Financial Performance - The company's operating revenue for the first half of 2021 reached ¥3,411,449,525.92, representing a 91.27% increase compared to ¥1,783,573,105.93 in the same period last year[18]. - The net profit attributable to shareholders for the first half of 2021 was ¥1,159,174,331.13, a 63.85% increase from ¥707,449,519.37 in the previous year[18]. - The net cash flow from operating activities improved significantly to ¥866,669,429.89, compared to a negative cash flow of ¥52,861,185.48 in the same period last year, marking a 1,739.52% increase[18]. - Basic earnings per share for the first half of 2021 were ¥0.9160, up 63.86% from ¥0.5590 in the same period last year[19]. - The company reported a net profit of ¥941,618,709.12 after deducting non-recurring gains and losses, which is a 77.54% increase from ¥530,383,243.71 in the previous year[18]. - The weighted average return on net assets rose by 3.84 percentage points to 9.53% from 5.69%[20]. - The total amount of non-recurring gains and losses was 217,555,622.01 RMB, with significant contributions from government subsidies and other non-operating income[21]. Assets and Liabilities - The net assets attributable to shareholders at the end of the reporting period were ¥11,476,745,697.70, a decrease of 3.05% from ¥11,838,342,115.02 at the end of the previous year[18]. - Total assets decreased by 5.83% to ¥14,187,864,135.56 from ¥15,066,726,493.73 at the end of the previous year[18]. - The total current assets as of June 30, 2021, amount to ¥10,703,318,072.66, a decrease from ¥11,542,190,276.84 at the end of 2020[110]. - The total non-current assets as of June 30, 2021, are ¥3,484,546,062.90, down from ¥3,524,536,216.89 at the end of 2020[111]. - Total liabilities as of June 30, 2021, were CNY 3,127,490,103.30, compared to CNY 3,837,990,971.64 at the end of 2020, indicating a reduction of approximately 18.4%[117]. Market and Product Development - The company operates in the plant protein beverage industry, which is experiencing growth due to increasing consumer health awareness and dietary changes[23]. - The company has a production capacity of approximately 1.44 million tons per year across 30 production lines for plant protein beverages[28]. - The company has expanded its market presence by establishing production bases and utilizing contract manufacturing to meet growing demand[30]. - The product portfolio includes various walnut milk products, with a focus on maintaining quality through strict supplier management and safety controls[26]. - Future outlook indicates continued growth in the plant protein beverage market, driven by consumer trends towards healthier options[23]. - The company plans to enhance its product offerings and expand its market reach through strategic partnerships and new product development initiatives[25]. Operational Risks and Governance - There were no significant operational risks that impacted the company's production and operations during the reporting period[6]. - The company did not engage in any non-operational fund occupation by controlling shareholders or related parties[6]. - The board of directors confirmed the accuracy and completeness of the financial report, ensuring no misleading statements or omissions[7]. - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board, along with various operational departments[153]. Environmental Compliance - In the first half of 2021, the total COD emissions were 27.75 tons, with a concentration of 115 mg/L, meeting the standard of COD ≤ 500 mg/L[70]. - The company has a wastewater treatment capacity of 2,800 tons per day, utilizing acidification and aeration processes, achieving compliance with environmental standards[70]. - The company has implemented a real-time monitoring system for wastewater emissions, ensuring compliance with pollution discharge standards[75]. - The company has established an emergency response plan for environmental incidents, ensuring rapid response to minimize environmental damage[74]. Shareholder Commitments - The company committed to not transferring or entrusting the management of its shares for 36 months post-listing, ensuring stability in shareholding[82]. - The first major shareholder, Yao Kuizhang, pledged to adhere to regulations regarding share reduction, limiting annual transfers to 25% of their total holdings during their tenure[83]. - Major shareholders, including the first largest shareholder, Yao Kuizhang, have pledged to limit share reductions to no more than 5% of their total holdings per year for two years after the lock-up period expires[86]. - The company has established measures to address any failure to fulfill commitments, including a 12-month prohibition on issuing securities and salary increases for executives until all negative impacts are resolved[86]. Financial Reporting and Compliance - The financial statements are prepared based on the going concern principle, ensuring the company's ability to continue operations[156]. - The company adheres to the enterprise accounting standards, ensuring the accuracy and completeness of its financial reporting[160]. - The consolidated financial statements are prepared based on the financial statements of the company and its subsidiaries, ensuring consistency in accounting policies and periods[168]. - Non-controlling interests are separately presented in the consolidated balance sheet, and the share of net profit attributable to non-controlling interests is shown in the consolidated income statement[169].

Financial Performance - The company's operating revenue for 2020 was RMB 4,427,115,659.46, a decrease of 40.65% compared to RMB 7,459,290,694.08 in 2019[16] - The net profit attributable to shareholders for 2020 was RMB 1,577,853,629.36, down 41.46% from RMB 2,695,295,487.24 in the previous year[16] - The net profit after deducting non-recurring gains and losses was RMB 1,102,373,688.13, a decline of 50.78% compared to RMB 2,239,520,592.50 in 2019[16] - Cash flow from operating activities was RMB 1,080,826,788.59, which is a decrease of 35.34% from RMB 1,671,449,718.82 in the previous year[16] - Basic earnings per share for 2020 was CNY 1.2468, a decrease of 41.46% compared to CNY 2.1298 in 2019[19] - The weighted average return on equity decreased to 13.13% in 2020 from 22.85% in 2019, a reduction of 9.72 percentage points[19] - Total revenue for Q4 2020 was CNY 1,407,788,424.43, with a net profit attributable to shareholders of CNY 409,414,249.67[21] - The company reported a net cash flow from operating activities of CNY 1,598,887,629.63 in Q4 2020, following a negative cash flow in Q1 and Q3[21] Assets and Liabilities - The total assets at the end of 2020 were RMB 15,066,726,493.73, a slight decrease of 0.29% from RMB 15,110,238,657.01 at the end of 2019[18] - The net assets attributable to shareholders at the end of 2020 were RMB 11,838,342,115.02, down 4.63% from RMB 12,413,464,847.63 in 2019[18] - The company's total liabilities included contract liabilities of RMB 1,723,424,399.05, representing 11.44% of total liabilities[67] - The company's retained earnings decreased by 9.59% to RMB 7,203,615,073.91, accounting for 47.81% of total equity[67] Dividends and Share Capital - The proposed cash dividend is RMB 12 per 10 shares, totaling RMB 151,859.23 million, with a cash dividend payout ratio of 96.24%[5] - The company distributed cash dividends of CNY 2 per share, totaling CNY 210,915.60 million, and increased its total share capital by 21,091.56 million shares[19] - The cash dividend payout ratio for 2020 was 96.24%, compared to 78.25% in 2019 and 79.66% in 2018[111] - The total share capital as of December 31, 2020, was 126,549.36 million shares, which was used as the basis for profit distribution[111] Market and Product Strategy - The company plans to continue its strategic focus on market expansion and product development in the upcoming year[6] - The company’s main business remains focused on the production and sale of plant protein beverages, primarily walnut milk[25] - The company actively expands its market presence through e-commerce and community channels, adapting to the fragmented sales environment[35] - The company plans to launch a new strategic product, "Daily Nourishing Plant Milk," to cater to the growing demand for high-protein, cholesterol-free, and lactose-free options[45] - The company aims to enhance its digital transformation and human resource management to improve operational efficiency and competitiveness in 2021[42] Production and Sales - The company produced 473,700 tons and sold 487,300 tons of plant protein beverages during the reporting period, achieving operating revenue of 4.43 billion yuan and a net profit attributable to shareholders of 1.58 billion yuan[47] - The company has a total of 30 production lines for plant protein beverages, with an annual capacity of approximately 1.44 million tons[27] - The company’s walnut protein beverage brand "Six Walnuts" is recognized as the largest in terms of production and sales in China, enhancing its market influence[33] - The company’s products are primarily sold through a distribution model, with direct sales to distributors who then sell to retail terminals[29] Research and Development - The company's R&D expenses for the reporting period amounted to ¥59,199,941.52, representing a year-on-year increase of 4.59%[63] - R&D expenses accounted for 1.34% of total operating revenue, with 296 R&D personnel, making up 15.13% of the total workforce[61] Environmental and Social Responsibility - In 2020, the company donated products worth over 10 million RMB to support epidemic prevention in Wuhan[144] - The company has significantly expanded walnut planting areas in major production regions, enhancing local agricultural management capabilities[144] - The company has implemented internal control processes to improve the quality standards of local suppliers[144] - The company has established an emergency response plan for environmental incidents, ensuring rapid response to minimize environmental damage[149] Compliance and Governance - The company has committed to reducing and regulating related party transactions to protect shareholder interests[122] - The company has retained the auditing firm Deloitte Touche Tohmatsu as its auditor for the fiscal year 2020, with an audit fee of ¥100,000[132] - The company has improved its corporate governance system in accordance with legal requirements[197] - The company has maintained compliance with relevant laws and regulations regarding insider information management[197] Risks and Challenges - The company faces risks related to food safety, market competition, and changing consumer preferences[102][104][105] - Operating revenue decreased by 40.65% compared to the previous year, primarily due to the impact of the COVID-19 pandemic and the earlier timing of the Spring Festival[48]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥1.78 billion, a decrease of 48.40% compared to ¥3.46 billion in the same period last year[14]. - The net profit attributable to shareholders of the listed company was approximately ¥707 million, down 44.22% from ¥1.27 billion in the previous year[14]. - The net cash flow from operating activities was negative at approximately -¥52.86 million, a decline of 113.74% compared to ¥384.82 million in the same period last year[14]. - The total assets at the end of the reporting period were approximately ¥12.93 billion, a decrease of 14.44% from ¥15.11 billion at the end of the previous year[14]. - The net assets attributable to shareholders of the listed company were approximately ¥10.90 billion, down 12.20% from ¥12.41 billion at the end of the previous year[14]. - Basic earnings per share for the first half of 2020 were ¥0.5590, a decrease of 34.93% compared to ¥0.8591 in the same period last year[16]. - The weighted average return on net assets was 5.69%, a decrease of 5.01 percentage points from 10.70% in the previous year[16]. - The company reported a decrease of 48.29% in net profit after deducting non-recurring gains and losses, amounting to approximately ¥530 million compared to ¥1.03 billion last year[14]. Cash Flow and Investments - Net cash flow from operating activities dropped by 113.74% to -$52,861,185.48, primarily due to a decrease in cash received from sales[38]. - Net cash flow from investing activities increased by 313.14% to $2,236,633,927.88, as the amount recovered from bank wealth management investments exceeded the amount paid for investments[38]. - Net cash flow from financing activities improved by 6.67% to -$2,109,156,000.00, mainly due to a reduction in cash paid for dividend distributions compared to the previous year[39]. - The company's cash and cash equivalents at the end of the period were $561,254,279.69, a decrease of 41.16% from $953,944,079.06 in the same period last year[41]. - The company's monetary funds decreased by 41.16% compared to the same period last year, primarily due to the investment of idle funds in bank wealth management products[42]. Market and Product Information - The company has a production capacity of approximately 1.44 million tons per year across 30 production lines for plant protein beverages[23]. - The company’s main products include various walnut milk beverages, with specific varieties such as "Yangyuan Premium Walnut Milk" and "Yangyuan Smart Health Walnut Milk"[21]. - The company has a significant market presence in the walnut milk beverage sector, being the largest producer and seller in China, with a well-established brand recognized as a "Chinese famous trademark"[28]. - The company has developed a unique production process called "5·3·28" and a full walnut CET cold extraction technology, which enhances the nutritional value of walnut milk and ensures product quality[29]. - The company has expanded its sales network to over 1,900 distributors, covering all consumer scenarios and sales channels, including traditional and emerging channels[30]. Operational Strategies - The company employs a "sales-driven production" model, where production plans are based on market demand information collected from regional sales offices[23]. - The company has established a procurement model focused on food safety, with a comprehensive evaluation system for suppliers[22]. - The company utilizes a mix of direct sales and distribution through dealers, with the dealer model being the primary sales method[25]. - The company has engaged in contract processing with external manufacturers to expand its production capacity across various regions[24]. - The company has implemented a quality control system for contract manufacturers to ensure product quality aligns with its standards[24]. Risks and Challenges - The company faces risks related to food safety, single product variety, intensified market competition, changing consumer preferences, and impacts from the COVID-19 pandemic[50][51][52][53][54]. - The company experienced a decline in product market demand due to the COVID-19 pandemic, leading to a decrease in overall performance for 2020[55]. - The uncertainty surrounding the pandemic is expected to affect the company's performance throughout 2020[55]. Corporate Governance and Compliance - The company commits to strictly adhere to all public commitments made during the IPO process, ensuring compliance with obligations and responsibilities[69]. - Major shareholders, including Mr. Yao Kuizhang, will limit share reductions to no more than 5% of their total holdings per year for two years post-lockup expiration[68]. - The company will not issue any securities for 12 months if it fails to fulfill its commitments, and will not increase salaries or allowances for executives during this period[69]. - The company and its major shareholders have pledged to avoid any competition with the company's main business activities[72]. - The company will ensure that any related party transactions are conducted fairly and transparently, adhering to market principles[74]. Environmental and Safety Compliance - The company has established a complete environmental safety emergency system to respond to sudden environmental incidents[85]. - The company has a wastewater online monitoring system to ensure real-time tracking of pollutant discharge indicators, with all emissions meeting standards during the reporting period[86]. - The company’s subsidiaries have achieved compliance with environmental discharge standards, with specific pollutant emissions reported[90]. Accounting and Financial Reporting - The company has implemented new revenue and leasing standards effective from January 1, 2020, impacting financial reporting[199]. - The financial statements are prepared based on the going concern principle, ensuring the company’s ability to continue operations[139]. - The report indicates that the accounting policies comply with the requirements of enterprise accounting standards, ensuring accurate financial reporting[140]. - The company has not made any changes to significant accounting estimates for the reporting period[192]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 24,758[97]. - The total number of restricted shares at the beginning of the period was 415,132,675, with 83,026,535 shares added during the period, resulting in a total of 498,159,210 restricted shares at the end of the period[96]. - The largest shareholder, Yao Kuizhang, increased his shareholding from 223,040,162 to 267,648,195, an increase of 44,608,033 shares during the reporting period[102]. - The company distributed a cash dividend of 2 RMB per share, totaling 2,109,156,000 RMB, and transferred 0.2 shares for every share held, resulting in an increase of 210,915,600 shares[103].

Financial Performance - The company's operating revenue for 2019 was CNY 7,459,290,694.08, a decrease of 8.41% compared to CNY 8,144,243,871.80 in 2018[16]. - The net profit attributable to shareholders for 2019 was CNY 2,695,295,487.24, down 4.99% from CNY 2,836,983,603.12 in 2018[16]. - The net cash flow from operating activities decreased by 19.00% to CNY 1,671,449,718.82 in 2019 from CNY 2,063,627,454.11 in 2018[16]. - The basic earnings per share for 2019 was CNY 2.5558, a decline of 5.64% from CNY 2.7086 in 2018[17]. - The weighted average return on equity decreased to 22.85% in 2019, down 4.15 percentage points from 27.00% in 2018[17]. - The total assets at the end of 2019 were CNY 15,110,238,657.01, a decrease of 1.19% from CNY 15,292,066,900.35 at the end of 2018[16]. - The net assets attributable to shareholders increased by 3.70% to CNY 12,413,464,847.63 at the end of 2019 from CNY 11,970,063,005.22 at the end of 2018[16]. - The company reported a non-recurring gain of CNY 394,784,559.85 from entrusted investment or asset management in 2019[22]. - Revenue decreased by 8.41% compared to the same period last year, while operating costs decreased by 13.66%[49][51]. - The gross profit margin for the beverage industry was 52.82%, an increase of 2.87 percentage points compared to the previous year[52]. Dividend and Share Capital - The company plans to distribute a cash dividend of RMB 20 per 10 shares, totaling RMB 210,915.60 million, with a cash dividend payout ratio of 78.25%[3]. - As of December 31, 2019, the company's distributable profits amounted to RMB 646,615.22 million[3]. - The total share capital before the capital reserve transfer is 1,054,578,000 shares, which will increase to 1,265,493,600 shares after a transfer of 2 shares for every 10 shares held[3]. - The company distributed cash dividends totaling CNY 2,259,810,000 and increased its share capital by 301,308,000 shares in 2019[17]. - The company has 396,476,661 restricted shares that were released during the reporting period, with no new restricted shares added[172]. Risk Management - The company has not identified any significant risks that could materially affect its operations during the reporting period[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[4]. - The company has not faced any special major risks that could impact its production and operations during the reporting period[5]. - The company faces risks related to food safety, which could significantly impact its brand and operations if safety controls are not met[103]. - Increased competition in the walnut milk sector poses a risk as more brands enter the market, including well-known competitors like Yili and Mengniu[105]. - Changes in consumer preferences could affect the demand for plant protein beverages, including walnut milk, which is becoming a mainstream category[106]. - The COVID-19 pandemic has led to a decrease in market demand, prompting the company to enhance promotional efforts and accelerate new product launches[107]. Governance and Compliance - The company received a standard unqualified audit report from its accounting firm, indicating the financial report's accuracy and completeness[2]. - The company has confirmed that all board members attended the board meeting, ensuring governance compliance[2]. - The company has not provided any guarantees that violate regulatory decision-making procedures[5]. - The company has established measures to compensate for the dilution of returns expected from the initial public offering[118]. - The company ensures that any expenses incurred by its directors are necessary for fulfilling their responsibilities and will not use company assets for unrelated investments[118]. - The company emphasizes strict adherence to regulations regarding share transfers by its directors and senior management[116]. Market Position and Strategy - The company has established a strong market presence in the walnut milk sector, being the largest producer and seller in China, with its brand recognized as a "Chinese famous trademark"[34]. - The company’s main products include walnut milk and other plant protein beverages, with a focus on health and nutrition, catering to a growing consumer preference[26]. - The company operates in the encouraged category of the plant protein beverage industry, which has significant market potential due to increasing consumer demand[32]. - The company has expanded its market reach through both self-built production bases and contracted processing arrangements across various regions[29]. - The company aims to strengthen its leading position in the plant protein beverage industry, focusing on walnut milk beverage development and expanding its market share[101]. Research and Development - R&D expenses increased by 163.71% to approximately 56.6 million yuan, driven by enhanced technology innovation and new product development[50]. - The company has established the "5·3·28" production process, which includes 5 patents, 3 unique technologies, and 28 procedures, ensuring high product quality[36]. - The full walnut CET cold extraction technology has increased the utilization rate of walnut protein and fat to over 97%, enhancing the product's taste and nutritional value[36]. - The number of R&D personnel was 305, making up 13.94% of the total workforce[60]. Environmental Responsibility - The company has implemented strict environmental protection measures, ensuring that pollutant emissions meet national standards without any violations or penalties during the reporting period[163]. - The company’s wastewater emissions in 2019 were 37.2 tons/year for COD and 5.4 tons/year for ammonia nitrogen, both within the regulatory limits[158]. - The company has obtained environmental protection approvals for all its projects, with the latest pollution discharge permit valid until December 31, 2019[161]. - The company actively engages in social responsibility by supporting walnut procurement in approximately 60 poverty-stricken counties, enhancing local agricultural development[153]. Shareholder Information - The largest shareholder, Yao Kuizhang, holds 223,040,162 shares, representing 21.15% of the total shares, and is also the actual controller of the company[180]. - Yao Kuizhang and his associated party, YZ Investment Co., Ltd., collectively hold 39.50% of the company's shares[180]. - The total number of ordinary shareholders as of the end of the reporting period is 26,047, an increase from 24,811 at the end of the previous month[175]. - The top ten shareholders hold a significant portion of the company's shares, with the top two shareholders alone holding over 39%[176]. Employee and Management Structure - The number of employees in the parent company is 1,626, while the number of employees in major subsidiaries is 562, totaling 2,188 employees[200]. - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to 3.8975 million yuan[196]. - The company has a diverse board with members having extensive experience in the beverage industry, enhancing strategic decision-making capabilities[189].