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].

Financial Performance - Total revenue for Q1 2019 was ¥1,625,914,172.78, a decrease of 1.20% compared to ¥1,645,657,055.16 in the same period last year[3] - Net profit attributable to shareholders was ¥106,636,533.40, down 72.67% from ¥390,186,045.77 year-on-year[3] - Basic and diluted earnings per share were both ¥0.2833, a decrease of 73.67% from ¥1.0761 in the same period last year[3] - The company's net profit for Q1 2019 was CNY 106,636,533.40, a significant decrease from CNY 390,186,045.77 in the same period last year, representing a decline of approximately 72.6%[37] - The total profit for Q1 2019 was CNY 106,663,859.07, compared to CNY 390,186,045.77 in Q1 2018, reflecting a decline of approximately 72.6%[37] - The company's net profit for the period was CNY 84,640,015.29, compared to CNY 373,446,022.95 in the previous year, indicating a decline of about 77.3%[36] Cash Flow - Net cash flow from operating activities was ¥120,882,255.09, a decline of 74.51% compared to ¥474,322,268.86 in the previous year[3] - The cash flow from operating activities for Q1 2019 was CNY 1,564,836,826.36, compared to CNY 1,645,657,055.16 in the previous year, indicating a decrease of approximately 4.9%[42] - The company reported a total cash outflow from operating activities of ¥1,490,934,940.18, compared to ¥1,264,219,283.35 in the same period last year[43] - Total cash inflow from investment activities was ¥900,852,748.44, significantly higher than ¥386,132,246.17 in Q1 2018[44] - The net cash flow from investment activities was -¥891,087,811.75, compared to -¥691,874,445.70 in the previous year, indicating increased cash outflows[44] - Cash inflow from financing activities totaled ¥1,210,000,000.00, while cash outflow was ¥37,586,161.99, resulting in a net cash flow of ¥1,172,413,838.01[46] Assets and Liabilities - Total assets increased by 19.84% to ¥6,821,289,555.00 from ¥5,692,038,691.93 at the end of the previous year[3] - The company's total assets reached RMB 6.82 billion, up from RMB 5.69 billion at the end of 2018[29] - The company's total liabilities decreased to RMB 1.42 billion from RMB 1.54 billion year-over-year[30] - The company's total liabilities amounted to CNY 1,811,266,247.70, up from CNY 1,526,813,475.64, marking an increase of about 18.6%[34] - Current liabilities reached CNY 1,466,492,975.79, while total liabilities were CNY 1,543,903,250.84[48] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 30,504[6] - The largest shareholder, Cheng Lili, holds 23.31% of the shares, amounting to 94,150,000 shares[6] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[7] Investment and Projects - The company plans to invest a total of RMB 115 million in various projects, including the construction of integrated chicken breeding facilities and feed processing projects[21] - As of the report date, the company has invested RMB 70.99 million, representing 61.7% of the total planned investment[22] - The integrated chicken breeding project in Anqing has seen a progress rate of 68.03%, with an investment of RMB 9.67 million out of a total of RMB 14.21 million[21] Risks and Challenges - The company faces risks from animal diseases and natural disasters, which could impact production efficiency and costs[13] - The company faces risks related to food safety, which may require increased investment in quality control and testing, potentially raising production costs[16] - The company is exposed to inventory impairment risks due to fluctuations in market prices for live pigs and chickens, which could impact financial performance[16] Research and Development - The company is increasing its investment in technology research and development to enhance its overall technical capabilities in areas such as disease prevention and feed formulation[18] - Research and development expenses for the quarter were CNY 2,611,750.44, down from CNY 3,026,119.93, indicating a decrease of about 13.7%[36] Financial Management - The company approved the use of up to RMB 1.15 billion of idle raised funds for cash management, valid for 12 months from the date of shareholder approval[26] - As of the reporting period, the amount of idle raised funds invested in financial products that have not been redeemed is RMB 235 million[26] - The company has no reported issues with the use and disclosure of raised funds[26] - There are no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[27]

Financial Performance - The company's operating revenue for 2018 was ¥7,214,329,050.45, representing a 21.62% increase compared to the previous year[13]. - The net profit attributable to shareholders for 2018 was ¥1,299,693,032.69, reflecting a 64.41% increase year-over-year[13]. - The net cash flow from operating activities reached ¥1,711,516,683.96, marking a 77.93% increase from the previous year[13]. - The total assets at the end of 2018 amounted to ¥5,692,038,691.93, which is a 37.70% increase compared to the end of 2017[13]. - The company reported a basic earnings per share of ¥3.5844 for 2018, up 64.41% from ¥2.1802 in 2017[13]. - The company achieved a sales revenue of 7.214 billion yuan, representing a year-on-year growth of 21.62%[21]. - The net profit attributable to shareholders reached 1.3 billion yuan, with a year-on-year increase of 64.61%[21]. - The company's gross margin for chicken products improved to 25.45%, an increase of 7.78% year-on-year[44]. - The total comprehensive income for the year was ¥1,299,693,032.69, up from ¥790,536,957.30, reflecting a growth of 64.4%[182]. Dividend Distribution - The company plans to distribute a cash dividend of 12 RMB per 10 shares to all shareholders, based on a total of 403,880,000 shares[3]. - The company distributed a cash dividend of RMB 484,656,000 (including tax) for the fiscal year 2018, which accounts for 37.29% of the net profit attributable to ordinary shareholders[82]. - The cash dividend policy emphasizes reasonable returns to investors while ensuring the company's sustainable development[80]. - The cash flow conditions for dividend distribution were met, ensuring no impact on the company's ongoing operations[81]. - The board of directors is committed to increasing cash dividends if net profits continue to grow steadily[81]. Business Development and Strategy - The company has outlined its future development outlook in detail, which includes strategies for market expansion and new product development[2]. - The company plans to expand its yellow feather chicken and pig farming businesses, focusing on increasing market share in regions such as Henan, Guangdong, and Southwest China[69]. - The company aims to become a leading national yellow feather chicken farming enterprise while developing a complete industrial chain in pig farming, including feed production and breeding[70]. - The company plans to invest in several projects, including integrated chicken farming and feed processing facilities, with a total planned output of 1.75 million chickens per year at two sites and 36,000 tons of feed at another[76]. - The company is actively adapting to the rapid development of non-traditional sales channels, such as supermarkets, to mitigate risks associated with industry cyclicality[70]. Risk Management - The company emphasizes the importance of risk awareness regarding animal diseases, product price fluctuations, and food safety risks in its annual report[2]. - The company faces significant risks from animal diseases and natural disasters, which could lead to increased production costs and decreased operational efficiency[75]. - The company is exposed to raw material supply and price volatility risks, particularly for key feed ingredients like corn and soybean meal, which can directly impact operating costs[76]. - The company employs a cooperative farming model, which may face challenges if government policies change or if trust with partner farmers diminishes, potentially affecting growth[76]. - The company will utilize a combination of agricultural insurance and commercial insurance to mitigate and diversify risks associated with its operations[77]. Research and Development - The company has established a mature R&D system, applying for multiple technology patents in breeding and feed formulation[20]. - The company is exploring molecular-assisted selection for high-yield egg-laying geese, which is expected to enhance breeding efficiency[53]. - The company has developed a unique breeding system for yellow feather chickens, achieving domestic leadership in meat quality and breeding technology[35]. - The company has completed the breeding of 200,000 chickens in a project focused on antibiotic-free farming, achieving better cost efficiency compared to traditional methods[54]. - The company’s R&D investment in 2018 amounted to ¥15,994,698.22, representing 0.22% of total revenue, an increase from 0.18% in 2017[57]. Market Trends and Industry Insights - The yellow feather chicken market is experiencing a trend towards increased concentration and brand value enhancement due to environmental regulations and consumer quality demands[23]. - The pig farming industry is facing pressure from market fluctuations and disease outbreaks, impacting the profitability of large-scale farming enterprises[23]. - The cyclical nature of the livestock industry is influenced by supply-demand relationships, with significant impacts from factors like disease outbreaks and environmental regulations[25]. - The yellow feathered chicken consumption market is primarily concentrated in the Jiangnan region and the lower reaches of the Yangtze River, with emerging markets in the north rapidly developing[25]. Corporate Governance - The company has established a complete governance structure with a shareholder meeting, board of directors, supervisory board, and senior management, ensuring effective operation and compliance with laws and regulations[154]. - The board consists of nine members, including three independent directors, who provide valuable suggestions for the company's development[154]. - Independent directors attended all board meetings and shareholder meetings, demonstrating active involvement in governance[160]. - The company has a robust internal control system that is fully implemented, supporting effective governance[154]. - The company respects and protects the rights of all stakeholders, promoting balanced interests among society, shareholders, employees, and the company itself[154]. Social Responsibility - The company invested CNY 139.55 million in poverty alleviation efforts, helping 26 registered impoverished individuals to escape poverty[124]. - The company actively participated in social welfare, donating a total of 224,000 to local impoverished households[121]. - The company sponsored local organizations with a total of 359,543.6[121]. - The company donated 69,500 in scholarships to students from local schools[121].