Financial Performance - The company's operating revenue for the first half of 2022 was CNY 5,758,111,766.91, representing a 9.03% increase compared to CNY 5,281,141,507.89 in the same period last year[20]. - The net loss attributable to shareholders was CNY -155,126,952.99, an improvement of 44.64% from a loss of CNY -280,227,175.17 in the previous year[20]. - The net cash flow from operating activities was CNY -1,793,783.87, a significant decline of 100.70% compared to CNY 257,338,946.69 in the same period last year[20]. - The total assets at the end of the reporting period were CNY 11,933,647,694.05, an increase of 8.84% from CNY 10,964,216,991.55 at the end of the previous year[20]. - The net assets attributable to shareholders decreased by 2.65% to CNY 6,092,915,418.70 from CNY 6,259,043,663.82 at the end of the previous year[20]. - The basic and diluted earnings per share were both CNY -0.3841, showing a 44.64% improvement from CNY -0.6938 in the same period last year[20]. - The weighted average return on net assets was -2.51%, an improvement of 1.78% from -4.29% in the previous year[20]. - The company is focusing on improving its financial performance and reducing losses in the upcoming quarters[20]. Market and Industry Risks - The company reported significant risks related to product price fluctuations, which could impact profitability due to market supply and demand dynamics[1]. - The company faces inventory impairment risks due to potential price drops in livestock, which could lead to substantial inventory write-downs[5]. - Animal disease risks are significant, with potential impacts on production efficiency and costs due to outbreaks of diseases such as avian influenza and swine fever[6]. - The overall market conditions and supply chain dynamics will be closely monitored to mitigate risks associated with price volatility and supply disruptions[80]. Operational Strategies - The company plans to enhance its core competitiveness through refined management and scale effects to improve production efficiency and control costs[9]. - There is a focus on accelerating the development of the pig farming sector to mitigate cyclical industry risks and expand operational regions[9]. - Increased investment in technology research and development is planned to improve feeding techniques, disease prevention, and food safety standards[9]. - The company intends to implement agricultural insurance to transfer and mitigate risks associated with farming operations[9]. - The company employs a "company + cooperative + farmer" model for chicken and pig farming, which helps mitigate operational risks and enhances production efficiency[26]. - The company has established a cooperative breeding model with farmers, providing support in terms of chicks, feed, and veterinary services, but faces management challenges as the number of farmers increases[7]. Sales and Production - The company's main business includes the breeding, processing, and sales of yellow feathered chickens, meat pigs, and meat geese, with sales revenue from these segments accounting for approximately 99% of total operating income[23]. - The yellow feathered chicken business is transitioning from live poultry sales to slaughtered fresh products, with new slaughterhouses being built to increase the proportion of fresh, frozen, and processed products[23]. - The company sold 188 million meat chickens, a year-on-year increase of 4.12%, with a sales revenue of 5.278 billion CNY, up 13.74%[39]. - The company sold 194,700 pigs, a year-on-year increase of 31.29%, with a sales revenue of 309 million CNY, down 24.08%[41]. - The average selling price of meat chickens was 13.48 CNY/kg, an increase of 3.69% compared to the same period last year[39]. - The average selling price of pigs was 14.57 CNY/kg, a decrease of 40.53% year-on-year[41]. Investment and Financial Management - The total investment amount for the reporting period was CNY 3,009,185,378.11, representing a 56.07% increase compared to CNY 1,928,160,219.44 in the same period last year[57]. - The company has established a risk fund system that shares farming risks with farmers, ensuring stability in income distribution even during market fluctuations[45]. - The company has provided guarantees totaling up to RMB 360 million to cooperative farmers for financing needs, with a guarantee balance of RMB 49.163 million as of the end of the reporting period[30]. - The company plans to raise up to RMB 1.27 billion through a private placement of shares at a price of RMB 22.71 per share, issuing no more than 55,922,501 shares[107]. Environmental and Social Responsibility - The company has maintained a pollution control strategy, with wastewater emissions totaling 5.12 tons of COD, 0.522 tons of ammonia nitrogen, and 0.227 tons of total phosphorus, all within the permitted limits[92]. - The company has implemented a green development strategy, focusing on reducing carbon emissions and promoting resource conservation and recycling[94]. - The company actively supports social responsibility initiatives, donating approximately 350,000 yuan to various charitable causes during the reporting period[95]. - The company has established a cooperative farming model that aligns with national policies for rural revitalization, enhancing the livelihoods of local farmers[95]. Governance and Compliance - The company has not experienced any significant environmental violations or accidents during the reporting period, ensuring compliance with environmental regulations[92]. - The company has not engaged in any related party transactions during the reporting period, including asset or equity acquisitions[102]. - The financial report for the first half of 2022 has not been audited, indicating a potential area for future scrutiny[99]. - The company has committed to transparency in its financial reporting and has provided detailed disclosures regarding shareholding changes and impairment losses[121].

Financial Performance - The company reported a net profit attributable to shareholders of -395.585 million yuan for the year 2021[3]. - The company's operating revenue for 2021 was ¥11,131,728,138.55, representing a 29.12% increase compared to ¥8,620,966,215.37 in 2020[21]. - The net profit attributable to shareholders for 2021 was -¥395,585,020.29, a decrease of 255.70% from ¥254,075,663.67 in 2020[21]. - The net cash flow from operating activities increased by 232.42% to ¥681,492,571.61 in 2021, up from ¥205,009,731.18 in 2020[21]. - The total assets at the end of 2021 were ¥10,964,216,991.55, an 18.53% increase from ¥9,250,517,071.83 at the end of 2020[21]. - The basic earnings per share for 2021 was -¥0.9795, compared to ¥0.6291 in 2020, reflecting a significant decline[21]. - The company's net assets attributable to shareholders at the end of 2021 were ¥6,259,043,663.82, a decrease of 6.30% from ¥6,679,601,208.95 at the end of 2020[21]. - The weighted average return on equity for 2021 was -6.14%, down from 3.80% in 2020, indicating a decline in profitability[21]. - The company reported a net profit loss of ¥230,655,008.18 due to declining pig prices, rising feed costs, and significant year-end impairment provisions[96]. Sales and Market Performance - The poultry segment achieved a sales volume of 370 million live chickens, representing a year-on-year growth of 14.57%[3]. - The average selling price of yellow feathered chickens increased by 11.70% year-on-year during the reporting period[3]. - The company achieved a market share of approximately 9.15% in the yellow feather chicken sector, with output volumes of 3.70 million chickens in 2021, up from 3.23 million in 2020[34]. - The company sold 370 million broiler chickens, marking a 14.57% increase in sales volume, with broiler chicken revenue reaching 9.582 billion yuan, up 30.71%[52]. - The company's chicken revenue accounted for 89.92% of total revenue, amounting to ¥10.01 billion, which is a 30.18% increase from the previous year[58]. Operational Challenges - The company faced significant losses in its pig farming segment due to declining domestic pig prices and high feed raw material costs[3]. - The company highlighted risks related to product price fluctuations, raw material supply, and animal diseases that could impact operational performance[4][6]. - The company faces challenges from high feed prices and overall market conditions, leading to squeezed profit margins and some farmers exiting the market[28]. - The cyclical nature of the livestock industry is evident, with pig prices experiencing significant fluctuations, leading to deep losses for most operators in 2021[32]. Business Model and Strategy - The company operates under a "company + cooperative + farmer" model for chicken farming, providing support and resources to farmers[9]. - The company has implemented a subsidy program for cooperative farmers to encourage expansion and improve farming standards[9]. - The company plans to enhance its core competitiveness through refined management and economies of scale to improve production efficiency and control costs[10]. - The company is expanding its breeding scale and increasing the number of cooperative farmers, which may impact current operating performance[10]. - The company has established a risk fund to cover losses from natural disasters or major epidemics, with ownership belonging to the cooperative[39]. Research and Development - There is a focus on increasing investment in technology research and development to improve feeding techniques, disease prevention, feed formulation, environmental management, and food safety[10]. - The company filed for 34 intellectual property rights, including 8 invention patents and 14 utility model patents during the reporting period[48]. - The company invested nearly ¥20 million to establish an advanced poultry research facility, laying a solid foundation for future technological advancements[54]. - The company is investing 200 million RMB in R&D for new technologies aimed at improving livestock health and productivity[173]. Governance and Management - The company has a complete and effective governance system that complies with relevant laws and regulations, with no significant discrepancies identified[114]. - The company reported a governance structure that includes a shareholders' meeting, board of directors, supervisory board, and senior management, ensuring effective operation and compliance with laws[107]. - The company has established an internal audit system to oversee economic operations, efficiency, and compliance with internal controls[114]. - The company has a dedicated internal audit department that reports to the audit committee of the board, ensuring transparency and accountability[114]. Environmental and Social Responsibility - Jiangsu Lihua has adopted a green development strategy, focusing on clean production and circular economy initiatives[164]. - The company has successfully implemented pollution prevention facilities, with all environmental protection measures executed properly and no significant environmental violations reported during the period[164]. - Jiangsu Lihua's subsidiary, Xingtai Lihua, was recognized as a "Sichuan Province Advanced Collective for Poverty Alleviation" in April 2021[167]. - The company has developed an emergency response plan for environmental incidents, which has been submitted for record to environmental protection authorities[164]. Future Outlook - The company expects a revenue growth of 25% for the upcoming fiscal year, projecting a total revenue of 1.875 billion RMB[171]. - The company plans to achieve an annual output of approximately 3 million market pigs by 2025, enhancing its regional influence in the pig supply market[99]. - The company aims to establish fresh poultry processing capacity to account for about 50% of total output within the next five years, focusing on downstream poultry slaughtering business development[98]. - The management team emphasized a focus on sustainability initiatives, aiming for a 30% reduction in carbon emissions by 2025[172].

江苏立华牧业股份有限公司 2022 年第一季度报告全文 证券代码：300761 证券简称：立华股份 公告编号：2022-029 江苏立华牧业股份有限公司 2022 年第一季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重大遗 漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完整。 3.第一季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (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 ...

Financial Performance - The company's operating revenue for the third quarter reached ¥2,694,886,988.85, representing a year-on-year increase of 6.72%[2] - The net profit attributable to shareholders was -¥324,407,371.43, a decline of 181.05% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥341,317,042.20, a decrease of 186.82% year-on-year[2] - The basic earnings per share for the third quarter was -¥0.8032, reflecting a decrease of 181.04% year-on-year[2] - The company reported a net loss of CNY 604,634,546.60 for Q3 2021, compared to a net profit of CNY 121,815,345.62 in Q3 2020[18] - The total comprehensive income attributable to the parent company was -598,054,142.89 yuan, compared to 121,815,345.62 yuan in the previous period[19] - Basic and diluted earnings per share were both -1.4971 yuan, a significant decrease from 0.3016 yuan in the previous period[19] Assets and Liabilities - The total assets at the end of the reporting period amounted to ¥10,272,058,854.05, an increase of 11.04% from the end of the previous year[2] - The company's total current assets decreased to RMB 3.22 billion from RMB 4.09 billion at the end of 2020, a decline of about 21%[13] - Non-current assets totaled CNY 7,052,278,145.50, significantly higher than CNY 5,156,243,610.18 from the previous year, indicating a growth of 36.7%[14] - The company's total liabilities reached CNY 4,251,093,787.99, compared to CNY 2,570,915,862.88, showing an increase of 65.4%[15] - Current liabilities increased to CNY 3,102,113,797.94, compared to CNY 1,939,286,724.13, marking a rise of 60.0% year-over-year[14] - The equity attributable to shareholders of the parent company decreased to CNY 6,020,965,066.06 from CNY 6,679,601,208.95, a decline of 9.9%[15] Cash Flow - The company's cash flow from operating activities for the year-to-date was ¥466,846,847.49, showing a significant increase of 178.09%[2] - Cash inflow from sales of goods and services was 7,955,168,595.83 yuan, compared to 5,872,323,089.68 yuan in the previous period, indicating a growth of approximately 35.4%[20] - Cash outflow for purchasing goods and services was 6,924,707,274.41 yuan, an increase from 5,076,280,762.65 yuan in the previous period[22] - The net cash flow from investing activities was -1,272,201,505.85 yuan, a decline from a positive cash flow of 438,665,567.68 yuan in the previous period[22] - Cash inflow from financing activities was 1,109,455,000.00 yuan, significantly higher than 410,000,000.00 yuan in the previous period[24] - The net cash flow from financing activities was 897,594,768.14 yuan, compared to a negative cash flow of -254,119,626.67 yuan in the previous period[24] Shareholder Information - The total number of common shareholders at the end of the reporting period is 17,600, with the top 10 shareholders holding a combined 23.31% and 21.66% of shares respectively[7] - The largest shareholder, Cheng Lili, holds 94,150,000 shares, representing a significant portion of the company's equity[9] - The company has a total of 284,118,825 restricted shares at the beginning of the period, with no changes during the reporting period[10] - The top 10 unrestricted shareholders include Aibai Aigui Co., Ltd. with 15,797,401 shares and Jiangsu Jiuzhou Investment Group with 7,682,394 shares[8] - The company has a total of 42,350,000 shares held by Changzhou Tianming Agriculture Technology Service Center, which is a limited partnership[9] - The restricted shares held by executives are subject to a 25% annual release based on the previous year's holdings[9] Fundraising and Investment Plans - The company plans to issue convertible bonds to raise up to RMB 2.1 billion for chicken farming, slaughtering, headquarters construction, and working capital[11] - The company adjusted its fundraising plan, reducing the total amount to a maximum of RMB 2.04 billion by removing the Huizhou chicken slaughtering project[11] - The company received approval from the Shenzhen Stock Exchange for its application to issue convertible bonds, indicating progress in its fundraising efforts[11] - The company terminated its plan to issue convertible bonds due to changes in the macroeconomic environment and capital market conditions, ensuring no significant impact on its operations[11] Operational Expenses - The company's sales expenses increased by 41.68% to ¥114,835,312.30, primarily due to higher labor costs associated with business expansion[5] - Research and development expenses for the quarter were CNY 21,688,408.81, compared to CNY 18,184,133.23 in the previous year, reflecting a growth of 19.0%[18] Asset Impairment - The company experienced a significant asset impairment loss of -¥602,837,145.75, attributed to a decline in inventory prices[6] Compliance and Reporting - The company did not conduct an audit for the third quarter report[28]

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].