Revenue and Profitability - The company reported that over 99% of its revenue comes from the sales of yellow feathered chickens and pigs[4]. - The company's operating revenue for the reporting period was ¥5,281,141,507.89, representing a 58.41% increase compared to ¥3,333,882,954.93 in the same period last year[21]. - The net profit attributable to shareholders of the listed company was -¥280,227,175.17, a slight decrease of 0.64% from -¥278,453,861.68 in the previous year[21]. - The company achieved a revenue of 5.281 billion yuan, with a net profit attributable to shareholders of -280 million yuan, indicating a significant impact from rising raw material costs and market price declines[38]. - The company sold 174 million live chickens, a year-on-year increase of 24.61%, with sales revenue from chicken reaching 4.522 billion yuan, up 53.70% compared to the previous year[38]. - The company sold 148,300 live pigs, a staggering year-on-year increase of 357.53%, with sales revenue from pigs reaching 407 million yuan, up 240.94%[38]. - The company’s pig sales price was 24.50 yuan per kilogram, down 25.48% year-on-year, leading to a decrease in gross margin by 11.25%[38]. - The company sold 11,100 tons of fresh and frozen chicken, representing a year-on-year growth of 17.63%[38]. Costs and Expenses - The cost of sales increased by 47.26% to ¥4,842,406,962.04 from ¥3,288,286,416.79, driven by higher sales volume and rising raw material costs[47]. - The company's financial expenses surged by 494.22% to ¥25,870,190.26, primarily due to the implementation of new leasing standards and increased interest expenses[47]. - The company has implemented cost control measures in response to rising raw material prices, including optimizing procurement strategies and developing differentiated feed formulas[38]. Inventory and Assets - The company has a high inventory level due to the long production cycles of livestock, which increases the risk of inventory impairment if market prices decline significantly[6]. - Total assets at the end of the reporting period were ¥10,354,458,218.87, an increase of 11.93% from ¥9,250,517,071.83 at the end of the previous year[21]. - The net assets attributable to shareholders of the listed company decreased by 5.00%, amounting to ¥6,345,372,437.49 compared to ¥6,679,601,208.95 at the end of the previous year[21]. - Inventory decreased to ¥1,606,607,622.24, a decline of 15.52% from ¥1,678,476,403.29, indicating improved inventory management[52]. Risk Factors - The company faces significant risks from animal diseases, including highly pathogenic avian influenza and swine fever, which can lead to decreased production efficiency and increased costs[2]. - The company is exposed to price volatility in raw materials such as corn and soybean meal, which can impact feed costs and overall profitability[4]. - The company employs a cooperative breeding model, which may face challenges if trust with partner farmers diminishes or if government policies change[8]. - The company has established a comprehensive risk management strategy to address various operational risks, including animal disease, price volatility, and food safety[81]. Operational Strategies - The company is expanding its breeding bases across 11 provinces to mitigate disease risks and enhance operational efficiency[8]. - The company is focusing on optimizing feed formulations and enhancing breeding technology to improve production efficiency and reduce costs[9]. - The company plans to extend its industrial chain by moving towards downstream processing to counteract cyclical price fluctuations[9]. - The company has established a complete industrial chain for yellow feathered chicken, including breeding, feed processing, and slaughtering, transitioning from live poultry sales to fresh and frozen products[25]. - The company employs a "company + cooperative + farmer" model for its yellow feathered chicken and goose breeding business, which helps mitigate operational risks and enhance production efficiency[27]. - The company is innovating its production model by constructing "beautiful ranch" type breeding areas, promoting environmental sustainability and modern agricultural practices[28]. Food Safety and Quality Control - The company emphasizes the importance of food safety and is prepared to increase quality control measures in response to stricter regulations[8]. - The company has established a comprehensive food safety control system to ensure product quality and safety[10]. - The company is increasing investment in veterinary research and establishing standardized processes to strengthen its disease prevention system[8]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares[11]. - The company has committed to invest in projects totaling RMB 115,000 million, with an investment progress of RMB 82,529.76 million, representing 71.8% completion[61]. - The company has received approval for the issuance of convertible bonds, which is currently under review by the Shenzhen Stock Exchange[125]. Environmental Compliance - The company reported a total annual discharge of COD at 5.12 tons, ammonia nitrogen at 0.522 tons, and total phosphorus at 0.227 tons[88]. - The company executed pollution discharge standards for wastewater and waste gas, complying with relevant regulations[91]. - The company has established an emergency response plan for environmental incidents and has reported it to environmental protection authorities[91]. Shareholder and Governance - The company has undergone changes in its board of directors, with several members being elected or resigning during the reporting period[84]. - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[87]. - The total number of shares is 403,880,000, with 70.35% being restricted shares and 29.65% being unrestricted shares[132].

Financial Performance - The company's revenue for Q1 2021 was ¥2,735,753,789.29, a decrease of 81.08% compared to ¥1,510,798,260.85 in the same period last year[2] - Net profit attributable to shareholders was ¥288,112,235.58, a significant increase of 246.37% from a loss of ¥196,839,706.24 in the previous year[2] - The net cash flow from operating activities was ¥193,372,043.05, representing a 208.50% increase from a negative cash flow of ¥178,225,457.94 in the same period last year[2] - Basic earnings per share rose to ¥0.7134, compared to a loss of ¥0.4874 per share in the same period last year, marking a 246.37% improvement[2] - The company achieved operating revenue of 273,575.38 million RMB, an increase of 81.08% year-on-year[8] - Net profit attributable to shareholders reached 28,811.22 million RMB, representing a growth of 246.37% compared to the previous year[8] - The total operating revenue for the first quarter of 2021 was CNY 2,735,753,789.29, a significant increase from CNY 1,510,798,260.85 in the same period last year, representing an increase of approximately 81%[31] - The total profit for the first quarter was CNY 288.14 million, compared to a loss of CNY 196.81 million in the same period last year[33] Assets and Liabilities - Total assets at the end of the reporting period were ¥10,332,112,347.71, an increase of 11.69% from ¥9,250,517,071.83 at the end of the previous year[2] - The net assets attributable to shareholders increased to ¥6,967,713,444.53, up 4.31% from ¥6,679,601,208.95 at the end of the previous year[2] - The total assets of the company as of March 31, 2021, amounted to CNY 6,806,318,812.69, compared to CNY 6,485,931,866.25 at the end of 2020, reflecting a growth of about 5%[29] - The total liabilities increased to CNY 3,601,690,984.11 from CNY 3,260,443,633.08, indicating a rise of approximately 10.5%[30] - The company's total current liabilities reached CNY 3,055,197,854.01, compared to CNY 2,762,077,955.10, indicating an increase of about 10.6%[30] - The non-current liabilities totaled CNY 546,493,130.10, up from CNY 498,365,677.98, reflecting an increase of approximately 9.7%[30] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 14,255[5] - The largest shareholder, Cheng Lili, holds 23.31% of the shares, amounting to 94,150,000 shares[5] Cash Flow - The net cash flow from operating activities was ¥193,372,043.05, compared to a negative cash flow of -¥178,225,457.94 in the same period last year, indicating a turnaround in operational cash generation[39] - The company reported a net cash outflow from investing activities of -¥624,267,139.13, a decrease from a positive cash flow of ¥136,324,145.94 in the previous year, reflecting increased investment expenditures[40] - The net cash flow from financing activities was ¥338,629,386.63, compared to ¥193,850,624.23 in the previous year, indicating an increase in cash inflow from financing[40] Research and Development - Research and development expenses rose by 107.77% compared to the previous year, reflecting increased investment in R&D[8] - Research and development expenses increased to CNY 7.62 million, up from CNY 3.67 million, reflecting the company's commitment to innovation[32] Risks and Challenges - Major risks include animal epidemics and natural disasters, which could lead to increased production costs and decreased consumption[10] - The company faces product price fluctuation risks, with yellow feather chickens and pigs accounting for over 99% of revenue, leading to potential profitability impacts due to market volatility[11] - Key raw materials for feed include corn, soybean meal, and wheat, with price fluctuations directly affecting operating costs and profitability[11] Projects and Investments - The company has ongoing projects funded by its initial public offering, including integrated chicken breeding and feed processing facilities, which are subject to various implementation risks[12] - The project "Anqing Lihua Annual Output of 17.5 million Chickens Integrated Breeding Project" is expected to reach operational status by May 31, 2021, with a completion rate of 84.59%[15] - The project "Zigong Lihua Annual Production of 180,000 Tons of Chicken Feed Processing Project" is also expected to reach operational status by May 31, 2021, with a completion rate of 86.20%[15] Financial Management - The company approved the use of up to RMB 300 million of idle raised funds for cash management, effective for 12 months from March 5, 2021[24] - The company has not utilized any excess raised funds for other purposes[18] - The company has not reported any changes in the feasibility of the committed investment projects[16] Miscellaneous - The company has not made significant adjustments to its annual operating plan during the reporting period and has been executing its production and management tasks in an orderly manner[10] - The company has not audited the first quarter report, indicating it is unaudited[48] - The company has implemented new leasing standards effective from January 1, 2021, impacting financial statement adjustments[47]

Financial Performance - The company reported a total revenue of RMB 1.2 billion for the year 2019, representing a year-on-year increase of 15%[7]. - The net profit attributable to shareholders was RMB 150 million, an increase of 10% compared to the previous year[7]. - The company's operating revenue for 2019 was ¥8,870,466,583.29, representing a 22.96% increase compared to ¥7,214,329,050.45 in 2018[12]. - The net profit attributable to shareholders for 2019 was ¥1,964,251,401.90, a 51.13% increase from ¥1,299,693,032.69 in 2018[12]. - The net cash flow from operating activities for 2019 was ¥2,417,361,404.49, an increase of 41.24% compared to ¥1,711,516,683.96 in 2018[12]. - The total assets at the end of 2019 were ¥8,565,699,180.47, a 50.49% increase from ¥5,692,038,691.93 at the end of 2018[12]. - The net assets attributable to shareholders at the end of 2019 were ¥6,824,465,464.38, reflecting a 64.52% increase from ¥4,148,135,441.09 at the end of 2018[12]. - The basic earnings per share for 2019 were ¥4.9477, a 38.03% increase from ¥3.5844 in 2018[12]. - The diluted earnings per share for 2019 were also ¥4.9477, consistent with the basic earnings per share[12]. - The company reported a quarterly operating revenue of ¥2,665,637,071.73 in Q4 2019, contributing to a total annual revenue growth[13]. Market Expansion and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings through new technology and research initiatives[3]. - The company aims to increase production capacity by 20% in the next fiscal year to meet growing demand[3]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product line[3]. - The company is actively developing partnerships with online fresh food platforms and establishing its own micro-mall to expand its market presence in the Yangtze River Delta region[97]. - The company plans to expand its yellow feather chicken and pig farming businesses by replicating successful models in new regions, aiming to become a national leader in yellow feather chicken farming[97]. Risk Management - The company highlighted a significant risk related to animal diseases and natural disasters, which could impact future performance[3]. - The company has established partnerships to mitigate risks associated with raw material supply and price fluctuations[3]. - The company is committed to maintaining food safety standards to mitigate risks associated with product quality[3]. - The company is aware of the cyclical price fluctuations in the yellow feather chicken and pig markets, which could affect its profitability[100]. - The company will utilize a combination of policy agricultural insurance and commercial insurance to transfer and mitigate risks[102]. Production and Operations - The company maintains a complete industrial chain for its main business of breeding and selling yellow feathered chickens, pigs, and geese, with no significant changes in its main products during the reporting period[18]. - The company has established a complete industrial chain in pig farming, including breeding, fattening, and feed production[23]. - The company has implemented enhanced biosecurity measures due to the African swine fever outbreak, resulting in increased costs[25]. - The cooperative farming model involves farmers providing labor and facilities while the company supplies livestock and technical guidance[24]. - The company focuses on real-time monitoring of farming operations to reduce the risk of non-compliance by farmers[24]. Research and Development - The company has built a multi-layered technical research and innovation management system, collaborating with several universities and research institutes[44]. - The company completed a project on the identification of functional genes related to goose egg-laying performance, which is expected to enhance breeding efficiency[64]. - A project on antibiotic-free chicken farming was successfully completed, providing a theoretical basis for entering high-end markets and improving profitability[64]. - The company has initiated a strategic partnership with a leading veterinary technology firm to improve animal health solutions[178]. - The company is investing in IoT and AI technologies to improve production efficiency and decision-making support[45]. Financial Management and Dividend Policy - The company plans to distribute a cash dividend of RMB 10 per 10 shares, totaling RMB 40.39 million[3]. - The company distributed cash dividends of RMB 403,880,000 in 2019, which is 20.56% of the net profit attributable to ordinary shareholders[110]. - The total distributable profit for the year was RMB 1,343,255,817.61, with cash dividends accounting for 100% of the total profit distribution[108]. - The company aims to maintain a cash dividend ratio of at least 10% of the distributable profit if there are no significant investment plans or cash expenditures[105]. - The company has a policy to ensure that cash dividends are distributed at least once a year, subject to financial conditions[105]. Corporate Governance - The company has established a complete governance structure consisting of the shareholders' meeting, board of directors, supervisory board, and senior management, ensuring effective operation and compliance with relevant laws and regulations[187]. - The board of directors consists of nine members, including three independent directors, who provide valuable suggestions for the company's development[190]. - The independent directors fulfilled their responsibilities and played a significant role in the decision-making process regarding profit distribution[107]. - The company operates independently in business, personnel, assets, institutions, and finance, with no interference from controlling shareholders[194]. - The company has established an independent financial accounting system and makes independent financial decisions, with no shared bank accounts with controlling shareholders[198]. Social Responsibility and Community Engagement - The company has invested approximately 445,360,000 in poverty alleviation efforts, helping 788 registered impoverished individuals to escape poverty[151]. - The company has provided a total of approximately 320,000 in educational assistance to various universities and high schools[148]. - The company has actively participated in social welfare activities, donating a total of approximately 82,000 to local economic cooperatives and community organizations[148]. - The company has implemented pollution control measures, with wastewater and air emissions meeting national standards[155]. - The company plans to further expand its business, contributing to poverty alleviation and addressing rural issues[153].

Financial Performance - The company achieved a net profit attributable to shareholders of 254.08 million yuan in 2020, a decrease of 87.07% year-on-year [2]. - The company's operating revenue for 2020 was ¥8,620,966,215.37, a decrease of 2.81% compared to ¥8,870,466,583.29 in 2019 [20]. - The net profit attributable to shareholders for 2020 was ¥254,075,663.67, representing an 87.07% decline from ¥1,964,251,401.90 in 2019 [20]. - The net cash flow from operating activities was ¥205,009,731.18, down 91.52% from ¥2,417,361,404.49 in the previous year [20]. - Basic earnings per share for 2020 were ¥0.6291, a decrease of 87.29% compared to ¥4.9477 in 2019 [20]. - The company reported a significant decline in both net profit and cash flow, indicating challenges in operational performance during the year [20]. - The total operating revenue for the company in 2020 was approximately ¥8.62 billion, a decrease of 2.81% compared to ¥8.87 billion in 2019 [56]. - Revenue from chicken sales was approximately ¥7.69 billion, accounting for 89.19% of total revenue, down 8.88% from ¥8.44 billion in 2019 [56]. - The company reported a significant increase in pig revenue, which reached approximately ¥858.73 million, a 156.84% increase from ¥334.34 million in 2019 [56]. Market Conditions - The average selling price of broiler chickens decreased by 20.74% compared to the previous year, consistent with industry trends [2]. - The yellow feather chicken market experienced a decline in prices due to oversupply and reduced consumer demand during the pandemic [36]. - The company faces risks from animal diseases and natural disasters, which could lead to increased production costs and decreased efficiency [4]. - The primary products, broiler chickens and pigs, account for over 99% of the company's revenue, making it vulnerable to price fluctuations driven by supply and demand dynamics [5]. - The price of livestock feed increased by 7.6% year-on-year, putting pressure on the entire industry due to rising costs [38]. Strategic Initiatives - The company plans to enhance its core competitiveness through refined management and scale effects, aiming to improve production efficiency and control costs [12]. - The company intends to increase investment in technology research and development to enhance its capabilities in breeding, disease prevention, feed formulation, and food safety [12]. - The company is expanding its pig farming operations to mitigate cyclical risks in the industry and diversify market risks [12]. - The company has implemented a cooperative farming model, which involves risks related to trust and compliance from partner farmers [7]. - The company is actively transforming its yellow feather chicken sales segment by increasing its own slaughtering capacity and enhancing brand recognition [31]. - The company is focused on maintaining market share and improving operational efficiency despite challenging market conditions [35]. Research and Development - The company is actively involved in research and development projects, including the breeding of high-quality meat chicken varieties and the application of related technologies [40]. - The company developed a high feed efficiency breeding program using metagenomics, which is expected to enhance feed conversion rates [71]. - A comprehensive health breeding technology system was established, resulting in a 30% reduction in antibiotic usage and a 2.12% higher market rate for one breed compared to peers [72]. - The company implemented an automated environmental control system in breeding houses, improving operational efficiency and management [53]. - The company filed 34 intellectual property applications during the reporting period, including 8 invention patents and 16 utility model patents [53]. Operational Efficiency - The company has implemented measures to enhance management efficiency and control costs, leading to a turnaround in the second half of the year [35]. - The company has established a complete industrial chain for yellow feathered chicken, including breeding, feed processing, and slaughtering [25]. - The company employs a "company + base + farmer" cooperative breeding model, managing the entire supply chain from piglets to feed and vaccines [33]. - The company has established multiple subsidiaries in key production areas, ensuring supply chain efficiency and product sales [47]. - The company has implemented a financial shared system that enhances internal control management and contract signing efficiency [49]. Investment and Expansion - The company plans to achieve an annual output of approximately 3 million live pigs by 2025 [52]. - The company aims to establish fresh poultry processing capacity accounting for about 50% of total output within the next five years, focusing on downstream poultry slaughtering operations [103]. - The company is exploring potential mergers and acquisitions to enhance its supply chain efficiency, with a target of completing at least one acquisition in the next fiscal year [190]. - The company has committed to invest a total of 115,000 million CNY in various projects, with 79,617.13 million CNY already utilized, representing approximately 69.2% of the total commitment [84]. Corporate Governance and Shareholder Relations - The company has a profit distribution policy that emphasizes reasonable returns to investors while ensuring sustainable development [115]. - The cash dividend ratio is set to be no less than 10% of the distributable profit if there are no major investment plans or cash expenditures [115]. - The independent directors have provided clear consent regarding the profit distribution plan [116]. - The company’s profit distribution plan was approved at the annual shareholders' meeting, ensuring transparency and communication with minority shareholders [116]. - The company has committed to fulfilling all promises made by shareholders and related parties during the reporting period [120]. Social Responsibility - The company has helped 133 registered impoverished individuals to escape poverty through its poverty alleviation initiatives, with a total investment of 8.63 million CNY in poverty alleviation projects during the reporting period [161]. - The company plans to continue its "company + cooperative + farmer" model for poverty alleviation, focusing on developing standardized breeding in impoverished areas [164].

Financial Performance - Net profit attributable to shareholders was CNY 400,269,207.30, down 52.37% year-on-year[3]. - Operating revenue for the period was CNY 2,525,107,434.75, representing a decline of 3.38% compared to the same period last year[3]. - Basic earnings per share were CNY 0.9911, down 52.37% compared to the same period last year[3]. - The company reported a net profit after deducting non-recurring gains and losses of CNY 393,144,126.91, down 51.83% year-on-year[3]. - Operating profit for the third quarter was CNY 402,776,312.54, down from CNY 835,464,711.32 year-over-year, indicating a decrease of about 51.9%[23]. - Net profit for the third quarter was CNY 400,269,207.30, compared to CNY 840,365,796.74 in the previous year, reflecting a decline of approximately 52.4%[23]. - Total operating revenue for the period was approximately CNY 5.86 billion, a decrease of 5.56% compared to CNY 6.20 billion in the previous period[28]. - Net profit for the period was CNY 121.82 million, a significant decrease from CNY 1.27 billion in the same period last year, representing a decline of 90.39%[30]. Cash Flow - The net cash flow from operating activities was CNY 202,376,746.45, a decrease of 79.76% year-on-year[3]. - Cash flow from operating activities was CNY 167,874,348.15, down from CNY 1,646,639,853.88 in the previous year[36]. - The net cash flow from operating activities was -1,279,639,415.45 CNY, a significant decrease compared to 880,568,971.58 CNY in the previous year[39]. - The net cash flow from financing activities was negative at CNY -254,119,626.67, compared to a positive inflow of CNY 676,187,443.57 in the same period last year[37]. - The total cash inflow from financing activities was CNY 410,000,000.00, down from CNY 1,218,000,000.00 in the prior year[37]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 8,517,764,052.45, a decrease of 0.56% compared to the end of the previous year[3]. - The company's current assets totaled CNY 4,051,941,805.45, down from CNY 5,124,387,669.90 in the previous period, indicating a decrease of approximately 20.9%[15]. - Long-term borrowings increased by 266.16%, mainly due to the rise in long-term loans[10]. - The total liabilities increased to CNY 2,998,105,543.89 from CNY 3,006,389,630.59 year-over-year[21]. - The total equity attributable to shareholders decreased to CNY 3,066,364,251.25 from CNY 3,448,827,855.28 year-over-year[21]. Inventory and Impairment - The company's inventory rose by 40.69%, attributed to the expansion of business scale and an increase in consumable biological assets[10]. - The company reported a significant increase of 3,753.12% in asset impairment losses, mainly due to increased provisions for inventory depreciation caused by price fluctuations of main products[10]. Shareholder Information - The top shareholder, Cheng Lili, holds 23.31% of the shares, with a total of 94,150,000 shares[6]. - The total number of restricted shares at the end of the period was 284,418,750, with no changes during the reporting period[9]. Future Outlook and Strategy - The company is focusing on expanding its market presence and enhancing its product offerings, although specific new products or technologies were not detailed in the report[14]. - Future outlook includes strategic initiatives aimed at improving operational efficiency and exploring potential mergers and acquisitions to bolster growth[14]. - The company plans to focus on market expansion and new product development in the upcoming quarters[30]. Other Financial Metrics - Non-operating income totaled CNY 60,794,510.35, including government subsidies of CNY 22,827,865.17[4]. - Total operating costs increased to CNY 2,265,849,724.85 from CNY 1,798,854,786.41, marking an increase of approximately 26%[22]. - Research and development expenses for the quarter were CNY 6,651,988.43, slightly down from CNY 6,978,666.84 year-over-year, a decrease of about 4.67%[25]. - Other income for the third quarter was CNY 8,328,533.55, up from CNY 4,107,408.20, representing an increase of approximately 102.5%[22].

Financial Performance - The company reported a significant increase in revenue for the first half of 2020, with total revenue reaching RMB 1.2 billion, representing a year-on-year growth of 15%[6]. - The net profit for the first half of 2020 was RMB 200 million, an increase of 10% compared to the same period last year[6]. - The company's operating revenue for the reporting period was ¥3,333,882,954.93, a decrease of 7.17% compared to ¥3,591,313,592.51 in the same period last year[11]. - The net profit attributable to shareholders was -¥278,453,861.68, representing a decline of 164.67% from ¥430,561,882.52 in the previous year[11]. - The basic and diluted earnings per share were both -¥0.6894, a decrease of 162.46% from ¥1.1037 in the previous year[11]. - The company achieved a sales revenue of 3.334 billion yuan, a year-on-year decrease of 7.17%[23]. - The company reported a net loss of RMB 30.8 million from its subsidiary Anqing Lihua Animal Husbandry Co., Ltd. during the reporting period[57]. - The total comprehensive income for the period amounted to 430,561,882.52 CNY[150]. Market Expansion and Strategy - The company plans to expand its market presence by increasing production capacity by 20% in the next year[6]. - Future guidance suggests a projected revenue growth of 12% for the second half of 2020, driven by increased demand and market expansion[6]. - The company is exploring potential mergers and acquisitions to enhance its market position and operational capabilities[6]. - The company is expanding its market presence in Southeast Asia, targeting a 10% market share by the end of 2021[172]. - A strategic acquisition of a local competitor was completed, which is anticipated to enhance production capacity by 30%[173]. - The company plans to increase its distribution network by 15% in the next year to enhance market reach[168]. Research and Development - The company is investing in new product development, allocating RMB 50 million towards research and innovation in animal husbandry technologies[6]. - The company is investing 50 million RMB in R&D for new technologies to improve feed efficiency and reduce costs[174]. - Research and development investment rose by 45.15% to ¥10,494,835.85, indicating a focus on innovation[38]. - The company applied for four intellectual property rights, including one invention patent, and authorized 14 intellectual property rights during the reporting period[36]. Operational Efficiency - The company emphasizes the importance of food safety and has implemented stringent quality control measures across its operations[2]. - The company has established a complete industrial chain for yellow feather chicken, covering breeding, feed production, and processing, enhancing cost control and risk management capabilities[29]. - The company employs a "company + cooperative + farmer" model to enhance production efficiency and reduce operational risks[16]. - The company is enhancing its slaughtering and processing capacity and expanding fresh sales channels to adapt to the upgrading consumption trends[24]. - The company is focusing on the standardization, scale, and intensification of breeding as a key development direction in the yellow feather chicken industry[24]. Financial Position and Assets - Total assets at the end of the reporting period were ¥7,908,381,297.38, a decrease of 7.67% from ¥8,565,699,180.47 at the end of the previous year[11]. - The net assets attributable to shareholders decreased by 10.00% to ¥6,142,131,602.70 from ¥6,824,465,464.38 at the end of the previous year[11]. - Cash and cash equivalents increased by 56.42% compared to the beginning of the period, primarily due to the redemption of financial products[28]. - The company's fixed assets grew to ¥2,365,589,081.75, representing 29.91% of total assets, due to expanded operational scale[43]. Risks and Challenges - The company has identified key risks including animal disease and raw material price fluctuations, with strategies in place to mitigate these risks[2]. - The yellow feather chicken industry faced significant challenges in H1 2020 due to COVID-19, with overall consumption not recovering to pre-pandemic levels[24]. - The company faces significant risks from animal diseases, particularly African swine fever, which could severely impact production and profitability[62]. - Natural disasters pose a risk to the company’s operations, potentially affecting livestock and production facilities across various provinces[63]. - Fluctuations in product prices, especially for yellow feather chickens and live pigs, can significantly impact the company's profitability due to market supply and demand dynamics[63]. Shareholder and Governance - No cash dividends or stock bonuses will be distributed to shareholders for this fiscal year[2]. - The company has committed to a profit distribution policy that enhances the protection of minority investors' interests[82]. - The company will implement measures to stabilize its stock price if the closing price falls below the net asset value per share for 20 consecutive trading days[82]. - The company has fulfilled its commitments regarding shareholding restrictions and reduction promises during the reporting period[79]. Environmental and Social Responsibility - The company has actively pursued green ecological development and upgraded environmental facilities in existing farms[39]. - The company has made a commitment to continue its "company + cooperative + farmer" model for poverty alleviation, focusing on developing standardized livestock farming in impoverished areas[111]. - The company reported annual emissions of COD at 5.12 tons, ammonia nitrogen at 0.522 tons, and total phosphorus at 0.227 tons, all within the permitted limits[106]. - The company has implemented a self-monitoring plan for emissions, ensuring compliance with national and local pollution discharge standards[106].

Financial Performance - The company's operating revenue for 2019 was ¥8,870,466,583.29, representing a 22.96% increase from ¥7,214,329,050.45 in 2018[11]. - Net profit attributable to shareholders for 2019 was ¥1,964,251,401.90, a 51.13% increase from ¥1,299,693,032.69 in 2018[11]. - The net profit after deducting non-recurring gains and losses was ¥1,861,657,773.53, up 53.38% from ¥1,213,739,675.24 in 2018[11]. - The net cash flow from operating activities reached ¥2,417,361,404.49, a 41.24% increase compared to ¥1,711,516,683.96 in 2018[11]. - The total assets at the end of 2019 were ¥8,565,699,180.47, reflecting a 50.49% increase from ¥5,692,038,691.93 at the end of 2018[11]. - The net assets attributable to shareholders at the end of 2019 were ¥6,824,465,464.38, a 64.52% increase from ¥4,148,135,441.09 at the end of 2018[11]. - The company reported a basic earnings per share of ¥4.9477 for 2019, which is a 38.03% increase from ¥3.5844 in 2018[11]. - The company maintained a weighted average return on equity of 33.81% in 2019, down from 37.15% in 2018[11]. - The company achieved a revenue of 8.87 billion CNY and a net profit of 1.964 billion CNY in the reporting period, with a gross profit margin of 30.87%, an increase of 4.49% year-on-year[48]. Dividend Policy - The company plans to distribute a cash dividend of 10 RMB per 10 shares to all shareholders, based on a total of 403,880,000 shares[2]. - The company distributed cash dividends of RMB 403,880,000 in 2019, representing 20.56% of the net profit attributable to ordinary shareholders[109]. - In 2018, the cash dividends amounted to RMB 484,656,000, which was 37.29% of the net profit attributable to ordinary shareholders[109]. - The company has a cash dividend policy that aims for a minimum of 10% of the distributable profit to be distributed as cash dividends annually, barring significant investment plans[105]. - The cash dividend distribution was approved by the shareholders' meeting, ensuring that minority shareholders had the opportunity to express their opinions[107]. - The company has no plans for stock dividends, maintaining a focus on cash dividends[108]. - The cash dividend distribution was executed in accordance with the company's articles of association and dividend management regulations[107]. - The company is in a mature development stage with no significant capital expenditure plans, allowing for a cash dividend ratio of at least 80%[108]. Business Operations - The company’s main business includes the breeding and sale of yellow feathered chickens, pigs, and geese, with no significant changes in the main products during the reporting period[17]. - The company operates under the disclosure requirements of the Shenzhen Stock Exchange for livestock and aquaculture-related businesses[1]. - The company has established a complete industrial chain for yellow feather chicken, enhancing its ability to respond to market fluctuations and risks[35]. - The company operates a "company + base + farmer" cooperative breeding model, which enhances breeding efficiency and product quality[23]. - The cooperative society plays a crucial role in managing risk funds and providing auxiliary services such as immunization and transportation for farmers[21]. - The company has implemented enhanced biosecurity measures due to the African swine fever outbreak, leading to increased costs[24]. - The company has established six major R&D platforms in collaboration with various universities and research institutes, enhancing its technical capabilities in breeding and production management[43]. Market Trends and Risks - The company has identified significant risks including animal diseases, product price fluctuations, and food safety risks[2]. - The yellow feather chicken industry in China is experiencing a favorable development trend, with a projected output increase of over 15% in 2019[27]. - The national poultry output reached 14.641 billion birds, an increase of 11.9% year-on-year, with poultry meat production rising to 22.39 million tons, up 12.3%[27]. - The yellow feather chicken industry is shifting towards a standardized, ecological, and green development model, driven by government policies and increasing consumer demands for product quality and safety[28]. - The pork price in China has been on the rise since Q2 2019 due to supply shortages caused by African swine fever, leading to increased prices for alternative poultry products[32]. - The company is exposed to risks from animal diseases and natural disasters, which could lead to increased production costs and decreased efficiency[100]. - The company faces significant risks from price fluctuations in raw materials like corn and soybean meal, which are essential for feed production[100]. Research and Development - The company has filed 71 intellectual property applications, including 13 invention patents, and has been granted 39 intellectual property rights, including 2 invention patents[49]. - The company is focusing on the development of IoT and AI technologies to improve production efficiency and data management, including the establishment of an IoT cloud platform[44]. - The company completed several R&D projects, including the development of molecular markers for goose egg production performance, which will enhance breeding efficiency[66]. - The project on breeding high feed efficiency yellow feather broilers using metagenomics has shown that under a 70% elimination rate, the S501 line can achieve a feed conversion ratio (FCR) selection difference of -0.3[67]. - The health breeding technology system has resulted in a 2.12% higher market rate for quality yellow chickens compared to the same period last year, while reducing antibiotic usage by 30%[68]. Corporate Governance - The company has committed to fulfilling all promises made by actual controllers and shareholders during the reporting period[110]. - The company has a commitment to not transfer or entrust the management of shares held for a period of 36 months post-IPO[112]. - The company is committed to transparency and timely announcements regarding any changes in shareholding[112]. - The company has established a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring effective operation[188]. - The company maintains independence from its controlling shareholder in business, personnel, assets, organization, and finance, ensuring no interference in operations[194]. Social Responsibility - The company participated in social welfare activities, donating approximately CNY 15 million to impoverished villages and households, and providing sponsorships totaling CNY 82 million[149]. - The company has invested CNY 424.06 million in poverty alleviation projects, helping 788 registered impoverished individuals to escape poverty[152]. - The company provided vocational skills training for 306 individuals, helping 57 registered impoverished households achieve employment[152]. Employee Management - The total number of employees in the company is 4,609, with 295 in the parent company and 4,314 in major subsidiaries[183]. - The salary increase for all employees in 2019 was approximately 8%, based on the company's annual performance and social GDP and CPI indices[184]. - A total of 2,280 training sessions were conducted in 2019, with approximately 68,400 participants, focusing on management and professional skills[186].

Financial Performance - Total revenue for Q1 2020 was ¥1,510,798,260.85, a decrease of 7.08% compared to the same period last year[2]. - Net profit attributable to shareholders was -¥196,839,706.24, representing a decline of 284.59% year-over-year[2]. - Basic and diluted earnings per share were both -¥0.4874, a decrease of 272.04% compared to the same period last year[2]. - The company reported a revenue of CNY 1,510.80 million for the first quarter, a year-on-year decrease of 7.08%[12]. - The net profit attributable to shareholders was CNY -196.84 million, representing a year-on-year decline of 284.59%[12]. - Total operating revenue for Q1 2020 was CNY 1,510,798,260.85, a decrease of 7.05% from CNY 1,625,914,172.78 in the same period last year[42]. - Net profit for Q1 2020 was a loss of CNY 196,839,706.24, compared to a profit of CNY 106,636,533.40 in Q1 2019[43]. - The total comprehensive income attributable to the parent company was -CNY 196,839,706.24, contrasting with CNY 106,636,533.40 in the previous period[44]. Cash Flow - Net cash flow from operating activities was -¥178,225,457.94, down 247.44% from the previous year[2]. - The cash flow from operating activities showed a net outflow of -CNY 178,225,457.94, compared to a net inflow of CNY 120,882,255.09 in the previous period[48]. - The total cash outflow from operating activities was CNY 1,778,853,980.23, up from CNY 1,490,934,940.18 in the previous period[48]. - The net cash flow from operating activities was -532,179,580.11 yuan, a significant decrease compared to 87,476,002.92 yuan in the previous period[51]. - The total cash inflow from investment activities was 1,588,452,645.56 yuan, compared to 893,862,636.06 yuan in the previous period, indicating a strong increase[51]. - The total cash and cash equivalents at the end of the period amounted to 120,853,408.19 yuan, a decrease from 249,569,612.89 yuan in the previous period[52]. Assets and Liabilities - Total assets at the end of the reporting period were ¥8,519,577,157.13, a slight decrease of 0.54% from the end of the previous year[2]. - The total current assets decreased to RMB 4.96 billion from RMB 5.12 billion, reflecting a decline of about 3.3%[35]. - The company's total assets as of March 31, 2020, were RMB 8.52 billion, down from RMB 8.57 billion at the end of 2019, indicating a decrease of approximately 0.5%[36]. - The total liabilities increased to RMB 1.89 billion from RMB 1.74 billion, marking an increase of about 8.5%[37]. - The company's total equity decreased to RMB 6.63 billion from RMB 6.82 billion, a decline of approximately 2.9%[38]. - Total liabilities reached CNY 3,006,389,630.59, with current liabilities accounting for CNY 2,941,398,204.81[59]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 19,823[5]. - The largest shareholder, Cheng Lili, held 23.31% of the shares, totaling 94,150,000 shares[5]. - The company has not reported any non-compliance with external guarantees during the reporting period[33]. - There were no non-operational fund occupations by controlling shareholders or related parties during the reporting period[34]. Research and Development - R&D expenses increased by 40.50% year-on-year, reflecting increased investment in research activities[10]. - The company reported a significant increase in research and development expenses to CNY 3,669,452.76, up from CNY 2,611,750.44 in the previous year[42]. - Research and development expenses increased to CNY 3,665,837.76 from CNY 2,597,445.34, reflecting a 41.2% rise[45]. Operational Risks - The company experienced a 14.94% decrease in the selling price of broiler chickens due to the impact of the COVID-19 pandemic[12]. - The company is exposed to food safety risks due to increasing regulatory scrutiny, which may lead to higher production costs if standards are raised[19]. - Inventory impairment risk exists as the market prices for yellow feathered chickens and live pigs can fluctuate significantly, potentially leading to substantial inventory write-downs[20]. - The company plans to implement measures to mitigate risks from animal diseases and natural disasters, which could impact production efficiency and costs[14]. - The company employs a "company + cooperative + farmer" model for chicken and goose farming, which may face risks from government policy changes and market competition affecting the number of cooperative farmers[18]. - Fluctuations in the prices of corn, soybean meal, and wheat, which are key feed ingredients, directly impact the company's operating costs and profitability[16]. Investment Projects - The total amount of raised funds is CNY 115,000,000, with CNY 1,557,390 invested in the current reporting period, and a cumulative investment of CNY 77,351,850[25]. - The investment progress for the "Anqing Lihua Integrated Chicken Raising Project" is 75.98%, with a cumulative investment of CNY 10,800,620[25]. - The "Zigong Lihua Annual Production of 180,000 Tons of Chicken Feed Processing Project" has an investment progress of 74.27%, with CNY 5,198,850 cumulatively invested[25]. - The "Fuyang Lihua Annual Production of 360,000 Tons of Feed Processing Project" shows only 16.54% investment progress, with CNY 1,819,360 invested[25]. - The "Fuyang Lihua Annual Output of 1 Million High-Quality Meat Pig Breeding Base Project Phase I" has an investment progress of 22.49%, with CNY 6,747,240 invested[25]. - The company has decided to postpone the "Anqing Lihua Integrated Chicken Raising Project" due to delays in land transfer and project approval processes, exacerbated by the COVID-19 pandemic[30]. - The "Zigong Lihua Annual Production of 180,000 Tons of Chicken Feed Processing Project" is also postponed due to late commencement of the office building construction and COVID-19 impacts[31]. - The cumulative expected benefits from the projects have not been achieved, with a total shortfall of CNY 2,409,640 reported[25]. - The company has changed the implementation location for the "Anqing Lihua Integrated Chicken Raising Project" to a more suitable site, which was approved in the 2018 annual shareholders' meeting[26]. - The total investment for the "Fuyang Lihua Annual Output of 1 Million High-Quality Meat Pig Breeding Base Project Phase I" has been adjusted from CNY 30,000,000 to CNY 30,600,000[27].

Financial Performance - Operating revenue for the reporting period was ¥2,613,515,919.05, representing a year-on-year increase of 17.78%[2] - Net profit attributable to shareholders of the listed company was ¥840,365,796.74, up 30.15% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥816,243,380.77, an increase of 33.28% year-on-year[2] - The basic earnings per share for the reporting period was ¥2.0807, reflecting a growth of 19.57% compared to the previous year[2] - Total operating revenue for Q3 2019 reached CNY 2,613,515,919.05, an increase of 34.3% compared to CNY 1,946,626,271.25 in the same period last year[21] - Net profit for the third quarter of 2019 was CNY 840,365,796.74, a significant increase from CNY 438,408,855.62 in the same period last year, representing a growth of approximately 91.7%[22] - The total profit for the quarter reached CNY 840,415,669.14, compared to CNY 438,423,612.22 in the previous year, indicating an increase of about 91.7%[22] - Operating profit for the quarter was CNY 835,464,711.32, up from CNY 438,532,554.22, reflecting a growth of approximately 90.5%[22] - Net profit for the current period was ¥1,270,927,679.26, representing a significant increase of 30.1% from ¥976,478,851.66 in the same period last year[29] - The company reported a total profit of ¥1,271,008,287.92, which is an increase of 30.1% from ¥976,546,642.39 in the previous year[29] Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,668,233,413.29, an increase of 34.72% compared to the end of the previous year[2] - Total liabilities as of September 30, 2019, amounted to approximately 1.58 billion yuan, compared to 1.54 billion yuan at the end of 2018[15] - Total assets as of September 30, 2019, amounted to CNY 5,446,995,861.70, compared to CNY 3,262,870,521.51 at the end of 2018, reflecting a growth of 66.8%[20] - Total liabilities increased to CNY 3,068,163,975.14 from CNY 1,526,813,475.64, marking a rise of 101.5%[19] - The total assets of the company were reported at 5,692,038,691.93 CNY, indicating stable asset management[43] - The total liabilities stood at 1,543,903,250.84 CNY, reflecting a consistent liability structure[43] - The company's total liabilities to assets ratio stands at approximately 46.8%[46] Cash Flow - The company reported a net cash flow from operating activities of ¥1,646,639,853.88, which is an increase of 48.36% year-on-year[2] - Cash inflow from operating activities amounted to 6,228,641,553.18 CNY, an increase of 16.06% from 5,366,831,258.75 CNY in the previous period[35] - The net cash flow from operating activities was 1,646,639,853.88 CNY, up from 1,109,880,374.10 CNY, representing a growth of 48.4%[36] - The company reported a net cash outflow from investing activities of -2,197,271,084.92 CNY, compared to -1,257,450,831.97 CNY in the previous period[37] - Cash inflow from financing activities was 1,218,000,000.00 CNY, significantly higher than 58,000,000.00 CNY in the previous period[38] - The net cash flow from financing activities was 676,187,443.57 CNY, compared to -70,098,820.23 CNY in the previous period, indicating a positive shift[38] Shareholder Information - The top shareholder, Cheng Lili, holds 23.31% of the shares, with a total of 94,150,000 shares[5] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[6] Research and Development - Research and development expenses increased by 41.29% year-on-year, mainly due to the increase in R&D projects[9] - Research and development expenses for the quarter were CNY 7,511,240.69, significantly higher than CNY 3,680,340.06 in the previous year, indicating a focus on innovation[21] - Research and development expenses increased to ¥14,741,574.15, up 41.5% from ¥10,433,190.80 in the previous period[28] Future Outlook - Future guidance indicates a positive outlook for cash flow and asset growth, supported by strategic financial management[39] - The company is focusing on expanding its market presence and enhancing its product offerings through new technology and product development initiatives[41]

Financial Performance - The company reported a total revenue of RMB 40.388 million, an increase from RMB 36.260 million, reflecting a growth of approximately 8.3%[11]. - Total revenue for the reporting period was ¥3,591,313,592.51, an increase of 8.12% compared to ¥3,321,717,196.89 in the same period last year[12]. - The company achieved a sales revenue of 3.591 billion yuan, an increase of 8.12% year-on-year[24]. - The net profit attributable to shareholders was 431 million yuan, a decrease of 19.98% year-on-year, primarily due to the impact of poultry prices and increased costs related to biosecurity measures[24]. - Basic and diluted earnings per share decreased by 25.43% to ¥1.1037 from ¥1.4800 in the same period last year[12]. - The total profit amounted to RMB 431 million, with net profit attributable to shareholders also at RMB 431 million[46]. - The company reported a significant increase in investment income of CNY 36,779,625.44, compared to CNY 229,459,085.77 in the previous year, indicating a shift in investment strategy[145]. - The total comprehensive income for the current period is 538,069,996.04 CNY[157]. Shareholder Information - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[2]. - The company has established a cash dividend policy to protect the interests of minority investors[87]. - The company plans to reduce its holdings of shares by 100% within two years after the lock-up period expires[84]. - The company will notify the market three trading days prior to any share reduction[85]. - The company has committed to not transferring more than 25% of its shares during their tenure as directors or senior management[89]. - The company reported a significant increase in net assets due to the fundraising from the initial public offering, which is expected to enhance profitability in the long term[91]. Risks and Challenges - The company has identified several major risks, including animal diseases, product price fluctuations, and food safety risks[2]. - The company faces risks from animal diseases and natural disasters, which could significantly impact production efficiency and costs, particularly highlighted by the African swine fever outbreak in 2018[69]. - The company’s revenue is heavily reliant on the sales of yellow feathered chickens and live pigs, which together account for over 95% of total revenue, making it vulnerable to price fluctuations in these markets[71]. - The company faces potential risks in its farming model due to government policy changes, major epidemics, and market competition, which could slow the growth of cooperative farmers or lead to their exit[73]. - Food safety regulations are tightening, which may require the company to increase quality control investments, potentially raising production costs[74]. Investment and Capital Structure - The company completed the issuance of 4.128 million shares, increasing the total number of shares from 36.260 million to 40.388 million[11]. - The company’s registered capital increased from RMB 36.260 million to RMB 40.388 million following the share issuance[11]. - The company reported a total investment of RMB 658,607,586.10 during the reporting period, a 100% increase compared to the same period last year[51]. - The company has invested RMB 9,946,340 in the integrated chicken breeding project in Anqing, achieving 69.97% of the planned investment[53]. - The company has completed 100% of the investment in the integrated chicken breeding project in Yangzhou, totaling RMB 11,597,090[53]. Operational Efficiency - The company operates an integrated business model for poultry farming, including breeding, feed production, and processing[16]. - The company has established a complete industrial chain for yellow feather chicken, covering breeding, feed production, and processing, enhancing its market response capabilities[31]. - The company has implemented an integrated management system for feed formulation, balancing nutritional needs and cost considerations[39]. - The company has established an EAS information system for real-time monitoring and management of production and sales processes, enhancing operational efficiency[40]. - The company aims to enhance its biosecurity measures and improve production efficiency through refined management and scale effects[77]. Research and Development - The company has undertaken several national-level research projects aimed at developing high-quality chicken breeds, showcasing its commitment to innovation[29]. - The company invested RMB 7.23 million in R&D, an increase of 7.07% compared to the previous year[46]. - The company is committed to increasing R&D investments to enhance its technical capabilities in feeding, disease prevention, and food safety[78]. Environmental Compliance - The company adheres to environmental protection standards, with wastewater and waste gas treated to meet discharge standards[112]. - The company has established an emergency response plan for environmental incidents and submitted it for record to the environmental protection department[112]. - The company improved its environmental management by upgrading existing facilities and establishing dedicated environmental zones in new farms[44]. Subsidiaries and Market Position - The company operates 23 subsidiaries, focusing primarily on the breeding of meat chickens, with additional operations in meat pigs and geese[173]. - The company has established subsidiaries in key regions such as Jiangsu, Zhejiang, Anhui, Guangdong, and others, aligning product offerings with local consumption habits[36]. - The company reported significant contributions from its subsidiaries, with Hefei Lihua Poultry Co., Ltd. generating a net profit of approximately CNY 49.04 million, and Xuzhou Lihua Poultry Co., Ltd. contributing around CNY 53.01 million, both exceeding 10% of the company's net profit[65]. Financial Position - Total assets increased by 18.11% to ¥6,722,921,781.61 from ¥5,692,038,691.93 at the end of the previous year[12]. - Net assets attributable to shareholders rose by 26.42% to ¥5,244,041,323.61 from ¥4,148,135,441.09 at the end of the previous year[12]. - The company's current assets reached RMB 4,056,927,225.08, up from RMB 3,380,083,208.66 at the end of 2018, indicating an increase of about 19.97%[134]. - The company's inventory decreased to RMB 888,629,477.47 from RMB 1,060,314,629.73, showing a decline of about 16.19%[134]. Governance and Compliance - The company operates under the Shenzhen Stock Exchange and adheres to industry disclosure requirements[1]. - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board, along with various departments such as HR, finance, and marketing[173]. - The financial statements are prepared based on the going concern assumption, indicating a strong assessment of the company's ability to continue operations for the next 12 months[175].