Core Viewpoint - The article provides a comprehensive guide on how to deduct input VAT for agricultural products, addressing common questions from taxpayers regarding the calculation and eligibility of input tax deductions [2][3]. Group 1: Input VAT Calculation for Agricultural Products - When general taxpayers purchase agricultural products with a 9% VAT invoice, the input VAT can be calculated as 10% if used for producing or processing goods with a 13% tax rate, otherwise, it is 9% [4]. - For purchases from small-scale taxpayers with a 3% VAT invoice, the input VAT is calculated based on the invoice amount and a 9% deduction rate, with an additional 1% deduction if used for producing goods with a 13% tax rate [5]. Group 2: Eligibility of Input VAT Deductions - Input VAT paid on imported goods can be deducted if the taxpayer has paid the import VAT, regardless of whether the payment for the goods has been made [6]. - Ordinary invoices obtained from wholesale or retail purchases of exempt agricultural products cannot be used for input VAT deductions [7]. - Input VAT from small-scale taxpayers with a 1% VAT invoice cannot be deducted at a 9% rate; it must be calculated based on the invoice price and a 1% deduction rate [8]. Group 3: Special Cases and Regulations - Taxpayers producing specific products like liquid milk, alcohol, and meat products can participate in a pilot program for input VAT deduction based on the purchase of eligible agricultural products [9]. - If agricultural products are used for both 13% taxable goods and other services, separate accounting is required for input VAT deductions [10]. - Input VAT cannot be deducted for goods used in simplified tax methods, exempt projects, or personal consumption [9]. - Non-normal losses of agricultural products require the reversal of previously deducted input VAT [9]. - Taxpayers must contact tax authorities to classify as "deep processing enterprises" for agricultural products to utilize an additional 1% deduction [10].

Group 1 - The core viewpoint of the article highlights that Yili Group (伊利股份) delivered mixed financial results for 2024 amid challenging industry conditions, with a significant decline in revenue and profit [1][2] - Yili's total revenue for 2024 was 115.78 billion yuan, a year-on-year decrease of 8.24%, while the net profit attributable to shareholders was 8.453 billion yuan, down 18.94% [1] - The fourth quarter showed even more pronounced pressure, with revenue of 26.66 billion yuan, a 7.0% decline, and a net loss of 2.42 billion yuan, representing a drastic drop of 330.4% [1] Group 2 - Despite the overall decline, Yili reported a positive operating cash flow of 21.74 billion yuan, an increase of 18.86% year-on-year, and the gross margin for liquid milk and dairy products rose to 34.03%, the highest in four years [1] - The company attributed its performance to a complex operating environment, with a general decline in consumer confidence leading to reduced dairy consumption and a temporary oversupply in the market [2] - In the first quarter of 2025, Yili's revenue was 33.018 billion yuan, a year-on-year increase of 1.35%, while the net profit attributable to shareholders decreased by 17.71% [2]

Core Viewpoint - New Dairy Industry is making steady progress towards its goals of reducing debt ratio and doubling net profit margin, despite facing challenges in the dairy market [1][5]. Financial Performance - In 2024, New Dairy Industry achieved operating revenue of 10.665 billion yuan, a year-on-year decrease of 2.93%, marking the third consecutive year of revenue exceeding 10 billion yuan [1][3]. - The net profit for 2024 was 538 million yuan, representing a year-on-year increase of 24.80%, with double-digit growth sustained for five consecutive years [1][3]. - The asset-liability ratio at the end of 2024 was 64.61%, down 5.86 percentage points from the previous year and 7.3 percentage points from 2022 [1][5]. - The net profit margin for 2024 reached 5.15%, an increase of 1.17 percentage points from the previous year and 1.53 percentage points from 2022 [1][5]. Revenue Breakdown - Revenue from liquid milk and dairy product manufacturing reached 9.907 billion yuan in 2024, a year-on-year increase of 0.75%, accounting for 92.89% of total revenue [3]. - Other revenue amounted to 758 million yuan, a year-on-year decrease of 34.27%, making up 7.11% of total revenue [3]. Market Context - The dairy industry in China is undergoing a deep adjustment period, with supply-demand balance pressures becoming evident. In 2024, domestic milk production was 40.79 million tons, a year-on-year decrease of 2.8% [2]. - Nielsen data indicates that the dairy product industry is facing slowing demand growth, with slight declines in overall liquid milk sales [2]. Strategic Initiatives - New Dairy Industry is committed to its "Fresh Cube Strategy," focusing on improving profitability despite external environmental changes [3]. - The company has been investing in breeding technology improvements, with average milk production per cow exceeding 12 tons per head in 2024 [6]. Research and Development - Research and development expenses exceeded 40 million yuan for three consecutive years from 2021 to 2023, reaching 49.103 million yuan in 2024, a year-on-year increase of 3.63% [7]. - Sales expenses in 2024 were 1.659 billion yuan, a year-on-year decrease of 1.14% [7]. Dividend Policy - New Dairy Industry proposed a cash dividend of 2.5 yuan per share (before tax) for 2024, totaling 215 million yuan, and implemented its first interim dividend since listing, amounting to 30.1236 million yuan [8][9].