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]

Financial Performance - The company's operating revenue for 2020 was ¥2,202,185,873.52, representing a 12.09% increase compared to ¥1,964,574,723.12 in 2019[24]. - The net profit attributable to shareholders for 2020 was ¥247,241,757.80, up 12.22% from ¥220,327,429.85 in 2019[24]. - The net profit after deducting non-recurring gains and losses was ¥239,028,666.78, reflecting a 14.11% increase from ¥209,478,015.11 in 2019[24]. - The total assets at the end of 2020 amounted to ¥4,564,612,500.09, an 18.81% increase from ¥3,841,850,151.29 at the end of 2019[24]. - The net assets attributable to shareholders increased by 16.87% to ¥2,034,016,179.45 at the end of 2020, compared to ¥1,740,475,998.42 at the end of 2019[24]. - The basic earnings per share for 2020 was ¥0.57, an increase of 11.76% from ¥0.51 in 2019[24]. - The cash flow from operating activities for 2020 was ¥555,465,789.24, a decrease of 5.36% from ¥586,928,417.62 in 2019[24]. - The company reported a total of ¥27,886,368.45 in government subsidies for 2020, compared to ¥23,440,512.04 in 2019[29]. - The company experienced a net loss of ¥14,339,785.61 in the second quarter of 2020, contrasting with profits in other quarters[26]. - The diluted earnings per share for 2020 was ¥0.57, consistent with the basic earnings per share[24]. Production and Capacity - The company reported a significant increase in production capacity due to the rapid development of industrialized mushroom cultivation, leading to intensified market competition and potential price declines for mushroom products[4]. - The company achieved a daily production capacity of 1,325 tons for edible mushrooms, with enoki mushrooms leading at 1,000 tons, ranking first in the country[42]. - The company expanded its production capacity for King oyster mushrooms and King mushrooms, leading to increased production and sales volume[37]. - The company operates modern agricultural enterprises in multiple regions, including Shanghai, Jilin, and Thailand, focusing on mechanized and standardized production[33]. - The company’s production model utilizes agricultural by-products, maximizing resource recycling and supporting sustainable agriculture[33]. Market and Sales - Seasonal fluctuations in sales prices and profits were noted, with the highest prices typically in Q1 and Q4, while Q2 and Q3 experience lower prices due to increased supply of fresh vegetables[6]. - The sales model primarily involves distributors, with direct sales to supermarkets and fresh delivery platforms, minimizing accounts receivable[37]. - The pricing strategy includes regular market analysis and new product pricing based on competitor information and consumer psychology[38]. - The company is expanding its marketing strategies, enhancing its presence in major supermarket chains and online platforms, which has strengthened brand recognition[53]. - The edible mushroom sector accounted for ¥2,179,627,097.78, or 98.98% of total revenue, with a year-on-year growth of 12.01%[60]. Research and Development - The company’s R&D expenses increased by 8.38% to ¥11,850,052.26, reflecting ongoing investment in technology and product development[72]. - The company will continue to strengthen research and development, focusing on new strains and varieties to ensure stable production and optimize production processes[107]. - Research and development efforts focused on two new product lines, with an investment of 200 million RMB allocated for innovation in biotechnology[149]. Investment and Expansion - The company has initiated a stock issuance project to further strengthen its main business and improve its national layout strategy[54]. - The company is actively seeking investment opportunities and potential mergers and acquisitions in the edible mushroom industry to leverage its advantages in talent, national layout, and brand channels[107]. - The company has established seven major production bases across China and is developing additional bases in Hubei and Anhui, enhancing its national footprint[42]. - The company has established new subsidiaries, including Anhui Xuerong Biotechnology Co., Ltd. and Hubei Xuerong Biotechnology Co., Ltd., which had no significant impact on overall operations[99]. Financial Strategy and Shareholder Returns - A cash dividend of 1.2 RMB per 10 shares (including tax) was proposed, based on a total of 442,029,925 shares[11]. - The cash dividend payout ratio for 2020 was 21.45% of the net profit attributable to ordinary shareholders[121]. - The company maintained a stable profit distribution policy, distributing a cash dividend of RMB 1.20 per 10 shares, totaling RMB 53,043,591.00 for the year 2020[116]. - The company has committed to maintaining a dividend payout ratio of 30% of net profits, ensuring returns to shareholders while reinvesting in growth[140]. Risk Management - The company faces risks of declining gross margins and profits if product prices continue to drop, necessitating enhanced quality management and production optimization strategies[7]. - The main raw materials, including rice bran and corn husks, are subject to quality and price volatility, which could adversely affect gross margins if not managed effectively[9]. - The company has a strong focus on reducing contamination rates in mushroom production, which is critical for maintaining product quality and yield[46]. Compliance and Governance - The company has committed to ensuring that any unallocated profits will be disclosed in the annual report, along with reasons for not distributing dividends[155]. - The company has established a mechanism to protect investors' rights in case of non-compliance with commitments[128]. - The company has reiterated its commitment to transparency and accountability in its operations and governance practices[159].

Financial Performance - Net profit attributable to shareholders increased by 1,186.25% to CNY 61,166,499.47 for the current period[7] - Operating revenue for the current period reached CNY 567,672,459.77, a growth of 29.91% year-on-year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses increased by 738.84% to CNY 48,043,611.06[7] - Basic earnings per share rose by 1,525.00% to CNY 0.14 for the current period[7] - Total operating revenue for Q3 2020 reached ¥567,672,459.77, compared to ¥436,980,006.96 in the same period last year[42] - Net profit for Q3 2020 was ¥63,660,592.84, a significant recovery from a net loss of ¥9,570,074.89 in Q3 2019[44] - The net profit for the current period was ¥216,632,647.20, compared to ¥109,951,432.07 in the previous period, indicating a significant increase of about 96.9%[53] - The total profit for the current period was ¥198,326,301.03, compared to ¥101,122,032.38 in the previous period, reflecting an increase of approximately 96.3%[52] - Total comprehensive income for the period reached CNY 195,597,027.22, compared to CNY 108,200,483.86 in the previous period, reflecting a significant increase[54] Assets and Liabilities - Total assets increased by 16.52% to CNY 4,476,592,503.47 compared to the end of the previous year[7] - The company's total liabilities amounted to ¥2,503,547,740.15, up from ¥2,101,994,295.40, which is an increase of approximately 19.1%[35] - The company's total equity attributable to shareholders reached ¥1,346,609,177.27, slightly up from ¥1,324,434,105.87[40] - The company reported a total asset value of ¥3,841,850,151.29, with total liabilities amounting to ¥1,968,602,443.43, indicating a healthy asset-liability ratio[69] - Total liabilities amounted to CNY 2,101,994,295.40, with non-current liabilities at CNY 815,253,174.85[71] Cash Flow - Cash flow from operating activities increased by 34.98% to CNY 90,933,130.69[7] - Cash flow from investment activities decreased by 199.45% to -¥302,341,476.04 due to increased project investment expenditures[18] - Cash flow from financing activities increased by 228.47% to ¥447,585,955.24 due to higher net cash inflows from financing[18] - Net cash flow from operating activities was CNY 361,815,630.31, slightly up from CNY 354,476,940.78, indicating stable cash generation[61] - The net cash flow from financing activities was CNY 447,585,955.24, a turnaround from a negative cash flow of CNY -348,409,899.16 in the previous period[62] - Operating cash inflow totaled ¥1,559,935,373.64, an increase from ¥1,374,373,613.82 in the previous period, reflecting a growth of approximately 13.5%[64] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 32,452[10] - The largest shareholder, Yang Yongping, holds 30.11% of the shares, totaling 133,085,500 shares[10] Expenses and Costs - Management expenses increased by 40.13% to ¥91,821,113.85 due to increased share-based payment expenses and project management costs[17] - Total operating costs increased to ¥518,472,762.17 from ¥449,608,122.12 year-on-year[43] - The company's total operating costs amounted to ¥1,382,054,183.68, up from ¥1,240,366,313.94 in the previous period, reflecting an increase of approximately 11.4%[51] - Research and development expenses for the current period were ¥3,450,199.92, compared to ¥2,844,083.71 in the previous period, marking an increase of about 21.3%[47] Investments and Future Plans - The company plans to invest ¥1.55 billion in a new edible mushroom industrial park in Hanchuan City, with a total investment of ¥1.55 billion[22] - The company intends to establish a modern agricultural industrial park in Anhui Province with a total investment of approximately ¥1 billion[23] - The company invested ¥14 million in Beijing Weishida Technology Co., holding a 10% stake post-investment[21] - A joint venture was established with Aiyi Food to create a new company with a registered capital of ¥10 million, where the company holds a 40% stake[21] Government Support - The company received government subsidies amounting to CNY 22,555,982.58 during the reporting period[8] - Other income surged by 257.34% to ¥22,176,258.58 primarily from government subsidies received[17] Operational Challenges - The company is assessing the impact of recent flooding on production and the price of enoki mushrooms[29] - The company is focusing on the development of "plant-based meat" products and has strategic plans in this area[29] - The company has plans for capacity expansion and is exploring overseas base development opportunities[29] Compliance and Standards - The company is implementing new revenue and leasing standards starting from 2020, which may affect future financial reporting and performance metrics[67] - The company executed the new revenue recognition standard starting January 1, 2020, which unifies revenue recognition models[77]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 995,800,104.43, representing a 12.75% increase compared to CNY 883,184,136.06 in the same period last year[20]. - The net profit attributable to shareholders of the listed company was CNY 155,466,147.74, a 34.51% increase from CNY 115,582,412.83 in the previous year[20]. - The net profit after deducting non-recurring gains and losses was CNY 156,044,941.30, which is a 54.30% increase compared to CNY 101,132,898.10 in the same period last year[20]. - The basic earnings per share increased to CNY 0.36, up 33.33% from CNY 0.27 in the previous year[20]. - The total assets at the end of the reporting period were CNY 3,956,112,141.69, a 2.97% increase from CNY 3,841,850,151.29 at the end of the previous year[20]. - The net assets attributable to shareholders of the listed company increased to CNY 1,849,590,412.70, reflecting a 6.27% increase from CNY 1,740,475,998.42 at the end of the previous year[20]. - The net cash flow from operating activities was CNY 270,882,499.62, a decrease of 5.65% compared to CNY 287,108,076.28 in the same period last year[20]. - The weighted average return on net assets was 8.48%, an increase of 1.34% from 7.14% in the previous year[20]. Market and Sales Strategy - The company acknowledges risks such as intensified market competition leading to price declines and seasonal fluctuations in sales prices and profits[5]. - The company reported a significant increase in sales prices compared to the same period last year, with the gross margin of the main product, enoki mushrooms, improving by over 6%[31]. - The company has expanded its sales channels, focusing on online fresh e-commerce and enhancing brand packaging, leading to a notable increase in sales volume[31]. - The company operates a sales model primarily through distributors, with direct sales to supermarkets, chain restaurants, and fresh delivery platforms, transferring sales risks to distributors or customers[31]. - The company has a sales network that spans the entire country, allowing for better management of supply and demand information[35]. Production and Technology - The company has established advanced production technology and processes at its Guizhou base for king oyster mushrooms, resulting in improved product quality and significantly reduced costs[31]. - The company has invested in comprehensive edible mushroom factories in various regions, including Thailand and several provinces in China, to enhance production capacity[27]. - The company has a daily production capacity of 1,200 tons of edible mushrooms, with 960 tons of enoki mushrooms, ranking first in the country[35]. - The company has established seven production bases across China and is gradually ramping up production at its overseas base in Thailand, which is currently in trial production[35]. - The company has developed 78 patents, including 22 invention patents, demonstrating its technological leadership in the edible mushroom industry[39]. Financial Management - The financial expenses of the company decreased by over 20% compared to the same period last year due to further optimization of the bank financing structure[31]. - The company has implemented a unified procurement model for raw materials, which helps to reduce procurement costs and avoid dependency on suppliers[34]. - The company employs a dual assessment system for sales performance, ensuring comprehensive control over sales results and processes[34]. - The company has a low accounts receivable balance due to its sales model, which includes credit limits for large clients and cash-on-delivery for others[33]. Risk Management - The company faces risks from intensified market competition leading to potential price declines in edible mushrooms due to increased production capacity in the industry[68]. - 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[69]. - There is a risk of declining gross margins and profits if product prices continue to fall and cost reduction efforts do not compensate for the losses[70]. - The company is expanding its business scale, which may lead to management risks if an efficient management system is not established[71]. - Food safety risks exist despite controlled cultivation processes, particularly in raw material procurement and inventory management[74]. Corporate Governance and Shareholder Structure - The company has not distributed cash dividends or bonus shares for the half-year period[79]. - A total of 1,259 million restricted shares were granted to 170 incentive targets as part of the 2020 restricted stock incentive plan[86]. - The total number of shares increased from 429,239,900 to 441,829,900, reflecting a change of 12,590,000 shares, which is an increase of approximately 2.93%[127]. - The company’s shareholder structure remains stable, with no foreign ownership changes reported, maintaining a 0.07% stake from foreign natural persons[127]. - The company’s stock incentive plan was approved in multiple meetings, indicating strong governance and strategic planning for employee retention[128]. Environmental and Social Responsibility - The company has established effective environmental protection measures and has not experienced any major environmental pollution incidents during the reporting period[108]. - The company continuously improves its environmental protection and pollution prevention systems, ensuring compliance with relevant laws and regulations[109]. - The company has invested CNY 4,500.69 million in poverty alleviation projects, helping 1,104 registered impoverished individuals to escape poverty[117]. - The company has implemented two innovative operational models for poverty alleviation: "Company + Professional Cooperatives + Farmers" and "Industrial Workers" model[116]. - The company has established a food mushroom cultivation training program for local farmers, enhancing their skills and encouraging them to engage in the mushroom industry[115].

上海雪榕生物科技股份有限公司 2020 年第一季度报告全文 上海雪榕生物科技股份有限公司 2020 年第一季度报告 2020 年 04 月 1 上海雪榕生物科技股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人杨勇萍、主管会计工作负责人陈雄及会计机构负责人(会计主管 人员)陈雄声明：保证季度报告中财务报表的真实、准确、完整。 2 上海雪榕生物科技股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 上年同期 | 本报告期比上年同期增减 | | --- | --- | --- | --- | | 营业总收入（元） | 600,852,768.17 | 536,301,282.75 | 12.04% | | 归属于上市公司股东的净利润（元） | 169,805,933.35 | ...

Financial Performance - The company's operating revenue for 2019 was CNY 1,964,574,723.12, representing a 6.39% increase from CNY 1,846,625,656.23 in 2018[22]. - The net profit attributable to shareholders for 2019 was CNY 220,327,429.85, a significant increase of 45.47% compared to CNY 151,463,027.87 in 2018[22]. - The net profit after deducting non-recurring gains and losses reached CNY 209,478,015.11, marking a 398.27% increase from CNY 42,041,416.34 in 2018[22]. - The net cash flow from operating activities was CNY 586,928,417.62, up 44.27% from CNY 406,816,773.87 in 2018[22]. - The total assets at the end of 2019 were CNY 3,841,850,151.29, a decrease of 1.30% from CNY 3,892,502,755.55 at the end of 2018[22]. - The net assets attributable to shareholders increased by 10.93% to CNY 1,740,475,998.42 from CNY 1,568,970,171.77 in 2018[22]. - The basic earnings per share for 2019 was CNY 0.51, reflecting a 45.71% increase from CNY 0.35 in 2018[22]. - The company reported a significant increase in government subsidies, amounting to CNY 23,440,512.04 in 2019 compared to CNY 58,401,839.63 in 2018[28]. Market and Competition - The company faces risks of declining product prices due to intensified market competition in the edible mushroom sector, which may impact sales revenue[4]. - The company aims to strengthen its marketing efforts and brand promotion to maintain market share amidst increasing competition[4]. - The company's competitive position in the edible mushroom industry has strengthened as weaker competitors are gradually eliminated, leading to increased market share for leading enterprises[34]. - The company is exploring overseas market opportunities, particularly in Southeast Asia, leveraging its joint venture in Thailand[88]. Production and Operations - The company operates modern agricultural enterprises focused on the research, cultivation, and sales of edible mushrooms, with production facilities in multiple regions across China[32]. - The company achieved a daily production capacity of 1,170 tons of edible mushrooms by the end of 2019, with enoki mushrooms leading at 960 tons, ranking first in the country[40]. - The company has established seven major production bases across China, optimizing production and sales links to improve economic efficiency[40]. - The company employs a factory-based production model for mushrooms, utilizing controlled environments and automated processes[39]. - The company has committed to enhancing product quality and diversifying its product structure to mitigate risks associated with price declines in single product categories[7]. Research and Development - The company has 77 patents, including 18 invention patents and 48 utility model patents, showcasing its technological leadership in the edible mushroom industry[44]. - The company is focusing on technological innovation and a multi-variety strategy to reduce costs and manage seasonal impacts on performance[6]. - The research and development of edible mushroom strains made significant progress, with a new variety winning the Shanghai Science and Technology First Prize[52]. - The company plans to enhance its research and development of new mushroom strains, focusing on optimizing existing products and introducing new varieties[88]. Risk Management - The company is implementing strategies to mitigate risks associated with declining gross margins by enhancing quality management and optimizing production processes[7]. - The company emphasizes food safety by controlling the entire production process, although risks remain in raw material procurement and inventory management[10]. - The expansion of business scale may lead to management risks, prompting the company to adopt a partner mechanism to improve management efficiency[9]. Shareholder and Investor Relations - The company reported a cash dividend of 1.2 RMB per 10 shares (including tax) based on a total of 429,239,925 shares[10]. - The cash dividend distribution in 2019 accounted for 23.38% of the net profit attributable to the company's ordinary shareholders[102]. - The company has committed to not transferring or entrusting the management of its shares for 36 months from the date of its stock listing[103]. - The company will disclose any failure to fulfill commitments promptly and take necessary measures to protect investor rights[104]. Environmental and Social Responsibility - The company actively participates in poverty alleviation efforts in Bijie, Guizhou, implementing innovative operational models to enhance local income[162]. - The company has implemented seven poverty alleviation projects focused on agricultural and forestry industries[165]. - The company has established a scholarship fund to support impoverished college students in Daxi Town[163]. - The company has created numerous job opportunities in the local area, significantly increasing the income of local farmers[164]. Corporate Governance - The company has established measures to ensure compliance with commitments made regarding stock repurchases and shareholding increases, including timely disclosures and potential compensation for investors[120]. - The company emphasizes transparency and compliance with legal regulations in its information disclosure practices[160]. - The company has maintained efficient operation of its environmental protection facilities, with no major pollution incidents reported during the reporting period[168].

Financial Performance - Operating revenue for the reporting period was CNY 436,980,006.96, down 12.32% year-on-year, while year-to-date revenue was CNY 1,320,164,143.02, an increase of 1.11%[7] - Net profit attributable to shareholders was a loss of CNY 5,630,980.76, a decline of 105.49% compared to the same period last year[7] - The net profit attributable to shareholders after deducting non-recurring gains and losses was a loss of CNY 7,520,413.16, a decrease of 111.63% year-on-year[7] - The basic earnings per share for the reporting period was -CNY 0.01, a decrease of 104.17% compared to the same period last year[7] - The weighted average return on equity was -0.34%, down 7.31% from the previous year[7] - Total operating revenue for the current period is $436.98 million, down from $498.41 million in the previous period, representing a decrease of approximately 12.3%[39] - Total operating costs increased to $449.61 million from $436.03 million, marking an increase of about 3.9%[39] - Operating profit for the current period is -$10.77 million, a significant decline from $106.44 million in the previous period[40] - Net profit for the current period is -$9.57 million, compared to a net profit of $99.44 million in the previous period, indicating a substantial decrease[40] - Basic and diluted earnings per share for the current period are both -$0.01, down from $0.24 in the previous period[41] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 354,476,940.78, an increase of 36.89%[7] - The company's cash flow from operating activities increased by 36.89% to ¥354,476,940.78 compared to the same period last year[18] - The net cash flow from operating activities for Q3 2019 was CNY 354,476,940.78, an increase of 37% compared to CNY 258,958,644.37 in Q3 2018[56] - Total cash inflow from operating activities was CNY 1,403,022,840.62, while cash outflow was CNY 1,048,545,899.84, resulting in a net cash inflow of CNY 354,476,940.78[56] - The cash flow from investment activities showed a net outflow of CNY 100,966,049.77, compared to a net outflow of CNY 166,158,737.17 in the previous year[57] - Cash inflow from financing activities totaled CNY 690,834,067.00, while cash outflow was CNY 1,039,243,966.16, leading to a net cash outflow of CNY 348,409,899.16[57] - The company experienced a net cash flow decrease of CNY 93,684,037.21 in Q3 2019 compared to a decrease of CNY 31,439,811.00 in Q3 2018[57] Assets and Liabilities - Total assets at the end of the reporting period were CNY 3,705,301,564.59, a decrease of 4.81% compared to the end of the previous year[7] - Total assets decreased from CNY 3,892,502,755.55 to CNY 3,705,301,564.59, a decline of approximately 4.8%[30] - Current liabilities decreased from CNY 1,393,206,826.21 to CNY 1,252,486,848.21, a reduction of about 10.1%[31] - Long-term borrowings decreased from CNY 776,194,980.00 to CNY 737,841,034.80, a decrease of approximately 4.9%[31] - Total liabilities decreased from CNY 2,322,561,697.27 to CNY 2,085,226,813.46, a decline of around 10.2%[31] - Owner's equity increased from CNY 1,569,941,058.28 to CNY 1,620,074,751.13, an increase of about 3.2%[32] - Cash and cash equivalents decreased from CNY 202,185,795.02 to CNY 102,111,160.64, a decline of approximately 49.6%[34] - Accounts receivable increased from CNY 13,900,233.43 to CNY 17,696,897.21, an increase of about 27.0%[34] - Inventory increased slightly from CNY 13,245,128.23 to CNY 14,320,437.44, an increase of approximately 8.1%[34] - The total current assets decreased from CNY 1,350,138,896.60 to CNY 1,103,900,994.60, a decline of about 18.3%[35] - Non-current assets increased slightly from CNY 1,031,536,937.28 to CNY 1,033,306,029.18, an increase of approximately 0.2%[35] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,344[11] - The largest shareholder, Yang Yongping, held 31.00% of the shares, totaling 133,085,500 shares[11] Other Financial Metrics - The company reported a government subsidy of CNY 20,714,013.66, primarily related to relocation compensation[8] - Asset impairment losses rose by 64.01% to ¥586,709.92, primarily due to the reversal of inventory write-downs[18] - The company did not implement any cash dividend plan during the third quarter of 2019[22] - The company reported an investment income of $15 million for the current period, with no corresponding figure in the previous period[43] - Other comprehensive income after tax for the current period is $2.17 million, down from $2.61 million in the previous period[41] - The total comprehensive income for the current period is -$7.40 million, a stark contrast to $102.05 million in the previous period[41] - The total comprehensive income for the period was ¥108,200,483.86, compared to ¥123,422,723.02, a decline of 12.3%[49]