Financial Performance - The company's operating revenue for the first half of 2021 was CNY 688,829,181.81, representing a 0.97% increase compared to CNY 682,191,787.67 in the same period last year[19]. - The net profit attributable to shareholders decreased by 34.22% to CNY 44,255,468.97 from CNY 67,281,451.17 year-on-year[19]. - The net profit after deducting non-recurring gains and losses fell by 51.93% to CNY 30,543,437.46 compared to CNY 63,545,797.28 in the previous year[19]. - Basic earnings per share decreased by 51.11% to CNY 0.44 from CNY 0.90 year-on-year[19]. - The gross profit margin decreased to 31.24% in the first half of 2021 from 34.43% in the same period of 2020, reflecting a decline of 3.19 percentage points[45]. - The dairy product series generated CNY 531.50 million in revenue, up 10.86% year-on-year, while the gross margin decreased by 2.31 percentage points to 31.30%[45]. - The beer series revenue decreased by 5.01% to CNY 89.89 million, with a gross margin of 32.09%, down 0.44 percentage points from the previous year[45]. - The total profit for the first half of 2021 was CNY 41,553,202.83, down from CNY 56,041,184.51 in the same period of 2020, representing a decrease of 25.91%[163]. Cash Flow and Investments - The net cash flow from operating activities was negative at CNY -521,707.45, a decline of 100.70% from CNY 74,256,449.21 in the same period last year[19]. - The company achieved a net cash inflow from investment activities of approximately ¥93.02 million, a 1,046.44% increase compared to the previous year[58]. - The cash flow from financing activities included dividend payments of CNY 27,020,650.84, which was higher than CNY 54,400.45 in the previous year[170]. - The company reported a total investment cash inflow of CNY 654,982,037.16, a substantial increase from CNY 36,722.66 in the previous year[170]. - The cash flow from operating activities showed a net outflow of CNY 521,707.45, a significant decline from a net inflow of CNY 74,256,449.21 in the previous year[166]. Assets and Liabilities - Total assets increased by 10.38% to CNY 1,510,675,048.17 from CNY 1,368,571,758.27 at the end of the previous year[19]. - Total liabilities increased to CNY 413,720,214.79 from CNY 297,183,951.01, which is an increase of approximately 39.3%[151]. - The company's equity attributable to shareholders reached CNY 1,096,954,833.38, up from CNY 1,071,387,807.26, showing a growth of about 2.4%[152]. - The accounts receivable increased to CNY 145,703,170.99 from CNY 127,432,785.50, representing a growth of approximately 14.3%[149]. - The company's current assets reached CNY 1,279,269,046.32, up from CNY 1,162,278,918.81 at the end of 2020, indicating an increase of about 10.1%[150]. Market and Product Development - The company launched a new series of organic full-fat and skimmed milk products in the first half of 2021, expanding its product offerings[28]. - The company’s "DeYa" brand has become one of the most favored imported dairy brands since its launch in 2012, continuously developing new flavors and products[28]. - The beer market in China is projected to reach CNY 240 billion by 2025, with a 63% increase from the end of the 13th Five-Year Plan, indicating a shift towards high-quality beer consumption[27]. - The company’s "Valentine" brand beer, introduced in 2013, has gained high consumer recognition, and a new fruit-flavored beer series targeting women was launched in 2021[30]. - The compound annual growth rate for yogurt imports in China from 2013 to 2019 was 22.10%, indicating strong market demand[26]. Risk Management - The management highlighted potential risks and countermeasures in the report, urging investors to be aware of the differences between plans, forecasts, and commitments[4]. - The company faces risks from intensified market competition in the imported food industry, which has seen a growing market size and increasing participants[85]. - The company has a high supplier concentration risk, which could impact product supply if major suppliers face issues[86]. - The ongoing COVID-19 pandemic poses risks to the company's performance, particularly if it affects production and shipping from suppliers in Germany and Spain[88]. - The company plans to strengthen supplier relationships and improve supply chain efficiency to mitigate short-term supply risks[86]. Corporate Governance and Social Responsibility - The company has not declared cash dividends or stock bonuses for the half-year period[94]. - The company actively engages in social responsibility, supporting local economic development and contributing to pandemic prevention efforts as a key food security enterprise in Shanghai[101]. - The company adheres to legal regulations regarding labor, ensuring full payment of social insurance and housing funds, while focusing on employee health, safety, and satisfaction[100]. - The company has established a harmonious labor relationship by actively listening to employee feedback through a union and representative supervisor system[100]. - The company has not experienced any significant changes in the measurement attributes of its major assets during the reporting period[66].

Financial Performance - The company's operating revenue for 2020 was ¥1,502,820,564.72, representing an increase of 8.91% compared to ¥1,379,843,874.24 in 2019[17]. - The net profit attributable to shareholders for 2020 was ¥135,843,125.29, a significant increase of 37.31% from ¥98,933,532.59 in 2019[17]. - The net profit after deducting non-recurring gains and losses was ¥128,775,033.68, up 38.45% from ¥93,010,349.17 in 2019[17]. - The total assets at the end of 2020 reached ¥1,368,571,758.27, a 74.27% increase from ¥785,305,295.78 at the end of 2019[17]. - The net assets attributable to shareholders increased by 216.80% to ¥1,071,387,807.26 from ¥338,188,026.84 in 2019[17]. - The basic earnings per share for 2020 was ¥1.67, reflecting a growth of 26.52% compared to ¥1.32 in 2019[17]. - The company reported a net cash flow from operating activities of ¥137,071,399.31, a 4.40% increase from ¥131,290,318.92 in 2019[17]. - The total operating revenue for 2020 was CNY 1,502,820,564.72, representing an increase of 8.91% compared to CNY 1,379,843,874.24 in 2019[77]. - The net profit attributable to shareholders reached CNY 135.84 million, with a year-on-year increase of 37.31%[59]. Dividend Distribution - The company reported a cash dividend of 2.7 RMB per 10 shares (including tax) based on a total of 100,000,000 shares[4]. - The cash dividend represents 19.88% of the net profit attributable to ordinary shareholders, which was RMB 135,843,125.29 for 2020[133]. - The cash dividend amount is 100% of the total profit distribution amount[130]. - The company did not distribute profits in 2018 and 2019[132]. - The independent directors provided clear consent for the profit distribution proposal[131]. - The profit distribution plan complies with relevant regulations and considers reasonable returns for investors[131]. - The company is in a growth phase and has significant capital expenditure plans, which justifies the cash dividend distribution[130]. - The proposal is subject to approval at the 2020 annual general meeting of shareholders[131]. Operational Strategy - The company focuses on developing and selling its own brand foods, with key products in dairy, beer, grains, and oils[26]. - The company operates with a strategy centered on product development and brand promotion, aiming to strengthen market penetration and marketing efforts[26]. - The company has established a diversified sales system, including offline direct sales and online channels, to enhance market reach[32]. - The company has established long-term stable partnerships with foreign suppliers for its private label products[3]. - The company has focused on optimizing its product structure, particularly enhancing the "DeYa" dairy and "Valentin" beer brands, to drive future growth[61]. - The company is actively developing new products, including organic milk and fruit-flavored beer, to meet the increasing demand for healthy food options[61]. - The company has implemented an IT system to enhance operational efficiency and improve customer satisfaction through better supply chain tracking[53]. Market Trends - The import volume of liquid milk in China increased from 194,800 tons in 2013 to 924,300 tons in 2019, with a compound annual growth rate (CAGR) of 29.62%[36]. - The import value of liquid milk rose from $27,455.30 million in 2013 to $115,990.83 million in 2019, achieving a CAGR of 27.15%[36]. - The import volume of beer in China grew from 182.27 million liters in 2013 to 732.11 million liters in 2019, with a CAGR of 26.08%[38]. - The import value of beer increased from $23,169.10 million in 2013 to $82,000.70 million in 2019, reflecting a CAGR of 23.45%[38]. - The market size of edible oil in China was approximately 300 billion yuan in 2019, with a consumption volume of 35.48 million tons[39]. - The sales volume of instant oats in China is projected to grow from 43,500 tons in 2019 to 57,500 tons by 2023, with a CAGR of 7.22%[40]. - The sales revenue of instant oats is expected to increase from 2.08 billion yuan in 2019 to 2.90 billion yuan in 2023, with a CAGR of 8.71%[40]. Supply Chain and Logistics - The company operates three logistics centers in Tianjin, Shanghai, and Dongguan, with a total area of approximately 75,000 square meters and a maximum throughput capacity of 700,000 boxes per day[55]. - The company has strengthened its supply chain management to ensure stable overseas product supply amidst the challenges posed by the COVID-19 pandemic[60]. - The company has established a strict quality control system with international suppliers, ensuring no major quality incidents occurred during the reporting period[119]. - The company has maintained stable supply chains during the COVID-19 pandemic, ensuring that suppliers can meet procurement needs despite challenges[124]. Investment and Capital Management - The company plans to invest the raised funds in channel construction, brand promotion, production facility renovation, overall information technology construction, and supplementary working capital projects[162]. - The implementation of these projects is expected to optimize the company's business structure and enhance its market position and competitiveness[162]. - The company has committed to invest RMB 488.61 million in projects funded by the raised capital, with a cumulative investment of RMB 371.96 million, achieving 76.1% of the planned investment[102]. - The company has established a commitment to maintain the legality and validity of its shareholdings[136]. - The company will ensure that the shareholding structure remains compliant with listing requirements after any repurchase or increase in holdings[151]. Compliance and Governance - The company guarantees that the prospectus for its initial public offering (IPO) is truthful, accurate, and complete, with no false records or misleading statements[167]. - The company has committed to strict adherence to public promises made during the IPO process, with measures in place for any unfulfilled commitments[169]. - The company will disclose specific reasons for any failure to fulfill commitments and will take corrective actions within the required timeframe[171]. - The company has not experienced any significant changes in the feasibility of the projects funded by the raised capital[103]. - The company has not faced any major litigation or arbitration matters during the reporting period[187]. Risk Management - The company emphasizes the importance of risk awareness regarding future operational plans and performance forecasts[4]. - The company faces risks related to high supplier concentration, which could impact product supply if issues arise with key suppliers[120]. - The company is implementing measures to manage accounts receivable effectively to minimize the risk of bad debts as its business scales[122]. - The company is focusing on improving inventory management to enhance turnover rates and reduce the risk of financial impact from large inventory levels[123].

Financial Performance - The company's revenue for Q1 2021 was ¥318,258,718.21, representing a 15.95% increase compared to ¥274,475,616.06 in the same period last year[7]. - Net profit attributable to shareholders was ¥30,035,145.52, up 23.11% from ¥24,396,738.44 year-on-year[7]. - The company achieved operating revenue of CNY 318,258,718.21, a year-on-year increase of 15.95%[20]. - The net profit attributable to shareholders was CNY 30,035,145.52, reflecting a growth of 23.11% compared to the previous year[20]. - Total operating revenue for Q1 2021 was CNY 318,258,718.21, an increase from CNY 274,475,616.06 in the previous period[47]. - Net profit for Q1 2021 reached CNY 30,035,145.52, compared to CNY 24,396,738.44 in the same period last year, representing a growth of approximately 23.5%[49]. - The company reported a total comprehensive income of CNY 13,312,266.09 for the quarter, compared to CNY 18,351,788.42 in the previous year[54]. Cash Flow and Assets - The net cash flow from operating activities improved significantly, with a net outflow of ¥15,314,484.65, a 77.36% reduction from a net outflow of ¥67,649,848.71 in the previous year[7]. - The company’s cash flow from operating activities improved by 77.36%, with net cash inflow from sales of goods increasing[19]. - The cash flow from investment activities was positive at CNY 12,374,687.33, recovering from a negative cash flow of CNY -9,234,243.40 in the same period last year[57]. - The total assets at the end of the reporting period were ¥1,410,059,350.08, an increase of 3.03% from ¥1,368,571,758.27 at the end of the previous year[7]. - The company's total current assets reached RMB 1,179,627,583.99, compared to RMB 1,162,278,918.81 at the end of 2020, indicating an increase of about 1.5%[39]. - The cash and cash equivalents decreased slightly from RMB 486,884,397.53 at the end of 2020 to RMB 483,033,674.51, a decrease of approximately 0.6%[39]. Shareholder Information - The company reported a total of 14,671 common shareholders at the end of the reporting period[11]. - The largest shareholder, Wang Mu, holds 45.00% of the shares, totaling 45,000,000 shares[11]. Expenses and Liabilities - Total operating costs for Q1 2021 were CNY 285,891,270.57, up from CNY 244,506,277.44 in the previous period[48]. - The company's total liabilities were RMB 305,427,110.00, slightly up from RMB 297,183,951.01 at the end of 2020, showing an increase of about 2.4%[41]. - The total liabilities increased to CNY 328,874,431.80, with a rise of CNY 31,690,480.79 attributed to the new leasing liabilities[65]. Investment and Development - The company plans to enhance new product development capabilities and strengthen brand promotion to address intensified market competition risks[23]. - The cumulative investment in channel construction and brand promotion projects is RMB 22,773.84 million, achieving 84.74% of the planned investment[29]. - Research and development expenses for Q1 2021 were CNY 330,250.39, indicating ongoing investment in innovation[48]. Quality Control and Supply Chain - The company has established a strict quality control system and will implement comprehensive measures to ensure food safety throughout the supply chain[24]. - The company has sufficient raw material supply, and major suppliers are able to meet procurement needs reliably, despite potential risks from ongoing COVID-19 pandemic[26]. - The company maintains a high supplier concentration, which poses risks if suppliers fail to deliver products on time or if quality issues arise[25]. Government Support - The company received government subsidies amounting to ¥6,520,000, primarily related to industry-specific support[8]. Miscellaneous - The company has not experienced any major product quality incidents or disputes during the reporting period, although risks related to quality control still exist[24]. - There were no violations regarding external guarantees or non-operating fund occupation by controlling shareholders during the reporting period[33][34]. - The company has not encountered any overdue commitments from major stakeholders during the reporting period[27]. - The company has not yet audited the first quarter report for 2021[68].

Financial Performance - Operating revenue for the current period was CNY 408,386,009.31, representing a 21.40% increase year-on-year[7] - Net profit attributable to shareholders for the current period was CNY 35,252,667.00, a significant increase of 121.60% year-on-year[7] - Basic earnings per share for the current period was CNY 0.47, reflecting a 121.59% increase compared to the same period last year[7] - The company's net profit attributable to the parent company increased by 79.01% to ¥102,534,118.17, driven by revenue growth and a decrease in expense ratios[16] - The company reported a net profit of CNY 201,497,084.47 for the period, compared to CNY 136,625,696.39 in the previous year, indicating an increase of approximately 47.4%[31] - The net profit attributable to the parent company was CNY 102,534,118.17, up 79.0% from CNY 57,277,694.85 in Q3 2019[44] - The total comprehensive income for the quarter was CNY 35,250,815.86, compared to CNY 15,907,944.56 in the previous year, reflecting a growth of approximately 121.5%[36] - The total comprehensive income for the period was CNY 102,539,056.82, significantly higher than CNY 57,283,936.21 in the previous year[44] Asset and Equity Growth - Total assets increased by 84.03% to CNY 1,445,183,022.99 compared to the end of the previous year[7] - Net assets attributable to shareholders increased by 206.96% to CNY 1,038,113,895.07 compared to the end of the previous year[7] - The company's equity increased to CNY 1,038,113,895.07, up from CNY 338,188,026.84, representing a growth of approximately 206.5%[28] - Cash and cash equivalents increased by 308.89% to ¥817,601,621.60 from ¥199,956,493.54, primarily due to funds raised from the public offering of shares[15] - Fixed assets surged by 4768.70% to ¥163,757,292.47, attributed to the transfer of construction projects into fixed assets[15] - The company's capital reserve rose by 3218.59% to ¥590,177,431.46, mainly due to the excess of funds raised over the capital portion[16] - Total liabilities decreased to CNY 407,069,127.92 from CNY 447,117,268.94 year-over-year, reflecting a reduction of about 8.9%[27] Cash Flow and Financial Management - The net cash flow from operating activities was CNY -50,988,856.75, a decrease of 3.71% compared to the previous period[7] - Operating cash flow improved significantly, reaching ¥23,267,592.46, a 1097.14% increase compared to the previous year[16] - The company reported a net cash flow from operating activities of CNY 23,267,592.46, a recovery from a negative cash flow of CNY -2,333,444.27 in the same quarter last year[51] - The net cash flow from investing activities was -10,918,560.37, compared to -58,206,031.33 in the previous period, indicating improved cash management[52] - The cash flow from operating activities showed a total inflow of 964,617,560.83, compared to 907,006,249.83 in the previous period[53] Shareholder Information - The company reported a total of 24,001 common shareholders at the end of the reporting period[11] - The top shareholder, Wang Mu, holds 45.00% of the shares, totaling 45,000,000 shares[11] - The company did not engage in any repurchase transactions during the reporting period[12] Operational Metrics - The company reported a total operating cost of CNY 359,454,041.08, which is an increase from CNY 314,556,304.77 in the previous year[34] - Sales expenses decreased to CNY 86,222,749.06 from CNY 100,662,469.28, indicating a reduction of approximately 14.3%[34] - The company recorded a tax expense of CNY 12,216,875.19 for the quarter, compared to CNY 4,974,528.21 in the previous year, marking an increase of about 145.0%[35] Compliance and Standards - The company executed a new revenue recognition standard, leading to the reclassification of "pre-receivable accounts" to "contract liabilities" and "other current liabilities"[15] - The company has not reported any non-compliance issues regarding external guarantees during the reporting period[19] - The company has adopted new revenue recognition standards effective January 1, 2020, impacting the retained earnings adjustment[66] - The third-quarter report was not audited, indicating that the figures may be subject to change[67]