Financial Performance - The company's revenue for Q3 2021 reached ¥709,825,678.19, an increase of 33.84% compared to the same period last year[3] - The net profit attributable to shareholders for Q3 2021 was ¥60,805,853.15, a decrease of 26.50% year-over-year[3] - The net profit after deducting non-recurring gains and losses for Q3 2021 was ¥61,909,456.69, down 23.90% from the previous year[3] - For the first nine months of 2021, the company achieved a revenue of ¥1,961,435,575.45, a growth of 63.39% year-over-year[3] - The basic earnings per share for Q3 2021 was ¥0.359, a decrease of 44.85% year-over-year[3] - The weighted average return on equity for Q3 2021 was 3.30%, down 12.10% from the previous year[3] - The net profit for the current period is CNY 197,566,615.46, an increase from CNY 158,723,901.27 in the previous period, representing a growth of approximately 24.5%[38] - The total profit for the current period is CNY 246,674,296.94, compared to CNY 197,272,295.51 in the previous period, reflecting an increase of about 25%[38] Assets and Liabilities - The total assets at the end of Q3 2021 amounted to ¥2,340,991,767.16, reflecting a 140.18% increase compared to the end of the previous year[6] - The equity attributable to shareholders at the end of Q3 2021 was ¥1,878,531,264.54, up 188.12% from the previous year[6] - As of September 30, 2021, the company's total current assets reached approximately 1.32 billion yuan, a significant increase from 482.45 million yuan at the end of 2020, representing a growth of 174%[30] - The company's total assets amounted to approximately 2.34 billion yuan, compared to 974.69 million yuan at the end of 2020, indicating a growth of 140%[32] - The company's total liabilities were approximately 462.46 million yuan, compared to 322.70 million yuan at the end of 2020, reflecting a growth of 43%[35] - The total liabilities rose from ¥322,699,319.71 to ¥398,084,587.70, representing an increase of about 23.4%[49] Revenue Composition - The proportion of frozen baked goods revenue to total revenue for the first nine months of 2021 was 59.91%, an increase of 83.63% compared to the same period last year[8] - Revenue for the first nine months of 2021 grew by 63.39% to ¥1,961,435,575.45, with significant increases in frozen baked goods and baking materials[15] - The total operating revenue for the period was approximately 1.96 billion yuan, up from 1.20 billion yuan in the previous year, reflecting a year-over-year increase of 64%[36] Costs and Expenses - The company faced rising costs due to increases in raw material prices and other operational expenses, impacting overall profit growth[8] - Operating costs increased by 71.27% to ¥1,273,305,767.68, reflecting the growth in business and corresponding revenue[15] - R&D expenses surged by 84.66% to ¥64,794,424.05, as the company expanded its R&D team and projects[15] - Sales expenses increased to CNY 261,499,750.89 from CNY 160,960,684.88, marking a rise of about 62.5%[38] Cash Flow - The net cash flow from operating activities decreased by 12.89% to ¥134,936,416.61, mainly due to an increase in customers adopting a "pay after delivery" model[15] - The company reported a cash flow from operating activities of CNY 134,936,416.61, a decrease from CNY 154,901,611.39 in the previous period[41] - The net cash flow from financing activities rose by 1410.58% to ¥1,006,513,329.29, primarily from fundraising[15] - The total cash and cash equivalents at the end of the period reached ¥811,830,749.05, reflecting a net increase of ¥608,563,560.48[45] Inventory and Receivables - Accounts receivable rose by 96.05% to ¥221,008,102.87, primarily driven by increased sales to supermarket customers[12] - Inventory increased by 57.52% to ¥221,384,458.00, driven by sales growth[12] - The company's inventory as of September 30, 2021, was approximately 221.38 million yuan, up from 140.54 million yuan at the end of 2020, representing a growth of 57.5%[30] - The company reported accounts receivable of ¥112,731,751.44, indicating stable collection performance[47] Investments and Expansion - The company has maintained a total of 133,206,577 restricted shares, with no changes in the current period[26] - The construction of the production base in the South China region has seen significant investment, with the first phase of the Sanshui production base's factory and dormitory completed[26] - The second phase of the Nansha production base has been fully operational, achieving rapid capacity utilization[26] - The company has acquired a new land plot of 137,186 square meters in the same jurisdiction as the Zhejiang Changxing production base for future expansion[26] - The company plans to optimize and upgrade production lines in the Nansha factory to better support demand[26] - The company has invested its own funds to construct the second phase of the Sanshui production base, enhancing fruit product capacity[26] Compliance and Standards - The company has implemented the new leasing standards effective from January 1, 2019, for companies listed both domestically and internationally, and from January 1, 2021, for those following domestic accounting standards[52] - The company adjusted the "right-of-use assets" and "lease liabilities" at the beginning of the year due to the new leasing standards[52] - The third quarter report for 2021 has not been audited[53]

Financial Performance - The company's operating revenue for the first half of 2021 reached ¥1,251,609,897.26, representing an increase of 86.79% compared to ¥670,075,298.71 in the same period last year[28]. - The net profit attributable to shareholders of the listed company was ¥136,760,762.31, up 79.95% from ¥75,997,768.40 in the previous year[28]. - The net cash flow from operating activities was ¥77,079,245.06, reflecting a growth of 69.85% compared to ¥45,379,821.76 in the same period last year[28]. - Basic earnings per share increased to ¥0.969, a rise of 62.04% from ¥0.598 in the previous year[28]. - The company's total assets reached ¥2,245,913,033.82, an increase of 130.42% compared to the previous year[31]. - Net assets attributable to shareholders amounted to ¥1,809,944,556.91, reflecting a growth of 177.60% year-over-year[31]. - The total revenue for the company reached approximately CNY 1.25 billion, with a gross profit of CNY 448.82 million, reflecting an overall gross margin of 35.9%[76]. - The revenue from frozen baked goods was CNY 731.78 million, showing a year-on-year increase of 103.38%, while the gross profit margin for this segment was 37.93%[76]. - The revenue from baking raw materials was CNY 519.00 million, with a gross profit margin of 32.94%, indicating a year-on-year increase of 67.63%[76]. - The gross profit margin for the baking industry was 35.88%, a decrease of 0.98% year-on-year[104]. - The gross profit margin for frozen baked goods was 37.94%, with a year-on-year increase of 103.38% in revenue[104]. Risk Management - The company has not identified any significant risks affecting its normal operations[6]. - The company has taken measures to address potential risk factors detailed in the report[6]. - Raw material price fluctuations significantly affect the company's gross margin and operating profit, with high volatility observed during the reporting period[141]. - The company has established a strict food safety control system, but risks remain due to reliance on third-party logistics, which could impact brand image and sales if issues arise[137]. - The company reported that consumer preferences are shifting, and failure to adapt products accordingly could lead to a decline in main business revenue[138]. - The company has over 1,800 distributors nationwide, but managing this large network poses challenges that could disrupt market order and sales[141]. - The company is expanding its production capacity and sales network, which increases management complexity and could negatively impact operational efficiency if not managed well[142]. Product Development and Innovation - The company has over 660 product varieties and has increased R&D investment, resulting in a reserve of over 100 new product specifications[41]. - The company aims to enhance its product structure by directly purchasing certain finished products for sale, based on sales department forecasts[54]. - The company is focused on product development and has plans to optimize existing product formulations to meet customer demands[144]. - New product categories such as UHT cream, emulsions, and soup products will be developed, leveraging existing technology and production lines[146]. - Continuous innovation has been a key driver of the company's rapid growth, but failure to maintain this momentum could lead to a loss of market share[142]. - The company will continue to innovate product offerings, focusing on health-conscious and high-quality products, including handmade and additive-free options[146]. Market Expansion - The company plans to expand production capacity at its Foshan, Zhejiang Changxing, and Henan Weihui bases over the next three years, utilizing both raised funds and internal resources[146]. - The company aims to enhance its marketing network by penetrating lower-tier cities and rural markets, increasing coverage and sales scale[147]. - The company will develop overseas markets to gradually establish a global baking brand image[147]. - The company has diversified its sales channels, including partnerships with well-known bakery chains and major supermarkets, enhancing product reach and reducing risk from single-channel dependency[95]. Operational Efficiency - The company employs a comprehensive procurement model, assessing suppliers based on quality and conducting regular evaluations to maintain a list of qualified suppliers[54]. - Production planning is based on sales forecasts and inventory levels, with adjustments made weekly to ensure alignment with actual sales[55]. - The company has implemented a comprehensive technical service strategy to assist clients in product application and marketing, enhancing customer relationships and loyalty[96]. - The company will upgrade its information systems, including big data processing and smart supply chain platforms, to improve management efficiency and reduce operational risks[148]. Financial Management - The company plans not to distribute cash dividends or issue bonus shares[7]. - The overall cost of goods sold increased by 89.76% compared to the previous year, indicating rising operational costs[76]. - The total operating costs amounted to ¥801,963,791.39, reflecting an 89.76% increase year-on-year[84]. - The company reported a significant increase in sales expenses, totaling ¥17,395.74 million, up 85.17% year-on-year[107]. - The company’s short-term borrowings increased by 100% to ¥40,042,222.19 due to new bank loans[110]. - The company’s investment in construction projects increased by 212.97% to ¥261,614,778.68, representing 11.65% of total assets[110]. Corporate Governance - The company has established an excess performance incentive fund plan to enhance the long-term incentive mechanism for its management team[160]. - The company reported a 100% participation rate in the first extraordinary general meeting held on January 23, 2021[158]. - The company has not faced any administrative penalties related to environmental issues during the reporting period[164]. - The company has no significant litigation or arbitration matters during the reporting period[177]. - The company has not experienced any non-operating fund occupation by controlling shareholders or related parties during the reporting period[170]. Investment and Projects - The total investment amount for the reporting period was RMB 393,865,351.12, a significant increase of 892.36% compared to RMB 39,689,604.06 in the same period last year[115]. - The company raised a total of RMB 1,197,375,200.00 from its initial public offering, with a net amount of RMB 1,105,867,905.08 after deducting related issuance costs[115]. - The company has pre-invested RMB 201,308,623.41 of its own funds into projects planned for the use of raised funds, which has been verified by an accounting firm[118]. - The investment progress for the San Shui production base expansion project is 17.88%, with an investment of RMB 5,010.64 out of a total commitment of RMB 28,027.94[120]. - The investment progress for the Changxing production base construction and technical renovation project is 12.55%, with an investment of RMB 5,522.01 out of a total commitment of RMB 43,993.16[120]. - The investment progress for the Wei Hui City frozen pastry and cake production base construction project is 81.43%, with an investment of RMB 15,926.71 out of a total commitment of RMB 19,558.39[120]. - The company has not encountered any significant changes in project feasibility or reasons for not meeting planned progress or expected benefits[123].

Financial Performance - The company achieved operating revenue of 1,809.69 million yuan in 2020, a year-on-year increase of 14.27%[81]. - The net profit attributable to shareholders reached 232.10 million yuan, reflecting a growth of 27.95% compared to the previous year[81]. - Total revenue for 2020 reached CNY 1,808,378,939.33, an increase of 14.26% compared to the previous year[90]. - Gross profit amounted to CNY 691,729,754.23, with a gross margin decrease of 7.29% year-on-year[90]. - Revenue from frozen baked goods was CNY 956,289,663.74, reflecting a growth of 29.50% year-on-year[90]. - The revenue from sauces increased by 27.21% to CNY 137,910,633.86, while costs surged by 52.87%[91]. - The company reported a significant increase in commissioned processing by 448.82%, primarily due to outsourcing some baking raw materials[99]. - The South China region generated CNY 645,258,872.99 in revenue, marking a 37.77% increase year-on-year[92]. - The direct sales model contributed CNY 392,415,740.10 in revenue, with a substantial growth of 57.69%[90]. - The revenue from frozen baked goods accounted for 52.84% of total revenue, up from 46.63% in 2019[106]. Risk Management - The company does not face significant risks that could affect its normal operations, but it acknowledges risks related to food safety, macroeconomic changes, consumer preferences, raw material price fluctuations, and distributor management[6]. - The company faces risks related to food safety, which could impact its brand image and product sales if not managed properly[159]. - The company is exposed to macroeconomic risks that could lead to decreased consumer demand, particularly due to economic slowdowns and external trade disputes[160]. - The company must adapt to changing consumer preferences to maintain its revenue growth, especially as its key products gain market recognition[161]. - The company is at risk of increased competition in the baking industry, necessitating improvements in R&D and marketing strategies to maintain market share[164]. - The company's inventory value accounted for 29.13% of current assets, posing a risk of inventory impairment if market competition intensifies or demand changes[168]. Product Development and Innovation - The company has developed unique and innovative product formulas, such as reducing moisture loss in pastry dough by 5%, enhancing product competitiveness[64]. - The company’s R&D efforts led to the successful launch of new products, such as the egg yolk pastry, which won an award at a national competition[58]. - The company has a strong R&D capability, launching over 50 new products and applications annually, and has received multiple patents and awards for its innovations[73]. - The company has developed production processes for both frozen baked semi-finished and finished products, covering various categories including frozen pastries and breads[148]. - The company aims to improve its market penetration by diversifying sales channels, including supermarkets, restaurants, and e-commerce platforms[146]. - The company plans to expand its product range to over 1,000 varieties, focusing on optimizing ingredients and introducing new flavors[150]. Marketing and Sales Strategy - The company has established a broad marketing network with 983 sales personnel and over 1,800 distributors, serving more than 50,000 end customers across 357 cities[59]. - The company has established diverse sales channels, including partnerships with well-known bakery chains and major supermarkets, which mitigates risks associated with reliance on a single channel[75]. - The company’s marketing network includes 983 sales personnel and over 1,800 distributors, covering all provinces and cities in China, which enhances product promotion and distribution efficiency[74]. - The company aims to deepen and broaden its marketing network, targeting lower-tier cities and rural markets to increase coverage[153]. Production and Operations - The company has established four production bases in key markets, with a total of 23 lines for baked goods and 33 lines for frozen baked goods, achieving an output exceeding 100,000 tons in 2020[85]. - The company has established large production bases in Guangzhou and Zhejiang, with advanced automated production lines for frozen baked goods[56]. - The company’s production strategy includes both in-house manufacturing and limited outsourcing, ensuring flexibility and responsiveness to market demands[40]. - The company’s production capacity utilization rates for cream, fruit products, and frozen baked goods were 83.65%, 80.88%, and 89.73% respectively in 2020[85]. Financial Commitments and Shareholder Relations - The company reported a profit distribution plan to distribute a cash dividend of 5 RMB (including tax) for every 10 shares to all shareholders, along with a stock bonus from capital reserves[6]. - The total cash dividend for 2020 is 84,670,000 yuan, with no shares distributed or capital reserves converted to shares[184]. - The company achieved a net profit of 232,095,144.33 yuan for the year, with undistributed profits of 395,657,574.26 yuan[181]. - The cash dividend payout ratio for 2019 was 28.00%, with a total cash dividend of 50,800,000 yuan[182]. Future Outlook and Strategic Goals - The company aims to become the "leading brand of baking food ingredients and frozen baked goods in China" as its long-term strategic goal[149]. - The company plans to establish six large production bases and four technology R&D centers across South China, East China, North China, and overseas within the next three years[150]. - The company intends to enhance its production capacity by expanding existing bases in Foshan, Zhejiang, and Henan, particularly for donuts, frozen cakes, and cream products[152]. - The company will invest in four major R&D centers in Guangdong, Zhejiang, Henan, and Japan to enhance its technical development capabilities[154]. Compliance and Governance - The financial report has been confirmed by the board of directors, supervisors, and senior management to be true, accurate, and complete[4]. - The company has implemented strict internal confidentiality measures to protect its proprietary recipes and processes from leakage[173]. - The company has committed to ensuring compliance with social insurance and housing fund contributions for all employees, with full liability for any penalties or back payments required by authorities[194].

Financial Performance - The company's revenue for Q1 2021 reached ¥578,509,596.23, representing a 130.54% increase compared to ¥250,940,535.72 in the same period last year[10] - Net profit attributable to shareholders was ¥73,153,248.24, a significant increase of 300.50% from ¥18,265,499.74 in the previous year[10] - Basic earnings per share rose to ¥0.576, up 300.00% from ¥0.144 in the previous year[10] - The company reported a net profit excluding non-recurring gains and losses of ¥71,997,462.57, which is a 309.50% increase from ¥17,581,882.95 in the same period last year[10] - Total operating revenue for the first quarter reached ¥578,509,596.23, a significant increase from ¥250,940,535.72 in the same period last year, representing a growth of approximately 130%[63] - Net profit for the first quarter was ¥73,153,248.24, up from ¥18,265,499.74 in the prior year, reflecting a growth of approximately 300%[69] - Total comprehensive income for the current period was ¥73,153,248.24, compared to ¥18,265,499.74 in the previous period, showing a significant increase[72] Cash Flow - The net cash flow from operating activities improved to ¥52,673,733.57, a 353.62% increase from a negative cash flow of ¥20,769,099.81 in the same period last year[10] - The company's cash flow from financing activities improved to 16,133,046.03 yuan, a 1622.96% increase, primarily due to bank loans[27] - The net cash flow from financing activities was 16,133,046.03 CNY, compared to a negative cash flow of -1,059,324.27 CNY in the previous period[86] - The total cash outflow from operating activities was 238,991,702.33 CNY, compared to 106,575,920.46 CNY in the previous period[87] - The cash inflow from operating activities included 216,272,631.22 CNY from sales of goods and services[87] Assets and Liabilities - Total assets at the end of the reporting period were ¥1,154,144,749.00, an 18.41% increase from ¥974,685,209.23 at the end of the previous year[10] - The company's total liabilities increased to CNY 429,005,611.24 from CNY 322,699,319.71, indicating a rise in financial obligations[51] - The company's total assets increased to ¥539,319,220.65 as of March 31, 2021, compared to ¥483,172,302.02 at the end of the previous year, marking a growth of about 11.6%[61] - Current liabilities rose to ¥119,586,195.35 from ¥92,075,207.06, representing an increase of approximately 30%[61] - Total liabilities amounted to 322,699,319.71 yuan, a significant increase from 75,385,267.99 yuan[95] Investments and Expenses - The company's investment cash flow net amount was -207,009,213.22 yuan, a 1791.86% increase in outflow due to heightened investment in construction and equipment[27] - Research and development expenses rose to 13,187,674.71 yuan, a 71.29% increase from the previous year, indicating a commitment to innovation[28] - Research and development expenses for the quarter were ¥13,187,674.71, compared to ¥7,699,213.17 in the same period last year, showing an increase of approximately 71%[66] - The company paid 55,393,413.45 CNY for the purchase of fixed assets and other long-term assets[90] Market and Product Development - The frozen baked goods segment grew by 144.24%, accounting for 57.86% of total revenue, driven by increased consumer demand[28] - The company launched a series of new products, including mousse cakes and low-sugar Portuguese egg tart liquid, focusing on customer demand and product innovation[33] - The sales network expanded from first-tier cities to second and third-tier cities, increasing coverage and enhancing market penetration[33] - The company has made significant investments in production bases across South, East, and North China to enhance operational capacity[32] Shareholder Information - The total number of shareholders at the end of the reporting period was not specified, but the top ten shareholders held significant stakes, with 彭裕辉 owning 20.39%[14] - The company successfully completed its IPO, issuing 42,340,000 shares at a price of CNY 28.28 per share[33] Financial Adjustments and Standards - The company has adopted the new leasing standards effective January 1, 2021, impacting financial statement adjustments[95] - The company has not undergone an audit for the first quarter report, indicating preliminary financial data[102]