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].

江苏立华牧业股份有限公司 2019 年第三季度报告全文 证券代码：300761 证券简称：立华股份 公告编号：2019-065 江苏立华牧业股份有限公司 2019 年第三季度报告 2019 年 10 月 1 江苏立华牧业股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人程立力、主管会计工作负责人沈琴及会计机构负责人(会计主管 人员)朱文光声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏立华牧业股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|-------------------------------|----------- ...

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].

江苏立华牧业股份有限公司 2019 年第一季度报告全文 证券代码：300761 证券简称：立华股份 公告编号：2019-042 江苏立华牧业股份有限公司 2019 年第一季度报告 2019 年 04 月 1 江苏立华牧业股份有限公司 2019 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人程立力、主管会计工作负责人沈琴及会计机构负责人(会计主管 人员)朱文光声明：保证季度报告中财务报表的真实、准确、完整。 2 江苏立华牧业股份有限公司 2019 年第一季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------|---------------- ...

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].