立华股份(300761) - 2019 Q2 - 季度财报

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].