The net cash flow from operating activities dropped by 61.55% to ¥36,207,316.24, down from ¥94,171,489.26 in the previous year[3] - Cash inflows from operating activities totaled ¥567,609,702.47, slightly up from ¥566,819,501.52 in the previous year, showing a marginal increase of 0.14%[26] - Cash flow from investing activities resulted in a net outflow of ¥102,660,123.39, an improvement from a net outflow of ¥314,263,474.03 in the previous year[27] - Cash flow from financing activities generated a net inflow of ¥435,119,938.32, compared to a net outflow of ¥83,470,634.71 in Q1 2021, indicating a significant turnaround[27] Assets and Liabilities - Total assets increased by 4.56% to ¥4,747,152,356.00 from ¥4,539,961,256.98 at the end of the previous year[3] - Total liabilities decreased slightly to CNY 2,642,700,976.17 from CNY 2,685,582,068.16[19] - The company's equity attributable to shareholders increased to CNY 2,118,878,936.05 from CNY 1,672,047,546.39, reflecting a growth of 26.73%[19] - Long-term borrowings rose to CNY 520,547,357.44 from CNY 392,496,781.30, an increase of 32.66%[19] Shareholder Information - The company issued a total of 65,676,567 shares of ordinary stock to 11 specific investors, which were listed on the Shenzhen Stock Exchange on March 21, 2022[15] - The total number of restricted shares at the beginning of the period was 106,622,182, with 4,311,302 shares released from restriction during the period[14] - The company has 80,523,787 restricted shares held by Yang Yongping, which are locked due to executive restrictions[13] - The top 10 unrestricted shareholders hold a total of 80,523,787 shares, with Yang Yongping and Zhejiang Yinwan Stere Investment Management Co., Ltd. being the largest shareholders[12] Research and Development - Research and development expenses decreased by 61.62% to ¥1,826,764.99, primarily due to the shutdown of the Shanghai base[6] - The company has not reported any new product launches or technological advancements in this quarter[16] Other Income and Expenses - Other income related to government subsidies decreased by 51.82% to ¥6,462,755.79 compared to the previous year[7] - The company reported a decrease in other comprehensive income attributable to the parent company, with a net amount of -¥133,181.83 compared to -¥1,906,383.46 in the previous year[23] Audit Information - The company did not conduct an audit for the Q1 2022 report[28]

Financial Performance - In 2021, the company reported a net loss attributable to shareholders of 308.90 million yuan, primarily due to intense competition in the edible mushroom market and the impact of COVID-19 on logistics and consumption, particularly in the catering industry [5]. - The company's operating revenue for 2021 was ¥2,062,828,781.84, a decrease of 6.33% compared to ¥2,202,185,873.52 in 2020 [38]. - The net profit attributable to shareholders in 2021 was -¥308,903,523.86, representing a decline of 224.94% from a profit of ¥247,241,757.80 in 2020 [38]. - The net cash flow from operating activities decreased by 55.58% to ¥246,748,489.61 in 2021, down from ¥555,465,789.24 in 2020 [38]. - The total assets at the end of 2021 were ¥4,340,128,937.57, a decrease of 4.92% from ¥4,564,612,500.09 at the end of 2020 [38]. - The company's net assets attributable to shareholders decreased by 17.80% to ¥1,672,047,546.39 at the end of 2021, down from ¥2,034,016,179.45 at the end of 2020 [38]. - The basic earnings per share for 2021 was -¥0.72, compared to ¥0.57 in 2020, reflecting a decline of 226.32% [38]. - The company reported a quarterly operating revenue of ¥633,529,812.65 in Q4 2021, with a net profit attributable to shareholders of -¥193,513,790.52 [41]. - The total non-operating loss for 2021 was -¥2,032,072.32, compared to a gain of ¥8,213,091.02 in 2020 [44]. - The company has indicated uncertainty regarding its ability to continue as a going concern, as reflected in its financial performance [38]. Market and Industry Trends - The edible mushroom industry in China has seen a compound annual growth rate of about 9.43% from 2001 to 2019, indicating significant market potential despite recent challenges [9]. - The overall profitability of the edible mushroom industry has declined significantly in 2021, aligning with the company's performance trends [10]. - The edible mushroom industry has seen a decline in profitability in 2021 due to increased competition and rising raw material costs [50]. - The edible mushroom market is expected to experience long-term growth despite short-term price fluctuations and industry challenges [50]. Operational Challenges - The company incurred an asset impairment loss totaling 195.89 million yuan for the year, reflecting the adverse market conditions and operational challenges [6]. - The company faces risks related to raw material price fluctuations, which have increased due to commodity trade impacts, potentially affecting production costs [15]. - The company faces risks of declining gross margin and profits due to increased competition in the domestic edible mushroom market and potential underperformance of its overseas production base in Thailand [16]. - Seasonal fluctuations in sales prices and profits are evident, with higher prices typically in Q1 and Q4, while Q2 and Q3 see lower prices due to abundant fresh vegetable supply [18]. - The rapid expansion of the company's production scale, particularly in the king oyster mushroom segment, poses management risks, necessitating the establishment of an efficient management system [19]. Strategic Initiatives - The company plans to strengthen marketing efforts and improve product quality to maintain market share amid increasing competition and price pressures [13]. - The company aims to optimize its cultivation base formula and production processes to mitigate raw material cost increases and enhance operational efficiency [15]. - The company aims to optimize production and sales through a nationwide sales network, improving economic efficiency and customer retention [51]. - The company emphasizes technological innovation and ecological sustainability in its production processes [52]. - The company is focusing on digital transformation, including upgrading its ERP system and enhancing its marketing digital platform [69]. - The company plans to strengthen brand awareness through various promotional activities in core cities and online platforms [70]. Research and Development - The company has made significant progress in R&D projects, including the purification and revitalization of mushroom strains, which are crucial for production [88]. - The company has five mushroom varieties approved by the Shanghai Crop Variety Approval Committee [63]. - The company has two patents pending as of the end of the reporting period [64]. - The company holds a total of 71 patents, including 22 invention patents, 41 utility model patents, and 8 design patents [66]. - In 2021, the company's R&D expenditure amounted to ¥13,563,005.80, representing 0.66% of operating revenue, an increase from 0.54% in 2020 [90]. Governance and Management - The company has established a governance structure that ensures equal rights for all shareholders, particularly minority shareholders [119]. - The company maintains an independent operational structure with complete procurement, production, sales, and R&D systems, ensuring no significant reliance on the controlling shareholder or related enterprises [124]. - The company has a clear governance structure with no differential voting rights arrangements in place [128]. - The company has established a compensation and assessment committee to oversee the remuneration process [138]. - The company has a structured decision-making process for remuneration that requires approval from the board and shareholders [138]. Social Responsibility - The company actively participates in social welfare activities, including blood donation and poverty alleviation, contributing to sustainable development and resource recycling through its production processes [183]. - The company has built precision poverty alleviation industrial parks in key areas, achieving significant social benefits and receiving awards for its contributions to poverty alleviation efforts [184]. - The company prioritizes employment for impoverished households and provides training to enhance their labor skills, improving local employment conditions [185]. - The company has established a scholarship fund to support impoverished students, aiming to help them complete their education and contribute to their hometowns in the future [185]. Environmental Responsibility - The company has established a comprehensive environmental monitoring plan, ensuring compliance with pollution discharge standards [181]. - The company has not faced any administrative penalties related to environmental issues during the reporting period [181]. - The company continuously improves its environmental protection measures and has not experienced any major environmental pollution incidents [179]. - The company has committed to reducing carbon emissions through various measures, although specific actions were not applicable during the reporting period [181].

Financial Performance - Revenue for Q3 2021 was ¥500,488,155.72, a decrease of 11.84% compared to the same period last year[5] - Net profit attributable to shareholders was -¥44,687,522.97, a decline of 173.06% year-over-year[5] - Total operating revenue for Q3 2021 was ¥1,429,298,969.19, a decrease from ¥1,563,472,564.20 in the previous period[23] - The net profit for Q3 2021 was a loss of ¥143,764,632.81, compared to a profit of ¥202,162,091.60 in the same period last year[25] - The total comprehensive income for the period was -155,792,313.28 CNY, compared to 195,597,027.22 CNY in the previous period[26] - The company reported a basic and diluted earnings per share of -0.27 CNY, compared to 0.50 CNY and 0.48 CNY respectively in the previous period[26] - The company reported a significant increase in research and development expenses to ¥12,437,740.95 from ¥9,584,250.06[23] - The company reported a decrease in comprehensive income attributable to the parent company, which was -122,303,247.98 CNY compared to 212,693,608.57 CNY in the previous period[26] Cash Flow - Cash flow from operating activities was ¥70,975,793.40, down 80.38% from the previous year[10] - The company reported a significant decrease in cash flow from financing activities, down 98.12% to ¥8,434,422.20[10] - The net cash flow from operating activities was 70,975,793.40 CNY, a decrease of 80.4% from 361,815,630.31 CNY in the previous period[29] - Cash inflow from investment activities was 702,836,873.18 CNY, while cash outflow was 1,227,721,642.29 CNY, resulting in a net cash flow of -524,884,769.11 CNY[29] - The cash inflow from financing activities was 744,342,739.85 CNY, while cash outflow was 735,908,317.65 CNY, resulting in a net cash flow of 8,434,422.20 CNY[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,448,226,727.95, a decrease of 2.55% from the end of the previous year[5] - The company's total assets decreased to ¥4,448,226,727.95 from ¥4,564,612,500.09[22] - Current liabilities increased to ¥1,423,564,839.26 from ¥1,385,109,958.90[21] - The company's equity attributable to shareholders was ¥2,034,016,179.45, with total equity at ¥2,022,814,796.36[34] - Long-term borrowings decreased to ¥494,614,519.39 from ¥517,774,582.86[21] - The total non-current liabilities were ¥1,156,687,744.83[34] Shareholder Information - The total number of common shareholders at the end of the reporting period is 39,508[12] - The largest shareholder, Yang Yongping, holds 30.12% of the shares, totaling 133,085,500 shares[12] - The company has a total of 126,178,519 restricted shares, with 50,000 shares released during the period[15] - The total number of restricted shares held by Yang Yongping is 99,814,125, which are locked due to executive restrictions[15] - The company has a total of 8,141,000 restricted shares remaining after the release of shares during the period[15] Other Financial Metrics - The weighted average return on equity was -2.36%, a decrease of 5.54% compared to the previous year[5] - The company recorded a credit impairment loss of ¥2,198,231.55, down from ¥2,496,696.73 in the previous period[25] - The company experienced a foreign exchange loss of -6,913,514.64 CNY during the period[26] - The company paid 363,377,706.94 CNY in employee compensation, an increase from 311,928,178.12 CNY in the previous period[29] Stock Issuance and Compliance - The company received approval from the China Securities Regulatory Commission for a stock issuance to specific investors on March 24, 2021[16] - The company’s stock issuance plan is in compliance with the requirements set by the Shenzhen Stock Exchange[16] - The company’s stock price for conversion remains unchanged at ¥11.77 per share after a minor share repurchase[16] Construction and Development - The company experienced a significant increase in construction in progress, rising by 88.53% to ¥230,113,403.60[9]

Financial Performance - The company reported a revenue of 100 million RMB for the first half of 2021, representing a 20% increase compared to the same period in 2020[17]. - Revenue for the current reporting period was ¥928,810,813.47, a decrease of 6.73% compared to ¥995,800,104.43 in the same period last year[23]. - The company achieved operating revenue of 928.81 million yuan, a year-on-year decrease of 6.73%[41]. - The net profit attributable to shareholders was -¥70,702,210.37, representing a decline of 145.48% from ¥155,466,147.74 year-over-year[23]. - The net profit for the first half of 2021 was a loss of ¥89,979,415.46, compared to a profit of ¥138,501,498.76 in the first half of 2020, representing a significant decline[196]. - Basic and diluted earnings per share were both -¥0.16, down 144.44% from ¥0.36 in the same period last year[23]. - The total comprehensive income for the first half of 2021 was -¥96,564,722.70, compared to ¥139,176,953.21 in the previous year[197]. Cost and Profitability - The gross profit margin improved to 35%, up from 30% in the previous year, indicating better cost management and pricing strategies[17]. - Operating costs increased by 18.60% to ¥902,008,475.02 from ¥760,542,420.43, mainly due to increased capacity at the Lintao and Thailand bases and rising raw material prices[53]. - The decline in revenue was primarily due to a significant drop in the sales price of the main product, enoki mushrooms, amid a downward trend in the edible mushroom market[41]. - The gross margin for the enoki mushroom product was 5.48%, down 27.20% year-on-year, with revenue decreasing by 17.53%[55]. - The company reported a significant increase in management expenses by 46.09% to ¥77,054,806.72, primarily due to increased share-based payments[53]. Cash Flow and Financial Position - Net cash flow from operating activities decreased by 80.88% to ¥51,797,697.21 from ¥270,882,499.62 in the previous year[23]. - The net cash flow from investment activities was -¥346,612,802.70, a decrease of 54.13% compared to -¥224,880,763.88, primarily due to increased project investment expenditures[53]. - The net cash flow from financing activities was -¥180,085,763.49, a dramatic decrease of 15,420.08% compared to ¥1,175,488.61, mainly due to reduced bank loan inflows[53]. - The net increase in cash and cash equivalents was -¥473,539,817.69, a decline of 1,108.69% from ¥46,945,932.96, reflecting decreased cash flows from operating, investing, and financing activities[53]. - The company's total current assets as of June 30, 2021, were approximately 286.81 million yuan, down from 759.89 million yuan at the end of 2020[186]. - The company's cash and cash equivalents dropped significantly from CNY 290,866,229.70 to CNY 114,967,583.41, a decline of around 60.5%[191]. Market and Competition - User data showed a 15% increase in active customers, reaching 500,000 by the end of June 2021[17]. - The company faces risks related to intensified market competition and fluctuations in raw material prices, which may impact future profitability[5]. - The edible mushroom market in China is experiencing increased competition and price volatility, impacting operational difficulties in the short term[42]. - There is a risk of declining gross margins and profits due to intensified competition in the edible mushroom market, which may not be offset by cost reduction efforts[83]. Strategic Initiatives - The company plans to launch two new product lines in Q3 2021, aiming to capture a larger market share in the edible mushroom sector[17]. - Market expansion strategies include entering new regional markets and enhancing online sales channels to reach a broader customer base[17]. - The company is exploring potential acquisitions to enhance its product offerings and expand its distribution network[17]. - The company is actively constructing the "Hubei Xuerong Edible Mushroom Industrial Park" project, having obtained land use rights[45]. Research and Development - Research and development expenses increased by 10% to support innovation in new technologies and product development[17]. - Research and development expenses rose to ¥8,091,916.41, an increase of 32% from ¥6,133,180.39 in the first half of 2020[194]. - The company has 74 patents, including 21 invention patents, demonstrating its technological leadership in the industry[50]. Environmental and Social Responsibility - The company has established a comprehensive environmental management system to ensure compliance with environmental regulations and standards[105]. - The company actively participates in social welfare activities, including blood donation and poverty alleviation, contributing to sustainable development[107]. - The company prioritizes employment for poverty-stricken households and provides training to enhance their labor skills, improving local employment conditions[109]. Shareholder and Governance - The company has no plans to distribute cash dividends or issue bonus shares for the current fiscal year[6]. - A restrictive stock incentive plan was approved, aimed at motivating employees and aligning their interests with the company's performance[94]. - The company has established a stable profit distribution policy to reward shareholders, ensuring compliance with relevant regulations and maintaining normal operations for long-term development[106]. - The company has not reported any major changes in agricultural tax incentives or government subsidies during the reporting period[145].

Financial Performance - The company's revenue for Q1 2021 was ¥566,499,913.52, a decrease of 5.72% compared to ¥600,852,768.17 in the same period last year[8] - Net profit attributable to shareholders was ¥101,367,147.34, down 40.30% from ¥169,805,933.35 year-on-year[8] - The net profit after deducting non-recurring gains and losses was ¥84,346,680.30, reflecting a decline of 51.98% compared to ¥175,658,147.06 in the previous year[8] - Basic earnings per share decreased to ¥0.24, down 40.00% from ¥0.40 in the previous year[8] - Diluted earnings per share also fell to ¥0.22, a decrease of 45.00% compared to ¥0.40 in the same period last year[8] - The weighted average return on equity was 4.85%, down from 9.30% year-on-year, a decline of 4.45%[8] - The company reported a net profit margin improvement, with net profit for the period reflecting a positive trend despite revenue decline[49] Cash Flow and Liquidity - The net cash flow from operating activities was ¥94,171,489.26, a significant drop of 55.16% from ¥210,012,722.59 in the same quarter last year[8] - Cash and cash equivalents decreased by 40.50% to CNY 452.10 million, primarily due to loan repayments and funding for investment projects[18] - The company's cash and cash equivalents decreased to approximately CNY 452.1 million from CNY 759.9 million at the end of 2020, representing a decline of about 40.4%[39] - Total cash and cash equivalents at the end of the quarter stood at 455,792,498.39 CNY, down from 510,734,470.23 CNY year-over-year[59] - The net increase in cash and cash equivalents was -304,099,422.19 CNY, contrasting with an increase of 232,936,760.02 CNY in the same period last year[59] Assets and Liabilities - Total assets at the end of the reporting period were ¥4,539,961,256.98, a slight decrease of 0.54% from ¥4,564,612,500.09 at the end of the previous year[8] - The company's total assets amounted to approximately CNY 4.54 billion, a slight decrease from CNY 4.56 billion at the end of 2020[39] - The total liabilities amounted to 2,541,797,703.73 CNY, reflecting a slight increase from the previous year[66] - The total current liabilities of the company were approximately CNY 585.1 million, down from CNY 650 million, a decrease of about 10%[40] Research and Development - R&D expenses increased by 58.03% to CNY 47.59 million, reflecting higher investment in research and development[18] - The company's research and development expenses increased to CNY 4.05 million in Q1 2021, compared to CNY 3.01 million in the same period last year, reflecting a focus on innovation[53] Market and Competition - The company faces risks of declining gross margin and profits due to increased competition in the domestic edible mushroom market and potential underperformance of its overseas production base in Thailand[23] - The company plans to strengthen marketing efforts and enhance brand recognition to mitigate risks from intensified market competition[20] Investment and Projects - The company has increased its investment in construction projects, with ongoing projects valued at CNY 207.11 million, a 69.68% increase from the previous period[18] - The project for the Thai edible mushroom factory has not yet commenced, with a total investment commitment of 20 million RMB[31] - The Dezhou project has seen 62.93% of its 25 million RMB investment completed, with 6.67 million RMB already invested[31] Regulatory and Compliance - The company received approval from the China Securities Regulatory Commission for a specific stock issuance, indicating compliance with regulatory requirements[28] - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[35] - The company has not utilized any idle raised funds for temporary liquidity supplementation during the reporting period[33] Financial Management - The total amount of raised funds is 58.5 million RMB, with 8.24 million RMB invested in the current quarter[31] - Cumulative changes in the use of raised funds amount to 18.68 million RMB, representing 31.93% of the total raised funds[31] - The company implemented the new leasing standards starting January 1, 2021, affecting its financial statements[68]