Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.New Hope Liuhe Co. Ltd.2024 Annual Report
[April 26 2025]
1Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2024 Annual Report
Section 1 Important Note Table of Contents and Definitions
The board of directors board of supervisors directors supervisors and
senior executives of the Company warrant that the contents hereof are true
accurate and complete and free of any false recordings misleading statements or
significant omissions and that they will be jointly and severally liable for the legal
consequences.As declared by Liu Chang (chairman of the Company) Chen Xingyao (chief
accountant) and Su Xiaodan (the person in charge of accounting organization &
accountant in charge): the financial report herein is true accurate and complete.All directors of the Company attended the board meeting deliberating this report.I. Animal disease and natural disaster risks
Animal disease is the main risk faced in the development of livestock industry.There are two kinds of risks arising out of the occurrence of epidemic disease.First the occurrence of epidemic disease is likely to result in death of livestock
directly resulting in reduced yield increased costs and lower prices. Second the
occurrence and prevalence of animal disease on a large scale easily influence the
consumer psychology leading to a contraction in market demand and also
affecting the feed production and operation. For example the first outbreak of
the swine fever in China in middle 2018 caused a huge shock to the whole industry.The swine fever experienced a weakened mutation at the turn of winter and spring
between the end of 2020 and beginning of 2021 making it more spread channels
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longer incubation time and more difficult to detect and eliminate. In recent years
major swine diseases have gradually become normal. Especially in the winter and
early spring when the temperature is low they have caused particularly severe
impacts in the northern regions of China.In terms of the natural disaster risk the feed and slaughter are closely related
to planting and livestock breeding industry. Therefore the natural disasters such
as temperature anomalies drought flood earthquake hail and snow disaster will
all adversely affect the industry operation and development. Natural disasters
occurring in and around the Company's production facilities may result in
substantial damages to production infrastructure or equipment. Furthermore
natural disasters and extreme weather events can also drive up prices for certain
feed ingredients and meat. For example at the beginning of 2023 southwest
China experienced winter and spring drought leading to the continuous
development of drought conditions in some regions and affecting various aspects
of the industry chain including cultivation and livestock farming to varying
degrees. In the middle of 2023 central China experienced a wide range of
persistent rainy weather causing a large range of crop disasters which also had
an impact on the price of feed raw materials and affected the quality of raw
materials. The extensive heavy rain caused by a typhoon in southern China also
brought adverse effect on disease prevention and control of pig breeding.Risk countermeasures: facing animal disease the farms constructed by the
Company that are normalized and standardized ones staffed with professional
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breeding technologists and equipped with strict anti-epidemic measures
effectively prevent and control the occurrence of epidemic diseases. The Company
has also summarized a series of approaches and measures responding to major
animal diseases through years of experience accumulation to eliminate the impact
of various animal diseases. The Company has been guiding technicians to better
serve self-owned farms and external farmers by establishing animal healthcare
laboratories in various areas creating nationwide animal healthcare system and
conducting the monitoring and warning of animal diseases in real time.Specifically regarding the swine fever outbreak in 2018 the Company formulated
comprehensive prevention and control measures. These measures encompass
various aspects including self-owned pig farms collaborative finishing farms pig
feed production plant and internal animal healthcare laboratories with a view to
ensuring proper prevention and control from the source of animal nutrition
enabling its biosafety prevention system and pig production indicators to reach
the leading level in the industry. The new round of attenuated swine disease that
broke out in several northern provinces from the end of 2020 to the beginning of
2021 brought new challenges to the industry in the early stage of the outbreak.
However the Company continued to summarize its experience and upgrade
prevention and control and purification methods including dual antibody and
dual screening in the whole group serum application of thermal imaging devices
and safe storage and disinfection of materials and continuously optimized the
prevention and control process to ensure quicker resumption of production and
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reduce unnecessary prevention and control investment. From the end of 2023 to
the beginning of 2024 the Company focused on upgrading and renovating the
epidemic prevention facilities and equipment of some long-term affected farms
significantly enhancing their ability to prevent the impact of diseases. Since the
winter of 2024 good epidemic prevention results have been achieved helping to
continuously reduce the cost of pig farming.In response to natural disasters the Company’s extensive domestic and
international business presence ensure that specific regions experiencing natural
disasters do not have a significant impact on the overall operations of the
Company. Especially concerning the frequent rainstorm and flooding in southern
China the Company has accumulated a large wealth of experience in recent years.It has established mature emergency response plans and maintains sufficient
flood prevention supplies in stock year-round which enable the Company to
flexibly guide farmers through production plan adjustments when the flood
season begins in preparation for disaster relief together. In addition the
Company can also take the advantage of its nationwide presence to allocate funds
feed ingredients equipment and staff timely and effectively to resume production
as soon as possible and reduce the losses caused by natural disasters.II. Risk of price fluctuations of feed ingredients
The cost of main feed ingredients for feed production usually accounts for
more than 90% of total cost of feed production. In the past the proportion of feed
business in the Company’s revenue was large but as the feed industry generally
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adopts the cost-plus pricing method the fluctuations in prices of feed ingredients
can be partly transmitted to the downstream breeding operations to relieve the
pressure from the rising prices of feed ingredients. However as the pig farming
business accounts for a relatively large proportion of the Company's revenue the
impact of rising feed ingredient prices on the Company's overall operating costs
has increased.Since 2020 due to factors such as the macroeconomic situation at home and
abroad international trade relations and crop yield in main grain-producing
areas of various countries the prices of main feed ingredients such as corn and
soybean meal continuously rose. Since 2023 the prices of agricultural products
have started to fluctuate and decline but on the whole they are still at a relatively
high level compared with the years before 2020. After entering 2025 due to the
drastic changes in the international political and economic and trade environment
the prices of bulk agricultural products have shown an upward trend again (as
shown in the chart below).
6Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Corn and Soybean Meal Price since 2020 (yuan/ton)
Spot price of corn (left) Spot price of soybean meal (right)
Risk countermeasures: the Company is one of the largest feed enterprises in
China with scale advantages and a considerable bargaining power in ingredient
procurement. Starting from 2021 the Company gradually reinforced centralized
management of feed ingredient procurement across the industry and reduced feed
consumption cost through processing in bonded zones and other methods. Since
2023 the Company has actively purchased imported low-price ingredients and
alternative ingredients such as wheat sorghum and brown rice to continually
optimize ingredient costs. So far the Company has established strategic
partnerships with many domestic and overseas best-run feed ingredient suppliers
while actively exploring domestic and foreign high-quality and safe local feed
ingredients and opening up the feed ingredient supply network at home and
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abroad to secure supply chain financing of various forms actively and optimize
its purchasing cost and related financial expenses.III. Risk of price fluctuations of livestock and poultry
As feeds produced by the Company are sold to the downstream livestock and
poultry breeding industry the price fluctuation of livestock and poultry affects
the profit of the breeding segment and gradually spreads to the upstream
affecting the sales volume and profit margin of the feed segment. With the rapid
development of the pig farming business in recent years it contributes more to
the overall revenue and profits of the Company and the pig price will affect the
revenue and profit level of the Company even more directly and significantly.In 2023 due to the long-term oversupply of pigs in the industry coupled with
the slow recovery of downstream consumption domestic pig price remained low
throughout the year with an average price of only about 15 yuan/kg the lowest
since 2020. However this eventually led to the gradual reduction of production
capacity. After entering 2024 the reduction of production capacity finally pushed
the price upward reaching a high of around 20 yuan/kg in August the same year.However the market improvement and the general profitability of the industry
curbed further capacity reduction and supply also recovered accordingly
causing the pig price to continue to decline after September (as shown in the chart
below).
8Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Three-way Crossbred Pig Price since 2020 (yuan/kg)
Risk countermeasures: the process of livestock and poultry prices going
down is also the process of survival of the fittest and withdrawal of some
participants in the industry. As some participants withdraw the total supply
declines and the prices rise again survived businesses are likely to gain a greater
market share and a higher return on investment than before. In recent years the
Company has fully entered the stage of robust operation in pig business and is
gradually improving its business operation efficiency reducing farming costs and
restoring its original competitiveness by enhancing its internal management
capabilities in many ways. On the other hand unlike most agricultural and
livestock companies the Company has slaughtering and food processing business
in the downstream and feed business in the upstream of breeding which happens
to hedge against the breeding process. The declining prices of livestock and
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poultry mean that the cost of raw meat in the slaughtering and processing
businesses falls too with increased profit margin; the declining prices of livestock
and poultry also mean the farming volume of livestock and poultry is at high levels
which also help increase the profitability of feed business. Such an industry chain
presence can moderately mitigate the effects of declining prices of livestock and
poultry on the Company.IV. Impact of environmental protection policies
In recent years the government and society have increasingly attached
importance to environmental protection and relevant laws and regulations have
been continuously introduced. In 2014 China began to implement the Regulations
on Pollution Prevention and Control of Large-scale Livestock and Poultry Farming.In 2015 the new Environmental Protection Law came into effect. Since 2018 thecentral environmental protection inspectors have conducted several “follow-upreexaminations” as the efforts to investigate pollution caused by livestock farms
were strengthened across the country ordering some farmers to shut down for
environmental remediation or close once for all due to their livestock farming
facilities failing to meet the environmental standards or discharging wastewater
beyond the set standards. In 2020 in the context of the sharp shortage of domestic
pig supply caused by major swine diseases local governments gradually relaxed
the environmental protection requirements for farm construction to promote the
resumption of pig production and ensure supply. However since 2021 as the pig
production capacity has gradually recovered to the normal range the
10Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
environmental protection policies related to breeding has returned to a more
stringent situation. The pressures from the environmental protection policies will
force some livestock and poultry farms failing to meet the environmental
standards to withdraw from the market leading to reduced breeding quantities
which will have a certain impact on the Company’s feed business growth and its
acquisition of pigs for slaughtering business and will also increase the cost of the
Company’s investment in the construction of breeding capacity. In the long run
however the withdrawal of backward production capacity that does not meet the
environmental standards will allow the qualified producers that remain in the
industry to acquire higher profitability which is still of a positive significance to
the entire industry.Risk countermeasures: in light of the changes in external environment on
the one hand the Company makes every effort to give full play to the advantages
of industrial supporting and comprehensive services to strengthen its cooperation
with large- and medium-sized farms and farmers that meet the environmental
standards by changing its feed marketing model. In the process of exploring the
new breeding model the Company takes ecology environmental protection
efficiency and safety as the primary consideration in project design helping
farmers to remodel and build sheds and stalls that meet the higher environmental
standards increase the profitability of breeding business and actively promote
the healthy development of the domestic livestock and poultry industry. On the
other hand the Company actively grows its inventories by cultivating new
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livestock and poultry farming bases in areas with environmental conditions
through construction acquisition joint ventures cooperation and other forms
based on its existing business layout across the country thus ensuring the stability
of its breeding resources.V. Risk of exchange rate fluctuations
At present more and more raw materials for feed production rely on global
procurement and the purchase of feed ingredients such as soybean meal corn
whey meal fish meal DDGS and other foreign supplies is increasingly affected by
the exchange rate. As the Company expands its presence abroad in foreign
investment and overseas operations the cross-border capital transactions and
settlement quotas involved are also growing thus making the Company more
vulnerable to exchange rate fluctuations. In recent years due to factors such as
geopolitics and adjustment of foreign exchange policies the currencies of
individual host countries where the Company operates saw extraordinary
fluctuations and the exchange rate of these currencies against the US dollar
dropped sharply forming a great challenge to foreign exchange management and
operation of the Company coupled with the trend of US dollar interest rate
increase.Risk countermeasures: to cope with the ever-expanding needs of overseas
feed ingredient procurement and investment and operation the Company has
built an overseas commercial and trading center and investment and financing
center based on the Singapore branch and actively carried out international
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centralized feed ingredient procurement foreign direct financing supply chain
finance foreign exchange risk management capital management and feed
ingredient procurement risk management so as to reduce the impact of exchange
rate fluctuations on its cash flow in overseas operations. In the context of the
increasing uncertainty in the macro environment and sharp exchange rate
fluctuations in recent years the Company has intensified efforts to improve
exchange rate forecasting and fund management capabilities continued to pay
attention to the dynamics of the Federal Reserve’s interest rate hike and ensured
the value of funds through hedging and other means and instruments. The
Company has also further strengthened its close contact and communication with
foreign financial institutions Chinese government agencies stationed abroad and
the host government to dynamically analyze the trend of the host country's local
currency exchange rate make financial arrangements and alleviate the adverse
impact of exchange rate fluctuations.The profit distribution plan approved by the board of directors is as follows:
based on 4525940237.00 shares a cash dividend of 0.24 yuan (tax inclusive) per
10 shares will be distributed to all shareholders with no bonus shares (tax
inclusive) issued and no share capital increased by the conversion of reserve fund.
13Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
TABLE OF CONTENTS
Section 1 Important Note Table of Contents and Def... 2
Section 2 Company Profile and Key Financial Indica.. 17
Section 3 Management Discussion and Analysis ....... 22
Section 4 Corporate Governance ..................... 89
Section 5 Environmental and Social Responsibilitie. 120
Section 6 Important Matters ....................... 197
Section 7 Changes in Shares and information on Sha. 271
Section 8 Preferred stocks ........................ 282
Section 9 Bonds ................................... 282
Section 10 Financial Report........................ 289
14Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
List of Reference Documents
(I) Financial statements bearing the signatures and seals of the chairman the chief accountant and the person in charge of
accounting organization & accountant in charge.(II) Original auditor’s report bearing the seal of the accounting firm and signatures and seals of CPAs.(III) Originals of all corporate documents and manuscripts of announcements publicly disclosed on China Securities Journal
Securities Times Shanghai Securities News Securities Daily and www.cninfo.com.cn during the reporting period.
15Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Definitions
Term Refers to Definition
The Company company the listed
Refers to New Hope Liuhe Co. Ltd.company New Hope
CSRC Refers to China Securities Regulatory Commission
Sichuan Office of the China Securities
CSRC Sichuan Refers to
Regulatory Commission
SZSE Refers to Shenzhen Stock Exchange
China Securities Depository and
CSDC Refers to
Clearing Co. Ltd.National Association of Financial Market
NAFMII Refers to
Institutional Investors
Company Law of the People’s Republic
Company Law Refers to
of China
Securities Law of the People’s Republic
Securities Law Refers to
of China
New Hope Group Refers to New Hope Group Co. Ltd.South Hope Refers to South Hope Industrial Co. Ltd.China Minsheng Banking Corporation
Minsheng Bank Refers to
Limited
New Hope Chemical Investment Co.New Hope Chemical Refers to
Ltd.Finance Company Refers to New Hope Finance Co. Ltd.Polaris Bay Refers to Polaris Bay Group Co. Ltd.Huarong Chemical Refers to Huarong Chemical Co. Ltd.Xingyuan Environment Technology Co.Xingyuan Environment Refers to
Ltd.Shenzhen Feima International Supply
Feima International Refers to
Chain Co. Ltd.New Hope Dairy Refers to New Hope Dairy Co. Ltd.New Hope Service Refers to New Hope Service Holdings Limited
Shandong Zhongxin Food Group Co.Zhongxin Food Refers to
Ltd.Incentive Plan 2022 Refers to Restricted Stock Incentive Plan 2022
16Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 2 Company Profile and Key Financial Indicators
I. Company Information
Stock name New Hope Stock code 000876
Listed on Shenzhen Stock Exchange
Company name in Chinese 新希望六和股份有限公司
Abbreviation in Chinese 新希望
Company name in English (if any) NEW HOPE LIUHE CO. LTD.Abbreviation in English (if any) NEW HOPE
Legal representative Liu Chang
Registered address National High-tech Industry Development Area Mianyang Sichuan Province
Postal code of the registered address 621006
Record of registered address changes None
Office address 376 Jinshi Road Jinjiang Industrial Park Chengdu Sichuan Province
Postal code of the office address 610063
Website http://www.newhopeagri.com
Email 000876@newhope.cn
II. Contact information
Board secretary Securities affairs representative
Name Zhao Liang Bai Xubo
11F Block T3B Wangjing SOHO 11F Block T3B Wangjing SOHO
Address Center No. 10 Wangjing Street Center No. 10 Wangjing Street
Chaoyang District Beijing Chaoyang District Beijing
(010)53299899-7666
Tel. (010) 53299899-7666
(028)85950011
Fax (010) 53299898 (010) 53299898
Email 000876@newhope.cn baixb@newhope.cn
III. Information disclosure and filing place
Website of the stock exchange where the
http://www.szse.cn http://www.cninfo.com.cn
annual report is disclosed
Name and website the media where the China Securities Journal Securities Times Shanghai Securities News Securities
annual report is disclosed Daily and www.cninfo.com.cn
Place of filing of the annual report Office of the board of directors
IV. Registration changes
Unified social credit code 91510000709151981F
Changes in main business of the Company since its listing (if The Company completed overall listing of its major assets
any) reorganization of agricultural and animal husbandry businesses
17Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
within its system in 2011. The Company substituted and sold all
of shares held by it in “Chengdu New Hope Industrial” “SichuanNew Hope Industrial” and “New Hope Dairy” and purchased
agricultural and animal husbandry assets with substituted and
issued shares. After the major asset restructuring the Company's
production scale profitability industry competitiveness and
anti-risk ability have been greatly improved with an integratedbusiness pattern of collaboration among “feed productionlivestock and poultry farming slaughtering and meat productprocessing” industries formed to effectively level out
fluctuations of livestock and poultry farming operations
forming a more complete controllable and traceable intra-
industry circulation system to ensure feed and food safety.At the end of 2023 the Company taking into account the
characteristics of industrial development the stage of the pig
cycle the overall layout and long-term planning once again
made major strategic adjustments introducing strategic
investors for the white feather meat and poultry industry and
food deep processing sector with controlling shares transferred
and making full use of external industrial resources to promote
development. In the future the Company will focus on the two
major industries feed and pig breeding and slaughtering helping
enhance the competitiveness of the Company in the two core
businesses and further grow bigger and stronger.Changes in historical controlling shareholders (if any) None
V. Other related information
Accounting firm engaged by the Company
Sichuan Huaxin (Group) CPA Firm (Special General
Name of accounting firm
Partnership)
28/F Jinmao Lidu South Building #18 Ximianqiao Street
Office address of the accounting firm
Chengdu
Name of signing accountant Li Min Zhou Piping Gu Li
Sponsor institution engaged by the Company and performing duties of continuous supervision during the reporting period
□Applicable □Not applicable
Office address of sponsor Name of sponsor Period of continuous
Name of sponsor institution
institution representative supervision
111 Fuhua First Road Futian
China Merchants Securities Nov. 29 2021 to Dec. 31
Neighborhood Futian Zhang Yinbo Wang Huimin
Co. Ltd. 2022
District Shenzhen
Financial advisor engaged by the Company and performing duties of continuous supervision during the reporting period
□Applicable □Not applicable
VI. Key accounting data and financial indicators
Whether the Company needs to retroactively adjust or restate the accounting data of previous years
□Yes □No
Increase or decrease
2024 2023 in this year compared 2022
with the previous year
18Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Business revenue (yuan) 103062962254.34 141703248931.32 -27.27% 141507728156.07
Net profit attributable to
shareholders of the listed 473599068.10 249195333.87 90.05% -1459965715.11
company (yuan)
Net profit attributable to
shareholders of the listed
company after deduction 614433937.76 -4608338751.75 113.33% -893005794.68
of non-recurring profit or
loss (yuan)
Net cash flows from
operating activities 9126553532.87 13904015800.54 -34.36% 9238252623.66
(yuan)
Basic earnings per share
0.090.04125.00%-0.36
(yuan/share)
Diluted earnings per
0.090.04125.00%-0.36
share (yuan/share)
An increase of 1.02
Weighted average ROE 1.73% 0.71% -5.55%
percent points
Increase or decrease
at the end of this year
By the end of 2024 By the end of 2023 compared with the By the end of 2022
end of the previous
year
Total assets (yuan) 117913645385.32 129610605533.07 -9.02% 136679953606.42
Net assets attributable to
shareholders of the listed 25657330263.70 24776054606.40 3.56% 29243806077.08
company (yuan)
The lower of net profits of the Company before and after deduction of non-recurring profit and loss in the most recent three accounting
years were negative and the most recent year’s auditor’s report shows that the Company’s ability as a going concern is uncertain.□Yes □No
The lower of net profits of the Company before and after deduction of non-recurring profit and loss was negative
□Yes □No
VII. Accounting data difference under Chinese and foreign accounting standards
1. Difference in net profits and net assets in financial reports disclosed under both international accounting
standards and Chinese accounting standards
□Applicable □Not applicable
The Company had no difference in net profits and net assets in financial reports disclosed under either international accounting
standards and Chinese accounting standards during the reporting period.
2. Difference in net profits and net assets in financial reports disclosed under both overseas accounting
standards and Chinese accounting standards
□Applicable □Not applicable
The Company had no difference in net profits and net assets in financial reports disclosed under either overseas accounting standards
and Chinese accounting standards during the reporting period.
19Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
VIII. Quarterly key financial data
Unit: yuan
Q1 Q2 Q3 Q4
Operating income 23908453072.71 25668924563.89 27631772053.01 25853812564.73
Net profits attributable
to shareholders of the -1934417731.62 716941029.27 1370734565.30 320341205.15
listed company
Net profits attributable
to shareholders of the
listed company after
-1935412469.68619105962.961354302978.20576437466.28
deduction of non-
recurring profit and
loss
Net cash flows from
131843313.434520573670.013621703290.38852433259.05
operating activities
Whether the aforesaid financial indicators or their sums are materially different from related financial indicators in quarterly reports
and semiannual reports disclosed by the Company
□Yes □No
IX. Items and amounts of non-recurring profit and loss
□Applicable □Not applicable
Unit: yuan
Item Amount in 2024 Amount in 2023 Amount in 2022
Gain or loss on disposal of non-
current assets (including the
-331554931.584279662499.12-892153296.81
charged-off portion of the accrued
provision for asset impairment)
Government subsidies included in
the current profit or loss (excluding
government subsidies that are
closely related to the business
operations of the Company and 71770654.45 189001484.92 149320632.70
granted under defined standards in
compliance with national policies
and have a continuous impact on the
profit and loss of the Company)
Gain or loss from changes in fair
value of financial assets and
financial liabilities held by non-
financial enterprises and gain or loss
on disposal of financial assets and 36075893.84 21910534.56 147122637.13
financial liabilities except for the
effective hedging transactions
related to normal business
operations of the Company
Charge on the use of funds from
non-financial business included in 5813636.13 0.00
the current profit or loss
20Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Reversal of impairment provision
for receivables subject to separate 57038413.66 36331996.87 13717124.26
impairment test
Income generated by the share of
the fair value of identifiable net
assets of the investee at the time of
acquisition of investment higher 0.00 3575.79
than the cost of acquisition of
subsidiaries associates and joint
ventures
Gain or loss from debt restructuring 1916532.45 0.00
Other non-operating income and
expenses other than those described 6634350.76 70794124.48 -297301876.68
above
Less: impacted income tax 36241450.18 33208152.69 830014.80
Impacted minority equity
-47712030.81-293038022.57-313164873.77
(after tax)
Total -140834869.66 4857534085.62 -566959920.43
Details of other profit or loss items that conform to the definition of non-recurring profit or loss:
□Applicable □Not applicable
The Company had no other profit or loss items that conform to the definition of non-recurring profit or loss.Description of non-recurring profit or loss items enumerated in the Explanatory Announcement No. 1 on Information Disclosure for
Companies Offering their Securities to the Public– Non-recurring Profit or Loss classified as recurring profit or loss items
□Applicable □Not applicable
The Company has no non-recurring profit or loss items enumerated in the Explanatory Announcement No. 1 on Information Disclosure
for Companies Offering their Securities to the Public– Non-recurring Profit or Loss classified as recurring profit or loss items.
21Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 3 Management Discussion and Analysis
I. Industries in which the Company operated during the reporting period
In 2024 the Company focused on two major businesses: feed and pig breeding and slaughtering.(I) Feed business
1. Domestic feed industry
Feed can be classified into premixed feed concentrated feed and compound feed (or complete feed) according to the scope of
nutritional ingredients contained. Premixed feed is the mixture of various nutritional additives such as vitamin mineral substance and
amino acid; the concentrated feed is formed after adding various animal and vegetable proteins into the premixed feed; the compound
feed is formed after further adding various energy raw materials into the concentrated feed. In terms of the final nutritional needs the
amount of nutritional additives used is small but with high unit value and the energy raw materials have a low unit value but with large
amount used while the protein raw materials are between both. Among 315.031 million tons of feed produced nationwide in 2024
premixed feed was 6.951 million tons (accounting for 2.2%) concentrated feed was 12.942 million tons (accounting for 4.1%) and
compound feed was 293.54 million tons (accounting for 93.2%). The vast majority of feed enterprises produces compound feed. Large
enterprises have large demands for premixed feed and concentrated feed due to their large outputs of compound feed so they usually
produce premixed feed and concentrated feed themselves. The small and medium-sized enterprises only produce compound feed due
to their small scale and purchase premixed or concentrated feed as needed from premixed feed business unit of large enterprises or
other independent premixed feed enterprises. Some farmers of considerable scale also purchase premixed or concentrated feed directly
before blending the protein and energy ingredients into them for use. Feed can also be categorized into swine feed poultry feed aquatic
feed and ruminant feed according to the animals to be fed. Among the feed produced nationwide in 2024 they were respectively
143.913 million tons (accounting for 45.7%) 129.903 million tons (accounting for 41.2%) 22.62 million tons (accounting for 7.2%)
and 14.494 million tons (accounting for 4.6%).Since the beginning of the 21st century the domestic feed industry has been on a steady growth trend with a compound annual
growth rate of about 6.4% from 2001 to 2024. The gross national production slowed in the mid-2010s and even declined in 2019 due
to the swine fever. However since the beginning of 2020 due to the recovery of pig production capacity on the one hand and the
further improvement of downstream livestock and poultry farming on the other hand the industrial feed segment ushered in new growth
with the total national output exceeding 300 million tons for the first time in 2022. In 2024 due to the decline in the breeding volume
of downstream livestock poultry and aquaculture the total output of industrial feed across the country was 315.031 million tons a
year-on-year decrease of 2.1%. This was the first time in the past three years that the total output of feed had declined (as shown in the
chart below).
22Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed Output Nationwide (10000 tons)
With the steadily growing total output the feeds for different animal species would show different growth trends due to different
impacts of long intermediate and short cycles. The long cycle refers to the cycle of industrial upgrading and technological progress
such as the slow changes in the degree of downstream large-scale farming technological maturity penetration of compounding
materials and consumption habits. The intermediate cycle refers to the cycle of supply-demand relation and price changes of livestock
and poultry products as the periodic increase and decrease in breeding quantity of a particular type of animal downstream will affect
the increase and decrease of sales volume of the corresponding feed type upstream. The short cycle refers to the natural disasters and
animal diseases that affect specific animals such as H7N9 flu that affected the poultry feed in the first half year of 2017 rainstorms
and floods in the south China that affected the aquatic feed in 2017 and the swine fever that greatly affected the pig feed from the mid-
2018 to 2019. The most typical trend of change in recent years is pig feed. Its output declined significantly in 2019 and 2020 due to
the swine fever but has continuously increased significantly since 2021 due to scale and centralized pig farming in the downstream
industry. Meat and poultry feed output has also increased significantly in recent years with the scale and centralized downstream
breeding. From 2001 to 2024 the compound annual growth rates of various major varieties 6.9% for pig feed 7.4% for meat and
poultry feed and 9.9% for ruminant feed were higher than the total output growth rate of 6.4% while 5.7% for aquatic feed and 3.1%
for egg and poultry feed were lower than the total output growth rate (as shown in the figure below).
23Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed Output Nationwide by Variety (10000 tons)
Pig feed
Meat
poultry feed
Egg poultry
feed
Aquatic
feed
Ruminant
feed
Other feeds
With the steady growth of the total industrial output the single-plant scale of enterprises the overall scale of enterprise groups
and the concentration of head enterprises increased. For example in 2018 when the swine fever broke out there were only 656 large-
scale manufacturers with annual output of more than 100000 tons nationwide and their total feed output accounted for 49.7% of the
total national output; by 2024 that number increased to 1032 and their total feed output accounted for 61.8% of the total national
output. There were 8 feed mills with annual output of more than 500000 tons in 2018 and that number increased to 11 by 2024. In
2018 there were only 3 enterprise groups with annual output of more than 10 million tons and that number increased to 7 by 2024. In
2024 the total sales of the top 20 domestic feed enterprises accounted for about 62% of the total national output of which the total
sales of the top 7 head feed enterprises accounted for more than 41% of the total national output. Small and medium-sized enterprises
with insufficient competitive advantages and poor management either reorganized or exited the market while large enterprises have
more and more obvious advantages in competition because of their strong comprehensive strength.The main parts of feed business include technology R&D raw material procurement production and processing and sales service
usually simply referred to as “technology procurement production and sales”. Among them the interaction between technology and
procurement is the closest. This is because that raw material cost of feed products accounts for 80-90% of selling price and acquiring
the cheap raw materials is one of key success factors. However the raw material procurement should take the nutritional needs into
account rather than only considering the cost. There are hundreds of raw material types resulting in thousands of formula combinations.Companies need to design the lowest-cost formula that meets the specific nutritional needs according to the nutrient contents and costs
of different raw materials at a given time thereby making appropriate procurement decisions. The production and processing parts
mainly focus on production efficiency and product quality. The sales service part mainly focuses on customer development and
maintenance sells the products that meet different needs to different customer groups helps farmers enhance the breeding performance
through additional services optimizes the cost and efficiency of the distribution process feeds back the customer needs and product
problems to the technology research and development department in time to form good interactions. It should be noted that the
customers include both the feed-using farms and farmers and feed dealers as distribution channels; in reality there are also some big
farmers who are engaged in breeding and feed distribution as part of their business. On the whole with the improvement of the scale
24Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
of downstream farming links feed companies have more direct access to farms and farmers and the proportion of direct sales in the
industry has gradually increased. However since feed dealers can still play a role in the transfer of funds storage and distribution of
feed products other supporting animal healthcare products providing simple technical services placing farming contracts and
organizing the recovery of live poultry and livestock dealers still play an important role in the feed industry.With the increasingly fierce competition in the industry various enterprises continue to study in all aspects of the existing business
and strive to improve and innovate. In terms of technology research and development microbial fermentation technology has given
rise to the development of biological environment-friendly feed. In the field of aquatic feed there has been an upgrade from sinking
pellet feed to floating puffed feed. In other categories there have also emerged increasingly specialized feed types based on feeding
stages. Especially in recent years against the backdrop of rising prices of feed ingredients particularly imported ones there have been
significant adjustments in feed formulas. For instance in 2024 the consumption of soybean meal decreased by 4.7% that of corn
increased by 7.6% while that of wheat and rice dropped by 52.8% and 51.3% respectively. In terms of raw materials procurement
companies continuously explore more diversified new-type raw materials while for the conventional bulk raw materials the upstream
important raw materials bases are secured by means of strategic partnership agreement equity participation or self-run operation with
the accuracy of bulk purchasing enhanced by using big data futures and other financial instruments. In terms of production and
processing more efficient and convenient logistics can support the transportation of a larger radius thus giving rise to more and more
feed plants with larger capacities. Companies improve efficiency through more centralized large-scale production while at the same
time enhancing the quality through specialized workshops or production lines. In terms of sales service in addition to selling feed
products companies also provide multiple forms of value-added services to farmers by leveraging downstream dealer resources such
as technical guidance animal healthcare veterinarian financing support information service and livestock and poultry marketing etc.to enhance customer stickiness shorten the distribution process improve the proportion of direct supply help farmers improve breeding
efficiency and increase income.Besides improvement of their own business links feed companies also actively explore the upstream and downstream of the
industrial chain by extending to raw material planting and trade upstream and reaching out to the breeding slaughter and deep
processing downstream. Among them most of poultry feed producers extended to the poultry breeding and slaughtering downstream
earlier; swine feed producers extended to the pig breeding and slaughtering relatively late and infrequently. But in the most recent two
pig cycles such extension is becoming more common especially after the outbreak of the swine fever. Such extension to the
downstream reflects the desire of feed producers to control the downstream breeding and consumer needs so that they can gain the
profits from the downstream while ensuring the upstream feed capacities can be fully utilized. The reason behind this lies in shift of
supply-demand relation across the industry and gradual scale-up of the downstream breeding operations as the focus of industry value
is gradually changing from the feed operations in the past to the downstream breeding and food production.
2. Overseas feed industry
Due to the increasingly fierce domestic competition more and more overseas markets have been noticed by Chinese feed
companies and become important opportunities for further growth in the future. In terms of production mode and core competitiveness
it has certain similarities with other industries. That is beginning from developed and mature European and American countries first
spreading to China and then spreading to emerging markets such as Asia and Africa. The driving force behind this is on the one hand
the transfer of feed and farming technology on the other hand nd more importantly the macroeconomic development of countries in
different regions the growth of population and the growth of animal protein consumption demand. However due to the low gross
profit margin of the feed industry as a whole and the large weight of the main products feed products are mostly produced and sold
locally and are rarely exported. Regardless of foreign feed companies entering China thirty years ago or Chinese feed companies going
overseas today they rely more on their years of technical and management experience accumulated in the home market and the relative
advantage relative to the overall level of the host country with new production capacity developed in the host country to serve the
breeding needs of the host country.In 2024 the feed industry in regions outside China gradually developed. Domestic feed enterprises relying on their excellent
capabilities in formula cost and procurement continued to expand into overseas regions. According to Alltech despite challenges
25Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
such as highly pathogenic avian influenza climate fluctuations and economic uncertainties the global agriculture and livestock
industry still demonstrated resilience and adaptability in 2024 with total feed production increasing by 1.2% year-on-year to
approximately 1.4 billion tons. Africa Latin America the Middle East and other regions recorded relatively fast growth rates increasing
by 7.2% 3.6% and 2.8% respectively in 2024. Countries in the Asia-Pacific region except China saw a significant increase in the
demand for feed due to their rapid economic and population development. By feed type the growth of global feed production was still
mainly driven by poultry business with poultry feed production accounting for 42.7%. The growth rates of meat poultry feed and egg
poultry feed in 2024 reached 1.9% and 1.4% respectively while those of pig feed and aquatic feed declined by 0.7% and 1.1%
respectively.The Company is one of the earliest Chinese feed enterprises to enter the overseas market and established the first overseas feed
mill in Vietnam in 1999. After more than 20 years of layout and optimization the Company has formed a clear tiered
market overseas with Indonesia Vietnam and Egypt as the core markets and Bangladesh the Philippines and
Myanmar as the key markets. The feed market size of these six core and key countries reached 71 million tons in 2023. However
with a total population of about 826 million the per capita feed yield was merely 38% of that of China. In the future with the further
improvement of economic population and product penetration in these countries there remains huge room for growth of the feed
market.(II) Pig breeding and slaughtering business
Unlike the feed industry which has witnessed continuous increase in product penetration and market size due to industrial
upgrading and technological progress pig farming as the largest source of meat consumption in China has basically stabilized its
overall scale in recent years with the impact of major national pig epidemics such as the swine fever in 2019 and 2020 eliminated the
annual output of live pigs has fluctuated basically below 700 million in the past 15 years and pork production has fluctuated basically
around 50 million tons. However behind this is the long-term improvement of the production efficiency of the whole industry and the
gradual decline in the stock size of breeding sows as the core capacity. For example in 2024 the annual pig output increased by 9%
from 2009 but the number of breeding sows at the end of the year decreased by 17%. According to data from the Ministry of Agriculture
and Rural Affairs by the end of April 2024 the stock of breeding sows nationwide reached 39.86 million the lowest since the end of
2020. From May to November this number began to rise month-on-month for seven months in a row and slightly declined in December.
By the end of 2024 the number of breeding sows in stock reached 40.78 million (104.6% of the normal stock) approaching the upper
limit of the green zone for capacity regulation. Coupled with the improvement in industry production efficiency and the weakening
impact of the swine epidemic in the winter of 2024 it is expected that the supply of pigs will be relatively abundant in 2025.Pig Output and Breeding Sow Stock since 2009
Yearly pig output (10000) Year-end breeding sow stock (10000)
26Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Therefore the core driving force for the development of the pig breeding industry lies in in the face of a basically stable market
demand achieving the replacement of inefficient production capacity with efficient production capacity through gradually improving
production efficiency. In terms of organizational form it will first be reflected in the upgrade from individual and concurrent scattered
pig farming in the traditional small-scale peasant economy to enterprise-oriented and specialized large-scale pig farming. It will also
be reflected in the competition among enterprises and the survival of the fittest among efficient enterprises and inefficient ones. During
this process the scale of breeding entities at all levels and the concentration of leading enterprises will continue to increase. Back in
2016 the total output of the top 20 domestic pig farming enterprises was merely 41.33 million accounting for 6% of the national pig
output in that year; in 2024 the total output of the top 20 enterprises reached 215.80 million a substantial increase of 4 times and their
proportion in the national pig output of 702.56 million that year also increased to 30.7%.Pig farming involves breeding pig propagation and commercial pig finishing. The improvement of technology and production
efficiency as well as the upgrade from small-scale farmers to large-scale enterprise-oriented breeding are first and more prominently
reflected in the breeding pig propagation process. The breeding pig propagation can be subdivided into breeding and breeding pig
farming. Breeding specifically refers to selection and breeding of high intergenerational good stock while breeding pig farming refers
to further expanding propagation of original breeding pigs and output of boar semen sows and commercial piglets. The breeding of
pigs requires long-term research and development accumulation due to very high technological complexity. At present it is mostly
controlled by foreign professional breeding pig companies although some leading companies in China have made breakthroughs in
recent years. However most domestic enterprises have not yet ventured into the upstream breeding process and still need to introduce
GGP pigs or higher-generation breeding pigs from foreign suppliers every few years for GP and parent generation expansion in China.In this regard some of them are specialized breeding pig companies who directly sell the breeding pigs and piglets to other companies
after expanding propagation of great grandparent pigs introduced abroad without setting foot in the commodity generation breeding.Some other cases are extension made by large commercial pig companies towards the breeding pig cultivation operations upstream in
order to ensure the availability of their own breeding pigs and piglets with the parental breeding pigs and commercial piglets produced
for their own use. To ensure availability of piglets to themselves some farmers would also participate in the parental breeding
operations i.e. they purchase the parental sows and boar semen from companies and then propagate piglets themselves. Even so more
and more farmers are exiting from the parental breeding operations gradually. It is mainly because that with the development of
breeding technology large-scale and intensive piglet production by large enterprises has obvious efficiency differences compared with
farmers’ piglet breeding. This is reflected in PSY the most commonly-used indicator in the industry. In years before the swine fever
outbreak the average PSY of the entire industry was about 17 that of large companies was generally over 20 and that of farmers’
propagation and breeding was about 15. After the swine fever outbreak due to the impact of animal diseases and the rapid resumption
of production leading to the extensive use of three-way crossbred sows the PSY of the entire industry generally declined. In the past
three years with the stabilization of production the elimination of inefficient sows the improvement of epidemic prevention and
control effects and the increase in the proportion of large enterprises' operations the production indicators of the entire industry have
gradually improved. According to wepig.cn the PSY of the entire industry increased significantly in 2024 reaching 24 but there is
still room for improvement compared to 27.5 in the United States in 2023. In this regard large enterprises will lead the industry in the
future promoting the improvement and independent selection of breeding pigs and promoting intelligent breeding. While driving the
entire industry to further increase the overall PSY they may also continue to maintain their technical and efficiency advantages over
farmers in pig breeding.In the finishing process of commercial pigs the ratio of company-run farms to farmer-run farms is not as high as the breeding
process. It is mainly because that the difference between companies and farmers in technology and efficiency is not as large as it is in
the breeding process of breeding pigs. In addition companies require additional huge investments of fixed assets to build finishing
farms. It will be hard for the companies to utilize asset-light expansion model to build finishing farms and building finishing farms
affects return on investment as well. As a result in recent years when enterprises increase investments in pig farming industry
especially at the early stage of competition for market shares most companies choose to invest in breeding capacity of breeding pigs
first and choose “company + farmer” collaborative breeding for the commercial pig finishing link. Specifically this kind of cooperative
27Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
breeding mainly takes the form of entrusted rearing. That is the enterprise raises sows to produce piglets and provides the piglets to
farmers along with feed veterinary drugs and technical services. After the farmers finish finishing the pigs the enterprise will reclaim
the finished pigs and sell them. During this process the ownership of both the piglets and the finished pigs belongs to the enterprise.In recent years there are also some companies in some areas sell piglets feed and veterinary drugs to farmers (usually at a higher price
than the market price to ensure that farmers do not illegally resell the above production materials) and buy back the pigs and sell them
after they are finished. At last there are a few companies directly sell commercial piglets to farmers but are not responsible for recycling
or buying the pigs back.The outbreak and evolution of major swine diseases in recent years affect numerous companies’ judgments and decisions about
company-run commercial pig finishing practices. In the first two or three years after the outbreak farmers found it relatively difficult
to achieve good containment results due to inadequate technologies and experiences in major swine disease containment and limited
access to equipment and facilities thus posing a higher biosafety risk. Some outstanding companies in the industry using the integrated
company-run farming model realized major swine disease containment better than farmer-run farming to a certain extent through fine
management of the company-run finishing operations. It made numerous companies start considering increasing the proportion of
company-run finishing in the medium and long run. However starting from 2021 the considerable improvement made by farmers in
technology experience equipment and facilities used for major swine disease containment narrowed their gap with company-run
finishing farms; meanwhile due to continuous mutation of major swine virus that made the latency longer and more difficult to find
the virus company-run finishing farms that are individually large in stock of pigs faced greater pressure in the prevention and control
of major swine diseases while collaborative finishing farms that usually have two or three thousands of pigs in stock appeared even
more flexible and competitive in terms of finishing cost. Moreover after the rapid development of many enterprises in the past two or
three years they still have deficiencies in terms of capital reserves talent capacity reserves especially in finishing talent capacity
reserves. Therefore the "company + farmer" collaborative breeding mode will remain prevalent in the industry in the next three to five
years. On this basis a "professional free-range company" business model that initially emerged in 2022 and became significantly
popular in 2024 has to a certain extent strengthened the cooperative breeding model. This business model was initially manifested as
"secondary finishing" that emerged in the second half of 2022. Subsequently some practitioners noticed that if they only engaged in
the downstream finishing process they could flexibly participate in short-term "secondary finishing" during the upward and high
periods of the market and also slow down to carry out full-process finishing during the downward and low periods of the market. This
way does not involve too many production rhythm issues in the upstream pig breeding process and is more flexible. So on the one
hand they adopt a light-asset model for the downstream integrating a large number of farmers' finishing farm resources. On the other
hand relying on the centralized finishing resources they negotiate entrusted breeding contracts with the upstream pig breeding farms
in a centralized manner. This can also help the pig breeding farms solve the efficiency problem of decentralized development and
management of numerous farmers. Eventually an upgraded model of "pig breeding enterprise + professional free-range company +
farmer" is formed.Of course while the "company + farmer" mode is being upgraded as enterprises gradually recover and accumulate in terms of
funds and talent capabilities and in the longer term more and more automated and information-based equipment that helps enterprises
reduce costs is being popularized in the industry especially as these new devices and technologies are being promoted and implemented
more quickly and widely in company-run finishing farms large enterprises will still continue to increase the scale of their company-
run finishing farms to a certain extent.Pig slaughtering is the downstream part of breeding. Slaughterhouses buy commercial pigs from farmers slaughter them and then
sell raw pork or cut meat to downstream industries. In the early development stage of the domestic pig industry small slaughtering
workshops were sufficient for the industry due to the low scale of pig farms and the small number of single batches therefore there
was no strong incentive for pig farmers to go hand in hand with large-scale industrial slaughterhouses. On the one hand it inhibited
the further scale development of pig slaughtering. For example the number of pigs slaughtered annually of domestic pig slaughtering
enterprises representing large-scale slaughterhouses fluctuated around 220 million for a long time before 2018; on the other hand pig
traders have long played an important role in centralizing the scale and scheduling the supply and demand between breeding and
28Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
slaughtering.Major swine diseases not only brought great changes in the pig breeding link but also greatly promoted the scale and centralized
development of the slaughtering link because of the scale and centralized development of the breeding link. After the downturn of no
pigs to be slaughtered in 2019 and 2020 the number of pigs slaughtered annually by designated pig slaughterhouses began to recover
and grow rapidly in 2021 and increased to 340 million in 2023 an increase of more than 50% compared to the level of 220 million in
previous years. In 2024 the total slaughter volume of large-scale designated pig slaughterhouses was 330 million a year-on-year
decrease of 1.7% but still at a relatively high level. The joint improvement of the scale of breeding and slaughtering increased the
opportunity for direct sourcing and direct marketing between the two to bypass pig traders. Of course in a certain period of time the
aforementioned direct sourcing and direct marketing are not a perfect match and pig trader involved transactions still occupy a large
proportion because the annual production scale of individual farm is mostly 300000-500000 pigs relatively lower than the annual
slaughter capacity of at least 1 million pigs of large-scale slaughterhouses and the pig production batches are not evenly distributed in
each month and week within a year while the slaughterhouses pursue daily balanced production. However more and more large
companies are building their own slaughterhouses in areas where their breeding is concentrated and the scale of production is large.Pig Output and Pig Slaughtered at Designated Slaughterhouse since 2009
Yearly pig output (10000) Yearly slaughterings at designated slaughterhouse (10000)
The pig farming industry has long been characterized by distinct cyclical features with a "pig cycle" typically lasting 3 to 5 years.However this law has changed with the rapid scale upgrade of the industry and the substantial increase of industrial concentration after
the outbreak of the swine fever. In 2020 the industry production cut and high pig price caused by major swine diseases stimulated a
round of large investment in pig production capacity. Coupled with the improvement of the major swine disease prevention and control
level in the whole industry the production capacity and supply quickly recovered. Since the investment and construction of new
production capacity has a certain cycle and after the completion of new production capacity enterprises often hope to increase the
production load rate as soon as possible to reduce the cost so although the pig price has experienced a sharp decline since 2021 the
pig production capacity has remained at a high level for a long time after the pig price decline. The number of breeding sows in stock
nationwide remained above 40 million for more than three years from the end of 2020 to the end of February 2024. The long-term
overcapacity also kept pig price relatively low for a long time. During that period due to the mutation of major swine diseases fromthe end of 2021 to the beginning of 2022 coupled with the newly emerged "secondary finishing” in the industry the pig price
experienced a short-term rebound in the second half of 2022. However it dropped again at the end of 2022 and continued to fluctuate
at a low level in 2023 causing the industry as a whole to face the pressure of losses for a relatively long time. Since the beginning of
2024 with the continuous reduction of production capacity the stock of breeding sows nationwide finally dropped below 40 million
by the end of March 2024. and the pig price rose from March and reached the highest of the year (over 20 yuan/kg) in August. However
29Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
this also reversed the trend of capacity reduction with the stock of breeding sows returning to growth and the pig price falling again in
the last few months of the year. Against the backdrop of increased industry scale and concentration the attitude of breeding entities
towards restocking became more cautious and their restocking steps became more stable with lowered growth of the number of
breeding sows in stock and slight drop of the pig price which only fluctuated at a medium to low level between 14 yuan/kg and 15
yuan/kg and not soon reached an extreme low below 14 yuan/kg. By the end of 2024 pigs in stock nationwide was 427 million down
1.6% year on year; breeding sows in stock was 40.78 million down 1.5% year on year but still slightly exceeding the normal stock of
39 million as determined in the Pig Production Capacity Regulation Implementation Plan (2024 Revision) released by the Ministry of
Agriculture in early March 2024.Looking back at the pig market situation and capacity changes from 2024 to date although from the perspective of pig price the
high price of around 20 yuan/kg is not as high as the one over 25 yuan/kg in the second half of 2022 under the background of "secondaryfinishing” hardly implying the arrival of a new cycle. However from the perspective of the number of breeding sows in stock the low
stock of 39.86 million at the end of April 2024 is indeed the lowest number following the 19.13 million one caused by major swine
diseases at the end of September 2019 and it can also be regarded as the sign of a new cycle. From both perspectives the new
characteristics generally presented by the "pig cycle" in recent years include: an extended cycle duration; in the absence of major
epidemic disturbances the high price level will not be too high but the bottom and equilibrium prices of the entire industry are also
gradually rising making the fluctuations in pig price more stable; although the low price period within the cycle is longer than the high
rice period with the continuous development of industrial scale the significant increase in industry concentration especially the share
of large enterprises and the continuous decline in the costs of large enterprises large enterprises as a whole will also achieve more
substantial profits than five years ago. The competition focus between pig enterprises will also shift from absolute output and market
share to relatively stable scale and lower costs for more sustainable profits. In the future with the further optimization of the efficiency
of the upstream farming link and the reduction of the cost difference between enterprises the focus of competition may shift to the
downstream slaughtering and pork sales link seeking the differentiated development of sales channels and brands and the slaughtering
link will also usher in new development opportunities.II. Main businesses of the Company during the reporting period
The Company is required to comply with the disclosure requirements set forth in the Self-regulatory Guideline No. 3 of Shenzhen Stock
Exchange for Listed Companies—Industry Information Disclosure regarding listed companies engaged in livestock poultry and
aquaculture husbandry businesses.(I) Feed business
In feed business there are premixed feed concentrated feed as well as compound feed by nutrient. Among them premixed feed
and concentrated feed are both supplied to internal compound feed plants and sold to external markets directly. External customers
include other feed enterprises or dealers with certain feed ingredient procurement formulation and production capacity who produce
compound feed on the basis of the Company's premixed feed and then resell them to other farmers with their own brands or no brands;
large farms that have the above capabilities but produce the compound feed for their own use. By animal the Company’s products
include almost all types of feed products such as poultry feed pig feed aquatic feed and ruminant feed.As the Company also has pig farming business downstream the pig feed produced is supplied to downstream collaborative farmers
and company-run farms in addition to sales to external markets. Poultry feed aquatic feed and ruminant feed produced by the Company
are mainly sold to external markets. In the downstream sales the Company has seized the opportunity of increasing the scale of farming
in recent years to increase the direct sales for large-scale farms and breeding enterprises but also attaches great importance to dealers
to maintain full coverage of the majority of small and medium-sized farmers (as shown in the figure below).
30Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Other feed
External sales
Premixed feed/ enterprises/dealers/large
concentrated feed
farms
production
Internal sales
Company-run pig farms/
contract farmers
Feed ingredient Internal sales External sales - Direct
procurement
supply
Breeding enterprises/
large farms
Compound feed
External sales - Distribution
production
Small and medium-sized
Dealers
farmers
The Company’s feed business has maintained a leading position in the domestic feed industry in terms of scale for many years.In 2024 the total domestic and international feed sales volume of the Company combined reached 25.96 million tons equivalent to
8.2% of the national total output. Affected by the decline in breeding volume during the domestic breeding cycle the total volume
slightly decreased compared with 2023. Among them there were 14.96 million tons of poultry feed 8.67 million tons of pig feed 1.69
million tons of aquatic feed and 0.44 million tons of ruminant feed. The sales volumes of the main feed products were all among the
top in the industry.In addition to maintaining a leading position in the domestic feed industry for a long time the Company also took the lead in
“going global” on behalf of Chinese feed enterprises in 1999 by establishing the first overseas feed company in Vietnam which has
been deeply involved in the overseas market for a quarter of a century and has more than 60 branches and subsidiaries in 15 countries
and regions. Through long-term overseas operations the Company has obtained a deep understanding of and integrated into overseas
cultures replicated the advanced domestic formula procurement capabilities to overseas markets and also improved labor efficiency
and reduced labor cost by utilizing local personnel in production sales and other links. Especially in the feed market in Southeast Asia
the Company has become an important Chinese force. In core overseas countries where the Company has key business layout such as
Indonesia Vietnam Egypt and other countries the feed sales of the Company have entered the top four in these countries.(II) Pig breeding and slaughtering business
The Company started to greatly expand its pig farming business in 2016. From 2019 to 2020 in the wake of swine fever outbreak
the Company invested heavily in pig farming business in response to the call of the state to stabilize production and ensure supply
rapidly increasing the pig farming capacity and pig sales. In 2021 the Company’s pig farming business entered into the stable operation
stage. The number of pigs farmed increased to 16.52 million in 2024 ranking third among domestic listed companies.
1. The Company's business model in pig breeding
In pig breeding the Company has established a two-line "pyramid" breeding system centered on Hypor external three-way cross
and PIC five-way cross to select pig breeds suitable for regional markets according to the differences between the markets in north and
south China. In the context of the high incidence of pig diseases in recent years the Company has also further established a backcross
breeding system since the second half of 2023 increasing the supply and regulation capacity of breeding pig production and improving
the Company's operational stability and rapid response ability when dealing with pig diseases and extreme markets. After stable
operation since 2021 the Company gradually reversed the phased regression following the rapid expansion in the previous years and
the production indicators in all aspects gradually improved. By the end of 2024 the average PSY of the Company's sow production
recovered to about 25 which was in the leading level in the industry.
31Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
In terms of commercial pig finishing the Company has gradually built finishing farms according to the specific conditions of
different projects in different regions. At present the Company remains the focus on the "company + farmer" collaborative breeding
supported by integrated company-run breeding. By the end of 2024 the ratio of integrated company-run breeding to collaborative
breeding was about 35:65 and the proportion of company-run breeding increased compared to the end of 2023. With the improvement
of the Company's finishing farm management and talent training the proportion of integrated company-run breeding will gradually
increase in the future and the Company will realize a more balanced development layout of "company + farmer" collaborative breeding
and integrated company-run breeding.
2. Division of duties in collaborative finishing
In collaborative finishing the Company and farmers respectively invest different production factors assume different duties and
share different earnings and risks. In terms of input of production factors the Company is responsible for the input of piglets feed
veterinary drugs vaccines etc. while farmers provide the input of fixed assets such as pigpen. In addition farmers need to pay a
breeding deposit and bear the costs of labor water electricity and fuel on finishing farms. In terms of division of duties the Company
is responsible for piglet supply feed supply epidemic disease prevention and treatment breeding technology guidance collection and
sales and other process while farmers are responsible for daily feeding cleaning and biosafety control. In terms of earnings and risks
the Company bears the market price risk and enjoys the opportunity profit while farmers neither bear the market risk nor enjoy the
opportunity profit. The farmers’ returns are relatively stable and not directly related to the market prices but closely related to the
breeding results. In addition the Company is exposed to risks that farmers don’t abide by the contract or the Company’s guidance and
sell pigs or use medication without authorization. However as the scale of collaborative farming has been growing and the collaboration
period has become longer in recent years in case of the aforesaid breaches farmers will bear huge risk of dishonesty and the Company
will confiscate the breeding deposit and sue the farmers for breach of contract. Therefore such breaches are becoming less frequent.
3. Pricing and settlement of collaborative finishing
When the Company signs the contract of collaborative finishing with farmers a basic unit price is first formed according to the
market conditions at that time which would change appropriately according to the latest market changes at the time of pig recycling
and settlement. When finished pigs reach the marketable weight they are weighed and the basic price is formed by the base unit price
multiplying the average weight before the settlement price is adjusted according to the specific weight of each pig that exceeds or fails
to reach the ideal weight range marketing rate (i.e. the survival rate) rate of conforming products feeding days total weight gain
whole-process feed conversion ratio daily average weight gain excessive consumption of feed and the other production indicators
thus deriving the final commission payable to contract farmers.
4. Number and structure of contract farmers and their changes
As at the end of December 2024 there were 1439 contract farmers finishing pigs for the Company down 21% from the end of
December 2023. The average size of contract farmers was basically the same as that at the end of December 2023. By structure of the
stock scale the number of farmers each with less than 1000 pigs accounted for 8% down 0.9 percentage points from a year earlier;
farmers each with 1001 to 3000 pigs accounted for about 58% down 1.1 percentage points from a year earlier; farmers each with
3001 to 5000 pigs accounted for about 23% up 2.2 percentage points from a year earlier; and farmers each with more than 5001 pigs
accounted for 11% down 0.2 percentage points from a year earlier.By structure of the farmers' regional distribution according to the five regions defined by the Ministry of Agriculture for the
prevention and control of major swine diseases the number of farmers in the northern region accounted for about 10% up 1.9
percentage points from a year earlier; farmers in the eastern region accounted for 22% up 3.4 percentage points from a year earlier;
farmers in the northwestern region accounted for about 11% down 1.0 percentage points from a year earlier; farmers in the
southwestern region accounted for about 13% down 4.4 percentage points from a year earlier; and farmers in the south central region
accounted for about 44% up 0.1 percentage points from a year earlier.
5. The Company's business model in pig slaughtering
In terms of pig slaughtering the Company has established some slaughter supporting facilities in Beijing Liaoning Hebei
Shandong Shaanxi and other places according to the layout and scale of the upstream breeding in different regions. In terms of breeding
32Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
in the region with slaughter facilities the Company gives priority to the internal slaughterhouse for slaughter and in other regions with
no slaughter facilities pigs are sold externally. In recent years the Company has enhanced the direct marketing between breeding and
external slaughtering enterprises. However with the current development of the industry pigs are still need to be sold to pig traders in
many regions. In terms of slaughtering about 70% of the pigs of the Company slaughtered every year are finished at company-run
farms and the rest are pigs from other farms acquired in the market.The complete business model of the Company's pig breeding and slaughtering business is shown in the figure below.Outsourcing
External pig farms
Internal sales
Internal feed Company-run
production slaughterhouses
Company-run
finishing farms
Parental pig
Breeding system External
production
Supply of replacement slaughterhouses
Supply of weaned
gilts
piglets Farmer-run External sales
finishing farms
Pig traders
III. Analysis of core competitiveness
(I) Core competitiveness in feed business
Domestic feed business：
1. Strong bargaining power and resource integration capabilities brought by large-scale operation. Scale is one of the most essential
competitive factors in the feed industry. The feed yield of the Company ranks among the top in the country with feed production and
sales covering 29 provinces municipalities and autonomous regions at present. The industry-leading production and sales volume and
the extensive market coverage enable the Company to reach domestic and foreign grain business giants and large channels of the same
magnitude leading companies in other related industries and local governments at all levels thus leveraging the strong bargaining
power by virtue of its scale advantage to conduct cooperation of various forms and exploit its advantages of resource integration.
2. Leading ingredient cost brought by supply chain management capabilities. In recent years the ingredient market has fluctuated
sharply. The Company has accelerated the turnover of inventory with inventory turnover days dropping from a peak of over 20 days
to 12 days and the turnover has continued to accelerate. In terms of ingredient procurement each major ingredient procurement team
of the Company has a regional BP to focus on the corresponding category and undertake regional market research procurement
business operation support and other work. Through centralized management of feed ingredient procurement business and logistics
business across the industry chain and by releasing resource integration capabilities brought by scale advantage the Company has built
the core competitiveness featuring leading ingredient cost and efficient operation.
3. Comprehensive customer service capability integrating upstream and downstream resources of the industrial chain. The
Company actively matches its customers with baby animals for farming and animal healthcare resources in each species with several
animal healthcare testing labs built in place to provide support to customers in terms of biosafety and comprehensive animal nutrition.In terms of financing relying on its powerful platform the Company actively matches its customers with various financing products
effectively alleviating financial stresses of farmers and providing customers with more facilities while keeping risks controllable.
33Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Especially in recent years with the improvement of the scale and centralization of the domestic pig breeding industry downstream
group breeding enterprises have also generated more comprehensive demands for products and services and the customer service
ability has become more important. The Company's farming business has also helped strengthen the service capacity of the feed
business. The pig business of the Company fully supports the feed business from three aspects: talent training scale farm service and
breeding SOP sharing.
4. Continuously improved fine technology R&D capabilities. With a well-established R&D system the Company conducts
detailed research and development considering regional breeding differences and growth-phase nutritional differences of all varieties
continuously iterating and launching products that meet differentiated needs of breeding customers. Meanwhile the Company keeps
researching alternative ingredient technologies and optimizing its formula costs to increase profitability. In particular against the
backdrop of the escalating trade disputes between China and the United States since 2025 the Company has also fully accumulated
technologies and solutions for reducing and replacing feed soybean meal in feed over the past few years. The Company has successively
participated in a number of key national R&D programs and international cooperation projects under the "14th Five-Year Plan"
creating new non-grain protein feed products and new energy products to replace corn. It has evaluated the nutritional value of various
feed resources such as bacterial protein black gadfly ash and other new proteins cottonseed meal rapeseed meal palm meal and other
miscellaneous meals distiller's grains vinegar grains and other residues as well as cassava barley and sorghum and the appropriate
addition amount of the corresponding ingredients in livestock and poultry and the high-value application technology forming a series
of technical achievements and application schemes. The "Diversified Feed Application Technology for Pigs and Poultry" developed
by the Company has been selected as a "Typical Case of Reducing and Replacing Soybean Meal in Feed" by the Ministry of Agriculture
and Rural Affairs. It has been widely promoted and applied in the industry and will play a significant role in alleviating the shortage
of protein feed resources in China.Overseas feed business：
1. The advantages of global capacity layout and localized operation. The Company has established a dense production capacity
network in emerging markets such as Southeast Asia and South Asia with over 60 subsidiaries and branches in 15 countries and regions.Feed factories have been opened in countries such as Indonesia Vietnam Egypt Bangladesh the Philippines and Myanmar directly
utilizing local agricultural resources to reduce procurement and transportation costs and avoid trade barriers. The localized production
mode enables the Company to respond quickly to changes in market demand and formulate different production and operation
strategies for different countries forming a flexible production and operation system overseas.
2. Full industrial chain collaboration capability. Relying on its domestic mature industrial chain experience of the "feed—breeding—slaughtering and processing” the Company provides customized feed products and technical services to overseas customers
and drives customer retention with its outstanding feed product capabilities high-quality supporting services and the synergy in the
fields of seedlings and animal health in the upstream and downstream of the industry.
3. Technology R&D and product innovation capabilities. The Company introduces the domestic formula technology advantages
to overseas develops differentiated formulas for different regional breeding varieties and optimizes the cost structure based on the
local raw material supply characteristics so as to keep the overall production cost leading.
4. Brand and channel resource barriers. Relying on its leading position in domestic agriculture and animal husbandry and 40 years
of industry accumulation the Company enjoys a certain brand recognition in overseas markets especially in areas with a high
concentration of overseas Chinese. Small and medium-sized farmers and large-scale farms are covered in a dual-channel network of
"distributors + direct sellers". The Company has also long been involved in the investment of agricultural projects in BRI countries
and has received recognition and policy support from the host governments further consolidating its channel advantages in the host
countries.
5. Risk management and compliance capabilities. Facing risks such as exchange rate fluctuations and geopolitics in overseas
markets the Company adopts a hedging mechanism combining overseas localized teams and financial tools to reduce the impact of
exchange rate fluctuations on net profits by locking in costs through foreign exchange futures and ingredient futures.(II) Core competitiveness in pig breeding and slaughtering business
34Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
1. Overall balanced capacity distribution close to main sales areas. According to the regional division by the Ministry of
Agriculture for major swine disease containment the Company’s pig farming capacity is more evenly distributed in the five regions
with 1 or 2 provinces as the focus of layout in each region and all these provinces being or surrounding core areas of population
economy and consumption in respective region. The balanced production capacity layout can help the Company decentralize risks and
avoid considerable losses to the Company as a whole due to animal diseases natural disasters and extreme market conditions in
particular regions during certain period of time. In 2024 the Company renovated epidemic prevention facilities and equipment of some
company-run farms in the north that were significantly affected by major swine diseases as well as some free-range farms with special
attention paid to the transformation of positive pressure ventilation which greatly improved the epidemic prevention situation in the
winter of 2024 and made up for the shortcoming that the Company had capacity layout in the northern market in the past few years but
could not fully utilize it. As the renovated farms in the north resume production one after another in the future the Company's advantage
of evenly distributing production capacity across the country will be more fully exerted.
2. Gradually improved "pyramid + backcross" dual-breeding system. The Company mainly relied on the "pyramid" breeding
system in the past. Now most of the pig farms in operation have built GP lines and established GP pig herds in accordance with the
pyramid configuration requirements. Other independent parental pig farms also have GP farms within the system responsible for the
supply of reserve parental pigs. The gradual ramp-up of these GP lines and gradual optimization of the pyramid system will help these
pig farms achieve stable full-load operation in the future. In view of the frequent occurrence of animal diseases in the industry in recent
years the Company also actively draws on the best practices of the industry and has stepped up efforts to establish a backcross pig
production and management system for unified management and deployment of the pig business from the middle of 2023 to increase
the supply capacity and adjustment capacity of the production of breeding pigs enhancing its stability and flexibility in business
adjustment when dealing with animal diseases and extreme market shocks.
3. AI technology integrated core population cultivation capacity based on independent intellectual property selection algorithm.
For breeding pigs of core herds such as GP pigs and GGP pigs the Company has developed HUGE-HOPE a breeding and production
management software with independent intellectual property rights. Compared with traditional breeding software this one realizes the
breeding value calculation of 6 growth traits + 6 reproductive traits adding a number of important economic traits with both computing
power and efficiency improved. The self-developed matching software also realizes the AI matching mode replacing human labor with
algorithm which efficiently generates more accurate matching schemes in the system. In terms of genome-wide selection technology
and application the Company has accumulated tens of thousands of gene sequencing data and independently developed pedigree
correction and reconstruction variety and strain identification and other applications. In the field of phenotypic determination of
breeding pigs the Company has combined B-ultrasound with AI machine vision and automated image generation technology to
independently develop in vivo intramuscular fat determination software intelligent backfat eye muscle determination software and
portable weight estimation equipment and software achieving the domestic substitution of the above-mentioned software. This not
only enables a faster and more accurate assessment of the meat quality of newly selected breeds but also avoid the irreversible damage
to pigs caused by traditional slaughter inspection methods which is conducive to retaining superior pig individuals as breeding pigs
thereby comprehensively improving the accuracy speed and scale of the measurement work. The above-mentioned technological
advancements will significantly promote the Company's independent selection and breeding of higher-quality core herd pigs thereby
helping to enhance the production efficiency and growth performance of downstream parental and commercial pigs and strengthening
the overall competitiveness of the pig industry.
4. Ingredient procurement and formulation development capability in collaboration with feed business for feed ingredient
procurement feed supply department of pig business and supply chain management department of feed BUs jointly formed the
procurement model of headquarters centralized purchasing + regional centralized purchasing. Bulk and key ingredients are purchased
by supply chain management departments in a centralized manner while subsidiaries of pig business are responsible for procurement
of local ingredients. In terms of nutrition formula the Company has closely coordinated the nutrition R&D and technology application
system of the pig business and feed business and set up the Pig Feed Technology Application Institute under the Feed Research
Institute which is responsible for the overall R&D of nutrition and feed technology formula model management feeding program
35Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
formulation formula optimization and dynamic adjustment; nutrition departments of pig business actively participates in formula
optimization and dynamic adjustment with more focus on on-site management of nutrient conversion.
5. Ever-strengthening whole industrial chain system of "digital breeding". In terms of production management the planning and
operation control system launched by the Company in 2021 has been gradually improved which works in three parts: farming site
(farming tasks environmental control management video surveillance and site patrolling management) pig farm management
(abnormity warning task reminder feed management drug management and death and culling compliance) and corporate control
(real-time monitoring and alert full traceability plan management data analysis performance assessment etc.) to dynamically control
the whole process from the breeding pig end to the finishing end realizing the unification of the standards of each production process
and promoting the effective execution of production actions. In terms of digital training relying on the online platform of "New Hope
Academy" the Company developed and launched SOP short videos and micro-lessons on pig production biosafety and veterinary
skills with job certification programs matched to improve the job matching degree and stability of frontline workers and improve
production efficiency.
6. Strong ability to link breeding and slaughtering and a high brand recognition of fresh pork in multiple regions: the Company
currently has pig breeding and slaughtering capacity in Beijing Liaoning Hebei Shandong Shaanxi and other places. In some areas
the Company has matched and customized special pig herd breeding such as black pigs and antibiotic-free pigs in upstream breeding
based on the emerging consumer demand facing the downstream slaughtering link. The slaughtering process also represents market
demand to manage the pig quality and process of the breeding process and feedback improvement suggestions in a timely manner to
help the upstream breeding process to improve the product quality. In terms of pork brand "Kinghey" is the designated supplier for
the Beijing 2008 Olympic Games and the Company launched the high-end fresh black pig pork brand "Zhichu" in 2022 which is
highly recognized by customers and partners in the industry.(III) Anti-risk capabilities based on integrated industry chain layout and overall credibility
The integrated industry chain layout from upstream feed to midstream pig breeding and then to downstream pig slaughtering can
help the Company decentralize operational pressure and hedge against risks of market to a certain extent. For example when the pig
price is low it usually means that the breeding scale is larger which can bring greater sales of feed in the upstream and also reduce
the purchase price of pig slaughter in the downstream leading to high production load rate which is conducive to reducing the cost.The high-turnover characteristics of feed business can also provide the Company with stable cash flow supply.In addition the Company has maintained steady operation for more than 40 years enjoying good social reputation and word of
mouth. At present the Company has sufficient capital reserves with support from many large financial institutions unreduced. The
Company has nearly 100 billion yuan of credit granted by financial institutions and the overall credit utilization ratio is about 50%
remaining a large room for utilization. The Company has long been maintaining high levels of credit ratings. The high corporate
credibility market recognition and strong financing capacity provided the Company with stable and low-cost refinancing support
during the tough periods of the industry playing an anchoring role for the Company to achieve stable development through cycles.IV. Analysis of main businesses
1. Overview
In 2024 the domestic agriculture and animal husbandry industry gradually emerged from the trough and entered a moderate
recovery period. Although the situation on the consumption side is generally stable on the supply side with the continuous reduction
of stock of breeding sows from last year the pig output was also continuously reduced which triggered a significant increase in the
pig price after entering the second quarter. Although the pig price started to fall from its peak in August the decline at the end of the
year was relatively limited making the average price for the whole year significantly better than that in 2023 and creating favorable
conditions for the improvement of profits in the industry in which the Company is involved. During the reporting period the Company
focused on two core sectors: feed and pig breeding and slaughtering. Seizing the opportunities for industry recovery for the feed
business on the basis of continuously enhancing the competitiveness in the domestic market it actively expanded overseas markets
36Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and increased the share of key markets; for the pig farming business it took advantage of the epidemic prevention and control
transformation of the farms continuously focusing on cost optimization and enhancing profitability. While ensuring production and
management the Company also actively carried out strategic cooperation revitalized existing assets raised financing flexibly through
multiple channels managed and controlled funds and continuously optimized the organizational system. With joint efforts of all parties
the Company's overall business performance in 2024 was better than that of last year. It achieved single-quarter profits in the last three
quarters and saw a significant increase in the annual profit. During the reporting period the Company reported operating income of
103.063 billion yuan a year-on-year decrease of 3.864 million yuan down 27.27% mainly due to the transfer of the controlling shares
in white feather poultry and food deep-processing sectors at the end of 2023; the net profit attributable to shareholders of the listed
company was 474 million yuan a year-on-year increase of 224 million yuan with a growth rate of 90.05%.(I) Feed business
In 2024 the previous pig production capacity and stock continued to decline bringing certain pressure to the domestic pig feed
sales. However the decline in feed ingredients’ market prices is conducive to the improvement of feed production cost efficiency. The
rise in pig price which improved the profitability of the breeding sector is also conducive to the recovery of the profitability of the
feed sector. The Company made strategic upgrades for the feed business and continued to improve in raw material procurement
formula research and development marketing transformation etc. to ensure that the feed business remained stable in the reversal
period of the industry trough laying a solid foundation for subsequent growth.
1. Timely upgrade of strategies in response to market changes: in the first half of 2024 both the pig market and the Company's
profitability witnessed a significant reversal since 2021. Based on industry changes and market demand the Company further clarified
its feed business strategy as specialization under the premise of effective scale improvement. With scale growth as the foundation and
the improvement of operational efficiency as the orientation under the premise of effective scale improvement the Company gradually
moved towards pursuing specialized development; by further consolidating the basic capabilities driven by scale efficiency the
Company reduced its expenses offering benefits to the market and helping farmers achieve cost optimization.
2. Strengthened major regions to activate the front line: the Company further strengthened the six major regions under the feed
BU in the domestic feed business enhancing their management authority and improving decision-making efficiency. In addition the
general manager responsibility system was fully implemented at all levels authorizing those who "hear the gunfire" to command battles.Through quarterly red and yellow card assessment front-line cadres and employees were activated to ensure market-driven operation.
3. Product committee established to enhance product strength: the Company set up a comprehensive product committee that is
responsible for the overall quality and cost of feed products from top to bottom to ensure product stability. It strengthened the linkage
between technology and procurement. Based on the changes in raw material market conditions it precisely adjusted the nutrition plan
and precisely controlled product costs to help farmers reduce meat production costs and enhance the competitiveness of products.Through the construction of the product system the Company further enhanced the ability to digitize formulas and promoted the
replication of the flagship products of each major region to other regions facilitating the alignment of formula capabilities among
front-line units and ensuring the unified performance of products in the market.
4. Digital empowerment to enhance procurement advantages: the Company continuously optimized the three-level procurement
mechanism among feed business units major regions sub-regions and subsidiaries. With digital tools the seamless connection of
sales volume forecasting procurement plan management and procurement process management were promoted improving the overall
procurement efficiency and raw material turnover efficiency. Through digital supplier hierarchical management the respective
advantages of strategic suppliers and potential suppliers were given full play to fully supporting the Company's operation. The
management of the procurement process was also strengthened. The Company implemented the online procurement process fully
promoting online sourcing and price comparison to connect the supplier resources among materials and business units scientifically
schedule and allocate feed ingredients and further improve the turnover efficiency of raw materials.
5. Resource allocation increased to accelerate the development of overseas feed business: relying on its early overseas layout and
extensive business foundation the Company fully integrated into local cultures continuously strengthened localized operations and
gradually built a sustainable development model for overseas business. In 2024 as its overall financial condition and profitability
37Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
improved the Company began to increase its resource allocation to overseas markets sending leading domestic products outstanding
talents and advanced technological capabilities to help overseas breeding end customers enhance their technologies. By the end of the
year it also made a clear plan for the investment in new overseas feed production capacity in the coming years laying the foundation
for the further growth of overseas business in the future. In addition the Company also relied on the Singapore platform to fully
leverage its global procurement and fund management advantages continuously strengthening its global operation capabilities
During the reporting period the Company's feed sales totaled 25.96 million tons of which 21.21 million tons were sold externally.Among them the sales volume of poultry feed was 14.96 million tons; the sales volume of pig feed was 8.67 million tons of which
4.22 million tons were sold externally; the sales volume of aquatic feed was 1.69 million tons; the sales volume of ruminant feed was
440000 tons; an operating income of 68.698 billion yuan was reported.
(II) Pig breeding and slaughtering business
In 2024 the pig price showed an "inverted V-shaped" trend. In Q1 it continued the previous sluggish trend; in Q2 it gradually
rose; in Q3 it reached the highest level of the year; in Q4 it gradually declined but remained slightly higher than the level of the first
quarter. The average price for the whole year increased by about 10% compared with 2023. Despite the fact that the pig price rose first
and then fell the Company continuously strengthened internal management and improved production indicators. Especially in
preventing and controlling major swine diseases in the winter of 2024 it achieved a significant improvement leading to a sustained
and stable decline in production costs and enabling the pig industry to achieve profitability in the following three quarters.
1. Farm renovation and epidemic prevention upgrade: at the end of 2023 and the beginning of 2024 in view of the regular
occurrence of major swine diseases in the north every winter in recent years which has repeatedly affected some company-run farms
in the north the Company resolutely launched the farm renovation project in areas with high incidence of disease with the focus on
the positive pressure ventilation renovation. In addition to the renovation of the company-run farms the Company also promoted the
positive pressure ventilation renovation of farmer-run finishing farms which was completed as scheduled in the second half of the year.Through hardware renovation and upgrading and the process optimization and upgrading of other epidemic prevention measures such
as link monitoring biosafety and emergency response the Company's epidemic prevention works this winter achieved a significant
improvement. The incidence rate decreased by more than 70% year-on-year greatly reducing the loss of mortality and culling and
effectively ensuring the continuous and stable decline of breeding costs.
2. Strengthened front-line production management: in 2024 the Company focused on optimizing the mating management of
replacement gilts and the feeding management of pregnant sows in the breeding process. The former continued to reduce the
replacement age in days of gilts approaching 220 days in 2024 a decrease of nearly 30 days from the end of last year and helped
reduce the cost of replacement; the latter enabled more accurate feeding of pregnant sows reducing feed waste and helping lower the
cost of weaning piglets. In pig finishing process the Company further strengthened risk management and control of contract farmers
by strengthening the verification by internal control departments significantly reducing the proportion of abnormal settlement of
commission payable to contract farmers. As its finishing capacity improved the Company gradually increased the proportion of
company-raising finishing pigs. By the end of the year the ratio of company-raising finishing pigs to free-range finishing pigs in stock
was approximately 35:65 and the proportion of company-raising pigs increased compared to the end of 2023. With concerted efforts
multiple production indicators and cost data were continuously optimized. In 2024 the average number of weaned piglet per litter
raised by the Company throughout the year reached 10.8 an increase of 0.3 compared with the previous year; the average PSY
throughout the year reached 24.7 an increase of 1.7 compared with the previous year; the average weaning cost for the whole year was
290 yuan per pig a decrease of 90 yuan per pig compared with the previous year; the average finishing survival rate throughout the
year reached 92% an increase of 3 percentage points compared with the previous year; and the average feed conversion ratio for the
whole year reached 2.67 a decrease of 0.12 compared with the previous year.
3. Optimized breeding pig system: the construction of backcross pig production and management system initiated by the Company
in the middle of 2023 was basically completed in the first half of 2024 with the backcross pool and gilt pool under the unified
management and scheduling of the pig business group stabilized at a reasonable scale and the Company's "pyramid + backcross" dual
breeding pig system improving. On this basis the Company continued to improve the replacement of high-quality purebred sows with
38Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
premium two-way cross-bred sows laying a solid foundation for the improvement of the production index of the subsequent expansion
of the flock. The Company also focused on improving the boar management system. In 2024 it aimed to complete the replacement of
high-quality boars which is expected to further enhance the breeding capacity in 2025. The Company also reduced the number of boar
stations by nearly 50% in 2024 compared to the end of last year through efficient utilization and optimized management also helping
lower the cost of boars.
4. Flexible sales to enhance profits: in 2024 the Company further strengthened product planning enriching its product line and
sold some breeding piglets in a timely manner based on market changes and its own business conditions to accelerate turnover
efficiency and help increase the its profits. During the period when the price of fatted pigs dropped significantly in the second half of
the year but the price of piglets remained relatively firm the Company promptly increased the sales of piglets. The Company also paid
close attention to product quality and improved the graded sale of piglets to enhance product transparency and customer satisfaction
and maximize sales value.During the reporting period the Company sold 3.002 million piglets and 13.5229 million fatted pigs totaling 16.5249 million
recording sales proceeds of 23.543 billion yuan (slightly less than the accumulated sales proceeds listed in the monthly sales briefings
due to deduction of sales to internal slaughterhouses); slaughtered a total of 2.78 million pigs recording an income of 6.855 billion
yuan. The pig business as a whole reported an operating income of 30.398 billion yuan.
2. Revenue and cost
(1) Composition of business revenue
Unit: yuan
20242023
Proportion in
YoY increase or
Proportion in
Amount operating Amount decrease
operating income
income
Total operating
103062962254.34100%141703248931.32100%-27.27%
revenue
By sector
Feed 68698174673.48 66.66% 81279178937.09 57.36% -15.48%
Pig business 30397998558.87 29.49% 28359516423.19 20.01% 7.19%
Others 3966789021.99 3.85% 32064553571.04 22.63% -87.63%
By product
Feed 68698174673.48 66.66% 81279178937.09 57.36% -15.48%
Pig business 30397998558.87 29.49% 28359516423.19 20.01% 7.19%
Others 3966789021.99 3.85% 32064553571.04 22.63% -87.63%
By region
Overseas 20034393987.98 19.44% 20078547644.94 14.17% -0.22%
Domestic 83028568266.36 80.56% 121624701286.38 85.83% -31.73%
By sales model
Distribution 58113244061.18 56.39% 88195052082.12 62.24% -34.11%
Others 44949718193.16 43.61% 53508196849.20 37.76% -15.99%
(2) Industries products regions and sales models that account for more than 10% of the Company’s business revenue or
operating profits
□Applicable □Not applicable
Unit: yuan
39Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
YoY increase or YoY
YoY increase or
Gross decrease in increase or
Operating income Operating costs decrease in
margin operating decrease in
operating costs
income gross margin
By sector
Feed 68698174673.48 65330054842.69 4.90% -15.48% -15.17% -0.35%
Pig
23542991403.7820898436926.2411.23%10.52%-8.52%18.48%
business
By product
Feed 68698174673.48 65330054842.69 4.90% -15.48% -15.17% -0.35%
Pig
23542991403.7820898436926.2411.23%10.52%-8.52%18.48%
business
By region
Overseas 20034393987.98 18126447744.99 9.52% -0.22% -1.00% 0.71%
Domestic 83028568266.36 78024081970.98 6.03% -31.73% -34.70% 4.28%
By sales model
Distributi
58113244061.1854536182583.616.16%-34.11%-36.31%3.24%
on
Main business data of the Company of the latest 1 year after adjustment according to the standards at the end of the reporting period
if the statistical standards of the Company's main business data is adjusted during the reporting period
□Applicable □Not applicable
Unit: yuan
YoY increase or
YoY increase or YoY increase or
Gross decrease in
Operating income Operating costs decrease in decrease in gross
margin operating
operating costs margin
income
By sector
Feed 68698174673.48 65330054842.69 4.90% -15.48% -15.17% -0.35%
Pig
busines 30397998558.87 27368291585.36 9.97% 7.19% -9.33% 16.40%
s
By product
Feed 68698174673.48 65330054842.69 4.90% -15.48% -15.17% -0.35%
Pig
busines 30397998558.87 27368291585.36 9.97% 7.19% -9.33% 16.40%
s
By region
Oversea
20034393987.9818126447744.999.52%-0.22%-1.00%0.71%
s
Domest
83028568266.3678024081970.986.03%-31.73%-34.70%4.28%
ic
By sales model
Distribu
58113244061.1854536182583.616.16%-34.11%-36.31%3.24%
tion
Reason for change
To further optimize the industrial development strategy focus on core business continuously improve the core competitiveness
and sustainability and promote high-quality development the Company disposed of the white feather poultry business and food
business in 2023 leading to change in its industrial structure with the pig slaughtering business originally included in food business
40Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
reclassified into pig business. Therefore the figures of the pig business of the current and comparable periods involved in this report
have been adjusted accordingly.
(3) Whether the Company’s physical sales revenue exceeded the labor service revenue
□Yes □No
Industry YoY increase or
Item Unit 2024 2023
classification decrease
Sales volume 10000t 2595.77 2875.95 -9.74%
Feed Production output 10000t 2580.60 2874.43 -10.22%
Inventory 10000t 9.20 24.37 -62.25%
Sales volume 10000t 40.42 242.85 -83.36%
Slaughtering and
Production output 10000t 38.07 240.08 -84.14%
meat products
Inventory 10000t 1.14 3.49 -67.34%
Sales volume 10000 pigs 1652.49 1768.24 -6.55%
Hog
Production output 10000 pigs 1652.49 1768.24 -6.55%
Remarks on causes of more than 30% YoY change in related data
□Applicable □Not applicable
The year-on-year decrease in the inventory of feed and livestock slaughter was mainly due to the Company's accelerated inventory
turnover; and the year-on-year decline in the slaughtering and meat product sales volume and production volume was mainly caused
by the disposal of poultry companies during the period.
(4) Performance of major sales contracts and major purchase contracts executed by the Company as at this reporting period
□Applicable □Not applicable
(5) Composition of operating cost
Unit: yuan
20242023
YoY
Industry Proportion
Item Proportion in increase or classification Amount in operating Amount
operating decrease
cost
cost
Feed Main materials 56242644214.08 86.09% 67765292373.81 87.99% -1.90%
Feed Auxiliary 6644066577.50 10.17% 6877418580.50 8.93% 1.24%
Packaging
Feed 385447323.57 0.59% 377372352.12 0.49% 0.10%
materials
Employee
Feed 333183279.70 0.51% 338864969.25 0.44% 0.07%
compensation
Manufacturing
Feed 940752789.73 1.44% 854863899.70 1.11% 0.33%
costs
Feed Fuel and power 783960658.11 1.20% 800953563.69 1.04% 0.16%
Slaughtering
and meat Main materials 6220118269.27 96.14% 25208316517.41 87.89% 8.25%
products
Slaughtering Auxiliary 73109357.65 1.13% 848977322.69 2.96% -1.83%
41Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and meat
products
Slaughtering
Packaging
and meat 18115593.05 0.28% 427356827.98 1.49% -1.21%
materials
products
Slaughtering
Employee
and meat 65345532.06 1.01% 1207498151.53 4.21% -3.20%
compensation
products
Slaughtering
Manufacturing
and meat 64698546.59 1.00% 651073825.17 2.27% -1.27%
costs
products
Slaughtering
and meat Fuel and power 28467360.50 0.44% 338443662.42 1.18% -0.74%
products
Pig breeding Feed 13493507365.98 64.56% 15337083505.25 67.13% -2.57%
Employee
Pig breeding 3675191922.50 17.59% 3373058273.99 14.76% 2.83%
compensation
Pig breeding Depreciation 1378729517.40 6.60% 1771863755.60 7.76% -1.16%
Cost of
Pig breeding medicines and 752908149.49 3.60% 867191687.73 3.80% -0.20%
vaccines
Pig breeding Fuel and power 528803949.37 2.53% 479601763.78 2.10% 0.43%
Material
Pig breeding 185402920.81 0.89% 235157080.97 1.03% -0.14%
consumption
Pig breeding Other fees 883893100.69 4.23% 781607265.02 3.42% 0.81%
Notes
None
(6) Whether the scope of consolidation changed during the reporting period
□Yes □No
1. The entities added to the consolidated statements of this year include:
Shanghai New Hope Kinghey Food Co. Ltd. Zhangwu New Hope Liuhe Farming Co. Ltd. Kangping Xinwang Liuhe Farming
Co. Ltd. Yi County Jinguan Farming Co. Ltd. Shanghai New Hope Supply Chain Technology Co. Ltd. Qingdao New Hope Liuhe
Trade Co. Ltd. Liu’an Xinxi Food Co. Ltd. Qingyuan New Hope Farming Technology Co. Ltd. Liaoning Jinguan Farming Co.Ltd. Heishan County Jincheng Farming Co. Ltd. and Langxi Huaren Feed Co. Ltd. which were established in 2024 and included in
the consolidated financial statements from the date of their establishment.
2. The entities removed from the consolidated statements this year include:
Qingdao Hengtai Datong Park Operation & Management Co. Ltd. Sichuan New Hope Liuhu Food Co. Ltd. Handan Liuhe
Huayu Feed Co. Ltd. Nanchang Guoxiong Feed Technology Co. Ltd. Nanning Guoxiong Technology Co. Ltd. Chenzhou Hope
Feed Co. Ltd. Chongqing Guoxiong Feed Co. Ltd. Chongqing Hope Feed Co. Ltd. Hainan New Hope Agriculture Co. Ltd.Haiyang New Hope Liuhe Farming Technology Co. Ltd. Yongzhou New Hope Liuhe Feed Co. Ltd. Putian New Hope Zhenxing
Animal Husbandry Co. Ltd. Fujian Datian New Hope Liuhe Animal Husbandry Co. Ltd. Tongliao Xinwang Farming Technology
Co. Ltd. Suixi Xinyue Farming Technology Co. Ltd. Ya'an New Hope Feed Co. Ltd. Xiangyang Xinyue Farming Co. Ltd. Guangxi
New Hope Liuhe Breeding Co. Ltd. Xinhe International Trade Co. Ltd. Xiangyang Hope Co. Ltd. Guangzhou Xinhe Biological
Feed Co. Ltd. Anhui Xinkai Biotechnology Co. Ltd. Zunhua Liuhe Mercado Food Co. Ltd. Changshan New Hope Liuhe Farming
Co. Ltd. and Fu’an Xinliu Farming Technology Co. Ltd. Among them Qingdao Hengtai Datong Park Operation & Management Co.Ltd. Sichuan New Hope Liuhu Food Co. Ltd. Handan Liuhe Huayu Feed Co. Ltd. Nanjing Guoxiong Technology Co. Ltd.Nanchang Guoxiong Feed Technology Co. Ltd. Nanning Guoxiong Technology Co. Ltd. Chenzhou Hope Feed Co. Ltd. Chongqing
42Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guoxiong Feed Co. Ltd. Chongqing Hope Feed Co. Ltd. and Hainan New Hope Agriculture Co. Ltd. the equity in which was
disposed of by the Company were not included in the consolidated financial statements from the date of their disposal and the rest
companies which were deregistered in 2024 were not included in the consolidated financial statements from the date of their
deregistration.
(7) Significant changes or adjustments to businesses products or services of the Company within the reporting period
□Applicable □Not applicable
(8) Major trade debtors and major suppliers
Major trade debtors of the Company
Total sales to the top 5 customers (yuan) 9446756645.40
Percentage of total sales to top 5 customers to annual total sales 9.17%
Percentage of related-party sales in sales to top 5 customers to
7.35%
annual total sales
Information on top 5 customers of the Company
Proportion in annual total
S/N Client name Sales (yuan)
sales
1 Customer 1 6812651309.56 6.61%
2 Customer 2 759531876.36 0.74%
3 Customer 3 805025298.83 0.78%
4 Customer 4 644509277.68 0.63%
5 Customer 5 425038882.97 0.41%
Total -- 9446756645.40 9.17%
Remarks on other details of major customers
□Applicable □Not applicable
Major suppliers of the Company
Total purchase amount of the top 5 suppliers (yuan) 16218507455.75
Percentage of total purchase amount of top 5 suppliers to
19.48%
annual total purchase amount
Percentage of related-party purchase amount in total purchase
4.44%
amount of top 5 suppliers to annual total purchase amount
Information of tope 5 suppliers of the Company
Proportion in annual total
S/N Supplier name Purchase amount (yuan)
purchase amount
1 Supplier 1 4407351927.10 5.29%
2 Supplier 2 3948924844.43 4.74%
3 Supplier 3 3695792341.55 4.44%
4 Supplier 4 2879575911.35 3.46%
5 Supplier 5 1286862431.32 1.55%
Total -- 16218507455.75 19.48%
Remarks on other details of major suppliers
□Applicable □Not applicable
43Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
3. Costs
Unit: yuan
2024 2023 YoY increase or decrease
Selling expenses 1260107740.33 1777959629.05 -29.13%
General and administrative
3756267104.574599775652.63-18.34%
expenses
Finance expenses 1804175384.46 1975464582.81 -8.67%
R&D expenses 249645874.91 207175082.96 20.50%
4. R&D input
□Applicable □Not applicable
Estimated effects on
Name of major R&D
Project purpose Project progress Intended objectives the future development
project
of the Company
Solving the problems
of large amount of
To develop pig The research on To develop a pig labor cumbersome
Research and immunization immunization immune-boosting operation and low
demonstration of pig equipment and improve equipment has been equipment to improve efficiency of pig
immunization the current situation of completed with immune efficiency. To immunization
equipment for large- low quality and low corresponding plan and implement operation and
scale pig farms to efficiency of industrial production tests carried application achieving the goal of
improve quality and immunization through out providing support demonstration to help improving the quality
efficiency application for the establishment of industrialization and efficiency of
demonstration. R&D direction. upgrading. industrial
immunization
operation.Through continuous
monitoring of the
epidemic and
To continue to monitor
transmission
the diversity and Continuing to upgrade
characteristics of the To establish an early
Research and transmission key technologies for
strains new changes in warning mechanism for
application of key characteristics of ASF the prevention and
field air transmission ASF develop
technologies for ASF strains guide the control of ASF
of ASF have been comprehensive
transmission prevention and control improve the prevention
detected with diagnostic technology
characteristics early and develop and and control capacity of
escalation blocking and achieve rapid
diagnosis and upgrade key pig farms and reduce
scheme early purification and
purification technologies for the losses caused by
diagnostic sampler and recovery of production.clinical early diagnosis ASF.differential diagnostic
and purification.reagent developed and
purification techniques
upgraded.The diagnostic system Establishing the
To shorten the
To establish a of epidemic technical system and
Demonstration of key decontamination time
demonstration system characteristics and evaluation standards
technologies for of pseudorabies
for the immune protection for the
decontamination of maintain the swine
decontamination of against pseudorabies decontamination of
major pig diseases and fever decontaminated
major diseases such as and classical swine major diseases and
efficient and healthy population and
pseudorabies and fever has been improving the
breeding establish immune
classical swine fever established. The prevention and control
evaluation criteria.technology of rapid and decontamination
44Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
decontamination of capacity of pig farms.post-weaning
population under
positive pseudorabies
has been developed
with several classical
swine fever
decontamination
demonstration farms
established.To establish low
The disinfectant To solve the problem
temperature
evaluation methods that disinfectants are
environmental
have been established easy to freeze in the
disinfection methods
with chlorine- low temperature Improving the effect of
Research and screen for safe and
containing environment in winter disinfectants and
application of winter effective disinfectants
disinfectants selected make the disinfectant reducing the cost of
disinfection technique and continuously
to study their play its effect normally decontamination.evaluate and screen
disinfection effects in and meet the needs of
disinfectants to reduce
different scenarios and disinfectants in
the cost of
promote their use. different scenarios.decontamination.Based on the
investigation and data
analysis of PED
incidence the key
factors affecting PED
To carry out the
incidence in large-scale Reducing the economic
research on the clinical
pig farms have been To study and establish loss caused by PED
early diagnosis
Analysis and early obtained and data an early warning and through the PED
technology of porcine
warning and forecast of analysis key index forecasting system for monitoring and early
epidemic diarrhea
typical livestock and screening model typical diseases in pig warning system
(PED) and the
poultry epidemic training and result farms and realize PED established so as to
transmission risk
diseases prediction have been early warning and improve production
analysis and establish
completed through forecasting. performance and
the prediction and early
continuous collection economic benefits.warning system.of data of related
factors with a disease
monitoring and early
warning model initially
established.Carrying out genome-
A 10K liquid chip by wide early breeding
To fully apply the early
finding the correlation with the 10K low-
breeding program
loci of economic traits density liquid chip to
based on the genome-
To fully tap the of self-owned improve breed
wide selection
potential of genome- population has been selection efficiency
technology to improve
wide technology in designed and produced greatly improve genetic
genetic progress by
breeding to get a low- with GWAS progress through
Genome-wide breeding 20% compared with
cost time-efficient and technology; an early scientific genetic
technology R&D and traditional breeding
high-accuracy early breeding program assessment and
application programs with the
breeding program for based on the chip has selection to shorten the
proportion of boars
significant been developed and breeding cycle and
castrated increased
improvement of applied in core farms accelerate the breeding
sharply and the
genetic progress. with chip measurement and promotion of new
number of breeding
cost reduced by 60% breeds reduce pig
pigs tested reduced
and the time efficiency genetic diseases
sharply.increased by 50%. through the selection of
stress resistance traits
45Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
to improve the health
level of pig herds.Through the
improvement and
upgrading of digital
intelligence
technology the
intelligent
transformation and
To use artificial upgrading of pig farms
intelligence technology To use artificial can be promoted to
to achieve intelligent intelligence technology replace manual
The development of
and automated to realize automatic phenotypic traits
R&D and application intramuscular fat
determination of phenotypic determination reduce
of Ai-based breeding measurement software
breeding pigs and determination of many costs improve human-
pig phenotypic and backfat eye muscle
comprehensively important economic effectiveness ratio
determination intelligent
improve the traits for standard and significantly improve
technology measurement software
determination intelligent determination
has been completed.accuracy speed and determination of efficiency and genetic
scale of phenotypic breeding pigs. assessment accuracy
data. and thus improve
genetic progress
strengthen breed
selection and genetic
improvement and
achieve continuous
improvement of pig
quality.According to the needs
of breeding farming
slaughtering and
consumers in the whole
hog industry chain the
The cultivation of
breeding target is grain
different specialized
saving fast growth and
lines and matching
high quality; to use the
lines can realize the pig
autonomous genome
The autonomous production in different
combination breeding
genome combination regions to be more in
algorithm to cultivate
breeding algorithm has To realize the stable line with the market
specialized lines with
been applied in the production of different and consumer demand
different traits: 3
system; preliminary hybrids and matching build product brands
specialized terminal
"Core Hope" new lines cultivation of lines in different and realize the
paternal copies (N81
and supporting line specialized lines has market regions; continuous upgrading
N82 and N83); 1
cultivation been completed and improve the production and optimization of the
specialized first
promoted in the efficiency and pork Company's pig
paternal copy (N7); 1
system; the quality of commercial breeding system and
specialized first
combination test of pigs. the continuous
maternal copy (N65
matching lines is under improvement of
and N66); to realize the
way. comprehensive
optimal hybrid
breeding capabilities
combination of
helping the efficient
specialized lines
development of the pig
according to the
industry.consumption
characteristics of
different regions to
complete the breeding
of matching lines so as
46Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
to realize the
improvement of
comprehensive
economic benefits.To achieve the large-
scale promotion of top
breeding pigs and the
improvement of large-
scale pig production To achieve deep
efficiency through integration and
R&D and application Research and application of The R&D reserve and
of the latest biological development of biological breeding application of
breeding technology somatic cell cloning technology and biological breeding
mainly the industrial technology and industry; to achieve technology can enrich
R&D and application
application of cloning experimental rapid improvement of the breeding system
of molecular breeding
technology; gene application disease breeding pig enhance the Company's
technology
editing and other resistance gene editing performance and core ability of pig
technology reserve and other related improve pig herd breeding and help the
R&D to lay a technologies have been productivity with the efficient development
foundation for the carried out. development of the of the pig industry.subsequent cultivation overall breeding
and popularization of industry.specialized varieties
and lines for disease
resistance grain saving
and high yield.To introduce intelligent Promoting the healthy
The research and field
and more automated and orderly
Research and To introduce application test of
equipment in new pig development of pig
development of new automation and AI intelligent pig selling
farms business by improving
pig farm improvement technology in pig system portable visual
to improve the the operation efficiency
equipment based on breeding to improve weight assessment and
efficiency of of pig farms to reduce
automation and AI production and intelligent thermal
pig farm logistics staff work intensity and
technology management efficiency insulation lamp have
production operation improve their
been completed.and other links. happiness.Following or leading
the development in
new pig farm
Electric boar truck To produce new
construction operation
Research and manure ditch cleaning biosafety prevention
To develop intelligent and maintenance
development of robot water boot and control equipment
prevention and control management and other
intelligent prevention washing machine and for people material
automation equipment aspects to reduce the
and control automation other equipment have and pig in circulation
for the biosafety of risk of biosafety and
equipment based on completed the technical as well as biosafety-
new pig farms improve the level of
new pig farm biosafety reserve or application related supporting
automation through the
test. equipment.application of new
technology and new
equipment.The prototype of the Striving to solve the
To solve the problems
intelligent pigpen problem of automatic
such as low degree of
disinfection robot To develop a pigpen disinfection in large-
automation of pigpen
Scene-sensing and system has been unmanned disinfection scale pig farms based
disinfection high labor
intelligent planning completed and part of system to meet the on the needs of the
cost of disinfection
pigpen unmanned the field test has been needs of pigpen industry improve the
operation health threat
disinfection technology carried out automated/intelligent level of pigpen
of disinfection drugs
preliminarily passing cleaning. disinfection and
and unassured
the vehicle reduce the
disinfection effect.performance and consumption of water
47Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
system core function and medicine
tests. resources.By monitoring
Optimize the existing
different types of
deodorization methods
piggeries through
improve the
online monitoring
environment of
platform obtain real-
Completed the piggery reduce the
Annual emission time odor
construction of the Develop odor emission total amount of odors
monitoring of odor concentration data in
online platform and report for piggery discharged from pig
concentration in fully piggery and calculate
data collection is under within the system farms reduce the risk
enclosed piggery the odor emission of
way of environmental
key field lines based on
complaints and
the data so as to
penalties and improve
provide basic data
the ecological benefits
support for
of the company.deodorization research.Optimize the existing
Establish a set of in- deodorization methods
piggery cleaning improve the
sanitation and feces Completed the environment of
management experiment of spraying piggery reduce the
Key technologies of
mechanism and deodorant in piggery Develop a set of in- total amount of odors
manure management
combine with other and investigation on piggery odor control discharged from pig
and odor control in
deodorization the status quo of technology scheme farms reduce the risk
fully enclosed piggery
techniques to form the manure management is of environmental
fecal ditch odor under way complaints and
emission reduction penalties and improve
process. the ecological benefits
of the company.Optimize the existing
deodorization methods
improve the
Developed a environment of
Develop the fan end
comprehensive piggery reduce the
deodorization
Key technology of fan evaluation table for Develop a set of fan total amount of odors
technology integration
end deodorization deodorants and the end odor treatment discharged from pig
scheme on the basis of
process integration promotion program package scheme farms reduce the risk
previous research
development is under of environmental
results
way complaints and
penalties and improve
the ecological benefits
of the company.R&D personnel of the Company
2024 2023 Percentage of change
R&D personnel (persons) 717 808 -11.26%
Percentage of R&D personnel 1.73% 1.66% 0.07%
Educational background structure of R&D personnel
Bachelor 282 323 -12.69%
Master 264 307 -14.01%
Doctor 25 31 -19.35%
Age composition of R&D personnel
Below 30 247 282 -12.41%
30~40332372-10.75%
48Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
R&D input of the Company
2024 2023 Percentage of change
Amount of R&D input (yuan) 270282343.04 313558027.53 -13.80%
Percentage of R&D input in
0.26%0.22%0.04%
business revenue
Capitalized amount of R&D
20072154.52103970289.74-80.69%
input (yuan)
Percentage of capitalized
7.43%33.16%-25.73%
R&D input in R&D input
Reasons for significant changes in composition of R&D personnel of the Company and their effects
□Applicable □Not applicable
Reasons for significant changes in proportion of total R&D input in business revenue compared with the previous year
□Applicable □Not applicable
Remarks on causes of substantial changes in capitalization rate of R&D input and their justifications
□Applicable □Not applicable
The capitalization rate of R&D input decreased by 25.73% compared with the same period. This was mainly due to the Company's
investment in R&D efforts in 2022-2023 to enhance the digitalization level of its breeding promote efficient breeding and risk early
warning. In 2024 the R&D was completed and transferred to intangible assets resulting in a reduction in the capitalization amount of
R&D input compared with the same period.
5. Cash flow
Unit: yuan
YoY increase or
Item 2024 2023
decrease
Subtotal of cash inflows from
107471916124.96147798571216.43-27.28%
operating activities
Subtotal of cash outflows from
98345362592.09133894555415.89-26.55%
operating activities
Net cash flows from operating
9126553532.8713904015800.54-34.36%
activities
Subtotal of cash inflows from
5489334829.114285217957.9128.10%
investing activities
Subtotal of cash outflows from
6576814149.064279715389.4753.67%
investing activities
Net cash flows from investing
-1087479319.955502568.44-19863.12%
activities
Subtotal of cash inflows from
47240133088.4745086184419.244.78%
financing activities
Subtotal of cash outflows from
56607703068.1160017779329.03-5.68%
financing activities
Net cash flows from financing
-9367569979.64-14931594909.7937.26%
activities
Net increase in cash and cash
-1385375801.43-1058037965.93-30.94%
equivalents
Remarks on major influencing factors for significant YoY changes in related data
49Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
□Applicable □Not applicable
The net cash flows from operating activities decreased by 34.36% mainly due to the increase in the Company's payment for goods to
suppliers;
the net cash flows from investing activities decreased by 19863.12% mainly due to the payment of temporary deposits of subsidiaries
that have been disposed of in 2023 in the current period;
and the net cash flows from financing activities increased by 37.26% mainly due to the decrease in cash paid by the Company for
minority equity acquisitions compared with the same period.Remarks on reasons for significant difference between net cash flows from the Company’s operating activities within the reporting
period and net profits of this year
□Applicable □Not applicable
V. Analysis of non-main business
□Applicable □Not applicable
Unit: yuan
Proportion in total Notes on reason for Whether sustainable or
Amount
profits formation not
Mainly consisting of
investment income
from the equity of
Return on investment 1617918713.06 334.65% China Minsheng Bank Yes
held by the Company
and recognized using
the equity method
Gain or loss from
312272.390.06%
change in fair value
Asset impairment -193427237.75 -40.01%
Non-business income 112869133.16 23.35%
Non-operating
629167095.74130.14%
expenditure
VI. Analysis of assets and liabilities
1. Significant changes in asset composition
Unit: yuan
By the end of 2024 At the beginning of 2024 Proportion
Proportion in total Proportion in total increase or
Amount Amount
assets assets decrease
Monetary capital 8699013033.45 7.38% 10849989539.28 8.37% -0.99%
Accounts
971988850.190.82%1269319108.560.98%-0.16%
receivable
Inventories 10732155456.76 9.10% 13315721502.38 10.27% -1.17%
Investment
859994829.040.73%161533028.380.12%0.61%
properties
Long-term equity
30453419222.3625.83%30042307812.5023.18%2.65%
investments
50Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Fixed assets 43476435665.46 36.87% 35867723450.67 27.67% 9.20%
Construction in
8896445286.647.54%18091017337.3413.96%-6.42%
progress
Right-of-use
3832981994.073.25%4487700118.233.46%-0.21%
assets
Short-term
17741515610.0915.05%14494123699.7111.18%3.87%
borrowings
Contract
2029782235.351.72%2492419467.251.92%-0.20%
liabilities
Long-term
20763830174.5317.61%25634037274.4619.78%-2.17%
borrowings
Lease liabilities 3080565121.54 2.61% 3567691193.90 2.75% -0.14%
Productive
3330266005.052.82%5050240386.903.90%-1.08%
biological assets
Overseas assets hold a large proportion
□Applicable □Not applicable
2. Assets and liabilities measured at fair value
□Applicable □Not applicable
Unit: yuan
Current Cumulative
Current
gain or loss change in
Beginning provision Current Current Other Ending
Item from fair value
amount for purchase sale changes amount
change in recorded in
impairment
fair value equity
Financial assets
1. Trading
financial
assets
8287174.629737028.16765396.37130862.4273616.1
(excluding
80955577
derivative
financial
assets)
4.
Investment
289627592038040010000000.48343159
s in other
0.280.00000.28
equity
instruments
Subtotal of
2979147629737028.2038040016765396.47130862.48770520
financial 0.00
4.96090.0055576.45
assets
Aggregate
2979147629737028.2038040016765396.47130862.48770520
of the 0.00
4.96090.0055576.45
above
Financial 13385120. -
935134.25
liabilities 42 935134.25
Other changes
51Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Whether the measurement attributes of major assets of the Company changed significantly during the reporting period
□Yes □No
3. Restrictions on asset rights as at the end of the reporting period
Type of
Item Ending book balance Closing book value Cause of restriction
restriction
Monetary Purchase of futures margins of guarantee companies
1428407626.57 1428407626.57 Margin
capital note margins reclamation margins etc.Mortgage/reserve Reserve meat used as short-term collateral and as
Inventories 66316036.48 66316036.48
meat agreed by the government
Used as collateral for long and short-term borrowings
Fixed assets 3041497815.21 2148977382.57 Mortgage
and for financial sale-and-leaseback
Construction in
31969394.14 31969394.14 Mortgage Used as collateral for long-term borrowings
progress
Intangible assets 66007442.79 47016482.28 Mortgage Used as collateral for long and short-term borrowings
Long-term
equity 592203600.00 592203600.00 Pledge Used as pledge for long-term borrowings
investments
Total 5226401915.19 4314890522.04
VII. Analysis of investments
1. General condition
□Applicable □Not applicable
Investment during the reporting period Investment during the same period of the
Rate of change
(yuan) previous year (yuan)
30973309981.8130360989791.602.02%
2. Significant equity investments acquired during the reporting period
□Applicable □Not applicable
3. Ongoing significant non-equity investments during the reporting period
□Applicable □Not applicable
4. Investments in financial assets
(1) Investments in securities
□Applicable □Not applicable
Unit: yuan
Curre Cumu Profit
Begi nt lative or
Abb Initial Curre Sour
Accou nnin gain chang loss Closin Accou
Variet revi invest nt Curre ce of
Code nting g or e in during g book nting
ies atio ment purch nt sale fundi
model book loss fair the value item
n cost ase ng
value from value report
chang record ing
52Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e in ed in period
fair equity
value
Dome
Tradin
stic Self-
*ST 2227 - 2227 - g
and At fair 2166 own
603363 Aon 498.0 0.00 6119 0.00 498.0 0.00 6119 financ
foreig value 303.00 ed
ong 0 5.00 0 5.00 ial
n Fund
assets
stocks
Other securities
investments held at the 0.00 -- 0.00 0.00 0.00 0.00 0.00 0.00 0.00 -- --
end of the period
2227-2227-
2166
Total 498.0 -- 0.00 6119 0.00 498.0 0.00 6119 -- --
303.00
05.0005.00
(2) Investments in derivatives
□Applicable □Not applicable
1) Derivatives investments for hedging purposes during the reporting period
□Applicable □Not applicable
Unit: 10000 yuan
Percentage
of ending
Cumulativ investment
Initial
Current gain e change Purchase Sale during amount in
Type of invest
Beginning or loss from in fair during the the Ending net assets
derivatives ment
amount change in value reporting reporting amount of the
investment amoun
fair value recorded period period Company
t
in equity at the end
of reporting
period
Futures and
00777.360558.341335.700.00%
option contracts
Interest rate swap
and foreign
0-509.792108.950895.452377.39117.220.00%
exchange
forwards
Total 0 -509.79 2886.31 0 1453.79 3713.09 117.22 0.00%
Notes on the
accounting
policies and
specific
accounting
The accounting policies and accounting principles related to the Company’s derivatives transactions are in
principles of
accordance with the relevant provisions of the Accounting Standards for Business Enterprises - Recognition
hedging business
and Measurement of Financial Instruments and the Accounting Standards for Business Enterprises - Hedging
during the
issued by the Ministry of Finance of the People’s Republic of China without any changes.reporting period
and whether there
are significant
changes
compared with
53Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
the previous
reporting period
Notes on actual
profit or loss During the reporting period the Company reported profit/loss on futures and options contracts of 7.7736
during the million yuan and profit/loss on interest rate swaps and foreign exchange forwards of 21.0895 million yuan.reporting period
Through derivative investment business the Company effectively reduced the risk of foreign exchange
fluctuations and achieved the business management results with operation objectives as the center and
Notes on the
preservation as the purpose. By using the live pig futures hedging plan to sell live pigs the Company prevented
hedging effect
the cost and profit of live pig sales from the risk of falling market price and improved the performance of spot
live pig sales.Source of funding
for derivatives Self-pooled
investment
I. Risk analysis
Commodity futures hedging operation can effectively manage the purchase price risk of feed ingredients
especially reduce the impact of falling price loss caused by high inventories on the Company when feed
ingredients fall sharply but there will also be certain risks:
1. Risk of abnormal price fluctuations: in theory the futures market prices and the spot market prices of all the
trade categories at the closing date will return to the same level. In the rare cases of irrational market the
futures prices and spot prices might still not return at the closing date thus giving rise to a systemic risk event
which in turn affects hedging operation scheme of the Company even causing losses.
2. Capital risk: if the amount of investment in futures trading is too large according to the operating instructions
issued by the Company it may lead to capital liquidity risk or even result in actual losses caused by forced
liquidation due to insufficient time to supplement the margin.
3. Technical risk: technical risk may be caused by incomplete computer systems.
To prevent the adverse impact of exchange rate and interest rate fluctuations on the Company’s profits and
shareholders' equity the Company needs to conduct capital transaction business of value-preserved exchange
rate and interest rate to reduce the risk exposure of foreign exchange and interest rate but there are also certain
Notes on risk risks:
analysis and 1. Market risk. The difference between the contract exchange rate/interest rate and the actual exchange
control measures rate/interest rate at maturity date will generate investment gains and losses in the value-preserved capital
of derivatives transaction business; during the duration of the value-preserved capital transaction business there will be
positions during revaluation gains and losses in each accounting period and the cumulative value of the revaluation gains and
the reporting losses at maturity date is equal to the gains and losses on investment.period (including 2. Liquidity risk. The value-preserved foreign exchange capital transaction business is based on the Company’s
but not limited to foreign exchange revenue and expenditure budget and matches the actual foreign exchange revenue and
market risk expenditure to ensure that the Company has sufficient capital for clearing at the time of closing or selects the
liquidity risk derivatives for close-out netting to reduce the cash flow requirements at maturity date; The value-preserved
credit risk interest rate capital transaction business will all be closed based on the net amount of interest rate difference.operational risk 3. Performance risk. The counter-parties of the Company in value-preserved capital transaction business are
and legal risk) all banks with good credit standing and maintaining long-term business relations with the Company for which
there is substantially no performance risk.
4. Other risks. When conducting business if the operators fail to follow the prescribed procedures for the
operation of value-preserved capital transaction business or to fully understand the derivatives information the
operational risks will occur; If the terms of the transaction contract are not clear the legal risks will be likely
to occur.II. Risk management strategies for commodity futures hedging:
1. Match the hedging business with the Company’s production and operation and strictly control the futures
position.
2. Strictly control the capital scale of hedging reasonably plan and use the margins issue operating instructions
in strict accordance with the Company’s policies on futures trading management and conduct operations only
after approval according to the regulations.
3. The Company has established the Derivatives Investment Management Policies and the Futures
Management Policies making clear provisions for hedging business and set up a dedicated futures operation
team dedicated futures operation monitoring team and corresponding business processes for control through
implementation of authorization and post constraints internal audit and other measures.
54Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
4. The warning mechanism for medium and long-term trends of major varieties has been established. According
to the monitoring mechanism of market price trends the futures operation and monitoring team of the Company
regularly predicts the future trends of major varieties in a certain period so as to ensure timely judgment and
disposition of futures varieties in case of abnormal fluctuations.Risk management strategies for value-preserved capital transaction business
1. The Company conducts value-preserved capital transaction business for the purpose of reducing the impact
of exchange rate fluctuations on the Company and prohibits any risky speculations; the amount of the
Company’s value-preserved capital transaction business may not exceed the upper limit of the authorized
amount approved by the board of directors or the general meeting; the Company may not engage in any
leveraged capital transactions.
2. The business working group of the Company shall conduct risk analysis on transactions before carrying out
the capital transaction business and formulate and submit the transaction plans (including capital transaction
variety term amount and trading bank) and feasibility analysis reports to the business leadership group.
3. The value-preserved capital transaction business contracts of the Company shall be executed after the
business working group submits them to and obtain approval from the chief financial officer president and
chairman.
4. The Company shall sign contracts with trading banks with accurate and clear terms and strictly implement
the risk management system to prevent legal risks.
5. The finance department of the Company shall timely track the changes in open market prices or fair value
of capital transaction contracts timely assess the changes in risk exposure of the traded contracts and regularly
report to the risk control committee of the board of directors; if any abnormal situation is found it shall be
reported to the risk control committee of the board of directors to prompt the business working group to
implement emergency measures.
6. The Company’s internal audit department shall conduct compliance audit on capital transaction contracts on
a regular basis.Changes in
market prices or
product fair value
of derivatives that
the Company has
invested in during
the reporting
The hedging transaction variety of the Company is the value-preserved capital transaction business for the
period with the
prevalent varieties in the domestic futures markets for which the market transparency is high and the
analysis of fair
transactions are active and the transaction prices and the intra-day settlement unit price fully reflect the fair
value of
value of derivatives.derivatives to
disclose the
specific methods
used and setting
of related
assumptions and
parameters.Involvement in
litigations (if N/A
applicable)
Date on which
the board
approval of
derivatives
August 31 2024
investment is
announced and
disclosed (ifany）
55Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2) Derivatives investments for speculative purposes during the reporting period
□Applicable □Not applicable
The Company had no derivatives investments for speculative purposes during the reporting period.
5. Use of raised funds
□Applicable □Not applicable
(1) Overall use of raised funds
□Applicable □Not applicable
Unit: 10000 yuan
Propo
Amo
rtion
Total Perce unt
of
raised Total ntage of
Total Total raised
funds raised of Total Purpose raise
raised raised funds
Listin Total re- funds total raise and d
Year Way Net funds funds used
g date amou purpo re- raised d destinati fund
of of funds used used at the
of nt of sed purpos funds fund on of s left
raisin raisin raised in the accum end of
securi funds during ed repur s not raised idle
g g (1) curren ulativ the
ties raised the accum posed yet fund not for
t ely report
report ulative accu used yet used more
period (2) ing
ing ly mulat than
period
period ively two
(3)=(2
years
)/(1)
The
remaini
ng
raised
funds of
2400
Conve
yuan not
rtible
Febru yet used
bonds 4000 3982 1867 4002 100.4 0.00
2020 ary 4 0 0 0.24 is all 0
public 00 82.9 5.42 28.44 9% %
2020 deposite
ly
d in the
issued
dedicate
d
account
for
raised
funds.The
raised
funds
Non-
not yet
public Octob 117
4000 3994 3886 97.29 0.00 used
2020 issuan er 29 0 0 98.6 0
00 75.05 55.59 % % was
ce of 2020 8
117.986
stocks
8
million
yuan
56Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
includin
g 7.9868
million
yuan in
the
dedicate
d
account
for
raised
funds
and the
remaini
ng 110
million
yuan for
tempora
ry
supplem
entation
of
working
capital.The
raised
funds
not yet
used
was
404.499
7
million
yuan
includin
g 8.4997
million
yuan in
Conve
the
rtible Nove
404 dedicate
bonds mber 8150 8133 3347. 7738 95.15 0.00
2021 0 0 49.9 d 0
public 29 00 09.64 88 69.22 % %
7 account
ly 2021
for
issued
raised
funds
and the
remaini
ng 396
million
yuan for
tempora
ry
supplem
entation
of
working
capital.
161516112202156297.000.00522
Total -- -- 0 0 -- 0
000067.53.3753.2%%48.8
57Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
959
Notes on overall use of raised funds
According to the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (ZJXK [2019]
No.1902) issued by the CSRC the Company publicly issued 4 billion yuan of convertible corporate bonds with par value of 100
yuan a total of 40 million bonds for a period of 6 years. The total amount raised was 4 billion yuan less issuance expense of 17.171
million yuan the actual net amount raised was 3982.829 million yuan.According to the Approval on the Non-public Offering of Shares by New Hope Liuhe Co. Ltd. (ZJXK [2020] No.1961) issued by
the CSRC the Company privately placed 177147918 common stocks denominated in RMB to two particular shareholders (South
Hope Industrial Co. Ltd. and New Hope Group Co. Ltd.) with the issue price of 22.58 yuan per share. The total amount raised was
4 billion yuan less issuance expense of 5.2495 million yuan the actual net amount raised was 3994.7505 million yuan.
According to the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (ZJXK [2021]
No.1351) issued by the CSRC the Company publicly issued 8.15 billion yuan of convertible corporate bonds with par value of 100
yuan a total of 81.5 million bonds for a period of 6 years. The total amount raised was 8.15 billion yuan less issuance expense of
16.9036 million yuan the actual net amount raised was 8133.0964 million yuan.
According to relevant provisions of the Regulatory Guidelines for Listed Companies No. 2 - Regulatory Requirements for
Management and Use of Raised Funds by Listed Companies of CSRC Shenzhen Stock Exchange Guidelines for Standard Operation
of Listed Companies and the Administrative Measures of New Hope Liuhe Co. Ltd. for Use of Raised Funds in light of the actual
requirements of the Company for use and management of raised funds the Company’s entities responsible for implementation of
investment projects using raised funds signed Tripartite Supervision Agreement on Raised Funds with the sponsor institutions and
supervising banks respectively whereby various project entities open dedicated accounts for raised funds with corresponding
organizations of the supervising bank.
(2) Projects to which raised funds are committed
□Applicable □Not applicable
Unit: 10000 yuan
Bene
Whet
Commit fits Whet
her Accu Date
ted Inves realiz her
the Total mulat when Whet
investm Amo tment Bene ed the
proje com ively the her
ent Total unt progr fits accu proje
Listin ct has mitte inves proje estim
projects Pro inves inves ess as realiz mulat ct
Finan g been d ted ct ated
and jec tment ted in at the ed in ively feasi
cing date chan inves amou reach benef
investm t after this end this as of bility
proje of ged tment nt as es the its
ent nat adjus repor of repor the has
ct secur (inclu of of the inten have
destinat ure tment ting perio ting end chan
ities ding raise end ded been
ions of (1) perio d perio of the ged
partia d of usabl reach
over- d (3)=( d repor signif
l funds perio e ed
raised 2)/(1) ting icantl
chan d (2) state
funds perio y
ge)
d
Committed investment projects
Publi New
c 500000 Pig
issua /a far
nce commer m Octo
Febru - -
of cial co 5000 5000 4907 98.15 ber
ary 4 No 3998 3080 No No
conv pigs nst 0 0 4.15 % 31
2020.92.48
ertibl cluster ruc 2021
e project tio
bond in n
s in Ningjin
58Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2020
Dezhou
Shando
ng
700000
/a
commer
Publi cial
c pigs
Pig
issua project
far
nce of
m Octo
of Febru Huangh - -
co 7000 7000 6889 98.43 ber
conv ary 4 ua No 3948 4294 No No
nst 0 0 9.05 % 31
ertibl 2020 Xinhao .58 6.16
ruc 2021
e Technol
tio
bond ogy
n
s in Co.
2020 Ltd. in
Liguanz
huang
Village
6000/a
pigs
Publi standar
c dized
Pig
issua farm
far
nce project
m
of Febru of July - -
co 1000 1000 1000 100.0
conv ary 4 Yuchen No 31 1990 3676 No No
nst 0 0 0 0%
ertibl 2020 g New 2020 .66 .4
ruc
e Hope
tio
bond Liuhe
n
s in Swine
2020 Breedin
g Co.Ltd.Publi
300000
c
/a pigs Pig
issua
cluster far
nce
develop m Octo
of Febru - -
ment co 2000 2000 2000 100.0 ber
conv ary 4 No 4056 2948 No No
project nst 0 0 0 0% 31
ertibl 2020 .87 3.48
in ruc 2020
e
Yangyu tio
bond
an n
s in
County
2020
Publi 1
c million/ Pig
issua a pigs far
nce breedin m Octo
Febru - -
of g co 1157 1157 1039 89.74 ber
ary 4 No 2030 3408 No No
conv project nst 82.9 82.9 02.77 % 31
2020.95.6
ertibl of ruc 2021
e Tonglia tio
bond o n
s in Xinhao
59Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2020 Farmin
g Co.Ltd. at
Sanyita
ng
Farm
1
million/
Publi a pigs
c breedin
Pig
issua g
far
nce project
m Octo
of Febru of - -
co 1175 1175 1146 97.60 ber
conv ary 4 Tonglia No 1078 7218 No No
nst 00 00 77.05 % 31
ertibl 2020 o 2.43 9.63
ruc 2021
e Xinhao
tio
bond Farmin
n
s in g Co.
2020 Ltd. at
Zhenan
Farm
Jinfeng
breedin
Publi
g pig
c
farm Pig
issua
project far
nce
of m Nove
of Febru -
Leshan co 100.0 mber 7260
conv ary 4 No 5000 5000 5000 263.2 No No
New nst 0% 30 .36
ertibl 2020 8
Hope ruc 2019
e
Farmin tio
bond
g Co. n
s in
Ltd. in
2020
Jingyan
County
150000
/a
Publi
piglets
c
breedin Pig
issua
g and far
nce
farming m
of Febru Janua - -
integrat co 1000 1000 1000 100.0
conv ary 4 No ry 31 7221 1371 No No
ed eco- nst 0 0 0 0%
ertibl 2020 2020 .04 1.89
industri ruc
e
al park tio
bond
in n
s in
Lingba
2020
o
Henan
Non-
Pig
publi 700000
far
c /a pigs
Octo m Nove
issua farming - -
ber co 9200 9200 8821 95.88 mber
nce project No 2764 3384 No No
29 nst 0 0 2.85 % 30
of in .92 8.35
2020 ruc 2021
stock Shuozh
tio
s in ou
n
2020
60Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Livesto
Non- ck farm
Pig
publi No. 1
far
c project
Octo m Nove
issua of - -
ber co 2400 2400 2170 90.43 mber
nce Gansu No 2819 1882 No No
29 nst 0 0 2.37 % 30
of New .68 7.26
2020 ruc 2021
stock Hope in
tio
s in Pingxia
n
2020 n
Village
Livesto
Non- ck farm
Pig
publi No. 2
far
c project
Octo m Nove
issua of - -
ber co 2400 2400 2330 97.10 mber
nce Gansu No 2366 1619 No No
29 nst 0 0 4.92 % 30
of New .12 9.46
2020 ruc 2021
stock Hope in
tio
s in Pingxia
n
2020 n
Village
New
Non-
700000 Pig
publi
/a pigs far
c
Octo project m Septe
issua - -
ber in co 2500 2500 2500 100.0 mber
nce No 7466 5538 No No
29 Xicha nst 0 0 0 0% 30
of .86 6.27
2020 Town ruc 2020
stock
Lanzho tio
s in
u New n
2020
District
Non- Tonghe
Pig
publi finishin
far
c g farm
Octo m Nove
issua project
ber co 2000 2000 2000 100.0 mber 5681 3667
nce in No No No
29 nst 0 0 5.23 3% 30 .02 .77
of Beihu
2020 ruc 2021
stock District
tio
s in Chenzh
n
2020 ou City
13500/
a
breedin
g pigs
Non- farm
Pig
publi constru
far
c ction
Octo m
issua project July - -
ber co 1600 1600 1511 94.44
nce of No 31 867.4 1258 No No
29 nst 0 0 0.95 %
of Ruzhou 2021 3 8.77
2020 ruc
stock Quansh
tio
s in eng
n
2020 Farmin
g
Technol
ogy
Co.
61Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd.
13500/
a sows
buildin
g-based
breedin
Non- g and
Pig
publi farming
far
c integrat
Octo m Dece
issua ed - -
ber co 1000 1000 1000 100.0 mber
nce project No 2758 2965 No No
29 nst 0 0 0 0% 31
of in .34 4.52
2020 ruc 2020
stock Nanxia
tio
s in ng
n
2020 Village
Chengg
uo
Town
Laizhou
City
New
300000
/a
commer
cial
pigs
Non-
breedin Pig
publi
g phase far
c
Octo I m Octo
issua - -
ber breedin co 2000 2000 2000 100.0 ber
nce No 717.1 1793 No No
29 g pig nst 0 0 0 0% 31
of 2 8.68
2020 farm ruc 2020
stock
project tio
s in
of n
2020
Dingzh
ou
Xinhao
Farmin
g Co.Ltd.New
300000
/a
commer
cial
Non-
pigs Pig
publi
breedin far
c
Octo g phase m
issua Janua - -
ber II co 1200 1200 1200 100.0
nce No ry 31 717.1 1230 No No
29 conserv nst 0 0 0 0%
of 2021 2 5.33
2020 ation ruc
stock
and tio
s in
finishin n
2020
g farm
project
of
Dingzh
ou
62Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Xinhao
Farmin
g Co.Ltd.
13500/
a
breedin
g pigs
Non-
feeding Pig
publi
project far
c
Octo of m
issua April - -
ber Qingfen co 2100 2100 1980 94.30
nce No 30 782.8 1557 No No
29 g nst 0 0 3.87 %
of 2021 2 4.81
2020 Xinliu ruc
stock
Farmin tio
s in
g n
2020
Technol
ogy
Co.Ltd.
13500
sows
farm
project
Non- of
Pig
publi Wuhe
far
c New
Octo m
issua Hope July -
ber co 2000 2000 1992 99.64 -
nce Liuhe No 31 5085 No No
29 nst 0 0 8 % 78.28
of Animal 2021 .49
2020 ruc
stock Husban
tio
s in dry Co.n
2020 Ltd. in
Huojia
Village
Xiaoxi
Town
180000
/a pigs
(breedi
Non- ng and
Pig
publi farming
far
c cycle)
Octo m Nove
issua project -
ber co 2347 2347 2189 93.29 mber 1478
nce in No 1278 No No
29 nst 5.05 5.05 9.7 % 30 .2
of Chenliu .77
2020 ruc 2021
stock Village
tio
s in Shiling
n
2020 Town
Laibin
Guangx
i
Non- 100000 Pig
publi Octo /a far Septe
--
c ber commer m 5834 97.25 mber
No 6000 6000 376.0 4158 No No
issua 29 cial co .83 % 30
6.88
nce 2020 pigs nst 2021
of project ruc
63Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
stock of Heze tio
s in Xinhao n
2020 Farmin
g Co.Ltd. in
Liangta
ng
Non- 72000/
Pig
publi a pigs
far
c finishin
Octo m Octo
issua g farm - -
ber co 5852 97.55 ber
nce constru No 6000 6000 374.0 4446 No No
29 nst .87 % 31
of ction 4 .45
2020 ruc 2021
stock project
tio
s in in
n
2020 Laizhou
Publi
c
Pig
issua
far
nce Gansu
Nove m
of Xinliu Augu -
mber co 4350 4350 694.5 3464 79.64 1472
conv pig No st 31 4229 No No
29 nst 0 0 9 3.33 % .25
ertibl farming 2022 .93
2021 ruc
e project
tio
bond
n
s in
2021
Publi
c
Pig
issua
far
nce Yiliang
Nove m
of Xinliu
mber co 3200 3200 1582 4.94
conv pig No No No
29 nst 0 0 .04 %
ertibl farming
2021 ruc
e project
tio
bond
n
s in
2021
Publi
c
Pig
issua
far
nce Luding
Nove m
of Xinyue
mber co 2750 2750 1172 42.62
conv pig No No No
29 nst 0 0 0.39 %
ertibl farming
2021 ruc
e project
tio
bond
n
s in
2021
Publi
Pig
c
Luoche far
issua
Nove ng m
nce Augu -
mber Xinhao co 3100 3100 2560 82.59 111.8
of No st 31 1222 No No
29 pig nst 0 0 1.81 % 6
conv 2022 .26
2021 farming ruc
ertibl
project tio
e
n
bond
64Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
s in
2021
Publi
c
Pig
issua
far
nce Lezhi
Nove m
of Xinmu
mber co 2850 2850 2850 100.0
conv pig No 98.04 No No
29 nst 0 0 0 0%
ertibl farming
2021 ruc
e project
tio
bond
n
s in
2021
Publi
c
Pig
issua
Guigan far
nce
Nove g m
of Augu
mber Xinliu co 5300 5300 5292 99.85 5823 5327
conv No st 31 No No
29 pig nst 0 0 1.48 % .96 .03
ertibl 2022
2021 farming ruc
e
project tio
bond
n
s in
2021
Publi
c
Pig
issua
Pizhou far
nce
Nove New m
of Augu
mber Hope co 5350 5350 4327 80.88 1657 665.5
conv No st 31 No No
29 pig nst 0 0 1.45 % .32 7
ertibl 2022
2021 farming ruc
e
project tio
bond
n
s in
2021
Publi
c
Pig
issua
Liuzho far
nce
Nove u m
of Augu
mber Xinliu co 2200 2200 842.9 1942 88.29 2370 2322
conv No st 31 No No
29 pig nst 0 0 6 3.26 % .29 .86
ertibl 2022
2021 farming ruc
e
project tio
bond
n
s in
2021
Publi
c
Pig
issua
far
nce Lipu
Nove m
of Xinhao Augu -
mber co 1350 1350 352.3 1152 85.39 247.3
conv pig No st 31 244.7 No No
29 nst 0 0 5 7.98 % 2
ertibl farming 2022 3
2021 ruc
e project
tio
bond
n
s in
2021
Publi Nove Meisha Pig No 2150 2150 2150 100.0 May - - No No
65Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
c mber n far 0 0 0 0% 31 568.1 4642
issua 29 Xinmu m 2021 6 .18
nce 2021 pig co
of farming nst
conv project ruc
ertibl tio
e n
bond
s in
2021
300000
Publi
/a pigs
c
project Pig
issua
in far
nce
Nove Xiangs m
of Augu - -
mber han co 1817 1817 264.4 1817 100.0
conv No st 31 2678 3980 No No
29 Village nst 4.57 4.57 1 4.57 0%
ertibl 2022 .61 .29
2021 Xindu ruc
e
Town tio
bond
Tongch n
s in
eng
2021
City
72000/
a pigs
Publi
finishin
c
g Pig
issua
project far
nce
Nove in m
of Augu - -
mber Qipanli co 1563 1563 154.0 1549 99.09
conv No st 31 2191 1667 No No
29 ng nst 5.07 5.07 9 2.35 %
ertibl 2022 .59 .06
2021 Village ruc
e
Fangan tio
bond
g Town n
s in
Tongch
2021
eng
City
Publi
c
Pig
issua
Xinliu far
nce
Nove pig m
of Augu
mber farming co 1850 1850 1635 88.39 428.4
conv No st 31 414.3 No No
29 project nst 0 0 1.82 % 1
ertibl 2022
2021 in Yi ruc
e
County tio
bond
n
s in
2021
Publi 13500
c sows
Pig
issua farm
far
nce project
Nove m
of in Ciyu Augu - -
mber co 1900 1900 1844 97.07
conv Village No st 31 1714 1598 No No
29 nst 0 0 2.48 %
ertibl Xinxing 2022 .41 0.94
2021 ruc
e Town
tio
bond Heishan
n
s in County
2021 Jinzhou
66Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
City
Liaonin
g
Provinc
e
72000/
a pigs
finishin
g farm
Publi
project
c
in Pig
issua
Liuhe far
nce
Nove Village m
of Augu - -
mber Yingch co 1650 1650 1205 73.03
conv No st 31 3403 4463 No No
29 engzi nst 0 0 0 %
ertibl 2022 .06 .23
2021 Townsh ruc
e
ip tio
bond
Jinzhou n
s in
City
2021
Liaonin
g
Provinc
e
400000
/a pigs
Publi breedin
c g and
Pig
issua farming
far
nce integrat
Nove m
of ed eco- Augu - -
mber co 1750 1750 657.0 1694 96.82
conv cycle No st 31 336.0 3213 No No
29 nst 0 0 9 3 %
ertibl agricult 2022 9 .06
2021 ruc
e ural
tio
bond constru
n
s in ction
2021 project
of Juye
Xinhao
Publi
c
Pig
issua 72000/
far
nce a pigs
Nove m
of finishin Augu - -
mber co 8384 93.16
conv g No 9000 9000 st 31 436.2 3052 No No
29 nst .42 %
ertibl project 2022 7 .04
2021 ruc
e of Juye
tio
bond Xinhao
n
s in
2021
Publi Breedin
Pig
c g pig
far
issua farm
Nove m
nce project Augu - -
mber co 1650 1650 1650 100.0
of of No st 31 2800 1273 No No
29 nst 0 0 0 0%
conv Yantai 2022 .83 4.47
2021 ruc
ertibl Xinhao
tio
e Farmin
n
bond g Co.
67Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
s in Ltd.
2021
Compa
ny-run
Publi
pig
c
breedin Pig
issua
g and far
nce
Nove finishin m
of Augu - -
mber g base co 1500 1500 1370 91.37
conv No st 31 2315 1067 No No
29 project nst 0 0 4.88 %
ertibl 2022 .14 9.96
2021 of ruc
e
Yantai tio
bond
Xinhao n
s in
Farmin
2021
g Co.Ltd.
200000
/a pigs
breedin
Publi g
c project
Pig
issua of
far
nce Puyang
Nove m
of Xinliu Augu - -
mber co 1700 1700 1700 100.0
conv Farmin No st 31 1653 1703 No No
29 nst 0 0 0 0%
ertibl g 2022 .98 .85
2021 ruc
e Technol
tio
bond ogy
n
s in Co.
2021 Ltd. in
Dongdi
ngzhai
Village
200000
/a pigs
breedin
Publi g
c project
Pig
issua of
far
nce Puyang
Nove m
of Xinliu Augu - -
mber co 1650 1650 339.8 1650 100.0
conv Farmin No st 31 3544 5467 No No
29 nst 0 0 2 0.71 0%
ertibl g 2022 .77 .43
2021 ruc
e Technol
tio
bond ogy
n
s in Co.
2021 Ltd. in
Huoyin
g
Village
Publi 100000 Pig
c /a pigs far
issua Nove breedin m
Augu - -
nce mber g co 7480 93.51
No 8000 8000 32.85 st 31 1417 2614 No No
of 29 project nst .77 %
2022.18.76
conv 2021 of ruc
ertibl Puyang tio
e Xinliu n
68Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
bond Farmin
s in g
2021 Technol
ogy
Co.Ltd.
180000
Publi /a
c commer
Pig
issua cial
far
nce pigs
Nove m Septe
of project - -
mber co 1050 1050 1050 100.0 mber
conv in No 1472 2216 No No
29 nst 0 0 0 0% 30
ertibl Niuzhu .14 7.39
2021 ruc 2021
e ang
tio
bond Town
n
s in Dongyi
2021 ng
District
180000
Publi
/a
c
commer Pig
issua
cial far
nce
Nove pigs m Septe
of - -
mber project co 100.0 mber
conv No 9500 9500 9500 1003 7495 No No
29 in nst 0% 30
ertibl .84 .62
2021 Longju ruc 2021
e
Town tio
bond
Dongyi n
s in
ng
2021
District
Publi
c
Pig
issua Pig
far
nce farming
Nove m
of project Augu
mber co 3550 3550 3545 99.87 4806 4412
conv of No 9.72 st 31 No No
29 nst 0 0 5.02 % .47 .93
ertibl Shibing 2022
2021 ruc
e New
tio
bond Hope
n
s in
2021
Publi
c
issua
nce
Nove Repay
of
mber ment of N/ 2445 2445 2445 100.0
conv No N/A No
29 bank A 00 00 00 0%
ertibl
2021 loans
e
bond
s in
2021
Non- Supple
Octo
publi mentati
ber N/ 8000 8000 8000 100.0
c on of No N/A No
29 A 0 0 0 0%
issua workin
2020
nce g
69Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
of capital
stock
s in
2020
Publi
c
issua
Supple
nce
mentati
of Febru
on of N/ 1867 1867
conv ary 4 No N/A No
workin A 5.42 5.42
ertibl 2020
g
e
capital
bond
s in
2020
Publi
c
issua
Supple
nce
Nove mentati
of
mber on of N/ 4619
conv No N/A No
29 workin A 7.46
ertibl
2021 g
e
capital
bond
s in
2021
161116111562--
Subtotal of committed 2202
--067.067.753.----57845355----
investment projects 3.3
5959250.4279.02
Investment destinations of over-raised funds
None None No N/A No
161116111562--
2202
Total -- 067. 067. 753. -- -- 5784 5355 -- --
3.3
5959250.4279.02
Explain the
circumstances
and reasons
for failing to
achieve the
planned
progress and
estimated
income by Affected by the biosafety prevention and control situation and the cyclical nature of the industry the Company
project proactively controlled the pace of market entry resulting in the actual income of the investment projects this year
(including the not reaching the expected annual income.reasons why
"Whether
estimated
benefits have
been reached"
is selected as
"Not
applicable")
Notes on
significant
N/A
changes in
project
70Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
feasibility
Amount
purpose and
use progress N/A
of over-raised
funds
Changes in
places of
implementatio
n of N/A
investment
projects using
raised funds
Adjustments
to manner of
implementatio
n of N/A
investment
projects using
raised funds
Applicable
On January 22 2020 the 10th meeting of the 8th board of directors considered and approved the Proposal on
Replacing Self-pooled Funds Previously Invested with Funds Raised from Convertible Corporate Bonds agreeing
to use the raised funds to replace the pre-invested self-pooled funds of 1250.422 million yuan. Sichuan Huaxin
(Group) CPA Firm (Special General Partnership) conducted a special audit on this matter and issued the
Verification Report on the Advance Investment in Projects Requiring Raised Funds with Self-pooled Funds (CHXZ
(2020) No. 0007).
Preliminary On September 28 2020 the 23rd meeting of the 8th board of directors considered and approved the Proposal on
investments Replacing Self-pooled Funds Previously Invested and Part of Issuance Costs with Funds Raised from Non-public
and Issuance of Stocks agreeing to use the raised funds to replace the self-pooled funds of 1866.1513 million yuan
replacements that have been invested in fund-raising projects and used to pay part of the issuance expenses. Sichuan Huaxin
of investment (Group) CPA Firm (Special General Partnership) conducted a special audit on this matter and issued the
projects using Verification Report on the Advance Investment in Projects Requiring Raised Funds with Self-pooled Funds and
raised funds Partial Payment of Issuance Costs (CHXZ (2020) No. 0696).On November 10 2021 the 47th meeting of the 8th board of directors considered and approved the Proposal on
Replacing Self-pooled Funds Previously Invested with Funds Raised from Convertible Corporate Bonds agreeing
to use the raised funds to replace the self-pooled funds of 3360.5204 million yuan that have been invested in fund-
raising projects and used to pay part of the issuance expenses. Sichuan Huaxin (Group) CPA Firm (Special General
Partnership) conducted a special audit on this matter and issued the Verification Report on the Advance Investment
in Projects Requiring Raised Funds with Self-pooled Funds and Partial Payment of Issuance Costs (CHXZ (2020)
No. 0760).Applicable
On February 23 2023 the 10th meeting of the 9th board of directors of the company deliberated and approved
the Proposal on Use of Part of Idle Raised Funds to Temporarily Supplement Working Capital agreeing that the
company can use no more than 180.0000 million yuan of idle raised funds to supplement its working capital on a
temporary basis for a period of no more than 12 months from the date of deliberation and approval by the
Use of idle
company’s board of directors. The company’s sponsor institution and independent directors expressed consent to
raised funds
the aforesaid matter regarding use of part of idle raised funds to temporarily supplement working capital. By
for temporary
February 19 2024 the Company had returned all the raised funds used for temporarily supplement working capital
supplementati
to the dedicated account for raised funds and informed the sponsor institution and the sponsor representative of
on of working
the fact accordingly.capital
On September 5 2023 the 18th meeting of the 9th board of directors and the 14th meeting of the 9th board of
supervisors considered and approved the Proposal on Use of Part of Idle Raised Funds for Temporary
Supplementation of Working Capital agreeing that the Company can use no more than 110 million yuan of idle
raised funds to supplement its working capital on a temporary basis for a period of no more than 12 months from
the date of consideration and approval by the board of directors. As at September 2 2024 the Company had fully
71Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
returned the raised funds for temporary supplementation of working capital to the dedicated account for raised
funds. On September 5 2024 the 33rd meeting of the 9th board of directors and the 22nd meeting of the 9th board
of supervisors considered and approved the Proposal on Use of Part of Idle Raised Funds for Temporary
Supplementation of Working Capital agreeing that the Company can use no more than 110 million yuan of idle
raised funds to supplement its working capital on a temporary basis for a period of no more than 12 months from
the date of consideration and approval by the board of directors. As at December 31 2024 the balance of idle
raised funds for the Company to temporarily supplement its working capital was 110 million yuan.On November 7 2023 the 21st meeting of the 9th board of directors and the 16th meeting of the 9th board of
supervisors considered and approved the Proposal on Use of Part of Idle Raised Funds for Temporary
Supplementation of Working Capital agreeing that the Company can use no more than 430 million yuan of idle
raised funds to supplement its working capital on a temporary basis for a period of no more than 12 months from
the date of consideration and approval by the board of directors. As at November 5 2024 the Company had fully
returned the raised funds for temporary supplementation of working capital to the dedicated account for raised
funds. On November 7 2024 the 38th meeting of the 9th board of directors and the 25th meeting of the 9th board
of supervisors considered and approved the Proposal on Use of Part of Idle Raised Funds for Temporary
Supplementation of Working Capital agreeing that the Company can use no more than 390 million yuan of idle
raised funds to supplement its working capital on a temporary basis for a period of no more than 12 months from
the date of consideration and approval by the board of directors. As at December 31 2024 the balance of idle
raised funds for the Company to temporarily supplement its working capital was 396 million yuan.Balance of Applicable
idle funds in
project As at December 31 2024 the balance of raised funds was 522.4889 million yuan which included some unused
implementatio raised funds and interest income savings.n and reasons
Purpose and
As at December 31 2024 the raised funds not yet used was 522.4889 million yuan including 16.4889 million
destination of
yuan in the dedicated account for raised funds and the remaining 506 million yuan for temporary supplementation
raised funds
of working capital.not yet used
At the 11th meeting of the 9th board of directors held on April 19 2023 the Proposal on Completing the New
Hope-CB Fund Raising Project and Permanently Supplementing the Working Capital with the Remaining Raised
Funds was deliberated proposing the completion of the fund raising project and the permanent supplementation
of working capital with the remaining raised funds of 184.4698 million yuan (excluding interest income the
specific amount is subject to the actual balance in the dedicated account on the day of funds transfer). This proposal
was reviewed and approved at the 2022 annual general meeting. As of December 31 2024 the amount actually
used to permanently supplement working capital was 186.7542 million yuan.The investment progress of “Tonghe finishing farm project in Beihu District Chenzhou City” is greater than 100%
which is due to the inclusion of interest income generated from part of the raised funds of the project in the project.In the account of the “72000/a pigs finishing farm construction project in Laizhou” 147112.78 yuan was
transferred and paid by the court due to economic disputes in other projects and had been made up as of the
reporting date.Issues or other
At the 11th meeting of the 9th board of directors and the 2022 annual general meeting successively held on April
circumstances
19 2023 and May 22 2023 the Proposal on Completing Some New Hope-CB2 Fund Raising Projects and
existing in the
Permanently Supplementing the Working Capital with the Remaining Raised Funds was deliberated proposing
use andthe completion of “the pig farm project of Lezhi County Xinmu Farming Co. Ltd. in Huilongsi villagedisclosure ofShuanghechang township and the New Hope 13500 breeding pigs project in Wansheng town Meishan” the
raised fundstermination of “the 8250 breeding pigs and 90000 commercial pigs project in Detuo town Luding county andthe 150000 pigs project in Yiliang county” and the permanent supplementation of the working capital with the
remaining raised funds of 462.0627 million yuan (excluding interest income the specific amount is subject to the
actual balance in the dedicated account on the day of funds transfer). This proposal was reviewed and approved at
the 2022 annual general meeting. The said Yiliang and Luding projects were terminated in advance due to the
changes in the construction environment caused by natural disaster that made the projects impossible to continue
and the remaining raised funds were not used for new projects so it is not a change in the use of raised fundsunder the provision of "cancel or terminate the original raised funds project and implement a new project” as
defined in paragraph (I) of Article 6.3.17 of the Self-Regulatory Guidelines No. 1 for Companies Listed on
Shenzhen Stock Exchange - Standardized Operation of Companies Listed on the Main Board. As of December 31
2024 the amount actually used to permanently supplement working capital was 461.9746 million yuan.
At the 11th meeting of the 9th board of directors held on April 19 2023 the Proposal on Selling Assets to Minority-
72Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Owned Subsidiaries and RPTs was deliberated proposing to sell the equity in 7 pig farm projects in Sichuan and
Chongqing region to Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. including the equity in Lezhi
County Xinmu Farming Co. Ltd. Luding Xinyue Farming Technology Co. Ltd. and Meishan Xinmu Farming
Co. Ltd. the three of which were respectively the operators of Lezhi Xinmu pig farming project Luding Xinyue
pig farming project and Meishan Xinmu pig farming project of “New Hope-CB2” Fund Raising Project. This
proposal was reviewed and approved at the 2022 annual general meeting. Lezhi Xinmu Farming Co. Ltd. was
transferred to Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. in 2023.
(3) Items of change in raised funds
□Applicable □Not applicable
The Company had no items of change in raised funds within the reporting period.VIII. Sale of major assets and equities
1. Sale of major assets
□Applicable □Not applicable
The Company did not sell any major assets during the reporting period.
2. Sale of major equities
□Applicable □Not applicable
IX. Analysis of major majority-owned and minority-owned subsidiaries
□Applicable □Not applicable
Major subsidiaries and minority-owned subsidiaries that have an impact on the Company’s net profit of more than 10%
Unit: yuan
Compa Com Register
Operating Operating Net
ny pany Main business ed Total assets Net assets
income profit profit
name type Capital
Technical exchange and
technology promotion;
technology development;
agricultural scientific
research and experimental
Beijing development; feed sales;
New import and export of goods
Hope and technology; import and
Liuhe export agency. (The market
Subs - - -
Biotech entity chooses business 500000 61306216 23102035
idiar 9953289 1863396 581656
nology items at its sole discretion 000.00 432.48 779.40
y 044.42 05.89 812.24
Industry and conducts business
Group activities according to law;
Co. for import and export of
Ltd. goods and technology
import and export agency
and business items subject
to approval according to
law business activities shall
be conducted with the
73Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
approval of competent
authorities and according to
approved contents; no
business activities of items
prohibited or restricted by
national and local industry
policies may be conducted).Venture capital investment
(no engagement in
guarantee or real estate
business; no participation in
initiation or management of
public or private securities
investment funds or invest
in financial derivatives)
investment management
(excluding financial and
brokerage business. Shall
not raise sell or transfer
private placement products
or private placement
product earning rights from
or to unqualified investors).(If the aforesaid businesses
are conducted the market
entity may not raise funds
publicly take public
New
deposits or issue loans; may
Hope
Subs not publicly traded
Liuhe 576555 24873151 2487297 1167087 116702
idiar securities investment
Investm 600.00 629.62 7168.97 750.62 5640.21
y products or financial
ent Co.derivatives; may not deal in
Ltd.financial products wealth
management products or
related derivative
businesses); financial
advisory (excluding finance
company business); wealth
management consulting and
enterprise reorganization
consulting; market survey
(excluding state secrets and
personal privacy); credit
investigation technology
development and transfer
technical consulting
services [for business items
subject to approval
according to law no
business activities may be
conducted without approval
of competent authorities].Shando Import and export business
ng New (subject to the catalogue of
Subs - -
Hope import and export 407544 27478791 9003261 44612956
idiar 3712862 329418
Liuhe commodities approved by 9931.82 346.56 190.49 340.64
y 97.27 368.42
Group the Ministry of Foreign
Co. Trade and Economic
74Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd. Cooperation of the People’s
Republic of China); feed
and drug additive sales;
feed ingredient
management; enterprise
management consulting
services; agricultural
products procurement; crop
planting and sale of
agricultural products; lease
of plant and equipment;
operations limited to
branches: meat processing
and sales; production
processing and sales of feed
ingredients veterinary
medicine and chicken
auxiliary materials;
livestock and poultry
compound feed
concentrated feed;
processing hatching
production and management
of breeding birds; breeding
chicken breeding
technology advisory
services; technical
inspection of quality of
poultry meat products; grain
purchase; animal breeding
and rearing; veterinary
consultation; catering chain
operation; warehousing
services (excluding
dangerous goods and
prohibited goods);
enterprise management
education and training; and
food operation. [No
business activities of items
subject to approval in
accordance with the law
until so approved by
relevant authorities].Licensed items: food
production; production of
grain-processed food; food
operation (sale of
Sichuan
prepackaged foods); food
New
operation (sale of bulk
Hope Subs
foods); food import and 498871 16552748 7762277 22946968 1614902 987948
Liuhe idiar
export; dealing in veterinary 0000.00 758.62 197.47 613.91 36.92 04.99
Farmin y
drugs; import and export of
g Co.goods; import and export of
Ltd.technology (for business
items subject to approval
according to law no
business activities may be
75Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
conducted without approval
of competent authorities
with specific business items
subject to approval
documents or permits from
related department)general
items: biological feed
research and development;
sale of feed ingredients; sale
of feed additives; sale of
livestock and fishery feed;
cereal sales; sale of
agricultural and sideline
products; corporate
headquarters management;
enterprise management;
technical services
technology development
technical consulting
technical exchange
technology transfer and
technology promotion
(except for business items
subject to approval
according to law business
activities are to be
conducted at its sole
discretion according to law
by virtue of business
license.Acquisition and disposal of subsidiaries during the reporting period
□Applicable □Not applicable
Way of acquisition or disposal of Impact on overall production
Company name
subsidiaries during the reporting period management and performance
Shenyang New Hope Kinghey Food Co.Invested and established Profit of 0.02 yuan
Ltd.Zhangwu New Hope Liuhe Farming Co.Invested and established Loss of 1686468.39 yuan
Ltd.Kangping Xinwang Liuhe Farming Co.Invested and established Loss of 1810465.04 yuan
Ltd.Yi County Jinguan Farming Co. Ltd. Invested and established Loss of 523849.22 yuan
Shanghai New Hope Supply Chain
Invested and established Profit of 196480.63 yuan
Technology Co. Ltd.Qingdao New Hope Liuhe Trade Co.Invested and established Loss of 620145.45 yuan
Ltd.Liu’an Xinxi Food Co. Ltd. Invested and established Loss of 78224.16 yuan
Qingyuan New Hope Farming
Invested and established Profit of 22625024.69 yuan
Technology Co. Ltd.Liaoning Jinguan Farming Co. Ltd. Invested and established Loss of 2286018.35 yuan
Heishan County Jincheng Farming Co.Invested and established Loss of 476603.05 yuan
Ltd.Langxi Huaren Feed Co. Ltd. Invested and established No impact
Qingdao Hengtai Datong Park Operation
Transferred Loss of 90294.06 yuan
& Management Co. Ltd.Sichuan New Hope Liuhu Food Co. Ltd. Transferred Profit of 29188.86 yuan
Handan Liuhe Huayu Feed Co. Ltd. Transferred Profit of 430173.41 yuan
76Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Nanchang Guoxiong Feed Technology
Transferred Profit of 15663236.06 yuan
Co. Ltd.Nanjing Guoxiong Technology Co. Ltd. Transferred Profit of 15037652.98 yuan
Chenzhou Hope Feed Co. Ltd. Transferred Profit of 24643024.45 yuan
Chongqing Guoxiong Feed Co. Ltd. Transferred Profit of 24083282.22 yuan
Chongqing Hope Feed Co. Ltd. Transferred Profit of 35257085.66 yuan
Hainan New Hope Agriculture Co. Ltd. Transferred Profit of 19727751.73 yuan
Haiyang New Hope Liuhe Farming
Deregistered Loss of 334306.91 yuan
Technology Co. Ltd.Yongzhou New Hope Liuhe Feed Co.Deregistered Profit of 3816.86 yuan
Ltd.Putian New Hope Zhenxing Animal
Deregistered Loss of 272036.09 yuan
Husbandry Co. Ltd.Fujian Datian New Hope Liuhe Animal
Deregistered Profit of 0.58 yuan
Husbandry Co. Ltd.Tongliao Xinwang Farming Co. Ltd. Deregistered Loss of 380398.36 yuan
Suixi Xinyue Farming Technology Co.Deregistered No impact
Ltd.Ya'an New Hope Feed Co. Ltd. Deregistered No impact
Xiangyang Xinyue Farming Co. Ltd. Deregistered Loss of 7085.81 yuan
Guangxi New Hope Liuhe Breeding Co.Deregistered Loss of 8221.57 yuan
Ltd.Xinhe International Trade Co. Ltd. Deregistered Loss of 11946.65 yuan
Xiangyang New Hope Co. Ltd. Deregistered No impact
Guangzhou Xinhe Biological Feed Co.Deregistered No impact
Ltd.Anhui Xinkai Biotechnology Co. Ltd. Deregistered No impact
Zunhua Liuhe Mercado Food Co. Ltd. Deregistered Profit of 122128.93 yuan
Changshan New Hope Liuhe Farming
Deregistered Loss of 343437.4 yuan
Co. Ltd.Fu’an Xinliu Farming Technology Co.Deregistered Loss of 9582.62 yuan
Ltd.Notes on major majority-owned and minority-owned subsidiaries
X. Structured entities controlled by the Company
□Applicable □Not applicable
XI. Outlook on future development of the Company
(I) Development strategy
As an industry practitioner in the field of agriculture and animal husbandry for 40 years the Company has always adhered to long-
term values and beliefs firmly believing in the important value of agriculture and animal husbandry industry for people's livelihood
and that sowing will be rewarded. The Company adheres to a customer-centric approach providing customers with high-quality animal
protein that is safe reliable and more in line with their needs. It aims to become an internationally leading full-chain service provider
in the animal husbandry industry offering the sincerest services to all partners in the entire industrial chain. Together with customers
suppliers and business partners it strives to achieve common prosperity and realize green environmentally friendly and sustainable
cause that ensures the supply of people's livelihood.Starting from 2024 after transferring the controlling stake of the white-feathered meat poultry and food deep-processing sectors
the Company has fully focused on two major businesses: feed production and pig breeding and slaughtering. It is based in both domestic
77Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and overseas markets and relies on its three business units: the feed BU the overseas BU and the pig BG to jointly drive business
growth. In 2024 the Company organized multiple strategic seminars at all levels to further sort out and clarify the development strategy
for the new stage.The strategic goal of the feed business is "steady growth" restoring its leading competitiveness in the industry. The guiding
ideology is professional operation based on continuous scale expansion with a focus on three strategic pathways: "expanding scalestrengthening professionalism and activating the team". In terms of "expanding scale” we will continue to leverage the existing
professional advantages in the poultry feed field take the expansion of poultry feed scale as the key point to promote the increase of
production load rate ensure the leading market position in overall scale and add efficiency advantages to other feed types. In terms of
"strengthening professionalism" we will closely follow the new demands of large-scale farmers enhance the development and service
capabilities of small and medium-sized farms in the pig feed sector and focus on special aquatic feed in the aquatic feed sector. By
establishing professional mindset introducing professional talents and building professional production lines we will improve
professional capabilities promote the optimization of product structure and increase comprehensive profits. In terms of "activating the
team" we will enhance process assessment red and blue flag rankings and the bottom-out system and select new talents to invigorate
the team. We will also strengthen the connection with overseas industries encourage domestic talents to start new businesses overseas
and achieve the connection between domestic and foreign talents and capabilities.The strategic goal of the overseas business is "breakthrough growth" to form the third pole of scale and profit growth. The guiding
ideology is to rapidly strengthen professional capabilities and promote growth and expansion with a focus on three strategic pathways:
"concentrating on the core breaking through capabilities and expanding production capacity". In terms of "concentrating on the core"
it requires not only to focus on core or key regions such as Indonesia Vietnam Egypt Bangladesh the Philippines and Myanmar but
also to focus on the main feed business as well as on their respective core feed types in each country. In terms of "breaking through
capabilities" we will form a linkage with the domestic product capability building and quickly achieve breakthroughs in overseas feed
product capabilities especially in the field of aquatic feed. In terms of "expanding production capacity" through means such as new
green space construction mergers and acquisitions light asset leasing and cooperation we will expand our production capacity in core
countries to support the growth and strengthening of overseas feed business.The strategic goal of the pig business is to "restore growth" and become an important pillar for profit improvement. The guiding
ideology is to gradually upgrade from raising “pigs well” to raising "quality pigs" with a focus on three strategic pathways: "flexible
operation continuous cost reduction and improving labor efficiency". In terms of "flexible operation" based on a moderate finishing
scale and the improvement of the breeding capacity at the sow end we will transform from the single production mindset to a
comprehensive operation mindset. Under the background of cyclical fluctuations we will flexibly seize the market opportunities for
finishing purchased piglets and direct sales of piglets. In terms of "continuous cost reduction" in the short term we will learn from
benchmark enterprises strictly manage the basic links and raise “pigs well” first. In the medium and long term we will do a good jobin the breeding and renewal of high-quality and efficient breeding pigs to achieve "quality pigs” raising and further explore the potential
for cost reduction based on the breed advantages. In terms of "improving labor efficiency" we will take into account both the
optimization of the overall production process and the enhancement of individual labor skills intensify the exploration of automation
digitalization and intelligence and continuously improve the ratio of people to pigs at the time of sale.(II) Business plans for the next year and possible business risks
In 2025 despite the challenge of another decline in pig price we will remain confident in our strategy and continue to promote
improvement. With multi-faceted efforts in business operations streamlined organizational structure and service support we will strive
to achieve stable profits even in the low-price market range.For feed business we will firmly implement the strategic orientation of leading in scale and efficiency centering on customers.Through measures such as optimizing the organizational system improving turnover efficiency and scientifically optimizing formulas
we will continuously enhance our competitiveness in terms of comprehensive costs; we will continuously increase the load rate of
domestic feed plants and reduce costs; for key foreign markets we will enhance production capacity through expansion and renovation
to achieve full production—expanded production—full production again；in terms of product structure we will take poultry feed and
78Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
pig feed as the scale foundation and aquatic feed ruminant feed etc. as the profit breakthrough points taking the initiative to expand
the market and increase sales volume.For pig breeding and slaughtering business we are committed to "raising ‘quality pigs’” in the breeding process continuously
improving epidemic prevention and control enhancing the health level of the pig herd controlling the culling of breeding pigs
continuously promoting lean production reducing breeding costs and cautiously and effectively resuming production to lower idle
expenses; in the breeding process we are committed to "raising ‘pigs well'" continuously improving genetic traits and the breeding
division will continuously provide "high-performance and healthy" breeding pigs rapidly spreading high-quality populations; in the
sales link of live pigs we will strengthen flexible operation to maximize sales value; in the slaughtering process we will increase the
full production rate of slaughterhouses strengthen flexible processing capabilities upgrade the black pig business solidify the excellent
model and achieve profitability in the fresh food business.For possible business risks please refer to Section 1 of this report under "risks relating to future plans and other forward-looking
statements in the Annual Report".XII. Reception of survey communication interview and other activities within the reporting
period
□Applicable □Not applicable
Type
Place of Index of
of Manner of subjec Subject of Main content of discussion and basic
Time of reception
recepti reception t of reception information provided informatio
on recepti n of survey
on
Telephone
Cheng Indivi Individual Inquiry about the pig production Pig
January 2 2024 communicat
du dual investor capacity and output planning business
ion
Telephone
Beijin Institu Institutional Inquiry about the business indicators Pig
January 3 2024 communicat
g tion Investor and market trend of pig business business
ion
Telephone
Beijin Institu Institutional Inquiry about the business indicators Pig
January 4 2024 communicat
g tion Investor and market trend of pig business business
ion
Telephone Inquiry about the production and
Cheng Indivi Individual Pig
January 8 2024 communicat operation of pig business and ST
du dual investor business
ion triggered by consecutive losses
Telephone
Cheng Indivi Individual Inquiry about the trend of stocks in Stock
January 8 2024 communicat
du dual investor secondary market value
ion
Telephone Inquiry about the production and
Cheng Indivi Individual Pig
January 8 2024 communicat operation of the pig business the pig
du dual investor business
ion cycle and related measures
Telephone
Cheng Indivi Individual Inquiry about pig business related Pig
January 12 2024 communicat
du dual investor information business
ion
Telephone
Cheng Indivi Individual Inquiry about the business indicators Pig
January 12 2024 communicat
du dual investor and market trend of pig business business
ion
Telephone Inquiry about the conditions for
Cheng Indivi Individual Financial
January 16 2024 communicat triggering the performance forecast and
du dual investor report
ion the regulations on the disclosure time
Cheng Telephone Indivi Individual Inquiry about the turnaround from loss Pig
January 16 2024
du communicat dual investor to profit in 2023 and pig business business
79Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ion related information of the Company
Telephone
Cheng Indivi Individual Inquiry about the ST triggered by the Financial
January 16 2024 communicat
du dual investor annual performance loss in 2023 report
ion
Telephone
Cheng Indivi Individual Inquiry about the ST triggered by the Financial
January 16 2024 communicat
du dual investor annual performance loss in 2023 report
ion
Telephone
Cheng Indivi Individual Inquiry about pig business related Pig
January 18 2024 communicat
du dual investor information of the Company business
ion
Telephone
Beijin Indivi Individual Inquiry about the downward adjustment Convertibl
January 19 2024 communicat
g dual investor of convertible bond price e bonds
ion
Telephone
Cheng Indivi Individual Inquiry about pig business related Pig
January 19 2024 communicat
du dual investor information of the Company business
ion
Telephone Corporate
Cheng Indivi Individual
January 24 2024 communicat Inquiry about the share repurchase plan governanc
du dual investor
ion e
Telephone
Cheng Indivi Individual Inquiry about the turnaround from loss Financial
January 31 2024 communicat
du dual investor to profit in 2023 report
ion
Telephone
Cheng Indivi Individual Inquiry about the turnaround from loss Financial
January 31 2024 communicat
du dual investor to profit in 2023 report
ion
Online Financial
communicat report/corp
Beijin Institu Institutional
January 31 2024 ion on the 2023 annual performance forecast orate
g tion Investor
network governanc
platform e
Telephone Inquiry about the procedure for
Cheng Indivi Individual Convertibl
February 20 2024 communicat downward adjustment of convertible
du dual investor e bonds
ion bond price
Telephone Inquiry about the downward revision of
Cheng Indivi Individual Pig
February 20 2024 communicat convertible bonds and pig business
du dual investor business
ion related information
Telephone
Cheng Indivi Individual Inquiry about the feed and pig business Pig
February 27 2024 communicat
du dual investor related information business
ion
Telephone
Cheng Indivi Individual Inquiry about the pig sales data in Pig
March 6 2024 communicat
du dual investor February business
ion
Telephone Inquiry about the conversion of
Cheng Indivi Individual Private
March 7 2024 communicat convertible bonds and the progress of
du dual investor placement
ion private placement
Telephone
Cheng Indivi Individual Inquiry about the full cost of pigs in Pig
March 8 2024 communicat
du dual investor February business
ion
Telephone
Cheng Indivi Individual Inquiry about the private placement of Private
March 20 2024 communicat
du dual investor the Company placement
ion
Telephone
Cheng Indivi Individual Inquiry about the feed structure and pig Pig
March 26 2024 communicat
du dual investor feed sales business
ion
Telephone Inquiry about the accounting treatment
Cheng Indivi Individual Convertibl
March 27 2024 communicat of the convertible bonds in the balance
du dual investor e bonds
ion sheet
80Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Telephone Inquiry about pig business related
Cheng Indivi Individual Pig
April 1 2024 communicat operation and management of the
du dual investor business
ion Company
Telephone
Cheng Indivi Individual Inquiry about the progress of private Private
April 2 2024 communicat
du dual investor placement placement
ion
Telephone
Cheng Indivi Individual Inquiry about the trend of stocks in Stock
April 2 2024 communicat
du dual investor secondary market value
ion
Telephone Inquiry about shareholding in Minsheng
Beijin Indivi Individual Pig
April 9 2024 communicat Bank and pig business related
g dual investor business
ion information
Telephone Inquiry about the private placement
Cheng Indivi Individual Pig
April 10 2024 communicat shareholding in Minsheng Bank and pig
du dual investor business
ion business related information
Telephone
Cheng Indivi Individual Inquiry about the pig sales and full cost Pig
April 12 2024 communicat
du dual investor of pigs in March business
ion
Telephone
Cheng Indivi Individual Inquiry about the disclosure of the 2023 Financial
April 29 2024 communicat
du dual investor Annual Report report
ion
Telephone
Cheng Indivi Individual Financial
April 30 2024 communicat Inquiry about the Q1 report of 2024
du dual investor report
ion
Telephone Inquiry about the pig business
Cheng Indivi Individual Pig
May 6 2024 communicat investment in Minsheng Bank and feed
du dual investor business
ion operation
Telephone Inquiry about the Company’s
Cheng Indivi Individual Stock
May 6 2024 communicat performance in Q1 ST regulations and
du dual investor value
ion the trend of the secondary stock market
Telephone
Cheng Indivi Individual Inquiry about the pig output plan in Pig
May 6 2024 communicat
du dual investor 2024 business
ion
Inquiry about the Company’s private
Telephone
Cheng Indivi Individual placement progress and the Private
May 8 2024 communicat
du dual investor participation methods for holding placement
ion
performance presentation
Telephone Inquiry about the pig business cash
Cheng Indivi Individual Pig
May 8 2024 communicat flow in Q1 and the separation of the
du dual investor business
ion poultry and food businesses
Telephone Inquiry about the business conditions
Cheng Indivi Individual Pig
May 9 2024 communicat pig price trend and the cost of live pigs
du dual investor business
ion in April
Telephone
Beijin Indivi Individual Inquiry about the pig farming cost and Pig
May 9 2024 communicat
g dual investor industry trend business
ion
Telephone
Cheng Indivi Individual Inquiry about pig farming related Pig
May 15 2024 communicat
du dual investor methane emissions business
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 15 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 20 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Cheng Telephone Indivi Individual Inquiry about the participation in the General
May 21 2024
du communicat dual investor 2023 annual general meeting meeting
81Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ion
Telephone
Cheng Indivi Individual Inquiry about how to participate in the Research
May 21 2024 communicat
du dual investor Company's field research application
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 21 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 22 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone Inquiry about the poultry business
Cheng Indivi Individual Pig
May 22 2024 communicat transfer and pig business related
du dual investor business
ion information
Cheng Institu Institutional Inquiry about the costs and key Pig
May 23 2024 Field survey
du tion Investor measures of the pig industry business
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 27 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Beijin Indivi Individual Inquiry about the participation in the General
May 28 2024 communicat
g dual investor 2024 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the trend of the secondary Stock
May 28 2024 communicat
du dual investor stock market value
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 28 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 28 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 29 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 29 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about the participation in the General
May 29 2024 communicat
du dual investor 2023 annual general meeting meeting
ion
Telephone
Cheng Indivi Individual Inquiry about how to participate in the Research
May 29 2024 communicat
du dual investor Company's investor survey application
ion
Online
communicat
Cheng Institu Institutional Inquiry about the Company's 2022 General
May 30 2024 ion on the
du tion Investor annual report and industry trend meeting
network
platform
Telephone
Cheng Indivi Individual Inquiry about the Company's 2023 Financial
May 31 2024 communicat
du dual investor annual report and industry trend report
ion
Telephone Inquiry about the pig cost investment
Cheng Indivi Individual Pig
June 3 2024 communicat in Minsheng Bank and private
du dual investor business
ion placement progress
Telephone
Beijin Institu Institutional Inquiry about the business performance Pig
June 4 2024 communicat
g tion Investor and industry trend in Q2 business
ion
June 5 2024 Beijin Telephone Institu Institutional Inquiry about the business performance Pig
82Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
g communicat tion Investor and industry trend in Q2 business
ion
Telephone
Cheng Indivi Individual Inquiry about the trend of the secondary Stock
June 4 2024 communicat
du dual investor stock market value
ion
Telephone
Cheng Indivi Individual Inquiry about the trend of the secondary Stock
June 5 2024 communicat
du dual investor stock market value
ion
Telephone Inquiry about the trend of the secondary
Cheng Indivi Individual Pig
June 5 2024 communicat stock market and pig cost related
du dual investor business
ion information
Telephone Inquiry about the trend of the secondary
Cheng Indivi Individual Pig
June 6 2024 communicat stock market and pig cost related
du dual investor business
ion information
Telephone Inquiry about the trend of the secondary
Cheng Indivi Individual Pig
June 6 2024 communicat stock market and pig cost related
du dual investor business
ion information
Telephone
Cheng Indivi Individual Inquiry about the trend of the secondary Stock
June 6 2024 communicat
du dual investor stock market value
ion
Telephone
Cheng Indivi Individual Inquiry about the progress of the Private
June 12 2024 communicat
du dual investor Company’s private placement placement
ion
Telephone
Beijin Institu Institutional Inquiry about the business performance Pig
June 13 2024 communicat
g tion Investor and industry trend in Q2 business
ion
Telephone Inquiry about the progress of private
Cheng Indivi Individual Pig
June 17 2024 communicat placement and all aspects of the pig
du dual investor business
ion business
Telephone Inquiry about the pig sales and market
Cheng Indivi Individual Pig
June 17 2024 communicat value management related information
du dual investor business
ion in May
Public
Telephone
Cheng Indivi Individual Inquiry about the online public opinions opinions
June 21 2024 communicat
du dual investor on the Company on the
ion
Company
Online
communicat
Beijin Indivi Individual Pig
June 25 2024 ion on the Stock.p5w.net performance presentation
g dual investor business
network
platform
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s external
June 26 2024 communicat governanc
du dual investor acquisition plan
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the holding of general
July 4 2024 communicat governanc
du dual investor meeting
ion e
Telephone Inquiry about the trend of the secondary
Cheng Indivi Individual Pig
July 8 2024 communicat stock market and pig cost related
du dual investor business
ion information
Inquiry about the production and Production
Telephone
Cheng Indivi Individual operation of the Company’s feed and and
July 9 2024 communicat
du dual investor pig business and secondary stock manageme
ion
market trend nt
Telephone
Cheng Indivi Individual Inquiry about the business performance Pig
July 11 2024 communicat
du dual investor in Q2 and the pig market trend in H2 business
ion
83Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s pig sales
July 23 2024 communicat governanc
du dual investor and investment in Minsheng Bank
ion e
Telephone Inquiry about the private placement Corporate
Cheng Indivi Individual
August 5 2024 communicat plan and Q3 cash flow related governanc
du dual investor
ion information e
Telephone Inquiry about the Company’s private Corporate
Cheng Indivi Individual
August 12 2024 communicat placement implementation plan and governanc
du dual investor
ion fund-raising projects e
Telephone
Cheng Indivi Individual Inquiry about the Company's Pig
August 13 2024 communicat
du dual investor performance and full cost of pigs in Q1 business
ion
Telephone Inquiry about the participation in the Corporate
Cheng Indivi Individual
August 13 2024 communicat Company’s first extraordinary general governanc
du dual investor
ion meeting in 2024 e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company's pig cost in
August 14 2024 communicat governanc
du dual investor July and the pig output target this year
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s private
August 14 2024 communicat governanc
du dual investor placement related disclosure
ion e
Telephone Inquiry about the participation in the Corporate
Cheng Indivi Individual
August 16 2024 communicat Company’s first extraordinary general governanc
du dual investor
ion meeting in 2024 e
Telephone Inquiry about the participation in the Corporate
Cheng Indivi Individual
August 19 2024 communicat Company’s first extraordinary general governanc
du dual investor
ion meeting in 2024 e
Telephone
Cheng Indivi Individual Inquiry about the Company’s pig sales Pig
August 20 2024 communicat
du dual investor and slaughtering business business
ion
Telephone
Cheng Indivi Individual Inquiry about the Company's pig Pig
August 21 2024 communicat
du dual investor business and cost related information business
ion
Telephone Corporate
Cheng Indivi Individual Inquiry about the operation situation of
August 23 2024 communicat governanc
du dual investor New Hope-CB2 in secondary market
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
August 26 2024 communicat governanc
du dual investor repurchase of shares
ion e
Production
Telephone Inquiry about the Company’s
Cheng Indivi Individual and
August 26 2024 communicat production and operation of feed and
du dual investor manageme
ion pig business
nt
Telephone Inquiry about the production and
Cheng Indivi Individual Feed
August 28 2024 communicat operation of feed business and the debt
du dual investor business
ion ratio in Q1
Online
Production
communicat
Beijin Institu Institutional 2024 Semiannual Report and the recent and
August 30 2024 ion on the
g tion Investor operation of all segments manageme
network
nt
platform
Production
Telephone
Cheng Indivi Individual Inquiry about the Company's feed and
September 2 2024 communicat
du dual investor business and pig business in Q2 manageme
ion
nt
Cheng Telephone Indivi Individual Inquiry about the Company’s Corporate
September 3 2024
du communicat dual investor repurchase of shares governanc
84Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 3 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 3 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 5 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 5 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 6 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 6 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 6 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 6 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 6 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 9 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Inquiry about the put provisions of New Corporate
Cheng Indivi Individual
September 11 2024 communicat Hope-CB2 and the Company’s business governanc
du dual investor
ion performance in Q2 e
Telephone Corporate
Cheng Indivi Individual Inquiry about the trend of the secondary
September 11 2024 communicat governanc
du dual investor stock market
ion e
Telephone Inquiry about the Company's Corporate
Cheng Indivi Individual
September 11 2024 communicat assessment and lifting of restrictions on governanc
du dual investor
ion restricted stocks e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 11 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 18 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Inquiry about the trend of the secondary Corporate
Cheng Indivi Individual
September 18 2024 communicat market of convertible bonds and pig governanc
du dual investor
ion market in H2 e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 19 2024 communicat governanc
du dual investor repurchase of shares
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 19 2024 communicat governanc
du dual investor repurchase of shares
ion e
Cheng Telephone Indivi Individual Inquiry about the Company’s Corporate
September 19 2024
du communicat dual investor repurchase of shares governanc
85Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ion e
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
September 19 2024 communicat governanc
du dual investor repurchase of shares
ion e
Production
Telephone Inquiry about the Company's feed
Cheng Indivi Individual and
September 20 2024 communicat business pig business the trend of
du dual investor manageme
ion convertible bonds and the debt ratio
nt
Inquiry about the business deliberated
Telephone Corporate
Cheng Indivi Individual at the second extraordinary general
September 23 2024 communicat governanc
du dual investor meeting in 2024 and the Company's
ion e
repurchase of shares
Telephone Inquiry about the trend of the secondary Corporate
Cheng Indivi Individual
September 23 2024 communicat market of convertible bonds and the governanc
du dual investor
ion Company’s repurchase of shares e
Inquiry about the full cost of pig
Telephone Corporate
Cheng Indivi Individual business the trend of the secondary
September 24 2024 communicat governanc
du dual investor market and the Company’s repurchase
ion e
of shares
Telephone Corporate
Cheng Indivi Individual Inquiry about the holding of the second
September 25 2024 communicat governanc
du dual investor extraordinary general meeting in 2024
ion e
Telephone
Cheng Indivi Individual Inquiry about the Company’s feed Feed
September 27 2024 communicat
du dual investor operation and sales in H1 business
ion
Telephone
Cheng Indivi Individual Inquiry about the pig sales data and Pig
October 9 2024 communicat
du dual investor costs in September business
ion
Production
Telephone
Cheng Indivi Individual Inquiry about the Company’s Q3 and
October 9 2024 communicat
du dual investor performance forecast manageme
ion
nt
Production
Telephone
Cheng Indivi Individual Inquiry about the Company's feed and and
October 11 2024 communicat
du dual investor pig business related information manageme
ion
nt
Production
Telephone
Cheng Indivi Individual Inquiry about all aspects of the and
October 11 2024 communicat
du dual investor Company’s pig business manageme
ion
nt
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s
October 14 2024 communicat governanc
du dual investor repurchase of shares
ion e
Production
Telephone
Cheng Indivi Individual Inquiry about the Company’s and
October 14 2024 communicat
du dual investor production and operation in H1 and Q3 manageme
ion
nt
Telephone Inquiry about the Company’s pig Corporate
Cheng Indivi Individual
October 18 2024 communicat business and downward price governanc
du dual investor
ion adjustment for resale of New Hope-CB e
Telephone Corporate
Cheng Indivi Individual Inquiry about the trend of the secondary
October 21 2024 communicat governanc
du dual investor stock market
ion e
Production
Telephone Inquiry about the Company's revenue in
Cheng Indivi Individual and
October 31 2024 communicat Q3 and operations of all business
du dual investor manageme
ion segments
nt
86Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Online
Production
communicat Exchange on all aspects of the
Beijin Institu Institutional and
October 31 2024 ion on the Company’s production and
g tion Investor manageme
network management in Q3
nt
platform
Telephone Corporate
Cheng Indivi Individual Inquiry about the trend of the secondary
November 1 2024 communicat governanc
du dual investor stock market and recent pig costs
ion e
Telephone
Cheng Indivi Individual Pig
November 7 2024 communicat Inquiry about the recent pig cost
du dual investor business
ion
Telephone Inquiry about the Company's pig sales
Cheng Indivi Individual Pig
November 12 2024 communicat and production and operation
du dual investor business
ion conditions in October
Production
Telephone
Cheng Indivi Individual Inquiry about the Company’s Q3 and
December 4 2024 communicat
du dual investor business performance presentation manageme
ion
nt
Inquiry about the Company’s latest pig
Telephone Corporate
Cheng Indivi Individual cost the trend of the secondary market
December 4 2024 communicat governanc
du dual investor the debt ratio reduction plan and market
ion e
value management
Telephone Corporate
Cheng Indivi Individual Inquiry about the trend of the secondary
December 5 2024 communicat governanc
du dual investor stock market
ion e
Telephone Inquiry about the trend of the secondary Corporate
Cheng Indivi Individual
December 5 2024 communicat stock market pig market trend and pig governanc
du dual investor
ion business related information e
Telephone Inquiry about the Company’s Corporate
Cheng Indivi Individual
December 11 2024 communicat production and management and the governanc
du dual investor
ion stock trend in the secondary market e
Production
Telephone Inquiry about the Company's
Cheng Indivi Individual and
December 12 2024 communicat production and management and
du dual investor manageme
ion overseas feed business
nt
Telephone Inquiry about the Company's operation Corporate
Cheng Indivi Individual
December 17 2024 communicat of convertible bonds and subsequent governanc
du dual investor
ion related plans for convertible bonds e
Inquiry about the Company's
Telephone Corporate
Cheng Indivi Individual implementation of ESOP the transfer of
December 19 2024 communicat governanc
du dual investor related equity investments and the
ion e
progress of private placement
Telephone Corporate
Cheng Indivi Individual Inquiry about the Company’s transfer of
December 19 2024 communicat governanc
du dual investor equities in six feed plants
ion e
Telephone Inquiry about the Company’s Corporate
Cheng Indivi Individual
December 20 2024 communicat implementation of hedging and pricing governanc
du dual investor
ion models for feed ingredients e
Telephone Inquiry about the Company’s Corporate
Cheng Indivi Individual
December 21 2024 communicat implementation of hedging and pricing governanc
du dual investor
ion models for feed ingredients e
Telephone Inquiry about the Company’s pig Corporate
Cheng Indivi Individual
December 25 2024 communicat breeding models costs and raw material governanc
du dual investor
ion hedging e
Telephone Production
Cheng Indivi Individual Inquiry about the Company’s latest
December 25 2024 communicat and
du dual investor progress of the private placement
ion manageme
87Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
nt
Production
Telephone Inquiry about the Company’s
Cheng Indivi Individual and
December 26 2024 communicat production and operation of feed and
du dual investor manageme
ion pig business
nt
XIII. Development and implementation of market value management system and valuation
enhancement plan
Whether the Company developed market value management system.□Yes □No
Whether the Company disclosed valuation enhancement plan
□Yes □No
To promote the enhancement of our investment value increase investor returns and standardize our market value management
activities to ensure the compliance scientificity and effectiveness of the same and maximize our value and shareholders' interests in
active response to the call in the Several Opinions of the State Council on Strengthening Supervision Preventing Risks and Promoting
High-Quality Development of the Capital Market to encourage listed companies to establish a market value management system we
in accordance with the Company Law of the People's Republic of China Securities Law of the People's Republic of China Guidance
No. 10 for the Supervision of Listed Companies - Market Value Management Shenzhen Stock Exchange Listing Rules Self-Regulatory
Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange - Standardized Operations of Main Board Listed Companies and
such other laws regulations and normative documents as well as the Articles of Association developed the Market Value Management
System which was approved at the first meeting of the 10th board of directors held on April 3 2025.XIV. Implementation of the "Quality & Return Dual Improvement" action plan
Whether the Company disclosed the "Quality & Return Dual Improvement" action plan.□Yes □No
88Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 4 Corporate Governance
I. Basic information on corporate governance
The Company established a standard corporate governance structure formulated rules and policies in line with its business
development defined duties and authorities in terms of decision making execution and supervision and formed effective division of
duties and check and balance mechanisms according to the Company Law of the People’s Republic of China Securities Law of the
People’s Republic of China Code of Corporate Governance for Listed Companies and Shenzhen Stock Exchange Listing Rules.During the reporting period general meetings meetings of the board of directors and meetings of the board of supervisors were
all held in strict in accordance with relevant laws regulations and bylaws. The resolutions were legal and valid. The directors
supervisors and the management team were diligent and responsible and fulfilled their relevant duties well. Adhering to relevant laws
regulations and normative documents the Company also continuously strengthened the construction of the internal control system to
improve the level of internal control governance effectively promoting its standardized and compliant operation earnestly ensuring
the integrity of its assets and the security of its property and safeguarding the interests of the Company and its shareholders.Whether there is any significant difference between actual condition of corporate governance and laws regulations and provisions
enacted by China Securities Regulatory Commission regarding corporate governance of listed companies.□Yes □No
There was no significant difference between actual condition of corporate governance and laws regulations and provisions enacted by
China Securities Regulatory Commission regarding corporate governance of listed companies.II. Independence of the Company from its controlling shareholder and actual controller in
terms of assets personnel finance organization and other aspects
The Company is completely separated from its controlling shareholder New Hope Group in terms of business personnel assets
organization finance and other aspects and has independent and complete business and independent management ability.
1. Business independence: the Company conducts its business operations independently and has no dependence on the controlling
shareholder or other affiliates. The Company has independent systems for raw materials procurement and products production and
sales and its raw materials procurement and products production and sales are not dependent upon the controlling shareholder or other
affiliates.
2. Personnel separation: the Company has HR department dedicated to its labor personnel and wage management and has
formulated a series of rules and regulations for staff assessment. The Company’s president and other senior executives do not hold dual
position in the Company or any shareholder entity and all receive compensation from the Company.
3. Asset integrity: the Company has independent and complete production system auxiliary production system and supporting
facilities as well as other assets such as land use rights industrial property rights and non-patented technologies. The controlling
shareholder has not illegally occupied the Company’s funds assets or other resources of the Company in any manner or form.
4. Organizational independence: the Company is completely separated from its controlling shareholder and other affiliates in
terms of office and production and business sites without mixed operation or co-office. All departments of the Company have no
subordinate or affiliated relationships with any organization of the controlling shareholder or affiliates nor did the controlling
shareholder intervene in business activities of the Company in any form or manner.
5. Financial independence: the Company has set up an independent finance department as its financial management organization
established independent accounting systems and financial management policies and makes independent financial decisions and
implements vertical management of financial affairs of its branches and subsidiaries according to the requirement of the accounting
89Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
system of listed companies. The Company opened and maintains independent accounts with banks and pays taxes independently
according to law.III. Horizontal competition
□Applicable □Not applicable
IV. Details of annual general meeting and extraordinary general meetings held within the
reporting period
1. General meetings during this reporting period
Ratio of
Meeting
Session attending Date of meeting Date of disclosure Meeting resolution
type
investors
Refer to the Announcement of
Resolutions of the 2023 Annual
General Meeting (No. 2024-45)
Annual published by the Company on China
2023 annual
general 61.58% May 30 2024 May 31 2024 Securities Journal Securities Daily
general meeting
meeting Securities Times Shanghai
Securities News and
www.cninfo.com.cn on May 31
2024 for details.
Refer to the Announcement of
Resolutions of the First
Extraordinary General Meeting of
The 1st Extraordin
2024 (No. 2024-68) published by
extraordinary ary
56.48% August 27 2024 August 28 2024 the Company on China Securities
general meeting general
Journal Securities Daily Securities
of 2024 meeting
Times Shanghai Securities News
and www.cninfo.com.cn on August
28 2024 for details.
Refer to the Announcement of
Resolutions of the Second
Extraordinary General Meeting of
The second Extraordin
2024 (No. 2024-86) published by
extraordinary ary
56.32% September 26 2024 September 27 2024 the Company on China Securities
general meeting general
Journal Securities Daily Securities
of 2024 meeting
Times Shanghai Securities News
and www.cninfo.com.cn on
September 27 2024 for details.Refer to the Announcement of
Resolutions of the Third
Extraordinary General Meeting of
The third Extraordin
2024 (No. 2024-120) published by
extraordinary ary
61.97% December 19 2024 December 20 2024 the Company on China Securities
general meeting general
Journal Securities Daily Securities
of 2024 meeting
Times Shanghai Securities News
and www.cninfo.com.cn on
December 20 2024 for details.
90Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2. Extraordinary general meetings requested by preferred shareholders with voting power resumed
□Applicable □Not applicable
V. Directors supervisors and senior executives
1. Basic information
Cur
Curr
rent Reas
ent
incr ons
decr Othe
ease for
Status ease r Ending
Beginning in chan
Na Gen A of in chan sharehold
Position Start date End date shareholdi shar ges
me der ge incum share ges ing
ng (shares) ehol in
bency holdi (sha (shares)
din share
ng res)
g holdi
(shar
(sha ng
es)
res)
Liu
Fem Chairma Incum May 22 April 2
Cha 45 2155452 0 0 0 2155452
ale n bent 2013 2028
ng
Zha
ng Mal Incum September April 2
43 Director 2000000 0 0 0 2000000
Min e bent 24 2020 2028
ggui
Li
Jian Mal Incum May 26 April 2
48 Director 0 0 0 0 0
xion e bent 2016 2028
g
Yan
g Fem Incum April 3 April 2
54 Director 0 0 0 0 0
Fan ale bent 2025 2028
g
Director
Tao
Mal and Incum April 3 April 2
Yuli 51 1312500 0 0 0 1312500
e presiden bent 2025 2028
ng
t
New
direc
Zho
tor
u Mal Incum May 30 April 2
45 Director 0 0 0 100 100 of
Bop e bent 2024 2028
the
ing
Com
pany
Wan
Indepen
g Fem Incum May 31 April 2
74 dent 0 0 0 0 0
Jiafe ale bent 2022 2028
director
n
Pen
Indepen
g Mal Incum May 30 April 2
61 dent 0 0 0 0 0
Lon e bent 2024 2028
director
g
Xie Fem Indepen Incum April 3 April 2
6300000
Jiay ale dent bent 2025 2028
91Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ang director
Chairma
Xu n of the
Mal Incum May 26 April 2
Zhig 56 board of 0 0 0 0 0
e bent 2016 2028
ang supervis
ors
Dua
n Mal Supervis Incum May 26 April 2
6000000
Peili e or bent 2016 2028
n
Pan
g
Mal Supervis Incum August 26 April 2
Yun 60 72000 0 0 0 72000
e or bent 2024 2028
don
g
Che
n Vice
Mal Incum January 11
Xin 51 presiden 1200000 0 0 0 1200000
e bent 2021
gya t CFO
o
Yan Vice
Mal Incum March 11
Qiu 46 presiden 125000 0 0 0 125000
e bent 2024
bo t
Vice
presiden
Wan
t and
g
Mal director Incum December
Wei 51 0 0 0 0 0
e of bent 2 2024
yon
human
g
resource
s
Li Vice
Mal Incum March 11
Shu 46 presiden 900000 0 0 0 900000
e bent 2024
ang t
Zha
Board
o Mal Incum April 3 April 2
47 secretar 0 0 0 0 0
Lian e bent 2025 2028
y
g
Director
Wan of
g Mal investm Incum January 23
55900000000900000
Pus e ent and bent 2018
ong develop
ment
Liu
Yon Mal Depart May 22 April 3
74 Director 892320 0 0 0 892320
gha e ed 2013 2025
o
Wan
g Mal Depart November April 3
54 Director 60000 0 0 0 60000
Han e ed 29 2011 2025
g
Cai Indepen
Fem Depart April 3
Man 52 dent June 6 2019 10000 0 0 0 10000
ale ed 2025
li director
Che Mal Indepen Depart May 30
72 June 6 2019 0 0 0 0 0
n e dent ed 2024
92Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Hua director
nch
un
Wan
g Mal Supervis Depart August 29 August 26
6100000
Yon e or ed 2023 2024
gxiu
Board
secretar
y chief
Lan Mal Depart January 25 April 3
45 strategic 1000000 0 0 0 1000000
Jia e ed 2021 2025
investm
ent
officer
Tota 1062727 1062737
------------00100--
l 2 2
Whether any director or supervisor left office or senior executives dismissed during the reporting period
□Yes □No
Mr. Liu Yonghao and Mr. Wang Hang resigned as directors due to the change of the board of directors and Ms. Cai Manli
resigned as an independent director due to the change of the board of directors; Mr. Zhang Minggui stepped down as the president due
to the change of the board of directors; Mr. Lan Jia stepped down as the secretary of the board of directors and the chief strategic
investment officer due to the change of the board of directors; Mr. Chen Huanchun resigned from his position as an independent
director for personal reasons; and Mr. Wang Yongxiu resigned from his position as the employee representative supervisor due to
retirement.Change of directors supervisors and senior executives of the Company
□Applicable □Not applicable
Name Position held Type Date Reason
Yang Fang Director Elected April 3 2025 General election
Tao Yuling Director and president Elected April 3 2025 General election
Zhou Boping Director Elected May 30 2024 Job transfer
Peng Long Independent director Elected May 30 2024 Job transfer
Xie Jiayang Independent director Elected April 3 2025 General election
Pang Yundong Supervisor Elected August 26 2024 Job transfer
Yan Qiubo Vice president Appointed March 11 2024 Job transfer
Vice president and director of
Wang Weiyong Appointed December 2 2024 Job transfer
human resources
Li Shuang Vice president Appointed March 11 2024 Job transfer
Zhao Liang Board secretary Appointed April 3 2025 General election
Separation at
Liu Yonghao Director expiration of April 3 2025 General election
office term
Separation at
Wang Hang Director expiration of April 3 2025 General election
office term
Separation at
Cai Manli Independent director expiration of April 3 2025 General election
office term
Separation at
Zhang Minggui President expiration of April 3 2025 General election
office term
Lan Jia Board secretary chief strategic Separation at April 3 2025 General election
93Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
investment officer expiration of
office term
Chen Huanchun Independent director Departed May 30 2024 Personal reason
Wang Yongxiu Supervisor Departed August 26 2024 Retirement
2. Incumbencies
Professional background main work experience and current main duties in the Company of current directors supervisors and senior
executives
Directors:
Liu Chang female EMBA. She was former office director of Sichuan New Hope Agriculture Co. Ltd. office director of New
Hope Dairy Co. Ltd. and director of New Hope Liuhe Co. Ltd. She is the current chairman of the Company chairman of New Hope
Investment Group Co. Ltd. director of New Hope Group Co. Ltd. director of South Hope Industries Co. Ltd. director of New Hope
Dairy Co. Ltd. and member of the global board of directors of the Consumer Goods Forum (CGF).Zhang Minggui male graduated from China University of Geosciences (Beijing) with bachelor’s degree in accounting and
master’s degree in management former secretary of Youth League Committee and office director of New Hope Group Co. Ltd.president of Real Estate BU of New Hope non-executive director and chairman of New Hope Service Holdings Limited chairman of
New Hope Group Sichuan HQ vice president of New Hope Group Co. Ltd. and executive chairman and president of the Company;
current director of the Company secretary of Party committee and vice chairman of New Hope Group Co. Ltd. director of Huarong
Chemical Co. Ltd. and director of Sichuan Xinwang Bank Co. Ltd.; concurrently deputy to and member of the Economic Committee
of the 14th People’s Congress of Sichuan Province Party secretary and secretary-general of the General Association of Sichuan
Entrepreneurs vice president of the China Youth Entrepreneurs Association and president of Sichuan Youth Entrepreneurs Association.Li Jianxiong male senior economist deputy director of the 93rd Central Committee of Agriculture and Forestry deputy director
of the Youth Work Committee EMBA of Peking University doctor of economics of Chinese Academy of Social Sciences and
postdoctoral fellow of Renmin University of China. He is currently a director of the Company executive vice president and COO of
New Hope Group Co. Ltd. chairman of South Hope Industries Co. Ltd. director of Huarong Chemical Co. Ltd. director of Xingyuan
Environment Technology Co. Ltd and director of Shenzhen Feima International Supply Chain Co. Ltd. He has won the 25th Qiushi
Outstanding Youth Achievement Transformation Award of the China Association for Science and Technology the Special Prize of
the National Commercial Science and Technology Progress Award of the China General Chamber of Commerce Science and
Technology Award the titles of Innovative Entrepreneur of Sichuan Province the High-level Innovative Talent of Chengdu's "Chengdu
Drifter Program" and "Zhuge Elite" of Chengdu. He is also the vice president of the China Agricultural and Rural Rule of Law Research
Association a director of Beijing Jingwa Agricultural Science & Technology Innovation Center and an expert of Beijing Pinggu
Agricultural Science and Technology Innovation Demonstration Zone.Yang Fang female a Chinese has no permanent residence status abroad. She is a member of the China National Democratic
Construction Association holds a bachelor's degree in financial accounting and a master's degree in business administration and is a
non-practicing Chinese CPA and a member of CPA Australia. She is currently a director of the Company and a member of the leading
group and CFO of New Hope Group Co. Ltd. She was a former partner of KPMG Huazhen Certified Public Accountants (Special
General Partnership) chief accountant of China National Bluestar (Group) Co. Ltd. director of Bluestar Adisseo Co. Ltd. supervisor
of New Hope Liuhe Co. Ltd. chairman of the board of supervisors of New Hope Dairy Co. Ltd. and director of Xingyuan
Environment Co. Ltd. She is a member of the China Finance 30 Forum industry mentor for CFOs and Master of Accounting at
Tsinghua University and winner of the 15th "2019 China CFO of the Year" awarded by the Ministry of Finance the 9th "2018 China
International Financial Leader of the Year" and other awards.Tao Yuling male a bachelor of freshwater fishery of Huazhong Agricultural University EMBA. He was a former general
manager of the Beijing-Tianjin-Hebei region president of the north China president of special operating region in Shandong president
of Poultry BU president of Pig Business Xinhai Team president of the Pig BG and vice president of the Company. He is currently a
director and president of the Company.
94Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Zhou Boping male MBA graduated from Fudan University. He is currently a director of the Company general manager of
Shanghai Puchen Enterprise Management Consulting Co. Ltd. and chairman of Jiangsu Pengjin New Materials Co. Ltd.Independent directors:
Wang Jiafen female a Chinese without overseas permanent residence status master’s degree CPC member senior economist
and winner of national "May Day" Labor Medal Shanghai "March 8" red flag bearer Shanghai Model Worker. She was a former
chairman and general manager of Bright Dairy Co. Ltd. chairman and general manager of Shanghai Dairy (Group) Co. Ltd. partner
of GGV Capital vice chairman of Ping An Trust and director general of Shanghai Oriental Women Leadership Development Center.She is currently an independent director of the Company instructor of clec.com.cn supervisor of Shanghai Guanjie Enterprise
Management Consulting Co. Ltd. director of Shanghai Rotai Health Technology Co. Ltd. director of Bondex Supply Chain
Management Co. Ltd. director of Bestore Co. Ltd. and director of Zhende Medical Supplies Co. Ltd.Peng Long male a CPC member doctor professor of economics and doctoral supervisor. He was graduated from the Institute of
Systems Science Chinese Academy of Sciences. Since 1999 he has been enjoying the special government allowance of The State
Council. In 2014 he was selected into the National "Hundred Thousand Ten Thousand Talents Project" and was awarded the title of
"National Outstanding Middle-aged and Young Expert with Outstanding Contributions". He was a former member of the Standing
Committee of the Party Committee and Executive Vice President of Southwestern University of Finance and Economics. He is
currently an independent director of the Company independent director of Chengdu Easton Biopharmaceuticals Co. Ltd. and
independent director of Digital China Group Co. Ltd.Xie Jiayang female a Chinese graduated from Zhongnan University of Economics and Law in 1984. Ms. Xie is a Chinese CPA
certified tax agent and senior accountant. With over 38 years of experience in financial auditing and management consulting she was
responsible for professional services for more than 100 enterprises and multiple government projects. She was a former general
manager assistant of China Certified Public Accountants managing partner of Pan-China Certified Public Accountants the managing
partner of Deloitte Touche Tohmatsu Certified Public Accountants and managing partner of Ernst & Young Hua Ming Certified Public
Accountants. She is currently an independent director of the Company.Supervisors:
Xu Zhigang male bachelor of economics of Sichuan University and master of management (accounting) of Fuzhou University.He was a former auditor general and supervisor of Guangdong Midea Appliances Co. Ltd. general manager of Finance Control Center
of Chengdu Quanyou Furniture Co. Ltd head of audit and supervision department of New Hope Group Co. Ltd. and non-independent
director of Hebei Baoshuo Co. Ltd.. He is currently the chairman of the Company’s board of supervisors and the chairperson of the
trade union.Duan Peilin male bachelor degree in Marine Geology of Ocean University of China admitted to the bar in 1998. He was a former
lecturer of Linyi University (Yishui Campus) office director of Shouguang Liuhe Co. Ltd. and senior judicial specialist of the
Company. He is currently a supervisor and senior employee relations expert of the Company; concurrently a supervisor of Shandong
New Hope Liuhe Group Co. Ltd. New Hope Liuhe Feed Co. Ltd. Zibo Huide Feed Machinery Co. Ltd. and Qingdao Xinmu Zhihe
Technology Co. Ltd.Pang Yundong male EMBA. He joined the Company in November 1996 and has successively held positions such as financial
manager of a branch company financial director of the feed business region deputy general manager of the Finance Department of
Shandong Liuhe Group financial director of the Sanbei Center financial director of the North China region deputy general manager
of the Finance Department of the joint-stock company and general manager of the Rural Financial Guarantee Division. He is currently
a supervisor of the Company general manager of the Supply Chain Management Department of the Feed BU and general manager of
internal control of the Feed BU.Senior executives:
95Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Chen Xingyao male a CPC member graduated from Beihang University with bachelor’s degree and master’s degree CPA MBA
of Tsinghua University EMBA of China Europe International Business School. He was a former CFO of Shandong Liuhe Group Co.Ltd. president of Qingdao Center of the Company VP and CFO of the Company and president & CEO of New Hope Huinong(Tianjin)
Technology Co. Ltd. He is currently VP & CFO of the Company and an independent director of JD Health Co. Ltd.Yan Qiubo male bachelor of animal medicine of China Agricultural University and EMBA of West Coast University. He was a
former general manager of Feed BU Guizhou general manager of Pig Business Xinliu Team Hubei and the head of Feed BU of the
Company. He is currently a vice president of the Company and president of Guizhou Feed Industry Association.Wang Weiyong male bachelor of Renmin University of China. He was a former human resources director of Lenovo Group
China Region head of human resources of New Hope Group vice president and human resources director of the Company and senior
vice president of Joyvio Group. He is currently the vice president and human resources director of the Company.Li Shuang male bachelor of Sichuan University former general manager of Real Estate BU Ningbo of New Hope Group general
manager of Operation Management Center of Real Estate BU and director of engineering and equipment operations of the Company；
and current vice president of the Company.Wang Pusong male bachelor of economics of Wuhan University master of economics and doctor of management of Xiamen
University. He was a former employee of Tax Policy Division of Ezhou Municipal Bureau of Taxation in Hubei province and
Investment Banking Department of China Eagle Securities manager of Finance Department of China Silk Shenzhen Import & Export
Co. Ltd. CFO of the Farming BU of Shandong New Hope Liuhe Group and general manager of Finance Department chief accountant
etc. of the Company. He is currently the director of investment and development of the Company.Zhao Liang male bachelor of economics in National Economic Management of Renmin University of China master of finance
of Sun Yat-sen University. He was a former secretary of the President's Office public relations manager and intermediate manager of
the Business Department of Bank of China Guangdong Branch; senior financing manager of the Fund Department of Ping An Insurance
(Group) Company of China Ltd. and director of the Fund Management Office of Ping An Trust Co. Ltd.; general manager of the
Capital Department of China Qinfa Group Co. Ltd.; general manager of Dongxing Securities Shenzhen Branch; and general manager
of Guangzhou CF Investment Fund Management Co. Ltd. He is currently the secretary of the board of directors of the Company and
general manager of Guangdong New Hope New Agriculture Equity Investment Fund Management Co. Ltd..Incumbencies with shareholder entities
□Applicable □Not applicable
Whether
receive
compensatio
Name of Position held
ns or
incumben Name of shareholder entities in shareholder Start date End date
allowances
t entities
from
shareholder
entities
Liu
New Hope Group Co. Ltd. Director January 1 1997 No
Chang
Liu
South Hope Industrial Co. Ltd. Director January 1 2004 No
Chang
Zhang
New Hope Group Co. Ltd. Vice chairman March 14 2025 Yes
Minggui
Li Executive VP
New Hope Group Co. Ltd. February 14 2016 Yes
Jianxiong and COO
Chairman and
Li
South Hope Industrial Co. Ltd. general May 1 2016 Yes
Jianxiong
manager
Yang
New Hope Group Co. Ltd. CFO December 18 2023 Yes
Fang
96Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Incumbencies with other entities
□Applicable □Not applicable
Whether
receiving
Name of Position held compensatio
incumben Name of other entities in other Start date End date ns or
t entities allowances
from the
other entities
Liu
New Hope Dairy Co. Ltd. Director December 15 2016 No
Chang
Liu New Hope Investment Group
Chairman May 1 2023 No
Chang Co. Ltd.Zhang
Huarong Chemical Co. Ltd. Director May 22 2020 No
Minggui
Zhang Xingyuan Environment
Director May 20 2019 August 29 2024 No
Minggui Technology Co. Ltd.Chengdu Xiaokang Zhijia
Zhang Managing
Enterprise Management April 29 2019 March 10 2025 No
Minggui partner
Consulting Center (LP)
Executive
Zhang Tibet Zhonghui Trading Co. director
March 17 2017 No
Minggui Ltd. general
manager
Executive
Chengdu Yunjing Guanlan
Zhang director
Enterprise Management Co. November 4 2019 No
Minggui general
Ltd.manager
Zhang Sichuan Youkang Healthcare
Chairman June 4 2018 No
Minggui Management Co. Ltd.Executive
Zhang Chengdu New Hope Financial director
March 27 2019 No
Minggui Information Co. Ltd. general
manager
Zhang Chengdu New Partner Business
Manager December 10 2018 No
Minggui Consulting Co. Ltd.Executive
Zhang Chengdu New Hope Fintech director
May 10 2018 No
Minggui Co. Ltd. general
manager
Zhang Zhejiang Zhongao Modern
Director January 13 2020 No
Minggui Industrial Park Co. Ltd.Zhang Chengdu Xinjin Hope Feed
Director November 26 2018 No
Minggui Mill
Chengdu Chuanshang
Zhang
Xinchuang Equity Investment Chairman August 28 2018 No
Minggui
Fund Management Co. Ltd.Chengdu Chuanshang Xingye
Zhang
Equity Investment Fund Chairman September 1 2017 No
Minggui
Management Co. Ltd.Zhang
Sichuan XW Bank Co. Ltd. Director October 20 2020 No
Minggui
Zhang Wenzhou New Hope Deheng
Vice chairman November 10 2015 No
Minggui Healthcare Investment Co. Ltd.Zhang Beijing New Hope Liuhe
Director December 18 2020 No
Minggui Biotechnology Industry Group
97Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co. Ltd.Li
Caogen Zhiben Group Co. Ltd. Supervisor May 1 2016 No
Jianxiong
Li New Hope Chemical
Director May 1 2016 No
Jianxiong Investment Co. Ltd.Li New Hope Asia Pacific
Supervisor June 1 2016 No
Jianxiong Investment Holdings Co. Ltd.Li Shenzhen Feima International
Director January 22 2021 No
Jianxiong Supply Chain Co. Ltd.Li
Huarong Chemical Co. Ltd. Director May 22 2020 No
Jianxiong
Li Zhejiang Future Investment
Director October 12 2017 September 24 2024 No
Jianxiong Co. Ltd.Li New Hope International (HK)
Director December 21 2018 No
Jianxiong Co. Ltd.Li Sichuan Yonghao Charity
Director November 26 2018 No
Jianxiong Foundation
Li
InnovHope Inc. Director July 4 2018 No
Jianxiong
Li
New Hope Finance Co. Ltd. Director December 26 2017 No
Jianxiong
Li Xingyuan Environment
Chairman May 21 2019 January 22 2025 Yes
Jianxiong Technology Co. Ltd.Li Xingyuan Environment
Director May 21 2019 Yes
Jianxiong Technology Co. Ltd.Li Zintech Network Technology
Director December 18 2019 No
Jianxiong Co. Ltd.Executive
Li Lhasa New Hope Industrial Co. director
April 26 2016 No
Jianxiong Ltd. general
manager
Executive
Li Beijing Baiqian Technology director
March 5 2019 No
Jianxiong Co. Ltd. general
manager
Li New Hope Wuxin Industrial
Director October 17 2023 No
Jianxiong Group Co. Ltd.Li NHE (Beijing) Technology Co.Director January 23 2017 December 27 2024 No
Jianxiong Ltd.New Hope Investment
Li
Development (Guangdong) Co. Chairman September 23 2019 No
Jianxiong
Ltd.Guangdong Yuanxi
Li Executive
Management Consulting Co. October 23 2018 No
Jianxiong director
Ltd.Chairman and
Li New Hope Digital Technology
general December 4 2020 No
Jianxiong Co. Ltd.manager
Executive
Li Hainan Shengchen Investment director
February 1 2020 No
Jianxiong Co. Ltd. general
manager
Li Sichuan Qingwang Nano
Chairman October 12 2022 No
Jianxiong Technology Co. Ltd.Yang
New Hope Finance Co. Ltd. Director August 23 2024 No
Fang
Yang New Hope Finance Co. Ltd. Chairman November 5 2024 No
98Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Fang
New Hope Investment
Yang
Development (Guangdong) Co. Director September 23 2019 No
Fang
Ltd.Tao Shandong Zhongxin Food
Director March 28 2024 No
Yuling Group Co. Ltd.Shanghai Puchen Enterprise Executive
Zhou
Management Consulting Co. director legal March 28 2017 Yes
Boping
Ltd. representative
Zhou Jiangsu Pengjin New Materials
Chairman August 28 2023 No
Boping Co. Ltd.Shanghai Guanjie Enterprise
Wang
Management Consulting Co. Supervisor May 27 2016 No
Jiafen
Ltd.Wang Shanghai Rotai Health
Director October 17 2022 October 17 2025 Yes
Jiafen Technology Co. Ltd.Wang Bondex Supply Chain
Director October 11 2018 September 29 2024 Yes
Jiafen Management Co. Ltd.Wang
UE Furniture Co. Ltd. Director February 22 2021 March 21 2024 Yes
Jiafen
Wang
Bestore Co. Ltd. Director September 15 2022 September 15 2025 Yes
Jiafen
Wang Zhende Medical Supplies Co.Director July 24 2022 July 24 2025 Yes
Jiafen Ltd.Peng Chengdu Easton Independent
May 5 2023 December 28 2027 Yes
Long Biopharmaceuticals Co. Ltd. director
Peng Independent
Digital China Group Co. Ltd. April 22 2024 April 22 2027 Yes
Long director
Beijing New Hope Liuhe Legal
Xu
Biotechnology Industry Group representative May 29 2020 No
Zhigang
Co. Ltd. director
Legal
Xu Sichuan New Hope Liuhe
representative June 17 2022 No
Zhigang Farming Co. Ltd.chairman
Duan Zibo Huide Feed Machinery
Supervisor March 20 2020 No
Peilin Co. Ltd.Duan Qingdao Xinmu Zhihe
Supervisor March 12 2021 No
Peilin Technology Co. Ltd.Pang Shanghai New Hope Supply Executive
May 24 2024 No
Yundong Chain Technology Co. Ltd. director
Executive
Pang Sichuan New Hope Animal director
May 11 2024 No
Yundong Nutrition Technology Co. Ltd. general
manager
Executive
Xiamen New Hope Liuhe
Pang director
Agricultural Supply Chain Co. April 1 2024 No
Yundong general
Ltd.manager
Executive
Hainan New Hope Liuhe
Pang director and
Supply Chain Technology Co. July 12 2024 No
Yundong general
Ltd.manager
Pang Shandong Zhongxin Animal
Director July 23 2024 No
Yundong Feed Co. Ltd.Executive
Pang Qingdao New Hope Liuhe
director and May 13 2024 No
Yundong Trade Co. Ltd.general
99Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
manager
Pang Hebei Liuhe Xingda Feed Co.Director May 31 2011 No
Yundong Ltd.Pang Panjin Puhui Financing
Chairman October 26 2016 No
Yundong Guarantee Co. Ltd.Pang Beijing New Hope Liuhu Food
Supervisor October 26 2015 March 2 2025 No
Yundong Co. Ltd.Lhasa ETDZ Jiankun Enterprise
Chen Vice president
Management Consulting Co. August 3 2010 No
Xingyao CFO
Ltd.Independent
Chen
JD Health Co. Ltd. non-executive November 26 2020 Yes
Xingyao
director
Chen New Hope Huinong (Tianjin)
Chairman September 18 2021 No
Xingyao Technology Co. Ltd.Executive
Chen
Beijing Kunlu Trade Co. Ltd. director June 3 2022 No
Xingyao
manager CFO
Chen Shandong Zhongxin Food
Director March 28 2024 No
Xingyao Group Co. Ltd.Guiyang New Hope Liuhe
Yan
Agricultural Technology Co. Director May 20 2022 No
Qiubo
Ltd.Yan Nayong New Hope Yuansheng
Finance Head July 8 2019 No
Qiubo Agriculture Co. Ltd.Chairman and
Wang New Hope Liuhe Investment
general March 21 2018 No
Pusong Co. Ltd.manager
Wang Chengdu Tianfu Xingxinxin
Director November 21 2022 No
Pusong Farming Technology Co. Ltd.Wang Fuxin Hehui Livestock
Supervisor November 20 2008 No
Pusong Breeding Co. Ltd.Wang Xinzhi Huide Machinery
Director March 29 2021 No
Pusong Technology Co. Ltd.Guangdong New Hope New
Zhao Director
Agriculture Equity Investment July 5 2018 Yes
Liang manager
Fund Management Co. Ltd.Guangdong Agricultural
Zhao
Supply-Side Structural Reform Director November 27 2020 No
Liang
Fund Management Co. Ltd.Zhao Qingdao Xinmu Zhihe
Director March 28 2024 No
Liang Technology Co. Ltd.Zhao Laixi New Hope Liuhe Farming
Director March 22 2024 No
Liang Co. Ltd.Zhao Nanning Xinhao Farming Co.Director March 18 2025 No
Liang Ltd.Zhao Laibin Xinhao Farming Co.Director January 13 2025 No
Liang Ltd.Zhao Ningming Xinhao Farming Co.Director April 26 2024 No
Liang Ltd.Zhao Xiangzhou Xinhao Farming
Director January 6 2025 No
Liang Co. Ltd.Zhao Hezhou Xinhao Farming Co.Director August 26 2024 No
Liang Ltd.Zhao Laibin New Hope Liuhe
Director June 4 2024 No
Liang Farming Technology Co. Ltd.Zhao Wuzhou New Hope Liuhe Feed Director November 29 2024 No
100Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liang Co. Ltd.Zhao Nanning New Hope Farming
Director May 28 2024 No
Liang Technology Co. Ltd.Zhao
Yulin Guoxiong Feed Co. Ltd. Director June 7 2024 No
Liang
Executive
Shandong New Hope
Zhao director and
Agricultural Investment Co. September 29 2020 No
Liang general
Ltd.manager
Executive
Shandong New Hope
Zhao director and
Agricultural Development Co. September 29 2020 No
Liang general
Ltd.manager
Shenyang New Hope Executive
Zhao
Agricultural Investment director and October 17 2019 No
Liang
Consulting Co. Ltd. manager
Penalties imposed by securities regulators in the past three years on current directors supervisors and senior executives of the Company
and those separated within the reporting period
□Applicable □Not applicable
Mr. Li Jianxiong a director of the Company was subject to warning letters issued by the Zhejiang Regulatory Bureau of the China
Securities Regulatory Commission in June 2022 and October 2023 for matters not related to the Company and was also subject to
public criticism by the Shenzhen Stock Exchange in August 2022 and April 2024.
3. Compensation of directors supervisors and senior executives
Decision-making procedure basis of determination and actual payment of compensations of directors supervisors and senior
executives
The remuneration and appraisal committee determines compensation of senior executives of the Company according to the scope
of work main duties business innovation ability and job performance of senior executives of the Company and related policies and
rules of the Administrative Measures for Employee Compensation of the Company and the remuneration and appraisal committee of
the board of directors.As of December 31 2024 the total amount of pretax compensation received by directors supervisors and senior executives from
the Company was 13.0067 million yuan.Compensation of directors supervisors and senior executives of the Company within the reporting period
Unit: 10000 yuan
Whether
Total amount of
receiving
pretax
Status of compensation
Name Gender Age Position compensation
incumbency from related
received from
parties of the
the Company
Company
Liu Chang Female 45 Chairman Incumbent 19.23 No
Zhang
Male 43 Director Incumbent 162 Yes
Minggui
Li Jianxiong Male 48 Director Incumbent 0 Yes
Yang Fang Female 54 Director Incumbent 0 Yes
Tao Yuling Male 51 Director and president Incumbent 158.43 No
Zhou Boping Male 45 Director Incumbent 5 No
101Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Wang Jiafen Female 74 Independent director Incumbent 20 No
Peng Long Male 61 Independent director Incumbent 10 No
Xie Jiayang Female 63 Independent director Incumbent 0 No
Chairman of the board of
Xu Zhigang Male 56 Incumbent 48.8 No
supervisors
Duan Peilin Male 60 Supervisor Incumbent 36.1 No
Pang
Male 60 Supervisor Incumbent 116.46 No
Yundong
Chen
Male 51 Vice president CFO Incumbent 132.56 No
Xingyao
Yan Qiubo Male 46 Vice president Incumbent 79.5 No
Wang Vice president and director
Male 51 Incumbent 63 No
Weiyong of human resources
Li Shuang Male 46 Vice president Incumbent 104.32 No
Zhao Liang Male 47 Board secretary Incumbent 0 No
Director of investment and
Wang Pusong Male 55 Incumbent 81.2 No
development
Liu Yonghao Male 74 Director Departed 108 Yes
Wang Hang Male 54 Director Departed 0 No
Cai Manli Female 52 Independent director Departed 20 No
Chen
Male 72 Independent director Departed 13.33 No
Huanchun
Wang
Male 61 Supervisor Departed 14.42 No
Yongxiu
Board secretary chief
Lan Jia Male 45 Departed 108.32 No
strategic investment officer
Total -- -- -- -- 1300.67 --
Other remarks
□Applicable □Not applicable
VI. Performance of duties by directors within the reporting period
1. Board meetings held during the reporting period
Session Date of meeting Date of disclosure Meeting resolution
For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 26th Meeting of the 9th
The 26th meeting of the 9th Board of Directors published by the
January 28 2024 January 30 2024
board of directors Company on January 30 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the Announcement
of the Resolution of the 27th Meeting of the
9th Board of Directors published by the
The 27th meeting of the 9th
March 11 2024 March 13 2024 Company on March 13 2024 in China
board of directors
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
The 28th meeting of the 9th announcements such as the Announcement of
April 26 2024 April 30 2024
board of directors the Resolution of the 28th Meeting of the 9th
Board of Directors published by the
102Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Company on April 30 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 29th Meeting of the 9th
The 29th meeting of the 9th Board of Directors published by the
April 26 2024 April 30 2024
board of directors Company on April 30 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 30th Meeting of the 9th
The 30th meeting of the 9th Board of Directors published by the
August 2 2024 August 3 2024
board of directors Company on August 3 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 31st Meeting of the 9th
The 31st meeting of the 9th board Board of Directors published by the
August 12 2024 August 13 2024
of directors Company on August 13 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 32nd Meeting of the 9th
The 32nd meeting of the 9th Board of Directors published by the
August 29 2024 August 31 2024
board of directors Company on August 31 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 33rd Meeting of the 9th
The 33rd meeting of the 9th Board of Directors published by the
September 5 2024 September 6 2024
board of directors Company on September 6 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the Announcement
of the Resolution of the 34th Meeting of the
9th Board of Directors published by the
The 34th meeting of the 9th
September 20 2024 September 21 2024 Company on September 21 2024 in China
board of directors
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
The 35th meeting of the 9th the Resolution of the 35th Meeting of the 9th
September 27 2024 September 28 2024
board of directors Board of Directors published by the
Company on September 28 2024 in China
Securities Journal Securities Daily
103Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the Announcement
of the Resolution of the 36th Meeting of the
9th Board of Directors published by the
The 36th meeting of the 9th
October 11 2024 October 12 2024 Company on October 12 2024 in China
board of directors
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 37th Meeting of the 9th
The 37th meeting of the 9th Board of Directors published by the
October 30 2024 October 31 2024
board of directors Company on October 31 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 38th Meeting of the 9th
The 38th meeting of the 9th Board of Directors published by the
November 7 2024 November 8 2024
board of directors Company on November 8 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 39th Meeting of the 9th
The 39th meeting of the 9th Board of Directors published by the
December 2 2024 December 3 2024
board of directors Company on December 3 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.For details please refer to the relevant
announcements such as the Announcement of
the Resolution of the 40th Meeting of the 9th
The 40th meeting of the 9th Board of Directors published by the
December 9 2024 December 10 2024
board of directors Company on December 10 2024 in China
Securities Journal Securities Daily
Securities Times Shanghai Securities News
and on www.cninfo.com.cn.
2. Attendance of directors at board meetings and general meetings
Attendance of directors at board meetings and general meetings
Whether
Number of
Number of Number of Number of failing to
board Number of Number of
board board board attend board
Name of meeting board general
meetings meetings meetings meetings in
director attended via meetings meetings
required to attended in attended by person for
communicati absent from attended
be attended person proxy consecutive
on means
two times
Liu Chang 15 0 15 0 0 No 4
Zhang
15 0 15 0 0 No 4
Minggui
Liu Yonghao 15 0 15 0 0 No 4
104Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Wang Hang 15 0 15 0 0 No 4
Li Jianxiong 15 0 15 0 0 No 4
Zhou Boping 11 0 11 0 0 No 4
Chen
4 0 4 0 0 No 0
Huanchun
Cai Manli 15 0 15 0 0 No 4
Wang Jiafen 15 0 15 0 0 No 4
Peng Long 11 0 11 0 0 No 4
Remarks on failure to attend board meetings in person for consecutive two times
N/A
3. Objections raised by directors to matters related to the Company
Whether directors raised objections to matters related to the Company
□Yes □No
Directors did not raise any objections to matters related to the Company within the reporting period.
4. Other remarks on performance of duties by directors
Whether directors’ suggestions regarding the Company were adopted
□Yes □No
Remarks on directors’ suggestions regarding the Company adopted or not adopted
During the reporting period directors of the Company acted dutifully and diligently offered advices and suggestions actively
participated in committees of the board of directors board meetings and general meetings performed their rights duties and obligations
conferred by the Company Law Securities Law Shenzhen Stock Exchange Listing Rules for Stocks and the Articles of Association of
the Company strictly complied with national laws regulations decrees ordinances and rules and raised numerous specialized and
constructive opinions in terms of business operations development strategy and major decisions all of which were adopted by the
Company.VII. Committees of the board of directors within the reporting period
Number
Committee of Date of Important opinions and
Members Meeting content
name meetings meeting suggestions raised
heldDeliberation of the “Proposalon the Launch of Value-
Liu Chang preserving Exchange Rate and The proposal was
Risk control
(chairman) Cai Interest Rate Funds Trading submitted to the 32nd
committee of August 19Manli Wang 1 Business” and “Feasibility meeting of the 9th boardthe 9th board 2024
Hang Zhang Report on the Launch of Value- of directors for
of directors
Minggui preserving Exchange Rate and deliberation.Interest Rate Funds TradingBusiness”Deliberation of the “Proposal The nominationNomination Wang Jiafen
on Nominating Candidate committee decided to
committee of (chairman) Liu January 23
3 Directors for the Ninth Board nominate Mr. Zhou
the 9th board Chang Cai 2024of Directors” and “Proposal on Boping as a candidateof directors Manli
Nominating Candidate director for the
105Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Independent Directors for the Company's 9th board ofNinth Board of Directors” directors and Mr. Peng
Long as a candidate
independent director for
the Company's 9th board
of directors and submit
the proposal to the 26th
meeting of the 9th board
of directors for
deliberation.The nomination
committee decided to
nominate Mr. Tao Yuling
as a candidate executiveNomination Wang Jiafen Deliberation of the “Proposal president and Mr. Yancommittee of (chairman) Liu March 6 on Nominating Candidate Qiubo and Mr. Li Shang
3
the 9th board Chang Cai 2024 Senior Executives of the as candidate VPs of theof directors Manli Company” Company and submit the
proposal to the 27th
meeting of the 9th board
of directors for
deliberation.The nomination
committee decided to
nominate Mr. WangNomination Wang Jiafen Deliberation of the “Proposal Weiyong as the candidatecommittee of (chairman) Liu December 1 on Nominating Candidate VP and human resources
3
the 9th board Chang Cai 2024 Senior Executives of the director of the Companyof directors Manli Company” and submit the proposal to
the 39th meeting of the
9th board of directors for
deliberation.Deliberation of the “Full Textand Summary of 2023 AnnualReport” “2023 Internal ControlEvaluation Report” “Proposalon Hiring Sichuan Huaxin
(Group) CPA Firm (Special
The proposals were
General Partnership) as Auditor
submitted to the 28th
of the Company’s 2024
meeting of the 9th boardFinancial Report” “Proposalof directors for
on Estimating the Company's
deliberation. Li Jianxiong
Financing Guarantee Quota for
a member related to theAudit Cai Manli FY 2023”，“Proposal on theproposals concerning the
committee of (chairman) April 16 Ongoing Risk Assessment
5 2023 financing guarantee
the 9th board Wang Jiafen Li 2024 Report of New Hope Finance
ongoing risk assessmentof directors Jianxiong Co. Ltd.” “Proposal onreport 2024 daily RPTs，Signing Daily RPT Framework
and RPTs with New Hope
Agreement and Forecasting
(Tianjin) CommercialDaily RPTs in 2024” “ProposalFactoring and Xinwang
on Conducting RPTs with New
Financing Lease (Tianjin)
Hope (Tianjin) Commercial
abstained from voting.Factoring Co. Ltd.” “Proposalon Conducting RPTs with
Xinwang Financing Lease(Tianjin) Co. Ltd.” and“Proposal on Provisions forAsset Impairment”
106Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
The proposal wasAudit Cai Manli Deliberation of the “Q1 Reportsubmitted to the 29thcommittee of (chairman) April 21 of 2024”
5 meeting of the 9th boardthe 9th board Wang Jiafen Li 2024 “Proposal on Provisions forof directors forof directors Jianxiong Asset Impairment”
deliberation.The proposals were
submitted to the 32nd
meeting of the 9th boardDeliberation of the “Full Text of directors forand Summary of 2024 deliberation. Li JianxiongSemiannual Report” “Proposal a member related to theon the Ongoing Risk proposals concerning the
Audit Cai Manli
Assessment Report of New ongoing risk assessment
committee of (chairman) August 19
5 Hope Finance Co. Ltd.” and report and 2024 daily
the 9th board Wang Jiafen Li 2024“Proposal on Increasing the RPTs abstained fromof directors Jianxiong
Estimated Quota for Daily voting. The proposal
RPTs in 2024 and Signing concerning the 2024 daily
Supplementary RPT RPTs was also submittedagreements”. to the second
extraordinary general
meeting in 2024 for
deliberation.The proposal was
Audit Cai Manli
submitted to the 37thcommittee of (chairman) October 25 Deliberation of the “Q3 Report
5 meeting of the 9th boardthe 9th board Wang Jiafen Li 2024 of 2024”
of directors for
of directors Jianxiong
deliberation.Deliberation of the "Proposal
on the Proposed Transfer of Li Jianxiong a member
Equity in Six Majority-owned related to the proposalsSubsidiaries and RPTs” abstained from votingAudit Cai Manli “Proposal on the Proposed and submitted thecommittee of (chairman) December 8 Transfer of the 25.875% Equity proposals to the 40th
5
the 9th board Wang Jiafen Li 2024 in a Minority-owned meeting of the 9th boardof directors Jianxiong Subsidiary and RPT” and of directors and the third“Proposal on the Proposed extraordinary generalTransfer of the 3.392% Equity meeting in 2024 for
in a Minority-owned deliberation.Subsidiary and RPT”.“Proposal on Meeting theLifting Conditions for the The proposals were
Second Lifting Period of the submitted to the 35th
Initial Grant and the First meeting of the 9th board
Remuneratio Wang Jiafen
Lifting Period of the Reserved of directors for
n and (chairman) Cai
Restricted Stocks under the deliberation. Among
appraisal Manli Chen September
2 Restricted Stock Incentive Plan them the proposal to
committee of Huanchun Liu 24 2024
2022” “Proposal on terminate the Restrictedthe 9th board Chang Li
Terminating the Restricted Stock Incentive Plan 2022
of directors Jianxiong
Stock Incentive Plan 2022" was submitted to the
and "Proposal on Terminating general meeting for
Employee Stock Ownership deliberation.Plan 2022”
Remuneratio Wang Jiafen Deliberation of the Proposal The proposals were
n and (chairman) Cai Regarding the Employee Stock submitted to the 39th
appraisal Manli Chen December 1 Ownership Plan 2024 (Draft) meeting of the 9th board
committee of Huanchun Liu 2024 of New Hope Liuhe Co. Ltd. of directors and the third
the 9th board Chang Li and its Summary and the extraordinary general
of directors Jianxiong Proposal Regarding the meeting in 2024 for
107Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Management Measures for the deliberation.Employee Stock Ownership
Plan 2024 of New Hope Liuhe
Co. Ltd."Proposal on Meeting the
Conditions for Issuing A-share
Stocks to Specific Objects"
"Proposal on Adjusting the
Company's Plan for Issuing A-
share Stocks to Specific
Objects" "Proposal on the
The proposals were
Argumentation and Analysis
submitted to the 30th
Report of the Company's Plan
meeting of the 9th board
for Issuing A-share Stocks to
of directors for
Specific Objects (Revised
deliberation. Among
Draft)" "Proposal on the
them the proposals
Company's Plan for Issuing A-
concerning meeting the
share Stocks to Specific
conditions for issuing A-
Objects (Revised Draft)"
share stocks adjusting the
"Proposal on the Feasibility
stock issuance plan the
Report on the Use of Funds
argumentation and
Liu Chang Raised from the Issuance of A-
Strategy and analysis report (revised
(chairman) share Stocks to Specific
sustainability draft) the plan (revised
Zhang Minggui Objects (Revised Draft)
committee of 1 July 31 2024 draft) the feasibilityLiu Yonghao “Proposal on Terminating thethe 9th board report on the use of raised
Wang Hang Use of Raised Funds to Acquire
of directors funds (revised draft) the
Wang Jiafen Minority Equity of Shandong
risk of diluting immediate
New Hope Liuhe Group Co.returns and supplementaryLtd.” “Proposal onmeasures (revised draft)
Terminating the Use of Raised
and the commitment and
Funds to Acquire Minority
the shareholder dividend
Equity of Xuwen Xinhao
return plan for the nextFarming Co. Ltd.” “Proposalthree years (revised draft)
on the Risk of the Company's
were also submitted to the
Issuance of A-share Stocks to
first extraordinary general
Specific Objects Diluting the
meeting of shareholders
Immediate Return and
in 2024 for deliberation.Supplementary Measures
(Revised Draft) and theCommitment” and "Proposal
on the Shareholder Dividend
Return Plan for the Next Three
Years (2024 -2026) (RevisedDraft)”.Deliberation of the “Proposalon the Ongoing Risk
Assessment Report of NewHope Finance Co. Ltd.”“Proposal on Signing DailyIndependent The proposals were
Wang Jiafen Cai RPT Framework Agreement
directors’ submitted to the 28th
Manli Chen April 16 and Forecasting Daily RPTs in
meeting of 3 meeting of the 9th boardHuanchun Peng 2024 2024” “Proposal onthe 9th board of directors for
Long Conducting RPTs with New
of directors deliberation.Hope (Tianjin) CommercialFactoring Co. Ltd.” “Proposalon Conducting RPTs with
Xinwang Financing Lease(Tianjin) Co. Ltd.” and
108Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.“Proposal on Estimating theCompany's FinancingGuarantee Quota for FY2023”
Li Jianxiong a member
related to the proposalsDeliberation of the “Proposal abstained from voting andon the Ongoing Risk submitted the proposals to
Independent Assessment Report of New the 32nd meeting of the
Wang Jiafen Caidirectors’ Hope Finance Co. Ltd.” and 9th board of directors for
Manli Chen August 19meeting of 3 “Proposal on Increasing the deliberation. The proposalHuanchun Peng 2024
the 9th board Estimated Quota for Daily about increasing daily
Long
of directors RPTs in 2024 and Signing RTPs in 2024 was also
Supplementary RPT submitted to the secondagreements”. extraordinary general
meeting in 2024 for
deliberation.Deliberation of the "Proposal
on the Proposed Transfer of
Equity in Six Majority-owned
The proposals wereSubsidiaries and RPTs”
Independent submitted to the 40thWang Jiafen Cai “Proposal on the Proposeddirectors’ meeting of the 9th board
Manli Chen December 8 Transfer of the 25.875% Equity
meeting of 3 of directors and the third
Huanchun Peng 2024 in a Minority-owned
the 9th board extraordinary generalLong Subsidiary and RPT” and
of directors meeting in 2024 for“Proposal on the Proposeddeliberation.Transfer of the 3.392% Equity
in a Minority-ownedSubsidiary and RPT”.VIII. Work of the board of supervisors
Whether the board of supervisors found any risks to the Company in its supervisory activities during the reporting period
□Yes □No
The board of supervisors had no objections to supervised matters within the reporting period.IX. Employees of the Company
1. Number composition of specialties and educational background of employees
Number of active employees of the parent company at the end
336
of the reporting period (persons)
Number of active employees of major subsidiaries at the end of
40991
the reporting period (persons)
Total number of active employees at the end of the reporting
41327
period (persons)
Number of salaried employees in the current period (persons) 41327
Number of retired employees for which the parent company
0
and major subsidiaries need to bear costs (persons)
Composition of specialties
Category of specialty composition Number of persons of each specialty (persons)
Production personnel 24309
109Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sales personnel 7565
Technical personnel 2139
Financial personnel 1367
Administrative personnel 751
Others 5196
Total 41327
Educational background
Category of educational background Number (persons)
Above bachelor’s dgree 2560
Bachelor 13710
College 11064
College or below 13993
Total 41327
2. Compensation policy
(1) Front-line production personnel follow the piece-rate work system marketing personnel follows the sales-linked compensation
system and hourly workers follow the job grade wage and performance appraisal wage system.
(2) Employee compensation is adjusted by first determining the overall ratio of compensation adjustment of the company and
total amount of compensation adjustment based on the net profit growth and per capita efficiency growth of the company and employee
compensation levels of peer companies government wage guidelines and consumer price rise index published by the statistical
department and then appraising each business unit and individual employee level by level.
(3) Overtime pays and various holiday pays are subject to the national regulations.
(4) The Company procures and pays corresponding insurance coverage for its employees according to the Labor Contract Law of
the People’s Republic of China and its related rules and regulations.
3. Training program
In 2024 adhering to the concept of efficiency leadership and with the goal of demand-based customization and precise
empowerment the Company improved its employee training system. Staff training and development efforts were focused on the
following three aspects.First build a management and operation cadre team to enhance the leadership and operation capabilities of on-the-job and reserve
cadres and cultivate and reserve outstanding talents for cadres at all levels of the Company through talent cultivation programs such
as EMBA Key Force Training Course Hope Plan and New Bee Training Camp.Second build a key professional line capability system to organize and carry out specialized training classes for key professional
positions such as nutrition technology quality control and veterinary medicine and develop professional courses and conduct training
based on expert experiences gathered to enhance professional capabilities and build long-term competitiveness.At last organize culture and experience inheritance to put efforts on strengthening the construction of the talent cultivation
foundation based on digital platforms and internal trainer resources including the establishment of the curriculum system the training
of internal trainers the construction of digital platforms and the knowledge and skills database to create a learning organization
atmosphere similar to that of a school.
(1) New employee training program
New Bee Training Camp: in 2024 the full-cycle New Bee training strategy focused on intensive learning + tracking and coaching
+ job experience. By July 2024 310 new employees completed intensive training online with superior resource to accelerate the
110Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
establishment of workplace values and help them understand the overall business situation integrate into the corporate culture and
shorten the competency cycle.With the management lecture to input organizational culture and business and activities and ceremonies design to convey
organizational culture and spiritual concepts they established the belief that they are willing to work with the organization for long-
term development. In the class system and instructed by counselors they established an organizational atmosphere of community and
peer support enabling them to smoothly take over the "first baton" in the workplace.
(2) Management and leadership training
Key Force Training Course: in 2024 we organized and carry out training courses for key forces in the feed business and pig
farming business. Focusing on "how to be a good general manager with the mindset and comprehensive management capabilities as a
head" the program aimed to help professional line/production site managers become qualified comprehensive business managers. By
establishing a standardized training mechanism for the reserve team core talents were continuously reserved cultivated and delivered
for the business.A total of 45 high-potential talents were selected from both domestic and international sources for the first phase of the Feed
Training program. Through offline intensive training online courses case studies and practical tasks a six-month training and
empowerment program was completed and a total of 18 courses were developed. A total of 41 high-potential talents were selected for
the first phase of the Pig BG Training program. Through offline intensive training online courses experience sharing and exchanges
with benchmark pig farms an 8-month training and empowerment program for the students was carried out and a total of 17 courses
were developed.
(3) Specialized nutrition technology training class
In 2024 to enhance the development of nutrition technology talents strengthen products support operations and enable
outstanding talents to stand out a specialized training course on nutrition technology was organized. For 40 high-potential quality
control and technical line talents a three-month training and empowerment program was conducted through centralized lectures case
studies practical tasks and online learning and a total of 17 courses were developed.
(4) High-potential QC training camp and QC elite program
In 2024 to consolidate the professional capabilities of the QC team and strengthen the reserve team of QC managers a high-
potential QC talent training camp was launched. Through regional excellent practical courses and customized professional courses
220 high-potential QC personnel were trained and enabled for a period of three months and a total of 22 courses were developed.
42 outstanding high-potential QC personnel were selected as potential QC managers included in the QC Elite Program. Through
key task practice customized development of business/management courses and leadership copyright courses trainees were trained
and empowered. A total of 8 courses were developed to ensure a continuous supply of talents for key positions in the quality control
line.
(5) Specialized veterinarian training class
In 2024 a professional veterinarian development system was officially released opening up the development channels and paths
for veterinarians achieving the full implementation of veterinarian training and certification and helping to build the long-term
competitiveness of veterinarians and achieve the goal of raising "quality" pigs in the long term. Through key tasks and customized
development of professional courses 9 courses were developed. Training bases for all teams were established organizing 15
professional empowerment training sessions for 257 veterinarians with a pass rate of 93% in training assessment.
4. Labor service outsourcing
□Applicable □Not applicable
111Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
X. Profit distribution and share capital increase with capital reserve
Profit distribution policy within the reporting period especially the formulation execution or adjustment of cash dividend policy
□Applicable □Not applicable
The proposed profit distribution plan of the Company for the year 2024 is: the Company intends to take the total share capital on
the equity registration date when the distribution plan is implemented in the future as the base and distribute a cash dividend of 0.24
yuan per 10 shares to all shareholders (tax-inclusive temporarily calculated based on the total share capital of 4525940237.00 as of
March 31 2025) with a total dividend amount of 108622565.69 yuan (tax-inclusive). This time no bonus shares will be issued and
no capital reserve will be converted into share capital. This profit distribution plan is in line with the commitments made by the
Company and the distribution policies stipulated in the Articles of Association.Notes to the cash dividend policy
Whether it complies with the Articles of Association of the
Yes
Company or the resolution of general meeting:
Whether the dividend standard and proportion are clear and
Yes
explicit:
Whether the relevant decision-making procedures and
Yes
mechanisms are complete:
Whether the independent directors have fulfilled their duties
Yes
and responsibilities and played their due roles:
Where there is no cash dividend the specific reasons shall be
disclosed along with the further measures to be taken to N/A
enhance the level of investor returns:
Whether the minority shareholders have the opportunity to
fully express their opinions and demands and whether their Yes
legitimate rights and interests have been fully protected：
Where the cash dividend policy has been adjusted or changed
whether the relevant conditions and procedures are compliant N/A
and transparent：
The company made profits within the reporting period and profits of the parent company available for distribution to shareholders
were positive but no plan for cash dividend distribution was brought forward.□Applicable □Not applicable
Profit distribution and share capital increase through capital reserve conversion within this reporting period
□Applicable □Not applicable
Number of bonus shares per 10 shares (shares) 0
Dividend per 10 shares (yuan) (tax-inclusive) 0.24
Share capital base of the distribution plan (shares) 4525940237.00
Amount of cash dividend (yuan) (tax-inclusive) 108622565.69
Cash dividend in other forms (share repurchase for instance)
0.00
(yuan)
Total cash dividend (including other forms) (yuan) 108622565.69
Available-for-distribution profits (yuan) 10111428819.21
Proportion of the total cash dividend (including other forms) in
100%
the total distribution
Current cash dividend
112Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Where the Company is in the growth stage of development and has significant capital expenditure arrangement the proportion of
cash dividends in the distribution should be at least 20% when distributing profits;
Profit distribution or capital reserve conversion plan
The Company's 2024 annual financial report has been audited by CPAs of Sichuan Huaxin (Group) CPA Firm (Special General
Partnership) with an Auditor’s Report (CHXS (2025) No. 0063) issued; according to the report the Company reported net profit
attributable to the owners of the parent company of 473599068.10 yuan in 2024. It extracted 13499433.88 yuan of statutory
surplus reserve and paid interest on perpetual bonds of 64399388.89 yuan. Adding the undistributed profit at the beginning of the
year of 9694814229.97 yuan and the undistributed profit of 20914343.91 yuan increased due to the internal carry-over of
shareholders' equity its distributable profit for the year was 10111428819.21 yuan. The parent company reported net profit of
142753790.37 yuan in 2024 and paid interest on perpetual bonds of 64399388.89 yuan. Adding the undistributed profit at the
beginning of the year of 2442289304.02 yuan its distributable profit for the year was 2520643705.50 yuan.In view of the current business operation and strategic planning of the Company to actively return to shareholders and share the
business achievements of the Company's development with all shareholders under the premise of conforming to the principle of
profit distribution and ensuring the normal operation and long-term development of the Company the proposed profit distribution
plan of the Company for the year 2024 is: the Company intends to take the total share capital on the equity registration date when
the distribution plan is implemented in the future as the base and distribute a cash dividend of 0.24 yuan per 10 shares to all
shareholders (tax-inclusive temporarily calculated based on the total share capital of 4525940237.00 as of March 31 2025) with
a total dividend amount of 108622565.69 yuan (tax-inclusive). This time no bonus shares will be issued and no capital reserve
will be converted into share capital. This profit distribution plan is in line with the commitments made by the Company and the
distribution policies stipulated in the Articles of Association.After the announcement of the profit distribution plan and before its implementation when the total share capital of the Company
undergoes changes such as the conversion of convertible bonds into shares the profit distribution ratio will be adjusted provided
that the total distribution amount remains unchanged.XI. Implementation of equity incentive plans employee stock ownership plans or other
employee incentives
□Applicable □Not applicable
1. Equity incentives
(1) At the 35th meeting of the 9th board of directors and the 23rd meeting of the 9th board of supervisors the PProposal on
Meeting the Lifting Conditions for the Second Lifting Period of the Initial Grant and the First Lifting Period of the Reserved Restricted
Stocks under the Restricted Stock Incentive Plan 2022 and the Proposal on Terminating the Restricted Stock Incentive Plan 2022 were
deliberated proposing that the conditions for lifting restrictions in the second lifting period of the initial grant and the first lifting period
of the reserved restricted stocks under the Restricted Stock Incentive Plan 2022 were met and that a total of 488 incentive objects met
the assessment requirements and fulfilled all/part of the lifting conditions with 7.7828 million restricted stocks to be released for sale
as of December 3 2024. Taking into account the current industry and market environment and other factors comprehensively the
Company found it difficult to achieve the expected incentive goals and effects by continuing the Restricted Stock Incentive Plan 2022.To effectively motivate employees in light of the intentions of the incentive objects and the Company's future development plans the
board of directors after careful deliberation decided to terminate the Restricted Stock Incentive Plan 2022. This matter has been
approved by the first extraordinary general meeting in 2025.
(2) The 41st meeting of the 9th board of directors and the 27th meeting of the 9th board of supervisors deliberated and approved
the Proposal on Repurchasing and Canceling Some Restricted Stocks under the Restricted Stock Incentive Plan 2022. As the conditions
for lifting sales restrictions in the second lifting period for the initial grant and the first lifting period for the reserved grant of restricted
stocks under the Restricted Stock Incentive Plan 2022 have been fulfilled the total number of shares that can be released from sales
restrictions is 7.7828 million. The Company should repurchase and cancel a total of 4.1492 million restricted stocks that have been
granted to the incentive objects but have not been released from the sales restrictions; due to the resignation of 55 incentive objects
2.149 million restricted stocks that they have been granted but have not yet been released from sales restrictions should be repurchased
and canceled; furthermore as the Company terminated the Restricted Stock Incentive Plan 2022 11.932 million restricted stocks should
113Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
be repurchased and canceled. In summary a total of 18230200 restricted stocks should be repurchased and canceled this time with a
total repurchase amount of 146086404 yuan. This matter has been deliberated and approved at the first extraordinary general meeting
in 2025.Equity incentives granted to directors and senior executives of the Company
□Applicable □Not applicable
Unit: share
Mar
Exerci
ket
Shar sable
Stock pric Restri Gran
es price Numb
option e at Restri cted t
Stock Exerci exer of er of
s Stock the cted stocks price
option sable cise shares restric
newly option end stocks Unloc newly of
s held sahres d exerci ted
grante s held of held at ked grante restri
Positi at the within with sed stocks
Name d at the this the shares d cted
on beginn the in within held
within end of repo beginn in this within stock
ing of reporti the the at the
the the rting ing of period the s
the ng repo reporti end of
reporti period peri the reporti (yua
year period rting ng the
ng od period ng n/sha
peri period period
period (yua period re)
od (yuan/
n/sh
share)
are)
Zhang
Direct 1600 1600
Minggu 0 0 0 0 0 0 0 0 0
or 000 000
i
Direct
Tao or and 7200 7200
000000000
Yuling presid 00 00
ent
Vice
Chen
presid 9600 9600
Xingya 0 0 0 0 0 0 0 0 0
ent 00 00
o
CFO
Vice
Yan 8700 8700
presid 0 0 0 0 0 0 0 0 0
Qiubo 0 0
ent
Vice
Li 5400 5400
presid 0 0 0 0 0 0 0 0 0
Shuang 00 00
ent
Board
secret
ary
chief
80008000
Lan Jia strateg 0 0 0 0 0 0 0 0 0
0000
ic
invest
ment
officer
Direct
or of
invest
Wang 5400 5400
ment 0 0 0 0 0 0 0 0 0
Pusong 00 00
and
develo
pment
114Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
52475247
Total -- 0 0 0 0 -- 0 -- 0 0 --
000000
Assessment mechanism and incentives for senior executives
According to the policies related to performance assessment and compensation incentive systems for senior executives the
performance assessment of senior executives consists of short-term contribution assessment and long-term contribution assessment.Directors and senior executives of the Company reports their job performance and makes self-evaluation to the remuneration and
appraisal committee of the board which evaluates the performance of directors and senior executives based on the following
dimensions:
1. Short-term contribution:
(1) Achievement of the company’s key financial indicators and business objectives;
(2) Achievement of the business results and key performance indicators of entities under the charge of senior executives
2. Long-term contribution:
(1) Construction of organizational cultural competence improvement of the company undertaken by senior executives;
(2) Construction of corporate governance and internal control systems;
(3) Innovation and leadership of senior executives.
2. Implementation of employee stock ownership plans
□Applicable □Not applicable
Any and all ESOPs valid within the reporting period
Proportion in
Employees Number of Total shareholding Record of the total capital
Source of funds
covered employees (shares) change stock of the
listed company
Overseas business
related core A-share common stocks
employees of the repurchased by the Company
179 8838617 None 0.20%
Company using the securities account
(including its for repurchase
subsidiaries)
Shareholding of directors supervisors and senior executives under the ESOP within the reporting period
Proportion in the total
Beginning Ending shareholding
Name Position capital stock of the
shareholding (shares) (shares)
listed company
Chairman of the board
Xu Zhigang 36000 0 0.00%
of supervisors
Duan Peilin Supervisor 24000 0 0.00%
Change of asset management organization within the reporting period
□Applicable □Not applicable
Change in equity within the reporting period due to holder’s disposal of the shares
□Applicable □Not applicable
On September 28 2024 the Company disclosed the Notice on the Expiry of the Second Locking Period under the ESOP 2022 and
Meeting the Unlocking Conditions indicating that the second locking period under the ESOP 2022 expired on September 29 2024.After review the ESOP management committee believed that 80% of the company-level performance assessment indicators for 2023
set for the second locking period under the ESOP had been achieved. The individual performance of the participants in 2023 also
reached varied level respectively. According to the ESOP regulations the shares of the ESOP to be unlocked this time correspond to
115Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
8382540 shares of the Company accounting for 80% of the 10478175 shares of the underlying stock equity unlocked in the second
phase 20.48% of the total 40933250 shares held under the ESOP and 0.18% of the Company's current total share capital. The ESOP
management committee had sold the stocks at an opportune moment with distribution given to holders in proportion to their
shareholdings.As of October 23 2024 the Company's 24559950 shares held under the ESOP 2022 had been sold out through competitive
bidding and block trading.Exercise of shareholders’ rights within the reporting period
No exercise of shareholders’ rights under the ESOP within the reporting period.Other circumstances and notes to the ESOP within the reporting period
□Applicable □Not applicable
Change of members of ESOP Management Committee
□Applicable □Not applicable
The first holder meeting of the Company’s ESOP 2024 was held on December 25 2024 deliberating and approving the Proposal
on the Election of Members of the Management Committee of the Employee Stock Ownership Plan 2024 of New Hope Liuhe Co. Ltd.and agreeing to elect Feng Xiaohui Li Jiawei and Bai Xubo as members of the Management Committee of the ESOP 2024 for a same
term of office as the duration of the ESOP 2024.Financial impact of the ESOPs on the listed company within the reporting period and relevant accounting treatment
□Applicable □Not applicable
The Company accounted for the ESOP granted by the Company in 2022 and existing in the current period in accordance with the
relevant requirements of the Accounting Standards for Business Enterprises—No. 18 Share-based Payment. The financial impact of
the ESOP on the Company is detailed in "Section 10 Financial Report (XV) Share-based payments; the accounting policies and
accounting treatments are detailed in "Section 10 Financial Report (V) Significant accounting policies and accounting estimates 31.Share-based payment".Termination of ESOPs within the reporting period
□Applicable □Not applicable
On September 27 2024 the 35th meeting of the 9th board of directors and the 23rd meeting of the 9th board of supervisors were
held to deliberate and approve the Proposal on Terminating the ESOP 2022. Taking into account the current industry and market
environment and other factors comprehensively the Company found it difficult to achieve the expected incentive goals and effects by
continuing the ESOP 2022. To effectively motivate employees in light of the intentions of the incentive objects and the Company's
future development plans the board of directors after careful deliberation at the third holders' meeting of the ESOP 2022 and the first
meeting of the compensation and appraisal committee of the ninth board of directors in 2024 in accordance with relevant regulations
decided to terminate the ESOP 2022.Other notes:
None
3. Other employee incentives
□Applicable □Not applicable
116Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
XII. Construction and implementation of internal control system within the reporting period
1. Construction and implementation of internal control system
Within the reporting period the Company updated and improved its internal control system from time to time in accordance with
the Company Law the Corporate Governance Standards for Listed Companies the Basic Standards for Internal Control of Enterprises
and other laws and regulations and rules in light of its reality industry characteristics and management needs formulating a system of
internal control policies that runs through all levels and parts of its business operations and constantly supplemented modified and
improved them for strict execution. The Audit Committee expresses evaluation opinions on the Company’s internal control. The
Company has established a rather comprehensive system of internal control polices and could effectively execute them. The Company’s
self-evaluation report on internal control truly and objectively reflects the construction and operation of its internal control policies.
2. Details of significant defects in internal control found during the reporting period
□Yes □No
XIII. Management and control of the Company over its subsidiaries within the reporting
period
Integration Problems Resolution Subsequent
Company name Integration plan Solution taken
progress encountered progress resolution plan
N/A N/A N/A N/A N/A N/A N/A
XIV. Internal control evaluation report and internal control audit report
1. Internal control evaluation report
Date of disclosure of the full text of
April 26 2025
internal control evaluation report
Disclosure index of the full text of Refer to the 2024 Internal Control Evaluation Report published by the Company on
internal control evaluation report www.cninfo.com.cn on April 26 2025 for details.Ratio of total assets of entities included
in the scope of evaluation to the total
66.89%
assets indicated on the Company’s
consolidated financial statements
Ratio of operating income of entities
included in the scope of evaluation to the
audit committee indicated on the 54.63%
Company’s consolidated financial
statements
Standards for defect determination
Category Financial report Non-financial report
Fatal defect: occurrence of any act of Fatal defect: refers to a combination of
gross malpractice involving disclosure of one or more control defects which might
financial information; any material result in an enterprise seriously deviating
Qualitative standards misstatements existing in the company’s from its control objectives. Such as the
financial reports are found by external company lacks democratic decision-
regulatory authorities or audit agencies making procedures and decision-making
but not identified by corresponding procedures are not scientific resulting in
117Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
control activities of the company; the serious mistakes; the company violates
financial report preparation and national laws regulations or normative
presentation control procedures of the documents and is subjected to penalties;
company contain fatal loopholes which frequent and wide-ranging negative
might result in material misstatements in media coverage; malpractices of the
the company’s statements. company’s directors supervisors and
Material defect: the financial report senior executives; the company’s
preparation and presentation control important businesses are without
procedures contain control loopholes institutional control or the institutional
which should draw great attention of the system fails etc.board of directors and management for Material defect: the company fails to
improvement although they will not result comply with established internal control
in material misstatements in the procedures or design defects exist in
company’s statements. internal control itself the impacts of
General defect: internal control defects in which might result in the company
financial reporting other than fatal defects deviating from the control objectives
and material defects. although not enough to meet the standards
for material defect.General defect: refers to defects other
than fatal defects and material defects.Fatal defect: the amount of direct property
Fatal defect: the misstated amount is
loss is larger than 3% of total assets 1%
larger than 3% of total assets 1% of total
of total business revenue or 5% of total
business revenue or 5% of total profits;
profits; being punished by competent
being punished by competent national
national authorities and related
authorities and related circumstances
circumstances have been officially
have been officially disclosed to the
disclosed to the outside causing negative
outside causing negative impacts on the
impacts on the periodical report
periodical report disclosure of the
disclosure of the company serious
company serious turnover of the
turnover of the personnel in key jobs and
personnel in key jobs and frequent media
frequent media coverage.coverage.Material defect: the amount of direct
Material defect: the misstated amount is
property loss is between 0.5% and 0.3%
between 0.5% and 0.3% of total assets
of total assets 0.5% and 1% of total
Quantitative standards 0.5% and 1% of total business revenue
business revenue and 3% and 5% of total
and 3% and 5% of total profits; being
profits; being punished by local
punished by local governments and
governments and exposed by media
exposed by media causing considerable
causing considerable negative impact on
negative impact on the periodical report
the periodical report disclosure of the
disclosure of the company.company.General defect: the misstated amount is
General defect: the amount of direct
fewer than 0.5% of total assets 0.5% of
property loss is fewer than 0.5% of total
total business revenue or 3% of total
assets 0.5% of total business revenue or
profits; being punished by local
3% of total profits; being punished by
government departments but without
local government departments but
causing negative impacts on the
without causing negative impacts on the
periodical report disclosure of the
periodical report disclosure of the
company.company.Number of fatal defects in financial
0
report (number)
Number of fatal defects in non-financial
0
report (number)
Number of material defects in financial
0
report (number)
Number of material defects in non-
0
financial report (number)
118Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2. Internal control audit report
□Applicable □Not applicable
Audit opinion paragraph in the internal control audit report
Sichuan Huaxin (Group) CPA Firm (Special General Partnership) believed that the Company maintained effective internal control
of financial reporting in all material aspects according to the Basic Standards for Internal Control of Enterprises and related
provisions as at December 31 2024.Disclosure of internal control audit report Disclosed
Date of disclosure of the full text of
April 26 2025
internal control audit report
Disclosure index of the full text of Refer to the 2024 Internal Control Audit Report published by the Company on
internal control audit report www.cninfo.com.cn on April 26 2025 for details.Type of opinion in internal control audit
Standard unqualified opinion
report
Whether there were fatal defects in non-
No
financial report
Whether the accounting firm issued any non-standard opinion internal control audit report
□Yes □No
Whether the internal control audit report issued by the accounting firm is consistent with the opinion in the self-evaluation report of
the board of directors
□Yes □No
XV. Rectification of issues identified in self-inspection of special action on listed company
governance
In accordance with the Notice on Special Action for Corporate Governance (CZJGS (2020) No. 33) issued by Sichuan Regulatory
Bureau of the CSRC the Company completed the self-examination under the special action for corporate governance of listed
companies in 2021 and rectified the issues identified during self-examination. In recent years the Company has continued to
implement and improve all respects of internal control in accordance with relevant regulations and requirements of regulatory
authorities and has continuously enhanced the level of corporate governance.
119Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 5 Environmental and Social Responsibilities
I. Major environmental issues
Whether the listed company and its subsidiaries are key emitters announced by the environmental protection department
□Yes □No
Environmental protection related policies and industrial standards
Environmental protection related policies and industrial standards
1 Discharge standard of water pollutants for meat packing industry (GB 13457-92)
2 Wastewater quality standards for discharge to municipal sewers (GB/T 31962-2015)
3 Emission standards for odor pollutants (GB 14554-93)
4 Regional and Integrated Emission Standard of Air Pollutants (DB37/ 2376-2019)
5 Emission standard of air pollutants for boiler (GB 13271-2014)
6 Emission standard of air pollutants for boilers (DB37/ 2374-2018)
7 Discharge standard of cooking fume (DB37/ 597-2006)
8 Discharge standard of pollutants for livestock and poultry breeding (GB 18596-2001)
9 Standard for irrigation water quality (GB 5081-2021)
Administrative licenses for environmental protection
Pollutant Discharge
Company Issuing date Expiry date Permit No.
91371324074412809A001
Lanling New Hope Liuhe Hongjun Food Co. Ltd. January 6 2022 January 5 2027
Z
Pingyi Refrigeration Factory of Shandong New Hope Liuhe 91371326730643307N001 December 30 December 30
Group Co. Ltd. X 2021 2026
911411815684736446001 November 15 November 15
Xiaoyi New Hope Liuhe Food Co. Ltd.P 2021 2026
91371600780754056D001 December 15 December 14
Binzhou Liuhe Longda Farming Co. Ltd.X 2021 2026
91371722054960365G001 December 31
Shan County Liuhe Feed Co. Ltd. Food Branch January 1 2022
W 2026
913717257939188497001 December 14 December 13
Yuncheng Liuhe Food Co. Ltd.R 2021 2026
91410621MA3X68M3150 November 28 November 27
Hebi Liuhe Zhizhen Food Co. Ltd.
01Y 2021 2026
Qixia Refrigeration Factory of Shandong New Hope Liuhe 91370686731690885C001 November 25 November 24
Group Co. Ltd. Z 2022 2027
913713127232785168001
Shandong New Hope Liuhe Group Co. Ltd. Linyi Branch April 30 2022 April 29 2027 Q
91110000741567725K001 November 28 November 27
Beijing Kinghey Food Co. Ltd.Z 2022 2027
91130581776166315U001 December 14 December 13
Hebei Kinghey Meat Industry Co. Ltd.Z 2021 2026
91210113784575311A001 December 20 December 19
Liaoning Kinghey Food Co. Ltd.Y 2021 2026
91371427MA3RH2YL3A
Shandong Kinghey Food Co. Ltd. August 6 2021 August 5 2026
001V
120Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Industrial emission standards and details of pollutant discharge involved in production and business activities
Categ
ory of
Name major Distrib
Name of Numb Emissio Total
of pollut ution exce
major er of n Pollutant Total appro
compan ants Way of of ssive
pollutants and discha concentr emission emissi ved
y or and discharge dischar emis
particular rge ation/int standards applied ons emissi
subsidia partic ge sions
pollutants outlets ensity ons
ry ular outlets
pollut
ants
Waste gas:
ammonia
Emission
(ammonia
standard of air
gas)
pollutants for
hydrogen
boilers (DB37/
sulfide odor
2374-2018)
concentration
Emission
sulfur dioxide
standards for
nitrogen
odor pollutants
oxides
(GB 14554-93)
particulate
Ammoni Notice on
matter
a Approval and
Ringelman
Waste gas: nitrogen Release of the
blackness
Lanling directly <5mg/L Modification List COD COD
Wastewater: 4 (3
New Gas discharge COD<5 to 4 Standards 13.1t/ 13.1t/
chemical for
Hope pollut d after East 0mg/L; including the a a
oxygen waste
Liuhe ants treatment side of Comprehensive ammo ammo Non
demand pH gas 1
Hongju liquid Wastewate the Boiler<5 Discharge nia nia e
value for
n Food pollut r: plant 0mg/Nm Standards for nitrog nitrog
dissolved total waste
Co. ants indirectly 3 odor Water Pollutants en en
solids water)
Ltd. discharge concentr Along the South- 1.3t/a 1.3t/a
ammonia
d ation to-North Water
nitrogen
2000mg/ Diversion
(NH3-N)
Nm3 Project in
total nitrogen
Shandong
(in N) total
Province (LZJBF
phosphorus
[2011] No. 35)
(in P)
Discharge
suspended
standard of water
solids BOD5
pollutants for
flow rate
meat packing
animal and
industry (GB
vegetable oil
13457-92)
total coliform
groups.Pingyi Waste gas: Waste gas: Waste Ammoni Emission CODc CODc
Refriger ammonia directly 3 (2 gas: a standard of air r r
Gas
ation (ammonia discharge for northw nitrogen pollutants for 11.8t/a 11.8t/a
pollut
Factory gas) d after waste est side 45mg/l boilers (DB37/ NH3- NH3-
ants Non
of hydrogen treatment gas 1 of the COD 2374-2018) N: N:
liquid e
Shando sulfide odor Wastewate for plant 500mg/l Emission 0.23t/ 0.23t/
pollut
ng New concentration r: waste and Total standards for a a
ants
Hope sulfur dioxide indirectly water) within phospho odor pollutants Total Total
Liuhe nitrogen discharge the rus (GB 14554-93) phosp phosp
121Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Group oxides d plant 8mg/l Wastewater horus horus
Co. particulate Total quality standards 5.29t/ 5.29t/
Ltd. matter Waste nitrogen for discharge to a a
Ringelman water: 70mg/l municipal sewers Total Total
blackness northea (GB/T 31962- nitrog nitrog
Wastewater: st side 2015) en en
chemical of the Discharge 46.3t/ 46.3t/
oxygen Compa standard of water a a
demand pH ny pollutants for
value meat packing
dissolved total industry (GB
solids 13457-92)
ammonia
nitrogen
(NH3-N)
total nitrogen
(in N) total
phosphorus
(in P)
suspended
solids BOD5
flow rate
animal and
vegetable oil
total coliform
groups.Waste gas:
ammonia
(ammonia
Emission
gas)
standards for
hydrogen
odor pollutants
sulfide odor
(GB 14554-93)
concentration
Emission
particulate
standard of air
matter sulfur
pollutants for
dioxide
COD: 50 boilers
Ringelman Waste
mg/L (DB37/2374-
blackness Waste gas: gas:
BOD5: 2018)
nitrogen oxide directly east COD
4 (3 10mg/L Emission
Binzho Gas Wastewater: discharge side of 11.85t
for NH3-N: standard of air
u Liuhe pollut chemical d after the /a
waste 5mg/L pollutants for Not
Longda ants oxygen treatment plant Non
gas 1 SS: boiler (GB applic
Farmin liquid demand pH Wastewate Waste NH3- e
for 10mg/L 13271-2014) able
g Co. pollut value r: water: N:
waste Animal Discharge
Ltd. ants dissolved total indirectly west 0.65t/
water) and standard of water
solids discharge side of a
vegetabl pollutants for
ammonia d the
e oil: meat packing
nitrogen plant
1mg/L industry (GB
(NH3-N)
13457-92)
total nitrogen
Wastewater
(in N) total
quality standards
phosphorus
for discharge to
(in P)
municipal sewers
suspended
(GB/T 31962-
solids BOD5
2015)
flow rate
animal and
vegetable oil
122Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
total coliform
groups.Emission
standard of air
pollutants for
boilers (DB37/
2374-2018)
Emission
standards for
odor pollutants
(GB 14554-93)
Ultra-low
Emission No. 2
Waste gas:
Modification List
ammonia
to Shandong
(ammonia
Boiler Air
gas)
Pollutant
hydrogen
Emission
sulfide odor
Standards
concentration
(LZJBF [2016]
sulfur dioxide
No. 46)
nitrogen COD:
Integrated
oxides 500mg/L
emission
particulate TN:
standard of air
matter 70mg/L
Waste pollutants (GB
Ringelman NH3-N:
Waste gas: gas: 16297-1996) COD: COD:
blackness 21mg/L
Shan directly northw Wastewater 405t/a 405t/a
Wastewater: 4 (3 TP:
County Gas discharge est side quality standards
chemical for 8mg/L
Liuhe pollut d after of the for discharge to NH3- NH3-
oxygen waste pH: 6-
Feed ants treatment plant municipal sewers N: N: Non
demand pH gas 1 8.5
Co. liquid Wastewate Waste (GB/T 31962- 28.35t 28.35t e
value for SS:
Ltd. pollut r: water: 2015) /a /a
dissolved total waste 300mg/L
Food ants indirectly northea Notice on TN: TN:
solids water) BOD5:
Branch discharge st side Approval and 94.5t/ 94.5t/
ammonia 250mg/L
d of the Release of the a a
nitrogen Total
plant Modification List
(NH3-N) salt
to 4 Standards
total nitrogen content:
including the
(in N) total 1600mg/
Comprehensive
phosphorus L
Discharge
(in P)
Standards for
suspended
Water Pollutants
solids BOD5
Along the South-
flow rate
to-North Water
animal and
Diversion
vegetable oil
Project in
total coliform
Shandong
groups.Province (LZJBF
[2011] No. 35)
Notice on
Approval and
Release of the
Modification List
to Add Total Salt
Content Index
Limit in 4
Standards
including the
123Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Comprehensive
Discharge
Standards for
Water Pollutants
Along the South-
to-North Water
Diversion
Project in
Shandong
Province (LZJBF
[2014] No. 7)
Emission
standard of air
pollutants for
boilers (DB37/
2374-2018)
Emission
standards for
Waste gas:
odor pollutants
odor
(GB 14554-93)
concentration
Integrated
ammonia
emission
(ammonia
standard of air
gas)
pollutants (GB
hydrogen
16297-1996)
sulfide
Waste Comprehensive
particulate
Waste gas: gas: Discharge
matter foul
directly north Standards for
smell 2 (1
Yunche Gas discharge side of Water Pollutants COD:
Wastewater: for COD: COD:
ng pollut d after the Along the South- 32.4t/
COD waste 34.4mg/l 6.5t/a
Liuhe ants treatment plant to-North Water a Non
ammonia gas 1 NH3- NH3-
Food liquid Wastewate Waste Diversion Project NH3- e
nitrogen for N: N:
Co. pollut r: water: in Shandong N:
(NH3-N) waste 1.03mg/l 0.5t/a
Ltd. ants indirectly west Province (DB37/ 5.4t/a
total nitrogen water)
discharge side of 599－2006)
(in N) total
d the Modification List
phosphorus
plant to Add Total
(in P) pH
Nitrogen Limit in
value
4 Standards
suspended
including the
matter BOD5
Comprehensive
animal and
Discharge
vegetable oil
Standards for
coliform
Water Pollutants
groups
Along the South-
to-North Water
Diversion Project
in Shandong
Province
(DB37/599-
2006)
Waste gas: COD: COD: COD:
Hebi Gas
odor Northe 45mg/L COD: 14.64 64.12
Liuhe pollut
concentration Indirectly ast NH3-N: 350mg/LNH3- 15t//a 32t//a
Zhizhen ants Non
ammonia discharge 1 corner 0.5mg/L N: 35mg/LTP: NH3- NH3-
Food liquid e
(ammonia d of the TP: 4mg/LTN: N: N:
Co. pollut
gas) plant 4mg/LT 45mg/L 1.335 10.68
Ltd. ants
hydrogen N: 9t/a 72t/a
124Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
sulfide 35mg/L
Wastewater:
chemical
oxygen
demand
ammonia
nitrogen
(NH3-N) pH
value
suspended
solids BOD5
animal and
vegetable oil
coliform
groups total
nitrogen (in
N) total
phosphorus
(in P)
Waste
gas
Emission
dischar
standards for
Waste gas: ge
odor pollutants
ammonia outlet:
(GB 14554-93);
(ammonia sewage
Emission
gas) treatme
standard of air
Qixia hydrogen nt
pollutants for
Refriger sulfide odor Waste gas: station
boilers (DB37/
ation concentration; directly in the
4(32374-2018)
Factory Gas Wastewater: discharge northea COD: COD:
for COD: Comprehensive
of pollut chemical d after st 14.4t/ 14.4t/
waste 50mg/L Discharge
Shando ants oxygen treatment corner a a Non
gas 1 NH3-N: Standard of
ng New liquid demand Wastewate of the NH3- NH3- e
for 5mg/L Water Pollutants
Hope pollut ammonia r: plant N: N:
waste pH: 6-9 in Shandong
Liuhe ants nitrogen total indirectly worksh 1.5t/a 1.5t/a
water) Peninsula Basin
Group nitrogen discharge ops.
(DB37/676-
Co. animal and d Waste
2007)
Ltd. vegetable oil water
Discharge
suspended dischar
standard of water
solids fecal ge
pollutants for
coliform outlet:
meat packing
BOD5 sewage
industry (GB
treatme
13457-92)
nt
station
Waste gas: Waste Ammoni Emission CODc CODc
ammonia Waste gas: gas: a standard of air r r
Shando
(ammonia directly east nitrogen pollutants for 8.68t/ 8.68t/
ng New 3 (2
Gas gas) discharge side of 45mg/l boilers (DB37/ a a
Hope for
pollut hydrogen d after the COD 2374-2018) NH3- NH3-
Liuhe waste
ants sulfide odor treatment plant 500mg/l Emission N: N: Non
Group gas 1
liquid concentration Wastewate Total standards for 0.68t/ 0.68t/ e
Co. for
pollut sulfur dioxide r: Waste phospho odor pollutants a a
Ltd. waste
ants nitrogen indirectly water: rus (GB 14554-93) Total Total
Linyi water)
oxides discharge southe 8mg/l Wastewater phosp phosp
Branch
particulate d ast side Total quality standards horus horus
matter of the nitrogen for discharge to 0.88t/ 0.88t/
125Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ringelman Compa 70mg/l municipal sewers a a
blackness ny (GB/T 31962- Total Total
Wastewater: 2015) nitrog nitrog
chemical Discharge en en
oxygen standard of water 4.1t/a 4.1t/a
demand pH pollutants for
value meat packing
dissolved total industry (GB
solids 13457-92)
ammonia
nitrogen
(NH3-N)
total nitrogen
(in N) total
phosphorus
(in P)
suspended
solids BOD5
flow rate
animal and
vegetable oil
total coliform
groups.Waste gas:
hydrogen
sulfide odor Non-
concentration methane
ammonia hydrocar
Waste
(ammonia bon
gas
gas) (chemica
emissi
particulate l
on
matter non- producti Integrated
outlet:
methane total on discharge
cantee
hydrocarbons worksho standard of water
n
fume sulfur p): pollutants
chemic
dioxide 50mg/m3 (DB11/ 307-
Waste gas: al
nitrogen Non- 2013)
directly produc COD: COD:
oxides 4 (3 methane
Gas discharge tion 0.483 0.483
Beijing Ringelman for hydrocar Integrated
pollut d after worksh 753t/a 753t/a
Kinghe blackness waste bon: emission
ants treatment op ; ; Non
y Food Wastewater: gas 1 10mg/m3 standards of air
liquid Wastewate NH3- NH3- e
Co. pH value for ; pollutants
pollut r: Waste N: N:
Ltd. chemical waste Fume: (DB11/ 501-
ants indirectly water 0.017 0.017
oxygen water) 1mg/Nm 2017)
discharge dischar 548t/a 548t/a
demand 3;
d ge
BOD5 PM10: Catering Industry
outlet:
suspended 5mg/Nm Fume Emission
south
solids 3 Standards
side of
ammonia (Tentative)
the
nitrogen COD: 50 (GB18483-2001)
sewage
(NH3-N) ㎎/L
treatme
animal and NH3-N:
nt
vegetable oil 15 ㎎/L
station
total TP: 5 ㎎
phosphorus /L TN:
(in P) total 13 ㎎/L
nitrogen (in
N) coliform
126Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
groups
Waste gas:
hydrogen
Waste Odor:
sulfide
gas 2000
ammonia
emissi Non-
(ammonia
on methane
gas) odor
outlet: hydrocar Integrated
concentration
cantee bon discharge
non-methane
n (chemica standard of water
total
chemic l pollutants
hydrocarbons
al producti (DB11/ 307-
particulate
produc on 2013)
matter
tion worksho
nitrogen 6 (5 COD: COD:
Hebei Gas worksh p): Volatile Organic
oxides sulfur for 23.63t 23.63t
Kinghe pollut op 80mg/N Compounds
dioxide Indirectly waste /a; /a;
y Meat ants waiting m3 Emission Non
Wastewater: discharge gas 1 NH3- NH3-
Industry liquid pens Standards for e
chemical d for N: N:
Co. pollut deslimi Industrial
oxygen waste 2.29t/ 2.29t/
Ltd. ants ng COD: Enterprises
demand water) a a
room 120 ㎎ (DB13/2322-
ammonia
flotatio /L NH3- 2016)
nitrogen total
n tank N: 25 ㎎
nitrogen total
/L TP: 8 Emission
phosphorus
North ㎎/L standards for
pH value
side of TN: 55 odor pollutants
BOD5
the ㎎/L (GB 14554-93)
suspended
sewage BOD:
solids animal
treatme 60mg/L
and vegetable
nt SS:
oil coliform
station 120mg/L
groups
phosphate
Waste gas:
ammonia
(ammonia
gas) odor Integrated
concentration Wastewater
sulfur dioxide Discharge
hydrogen Standard (DB
sulfide COD: 21/1627-2008)
Outlet
nitrogen Waste gas: 300 ㎎ Discharge
of the
oxides directly /L NH3- standard of water
sewage COD: COD:
Liaonin Gas particulate discharge N: 30 ㎎ pollutants for
treatme 462t/a 462t/a
g pollut matter d after /L TP: 5 meat packing
nt ; ;
Kinghe ants Wastewater: treatment ㎎/L industry (GB Non
1 station NH3- NH3-
y Food liquid chemical Wastewate TN: 50 13457-92) e
(northe N: N:
Co. pollut oxygen r: ㎎/L Emission
ast 46.2t/ 46.2t/
Ltd. ants demand indirectly BOD: standards for
corner a a
ammonia discharge 250mg/L odor pollutants
of the
nitrogen d SS: (GB 14554-93)
plant)
(NH3-N) 300mg/L Integrated
total nitrogen emission
(in N) total standard of air
phosphorus pollutants (GB
(in P) pH 16297-1996)
value BOD5
suspended
solids animal
127Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and vegetable
oil coliform
groups flow
rate
COD:
500mg/L
Waste
NH3-N:
gas
45mg/L
emissi
Waste gas: TN:
on
hydrogen 70mg/L
outlet:
sulfide pH: 6.0-
chemic
ammonia 8.5
al
(ammonia TP: Wastewater
produc
gas) odor 8mg/L quality standards
tion
concentration SS: for discharge to
worksh
Wastewater: 400mg/L municipal sewers
op
chemical 5 (4 BOD5: (GB/T 31962- COD: COD:
Shando Gas waiting
oxygen for 300mg/L 2015) Discharge 581.3t 581.3t
ng pollut pens
demand Indirectly waste Animal standard of water /a; /a;
Kinghe ants deslimi Non
ammonia discharge gas 1 and pollutants for NH3- NH3-
y Food liquid ng e
nitrogen total d for vegetabl meat packing N: N:
Co. pollut room
nitrogen total waste e oil: industry (GB 46.5t/ 46.5t/
Ltd. ants singein
phosphorus water) 60mg/L 13457-92) a a
g oven
pH value Odor Emission
flotatio
BOD5 concentr standards for
n tank
suspended ation: odor pollutants
North
solids animal 2000 (GB 14554-93)
west
and vegetable Ammoni
side of
oil coliform a: 4.9
the
groups mg/Nm3
sewage
phosphate Sulfur
treatme
hydroge
nt
n:
station
0.33mg/
Nm3
Treatment of pollutants
Pollutant treatment
Discharged after treatment in sewage treatment system and wastewater from pig farms is
Waste water recycled for resource utilization after treatment in accordance with the agricultural irrigation
standard or the biogas slurry standard
Multi-stage treatment such as deodorization tower + activated carbon is used in
organizations and spray deodorization walls and auxiliary chemical biological and plant
Waste gas
deodorants are used in non-organizations such as pig farms to strengthen the deodorization
effect
Contingency Plan for Environmental Emergencies
Filed or Filing contribution Company name Filing numbernot authorities (subscription)
Lanling County
Lanling New Hope Liuhe Hongjun Food Environmental
Filed 371327-2019-03-L March 4 2019 Co. Ltd. Protection
Bureau
Pingyi County
Pingyi Refrigeration Factory of Shandong Environmental Filed 371326-2022-21-L June 27 2022 New Hope Liuhe Group Co. Ltd. Protection
Bureau
Binzhou
Binzhou Liuhe Longda Farming Co. Ltd. Filed 371602-2019-0001-L January 4 2019
Environmental
128Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Protection
Bureau
Heze Ecology
and
Shan County Liuhe Feed Co. Ltd. Food
Filed Environment 371722-2020-017-M July 22 2020
Branch
Bureau Shan
County Branch
Yuncheng
County
Yuncheng Liuhe Food Co. Ltd. Filed Environmental 371725-2019-022-L December 25 2019
Protection
Bureau
Environmental
Emergency
Response
Headquarters of
Hebi Liuhe Zhizhen Food Co. Ltd. Filed 4106212021029L August 10 2021
Hebi
Environmental
Protection
Bureau
Qixia
Qixia Refrigeration Factory of Shandong
Filed Environmental 370686-2018-067-M August 1 2018
New Hope Liuhe Group Co. Ltd. Protection
Bureau
Hedong District
Shandong New Hope Liuhe Group Co. Environmental Filed 4109272020048L December 23 2020 Ltd. Linyi Branch Protection
Bureau
Pinggu District
Ecology and Beijing Kinghey Food Co. Ltd. Filed 110117-2021-025L December 15 2021
Environment
Bureau
Nangong
Environmental Hebei Kinghey Meat Industry Co. Ltd. Filed 130581-2022-5006-L July 25 2022
Protection
Bureau
Shenyang
Environmental
Protection Liaoning Kinghey Food Co. Ltd. Filed 210113-2020-196-M September 15 2020
Bureau Puhe
New Town
Branch
Xiajin County
Environmental
Shandong Kinghey Food Co. Ltd. Filed 371427-2022-040-L February 25 2023
Protection
Bureau
Nangong
Environmental
Hebei Kinghey Meat Industry Co. Ltd. Filed 130581-2022-5006-L July 25 2022
Protection
Bureau
Environmental self-monitoring program
Monitori
Monitor
Compan Monitor Monitore ng Standards Emission Analytic Source of
ing
y name ing site d item frequenc adopted limit methods method method
y
Notice on Dichromate Lanling COD 50mg/L HJ 828-2017 Approval and process
New Sewage
Release of the Flow
Hope treatmen Online
Once per Modification injection-
Liuhe t station monitori
Total 6 hours List to 4 naphthalene
Hongjun discharg ng
20mg/L HJ 668-2013 nitrogen Standards ethylenediami
Food Co. e outlet
including the ne Ltd.Comprehensive hydrochloride
129Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Discharge spectrophoto
Standards for metry
Water Nessler’s
Pollutants
reagent Ammonia 5mg/L HJ535-2009
Along the spectrophoto
South-to-North metry
Water Diversion Ammonium
Total Project in
molybdate phosphor Shandong 0.3mg/L HJ 671-2013 spectrophoto
ous Province metry
(LZJBF [2011] Glass
pH No. 35) GB 6920-6-8.5 electrode
Discharge 1986 method
Suspende standard of Gravimetric
water pollutants 20mg/L GB11901-89 d solids method
for meat
Dilution and
packing industry BOD5 10mg/L inoculation HJ505-2009 (GB 13457-92)
method
Animal Manual
Once per Infrared
and monitori
month 3mg/L spectrophoto HJ 637-2012 vegetable ng
metry oil
Multi-tube
Coliform fermentation 10000 HJ637-2012
groups and filtration
membrane
Non-
dispersive
Nitric Once per 200mg/Nm
infrared HJ 692-2014
oxide month 3
absorption
method
Emission Non-
Boiler Manual standard of air dispersive
Sulfide
discharg monitori pollutants for 50mg/Nm3 infrared HJ 629-2011 dioxide
e outlet ng boilers (DB37/ absorption
Once a 2374-2018) method
Dust ye ar Gravimetric HJ/T 398-10mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-n 1 blackness
2007 blackness chart
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993 tion
Emission
Ammonia Manual Once per Ion selective
Plant standards for 1.5mg/Nm GB/T 14669-
(ammonia monitori half a electrode odor odor pollutants 3 1993 gas) ng year method
(GB 14554-93)
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Dichromate COD Wastewater 500mg/L HJ 828-2017 process
Pingyi quality
Flow
Refrigera standards for
injection-
tion discharge to
naphthalene
Factory Sewage municipal
Total ethylenediami
of treatmen Online sewers (GB/T 70mg/L HJ 668-2013 nitrogen Once per ne
Shandon t station monitori 31962-2015) 6 hours hydrochloride g New discharg ng Discharge
spectrophoto
Hope e outlet standard of
metry
Liuhe water pollutants
Nessler’s
Group for meat
reagent
Co. Ltd. Ammonia packing industry 45mg/L HJ535-2009
spectrophoto(GB 13457-92)
metry
130Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ammonium
Total
molybdate
phosphor 8mg/L HJ 671-2013
spectrophotoous
metry
Glass
pH GB 6920-6-8.5 electrode
1986 method
Suspende Gravimetric 200mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal Manual
Once per Infrared
and monitori
quarter 50mg/L spectrophoto HJ 637-2012 vegetable ng
metry oil
Multi-tube
Coliform fermentation 10000 HJ637-2012
groups and filtration
membrane
Non-
dispersive
Nitric Once per 200mg/Nm
infrared HJ 692-2014 oxide month 3
absorption
method
Emission Non-
Boiler Manual standard of air dispersive
Sulfide
discharg monitori pollutants for 50mg/Nm3 infrared HJ 629-2011 dioxide
e outlet ng boilers (DB37/ absorption
Once a 2374-2018) method
year Gravimetric HJ/T 398-
Dust 10mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-n 1 blackness
2007
blackness chart
Odor
Triangle odor GB/T14675-concentra 20
tion bag method 1993
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia
3 electrode 1993
gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Flow
injection-
naphthalene
Total ethylenediami
Manual Once per 20mg/L HJ 668-2013
nitrogen Emission ne
monitori half a
Plant standards for hydrochloride ng year
odor odor pollutants spectrophoto
(GB 14554-93) metry
Nessler’s
reagent
Ammonia 2mg/L HJ535-2009
spectrophoto
metry
Ammonium
Phosphat molybdate
1000mg/L HJ 671-2013 e spectrophoto
metry
Glass
GB 6920-
pH 6-8.5 electrode
1986
method
Suspende Once per Gravimetric
30mg/L GB11901-89 d solids month method
131Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Dilution and
BOD5 10mg/L inoculation HJ505-2009
method
Animal
Infrared
and Manual
5mg/L spectrophoto HJ 637-2012
vegetable monitori
metry
oil ng
Multi-tube
Coliform fermentation 10000 HJ637-2012 groups and filtration
membrane
Non-
dispersive
Nitric 100mg/Nm
oxide 3 infrared HJ 692-2014
absorption
Emission
method
Boiler Manual Once per standard of air
Non-
discharg monitori half a pollutants for
dispersive
e outlet Sulfide ng year boilers (DB37/
50mg/Nm3 infrared HJ 629-2011
dioxide 2374-2018)
absorption
method
Gravimetric HJ/T 398-Dust 10mg/Nm3
method 2007
Prepared Discharge Catering
Dyeing
product Manual Once per standard of Industry
and 2.0mg/Nm GB18483-
and detectio half a cooking fume Fume
finishing
canteen n
32001
year (DB37/ 597- Emission
fumeoutlet 2006) Standards
Odor Emission 20
Triangle odor GB/T14675-
concentra standards for (dimension
bag method 1993 tion odor pollutants less)
Ammonia Manual Once per (GB 14554-93) Ion selective
Plant 1.5mg/Nm GB/T 14669-
(ammonia monitori half a Integrated electrode odor 3 1993 gas) ng year emission method
standard of air Gas
Hydrogen 0.06mg/N GB/T14678-
pollutants (GB
chromatograpsulfide 16297-1996) m3 1993 hy
COD 40mg/L Dichromate HJ 828-2017 process
Online
Once per Nessler’s
monitori
4 hours
Ammonia reagent ng 2.0mg/L HJ535-2009
Environmental spectrophoto
quality metry
standards for Glass
GB 6920-pH surface water 6-9 electrode
1986
(GB 3838- method
Sewage
Suspende 2002) Gravimetric
treatmen 10mg/L GB11901-89
d solids Discharge method
Xiaoyi t station
standard of Dilution and
New discharg
pollutants for
Hope e outlet BOD5 10mg/L inoculation HJ505-2009 Manual
Once per municipal method
Liuhe monitori
month wastewater
Food Co. Animal ng
and treatment plant
Infrared
Ltd.(GB 18918- 1mg/L spectrophoto HJ 637-2012 vegetable
2002) metry oil
Multi-tube
Coliform fermentation 1000/L HJ637-2012
groups and filtration
membrane
Emission Non-
Boiler Manual Once per standard of air dispersive
Nitric 150mg/Nm
discharg monitori half a pollutants for infrared HJ 692-2014 oxide 3 e outlet ng year boiler (GB absorption
13271-2014) method
132Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Integrated Non-
emission dispersive
Sulfide
standard of air 50mg/Nm3 infrared HJ 629-2011 dioxide
pollutants (GB absorption
16297-1996) method
Gravimetric HJ/T 398-Dust 10mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-n 1 blackness
2007 blackness chart
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993
tion
Odor Ammonia Ion selective
GB/T 14669-treatmen (ammonia 4.9kg/h electrode
1993
t outlet gas) method
Gas
Hydrogen GB/T14678-
0.33kg/h chromatograpsulfide 1993
hy
Odor
Triangle odor GB/T14675-concentra 20
bag method 1993
tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993 gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
sulfide m3 1993
Manual Once per hy
monitori half a Flow
ng year injection-
naphthalene
Total ethylenediami
70mg/L HJ 668-2013 nitrogen ne
Emission hydrochloride
standards for spectrophoto
odor pollutants metry
(GB 14554-93) Nessler’s
reagent
Ammonia 45mg/L HJ535-2009
spectrophoto
Plant
metry
odor
Ammonium
Total
phosphor 8mg/L molybdate HJ 671-2013
spectrophotoous
metry
Glass
GB 6920-
pH 6-8.5 electrode
1986
method
Suspende Gravimetric 200mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal Manual
Once per Infrared
and monitori
quarter 50mg/L spectrophoto HJ 637-2012 vegetable ng
metry oil
Multi-tube
Coliform fermentation 10000 HJ637-2012 groups and filtration
membrane
Odor Manual Once per
Plant Emission Triangle odor GB/T14675-
concentra monitori half a 20 odor standards for bag method 1993
tion ng year
133Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ammonia odor pollutants Ion selective
1.5mg/Nm GB/T 14669-(ammonia (GB 14554-93) electrode 3 1993
gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Flow
injection-
naphthalene
Total ethylenediami 15mg/L HJ 668-2013 nitrogen ne
hydrochloride
spectrophoto
metry
Nessler’s
reagent
Ammonia 5mg/L HJ535-2009
spectrophoto
metry
Ammonium
Total
molybdate phosphor 0.5mg/L HJ 671-2013
spectrophotoous
metry
Glass
GB 6920-
pH 6-9 electrode
1986 method
Suspende Gravimetric 10mg/L GB11901-89 d solids method
Dilution and
BOD5 10mg/L inoculation HJ505-2009
method
Animal
Once per Infrared
and
month 1mg/L spectrophoto HJ 637-2012
vegetable
metry
oil
Multi-tube
Coliform fermentation
5000 HJ637-2012 groups and filtration
membrane
Non-
dispersive
Nitric 200mg/Nm
infrared HJ 692-2014
oxide 3
absorption
Emission
Once a method
Boiler standard of air
year Non-
discharg Manual pollutants for
dispersive
e outlet Sulfide monitori boiler (GB
50mg/Nm3 infrared HJ 629-2011 dioxide ng 13271-2014)
absorption
method
Once per Gravimetric HJ/T 398-
Dust 10mg/Nm3
month method 2007
Odor
Triangle odor GB/T14675-
concentra 2000
bag method 1993 tion
Emission
Odor Ammonia Ion selective
standards for GB/T 14669-treatmen (ammonia 4.9kg/h electrode
odor pollutants 1993
t outlet gas) method (GB 14554-93)
Once per Gas
Hydrogen GB/T14678-half a 0.33kg/h chromatograpsulfide
year 1993 hy
Catering
Catering
Industry Fume
Canteen Industry
Emission 2.0mg/Nm GB18483-fume Fume Fume
Standards 3 2001 outlet Emission
(GB18483-
2001) Standards
134Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Odor
Triangle odor GB/T14675-concentra 20
bag method 1993 tion
Emission
Ammonia Ion selective
Plant standards for 1.5mg/Nm GB/T 14669-
(ammonia electrode odor odor pollutants 3 1993 gas) method (GB 14554-93)
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Dichromate COD 500mg/L HJ 828-2017 process
Flow
injection-
naphthalene
Total ethylenediami 70mg/L HJ 668-2013 nitrogen ne
hydrochloride
spectrophoto
Wastewater metry
quality Nessler’s
standards for
reagent Ammonia discharge to 45mg/L HJ535-2009 spectrophoto
Sewage municipal metry
treatmen sewers (GB/T
Glass
t station 31962-2015) GB 6920-pH 6-8.5 electrode
discharg Discharge 1986 method
e outlet standard of
Suspende Gravimetric
water pollutants
400mg/L GB11901-89 d solids method
for meat
packing industry Dilution and
BOD5 (GB 13457-92) 300mg/L inoculation HJ505-2009
method
Animal
Infrared
and
60mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Binzhou
Multi-tube
Liuhe Manual Once per
Coliform fermentation
Longda monitori half a 10000 HJ637-2012 groups and filtration
Farming ng year
membrane Co. Ltd.Odor
Triangle odor GB/T14675-
concentra 2000
bag method 1993 tion
Odor Ammonia Ion selective
GB/T 14669-treatmen (ammonia 4.9kg/h electrode
1993 t outlet gas) method
Gas
Hydrogen GB/T14678-
0.33kg/h chromatograpsulfide
hy 1993
Odor
Triangle odor GB/T14675-concentra 20
bag method 1993 tion Emission
Ammonia standards for Ion selective
1.5mg/Nm GB/T 14669-
(ammonia odor pollutants electrode
31993
gas) (GB 14554-93) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
Plant sulfide m3 1993
hy odor
Flow
injection-
naphthalene
Total ethylenediami70mg/L HJ 668-2013
nitrogen ne
hydrochloride
spectrophoto
metry
135Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Nessler’s
reagent
Ammonia 45mg/L HJ535-2009
spectrophoto
metry
Glass
GB 6920-pH 6-8.5 electrode
1986 method
Suspende Gravimetric
300mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry
oil
Multi-tube
Coliform fermentation 10000 HJ637-2012 groups and filtration
membrane
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993 tion
Odor Ammonia Ion selective
GB/T 14669-treatmen (ammonia 4.9kg/h electrode
1993 t outlet gas) method
Gas
Hydrogen GB/T14678-Manual 0.33kg/h chromatograpsulfide Once per 1993
monitori hy
quarter Odor ng
concentra 20 Triangle odor GB/T14675-
bag method 1993
tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia
electrode
1993 gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
sulfide m3 1993
hy
Flow
injection-
Emission naphthalene
Total standards for ethylenediami70mg/L HJ 668-2013
nitrogen odor pollutants ne
(GB 14554-93) hydrochloride
spectrophoto
metry
Plant
Nessler’s
odor
reagent Ammonia 45mg/L HJ535-2009
spectrophoto
metry
Glass
GB 6920-pH 6-8.5 electrode
1986
method
Suspende Gravimetric 300mg/L GB11901-89 d solids method
Dilution and
Manual Once per BOD5 250mg/L inoculation HJ505-2009
monitori half a
method ng year
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Coliform Multi-tube 10000 HJ637-2012 groups fermentation
136Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and filtration
membrane
Odor
Triangle odor GB/T14675-concentra 20
bag method 1993 tion
Emission
Ammonia Ion selective
Plant standards for 1.5mg/Nm GB/T 14669-
(ammonia odor odor pollutants 3 electrode 1993
gas) method
(GB 14554-93)
Gas
Hydrogen 0.06mg/N GB/T14678-
sulfide chromatograpm3 1993 hy
Wastewater Dichromate COD 500mg/L HJ 828-2017
quality process
standards for Flow
discharge to injection-
municipal naphthalene
Total sewers (GB/T ethylenediami
70mg/L HJ 668-2013
nitrogen 31962-2015) ne
Notice on hydrochloride
Approval and spectrophoto
Online Release of the metry
Once per
monitori Modification Nessler’s
6 hours
ng List to 4 reagent Ammonia Standards 21mg/L HJ535-2009 spectrophoto
including the metry
Comprehensive Ammonium
Total Discharge molybdate
phosphor Standards for 8mg/L HJ 671-2013
spectrophotoous Water metry
Pollutants Glass
GB 6920-
pH Along the 6-8.5 electrode
South-to-North 1986 method
Water Diversion
Suspende Gravimetric Project in 300mg/L GB11901-89 Sewage d solids method
Shandong
treatmen Dilution and
Province
Shan t station BOD5 250mg/L inoculation HJ505-2009
(LZJBF [2011]
County discharg method
No. 35)
Liuhe e outlet
Notice on
Feed Co.Approval and
Ltd. Food
Release of the
Branch
Modification
List to Add
Total Salt
Content Index
Limit in 4
Once per Standards
quarter including the
Manual
Total salt Comprehensive Gravimetric
monitori 1600mg/L HJ/T 51-1999
content Discharge method ng Standards for
Water
Pollutants
Along the
South-to-North
Water Diversion
Project in
Shandong
Province
(LZJBF [2014]
No. 7)
Emission Non-
Boiler Once per standard of air dispersive
Nitric 100mg/Nm
discharg half a pollutants for infrared HJ 692-2014 oxide 3
e outlet year boilers absorption
(DB37/2374- method
137Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2018) Non-
Ultra-low dispersive
Sulfide
Emission No. 2 50mg/Nm3 infrared HJ 629-2011 dioxide
Modification absorption
List to method
Shandong
Gravimetric HJ/T 398-Dust Emission 10mg/Nm3 method 2007
Standards for
Air Pollutants
from Boilers
(LZJBF [2016]
Ringelma Ringelman
No. 46) HJ/T 398-
n 1 blackness
Integrated
blackness 2007 chart
emission
standard of air
pollutants (GB
16297-1996)
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993 tion
Odor Ammonia Ion selective
GB/T 14669-
treatmen (ammonia 4.9kg/h electrode
1993
t outlet gas) method
Gas
Hydrogen
0.33kg/h
GB/T14678-
chromatograp
sulfide 1993 hy
Odor
concentra 20 Triangle odor GB/T14675-
bag method 1993 tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode
gas) 3 1993 method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
sulfide m3 1993
Emission hy
standards for Nessler’s
odor pollutants
reagent Ammonia 21mg/L HJ535-2009 (GB 14554-93) spectrophoto
metry
Glass
Plant GB 6920- pH 6-8.5 electrode odor 1986
method
Suspende
300mg/L
Gravimetric
GB11901-89
d solids method
Manual Once per
Dilution and
monitori half a
BOD5 250mg/L inoculation HJ505-2009 ng year
method
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation / HJ637-2012 groups and filtration
membrane
Odor
Triangle odor GB/T14675-
concentra 20
tion bag method 1993
Emission
Ammonia Manual Once per Ion selective
Plant standards for 1.5mg/Nm GB/T 14669-
(ammonia monitori half a electrode odor odor pollutants 3 1993 gas) ng year method
(GB 14554-93)
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
sulfide m3 1993 hy
138Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Flow
injection-
naphthalene
Total ethylenediami
70mg/L HJ 668-2013 nitrogen ne
hydrochloride
spectrophoto
metry
Nessler’s
reagent Ammonia 45mg/L HJ535-2009
spectrophoto
metry
Ammonium
Total
molybdate phosphor 8mg/L HJ 671-2013
spectrophotoous
metry
Glass
Once a GB 6920-pH 6-8.5 electrode
day 1986 method
Suspende Gravimetric
200mg/L GB11901-89
d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal
Once per Infrared
and
quarter 50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation / HJ637-2012
groups and filtration
membrane
Manual
Odor
monitori Triangle odor GB/T14675-
concentra 2000 ng bag method 1993 tion
Odor Ammonia Ion selective
GB/T 14669-
treatmen (ammonia 4.9kg/h electrode
Emission 1993 t outlet gas) method
standards for
Gas
Hydrogen odor pollutants GB/T14678-0.33kg/h chromatograp
sulfide Once per (GB 14554-93) 1993 hy
half a Integrated
Odor
year emission
Triangle odor GB/T14675-concentra 20
standard of air bag method 1993
tion
pollutants (GB
Ammonia 16297-1996) Ion selective Plant 1.5mg/Nm GB/T 14669-
(ammonia electrode
odor 3 1993
gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Discharge Dichromate COD 60mg/L HJ 828-2017
standard of process
water pollutants Flow
for meat injection-
packing industry naphthalene
Sewage
Yunchen Total (GB 13457-92) ethylenediami
treatmen Online 20mg/L HJ 668-2013 g Liuhe nitrogen Once per Wastewater ne
t station monitori
Food Co. 6 hours quality hydrochloride
discharg ng
Ltd. standards for spectrophotoe outlet
discharge to metry
municipal Nessler’s
sewers (GB/T reagent
Ammonia 10mg/L HJ535-2009
31962-2015) spectrophoto
Integrated metry
139Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
wastewater Ammonium
Total
discharge molybdate phosphor 8mg/L HJ 671-2013
standard (GB spectrophotoous
8978-1996) metry
Glass
Once a GB 6920-
pH 6-8.5 electrode day 1986
method
Suspende Gravimetric 30mg/L GB11901-89 d solids method
Dilution and
BOD5 20mg/L inoculation HJ505-2009
method
Animal
Once per Infrared
and
quarter 5mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation 5000/L HJ637-2012
groups and filtration
membrane
Non-
dispersive
Nitric Manual 100mg/Nm
infrared HJ 692-2014
oxide monitori 3
absorption ng
method
Non-
dispersive
Sulfide
50mg/Nm3 infrared HJ 629-2011 dioxide
absorption
method
Once per
Gravimetric HJ/T 398-Dust half a 10mg/Nm3
method 2007
year
Ringelma Ringelman
HJ/T 398-
n Emission 1 blackness
blackness standard of air chart
2007
pollutants for Nessler’s
boilers Ammonia 30mg/L reagent HJ535-2009
Boiler (DB37/2374- spectrophoto
discharg 2018) metry
e outlet Integrated Glass
pH GB 6920-emission 6-8.5 electrode
1986
standard of air method
Suspende pollutants (GB Gravimetric
300mg/L GB11901-89
d solids 16297-1996) method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Water quality
Total test methods
Once per
dissolved 2000mg/L and standards CJ/T 51 quarter
solids for urban
sewage
Manual Water quality
monitori test methods
Coliform
ng
10000/L and standards CJ/T 51 groups
for urban
sewage
Emission Non-
standard of air dispersive
Nitric 400mg/Nm
pollutants for infrared HJ 692-2014
Boiler oxide 3
Once per boiler (GB absorption
discharg
month 13271-2014) method
e outlet
Integrated Cold atomic
Mercury 0.05mg/N
emission absorption HJ 543-2009
and its m3
standard of air spectrometry
140Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
compoun pollutants (GB
ds 16297-1996)
Non-
dispersive
Sulfide 400mg/Nm
infrared HJ 629-2011 dioxide 3
absorption
method
Gravimetric HJ/T 398-Dust 80mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-
n 1 blackness
2007
blackness chart
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993 tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993
gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Gravimetric GB/T 15432-PM 1mg/Nm3
method 1995
Nessler’s
reagent Ammonia 8mg/L HJ535-2009
spectrophoto
metry
Gas-Phase
Total molecular HJ/T 199-15mg/L
nitrogen absorption 2005
spectrometry
Emission
Glass
Boundar standards for
pH
GB 6920-
6-8.5 electrode
y odor pollutants 1986
method (GB 14554-93)
Suspende Gravimetric 20mg/L GB11901-89
d solids method
Dilution and
BOD5 10mg/L inoculation HJ505-2009
method
Water quality
Total test methods
dissolved 2000mg/L and standards CJ/T 51
solids for urban
sewage
Animal
Infrared
and
20mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Manual Water quality
Once per
monitori test methods
Coliform
ng month 10000/L and standards CJ/T 51
groups
for urban
sewage
Non-
dispersive
Nitric 400mg/Nm
infrared HJ 692-2014 oxide 3
absorption
Emission
method
Boiler standard of air
Mercury
discharg pollutants for Cold atomic
and its 0.05mg/Ne outlet boiler (GB absorption HJ 543-2009
compoun m3 13271-2014) spectrometry
ds
Non-
Sulfide 400mg/Nm
dispersive HJ 629-2011 dioxide 3
infrared
141Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
absorption
method
Gravimetric HJ/T 398-
Dust 80mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-
n 1 blackness
2007 blackness chart
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993 tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia
3
electrode
1993
gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Gravimetric GB/T 15432-PM 1mg/Nm3
method 1995
Nessler’s
reagent
Ammonia 10mg/L HJ535-2009
spectrophoto
Emission
metry
Boundar standards for
Glass y odor pollutants
pH 6-8.5
GB 6920-
electrode
(GB 14554-93) 1986
method
Suspende Gravimetric 30mg/L GB11901-89
d solids method
Dilution and
BOD5 20mg/L inoculation HJ505-2009
method
Animal
Infrared
and
5mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation 10000/L HJ637-2012
groups and filtration
membrane
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993 tion
Odor Ammonia Ion selective
treatmen (ammonia Emission 4.9kg/h
GB/T 14669-
electrode
1993 t outlet gas) standards for method
Hydrogen odor pollutants
Gas
GB/T14678-
(GB 14554-93) 0.33kg/h chromatograpsulfide 1993
Notice on the hy
Odor Implementation
Triangle odor GB/T14675-
concentra of Special 20
bag method 1993 tion Once per Emission Limits
Ammonia half a of Air Pollutants Ion selective
1.5mg/Nm GB/T 14669-
(ammonia year in Beijing- electrode 3 1993 gas) Tianjin-Hebei method
Air Pollution Gas
Hydrogen 0.06mg/N GB/T14678-
Transmission
chromatograpsulfide m3 1993 Plant Channel Cities hy
odor (Ministry of Nessler’s
Environmental
Ammonia Protection 10mg/L
reagent
HJ535-2009
spectrophoto
Notice No. 9 metry
2018) Glass
GB 6920-
pH 6-8.5 electrode
1986
method
Suspende Once per
30mg/L
Gravimetric
GB11901-89
d solids month method
142Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Dilution and
BOD5 15mg/L inoculation HJ505-2009
method
Methylene
blue
Anionic
3mg/L spectrophoto /
surfactant
metric
method
Animal
Infrared
and
5mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation 10000/L HJ637-2012
groups and filtration
membrane
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993 tion
Ammonia Ion selective
GB/T 14669-
Odor (ammonia 4.9kg/h electrode
1993
treatmen gas) method
t outlet
PM Gravimetric GB/T 15432-Manual 10mg/Nm3
method 1995
monitori
Gas
Hydrogen ng GB/T14678-
0.33kg/h chromatograpsulfide 1993 hy
Odor
Triangle odor GB/T14675-concentra 20
bag method 1993 tion
Ammonia Ion selective
Once per 1.5mg/Nm GB/T 14669-
(ammonia
half a
3
electrode
1993
gas)
year Emission method
Hydrogen standards for
Gas
0.06mg/N GB/T14678-
odor pollutants chromatograpsulfide m3 1993
(GB 14554-93) hy
Modification Nessler’s
List No. 2 to reagent Ammonia 5mg/L HJ535-2009
Regional and spectrophoto
Integrated metry
Emission Naphthalene
Total Standard of Air ethylenediami
phosphor Pollutants in 0.3mg/L ne HJ 667-2013
ous Shandong hydrochloride
Province spectrometry
Plant (DB37/ 2376-
Glass odor
pH 2013) (LZJBF GB 6920-6-8.5 electrode
[2016] No. 46) 1986 method
Suspende Gravimetric 20mg/L GB11901-89 d solids method
Dilution and
BOD5 10mg/L inoculation HJ505-2009
method
Methylene
blue
Anionic Manual
Once per 3mg/L spectrophoto / surfactant monitori
month metric
ng
method
Animal
Infrared
and
3mg/L spectrophoto HJ 637-2012
vegetable
metry
oil
Coliform Multi-tube
5000/L HJ637-2012 groups fermentation
143Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and filtration
membrane
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993 tion
Ammonia Ion selective
GB/T 14669-Odor (ammonia 4.9kg/h electrode
1993 treatmen gas) method
t outlet
Gravimetric GB/T 15432-PM 10mg/Nm3
method 1995
Gas
Hydrogen GB/T14678- 0.33kg/h chromatograpsulfide 1993 hy
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993 tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993 gas) method
Once per
Gas
Hydrogen half a 0.06mg/N GB/T14678-
sulfide chromatograpyear m3 1993
Emission hy
standards for Nessler’s
odor pollutants reagent Ammonia 45mg/L HJ535-2009
(GB 14554-93) spectrophoto
Modification metry
List No. 2 to Gas-Phase
Total Regional and molecular HJ/T 199- 70mg/Lnitrogen Integrated absorption 2005
Emission spectrometry
Standard of Air Naphthalene
Total Pollutants in ethylenediami
phosphor Shandong 8mg/L ne HJ 667-2013
ous Province hydrochloride
Plant (DB37/ 2376- spectrometry
odor 2013) (LZJBF Glass
[2016] No. 46) GB 6920-pH 6-8.5 electrode
1986
method
Suspende Gravimetric 300mg/L GB11901-89
d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Methylene
blue
Anionic
20mg/L spectrophoto / surfactant
Once per metric
quarter method
Animal
Infrared
and Manual
50mg/L spectrophoto HJ 637-2012
vegetable monitori
metry
oil ng
Multi-tube
Coliform fermentation
groups 5000/L HJ637-2012 and filtration
membrane
Duck Regional and
feather Integrated Gravimetric GB/T 15432-PM 30mg/Nm3
worksho Once per Emission method 1995
p half a Standard of Air
Odor year Pollutants in
Plant Triangle odor GB/T14675-
concentra Shandong 20
odor bag method 1993 tion Province
144Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ammonia (DB37/ 2376- Ion selective
1.5mg/Nm GB/T 14669-
(ammonia 2013) electrode
31993
gas) Emission method
standards for Gas
Hydrogen 0.06mg/N GB/T14678-
odor pollutants
sulfide chromatograpm3 1993
(GB 14554-93) hy
Emission Nessler’s
standard of air
Ammonia reagent pollutants for 45mg/L HJ535-2009 spectrophoto
boilers (DB37/ metry
2374-2018) Gas-Phase
Total molecular HJ/T 199- 70mg/Lnitrogen absorption 2005
spectrometry
Naphthalene
Total ethylenediami
phosphor 8mg/L ne HJ 667-2013
ous hydrochloride
spectrometry
Glass
GB 6920-pH 6-8.5 electrode
1986
method
Suspende Gravimetric 300mg/L GB11901-89
d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal
Once per Infrared
and
quarter 50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation 5000/L HJ637-2012 groups and filtration
membrane
Catering
Industry
Canteen 2.0mg/Nm GB18483- Fume Fume outlet 3 2001
Emission
Standards
Odor
Manual Triangle odor GB/T14675-
concentra
monitori Regional and
2000
bag method 1993 tion
ng Integrated
Odor Ammonia Emission Ion selective GB/T 14669-
treatmen (ammonia Standard of Air 8.7kg/h electrode 1993
t outlet gas) Pollutants in method
Shandong Gas
Hydrogen GB/T14678-
Once per Province 0.58kg/h chromatograpsulfide 1993
half a (DB37/ 2376- hy
Odor year 2013)
Triangle odor GB/T14675-
concentra Emission 20
bag method 1993 tion standards for
Ammonia odor pollutants Ion selective
1.5mg/Nm GB/T 14669-
(ammonia (GB 14554-93) electrode 3 1993 gas) Emission method
standard of air Gas
Hydrogen
Plant pollutants for
0.06mg/N GB/T14678-
chromatograp
sulfide odor boilers (DB37/ m3 1993 hy
2374-2018) Nessler’s
reagent
Ammonia 15mg/L HJ535-2009
spectrophoto
metry
Manual Glass
Once per GB 6920-pH monitori 6-8.5 electrode month 1986
ng method
145Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ammonium
Total
molybdate
phosphor 0.5mg/L HJ 670-2013
spectrophotoous
metry
Suspende Gravimetric 60mg/L GB11901-89
d solids method
Dilution and
BOD5 25mg/L inoculation HJ505-2009
method
Animal
Infrared
and
15mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation 5000/L HJ637-2012 groups and filtration
membrane
Catering
Catering
Industry
Canteen Industry Fume GB18483- Fume 2.0mg/Nm3 Fume vent Emission 2001
Emission Standards
Standards
Odor
Once per Triangle odor GB/T14675-concentra 20
half a bag method 1993
tion
year Emission
Ammonia Ion selective
Plant standards for 1.5mg/Nm GB/T 14669-
(ammonia electrode odor odor pollutants 3 1993 gas) method
(GB 14554-93)
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993 hy
Dichromate COD 350mg/L HJ 828-2017
process
Online
Once per Nessler’s
monitori
2 hours
reagent Ammonia ng 35mg/L HJ535-2009
spectrophoto
Discharge metry
standard of Glass
Once per GB 6920-pH
month water pollutants 6-8.5 electrode 1986
for meat method
packing industry Ammonium
Total
Once per (GB 13457-92) molybdate
Sewage phosphor 4mg/L HJ 670-2013 day Integrated spectrophototreatmen ous
wastewater metry
t station
Suspende discharge Gravimetric
discharg
60mg/L GB11901-89 d solids standard (GB methodHebi e outlet 8978-1996) Dilution and
Liuhe
BOD5 concentration 25mg/L inoculation HJ505-2009
Zhizhen
limits specified method
Food Co.Ltd. Animal
in sewage
Manual Once per
and discharge
Infrared
monitori month agreements 15mg/L spectrophoto HJ 637-2012 vegetable
ng
metry oil
Multi-tube
Coliform fermentation 5000/L HJ637-2012
groups and filtration
membrane
Catering
Catering
Industry
Canteen Industry Fume GB18483-Fume 2.0mg/Nm3 Fume
vent Once per Emission 2001
Emission
half a Standards
Standards
year
Odor
Plant Emission Triangle odor GB/T14675- concentra 20odor standards for bag method 1993 tion
146Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ammonia odor pollutants Ion selective
1.5mg/Nm GB/T 14669-(ammonia (GB 14554-93) electrode 3 1993 gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
sulfide m3 chromatograp 1993 hy
Nessler’s
reagent Ammonia 45mg/L HJ535-2009
spectrophoto
metry
Naphthalene
ethylenediami
Total
nitrogen 70mg/L ne HJ 668-2013
hydrochloride
spectrometry
Glass
GB 6920-pH 6.5-9.5 electrode
1986
method
Ammonium
Total
molybdate
phosphor 8mg/L HJ 670-2013
spectrophotoous
metry
Suspende Gravimetric
d solids 400mg/L GB11901-89 method
Dilution and
BOD5 350mg/L inoculation HJ505-2009
Once per
method
quarter
Animal
Infrared
and
100mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Ultra-low Controlled
Nitric 200mg/Nm
Emission No. 2 potential HJ 693-2014 oxide 3
Modification electrolysis
Sulfide List to
Boiler Shandong 50mg/Nm3 Iodometry HJ/T 56-2000 dioxide
exhaust Boiler Air
stack Pollutant
Emission
Boiler dust Dust Standards 10mg/Nm3 GB 5468-91 test method
(LZJBF [2016]
Manual No. 46)
Odor monitori
Triangle odor GB/T14675-
concentra ng 2000
bag method 1993 tion
Ammonia Ion selective
Once per
(ammonia 4.9kg/h GB/T 14669-electrode
half a 1993 gas) method
year
Gas
Hydrogen GB/T14678- 0.33kg/h chromatograpsulfide 1993 hy
Emission
Odor Nessler’s
standards for
treatmen reagent
Ammonia odor pollutants 45mg/L HJ535-2009 t outlet spectrophoto(GB 14554-93)
metry
Naphthalene
ethylenediami
Total
70mg/L ne HJ 668-2013 nitrogen
hydrochloride
spectrometry
Glass
GB 6920-pH 6.0-8.5 electrode
1986 method
147Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ammonium
Total
molybdate phosphor 8mg/L HJ 670-2013
spectrophotoous
metry
Suspende Gravimetric 300mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Multi-tube
Coliform fermentation / HJ637-2012
groups and filtration
membrane
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Ringelma Emission Ringelman
HJ/T 398-n standard of air Level 1 blackness 2007
blackness pollutants for chart
boilers (DB37/ Controlled
Boiler Nitric 150mg/Nm
Once a 2374-2018) potential HJ 693-2014 exhaust oxide 3
year Emission
electrolysis
stack
Sulfide standard of air
50mg/Nm3 Iodometry HJ/T 56-2000 dioxide pollutants for
boiler (GB
Boiler dust Dust 13271- 2014) 10mg/Nm3 GB 5468-91 test method
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993
tion
Ammonia Ion selective
GB/T 14669-(ammonia 4.9kg/h electrode
1993 gas) method
Gas
Hydrogen GB/T14678-0.33kg/h chromatograp
sulfide 1993 hy
Once per Nessler’s
half a reagent
Ammonia 5mg/L HJ535-2009 year spectrophoto
metry
Naphthalene
Total ethylenediami
phosphor 0.3mg/L ne HJ 667-2013
ous hydrochloride
Emission spectrometry
Odor
standards for Glass
treatmen GB 6920- pH odor pollutants 6-8.5 electrode t outlet 1986 (GB 14554-93) method
Suspende Gravimetric 20mg/L GB11901-89
d solids method
Gas-Phase
Total molecular HJ/T 199- 20mg/Lnitrogen absorption 2005
spectrometry
Dilution and
BOD5 Manual 10mg/L inoculation HJ505-2009
Once per
monitori method month
Animal ng
Infrared
and
3mg/L spectrophoto HJ 637-2012
vegetable
metry
oil
Multi-tube
Coliform fermentation
groups 10000/L HJ637-2012 and filtration
membrane
148Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993 tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993
gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993
hy
Nessler’s
Once per
reagent Ammonia half a 30mg/L HJ535-2009
spectrophotoyear
metry
Ammonium
Total
molybdate phosphor Emission 5mg/L
Plant ous
spectrophoto
standards for
metry
odor odor pollutants
Total Spectrophoto
(GB 14554-93) 50mg/L nitrogen metry
Glass
pH 6-8.5 GB 6920-electrode
1986 method
Suspende Gravimetric 300mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Once per
Animal
quarter Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Coliform Fermentation / GB5750 groups method
Non-
dispersive
Nitric Once per 200mg/Nm
infrared HJ 692-2014 oxide month 3
absorption
method
Emission Non-
Boiler standard of air dispersive
Sulfide
discharg pollutants for 50mg/Nm3 infrared HJ 629-2011 dioxide
e outlet Manual boiler (GB absorption
monitori Once a 13271-2014) method
ng year Gravimetric HJ/T 398-Dust 20mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-
n Level 1 blackness
2007 blackness chart
Odor
Triangle odor GB/T14675-
concentra 2000
bag method 1993 tion
Odor Ammonia Ion selective
GB/T 14669-
treatmen (ammonia 4.9kg/h electrode
1993 t outlet gas) method
Emission
Once per Gas
Hydrogen standards for GB/T14678-
half a 0.33kg/h chromatograpsulfide odor pollutants 1993
year hy (GB 14554-93)
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993
Plant tion
odor Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993 gas) method
149Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
sulfide m3 1993 hy
Nessler’s
reagent
Ammonia 25mg/L HJ 535-2009
spectrophoto
metry
Naphthalene
Total ethylenediami
phosphor 8mg/L GB/T 16488-ne
1996 ous hydrochloride
spectrometry
Upper limit
8.5
dimensionl Glass
GB 6920-
pH ess lower electrode
1986
limit: 6 method
dimensionl
ess
Suspende Gravimetric 300mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Alkaline
potassium
Total persulfate
45mg/L HJ 636-2012 nitrogen digestion UV
Once per
spectrophotomonth
metry
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation
groups 10000mg/L HJ637-2012 and filtration
membrane
Ringelma Ringelman
HJ/T 398-
n 1mg/Nm3 blackness
Manual
2007 blackness chart
monitori
ng Naphthalene
ethylenediami
Nitric Emission
30mg/Nm3 ne HJ/T 43-1999 oxide standards for
hydrochloride
odor pollutants
spectrometry
(GB 14554-93)
Boiler Determinatio
Modification
exhaust n of
List No. 2 to
treatmen particulate
Regional and
t Once per matter in
Integrated
discharg half a stationary
Emission e outlet year pollution GB/T 16157-PM Standard of Air 5mg/Nm3
source 1996
Pollutants in
emissions and
Shandong
sampling
Province
method for
(DB37/ 2376-
gaseous
2013) (LZJBF
pollutants [2016] No. 46)
Sulfide
10mg/Nm3 Iodometry HJ/T 56-2000 dioxide
Sewage Odor
2000mg/N Triangle odor GB/T14675-
treatmen concentra
m3 bag method 1993
t station tion
150Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
discharg Ammonia Ion selective
1.5mg/Nm GB/T 14669-e outlet (ammonia electrode 3 1993 gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograpsulfide m3 1993
hy
6-8.5 Glass
GB/T 6920-pH (dimension electrode
1986 less) method
Nessler’s
reagent Ammonia 45mg/L HJ 535-2009
spectrophoto
metry
Dichromate
COD 500mg/L HJ 828-2017 process
Dilution and
BOD5 250mg/L inoculation HJ 505-2009
method
Animal
Infrared
and
Once per 50mg/L spectrophoto HJ 637-2018
vegetable
month metry oil
Suspende
300mg/L
Gravimetric GB/T 11901-
d solids method 1989
Fecal Multi-tube 10000/L HJ 347.2-2018 coliforms fermentation
Nessler’s
Ammonia
reagent
(ammonia 4.9kg/h HJ 533-2009
spectrophotogas)
metry
Supplement
Waste
5.4.10.3 of the
gas Methylene
Fourth Edition
outlet of blue
Hydrogen of Air and
sewage 0.33kg/h spectrophotosulfide Manual Exhaust Gas
treatmen metric
monitori
t station Monitoring methodng and Analysis
Methods
Odor 2000
Triangle odor GB/T 14675-
concentra Emission (dimension
Once per bag method 1993 tion standards for less)
half a
odor pollutants Nessler’s Ammonia year
(GB 14554-93) reagent
(ammonia 4.9kg/h HJ 533-2009
spectrophoto
gas)
metry
Discharg Supplement
e outlet 5.4.10.3 of the
Methylene
of Fourth Edition
blue
slaughter Hydrogen of Air and 0.33kg/h spectrophotoing sulfide Exhaust Gas
metric
worksho Monitoring methodp and Analysis
Methods
Odor 2000
Triangle odor GB/T 14675-
concentra (dimension
bag method 1993 tion less)
Qixia Dichromate COD 50mg/L HJ 828-2017
Refrigera process
Discharge
tion Sewage Nessler’s
standard of
Factory treatmen Online reagent
Ammonia Once per water pollutants 5mg/L HJ 668-2013
of t station monitori
1 hours
spectrophoto
for meat
Shandon discharg ng metry
packing industry g New e outlet Glass
(GB 13457-92)
Hope pH 6--9 electrode HJ535-2009
Liuhe method
151Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Group Suspende Gravimetric
60mg/L GB11901-89
Co. Ltd. d solids method
Animal
Infrared
and
15mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Methylene
Emission
blue
Plant Foul standards for 0.1mg/Nm GB/T14675-
spectrophotoodor smell odor pollutants 3 1993
metric
(GB 14554-93)
method
Controlled
Nitric 200mg/Nm
potential HJ693-2014 oxide 3
electrolysis
Controlled
Sulfide
50mg/m3 potential HJ/T57-2000 dioxide
Manual electrolysis
Once per
monitori
Gravimetric GB/T15432-PM
ng quarter 20mg/Nm3 method 1995
Nessler’s
reagent Ammonia 35mg/L HJ535-2009
spectrophoto
metry
Naphthalene
ethylenediami
Total
Emission 70mg/L ne HJ 668-2013 nitrogen
Boiler standard of air hydrochloride
exhaust pollutants for spectrometry
stack boiler (GB Glass
pH 13271-2014) 6-8.5 GB 6920-electrode
1986 method
Ammonium
Total
molybdate phosphor 8mg/L HJ 670-2013
spectrophotoous
metry
Suspende Gravimetric 256mg/L GB11901-89 d solids method
Dilution and
BOD5 150mg/L inoculation HJ505-2009
Once per
method quarter
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Controlled
Nitric Once per 100mg/Nm
potential HJ 693-2014 oxide month 3
electrolysis
Emission
Gravimetric GB/T15432-
Boiler PM Manual standard of air 10mg/Nm3
method 1995
exhaust monitori pollutants for
Sulfide stack ng Once per boilers (DB37/ 50mg/Nm3 Iodometry HJ/T 56-2000
dioxide
year 2374-2018)
Ringelma
Boiler dust n 10mg/Nm3 GB 5468-91
test method blackness
Odor
Triangle odor GB/T14675-concentra 2000
bag method 1993 tion
Emission
Odor Ammonia Once per Ion selective
standards for GB/T 14669-
treatmen (ammonia half a 4.9kg/h electrode
odor pollutants 1993 t outlet gas) year method (GB 14554-93)
Gas
Hydrogen GB/T14678-0.33kg/h chromatograp
sulfide 1993 hy
Shandon Sewage Once per Wastewater Dichromate COD 500mg/L HJ 828-2017 g New treatmen 2 hours quality process
152Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Hope t station standards for Flow
Liuhe discharg discharge to injection-
Group e outlet municipal naphthalene
Co. Ltd. Total sewers (GB/T ethylenediami 70mg/L HJ 668-2013 Linyi nitrogen 31962-2015) ne
Branch Discharge hydrochloride
standard of spectrophoto
water pollutants metry
Online for meat Nessler’s
monitori
packing industry reagent
Ammonia
ng (GB 13457-92)
45mg/L HJ535-2009
spectrophoto
metry
Ammonium
Total
molybdate
phosphor 8mg/L HJ 671-2013
spectrophotoous
metry
Glass
GB 6920-pH 6-8.5 electrode
1986 method
Suspende Gravimetric 200mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal Manual
Once per Infrared
and monitori
quarter 50mg/L spectrophoto HJ 637-2012 vegetable ng
metry
oil
Multi-tube
Coliform fermentation 10000 HJ637-2012 groups and filtration
membrane
Non-
dispersive
Nitric Once per 200mg/Nm
infrared HJ 692-2014 oxide month 3
absorption
method
Emission Non-
Boiler Manual standard of air dispersive
Sulfide
discharg monitori pollutants for 50mg/Nm3 infrared HJ 629-2011
dioxide
e outlet ng boilers (DB37/ absorption
Once a 2374-2018) method
year Gravimetric HJ/T 398-Dust 10mg/Nm3
method 2007
Ringelma Ringelman
HJ/T 398-
n 1 blackness
2007 blackness chart
Odor
Triangle odor GB/T14675-
concentra 20
bag method 1993 tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993 gas) method
Gas
Hydrogen 0.06mg/N GB/T14678-
Emission chromatograpsulfide Manual Once per m3 1993 Plant standards for hy
monitori half a odor odor pollutants Nessler’s ng year
(GB 14554-93) reagent
Ammonia 45mg/L HJ 535-2009
spectrophoto
metry
Glass
pH GB 6920-6.5-9.5 electrode
1986 method
Velocity
Flow \
method
153Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(ultrasonic
flow meter)
Alkaline
potassium
Total persulfate 70mg/L HJ 636-2012 nitrogen digestion UV
spectrophoto
metry
Ammonium
Total
molybdate GB/T11893-
phosphor 8mg/L
spectrophoto 1989
ous
metry
Manual Once per
Suspende Gravimetric GB/T11901-
monitori half a 400mg/L
d solids method 1989
ng year
Dilution and
BOD5 350mg/L inoculation HJ505-2009
method
Animal
Infrared
and
100mg/L spectrophoto HJ 637-2018
vegetable
metry oil
Enzyme
Coliform
\ substrate HJ 1001-2018 groups
technique
Controlled
Nitric Once per Regional and 200mg/Nm
potential HJ 693-2014 oxide month Integrated 3 electrolysis
Emission
Non-
Standard of Air
dispersive
Sulfide Pollutants in
50mg/Nm3 infrared HJ 629-2011
dioxide Shandong
Boiler Manual absorption
Province
discharg monitori method
(DB37/ 2376-e outlet ng Once a Gravimetric HJ/T 398-
Dust 2013) 10mg/Nm3 year method 2007
Integrated
emission Catering
Industry
Exhaust standard of air 2.0mg/Nm GB18483-
blackness pollutants (GB Fume 3 2001
16297-1996) Emission
Standards
Once per Infrared
Frying 1.5mg/Nm DB37/ 597-
Fume half a spectrophotochimney 3 2006
year Discharge metry
Manual Once per standard of Infrared
Smoking 1.5mg/Nm DB37/ 597- Fume monitori half a cooking fume spectrophotochimney 3 2006 ng year (DB37/ 597- metry
2006) Infrared
Canteen Once a 1.5mg/Nm DB37/ 597- Fume spectrophotochimney year 3 2006 metry
Nessler’s
Ammonia
reagent
(ammonia 4.9kg/h HJ 533-2009
spectrophoto
gas)
metry
Supplement
Waste
5.4.10.3 of the
gas Emission Methylene
Manual Fourth Edition
outlet of Once per standards for blue
Hydrogen monitori of Air and sewage quarter odor pollutants 0.33kg/h spectrophotosulfide ng Exhaust Gas treatmen (GB 14554-93) metric
Monitoring
t station method
and Analysis
Methods
Odor 2000
Triangle odor GB/T 14675-
concentra (dimension
bag method 1993
tion less)
Boundar Once per Boundary Noise Daytime Multi- GB12348-Noise
y noise quarter Emission 60 functional 2008
154Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Standards for nighttime sound level
Industrial 50 meter
Enterprises
Odor
Triangle odor GB/T14675-concentra 20
bag method 1993
tion
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode 3 1993 gas) method
Gas
Hydrogen Manual Once per 0.06mg/N GB/T14678-
chromatograp
sulfide monitori half a m3 1993 hy
ng year
Nessler’s
reagent
Ammonia 2mg/L HJ 535-2009
spectrophoto
metry
Glass
GB 6920-pH 6-9 electrode
1986 method
Ammonium
Total
molybdate GB/T11893-phosphor Emission 0.4mg/L
spectrophoto 1989
Plant ous standards for
metry
odor odor pollutants
Suspende Gravimetric
(GB 14554-93)
100mg/L GB11901-89 d solids method
Dilution and
BOD5 10mg/L inoculation HJ505-2009
method
Alkaline
potassium
Once per
Total persulfate month 2mg/L HJ 636-2012
nitrogen digestion UV
spectrophoto
metry
Animal
Infrared
and
20mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Coliform Multi-tube GB/T5750.12-10000/L
groups fermentation 2006
Manual
Phosphat monitori
e
ng
Ringelma Ringelman
Once a HJ/T 398-n 1mg/Nm3 blackness
year 2007
blackness chart
Table 3 Gas
Controlled
Nitric Once per Boiler Standard
50mg/Nm3 potential HJ693-2014 oxide month of Emission
electrolysis
standard of air
Determinatio
pollutants for
n of
Boiler boilers (DB
particulate
exhaust 14/1929-2019)
matter in
treatmen Emission
stationary
t standards for
pollution GB/T 16157-discharg PM odor pollutants 5mg/Nm3
e outlet source 1996 Once a (GB 14554-93)
emissions and
year Integrated
sampling
emission
method for
standard of air
gaseous
pollutants (GB
pollutants 16297-1996)
Controlled
Sulfide
35mg/Nm3 potential HJ57-2017 dioxide
electrolysis
155Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Odor 20
Triangle odor GB/T14675-
concentra (dimension
bag method 93 tion less)
Sodium
Ammonia hypochlorite-
1.5mg/Nm
(ammonia salicylic acid HJ534-2009 3
gas) spectrophoto
Once per
metry
half a
Boundar
year Supplement of
y the Fourth
Methylene
Edition of Air
blue
Hydrogen 0.06mg/N and Exhaust
spectrophotosulfide m3 Gas
metric
Monitoring
method
and Analysis
Methods
PM Once a
year
Feed
Once per 120mg/Nm
plant Gravimetric GB/T15432-PM half a 3
discharg method 1995 year 3.5Kg/h
e outlet
Emission Boundary
standard for Ambient
Daytime
industrial Noise
Boundar Once per 60dB(A) GB12348-
Leq y quarter enterprises noise Emission Nighttime 2008
at boundary Standards for 50dB(A)
(GB12348- Industrial
2008) Enterprises
Flow
injection-
naphthalene
Total ethylenediami70mg/L HJ 668-2013
nitrogen ne
hydrochloride
spectrophoto
metry
Nessler’s
reagent
Ammonia 45mg/L HJ535-2009
spectrophoto
metry
Ammonium
Total
molybdate phosphor 8mg/L HJ 671-2013
spectrophotoous
metry
Glass
GB 6920-pH 6-8.5 electrode
1986
method
Suspende Gravimetric
300mg/L GB11901-89 d solids method
Dilution and
BOD5 250mg/L inoculation HJ505-2009
method
Animal
Infrared
and
50mg/L spectrophoto HJ 637-2012
vegetable
metry oil
Multi-tube
Coliform fermentation 10000 HJ637-2012 groups and filtration
membrane
Boiler Manual Emission Non-
Nitric Once per 200mg/Nm
discharg monitori standard of air dispersive HJ 692-2014 oxide month 3 e outlet ng pollutants for infrared
156Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
boiler (GB absorption
13271-2014) method
Emission Non-
standard of air dispersive
Sulfide
pollutants for
50mg/Nm3 infrared HJ 629-2011 dioxide
boilers (DB37/ absorption
Once a 2374-2018) method
year
Dust 10mg/Nm3 Gravimetric HJ/T 398-
method 2007
Ringelma Ringelman
HJ/T 398-
n 1 blackness
2007
blackness chart
Catering
Industry
Odor
Fume GB18483-concentra 20
Emission 2001 tion
Standards
(Tentative)
Ammonia Ion selective
1.5mg/Nm GB/T 14669-
(ammonia electrode
gas) 3 1993 method
Gas
Hydrogen 0.06mg/N GB/T14678-
chromatograp
sulfide m3 1993
hy
Air quality
Determinatio
Plant Ammonia
odor 1.5mg/Nm n of ammonia GB/T 14669-(ammonia
3 Ion selective 1993
gas)
electrode
method
Air quality
Determinatio
n of hydrogen
sulfide
methyl
Hydrogen 0.06mg/N GB/T14678-
mercaptan sulfide m3 1993
Emission methyl sulfide
Manual Once per
standards for and dimethyl
monitori half a
odor pollutants disulfide Gas ng year
(GB 14554-93) chromatograp
hy
Air quality
Determinatio
Odor
n of malodor GB/T 14675-concentra 20
Three-point 1993 tion
comparative
bag method
Air quality
Determinatio
Ammonia
1.5mg/Nm n of ammonia GB/T 14669-
(ammonia
Duck- 3 Ion selective 1993 gas)
hanging electrode
platform method
exhaust Air quality
cylinder Determinatio
n of hydrogen
sulfide
methyl
Hydrogen 0.06mg/N GB/T14678-
mercaptan sulfide m3 1993
methyl sulfide
and dimethyl
disulfide Gas
chromatograp
hy
Coliform Automat Once per Integrated Multi-tube GB 6920-10000/L
groups ic testing 6 hours wastewater fermentation 1986
157Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
discharge Water quality
standard for Determinatio
basin Part 2: n of BOD5 GB 11901-BOD5 10mg/L
Yihe River and Dilution and 1989
Shuhe River inoculation
basin (DB37/ test
3416.2-2018) Water quality
Environmental Determinatio
quality n of
standards for Ammonia
Ammonia surface water 1.5mg/l nitrogen Flow HJ505-2009
(GB 3838- injection -
2002)/ salicylic acid
Discharge spectrophoto
standard of metry
water pollutants Water quality
for meat Determinatio
packing industry n of
Animal (GB 13457-92) petroleum and
and
3mg/L animal and HJ 828-2017
vegetable
vegetable oils oil
Infrared
spectrophoto
metry
Water quality
Determinatio
COD 30mg/L n of COD HJ 668-2013
Dichromate
process
Water quality
Main Determinatio
sewage n of total
outlet nitrogen Flow
Total injection -
nitrogen 15mg/L naphthalene HJ 666-2013
(in N) ethylenediami
ne
hydrochloride
spectrophoto
metry
Water quality
Determinatio
n of pH value pH value pH6-9 HJ 671-2013
Glass
electrode
method
Water quality
Determinatio
n of
Suspende
20mg/L suspended HJ637-2018 d solids
solids
Gravimetric
method
Water quality
Determinatio
n of total
phosphorus
Total
Flow GB/T11893-phosphor 0.3mg/L
injection - 1989 us (in P)
ammonium
molybdate
spectrophoto
metry
Odor Manual Air quality
Boundar Once per Emission GB T 14675-
concentra detectio 20 Determinatioy month standards for 1993 tion n n of malodor
158Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
odor pollutants Three-point
(GB 14554-93) comparative
bag method
Air quality
Determinatio
Ammonia
1.5mg/Nm n of ammonia GB/T 14669-
(ammonia
3 Ion selective 1993 gas)
electrode
method
Air quality
Determinatio
n of hydrogen
sulfide
methyl
Hydrogen 0.06mg/N GB/T14678-
mercaptan sulfide m3 1993
methyl sulfide
and dimethyl
disulfide Gas
chromatograp
hy
Dichromate COD 500mg/L
process HJ 828-2017
Flow
injection-
naphthalene
Total ethylenediami70mg/L HJ 668-2013
nitrogen ne
hydrochloride
spectrophoto
Online metry
24 times
monitori Nessler’s
a day
ng reagent Ammonia 45mg/L HJ535-2009
spectrophoto
metry
Total Integrated
Ammonium
Outlet of discharge molybdate
phosphor 8.0mg/L HJ 671-2013
sewage standard of spectrophotoous
treatmen water pollutants metry
t station (DB11/ 307- Glass
GB 6920-pH 2013) 6.5-9 electrode
Beijing 1986
method
Kinghey
Suspende Gravimetric
Food Co. 400mg/L GB11901-89
d solids method Ltd.Dilution and
BOD5 300mg/L inoculation HJ505-2009
method
Animal Manual
Once per Infrared
and monitori
quarter 50mg/L spectrophoto HJ 637-2012 vegetable ng
metry oil
Multi-tube
Coliform fermentation 10000/L HJ 347.2-2018 groups and filtration
membrane
Integrated
Outlet of Non- emission
Gas
chemical methane standards of air
50mg/Nm3 chromatograp HJ/T 38-1999
producti hydrocarb Manual Once per pollutants
hy
on outlet on monitori half a (DB11/ 501-
ng year 2017)
Catering Infrared
Canteen
Fume Industry Fume 1mg/Nm3 spectrophoto HJ 1077-2019
fume
Emission metry
159Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Standards Manual
PM (Tentative) 5mg/Nm3 weighing DB11/T1485
(GB18483- method
Non- 2001)
Gas
methane
10mg/Nm3 chromatograp HJ/T 38-1999
hydrocarb
hy on
Controlled
Nitric Once per
80mg/Nm3 potential HJ 693-2014 oxide month
electrolysis
Boiler Air
Controlled
Sulfide Pollutant
Boiler Manual 50mg/Nm3 potential HJ 57-2017 dioxide Emission
exhaust monitori electrolysis
Standards
outlet ng
Once a Gravimetric PM (DB11/ 139- 20mg/Nm3 HJ 836-2017 year method
2015)
Ringelma Ringelman
n Level 1 blackness HJ/T398-2007
blackness chart
Nessler’s
Ammonia 1.5mg/Nm reagent
HJ533-2009 gas 3 spectrophoto
metry
Comprehensive
Fourth Edition
Emission Methylene
Manual Once per of Air and
Fugitive Standards of Air blue
Hydrogen monitori half a 0.06mg/N Exhaust Gas emission
sulfide ng Pollutants spectrophotoyear m3 Monitoring
(DB11/ 501- metric
and Analysis 2017) method
Methods
Odor
Triangle odor
concentra 20mg/Nm3 HJ 1262-2022
bag method tion
Dichromate COD 500mg/L HJ 828-2017 process
Glass
pH 6.5-9 electrode HJ1147-2020
method
Alkaline
potassium
Total persulfate
70mg/L HJ 636-2012
nitrogen Online digestion UV
4 times a
monitori spectrophoto
ng day metry
Nessler’s
reagent Ammonia 45mg/L HJ535-2009
spectrophoto
Integrated metry
Hebei
Outlet of discharge Ammonium
Kinghey Total
sewage standard of molybdate
Meat phosphor 8.0mg/L HJ 671-2013
treatmen
Industry ous water pollutants
spectrophoto
t station (DB11/ 307-
metry
Co. Ltd.Suspende 2013) Gravimetric GB/T11901-400mg/L
d solids method 1989
Phosphat
1.0mg/L
Spectrophoto GB/T11893-
e metry 1989
Dilution and
BOD5 300mg/L inoculation HJ505-2009
Manual Once per method
Animal detectio half a
Infrared
and n year
50mg/L spectrophoto HJ 637-2018
vegetable
metry oil
Multi-tube
Coliform fermentation GB/T5750.12-10000/L
groups and filtration 2006
membrane
160Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Air Odor
flotation concentra 2000 Triangle odor GB/T14675-
bag method 1993 tank tion
exhaust Nessler’s
Ammonia
cylinder
reagent (ammonia 8.7kg/h HJ533-2009
desilting
spectrophotoroom gas) metry
exhaust
cylinder
Emission
grille Manual Once per
standards for
exhaust monitori half a
odor pollutants cylinder ng year
(GB 14554-93)
waiting
Gas
pends Hydrogen GB/T14678-exhaust sulfide 0.58kg/h chromatograp 1993 hy
cylinder
harmless
treatmen
t
discharg
e outlet
Dichromate COD 300mg/L HJ 828-2017 process
Alkaline
potassium
Total persulfate
50mg/L HJ 636-2012 nitrogen digestion UV
spectrophoto
4 times a
Online metry
day
monitori Salicylic acid
Ammonia ng Integrated 30mg/L spectrophoto HJ 536-2009
wastewater metry
discharge
Ammonium
Total standard (DB
Outlet of molybdate GB 11893-phosphor 21/1627-2008) 5mg/L
sewage spectrophoto 1989 ous Discharge
treatmen metry
standard of t station Electrode pH water pollutants 6.0-8.5 HJ 1147-2020 method
for meat
Suspende Gravimetric GB11901-
packing industry
d solids 300mg/L method 1989 (GB 13457-92)
Dilution and
Liaoning BOD5 250mg/L inoculation HJ505-2009
Once per
Kinghey Manual method
quarter
Food Co. Animal monitori
Infrared Ltd. and ng
60mg/L spectrophoto HJ 637-2018
vegetable
metry oil
Coliform Rapid paper 10000 HJ 775-2015
groups strip method
Odor 20
Triangle odor GB/T14675-
concentra (dimension
bag method 1993
tion less)
Nessler’s
Ammonia Emission
1.5mg/Nm reagent
(ammonia standards for HJ 533-2009 3 spectrophotogas) odor pollutants
metry
Manual Once per (GB 14554-93)
Plant Methylene
monitori half a Integrated odor blue
Hydrogen ng year emission 0.06mg/N None (to be
spectrophotosulfide standard of air m3 verified)
metric
pollutants (GB
method
16297-1996)
Nessler’s
reagent Ammonia 45mg/L HJ 535-2009
spectrophoto
metry
161Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Glass
pH 6.0-8.5 electrode GB 6920-86
method
Ammonium
Total
molybdate
phosphor 8mg/L GB 11893-89
spectrophotoous
metry
Suspende Gravimetric
400mg/L GB 11901-89
d solids method
Dilution and
BOD5 300mg/L inoculation HJ 505-2009
method
Animal
and Infrared
60mg/L HJ637-2018 vegetable photometry
oil
Water and
Wastewater
Monitoring
and Analysis
Coliform Multi-tube _ Methods groups fermentation
(Fourth
Edition)
(Supplementar
y Edition)
Alkaline
potassium
Total persulfate 70mg/L HJ636-2012 nitrogen digestion UV
spectrophoto
metry
Controlled
Nitric Once per 150mg/Nm
oxide month potential HJ 693-2014 3
electrolysis
Emission Controlled
Sulfide
Boiler Manual standard of air 50mg/Nm3 potential HJ 57-2017 dioxide
exhaust monitori pollutants for electrolysis
outlet ng Once a boiler (GB Gravimetric PM 20mg/Nm3 HJ 836-2017 year 13271-2014) method
Ringelma Ringelman
n Level 1 blackness HJ/T398-2007
blackness chart
Nessler’s
Ammonia
1.5mg/Nm reagent
(ammonia HJ533-2009 3 spectrophoto
gas)
metry
Fourth Edition
Emission Methylene
Manual of Air and
Fugitive 2 times a standards for blue
Hydrogen monitori 0.06mg/N Exhaust Gas emission year odor pollutants spectrophotosulfide ng m3 Monitoring (GB 14554-93) metric
and Analysis method
Methods
Odor
Triangle odor GB/T14675-concentra 20mg/Nm3
bag method 1993 tion
Wastewater Dichromate COD 500mg/L HJ 828-2017 quality process
Shandon
Outlet of standards for Alkaline
g Online
sewage 4 times a discharge to potassium
Kinghey monitori
treatmen Total day municipal persulfate
Food Co. ng 70mg/L HJ 636-2012
t station nitrogen sewers (GB/T digestion UV Ltd.
31962-2015) spectrophoto
Discharge metry
162Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
standard of Salicylic acid
Ammonia water pollutants 45mg/L spectrophoto HJ 536-2009
for meat metry
packing industry Ammonium
Total
(GB 13457-92)
molybdate GB 11893-phosphor 8mg/L
spectrophoto 1989 ous
metry
pH Electrode 6.0-8.5 HJ 1147-2020
method
Suspende Gravimetric GB11901-400mg/L
d solids method 1989
Dilution and
BOD5 Manual 300mg/L inoculation HJ505-2009
Once per
monitori method
quarter
Animal ng
Infrared
and
60mg/L spectrophoto HJ 637-2018
vegetable
metry
oil
Odor 2000
Triangle odor GB/T14675-
concentra (dimension
bag method 1993
tion less)
Nessler’s
Ammonia
Emission 4.9mg/Nm reagent
(ammonia Manual Once per HJ 533-2009
Waste standards for 3 spectrophoto gas) monitori half a gas odor pollutants metry ng year
(GB 14554-93) Methylene
blue
Hydrogen 0.33mg/N None (to be
spectrophotosulfide m3 verified)
metric
method
Input in environmental governance and protection and payment of environmental protection taxes
The Company has played an important role in preventing and controlling pollution and protecting the environment by
strengthening environmental governance and reducing pollutant emissions. By the end of December 2024 the Company had spent
152.655 million yuan in environmental governance related matters and paid 1.873 million yuan of environmental protection tax.
Measures taken to reduce carbon emissions and effects during the reporting period
□Applicable □Not applicable
The Company actively implements the national carbon peaking and carbon neutrality strategy. It actively promotes photovoltaic
projects for feed slaughtering and other high-power consumption businesses to increase the proportion of green electricity consumption
actively promotes manure anaerobic treatment and biogas reuse for big business and actively promotes wheat vegetables and grass
planting in consumption sites to promote the overall energy saving and carbon reduction with multiple measures and multi-pronged
approaches.In terms of green electricity utilization the Company actively promoted the pig farm photovoltaic project pilot construction in
2024. By the end of June 2024 the Company had 11 photovoltaic projects in operation generating 11.747 million KWH equivalent
to a reduction of 6878.9 tons of carbon dioxide emissions[1]. ([1] The reduction in GHG emissions due to photovoltaic power
generation is based on the national average carbon dioxide emission factor from electricity specified in the 2022 Carbon Dioxide
Emission Factors from Electricity released by the Ministry of Ecology and Environment and the National Bureau of Statistics.In terms of livestock and poultry manure treatment 100% of pig manure were harmlessly treated in 2024. By the end of December
2024 a total of approximately 16.877 million tons of sewage and about 181000 tons of pig manure had been treated. Biogas is produced
by anaerobic fermentation of sewage for power generation or internal heating and methane emission from pig manure is reduced
through aerobic composting. Throughout the year about 533000 tons of carbon dioxide emissions were reduced.Administrative penalties imposed due to environmental issues within the reporting period
163Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Impact on
business
Name of company Results of Corrective
Reasons for penalty Violation operations of
or subsidiary penalty measures taken
the listed
company
The report did not
record the
incomplete
relocation of
Misrepresented A fine of five
Tongcheng Xinliu residents within 500
environmental hundred and No significant
Farming Technology meters of the Demolition work
acceptance twenty thousand impact
Co. Ltd. environmental
monitoring report yuan
protection distance
but the acceptance
conclusion was
"qualified";
No effective
Strengthen
covering measures
management add
have been taken to No effective
treatment
prevent dust covering measures
Yishui Liuhe Feed A fine of ten No significant equipment and
pollution generated have been taken to
Co. Ltd. thousand yuan impact take effective
by materials that prevent dust
measures to
cannot be sealed and pollution.prevent and treat
are easy to generate
dust.dust.The test results of
the water samples
from the storm drain
on the east side of
the factory were as
follows: COD was
126mg/L NH3-H
was 23.2mg/L TP Repair the rain
A fine of two
Yingtan Xinliu Excessive was 31.8mg/L drainage system in
hundred and No significant
Technology Co. stormwater BOD5 was the factory and
fifty thousand impact
Ltd. discharge 29.5mg/L and PH install testing
yuan
was 6.7. Some data equipment.was beyond the
appropriate standard
range so the
company was
suspected of
excessive discharge
of rainwater.The fan and the
deodorant spray
pump of the sewage
station (biological
Repair the fan and
deodorant system)
A fine of two develop daily
Fan and deodorant were not turned on.Yantai Xinhao hundred and No significant operation and
spray pump were According to an on-
Farming Co. Ltd. seventy-five impact maintenance
not turned on site check of the
thousand yuan system to ensure
power control
efficient operation.cabinet of the waste
treatment facilities
the deodorant spray
pumps A and B and
164Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
the deodorant fan
were in the stop gear
and not turned on.The dried pig
manure from the
sewage station was
stacked on the
northeast land of the A fine of three collection and
Yantai Xinhao Open stacking of plant while the thousand five No significant storage of solid
Farming Co. Ltd. pig manure ground was not hundred and impact waste (pig manure)
hardened without fifteen yuan as required
three prevention
measures such as
adding shed or
covering above.It was reported that
there was sewage
flow from the Complete the film
oxidation pond of replacement and
the pig farm into the A fine of dam body grouting
Zhenjiang New Sewage overflow
downstream river. twenty-one No significant rectification for the
Hope Liuhe from the oxidation
The Environmental thousand six impact oxidation pond in a
Farming Co. Ltd. pond
Protection Bureau hundred yuan timely manner and
conducted on-site strengthen daily
inspection risk control.sampling
verification.According to the
test by a third-party
testing company
commissioned by
Zhaoyuan
Maintain hygiene
environmental law
management of
enforcement brigade
pigpens to reduce
as the supervisor
odor emission
Odor concentration appointed by the A fine of one
Zhaoyuan Xinmu No significant from the source.above the acceptable provincial hundred
Breeding Co. Ltd. impact Use biological and
level environmental thousand yuan
botanical
inspection team the
deodorants to
odor indicators were
control odor
92 and 89 (required
emission.to be ≤70) above
the acceptable level.A notice of
rectification was
issued.The pollutants from
the pig farm Complete the film
overflowed into the replacement and
Xianggu River dam body grouting
Yan’an Benyuan
threatening the rectification for the
Agricultural Sewage overflow A fine of six
urban water supply No significant oxidation pond in a
Technology from the oxidation hundred
of Luochuan impact timely manner
Development Co. pond thousand yuan
County so the take remedial
Ltd.company was measures and
subject to strengthen daily
environmental risk control.protection law
165Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
enforcement and
penalties
The pool of the off-
Repair the pool in
Than Hoa New Sewage overflowed site sewage transfer A fine of
No significant time and
Hope Livestock from the transfer station was eighteen
impact strengthen daily
Services Co. Ltd. station damaged causing thousand yuan
risk management.sewage to overflow.Maintain hygiene
management of
The ammonia pigpens to reduce
concentration 10 A fine of two odor emission
Odor concentration
Hengyang Xinhao meters outside the hundred and No significant from the source.above the acceptable
Farming Co. Ltd. west side of the eighty thousand impact Use biological and
level
boundary exceeds yuan botanical
the standard deodorants to
control odor
emission.The rainwater
drainage system
inside the venue was A fine of one
damaged and the hundred and Repair the rain
Longhai New Hope Excessive sewage from the thirty-six drainage system in
No significant
Liuhe Farming Co. stormwater sewage treatment thousand six the factory and
impact
Ltd. discharge station was hundred and install testing
discharged into the seventy-one equipment.rainwater drainage yuan
system outside the
venue.Complete the film
replacement and
dam body grouting
Damaged oxidation
rectification for the
Yi County Xinliu Sewage overflow pond led to the A fine of two
No significant oxidation pond in a
Farming Technology from the oxidation overflow of sewage hundred
impact timely manner
Co. Ltd. pond causing river thousand yuan
take remedial
pollution.measures and
strengthen daily
risk control.This entity
discharged the
livestock and
poultry breeding
waste into the
farmland ditch on
the east side of the
Liaoning Xinwang farm without Repair the rain
A fine of six
Technology Co. Breeding waste was harmless treatment. drainage system in
thousand two No significant
Ltd. Taoxin not disposed of as The discharged the factory and
hundred and impact
Breeding Farm required waste was install testing
fifty yuan
Branch approximately 40 equipment.cubic meters and
the breeding waste
was discharged
along the farmland
ditch to the
surrounding
farmland.Yi County Xinliu Environmental Environmental A fine of two No significant Complete the
166Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Farming Technology protection facilities protection facilities hundred impact environmental
Co. Ltd. were put into were put into thousand yuan protection
production without production without procedures.acceptance. acceptance.The effluent from Debug the sewage
the sewage A fine of one treatment system
treatment system hundred and to meet the
Laibin Xinhao Excessive discharge No significant
fails to meet the ninety thousand discharge
Farming Co. Ltd. of sewage pollutants impact
standards with one hundred and standards and
pollutants eight yuan strengthen daily
discharged. risk control.Debug the sewage
Excessive treatment system
Lipu Xinhao absorption and the A fine of four to meet the
Non-compliant No significant
Farming Technology absorbed water do thousand five discharge
discharge of sewage impact
Co. Ltd. not meet the hundred yuan standards and
standards. strengthen daily
risk control.During an
inspection it was
found that the
Complete the
oxidation pond in
repair and
the farm was full.Liaoning Xinwang renovation of the
The breeding waste A fine of
Technology Co. oxidation pond in a
overflowed from the thirteen No significant
Ltd. Xinmin Sewage overflow timely manner
west side of the thousand five impact
Dongyao Breeding take remedial
farm to the farmland hundred yuan
Farm measures and
outside the wall and
strengthen daily
flowed into the
risk control.Laoyao River
through the roadside
ditch.Debug the sewage
treatment system
Discharge of Discharge of A fine of two
Yi County Xinliu to meet the
pollutants in a pollutants in a hundred and No significant
Farming Technology discharge
manner that evades manner that evades fifty thousand impact
Co. Ltd. standards and
supervision. supervision. yuan
strengthen daily
risk control.The height of bag-
type dust removal
exhaust stack at the
corn and wheat
Rectify the height
Unsatisfactory unloading points is A fine of fourty-
Yinan Liuhe of the exhaust
height of bag-type less than 15 meters two thousand No significant
Zhengzhuang Feed stack and set up
dust removal with no sampling five hundred impact
Co. Ltd. sampling ports and
exhaust stack port for convenient yuan
signboards.sampling and testing
or environmental
protection graphic
signboards set up.Other environmental information required to be disclosed
Company Approval
Document title Approved by Date of approval
name number
Shandong Dezhou
Linyi Liuhe Approval on the EIS of Linyi Liuhe Food DHY (2010) No.Environmental December 24 2010 Food Co. Ltd. Co. Ltd. 65
Protection Bureau
167Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Shandogn Linyi
Acceptance Test Report on
County LHJ Zi 2017
Environmental Protection of Completed June 2017
Environmental YS06-07 Construction Project
Protection Bureau
Approval on the EIS of the 15 million/a
Linyi
Duck Slaughtering and Food Processing LHF [2013] No.Environmental April 10 2013
Project of Cangshan County Hongjun 53 Lanling New Protection BureauFood Co. Ltd.Hope Liuhe
Opinions on the Completion Acceptance
Hongjun Food
of Environmental Protection for the 15 Linyi Co. Ltd. LHPH (2014) No.million/a Duck Slaughtering and Food Environmental August 20 2014
341
Processing Project of Lanling New Hope Protection Bureau
Liuhe Hongjun Food Co. Ltd.Written Reply regarding the Approval Linyi
LHH [2001] No.Opinions on Broiler Slaughtering Line Environmental December 7 2001
103
Project Phase II of Pingyi Liuhe Co. Ltd. Protection Bureau
Opinions on the Completion Acceptance
Linyi
of Environmental Protection of Broiler PHS Zi (2008) Environmental June 2 2003
Slaughtering Line Project Phase II of No. 41
Protection Bureau Pingyi Liuhe Co. Ltd.Approval on the Application for
Commissioning of the New 90000 t/a Linyi
LHH [2010] No.Poultry Meat and Deep Processing Plant Environmental August 21 2010
596
Project of Yishui Liuhe Kailida Food Protection Bureau
Co. Ltd.Pingyi Approval on the EIS of the Sewage Linyi
LHH [2011] No.Refrigeration Treatment Improvement Project of Environmental June 24 2011
330
Factory of Yishui Liuhe Kailida Food Co. Ltd. Protection Bureau
Shandong New Approval on the Application for
Linyi
Hope Liuhe Commissioning of the Sewage Treatment LHH [2012] No.Environmental October 12 2012 Group Co. Ltd. Improvement Project of Yishui Liuhe 554
Protection Bureau Kailida Food Co. Ltd.Meat Products Deep Processing and Guantao County
GFGB Zi [2016]
Sewage Treatment Project of Guantao Environmental August 16 2016
No. 16 Liuhe Food Co. Ltd. Protection Bureau
Approval on the EIS of the Broiler Handan
HHH [2009] No.Slaughtering and Cutting Project of Environmental March 4 2009
36 Guantao Liuhe Food Co. Ltd. Protection Bureau
Guantao County
Bureau of
Gas Boiler Technical Reform Project of GSPSH Zi [2012]
Administrative April 27 2021 Guantao Liuhe Food Co. Ltd. No. 22
Examination and
Approval
Binzhou
0.90 million/a Broiler and Duck
Environmental BCHB [2007]
Slaughtering and Cutting Project of March 16 2007
Protection Bureau No. 11 Binzhou Longda Food Co. Ltd.Bincheng Branch
Binzhou Liuhe Binzhou
Longda Environmental HY [2008] No. 1-Acceptance Opinions September 20 2008
Farming Co. Protection Bureau 15
Ltd. Bincheng Branch
Opinions on Completion Acceptance of
Zouping County
Environmental Protection of the 0.90 ZHYB (2010) No. Environmental December 7 2010
million/a Broiler Slaughtering Line 13
Protection Bureau Project
The 30 million/a Duck Slaughtering and Heze
HHS [2012] No.Processing Plant Project of Shan County Environmental June 11 2012
46
Shan County Liuhe Feed Co. Ltd. Food Branch Protection Bureau
Liuhe Feed Completion Acceptance of
Co. Ltd. Food Environmental Protection of the 30 Heze
HY [2017] No. Branch million/a Duck Slaughtering and Environmental September 30 2017
108
Processing Plant Project of Shan County Protection Bureau
Liuhe Feed Co. Ltd. Food Branch
168Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval on the EIS of the Wastewater Yuncheng County
YHS [2010] No.Treatment Improvement Project of Environmental July 25 2010
62
Yuncheng Liuhe Food Co. Ltd. Protection Bureau
Completion Acceptance Form for the Yuncheng County
YHPH (2018) No.Wastewater Treatment Improvement Environmental October 13 2014
6
Yuncheng Project Protection Bureau
Liuhe Food Approval on the EIS of the New Broiler Henan
YHS (2008) No. Co. Ltd. Processing Project of Luoyang Liuhe Environmental November 14 2008
262 Huiquan Food Co. Ltd. Protection Bureau
Acceptance Opinions on Environmental
Henan
Protection of the New Broiler Processing LHJY [2010] No.Environmental October 15 2010
Project of Luoyang Liuhe Huiquan Food 52
Protection Bureau Co. Ltd.Status Quo
Hebi Liuhe Status Quo Environmental Impact Environmental
Zhizhen Food Assessment Report retroactively filed in No reply Impact
Co. Ltd. 2016 Assessment
Report
Broiler Processing Line Project of
Laoting County
Laoting New Hope Liuhe Zhaotai Food LHS [2012] No.Environmental September 21 2012
Co. Ltd. constructed by Laoting 08
Laoting Liuhe Protection Bureau Shengxiang Trade Co. Ltd.Xinmeizi Food
Tangshan Ecology
Co. Ltd.Broiler Processing Line Upgrading and and Environment LHPB [2020] No. September 25 2020Transformation Project Bureau Laoting 49
County Branch
Qixia
Approval on the EIS of the Plant
Refrigeration
Renovation and Sewage Treatment Qixia
Factory of
Reconstruction and Expansion Project of Environmental December 18 2012 None
Shandong New
Qixia Refrigeration Factory of Shandong Protection Bureau
Hope Liuhe
New Hope Liuhe Group Co. Ltd. Group Co. Ltd.Approval on the EIS of the 30000t/a
Poultry Slaughtering Cutting and Linyi
LHF [2007] No.Processing Line Relocation and Environmental July 7 2007
73
Expansion Project of Shandong Dazhong Protection Bureau
Food Co. Ltd.Environmental Acceptance Opinions of
the 30000t/a Poultry Slaughtering Linyi
LHY [2008] No. Cutting and Processing Line Relocation Environmental December 8 2008
82
and Expansion Project of Shandong Protection Bureau
Dazhong Food Co. Ltd.Approval on the EIS of the Broiler
Linfen
Farming and Slaughtering and Feed LHSF [2010] No. Environmental November 17 2010
Processing Project of Fenxi Hongchang 16
Shandong New Protection Bureau Breeding Co. Ltd.Hope Liuhe
Approval on the Environmental
Group Co. Ltd.Protection Acceptance upon Completion Linyi Branch
of Phase I (Feed Processing and Linfen
LHSY [2012] No.Slaughtering Production Line) of the Environmental January 20 2012
5
Broiler Farming and Slaughtering and Protection Bureau
Feed Processing Project of Fenxi
Hongchang Breeding Co. Ltd.Approval on the EIS of the 100000-ton Fenxi County
Feed Production Line Renovation and Bureau of FSGP [2021] No.October 19 2021
Expansion Project of Fenxi County Administrative 59
Chaoyang Farming Co. Ltd. Services
Approval on the Acceptance Report of
Lanshan District
the 700000/a Duck and Rabbit Acceptance LHLH (2010) No.Environmental
Slaughtering Expansion Project of Linyi completed 736 Protection Bureau
Liuhe Hongchen Farming Co. Ltd.Beijing Pinggu
Beijing Approval of Beijing Pinggu District
District JPHPS [2014]
Kinghey Food Environmental Protection Bureau on the December 31 2014
Environmental No. 450
Co. Ltd. EIS of the Quick-Frozen Food and Meat
Protection Bureau
169Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Product Processing and Supporting
Facilities Project
Beijing Pinggu
District PHY [2015] No. Acceptance Opinions June 1 2015
Environmental 71
Protection Bureau
Approval on the EIS of the Nangong Hog
Hebei
Slaughtering and Meat Product Deep JHG [2004] No.Environmental August 6 2004
Processing Project of Beijing Kinghey 193 Hebei Kinghey Protection BureauFood Co. Ltd.Meat Industry
Hebei Provincial Co. Ltd.Department of JHY [2010] No. Acceptance Opinions January 12 2010
Environmental 006
Protection
Shenyang
Approval on the FSR of the Pig Environmental
SNHBS Zi [2005]
Slaughtering Project of Liaoning Protection Bureau September 5 2005
No. 7 Kinghey Food Co. Ltd. Puhe New Town
Branch
Shenyang
Environmental
Environmental Protection Acceptance PHFY [2010] No.Protection Bureau October 11 2010
Opinions of Pig Slaughtering Project 071
Puhe New Town
Branch
Application for Registration of Xinjin County
XHY [2009] No.Environmental Protection Acceptance of Environmental September 8 2009
18
Completed Construction Project Protection Bureau
Low-Temperature Meat Product Xinjin County
Liaoning XHJ [2008] No.Processing (Phase I and II) Construction Environmental October 14 2008
Kinghey Food 79 Project Protection Bureau
Co. Ltd.High-Temperature Meat Product Xinjin County
XHJ [2008] No. Processing (Phase III) Construction Environmental November 12 2008
80 Project Protection Bureau
Review and Approval of Environmental Xinjin County
Impact Registration Form of the 3000t/a Bureau of
XSYHP [2016]
Quick Frozen and Prepared Food Administrative January 5 2016
No. 1
Production line Project of Chengdu Hope Examination and
Food Co. Ltd. Approval
Approval of Xinjin County
Environmental Protection Bureau on the
Xinjin County
Examination of the EIS of the New XHJF [2014] No. Environmental July 3 2014
35000 t/a High-temperature Meat 67
Protection Bureau
Product Production Line Renovation
Project of Chengdu Hope Food Co. Ltd.Opinions on the Approval of EIS of Pig
Xinjin County
Shandong Slaughtering Meat Processing and
Bureau of XSPBGS (2020)
Kinghey Food Warehousing and Cold Chain Logistics June 10 2020
Administrative No. 2 Co. Ltd. Construction Project of Shandong
Services
Kinghey Food Co. Ltd.Chenzhou Approval of Chenzhou Ecology and Chenzhou Ecology
Xinhao Environment Bureau on the EIS of the and Environment YSH Zi [2020]
May 6 2020
Farming Co. Chenzhou Yizheng County Meitian Bureau Yizhang No. 15
Ltd. Breeding Pig Farm Project Branch
Hengnan Approval of Hengnan County
County Muyun Environmental Protection Bureau on the Hengnan County
NHP [2018] No.Eco- EIS of the Hengnan County Muyun Environmental August 28 2018
33
Agriculture Ecological Agriculture Demonstration Protection Bureau
Co. Ltd. Park Project
Longhui New EIA Disclosure Commitment Approval
Shaoyang Ecology
Hope Liuhe Form for 6750 sows/a Construction
and Environment August 31 2020 SSHS No. 015
Farming Co. Project of Longhui New Hope Liuhe
Bureau
Ltd. Farming Co. Ltd.Shaoyang Shaoyang Ecology
EIA Disclosure Commitment Approval
Xinmu Farming and Environment December 2 2020 SSHS No. 020
Form for Qiaotou Ecological Farm Co. Ltd. Bureau
170Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Construction Project of Shaoyang Xinmu
Farming Co. Ltd.Hengyang Hengyang Ecology
Approval on th EIS of the 200000
Xinhao and Environment QHP [2020] No. Commercial Pig Project of Hengyang October 15 2020
Farming Co. Bureau Hengnan 54
Xinhao Farming Co. Ltd.Ltd. Branch
Chenzhou
Approval on the EIS of the Chenzhou Chenzhou Ecology
Xinhao CHP [2021] No.Beihu District Tonghe Finishing Farm and Environment August 24 2021
Farming Co. 56
Modification Project Bureau
Ltd.Hainan Xinliu
Approval of Haikou Ecology and
Agricultural
Environment Bureau on the EIS of the Haikou Ecology
Reclamation HHS [2020] No. 6750 Breeding Pigs Farm Construction and Environment March 9 2020
Farming 29
Project of Hainan Xinliu Agricultural Bureau
Technology
Reclamation Co. Ltd.Hainan Approval of the Department of Ecology
Department of
Changjiang and Environment of Hailan Province on
Ecology and QHH [2020] No.Xinliu the EIS of the New Hope Liuhe January 17 2020
Environment of 32
Breeding Co. Baishanma Pig Breeding Base Project in
Hailan Province
Ltd. Shiyuetian Town Changjiang County
Approval of the Department of Ecology
Hainan Lingao Department of
and Environment of Hailan Province on
Xinliu Ecology and QHH [2020] No.the EIS of the New Construction of 6000 January 17 2020
Breeding Co. Environment of 17
Parental Breeding Pigs Farm Project in Ltd. Hailan Province Lingao County Hainan Province
Hainan Xinliu
Agricultural Approval of Haikou Ecology and
Haikou Ecology
Reclamation Environment Bureau on the EIS of the HHS [2020] No.and Environment December 15 2020
Farming 150000 Pigs Finishing Farm Project of 177 Bureau
Technology Hainan Xinliu Agricultural Reclamation
Co. Ltd.Approval of the Department of Ecology
Hainan
and Environment of Hailan Province on Department of
Changjiang
the EIS of the New Hope Liuhe Ecology and QHH [2021] No.Xinliu December 22 2021
Baishanma Pig Breeding Base Environment of 398
Breeding Co.Supporting Finishing Project in Hailan Province Ltd.Shiyuetian Town Changjiang County
Approval of the Department of Ecology
Hainan Lingao Department of
and Environment of Hailan Province on
Xinliu Ecology and QHH [2021] No.the EIS of the Pig Farm Project in Gancai December 27 2021
Breeding Co. Environment of 406
Village Polian Town Lingao County Ltd. Hailan Province
Hainan Province
Approval of Laibin Environmental
Laibin Xinhao Laibin
Protection Bureau on the EIS of the LHS [2017] No.Farming Co. Environmental September 7 2017
Guangxi Laibin 800000 Commercial 67 Ltd. Protection Bureau Pigs Project
Approval of Laibin Ecology and
Laibin Ecology and
Environment Bureau on the EIS of the LHS [2020] No.Environment September 3 2020
Mumen Company-run Finishing Project 68
Bureau
in Maping Town Xiangzhou County
Approval of Xiangzhou County
Xiangzhou Xiangzhou County
Environmental Protection Bureau on the XHS [2018] No. Xinhao Environmental October 15 2018
EIS of the New Hope Pig Breeding 25
Farming Co. Protection Bureau
Business Project in Xiangzhou County Ltd.Approval of Laibin Xingbin Ecology and
Laibin Xingbin
Environment Bureau on the EIS of the
Ecology and XHS [2019] No.
180000/a Hogs (Breeding and Farming April 29 2019
Environment 36
Cycle) Farm Project in Chenliu Village
Bureau Shiling Town Laibin Guangxi
Approval of Hezhou Ecology and
Hezhou Xinhao Environment Bureau on the EIS of the Hezhou Ecology
HHS [2020] No.Farming Co. New Hope Liuhe Ecological Breeding and Environment January 6 2020
1
Ltd. Cycle Integration Project in Pinggui Bureau
District Hezhou
171Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval of Guigang Ecology and
Environment Bureau on the EIS of the Guigang Ecology
GHS [2020] No.
21000 Breeding Pigs Ecological and Environment April 8 2020
7
Guigang Xinliu Breeding Project in Mapi Township Bureau
Farming Guiping
Technology Approval of Guigang Ecology and
Co. Ltd. Environment Bureau on the EIS of the Guigang Ecology
GHS [2021] No. Fast Pig Farm Ecological Breeding and Environment January 4 2020
1
Project in Jiahe Village Mapi Township Bureau
Guiping
Approval of Laibin Xingbin Ecology and
Laibin Xingbin
Laibin Xinhao Environment Bureau on the EIS of the
Ecology and XHS [2019] No.Farming Co. 180000/a Hogs (Breeding and Farming April 29 2019
Environment 36 Ltd. Cycle) Farm Project in Chenliu Village
Bureau
Shiling Town Laibin Guangxi
Approval of Hechi Ecology and
Luocheng
Environment Bureau on the EIS of the Hechi Ecology and
Xinhao HHS [2019] No.New Hope Liuhe Ecological Breeding Environment December 24 2019
Farming Co. 51
Cycle Pig Breeding Project in Luocheng Bureau Ltd.County Hechi
Lipu Xinhao Guilin Bureau of
Approval on the EIS of the Pig Breeding
Farming Administrative SSPHPXK [2020]
Construction Project of Lipu Xinhao August 12 2020
Technology Examination and No. 12 Farming Technology Co. Ltd.Co. Ltd. Approval
Liuzhou Xinliu Approval on the EIS of the New Hope Liuzhou Bureau of
Farming Rural Revitalization Pig Breeding Cycle Administrative LSHCS Zi (2020) May 6 2020
Technology Project (Phase I) in Liushan Township Examination and No. 86
Co. Ltd. Liunan District Approval
Ningming Approval of Chongzuo Ecology and
Chongzuo Ecology
Xinhao Environment Bureau on the EIS of the CHS [2019] No.and Environment December 4 2019
Farming Co. New Hope Liuhe Pig Breeding Project in 29
Bureau Ltd. Ningming County
Approval of Nanning Jiangnan District
Environmental Protection Bureau on the
EIS of the 5000mu Modern Agriculture
Nanning Nanning Jiangnan
Industrial Park Poverty Alleviation Jan. 4 2019; Letter
Xinhao District JHP Zi [2019]
Project (19200 Breeding Pigs Farm and of Change on
Farming Co. Environmental No. 1 Supporting Pig Farm Ecological September 27 2019Ltd. Protection Bureau
Breeding Project) of Guangxi Nanning
Lvmushan Pig Industry Co. Ltd. in
Jiangxi Town Jiangnan District Nanning
Nanning Xinliu Nanning Bureau of
Approval on the EIS of the 7500 Sows
Farming Administrative NSHJ [2020] No.Farm Project in Xisheng Village June 1 2020
Technology Examination and 60
Liangqing District Nanning Co. Ltd. Approval
Approval on the EIS of the 40000
Nanning
Ecological Pig Base Project in Wuming Nanning Wuming
Wuming Xinliu
District Nanning/ Consent to Change of District May 28 2018; NWHJ [2018]
Farming
the Owner of the EIS of the 40000 Environmental January 6 2020 No. 34
Technology
Ecological Pig Base Project in Wuming Protection Bureau Co. Ltd.District Nanning
Nanning Xinliu Nanning Bureau of
Approval on the EIS of the 6000 Sow
Farming Administrative NSHJ (2022) No.Farm Project in Nali Village Datang June 13 2022
Technology Examination and 45
Town Liangqing District Nanning Co. Ltd. Approval
Approval on the EIS of the Eco-cycle
Xiajiang Xinliu Farming community Project of Jiangxi
Ji’an Environmental JSHP Zi [2019]
Farming Co. Xinwang Agricultural Development Co. January 22 2019 Protection Bureau No. 14 Ltd. Ltd. in Geping Township Xiajiang
County
Approval of Yingtan Ecology and
Yingtan Xinliu Environment Bureau on the EIS of the Yingtan Ecology
YHH Zi [2020]
Technology Large-scale Finishing Pig Farm Project and Environment December 31 2020
No. 128
Co. Ltd. of Yingtan Xinliu Technology Co. Ltd. Bureau
in Maquan Town Yujiang District
172Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval of Yingtan Ecology and
Yingtan Ecology
Environment Bureau on the EIS of the YHH Zi [2020]
and Environment December 16 2020
150000/a Pig Breeding Project of No. 116 Bureau
Yingtan Xinliu Technology Co. Ltd.Jiangxi New Approval of Yichun Ecology and
Hope Liuhe Environment Bureau on the EIS of the Yichun Ecology
YHHP [2021] No.Farming 300000/a Pig Farm Construction Project and Environment March 12 2021
17
Technology of Jiangxi New Hope Farming Bureau
Co. Ltd. Technology Co. Ltd.Wannian Approval on the EIS of the 6750/a
County New Breeding Sows & 150000/a Pigs Shangrao Ecology
RHP Zi [2020]
Hope Liuhe (Commercial Pigs) and Other Breeding and Environment December 31 2020
No. 120
Farming Co. Projects of Wannian New Hope Liuhe Bureau
Ltd. Farming Co. Ltd.Approval of Anqing Ecology and
Environment Bureau on the EIS of the Anqing Ecology
YHJH [2020] No.
72000 Pigs Finishing Farm Project at and Environment September 22 2020
Tongcheng 53
Qipanling Village Fangang Town Bureau
Xinliu Farming
Tongcheng
Technology
Approval of Anqing Ecology and Co. Ltd. Anqing Ecology
Environment Bureau on the EIS of the YHJH [2020] No.and Environment September 23 2020
300000/a Pig Farm Project at Xiangshan 54 Bureau
Village Xindu Town Tongcheng
Ruyuan Yao
Approval on the EIS of the Farm Shaoguan Ecology
Autonomous
Construction Project of Ruyuan Yao and Environment
County Xinhao January 5 2021 RHS [2021] No. 2
Autonomous County Xinhao Farming Bureau Ruyuan
Farming Co.Co. Ltd. Branch Ltd.Approval of Shaoguan Environmental
Protection Bureau on the EIS of Longgui
Guangdong Breeding Pig Farm Construction Project
Xinhao of Guangdong Xinhao Zhenghe Farming Shaoguan
June 30 2017; SHS [2017] No.Zhenghe Co. Ltd./ Approval of Shaoguan Environmental
September 3 2018 111 Farming Co. Environmental Protection Bureau on the Protection Bureau
Ltd. Application for Changing the Project
Construction Unit of Guangdong Xinhao
Zhenghe Farming Co. Ltd.Approval Opinions of Zhaoqing Ecology
Zhaoqing
and Environment Bureau on the EIS of Zhaoqing Ecology
Xinhao ZHJ [2020] No.Shidong Jinhua Farm Construction and Environment April 22 2020
Farming Co. 12
Project of Zhaoqing Xinhao Farming Bureau Ltd.Co. Ltd.Approval of Zhangzhou Longhai
Longhai New Ecology and Environment Bureau on the Zhangzhou Longhai
Hope Liuhe EIS of the Modern Eco-cycle Ecology and
December 10 2020 LH [2020] No. 92
Farming Co. Agricultural Industrial Park Phase I of Environment
Ltd. Longhai New Hope Liuhe Farming Co. Bureau
Ltd.Review Opinions on the EIS of Fine Pig
Quzhou Yihai Quzhou Ecology
Ecological Breeding Base Project of QJHJ [2020] No.Agriculture and Environment March 2020
Zhejiang Yihai Agricultural 7
Co. Ltd. Bureau Development Co. Ltd.Ningbo New Approval on the EIS of the Zhejiang Ningbo Ecology
Hope Liuhe Ningbo Fenghua Hog Eco-Cycle and Environment FHJGZCN [2020]
Jul. 2020
Farming Co. Breeding Base Project of Ningbo New Bureau Fenghua No. 1
Ltd. Hope Liuhe Animal Husbandry Co. Ltd. Branch
Rui'an New
Comments on the Approval of EIS of Wenzhou Ecology
Hope Liuhe WHRJ [2020] No.Rui'an New Hope Modern Agricultural and Environment Jul. 2020
Farming Co. 56
Industrial Park Bureau Ltd.Huzhou
Review Opinions on the EIS of the
Changxing Huzhou Ecology
100000 Pig Farm Project of Changxing HCHJ [2021] No.
Huatong and Environment April 2021
Huatong Farming Co. Ltd. in Lincheng 34
Farming Co. Bureau
Ltd. Town
173Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Fuping Xinliu Approval on the EIS of the 60000 Baoding Ecology
Farming Finishing Pigs Breeding Project of and Environment
October 15 2020 FHS (2020) No. 5
Technology Fuping County Xinqiang Animal Bureau Fuping
Co. Ltd. Husbandry Co. Ltd. County Branch
Zhangjiakou
Zhangjiakou
Comments on the Approval of the EIS of Bureau of
Xinwang ZXS Zi [2018]
the 300000 Hogs Cluster Development Administrative September 6 2018
Farming Co. No. 189
Project in Yangyuan County Examination and Ltd.Approval
Approval on the EIS of the 12000/a
Gucheng County
Nurturing and Finishing Farm Project of GHP [2019] No.Environmental June 26 2019
Hebei Xinhao Fucheng Agricultural 003
Protection Bureau
Technology Co. Ltd. in Xindi
Approval on the EIS of the 24000/a
Gucheng County
Nurturing and Finishing Farm Project of GHP [2019] No.Environmental June 26 2019
Hebei Xinhao Fucheng Agricultural 002
Protection Bureau
Hebei Xinhao Technology Co. Ltd. in Pipotun
Fucheng EIS of Qianhuayuan GP Pig Farm Project Gucheng County
GHP [2017] No.Agricultural of Hebei Xinhao Fucheng Agricultural Environmental November 2017
022
Technology Technology Co. Ltd. Protection Bureau
Co. Ltd. EIS of the 6000/a Houhuayuan Parental
Gucheng County
Pig Farm Project of Hebei Xinhao GHP [2017] No.Environmental December 2017
Fucheng Agricultural Technology Co. 037
Protection Bureau Ltd.EIS of the 6000/a Yangwutou Parental
Gucheng County
Pig Farm Project of Hebei Xinhao GHP [2018] No. Environmental January 31 2018
Fucheng Agricultural Technology Co. 001
Protection Bureau Ltd.Raoyang
Raoyang County
Xinhao Approval on the EIS of the 7500/a
Environmental December 11 2018 RHP [2019] No. 6 Farming Co. Dongliuzhuang Sow Farm Project
Protection Bureau Ltd.Jing County Approval on the EIS of the 7500/a Jing County Bureau
Xinhao Xizhiyao Breeding Pig Farm Project of of Administrative JHP [2018] No.June 5 2018
Farming Co. Hebei Xinhao Fucheng Agricultural Examination and 36
Ltd. Technology Co. Ltd. Approval
Tianjin Binhai New
Tianjin Xinliu Disclosure Commitment Decision of the
Area Bureau of
Farming EIS of the 216000 Pigs Finishing Project JBSPESZ [2021] Administrative January 29 2021
Technology in Nanheshun Xiaowangzhuang Town No. 28
Examination and
Co. Ltd. Binhai New Area Tianjin
Approval
Tianjin New Tianjin Binhai New
Disclosure Commitment Decision of the
Hope Liuhe Area Bureau of
EIS of the 13500 Sows Breeding Project JBSPESZ [2021]
Farming Administrative April 20 2021
in Hongxing Village Taiping Town No. 127
Technology Examination and
Binhai New Area Tianjin
Co. Ltd. Approval
Beijing Xinliu Beijing Pinggu
Farming Approval on the EIS of the New Hope District Ecology JPHS [2020] No.December 7 2020
Technology Beijing Intelligent Pig Farm Project and Environment 43
Co. Ltd. Bureau
Approval on the EIS of the 180000 Dongying
Commercial Pigs Project of Dongying Environmental DHDFS [2020]
June 24 2020
Dongying Xinhao Modern Farming Co. Ltd. in Protection Bureau No. 4
Xinhao Modern Niuzhuang Town Dongying District Dongying Branch
Farming Co. Approval on the EIS of the Phase II Farm Dongying
Ltd. of Dongying Xinhao Modern Farming Environmental DHDFS [2020]
June 24 2020
Co. Ltd. in Longju Town Dongying Protection Bureau No. 2
District Dongying Branch
Approval of Dezhou Environmental
Xiajin New Protection Bureau on the EIS of the
Dezhou
Hope Liuhe 340000/a Commercial Pigs Integrated DHB Zi [2013]
Environmental December 9 2013
Farming Co. Core Pig Breeding Project of Dezhou No. 205 Protection BureauLtd. New Hope Liuhe Farming Co. Ltd. in
Xiajin County Dezhou
174Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Acceptance Opinions on Environmental
Protection upon Completion of Solid
Waste Pollution Control Facilities of the Xiajin County
XHY [2019] No.
340000/a Commercial Pigs Integrated Environmental April 15 2019
27
Core Pig Breeding Project of Dezhou Protection Bureau
New Hope Liuhe Farming Co. Ltd. in
Xiajin County Dezhou
Approval on the EIS of the Commercial Xiajin County
XHBGS [2019] Pig Breeding Project Phase III of Xiajin Environmental August 27 2019
No. 3 New Hope Liuhe Farming Co. Ltd. Protection Bureau
Approval of Dezhou Environmental
Dezhou
Protection Bureau on the EIS of the DHB Zi [2015] Environmental May 27 2015
Nurturing Farm Project of Xiajin New
Xiajin New Protection Bureau
No. 139
Hope Liuhe Farming Co. Ltd.Hope Liuhe
Acceptance Opinions on Environmental
Breeding Co.Protection upon Completion of Solid Xiajin County Ltd. XHY [2019] No.Waste Pollution Control Facilities of the Environmental April 15 2019
28
Nurturing Farm Project of Xiajin New Protection Bureau
Hope Liuhe Farming Co. Ltd.Liaocheng
Approval on the EIS of the 500000/a Yanggu County
Xinhao YHS [2017] No.Finishing Farm Construction Project in Environmental December 5 2017
Farming Co. 287
Yanggu County Shandong Protection Bureau Ltd.Approval on the EIS of the New Hope
Dong’e County
Liuhe Swine Breeding Construction DHS [2018] No.Environmental May 8 2018
Project of Dong’e New Hope Liuhe 4
Protection Bureau
Swine Breeding Co. Ltd.Dong’e New Approval on the EIS Disclosure
Dong’e County
Hope Liuhe Commitment of Commercial Pig Farm 1 DXSBGS [2020]
Environmental November 3 2020
Swine Breeding Project of Dong’e County New Hope No. 36
Protection Bureau Co. Ltd. Liuhe Swine Breeding Co. Ltd.Approval on the EIS Disclosure
Dong’e County
Commitment of Commercial Pig Farm 2 DXSBGS [2020] Environmental December 4 2020
Project of Dong’e County New Hope No. 47
Protection Bureau
Liuhe Swine Breeding Co. Ltd.Yucheng New Approval on the EIS of the 6000 Pigs
Yucheng
Hope Liuhe Standardized Farm Project of Yucheng YHBGS [2018]
Environmental October 31 2018
Swine Breeding New Hope Liuhe Swine Breeding Co. No. 6
Protection Bureau
Co. Ltd. Ltd.Approval on the EIS of Piglet Breeding Linyi County
LHBGS [2008] Construction Project of Linyi Liuhe Food Environmental March 25 2008
No. 5
Co. Ltd. Protection Bureau
Linyi Liuhe
Approval on the Environmental
Breeding Pig
Protection Acceptance upon Completion Linyi County Co. Ltd. LHY [2010] No.of the Breeding Pig Farm Construction Environmental November 24 2010
24
and Boiler Project of Linyi Liuhe Protection Bureau
Breeding Pig Co. Ltd.Approval on the EIS of the Breeding Pig Gaotang County
GHS [2017] No.Gaotang Farm Project of Gaotang County Xinhao Environmental September 27 2017
County Xinhao Farming Co. Ltd.
5
Protection Bureau
Farming Co. Approval on the EIS of the 200000/a Gaotang County
Ltd. GHS [2019] No. Commercial Pigs Project of Gaotang Environmental December 20 2019
7
County Xinhao Farming Co. Ltd. Protection Bureau
Approval on the EIS of the 9000 Swines
Jiaxiang County
Breeding Project of Jiaxiang County
Environmental April 2017 JHS (2017) No. 4
New Hope Liuhe Swine Breeding Co.Protection Bureau Jiaxiang Xinliu Ltd.Swine Breeding Approval on the Envrionmental
Co. Ltd. Protection Acceptance upon Completion Jiaxiang County
JHY (Jiaxiang)
of the 9000 Swines Breeding Project of Environmental December 30 2019
(2019) No. 84
Jiaxiang County New Hope Liuhe Swine Protection Bureau
Breeding Co. Ltd.Approval on the EIS of the Construction Feicheng
Shandong
Project of Shandong Liuhe Yinbao Environmental August 9 2006 /
Liuhe Yinbao
Breeding Co. Ltd. Protection Bureau
175Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Breeding Co.Ltd.Juye Xinhao 400000/a Hogs Breeding and Farming Juye County
JXS (2020) H.B.Farming Co. Ecocycle Agricultural Construction Environmental June 2020
Ltd. No. 051 Project Protection Bureau
Shandong Heze
Heze Xinhao Approval on the EIS of the 100000/a
Dingtao District DHBGS (2018) Farming Co. Commercial Pigs Project of Heze Xinhao December 27 2018
Environmental No. 6 Ltd. Farming Co. Ltd. at Liangtang
Protection Bureau
Approval on the EIS of the 350000/a Cao County
Hogs Breeding Project of Heze Xinhao Environmental April 20 2019 CHS (2019) No. 1
Cao County
Farming Co. Ltd. at Liangditou Town Protection Bureau
Xinhao
Approval on the EIA Standards for the
Farming Co. Cao County
350000/a Hogs Breeding Project of Heze CHH (2019) No. Ltd. Environmental March 7 2019
Xinhao Farming Co. Ltd. at Liangditou 1
Protection Bureau Town
Shan County
EIS of the 200000/a Hogs Breeding + Shan County
Xinhao SXST [2020] No.Planting Ecocycle Agriculture Project of Environmental June 2020
Farming Co. 164
Shan County Xinhao Farming Co. Ltd. Protection Bureau Ltd.Changyi Weifang Ecology
Approval on the EIS of the 250000/a
Xinhao Animal and Environment CHSS (2019) No.Commercial Piglets Project of Changyi June 27 2019
Husbandry Co. Bureau Changyi 4
Xinhao Animal Husbandry Co. Ltd. Ltd. Branch
Zhucheng Environmental Protection Acceptance
Zhucheng
Xinliu Farming Report of the 300000/a Hogs Breeding ZHSBGS [2020]
Environmental October 19 2020
Technology Project of Zhucheng Xinliu Farming No. 15 Protection BureauCo. Ltd. Technology Co. Ltd.Approval on the EIS Disclosure
Wulian County
Wulian Xinhao Commitment of the Breeding and
Bureau of LSP [2020] No.Farming Co. Farming Integrated Efficient Ecological June 18 2020
Administrative 180 Ltd. Demonstration Park Project of Wulian
Services
Xinhao Farming Co. Ltd.Comments on EIA Disclosure
Commitment Approval of the Sow and Qingdao Ecology
Finishing Farm Project of Laixi New and Environment XHCNS (2020) October 14 2020
Hope Liuhe Farming Co. Ltd. in Bureau Laixi No. 49
Laixi New Xixiagezhuang Village Xiagezhuang Branch
Hope Liuhe Town
Farming Co. Comments on EIA Disclosure
Ltd. Commitment Approval of the Sow and Qingdao Ecology
Finishing Farm Project (Phase I) of Laixi and Environment XHCNS (2021) February 5 2021
New Hope Liuhe Farming Co. Ltd. in Bureau Laixi No. 4
Cuijiazhuang Village Xiagezhuang Branch
Town
Laiyang Approval on the EIS of the 300000/a
Laiyang
Xinhao Animal Hogs Breeding Project of Laiyang LHF [2017] No.Environmental August 4 2017
Husbandry Co. Xinhao Animal Husbandry Co. Ltd. in 86
Protection Bureau
Ltd. Dakuang Down
Approval on the EIS of the Hogs
Laiyang
Breeding Base Construction Project of LHF [2015] No.Environmental May 25 2015
Yantai Fuzu Livestock Breeding Co. 32
Laiyang Xinmu Protection Bureau
Ltd. No. 2 Branch
Breeding Co.Approval on the Application of EIA Yantai Ecology and Ltd.Procedure of Yantai Fuzu Livestock Environment LHPH [2019] No. November 11 2019
Breeding Co. Ltd. No. 1/2/3/5/6 Branch Bureau Laiyang 17
to Laiyang Xinmu Breeding Co. Ltd. Branch
Approval on the EIS Disclosure Yantai Ecology and
Commitment of the Breeding Pig Farm Environment MHCNS [2020]
September 29 2020
Project of Yantai Xinhao Farming Co. Bureau Muping No. 16
Yantai Xinhao
Ltd. Branch
Farming Co.Approval on the EIS Disclosure Yantai Ecology and Ltd.Commitment of the Company-Run Pig Environment MHCNS [2020]
September 29 2020
Finishing Base Project of Yantai Xinhao Bureau Muping No. 15
Farming Co. Ltd. Branch
176Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval on the EIS Disclosure
Commitment of the 13500/a Storied
Laizhou
Building Sows Breeding and Farming LHS [2020] No.Environmental November 2 2020
Integrated Project of Laizhou New Hope 170 Protection Bureau
Laizhou New Liuhe Farming Co. Ltd. in Nanxiang
Hope Liuhe Village Chengguo Town Laizhou
Farming Co. Environmental Protection Acceptance
Ltd. Report for the Completion of the Shandong
13500/a Storied Building Sows Breeding Hengcheng Testing LHS [2020] No. November 2 2020
and Farming Integrated Project in Technology Co. 170
Nanxiang Village Chengguo Town Ltd.Laizhou
Environmental Protection Acceptance
Laizhou Yantai Ecology and
Monitoring Report for the Completion of
Xinhao Animal Environment LHS [2019] No.the 72000/a Hogs Finishing Farm February 2021
Husbandry Co. Bureau Laizhou 92
Construction Project in Laizhou of Ltd. Branch
Laizhou Xinhao Livestock Co. Ltd.Zhaoyuan Approval on the EIS Disclosure Yantai Ecology and
Xinmu Commitment of the 36000/a Finishing Environment
March 29 2021 ZHCNS [2021]
Breeding Co. Project of Zhaoyuan Xinmu Breeding Bureau Zhaoyuan No. 3
Ltd. Co. Ltd. Branch
Comments of the Municipal Bureau of
Rugao Bureau of
Rugao Xinhao Administrative Examination and
Administrative GHF [2014] No. Farming Co. Approval on Change of the Subject and November 15 2016
Examination and 80
Ltd. Adjustment of Some Items of Rugao
Approval Kanghua Livestock Technology Co. Ltd.Yancheng Dafeng
Yancheng Approval Opinions on the EIS of the Hog
District Bureau of
Zhongtai Farming Project (Silkworm Seed Farm) DXSHS (2019) Administrative February 2 2019
Livestock Co. of Yancheng Zhongtai Livestock Co. No. 1
Examination and Ltd. Ltd.Approval
Pizhou New Approval on the EIS of the Hot Farming Xuzhou Ecology
XPHXS [2021]
Hope Farming Project of Pizhou New Hope Liuhe and Environment February 1 2021
Co. Ltd. Farming Co. Ltd. No. 001 Bureau
Nanjing Xinmu Approval on the EIS of the 60000/a Nanjing Ecology
NHJG (2020) No.Farming Co. Hogs Business Project of Nanjing Xinmu and Environment July 31 2020
Ltd. Farming Co. Ltd. 1801 Bureau
Approval on the EIS of the 150000/a
Zhenjiang New Zhenjiang Ecology
Hogs Standardized Farming Project of ZHS (2020) No.Hope Farming and Environment August 13 2020
Zhenjiang New Hope Liuhe Farming 68
Co. Ltd. Bureau Co. Ltd.Approval on the EIS of the 72000/a Pigs Huanbei Ecology
HHX [2020] No.Project of Suixi County Xinhao Farming and Environment June 18 2020
12
Co. Ltd. Bureau
Approval on the EIS of the 24000 Pigs
Finishing Farm Project of Wuhe New Bengbu Ecology
WHX [2020] No. Hope Liuhe Animal Husbandry Co. Ltd. and Environment June 1 2020
23
in Dongxiaoliu Village Bureau
Shuangzhongmiao Town
Approval on the EIS of the 24000 Pigs
Wuhe New Bengbu Ecology
Finishing Farm Project of Wuhe New WHX [2020] No. Hope Liuhe and Environment June 1 2020
Hope Liuhe Animal Husbandry Co. Ltd. 22
Animal Bureau
in Qiaozhang Village Shenji Town
Husbandry Co.Approval on the EIS of the 13500 Sows Ltd.and 72000 Pigs Finishing Farm Project Bengbu Ecology
WHX [2020] No.of Wuhe New Hope Liuhe Animal and Environment September 22 2020
39
Husbandry Co. Ltd. at Changhuan Bureau
Garden Chengguan Town
Approval on the EIS of the 60000 Pigs
Finishing Farm Project of Wuhe New Bengbu Ecology
WHX [2020] No.Hope Liuhe Animal Husbandry Co. Ltd. and Environment June 10 2020
25
in Dengxuzi Village Shuangzhongmiao Bureau
Town
177Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval on the EIS of the 13500 Sows
Bengbu Ecology
Farm Project of Wuhe New Hope Liuhe WHX [2020] No. and Environment July 23 2020
Animal Husbandry Co. Ltd. in Huojia 32
Bureau
Village Xiaoxi Town
Approval on the EIS of the 36000 Pigs
Bengbu Ecology
Finishing Farm Project of Wuhe New WHX [2020] No.and Environment December 2 2020
Hope Liuhe Animal Husbandry Co. Ltd. 51 Bureau
in Guotai Village Daxin Town
Approval on the EIS of the 48000 Pigs
Bengbu Ecology
Finishing Farm Project of Wuhe New WHX [2020] No.and Environment June 1 2020
Hope Liuhe Animal Husbandry Co. Ltd. 24 Bureau
in Zhuyu Village Wuqiao Town
Approval on the EIS of the 13500 Sows
Bengbu Ecology
Farm Project of Wuhe New Hope Liuhe WHX [2021] No.and Environment May 26 2021
Animal Husbandry Co. Ltd. in Tuohe 18 Bureau
Village Dongliuji Town
Approval on the EIS of the 13500 Sows
and 24000 Pigs Finishing Farm Project Bengbu Ecology
WHX [2020] No.of Wuhe New Hope Liuhe Animal and Environment September 28 2020
40
Husbandry Co. Ltd. in Jiangji Village Bureau
Wuqiao Town
Approval of Qiandongnan Prefecture
Environmental Protection Bureau on the
Qiandongnan
EIS of the 6000 Two-way Cross-bred
Prefecture QDNHS [2018]
Sows and Piglets Farm Construction October 23 2020
Environmental No. 11
Project of Guizhou Shibing County
Protection Bureau
Precision Poverty Alleviation "Company
+ Farmer" Program
Approval of Qiandongnan Prefecture
Shibing County
Ecology and Environment Bureau on the
New Hope Qiandongnan
EIS of the “Company + Farmer” Sows
Liuhe Breeding Prefecture Ecology QDNHGS [2020]
and Piglets Farm Construction Project in February 21 2020 Co. Ltd. and Environment No. 1
Shuangjing Town Shibing County
Bureau
Qiandongnan Prefecture Guizhou
Province
Approval of Qiandongnan Prefecture
Qiandongnan
Ecology and Environment Bureau on the
Prefecture Ecology QDNHGS [2020]
EIS of the Commercial Pig Finishing April 29 2020
and Environment No. 45
"Precision Poverty Alleviation" Project
Bureau
in Niudachang Town Shibing County
Zhenyuan
Approval of Qiandongnan Prefecture Qiandongnan
Xinmu
Ecology and Environment Bureau on the Prefecture Ecology QDNHGS (2020)
Agricultural October 21 2020
EIS of the Xinmu Standardized Hog and Environment No. 36
Development
Farming Project in Zhenyuan County Bureau Co. Ltd.Approval of Bijie Ecology and
Bijie Xinliu Bijie Ecology and
Environment Bureau on the EIS of the
Farming Co. Environment July 28 2020 BHF [2020] No. 6
200000 Hogs Breeding Project in
Ltd. Bureau
Qixingguan District
Approval of Qianxinan Prefecture
Xingren Xinliu Qianxinan
Ecology and Environment Bureau on the
Farming Prefecture Ecology ZHS (2020) No.EIS of the Swine Breeding Base July 28 2020
Technology and Environment 17
Construction Project in Panjiazhuang
Co. Ltd. Bureau Town Xingren City
Panzhou Xinliu Approval of Liupanshui Ecology and
Liupanshui Ecology
Farming Environment Bureau on the EIS of the LPSHS [2020]
and Environment July 28 2020
Development Pig Finishing Project in Luojiatian No. 39
Bureau
Co. Ltd. Village Panzhou Guizhou
Approval of Anshun Ecology and
Guanling Environment Bureau on the EIS of
Anshun Ecology
Xinmu Xinmu Standardized Pig Breeding AHSPF [2020]
and Environment January 20 2020
Breeding Co. (Yongning Town Kangzhai No. 15
Bureau Ltd. 750GP+6000PS) Project in Guanling
County
178Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval of Anshun Ecology and
Anshun Ecology
Environment Bureau on the EIS of the AHSPF [2020] and Environment January 8 2020
18000 Finishing Farm Project in Xinzhai No. 14 Bureau
Village Puli Township Guanling County
Approval of Anshun Ecology and
Environment Bureau on the EIS of the Anshun Ecology
AHSPF [2020] 18000/a Finishing Farm Project in and Environment April 20 2020
No. 16
Yongmu Village Huajiang Town Bureau
Guanling County
Approval of Jiuquan Ecology and
Gansu Xinliu Jiuquan Ecology
Environment Bureau Yumen Branch on
Farming and Environment YHF [2020] No.the EIS of the 300000/a Hogs Breeding April 20 2020
Technology Bureau Yumen 3
and Farming Integrated Project of Gansu Co. Ltd. Branch
Xinliu Farming Technology Co. Ltd.Lanzhou New
XHCNF [2020] No. 1 Approval on the
District Ecology XHCNF [2020]
EIS of the New 700000/a Hogs Project January 3 2018
and Environment No. 1
in Xicha Town Lanzhou New District
Bureau
Gansu New Lanzhou New
XHCNF [2020] No. 10 Approval on the
Hope Liuhe District Ecology XHCNF [2020]
EIS of Gansu New Hope Farm 1 in May 12 2020
Farming Co. and Environment No. 10
Pingxian Village Ltd. Bureau
Lanzhou New
XHCNF [2020] No. 11 Approval on the
District Ecology XHCNF [2020]
EIS of Gansu New Hope Farm 12 in January 3 2020
and Environment No. 11 Pingxian Village
Bureau
Anyang Xinliu Anyang
Approval on the EIS of Anyang Xinliu AHRS [2017] No.Technology Environmental December 4 2018
Technology Co. Ltd. 4 Co. Ltd. Protection Bureau
Approval on the EIS Disclosure
Qingfeng
Commitment Approval Application of Puyang Ecology
Xinliu Farming PHS (2020) No.the 13500/a Breeding Pigs Feeding and Environment July 3 2020
Technology 23
Project of Qingfeng Xinliu Farming Bureau Co. Ltd.Technology Co. Ltd.Taiqian Xinliu
Approval on the EIS of the 13500 Sows Puyang Ecology
Farming
Farm Project of Taiqian Xinliu Farming and Environment July 3 2020 PHS [2020] No. 1
Technology
Technology Co. Ltd. Bureau Co. Ltd.Approval Opinions on the EIS of the
Lingbao Xinliu Lingbao
150000/a Piglets Breeding and Farming LHS [2018] No.
Farming Co. Environmental October 12 2020
Integrated Eco-industrial Park Project of 66 Ltd. Protection Bureau
Lingbao Xinliu Farming Co. Ltd.Approval on the EIS Disclosure
Commitment Approval Application of Puyang Ecology
PHS (2020) No.the 100000/a Hogs Breeding Project of and Environment May 7 2020
32
Puyang Xinliu Puyang Xinliu Farming Technology Co. Bureau
Farming Ltd.Technology Approval on the EIS Disclosure
Co. Ltd. Commitment Approval Application of Puyang Ecology
PHS (2020) No.the 200000/a Hogs Breeding Project of and Environment September 14 2020
31
Puyang Xinliu Farming Technology Co. Bureau
Ltd.Approval on the EIS Disclosure
Commitment Approval Application of Ruzhou
RHSP [2020] No.the 72000/a Pigs Farm Construction Environmental September 27 2017
18
Project of Ruzhou Quansheng Farming Protection Bureau
Ruzhou Technology Co. Ltd.Quansheng Approval on the EIS Disclosure
Farming Commitment Approval Application of Ruzhou
RHSP [2020] No.Technology the 13500/a Swines Farm Construction Environmental December 24 2019
8
Co. Ltd. Project of Ruzhou Quansheng Farming Protection Bureau
Technology Co. Ltd.Approval on the EIS Disclosure Ruzhou
RHSP [2020] No.Commitment Approval Application of Environmental December 24 2019
15
the 48000/a Pigs Farm Construction Protection Bureau
179Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Project of Ruzhou Quansheng Farming
Technology Co. Ltd.Approval on the Application for
Environmental Protection Acceptance
Zhengzhou
upon Completion of the 50000/a Hogs ZHY [2017] No.Environmental April 24 2020
Breeding Base Construction Project of 60
Protection Bureau
Zhengzhou Quansheng Farming
Technology Co. Ltd.Approval on the EIS of the Hog Breeding
Xiangyang Ecology
Project of Hubei Xinhao Farming Co. XHSP [2019] No.and Environment December 24 2019
Ltd. in Guling Village Wangcheng 26
Hubei Xinhao Bureau Town
Farming Co.Approval on the EIS of the Hog Breeding Ltd. Xiangyang Ecology
Project of Hubei Xinhao Farming Co. XHSP [2019] No.and Environment November 12 2020
Ltd. in Luohan Village and Luosigang 27
Bureau
Village Wangcheng Town
Yincheng Approval of Xiaogan Ecology and
Xiaogan Ecology
Xinhao Environment Bureau on the EIS of the XHH [2020] No.and Environment January 7 2021
Farming Co. Hog Breeding Project in Xuzhou Village 27 Bureau
Ltd. Sanhe Town
Xiangyang Approval on the EIS of the Hog Breeding
Xiangyang Ecology
Xinhao Project of Xiangyang Xinhao Farming XHSP [2019] No.and Environment April 18 2017
Farming Co. Co. Ltd. in Taipingdian Town Fancheng 28
Ltd. Bureau District
Approval on the EIS of the
750GP+6000PS Pig Farm Project in
Guang’an
United Village Longnv Town Wusheng GHCS [2020] No.Xinhao Guang’an Ecology
County Guang’an Sichuan 10
Farming Co. and Environment March 19 2021
Approval on the EIS of the 48000 Pigs GHCS [2020] No. Ltd. Longnv Bureau
Finishing Farm Project in United Village 11 Pig farm
Longnv Town Wusheng County
Guang’an Sichuan
Guang’an
Approval of Guang’an Ecology and
Xinhao
Environment Bureau on the EIS of the Guang’an Ecology
Farming Co. GHCS [2021] No. 21000 Pigs Finishing Farm Project in and Environment August 5 2019
Ltd. 3 Xiuguanyin Village Xixi Town Yuechi Bureau
Xiuguanyin Pig
County Guang’an Sichuan Province Farm
Yanting Xinhao
Approval on the EIS of the 12000 Mianyang
Farming Co. MHSP [2017]
Swines Farm of Yanting Xinhao Farming Environmental June 25 2021
Ltd. Jianhe Pig No. 107
Farm Co. Ltd. in Jianhe Township Protection Bureau
Yanting Xinhao Approval on the EIS of the Large-scale
Mianyang Ecology
Farming Co. Swine Farm Construction Project of MHCNSP [2021]
and Environment April 25 2021
Ltd. Yurong Yanting Xinhao Farming Co. Ltd. No. 18 Bureau
Pig Farm Yurong Pig Farm
Guangyuan
Guangyuan
Xinhao Approval on the EIS of the 500000/a
Ecology and GHS [2019] No.Farming Co. High-quality Pig Breeding Cycle Base May 21 2018
Environment 26
Ltd. Shanxi Pig Construction Project Phase I
Bureau
Farm
Langzhong
Xinliu Farming Approval on the EIS of the 6750/a
Nanchong Ecology
Technology Swine Breeding Project in Deyang NSHS [2021] No. and Environment September 7 2010
Co. Ltd. Village Hongshan Town Langzhong 19 Bureau
Deyang Village City
Pig Farm
Qianwei
Approval Opinions on the EIS of
Xinhao Leshan Ecology LSHS [2021] No.Longhua Finishing Project of Qianwei
Farming Co. and Environment January 20 2010 15 (Disclosure
Xinhao Farming Co. Ltd. (Disclosure
Ltd. Longhua Bureau Commitment) Commitment)Pig Farm
Leshan New Approval Opinions on the EIS of Jinfeng Leshan
LSHS [2018] No.Hope Farming Breeding Pig Farm of Leshan New Hope Environmental July 16 2014
31
Co. Ltd. Farming Co. Ltd. in Jingyan County Protection Bureau
180Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Jinfeng Pig
Farm
Leshan New
Hope Farming Approval Opinions on the EIS of the Jingya County
JHF [2010] No.Co. Ltd. New Fenquan Breeding Pig Farm Project Environmental January 20 2015
97
Quansheng Pig of Leshan New Hope Farming Co. Ltd. Protection Bureau
farm
Santai New
Hope Farming Approval Opinions on the EIS of the
Santai County
Technology High-quality Hog Propagation and Farm SHB [2010] No.Environmental January 20 2015
Co. Ltd. Construction Project of Santai New Hope 14
Protection Bureau Yongming Pig Farming Technology Co. Ltd.Farm
Santai New
Hope Farming Approval on the EIS of the Parental Pig
Santai County
Technology Farm Construction Project (in Qingquan SHB [2014] No.Environmental October 31 2006
Co. Ltd. Village Shi’an Town) of Santai New 75
Protection Bureau
Qingquan Pig Hope Farming Technology Co. Ltd.Farm
Santai New
Approval of Santai County
Hope Farming
Environmental Protection Bureau on the Santai County
Technology SHB [2015] No.EIS of New Hope Shi’an Meihua Pig Environmental January 20 2015
Co. Ltd. 10
Finishing Farm Project of Santai Protection Bureau
Meihua Pig
Xinhaixin Farming Co. Ltd. Farm
Santai New
Approval of Santai County
Hope Farming
Environmental Protection Bureau on the Santai County
Technology
EIS of New Hope Dongta Sanwan Pig Environmental January 20 2015 SHB [2015] No. 9
Co. Ltd.Finishing Farm Project of Santai Protection Bureau
Sanwan Pig
Xinhaixin Farming Co. Ltd. Farm
Santai New
Hope Farming Approval of Mianyang Environmental
Mianyang
Technology Protection Bureau on the EIS of the MHH [2006] No.Environmental September 10 2009
Co. Ltd. Prime Breeding Pig Farm of Sichuan 247
Protection Bureau
Xiping Pig South Hope Industrial Co. Ltd.Farm
Santai New
Approval of Santai County
Hope Farming
Environmental Protection Bureau on the Santai County
Technology SHB [2015] No.EIS of New Hope Jinshi Tongzi Pig Environmental November 10 2020
Co. Ltd. 16
Finishing Farm Project of Mianyang Protection Bureau
Tongzi Pig
New Hope Livestock Breeding Co. Ltd.Farm
Santai New
Approval of Santai County
Hope Farming
Environmental Protection Bureau on the Santai County
Technology SHB [2015] No. EIS of New Hope Jinshi Shizhu Pig Environmental November 12 2018
Co. Ltd. 15
Finishing Farm Project of Mianyang Protection Bureau
Shizhu Pig
New Hope Livestock Breeding Co. Ltd. Farm
Chongqing
New Hope Pig
Source Rongchang County
Approval on Enviroment Protection for Y(R)HS [2009]
Development Environmental April 21 2017
Pilot Production of Construction Project No. 26
Co. Ltd. Protection Bureau
Rongchang Pig
Farm
Pucheng Xinliu Approval of Weinan Ecology and
Weinan Ecology
Technology Environment Bureau Pucheng Branch on
and Environment PHH [2020] No. Co. Ltd. the EIS of Jingmusi Hog Breeding April 9 2019
Bureau Pucheng 276
Pucheng Pig Project of Pucheng Xinliu Technology
Branch
Farm Co. Ltd. in Chunlin Town
Approval of Heyang County
Heyang
Environmental Protection Bureau on the Heyang County
Zhenghe HHPF [2018] No.EIS of the 50000/a High-quality Environmental July 28 2020
Modern 21
Commercial Pig Breeding Demonstration Protection Bureau
Farming Co.Base Project
181Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd. Heyang
Pig Farm
Weinan
Zhengneng
Approval of Heyang County
Farming Heyang County
Environmental Protection Bureau on the HHG Zi [2017]
Technology Environmental November 26 2020
EIA Standards for the 12000 Sows Farm No. 15
Co. Ltd. Protection Bureau Construction Project
Heyang Xinliu
Pig Farm
Weinan Xinliu Approval of Weinan Environmental
Technology Protection Bureau on the EIS of Hog Weinan
WHPF [2019]
Co. Ltd. Breeding Project of Xizang Xinhao Environmental April 9 2019
No. 33
Lindian Pig Technology Co. Ltd. Weinan Branch in Protection Bureau
Farm Lindian Town
Approval of Weinan Ecology and
Weinan Xinliu Environment Bureau Linwei Branch on
Weinan Ecology
Technology the EIS Disclosure Commitment
and Environment WHLF [2020] Co. Ltd. Approval Application of the Hog August 2 2018
Bureau Linwei No. 172
Sangao Pig Breeding Project of Weinan Xinliu
Branch Farm Technology Co. Ltd. in Sangao Village
Gushi Town
Approval of Weinan Ecology and
Weinan Xinliu Environment Bureau Linwei Branch on
Weinan Ecology
Technology the EIS Disclosure Commitment
and Environment WHLF [2020] Co. Ltd. Approval Application of the Hog December 29 2016
Bureau Linwei No. 301
Ganquan Pig Breeding Project of Weinan Xinliu
Branch
Farm Technology Co. Ltd. in Ganquan
Village Gushi Town
Approval of Weinan Environmental
Weinan Xinliu
Protection Bureau on the EIS of the Hog Weinan
Technology WHPF [2019]
Breeding Project of Xizang Xinhao Environmental December 22 2020
Co. Ltd. Gushi No. 34
Technology Co. Ltd. Weinan Branch in Protection Bureau
Pig Farm
Gushi Town
Approval of Luochuan County
Environmental Protection Bureau on the
Luochuan County
EIS of the Huangzhang Ecological Pig LHH [2018] No.Environmental December 22 2020
Breeding Base Project of Yan’an 81
Yan’an Protection Bureau
Benyuan Agricultural Technology
Benyuan
Development Co. Ltd.Agricultural
Comments of Luochuan County
Technology
Environmental Protection Bureau on the
Development
EIS Filing for Current Status of the Luochuan County Co. Ltd. LHH [2016] No.Ecological Pig Breeding Project of Environmental December 26 2018
104
Yan’an Benyuan Agricultural Protection Bureau
Technology Development Co. Ltd. in Jiu
County
Approval of Yan’an Bureau of
Administrative Services on the EIS of the Yan’an Bureau of
YXSCHF [2020]
New Hog Breeding Project of Luochuan Administrative February 27 2020
No. 189
Luochuan Xinliu Technology Co. Ltd. in Wujiao Services
Xinliu Village Shitou Town
Technology Approval of Yan’an Bureau of
Co. Ltd. Administrative Services on the EIS of the Yan’an Bureau of
YXSCHF [2020]
Hog Breeding Project of Luochuan Administrative December 31 2016
No. 190
Xinliu Technology Co. Ltd. in Beigu Services
Village Yangshu Township
Approval of Tongchuan Environmental
Yijun Xinliu Tongchuan
Protection Bureau on the EIS of the Hog THPF [2018] No.Technology Environmental December 31 2016
Breeding Project of Xizang Xinhao 240 Co. Ltd. Protection Bureau Technology Co. Ltd. Yijun Branch
Wuqi Xinliu Approval on the EIS of the Hog Breeding Yan’an Bureau of
YXSCHF [2020]
Technology Project of Wuqi Xinliu Technology Co. Administrative October 25 2016
No. 27
Co. Ltd. Ltd. Services
Yangling Approval of Yangling Demonstration Yangling
YGHPF [2016]
Besun Zone Environmental Protection Bureau Demonstration October 11 2018
No. 66
Agricultural on the EIS of the Current Status of Zone
182Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Industry Group Ecological Piglet Breeding Base Environmental
Co. Ltd. Construction Project (Li’s Pig Farm) of Protection Bureau
Yangling Besun Agricultural Industry
Group Co. Ltd.Approval of Yangling Demonstration
Zone Environmental Protection Bureau Yangling
on the EIS of the Current Status of Demonstration
YGHPF [2016]
Ecological Piglet Breeding Base Zone September 25 2020
No. 65
(Finishing Base) Construction Project of Environmental
Yangling Besun Agricultural Industry Protection Bureau
Group Co. Ltd.Approval of Xianyang Environmental
Xianyang
Protection Bureau on the Environmental
Yongxiang Xianyang
Protection Acceptance upon Completion XHPF [2016] No.Agricultural Environmental October 25 2016
of the 4500 Swines Breeding Base 134
Technology Protection Bureau
Construction Project in Yongshou Co. Ltd.County
Shaanxi
Zhongshan Approval on the EIS of Shaanxi
Jingyang County
Xingwang Zhongshan Xingwang Farm Project of JHH [2018] No.Environmental October 11 2018
Farming Shaanxi Zhongshan Xingwang Farming 147
Protection Bureau Technology Technology Co. Ltd.Co. Ltd.Liquan New Approval of Xianyang Bureau of
Hope Liuhe Administrative Services on the EIS of the Xianyang Bureau of
XXSPF [2020]
Farming Hog Cluster Breeding Construction Administrative September 25 2020
No. 215
Technology Project of Liquan New Hope Liuhe Services
Co. Ltd. Farming Technology Co. Ltd.Approval on the EIS of the 370000/a Shenyang Ecology
Hogs Modern Agricultural and Environment SHKPS Zi [2019] April 26 2019
Industrialization Construction Project of Bureau Kangping No. 007
Kangping Xinwang Farming Co. Ltd. Branch
Shenyang Ecology
Approval on the EIS of Xiaodong Farm
and Environment SHKPS Zi [2019]
Construction Project of Kangping December 5 2019
Kangping Bureau Kangping No. 034 Xinwang Farming Co. Ltd.Xinwang Branch
Farming Co. Shenyang Ecology
Approval on the EIS of Kangliuwang Ltd. and Environment SKHS [2020] No.Farm Construction Project of Kangping August 14 2020
Bureau Kanping 044 Xinwang Farming Co. Ltd.Branch
Shenyang Ecology
Approval on the EIS of Kangbawang
and Environment SKHS [2020] No.Farm Construction Project of Kangping August 14 2020
Bureau Kanping 046
Xinwang Farming Co. Ltd.Branch
Approval on the EIS of the Swine Farm
Zhangwu County
Construction Project of Zhangwu ZHSS [2020] No.Environmental September 15 2020
Xinwang Farming Co. Ltd. in Baiyingao 39
Protection Bureau
Village Houxinqiu Town
Approval on the EIS of the Farm
Zhangwu County
Construction Project of Zhangwu ZHSS [2020] No. Environmental November 24 2020
Zhangwu Xinwang Farming Co. Ltd. in Baiyingao 48
Protection Bureau
Xinwang Village Houxinqiu Town
Farming Co. Approval on the EIS of the Farm
Zhangwu County Ltd. Construction Project of Zhangwu ZHSS [2020] No.Environmental September 15 2020
Xinwang Farming Co. Ltd. in Hanjia 42
Protection Bureau Village Dade Town
Approval on the EIS of the Farm I
Zhangwu County
Construction Project of Zhangwu ZHSS [2020] No.Environmental September 15 2020
Xinwang Farming Co. Ltd. in 41 Protection Bureau
Houyaowo Village Daleng Town
Heishan Xinliu Approval on the EIS of the 13500 Sows
Heishan County
Farming Farm Project in Ciyu Village Xinxing HHSC [2020] No. Environmental October 22 2020
Technology Town Heishan County Jinzhou 10
Protection Bureau Co. Ltd. Liaoning Province
183Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval on the EIS of the 72000 Pigs Heishan County
HHSC [2020] No.Finishing Farm Project in Liuhe Village Environmental August 10 2020
8
Heishan County Liaoning Protection Bureau
Approval on the EIS of the Pig Farm
Heishan County
Project in Woniu Village of the HHS [2019] No.Environmental December 17 2019
670000/a Hogs Breeding and Farming 44 Protection Bureau
Integrated Eco-industrial Park Phase I
Approval on the EIS of the Pig Farm
Heishan County
Project in Gaojia Wopu Village of the HHS [2019] No.Environmental December 17 2019
670000/a Hogs Breeding and Farming 43 Protection Bureau
Integrated Eco-industrial Park Phase I
Approval on the Adjusted EIS of the
Xinmin
300000/a Hogs Modern Agricultural XHH [2019] No. Environmental January 23 2019
Industrialization Construction Project of 1
Protection Bureau Liaoning Xinwang Technology Co. Ltd.Approval on the Adjusted EIS of the
Xinmin
500000/a Hogs Modern Agricultural XHH [2019] No. Environmental January 23 2019
Industrialization Construction Project of 2
Protection Bureau Liaoning Xinwang Technology Co. Ltd.Approval on the Adjusted EIS of the
18000 Pigs Finishing Modern Shenyang Ecology
Agricultural Industrialization and Environment XHH [2019] No.March 5 2019
Construction Project of Liaoning Bureau Xinmin 4
Xinwang Technology Co. Ltd. (in Branch
Fangshen Village)
Approval on the Adjusted EIS of the
18001 Pigs Finishing Modern Shenyang Ecology
Agricultural Industrialization and Environment XHH [2019] No.March 5 2019
Construction Project of Liaoning Bureau Xinmin 3
Xinwang Technology Co. Ltd. (in Branch
Dongyao Village)
Liaoning Shenyang Ecology
Approval on the EIS of Taohua Pig
Xinwang and Environment SHXMS Zi
Finishing Farm Project of Liaoning October 16 2019
Technology Bureau Xinmin [2019] No. 151 Xinwang Technology Co. Ltd.Co. Ltd. Branch
Shenyang Ecology
Approval on the EIS of Xinmin Gongliu
and Environment SHXMS Zi
Farm Construction Project of Liaoning June 11 2020
Bureau Xinmin [2020] No. 47 Xinwang Technology Co. Ltd.Branch
Shenyang Ecology
Approval on the EIS of Xinmin Liujia
and Environment SHXMS Zi
Farm Construction Project of Liaoning June 11 2020
Bureau Xinmin [2020] No. 48
Xinwang Technology Co. Ltd.Branch
Shenyang Ecology
Approval on the EIS of Xinmin Liuwei
and Environment SHXMS Zi Farm Construction Project of Liaoning June 11 2020
Bureau Xinmin [2020] No. 49 Xinwang Technology Co. Ltd.Branch
Shenyang Ecology
Approval on the EIS of Xinmin Dongwei
and Environment SHXMS Zi Farm Construction Project of Liaoning November 25 2020
Bureau Xinmin [2020] No. 98 Xinwang Technology Co. Ltd.Branch
Shenyang Ecology
Approval on the EIS of Xinmin Gongta
and Environment SHXMS Zi
Farm Construction Project of Liaoning November 25 2020
Bureau Xinmin [2020] No. 97 Xinwang Technology Co. Ltd.Branch
Fuxin Mongol
Fuxin Xinwang Approval on the EIS of the Pig Farming
Autonomous
Animal Project of Fuxin Xinwang Animal FMHS (2020) County November 25 2020
Husbandry Co. Husbandry Co. Ltd. in Mutou Guilige No. 15
Environmental Ltd. Village Zhalan Yingzi Town
Protection Bureau
Tongliao Approval on the EIS of the 1 million /a
Tongliao
Xinhao Hogs Farming Project of Tongliao THS [2018] No.Environmental September 7 2018
Farming Co. Xinhao Farming Co. Ltd. at Zhenan 39
Protection Bureau Ltd. Farm
184Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Approval on the EIS of the 1 million /a
Tongliao
Hogs Farming Project of Tongliao
Environmental September 7 2018 THS [2018] No.Xinhao Farming Co. Ltd. at Sanyitang 38
Protection Bureau Farm
Approval on the EIS of the Finishing Tongliao Ecology
Farm Construction Project of Tongliao and Environment TKHS [2020] No. April 22 2020
Xinhao Farming Co. Ltd. In Qianjuliuhe Bureau Horqin 09
Gacha Village Branch
Yichun
Approval on the EIS of the Integrated Pig Yichun Ecology
Xinwang YHCS [2020] No.Farm Construction Project of Yichun and Environment July 29 2020
Farming Co. 1
Xinwang Farming Co. Ltd. Bureau Ltd.Approval on the EIS of the 300000/a
Shiyan Xinyue
Hogs and Swines Farm Project of Shiyan Shiyan Ecology and
Farming SHH [2021] No.Xinyue Farming Technology Co. Ltd. in Environment February 5 2021
Technology 54
Shiziling Yunyang District Shiyan Bureau Co. Ltd.Hubei
Approval of Chengdu Xinjin District
Chengdu Xinjin Chengdu Xinjin
Ecology and Environment Bureau on the
Xinhao District Ecology CJHCNHPS
EIS of the New Hope Liuhe Sichuan March 29 2021
Farming Co. and Environment [2021] No. 11
Xinjin 5S Pig Farm Project of Chengdu Ltd. Bureau
Xinjin Xinhao Farming Co. Ltd.New Hope Approval of Zibo Ecology and
Liuhe (Zibo) Environment Bureau Zichuan Branch on Zibo Ecology and
Agricultural the EIS Disclosure Commitment of the Environment
September 13 2021 CHS [2021] No. 4
Technology Pig Project of New Hope Liuhe (Zibo) Bureau Zichuan
Development Agricultural Technology Development Branch
Co. Ltd. Co. Ltd.Laibin New
Approval of Laibin Ecology and
Hope Liuhe Laibin Ecology and
Environment Bureau on the EIS of the LHS [2021] No. Farming Environment June 29 2021
4500 GGGP Pig Project in Nama 141
Technology Bureau
County Laibin Guangxi
Co. Ltd.Approval of Jiangyou Environmental
Jiangyou
Protection Bureau on the EIS of JHZ [2014] No.Environmental December 11 2014
Jiangyou New Dongxing Farm Project of Jiangyou New 264 Protection BureauHope Hypor Hope Hypor Swine Breeding Co. Ltd.Swine Breeding Approval of Mianyang Environmental
Mianyang
Co. Ltd. Protection Bureau on the EIS of the MHH [2006] No. Environmental October 31 2006
Prime Breeding Pig Farm of South Hope 247
Protection Bureau
Industrial Co. Ltd.Other information related to environmental protection
Name of
pollution Treatment Treatment Operational Company name Time put into operation
control process capacity status
facilities
Sewage Anaerobic +
Lanling New Hope Liuhe 600 cubic Running
treatment aerobic (A/O Put into operation in 2013 Hongjun Food Co. Ltd. meters/day normally
system process)
Pingyi Refrigeration Acquired in 1997
Sewage
Factory of Shandong Biological contact 1200 cubic operated using the Running
treatment
New Hope Liuhe Group oxidation process meters/day original tanks and further normally system
Co. Ltd. improved in 2002/2004
Put into operation in
Sewage Anaerobic +
Xiaoyi New Hope Liuhe 1600 cubic 2012 process improved in Running
treatment aerobic (A/O
Food Co. Ltd. meters/day 2016 with bio-filters normally system process)
added
Sewage
Binzhou Liuhe Longda SBR process + 500 cubic Running
treatment Put into operation in 2008 Farming Co. Ltd. A/O process meters/day normally
system
185Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sewage Hydrolytic
Shan County Liuhe Feed 1300 cubic Running
treatment acidification + Put into operation in 2012 Co. Ltd. Food Branch meters/day normally system BRN
Put into operation in
Sewage Anaerobic +
Yuncheng Liuhe Food 800 cubic 2006 and transformed Running
treatment aerobic (A/O
Co. Ltd. meters/day and upgraded in 2011 and normally system process)
2017 respectively
Sewage Anaerobic +
Hebi Liuhe Zhizhen Food 2000 cubic Put into operation in 2011 Running
treatment aerobic (A/O Co. Ltd. meters/day and upgraded in 2015 normally system process)
Qixia Refrigeration
Sewage Anaerobic +
Factory of Shandong 1200 cubic Running
treatment aerobic (A/O Put into operation in 2012 New Hope Liuhe Group meters/day normally system process)
Co. Ltd.Put into operation in
Shandong New Hope Sewage Anaerobic +
1500 cubic 2013 and further Running
Liuhe Group Co. Ltd. treatment aerobic (A/O
meters/day improved in 2019 through normally Linyi Branch system process)
sewage treatment system
Sewage
Beijing Kinghey Food Biological contact 1500 cubic Running
treatment Put into operation in 2004 Co. Ltd. oxidation process meters/day normally system
Sewage
Hebei Kinghey Meat 1500 cubic Running
treatment A/O process Put into operation in 2006 Industry Co. Ltd. meters/day normally system
Phase I was put into
Sewage Biological contact
Liaoning Kinghey Food 3000 cubic operation in 2006 Running
treatment oxidation process Co. Ltd. meters/day followed by Phase II in normally system A/O process
2019
Sewage Biological contact
Shandong Kinghey Food 3000 cubic Running
treatment oxidation process 2022 Co. Ltd. meters/day normally system A/O process
Sewage Anaerobic +
330 cubic Put into operation in Jan. Running
treatment aerobic (A/O
meters/day 2021 normally
Chenzhou Xinhao system process)
Farming Co. Ltd. Sewage Anaerobic +
290 cubic Put into operation in Running
treatment aerobic (A/O
meters/day December 2022 normally system process)
Sewage Anaerobic +
Hengnan County Muyun 300 cubic Put into operation in Jan. Running
treatment aerobic (A/O Eco-Agriculture Co. Ltd. meters/day 2021 normally
system process)
Pretreatment +
Huzhou Changxing Sewage anaerobic + three-
800 cubic Put into operation in May Running
Huatong Farming Co. treatment stage A/O +
meters/day 2021 normally Ltd. system physicochemical
precipitation
Sewage Anaerobic +
Shaoyang Xinmu 575 cubic Put into operation in Jul. Running
treatment aerobic (A/O Farming Co. Ltd. meters/day 2022 normally system process)
Sewage Anaerobic +
Hengyang Xinhao 700 cubic Put into operation in Running
treatment aerobic (A/O Farming Co. Ltd. meters/day December 2022 normally system process)
Hongming Group II Sow
Farm of Hainan Xinliu Sewage Anaerobic +
200 cubic Put into operation in Running
Agricultural Reclamation treatment aerobic (A/O
meters/day February 2021 normally
Farming Technology Co. system process)
Ltd.Sewage Anaerobic +
200 cubic Put into operation in Oct. Running
treatment aerobic (A/O
meters/day 2020 normally
Hainan Changjiang system process)
Xinliu Breeding Co. Ltd. Sewage Anaerobic +
300 cubic Put into operation in Aug. Running
treatment aerobic (A/O
meters/day 2021 normally system process)
Sewage Anaerobic +
Hainan Lingao Xinliu 250 cubic Put into operation in Aug. Running
treatment aerobic (A/O
Breeding Co. Ltd. meters/day 2020 normally system process)
186Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sewage Anaerobic +
600 cubic Put into operation in June Running
treatment aerobic (A/O
meters/day 2021 normally system process)
Hainan Xinliu
Sewage Anaerobic +
Agricultural Reclamation 550 cubic Put into operation in Jul. Running
treatment aerobic (A/O
Farming Technology Co. meters/day 2021 normally system process)Ltd.Sewage
Laibin Xinhao Farming UASB + two-stage 400 cubic Put into operation in Oct. Running
treatment Co. Ltd. A/O process meters/day 2019 normally system
Sewage
UASB + two-stage 150 cubic Put into operation in May Running
treatment
A/O process meters/day 2021 normally system
Sewage
Xiangzhou Xinhao UASB + two-stage 400 cubic Put into operation in May Running
treatment
Farming Co. Ltd. A/O process meters/day 2020 normally system
Sewage
UASB + two-stage 150 cubic Put into operation in May Running
treatment
A/O process meters/day 2021 normally system
Sewage
Longzhou Xinhao UASB + two-stage 880 cubic Put into operation in Oct. Running
treatment
Farming Co. Ltd. A/O process meters/day 2020 normally system
Sewage
Hezhou Xinhao Farming UASB + two-stage 330 cubic Put into operation in Oct. Running
treatment
Co. Ltd. A/O process meters/day 2020 normally system
Sewage
UASB + two-stage 520 cubic Put into operation in Running
treatment
A/O process meters/day February 2021 normally Guigang Xinliu Farming system
Co. Ltd. Sewage
Black membrane 60 cubic Put into operation in Jul. Running
treatment
biogas EPC meters/day 2021 normally system
Sewage
Laibin Xinhao Farming UASB + two-stage 440 cubic Put into operation in Oct. Running
treatment
Co. Ltd. A/O process meters/day 2020 normally
system
Sewage
Luocheng Xinhao UASB + two-stage 300 cubic Put into operation in
treatment Shut down
Farming Co. Ltd. A/O process meters/day March 2021 system
Sewage
Lipu Xinhao Farming UASB + two-stage 380 cubic Put into operation in Aug. Running
treatment
Co. Ltd. A/O process meters/day 2021 normally system
Sewage
Liuzhou Xinliu Farming UASB + two-stage 300 cubic Put into operation in Jul. Running
treatment
Technology Co. Ltd. A/O process meters/day 2022 normally system
Sewage
Ningming Xinhao UASB + two-stage 480 cubic Put into operation in Aug. Running
treatment
Farming Co. Ltd. A/O process meters/day 2020 normally system
Sewage
Nanning Xinhao Farming UASB + two-stage 350 cubic Put into operation in Running
treatment
Co. Ltd. A/O process meters/day September 2020 normally system
Sewage
Nanning Xinliu Farming UASB + two-stage 250 cubic Put into operation in Running
treatment Technology Co. Ltd. A/O process meters/day December 2020 normally system
Sewage
Nanning Xinliu Farming UASB + two-stage 225 cubic Put into operation in Running
treatment Co. Ltd. A/O process meters/day December 2022 normally system
Nanning Wuming Xinliu Sewage
UASB + two-stage 180 cubic Put into operation in May Running
Farming Technology Co. treatment
A/O process meters/day 2021 normally Ltd. system
Sewage
Xiajiang Xinliu Farming UASB + two-stage 360 cubic Put into operation in April Running
treatment
Co. Ltd. A/O process meters/day 2021 normally system
Sewage
Yingtan Xinliu UASB + two-stage 240 cubic Put into operation in May Running
treatment
Technology Co. Ltd. A/O process meters/day 2021 normally
system
187Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sewage
UASB + two-stage 580 cubic Put into operation in May
treatment Shut down A/O process meters/day 2021 system
Jiangxi New Hope Liuhe Sewage
UASB + two-stage 1170 cubic Put into operation in May Running
Farming Technology Co. treatment
A/O process meters/day 2021 normally Ltd. system
Wannian County New Sewage
UASB + two-stage 460 cubic Put into operation in Running
Hope Liuhe Farming Co. treatment
A/O process meters/day November 2021 normally Ltd. system
Sewage 480 +240
UASB + two-stage Put into operation in June Running
treatment cubic
Tongcheng Xinliu
system A/O process 2021 normally meters/day
Farming Technology Co.Sewage Ltd. UASB + two-stage 450 cubic Put into operation in Running
treatment
A/O process meters/day December 2022 normally system
Ruyuan Yao Autonomous Sewage UASB+secondsary
350 cubic Put into operation in April Running
County Xinhao Farming treatment AO+Ozone
meters/day 2021 normally Co. Ltd. system +BAF+ cloth filter
Guangdong Xinhao Sewage
UASB + two-stage 330 cubic Put into operation in Oct. Running
Zhenghe Farming Co. treatment
A/O process meters/day 2020 normally Ltd. system
Sewage
Zhaoqing Xinhao UASB + two-stage 220 cubic Put into operation in Running
treatment Farming Co. Ltd. A/O process meters/day February 2021 normally system
Sewage
Longhai New Hope UASB + two-stage 1500 cubic Put into operation in Jul. Running
treatment
Liuhe Farming Co. Ltd. A/O process meters/day 2022 normally system
Pretreatment +
anaerobic + two-
Sewage
Quzhou Yihai stage A/O + 760 cubic Put into operation in Oct. Running
treatment Agriculture Co. Ltd. physicochemical meters/day 2020 normally
system
precipitation +
Fenton
Pretreatment +
anaerobic + two-
Sewage
Ningbo New Hope Liuhe stage A/O + 731 cubic Put into operation in April Running
Farming Co. Ltd. treatment physicochemical meters/day 2021 normally system
precipitation +
Fenton
Sewage
Rui'an New Hope Liuhe Anaerobic + two- 428 cubic Put into operation in April Running
treatment
Farming Co. Ltd. stage A/O meters/day 2021 normally system
Sewage
Rugao Xinhao Farming UASB + two-level 180 cubic Put into operation in Jan. Running
treatment
Co. Ltd. AO meters/day 2018 normally system
Sewage
Yancheng Zhongtai Biogas 700 cubic Put into operation in Jan. Running
treatment Livestock Co. Ltd. fermentation meters/day 2020 normally system
Sewage
Nanjing Xinmu Farming UASB + two-level 300 cubic Put into operation in Running
treatment
Co. Ltd. AO meters/day September 2020 normally system
Sewage
Wulian Xinhao Farming UASB + two-level 700 cubic Put into operation in Running
treatment
Co. Ltd. AO meters/day September 2020 normally system
Sewage
UASB + two-level 697 cubic Put into operation in April Running
treatment
AO meters/day 2021 normally Laixi New Hope Liuhe system
Farming Co. Ltd. Sewage
UASB + two-level 220 cubic Put into operation in June Running
treatment
AO meters/day 2020 normally system
Sewage Pretreatment +
Laiyang Xinhao Animal 450 cubic Put into operation in Running
treatment UASB + two-stage Husbandry Co. Ltd. meters/day September 2019 normally system AO
188Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sewage
Raoyang Xinhao Farming UASB + two-level 400 cubic Put into operation in Jan. Running
treatment Co. Ltd. AO meters/day 2020 normally system
Sewage
Jing County Xinhao UASB + two-level 220 cubic Running treatment
Farming Co. Ltd. AO meters/day
Put into operation in 2021
normally
system
Sewage
Tianjin Xinliu Farming UASB + two-stage 720* 3 cubic Put into operation in June Running
treatment Technology Co. Ltd. A/O meters/day 2021 normally system
Tianjin New Hope Liuhe Sewage
UASB + two-stage 450 cubic Put into operation in Running
Farming Technology Co. treatment
A/O meters/day November 2021 normally Ltd. system
Sewage
Beijing Xinliu Farming Two-stage AO + 500 cubic Put into operation in Running
treatment
Co. Ltd. anaerobic meters/day December 2020 normally system
Sewage
Put into operation in Running
treatment
March 2019 normally Gaotang County Xinhao system UASB + two-level 460 cubic
Farming Co. Ltd. Sewage AO meters/day
Put into operation in May Running
treatment
2020 normally
system
Sewage
Jiaxiang Xinliu Swine UASB + two-stage 300 cubic Put into operation in April Running
Breeding Co. Ltd. treatment A/O meters/day 2019 normally system
Sewage
Shandong Liuhe Yinbao UASB + two-stage 120 cubic Put into operation in Jan. Running
treatment
Breeding Co. Ltd. A/O meters/day 2006 normally system
Put into operation in
Sewage
Juye Xinhao Farming UASB + two-stage 920 cubic August 2020 (Phase I)/ Running
treatment
Co. Ltd. A/O meters/day put into operation in normally system
December 2020 (Phase II)
Sewage
Heze Xinhao Farming UASB + two-stage 390 cubic Put into operation in Aug. Running
treatment
Co. Ltd. A/O meters/day 2020 normally system
Sewage
Cao County Xinhao UASB + two-stage 620 cubic Put into operation in May Running
treatment
Farming Co. Ltd. A/O meters/day 2020 normally system
Sewage
Shan County Xinhao UASB + two-stage 480 cubic Put into operation in Running
treatment
Farming Co. Ltd. A/O meters/day December 2020 normally system
Yucheng New Hope Sewage Pretreatment +
200 cubic Put into operation in Jan. Running
Liuhe Swine Breeding treatment UASB + two-stage
meters/day 2020 normally Co. Ltd. system AO
Sewage Pretreatment +
Laizhou New Hope Liuhe 340 cubic Put into operation in Running
treatment UASB + two-stage Farming Co. Ltd. meters/day September 2020 normally system AO
Sewage Pretreatment +
300 cubic Put into operation in June Running
treatment UASB + two-stage
meters/day 2020 normally system AO
Sewage Pretreatment +
400 cubic Put into operation in June Running
treatment UASB + two-stage
meters/day 2020 normally system AO
Sewage Pretreatment +
Xiajin New Hope Liuhe 80 cubic Put into operation in June Running
treatment UASB + two-stage Farming Co. Ltd. meters/day 2020 normally system AO
Sewage Pretreatment +
80 cubic Put into operation in June Running
treatment UASB + two-stage
meters/day 2020 normally system AO
Sewage Pretreatment +
220 cubic Put into operation in June Running
treatment UASB + two-stage
meters/day 2020 normally system AO
Sewage
Zhangjiakou Xinwang UASB + two-level 500 cubic Put into operation in Oct. Running
treatment
Farming Co. Ltd. AO meters/day 2020 normally system
189Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sewage
UASB + two-level 540 cubic Put into operation in Running
treatment
AO meters/day September 2019 normally system
Hebei Xinhao Fucheng Sewage
UASB + two-level 240 cubic Put into operation in Running
Agricultural Technology treatment
AO meters/day February 2019 normally Co. Ltd. system
Sewage
UASB + two-level 240 cubic Put into operation in Jul. Running
treatment
AO meters/day 2019 normally system
Sewage Pretreatment +
Liaocheng Xinhao 610 cubic Put into operation in Jan. Running
treatment UASB + three-
Farming Co. Ltd. meters/day 2019 normally system stage AO
Sewage Pretreatment +
1050 cubic Put into operation in April Running
treatment UASB + two-stage
meters/day 2019 normally Dong’e New Hope Liuhe system AO
Swine Breeding Co. Ltd. Sewage Pretreatment +
480 cubic Put into operation in Running
treatment UASB + two-stage
meters/day March 2023 normally
system AO
Sewage
UASB + two-level 260 cubic Put into operation in June Running
treatment
AO meters/day 2021 normally system
Sewage Black membrane
144 cubic Put into operation in Jul. Running
treatment biogas process +
Wuhe New Hope Liuhe meters/day 2020 normally system AO system
Animal Husbandry Co.Sewage Ltd. Black membrane 144 cubic Put into operation in Aug. Running
treatment
biogas process meters/day 2020 normally
system
Sewage
UASB + two-level 795 cubic Put into operation in Running
treatment
AO meters/day March 2021 normally system
Sewage Pretreatment +
690 cubic Put into operation in Running
treatment UASB + two-stage
Dongying Xinhao meters/day December 2020 normally system AO
Modern Farming Co.Sewage Pretreatment + Ltd. 430 cubic Put into operation in Running
treatment UASB + two-stage
meters/day September 2020 normally system AO
Sewage
Zhucheng Xinliu Farming USB + two-level 500 cubic Put into operation in Running
Technology Co. Ltd. treatment AO meters/day November 2020 normally system
Sewage
Laiyang Xinmu Breeding Pretreatment + 850 cubic Put into operation in April Running
treatment
Co. Ltd. UASB meters/day 2023 normally system
Sewage 370 +470
Zhenjiang New Hope UASB + two-level Put into operation in Running
treatment cubic
Farming Co. Ltd. AO March 2020 normally system meters/day
Sewage
Gansu Xinliu Farming UASB + two-level 720 cubic Put into operation in May Running
treatment
Technology Co. Ltd. AO meters/day 2021 normally system
Sewage CSTR fully mixed
700 cubic Put into operation in April Running
treatment anaerobic
Gansu New Hope Liuhe system
meters/day 2021 normally
treatment
Farming Co. Ltd. Sewage CSTR fully mixed
740 cubic Put into operation in May Running
treatment anaerobic
meters/day 2021 normally
system treatment
Sewage Pretreatment +
Lingbao Xinliu Farming 240 cubic Put into operation in Jan. Running
treatment UASB + two-stage Co. Ltd.system AO meters/day 2020 normally
Sewage Pretreatment +
480 cubic Put into operation in June Running
treatment UASB + two-stage
meters/day 2021 normally
Puyang Xinliu Farming system AO
Technology Co. Ltd. Sewage Pretreatment +
900 cubic Put into operation in June Running
treatment UASB + two-stage
meters/day 2021 normally
system AO
190Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Pucheng Xinliu Sewage
Pretreatment + 740 cubic Running
Technology Co. Ltd. treatment Put into operation in 2021 UASB + AO meters/day normally
Pucheng Pig Farm system
Sewage Pretreatment +
Yijun Xinliu Technology 300 cubic Running
treatment UASB + two-stage Put into operation in 2020 Co. Ltd. meters/day normally system AO
Sewage Pretreatment +
Wuqi Xinliu Technology 500 cubic Running
treatment UASB + two-stage Put into operation in 2021
Co. Ltd. meters/day normally system A/O
Sewage Pretreatment +
480 cubic Put into operation in Running
treatment UASB + two-stage
meters/day February 2019 normally Yanting Xinhao Farming system AO
Co. Ltd. Sewage Pretreatment +
360 cubic Put into operation in Jan. Running
treatment UASB + two-stage
meters/day 2022 normally system AO
Guangyuan Xinhao Sewage Pretreatment +
340 cubic Put into operation in Running
Farming Co. Ltd. Shanxi treatment UASB + two-stage
meters/day December 2020 normally Pig Farm system AO
Langzhong Xinliu
Sewage Pretreatment +
Farming Technology Co. 240 cubic Put into operation in Aug. Running
treatment UASB + two-stage
Ltd. Deyang Village Pig meters/day 2021 normally
Farm system AO
Qianwei Xinhao Farming Sewage Pretreatment +
230 cubic Put into operation in April Running
Co. Ltd. Longhua Pig treatment UASB + two-stage
meters/day 2022 normally Farm system AO
Sewage Pretreatment +
240 cubic Put into operation in Running
treatment UASB + two-stage
meters/day December 2019 normally Leshan New Hope system AO
Farming Co. Ltd. Sewage
Pretreatment + 70 cubic Running
treatment Put into operation in 2018
system UASB + AO meters/day normally
Shaanxi Zhongshan Sewage
Black membrane 120 cubic Running
Xingwang Farming treatment Put into operation in 2020
biogas meters/day normally Technology Co. Ltd. system
Sewage Pretreatment +
Yincheng Xinhao 480 cubic Put into operation in Running
treatment UASB + two-stage Farming Co. Ltd. meters/day December 2020 normally system AO
Zhengzhou Quansheng Sewage Pretreatment +
235 cubic Put into operation in Running
Farming Technology Co. treatment UASB + two-stage
meters/day December 2020 normally Ltd. system AO
Sewage Pretreatment +
400 cubic Running
treatment UASB + two-stage Put into operation in 2019
Yan’an Benyuan meters/day normally system AO
Agricultural Technology
Sewage Pretreatment +
Development Co. Ltd. 200 cubic Running
treatment UASB + two-stage Put into operation in 2018 meters/day normally system AO
Weinan Zhengneng
Sewage
Farming Technology Co. Black membrane 200 cubic Running
treatment Put into operation in 2019
Ltd. Heyang Xinliu Pig biogas meters/day normally system
Farm
Sewage Pretreatment +
500 cubic Running
treatment UASB + two-stage
meters/day Put into operation in 2020 normally
system AO
Sewage Pretreatment +
Weinan Xinliu 360 cubic Running treatment UASB + two-stage Put into operation in 2021Technology Co. Ltd. meters/day normally system AO
Sewage Pretreatment +
500 cubic Running
treatment UASB + two-stage Put into operation in 2021 meters/day normally system AO
Sewage Pretreatment +
510 cubic Put into operation in May Running
treatment UASB + two-stage
meters/day 2020 normally Hubei Xinhao Farming system AO
Co. Ltd. Sewage Pretreatment +
570 cubic Put into operation in Oct. Running
treatment UASB + two-stage
meters/day 2020 normally system AO
191Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sewage Pretreatment +
Guang’an Xinhao 500 cubic Put into operation in Jan. Running
treatment UASB + two-stage
Farming Co. Ltd. meters/day 2021 normally system AO
Sewage Pretreatment +
650 cubic Put into operation in April Running
treatment UASB + two-stage
Ruzhou Quansheng meters/day 2021 normally system AO
Farming Technology Co.Sewage Pretreatment + Ltd. 480 cubic Put into operation in Running
treatment UASB + two-stage
meters/day February 2022 normally
system AO
Pretreatment +
Sewage UASB + two-stage
Xingren Xinliu Farming 160 cubic Put into operation in Jul. Running
treatment AO +
Technology Co. Ltd. meters/day 2021 normally system physicochemical
precipitation
Heyang Zhenghe Modern Sewage
Pretreatment + 200 cubic
Farming Co. Ltd. treatment Put into operation in 2019
Running
UASB + AO meters/day normally
Heyang Pig Farm system
Jiuzhi Farm of Kangping
Sewage
Xinwang Farming Co. Black membrane 250 cubic Put into operation in June Running
treatment
Ltd. In Beisanjiazi Sub- biogas meters/day 2020 normally
system district Kangping
Kangping Xinwang
Sewage
Farming Co. Ltd. Black membrane 500 cubic Put into operation in Running
treatment
Kangping Xiaodong biogas meters/day September 2020 normally system
Branch
Kangping Xinwang
Sewage
Farming Co. Ltd. Black membrane 620 cubic Put into operation in Running
treatment
Kangping Kangliuwang biogas meters/day November 2020 normally
system Branch
Kangping Xinwang
Sewage
Farming Co. Ltd. Black membrane 190 cubic Put into operation in Jan. Running
treatment
Kangping Kangbawang biogas meters/day 2021 normally system
Branch
Zhangwu Xinwang
Sewage
Farming Co. Ltd. Black membrane 420 cubic Put into operation in Oct. Running
treatment
Zhangwu Zhangsiwang biogas meters/day 2020 normally system
Branch
Zhangwu Xinwang
Sewage
Farming Co. Ltd. Black membrane 320 cubic Put into operation in Oct. Running
treatment
Zhangwu Zhangqiwang biogas meters/day 2021 normally system
Branch
Zhangwu Xinwang
Sewage
Farming Co. Ltd. Black membrane 390 cubic Put into operation in June Running
treatment
Zhangwu Zhangshiwang biogas meters/day 2021 normally system
Branch
Sewage CSTR fully mixed
400 cubic Put into operation in Running
treatment anaerobic
meters/day December 2019 normally system treatment
Sewage CSTR fully mixed
240 cubic Put into operation in Running
treatment anaerobic
meters/day November 2019 normally
Liaoning Xinwang system treatment
Technology Co. Ltd. Sewage CSTR fully mixed
240 cubic Put into operation in Running
treatment anaerobic
meters/day December 2019 normally system treatment
Sewage
Black membrane 240 cubic Put into operation in Running
treatment
biogas process meters/day December 2020 normally system
Jiangyou New Hope Sewage
Pretreatment + 100 cubic Put into operation in Running
Hypor Swine Breeding treatment
one-stage AO meters/day February 2008 normally Co. Ltd. (Xiping Farm) system
Sewage
Chengdu Xinjin Xinhao UASB + 2-stage 250 cubic Put into operation in Oct. Running
treatment
Farming Co. Ltd. AO meters/day 2022 normally system
192Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Laibin New Hope Liuhe Sewage
UASB + 2-stage 530 cubic Put into operation in Aug. Running
Farming Technology Co. treatment
AO meters/day 2022 normally Ltd. system
II. Social responsibilities
Refer to the 2024 Sustainability Report published by the Company on www.cninfo.com.cn on April 26 2024 for details. This
report is compiled in accordance with the Self-Regulatory Guidelines No. 17 for Companies Listed on Shenzhen Stock Exchange -
Sustainability Report (For Trial Implementation) and with reference to the GRI Standards 2021. Relevant indexes are as follows:
Topic Relevant page in the 2024 Sustainability Report
Reporting framework
Message from the chairman 01
About us 02
Sustainability management 03
Materiality assessment 05
Stakeholder engagement 08
Responsibilities: thirty years of glory 09
Efficient governance consolidates the foundation for
development
Party building 13
Corporate governance 14
Risk and compliance management 19
Business ethics 23
Supply chain management 26
Outstanding products benefit nutritious and healthy life
R&D of nutrition and health 31
Strict control of quality and safety 36
Improve service quality 42
Digital intelligence empowerment 45
Green industry benefits the nature
Sustainable agriculture 51
Sustainable operation 53
Tackle climate change 57
Land use and biodiversity conservation 63
Value co-creation leads to common prosperity
Benefit employees 67
Empower farmers 81
Care for the community 83
Appendix
About the report 90
Key performance 91
Index table 93
III. Details about solidifying and expanding anti-poverty achievements and rural
revitalization
(I) Rural revitalization
The Company actively undertakes the "Fifth-Five Initiative" for rural revitalization initiated by New Hope Group. From 2020 to
2024 five major programs i.e. rural industry revitalization program rural employment program rural green-collar training program
rural small and micro business aid program and rural template demonstration program were carried out to support rural revitalization.
(1) Village Head Class "Seed Plan" launched to boost talent revitalization
Based on the Group’s "100000 Green Collar New Farmers Training Program" the Company offered a number of high-quality
training programs through a variety of online and offline teaching scenarios according to the needs of farmers and different stages of
agricultural development. Among them the "Village Head Class" public welfare program which plans to cultivate 500 rural grassroots
governance workers within five years has seen over 3000 "village heads" participate in the selection and more than 400 trainees
193Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
complete the training in the past four years. This program covers over 3000 villages exploring a scientific highly practical and
replicable model for training rural grassroots management talents. On November 4 2024 the fourth New Hope Rural Revitalization
"Village Head Class" was launched in Hengkantou village Zhejiang province. To better carry forward the spirit of the Guangcai
Program and leverage the advantages and roles of the "Village Head Class" platform a "Seed Plan" project was launched concurrently.It provides "scholarship" support for outstanding action plans and participating villages aiming to establish a long-term attention and
evaluation mechanism regularly organize experts for guidance and diagnosis assist rural development leaders in solving practical
problems in innovative ways and explore and create new paths and models for rural revitalization development.
(2) Supply chain financial service platform 2.0 built to boost SMEs growth
Integrating resources from banks insurance companies etc. and relying on the agricultural and livestock industry chain the
Company innovates the supply chain finance model centered on guarantee and continuously improves inclusive guarantee services.With a professional team covering 28 provinces and municipalities across the country the Company provides financing guarantee
services for upstream and downstream customers of the industrial chain solving the issues of difficult and expensive financing for
customers in the agricultural industrial chain and laying a solid foundation for promoting the development of the industrial chain. By
the end of 2024 a total of 212700 customers had been served with 75 billion yuan of financing granted effectively achieving the goal
of supporting and benefiting agriculture.In practice the Company is actively promoting innovations in business models operation processes risk prevention system
construction and management systems in accordance with the principle of "government support bank cooperation farmer participation
and market operation" and has established a multi-level credit guarantee system with a total of 35 sub-products in 7 major categories.The Company also continuously develops and optimizes financing channels to effectively reduce the financing costs for farmers. In
2024 the Company delved deeply into the cooperation model between banks and enterprises successively establishing cooperative
relationships with state-owned banks joint-stock banks city commercial banks and foreign banks. It leveraged its professional
advantages to manage risks for farmers and partnered with 22 banks with a total credit line of 12 billion yuan.The Company's supply chain financing started in 2007 providing guaranteed loans to downstream feed farmers through the
traditional offline model of heavy mortgage and strong guarantee. In 2021 the Company fully completed the construction of the
industrial-finance platform and made every effort to solve the issues of difficult self-financing and high interest rates for customers in
the industrial chain. In 2024 the Company built the supply chain financial service platform 2.0 forming an inclusive agricultural
industrial chain financial model of "data layer + product layer + risk control layer + scenario layer" further improving the loan
disbursement efficiency and better serving the vast number of agricultural and animal husbandry customers. By the end of 2024 a total
of 13934 customers in the industrial chain had been served and the loan amount reached 30.283 billion yuan.
(3) A community of shared future for industrial partners established to boost industrial revitalization
Adhering to the mission of "benefiting farmers benefiting consumers" and relying on an efficient and intensive management
system and a complete industrial chain resource the Company collaborates with farmers to explore a mutually beneficial and win-win
cooperative pig farming model and build a community of shared future throughout the entire industrial chain.To help farmers solve the problem of "winning by cost" the Company's feed BU has launched a "company + farmer" collaborated
breeding model in Shandong province. Relying on resources and capabilities in terms of procurement nutritional matching and market
research the Company provides eight supporting services for large-scale pig farm customers including pig seedling procurement
nutritional plans financial support ASF prevention and control pig insurance animal health services breeding techniques and pig
selling services helping customers achieve "low risk and high benefit and more worry-free breeding" in pig farming.On the one hand the Company promotes digital products such as JuBaoZhu LiaoNiFu JianZhuBang and Cloud Free-range
among cooperative feed customers large-scale pig farms contract farmers and pig brokers enabling partners to keep abreast of the
real-time dynamics of pig production and facilitating the digital upgrade of the pig farming industry. on the other hand by building a
smart development model that links enterprises and family farms the Company gradually introduce intelligent and intensive technical
equipment for feed tower weighing water and energy conservation needle-free injection and antibiotic-free breeding certification as
194Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
well as the high value-added breeding models to the breeding farms of partners enabling modern breeding technologies to benefit
more farmers.In 2024 the Company established partnership with over 3400 farmers in 23 provinces across the country and sold 8.89 million
hogs with the "company + farmer" model generating 3 billion yuan in revenue for farmers. In particular many places launched poverty
alleviation projects and breeding cooperatives in cooperation with the government. For instance the poverty alleviation breeding
project in Tekou Jiagu village Zhaojue county Liangshan prefecture Sichuan province has been continuously operating in high-
altitude mountainous areas for six years. It has sold a total of 16000 pigs paid 5.17 million yuan in breeding agency fees distributed
a total of 1.39 million yuan in dividends benefited 1130 villagers and trained 12 local technicians. In the places where the glorious
cause was initiated it has continuously driven villagers to become prosperous and increase their income.(II) Sustainable development and environmental protection practices
The Company actively responds to the national "dual carbon" goals vigorously promoting energy conservation and carbon
reduction from four major aspects: transition to clean energy energy conservation management biological carbon sequestration and
carbon trading promotion. It also continuously pays attention to new fields and new demands emerging in the process of low-carbon
economic transformation focuses on sustainable agriculture enhances development resilience and promotes sustainable growth.
(1) Transition to clean energy
The Company actively promotes the diversified utilization of clean energy such as photovoltaic and biogas to optimize the energy
structure and reduce the use of fossil energy assuming the responsibility of emission reduction. In 2024 the Company added 3.98
megawatts of new grid-connected photovoltaic projects making the operational photovoltaic projects reach 15.22 megawatts. The
operational photovoltaic projects provided 11.7468 million KWH of green electricity and reduced GHG emissions by approximately
6878.93 tons of carbon dioxide equivalent. Farms of the Pig BG also vigorously developed water resource recycling models such as
cycling use of water reclaimed water irrigation and manure returning to the fields. By 2024 the total amount of reclaimed water
returning to the fields reached 15.7532 million tons.
(2) Energy conservation management
The Company implements energy-saving management plans and equipment in the pig BG. After lighting plan optimization farms
implement staggered lighting measures based on the actual light intensity to reduce lighting electricity consumption. The operating
status of boilers has been adjusted to add a timer for the operation of gas equipment optimize the start-stop frequency of the boilers
and reduce the consumption of natural gas. Solar energy equipment has also been added for gradually replacing electric water heaters
with air-source heat pumps to not only reduce power consumption but also enhance the stability of water supply. During the reporting
period six energy management training sessions were conducted covering 24800 workers in the pig business and the feed business.
(3) Biological carbon sequestration
The Company's pig BG has planted winter wheat corn and other grain crops on the 79000mu of arable land available for
consumption. On the remaining forest land it has planted apples mandarin oranges and other fruit trees. It also ferments and returns
the manure to the fields achieving carbon sequestration in dry plants and carbon storage in dry soil. For instance the "Water and
Fertilizer Integration Project" of the Company in Xiangzhou Guangxi not only effectively enhanced the resource utilization efficiency
of pig breeding and reduced the impact of manure and sewage discharge on the environment but also drove the annual income per mu
of the surrounding sugarcane growers to increase by 20%. During the reporting period the Company produced 104800 tons of
fermented manure and harvested 2.5759 million kilograms of fresh fruits and vegetables through the integrated planting and breeding
model achieving approximately 94500 tons of carbon dioxide equivalent in biological carbon sequestration throughout the year.
(4) Carbon trading promotion
In 2023 the Company achieved a breakthrough in carbon trading and concluded a carbon reduction cooperation agreement with
Volkswagen Group of Germany. In October 2024 the Company officially provided 182500 tons of carbon credits to Volkswagenplant in Anhui Province under the "Anhui Wuhe Animal Husbandry VCS Project” aiming to achieve net-zero emissions in Volkswagen
production. During the reporting period other carbon emission reduction projects of the Company had approximately 90000 tons of
carbon quotas to be sold and approximately 160000 tons of carbon quotas to be issued. The Company also signed a Carbon Asset
195Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Development and Trading Service Agency Agreement with Sinopec Carbon Industry Technology Co. Ltd. to further promote its layout
in the field of emission reduction and carbon reduction.
196Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 6 Important Matters
I. Fulfillment of commitments
1. Commitments fulfilled within the reporting period and not yet fulfilled beyond the time limit as at the end
of the reporting period by actual controller shareholder related party acquirer and corporate and other
commitment-related parties of the Company
□Applicable □Not applicable
Period
Cause of Party Type of Time of of Fulfill
Content of commitment
commitment concerned commitment commitment comm ment
itment
New Hope Group Co. Ltd.will not list for trading or
transfer its shares within 36
months of acquisition of the
circulation right. Upon the
expiration of the aforesaid
lockup period the formerly
non-tradable shares may be
listed for sale at a price of no
less than 6.8 yuan only when
the Company’s stock closing
Comm
price exceeds 6.8 yuan for
itment
Share reform New Hope Share reduction any consecutive 5 trading
January 19 2006 None s
commitments Group Co. Ltd. commitments days. The prices of the
honore
aforesaid shares offered for
d
sale may be adjusted
accordingly when the
Company implements profit
distribution conversion of
capital reserve additional
issue of new shares shares
allotment conversion of
convertible bonds into shares
or shareholding reduction in
the same ratio by all
shareholders.Commitments
made in
acquisition
None None None None None None
reports or
equity change
reports
Commitments In order to preserve the
New Hope regarding legitimate rights and interests
Comm
Commitment Group Co. horizontal of the Company after
itment
made at the Ltd.; South competition significant asset
December 31 2010 None s
time of asset Hope Industrial related-party reorganization the aforesaid
honore
reorganization Co. Ltd.; Liu transactions shareholders undertake that
d
Yonghao and occupation the covenanters currently are
of funds not directly or indirectly
197Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
engaged in any business
activities that constitute
horizontal competition with
the business conducted by
the listed company; while the
covenanters actually control
the listed company the
covenanters and other
companies (except for listed
companies) controlled by
them will not directly or
indirectly engage in any
business activities that
constitute horizontal
competition with the
business conducted by the
listed company nor engage
in any activities that might
damage the interests of the
listed company.In order to reduce and
regulate the possible related-
party transactions of the
company after significant
asset reorganization the
aforesaid shareholders
undertake that they will
avoid or reduce related-party
transactions with the listed
company and its subsidiaries
whenever possible; execute
standard-compliant related-
party transaction agreements
with the listed company with
respect to related-party
Commitments transactions that cannot be
regarding avoided or have reason to
New Hope Comm
Commitment horizontal exist and perform approval
Group Co. itment
made at the competition procedure according to the
Ltd.; South December 31 2010 None s
time of asset related-party applicable laws regulations
Hope Industrial honore
reorganization transactions rules and other normative
Co. Ltd. d
and occupation documents and the articles of
of funds association whereby the
prices of related-party
transactions will be
determined according to the
prices when the same or
similar transactions are
conducted with independent
third parties without related-
party relationship in order to
ensure prices of related-party
transactions are fair;
undertake to perform the
information disclosure
obligations for related-party
transactions according to
applicable laws regulations
198Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and articles of association;
undertake not to illegally
transfer funds or profits of
the listed company through
related-party transactions or
jeopardize the interests of the
listed company and its non-
related shareholders through
related-party transactions.After the significant asset
organization of the Company
South Hope will become a
shareholder of the Company
the shares controlled by New
Hope Group in the Company
will further increase and New
Hope Group and South Hope
undertake as follows to
New Hope ensure the independence of Comm
Commitment
Group Co. the Company: 1. ensure the itment
made at the Other
Ltd.; South independence of assets of the December 31 2010 None s
time of asset commitments
Hope Industrial listed company; 2. ensure the honore
reorganization
Co. Ltd. financial independence of the d
listed company; 3. ensure the
organizational independence
of the listed company; 4.ensure the business
independence of the listed
company; 5. ensure the
relative independence of
employees of the listed
company.Commitments
made at the
None None None None None None
time of IPO or
refinancing
Equity
incentive None None None None None None
commitments
Other
commitments
made to
None None None None None None
minority
shareholders of
the Company
Other
None None None None None None
commitments
Whether the
commitments
Yes
were performed
on time
If commitments
were not
performed and N/A
completed
within the time
199Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
limit specify
the reasons for
the failure to
complete
performance
and the next
work plan
2. Where the Company's assets or projects have a profit forecast and the reporting period is still in the profit
forecast period the Company explains the assets or projects to meet the original profit forecast and the
reasons for it
□Applicable □Not applicable
II. Occupation of non-operating funds of the listed company by the controlling shareholder or
its related parties
□Applicable □Not applicable
The Company had no occupation of non-operating funds of the listed company by the controlling shareholder or its related parties
during the reporting period.III. Illegal external guarantees
□Applicable □Not applicable
The Company had no illegal external guarantees during the reporting period.VI. Remarks of the board of directors on details related to the most recent “modified auditreport”
□Applicable □Not applicable
V. Remarks of the board of directors board of supervisors and independent directors (if any)
on the “modified audit report” issued by the accounting firm for this reporting period
□Applicable □Not applicable
VI. Remarks on changes in accounting policies or accounting estimates or correction of major
accounting error compared with the financial report of the previous year
□Applicable □Not applicable
The company had no change in accounting policies or accounting estimates or correction of major accounting error within the
reporting period.VII. Remarks on changes in the scope of consolidated statements compared with the financial
report of the previous year
□Applicable □Not applicable
1. The entities added to the consolidated statements of this year include:
200Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Shanghai New Hope Kinghey Food Co. Ltd. Zhangwu New Hope Liuhe Farming Co. Ltd. Kangping Xinwang Liuhe Farming
Co. Ltd. Yi County Jinguan Farming Co. Ltd. Shanghai New Hope Supply Chain Technology Co. Ltd. Qingdao New Hope Liuhe
Trade Co. Ltd. Liu’an Xinxi Food Co. Ltd. Qingyuan New Hope Farming Technology Co. Ltd. Liaoning Jinguan Farming Co.Ltd. Heishan County Jincheng Farming Co. Ltd. and Langxi Huaren Feed Co. Ltd. which were established in 2024 and included in
the consolidated financial statements from the date of their establishment.
2. The entities removed from the consolidated statements this year include:
Qingdao Hengtai Datong Park Operation & Management Co. Ltd. Sichuan New Hope Liuhu Food Co. Ltd. Handan Liuhe
Huayu Feed Co. Ltd. Nanchang Guoxiong Feed Technology Co. Ltd. Nanning Guoxiong Technology Co. Ltd. Chenzhou Hope
Feed Co. Ltd. Chongqing Guoxiong Feed Co. Ltd. Chongqing Hope Feed Co. Ltd. Hainan New Hope Agriculture Co. Ltd.Haiyang New Hope Liuhe Farming Technology Co. Ltd. Yongzhou New Hope Liuhe Feed Co. Ltd. Putian New Hope Zhenxing
Animal Husbandry Co. Ltd. Fujian Datian New Hope Liuhe Animal Husbandry Co. Ltd. Tongliao Xinwang Farming Technology
Co. Ltd. Suixi Xinyue Farming Technology Co. Ltd. Ya'an New Hope Feed Co. Ltd. Xiangyang Xinyue Farming Co. Ltd. Guangxi
New Hope Liuhe Breeding Co. Ltd. Xinhe International Trade Co. Ltd. Xiangyang Hope Co. Ltd. Guangzhou Xinhe Biological
Feed Co. Ltd. Anhui Xinkai Biotechnology Co. Ltd. Zunhua Liuhe Mercado Food Co. Ltd. Changshan New Hope Liuhe Farming
Co. Ltd. and Fu’an Xinliu Farming Technology Co. Ltd. Among them Qingdao Hengtai Datong Park Operation & Management Co.Ltd. Sichuan New Hope Liuhu Food Co. Ltd. Handan Liuhe Huayu Feed Co. Ltd. Nanjing Guoxiong Technology Co. Ltd.Nanchang Guoxiong Feed Technology Co. Ltd. Nanning Guoxiong Technology Co. Ltd. Chenzhou Hope Feed Co. Ltd. Chongqing
Guoxiong Feed Co. Ltd. Chongqing Hope Feed Co. Ltd. and Hainan New Hope Agriculture Co. Ltd. the equity in which was
disposed of by the Company were not included in the consolidated financial statements from the date of their disposal and the rest
companies which were deregistered in 2024 were not included in the consolidated financial statements from the date of their
deregistration.VIII. Appointment and dismissal of accounting firm
Incumbent accounting firm
Sichuan Huaxin (Group) CPA Firm (Special General
Name of dometic accounting firm
Partnership)
Compensation of domestic accounting firm (yuan10000) 550
Continuous period of audit services provided by domestic
27
accounting firm
Name of CPA of domestic accounting firm Li Min Zhou Piping Gu Li
Continuous period of audit services provided by CPA of
Li Min 4 years; Zhou Piping 4 years Gu Li 3 year
domestic accounting firm
Whether another accounting firm is appointed instead in the current period
□Yes □No
Appointment of accounting firm financial advisor or sponsor for internal control audit
□Applicable □Not applicable
In 2024 the Company engaged Sichuan Huaxin (Group) CPA Firm (Special General Partnership) to audit the internal control of
the Company and paid internal control audit fee of 1.4 million yuan.IX. Delisting faced after disclosure of annual report
□Applicable □Not applicable
201Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
X. Events related to bankruptcy reorganization
□Applicable □Not applicable
No bankruptcy reorganization matters occurred in the Company during the reporting period.XI. Major litigations and arbitrations
□Applicable □Not applicable
The Company was not involved in major litigations or arbitrations during the reporting period.XII. Penalties and rectifications
□Applicable □Not applicable
The Company had no penalties or rectification during the reporting period.XIII. Status of integrity of the Company and its controlling shareholder and actual controller
□Applicable □Not applicable
XIV. Significant related-party transactions
1. Related-party transactions related to daily operations
□Applicable □Not applicable
Prop
Availa
ortio Trans Whet
ble
Amou n in action her
Relate Pricin marke
nt of simil limit excee RPT Date
d- Type Detail g Pric t price Disclo
Related RPT ar appro ding settl of
party of s of princi e of of sure
party (1000 trans ved the eme disclo
relatio RPT RPT pal of RPT simila index
0 actio (1000 appro nt sure
nship RPT r
yuan) n 0 ved
transa
amo yuan) limit
ctions
unt
Cash
on
Comp deliv
anies ery/c
Sichuan
contro leara Cninfo
New Relate
lled nce April .com.c
Hope d Marke 255 5104 0.61 5879
by the Corn No at 2524 30 n
Trade purcha t price 0 1.38 % 4same the 2024 （202Co. seactual end 4-34）
Ltd.contro of
ller the
mont
h
Sichuan Comp Relate Cash Cninfo
Soybe April
New anies d Marke 348 1369 1.65 1577 on .com.c
an No 3553 30
Hope contro purcha t price 0 12.21 % 06 deliv n
meal 2024Trade lled se ery/c （202
202Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.Co. by the leara 4-34）
Ltd. same nce
actual at
contro the
ller end
of
the
mont
h
Pay
Shando
ment
ng
withi
Zhongx
n 15
in Food
days
Group Cninfo
Feed /clea
Co. Augus .com.c
Associ Relate feed Marke 309 6812 6.61 7180 ranc
Ltd. and No 3115 t 31 n
ate d sale ingred t price 9 65.13 % 00 e atits 2024 （202ients themajorit 4-74）
end
y-
of
owned
the
subsidia
mont
ries
h
86929345
Total -- -- -- -- -- -- -- --
18.7200
Particulars of large-scale sales returns N/A
The actual performance (if any)
during the reporting period if the total The actual amount of related-party purchases accounted for 86.81% of the approved
amount of proposed daily RPTs transaction quota and the actual amount of related-party sales accounted for 94.88% of the
during the current period is estimated approved transaction quota both within the approved transaction quota.by category
The reasons for the significant
difference between the transaction
N/A
price and the market reference price
(if applicable)
2. Related-party transactions arising from acquisition or sale of assets or equity
□Applicable □Not applicable
The Company had no related-party transactions arising from acquisition or sale of assets or equity during the reporting period.
3. Related-party transactions arising from joint external investment
□Applicable □Not applicable
The Company had no related-party transactions arising from joint external investment during the reporting period.
4. Dealings of financial claims and debts with related parties
□Applicable □Not applicable
The Company had no dealings of financial claims or debts with related parties during the reporting period.
203Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
5. Dealings with related finance companies
□Applicable □Not applicable
Deposit business
Daily Current amount
Relate Opening Closing
maximum Range of
d-party balance Total current Total current balance
Related party deposit limit deposit
relatio (10000 deposited withdrawn (10000
(10000 interest rate
nship yuan) amount (10000 amount (10000 yuan)
yuan) yuan) yuan)
New Hope
Associ
Finance Co. 1000000 0.35%-2.25% 548173.26 87288294.05 87486311.76 350155.55
ate
Ltd.Loan business
Relate Opening Current amount Closing
Loan limit
d-party Range of loan balance balance
Related party (10000 Total current Total current
relatio interest rate (10000
yuan) loan amount repaid amount
(10000
nship yuan) (10000 yuan) (10000 yuan) yuan)
New Hope
Associ
Finance Co. 129120 1.88%-4% 4330 178000 53210 129120
ate
Ltd.Credit or other financial business
Related-party Total amount (10000 Actually incurred
Related party Business type
relationship yuan) amount (10000 yuan)
New Hope Finance Other financial
Associate 272138.93 736898.62
Co. Ltd. business
6. Dealings between finance companies controlled by the Company and related parties
□Applicable □Not applicable
There was no deposit loan credit or other financial business between finance companies controlled by the Company and related
parties.
7. Other significant related-party transactions
□Applicable □Not applicable
The Company had no other significant related-party transactions during the reporting period.XV. Significant contracts and their performance
1. Trusteeship contracting and leasing matters
(1) Trusteeship
□Applicable □Not applicable
The Company had no trusteeship during the reporting period.
204Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(2) Contracting
□Applicable □Not applicable
The Company had no contracting during the reporting period.
(3) Leasing
□Applicable □Not applicable
The Company had no leasing during the reporting period.
2. Significant guarantees
□Applicable □Not applicable
Unit: 10000 yuan
External guarantees provided by the Company and its subsidiaries (excluding guarantees provided for subsidiaries)
Date of
Name Wheth
disclosure Count Wheth
of Amount er
of related Date Type of Collat er Guarant er
guarant Guarantee actually related
announceme actually guarante erals(i guaran ee fully
ee d amount guarantee -party
nt of incurred e f any) tee (if period perfor
benefici d guaran
guaranteed any) med
ary tee
amount
Anyue
Xingxin
Joint
xin
and
Farmin
April 29 May 19 several 2191
g 2880 1965.71 None None No Yes
2020 2021 liability days
Technol
guarante
ogy
e
Co.Ltd.Chengd
u
Tianfu
Joint
Xingxin
and
xin
May 23 February 4 several 696
Farmin 4403.04 2000 None None No Yes
2023 2024 liability days
g
guarante
Technol
e
ogy
Co.Ltd.Chengd
u
Tianfu
Joint
Xingxin
and
xin
January 17 several 2557
Farmin June 1 2022 47816.96 21720 None None No Yes
2023 liability days
g
guarante
Technol
e
ogy
Co.Ltd.
205Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Joint
Lezhi
and
Xinmu
April 29 March 5 several 2912
Farmin 21600 17550 None None No Yes
2020 2021 liability days
g Co.guarante
Ltd.e
Rong Joint
County and
Xinmu April 29 April 22 several 2769
22100 17500 None None No Yes
Farmin 2020 2021 liability days
g Co. guarante
Ltd. e
Deyang
Joint
New
and
Hope
April 19 several 712
Liuhu June 1 2022 1800 1075 None None No Yes
2023 liability days
Food
guarante
Co.e
Ltd.Joint
Feichen
and
g Liuhe
April 14 several 717
Breedin June 1 2022 2500 1500 None None No Yes
2023 liability days
g Co.guarante
Ltd.e
Joint
Gaomi
and
Liuhe
April 14 several 717
Breedin June 1 2022 3750 2250 None None No Yes
2023 liability days
g Co.guarante
Ltd.e
Haiyan
Joint
g Liuhe
and
Breedin
May 23 November several 449
g 4650 3744.03 None None No Yes
2023 17 2023 liability days
Chicken
guarante
Co.e
Ltd.Yanyua
n Xinliu Joint
Farmin and
g May 29 June 15 several 3604
18500 17500 None None No Yes
Technol 2021 2021 liability days
ogy guarante
Co. e
Ltd.Qingda Joint
o Liuhe and
Wanfu May 23 November several 487
2500 2500 None None No Yes
Food 2023 30 2023 liability days
Co. guarante
Ltd. e
Qingda Joint
o and
May 23 December 446
Tianrun 1530 1530 several None None No Yes
2023 13 2023 days
Food liability
Co. guarante
206Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd. e
Total amount of
Total amount of
external guarantee
external guarantee
actually incurred 2000
approved during the
during the reporting
reporting period (A1)
period (A2)
Total amount of Total balance of
external guarantee actual external
approved as at the end 134030 guarantee at the end 90834.74
of the reporting period of the reporting period
(A3) (A4)
Guarantees provided by the Company for its subsidiaries
Date of Whe
Name
disclosure Count Wheth ther
of Amount
of related Date Type of Collat er Guarant er relat
guarant Guaranteed actually
announceme actually guarante erals(i guaran ee fully ed-
ee amount guarantee
nt of incurred e f any) tee (if period perfor party
benefici d
guaranteed any) med guar
ary
amount antee
Anyang Joint
Xinliu and
Technol April 29 January 20 several 2380
12000 6000 None None No Yes
ogy 2020 2021 liability days
Co. guarante
Ltd. e
Beijing
Xinliu Joint
Farmin and
g May 29 June 25 several 4017
2998.76 2180.56 None None No Yes
Technol 2021 2021 liability days
ogy guarante
Co. e
Ltd.Beijing
Xinliu Joint
Farmin and
g April 29 June 30 several 2908
17001.24 12362.5 None None No Yes
Technol 2020 2020 liability days
ogy guarante
Co. e
Ltd.Beijing
New
Joint
Hope
and
Farmin
May 30 November several 362
g 4000 2000 None None No Yes
2024 4 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Beijing Joint
New and
Hope May 30 December several 365
2000 1000 None None No Yes
Farmin 2024 6 2024 liability days
g guarante
Technol e
207Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ogy
Co.Ltd.Joint
Bijie
and
Xinliu
April 29 May 19 several 3286
Farmin 8000 6336 None None No Yes
2020 2020 liability days
g Co.guarante
Ltd.e
Cao Joint
County and
Xinhao October 25 April 28 several 1817
15000 5000.62 None None No Yes
Farmin 2019 2020 liability days
g Co. guarante
Ltd. e
Chenzh Joint
ou and
Xinhao October 25 April 15 several 3285
30281.67 24075 None None No Yes
Farmin 2019 2020 liability days
g Co. guarante
Ltd. e
Chenzh
ou New
Joint
Hope
and
Agricult
May 23 March 21 several 364
ural 11313.01 5200 None None No Yes
2023 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Chengd Joint
u and
Century May 30 October 12 several 1161
30000 30000 None None No Yes
Investm 2024 2024 liability days
ent Co. guarante
Ltd. e
Chengd Joint
u Xinjin and
Xinhao December several 2915
June 1 2022 15500 10069.23 None None No Yes
Farmin 28 2022 liability days
g Co. guarante
Ltd. e
Dachen
Joint
g
and
Xinhao
May 29 July 23 several 3223
Technol 5000 4700 None None No Yes
2021 2021 liability days
ogy
guarante
Co.e
Ltd.Joint
Daqing
and
Liuhe
May 30 November several 545
Feed 15000 1000 None None No Yes
2024 27 2024 liability days
Co.guarante
Ltd.e
Shan April 29 January 8 Joint 1814
7000 3495 None None No Yes
County 2020 2021 and days
208Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Xinhao several
Farmin liability
g Co. guarante
Ltd. e
Dong’e
New Joint
Hope and
Liuhe April 29 May 22 several 1825
9000 4000 None None No Yes
Swine 2020 2020 liability days
Breedin guarante
g Co. e
Ltd.Dongha
Joint
i
and
Xinhao
April 29 August 18 several 1825
Modern 8000 4000 None None No Yes
2020 2020 liability days
Farmin
guarante
g Co.e
Ltd.Dongyi
Joint
ng
and
Xinhao
April 29 December several 1818
Modern 12000 2400 None None No Yes
2020 1 2020 liability days
Farmin
guarante
g Co.e
Ltd.Dongyi
Joint
ng
and
Xinhao
April 29 December several 1790
Modern 12000 2400 None None No Yes
2020 29 2020 liability days
Farmin
guarante
g Co.e
Ltd.Fuping
Xinliu Joint
Farmin and
g April 29 November several 3111
6300 5400 None None No Yes
Technol 2020 12 2020 liability days
ogy guarante
Co. e
Ltd.Joint
Fuyang
and
Liuhe
May 30 July 16 several 365
Feed 15000 4000 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Gaotan
Joint
g
and
County
April 29 August 13 several 1843
Xinhao 4519.07 1760.68 None None No Yes
2020 2020 liability days
Farmin
guarante
g Co.e
Ltd.Gaotan Joint
April 29 2190
g 2480.93 July 8 2020 966.6 and None None No Yes
2020 days
County several
209Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Xinhao liability
Farmin guarante
g Co. e
Ltd.Guanlin Joint
g and
Xinmu April 29 October 29 several 3651
10000 8108 None None No Yes
Breedin 2020 2020 liability days
g Co. guarante
Ltd. e
Guang’ Joint
an and
Xinhao April 29 April 23 several 3232
28836.42 18230.25 None None No Yes
Farmin 2020 2021 liability days
g Co. guarante
Ltd. e
Guangd
ong Joint
Jiahao and
Agricult May 30 June 13 several 379
85714.29 16000 None None No Yes
ural 2024 2024 liability days
Product guarante
s Co. e
Ltd.Guangd
ong Joint
Jiahao and
Agricult May 30 December several 735
64285.71 12000 None None No Yes
ural 2024 18 2024 liability days
Product guarante
s Co. e
Ltd.Guangh Joint
an and
Guoxio May 23 February 6 several 730
10349.94 9000 None None No Yes
ng Feed 2023 2024 liability days
Co. guarante
Ltd. e
Guangy
uan
Joint
Xinhao
and
Agricult
April 29 June 30 several 3650
ural 36000 29000 None None No Yes
2020 2020 liability days
Develo
guarante
pment
e
Co.Ltd.Guangz Joint
hou and
Liuhe May 30 several 361
19002.38 June 3 2024 2000 None None No Yes
Feed 2024 liability days
Co. guarante
Ltd. e
Guangz Joint
hou May 30 September and 180
997.62 105 None None No Yes
Liuhe 2024 27 2024 several days
Feed liability
210Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co. guarante
Ltd. e
Guangz Joint
hou and
Hope May 30 June 28 several 394
9183.67 900 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Guangz Joint
hou and
Hope May 30 November several 297
10204.08 1000 None None No Yes
Feed 2024 29 2024 liability days
Co. guarante
Ltd. e
Guangz Joint
hou and
Hope May 30 December several 729
30612.24 3000 None None No Yes
Feed 2024 26 2024 liability days
Co. guarante
Ltd. e
Guigan
g Xinliu Joint
Farmin and
g April 29 March 12 several 3501
11940 11940 None None No Yes
Technol 2020 2021 liability days
ogy guarante
Co. e
Ltd.Guiyan
g New
Joint
Hope
and
Agricult
May 30 September several 392
ural 20000 6000 None None No Yes
2024 27 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Guilin Joint
New and
Hope May 30 November several 363
1000 1000 None None No Yes
Feed 2024 21 2024 liability days
Co. guarante
Ltd. e
Hainan
Cheng Joint
mai and
New May 23 March 29 several 363
21095.93 5000 None None No Yes
Hope 2023 2024 liability days
Farmin guarante
g Co. e
Ltd.Hainan Joint
Cheng and
mai May 30 August 26 several 514
25315.11 6000 None None No Yes
New 2024 2024 liability days
Hope guarante
Farmin e
211Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
g Co.Ltd.Hainan
Cheng Joint
mai and
New May 23 November several 1095
18986.33 4500 None None No Yes
Hope 2023 8 2023 liability days
Farmin guarante
g Co. e
Ltd.Hebei Joint
Kinghe and
y Meat July 29 several 1095
June 1 2022 73572.79 19800 None None No Yes
Industry 2022 liability days
Co. guarante
Ltd. e
Hebei Joint
Kinghe and
y Meat May 23 April 29 several 364
3715.8 1000 None None No Yes
Industry 2023 2024 liability days
Co. guarante
Ltd. e
Hebei
Xinhao
Fuchen Joint
g and
Agricult April 29 June 30 several 2922
16000 12346 None None No Yes
ural 2020 2020 liability days
Technol guarante
ogy e
Co.Ltd.Joint
Hezhou
and
Xinhao
October 25 April 15 several 3650
Farmin 30000 21000 None None No Yes
2019 2020 liability days
g Co.guarante
Ltd.e
Hengna
n Joint
County and
Muyun April 29 May 19 several 3286
9000 6800 None None No Yes
Eco- 2020 2020 liability days
agricult guarante
ure Co. e
Ltd.Hengsh
ui Joint
Jizhou and
District May 29 January 20 several 2703
9000 7780 None None No Yes
Xinhao 2021 2022 liability days
Farmin guarante
g Co. e
Ltd.Hengya Joint
April 29 November 1821
ng 10870.08 2166.98 and None None No Yes
2020 2 2020 days
Xinhao several
212Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Farmin liability
g Co. guarante
Ltd. e
Hengya
ng New
Joint
Hope
and
Agricult
May 23 March 20 several 365
ural 8000 1700 None None No Yes
2023 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Hubei
Joint
Tuanfen
and
g New
May 23 March 27 several 365
Hope 9000 1000 None None No Yes
2023 2024 liability days
Feed
guarante
Co.e
Ltd.Joint
Hubei
and
Xinhao
April 29 October 9 several 2905
Farmin 31593.99 24690 None None No Yes
2020 2020 liability days
g Co.guarante
Ltd.e
Joint
Hubei
and
Xinhao
April 29 May 28 several 2555
Farmin 12647.69 9883.89 None None No Yes
2020 2020 liability days
g Co.guarante
Ltd.e
Huzhou
Joint
Haihua
and
ng
May 23 April 30 several 365
Biotech 21280.14 5000 None None No Yes
2023 2024 liability days
nology
guarante
Co.e
Ltd.Huzhou
Joint
Haihua
and
ng
May 30 June 28 several 364
Biotech 4256.03 1000 None None No Yes
2024 2024 liability days
nology
guarante
Co.e
Ltd.Huzhou
Joint
Haihua
and
ng
May 30 July 29 several 445
Biotech 16476.7 3871.38 None None No Yes
2024 2024 liability days
nology
guarante
Co.e
Ltd.Huaihu Joint
a New and
May 23 March 20 365
Hope 19600 200 several None None No Yes
2023 2024 days
Liuhe liability
Feed guarante
213Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co. e
Ltd.Huangg
ang
Joint
New
and
Hope
May 30 June 28 several 537
Feed 13861.95 10000 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Huangg
ang
Joint
New
and
Hope
May 30 May 31 several 364
Feed 1386.2 1000 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Huangg
ang
Joint
New
and
Hope
May 30 December several 365
Feed 1386.2 1000 None None No Yes
2024 16 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Huangg
ang
Joint
New
and
Hope
May 23 March 20 several 365
Feed 1386.2 1000 None None No Yes
2023 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Joint
Jiangme
and
n Liuhe
May 29 April 7 several 1299
Feed 15000 6900 None None No Yes
2021 2022 liability days
Co.guarante
Ltd.e
Joint
Jiangsu
and
Liuhe
May 30 November several 545
Feed 1833.33 1000 None None No Yes
2024 27 2024 liability days
Co.guarante
Ltd.e
Joint
Jiangsu
and
Liuhe
May 23 March 15 several 360
Feed 3666.67 2000 None None No Yes
2023 2024 liability days
Co.guarante
Ltd.e
Jiangsu May 30 5500 September 3000 Joint None None 354 No Yes
214Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe 2024 9 2024 and days
Feed several
Co. liability
Ltd. guarante
e
Jiangxi
New
Hope Joint
Liuhe and
Farmin April 29 May 10 several 1631
8831.86 5425 None None No Yes
g 2020 2021 liability days
Technol guarante
ogy e
Co.Ltd.Joint
Jieyang
and
Guoxio
May 30 June 13 several 385
ng Feed 15000 6000 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Jingzho Joint
u New and
Hope May 30 October 31 several 365
2637.2 1000 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Jingzho Joint
u New and
Hope May 30 June 28 several 364
2637.2 1000 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Joint
Juye
and
Xinhao
April 29 several 2539
Farmin 15000 July 9 2020 4200 None None No Yes
2020 liability days
g Co.guarante
Ltd.e
Kangpi
Joint
ng
and
Xinwan
April 29 February several 1812
g 10294.03 8749.5 None None No Yes
2020 18 2021 liability days
Farmin
guarante
g Co.e
Ltd.Kunmin
g New Joint
Hope and
Animal May 30 December several 364
2238.88 1000 None None No Yes
Nutritio 2024 25 2024 liability days
us Food guarante
Co. e
Ltd.Kunmin Joint
May 23 February 8 362
g New 1791.11 800 and None None No Yes
2023 2024 days
Hope several
215Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Animal liability
Nutritio guarante
us Food e
Co.Ltd.Kunmin
g New Joint
Hope and
Animal May 30 August 20 several 351
15672.17 7000 None None No Yes
Nutritio 2024 2024 liability days
us Food guarante
Co. e
Ltd.Kunmin
g New Joint
Hope and
Animal May 23 March 29 several 365
2238.88 1000 None None No Yes
Nutritio 2023 2024 liability days
us Food guarante
Co. e
Ltd.Kunmin
g New
Joint
Hope
and
Agricult
May 30 December several 364
ural 1149.53 1000 None None No Yes
2024 25 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Kunmin
g New
Joint
Hope
and
Agricult
May 30 November several 364
ural 1149.53 1000 None None No Yes
2024 28 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Kunmin
g New
Joint
Hope
and
Agricult
May 30 August 16 several 364
ural 2299.06 2000 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Kunmin
g New
Joint
Hope
and
Agricult
May 30 September several 414
ural 1119.09 973.52 None None No Yes
2024 26 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.
216Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Kunmin
g New
Joint
Hope
and
Agricult
May 23 March 29 several 365
ural 1149.53 1000 None None No Yes
2023 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Joint
Laibin
and
Xinhao
April 29 March 5 several 1826
Farmin 27949.42 13630 None None No Yes
2020 2021 liability days
g Co.guarante
Ltd.e
Laixi
Joint
New
and
Hope
October 25 April 17 several 3644
Liuhe 74609.34 71132.91 None None No Yes
2019 2020 liability days
Farmin
guarante
g Co.e
Ltd.Laixi
Joint
New
and
Hope
April 29 October 28 several 1826
Liuhe 5390.66 5139.48 None None No Yes
2020 2020 liability days
Farmin
guarante
g Co.e
Ltd.Joint
Laiyang
and
Xinmu
April 29 November several 2082
Breedin 11000 6500 None None No Yes
2020 18 2020 liability days
g Co.guarante
Ltd.e
Laiyang Joint
Xinhao and
Animal April 29 April 30 several 1814
7700 1500 None None No Yes
Husban 2020 2020 liability days
dry Co. guarante
Ltd. e
Liquan
Joint
New
and
Hope
April 29 February 4 several 2115
Liuhe 9600 6000 None None No Yes
2020 2021 liability days
Farmin
guarante
g Co.e
Ltd.Lipu
Xinhao Joint
Farmin and
g May 23 May 23 several 397
18500 8000 None None No Yes
Technol 2023 2024 liability days
ogy guarante
Co. e
Ltd.Liaonin May 23 7812.5 May 22 5000 Joint None None 363 No Yes
217Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
g 2023 2024 and days
Kinghe several
y Food liability
Co. guarante
Ltd. e
Liaonin Joint
g and
Kinghe May 23 March 26 several 1094
15625 10000 None None No Yes
y Food 2023 2024 liability days
Co. guarante
Ltd. e
Liaonin Joint
g and
Kinghe May 23 December several 1095
21562.5 13800 None None No Yes
y Food 2023 12 2023 liability days
Co. guarante
Ltd. e
Liaonin
g Joint
Xinwan and
g October 25 March 27 several 3994
56143.24 41623.4 None None No Yes
Technol 2019 2020 liability days
ogy guarante
Co. e
Ltd.Liaonin
g Joint
Xinwan and
g February several 1296
June 1 2022 18856.76 13980 None None No Yes
Technol 22 2023 liability days
ogy guarante
Co. e
Ltd.Liaoche
ng
Joint
Develo
and
pment
May 30 September several 206
Zone 6000 3000 None None No Yes
2024 30 2024 liability days
Liuhe
guarante
Feed
e
Co.Ltd.Liuzhou
Xinliu Joint
Farmin and
g April 29 October 27 several 2905
10032.79 5100 None None No Yes
Technol 2020 2020 liability days
ogy guarante
Co. e
Ltd.Joint
Liuhe
and
Feed
May 23 March 18 several 347
(Huai'a 4000 1000 None None No Yes
2023 2024 liability days
n) Co.guarante
Ltd.e
Longhai May 30 13008.86 September 6000 Joint None None 437 No Yes
218Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
New 2024 30 2024 and days
Hope several
Liuhe liability
Farmin guarante
g Co. e
Ltd.Longhai
Joint
New
and
Hope
April 29 December several 1824
Liuhe 7588.5 3500 None None No Yes
2020 23 2020 liability days
Farmin
guarante
g Co.e
Ltd.Meisha Joint
n and
Xinmu April 29 March 30 several 1826
19500 4600 None None No Yes
Farmin 2020 2021 liability days
g Co. guarante
Ltd. e
Mianya
ng New
Hope Joint
Liuhe and
Farmin May 30 December several 364
4974.87 990 None None No Yes
g 2024 24 2024 liability days
Technol guarante
ogy e
Co.Ltd.Myanm Joint
ar New and
Hope May 23 April 24 several 365
12000 1198.07 None None No Yes
Farms 2023 2024 liability days
Co. guarante
Ltd. e
Nancho Joint
ng New and
Hope May 30 December several 363
2290.94 990 None None No Yes
Feed 2024 25 2024 liability days
Co. guarante
Ltd. e
Nancho Joint
ng New and
Hope May 29 January 4 several 1095
2314.08 1000 None None No Yes
Feed 2021 2022 liability days
Co. guarante
Ltd. e
Nancho Joint
ng New and
Hope May 23 March 22 several 344
11570.38 5000 None None No Yes
Feed 2023 2024 liability days
Co. guarante
Ltd. e
Nanjing Joint
Xinmu April 29 September and 1826
2149.84 942.86 None None No Yes
Farmin 2020 22 2020 several days
g Co. liability
219Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd. guarante
e
Joint
Nanjing
and
Xinmu
April 29 November several 1744
Farmin 2850.16 1250 None None No Yes
2020 2 2020 liability days
g Co.guarante
Ltd.e
Nannin Joint
g and
Xinhao October 25 April 16 several 3284
31000 16800 None None No Yes
Farmin 2019 2020 liability days
g Co. guarante
Ltd. e
Nannin
g Xinliu Joint
Farmin and
g October 25 April 15 several 2920
10000 7500 None None No Yes
Technol 2019 2020 liability days
ogy guarante
Co. e
Ltd.Neiqiu
Xinliu Joint
Farmin and
g April 29 July 20 several 3286
26000 20001.36 None None No Yes
Technol 2020 2020 liability days
ogy guarante
Co. e
Ltd.Ningbo
Joint
New
and
Hope
April 29 several 1825
Liuhe 9840.71 July 3 2020 1875 None None No Yes
2020 liability days
Farmin
guarante
g Co.e
Ltd.Ningbo
Joint
New
and
Hope
September several 3514
Liuhe June 1 2022 4900 4500 None None No Yes
21 2022 liability days
Feed
guarante
Co.e
Ltd.Ningmi Joint
ng and
Xinhao October 25 April 15 several 3650
35000 24000 None None No Yes
Farmin 2019 2020 liability days
g Co. guarante
Ltd. e
Ningxia
Joint
New
and
Hope
May 30 August 29 several 364
Rumina 11315.61 5000 None None No Yes
2024 2024 liability days
nt
guarante
Animal
e
Nutritio
220Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
us Food
Co.Ltd.Panjin
New
Hope Joint
Liuhe and
Farmin May 30 August 20 several 1094
15000 10000 None None No Yes
g 2024 2024 liability days
Technol guarante
ogy e
Co.Ltd.Pengsha Joint
n New and
Hope May 30 December several 364
990 990 None None No Yes
Feed 2024 24 2024 liability days
Co. guarante
Ltd. e
Puchen Joint
g Xinliu and
Technol April 29 November several 1825
9216.53 5167.75 None None No Yes
ogy 2020 20 2020 liability days
Co. guarante
Ltd. e
Puchen
g New
Joint
Hope
and
Farmin
May 30 June 29 several 364
g 7466.93 949.98 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Puyang
Xinliu Joint
Farmin and
g April 29 January 6 several 1673
6405.01 4015.71 None None No Yes
Technol 2020 2021 liability days
ogy guarante
Co. e
Ltd.Qiando
ngnan
New Joint
Hope and
Farmin May 23 May 30 several 362
8000 2508.35 None None No Yes
g 2023 2024 liability days
Technol guarante
ogy e
Co.Ltd.Qingda Joint
o Liuhe and
May 23 January 29 366
Feed 3000 1000 several None None No Yes
2023 2024 days
Co. liability
Ltd. guarante
221Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e
Raoyan Joint
g and
Xinhao May 23 May 30 several 364
18500 5000 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
Ruzhou
Quansh
Joint
eng
and
Farmin
April 29 January 6 several 1673
g 3795.18 3150 None None No Yes
2020 2021 liability days
Technol
guarante
ogy
e
Co.Ltd.Ruyuan
Yao
Joint
Autono
and
mous
April 29 February 3 several 1718
County 11052.63 2800 None None No Yes
2020 2021 liability days
Xinhao
guarante
Farmin
e
g Co.Ltd.Rui'an
Joint
New
and
Hope
April 29 November several 1864
Liuhe 5500 2500 None None No Yes
2020 13 2020 liability days
Farmin
guarante
g Co.e
Ltd.Santai
New
Joint
Hope
and
Farmin
May 29 April 1 several 2004
g 26825.51 16900.68 None None No Yes
2021 2022 liability days
Technol
guarante
ogy
e
Co.Ltd.Shando Joint
ng and
Kinghe May 30 June 14 several 364
4378.8 2060 None None No Yes
y Food 2024 2024 liability days
Co. guarante
Ltd. e
Shando Joint
ng and
Kinghe May 29 July 13 several 2545
25621.2 12053.46 None None No Yes
y Food 2021 2021 liability days
Co. guarante
Ltd. e
Shangh Joint
ai New May 30 December and 364
1000 1000 None None No Yes
Hope 2024 26 2024 several days
Supply liability
222Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Chain guarante
Technol e
ogy
Co.Ltd.Shaoya Joint
ng and
Xinmu May 29 July 30 several 2457
5000 2778 None None No Yes
Farmin 2021 2021 liability days
g Co. guarante
Ltd. e
Shenze
Joint
New
and
Hope
April 29 May 19 several 2909
Liuhe 18000 13197 None None No Yes
2020 2020 liability days
Breedin
guarante
g Co.e
Ltd.Shenya
ng New
Joint
Hope
and
Farmin
May 30 November several 545
g 3750 1000 None None No Yes
2024 27 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Shenya
ng New
Joint
Hope
and
Farmin
May 23 May 28 several 364
g 11250 3000 None None No Yes
2023 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Shiyan
Xinyue Joint
Farmin and
g April 29 April 15 several 2918
15000 5445 None None No Yes
Technol 2020 2021 liability days
ogy guarante
Co. e
Ltd.Sichuan
New
Hope Joint
Animal and
Nutritio May 30 July 19 several 735
102482.75 20000 None None No Yes
n 2024 2024 liability days
Technol guarante
ogy e
Co.Ltd.Sichuan Joint
May 30 August 15 547
New 127036.7 24791.82 and None None No Yes
2024 2024 days
Hope several
223Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Animal liability
Nutritio guarante
n e
Technol
ogy
Co.Ltd.Sichuan
Joint
New
and
Hope
May 30 October 16 several 784
Liuhe 168447.42 112000 None None No Yes
2024 2024 liability days
Farmin
guarante
g Co.e
Ltd.Sichuan
Joint
New
and
Hope
October 25 December several 2551
Liuhe 33618.8 22353 None None No Yes
2019 31 2019 liability days
Farmin
guarante
g Co.e
Ltd.Taiqian
Xinliu Joint
Farmin and
g April 29 August 27 several 2489
14000 9000 None None No Yes
Technol 2020 2020 liability days
ogy guarante
Co. e
Ltd.Taizhou Joint
New and
Hope May 23 March 4 several 512
3470.88 1800 None None No Yes
Agricult 2023 2024 liability days
ure Co. guarante
Ltd. e
Taizhou Joint
New and
Hope March 16 several 1395
June 1 2022 7672.58 3979 None None No Yes
Agricult 2023 liability days
ure Co. guarante
Ltd. e
Taizhou Joint
New and
Hope May 30 December several 364
1928.27 1000 None None No Yes
Agricult 2024 27 2024 liability days
ure Co. guarante
Ltd. e
Tangsha Joint
n and
Muzhen May 23 March 26 several 351
5000 2000 None None No Yes
g Feed 2023 2024 liability days
Co. guarante
Ltd. e
Tangsha Joint
n April 29 and 2911
45000 May 8 2020 25800 None None No Yes
Xinhao 2020 several days
Farmin liability
224Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
g Co. guarante
Ltd. e
Tianjin
Xinliu Joint
Farmin and
g April 29 February 5 several 3259
25284.11 11797.49 None None No Yes
Technol 2020 2021 liability days
ogy guarante
Co. e
Ltd.Tianjin
Xinliu Joint
Farmin and
g May 23 April 30 several 402
10715.89 5000 None None No Yes
Technol 2023 2024 liability days
ogy guarante
Co. e
Ltd.Tianjin
New
Hope Joint
Liuhe and
Farmin March 10 several 3288
June 1 2022 15000 8200 None None No Yes
g 2023 liability days
Technol guarante
ogy e
Co.Ltd.Tonglia Joint
o New and
Hope May 30 December several 377
2000 1000 None None No Yes
Feed 2024 12 2024 liability days
Co. guarante
Ltd. e
Tongch
eng
Joint
Xinliu
and
Farmin
April 29 February several 2431
g 25000 10005.31 None None No Yes
2020 23 2021 liability days
Technol
guarante
ogy
e
Co.Ltd.Tonglin
Joint
g New
and
Hope
May 23 March 22 several 364
Liuhe 5000 1000 None None No Yes
2023 2024 liability days
Feed
guarante
Co.e
Ltd.Joint
Weifan
and
g Liuhe
May 23 January 16 several 365
Feed 18670.72 1000 None None No Yes
2023 2024 liability days
Co.guarante
Ltd.e
Weifan May 30 34134.01 November 4000 Joint None None 545 No Yes
225Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
g New 2024 27 2024 and days
Hope several
Liuhe liability
Feed guarante
Technol e
ogy
Co.Ltd.Weifan
g New
Joint
Hope
and
Liuhe
May 30 December several 109
Feed 18773.71 2200 None None No Yes
2024 30 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Weinan Joint
Xinliu and
Technol October 25 January 2 several 4373
40391.41 32200 None None No Yes
ogy 2019 2020 liability days
Co. guarante
Ltd. e
Weinan Joint
Xinliu and
Technol May 23 March 29 several 1094
5644.76 4500 None None No Yes
ogy 2023 2024 liability days
Co. guarante
Ltd. e
Weinan Joint
Xinliu and
Technol April 29 March 2 several 1874
2709.44 2159.96 None None No Yes
ogy 2020 2021 liability days
Co. guarante
Ltd. e
Wuqi Joint
Xinliu and
Technol April 29 September several 2622
7192.31 5500 None None No Yes
ogy 2020 15 2020 liability days
Co. guarante
Ltd. e
Wuzho
Joint
u New
and
Hope
May 30 October 8 several 396
Liuhe 9918.53 1000 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Wuhe
New Joint
Hope and
Liuhe May 29 June 29 several 1493
4808.11 3500 None None No Yes
Animal 2021 2021 liability days
Husban guarante
dry Co. e
Ltd.Wuhe April 29 21018.33 September 15300 Joint None None 2916 No Yes
226Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
New 2020 29 2020 and days
Hope several
Liuhe liability
Animal guarante
Husban e
dry Co.Ltd.Wuhe
New Joint
Hope and
Liuhe April 29 May 20 several 2550
26083.65 18987.23 None None No Yes
Animal 2020 2020 liability days
Husban guarante
dry Co. e
Ltd.Wuhe
New Joint
Hope and
Liuhe April 29 several 1825
2841.31 June 4 2020 2068.29 None None No Yes
Animal 2020 liability days
Husban guarante
dry Co. e
Ltd.Wuhe
New Joint
Hope and
Liuhe April 29 March 24 several 2557
15248.59 11100 None None No Yes
Animal 2020 2021 liability days
Husban guarante
dry Co. e
Ltd.Wuhan
Joint
Guoxio
and
ng Feed
May 30 August 19 several 311
Technol 1020.2 1000 None None No Yes
2024 2024 liability days
ogy
guarante
Co.e
Ltd.Wuhan
Joint
Guoxio
and
ng Feed
May 30 December several 365
Technol 1020.2 1000 None None No Yes
2024 26 2024 liability days
ogy
guarante
Co.e
Ltd.Wuhan
Joint
Guoxio
and
ng Feed
May 30 June 29 several 361
Technol 1020.2 1000 None None No Yes
2024 2024 liability days
ogy
guarante
Co.e
Ltd.Wulong Joint
New and
May 30 August 22 363
Hope 5454.55 3000 several None None No Yes
2024 2024 days
Liuhe liability
Feed guarante
227Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co. e
Ltd.Wulong
Joint
New
and
Hope
May 30 June 26 several 1094
Liuhe 1818.18 1000 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Wuwei
Joint
New
and
Hope
January 20 several 1979
Liuhe June 1 2022 15000 3645.25 None None No Yes
2023 liability days
Feed
guarante
Co.e
Ltd.Joint
Xiajian
and
g Xinliu
April 29 February 4 several 1713
Farmin 3000 1500 None None No Yes
2020 2021 liability days
g Co.guarante
Ltd.e
Xiangy
ang Joint
New and
Hope May 30 May 31 several 364
3589.54 1000 None None No Yes
Liuhe 2024 2024 liability days
Feed guarante
Co. e
Ltd.Xiangy
ang Joint
New and
Hope May 23 March 22 several 365
3589.54 1000 None None No Yes
Liuhe 2023 2024 liability days
Feed guarante
Co. e
Ltd.Xiangsh
an Joint
Huaton and
g April 29 May 21 several 1754
10000 6000 None None No Yes
Animal 2020 2021 liability days
Husban guarante
dry Co. e
Ltd.Xinji
Xinliu Joint
Farmin and
g April 29 January 8 several 2435
19000 13750 None None No Yes
Technol 2020 2021 liability days
ogy guarante
Co. e
Ltd.Xintai Joint
May 30 October 18 212
New 4000 2000 and None None No Yes
2024 2024 days
Hope several
228Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed liability
Co. guarante
Ltd. e
Joint
New
and
Hope
May 30 October 28 several 322
Laos 10000 2376.08 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
New
Hope
Liuhe
(Zibo) Joint
Agricult and
ural May 29 April 1 several 2518
23000 5161.14 None None No Yes
Technol 2021 2022 liability days
ogy guarante
Develo e
pment
Co.Ltd.Joint
New
and
Hope
May 23 October 19 several 1096
Singapo 159090.91 35942 None None No Yes
2023 2023 liability days
re Pte.guarante
Ltd.e
Joint
New
and
Hope
May 23 October 19 several 1096
Singapo 159090.91 35942 None None No Yes
2023 2023 liability days
re Pte.guarante
Ltd.e
Joint
New
and
Hope
May 23 October 19 several 1096
Singapo 111363.64 25159.4 None None No Yes
2023 2023 liability days
re Pte.guarante
Ltd.e
Joint
New
and
Hope
May 23 October 19 several 1096
Singapo 111363.64 25159.4 None None No Yes
2023 2023 liability days
re Pte.guarante
Ltd.e
Joint
New
and
Hope
May 23 October 19 several 1096
Singapo 159090.91 35942 None None No Yes
2023 2023 liability days
re Pte.guarante
Ltd.e
Xingren Joint
Xinliu and
Farmin April 29 September several 2914
8684.21 6600 None None No Yes
g 2020 30 2020 liability days
Technol guarante
ogy e
229Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co.Ltd.Xuzhou Joint
Haikuo and
Liuhe May 30 October 30 several 360
8000 5000 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Joint
Yantai
and
Xinhao
April 29 October 27 several 1812
Farmin 18310.04 13440 None None No Yes
2020 2020 liability days
g Co.guarante
Ltd.e
Joint
Yantai
and
Xinhao
April 29 October 12 several 1780
Farmin 6689.96 4910.59 None None No Yes
2020 2020 liability days
g Co.guarante
Ltd.e
Yan’an
Benyua
n
Joint
Agricult
and
ural
May 30 December several 1088
Technol 3000 3000 None None No Yes
2024 28 2024 liability days
ogy
guarante
Develo
e
pment
Co.Ltd.Joint
Yanting
and
Xinhao
April 29 December several 1808
Farmin 1868.77 1314.3 None None No Yes
2020 21 2020 liability days
g Co.guarante
Ltd.e
Joint
Yanting
and
Xinhao
May 29 April 2 several 2084
Farmin 60287.48 42400 None None No Yes
2021 2022 liability days
g Co.guarante
Ltd.e
Yanglin
g Besun Joint
Agricult and
ural several 2394
June 1 2022 32727.53 June 2 2022 3100.63 None None No Yes
Industry liability days
Group guarante
Co. e
Ltd.Yichun Joint
Xinwan and
g May 23 several 1826
7000 July 6 2023 4400 None None No Yes
Farmin 2023 liability days
g Co. guarante
Ltd. e
230Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Joint
Yishui
and
Liuhe
May 23 April 10 several 365
Feed 2178.14 1000 None None No Yes
2023 2024 liability days
Co.guarante
Ltd.e
Yijun Joint
Xinliu and
Technol October 25 November several 4382
13000 11850 None None No Yes
ogy 2019 15 2019 liability days
Co. guarante
Ltd. e
Joint
Yulin
and
Guoxio
May 30 July 30 several 365
ng Feed 11000 5000 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Yunche Joint
ng and
Dingtai May 30 June 26 several 364
966 966 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Zaozhu
ang Joint
New and
Hope May 30 September several 212
5300 3000 None None No Yes
Liuhe 2024 30 2024 liability days
Feed guarante
Co. e
Ltd.Zhanjia Joint
ng and
Guoxio May 30 June 13 several 378
13822.92 7999.1 None None No Yes
ng Feed 2024 2024 liability days
Co. guarante
Ltd. e
Zhanjia Joint
ng and
Guoxio May 23 several 731
4483.9 July 7 2023 2594.76 None None No Yes
ng Feed 2023 liability days
Co. guarante
Ltd. e
Zhangw
Joint
u
and
Xinwan
May 29 January 4 several 3612
g 12000 9500 None None No Yes
2021 2022 liability days
Farmin
guarante
g Co.e
Ltd.Changc Joint
hun and
New May 30 December several 289
65000 14116.6 None None No Yes
Hope 2024 7 2024 liability days
Feed guarante
Co. e
231Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd.Zhaoqin Joint
g and
Xinhao April 29 February several 2555
22704.74 9892 None None No Yes
Farmin 2020 10 2021 liability days
g Co. guarante
Ltd. e
Zhejian
g Yihai Joint
Agricult and
ural April 29 November several 2846
4131.53 3266.13 None None No Yes
Develo 2020 9 2020 liability days
pment guarante
Co. e
Ltd.Zhejian
g Yihai Joint
Agricult and
ural May 23 February 2 several 385
3794.89 3000 None None No Yes
Develo 2023 2024 liability days
pment guarante
Co. e
Ltd.Zhenjia
Joint
ng New
and
Hope
April 29 March 19 several 1734
Liuhe 3000 1000 None None No Yes
2020 2021 liability days
Farmin
guarante
g Co.e
Ltd.Chongq
ing
Tonglia
ng New Joint
Hope and
Liuhe May 30 June 26 several 1094
11363.98 1000 None None No Yes
Farmin 2024 2024 liability days
g guarante
Technol e
ogy
Co.Ltd.Chongq
Joint
ing
and
New
May 30 July 16 several 1090
Hope 5254.09 3000 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Chongq
Joint
ing
and
New
May 30 June 18 several 1088
Hope 25394.74 14500 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Zibo April 29 7000 May 6 2021 5572.43 Joint None None 3215 No Yes
232Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Xinhao 2020 and days
Farmin several
g Co. liability
Ltd. guarante
e
Joint
Zunyi
and
Jiahao
May 30 December several 357
Feed 1500.43 1000 None None No Yes
2024 27 2024 liability days
Co.guarante
Ltd.e
Chenzh Joint
ou and
Xinhao May 30 September several 365
1257.81 1000 None None No Yes
Farmin 2024 27 2024 liability days
g Co. guarante
Ltd. e
Chengd
u
Fenglan Joint
Animal and
Nutritio May 30 November several 364
1000 1000 None None No Yes
n 2024 12 2024 liability days
Technol guarante
ogy e
Co.Ltd.Guigan
g Xinliu Joint
Farmin and
g May 30 September several 364
1000 1000 None None No Yes
Technol 2024 27 2024 liability days
ogy guarante
Co. e
Ltd.Jiangxi
New
Hope Joint
Liuhe and
Farmin May 30 November several 365
1627.99 1000 None None No Yes
g 2024 26 2024 liability days
Technol guarante
ogy e
Co.Ltd.Joint
Laibin
and
Xinhao
May 30 November several 364
Farmin 2050.58 1000 None None No Yes
2024 21 2024 liability days
g Co.guarante
Ltd.e
Lanzho Joint
u New and
Hope May 30 December several 364
2000 2000 None None No Yes
Farmin 2024 13 2024 liability days
g guarante
Technol e
233Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ogy
Co.Ltd.Leshan Joint
New and
Hope May 30 September several 416
4000 4000 None None No Yes
Farmin 2024 29 2024 liability days
g Co. guarante
Ltd. e
Joint
Lingbao
and
Xinliu
May 30 December several 364
Farmin 1000 1000 None None No Yes
2024 12 2024 liability days
g Co.guarante
Ltd.e
Liuzhou
Xinliu Joint
Farmin and
g May 30 October 10 several 365
1967.21 1000 None None No Yes
Technol 2024 2024 liability days
ogy guarante
Co. e
Ltd.Puchen Joint
g Xinliu and
Technol May 30 November several 364
1783.47 1000 None None No Yes
ogy 2024 27 2024 liability days
Co. guarante
Ltd. e
Ruzhou
Quansh
Joint
eng
and
Farmin
May 30 October 14 several 361
g 1204.82 1000 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Ruyuan
Yao
Joint
Autono
and
mous
May 30 October 19 several 366
County 3947.37 1000 None None No Yes
2024 2024 liability days
Xinhao
guarante
Farmin
e
g Co.Ltd.Santai
New
Joint
Hope
and
Farmin
May 30 November several 363
g 1587.24 1000 None None No Yes
2024 15 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Shando May 30 7820.69 December 2000 Joint None None 354 No Yes
234Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ng New 2024 16 2024 and days
Hope several
Liuhe liability
Group guarante
Co. e
Ltd.Shangh
ai New
Joint
Hope
and
Supply
May 30 November several 405
Chain 14356.38 14356.38 None None No Yes
2024 13 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Sichuan
New
Hope Joint
Animal and
Nutritio May 30 November several 412
5951.22 1161.41 None None No Yes
n 2024 6 2024 liability days
Technol guarante
ogy e
Co.Ltd.Sichuan
New
Hope Joint
Animal and
Nutritio May 30 October 31 several 313
15372.41 3000 None None No Yes
n 2024 2024 liability days
Technol guarante
ogy e
Co.Ltd.Xiangy Joint
ang and
Xinhao May 30 September several 365
3000 3000 None None No Yes
Farmin 2024 29 2024 liability days
g Co. guarante
Ltd. e
Xingren
Xinliu Joint
Farmin and
g May 30 September several 364
1315.79 1000 None None No Yes
Technol 2024 27 2024 liability days
ogy guarante
Co. e
Ltd.Yan’an
Benyua
Joint
n
and
Agricult
May 30 September several 364
ural 1000 1000 None None No Yes
2024 29 2024 liability days
Technol
guarante
ogy
e
Develo
pment
235Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co.Ltd.Joint
Yanting
and
Xinhao
May 30 November several 363
Farmin 2843.75 2000 None None No Yes
2024 15 2024 liability days
g Co.guarante
Ltd.e
Yingtan Joint
Xinliu and
Technol May 30 December several 363
10000 2000 None None No Yes
ogy 2024 4 2024 liability days
Co. guarante
Ltd. e
Joint
Beijing
and
Kinghe
May 30 December several 364
y Food 95000 5000 None None No Yes
2024 11 2024 liability days
Co.guarante
Ltd.e
Joint
Anhui
and
Xinliu
May 30 December several 364
Breedin 1000 1000 None None No Yes
2024 21 2024 liability days
g Co.guarante
Ltd.e
Cao Joint
County and
Liuhe May 30 several 360
1846.15 June 4 2024 1600 None None No Yes
Feed 2024 liability days
Co. guarante
Ltd. e
Chenzh Joint
ou and
Xinhao May 30 December several 361
3773.42 3000 None None No Yes
Farmin 2024 26 2024 liability days
g Co. guarante
Ltd. e
Guang’ Joint
an and
Xinhao May 23 March 28 several 375
3163.58 2000 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
Joint
Heze
and
Liuhe
May 30 June 25 several 360
Feed 2000 500 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Joint
Hubei
and
Xinhao
May 23 March 28 several 363
Farmin 5758.32 4500 None None No Yes
2023 2024 liability days
g Co.guarante
Ltd.e
Qianwe May 23 1357.8 March 28 1000 Joint None None 363 No Yes
236Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
i 2023 2024 and days
Xinhao several
Farmin liability
g Co. guarante
Ltd. e
Jiangxi
New
Hope Joint
Liuhe and
Farmin May 30 December several 364
1627.99 1000 None None No Yes
g 2024 12 2024 liability days
Technol guarante
ogy e
Co.Ltd.Kangpi
Joint
ng
and
Xinwan
May 30 June 25 several 364
g 1705.97 1450 None None No Yes
2024 2024 liability days
Farmin
guarante
g Co.e
Ltd.Leshan Joint
New and
Hope May 23 April 17 several 611
2000 2000 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
Joint
Lingbao
and
Xinliu
May 23 April 25 several 603
Farmin 3800 3800 None None No Yes
2023 2024 liability days
g Co.guarante
Ltd.e
Mianya
ng New
Hope Joint
Liuhe and
Farmin May 30 June 28 several 361
5025.13 1000 None None No Yes
g 2024 2024 liability days
Technol guarante
ogy e
Co.Ltd.Puyang
Xinliu Joint
Farmin and
g May 23 April 24 several 348
1594.99 1000 None None No Yes
Technol 2023 2024 liability days
ogy guarante
Co. e
Ltd.Santai Joint
New and
May 23 March 27 362
Hope 1587.24 1000 several None None No Yes
2023 2024 days
Farmin liability
g guarante
237Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Technol e
ogy
Co.Ltd.Shando
Joint
ng New
and
Hope
May 30 December several 380
Liuhe 39056.54 9988 None None No Yes
2024 3 2024 liability days
Group
guarante
Co.e
Ltd.Shibing
County Joint
New and
Hope May 23 April 26 several 423
6117.57 3000 None None No Yes
Liuhe 2023 2024 liability days
Breedin guarante
g Co. e
Ltd.Weinan Joint
Xinliu and
Technol May 23 March 29 several 363
1254.39 1000 None None No Yes
ogy 2023 2024 liability days
Co. guarante
Ltd. e
Wuqi Joint
Xinliu and
Technol May 23 March 27 several 362
1307.69 1000 None None No Yes
ogy 2023 2024 liability days
Co. guarante
Ltd. e
Xiangy Joint
ang and
Xinhao May 23 March 27 several 632
3000 3000 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
New
Hope
Liuhe Joint
Co. and
Ltd. May 30 June 28 several 361
2000 2000 None None No Yes
Mianya 2024 2024 liability days
ng guarante
Hope e
Feed
Branch
Yan’an
Benyua
n Joint
Agricult and
ural May 23 March 28 several 631
3000 3000 None None No Yes
Technol 2023 2024 liability days
ogy guarante
Develo e
pment
Co.
238Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd.Yunche Joint
ng and
Dingtai May 23 May 28 several 365
3100 3100 None None No Yes
Feed 2023 2024 liability days
Co. guarante
Ltd. e
Zhangji
Joint
akou
and
Xinwan
May 30 June 28 several 362
g 2750 2750 None None No Yes
2024 2024 liability days
Farmin
guarante
g Co.e
Ltd.Zhaoqin Joint
g and
Xinhao May 30 December several 363
2295.26 1000 None None No Yes
Farmin 2024 13 2024 liability days
g Co. guarante
Ltd. e
Zouche
Joint
ng New
and
Hope
May 30 several 363
Liuhe 5016.67 June 4 2024 4300 None None No Yes
2024 liability days
Feed
guarante
Co.e
Ltd.Longhai
Joint
New
and
Hope
May 30 November several 394
Liuhe 461.81 213 None None No Yes
2024 25 2024 liability days
Farmin
guarante
g Co.e
Ltd.Ningbo
Joint
New
and
Hope
May 30 August 29 several 468
Liuhe 159.29 30.35 None None No Yes
2024 2024 liability days
Farmin
guarante
g Co.e
Ltd.Shibing
County Joint
New and
Hope May 30 November several 393
95.13 46.65 None None No Yes
Liuhe 2024 20 2024 liability days
Breedin guarante
g Co. e
Ltd.Chenzh Joint
ou and
Xinhao May 23 April 23 several 536
1687.11 1341.31 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
Guangh May 23 February Joint 360
126.5 110 None None No Yes
an 2023 27 2024 and days
239Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guoxio several
ng Feed liability
Co. guarante
Ltd. e
Hainan
Cheng Joint
mai and
New May 30 September several 267
4602.63 1090.88 None None No Yes
Hope 2024 24 2024 liability days
Farmin guarante
g Co. e
Ltd.Hebei Joint
New and
Hope May 23 February several 367
8000 240 None None No Yes
Feed 2023 17 2024 liability days
Co. guarante
Ltd. e
Hengya Joint
ng and
Xinhao May 23 April 23 several 363
129.92 25.9 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
Huangg
ang
Joint
New
and
Hope
May 23 February several 357
Feed 693.1 500 None None No Yes
2023 23 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Jiangxi
New
Hope Joint
Liuhe and
Farmin May 23 May 22 several 507
1132.09 695.39 None None No Yes
g 2023 2024 liability days
Technol guarante
ogy e
Co.Ltd.Jiangxi
New
Hope Joint
Liuhe and
Farmin May 23 May 20 several 494
1780.06 1093.41 None None No Yes
g 2023 2024 liability days
Technol guarante
ogy e
Co.Ltd.Kunmin Joint
g New May 23 April 22 and 456
2535.2 1132.35 None None No Yes
Hope 2023 2024 several days
Animal liability
240Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Nutritio guarante
us Food e
Co.Ltd.Kunmin
g New
Joint
Hope
and
Agricult
May 23 April 22 several 568
ural 2133.26 1855.77 None None No Yes
2023 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Longhai
Joint
New
and
Hope
May 23 May 21 several 513
Liuhe 940.82 433.93 None None No Yes
2023 2024 liability days
Farmin
guarante
g Co.e
Ltd.Longzh Joint
ou and
Xinhao May 23 several 562
1000 May 7 2024 151.67 None None No Yes
Farmin 2023 liability days
g Co. guarante
Ltd. e
Longhu
Joint
i New
and
Hope
May 23 April 23 several 359
Liuhe 87.63 87.63 None None No Yes
2023 2024 liability days
Farmin
guarante
g Co.e
Ltd.Ningxia
New
Hope Joint
Rumina and
nt May 23 February several 363
905.25 400 None None No Yes
Animal 2023 23 2024 liability days
Nutritio guarante
us Food e
Co.Ltd.Shando
Joint
ng New
and
Hope
May 23 January 4 several 705
Liuhe 17537.94 4485.01 None None No Yes
2023 2024 liability days
Group
guarante
Co.e
Ltd.Taizhou Joint
New and
Hope May 23 March 6 several 358
1928.27 1000 None None No Yes
Agricult 2023 2024 liability days
ure Co. guarante
Ltd. e
Wannia May 30 5000 December 21.15 Joint None None 353 No Yes
241Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
n 2024 17 2024 and days
County several
New liability
Hope guarante
Liuhe e
Farmin
g Co.Ltd.Wulong
Joint
New
and
Hope
May 23 March 4 several 354
Liuhe 2727.27 1500 None None No Yes
2023 2024 liability days
Feed
guarante
Co.e
Ltd.Yingtan Joint
New and
Hope May 23 February several 436
5000 949.51 None None No Yes
Feed 2023 23 2024 liability days
Co. guarante
Ltd. e
Zhejian
g Yihai Joint
Agricult and
ural May 30 December several 343
73.58 58.17 None None No Yes
Develo 2024 11 2024 liability days
pment guarante
Co. e
Ltd.Chongq
ing
Tonglia
ng New Joint
Hope and
Liuhe May 23 March 5 several 408
3636.02 319.96 None None No Yes
Farmin 2023 2024 liability days
g guarante
Technol e
ogy
Co.Ltd.Joint
Zunyi
and
Jiahao
May 23 February 7 several 637
Feed 4499.57 2998.86 None None No Yes
2023 2024 liability days
Co.guarante
Ltd.e
Shando
Joint
ng New
and
Hope
May 30 December several 178
Liuhe 845.89 216.32 None None No Yes
2024 20 2024 liability days
Group
guarante
Co.e
Ltd.Yunche Joint
May 23 May 17 397
ng 5150 5150 and None None No Yes
2023 2024 days
Dingtai several
242Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed liability
Co. guarante
Ltd. e
Joint
Weifan
and
g Liuhe
May 30 June 21 several 378
Feed 39208.51 2100 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Weifan
g Liuhe Joint
Feed and
Co. May 23 February several 546
3000 3000 None None No Yes
Ltd. 2023 22 2024 liability days
Shougu guarante
ang e
Branch
Weifan
Joint
g Liuhe
and
Feed
May 30 June 25 several 409
Co. 2800 2800 None None No Yes
2024 2024 liability days
Ltd.guarante
Linqu
e
Branch
Weifan
g Liuhe Joint
Feed and
Co. May 23 February several 490
1700 1700 None None No Yes
Ltd. 2023 26 2024 liability days
Qingzh guarante
ou e
Branch
Weifan
g Liuhe Joint
Feed and
Co. May 23 April 26 several 433
2727.38 2727.38 None None No Yes
Ltd. 2023 2024 liability days
Changy guarante
i e
Branch
Cao Joint
County and
Liuhe May 30 June 24 several 353
1153.85 1000 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Guangh Joint
an and
Guoxio May 30 June 24 several 423
2147.84 1867.7 None None No Yes
ng Feed 2024 2024 liability days
Co. guarante
Ltd. e
Heze Joint
Liuhe and
May 30 June 21 378
Feed 8000 2000 several None None No Yes
2024 2024 days
Co. liability
Ltd. guarante
243Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e
Jingzho Joint
u New and
Hope May 23 February several 316
1957.59 742.3 None None No Yes
Feed 2023 29 2024 liability days
Co. guarante
Ltd. e
Joint
Liuhe
and
Feed
May 23 March 25 several 455
(Feiche 2000 1000 None None No Yes
2023 2024 liability days
ng) Co.guarante
Ltd.e
Pengsha Joint
n New and
Hope May 23 March 19 several 400
2111.61 2111.61 None None No Yes
Feed 2023 2024 liability days
Co. guarante
Ltd. e
Xiamen
New
Hope Joint
Liuhe and
Agricult May 23 May 16 several 356
100000 1000 None None No Yes
ural 2023 2024 liability days
Supply guarante
Chain e
Co.Ltd.Sichuan
New
Hope Joint
Animal and
Nutritio May 30 several 403
29156.91 July 5 2024 5690.11 None None No Yes
n 2024 liability days
Technol guarante
ogy e
Co.Ltd.Wuhan
Joint
Guoxio
and
ng Feed
May 23 February several 378
Technol 1939.4 1901 None None No Yes
2023 22 2024 liability days
ogy
guarante
Co.e
Ltd.Xiangy
ang Joint
New and
Hope May 23 February several 363
1076.86 300 None None No Yes
Liuhe 2023 22 2024 liability days
Feed guarante
Co. e
Ltd.New Joint
May 30 June 21 357
Hope 500 500 and None None No Yes
2024 2024 days
Liuhe several
244Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed liability
Co. guarante
Ltd. e
Yutai
Banch
Zhuche
Joint
ng New
and
Hope
May 30 June 20 several 384
Liuhe 4000 1400 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Zouche
Joint
ng New
and
Hope
May 30 June 24 several 374
Liuhe 1983.33 1700 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Changy Joint
i Liuhe and
Xinrong May 30 June 19 several 362
6000 1000 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Shando
Joint
ng New
and
Hope
May 30 November several 391
Liuhe 23853.11 6100 None None No Yes
2024 29 2024 liability days
Group
guarante
Co.e
Ltd.Xiangy
ang Joint
New and
Hope May 23 March 5 several 360
3589.54 1000 None None No Yes
Liuhe 2023 2024 liability days
Feed guarante
Co. e
Ltd.Shando
Joint
ng New
and
Hope
May 30 several 362
Liuhe 140943.07 July 3 2024 36043.63 None None No Yes
2024 liability days
Group
guarante
Co.e
Ltd.Sichuan
Joint
New
and
Hope
May 30 several 363
Liuhe 97933.78 July 2 2024 65115.77 None None No Yes
2024 liability days
Farmin
guarante
g Co.e
Ltd.New Joint
May 30 359
Hope 100000 July 1 2024 7247.79 and None None No Yes
2024 days
Liuhe several
245Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed liability
Co. guarante
Ltd. e
Tangsha
Joint
n New
and
Hope
May 30 October 18 several 182
Liuhe 3000 264.51 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Anhui Joint
New and
Hope May 30 October 21 several 1095
10000 769.42 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Chenzh
ou New
Joint
Hope
and
Agricult
May 30 June 27 several 1814
ural 5686.99 2614.01 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Guangh Joint
an and
Guoxio May 30 June 27 several 1814
2375.72 2065.86 None None No Yes
ng Feed 2024 2024 liability days
Co. guarante
Ltd. e
Hainan
Joint
Changji
and
ang
May 23 December several 1827
Xinliu 13500 9756.63 None None No Yes
2023 15 2023 liability days
Breedin
guarante
g Co.e
Ltd.Hebei Joint
Kinghe and
y Meat April 14 several 1096
June 1 2022 2711.42 729.7 None None No Yes
Industry 2023 liability days
Co. guarante
Ltd. e
Joint
Henan
and
Liuhe
May 30 June 27 several 1814
Feed 18000 1121.5 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Huzhou
Joint
Haihua
and
ng
April 14 several 1095
Biotech June 1 2022 2987.14 701.86 None None No Yes
2023 liability days
nology
guarante
Co.e
Ltd.
246Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Huangg
ang
Joint
New
and
Hope
May 30 July 31 several 1095
Feed 1286.36 927.98 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Qianwe Joint
i and
Xinhao May 23 January 24 several 1818
4642.2 3418.91 None None No Yes
Farmin 2023 2024 liability days
g Co. guarante
Ltd. e
Jiangxi
New
Joint
Hope
and
Farmin
May 30 June 28 several 917
g 26000 4053.55 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Jingzho Joint
u New and
Hope April 14 several 1095
June 1 2022 3768.01 1428.79 None None No Yes
Feed 2023 liability days
Co. guarante
Ltd. e
Kunmin
g New Joint
Hope and
Animal May 30 August 8 several 1095
1523.76 680.59 None None No Yes
Nutritio 2024 2024 liability days
us Food guarante
Co. e
Ltd.Leshan Joint
New and
Hope May 23 September several 1193
3688.77 3688.77 None None No Yes
Farmin 2023 26 2023 liability days
g Co. guarante
Ltd. e
Luzhou Joint
New and
Hope May 30 August 14 several 1095
404.14 404.14 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Luochu
Joint
an
and
Xinliu
May 30 June 27 several 1814
Technol 5000 4530.14 None None No Yes
2024 2024 liability days
ogy
guarante
Co.e
Ltd.
247Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Maomi Joint
ng and
Liuhe May 30 August 5 several 1095
10000 1870.69 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Nancho Joint
ng New and
Hope May 30 August 22 several 1095
2824.61 1220.62 None None No Yes
Feed 2024 2024 liability days
Co. guarante
Ltd. e
Nannin
g New
Joint
Hope
and
Farmin
April 14 several 1101
g June 1 2022 38000 2130.65 None None No Yes
2023 liability days
Technol
guarante
ogy
e
Co.Ltd.Ningxia
New
Hope Joint
Rumina and
nt May 30 August 5 several 1095
2779.14 1228.01 None None No Yes
Animal 2024 2024 liability days
Nutritio guarante
us Food e
Co.Ltd.Puchen
g New
Joint
Hope
and
Farmin
May 30 June 27 several 1814
g 2533.07 322.27 None None No Yes
2024 2024 liability days
Technol
guarante
ogy
e
Co.Ltd.Joint
Qingyu
and
n Liuhe
May 30 August 14 several 1095
Feed 6000 1577.79 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Shibing
County Joint
New and
Hope May 23 February 7 several 1827
8787.3 4309.21 None None No Yes
Liuhe 2023 2024 liability days
Breedin guarante
g Co. e
Ltd.Tonglia Joint
July 15 2223
o June 1 2022 27000 15926.95 and None None No Yes
2022 days
Xinhao several
248Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Farmin liability
g Co. guarante
Ltd. e
Joint
Weifan
and
g Liuhe
April 14 several 1100
Feed June 1 2022 42120.77 2255.98 None None No Yes
2023 liability days
Co.guarante
Ltd.e
Weifan
g New
Joint
Hope
and
Liuhe
April 14 several 1096
Feed June 1 2022 7092.28 831.11 None None No Yes
2023 liability days
Technol
guarante
ogy
e
Co.Ltd.Wuzho
Joint
u New
and
Hope
May 30 August 8 several 1095
Liuhe 4081.47 411.5 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Xiajin
Joint
New
and
Hope
May 23 September several 1723
Liuhe 45000 23808.2 None None No Yes
2023 19 2023 liability days
Farmin
guarante
g Co.e
Ltd.Xiangy
ang Joint
New and
Hope May 30 June 27 several 1814
4154.53 1157.4 None None No Yes
Liuhe 2024 2024 liability days
Feed guarante
Co. e
Ltd.Xiangz Joint
hou and
Xinhao May 30 December several 1095
11200 11200 None None No Yes
Farmin 2024 13 2024 liability days
g Co. guarante
Ltd. e
Yan’an
Benyua
n
Joint
Agricult
and
ural
May 30 June 27 several 1814
Technol 3430.48 3430.48 None None No Yes
2024 2024 liability days
ogy
guarante
Develo
e
pment
Co.Ltd.
249Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Yanglin
g Besun Joint
Agricult and
ural April 14 several 1095
June 1 2022 22272.47 2110.11 None None No Yes
Industry 2023 liability days
Group guarante
Co. e
Ltd.Joint
Yishui
and
Liuhe
May 30 June 28 several 917
Feed 8821.86 4050.19 None None No Yes
2024 2024 liability days
Co.guarante
Ltd.e
Zhanjia Joint
ng and
Guoxio May 30 August 9 several 1095
4693.18 2715.87 None None No Yes
ng Feed 2024 2024 liability days
Co. guarante
Ltd. e
Zhangji
Joint
akou
and
Xinwan
May 23 February several 1827
g 6977.73 6977.73 None None No Yes
2023 28 2024 liability days
Farmin
guarante
g Co.e
Ltd.Zhangz
hou Joint
Hongsh and
an May 30 June 27 several 1814
5000 1074.12 None None No Yes
Biotech 2024 2024 liability days
nology guarante
Co. e
Ltd.Chongq
Joint
ing
and
New
May 30 June 27 several 1814
Hope 4351.17 2484.45 None None No Yes
2024 2024 liability days
Feed
guarante
Co.e
Ltd.Zibo Joint
Huide and
Feed May 23 March 29 several 1826
3945.64 3945.64 None None No Yes
Machin 2023 2024 liability days
ery Co. guarante
Ltd. e
Shando
Joint
ng New
and
Hope
May 30 November several 363
Liuhe 19942.76 5100 None None No Yes
2024 13 2024 liability days
Group
guarante
Co.e
Ltd.Anshan April 30 May 31 Joint One
600 531.79 None None No Yes
Liuhe 2024 2024 and year
250Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Rentai several
Feed liability
Co. guarante
Ltd. e
Chengd Joint
u and
Century April 30 May 31 several One
1000 0.85 None None No Yes
Investm 2024 2024 liability year
ent Co. guarante
Ltd. e
Shan Joint
County and
Liuhe April 30 May 31 several One
500 17.82 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Joint
Ganzho
and
u Hope
April 30 May 31 several One
Feed 1080 0.48 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Guangd
ong Joint
Jiahao and
Agricult April 30 May 31 several One
40000 539.75 None None No Yes
ural 2024 2024 liability year
Product guarante
s Co. e
Ltd.Guangz Joint
hou and
Liuhe April 30 May 31 several One
10500 96.95 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Guilin Joint
New and
Hope April 30 May 31 several One
900 131.73 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Hainan
Cheng Joint
mai and
New April 30 May 31 several One
2500 514.27 None None No Yes
Hope 2024 2024 liability year
Farmin guarante
g Co. e
Ltd.Henan Joint
Liuhe and
Beixu April 30 May 31 several One
100 0.68 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Henan April 30 100 May 31 8.51 Joint None None One No Yes
251Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe 2024 2024 and year
Feed several
Co. liability
Ltd. guarante
e
Henan
Liuhe Joint
Feed and
Co. April 30 May 31 several One
100 6.65 None None No Yes
Ltd. 2024 2024 liability year
Dengzh guarante
ou e
Branch
Hubei
Joint
Tuanfen
and
g New
April 30 May 31 several One
Hope 540 0.64 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Joint
Huizho
and
u Liuhe
April 30 May 31 several One
Feed 7000 18.28 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Joint
Jiangme
and
n Liuhe
April 30 May 31 several One
Feed 14000 123.86 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Jiangme
n
Joint
Xinhui
and
District
April 30 May 31 several One
Liuhe 7000 3.05 None None No Yes
2024 2024 liability year
Biotech
guarante
nology
e
Co.Ltd.Jiangxi
New
Hope Joint
Liuhe and
Farmin April 30 May 31 several One
375 1.09 None None No Yes
g 2024 2024 liability year
Technol guarante
ogy e
Co.Ltd.Jiangxi Joint
New and
Hope April 30 May 31 several One
810 0.68 None None No Yes
Farmin 2024 2024 liability year
g guarante
Technol e
252Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ogy
Co.Ltd.Joint
Jieyang
and
Guoxio
April 30 May 31 several One
ng Feed 5600 97.12 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Kangpi
Joint
ng
and
Xinwan
April 30 May 31 several One
g 280 14.43 None None No Yes
2024 2024 liability year
Farmin
guarante
g Co.e
Ltd.Horqin
Left
Joint
Wing
and
Middle
April 30 May 31 several One
Banner 280 6.82 None None No Yes
2024 2024 liability year
Xinhao
guarante
Farmin
e
g Co.Ltd.Kunmin
g New Joint
Hope and
Animal April 30 May 31 several One
2000 91.03 None None No Yes
Nutritio 2024 2024 liability year
us Food guarante
Co. e
Ltd.Kunmin
g New
Joint
Hope
and
Agricult
April 30 May 31 several One
ural 1200 0.01 None None No Yes
2024 2024 liability year
Technol
guarante
ogy
e
Co.Ltd.Joint
Laiyang
and
Liuhe
April 30 May 31 several One
Feed 1860 5.44 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Joint
Laiyang
and
Xinmu
April 30 May 31 several One
Breedin 350 0.21 None None No Yes
2024 2024 liability year
g Co.guarante
Ltd.e
Laiyang Joint
April 30 May 31 One
New 500 82.89 and None None No Yes
2024 2024 year
Hope several
253Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe liability
Feed guarante
Co. e
Ltd.Liaonin
g Joint
Xinwan and
g April 30 May 31 several One
280 13.77 None None No Yes
Technol 2024 2024 liability year
ogy guarante
Co. e
Ltd.Joint
Linshu
and
Liuhe
April 30 May 31 several One
Feed 2120 0.3 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Linyi
Joint
Liuhe
and
Compo
April 30 May 31 several One
und 1300 0.24 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Linyi
Joint
Liuhe
and
Zhengw
April 30 May 31 several One
ang 1300 1.3 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Lingbao
Joint
New
and
Hope
April 30 May 31 several One
Liuhe 100 62.62 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Maomi Joint
ng and
Liuhe April 30 May 31 several One
3500 225.77 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Nannin
g New
Joint
Hope
and
Farmin
April 30 May 31 several One
g 1250 11.78 None None No Yes
2024 2024 liability year
Technol
guarante
ogy
e
Co.Ltd.Pingyi Joint
April 30 May 31 One
Zhongx 1500 591.76 and None None No Yes
2024 2024 year
in Feed several
254Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co. liability
Ltd. guarante
e
Pingxia
Joint
ng New
and
Hope
April 30 May 31 several One
Liuhe 300 20.31 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Puchen
g New
Joint
Hope
and
Farmin
April 30 May 31 several One
g 100 14.58 None None No Yes
2024 2024 liability year
Technol
guarante
ogy
e
Co.Ltd.Joint
Qingda
and
o Liuhe
April 30 May 31 several One
Feed 2120 38.68 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Joint
Qingyu
and
n Liuhe
April 30 May 31 several One
Feed 2120 39.05 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Sanyua Joint
n New and
Hope April 30 May 31 several One
180 5.63 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Shando
Joint
ng New
and
Hope
April 30 May 31 several One
Liuhe 180000 10867.07 None None No Yes
2024 2024 liability year
Group
guarante
Co.e
Ltd.Joint
Sheyan
and
g Liuhe
April 30 May 31 several One
Feed 660 0.01 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Shibing
Joint
New
and
Hope
April 30 May 31 several One
Agricult 110 22.54 None None No Yes
2024 2024 liability year
ural
guarante
Technol
e
ogy
255Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co.Ltd.Shougu
Joint
ang
and
Liuhe
April 30 May 31 several One
Dingtai 800 1.26 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Sichuan
New
Hope Joint
Animal and
Nutritio April 30 May 31 several One
110000 8771.4 None None No Yes
n 2024 2024 liability year
Technol guarante
ogy e
Co.Ltd.Taihe
New
Joint
Hope
and
Farmin
April 30 May 31 several One
g 380 0.11 None None No Yes
2024 2024 liability year
Technol
guarante
ogy
e
Co.Ltd.Joint
Weifan
and
g Liuhe
April 30 May 31 several One
Feed 1400 15.31 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Weifan
g Liuhe Joint
Feed and
Co. April 30 May 31 several One
530 7.42 None None No Yes
Ltd. 2024 2024 liability year
Changy guarante
i e
Branch
Weifan
g Liuhe Joint
Feed and
Co. April 30 May 31 several One
530 0.11 None None No Yes
Ltd. 2024 2024 liability year
Shougu guarante
ang e
Branch
Wuqi Joint
Xinliu and
Technol April 30 May 31 several One
100 4.11 None None No Yes
ogy 2024 2024 liability year
Co. guarante
Ltd. e
Wuzho April 30 900 May 31 11.91 Joint None None One No Yes
256Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
u New 2024 2024 and year
Hope several
Liuhe liability
Feed guarante
Co. e
Ltd.Xiangz
hou
New
Joint
Hope
and
Liuhe
April 30 May 31 several One
Farmin 530 30.62 None None No Yes
2024 2024 liability year
g
guarante
Technol
e
ogy
Co.Ltd.New
Hope Joint
Liuhe and
Feed April 30 May 31 several One
2120 0.11 None None No Yes
Co. 2024 2024 liability year
Ltd. guarante
Lanling e
Banch
New
Hope Joint
Liuhe and
Feed April 30 May 31 several One
320 9.56 None None No Yes
Co. 2024 2024 liability year
Ltd. guarante
Pingyua e
n Banch
New
Hope Joint
Liuhe and
Feed April 30 May 31 several One
530 9.29 None None No Yes
Co. 2024 2024 liability year
Ltd. guarante
Yutai e
Banch
Yanggu
New Joint
Hope and
Liuhe April 30 May 31 several One
1200 486.46 None None No Yes
Luxin 2024 2024 liability year
Feed guarante
Co. e
Ltd.Yanglin
g Besun Joint
Agricult and
ural April 30 May 31 several One
180 22.72 None None No Yes
Industry 2024 2024 liability year
Group guarante
Co. e
Ltd.
257Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Joint
Yishui
and
Liuhe
April 30 May 31 several One
Feed 4000 5.92 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Yichun
New
Joint
Hope
and
Farmin
April 30 May 31 several One
g 4050 2.43 None None No Yes
2024 2024 liability year
Technol
guarante
ogy
e
Co.Ltd.Yingtan Joint
New and
Hope April 30 May 31 several One
810 8.89 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Joint
Yulin
and
Guoxio
April 30 May 31 several One
ng Feed 1500 35.56 None None No Yes
2024 2024 liability year
Co.guarante
Ltd.e
Yulin Joint
New and
Hope April 30 May 31 several One
600 6.51 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Yunche Joint
ng and
Dingtai April 30 May 31 several One
2120 0.38 None None No Yes
Feed 2024 2024 liability year
Co. guarante
Ltd. e
Zhanjia Joint
ng and
Guoxio April 30 May 31 several One
2000 585.99 None None No Yes
ng Feed 2024 2024 liability year
Co. guarante
Ltd. e
Zhanjia
ng
Guoxio Joint
ng No. and
1 April 30 May 31 several One
1000 0.23 None None No Yes
Native 2024 2024 liability year
Pig guarante
Feed e
Co.Ltd.Zhejian April 30 May 31 Joint One
280 78.19 None None No Yes
g 2024 2024 and year
258Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Xindon several
gwan liability
Agricult guarante
ural e
Develo
pment
Co.Ltd.Chongq
Joint
ing
and
New
April 30 May 31 several One
Hope 1500 0.19 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Zhuche
Joint
ng New
and
Hope
April 30 May 31 several One
Liuhe 260 0.07 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Zouche
Joint
ng New
and
Hope
April 30 May 31 several One
Liuhe 2000 8.45 None None No Yes
2024 2024 liability year
Feed
guarante
Co.e
Ltd.Total amount of
Total amount of
guarantee actually
guarantee provided for
incurred for
subsidiaries approved 2451287.44 877626.42
subsidiaries during
during the reporting
the reporting period
period (B1)
(B2)
Total amount of Total balance of
guarantee provided for actual guarantee for
subsidiaries approved 5478280.77 subsidiaries at the end 2060035.9
at the end of the of reporting period
reporting period (B3) (B4)
Guarantees provided by subsidiaries for subsidiaries
Date of Whe
disclosure Count Wheth ther
Amount
Name of of related Date Type of Collat er Guarant er relat
Guarantee actually
guarantee announceme actually guarante erals(i guaran ee fully ed-
d amount guarante
beneficiary nt of incurred e f any) tee (if period perfor party
ed
guaranteed any) med guar
amount antee
Joint
and
Anhui New
May 23 January 31 several 345
Hope Feed 1000 1000 None None No Yes
2023 2024 liability days
Co. Ltd.guarante
e
Anyang May 30 September Joint 188
1000 1000 None None No Yes
New Hope 2024 25 2024 and days
259Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe Feed several
Co. Ltd. liability
guarante
e
Joint
Beijing
and
New Hope
May 30 November several 221
Farming 1000 1000 None None No Yes
2024 22 2024 liability days
Technology
guarante
Co. Ltd.e
Joint
and
Cao County
May 30 December several 187
Liuhe Feed 1000 1000 None None No Yes
2024 26 2024 liability days
Co. Ltd.guarante
e
Joint
Changtu and
Liuhe May 30 December several 189
1000 1000 None None No Yes
Farming 2024 24 2024 liability days
Co. Ltd. guarante
e
Joint
Changyi
and
Liuhe
May 30 September several 189
Xinrong 1000 1000 None None No Yes
2024 24 2024 liability days
Feed Co.guarante
Ltd.e
Joint
Changde and
New Hope May 30 September several 186
1000 1000 None None No Yes
Feed Co. 2024 27 2024 liability days
Ltd. guarante
e
Joint
Chenzhou
and
New Hope
May 30 December several 189
Agricultural 1000 1000 None None No Yes
2024 24 2024 liability days
Technology
guarante
Co. Ltd.e
Joint
and
Dazhou
May 30 November several 228
Jiahao Feed 1000 1000 None None No Yes
2024 15 2024 liability days
Co. Ltd.guarante
e
Joint
and
Daqing
May 30 December several 364
Liuhe Feed 1000 1000 None None No Yes
2024 5 2024 liability days
Co. Ltd.guarante
e
Joint
Datong
and
New Hope May 30 December 193
1000 1000 several None None No Yes
Liuhe Feed 2024 20 2024 days
liability
Co. Ltd.guarante
260Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Dongying and
New Hope May 30 December several 196
1000 1000 None None No Yes
Liuhe Feed 2024 17 2024 liability days
Co. Ltd. guarante
e
Joint
and
Fuyang
May 23 January 9 several 363
Liuhe Feed 1000 1000 None None No Yes
2023 2024 liability days
Co. Ltd.guarante
e
Joint
and
Gushi
May 23 February 2 several 365
Liuhe Co. 1000 1000 None None No Yes
2023 2024 liability days
Ltd.guarante
e
Joint
Hainan
and
Chengmai
May 30 December several 194
New Hope 1000 1000 None None No Yes
2024 19 2024 liability days
Farming
guarante
Co. Ltd.e
Joint
Haiyang and
New Hope May 30 September several 188
1000 1000 None None No Yes
Liuhe Feed 2024 25 2024 liability days
Co. Ltd. guarante
e
Joint
and
Hebei New
May 30 September several 190
Hope Feed 1000 1000 None None No Yes
2024 23 2024 liability days
Co. Ltd.guarante
e
Joint
Henan
and
Liuhe Feed
May 30 June 28 several 364
Co. Ltd. 1000 1000 None None No Yes
2024 2024 liability days
Dengzhou
guarante
Branch
e
Joint
Hubei
and
Tuanfeng
May 30 September several 187
New Hope 1000 1000 None None No Yes
2024 26 2024 liability days
Feed Co.guarante
Ltd.e
Joint
Huaihua and
New Hope May 30 December several 189
1000 1000 None None No Yes
Liuhe Feed 2024 24 2024 liability days
Co. Ltd. guarante
e
Huai'an May 23 February 6 Joint 365
1000 1000 None None No Yes
New Hope 2023 2024 and days
261Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed Co. several
Ltd. liability
guarante
e
Joint
and
Jiangsu
May 23 January 29 several 350
Liuhe Feed 1000 1000 None None No Yes
2023 2024 liability days
Co. Ltd.guarante
e
Joint
Jingzhou and
New Hope May 23 January 8 several 364
1000 1000 None None No Yes
Feed Co. 2023 2024 liability days
Ltd. guarante
e
Kunming Joint
New Hope and
Animal May 23 February 2 several 364
1000 1000 None None No Yes
Nutritious 2023 2024 liability days
Food Co. guarante
Ltd. e
Joint
Lhasa New and
Hope May 30 September several 190
1000 1000 None None No Yes
Industrial 2024 23 2024 liability days
Co. Ltd. guarante
e
Joint
and
Laiyang
May 30 December several 200
Liuhe Feed 1000 1000 None None No Yes
2024 13 2024 liability days
Co. Ltd.guarante
e
Joint
and
Laiyang
May 23 April 2 several 365
Liuhe Feed 1000 1000 None None No Yes
2023 2024 liability days
Co. Ltd.guarante
e
Joint
Lanzhou and
New Hope May 30 September several 188
1000 1000 None None No Yes
Feed Co. 2024 25 2024 liability days
Ltd. guarante
e
Joint
Lingbao and
New Hope May 30 June 27 several 363
1000 1000 None None No Yes
Liuhe Feed 2024 2024 liability days
Co. Ltd. guarante
e
Joint
Liuhe Feed and
May 30 September 188
(Feicheng) 1000 1000 several None None No Yes
2024 25 2024 days
Co. Ltd. liability
guarante
262Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
and
Liuhe Feed
May 30 December several 197
(Huai'an) 1000 1000 None None No Yes
2024 16 2024 liability days
Co. Ltd.guarante
e
Joint
Luzhou and
New Hope May 23 January 31 several 365
1000 1000 None None No Yes
Feed Co. 2023 2024 liability days
Ltd. guarante
e
Joint
Luoyang
and
New Hope
May 23 January 30 several 366
Farming 1000 1000 None None No Yes
2023 2024 liability days
Technology
guarante
Co. Ltd.e
Joint
Mangshi
and
New Hope
May 23 February 2 several 364
Farming 1000 1000 None None No Yes
2023 2024 liability days
Technology
guarante
Co. Ltd.e
Joint
Nantong and
New Hope May 23 February 8 several 366
1000 1000 None None No Yes
Feed Co. 2023 2024 liability days
Ltd. guarante
e
Joint
Pengshan and
New Hope May 23 January 25 several 351
1000 1000 None None No Yes
Feed Co. 2023 2024 liability days
Ltd. guarante
e
Qiandongna Joint
n New and
Hope May 30 September several 188
1000 1000 None None No Yes
Farming 2024 25 2024 liability days
Technology guarante
Co. Ltd. e
Joint
and
Qingdao
May 30 November several 218
Liuhe Feed 1000 1000 None None No Yes
2024 25 2024 liability days
Co. Ltd.guarante
e
Joint
and
Qingyun
May 30 November several 221
Liuhe Feed 1000 1000 None None No Yes
2024 22 2024 liability days
Co. Ltd.guarante
e
Qujing May 30 December Joint 200
1000 1000 None None No Yes
Guoxiong 2024 13 2024 and days
263Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed Co. several
Ltd. liability
guarante
e
Joint
and
Shanxi New
May 23 February several 365
Hope Feed 1000 1000 None None No Yes
2023 22 2024 liability days
Co. Ltd.guarante
e
Joint
and
Sheyang
May 23 January 22 several 365
Liuhe Feed 1000 1000 None None No Yes
2023 2024 liability days
Co. Ltd.guarante
e
Joint
Sichuan and
Xinle May 30 September several 190
1000 1000 None None No Yes
Plastics 2024 23 2024 liability days
Co. Ltd. guarante
e
Joint
Sishui New
and
Hope
May 23 January 30 several 363
Yuwang 1000 1000 None None No Yes
2023 2024 liability days
Technology
guarante
Co. Ltd.e
Joint
Taizhou and
New Hope May 23 February 8 several 365
1000 1000 None None No Yes
Agriculture 2023 2024 liability days
Co. Ltd. guarante
e
Joint
Tangshan and
Muzheng May 30 November several 221
1000 1000 None None No Yes
Feed Co. 2024 22 2024 liability days
Ltd. guarante
e
Joint
Tangshan and
New Hope May 30 December several 197
1000 1000 None None No Yes
Liuhe Feed 2024 16 2024 liability days
Co. Ltd. guarante
e
Joint
Tongling and
New Hope May 30 December several 189
1000 1000 None None No Yes
Liuhe Feed 2024 24 2024 liability days
Co. Ltd. guarante
e
Weifang Joint
Liuhe Feed and
May 30 December 196
Co. Ltd. 1000 1000 several None None No Yes
2024 17 2024 days
Changyi liability
Branch guarante
264Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
Weifang
and
Liuhe Feed
May 30 December several 189
Co. Ltd. 1000 1000 None None No Yes
2024 24 2024 liability days
Linqu
guarante
Branch
e
Joint
Weifang
and
Liuhe Feed
May 30 September several 188
Co. Ltd. 1000 1000 None None No Yes
2024 25 2024 liability days
Qingzhou
guarante
Branch
e
Joint
Weifang
and
Liuhe Feed
May 30 September several 188
Co. Ltd. 1000 1000 None None No Yes
2024 25 2024 liability days
Shouguang
guarante
Branch
e
Joint
and
Wendeng
May 30 December several 364
Liuhe Feed 500 500 None None No Yes
2024 20 2024 liability days
Co. Ltd.guarante
e
Joint
and
Wendeng
May 30 September several 190
Liuhe Feed 1000 1000 None None No Yes
2024 23 2024 liability days
Co. Ltd.guarante
e
Joint
Wulong and
New Hope May 30 November several 214
1000 1000 None None No Yes
Liuhe Feed 2024 29 2024 liability days
Co. Ltd. guarante
e
Joint
and
Xiantao
May 30 December several 365
Liuhe Feed 1000 1000 None None No Yes
2024 23 2024 liability days
Co. Ltd.guarante
e
Joint
Xiaoyi New
and
Hope Liuhe
May 23 January 11 several 365
Food Co. 1000 1000 None None No Yes
2023 2024 liability days
Ltd. Feed
guarante
Branch
e
Joint
and
Xintai New
May 30 November several 215
Hope Feed 1000 1000 None None No Yes
2024 28 2024 liability days
Co. Ltd.guarante
e
New Hope May 23 January 9 Joint 365
1000 1000 None None No Yes
Liuhe Feed 2023 2024 and days
265Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Co. Ltd. several
Laizhou liability
Banch guarante
e
Joint
Xuzhou and
Haikuo May 23 January 31 several 362
1000 1000 None None No Yes
Liuhe Feed 2023 2024 liability days
Co. Ltd. guarante
e
Joint
and
Yantai
May 30 December several 207
Liuhe Feed 1000 1000 None None No Yes
2024 6 2024 liability days
Co. Ltd.guarante
e
Joint
and
Yancheng
May 30 November several 216
Liuhe Feed 1000 1000 None None No Yes
2024 27 2024 liability days
Co. Ltd.guarante
e
Joint
Yichun
and
New Hope
May 23 February 4 several 365
Farming 1000 1000 None None No Yes
2023 2024 liability days
Technology
guarante
Co. Ltd.e
Joint
Yiyang and
New Hope May 23 February 7 several 365
1000 1000 None None No Yes
Feed Co. 2023 2024 liability days
Ltd. guarante
e
Joint
Yuncheng and
Dingtai May 23 January 29 several 365
1000 1000 None None No Yes
Feed Co. 2023 2024 liability days
Ltd. guarante
e
Joint
Zaozhuang and
New Hope May 30 December several 189
1000 1000 None None No Yes
Liuhe Feed 2024 24 2024 liability days
Co. Ltd. guarante
e
Joint
Ziyang and
Jiahao Feed May 30 December several 364
1000 1000 None None No Yes
Technology 2024 24 2024 liability days
Co. Ltd. guarante
e
Joint
Zoucheng
and
New Hope May 30 December 187
1000 1000 several None None No Yes
Liuhe Feed 2024 26 2024 days
liability
Co. Ltd.guarante
266Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
e
Joint
and
Zunyi
May 23 February 6 several 367
Jiahao Feed 1000 1000 None None No Yes
2023 2024 liability days
Co. Ltd.guarante
e
Total amount of
Total amount of guarantee guarantee actually
provided for subsidiaries incurred for
4450068500
approved during the subsidiaries during
reporting period (C1) the reporting period
(C2)
Total balance of
Total amount of guarantee
actual guarantee for
provided for subsidiaries
68500 subsidiaries at the 68500
approved at the end of the
end of reporting
reporting period (C3)
period (C4)
Total amount of guarantee provided by the Company (i.e. the aggregate of the above three)
Total amount of
Total amount of guarantee
guarantee actually
approved during the
2495787.44 incurred during the 948126.42
reporting period
reporting period
(A1+B1+C1)
(A2+B2+C2)
Total balance of
Total amount of guarantee
actual guarantee at
approved at the end of the
5680810.77 the end of the 2219370.64
reporting period
reporting period
(A3+B3+C3)
(A4+B4+C4)
Proportion of total amount of actual guarantee (i.e.
86.50%
A4+B4+C4) in the Company’s net assets
Thereof:
Balance of guarantee provided to shareholders actual
90834.74
controllers and their associates (D)
Balance of debt guarantee provided directly or indirectly
for the guaranteed subjects each with asset-liability ratio 1172408.77
of over 70% (E)
Amount of total guarantee in excess of 50% of net assets
936439.79
(F)
Total amount of the above three guarantees (D+E+F) 2199683.3
Remarks on any liability to guarantee occurred or
possible joint and several liability for repayment with
None
sufficient evidence during the reporting period in respect
of any unexpired guarantee contract (if any)
Remarks on any external guarantee provided in violation
None
of prescribed procedures (if any)
Notes on details of guarantees provided in the composite form
267Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
3. Entrusted cash asset management
(1) Entrusted wealth management
□Applicable □Not applicable
The Company had no entrusted wealth management during the reporting period.
(2) Entrusted loans
□Applicable □Not applicable
The Company had no entrusted loans during the reporting period.
4. Other significant contracts
□Applicable □Not applicable
The Company had no other significant contracts during the reporting period.XVI: Remarks on other significant matters
□Applicable □Not applicable
1. To meet the needs of the Company's strategic development the board of directors decided to additionally appoint Mr. Zhou
Boping as a director candidate for the 9th board of directors for a term from the date of approval by the general meeting to the date of
expiration of the 9th board of directors. This matter was deliberated and approved at the 2023 annual general meeting.
2. The board of directors received the resignation report submitted by independent director Mr. Chen Huanchun. In accordance
with the relevant provisions of the Company Law the Articles of Association the Rules of Procedure of the Board of Directors and the
Implementation Rules of Special Committees of the Board of Directors the board of directors decided to elect Mr. Peng Long as an
independent director candidate for the 9th board of directors for a term from the date of approval by the general meeting to the date of
expiration of the 9th board of directors. This matter was deliberated and approved at the 2023 annual general meeting.
3. In order to adapt to the strategic core of the current industrial development of the Company continuously improve the core
competitiveness and sustainability and continuously promote the Company's high-quality development in accordance with the Articles
of Association the Rules of Procedure of the Board of Directors and the Implementation Rules of Special Committees of the Board of
Directors the board of directors appointed Mr. Tao Yuling as the president Mr. Yan Qiubo and Mr. Li Shuang as vice presidents of
the Company until the expiration of the term of the 9th board of directors.
4. To increase the work efficiency and enhance strategic cooperation with major raw materials suppliers according to the actual
needs of the procurement business the Company decided to guarantee the payment for raw materials of up to 6602.7 million yuan
under the raw materials purchase and sale contracts signed between 199 subordinate companies and 132 feed ingredient suppliers
including COFCO Trading Co. Ltd. within the period of authorization representing 26.65% of the Company’s most recently audited
(FY2023) net assets attributable to shareholders of the listed company of 24776.0546 million yuan. This matter was deliberated and
approved at the 2023 annual general meeting.
5. To increase the work efficiency and carry out financing work in a planned way according to the actual situation of production
and operation the Company estimated that the total amount of financing guarantees provided by the Company and its majority-owned
subsidiaries for subordinate companies in 2024 would be 69870 million yuan representing 282.01% of its most recently audited
(FY2023) net assets attributable to shareholders of the listed company of 24776.0546 million yuan including 63000 million yuan for
majority-owned subsidiaries (including up to 6000 million yuan reserved for majority-owned subordinate companies) 1370 million
268Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
yuan for minority-owned subsidiaries and 5500 million yuan for farms (farmers) or dealers. This matter was deliberated and approved
at the 2023 annual general meeting.
6. New Hope Dairy Co. Ltd. is an enterprise controlled by Liu Chang chairman of the Company; Caogen Zhiben Group Co.
Ltd. New Hope Wuxin Industrial Group Co. Ltd. Deyang New Hope Liuhu Food Co. Ltd. and its majority-owned subsidiaries are
enterprises controlled by the same actual controller as the Company; Xingyuan Environmental Technology Co. Ltd. is an enterprise
controlled by the same actual controller as the Company. In accordance with the Shenzhen Stock Exchange Listing Rules the purchase
and sale of products between the Company and the above mentioned related parties and their subordinate companies constitute related
party transaction. In 2024 the Company would purchase meat products breeding equipment feed ingredients and other products of
no more than 5675 million yuan from its related parties and their subordinate companies while that in 2023 was 3321.6252 million
yuan; receive services worth no more than 1202 million yuan from its related parties and their subordinate companies while that in
2023 was 527.1879 million yuan; rent assets of no more than 10 million yuan from its related parties while that in 2023 was 5.7316
million yuan; and sell feeds meat products packaging materials and parts of no more than 18.3260 million yuan to its related parties
and their subordinate companies while that in 2023 was 449.9061 million yuan. This matter was deliberated and approved at the 2023
annual general meeting.In 2024 the Company increased its purchase of egg and poultry meat products of approximately 120 million yuan from Shandong
Zhongxin Food Group Co. Ltd. and its majority-owned subsidiaries sold feed and feed ingredients of approximately 7.18 billion yuan
to Zhongxin Food and its majority-owned subsidiaries and sold feed of approximately 400 million yuan to Chengdu Tianfu Xingxinxin
Farming Technology Co. Ltd. and its majority-owned subsidiaries. This matter was deliberated and approved at the second
extraordinary general meeting in 2024.
7. To further improve quality and efficiency strengthen capital strength optimize asset structure improve the ability to resist risks
and promote high-quality development the Company intends to issue A-shares to no more than 35 specific investors. The types of
shares to be issued are domestic listed common stocks (A-shares) denominated in RMB with a par value of 1.00 yuan per share and
the total amount of funds to be raised will not exceed 3.8 billion yuan (inclusive). The number of shares to be issued will be determined
by dividing the total amount of funds raised by the issuance price determined by the final inquiry which shall not exceed 30% of the
total share capital of the Company prior to this issue. The shares will be issued by way of inquiry and the plan shall be valid for twelve
months from the date of approval of the scheme by the general meeting.On December 21 2024 the Company received the Notice on Accepting the Application Documents for the Issuance of Stocks to
Specific Objects by New Hope Liuhe Co. Ltd. (SZSS [2024] No. 316) issued by the Shenzhen Stock Exchange. The SZSE after
checking the application documents submitted by the Company for the issuance of stocks to specific objects which were considered
complete decided to accept the case.The Company's current issuance of stocks to specific objects still needs to be reviewed by the SZSE and approved for registration
by the China Securities Regulatory Commission before it can be implemented.
8. Given that Mr. Wang Yongxiu resigned from his position as the employee representative supervisor due to retirement the
Company's second workers congress in 2024 elected Mr. Pang Yundong as the employee representative supervisor of the Company
with a term consistent with that of the Company's ninth board of supervisors.
9. To establish and improve the mechanism of sharing benefits between workers and owners further enhance the level of corporate
governance increase the cohesion of employees and the competitiveness of the Company promote the Company’s long-term
sustainable and healthy development and fully mobilize employees’ sense of responsibility the Employee Stock Ownership Plan 2024
was implemented. The actual number of participants of the ESOP was 179 with actual aggregate capital contribution of 42513747.77
yuan and actual subscribed shares of the ESOP of 42513747.77. The 8838617 shares in the account for repurchase were non-traded
and transferred to the "New Hope Liuhe Co. Ltd.—Employee Stock Ownership Plan 2024" account.
10. To adapt to the current strategic core of the Company's industrial development continuously enhance the Company's core
competitiveness and sustainability and constantly promote the Company's high-quality development the board of directors decided to
269Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
appoint Mr. Wang Weiyong as the vice president and human resources director with the term of office until the expiration of the term
of the 9th board of directors.
11. To further optimize the Company's industrial development strategy focus on the core business continuously enhance the
Company's core competitiveness and sustainability and promote the Company's high-quality development Shandong New Hope Liuhe
Group Co. Ltd. a majority-owned subsidiary of the Company signed an Equity Transfer Agreement with New Hope Investment
Group Co. Ltd. to transfer the 25.875% equity of Qingdao Big Herdsman Machinery Co. Ltd. an company affiliated to the Company
at 398 million yuan accounting for 1.606% of the Company's most recent audited net assets attributable to the parent company. This
matter was considered and approved at the third extraordinary general meeting in 2024.
12. To further optimize the Company's industrial development strategy focus on the core business continuously enhance the
Company's core competitiveness and sustainability and promote the Company's high-quality development the Company signed an
Equity Transfer Agreement with Lhasa ETDZ Xinlu Industrial Co. Ltd. to transfer the 3.392% equity held by the Company in Minsheng
Life Insurance Co. Ltd. at 417 million yuan accounting for 1.683% of the Company's most recent audited net assets attributable to the
parent company. This matter was considered and approved at the third extraordinary general meeting in 2024.
13. To further optimize the Company's industrial development strategy focus on the core business revitalize assets increase
liquidity continuously enhance the Company's core competitiveness and sustainability and promote the Company's high-quality
development the Company and its majority-owned subsidiary Sichuan New Hope Liuhe Farming Co. Ltd. respectively signed Equity
Transfer Agreement with Hainan Jinlin Investment Co. Ltd. to transfer the 100% equity held by the Company in Hainan New Hope
Agriculture Co. Ltd. and the 100% equity of Nanchang Guoxiong Feed Technology Co. Ltd. 100% equity of Nanning Guoxiong
Technology Co. Ltd. 100% equity of Chongqing Guoxiong Feed Co. Ltd. 100% equity of Chongqing Hope Feed Co. Ltd and 100%
equity of Chenzhou Hope Feed Co. Ltd. held by Sichuan Farming. The transaction price of this deal was 194.1815 million yuan
accounting for 0.784% of the Company's most recent audited net assets. This matter was considered and approved at the third
extraordinary general meeting in 2024.XVII. Significant matters of subsidiaries
□Applicable □Not applicable
270Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 7 Changes in Shares and information on Shareholders
I. Changes in shares
1. Changes in shares
Unit: share
Before Increase or decrease due to this change (+ -) After
B
Providen
on
New t fund Percenta us Percenta
Quantity shares converte Others Subtotal Quantity
ge sh ge
issued d into
ar
shares
es
I. -
Restricted 33999579 0.75% 77370 -7737050 26262529 0.58%
shares 50
1.
Shares
held by
the state
2.
Shares
held by
state-
owned
legal
persons
3.
Shares
held by -
other 31633990 0.70% 77290 -7729050 23904940 0.53%
domestic- 50
funded
entities
Ther
eof:
shares
held by
domestic
legal
persons
Shar
es held by -
domestic 31633990 0.70% 77290 -7729050 23904940 0.53%
natural 50
persons
4.
Shares
23655890.05%-8000-800023575890.05%
held by
foreign
271Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
capital
Ther
eof:
shares
held by
overseas
legal
persons
Shar
es held by
overseas 2365589 0.05% -8000 -8000 2357589 0.05%
natural
persons
II. -
Unrestrict 4511776322 99.25% 5234 12105 -12100203 4499676119 99.42%
ed shares 437
1.
-
Renminbi
451177632299.25%523412105-12100203449967611999.42%
common
437
shares
2.
Foreign
shares
listed at
home
3.
Foreign
shares
listed
abroad
4.
Others
-
III. Total 100.00 100.00
4545775901523419842-198372534525938648
shares % %
487
Reasons for changes in shares
□Applicable □Not applicable
(1) Reasons for new share change:* During this reporting period due to the conversion of a total of 5234 shares of “New Hope-CB" and "New Hope-CB2" thetotal share capital of the Company increased by 5234 shares.
(2) Reasons for other changes in shares:
* The Company adjusted the 19842487 shares of stocks in the securities account for repurchase.* The 7.7828 million shares that met the conditions for lifting restrictions during the second lifting period for the initial grant
and the first lifting period for the reserved grant under the Incentive Plan 2022 were lifted from restrictions and listed for trading on
December 3 2024.* During the reporting period due to the new appointment of Zhou Boping as a director Pang Yundong as a supervisor and
Yan Qiubo as vice president of the Company the shares they held in the Company were locked as executive restricted shares; due to
changes in Tao Yuling's position the shares he held in the Company were also locked as executive restricted shares leading to a total
increase of 45750 restricted shares.Approval of changes in shares
272Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
□Applicable □Not applicable
(1) The release of shares for sale during the second lifting period for the initial grant and the first lifting period for the reserved
grant of restricted stock under the Incentive Plan 2022 was considered and approved at the 35th meeting of the 9th board of directors
and the 23rd meeting of the 9th board of supervisors.
(2) Other changes in shares were in accordance with laws regulations and normative documents such as Shenzhen Stock Exchange
Listing Rules and the Self-regulatory Guideline No.1 of Shenzhen Stock Exchange for Listed Companies - Standardized Operation of
Main Board Listed Companies as well as relevant requirements of the Management Rules for the Shares of the Company Held by
Directors Supervisors or Senior Executives of Listed Companies and Their Changes.Title transfer of changes in shares
□Applicable □Not applicable
(1) On December 3 2024 the Company completed the release of restricted stocks during the the second lifting period for the
initial grant and the first lifting period for the reserved grant of restricted stock under the Incentive Plan 2022 with CSDC Shenzhen
releasing 7.7828 million restricted stocks for sale.The impact of changes in shares on financial indicators such as basic earnings per share diluted earnings per share and net assets per
share attributable to ordinary shareholders of the Company in the most recent year and the most recent period
□Applicable □Not applicable
Other information deemed necessary by the Company or required to be disclosed by securities regulators
□Applicable □Not applicable
2. Changes in restricted stocks
□Applicable □Not applicable
Unit: share
Restricted Restricted
Beginning
stocks stocks Ending number Reasons for
Name of number of
increased in released for of restricted restriction on Date of release
shareholder restricted
the current sale in the stocks sales
stocks
period current period
Released in phases
Executive according to SZSE
Liu Chang 1616589 0 0 1616589 restricted rules and
shares incumbency of
senior executives
Released in phases
Executive according to SZSE
Liu Yonghao 669240 0 0 669240 restricted rules and
shares incumbency of
senior executives
Released in phases
Executive according to SZSE
Wang Hang 45000 0 0 45000 restricted rules and
shares incumbency of
senior executives
Released in phases
Executive according to SZSE
Cai Manli 7500 0 0 7500 restricted rules and
shares incumbency of
senior executives
273Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Released in phases
Restricted
according to the
stocks of
Zhang Minggui 1600000 0 0 1600000 performance of the
equity
Company and
incentives
individual
Released in phases
Executive according to SZSE
Zhou Boping 0 75 0 75 restricted rules and
shares incumbency of
senior executives
Executive
Released in phases
restricted
according to SZSE
shares
rules incumbency of
Pang Yundong 72000 10800 28800 54000 restricted
senior executives
shares for
and equity incentive
equity
performance
incentives
Executive
Released in phases
restricted
according to SZSE
shares
rules incumbency of
Tao Yuling 956250 28125 0 984375 restricted
senior executives
shares for
and equity incentive
equity
performance
incentives
Released in phases
Restricted
according to the
stocks of
Chen Xingyao 960000 0 0 960000 performance of the
equity
Company and
incentives
individual
Executive
Released in phases
restricted
according to SZSE
shares
rules incumbency of
Li Shuang 675000 0 0 675000 restricted
senior executives
shares for
and equity incentive
equity
performance
incentives
Executive
Released in phases
restricted
according to SZSE
shares
rules incumbency of
Yan Qiubo 87000 6750 0 93750 restricted
senior executives
shares for
and equity incentive
equity
performance
incentives
Released in phases
Restricted
according to the
stocks of
Lan Jia 800000 0 0 800000 performance of the
equity
Company and
incentives
individual
Executive
Released in phases
restricted
according to SZSE
shares
rules incumbency of
Wang Pusong 675000 0 0 675000 restricted
senior executives
shares for
and equity incentive
equity
performance
incentives
Other equity Restricted Released in phases
258360000775400018082000
incentive stocks of according to the
274Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
objects equity performance of the
incentives Company and
individual
Total 33999579 45750 7782800 26262529 -- --
II. Issuance and listing of securities
1. Issuance of securities (excluding preferred stocks) within the reporting period
□Applicable □Not applicable
2. Remarks on changes in the Company’s total shares and shareholding structure and changes in the
Company’s asset-liability structure
□Applicable □Not applicable
(1) During the reporting period the Company’s total share capital increased by 5234 shares through conversion of 5234
convertible corporate bonds.
(2) During the reporting period the Company repurchased and canceled 19842487 restricted shares leading to total share capital
decrease of 19842487 shares and capital reserve decrease of 319024429.85 yuan.
(3) The above changes in shares have no significant impact on the Company’s asset-liability structure.
3. Existing internal employee stock
□Applicable □Not applicable
III. Shareholders and the actual controller
1. Number of shareholders of the Company and their shareholdings
Unit: share
Total number of Total number Total number of
Total
ordinary of preferred preferred shareholders
number of
shareholders at shareholders with resumed voting
ordinary
the end of the with resumed power at the end of the
shareholder
192939 month 221296 voting power 0 month immediately 0
s at the end
immediately at the end of preceding the date of
of the
preceding the date the reporting disclosure of the annual
reporting
of disclosure of period (if any) report (if any) (see Note
period
the annual report (see Note 8) 8)
Shareholdings of shareholders each holding over 5% shares or the top 10 shareholders (excluding refinancing shares lent)
Number Pledge marking
Increase or of or freezing
Number of
Shareho Shareholding at decrease restricte
Name of Nature of unrestricted
lding the end the within the d
shareholder shareholder ordinary shares
ratio period reporting ordinary Share Qua
held
period shares status ntity
held
South Hope Domestic
Industrial Co. non-state- 29.36% 1328957185 0 0 1328957185 N/A 0
Ltd. owned legal
275Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
person
New Hope -
Topsperity
Domestic
Securities -23
non-state-
Hope E1 20.63% 933608491 0 0 933608491 N/A 0
owned legal
Guarantee and
person
Trust Property
Account
Domestic
New Hope non-state-
4.34% 196271201 0 0 196271201 N/A 0
Group Co. Ltd. owned legal
person
China
Domestic
Securities
non-state-
Finance 2.78% 125602591 0 0 125602591 N/A 0
owned legal
Corporation
person
Ltd.Xizang
Domestic
Sizhuang
non-state-
Investment 2.31% 104769426 0 0 104769426 N/A 0
owned legal
Consulting Co.person
Ltd.Xizang
Domestic
Shancheng
non-state-
Investment 2.07% 93704034 0 0 93704034 N/A 0
owned legal
Consulting Co.person
Ltd.Hong Kong
Securities
Overseas
Clearing 1.90% 85839256 7065409 0 85839256 N/A 0
legal person
Company
Limited
Lhasa
Development Domestic
Area non-state-
1.13% 51143592 -150000 0 51143592 N/A 0
Hezhiwang owned legal
Industrial Co. person
Ltd.Industrial and
Commercial
Bank of China
Limited - Others 0.86% 39062585 22380300 0 39062585 N/A 0
Huatai-
PineBridge CSI
300 ETF
Zheshang Bank
Co. Ltd. -
Cathay China
Securities
Animal
Husbandry Others 0.69% 31093598 -1881077 0 31093598 N/A 0
Trading Open-
ended Index
Securities
Investment
Fund
Strategic investors or general None
276Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
legal persons included the top
10 shareholders due to
placement of new shares (if
any)(see Note 3)
Notes on related-party
New Hope Group is the controlling shareholder of South Hope and both parties are persons
relationships among the
acting in concert with each other. Apart from that the Company is not aware of whether its top
aforesaid shareholders or
ten shareholders have other related-party relationships or actions in concert.actions in concertNotes on entrusted/fiduciary New Hope Group the controlling shareholder of the Company appointed “Topsperity Securitiesvoting rights and waiver of Co. Ltd.” as the trustee of the “New Hope - Topsperity Securities -23 Hope E1 Guarantee andvoting rights involving the Trust Property Account” to exercise the voting rights on behalf of New Hope Group during the
aforesaid shareholders existence period of the exchangeable corporate bonds of New Hope Group。
Special note on the existence of
repurchase dedicated accounts
None
among the top 10 shareholders
(if any)(see Note 10)
Shareholding of the top 10 unrestricted shareholders (excluding shares lent through refinancing or executive restricted shares)
Number of unrestricted stocks held at Share category
Name of shareholder
the end of the reporting period Share category Quantity
RMB common
South Hope Industrial Co. Ltd. 1328957185 1328957185
shares
New Hope - Topsperity Securities -23 Hope E1 RMB common
933608491933608491
Guarantee and Trust Property Account shares
RMB common
New Hope Group Co. Ltd. 196271201 196271201
shares
RMB common
China Securities Finance Corporation Ltd. 125602591 125602591
shares
Xizang Sizhuang Investment Consulting Co. RMB common
104769426104769426
Ltd. shares
Xizang Shancheng Investment Consulting Co. RMB common
9370403493704034
Ltd. shares
Hong Kong Securities Clearing Company RMB common
8583925685839256
Limited shares
Lhasa Development Area Hezhiwang Industrial RMB common
5114359251143592
Co. Ltd. shares
Industrial and Commercial Bank of China RMB common
3906258539062585
Limited - Huatai-PineBridge CSI 300 ETF shares
Zheshang Bank Co. Ltd. - Cathay China
RMB common
Securities Animal Husbandry Trading Open- 31093598 31093598
shares
ended Index Securities Investment Fund
Remarks on the related-party relationships or
New Hope Group is the controlling shareholder of South Hope and both parties
actions in concert among the top 10
are persons acting in concert with each other. Apart from that the Company is
unrestricted outstanding shareholders and
not aware of whether its top ten shareholders have other related-party
between the top 10 unrestricted outstanding
relationships or actions in concert.shareholders and the top 10 shareholders
Notes on participation of top 10 ordinary
shareholders in securities margin trading None
business (if any)(see Note 4)
Refinancing shares lent by shareholders holding more than 5% shares the top 10 shareholders and the top 10 unrestricted public
shareholders
□Applicable □Not applicable
Unit: share
277Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Refinancing shares lent by shareholders holding more than 5% shares the top 10 shareholders and the top 10 unrestricted public
shareholders
Beginning shareholding of Beginning refinancing Ending shareholding of Ending refinancing
ordinary accounts and credit shares lent and not yet ordinary accounts and shares lent and not
accounts returned credit accounts yet returned
Name of
shareholder (full ProportiProportion Proportion Proportion
name) on in in total in total Aggre in total
Aggregate Aggregate Aggregate total
share share gate share
share
capital capital capital
capital
Industrial and
Commercial
Bank of China
166822850.37%2017000.01%390625850.86%00.00%
Limited - Huatai-
PineBridge CSI
300 ETF
Zheshang Bank
Co. Ltd. - Cathay
China Securities
Animal
Husbandry 32974675 0.73% 2520400 0.06% 31093598 0.69% 0 0.00%
Trading Open-
ended Index
Securities
Investment Fund
Changes in the top 10 shareholders and the top 10 unrestricted public shareholders due to refinancing lending/restitution compared
with the previous period
□Applicable □Not applicable
Whether the top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders of the Company conducted agreed repurchase
transactions within the reporting period
□Yes □No
The top 10 ordinary shareholders and top 10 unrestricted ordinary shareholders of the Company did not conduct any agreed repurchase
transactions within the reporting period。
2. Controlling shareholder of the Company
Nature of the controlling shareholder: natural person holding
Type of the controlling shareholder: legal person
Legal
Representative
Name of the Date of
/ person in Organization code Main business
controlling shareholder establishment
charge of the
organization
Development and construction of
agricultural forestry animal
husbandry sideline and fishery
industry bases; development of
New Hope Group Co. ecological resources; construction of
Liu Yonghao January 9 1997 915100002018938457
Ltd. vegetable production bases;
processing warehousing and sale of
feeds and agricultural and sideline
products (except for cotton tobacco
silkworm cocoon and cereals and
278Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
oils); development of high and new
technologies sale of chemical raw
materials and products building
materials (the aforesaid items
exclude hazardous chemicals)
ordinary machinery electrical
machinery electronic products
hardware and electrical appliances
knitwear and textiles and cultural and
office supplies; export of self-made
products and related technologies
and import of raw and auxiliary
materials instruments mechanical
equipment components and
accessories and related technologies
required for production and scientific
research of the company processing
with supplied materials and the
three-processing and one
compensation business; and
commercial services. (No business
activities of items subject to approval
in accordance with the law until so
approved by relevant authorities)
South Hope New Hope Chemical and Beishuo Investment three subsidiaries of New Hope Group are
The controlling shareholders of Polaris Bay Group Co. Ltd. (stock abbreviation: Polaris Bay stock code: 600155)
shareholder's equities holding 269.6425 million shares with a shareholding ratio of 12.12%.in other majority- New Hope Chemical a subsidiary of New Hope Group is the controlling shareholder of Huarong
owned and minority- Chemical Co. Ltd. (stock abbreviation: Huarong Chemical stock code: 301256) holding 343.80 million
owned domestic and shares with a shareholding ratio of 71.63%.overseas listed South Hope and New Hope Chemical two subsidiaries of New Hope Group are shareholders of China
companies during the Minsheng Banking Corporation Limited (stock abbreviation: Minsheng Bank stock code: A-share
reporting period 600016 H-share 01988). South Hope holds 405.1773 million A-shares and H-shares with a shareholding
ratio of 0.92%; New Hope Chemical holds 68 million H-shares with a shareholding ratio of 0.16%.Change in the controlling shareholder during the reporting period
□Applicable □Not applicable
The controlling shareholder of the Company did not change during the reporting period.
3. Actual controller of the Company and the persons acting in concert therewith
Nature of the actual controller: domestic natural person
Type of the actual controller: natural person
Relationship with the actual Whether with residence status
Name of the actual controller Nationality
controller in other countries or regions
Liu Yonghao Himself Chinese No
Mr. Liu Yonghao is the board chairman of New Hope Group vice board chairman of China
Minsheng Banking Corporation Limited president of the Global General Association of Sichuan
Entrepreneurs member of the 14th National Committee of the CPPCC and vice president of China
Association for Public Companies. Mr. Liu Yonghao was vice president of National Glorious
Main occupation and position Cause Promotion Association member of the 8th national committee of the CPPCC member of
the 9th standing committee of the CPPCC member of the 10th standing committee of the CPPCC
and deputy director of economic committee member of the 11th national committee of the CPPCC
and deputy director of economic committee deputy to the 12th National People’s Congress and
member of the 13th national committee of the CPPCC.
279Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Domestic and overseas listed
Mr. Liu Yonghao controls Huarong Chemical (301256.SZ) and Feima International (002210.SZ);
companies that was controlled
jointly controls New Hope Dairy (002946.SZ) and New Hope Service (3658.HK) with Liu Chang;
by shareholdings in the past
and controlled Polaris Bay (600155. SH) and Xingyuan Environment (300266.SZ)
10 years
Change of the actual controller during the reporting period
□Applicable □Not applicable
The actual controller of the Company did not change during the reporting period.Block diagram of property rights and controlling relationship between the Company and the actual controller
Liu Yonghao
100.00%
Lhasa ETDZ
New Hope Investment Co. Ltd.
99.00%
New Hope Asia Pacific Investment
Holdings Co. Ltd.
100.00%
New Hope Holding Group Co. Ltd.
14.60%75.00%
New Hope Group Co. Ltd.
51.00%100.00%
South Hope Industrial Co. New Hope - Topsperity Securities -23 Hope E1 0.02% 4.34%
Ltd. Guarantee and Trust Property Account
29.36%20.63%
New Hope Liuhe Co. Ltd.The actual controller controls the Company through trust or other means of asset management.□Applicable □Not applicable
4. Shares cumulatively pledged by the Company’s controlling shareholder or largest shareholder and
person acting in concert therewith account for 80% of shares held by them in the Company
□Applicable □Not applicable
5. Other corporate shareholders with shareholding ratio of over 10%
□Applicable □Not applicable
Legal
Representativ
Name of corporate Date of Main business and management
e/ person in Registered Capital
shareholder establishment activities
charge of the
organization
280Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Feed research and development;
wholesale and retail of electronics
hardware and electrical
equipment general merchandise
knitwear and textiles cultural and
office supplies (excluding color
photocopiers) building materials
(excluding hazardous chemicals
and timbers) agricultural sideline
South Hope Industrial and native products (except for
Li Jianxiong November 21 2002 1034313725 yuan
Co. Ltd. varieties specifically stipulated by
the state) chemical products
(except for hazardous chemicals)
mechanical equipment; investment
and consulting services (except for
intermediary services) (No
business activities of items subject
to approval in accordance with the
law until so approved by relevant
authorities)
6. Restrictions on shareholding reduction of the controlling shareholder actual controller reorganization
related parties and other committing entities
□Applicable □Not applicable
IV. Implementation of share repurchase within the reporting period
Progress of share repurchase
□Applicable □Not applicable
Progress of reduced holding of share repurchased by centralized bidding
□Applicable □Not applicable
281Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 8 Preferred stocks
□Applicable □Not applicable
The Company had no preferred stocks during the reporting period.Section 9 Bonds
□Applicable □Not applicable
I. Enterprise bonds
□Applicable □Not applicable
The Company had no enterprise bonds during the reporting period.II. Corporate bonds
□Applicable □Not applicable
The Company had no corporate bonds during the reporting period.III. Debt financing instruments for non-financial enterprises
□Applicable □Not applicable
1. Basic information on debt financing instruments for non-financial enterprises
Unit: 10000 yuan
Method
of
Bond
Inter principal Tradi
abbre Bond
Bond name Bond code Date issued Value date Due date est repaymen ng
viatio balance
rate t and place
n
interest
payment
21 Interest
New Hope Hope paid
Liuhe Co. Ltd. Liuhe annually Inter
2021 First MTN and bank
March 17 March 19 March 19
Tranche 001 102100490 14000 3% principal bond
202120212026
Medium-term (Rural repaid in mark
Note (Rural Revit lump sum et
Revitalization) alizati upon
on) maturity
New Hope 24 032480959 August 28 August 30 August 30 50000 3.10 Interest Inter
282Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liuhe Co. Ltd. Hope 2024 2024 2029 % paid bank
2024 First Liuhe annually bond
Tranche PPN0 and mark
Targeted Debt 01 principal et
Financing repaid in
Instrument lump sum
upon
maturity
25 Lump
New Hope
Hope sum
Liuhe Co. Ltd.Liuhe principal Inter
2025 First
SCP0 repaymen bank
Tranche Super April 22 April 23 October 20 2.10
01 012581001 50000 t and bond
Short-term 2025 2025 2025 %
(Rural interest mark
Commercial
Revit payment et
Paper (Rural
alizati upon
Revitalization)
on) maturity
Bonds that are overdue
□Applicable □Not applicable
2. Trigger and enforcement of issuer or investor option clauses and investor protection clauses
□Applicable □Not applicable
3. Intermediary agencies
Name of signing Intermediary
Bond project name Intermediary name Office address Contact number
accountant contact
New Hope Liuhe
Co. Ltd. 2021 Sichuan Huaxin 28/F Jinmao Lidu
First Tranche (Group) CPA Firm South Building Li Min Zhou Piping
Gu Li 028-85560449
Medium-term (Special General #18 Ximianqiao Gu Li
Note (Rural Partnership) Street Chengdu
Revitalization)
New Hope Liuhe
Co. Ltd. 2024 Sichuan Huaxin 28/F Jinmao Lidu
First Tranche (Group) CPA Firm South Building Li Min Zhou Piping
Gu Li 028-85560449
Targeted Debt (Special General #18 Ximianqiao Gu Li
Financing Partnership) Street Chengdu
Instrument
New Hope Liuhe
Co. Ltd. 2025
Sichuan Huaxin 28/F Jinmao Lidu
First Tranche
(Group) CPA Firm South Building Li Min Zhou Piping
Super Short-term Gu Li 028-85560449
(Special General #18 Ximianqiao Gu Li
Commercial Paper
Partnership) Street Chengdu
(Rural
Revitalization)
Whether the aforesaid organizations changed during the reporting period
□Yes □No
4. Use of raised funds
Unit: 10000 yuan
283Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Whether
consistent
with the
Operation of Rectification purpose use
Agreed use
Bond project Total amount Amount fund-raising of illegal use plan and
of raised Amount used
name raised unused account (if of raised other
funds
any) funds (if any) covenants as
promised in
the
prospectus
New Hope
Liuhe Co.Ltd. 2021
First Tranche
Medium- 200000 200000 200000 0 None None Yes
term Note
(Rural
Revitalizatio
n)
New Hope
Liuhe Co.Ltd. 2024
First Tranche
50000 50000 50000 0 None None Yes
Targeted
Debt
Financing
Instrument
New Hope
Liuhe Co.Ltd. 2025
First Tranche
Super Short-
50000 50000 50000 0 None None Yes
term
Commercial
Paper (Rural
Revitalizatio
n)
Use of raised funds for construction projects
□Applicable □Not applicable
Any change to the purpose of funds raised by the aforesaid bonds during the reporting period
□Applicable □Not applicable
5. Adjustment to credit rating results during the reporting period
□Applicable □Not applicable
6. Performance and changes of guarantee debt repayment plan and other debt repayment protection
measures during the reporting period and the impact on the rights and interests of bond investors
□Applicable □Not applicable
284Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
IV. Convertible corporate bonds
□Applicable □Not applicable
1. Historical adjustments to conversion prices
The initial conversion price of convertible corporate bonds issued by the Company (abbreviation: New Hope-CB code: 127015)
was 19.78 yuan/share which was adjusted to 19.63 yuan/share on June 19 2020 due to the implementation of the Equity Distribution
Plan 2019.As the Company privately issued RMB common stocks to South Hope and New Hope Group and the new shares were listed for
trading on Shenzhen Stock Exchange on October 29 2020 the conversion price of "New Hope-CB" was adjusted from 19.63
yuan/share to 19.75 yuan/share on October 29 2020.As the Company granted restricted stocks to 199 incentive objects following the Restricted Stock Incentive Plan 2022 and the
new shares were listed for trading on Shenzhen Stock Exchange on September 15 2022 the conversion price of "New Hope-CB" was
adjusted from 19.75 yuan/share to 19.66 yuan/share on September 15 2022.The initial conversion price of convertible corporate bonds issued by the Company (abbreviation: New Hope-CB2 code: 127049)
was 14.45 yuan/share which was adjusted to 14.40 yuan/share on September 15 2022 as the Company granted restricted stocks to 199
incentive objects following the Restricted Stock Incentive Plan 2022 and the new shares were listed for trading on Shenzhen Stock
Exchange on September 15 2022.As the Company granted restricted stocks to 370 incentive objects following the Restricted Stock Incentive Plan 2022 and the
new shares were listed for trading on Shenzhen Stock Exchange on July 25 2023 the conversion price of "New Hope-CB" was adjusted
from 19.66 yuan/share to 19.64 yuan/share on July 25 2023 and the conversion price of "New Hope-CB2" was adjusted from 14.40
yuan/share to 14.39 yuan/share on July 25 2023.On December 27 2023 the 25th meeting of the 9th board of directors was held to consider and approve the Proposal on Lowering
the Conversion Price of New Hope-CB and the Proposal on Lowering the Conversion Price of New Hope-CB2. The conversion priceof "New Hope-CB" was lowered from 19.64 yuan/share to 10.6 yuan/share on December 28 2023 and that of "New Hope-CB2” was
also lowered from 14.39 yuan/share to 10.6 yuan/share the same day.
2. Accumulated conversion into shares
□Applicable □Not applicable
Ratio of
number of Ratio of
shares amount
Abbre converted to Amount of
Accumula Accumulated
viatio total amount of outstandi
Start and end date Total issued Total issue ted number of
n of of issued unconv ng
of conversion into quantity amount amount of shares
conve shares of the erted conversi
shares (pieces) (yuan) conversio converted
rtible Company shares on to
n (yuan) (shares)
bonds prior to the (yuan) total
commencem issue
ent date of amount
conversion
New
Jul. 9 2020-Jan. 40000000 3050585 949414
Hope- 40000000 155136539 3.68% 23.74%
2202600.00400.00600.00
CB
New May 9 2022- 81435
815000006495200.
Hope- November 1 81500000 450667 0.01% 04800. 99.92%
00.0000
CB2 2027 00
285Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
3. Details of top 10 convertible bond holders
Percentage of
Number of Amount of
convertible
Nature of convertible convertible
corporate
Name of convertible corporate convertible corporate bonds corporate bonds
S/N bonds held at
bond holder corporate bond held at the end of held at the end of
the end of
holder reporting period reporting period
reporting
(pieces) (yuan)
period
State-owned
1 Guosen Securities Co. Ltd. 1154459 115445900.00 12.16%
legal-person
China Merchants Bank Company
2 Limited - Bosera CSI Convertible Others 391923 39192300.00 4.13%
and Exchangeable Bond ETF
Domestic natural
3 Zhong Baoshen 289690 28969000.00 3.05%
person
Bank of China Limited - Nanhua
4 Ruize Bond Securities Investment Others 284105 28410500.00 2.99%
Fund
Overseas legal
5 BNP Paribas - self-owned fund 220000 22000000.00 2.32%
person
Industrial Bank Co. Ltd. -
AIFMC Organic Growth Flexible
6 Others 201947 20194700.00 2.13%
Configuration Hybrid Securities
Investment Fund
Kunlun Health Insurance Co.
7 Ltd. - traditional insurance Others 200000 20000000.00 2.11%
product 1
Industrial and Commercial Bank
of China Limited - Fullgoal
8 Others 193160 19316000.00 2.03%
Xingli Enhanced Bond Initiated
Securities Investment Fund
Industrial Bank Co. Ltd. -
9 Tianhong Multiple Benefits Bond Others 190725 19072500.00 2.01%
Securities Investment Fund
Domestic non-
10 Hongxin Securities Co. Ltd. state-owned legal 160890 16089000.00 1.69%
person
4. Top 10 holders of "New Hope-CB2"
Amount of Percentage of
Nature of Number of convertible
convertible corporate convertible
Name of convertible corporate bond convertible corporate bonds held at
S/N bonds held at the end corporate bonds
holder corporate bond the end of reporting
of reporting period held at the end of
holder period (pieces)
(yuan) reporting period
China Merchants Bank Company
1 Limited - Bosera CSI Convertible Others 3511328 351132800 4.31%
and Exchangeable Bond ETF
Bank of China Limited - E Fund
2 Income Secured Bond Securities Others 3054687 305468700 3.75%
Investment Fund
State-owned legal-
3 Guosen Securities Co. Ltd. 2211961 221196100 2.72%
person
Domestic natural
4 Zhong Baoshen 2011305 201130500 2.47%
person
286Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
China Construction Bank
Corporation - E Fund Double Bond
5 Others 1999254 199925400 2.46%
Enhanced Securities Investment
Fund
Industrial Bank Co. Ltd. - AIFMC
New Vision Flexible Configuration
6 Others 1943490 194349000 2.39%
Regularly Open Hybrid Initiated
Securities Investment Fund
Hubei Railway Development Fund Domestic non-state-
719400001940000002.38%
Co. Ltd. owned legal person
Industrial Bank Co. Ltd. - Tianhong
8 Multiple Benefits Bond Securities Others 1408889 140888900 1.73%
Investment Fund
China Minsheng Banking
Corporation Limited - Everbright
9 Others 1067630 106763000 1.31%
Pramerica Credit Tianyi Bond
Securities Investment Fund
Domestic non-state-
10 Minsheng Securities Co. Ltd. 999312 99931200 1.23%
owned legal person
5. Significant changes in profitability asset condition and credit standing of guarantors
□Applicable □Not applicable
6. Liabilities of the Company at the end of the reporting period changes in credit standing and cash
arrangement for repaying debts in the coming year
V. Losses within the scope of consolidated statements exceeding 10% of the net assets as at the
end of the previous year during the reporting period
□Applicable □Not applicable
VI. Interest-bearing debts overdue other than bonds at the end of the reporting period
□Applicable □Not applicable
VII. Whether there were violations of rules and regulations within the reporting period
□Yes □No
VIII. Key accounting data and financial indicators of the Company in the past two years as at
the end of the reporting period
Unit: 10000 yuan
Increase or decrease at end of
Item End of this reporting period End of the previous year this reporting period from the
end of the previous year
Liquidity ratio 0.4732 0.5651 -16.26%
Asset-liability ratio 69.01% 72.28% -3.27%
287Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Quick ratio 0.2455 0.3235 -24.11%
Increase or decrease in this
The same period of the reporting period from the
This reporting period
previous year same period of the previous
year
Profits net of non-recurring
61443.39-460833.88113.33%
profit or loss
EBITDA total debt ratio 10.69% 10.34% 0.35%
Interest coverage ratio 0.96 0.46 108.70%
Cash interest coverage ratio 4.25 4.74 -10.34%
EBITDA interest coverage
2.402.1014.29%
ratio
Loan repayment rate 100.00% 100.00% 0.00%
Interest coverage 100.00% 100.00% 0.00%
288Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Section 10 Financial Report
I. Auditor’s Report
Type of audit opinions Standard unqualified opinion
Signing date of the auditor's report April 24 2025
Sichuan Huaxin (Group) CPA Firm (Special General
Name of the audit agency
Partnership)
Document number of the auditor's report CHXS (2025) No. 0063
Name of CPA Li Min Zhou Piping Gu Li
Text of the Auditor's Report
To all shareholders of New Hope Liuhe Co. Ltd.:
I. Auditor's opinion
We have audited the financial statements of New Hope Liuhe Co. Ltd. (“New Hope”) which comprise the consolidated and
parent company's balance sheets as at December 31 2024 consolidated and parent company's statements of income consolidated and
parent company's statements of cash flows consolidated and parent company's statements of changes in equity of FY2024 and related
notes to financial statements.In our opinion the accompanied financial statements have been prepared in accordance with the Accounting Standards for
Business Enterprises in all material respects and give a fair view of the consolidated and parent company’s financial position of New
Hope as at December 31 2024 and of the consolidated and parent company’s operating results and cash flows in FY2024.II. Basis for auditor’s opinion
We conducted our audit in accordance with the Auditing Standards for China Certified Public Accountants. Our responsibilities
under those standards are further described in the “CPA’s responsibilities for the audit of the financial statements” section of our report.We are independent of Arbor Acres in accordance with the Code of Ethics for Professional China CPAs and we have fulfilled our other
ethical responsibilities. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our
opinion.III. Key audit matters
289Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Key audit matters are matters that we believe most important for the audit of the current financial statements according to our
professional judgment. The response to these matters was made against the background of audit of the financial statements as a whole
and formation of audit opinion and we don’t express any opinion on these matters separately. We have identified the following matters
as key audit matters:
(I) Impairment of biological assets
Please refer to “Note V. (22) Biological assets” “Note VII. (7) Inventories” and “Note VII. (14) Productive biological assets” to
the financial statements.Reasons for being key audit matter How the matter is responded to in the audit
As at December 31 2024 the book value of biological assets The audit procedures we performed for impairment of biological
of New Hope was 8147.7209 million yuan accounting for assets mainly include:
6.91% of its total assets. The market prices of biological (1) Testing and evaluating the effectiveness of internal controls
assets are greatly affected by cyclical fluctuations and related to impairment of biological assets;
epidemics therefore we regard impairment of biological (2) Supervising the inventory sampling of biological assets and
assets as a key audit matter given the fact that the biological examining the quantities and status of biological assets;
assets have material impacts on financial statements and (3) Communicating with the management to understand and assess
New Hope’s management needs to exercise material the precautions and risk response strategies for safety of biological
judgments when determining the net realizable value or assets in day-to-day business process;
recoverable amount of biological assets. (4) Evaluating the important assumptions used by the management
in calculating the net realizable value or recoverable amount of
biological assets including examining the selling prices death rates
cost per unit and cost of sales etc;
(5) Inquiring about the changes in prices of biological assets such as
pigs in recent years understanding the patterns of periodic price
fluctuations of products like pigs and examining and analyzing the
effects of management’s consideration of these factors on
impairment risk of biological assets; and
(6) Acquiring the statement of impairment provision calculation for
biological assets of New Hope examining and analyzing the
rationality of the net realizable values or recoverable amounts and
290Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
assessing the accuracy of the impairment provision for biological
assets.(II) Accounting for the investment in Minsheng Bank using the equity method
Please refer to “Note V. (10) Long-term equity investments” and “Note V. (54) Investment income” to the financial statements.Reasons for being key audit matter How the matter is responded to in the audit
Investments of New Hope that have a significant impact on The audit procedures we performed with respect to the accounting
the investees are accounted for using the equity method. for New Hope’s investment in Minsheng Bank using the equity
During this period New Hope maintained the major method mainly include:
judgment that its 4.1759% shareholding in China Minsheng (1) Reviewing the Articles of Association of Minsheng Bank and
Banking Corporation Limited ("Minsheng Bank") has a analyzing shareholder structure and major business decision-
significant impact which should be accounted for using the making mechanisms of Minsheng Bank;
equity method. (2) Checking the composition of board of directors of Minsheng
The management of New Hope believes that New Hope can Bank and the appointment and removal of New Hope’s
actively participate in business and financial policies of representatives in its board of directors and assessing whether there
Minsheng Bank through its representative in the board of has been a significant change from previous years;
directors of Minsheng Bank thereby having significant (3) Checking the board meeting announcements of Minsheng Bank
influence over Minsheng Bank. and examining the attendance of directors assigned by New Hope at
In 2024 the equity method based accounting for investment the board meetings of Minsheng Bank;
in Minsheng Bank led to an increase in long-term equity (4) Communicating and discussing with the management of New
investment of 762394100 yuan including investment Hope and assessing the actual influence of New Hope over major
income of 1168416800 yuan other comprehensive income decision and operation-related activities of Minsheng Bank.of 215685200 yuan other equity changes (capital reserve) Based on the aforesaid the evidence we obtained in the course of
of 10893300 yuan and cash dividends received of performing the audit work supports the judgment of the
632601300 yuan. This has a significant impact on the management that New Hope has significant influence over
financial statements of New Hope. Therefore we take the Minsheng Bank and the investments in Minsheng Bank are
accounting for New Hope's investment in Minsheng Bank accounted for using the equity method.using equity method as a key audit matter.(III) Disposal of long-term equity investment
Please refer to “Note V. (9) Long-term equity investments” and “Note V. (54) Investment income” to the financial statements
Reasons for being key audit matter How the matter is responded to in the audit
In December 2024 New Hope sold the equity it held in its The audit procedures for equity transactions are as follows:
associate Qingdao Big Herdsman Machinery Co. Ltd. and
291Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
that in six subsidiaries including Hainan New Hope (1) Interview the management to know the background of the equity
Agriculture Co. Ltd. to external parties generating a total transaction query and understand the business information of the
disposal gain of 307.5446 million yuan. These deals have purchasers and analyze the commercial rationality of the equity
significant impact on New Hope's business performance in transaction;
the current period and they are also related-party (2) Obtain the agreements related to the equity transfer the equity
transactions. Therefore we regard them as key audit matters. receipt as well as the articles of association and resolutions of
shareholders' meeting and board meeting of the target company and
check in combination with the Standards whether the time point of
the loss of control determined by the Company complies with the
requirements of the Standards;
(3) Send letters to the equity purchasers to confirm the main
contents of the agreements related to the equity transfer;
(4) Obtain the asset evaluation report of the transaction target
company check the pricing basis of both sides review the
evaluation filing results evaluate the independence qualifications
and competence of the external evaluation agency hired by the
management and recheck the relevant assumptions methods and
parameters of the evaluation report; and
(5) Review whether the gains from the equity transfer is accurately
calculated.IV. Other information
The management of New Hope is responsible for other information. Other information includes information in the 2024 Annual
Report other than the financial statements and this auditor's report.Our opinion on the financial statements does not cover the other information nor do we express any form of assurance conclusion
thereon.In connection with our audit of the financial statements our responsibility is to read other information and in doing so consider
whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or
otherwise appears to be materially misstated.
292Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
If based on the work we have performed we conclude that there is a material misstatement of this other information we are
required to report that fact. We have nothing to report in this regard.V. Responsibilities of the management and governance layer for the financial statements
The management of New Hope is responsible for the preparation of the financial statements that give a fair view in accordance
with the Accounting Standards for Business Enterprises and for design implementation and maintenance of necessary internal control
to ensure that the financial statements are free from material misstatement due to fraud or error.When preparing the financial statements the management is responsible for evaluating New Hope’s ability to continue as a going
concern disclosing matters related to going concern (if applicable) and applying the going concern assumption unless the management
plans to liquidate New Hope ceases to operate or has no other realistic options.The governance layer is responsible for supervising the financial reporting process of New Hope.VI. CPA’s responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement whether due to fraud or error and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high
level of assurance but is not a guarantee that an audit conducted in accordance with the auditing standards will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the aggregate
they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements.As part of an audit in accordance with the auditing standards we exercise professional judgment and maintain professional
skepticism throughout the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and
perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for
our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud
may involve collusion forgery intentional omissions misrepresentations or the override of internal control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances.
293Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by the management.
(4) Conclude on the appropriateness of the management’s use of going concern basis of accounting And based on the audit
evidence obtained conclude on whether a material uncertainty exists related to events or conditions that may cast significant doubt on
New Hope's ability to continue as a going concern. If we conclude that a material uncertainty exists we are required to draw attention
in our auditor’s report to the related disclosures in the financial statements or if such disclosures are inadequate to express unqualified
opinions. Our conclusions are based on the information available up to the date of our auditor’s report. However future events or
conditions may cause New Hope to cease to continue as a going concern.
(5) evaluate the overall presentation structure and content of the financial statements and whether the financial statements
represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtained sufficient and appropriate audit evidence with respect to the financial information on New Hope entities or their
business activities in order to express audit opinion on financial statements. We are responsible for guiding supervising and executing
the group audit and assume full responsibility for the audit opinions.We communicate with the governance layer regarding among other matters the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in internal control that we identify during our audit.We also provide the governance layer with a statement that we have complied with the professional ethics requirements related
to independence and communicated with them about all relations and other matters that might be reasonably deemed to have affected
our independence as well as related precautions (if applicable).Among the matters we communicate with the governance layer we determine which matters are the most important to the
current financial statements thereby constituting key audit matters. We describe these matters in the auditor’s reports unless public
disclosure is prohibited by law or regulation or in rare circumstances we determine that we should not communicate a matter in the
auditor’s report if the negative consequences of communicating the matter in the auditor’s report can reasonably be expected to
outweigh the benefits in the public interest.
294Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Sichuan Huaxin (Group) CPA Chinese CPA: Li Min
(Project Partner)
(Special General Partnership)
Chengdu China Chinese CPA: Zhou Piping
Chinese CPA: Gu Li
April 24 2025
295Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
II. Financial statements
The monetary unit in notes to financial statements is yuan.
1. Consolidated balance sheet
Prepared by: New Hope Liuhe Co. Ltd.December 31 2024
Unit: yuan
Item Closing balance Opening balance
Current Assets:
Monetary capital 8699013033.45 10849989539.28
Settlement reserve
Loans to other banks
Trading financial assets 4273616.17 8287174.68
Derivative financial assets
Notes receivable 146857514.96 848164429.74
Accounts receivable 971988850.19 1269319108.56
Receivables financing
Prepayments 564992430.37 1148454236.88
Insurance premiums receivable
Reinsurance accounts receivable
Provision for cession receivable
Other receivables 982553531.32 3358342138.74
Thereof: interest receivable
Dividends receivable 21610000.00 300400953.69
Financial assets purchased for resale
Inventories 10732155456.76 13315721502.38
Thereof: data resource
Contract assets
Held-for-sale assets
Non-current assets due in 1 year
Other current assets 203720115.91 343868256.16
Total current assets 22305554549.13 31142146386.42
Non-current Assets:
Loans and advances made
Debt investments
Other debt investment
Long-term receivables
Long-term equity investments 30453419222.36 30042307812.50
Investments in other equity
483431590.28289627590.28
instruments
Other non-current financial assets
296Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Investment properties 859994829.04 161533028.38
Fixed assets 43476435665.46 35867723450.67
Construction in progress 8896445286.64 18091017337.34
Productive biological assets 3330266005.05 5050240386.90
Oil and gas properties
Right-of-use assets 3832981994.07 4487700118.23
Intangible assets 1540025403.26 1572848924.44
Thereof: data resource 4416276.52
Development expenditure 121753277.82
Thereof: data resource
Goodwill 1127461873.92 1129656225.53
Long-term deferred expenses 81113668.06 104226053.04
Deferred income tax assets 865773083.23 760553152.97
Other non-current assets 660742214.82 789271788.55
Total Non-current Assets 95608090836.19 98468459146.65
Total Assets 117913645385.32 129610605533.07
Current Liabilities:
Short-term borrowings 17741515610.09 14494123699.71
Borrowings from center bank
Loans from other banks
Trading financial liabilities 935134.25 13385120.42
Derivative financial liabilities
Notes payable 4184134254.11 5913817378.66
Accounts payable 7525367316.95 10717874934.76
Advance collections 208500000.00
Contract liabilities 2029782235.35 2492419467.25
Financial assets sold for repurchase
Deposits taken and interbank deposits
Proceeds from vicariously traded
securities
Proceeds from vicariously
underwritten securities
Payroll payable 741665468.67 718635534.31
Taxes payable 410408836.77 386027856.50
Other payables 3404800534.73 8483922167.63
Thereof: interest payable
Dividends payable 36182732.53 20558282.52
Handling fee and commission payable
Cession insurance premiums payable
Held-for-sale liabilities
Non-current liabilities due in 1 year 10855285683.68 11862736034.23
Other current liabilities 32667937.34 27523231.36
Total Current Liabilities 47135063011.94 55110465424.83
297Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Non-current Liabilities:
Provision for insurance contracts 174624264.23 168711326.18
Long-term borrowings 20763830174.53 25634037274.46
Bonds payable 8967992637.77 8406540533.43
Thereof: preferred stocks
Perpetual bonds
Lease liabilities 3080565121.54 3567691193.90
Long-term payables 811568597.90 345682362.19
Long-term payroll payable
Estimated liabilities
Deferred income 382448834.39 391611153.96
Deferred income tax liabilities 52117781.00 55489976.27
Other non-current liabilities
Total Non-current Liabilities 34233147411.36 38569763820.39
Total liabilities 81368210423.30 93680229245.22
Owner’s Equity:
Share capital 4525938648.00 4545775901.00
Other equity instruments 3489866171.97 3019882640.82
Thereof: preferred stocks
Perpetual bonds 1500000000.00 1030000000.00
Capital reserve 5202954312.75 5974231756.19
Less: treasury stock 229023903.76 927097599.44
Other comprehensive income -825972041.60 -921105489.30
Appropriative reserve
Surplus reserve 3382138257.13 3389553167.16
General risk reserve
Undistributed profits 10111428819.21 9694814229.97
Total owner’s equity attributable to the
25657330263.7024776054606.40
parent company
Minority equity 10888104698.32 11154321681.45
Total owner’s equity 36545434962.02 35930376287.85
Total Liabilities and Owner’s Equity 117913645385.32 129610605533.07
Legal representative: Liu Chang Chief accountant: Chen Xingyao The person in charge of accounting organization: Su Xiaodan
2. Balance sheet of the parent company
Unit: yuan
Item Closing balance Opening balance
Current Assets:
Monetary capital 3726341810.29 6259742928.69
Trading financial assets
Derivative financial assets
Notes receivable 26095543.78
Accounts receivable 1101679.66
Receivables financing
Prepayments 9526072.19 24110671.20
298Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Other receivables 78300194632.45 80695046515.31
Thereof: interest receivable
Dividends receivable 111954814.90 86202894.31
Inventories 5054051.71 21127971.92
Thereof: data resource
Contract assets
Held-for-sale assets
Non-current assets due in 1 year
Other current assets 3438921.31 152625902.98
Total current assets 82044555487.95 87179851213.54
Non-current Assets:
Debt investments
Other debt investment
Long-term receivables
Long-term equity investments 20318767292.82 20144069319.25
Investments in other equity
417000000.00211196000.00
instruments
Other non-current financial assets
Investment properties
Fixed assets 20530273.00 23309175.45
Construction in progress
Productive biological assets
Oil and gas properties
Right-of-use assets 6284178.60 6003667.06
Intangible assets 3417934.02 2867859.33
Thereof: data resource 284002.60
Development expenditure 1042031.22
Thereof: data resource
Goodwill
Long-term deferred expenses 503168.29 705799.25
Deferred income tax assets 2291597.58 2270372.07
Other non-current assets 27239977.46 23428773.74
Total Non-current Assets 20796034421.77 20414892997.37
Total Assets 102840589909.72 107594744210.91
Current Liabilities:
Short-term borrowings 5736405636.49 5067078002.27
Trading financial liabilities
Derivative financial liabilities
Notes payable 19159212.01 27072624.29
Accounts payable 2203598.30 30185600.38
Advance collections 208500000.00
Contract liabilities 21672399.91 5080524.48
299Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Payroll payable 6462323.82 14629894.05
Taxes payable 20721092.02 18524017.28
Other payables 50790202189.32 55327877237.56
Thereof: interest payable
Dividends payable
Held-for-sale liabilities
Non-current liabilities due in 1 year 4640258334.02 6622758233.17
Other current liabilities
Total Current Liabilities 61445584785.89 67113206133.48
Non-current Liabilities:
Long-term borrowings 9668000721.42 10298059445.72
Bonds payable 8967992637.77 8406540533.43
Thereof: preferred stocks
Perpetual bonds
Lease liabilities 3137740.83
Long-term payables
Long-term payroll payable
Estimated liabilities
Deferred income 15230511.67 12001107.50
Deferred income tax liabilities
Other non-current liabilities
Total Non-current Liabilities 18654361611.69 18716601086.65
Total liabilities 80099946397.58 85829807220.13
Owner’s Equity:
Share capital 4525938648.00 4545775901.00
Other equity instruments 3489866171.97 3019882640.82
Thereof: preferred stocks
Perpetual bonds 1500000000.00 1030000000.00
Capital reserve 11079815398.81 11536473161.98
Less: treasury stock 229023903.76 927097599.44
Other comprehensive income 205804000.00 14090.78
Appropriative reserve
Surplus reserve 1147599491.62 1147599491.62
Undistributed profits 2520643705.50 2442289304.02
Total owner’s equity 22740643512.14 21764936990.78
Total Liabilities and Owner’s Equity 102840589909.72 107594744210.91
3. Consolidated statement of income
Unit: yuan
Item FY2024 FY2023
I. Total operating income 103062962254.34 141703248931.32
Thereof: business revenue 103062962254.34 141703248931.32
Interest income
Earned premiums
300Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Revenue from handling fee and commission
II. Total operating costs 103498302881.15 146717770586.10
Thereof: operating cost 96150529715.97 137804076100.90
Interest expenditure
Expenditure on handling fee and commission
Surrender value
Net indemnities paid
Net provision for insurance liabilities accrued 105120404.54 111808682.06
Policy dividend payout
Reinsurance costs
Taxes and surcharges 172456656.37 241510855.69
Selling expenses 1260107740.33 1777959629.05
General and administrative expenses 3756267104.57 4599775652.63
R&D expenses 249645874.91 207175082.96
Finance expenses 1804175384.46 1975464582.81
Thereof: interest expenses 2027921959.83 2046571213.67
Interest income 370394801.60 146060341.45
Plus: other income 127989680.08 247305365.55
Investment income (“-” for loss) 1617918713.06 6672204697.18
Thereof: return on investment in associates and joint
1271176911.521300644689.86
ventures
Income from de-recognition of financial assets
measured at amortized cost
Exchange gains (“-” for loss)
Income on net exposure hedging (“-” for loss)
Income from change in fair value (“-” for loss) 312272.39 -117159474.32
Credit impairment loss (“-” for loss) -170296927.80 -209766340.76
Asset impairment loss (“-” for loss) -23130309.95 -1377843594.78
Income from asset disposal (“-” for loss) -117684265.88 100050193.01
III. Operating profits (“-” for loss) 999768535.09 300269191.10
Plus: non-operating revenue 112869133.16 221658311.37
Less: non-operating expenditure 629167095.74 1203738303.43
IV. Total profits (“-” for total loss) 483470572.51 -681810800.96
Less: income tax expense 281848010.14 273613562.91
V. Net profits (“-” for net loss) 201622562.37 -955424363.87
(I) Classified by business continuity
1. Net profits from continuous operations (“-” for net loss) 201622562.37 -955424363.87
2. Net profits from discontinued operations (“-” for net loss)
(II) Classified by ownership
1. Net profits attributable to shareholders of the parent company 473599068.10 249195333.87
2. Minority interest income -271976505.73 -1204619697.74
VI. Other comprehensive income net of tax 149204070.72 -33237344.54
Other comprehensive income net of tax attributable to the owner
95133447.70-59809816.91
of the parent company
301Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(I) Other comprehensive income that cannot be reclassified to
207374394.50-9491822.35
profit or loss
1. Change in defined benefit plan re-measured
2. Other comprehensive income that cannot be converted to
3570394.5016129413.75
profit or loss under the equity method
3. Change in fair value of investments in other equity
203804000.00-25621236.10
instruments
4. Change in fair value of credit risk to the Company
5. Other
(II) Other comprehensive income to be reclassified into profit or
-112240946.80-50317994.56
loss
1. Other comprehensive income that can be converted to
158192562.1063404396.49
profit or loss under the equity method
2. Change in the fair value of other debt investments
3. Amount of financial assets reclassified into other
comprehensive income
4. Provisions for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Translation difference of foreign currency financial
-270433508.90-113722391.05
statements
7. Other
Other comprehensive income net of tax attributable to minority
54070623.0226572472.37
shareholders
VII. Total comprehensive income 350826633.09 -988661708.41
Total comprehensive income attributable to owners of the parent
568732515.80189385516.96
company
Total comprehensive income attributable to minority shareholders -217905882.71 -1178047225.37
VIII. Earnings per share
(I) Basic earnings per share 0.09 0.04
(II) Diluted earnings per share 0.09 0.04
In case of business combination under the common control during this period the net profits reported by the combined party before
consolidation was 0.00 yuan and the net profits reported by the combined party in the previous period was 0.00 yuan.Legal representative: Liu Chang Chief accountant: Chen Xingyao The person in charge of accounting organization: Su Xiaodan
4. Statement of income of the parent company
Unit: yuan
Item FY2024 FY2023
I. Operating income 404692427.73 646522025.61
Less: operating costs 395028025.58 619778185.61
Taxes and surcharges 3670307.23 1910963.17
Selling expenses 5681817.01 6375514.57
General and administrative expenses 50445831.03 284201441.29
R&D expenses 75132399.97 60367413.17
Finance expenses -69486680.53 790614583.62
Thereof: interest expenses 1400546922.39 1571950712.45
Interest income 1472540830.45 769142125.15
Plus: other income 13060763.52 23477833.08
Investment income (“-” for loss) 140805429.33 709141292.85
Thereof: return on investment in associates and joint
-21255235.7919571017.54
ventures
302Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Income from de-recognition of financial assets
measured at amortized cost (“-” for loss)
Income on net exposure hedging (“-” for loss)
Income from change in fair value (“-” for loss)
Credit impairment loss (“-” for loss) 10470582.18 -3542881.04
Asset impairment loss (“-” for loss)
Income from asset disposal (“-” for loss) 36459043.51 37501425.19
II. Operating profits (“-” for loss) 145016545.98 -350148405.74
Plus: non-operating revenue 191247.19 9332502.95
Less: non-operating expenditure 12342.24 372791.62
III. Total profits (“-” for total loss) 145195450.93 -341188694.41
Less: income tax expense 2441660.56 5754680.54
IV. Net profits (“-” for net loss) 142753790.37 -346943374.95
(I) Net profits from continuous operations (“-” for net loss) 142753790.37 -346943374.95
(II) Net profits from discontinued operations (“-” for net loss)
V. Other comprehensive income net of tax 205789909.22 14090.78
(I) Other comprehensive income that cannot be reclassified to
205804000.00
profit or loss
1. Change in defined benefit plan re-measured
2. Other comprehensive income that cannot be converted to
profit or loss under the equity method
3. Change in fair value of investments in other equity
205804000.00
instruments
4. Change in fair value of credit risk to the Company
5. Other
(II) Other comprehensive income to be reclassified into profit or
-14090.7814090.78
loss
1. Other comprehensive income that can be converted to
-14090.7814090.78
profit or loss under the equity method
2. Change in the fair value of other debt investments
3. Amount of financial assets reclassified into other
comprehensive income
4. Provisions for credit impairment of other debt investments
5. Cash flow hedging reserve
6. Translation difference of foreign currency financial
statements
7. Other
VI. Total comprehensive income 348543699.59 -346929284.17
VII. Earnings per share
(I) Basic earnings per share
(II) Diluted earnings per share
5. Consolidated statement of cash flows
Unit: yuan
Item FY2024 FY2023
I. Cash flows from operating activities:
Cash received from sale of gods and provision of services 104528174518.87 144776777182.22
Net increase in customer’s deposits and interbank deposits
Net increase in borrowings from center bank
303Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Net increase in borrowings from other financial institutions
Cash received from premium of original insurance contract
Net amount of cash from reinsurance business
Net increase in policyholder’s deposits and investments
Cash received as interest handling fee or commission
Net increase in borrowing funds
Net increase in funds for repurchase
Net amount of cash from vicariously traded securities
Tax rebates received 16298119.76 47970667.31
Other cash received in connection with operating activities 2927443486.33 2973823366.90
Subtotal of cash inflows from operating activities 107471916124.96 147798571216.43
Cash used to pay for goods or services 87621704088.73 121031325631.08
Net increase in customer’s loans and advances
Net increase in deposits with central bank and interbank deposits
Cash paid as premium of original insurance contract
Net increase in lending funds
Cash paid as interest handling fee or commission
Cash paid as policyholder’s dividends
Cash paid to and for employees 5881963712.69 9144778404.32
Taxes and fees paid 650182667.74 758131763.43
Other cash paid in connection with operating activities 4191512122.93 2960319617.06
Subtotal of cash outflows from operating activities 98345362592.09 133894555415.89
Net cash flows from operating activities 9126553532.87 13904015800.54
II. Cash flows from investing activities:
Cash received from recovery of investments 1325602592.50 535227887.79
Cash received from investment income 1239749673.77 476745029.79
Net cash recovered from disposal of fixed assets intangible assets
277831588.81305145217.47
and other long-term assets
Net cash received from disposal of subsidiaries and other business
2114447165.792495803201.83
units
Other cash received in connection with investing activities 531703808.24 472296621.03
Subtotal of cash inflows from investing activities 5489334829.11 4285217957.91
Cash paid for purchase and construction of fixed assets intangible
2184088833.213624716494.18
assets and other long-term assets
Cash paid for investment 7647907.44 294354428.23
Net increase in pledge loan
Net cash paid for acquisition of subsidiaries and other business
600000.0016772414.66
units
Other cash paid in connection with investing activities 4384477408.41 343872052.40
Subtotal of cash outflows from investing activities 6576814149.06 4279715389.47
Net cash flows from investing activities -1087479319.95 5502568.44
III. Cash flows from financing activities:
Cash received from acquisition of investments 2316460000.00 1124502200.00
Thereof: cash received from acquisition of minority shareholder
816460000.00831540000.00
investments in subsidiaries
Cash received from borrowing 43504746452.57 43213270061.79
Other cash received in connection with financing activities 1418926635.90 748412157.45
Subtotal of cash inflows from financing activities 47240133088.47 45086184419.24
Cash paid for debt repayment 51047341770.17 48537641082.86
Cash paid for distribution of dividends and profits or payment of
2588394922.253756084133.45
interest
304Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Thereof: dividends and profits paid by subsidiaries to minority
349557463.26737518500.56
shareholders
Other cash paid in connection with financing activities 2971966375.69 7724054112.72
Subtotal of cash outflows from financing activities 56607703068.11 60017779329.03
Net cash flows from financing activities -9367569979.64 -14931594909.79
IV. Effect of exchange rate fluctuation on cash and cash equivalents -56880034.71 -35961425.12
V. Net increase in cash and cash equivalents -1385375801.43 -1058037965.93
Plus: opening balance of cash and cash equivalents 8655981208.31 9714019174.24
VI. Closing balance of cash and cash equivalents 7270605406.88 8655981208.31
6. Statement of cash flows of the parent company
Unit: yuan
Item FY2024 FY2023
I. Cash flows from operating activities:
Cash received from sale of gods and provision of services 447923650.17 610518381.19
Tax rebates received 19500.00
Other cash received in connection with operating activities 1908721814.22 1131351575.16
Subtotal of cash inflows from operating activities 2356664964.39 1741869956.35
Cash used to pay for goods or services 394835510.96 602391320.51
Cash paid to and for employees 72307524.17 121224649.24
Taxes and fees paid 6676891.54 9124940.15
Other cash paid in connection with operating activities 205554770.78 259320917.64
Subtotal of cash outflows from operating activities 679374697.45 992061827.54
Net cash flows from operating activities 1677290266.94 749808128.81
II. Cash flows from investing activities:
Cash received from recovery of investments 1736743504.98 529500000.00
Cash received from investment income 396553525.10 530444059.58
Net cash recovered from disposal of fixed assets intangible assets
34057636.534743732.55
and other long-term assets
Net cash received from disposal of subsidiaries and other business
units
Other cash received in connection with investing activities 231973646.90 21185770325.97
Subtotal of cash inflows from investing activities 2399328313.51 22250458118.10
Cash paid for purchase and construction of fixed assets intangible
2898525.518179917.70
assets and other long-term assets
Cash paid for investment 532975000.00 3930000000.00
Net cash paid for acquisition of subsidiaries and other business
units
Other cash paid in connection with investing activities 4092180324.88 18770403054.42
Subtotal of cash outflows from investing activities 4628053850.39 22708582972.12
Net cash flows from investing activities -2228725536.88 -458124854.02
III. Cash flows from financing activities:
Cash received from acquisition of investments 1500000000.00 292962200.00
Cash received from borrowing 18946389399.60 17690500000.00
Other cash received in connection with financing activities 1727385565.30 188412157.45
Subtotal of cash inflows from financing activities 22173774964.90 18171874357.45
Cash paid for debt repayment 20559144198.06 17954896890.54
Cash paid for distribution of dividends and profits or payment of
1219832902.151153517822.25
interest
Other cash paid in connection with financing activities 1277832648.79 646716095.12
Subtotal of cash outflows from financing activities 23056809749.00 19755130807.91
Net cash flows from financing activities -883034784.10 -1583256450.46
305Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
IV. Effect of exchange rate fluctuation on cash and cash equivalents 1068935.64 18203606.84
V. Net increase in cash and cash equivalents -1433401118.40 -1273369568.83
Plus: opening balance of cash and cash equivalents 5159742928.69 6433112497.52
VI. Closing balance of cash and cash equivalents 3726341810.29 5159742928.69
7. Consolidated statement of changes in equity
Current amount
Unit: yuan
FY2024
Owner’s equity attributable to the parent company
Other equity Othe
instruments r App Ge Und Total
Item Shar Capit Less: com ropr Surpl ner istri O Minor owner
e Pref Perpe al treas preh iativ us al bute th Subto
ity
erre equity
’s
capi tual Other reser ury ensiv e reser risk d er tal equity
tal d bond s ve stock e rese ve rese profi s
stoc
s inco rve rve ts
ks me
I.Closin
g -
4541030198959749273389969247711153593
balanc 921
577000882231097553481605443210376
e of 105
590000.0640.8756.1599.167.1422606.4681.4287.8
the 489.
1.000294469.97055
previo 30
us
year
P
lus:
chang
es in
accou
nting
policie
s
C
orrecti
on of
previo
us
errors
O
thers
II.Openi
-
ng 454 1030 1989 5974 927 3389 969 2477 1115 3593
921
balanc 577 000 882 231 097 553 481 6054 4321 0376
105
e of 590 000.0 640.8 756.1 599. 167.1 422 606.4 681.4 287.8
489.
the 1.00 0 2 9 44 6 9.97 0 5 5
30
curren
t year
III. - 4700 - - - 951 - 416 8812 - 6150
306Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Increa 198 0000 1646 7712 698 334 7414 614 7565 2662 5867
se or 372 0.00 8.85 7744 073 47.7 910. 589. 7.30 1698 4.17
decrea 53.0 3.44 695. 0 03 24 3.13
se in 0 68
the
curren
t
period
(“-”
for
decrea
se)
(I)
Total
951473-
compr 5687 3508
3345992179
ehensi 3251 2663
47.7068.0588
ve 5.80 3.09
0102.71
incom
e
(II)
Capita
l - -
-
invest 198 4700 - 698 3725 3092 6817
7756
ed or 372 0000 1646 073 5417 1007 6425
6579
reduce 53.0 0.00 8.85 695. 5.40 6.70 2.10
8.43
d by 0 68
owner
s
1.
Ordina
ry - -
57562822
shares 2933 2933
52819813
invest 5468 5468
7.824.80
ed by 3.02 3.02
owner
s
2.
Capita
l
contri
bution -
4700-47004700
from 523 3903 337
0000164661576157
other 4.00 4.13 79.9
0.008.859.259.25
equity 7
instru
ment
holder
s
3.
Amou
-
nt of - -
35919581948
share- 1633 1042
17247270467
based 2571 603.5
998.9.175.64
payme 9.69 3
86
nt
includ
307Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ed in
owner
’s
equity
--
---
198338
4.319026542654
424866
Others 2442 0013 0013
87.0916.
9.857.597.59
085
-
(III) - - -
1349778
Profit 6439 3651 4295
9433988
distrib 9388. 8191 8130.8822.7
ution 89 3.27 2.16
7
1.
Appro
-
priatio
1349134
n of
9433994
surplu.8833.8
s
8
reserv
e
2.
Appro
priatio
n of
genera
l risk
reserv
e
3.
Distrib
ution - -
to 3651 3651
owner 8191 8191
s (or 3.27 3.27
shareh
olders)
-
--
643
4.64396439
993
Others 9388. 9388.
88.8
8989
9
(IV)
Intern
al - 209
carryo 2091 143
ver of 4343 43.9
owner .91 1
’s
equity
1.
Capita
l
reserv
e
308Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
conver
ted
into
capital
(or
share
capital
)
2.
Surplu
s
reserv
e
conver
ted
into
capital
(or
share
capital
)
3.
Loss
covere
d by
surplu
s
reserv
e
4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs
5.
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine
d
earnin
309Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
gs
-209
6.2091143
Others 4343 43.9.911
(V)
Appro
priativ
e
reserv
e
1.
Appro
priatio
n in
the
curren
t
period
2.
Applic
ation
in the
curren
t
period
4388438876601204
(vi)
354.354.9736.19091.
Others
999514
IV.Closin
-101
g 452 1500 1989 5202 229 3382 2565 1088 3654
825114
balanc 593 000 866 954 023 138 7330 8104 5434
972288
e of 864 000.0 171.9 312.7 903. 257.1 263.7 698.3 962.0
041.19.2
curren 8.00 0 7 5 76 3 0 2 2
601
t
period
Prior amount
Unit: yuan
FY2023
Owner’s equity attributable to the parent company
Other equity G
instruments Othe en
r App er
Undi Total Pr
Item Capit Less: com ropr Surpl al O Minor
Share ownerefe stribu ity
capit Perpe
al treas preh iativ us ris th Subto
ted ’s rre
tual Other reserv ury ensiv e reser k er tal
equity
al profit equity d
bond s e stock e rese ve re s
sto s
s inco rve se
ck me rv
s e
I. 4538 1200 1989 1053 1079 - 3450 9472 2924 1447 4371
Closin 758 000 909 5939 190 864 852 252 3764 1423 5187
g 095.0 000.0 115.8 704.1 858.4 757 957.3 710.5 658.3 019.9 678.3
310Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
balanc 0 0 3 7 7 065. 1 0 7 9 6
e of 97
the
previo
us
year
P
lus:
chang
--
es in 4141 4141
25542139
accou 8.71 8.71
07.5488.83
nting
policie
s
C
orrecti
on of
previo
us
errors
O
thers
II.Openi
-
ng 4538 1200 1989 1053 1079 3450 9472 2924 1447 4371
864
balanc 758 000 909 5939 190 852 294 3806 1167 4973
757
e of 095.0 000.0 115.8 704.1 858.4 957.3 129.2 077.0 612.4 689.5
065.
the 0 0 3 7 7 1 1 8 5 3
97
curren
t year
III.Increa
se or
decrea
se in -
-------
the 7017 - 563 2225
1700456115206129446733167784
curren 806. 2647 484 2010
0000707993259790751484595974
t 00 5.01 23.3 0.76
0.0047.989.03.1570.6831.0001.68
period 3
(“-”
for
decrea
se)
(I)
Total -
--
compr 598 2491 1893
11789886
ehensi 098 9533 8551
04726170
ve 16.9 3.87 6.96
25.378.41
incom 1
e
(II)
------
Capita 7017 -
170045781520458914015991
l 806. 2647
000095719325872540762802
invest 00 5.01
0.0062.929.0372.9050.8423.74
ed or
311Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
reduce
d by
owner
s
1.
Ordina
ry - - - -
7890
shares 4808 4800 4660 9461
000.
invest 5698 6798 8080 4878
00
ed by 26.29 26.29 21.86 48.15
owner
s
2.
Capita
l
contri
bution - - -
--
from 5306 1700 7513 1699 1699
26474568
other .00 0000 1.97 0035 0035
5.013.25
equity 0.00 3.79 3.79
instru
ment
holder
s
3.
Amou
nt of
share-
based
22956296166522341688
payme
375322007533880.61021
nt
1.40.001.4032.03
includ
ed in
owner
’s
equity
-
-214132573471
4.2150
8775322716542977
Others 0977
00.005.7890.3966.17
5.78
(III) - - - -
5543
Profit 1267 7134 7375 8088
1404
distrib 7225 0854. 1850 5935.61
ution 8.78 17 0.56 4.73
1.
Appro
priatio -
5543
n of 5543
1404
surplu 1404.61
s .61
reserv
e
2.
Appro
priatio
312Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
n of
genera
l risk
reserv
e
3.
Distrib
ution - -
to 6581 6581 7375 7374
owner 2.50 2.50 1850 5268
s (or 0.56 8.06
shareh
olders)
---
4.714071407140
Others 6666 6666. 6666..676767
(IV)
Intern
al -
13173461000
carryo 1167
2775.1399702
ver of 3119
513.585.67
owner 4.76
’s
equity
1.
Capita
l
reserv
e
conver
ted
into
capital
(or
share
capital
)
2.
Surplu
s
reserv
e
conver
ted
into
capital
(or
share
capital
)
3.
Loss
covere
d by
surplu
313Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
s
reserv
e
4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs
5.
Other
compr
ehensi
ve
incom -
346
e 3461
139
carried 393.
3.58
forwar 58
d to
retaine
d
earnin
gs
-
13171035
6.1167
2775.5841
Others 3119
519.25
4.76
(V)
Appro
priativ
e
reserv
e
1.
Appro
priatio
n in
the
curren
t
period
2.
Applic
ation
in the
curren
t
period
314Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
407640764203
(vi) 1274
439.4439.4885.2
Others 45.77
330
IV.Closin
-
g 4545 1030 1989 3389 9694 2477 1115 3593
59749270921
balanc 775 000 882 553 814 6054 4321 0376
23179759105
e of 901.0 000.0 640.8 167.1 229.9 606.4 681.4 287.8
56.199.44489.
curren 0 0 2 6 7 0 5 5
30
t
period
8. Statement of changes in equity of the parent company
Current amount
Unit: yuan
FY2024
Other equity instruments
Other Appro
Pref
Item Less: compr priativ Undistri Ot Total Share erre Perpetu Capital Surplus treasur ehensi e buted he owner’s
capital d al Others reserve reserve y stock ve reserv profits rs equity
stoc bonds income e
ks
I.Closin
g
balanc 45457 10300 19898 115364 92709 11475 24422 217649
14090
e of 75901. 00000. 82640. 73161.9 7599. 99491. 89304. 36990.7.78
the 00 00 82 8 44 62 02 8
previo
us
year
Pl
us:
change
s in
accoun
ting
policie
s
Correc
tion of
previo
us
errors
Others
II.Openi
ng 45457 10300 19898 115364 92709 11475 24422 217649
14090
balanc 75901. 00000. 82640. 73161.9 7599. 99491. 89304. 36990.7.78
e of 00 00 82 8 44 62 02 8
the
current
315Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
year
III.Increa
se or
decrea
se in -
---20578
the 470000 69807 78354 975706
1983716468.4566579909.
current 000.00 3695. 401.48 521.36
253.0085763.1722
period 68
(“-”
for
decrea
se)
(I)
Total
compr 20578
142753348543
ehensi 9909.
790.37699.59
ve 22
incom
e
(II)
Capita
l
-
investe - - -
47000069807691562
d or 19837 16468. 456657
000.003695.210.66
reduce 253.00 85 763.17
68
d by
owner
s
1.
Ordina
ry
shares 266959 266959
investe 55.77 55.77
d by
owner
s
2.
Capita
l
contrib
ution
--
from 5234.0 470000 39034.1 470061
16468.33779
other 0 000.00 3 579.25
85.97
equity
instru
ment
holder
s
3.
Amou
-
nt of -
35917194804
share- 164368
2998.675.64
based 323.22
86
payme
nt
316Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
includ
ed in
owner
’s
equity
-
--
4.33886
19842319024
Others 6916.
487.00429.85
85
(III)
--
Profit
64399643993
distrib
388.8988.89
ution
1.
Appro
priatio
n of
surplu
s
reserv
e
2.
Distrib
ution
to
owner
s (or
shareh
olders)
--
3.
64399643993
Others
388.8988.89
(IV)
Interna
l
carryo
ver of
owner
’s
equity
1.
Capita
l
reserv
e
conver
ted
into
capital
(or
share
capital
)
2.
Surplu
317Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
s
reserv
e
conver
ted
into
capital
(or
share
capital
)
3.
Loss
covere
d by
surplu
s
reserv
e
4.
Chang
e in
define
d
benefit
plan
carried
forwar
d to
retaine
d
earnin
gs
5.
Other
compr
ehensi
ve
incom
e
carried
forwar
d to
retaine
d
earnin
gs
6.
Others
(V)
Appro
priativ
e
reserv
e
1.
318Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Appro
priatio
n in
the
current
period
2.
Applic
ation
in the
current
period
(vi)
Others
IV.Closin
g 45259 15000 19898 110798 22902 20580 11475 25206 227406
balanc 38648. 00000. 66171. 15398.8 3903. 4000. 99491. 43705. 43512.1
e of 00 00 97 1 76 00 62 50 4
current
period
Prior amount
Unit: yuan
FY2023
Other equity instruments Appro
Sha Less: Other
Item priati Undistr Ot Total re Preferr Perpetu Capital treas compreh Surplus ve ibuted he owner’s
capi ed al Others reserve ury ensive reserve reserv profits rs equity
tal stocks bonds stock income e
I. 45
Closing 38 1079
120001989911263114752860521921
balance 758 190
00000.09115.66172699491.73533.311104
of the 09 858.4
0083.936214.05
previous 5.0 7
year 0
Plus
: changes
in
accounti
ng
policies
Correctio
n of
previous
errors
Others
II. 45
Opening 38 1079
120001989911263114752860521921
balance 758 190
00000.09115.66172699491.73533.311104
of the 09 858.4
0083.936214.05
current 5.0 7
year 0
III. 70 - - 272811 - 14090.7 - -
319Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Increase 17 17000 26475. 435.05 1520 8 41828 156374
or 806 0000.0 01 9325 4229.1 113.27
decrease .00 0 9.03 2
in the
current
period
(“-” for
decrease)
(I) Total -
-
compreh 14090.7 34694
346929
ensive 8 3374.9
284.17
income 5
(II)
Capital
70--
invested -
17170002728111520261896
or 26475.
8060000.0435.059325025.07
reduced 01.0009.03
by
owners
1.
Ordinary 78
shares 90 55072 62962
invested 000 200.00 200.00
by .00
owners
2.
Capital
contribut
-
ion from 53 - - -
1700075131.
other 06. 26475. 4568 169900
0000.097
equity 00 01 3.25 353.79
0
instrume
nt
holders
3.
Amount
of share-
based 6296
217664154701
payment 2200
103.08903.08
included .00
in
owner’s
equity
-
-
877
2150214132
4. Others 50
0977275.78
0.0
5.78
0
(III)
--
Profit
7134071340
distributi
854.17854.17
on
1.
Appropri
ation of
320Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
surplus
reserve
2.
Distribut
ion to
65812.65812.
owners
5050
(or
sharehol
ders)
--
3. Others 71406 71406
666.67666.67
(IV)
Internal
carryove
r of
owner’s
equity
1.
Capital
reserve
converte
d into
capital
(or share
capital)
2.
Surplus
reserve
converte
d into
capital
(or share
capital)
3. Loss
covered
by
surplus
reserve
4.
Change
in
defined
benefit
plan
carried
forward
to
retained
earnings
5. Other
compreh
ensive
income
carried
321Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
forward
to
retained
earnings
6. Others
(V)
Appropri
ative
reserve
1.
Appropri
ation in
the
current
period
2.
Applicati
on in the
current
period
(vi)
Others
IV. 45
Closing 45
1030019898115369270114752442221764
balance 775 14090.7
00000.82640.473161975999491.89304.936990
of 90 8
0082.989.446202.78
current 1.0
period 0
322Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
III. Company profile
(I) Development history
New Hope Liuhe Co. Ltd. (formerly Sichuan New Hope Agriculture Co. Ltd.) (hereinafter referred to as “company” or “theCompany”) was established on March 4 1998 with the approval of Sichuan Provincial People’s Government in Document C.F.H.
(1997) No. 260 after overall change to the former Mianyang Hope Feed Co. Ltd. with a registered capital of 140020000.00 yuan.
Respectively on March 11 1998 and September 15 1998 the Company publicly issued 36000000 public shares to the public and
4000000 internal employee shares to its employees which were respectively listed for trading on Shenzhen Stock Exchange with
stock code: 000876. After the listing of company stocks transfer of shares in May 2000 allotment of shares in March 2001 transfer
of shares in July 2002 October 2002 June 2008 and May 2010 implementation of the Company Equity Division Reform in August
2006 completion of material assets reorganization in October 2011 implementation of the profit compensation scheme for material
assets reorganization in July 2014 private offering in August 2014 conversion in June 2016 and issuance of shares and the purchase
of assets in January 2017 the Company’s total share capital has been changed to 4216015009 shares.In accordance with the resolution of the 2018 annual general meeting and the Approval on the Public Issuing of Convertible
Corporate Bonds by New Hope Liuhe Co. Ltd. (ZJXK [2019] No. 1902) issued by the CSRC the Company publicly issued 40 million
convertible corporate bonds each having a par value of 100 yuan on January 3 2020 for a total amount of 4.0 billion yuan. Duration
of the convertible bonds is from January 3 2020 to January 2 2026 convertible from July 9 2020 to January 2 2026. In 2020 the
share capital was increased by 111119860 shares by conversion of convertible bonds into shares.In accordance with the resolution of the first extraordinary general meeting in 2019 held on June 6 2019 the Proposal Regarding
the‘Restricted Stock and Stock Option Incentive Plan 2019 (Draft) of New Hope Liuhe Co. Ltd.’ and its Summary was approved
whereby the Company completed the registration of the 3.60 million shares of restricted stock and 8.40 million stock options granted
to 24 incentive objects on July 29 2019 increasing its share capital by 2166055 shares due to exercise of stock options as at December
31 2022. In accordance with the resolutions of the first extraordinary general meeting in 2020 the first extraordinary general meeting
in 2021 and the first extraordinary general meeting in 2022 the Proposal to Cancel Some Stock Options and Repurchase Some
Restricted Stocks for Cancellation was approved and the Company repurchased 1406250 shares of restricted stocks for cancellation
as at December 31 2022.In accordance with the resolution of the 2019 annual general meeting and the Approval on the Non-public Offering of Shares by
New Hope Liuhe Co. Ltd. (ZJXK [2020] No.1961) issued by the CSRC the Company privately placed 177147918 shares of common
stocks denominated in RMB to two particular shareholders namely South Hope Industrial Co. Ltd. and New Hope Group Co. Ltd.against capital contributions by each shareholder in cash. The private placement was completed on September 18 2020.In accordance with the resolution of the second extraordinary general meeting in 2020 and the Approval on the Public Issuing of
Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (ZJXK [2021] No. 1351) issued by the CSRC the Company publicly issued
81.5 million convertible corporate bonds each having a par value of 100 yuan on November 2 2021 for a total amount of 8.15 billion
yuan. The duration of the convertible bonds is from November 2 2021 to November 1 2027 convertible from May 9 2022 to
November 1 2027. In 2022 the Company's share capital was increased by 440503 shares by conversion of the convertible corporate
bonds into shares.In accordance with the Proposal Regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New Hope Liuhe Co. Ltd.’ and
its Summary considered and approved at the 52nd meeting of the 8th board of directors and the 2021 annual general meeting and the
Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 considered and approved at the 3rd meeting of the
9th board of directors the Company granted 41.37 million restricted stocks to incentive objects including 33.275 million restricted
stocks granted for the first time and 8.095 million restricted stocks reserved for grant. The source of stocks is the A-share common
stocks denominated in RMB issued by the Company to the incentive objects in a targeted manner. The initial grant date under the
incentive plan was July 25 2022.The conversion of convertible corporate bonds increased the Company’s share capital by 5306 shares in 2023.
323Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
At the second extraordinary general meeting in 2022 the Company considered and approved the Proposal on the Failure in
Meeting the Lifting Conditions for the Third Lifting Period under the Restricted Stock and Stock Option Incentive Plan 2019 and the
Repurchase and Cancellation of Restricted Stocks agreeing to repurchase and cancel a total of 438750 restricted stocks held by 15
incentive objects under the Restricted Stock and Stock Option Incentive Plan 2019 with the cancellation procedure completed in 2023.At the 2022 annual general meeting held on May 22 2023 the Company considered and approved the Proposal on the Failure in
Meeting the Lifting Conditions for the Fourth Lifting Period under the Restricted Stock and Stock Option Incentive Plan 2019 and the
Repurchase and Cancellation of Restricted Stocks to repurchase and cancel a total of 438750 restricted stocks held by 15 incentive
objects under the Incentive Plan 2019 that were not released for sale with the cancellation procedure completed in 2023.At the 15th meeting of the 9th board of directors and the 11th meeting of the 9th board of supervisors the Company considered
and approved the Proposal on Granting Reserved Restricted Stocks to Incentive Objects granting a total of 7.89 million restricted
stocks to 370 incentive objects. The source of stocks is the A-share common stocks denominated in RMB issued by the Company to
the incentive objects in a targeted manner. The initial grant date of the incentive plan was May 30 2023. The Company completed the
registration formalities for the 7.89 million reserved restricted stocks granted to 370 incentive objects on July 25 2023 with a grant
price of 7.98 yuan/share.In 2024 the Company increased its share capital by 5234 shares due to the conversion of convertible bonds and reduced its share
capital by 19842487 shares due to the cancellation of treasury stock.As at December 31 2024 the total share capital of the Company was 4525938648 shares including 26262529.00 outstanding
shares with sales restrictions and 4499676119.00 outstanding shares with no restrictions on sales.(II) Business situation
After years of development by the end of December 2024 the Company had successively possessed 631 directly or indirectly
controlled subsidiaries 18 associates and 7 joint ventures in 30 Chinese provinces municipalities autonomous regions and special
administrative regions (including Sichuan Yunnan Guizhou Beijing Shanghai Chongqing Guangdong Hainan Hebei Henan
Shandong Shanxi Jiangsu Anhui Zhejiang Jiangxi Hubei Hunan Shaanxi Liaoning Jilin Heilongjiang Gansu Inner Mongolia
Tibet Guangxi Ningxia Tianjin Hong Kong and Fujian) and 14 foreign countries (including Vietnam Cambodia the Philippines
Bangladesh Indonesia Sri Lanka Singapore Myanmar Laos Nepal Egypt South Africa India and Nigeria) through investment
M&A and other means becoming an industrial group company with feed and breeding as its core competitiveness.(III) Address business scope and other information
The Company’s unified social credit code is 91510000709151981F; legal representative is Liu Chang; registered address is
National High-tech Industry Development Zone Mianyang City Sichuan Province; and it is headquartered at No. 376 Jinshi Road
Jinjiang Industrial Park Chengdu City Sichuan Province.The Company's business scope: production and processing of compound feed concentrated feed and concentrate supplements (by
branches only) (the above business items and term of business are subject to the business license). General business items (the following
scope does not include business items subject to pre-registration approval while business items subject to post-registration approval
are to be conducted by virtue of license or approval document): planting of cereals and other crops; raising of livestock; raising of pigs;
poultry raising; wholesale and retail sale of goods; import and export business; project investment and management; scientific and
technological exchange and promotion services.(IV) Main products
The Company's main products of feed business include pig feed poultry feed and fish feed; and that of pig business include
breeding pigs commercial pigs and livestock slaughtering service.(V) Financial report approval date
The financial statements for FY2022 of the Company were approved by its board of directors on April 24 2025.
324Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
IV. Preparation basis of the financial statements
1. Preparation basis
The financial statements of the Company have been prepared on a going concern basis based on the accrual system and actual
transactions and events in accordance with the Accounting Standards for Business Enterprises–Basic Principles and specific
accounting standards Guidelines for Application of the Accounting Standards for Business Enterprises interpretations of the
Accounting Standards for Business Enterprises and other relevant rules (hereinafter collectively referred to as “ASBE”) of the Ministry
of Finance as well as the disclosure rules set forth in the Rules for the Preparation of Information Disclosure by Companies Offering
Securities to the Public No. 15–General Provisions for Financial Reporting issued by CSRC.
2. Going concern
These financial statements have been prepared on a going concern basis. The Company has the ability to continue as a going
concern for at least 12 months after the end of the reporting period and there are no significant matters affecting its ability to continue
as a going concern.V. Significant accounting policies and accounting estimates
Reminder about specific accounting policies and accounting estimates:
1. Statement on compliance with ASBE
The financial statements prepared by the Company comply with the Accounting Standards for Business Enterprises and give a
true and complete view of the financial status operating results and cash flow and other relevant information of the Company.
2. Accounting period
The accounting period of the Company is divided into annual and interim periods; the accounting year begins on January 1 and
ends on December 31 of the Gregorian calendar and the accounting interim period refers to a reporting period shorter than one full
accounting year.
3. Operating cycle
The Company treats a period from acquisition of assets used for processing to realization of cash or cash equivalents as a normal
operating cycle and the operating cycle of each business segment of the Company is shorter than 12 months; the Company uses 12
months as a criterion for classification of liquidity of assets and liabilities.
4. Functional currency
The Company and its domestic subsidiaries use RMB as accounting currency; its overseas subsidiaries use currencies in the
primary economic environments in which they operate as accounting currencies and they need to prepare financial statements in
accounting currencies and financial statements converted into RMB.
325Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
5. Determination and selection of significance criterion
□Applicable □Not applicable
Item Significance standards
Significant accounts receivable with provision for With a single amount accounting for more than 5% of the accounts
bad debts on an individual basis receivable or greater than 10 million yuan
Significant accounts receivable written off during
With a single amount greater than 10 million yuan
the period
With a single amount aged over 1 year accounting for more than 5% of the
Significant prepayments aged over 1 year
prepayments or greater than 10 million yuan
Significant other receivables with provision for bad With a single amount accounting for more than 5% of the other receivables
debts on an individual basis or greater than 10 million yuan
Significant other receivables written off during the
With a single amount greater than 10 million yuan
period
Significant construction in progress With a single amount ranking among the top 10 construction in progress
With a single amount aged over 1 year accounting for more than 5% of the
Significant accounts payable aged over 1 year
accounts payable or greater than 10 million yuan
With a single amount aged over 1 year accounting for more than 5% of the
Significant advance collections aged over 1 year
advance collections or greater than 10 million yuan
With a single amount aged over 1 year accounting for more than 5% of the
Significant contract liabilities aged over 1 year
contract liabilities or greater than 10 million yuan
With a single amount aged over 1 year accounting for more than 5% of the
Significant other payables aged over 1 year
other payables or greater than 10 million yuan
An investment in which the cash flow from a single investing activity
Significant investing activities
exceeds 10% of the total assets
With closing balance of a single project accounting for more than 10% of
Significant capitalized items (development
the closing balance of development expenditure and greater than 100
expenditure)
million yuan
Significant transactions in which the share of
owner’s equity in a subsidiary changes but the With a change of net assets of more than 10 million yuan
control over the subsidiary remains
With net assets accounting for more than 10% of the Company's net assets
Significant non-wholly-owned subsidiaries
and of an amount greater than 2 billion yuan
With the book value of long-term equity investment in a single investee
Significant associates and joint ventures accounting for more than 5% of the Group's net assets and of a amount
greater than 1 billion yuan
Significant contingencies are those with an impact of more than 0.1% of
Significant contingencies
the total assets
The Company considers the profit distribution and the postponement of
Material events after the balance sheet date
equity investment project after the balance sheet date as material events
With the transfer proceeds of individual assets exceeding 10% of the total
profits and of an amount greater than R1 billion yuan or the net assets of
Significant asset transfer and sale
the transferred subsidiaries accounting for more than 5% of the Group's net
assets and of an amount greater than 1 billion yuan
6. Accounting for business combination under common control and not under common control
(1) Business combination under the same control
A business combination in which companies participating in combination are all ultimately controlled by the same one or more
parties before and after combination and such control is not temporary is a business combination under common control. Assets and
liabilities acquired by the combing party in a business combination are measured at book value thereof in the consolidated financial
statements of the ultimate controlling party at the combination date. The share capital premium in the capital reserve is adjusted by the
difference between the book value of net assets acquired and the book value of combination consideration paid (or total par value of
326Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
shares issued); the retained earnings are adjusted if the share capital premium in capital reserve is insufficient for offsetting. The
combination date is the date when the combining party actually acquires the control of the combined party.
(2) Business combination not under common control
A business combination in which all parties participating in combination are not ultimately controlled by the same one or more
parties before and after combination is a business combination not under common control. The sum of assets paid out by the acquiring
party to acquire the control of the acquired party (including equities held in the acquired party before the purchase date) liabilities
incurred or assumed and fair value of equity securities issued at the purchase date minus the share of identifiable net assets of the
acquired party at the purchase date that are acquired in combination is recognized as goodwill if positive or charged to the current non-
operating income if negative. The purchase date is the date when the acquiring party actually acquires the control of the acquired party.For a business combination not under common control that is realized step by step through multiple transactions equities of the
acquired party held prior to the purchase date are re-measured at the fair value of such equities as of the purchase date and the difference
between fair value and their book value is charged to the current investment income. Other comprehensive income involved in equities
held in the acquired party prior to the purchase date that can be subsequently re-classified into profit or loss under the equity method
and other changes in owner’s equity are transferred to current investment income at the purchase date; where the equities held in the
acquired party prior to the purchase date are equity instrument investments at fair value through other comprehensive income other
comprehensive income recognized prior to the purchase date is transferred to the retained earnings at the purchase date.
(3) Treatment of related transaction costs in business combination
The audit legal service appraisal consulting and other intermediary fees and other related management expenses incurred by the
Company for business combination are charged to the current profit or loss as and when incurred. The transaction costs of equity
securities or debt securities issued by the Company as the consideration for combination are charged to the initially recognized amount
of the equity securities or debt securities.
7. Criteria of control and preparation of the consolidated financial statements
(1) Criteria of control
Control means the Company has the power over the investee to enjoy variable return by participating in the related activities of
the investee and has the ability to exert its power over the investee to influence the amount of its return.
(2) Preparation of the consolidated financial statements
* General principles
The scope of consolidation of the consolidated financial statements is determined based on control which covers the Company
and subsidiaries controlled by the Company. The Company begins to include a subsidiary in the scope of consolidation as of the date
when the Company acquires the actual control of the subsidiary; the Company ceases to include the subsidiary in the scope of
consolidation as of the date of loss of the actual control.The equities profit or loss and total comprehensive income attributable to minority shareholders of subsidiaries are separately
presented in the shareholder equities of the consolidated balance sheet and after the items of net profit and total comprehensive income
on the consolidated income statement respectively. If the current loss shared by minority shareholders of a subsidiary exceeds the share
of minority shareholders in the beginning owner's equity of the subsidiary its balance is still offset against the minority interests.When the accounting policy or accounting period adopted by any of its subsidiaries is inconsistent with that adopted by the
Company necessary adjustments have been made to the financial statements of such subsidiary according to the Company’s accounting
policy or accounting period at the time of combination. All significant internal transactions internal current accounts and unrealized
profit or loss on internal transactions within the scope of consolidation have been offset when preparing the consolidated financial
statements.* Acquisition of a subsidiary through business combination
For a subsidiary acquired through business combination under common control when preparing the consolidated current financial
statements based on the book value of all assets and liabilities of the combined subsidiary in the financial statements of the ultimate
327Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
controlling party the combined subsidiary is treated as if it has been included in the scope of consolidation of the Company when the
ultimate controlling party of the Company begins exercising control over it and corresponding adjustments are made to the beginning
amounts of the consolidated financial statements and previous comparative statements.For a subsidiary acquired through business combination not under common control when preparing the consolidated current
financial statements based on the fair value of various identifiable assets and liabilities of the acquired subsidiary as determined at the
purchase date the acquired subsidiary is included in the scope of consolidation of the Company as of the purchase date.* Disposal of a subsidiary
When the Company loses its control over an existing subsidiary the resulting gains or losses from disposal are charged to the
investment income in the period during which the control is lost. Where the control over an existing subsidiary is lost due to disposal
of part of equity investment or otherwise in the consolidated financial statements the remaining equities are re-measured at the fair
value thereof at the date of loss of control; the sum of the consideration acquired by disposal of equities and the fair value of remaining
equities minus the share of the net assets continuously calculated by the existing subsidiary from the date of purchase as calculated at
the original shareholding ratio and goodwill is charged to the investment income during the period in which the control is lost. Moreover
other comprehensive income etc. related to the equity investment in the existing subsidiary are charged to the current investment
income at the time of loss of control except for other comprehensive income resulting from changes in net liabilities or net assets of
the defined benefit plan re-measured by such existing subsidiary.Where the Company disposes of its equity investment in a subsidiary step by step through multiple transactions until loss of
control distinction needs to be made as to whether all such transactions constitute a package deal:
A. These transactions are entered into simultaneously or taking into account the mutual effect;
B. These transactions can only achieve a complete commercial result if made together;
C. The occurrence of a particular transaction depends upon occurrence of at least one other transaction;
D. A particular transaction is uneconomical if looked at individually but is economical if considered together with other
transactions.Where various transactions do not constitute a package deal each of the transactions before loss of control over the subsidiary is
treated for accounting purpose according to the applicable principles described in the partial disposal of equity investments in a
subsidiary without loss of control as detailed in “Note V. 7(2)* ”.Where various transactions constitute a package deal the various transactions are accounted for as a single transaction of disposal
of subsidiary and loss of control; however the difference between each disposal price before loss of control and the share of net assets
of such subsidiary corresponding to disposal of investment as continuously calculated as from the purchase date is charged to other
comprehensive income in the consolidated financial statements and transferred to the profit or loss in the period of loss of control all
together at the time of loss of control.* Changes in minority interest
The capital reserve in the consolidated financial statements is adjusted by both the difference between the long-term equity
investment newly acquired by the Company due to purchase of minority interest and the share of net assets of the subsidiary as
calculated at the newly-added shareholding ratio and the difference between the disposal price acquired from partial disposal of equity
investments in subsidiaries without loss of control and the share of net assets of the subsidiaries corresponding to disposal of long-term
equity investments with the retained earnings to be adjusted if the capital reserve is sufficient for offsetting purposes.
8. Classification of joint venture arrangements and accounting treatment of joint operation
A joint venture arrangement refers to the arrangement Thereof two or more parties have joint control. Joint venture arrangements
are divided into joint operation and joint venture based on the rights and obligations of the Company in such joint venture arrangement.Joint operation refers to a joint venture arrangement in which the Company enjoys the assets related to such arrangement and assumes
the liabilities related to such arrangement. Joint venture refers to the joint venture arrangement in which the Company only has the
right to the net assets of such arrangement.
328Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
As a party to joint operation the Company recognizes assets separately held and liability separately assumed by the Company and
assets held jointly and liabilities assumed jointly by the Company according to its share; recognizes the income from joint operation
due to sale of products according to the Company’s share; recognizes the expenses incurred separately by the Company and recognizes
the expenses incurred by joint operation according to the Company’s share.The investments of the Company in joint venture are accounted for using the equity method and treated according to “Note V. 17.Long-term equity investments” for accounting purposes.
9. Criteria for determination of cash and cash equivalents
Cash and cash equivalents of the Company include cash on hand bank deposits available for payment at any time and investment
of short term (generally due in 3 months since purchase date) and strong liquidity easy to be converted into known amount with small
risk of value variation.
10. Foreign currency transactions and translation of foreign currency statements
(1) Foreign currency transactions
The Company converts the foreign currency transactions from foreign-currency amount into amount in functional currency at the
spot exchange rate on the date of transaction but the foreign exchange transactions or transactions involving foreign exchange that are
incurred by the Company are converted into amounts in accounting currency at the exchange rate actually used.At the balance sheet date the foreign-currency monetary items are converted at the spot exchange rate at the balance sheet date
with the resulting exchange difference generally charged to the current profit or loss except that: * the exchange difference resulting
from foreign-currency special borrowings related to acquisition of assets that meet the capitalization conditions is treated according to
the principles for capitalization of borrowing costs; * the exchange difference from hedging instruments used for effective hedging
of net investments in overseas operations is charged to other comprehensive income and will not be recognized as current profit or loss
until disposal of the net investments; * the exchange difference resulting from changes in book balances of foreign-currency monetary
items available for sale other than amortized costs is charged to other comprehensive income.Foreign currency non-monetary items measured at their historical costs are measured at the amount in accounting currency
converted at the spot exchange rate when the transaction occurs. Foreign currency non-monetary items measured at fair value are
converted at the spot exchange rate at the date of determination of fair value with the difference charged to the current profit or loss
or other comprehensive income.
(2) Translation of foreign currency statements
If the consolidated financial statements involve an overseas business for foreign currency monetary items substantially
constituting net investment in the overseas business the exchange difference arising from change in exchange rate is included in other
comprehensive income as “foreign currency statements translation difference”; and recorded into profit or loss of the period when the
overseas business is disposed.The method for foreign currency statement translation of overseas operations is as follows:
The items of assets and liabilities in the balance sheet are converted at the spot exchange rate at the date of balance sheet; all items
of owner's equity other than the item of “undistributed profits” are converted at the spot exchange rate when incurred and the item of
“undistributed profits” is calculated and presented according to items of net profit and profit distribution; the difference in total amount
of items of assets liabilities and owner's equity after conversion is recognized as other comprehensive income after being treated as
the foreign currency statement translation difference. When an overseas operation is disposed of and the control thereof is lost the
foreign currency statement translation difference presented under the item of other comprehensive income in the balance sheet and
related to such overseas operation is transferred to the current profit or loss from disposal in entirety or according to the ratio of such
overseas operation disposed of.
329Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
The items of income cost and expense and others in the income statement are converted at the exchange rate approximate to the
spot exchange rate when the transaction occurs.The items in the cash flow statement that reflect the incurred amounts are converted to the exchange rate approximate to the spot
exchange rate when the transaction occurs with the effects of exchange rate changes on cash presented separately in the cash flow
statement.
11. Financial instruments
Financial instruments refer to the instruments that form financial assets of a party and form the financial liabilities or equities of
other parties.
(1) Classification of financial instruments
Financial instruments include financial assets and financial liabilities. Financial assets are classified into the following three
categories at initial recognition: * financial assets measured at amortized cost; * financial assets at fair value through other
comprehensive income; * financial assets at fair value through profit or loss.Financial liabilities are classified into the following four categories at initial recognition: * financial liabilities at fair value
through profit or loss; * financial liabilities formed by the transfer of financial assets which does not meet the conditions for
derecognition or by the continued involvement of the transferred financial assets; * financial guarantee contracts that do not fall under
* or * above and loan commitments that do not fall under * above and lent at below-market rates; * financial liabilities measured
at amortized cost.
(2) Recognition measurement and derecognition of financial assets and financial liabilities
* Financial assets measured at amortized cost
Financial assets measured at amortized cost including notes receivable accounts receivable other receivables long-term
receivables and debt investments are initially measured at fair value with related transaction costs included in the initial recognized
amount; receivables that do not contain a significant financing component and receivables that the Company decides not to take into
account a financing component that is less than one year old are initially measured at the contract transaction price.Interest calculated using the effective interest method during the holding period is included in the current profit or loss.Upon recovery or disposal the difference between the price obtained and the book value of the financial asset is included in the
current profit or loss.* Financial assets at fair value through other comprehensive income (debt instruments)
Financial assets at fair value through other comprehensive income (debt instruments) including receivables financing and other
debt investments are initially measured at fair value with related transaction costs included in the initial recognized amount. Such
financial assets are subsequently measured at fair value with changes in the fair value such as the interest impairment loss or gain and
exchange gain or loss calculated using the effective interest rate method included in the current profit or loss and other gains or losses
included in other comprehensive income.Upon derecognition the accumulated gains or losses previously included in other comprehensive income are transferred out of
other comprehensive income and included in current profit or loss.* Financial assets at fair value through other comprehensive income (equity instruments)
Financial assets at fair value through other comprehensive income (equity instruments) including investment in other equity
instruments are initially measured at fair value with related transaction costs included in the initial recognized amount. Such financial
assets are subsequently measured at fair value with dividends received (except those that are part of the recovery of investment costs)
included in the current profit or loss and other gains or losses included in other comprehensive income.Upon derecognition the accumulated gains or losses previously included in other comprehensive income are transferred out of
other comprehensive income and included in the retained earnings.* Financial assets at fair value through profit or loss
330Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Financial assets at fair value through profit or loss including trading financial assets derivative financial assets and other non-
current financial assets are initially measured at fair value with related transaction costs included in the current profit or loss. Such
financial assets are subsequently measured at fair value with the resulting gains or losses (including interest and dividend revenue)
charged to the current profit or loss unless such financial assets are part of hedging relationship.* Financial liabilities at fair value through profit or loss
Financial liabilities at fair value through profit or loss including trading financial liabilities and derivative financial liabilities are
initially measured at fair value with related transaction costs included in the current profit or loss. Such financial liabilities are
subsequently measured at fair value with changes in fair value included in the current profit or loss.Upon derecognition the difference between the book value and the consideration paid are included in the current profit or loss.* Financial liabilities measured at amortized cost
Financial liabilities measured at amortized cost including short-term borrowings notes payable accounts payable other payables
long-term borrowings bonds payable long-term payables are initially measured at fair value with related transaction costs included
in the initial recognized amount.Interest calculated using the effective interest method during the holding period is included in the current profit or loss.Upon derecognition the difference between the consideration paid and the book value of such financial liabilities are included in
the current profit or loss.
(3) Derecognition and transfer of financial assets
The Company terminates the recognition of a financial asset when one of the following conditions is met:
* The contractual right to receive the cash flows from such financial asset terminates;
* Such financial asset has been transferred and almost all risk and reward in the ownership of such financial asset has been
transferred to the transferee;
* Such financial asset has been transferred and the Company does not retain control of such financial asset although the
Company neither transfers nor retains virtually all of the risks and rewards of ownership of such financial asset.When a financial asset is transferred if almost all the risks and rewards in the ownership of the financial asset are retained the
recognition of the financial asset is not terminated.When judging whether the transfer of a financial asset satisfies the above-mentioned conditions for derecognition the principle
of substance over form is used.The Company distinguishes the transfer of financial assets into overall transfer and partial transfer. If the overall transfer of a
financial asset satisfies the conditions for derecognition the difference between the following two amounts is included in the current
profit or loss:
* The book value of the financial asset transferred;
* The consideration received due to the transfer plus the accumulated changes in fair value originally directly included in
owner’s equity (where the financial asset transferred is a financial asset at fair value through other comprehensive income (debt
instrument)).If the partial transfer of a financial asset meets the conditions for derecognition the overall book value of the transferred financial
asset is apportioned between the derecognized part and the not derecognized part according to their relative fair value and the difference
between the following two amounts is included in the current profit or loss:
* The book value of the derecognized part;
* The consideration for the derecognized part plus the amount corresponding to the derecognized part in the accumulated
amount of changes in fair value originally included in owner's equity (where the financial asset transferred is a financial asset at fair
value through other comprehensive income (debt instrument)).If the transfer of a financial asset does not meet the conditions for derecognition the financial asset continues to be recognized
with the consideration received recognized as a financial liability.
(4) Derecognition of financial liabilities
331Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
If the present obligation of a financial liability has been discharged in whole or in part the financial liability or part thereof is
derecognized; if the Company has an agreement with creditor to replace the existing financial liability by assuming a new one and the
terms and conditions of the new one are substantially different from that of the existing one the existing financial liability is
derecognized and the new financial liability is recognized.If all or part of the contract terms of the existing financial liability are materially modified the existing financial liability or part
thereof is derecognized with the financial liability after the modification recognized as a new financial liability.For financial liabilities fully or partially terminated recognition the difference between book value of the derecognized part and
the consideration paid (including non-cash assets transferred or the new financial liability assumed) is recognized in the current profit
or loss.If the Company repurchases part of a financial liability the book value of the whole financial liability is allocated on the repurchase
date according to the relative fair value of the continued recognition part and the derecognized part. The difference between the book
value allocated to the derecognized part and the consideration paid (including non-cash assets transferred out or new financial liabilities
assumed) is included in the profit or loss.
(5) Determination of the fair value of financial assets and financial liabilities
For financial instruments with active market their fair value is determined by the quotation in the active market. Fair value of
financial instruments with no active markets is determined using valuation techniques. In valuation the Company determines the fair
value of the relevant financial assets and financial liabilities using valuation techniques that are applicable in the current circumstances
and supported by sufficient available data and other information. The Company divides the input values used by the valuation
technology into the following levels and uses them successively:
* Level 1 input value is the unadjusted quotation of the same asset or liability available on the active market at the measurement
date;
* Level 2 input value is the directly or indirectly observable input value of related asset or liability other than the Level 1 input
value including: quotation of similar assets or liabilities in an active market; quotation of the same or similar assets or liabilities in
inactive markets; observable input values other than quotes such as interest rates and yield curves that are observable during normal
quotation intervals; input values for market validation; and
* Level 3 input value is the unobservable input value of the underlying asset or liability including interest rates that cannot be
directly observed or verified by observable market data stock volatility future cash flows from the disposal obligations undertaken in
a business merger and financial projections made using one's own data.
(6) Testing and accounting for financial asset impairment
Impairment accounting for financial assets measured at amortized cost debt investment at fair value through other comprehensive
income contract assets lease receivables loan commitments that are not financial liabilities at fair value through profit or loss financial
liabilities not at fair value through profit or loss or financial guarantee contracts for financial liabilities formed by the transfer of
financial assets which does not meet the conditions for derecognition or by the continued involvement of the transferred financial assets
is performed by the Company on the basis of expected credit loss with impairment loss provision recognized.Expected credit loss refers to the weighted average of credit loss from financial instruments with the risk of default as weight.Credit loss refers to the difference between all contractual cash flows of the Company discounted by the original actual interest rate
and receivable according to contract and all cash flows expected to be received i.e. the present value of all cash shortfalls. Among
them credit-impaired financial assets purchased or originated by the Company are discounted at the credit-adjusted effective interest
rate of the financial assets.For credit-impaired financial assets purchased or originated only the cumulative change in expected credit loss during the entire
duration since initial recognition is recognized as loss provision on the balance sheet date.Loss provision for lease receivables as well as accounts receivable and contract assets arising from transactions regulated by the
Accounting Standard for Business Enterprises No. 14 - Revenue are measured using simplified measurement method and based on an
amount equivalent to the expected credit loss throughout the duration.
332Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
For financial assets other than those measured above the Company assesses at each balance sheet date whether their credit risk
has increased significantly since their initial recognition. If the credit risk has increased significantly since the initial recognition the
loss reserve is measured based on the amount of the expected credit loss throughout the duration; if the credit risk does not increase
significantly since the initial recognition the loss provision is measured based on the amount of the expected credit loss on the financial
instrument over the next 12 months.The Company uses available reasonable and evidence-based information including forward-looking information to determine
whether the credit risk of a financial instrument has significantly increased since initial recognition by comparing the risk of default of
the financial instrument on the balance sheet date with the risk of default on the date of initial recognition.On the balance sheet date if the Company determines that a financial instrument has only a low credit risk it is assumed that the
credit risk of the financial instrument has not increased significantly since its initial recognition.The Company assesses expected credit risk and measures expected credit loss on the basis of individual financial instruments or
combinations of financial instruments. On a combination basis the Company divides the financial instruments into different
combinations based on common risk characteristics.The Company remeasures expected credit loss at each balance sheet date with the resulting increase or reversal of the loss
provision included in the current profit or loss as an impairment loss or gain. For a financial asset measured at amortized cost the loss
provision is credited against the book value of such financial asset indicated in the balance sheet; for a debt investment that is measured
at fair value through other comprehensive income the Company recognizes its loss provision in other comprehensive income without
charging against the book value of such financial asset.
(7) Offset of financial assets and financial liabilities
Financial assets and financial liabilities are separately presented in the balance sheet without offsetting. However where the
following conditions are all met they are presented in the balance sheet at the net amount after offsetting:
* The Company has the legal right to offset the recognized amounts and such legal right is currently enforceable; and
* The Company intends to make settlement on a net basis or realize such financial assets and repay such financial liabilities the
same time.For transfer of financial assets not meeting the conditions for derecognition the Company does not offset the transferred financial
assets with related liabilities.
12. Notes receivable
Notes receivable of the Company include bank acceptance bills commercial acceptance bills and letters of credit. According to
the management the risks of these categories are very small and the term is short. Considering that the historical default rate is zero
the Company determines that the expected credit loss rate of notes receivable is zero.
13. Accounts receivable
The Company's provision for bad debts only covers accounts receivable that are not within the scope of consolidated financial
statements. No provision for bad debts is made for accounts receivable within the scope of consolidated financial statements.Simplified model of expected credit loss is used for accounts receivable regardless of whether there is a significant financing
component that is the loss provision is ultimately based on the amount of expected credit loss throughout the duration and the resulting
increase or reversal of the loss provision is recognized in the current profit or loss as impairment loss or gain.If there is no objective evidence that an account receivable requires individual identification of the provision for bad debts and
recognition of expected credit loss expected credit loss is measured on an aging combination basis.
(1) Accounts receivable with provision for credit loss on a combination basis
333Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Risk characteristic Basis of the Provision for expected credit loss
combination
Risk free With bank guarantee Accounts receivable guaranteed by banks are risk-free and the provision
ratio is zero
Age group at home Aging By referring to the historical credit loss experience and considering the
and abroad forecast of future economic conditions the possibility of default risk is
analyzed and the credit loss rate of the whole duration is calculated to
estimate the expected credit loss.
(2) The loss rate of bad debt provision for accounts receivable calculated by aging analysis is as follows:
Territory Aging Expected credit loss rate (%)
Domestic Within 6 months (inclusive) 1.31
6-12 months (inclusive) 6.78
Over 1 years 100
Overseas Within 3 months (inclusive) 2.75
3-6 months (inclusive) 19.39
Older than 6 months 100
Note: accounts receivable are aged on a FIFO basis from the month in which they are actually incurred.
(2) If there is objective evidence that a certain account receivable has suffered credit impairment the Company makes a single provision
for bad debts and recognize expected credit loss for the account receivable.Provision for bad debts on an individual basis：
Reason for making individual Accounts receivable where there is objective evidence that a single amount has suffered
provisions for bad debts credit impairment are subject to an individual impairment test
How to make individual provisions for The ratio of provision for bad debts is determined by analyzing the current situation
bad debts
14. Other receivables
The Company's provision for bad debts only covers other receivables that are not within the scope of consolidated financial
statements. No provision for bad debts is made for other receivables within the scope of consolidated financial statements.Impairment loss of other receivables is measured at an amount equivalent to expected credit loss over the next 12 months or over
the duration depending on whether the credit risk of such other receivables has increased significantly since initial recognition. In
addition to other receivables with credit risk evaluated on an individual basis they are divided into different combinations based on
their credit risk characteristics by aging.
(1) The loss rate of the bad debt provision for other receivables calculated by aging analysis is as follows:
Aging Expected credit loss rate (%)
Less than 1 year (inclusive) 5.05
334Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
1-2 years (inclusive) 13.49
2-3 years (inclusive) 38.35
Over 3 years 100
Aging based combination of credit risk characteristics: calculated on a FIFO basis from the month in which they are actually
incurred.
(2) Provision for bad debts on an individual basis
Reason for making individual provisions for bad debts How to make individual provisions for bad debts
Accounts receivable where there is objective evidence that a The ratio of provision for bad debts is determined by analyzing the
single amount has suffered credit impairment are subject to an current situation
individual impairment test
Accounts receivable with a single amount of more than 100 The provision for impairment is calculated considering the time
million yuan or formed due to special reasons with recovery value of the recovery of funds in light of the current situation.time determined are subject to an individual impairment test
15. Inventories
The Company is required to comply with the disclosure requirements set forth in the Self-regulatory Guideline No. 3 of Shenzhen Stock
Exchange for Listed Companies—Industry Information Disclosure regarding listed companies engaged in livestock poultry and
aquaculture husbandry businesses.
(1) Classification of inventories
Inventories comprise feed ingredients packaging materials products in progress merchandises in stock low-value consumables
goods in transit outsourced processed supplies consumptive biological assets and revolving materials.The specific accounting policy for consumptive biological assets is detailed in “Note V. 22. Biological assets”.
(2) Inventory costs and valuation method for inventories shipped
Inventories are initially measured at the actual cost at the time of acquisition. Inventory costs include purchase cost processing
cost and other expenditures incurred to bring the inventories to the current location and state. For inventories shipped costs are carried
over using the one-off weighted average method at the end of month.
(3) Basis of determination of net realizable value of inventory and method for accrual of inventory revaluation reserve
At the end of period when the inventory cost is lower than the net realizable value the inventory is measured at cost; when the
inventory cost is higher than the net realizable value the inventory is measured at net realizable value and the inventory revaluation
reserve accrues by the difference of the cost over the net realizable value and is charged to the current profit or loss. The net realizable
value refers to the amount of the estimated selling price of inventory minus the costs estimated to incur up to the time of completion
the estimated selling costs and related taxes and charges in the daily activities.For inventories that are numerous and have a low unit price the inventory revaluation reserve accrues by the inventory type. For
inventories having the same or similar end use or purpose and related to the product series produced and distributed in the same area
and difficult to valuate separately from other items of such product series the inventory deprecation reserve accrues on a consolidated
basis; for other inventories the inventory revaluation reserve accrues by the difference the cost of individual inventory item in excess
of its net realizable value.At the balance sheet date if the factors affecting the previously written-down inventory value have disappeared the written-down
amount is restored and reversed to the extent of amount of previously accrued inventory revaluation reserve with the reversed amount
charged to the current profit or loss.
335Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(4) Inventory system
The inventory follows the perpetual inventory system.
(5) Amortization of low-value consumables and packaging materials
Low-value consumables and packaging materials are amortized using the one-off amortization method when requisitioned.Revolving materials that have large sums and a relatively long service life are amortized using the stage-wise average amortization
method.
16. Held-for-sale assets
(1) Held for sale
When the Company recovers the book value of a non-current asset or disposal group mainly by selling rather than continuously
using it such non-current asset or disposal group is classified as held for sale.The non-current assets mentioned above do not include financial assets deferred income tax assets investment properties that are
subsequently measured at fair value biological assets that are measured at fair value minus selling costs assets formed from employee
compensation and rights arising from insurance contracts.Disposal group refers to a group of assets that are disposed of through sale or otherwise as a whole in a single transaction and the
liabilities transferred in such transaction that directly related to these assets.The Company classifies a non-current asset or disposal group that meets both of the following conditions as held-for-sale:
* Such non-current asset or disposal group is readily available for sale under the current conditions according to the customary
practices of sale of such type of assets or disposal groups in similar transactions; and
* The sale is highly likely to occur i.e. the Company has made a resolution on a sale plan has executed legally binding
purchase agreement with other parties and expects that the sale will be completed within a year;
The Company initially and subsequently measures non-current assets or disposal groups held for sale at the book value and the
net amount of fair value minus the selling costs whichever is lower and recognizes the difference of book value higher than the net
amount of fair value minus selling costs as the asset impairment loss and charges it to the current profit or loss.
(2) Discontinued operations
The Company defines a component that meets one of the following conditions and can be separately distinguished and has been
disposed of or classified as held for sale by the Company as discontinued operation:
* Such component represents an independent main business or a separate main operating region;
* Such component is part of a related plan for proposed disposal of an independent main business or a separate main operating
region; and/or
* Such component is a subsidiary acquired specifically for resale.For currently presented discontinued operations the Company presents profit or loss from continuous operations and profit or loss
from discontinued operations respectively in the current income statement and presents information previously presented as profit or
loss from continuous operations in the income statement of comparative period as profit or loss from discontinued operations during
the comparable accounting period again.
17. Long-term equity investments
Long-term equity investments refer to equity investments that have control common control or significant influence over the
investee including investments in subsidiaries associates and joint ventures. The equity investments whereby the Company has no
control common control or significant influence over the investee are accounted for as financial assets at fair value through other
comprehensive income or financial assets at fair value through profit or loss with respect to which the accounting policies are detailed
in “Note V. (11) Financial instruments”.
(1) Judgment criteria for common control and significant influence
336Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Common control refers to the control shared over a particular arrangement according to applicable covenants and the relevant
activities of the arrangement must be unanimously agreed upon by the parties who share the control. Judging whether there is common
control disregards the protective rights enjoyed by a participating party. Where the Company and other joint venture parties jointly
exert common control over the investee and enjoy the right to the net assets of the investee the investee is deemed a joint venture of
the Company.Significant influence refers to the power to participate in decision making regarding the financial and business policies of an
enterprise but not enough to control or jointly control the formulation of these policies with other parties. Where the Company is able
to exert significant influence on the investee the investee is deemed an associate of the Company. When the Company directly or
indirectly through subsidiaries holds more than 20% but less than 50% of the voting shares in the investee the Company is generally
considered as having significant influence over the investee unless there is conclusive evidence hat the Company cannot participate in
the production and business decisions of the investee. When the Company holds less than 20% of the voting shares in the investee but
one or several of the following circumstances exist the Company will give overall consideration to all facts and circumstances and
make judgments about whether it has significant influence or not:
* The representation of the Company on the board of directors or similar governing body of the investee;
* Participation in the financial and business policy making process of the investee;
* Material transactions between the Company and the investee;
* Assignment of managers to the investee; and/or
* Provision of key technical data to the investee.
(2) Determination of initial investment cost
* Long-term equity investment resulting from business combination
For a long-term equity investment resulting from business combination under common control the share of the book value of
owner's equity of the combined party in the consolidated financial statements of the ultimate controlling party at the date of combination
is treated as the initial investment cost of the long-term equity investment. The share capital premium in the capital reserve is adjusted
by the difference between the initial investment cost of a long-term equity investment and the book value of consideration paid; the
retained earnings are adjusted if the share capital premium in the capital reserve is insufficient for offsetting purposes.For a long-term equity investment resulting from business combination not under common control the fair values of assets paid
out liabilities incurred or assumed and equity securities issued by the Company to acquire the control over the acquired party at the
purchase date is treated as the initial investment cost of such investment.* Long-term equity investments acquired by otherwise than business combination
With respect to long-term equity investments acquired by otherwise than business combination at the time of initial recognition
for a long-term equity investment acquired by payment in cash the Company treats the purchase price actually paid as the initial
investment cost; for a long-term equity investment acquired by issuance of equity securities the Company treats the fair value of equity
securities issued as the initial investment cost.
(3) Subsequent measurement and profit or loss recognition
Long-term equity investments whereby the Company exerts control over the investee are accounted for using the cost method; a
long-term equity investment in associates and joint ventures is accounted for using the equity method unless such investment meets
the conditions for being held for sale.* Long-term equity investment accounted for using the cost method
When accounted for using the cost method the long-term equity investments are valuated at the initial investment cost with the
costs of long-term equity investments adjusted by the additional or recovered investments. Except for the price actually paid at the time
of acquisition of investment or cash dividends or profits included in the consideration that have already been declared but not yet
distributed the current income on investment is recognized at the cash dividends or profits declared and distributed by the investee that
the Company is entitled to.* Long-term equity investment accounted for using the equity method
337Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
When using the equity method the initial investment cost of long-term equity investment is not adjusted if the investment cost of
a long-term equity investment is higher than the Company’s share of fair value of identifiable net assets of the investee at the time of
investment; if the investment cost of long-term equity investment is less than the share of fair value of identifiable net assets of the
investee at the time of investment the resulting difference is charged to the current non-operating income while adjusting the cost of
long-term equity investment.When using the equity method and during the period of holding of a long-term equity investment the Company recognizes the
investment income and other comprehensive income respectively at the share of net gains and losses and other comprehensive income
realized by the investee while the book value of long-term equity investment is also adjusted; the share is calculated at the profits or
cash dividends declared and distributed by the investee and the book value of the long-term equity investment is reduced accordingly;
for changes in owner's equity of the investee other than net profit or loss other comprehensive income and profit distribution the
Company charges its share of them to the capital reserve while adjusting the book value of the long-term equity investment.When recognizing the share of changes in net profit or loss other comprehensive income and other owner's equity realized by the
investee the Company based on the fair value of identifiable net assets of the investee at the time of acquisition of investment
recognizes investment income and other comprehensive income after making necessary adjustments according to the Company’s
accounting policies or accounting period; the aforesaid adjustments to the financial statements of the investee shall follow the principle
of materiality. The portion of unrealized gains and losses attributable to the Company on the basis of the proportion to which the
Company is entitled arising from internal transactions between the Company and its associates or joint ventures is offset at the time of
accounting under the equity method. The unrealized loss from internal transactions where there is evidence that such loss is related
asset impairment loss is recognized in full and is not offset.When recognizing the net losses incurred by the investee that the Company shall share the Company recognizes such net losses
until the book value of long-term equity investment and other long-term equities that substantially constitute the net investment in the
investee are written down to zero. In addition if the Company has the obligation to assume additional loss of the investee estimated
liabilities are determined at expected obligations and recognized in current investment loss. Where the investee realizes net profit in
the subsequent periods the Company resumes recognition of the revenue share after the revenue share covers the unrecognized share
of losses.
(4) Conversion of accounting method for long-term equity investments
* Conversion from fair value measurement to equity method accounting
Where an equity investment originally held in an investee (without control common control or significant influence) is treated
for accounting according to the financial instrument recognition and measurement standards and the shareholding ratio is increased
due to additional investment or otherwise thus allowing the Company to exert common control or significant influence over the
investee when accounting for using the equity method instead the Company treats the fair value of original equity investment
determined according to the financial instrument recognition and measurement standards plus the fair value of consideration paid to
acquire additional investment as the initial investment cost accounted for using the equity method instead. Where the originally held
equity investment is classified as investment in other equity instruments the accumulated fair value change originally charged to other
comprehensive income shall be transferred to the retained earnings. Then the initial investment cost derived by the aforesaid calculation
is compared with the share of fair value of identifiable net assets of the investee at the date of additional investment as calculated and
determined at the whole new shareholding ratio after additional investment with no adjustments to the book value of the long-term
equity investment if the former is larger than the latter; if the former is less than the latter the difference shall adjust the book value of
long-term equity investment and be charged to the current non-operating income.* Conversion from fair value measurement or equity method accounting to cost method accounting
For an equity investment originally held in the investee without control common control or significance and treated for accounting
according to financial instrument recognition and measurement standards or long-term equity investments originally held in associates
or joint ventures where they become able to exert control over the investee due to additional investments or otherwise they are treated
as long-term equity investments formed from business combination.
338Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
* Conversion from equity method accounting to fair value measurement
Where a long-term equity investment originally held in the investee with common control or significant influence becomes unable
to exert common control or significant influence over the investee due to decreased shareholding ratio as a result of partial disposal or
otherwise the remaining equity investments are treated according to financial instrument recognition and measurement standards
instead and the difference between the fair value and book value at the date of loss of common control or significant influence is
charged to the current profit or loss. Other comprehensive income originally accounted for using the equity method should be treated
on the same basis as the investee directly disposes of related assets or liabilities when ceasing to be accounted for using the equity
method while owner's equity recognized due to changes in owner's equity of the investee other than net profit or loss other
comprehensive income and profit distribution is transferred in full to the current investment income when ceasing to be accounted for
using the equity method.* Conversion from cost method to equity method or fair value measurement
Where control over an investee is lost due to disposal of part of equity investments or otherwise when preparing individual
financial statements the remaining equities after disposal if able to exert common control or significant influence over the investee
are accounted for using the equity method instead and such remaining equities are adjusted as if they have been accounted for using
the equity method as of the time of acquisition. Where the remaining equities after disposal cannot exert common control or significant
influence over the investee they are measured at fair value according to the financial instrument recognition and measurement standards
and the difference between their fair value and book value at the time of loss of control is charged to the current investment income.
(5) Impairment of long-term equity investments
The Company judges at the balance sheet date whether there is any indication of impairment of long-term equity investments and
if yes conducts impairment test as if they are individual long-term investments. If the results of impairment test indicate the recoverable
amount of a long-term equity investment is lower than its book value the impairment provision is made at the difference and charged
to the profit or loss.
(6) Disposal of long-term equity investments
When disposing of a long-term equity investment the difference between its book value and price actually acquired is charged to
the current profit or loss. For a long-term equity investment accounted for using the equity method when disposing such investment
in full related other comprehensive income originally accounted for under the equity method should be treated on the same basis as
the investee directly disposes of related assets or liabilities and owner's equity recognized due to changes in owner's equity of the
investee other than net profit or loss other comprehensive income and profit distribution should be transferred in full to the current
investment income when ceasing to be accounted for using the equity method; in case of partial disposal and remaining equities still
accounted for using the equity method the other comprehensive income originally recognized should be treated on the same basis as
the investee directly disposes of related assets or liabilities and carried over pro rata while owner's equity recognized due to changes
in owner's equity of the investee other than net profit or loss other comprehensive income and profit distribution should be carried
over to the current investment income pro rata.When the enterprise partially disposes of long-term equity investments held and conversion of accounting method occurs related
accounting treatment is as shown in the aforesaid provisions regarding conversion of accounting methods for long-term equity
investments.
18. Investment properties
Measurement model for investment properties
Measurement using the cost method
Depreciation or amortization method
(1) Classification of investment properties
339Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Investment property refers to real property held to earn rent or for capital appreciation or both including leased land use right
land use right held for transfer after appreciation and leased buildings.
(2) Measurement of investment properties
Purchased investment property is initially measured at the cost at the time of acquisition which consists of the purchase price
related taxes and expenses directly attributable to such asset; the costs of investment property built by the Company consist of the
expenditures required to bring the investment property to the intended state of usability. The subsequent expenditures related to
investment properties are included in the costs of investment properties if the economic benefits related to such asset are highly likely
to flow to the Company and its costs can be reliably measured. Other subsequent expenditures are included in the current profit or loss
as and when incurred.The Company measures investment properties using the cost model i.e. presenting them in the balance sheet at the cost minus
accumulated depreciation amortization and impairment provision. The costs of investment properties are depreciated or amortized
using the straight-line method over the service life after deduction of the estimated net residual value and accumulated impairment
provision unless the investment properties meet the conditions for being held for sale. The depreciation policy for leased buildings is
the same as that for buildings in the fixed assets and the amortization policy for leased land is the same as that for land use right in the
intangible assets.
(3) Impairment of investment properties
At the balance sheet date the Company examines investment properties for any indication of impairment and conducts impairment
tests when there is any indication of impairment and makes impairment provision at the difference of recoverable amount lower than
the book value which will not be reversed in subsequent accounting periods once made.
19. Fixed assets
(1) Conditions for recognition
Fixed assets of the Company are tangible assets held by the Company for production of commodities provision of services leasing
or business management and that have a service life of more than one accounting year. A fixed asset is recognized when the economic
benefits related to such fixed asset are highly likely to flow to the Company and the cost of such fixed asset can be reliably measured.Fixed assets are initially measured at actual cost at the time of acquisition. The initial cost of a purchased fixed asset includes
purchase price related taxes and expenditures incurred to bring such asset to the intended usable state and attributable to such asset.The initial cost of a self-built fixed asset is determined by the necessary expenditures incurred to bring such asset to the intended usable
state.The subsequent expenditures related to a fixed asset including expenditures related to replacement of a particular component of
the fixed asset are capitalized and charged to the costs of fixed assets if the economic benefits related to such fixed asset are highly
likely to flow to the Company and its costs can be reliably measured while deducting the book value of the replaced portion;
expenditures related to daily maintenance of fixed assets are charged to current profit or loss as and when incurred.
(2) Depreciation method
Annual depreciation
Category Depreciation method Depreciation period Residual value ratio
rate
Housings and buildings Straight-line method 5-40 years 5.00% 2.38%－19.00%
Machinery and
Straight-line method 3-15 years 5.00% 6.33%－31.67%
equipment
Vehicles Straight-line method 3-10 years 5.00% 9.50%－31.67%
Others Straight-line method 3-5 years 5.00% 19.00%－31.67%
340Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
A fixed asset is depreciated over its estimated service life using the straight-line method at its entry value minus the estimated net
residual value. For a fixed asset with respect to which impairment provision accrues the depreciation amount is determined in the
future period at the book value net of impairment provision and according the remaining service life. The service lives estimated net
residual value rates and annual depreciation rates of various fixed assets are shown in the above table.The Company determines the service life and estimated net residual value of a fixed asset based on the nature and usage of the
fixed asset and reviews the service lives estimated net residual values and depreciation methods for fixed assets at least at the end of
each year.
(3) Impairment of fixed assets
At the balance sheet date the Company accrues fixed asset impairment provision by the difference of the recoverable amount of
a fixed asset lower than its book value and charges it to the current profit or loss if its recoverable amount becomes lower than the book
value due to continuous decline of market prices technological obsolescence damage long-term idleness or otherwise. The fixed asset
impairment loss once recognized will not be reversed in the subsequent accounting periods.
(4) Disposal of fixed assets
The Company de-recognizes a fixed asset if it is in the state of disposal or such fixed asset is expected not to generate economic
benefits through use or disposal. The difference between net proceeds from scrapping or disposal of a fixed assets and its book value
is charged to profit or loss at the date of scrapping or disposal.
20. Construction in progress
(1) Valuation of construction in progress
The cost of construction in progress is recognized at actual expenses including various necessary expenses in the course of
construction borrowing costs required to be capitalized prior to meeting the expected conditions for use and other related expenses.From the date when reaching the intended usable state construction in progress is recognized as a fixed asset at the estimated
value according to the project budget cost or actual cost of the project etc. Depreciation is be accrued from the following month and
the difference in the original value of the fixed assets is adjusted after the completion of the final accounting procedures.Construction in progress is recognized as fixed assets when it is ready for intended use according to the following standards：
Item Criteria for recognition of fixed assets
Buildings Buildings and factory facilities are recognized as fixed assets after approval according to the procedures
when they are put into use with the Fixed Assets Acceptance Form filled by engineering department
administrative department and financial department.Machinery The user department equipment department finance department and equipment manufacturer are jointly
and equipment responsible for equipment installation and debugging including equipment hardware debugging and process
condition debugging. Equipment is recognized as fixed assets after approval according to the procedures
when they are put into use with the Fixed Assets Acceptance Form filled.
(2) Impairment of construction in progress
At the balance sheet date the Company inspects the construction in progress and makes a provision for its impairment at the
difference between the recoverable amount at the end of the period and the book value if it is involved in one or more of the following
circumstances. The impairment loss of construction in progress once recognized is not reversed in subsequent accounting periods.* The construction has been suspended for a long time and will not be resumed within the next three years;
* The project has fallen behind both in terms of performance and technology with quite uncertain economic benefits for the
Company; and
* Other circumstances in which there are sufficient proof of impairment in the construction in progress.
341Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
21. Borrowing costs
Borrowing costs refer to interest and other related costs incurred by the Company due to borrowings including loan interest
amortization of premium or discount auxiliary expenses and exchange difference resulting from foreign-currency borrowings.
(1) Principles for capitalization of borrowing costs
The borrowing costs incurred by the Company that can be directly attributed to the acquisition or production of assets eligible for
capitalization are capitalized and charged to the related asset cost and other borrowing costs are all recognized as financial expenses
as and when incurred. Assets that meet the conditions for capitalization refer to fixed assets inventories and other assets that can reach
the intended usable or marketable state only after a considerably long period of acquisition or production activities.
(2) Capitalization period of borrowing costs
The capitalization period refers to the period from the commencement time of capitalization of borrowing costs to the time of
cessation of capitalization excluding the period during which the capitalization of borrowing costs is suspended. The borrowing costs
begin being capitalized when the capital expenditure and the borrowing costs have been incurred and the acquisition or production
activities required for the assets to reach the intended usable or marketable state have commenced. When the assets acquired or
produced that meet the conditions for capitalization reach the intended usable or marketable state the borrowing costs cease to be
capitalized.Where an asset that meets the conditions for capitalization is abnormally interrupted in the process of acquisition or production
and the period of interruption continues for more than 3 months the capitalization of borrowing costs is suspended until after the asset
acquisition or production activities recommence.
(3) Calculation method for capitalized amount of borrowing costs
For the special borrowings borrowed to acquire or produce an asset that meets the conditions for capitalization the capitalized
amount of the borrowing costs is determined based on the interest expense actually incurred in the period of special borrowing minus
the interest income acquired from depositing of the unused borrowed funds in the bank or the amount of investment income acquired
on temporary investment.For general borrowings used to acquire or produce an asset that meets the conditions for capitalization the interest amount on the
general borrowings to be capitalized is calculated and determined based on the capital expenditure weighted average of the portion of
accumulated asset expense in excess of the special borrowing multiplied by the capitalization rate of the general borrowings used. The
capitalization rate is calculated based on the weighted average interest rate of general borrowing.
22. Biological assets
(1) Conditions for recognition of biological assets
Biological assets refer to living animals and plants. A biological asset is recognized when all of the following conditions are met:
* The Company owns or control such biological asset due to past transactions or events;
* Economic benefits or service potential related to such biological asset are highly likely to flow to the Company; and
* The costs of such biological assets can be reliably measured.
(2) Classification and costing of biological assets
The Company’s biological assets include consumptive biological assets and productive biological assets. Biological assets are all
measured at actual cost and are subjected to cost accounting by distinguishing categories and batches. Costs of a biological asset refer
to necessary expenditures attributable to such asset and incurred to bring such asset to the marketable stage (refers to consumptive
biological assets) or intended purpose of production and operations such as seedling cost feed cost drug cost labor cost fuel and
power cost depreciation charges lease expenses other agricultural manufacturing costs including borrowing costs eligible for
capitalization.* Consumptive biological assets
342Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Consumptive biological assets refer to biological assets held for sale and the Company’s consumptive biological assets mainly
include suckling piglets nursery piglets finishing pigs and commodity broilers (ducks).A. Suckling piglets refer to piglets from date of birth to date of weaning and costs of suckling piglets mainly include depreciation
charges of breeding pigs and feeding costs at such stage.B. Nursery piglets refer to piglets from the date of weaning to date of transfer from nursery pigpen and costs of nursery piglets
mainly include costs of suckling piglets and feeding costs at the nursing stage.C. Finishing pigs refer to pigs from the date of transfer from nursery pigpen to the date of slaughter and costs of finishing pigs
include costs of nursery piglets and feeding costs at the finishing stage.D. Commercial broilers: costs of commercial broilers include costs of baby chickens and feeding costs of commercial broilers.* Productive biological assets
Productive biological assets refer to the biological assets held for production of agricultural products including immature
productive biological assets and mature productive biological assets. The productive biological assets of the Company mainly include
breeding pigs and breeding chickens.A. Breeding pigs: divided into immature breeding pigs and mature breeding pigs based on whether the intended production and
operation purposes are achieved. Achieving the intended production and operation purposes means breeding pigs enter the normal
production period and can continuously and stably produce conforming piglets. Costs of immature breeding pigs include seedling costs
and feeding costs at the growth stage. After they become mature they are transferred to the mating pigpen for production of piglets
and transferred in accounting terms to the category of mature breeding pigs before being accounted for using asset card established
for individual pigs. The subsequent expenditures incurred after achieving the intended production and operation purposes such as
feeding costs are all charged to the costs of piglets or semen but no longer charged to costs of breeding pigs.B. Breeding chickens: comprise immature breeding chickens and mature breeding chickens based on whether intended production
and operation purposes are achieved. Achieving the intended production and operation purposes means that the breeding hens enter the
normal production period and can continuously and stably produce conforming hatching eggs. Costs of immature breeding hens include
seedling costs and feeding costs at the growth stage. After they become mature they are transferred to the egg-laying hen house for
production of hatching eggs and transferred in accounting terms to the category of mature breeding hens (ducks) before being
accounted for using asset card established for individual batches. The subsequent expenditures incurred after achieving the intended
production and operation purposes such as feeding costs are included in the costs of hatching eggs but no longer in the costs of
breeding hens.* Conversion of biological assets
In case of conversion of biological assets such as consumptive biological assets re-purposed as productive biological assets or
productive biological assets re-purposed as consumptive biological assets the costs after change of use are determined at the book
value at the time of change of use.
(3) Depreciation of biological assets
For productive biological assets that have achieved the predefined purpose of production and operation (i.e. mature productive
biological assets) the Company determines their service life estimated net residual value and depreciation methods (depreciation
methods including straight-line method and units-of production method) based on their nature usage and expected way of realization
of related economic benefits and reviews the service life estimated net residual value and depreciation methods of productive
biological assets at least at the end of year such that any difference with the original estimates is treated as accounting estimate change.The service lives estimated net residual values and depreciation methods of mature productive biological assets of the Company are
as follows:
Category Estimated service life (or production output) Estimated net residual value
Breeding sows of generations other than
36 months 500-1400 yuan/pig
three-way crossbred sows
Three-way crossbred sows 24 months 500-1400 yuan/pig
Breeding boars 18 months 500-1400 yuan/pig
Breeding hens 155 eggs/90 eggs (molting) 25 yuan/hen
343Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(4) Impairment of biological assets
Consumptive biological assets are measured at the lower of book value and net realizable value and productive biological assets
are measured at the lower of book value or recoverable amount. At least at the end of each year the Company examines its biological
assets for any indication of impairment and accrues the revaluation reserve for consumptive biological assets or impairment provision
for productive biological assets by the difference of the net realizable value or recoverable amount lower than book value and charges
it to the current profit or loss if there is conclusive evidence that the net realizable value of consumptive biological assets or recoverable
amount of productive biological assets is lower than its book value.If the factors affecting the impairment of consumptive biological assets have disappeared the written-down amount should be
restored and reversed to the extent of amount of previously accrued revaluation reserve with the reversed amount charged to the current
profit or loss. The impairment provision for productive biological assets once accrued will not be reversed in subsequent accounting
periods.The Company is required to comply with the disclosure requirements set forth in the Self-regulatory Guideline No. 3 of Shenzhen Stock
Exchange for Listed Companies—Industry Information Disclosure regarding listed companies engaged in livestock poultry and
aquaculture husbandry businesses.
23. Right-of-use assets
The categories of the Company’s right-of-use assets mainly include total leasing land houses and buildings machinery and
equipment transport equipment and others.At the commencement date of lease term the Company recognizes its right to use leased assets within the lease term as right-of-
use asset and the initial cost of right-of-use asset includes the initially measured amount of lease liabilities lease payments paid on or
before the commencement date of lease term net of amounts related to lease incentives already enjoyed if lease incentives exist; initial
direct costs incurred by the lessee; and the costs expected to be incurred by the lessee to dismantle and remove leased assets restore
the site of leased assets or restore the leased assets to the state agreed in the lease terms.The Company depreciates its right-of-use assets using the straight-line method. Where it can be reasonably determined that the
ownership of a leased asset can be acquired upon expiration of the lease term the Company depreciates the leased asset over the
remaining service life of the leased asset. Otherwise the leased asset is depreciated over the lease period or its remaining service lifewhichever is shorter. The right-of-use assets accrue impairment provision according to the accounting policy described in “Note V. 25.Impairment of long-term assets”.
24. Intangible assets
(1) Service life and its determination basis estimation amortization method or review procedure
Intangible assets refer to the identifiable non-monetary assets owned or controlled by the Company without physical form.* Valuation of intangible assets
The Company’s intangible assets mainly include land use rights trademark use rights patent rights software and data resources.An intangible asset is recognized only when economic benefits related to it is highly likely to flow to the Company and its cost can be
reliably measured.Intangible assets are measured initially at cost with their service life analyzed and judged upon acquisition. An intangible asset
with a limited service life is amortized using the straight-line method; intangible assets with uncertain service life are not amortized.* Determination and amortization of service life of an intangible asset
The service life of an intangible assets is determined by the period specified by laws and regulations if any; or by the period of
benefit specified in the related contract if there is no period specified by laws and regulations; or by the reasonably estimated service
344Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
life if there is no period specified by laws and regulations or contracts and the economic service life can be reasonably estimated. The
estimated service lives and amortization methods of intangible assets of the Company are presented as follows:
Estimated service Item Basis Amortization method life
Land use right 40-50 years Service life prescribed by law Straight-line method
Patents 10 or 20 years Service life prescribed by law Straight-line method
Trademark 10 Service life prescribed by law Straight-line method
Data resource 3 Reasonable estimation Straight-line method
Other office
3 Reasonable estimation Straight-line method software
* Judgment criteria for intangible assets with uncertain service life
The Company judges land use rights held by overseas subsidiaries as intangible assets with uncertain service life.* Impairment of intangible assets
At balance sheet date the Company examines its intangible assets for any indication of impairment and should conduct
impairment tests when there is any indication of impairment and makes impairment provision at the difference of the recoverable
amount lower than the book value with the recoverable amount determined at the higher of fair value of intangible asset minus disposal
costs and the present value of the estimated future cash flows from the intangible asset; the impairment loss once accrued will not be
reversed in subsequent accounting periods.
(2) Scope of R&D expenditure and related accounting treatment
* Scope of R&D expenditure
A. Personnel labor costs
Personnel labor costs include the wages and salaries basic old-age insurance premiums basic medical insurance premiums
unemployment insurance premiums work-related injury insurance premiums maternity insurance premiums and housing provident
funds of internal R&D personnel as well as labor costs of external R&D personnel.If a R&D personnel serves multiple R&D projects at the same time the labor cost is recognized according to the time record of
the R&D personnel of each R&D project provided by the management department and allocated among different R&D projects in
proportion.If internal personnel directly engaged in R&D activities and external R&D personnel are engaged in non-R&D activities at the
same time the Company allocates the actual personnel labor costs between R&D expenses and production and operating expenses
according to the time records of the R&D personnel in different positions using reasonable methods such as the proportion of actual
working hours.B. Direct input costs
Direct input cost refers to the related expenses actually incurred by the Company to implement R&D activities. It includes: a. cost
of materials fuel and power consumed directly; b. development and manufacturing expenses of mold and process equipment for
intermediate tests and trial production and inspection fees for trial products; c. expenses for operation maintenance adjustment
inspection testing and repair of instruments and equipment used in R&D activities.C. Depreciation expenses and long-term deferred expenses
Depreciation expense refers to those of instruments equipment and buildings in use for R&D activities.If instruments equipment and buildings in use for R&D activities are also used for non-R&D activities necessary records shall
be made of the use of such instruments equipment and buildings in use with the depreciation expenses actually incurred allocated
between R&D expenses and production and operating expenses in a reasonable way according to the actual working hours and use
area and other factors.Long-term deferred expenses refer to those incurred in the course of alteration modification renovation and repair of R&D
facilities
which are recognized according to actual expenditures and amortized evenly over a specified period of time.
345Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
D. Amortization expense of intangible assets
The amortization expense of intangible assets refers to the amortization expense of software intellectual property non-patented
technology (know-how licenses designs calculation methods etc.) used in R&D activities.E. Other fees
Other expenses refer to those directly related to R&D activities in addition to the above expenses.* Accounting for internal R&D expenditure
The Company divides its R&D projects into the research phase and development phase according to the following criteria: the
phase of original planned investigation and research activities conducted to acquire and understand new scientific or technological
knowledge is determined as the research phase which is planned and exploratory etc; the phase where research findings or other
knowledge are applied to a particular plan or design before commercial production or use in order to produce new or substantially
improved materials devices or products is determined as the development phase which is characterized by specificity and high
likelihood to form achievements.Expenses at the research stage are included in the current profit or loss as and when incurred. The expenditures at the development
phase can be capitalized only when all of the following conditions are met. Otherwise they are charged to the current profit or loss as
and when incurred.A. The completion of such intangible asset to make it usable or sellable is technically feasible;
B. There is an intention to complete use or sell such intangible asset;
C. The way the intangible asset generates economic benefits consists of the ability to prove there is a market for products produced
using such intangible asset or a market for the intangible asset itself provided that if the intangible asset is to be used internally its
usefulness should be demonstrated;
D. There are sufficient technical financial and other supports to complete the development of such intangible asset and there is
ability to use or sell such intangible asset; and
E. The expenditure attributable to the development phase of such intangible asset can be reliably measured.
25. Impairment of long-term assets
With respect to fixed assets construction in progress intangible assets productive biological assets and investment properties
measured using cost model long-term equity investments right-of-use assets goodwill and other assets (except for inventories
deferred income tax assets and financial assets) the Company determines at the balance sheet date whether there is any indication of
impairment based on internal and external information.The Company conducts impairment tests for assets for which there is indication of impairment and estimates the recoverable
amount of the asset. In addition regardless of indication of impairment the Company conducts impairment costs for goodwill formed
from business combinations intangible assets not yet reaching the usable state and intangible assets with uncertain service life at least
at the end of each year. For goodwill the Company allocates the book value of goodwill according to how related asset groups or
combination of asset groups can benefit from synergistic effects of business combinations on which basis it conducts goodwill
impairment tests.The recoverable amount is the fair value of an asset (or asset group or combination of asset groups the same below) minus the
disposal costs and the present value of anticipated future cash flow from the asset whichever is higher. An asset group comprises assets
related to creation of cash inflows and is the determinable smallest asset portfolio cash inflows from which are basically independent
from other assets or asset groups. Fair value of the asset is determined by price of a sales agreement in fair trade; if there is no sales
agreement but an active market of assets the fair value is determined by the buyer’s offer; if there is no sales agreement or active
market of assets the fair value is estimated on the basis of the best information available. Disposal expenses of the asset include legal
costs related taxes and handling costs related to asset disposal and direct costs incurred to bring the asset to the marketable state. The
present value of estimated future cash flows from an asset is determined according to the estimated future cash flows generated during
the continuous use of the asset and at the time of final disposal as discounted using an appropriate pretax discounting rate.
346Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
If the results of impairment test indicate that the recoverable amount of an asset is lower than its book value the asset impairment
provision is made and charged to the current profit or loss. The impairment loss related to an asset group or combination of asset groups
is first offset against the book value of goodwill allocated to such asset group or combination of asset groups before being offset against
the book value of other assets pro rata according to the percentage of book value of other assets in the asset group or combination of
asset groups other than goodwill but the book value of various assets after offsetting may not be lower than the highest of the fair value
of such asset minus disposal costs the present value of estimated future cash flows from such asset and zero.The aforesaid asset impairment loss once recognized will not be reversed in the subsequent accounting periods.
26. Long-term deferred expenses
Long-term deferred expenses refer to various costs that have occurred and have an amortization period of more than 1 year
(exclusive) The long-term deferred expenses are recorded at the actually incurred amount and are amortized averagely over the period
of benefit using the straight-line method and presented at the net amount of actual expenditure minus accumulated amortization. If a
long-term unamortized expense item cannot benefit the subsequent accounting periods the amortized value of such item that has not
yet been amortized is transferred in full to the current profit or loss.
27. Contract liabilities
Contract assets and contract liabilities are stated in the balance sheet according to the relationship between obligation performance
and payment from customers. The contract assets and contract liabilities under the same contract are set off and shown in net terms.The Company presents as receivables its right to receive consideration from the customer unconditionally (that is depending only
on the passage of time) and as contractual assets its right to receive consideration for goods transferred to the customer (which depends
on factors other than the passage of time).The obligation of the Company to transfer goods or services to customers for consideration received or receivable from them is
presented as contract liability.
28. Employee compensation
(1) Accounting for short-term compensation
Short-term compensation comprises wage bonus allowance and subsidy employee benefits medical insurance costs maternity
insurance costs industrial injury insurance costs housing fund trade union outlays employee education expenditure non-monetary
benefits etc. The Company recognizes short-term employee compensation actually incurred as liabilities during the accounting period
in which the employees provide services to the Company and charges it to the current profit or loss or related asset cost. Non-monetary
benefits are measured at fair value.
(2) Accounting for post-employment benefits
Post-employment benefit plans consist of defined contribution plan and defined benefit plan of which the defined contribution
plan is a post-employment benefit plan under which the Company no longer assumes any further payment obligations after contributing
fixed fees to independent funds; the defined benefit plan is post-employment benefit plan other than the defined contribution plan.* Defined contribution plan
The Company’s defined contribution plan mainly comprises basic endowment insurance unemployment insurance etc. and
recognizes them as liabilities at the payable amount during the accounting period in which the employees provide services to the
Company and charges them to related asset costs or the current profit or loss.
347Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
* Defined benefit plan
Based on the expected accumulated benefit unit method the Company estimates related demographic variables and financial
variables using unbiased and mutually consistent actuarial assumptions and measures obligations resulting from the defined benefit
plan before recognizing the present value after discounting as a defined benefit plan liability.The Company attributes the benefit obligations arising from defined benefit plan to the period in which employees provide services
and charges the interest expenses that are service cost and defined benefit plan liabilities to the current profit or loss or related asset
cost; charges the changes arising from the defined benefit plan liabilities re-measured to other comprehensive income which are not
allowed to reverse to profit or loss in subsequent accounting periods but these amounts recognized in other comprehensive income can
be transferred to the extent of equities.
(3) Accounting for termination benefits
If the employment relationship with any employee is terminated before the expiration of the employment contract or a suggestion
concerning compensation is provided to encourage the employees to voluntarily accept the job displacement the liabilities resulting
from compensation for termination of employment relationship with employees are recognized and charged to the current profit or loss
when the Company cannot unilaterally revoke the termination benefits provided due to the employment relationship termination plan
or the separation suggestion or the Company recognizes the costs related to the reorganization involving payment of termination
benefits whichever occurs earlier.
(4) Accounting for other long-term employee benefits
Other long-term employee benefits provided by the Company to employees which meet the defined contribution plan are
accounted for in accordance with the relevant provisions of the defined contribution plan; in addition to this other long-term benefits
are accounted for in accordance with the relevant provisions of the defined benefit plan. To simplify the relevant accounting treatment
the total net of components such as the cost of services the net interest of other long-term employee benefit net liabilities or net assets
and the changes resulting from the remeasurement of other long-term employee benefit net liabilities or net assets are recognized in
the current profit or loss or the cost of related assets.
29. Lease liabilities
Apart from short-term lease and low-value asset lease the Company at the commencement date of lease term initially measures
lease liabilities at the present value of the lease payment not yet paid on such date using the interest rate implicit in lease as the
discounting rate. Where it’s impossible to determine the inherent interest rate the incremental loan interest rate is used as the
discounting rate. The Company calculates the interest expense on lease liabilities in various periods of the lease term at the fixed cyclic
interest rate and charges them to the current profit or loss or related asset cost. Variable lease payments not included in the measurement
of lease liabilities are included in the current profit or loss or related asset cost when actually incurred. After the commencement date
of lease term the Company re-measures the lease liabilities at the present value of changed lease payments in the following cases:
* The substantial fixed payment changes;
* The payable amount estimated based on residual value of guarantee changes;
* The index or ratio used to determine the lease payment changes; and/or
* The Company’s assessment of option to purchase option to renew lease or option to terminate lease changes or the actual
exercise of option to renew or option to terminate lease is inconsistent with the original assessment results.When re-measuring the lease liabilities the Company adjusts the book value of right-of-use assets accordingly. When the book
value of a right-of-use asset has been adjusted downward to zero but the lease liabilities still need to be further adjusted downward the
Company charges the remaining amount to the current profit or loss.
348Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
30. Estimated liabilities
Estimated liabilities are liabilities that might result from contingencies including anticipated liabilities resulting from provision
of external guarantees pending litigations product quality assurance and reorganization obligation.
(1) Criteria for recognition of estimated liabilities
Except for contingent liabilities assumed in business combination not under common control if an obligation incurred by the
Company is related to contingencies and meets all of the following conditions the Company recognizes such obligation as estimated
liability:
* Such obligation is a present obligation of the Company;
* The performance of such obligation is highly likely to result in outflow of economic benefits from the Company; and
* The amount of such obligation can be reliably measured.
(2) Measurement method for estimated liabilities
Estimated liabilities are initially measured at the best estimate of expenditure required to perform the related present obligations.Where the impact of the time value of money is significant the estimated liability is determined at an amount after discounting the
estimated future cash flows. When determining the best estimate the Company considers the risks related to contingencies uncertainty
and time value of currency and other factors. Where there is a continuous range for the required expenditure and the possibility of
occurrence of various results within such range is the same the best estimate is determined at the median of such range; in other cases
the best estimate is treated as follows:
* Determined by the most possible incurred amount if contingencies involve a single item; or
* Determined by calculating according to various possible results and related probabilities if contingencies involve multiple
items.The Company at the balance sheet date reviews book value of estimated liabilities and adjusts such book value according got the
current best estimate.
31. Share-based payment
The share-based payment is a transaction in which the Company grants equity instruments or assumes liabilities determined based
on equity instruments in exchange for services provided by its employees or other parties.
(1) Categories of share-based payments
Share-based payment consists of share-based payment settled in equities and share-based payment settled in cash.
(2) Related accounting treatment for implantation of share-based payment plan
* Share-based payment settled in equities
Share-based payment transactions in exchange for employee services immediately after the vesting of a viable right are included
in related costs or expenses at the fair value of the equity instruments at the grant date with capital reserve adjusted accordingly. For
share-based payment settled in equities in exchange for employee service that are exercisable only after the completion of the service
within the waiting period or the fulfillment of specified performance conditions the service acquired during the period is credited to
the relevant costs or expenses at the fair value on the grant date of the equity instruments at each balance sheet date of the waiting
period based on the best estimate of the number of available equity instruments with capital reserves adjusted accordingly.For equity-settled share-based payment in exchange for the services of other parties if the fair value of the services of other parties
can be measured reliably at the fair value of the services of other parties on the date of acquisition; if the fair value of the services of
other parties cannot be reliably measured but the fair value of the equity instruments can be reliably measured it is measured at the
fair value of the equity instrument at the date of acquisition of services and included in the relevant costs or expenses with the owner's
equity increased accordingly.* Share-based payment settled in cash
349Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Share-based payment settled in cash in exchange for the services of an employee immediately after the vesting of the option are
included in related costs or expenses at the fair value of the liabilities assumed at the grant date with liabilities increased accordingly.For share-based payment settled in cash in exchange for employee service that are exercisable only after the completion of the service
within the waiting period or the fulfilment of specified performance conditions the service acquired during the period is credited to
the relevant costs or expenses and relevant liabilities at the fair value of the liabilities assumed by the Company at each balance sheet
date of the waiting period based on the best estimate of the exercise circumstance.* Modification and termination of the share-based payment plan
If the modification increases the fair value of the equity instrument granted the Company recognizes the increase in the services
obtained in accordance with the increase in the fair value of the equity instrument; if the modification increases the number of equity
instruments granted the Company recognizes the fair value of the increased equity instruments accordingly as an increase in the
services obtained; if the Company modifies the vesting conditions in a way that benefits the employee the Company takes into account
the revised vesting conditions when dealing with the vesting conditions.If the modification reduces the fair value of the equity instrument granted the Company continues to recognize the amount of
services received on the basis of the fair value of the equity instrument at the grant date without regard to the reduction in the fair
value of the equity instrument; if the modification reduces the number of equity instruments granted the Company treat the reduction
as a cancellation of the equity instruments granted; if the vesting conditions are modified to the detriment of the employee the modified
vesting conditions are not taken into account when dealing with the vesting conditions.If the Company cancels the granted equity instrument or settles the granted equity instrument during the waiting period (unless
the cancellation is due to non-satisfaction of the vesting conditions) the cancellation or settlement is treated as an accelerated vesting
with the amount originally to be recognized during the remaining waiting period recognized immediately.
32. Unexpired liability reserve
Unexpired liability reserve refers to a reserve accrued by the Company for guarantee liabilities not yet terminated.Financing guarantee subsidiaries of the Company extract unexpired liability reserve at 50% of the guarantee fee income recognized
in the current period. On each balance sheet date they recalculate and determine the difference between the amount of the unexpired
liability reserve and the balance of the unexpired liability reserve that has been extracted and adjust the balance of the unexpired
liability reserve.
33. Guarantee indemnity reserve
Guarantee indemnity reserve refers to a reserve accrued by financing guarantee company for its liability to pay indemnities to
beneficiaries when the guaranteed person is unable to repay debts when due under a financing guarantee contract not yet terminated.The financing guarantee company subordinate to the Company accrues guarantee indemnity reserve at 1% of the balance of
guarantee liability at the end of the year in the period of recognition of financing guarantee contract revenue. When the accumulated
amount of guarantee indemnity reserve reaches 10% of the balance of guarantee liability in the year the reserve accrues at difference
while recognizing the accrued guarantee indemnity reserve as liabilities.The accumulation of guarantee indemnity reserve is based on the financial condition production or living environment of the
guaranteed person to conduct adequacy test of the balance of accrued guarantee indemnity reserve with additional accrual to be made
at the difference in case of insufficiency but the guarantee indemnity reserve is not adjusted if the balance of related insurance liability
reserve recognized through recalculation under the financing guarantee contract is lower than the balance of related insurance liability
reserve already recognized at the date of adequacy test.
350Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
34. Preferred stocks perpetual bonds and other financial instruments
The Company based on the contractual terms of preferred stocks and perpetual bonds issued and the economic substance reflected
by them and in light of the definitions of financial assets financial liabilities and equity instruments classifies these financial
instruments or their components into financial assets financial liabilities or equity instruments at the time of initial recognition.The Company treats preferred stocks and perpetual bonds issued by it and containing both equity component and liability
component according to the same accounting policies as convertible instruments containing equity component. The Company treats
preferred stocks and perpetual bonds issued by it and containing no equity component according to the same accounting policies as
other convertible instruments containing no equity component.The Company charges preferred stocks and perpetual bonds issued by it and classifiable as equity instruments to equities at the
amount actually received. Where dividends or interest are distributed during the period of existence they are treated as profit
distribution. Where preferred stocks and perpetual bonds are redeemed according to contractual terms they are charged against equities
at the redemption price.
35. Revenue
Accounting policies used for revenue recognition and measurement by business type
(1) General principles for revenue recognition
Revenue is recognized by the Company at the transaction price apportioned to the performance obligation when the obligations
under a contract has been fulfilled i.e. when the customer has obtained the control over relevant goods or services.Performance obligation refers to the commitment of the Company in the contract to transfer clearly distinguishable goods or
services to the customer.Control over relevant goods means being able to dominate the use of the goods and obtain almost all economic benefits from it.The Company evaluates the contract on the commencement date identifies each individual performance obligation contained
therein and determines whether each individual performance obligation will be performed within a certain period of time or at a certain
point in time.When meeting one of the following conditions a performance obligation is one that should be performed within a particular
period. Otherwise it is a performance obligation that should be performed at a particular point in time:
* The customer has acquired and consumed the economic benefits brought about by performance of the Company when the
Company performs the contract;
* The customer can control the goods in progress during the performance of the Company; or
* The goods produced in the course of the Company's performance have irreplaceable uses and the Company has the right to
receive payment for the cumulative portion of the performance completed so far within the entire term of contract.For performance obligations fulfilled within a certain period of time the Company recognizes revenue according to the
performance progress during that period of time. When the performance progress is uncertain provided that the costs incurred are
expected to be compensated the revenue is recognized at the amount of costs already incurred until the performance progress can be
reasonably determined.For performance obligations fulfilled at a certain point of time the Company recognizes revenue when the customer obtains the
control of relevant goods or services. In judging whether a customer has obtained the control of goods or services the Company
considers the following indications:
* The Company has the present right to collect payments with respect to such goods or services;
* The Company has transferred the physical objects of such goods to the customer;
* The Company has transferred the legal title to such goods or the substantial risk and reward on such legal title to the customer;
and/or
* The customer has accepted such goods or services etc.
351Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(2) Specific methods of revenue recognition
Production and sale of feed and pigs are the main business of the Company. The performance obligations of the Company in these
sales businesses are the performance obligations fulfilled at a certain point in time.If the contract stipulates that the goods shall be delivered to the place where the buyer is located the sales revenue of the products
is recognized after the goods are delivered to the designated place and signed by the customer.If the contract provides for self-pickup the sales revenue of the products is recognized when the goods are shipped.The use of different business models involving different revenue recognition methods and measurement methods of similar businesses
36. Contract cost
(1) Categories and recognition of contract cost
Contract cost includes the incremental cost incurred to acquire contracts and contract performance cost.The incremental cost incurred to acquire contracts refers to the cost that the Company would not incur if the contracts are not
acquired (such as sales commission etc.). If such cost is expected to be recovered the Company recognizes it as an asset by treating it
as contract acquisition cost. Other expenditures incurred by the Company to acquire a contract other than the incremental cost expected
to be recovered are charged to the current profit or loss as and when incurred.Where the cost incurred to perform a contract that is outside the scope of inventories or otherwise not subject to other enterprise
accounting standards and meets all of the following conditions the Company recognizes it as an asset by treating it as contract
performance cost:
* Such cost is directly related to a contract currently acquired or expected to be acquired including direct labor direct materials
manufacturing costs (or similar costs) costs specified to be borne by customers and other costs incurred solely due to such contract;
* Such cost has increased the resources to be used by the Company for performing its performance obligations in the future; and
* Such cost is expected to be recovered.
(2) Amortization and impairment of contract cost
The assets for which contract acquisition cost is recognized and the assets for which contract performance cost is recognized
(hereinafter referred to as “assets related to contract cost”) are amortized on the same basis as recognition of revenue from goods or
services related to such assets and included in the current profit or loss. They are charged to current profit or loss as and when incurred
if the amortization period is no more than one year.When the book value of an asset related to contract cost is higher than the difference between the following two items the
Company makes impairment provision for the excess portion and recognizes it as asset impairment loss:
* The remaining consideration that the Company expects to receive due to transfer of goods or services related to such asset;
* The cost estimated to be incurred to transfer such related goods or services.After making the impairment provision if the factors of impairment in the previous period changed such that the aforesaid
difference of the * minus * is higher than the book value of such asset the asset impairment provision previously made is reversed
and charged to the current profit or loss provided that the book value of the asset after reversal shall not exceed the book value of such
asset at the reversal date should the impairment provision not have been made.
37. Government subsidy
(1) Definition of government subsidy
Government subsidies refer to the monetary and non-momentary assets received by the Company from government without
compensation excluding capital invested by government as an investor.
(2) Types and classification criteria of government subsidy
352Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Government subsidy consists of asset-related government subsidies and income-related government subsidies. The Company
defines the government subsidies acquired by it and used for acquisition or otherwise formation of long-term assets as asset-related;
other government subsidies acquired by the Company otherwise related to assets are defined as income-related.For comprehensive project government subsidies containing both asset-related parts and income-related parts they are treated
respectively by distinguishing different parts; where it is difficult to distinguish they are classified in entirety as income-related
government subsidies.
(3) Recognition of government subsidy
A government subsidy is recognized when the government subsidy can be received and the conditions attached to the government
subsidy can be met. A government subsidy is measured at the amount actually received or receivable if it is a monetary asset. A
government subsidy that is a non-monetary asset is measured at fair value.Asset-related government subsidies are recognized by the Company as deferred income and charged to other income in a
reasonable and systematic manner over the service life of the related asset by phases; where related assets are sold transferred scrapped
or destroyed before the end of service life the balance of related deferred income not yet allocated is transferred to the current profit
or loss from asset disposal. Income-related government subsidies if used for compensating relevant expenses and losses of the
Company in future periods are recognized as deferred income and are charged to profit or loss in the period when relevant costs and
expenses or losses are recognized; otherwise they are charged directly to profit or loss.Government subsidies related to daily business activities are included in other income according to the essence of economic
business; government subsidies unrelated to daily activities are included in non-operating income.The policy-related preferential subsidized loans acquired by the Company are treated for accounting purposes by distinguishing
between fiscal authorities appropriating the proceeds of subsidized loans to the lending bank and the fiscal authorities appropriating
the proceeds of subsidized loans directly to the Company. Where the fiscal authorities appropriate the proceeds of subsidized loans to
the lending bank for provision of loans to the Company at a policy-related preferential interest rate the Company records the loans at
the loan amount actually received and calculates the related borrowing costs according to the loan principal and such policy-related
preferential interest rate. Where the fiscal authorities appropriate the proceeds of subsidized loans directly to the Company the
Company charges the corresponding interest subsidy against the related borrowing costs.
38. Deferred income tax assets/ deferred income tax liabilities
The deferred income tax assets or deferred income tax liabilities are calculated based on the difference between the book value of
the assets or liabilities and their tax basis (the difference between the tax basis and the carrying amount if the tax basis of the item not
recognized as an asset or liability can be determined in accordance with the tax law) using the applicable tax rate during the expected
recovery of the assets or settlement of the liabilities.
(1) Recognition of deferred income tax assets
The Company recognizes related deferred income tax assets to the limit of the taxable income that is highly likely to be received
by the Company in future period to deduct the deductible temporary difference; but if such transaction is not business combination and
the transaction neither affects the accounting profits nor affects the taxable income (or deductible loss) when incurred the related
deferred income tax assets are not recognized.For related deductible temporary difference resulting from the investments of the Company in its subsidiaries associates and joint
ventures if such temporary difference is highly likely not to be reversed in foreseeable future and the taxable income is highly likely
not to be obtained to deduct the deductible temporary difference in the future the Company recognizes the corresponding deferred
income tax assets.At the balance sheet date the Company reviews the book value of deferred income tax assets. If it is highly likely not to obtain
taxable income sufficient to deduct the benefits of deferred income tax assets in the future the book value of deferred income tax assets
is written down. The amount written down is reversed when sufficient taxable income is highly likely to be obtained.
353Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
The deductible losses and tax credit which can be carried forward in future years are treated as if they are deductible temporary
difference. The corresponding deferred income tax assets are recognized to the extent of the amount of future income taxable which is
highly likely to be obtained to deduct the deductible losses and tax credit.
(2) Recognition of deferred income tax liabilities
Apart from initial recognition of goodwill or taxable temporary difference arising in a transaction that is not business combination
and affects neither accounting profits nor taxable income (or deductible loss) when occurring the Company recognizes deferred income
tax liabilities arising from all taxable temporary differences.For related taxable temporary difference resulting from the investments of the Company in its subsidiaries associates and joint
ventures if the Company can control the time to reverse the temporary difference and the temporary difference is highly likely not to
be reversed in foreseeable future the Company does not recognize related deferred income tax liabilities.
(3) Income tax expense
The income tax expense consists of current income tax and deferred income tax. The current income tax is the expected payable
tax calculated based on the taxable income of this year at the tax rate stipulated by tax laws. The Company charges current income
taxes and deferred income tax to the current profit or loss except for the income tax arising from business combinations and transactions
or events directly charged to owner's equity (including other comprehensive income).
(4) The basis for deferred income tax assets and deferred income tax liabilities presented on a net basis
At the balance sheet date deferred income tax assets and deferred income tax liabilities are presented at a net amount after offset
when all of the following conditions are met:
* The taxpayer entity has the legal right to netting of current income tax assets and current income tax liabilities; and
* Deferred income tax assets and deferred income tax liabilities are related to income tax imposed by the same tax authority on
the same taxpayer entity or related to different taxpayer entities but the taxpayer entities involved intend to conduct netting settlement
of current income tax assets and liabilities or acquire assets and repay liabilities at the same time within each period in the future that
has reversal of important deferred income tax assets and liabilities.
39. Lease
(1) Accounting for the Company as a lessee
The general accounting treatment where the Company acts as a lessee is detailed in “Note V. 23. Right-of-use assets” and “NoteV. 29. Lease liabilities”.* Lease change
Lease change refers to any change to lease scope lease consideration or lease term outside the original contractual terms including
addition or termination of the right to use one or more leased assets and extension or shortening of contractually specified lease term.When a lease changes and meets all of the following conditions the Company treats such lease change as one separate lease for
accounting purposes:
A. The lease change expands the lease scope by adding the right to use one or more leased assets;
B. The increased consideration is equivalent to the amount of separate price of the expanded portion of the lease scope as adjusted
according to the circumstances of the contract.Where a lease change is not treated as one separate lease for accounting purposes at the effective date of lease change the
Company re-determines the lease term and discounts the changed lease payments at a revised discounting rate to re-measure the lease
liabilities. When calculating the present value of the changed lease payment the Company uses the interest rate implicit in lease over
the remaining lease period as the discounting rate; where the interest rate implicit in lease over the remaining lease period cannot be
determined the incremental loan interest rate of the Company as at the effective date of lease change is used the discounting rate.With respect to the effects of the aforesaid adjustment to lease liabilities the Company performs accounting treatment by
distinguishing the following circumstances:
354Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
A. Where the lease change results in narrowed scope of lease or shortened lease term. the company adjusts the book value of right-
of-use asset downward to reflect the partial or total termination of the lease. The Company includes the relevant gains or losses on the
partial or total termination of the lease into the current profit or loss.B. As for other lease changes the Company adjusts the book value of right-of-use asset accordingly.* Short-term lease and low-value asset lease
Where the Company has chosen not to recognize right-of-use assets or lease liabilities for short-term lease (any lease with a term
of no more than 12 months) and low-value asset lease at the commencement date of lease they are charged to the related asset cost or
current profit or loss using the straight-line method over each period of the lease term.
(2) Accounting for the Company as a lessor
A lease that substantially transfers almost all risk and reward related to the ownership of a leased asset at the commencement date
of lease is financing lease apart from which all leases are operating leases.* As a lessor under financing lease
At the commencement date of a lease the Company recognizes financing lease payments receivable with respect to financing
lease and de-recognizes financing lease assets. When initially measuring the financing lease payments receivable the Company treats
the net lease investment as the recorded value of financing lease payment receivable. The net lease investment is the sum of the
unsecured residual value and the present value of the lease receipts not yet received at the commencement date of the lease that is
discounted at the interest rate implicit in lease.The Company calculates and recognizes interest revenue on each period of the lease term at the fixed cyclic interest rate. The
variable lease payments acquired by the Company and not included in the measurement of net lease investment are charged to the
current profit or loss when actually incurred.* As a lessor under operating lease
The rental revenue from operating lease is recognized as current profit or loss using the straight-line method over each period of
the lease term while contingent rental is charged to the current profit or loss when actually incurred.
(3) Identification and splitting of lease
At the commencement date of a contract the Company assesses whether the contract is a lease or contains lease. A contract is or
contains a lease if a party to a contract transfers its right to control the use of one or more identified assets for a period of time in
exchange for consideration.To determine whether a contract assigns the right to control the use of identified assets within a certain period the Company
performs the following assessments:
* Whether the contract involves use of identified assets. An identified asset may be designated expressly in contract or designated
implicitly when the asset is available to the customer and such asset can be distinguished physically or if a part of capacity or other
part of the asset cannot be physically distinguished but substantially represents the total capacity of the asset thus allowing the customer
to acquire almost all economic benefits arising from use of the asset. If the supplier of the asset has the right to substantially replace
the asset during the entire period of use such asset is not an identified asset;
* Whether the lessee has the right to acquire almost all economic benefits arising from use of the asset during the period of use;
* Whether the lessee has the right to direct the use of the identified asset during such period of use.Where a contract contains multiple separate leases the lessee and the lessor split the contract up and perform accounting treatment
of each individual lease respectively. Where a contract contains lease and non-lease components the lessee and the lessor split the lease
component from none-lease component. When splitting the lease component and non-lease component contained in a contract the
lessee allocates the consideration for contract according to the relative proportions of the sum of separate prices of lease components
355Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and the sum of separate prices of non-lease components; the lessor allocates the consideration for contract according to the accounting
policy described in “Note V. 35. Revenue” regarding allocation of transaction price.
(4) Assessment of lease term
Lease term refers to a period in which the Company has the right to use leased assets and which is irrevocable. Where the Company
has the option to renew i.e. the right to choose to renew the lease of the asset and reasonably determines that it will exercise such
option the lease term also includes the period covered by the option to renew the lease. Where the Company has the option to terminate
a lease i.e. the right to choose to terminate the lease of the asset and reasonably determines that it will not exercise such option the
lease term includes the period covered by the option to terminate lease. Where a significant event or change occurs within the scope
controllable by the Company and affects whether the Company reasonably determines to exercise the applicable option the Company
reassesses whether it reasonably determine to exercise the option to renew option to purchase or not to exercise the option to terminate
the lease.
(5) Sale-and-leaseback transaction
The company determines whether the asset transfer in a sale-and-leaseback transaction constitutes a sale through assessment
according to “Note V. (35) Revenue”.* The Company as a lessee
Where the asset transfer in the sale-and-leaseback transaction constitutes a sale the company as the lessee measures the right-
of-use asset formed from the sale-and-leaseback at the portion of the book value of the original asset related to the right of use acquired
through leaseback and recognizes related gains or losses only with respect to the rights transferred to the lessor; where the asset transfer
in the sale-and-leaseback transaction does not constitute a sale the company as the lessee continues recognizing asset being transferred
while recognizing a financial liability equivalent to the revenue from the transfer and performs accounting treatment of the financial
liability according to “Note V. (11) Financial instruments”.* The Company as a lessor
Where the asset transfer in the sale-and-leaseback transaction constitutes a sale the company as the lessor performs accounting
treatment for the asset purchase and treats the asset renting for accounting purposes according to the aforesaid provisions; where the
asset transfer in the sale-and-leaseback transaction does not constitute a sale the company as the lessor does not recognize the asset
transferred but recognizes a financial asset equivalent to the revenue from the transfer and performs accounting treatment of the
financial asset according to “Note V. (11) Financial instruments”.
40. Changes in significant accounting policies and accounting estimates
(1) Changes in significant accounting policies
□Applicable □Not applicable
Changes in significant accounting policies during the reporting period are as follows:
Contents and causes for the change in accounting policies Approval procedure Note
"Division of current liabilities and non-current liabilities" As the change in accounting policy is a
"Disclosure of supplier financing arrangements" and "Accounting change in accounting treatment policyfor sale and leaseback transactions” mentioned in the Interpretation required by laws and regulations or in
No. 17 of the Accounting Standards for Business Enterprises (CK accordance with the unified accounting
356Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
[2023] No. 21) (the "Interpretation No. 17") issued by the Ministry system it does not need to be submitted
of Finance. to the board of directors or the general
meeting for deliberation."Accounting for quality guarantees that do not fall under individual As the change in accounting policy is aperformance obligations” mentioned in the Interpretation No. 18 of change in accounting treatment policy
the Accounting Standards for Business Enterprises (CK [2024] No. required by laws and regulations or in
24) (the "Interpretation No. 18") issued by the Ministry of Finance. accordance with the unified accounting
system it does not need to be submitted
to the board of directors or the general
meeting for deliberation.The above regulations has no significant impact on the financial position and business performance of the Company.
(2) Changes to important accounting estimates
□Applicable □Not applicable
(3) Adjustment of relevant items of the financial statements at the beginning of the year upon the first implementation of the
new accounting standards from 2024
□Applicable □Not applicable
VI. Taxes
1. Main taxes and rates
Category Tax base Tax rate
VAT Taxable sales 18%-1%
Urban maintenance and construction tax Turnover tax actually paid 7% 5% 1%
Enterprise income tax Taxable income 30%-1%
Notes on disclosure where there are different taxpayers subject to different enterprise income tax rates
Name of taxpayer Income tax rate
General Hero Limited 16.50%
Hong Kong New Hope Liuhe International Trading Co.
16.50%
Limited
New Hope Egypt Poultry Ltd. Tax free (as detailed in the following Section 2. (III) (7))
New Hope Egypt Ltd. 22.50%
New Hope Egypt Aquatic Technology Ltd. 22.50%
New Hope Agriculture (Egypt) Ltd. 22.50%
New Hope Alexander Ltd. 22.50%
New Hope Davao Agriculture Ltd. Tax free (as detailed in the following Section 2. (III) (7))
Tax free 2% and 25% (as detailed in the following Section 2.New Hope Philippines Livestock Inc.(III) (7))
New Hope Central Luzon Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Tarlac Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Bulacan Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Isabela Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Pampanga Agriculture Inc. 2% and 25% (as detailed in the following Section 2. (III) (7))
New Hope Philippines Animal Healthcare Services Inc. 1% and 20% (as detailed in the following Section 2. (III) (7))
Sichuan New Hope Agriculture (Cambodia) Co. Ltd. 1% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Laos Co. Ltd. 8.00%
3% 10% 15% and 27.5% (as detailed in the following Section
New Hope Bangladesh Ltd.
2. (III) (7))
New Hope Agrotech Bangladesh Ltd. 3% 10% 15% and 27.5% (as detailed in the following Section
357Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2. (III) (7))
3% 10% 15% and 27.5% (as detailed in the following Section
New Hope Animal Nutrition Bangladesh Ltd.
2. (III) (7))
Tax exempted 0.6% 5% 10% 15% and 27.5% (as detailed in
New Hope Farms Bangladesh Ltd.the following Section 2. (III) (7))
Myanmar New Hope Farms Co. Ltd. 22.00%
Xinhe Myanmar Agro-technology Co. Ltd. 22.00%
Myanmar New Hope Agro-Technology Co. Ltd. 22.00%
New Hope Mandalay Co. Ltd. Tax free (as detailed in the following Section 2. (III) (7))
New Hope South Africa Ltd. 27.00%
New Hope Agro Business Nepal Pvt. Ltd. 20.00%
New Hope Agro-technology Nigeria Ltd. 30.00%
New Hope Lanka (Pvt) Limited 20.00%
8% 10% and 17% (as detailed in the following Section 2. (III)
New Hope Singapore Pte. Ltd.
(7))
New Hope Singapore Premix Pte. Ltd. 17.00%
NHCS Investment Pte. Ltd. 17.00%
New Hope Singapore Biotechnology Pte. Ltd. 17.00%
New Hope Asia Investment Pte. Ltd. 17.00%
New Hope International Holdings (Pte.) Ltd. 17.00%
New Hope Global Investment Pte. Ltd. 17.00%
New Hope Kolkata Animal Feed Private Ltd. 25.00%
PT New Hope Medan 22.00%
PT New Hope Farms Indonesia 22.00%
PT New Hope Farms Indonesia Jawa Timur Branch 22.00%
PT New Hope Jawa Timur 22.00%
PT New Hope Jawa Timur Mojokerto Branch 22.00%
PT New Hope Indonesia 22.00%
PT New Hope Indonesia Jawa Tengah Branch 22.00%
PT New Hope Indonesia Cirebon Branch 22.00%
PT New Hope Indonesia Lampung Branch 22.00%
PT New Hope Indonesia Makassar 22.00%
PT New Hope Poultry Trade Indonesia 22.00%
PT New Hope Food Indonesia 22.00%
PT New Hope Aqua Feed Indonesia 22.00%
PT Corn Drying Indonesia 22.00%
PT Corn Drying Indonesia Lampung Branch 22.00%
New Hope Hanoi LLC 10% and 20% (as detailed in the following Section 2. (III) (7))
Than Hoa New Hope Livestock Services Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Binh Dinh Breeding Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Vietnam Technological Livestock Services Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Ho Chi Minh City Co. Ltd. 15% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Vinh Long Co. Ltd. 5.00% (as detailed in the following Section 2. (III) (7))
New Hope Hanoi LLC Haiphong Branch 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Dong Thap Aquatic Feed Co. Ltd. 10% and 20% (as detailed in the following Section 2. (III) (7))
New Hope Binh Phuoc Breeding Co. Ltd. 7.5% and 15% (as detailed in the following Section 2. (III) (7))
New Hope Binh Dinh Co. Ltd. 20.00%
New Hope Hanoi LLC Bac Giang Branch 20.00%
New Hope Hanoi LLC Thanh Hoa Branch 20.00%
2. Tax preferences
(I) VAT
(1) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of MoF
358Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
STA and GAC) feed products produced and sold by domestic feed manufacturers of the Company are subject to a tax rate of 9% since
April 1 2019. In addition in accordance with the Notice of the Ministry of Finance and the State Taxation Administration on the
Exemption of Value-Added Tax for Feed Products (C.S.[2001] No.121) feed products produced and sold by feed manufacturers that
meet its provisions are exempted from VAT. Taxable goods sold by feed manufacturers other than feeds are subject to a VAT rate of 3%
(small taxpayers) or 9% or 13% (general taxpayers).
(2) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the General
Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax (Announcement [2019] No. 39 of MoF
STA and GAC) preliminarily processed products produced by domestic slaughtering and meat product processing entities of the
Company are subject to a tax rate of 9% and 13% for delis and deep processed products since April 1 2019.
(3) The domestic farming businesses of the company are exempted from VAT according to Article 15 “Self-made agriculturalproducts sold by agricultural producers are exempted from VAT” of the Interim Regulations of the People’s Republic of China on Value-
added Tax.
(4) Feed ingredients sold by domestic trading entities of the Company are exempted from VAT while other products are subject
to a VAT rate of 13% or 9% since April 1 2019 in accordance with the Announcement of the Ministry of Finance the State Taxation
Administration and the General Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax
(Announcement [2019] No. 39 of MoF STA and GAC).
(5) In accordance with the Announcement of the Ministry of Finance the State Taxation Administration and the
General Administration of Customs on Policies Related to Deepening the Reform of Value-Added Tax
(Announcement [2019] No. 39 of MoF STA and GAC) subsidiaries Sichuan Xinle Plastics Co. Ltd. and Chengdu
Fenglan Technology Co. Ltd. are subject to a tax rate of 13% and 13%/9% for Zibo Huide Feed Machinery Co.Ltd. since April 1 2019.
(6) In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Reducing or
Exempting VAT for Small-scale Taxpayers (MoF & SAT Announcement [2023] No. 19) from January 1 2023 to December 31 2027
small-scale VAT taxpayers with monthly sales of less than 100000 yuan (inclusive) are exempt from value-added tax; the taxable sales
income of small-scale VAT taxpayers subject to a rate of 3% is subject to value-added tax at a reduced rate of 1%; and the VAT pre-
paid items subject to a 3% pre-collection rate are subject to 1% advance payment of VAT.
(7) Among overseas subsidiaries the sales of feed products and sales of self-produced agricultural products of breeding business
by subsidiaries operating in Vietnam are exempted from VAT and the VAT rate for the disposal of waste materials and fixed assets is
10%; New Hope Lanka (Pvt) Limited is subject to a VAT rate of 18%; GST consumption tax (VAT) at 9% on goods and services sold
locally by New Hope Singapore Pte. Ltd. and New Hope Singapore Premix Pte. Ltd.; feed sales exempted from VAT and VAT rate at
15% for other taxable items of New Hope South Africa Ltd.; feed products sold by subsidiaries operating in Indonesia Bangladesh
the Philippines Cambodia Egypt and other countries are exempted from VAT.(II) Urban maintenance and construction tax and education surcharge
The Company and its domestic subsidiaries are subject to: (1) urban construction tax calculated and paid at 7% 5% or 1% of the
turnover tax payable by region; (2) education surcharge paid at 3% of the turnover tax payable and local education surcharge paid at
2% of the turnover tax payable.
In accordance with the Announcement of the Ministry of Finance and the State Taxation Administration on Relevant Tax and Fee
Policies to Further Support the Development of Small and Micro Enterprises and Individual Business Operators (Announcement [2023]
No. 12 of MoF and STA) from January 1 2023 to December 31 2027 the resource tax (excluding water resource tax) urban
maintenance and construction tax property tax urban land use tax stamp duty (excluding stamp duty on securities transactions)
farmland occupation tax education surcharge and local education surcharge are halved for small-scale taxpayers of value-added tax
small and low-profit enterprises and individual business operators.(III) Enterprise income tax
359Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(1) In accordance with the Announcement on Continuing the Enterprise Income Tax Policy for the Western Development Initiative(MoF Announcement [2020] No. 23) jointly issued by the Ministry of Finance the State Taxation Administration and NDRC “fromJanuary 1 2021 to December 31 2030 enterprises established in west China that operate in encouraged industries are subject toenterprise income tax at a reduced rate of 15%.” Subsidiaries of the Company established in the western region including
Ningxia New Hope Ruminant Animal Nutritious Food Co. Ltd. Qiandongnan New Hope Farming Technology Co.Ltd. Qujing Guoxiong Feed Co. Ltd. Guiyang New Hope Agricultural Technology Co. Ltd. Chongqing New
Hope Feed Co. Ltd. Kai County New Hope Feed Co. Ltd. Luzhou New Hope Feed Co. Ltd. Chengdu Fenglan
Technology Co. Ltd. Chengdu Century Investment Co. Ltd. Yulin New Hope Feed Co. Ltd. Ziyang Jiahao Feed
Technology Co. Ltd. Zigong Hengbo Feed Technology Co. Ltd. Lanzhou New Hope Feed Co. Ltd. Guilin New
Hope Feed Co. Ltd. Pengshan New Hope Feed Co. Ltd. Wulong New Hope Liuhe Feed Co. Ltd. and Pucheng
New Hope Farming Technology Co. Ltd. are subject to income tax rate of 15%. The headquarters and all branches operating
across regions aggregate and settle their income tax with the tax authority governing the head office at the end of year following the
principles of “unified calculation level-by-level management local prepayment aggregate clearing and fiscal allocation”.
(2) In accordance with Paragraph 1 in Article 27 of the Enterprise Income Tax Law of the People’s Republic of China Article 86
of the Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China and Document CS [2008]
No. 149 meat primary processing operations of the Company’s subsidiaries in the meat processing industry are exempt from enterprise
income tax; the deep processing operations are subject to income tax rate of 25%.
(3) In accordance with Paragraph 1 in Article 27 of the Enterprise Income Tax Law of the People’s Republic of China and Article
86 of the Regulations for the Implementation of the Enterprise Income Tax Law of the People's Republic of China livestock breeding
operations of the Company’s subsidiaries in the breeding industry are exempt from income tax with filings for tax exemption completed.
(4) In accordance with Article 28 of the Enterprise Income Tax Law of the People’s Republic of China enterprise income tax for
high-tech enterprises that need key support from the state is levied at a reduced preferential rate of 15%. The Company’s subsidiaries
Hefei Huameng Biotechnology Co. Ltd. Weifang New Hope Liuhe Feed Technology Co. Ltd. and Chengdu Century Investment Co.Ltd. are identified as high-tech enterprises subject to income tax rate of 15%.
(5) General Hero Limited and Hong Kong New Hope Liuhe International Trading Co. Limited both registered in Hong Kong
are subject to the income tax rate of 16.5%.
(6) In accordance with the Notice on Enterprise Income Tax Preferential Policy for Hainan Free Trade Port Issued by the Ministry
of Finance and the State Taxation Administration (CS [2020] No. 31) companies in encouraged industries that are registered in Hainan
Free Trade Port and substantially operate are subject to a reduced enterprise income tax rate of 15% to which Hainan New Hope Liuhe
Supply Chain Technology Co. Ltd. is applicable.
(7) Enterprise income tax policies for overseas subsidiaries:
* Egypt
Exemption from enterprise income tax within 10 years from the date of commencement of production activities with respect to
income derived from activities related to animal husbandry fishery poultry farming and honey production according to the local tax
preferential policies. New Hope Egypt Poultry Ltd. started production in December 2020 and was tax-exempt in 2024.According to the local tax policy New Hope Egypt Ltd. New Hope Egypt Aquatic Technology Ltd. New Hope Agriculture
(Egypt) Ltd. and New Hope Alexander Ltd. were subject to income tax rate of 22.5% in 2024.
* The Philippines
According to the local tax policy New Hope Davao Agriculture Ltd. will be exempt from enterprise income tax until May 2027.According to the local tax policy New Hope Philippines Livestock Inc. was exempt from enterprise income tax until February
2024 but has been levied at the higher rate of 2% of its gross profit or 25% of its total profit since March 2024.
According to the local tax policy New Hope Central Luzon Agriculture Inc. New Hope Tarlac Agriculture Inc. New Hope
Bulacan Agriculture Inc. New Hope Isabela Agriculture Inc. and New Hope Pampanga Agriculture Inc. are levied at the higher rate of
2% of their gross profit or 25% of their total profit.
360Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
According to the local tax policy New Hope Philippines Animal Healthcare Services Inc. is levied at the higher rate of 1% of its
gross profit or 20% of its total profit.* Cambodia
According to the local tax policy Sichuan New Hope Agriculture (Cambodia) Co. Ltd. was levied at the higher rate of 1% of its
gross profit or 20% of its total profit in 2024.* Laos
According to the local tax policy Hope Laos Co. Ltd. was subject to income tax rate of 8% in 2024.* Bangladesh
According to the local tax policy New Hope Bangladesh Ltd. New Hope Agrotech Bangladesh Ltd. and New Hope Animal
Nutrition Bangladesh Ltd. are subject to income tax levied at 27.5% for their bank deposit interest income in their total profits (10%
withheld by banks) 27.5% for their net non-operating income and expenditure and segmented rates for their total profits net of interest
and non-operating income and expenditure: 3% for the portion less than 1 million taka (inclusive); 10% for the portion between 1-2
million taka (inclusive); and 15% for the portion exceeding 2 million taka.According to the local tax policy New Hope Farms Bangladesh Ltd. is subject to income tax levied at 27.5% for its bank deposit
interest income in total profits (10% withheld by banks) 27.5% for its net non-operating income and expenditure and segmented rates
for its total profits net of interest and non-operating income and expenditure: during profit period: 0% for the portion less than 1 million
taka (inclusive); 5% for the portion between 1-2 million taka (inclusive); 10% for the portion between 2-3 million taka (inclusive);and
15% for the portion exceeding 3 million taka. During loss period: 0.60% of the operating income.
* Myanmar
According to the local tax policy Myanmar New Hope Farms Co. Ltd. Xinhe Myanmar Agro-technology Co. Ltd. and Myanmar
New Hope Agro-Technology Co. Ltd.. were subject to income tax rate of 22% in 2024.According to the local tax policy New Hope Mandalay Co. Ltd. is exempt from enterprise income tax for 5 years starting from
official commencement of production marketing and operations. This company was put into operation on January 2 2021 and its tax
holiday (from January 2 2021 to December 31 2025) covers the year 2024.* South Africa
According to the local tax policy New Hope South Africa Ltd. was subject to income tax rate of 27% in 2024.* Nepal
According to the local tax policy New Hope Agro Business Nepal Pvt. Ltd. was subject to income tax rate of 20% in 2024.* Nigeria
According to the local tax policy New Hope Agro-technology Nigeria Ltd. was subject to income tax rate of 30% in 2024.* Sri Lanka
According to the local tax policy New Hope Lanka (Pvt) Limited was subject to income tax rate of 20% in 2024.* Singapore
According to the local tax policy enterprise income tax on trade income of New Hope Singapore Pte. Ltd. is subject to three
periods 5% (DEI) for 5 years (July 1 2015 to June 30 2020) + 3 years (July 1 2020 to June 30 2023) 10% for 2 years (July 1 2023
to June 30 2025) 10.5% for 3 years (July 1 2025 to June 30 2028). Where interest and management fee revenue are involved it is
subject to an income tax rate of 8% (FTC) with a preferential period of 5 years (July 1 2022 to June 30 2027) and it is exempt from
withholding tax (withholding income tax on interest) in Singapore when paying interest expenses to overseas banking institutions and
affiliates; the remaining related income is not entitled to the aforesaid preferences and is subject to an income tax rate of 17%. In the
calculation the first 10000 Singapore dollars (inclusive) of taxable income are 75% exempt from income tax the subsequent 20000
to 200000 Singapore dollars (inclusive) thereof are 50% exempt from income tax and the portion in excess of 200000 Singapore
dollars is not entitled to tax reduction or exemption.
361Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
According to the local tax policy New Hope Singapore Premix Pte. Ltd. NHCS Investment Pte. Ltd. New Hope Singapore
Biotechnology Pte. Ltd. New Hope Asia Investment Pte. Ltd. New Hope International Holdings (Pte.) Ltd. and New Hope Global
Investment Pte. Ltd. were subject to income tax rate of 17% in 2024.* India
According to the local tax policy New Hope Kolkata Animal Feed Private Ltd. was subject to income tax rate of 25% in 2024.? Indonesia
According to the local tax policy PT New Hope Medan PT New Hope Farms Indonesia PT New Hope Farms Indonesia Jawa
Timur Branch PT New Hope Jawa Timur PT New Hope Jawa Timur Mojokerto Branch PT New Hope Indonesia PT New Hope
Indonesia Jawa Tengah Branch PT New Hope Indonesia Cirebon Branch PT New Hope Indonesia Lampung Branch PT New Hope
Indonesia Makassar PT New Hope Poultry Trade Indonesia PT New Hope Food Indonesia PT New Hope Aqua Feed Indonesia PT
Corn Drying Indonesia and PT Corn Drying Indonesia Lampung Branch were subject to income tax rate of 22% in 2024.? Vietnam
According to the local tax preferential policies New Hope Hanoi Co. Ltd. Than Hoa New Hope Livestock Services Co. Ltd.New Hope Binh Dinh Breeding Co. Ltd. and New Hope Vietnam Technological Livestock Services Co. Ltd. were subject to income
tax rate of 10% for their main business income while income from other businesses was not entitled to the income tax preference and
was subject to income tax rate of 20% in 2024.According to the local tax preferential policies New Hope Ho Chi Minh City Co. Ltd. is subject to income tax rate of 15% for
its Phase I investment and 20% for its Phase II and Phase III investments. Phase II account for 25.78% and Phase II and Phase III
account for 74.22%.According to the local tax preferetial policies New Hope Vinh Long Co. Ltd. is subject to the policy of "three-year tax exemption
nine-year tax reduction by half" for 15 years since its opening in 2015 so it was subject to enterprise income tax rate of 5% in 2024.According to the local tax preferential policies New Hope Hanoi Co. Ltd. Haiphong Branch is subject to income tax rate of 10%
with respect to 40% of taxable income from its main business while income from other businesses is not entitled to income tax
preference and is subject to the normal income tax rate of 20%.According to the local tax preferential policies New Hope Dong Thap Aquatic Feed Co. Ltd. is subject to income tax rate of 20%
for its Phase I and Phase II projects; exempted for 2 years (2021 to 2022) since 2021 halved at 10% for 4 years (2023 to 2026) and
20% since 2027 for its Phase III project so 10% in 2024; exempted for 2 years (2022 to 2023) since 2022 halved at 10% for 4 years
(2024 to 2027) and 20% since 2028 for its Phase IV project so 10% in 2024. The four phases account for 42% 33% 16% and 9%
respectively.According to the local tax preferential policies New Hope Binh Phuoc Breeding Co. Ltd. is subject to income tax rate of 7.5%
for its main business while income from other businesses is not entitled to the income tax preference and is subject to the normal
income tax rate of 15%.According to the local tax policy New Hope Binh Dinh Co. Ltd. New Hope Hanoi LLC Bac Giang Branch and New Hope
Hanoi LLC Thanh Hoa Branch were subject to income tax rate of 20% in 2024.
(8) Apart from the companies listed above and those eligible for the preferential income tax policies for small and micro enterprises
the remaining majority-owned subsidiaries are subject to income tax rate of 25%.
3. Others
VII. Notes to items in consolidated financial statements
1. Monetary capital
Unit: yuan
Item Closing balance Opening balance
362Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Cash on hand 21575051.80 39075712.62
Bank deposits 3172174832.45 3848764597.09
Other monetary capital 2003707691.97 1480416580.06
Deposits with finance company 3501555457.23 5481732649.51
Total 8699013033.45 10849989539.28
Thereof: total amount deposited
1761454100.981135636444.32
abroad
Other notes:
(1) Among the closing balance of monetary capital the balance of guarantee company margin bill margin reclamation margin etc. is
1428407626.57 yuan which cannot be withdrawn at any time due to restrictions on their use.
(2) The repatriation of funds deposited abroad is not subject to restrictions.
2. Trading financial assets
Unit: yuan
Item Closing balance Opening balance
Financial assets at fair value through
4273616.178287174.68
profit or loss
Thereof:
Equity instruments investment 2166303.00
Derivative financial assets 2107313.17 8287174.68
Thereof:
Total 4273616.17 8287174.68
Other notes:
(1) Equity instrument investment in trading financial assets refers to the stocks that the Company received from debtors for debt
settlement; derivative financial assets are mainly foreign exchange hedging.
(2) There were no significant restrictions on sale or realization of various financial assets at fair value through profit or loss at the end
of the period.
3. Notes receivable
(1) Notes receivable presented by category
Unit: yuan
Item Closing balance Opening balance
Bank acceptance bills 123203318.96 173430504.28
Commercial acceptance bills 23654196.00 645443352.36
L/C 29290573.10
Total 146857514.96 848164429.74
(2) Notes receivable already endorsed or discounted by the Company at the end of period and not yet
expired at the balance sheet date
Unit: yuan
363Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Amount derecognized at the end of the Amount not derecognized at the end of
Item
period the period
Bank acceptance bills 364625168.70
Commercial acceptance bills 3078525391.95
L/C 499434827.58
Total 3942585388.23
4. Accounts receivable
(1) Disclosure by age
Unit: yuan
Aging Ending book balance Beginning book balance
Less than 1 year (inclusive) 1108558624.17 1381874729.14
Thereof: within 6 months 1050661052.00 1289888819.67
7-12 months 57897572.17 91985909.47
1-2 years 163325722.03 120928723.96
2-3 years 66124601.36 56167900.41
Over 3 years 40251542.66 48764000.13
3-4 years 19241769.57 19997741.87
4-5 years 8396615.99 6656968.65
Over 5 years 12613157.10 22109289.61
Total 1378260490.22 1607735353.64
(2) Disclosure by bad debt provision method
Unit: yuan
Closing balance Opening balance
Book balance Bad-debt provision Book balance Bad-debt provision
Catego
ry Proport Book Book
Percen Percen Proportio
Amount Amount ion value Amount Amount value
tage tage n accrued
accrued
Accou
nts
receiva
ble
with
provisi
1583674111.49148702696647812155058103554117996
on for 93.90% 7.56% 85.19%
5.47%34.480.995.8671.55414.31
bad
debts
on an
individ
ual
basis
Accou
12513
nts 1219893 88.51 2575690 962324 1486184 92.44 2348620
21.11%15.80%22694.
receiva 074.75 % 05.55 069.20 767.78 % 73.53
25
ble
364Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
with
provisi
on for
bad
debts
on a
portfol
io
basis
12693
1378260100.0040627169719881607735100.003384162
Total 29.48% 21.05% 19108.
490.22%40.03850.19353.64%45.08
56
Provision for bad debts on an individual basis: there was no significant accounts receivable with provision for bad debts on an individual
basis.Unit: yuan
Closing balance
Name
Book balance Bad-debt provision Proportion accrued
Risk free 74204152.85
Within 3 months (inclusive) 336679883.67 9258697.34 2.75%
3-6 months (inclusive) 28901901.70 5604078.67 19.39%
Older than 6 months 71841541.49 71841541.49 100.00%
Total 511627479.71 86704317.50
Notes on basis for determination of this portfolio:
Refer to “Note V. (13) Accounts receivable”.Provision for bad debts by portfolio: domestic accounts receivable with provision for bad debts by portfolio
Unit: yuan
Closing balance
Name
Book balance Bad-debt provision Proportion accrued
Within 6 months (inclusive) 524548858.17 6871591.14 1.31%
6-12 months (inclusive) 21158163.53 1434523.57 6.78%
Over 1 years 162558573.34 162558573.34 100.00%
Total 708265595.04 170864688.05
Notes on basis for determination of this portfolio:
Refer to “Note V. (13) Accounts receivable”.Whether it is provision for accounts receivable bad debts made according to the general model of expected credit loss:
□Applicable □Not applicable
(3) Bad debt provision accrued recovered or reversed in the current period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category Recovered Closing balance balance Accrued Write-off Others
or
365Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
reversed
On individual
103554171.5569099054.4121887993.10-2062598.38148702634.48
basis
By portfolio 234862073.53 107257361.18 77645239.63 -6905189.53 257569005.55
Total 338416245.08 176356415.59 99533232.73 -8967787.91 406271640.03
Significant recovered or reversed amounts of bad debt provision in this period:
The Company had no significant recovered or reversed bad debt provision during this period.
(4) Accounts receivable actually charged off in the current period
Unit: yuan
Item Amount written off
Accounts receivable actually charged off 99533232.73
Significant charge off of accounts receivable:
Unit: yuan
Whether the
Charge-
Essence of amounts were
Amount written off
Entity name accounts Cause of write-off incurred by
off procedure
receivable related-party
performed
transaction
Long time overdue
Goods
Entity 1 15285442.94 recognized as difficult to Note No
payment
recover
Total 15285442.94
Notes on accounts receivable charged off:
Note: for receivables that are indeed unrecoverable individual charged-off amount of <0.5 million yuan is submitted to the CFO
vice president and president of joint-stock company for approval after being approved by the tier-2 business unit; individual charged-
off amount of ≥ 0.5 million yuan is submitted to the chairman for approval.
(5) Top 5 accounts receivable and contract assets in closing balance by debtor
Unit: yuan
Closing balance of
Percentage in the
bad debt provision
Closing balance of total closing
Closing balance of for account
Closing balance of accounts balance of
Entity name accounts receivables and
contract assets receivable and accounts
receivable provision for
contract assets receivable and
impairment of
contract assets
contract assets
No. 1 53360860.61 0.00 53360860.61 3.87% 699027.40
No. 2 48291566.74 0.00 48291566.74 3.50% 632619.71
No. 3 41547000.00 0.00 41547000.00 3.01% 544265.72
No. 4 28598487.51 0.00 28598487.51 2.07% 522196.02
No. 5 25474356.90 0.00 25474356.90 1.85% 333762.30
Total 197272271.76 0.00 197272271.76 14.30% 2731871.15
366Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
5. Other receivables
Unit: yuan
Item Closing balance Opening balance
Dividends receivable 21610000.00 300400953.69
Other receivables 960943531.32 3057941185.05
Total 982553531.32 3358342138.74
(1) Dividends receivable
(1) Dividends receivable by category
Unit: yuan
Project (or investee) Closing balance Opening balance
Zibo Xinmu Machinery Technology Co.
6000000.006000000.00
Ltd.Yan’an Xinyongxiang Technology Co.
5610000.005610000.00
Ltd.Hainan New Hope Agriculture Co. Ltd. 10000000.00
Guantao Liuhe Food Co. Ltd. 46000000.00
Junan New Hope Liuhu Food Co. Ltd. 15924637.14
Dezhou Liuhe Jinshan Food Co. Ltd. 3116941.55
Chengdu Hope Food Co. Ltd. 223749375.00
Total 21610000.00 300400953.69
2) Disclosure by bad debt provision method
□Applicable □Not applicable
(2) Other receivables
1) Other receivables categorized by nature of amount
Unit: yuan
Nature Ending book balance Beginning book balance
Petty cash 9056528.08 14208640.68
Margin 140437970.73 214624646.25
Deposit 83947024.47 108759774.77
Current accounts 315230162.96 664168906.74
Advances 205284014.57 216584848.84
Payments for share transfer 462292874.17 2105125000.00
Others 35134966.77 37471478.28
Total 1251383541.75 3360943295.56
2) Disclosure by age
Unit: yuan
Aging Ending book balance Beginning book balance
Less than 1 year (inclusive) 699602861.91 2963909813.94
367Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
1-2 years 278613018.64 111401872.77
2-3 years 54791973.16 114618974.00
Over 3 years 218375688.04 171012634.85
3-4 years 56976114.36 39712839.65
4-5 years 38751037.66 6481031.30
Over 5 years 122648536.02 124818763.90
Total 1251383541.75 3360943295.56
3) Disclosure by bad debt provision method
□Applicable □Not applicable
Unit: yuan
Closing balance Opening balance
Book balance Bad-debt provision Book balance Bad-debt provision
Categor
Propor Propor
y Book Book
Percen tion
Amount Amount value
Percen tion
Amount Amount value
tage accrue tage accrue
d d
Provisio
n for
bad
4377070834.9826360264113468213027563.3845461822084813
debts on 6.02% 2.13%
9.71%0.4529.26657.69%4.63833.06
an
individu
al basis
Th
ereof:
Provisio
n for
bad
8136764565.02264079732.465495967123066736.62257540220.9397312735
debts on
2.04%49.98%02.06637.87%85.88%1.99
a
portfolio
basis
Th
ereof:
1251383100.00290440023.2196094353360943100.0030300213057941
Total 9.02%
541.75%10.43%31.32295.56%10.51185.05
Provision for bad debts on an individual basis: significant other receivables with provision for bad debts on an individual basis
Unit: yuan
Opening balance Closing balance
Name Bad-debt Bad-debt Proportion Reason for
Book balance Book balance
provision provision accrued provision
Entity 1 750400000.00 7428960.00
Payments for
share transfer
Unit 2 1350225000.00 12017002.50 121520250.00 1822803.75 1.50%
with very low
recycling risk
Payments for
Unit 3 97090744.17 1456361.16 1.50% share transfer
with very low
368Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
recycling risk
Payments for
share transfer
Unit 4 199000000.00 2985000.00 1.50%
with very low
recycling risk
Total 2100625000.00 19445962.50 417610994.17 6264164.91
Provision for bad debts on a portfolio basis: other receivable with provision for bad debts on a portfolio basis
Unit: yuan
Closing balance
Name
Book balance Bad-debt provision Proportion accrued
Less than 1 year (inclusive) 403510131.43 20377943.84 5.05%
1-2 years 157076755.47 21189654.37 13.49%
2-3 years 49598399.75 19020986.38 38.35%
Over 3 years 203491165.39 203491165.39 100.00%
Total 813676452.04 264079749.98
Notes on basis for determination of this portfolio:
Refer to “Note V. (14) Other receivables”.Provision for bad debts according to the general model of expected credit loss:
Unit: yuan
Stage 1 Stage 2 Stage 3
Expected credit loss
Bad-debt provision Expected credit loss Expected credit loss in throughout the duration Total
throughout the duration
the coming 12 months (with credit
(no credit impairment)
impairment)
Balance as at January
123130439.24179871671.27303002110.51
12024
Balance as at January
12024
in the current period
- transferred to phase 3 -50075556.65 50075556.65
Accrued in the current
6342076.396342076.39
period
Current reversal 12401564.18 12401564.18
Written off in the
41178852.0141178852.01
current period
Other changes -142645.30 34818885.02 34676239.72
Balance as at
66852749.50223587260.93290440010.43
December 31 2024
The basis for the division of each stage and the ratio of provisions for bad debts
Refer to “Note V. (14) Other receivables”.Changes in book balance with respect to which current changes in the loss provision are significant
□Applicable □Not applicable
369Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
4) Bad debt provision accrued recovered or reversed during this period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category Closing balance
balance Recovered or Resale or Accrued Others
reversed charge off
On individual
45461824.6312401564.186700000.0026360260.45
basis
By portfolio 257540285.88 6342076.39 34478852.01 34676239.72 264079749.98
Total 303002110.51 6342076.39 12401564.18 41178852.01 34676239.72 290440010.43
Note: other changes refer to exchange rate fluctuation and the recovery in this year of transactions written off in previous periods.
5) Other receivables actually charged off in the current period
Unit: yuan
Item Amount written off
Other receivables actually charged off 41178852.01
Significant charge-off of other receivables:
No significant charge-off of other receivables during the period.
6) Top 5 other receivables in closing balance by debtor
Unit: yuan
Percentage in the
total closing Closing balance of
Entity name Nature of amount Closing balance Aging
balance of other bad debt provision
receivables
Payments for share
Entity 1 199000000.00 Less than 1 year 15.90% 2985000.00
transfer
Payments for share
Unit 2 121520250.00 1-2 years 9.71% 1822803.75
transfer
Payments for share
Unit 3 97090744.17 Less than 1 year 7.76% 1456361.16
transfer
Less than 1 year
Unit 4 Current accounts 85534042.22 6.84% 4363932.88
1- 2 years
Payments for share
Unit 5 37500000.00 Less than 1 year 3.00% 1893750.00
transfer
Total 540645036.39 43.21% 12521847.79
6. Prepayments
(1) Prepayments presented by age
Unit: yuan
Closing balance Opening balance
Aging
Amount Percentage Amount Percentage
370Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Less than 1 year 542343104.85 95.99% 1107472670.52 96.43%
1-2 years 14735942.00 2.61% 29369807.58 2.56%
2-3 years 7913383.52 1.40% 11611758.78 1.01%
Total 564992430.37 1148454236.88
Notes on causes of high-value prepayments aged over 1 year and not yet settled in time:
There were no significant prepayments aged over 1 year at the end of period.
(2) Top 5 prepayments in closing balance by payee
The aggregate amount of top 5 prepayments in closing balance by payee is 131452719.44 yuan accounting for 23.27% of the total
closing balance of prepayments.
7. Inventories
Whether the Company is required to comply with disclosure requirements for real estate industry
No
(1) Inventories by category
Unit: yuan
Closing balance Opening balance
Inventory Inventory
revaluation revaluation
reserve or reserve or
Item contract contract
Book balance Book value Book balance Book value
performance performance
cost cost
impairment impairment
provision provision
Raw
4083309242.104083309242.104194242883.016655456.654187587426.36
material
Products in
84137914.5084137914.5065564849.4065564849.40
progress
Goods in 11673390.0
1633999726.821622326336.742097066403.2826910254.072070156149.21
stock 8
Revolving
61094953.5761094953.5771064453.2371064453.23
materials
Consumptiv
282128703.1
e biological 4817454874.99 4817454874.99 7121093776.69 6838965073.57
2
assets
Packaging
56748487.9356748487.9378397131.28802332.6377594798.65
materials
Low-value
consumable 5761009.02 5761009.02 4788751.96 4788751.96
s
Outsourced
processed 1322637.91 1322637.91
materials
371Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
10743828846.811673390.010732155456.713632218248.8316496746.413315721502.3
Total
486578
(2) Inventory revaluation reserve or contract performance cost impairment provision
Unit: yuan
Current increase Current decrease
Item Opening balance Reversed or Closing balance
Accrued Others Others
written off
Raw material 6655456.65 6655456.65
Goods in stock 26910254.07 40441091.58 55677955.57 11673390.08
Consumptive
282128703.12148942174.89431035128.9735749.04
biological assets
Packaging
802332.63802332.63
materials
Total 316496746.47 189383266.47 494170873.82 35749.04 11673390.08
Note: “Others” under “Current decrease” are due to exchange rate fluctuation.Specific basis for accrual of inventory Reasons for current Item Reasons for current write-off
revaluation reserve reversal
—— Price rebound Requisitioned for production
Raw material in the current period
Packaging materials —— Price rebound Requisitioned for production
in the current period
Goods in stock Net realizable value lower than book Price rebound Sold in the current period
value
Consumptive biological Net realizable value lower than book Price rebound Sold in the current period
assets value
8. Other current assets
Unit: yuan
Item Closing balance Opening balance
VAT input tax to be deducted 33488061.03 37799349.19
Taxes prepaid 167223999.33 155705712.53
Interest receivable on deposits 3008055.55 150363194.44
Total 203720115.91 343868256.16
Other notes:
9. Investments in other equity instruments
Unit: yuan
Gains Loss Gains Loss Dividen Reasons for
Project Closing Opening recognized recognized accrued to accrued to d income designation
name balance balance in other in other other other recogniz to be
comprehens comprehen comprehens comprehen ed in the measured at
372Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ive income sive ive income sive current fair value
in the income in at the end income at period through
current the current of the the end of other
period period period the period comprehens
ive income
Minsheng
Life 41700000 21119600 20580400 20580400 678400
Insurance 0.00 0.00 0.00 0.00 0.00
Co. Ltd.Ziyang
Agricultural
Industrializa 4500000.0 4500000.0
tion Credit 0 0
Guarantee
Co. Ltd.Beijing
Baiyitong 21970000. 21970000.Technology 00 00
Co. Ltd.HEcom
(Beijing) 10596503. 10596503.
Technology 84 84
Co. Ltd.Shaanxi
Yangling
Rural 7020000.0 7020000.0 490000.Commercial 0 0 00
Bank Co.Ltd.Hebei
Xingda 7280000.0 7280000.0 25621236
Feed Group 0 0 .10
Co. Ltd.Guobao Life
15000000.15000000.
Insurance
0000
Co. Ltd.Fengshun
New Hope
65086.4465086.44
Biotechnolo
gy Co. Ltd.Meigu
Arsha
Planting &
2000000.02000000.2000000.
Farming
00000
Specialized
Cooperative
s
Laizhou
Gangfeng
10000000.
Warehousin
00
g Service
Co. Ltd.Zibo Liuhe
Baoyuan
Feed Co.Ltd.
373Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
4834315928962759205804002000000.2058040027621236727400
Total
0.280.280.00000.00.100.00
There was de-recognition in the current period
Unit: yuan
Cumulative gains transferred Cumulative loss transferred to
Item Reasons for derecognition
to retained earnings retained earnings
Laizhou Gangfeng
Warehousing Service Co. Equity sold
Ltd.Zibo Liuhe Baoyuan Feed
Deregistration
Co. Ltd.Current non-trading equity instrument investments disclosed by item
Unit: yuan
Amount of Reasons for Reasons for
other designation to transferring
Dividend comprehensive be measured at other
Accumulated Accumulated
Item income income fair value comprehensive
earnings losses
recognized transferred to through other income to
retained comprehensive retained
earnings income earnings
Minsheng Life
Insurance Co. 6784000.00 321132000.00 Note
Ltd.Ziyang
Agricultural
Industrialization
Note
Credit
Guarantee Co.Ltd.Beijing
Baiyitong
Note
Technology
Co. Ltd.HEcom
(Beijing)
Note
Technology
Co. Ltd.Shaanxi
Yangling Rural
490000.00 1050000.00 Note
Commercial
Bank Co. Ltd.Hebei Xingda
Feed Group 25621236.10 Note
Co. Ltd.Guobao Life
Insurance Co. Note
Ltd.Fengshun New
Hope
Note
Biotechnology
Co. Ltd.Meigu Arsha
Planting & 2000000.00 Note
Farming
374Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Specialized
Cooperatives
Laizhou
Gangfeng
Warehousing
Service Co.Ltd.Zibo Liuhe
Baoyuan Feed
Co. Ltd.Total 7274000.00 322182000.00 27621236.10
10. Long-term equity investments
Unit: yuan
Current increase or decrease
Open Profit
ing or loss
Closin
Adjust Cash
balan on
g
Opening ment divideinvestm Closing balancce of
Invest balance Addit Reduc for Other nds or Provisent balance e of impa
ee (book ional ed other equity profits ion for
irme recogni Others
(book impair
value) invest invest compr chang declare impairzed value) ment nt ment ment ehensi es d for ment
using provisprovi ve distrib ion
sion the income ution
equity
method
I. Joint ventures
Taisha
n
Jiaxin
Logist
ics
Co.Ltd.Beijin
g
Meiha
omei
Deling
Food
Co.Ltd.Yan’a
n
Xinyo
ngxian
20189513283215179
g
64.1192.8256.93
Techn
ology
Co.Ltd.Guang
dong 528156 53623 581779
Hope 119.26 871.47 990.73
No.1
375Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Equity
Invest
ment
Partne
rship
(LP)
Sheny
ang
New
Hope
New
Agric
677253937813678190
ultural
001.36.74815.10
Indust
ry
Fund
Partne
rship
(LP)
Haina
n
Nongk
en
New
Hope 101805 37203 105525
Farmi 228.59 10.34 538.93
ng
Techn
ology
Co.Ltd.Shand
ong
Gongr
ong
New
Hope
103088103088
Equity
3.313.31
Invest
ment
Fund
Partne
rship
(LP)
Subtot 132843 59610 138804
al 4796.63 388.37 5185.00
II. Associates
China
Minsh
eng
Banki 226802 11684 21568 10893 63260 234426
ng 48314.9 16820. 5235. 275.2 1267. 42377.9
Corpo 8 00 00 5 25 8
ration
Limite
d
Guang 273624 - 2731 2731
376Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
zhou 3.74 5148.1 095.58 095.58
Chimi 6
an
Co.Ltd.NHE
(Beiji
ng)
972602253583997961
Techn
9.20.202.40
ology
Co.Ltd.Qianxi
nan
Hope 10392
103926
Farmi 606.0
06.00
ng 0
Co.Ltd.Hebei
Kingh
ey
Sausa -
381209158228
ge 22298
9.330.66
Casin 18.67
gs
Co.Ltd.New
Hope - - 12000
147394135139
Financ 25387 16577 0000.
9743.884421.86
e Co. 44.63 .39 00
Ltd.Nanjin
g
Heda
Food
Co.Ltd.Qingd
ao Big
Herds -
3881219406
man 218150 33105 12035 19315
500.0250.0
Machi 849.47 602.65 0.61 8052.
00
nery 73
Co.Ltd.Anhui
Xinhu
a 273247 2732 2732
Ducks 4.04 474.04 474.04
Co.Ltd.Shang
hai 502343 263622 504979
Liuhe 72.28 .33 94.61
Qinqia
377Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ng
Food
Co.Ltd.Beijin
g
CERE
S
Agric 400000. 40000 40000
ultural 00 0.00 0.00
Devel
opmen
t Co.Ltd.Xinzhi
Huide
Machi
--
nery 500247 476952
1787354211
Techn 76.22 64.24
92.329.66
ology
Co.Ltd.Anhui
Antai
Agric
1000239600
ultural 435101 499692 144124
582.6000.0
Devel 87.84 .81 63.31
60
opmen
t Co.Ltd.Cheng
du
Tianfu
Xingx
inxin -
379327360251
Farmi 19076
849.71524.52
ng 325.19
Techn
ology
Co.Ltd.Jiaohu
i
Dongf
ang
New
Hope
(Suzh
-24686
ou) 479598 452468
24432402.8
Privat 332.59 678.63
51.133
e
Equity
Invest
ment
Fund
Co.Ltd.Nanto 155898 - 15381 15381
378Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
ng 27.00 208457 369.0 369.0
Yunfa .94 6 6
n
Netwo
rk
Techn
ology
Co.Ltd.New
Hope
Turke
y Feed
and
Farmi
-
ng 104930 15607
10649
Food 9.59 .74
17.33
Import
&
Export
and
Indust
ry Ltd.Deyan
g New
Hope -
69000053651742342
Liuhu 1309
000.00432.45114.35
Food 318.10
Co.Ltd.Shand
ong
Zhong
--
xin 260239 258712
1524912520
Food 0000.00 8282.46
197.26.28
Group
Co.Ltd.CNA
MPG
C
Feed
Grain
Techn 5000 -
497902
ology 000.0 20977.
2.34
Innov 0 66
ation
(Shen
zhen)
Co.Ltd.-
287138500049205121152156819152836292124429065321244
Subtot 19315
73015.8000.0106.066523.4265.250.43920.938.674037.3938.6
al 8052.
7001535808868
73
3004235000492051271121568191528362921244-30453421244
Total 07812.5 000.0 106.0 76911. 4265. 250.4 3920. 938.6 19315 19222.3 938.6
000523580888052.68
379Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
73
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
Other notes:
Note: as the net assets of Nanjing Heda Food Co. Ltd. Taishan Jiaxin Logistics Co. Ltd. Beijing Meihaomei Deling Food Co. Ltd.and New Hope Turkey Feed and Farming Food Import & Export and Industry Ltd. were negative the investment cost of the Company
was written down to 0 using the equity method.
11. Investment properties
(1) Investment properties measured at cost
□Applicable □Not applicable
Unit: yuan
Housings and Construction
Item Land use right Total
buildings in progress
I. Original book value
1. Opening balance 202261144.33 202261144.33
2. Current increase 821304187.75 821304187.75
(1) Outsourced
(2) Transferred from inventory/fixed
821304187.75821304187.75
assets/construction in progress
(3) Increase due to business
combination
3. Current decrease
(1) Disposal
(2) Other transfer-out
4. Closing balance 1023565332.08 1023565332.08
II. Accumulated depreciation and accumulated
amortization
1. Opening balance 40728115.95 40728115.95
2. Current increase 122842387.09 122842387.09
(1) Depreciated or amortized 9043196.13 9043196.13
(2) Transfer from fixed assets 113799190.96 113799190.96
3. Current decrease
(1) Disposal
(2) Other transfer-out
4. Closing balance 163570503.04 163570503.04
III. Impairment provision
1. Opening balance
2. Current increase
380Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(1) Accrued
3. Current decrease
(1) Disposal
(2) Other transfer-out
4. Closing balance
IV. Book value
1. Opening book value 859994829.04 859994829.04
2. Beginning book value 161533028.38 161533028.38
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
12. Fixed assets
Unit: yuan
Item Closing balance Opening balance
Fixed assets 43476435665.46 35867723450.67
Disposal of fixed assets
Total 43476435665.46 35867723450.67
(1) Details of fixed assets
Unit: yuan
Housings and Machinery and
Item Vehicles Others Total
buildings equipment
I. Original book
value:
1. Opening
28803837186.7915845187134.861124840663.141407511452.6247181376437.41
balance
2. Current
8215506480.433065616664.1422042578.5588414753.7611391580476.88
increase
(1) Purchased 15343078.54 83054626.27 20935536.81 47077374.25 166410615.87
(2) Transferred
from construction 8195678595.57 2979296875.67 759309.51 41127152.62 11216861933.37
in progress
(3) Increase due to
business
combination
(4) Change in
4484806.323265162.20347732.23210226.898307927.64
exchange rate
3. Current
1338108308.88374808205.3439952573.9876114951.501828984039.70
decrease
(1) Disposed or
360323360.72213139300.4631156849.2966356518.53670976029.00
scrapped
(2) Decrease in 80074850.07 99153684.48 3573586.28 5546613.71 188348734.54
381Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
subsidiaries
(3) Exchange rate
77804426.3862515220.405222138.414211819.26149753604.45
changes
(4) Transferred to
investment 819905671.71 819905671.71
properties
4. Closing
35681235358.3418535995593.661106930667.711419811254.8856743972874.59
balance
II. Accumulated
depreciation
1. Opening
4527490075.785337562704.94447953858.37945396244.3011258402883.39
balance
2. Current
1105826999.261133140263.8196100083.91188970970.902524038317.88
increase
(1) Accrued 1104842694.70 1131609417.30 95939774.48 188798711.38 2521190597.86
(2) Exchange rate
984304.561530846.51160309.43172259.522847720.02
changes
3. Current
248652366.97204638367.4925487328.2960463483.07539241545.82
decrease
(1) Disposed or
65820607.8696248276.4520639421.3852165713.61234874019.30
scrapped
(2) Decrease in
56459468.6587892515.282936371.924992974.57152281330.42
subsidiaries
(3) Exchange rate
12573099.5020497575.761911534.993304794.8938287005.14
changes
(4) Transferred to
investment 113799190.96 113799190.96
properties
4. Closing
5384664708.076266064601.26518566613.991073903732.1313243199655.45
balance
III. Impairment
provision
1. Opening
38160505.8916202306.03105118.24782173.1955250103.35
balance
2. Current
1159063.04904129.5119395.8767864.712150453.13
increase
(1) Accrued 1159063.04 904129.51 19395.87 67864.71 2150453.13
3. Current
25315624.567303286.96114460.73329630.5533063002.80
decrease
(1) Disposed or
25262365.107303286.96114460.73329630.5533009743.34
scrapped
(2) Decrease in
53259.4653259.46
subsidiaries
4. Closing
14003944.379803148.5810053.38520407.3524337553.68
balance
IV. Book value
1. Opening
30282566705.9012260127843.82588354000.34345387115.4043476435665.46
book value
2. Beginning
24238186605.1210491422123.89676781686.53461333035.1335867723450.67
book value
382Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(2) Fixed assets temporarily idle
Unit: yuan
Original book Accumulated Impairment
Item Book value Note
value depreciation provision
Housings and
44759739.3024596032.151159063.0419004644.11
buildings
Machinery and
42833431.8438239914.43904129.513689387.90
equipment
Others 2286467.72 1921972.75 87260.58 277234.39
Total 89879638.86 64757919.33 2150453.13 22971266.40
(3) Fixed assets leased under operating lease
Unit: yuan
Item Closing book value
Buildings and production equipment 233317807.15
Total 233317807.15
(4) Fixed assets with title certificate pending
Unit: yuan
Item Book value Why title certificate pending
Filling and completion formalities to be
Self-built houses on self-owned land 756674043.40
perfected
Self-built houses on leased land 17160928694.44 Title cannot be secured for leased land
Houses with title transfer pending 5720560.48
Others 1224805.97 Dilapidated houses
Total 17924548104.29
(5) Impairment test of fixed assets
□Applicable □Not applicable
13. Construction in progress
Unit: yuan
Item Closing balance Opening balance
Construction in progress 8896445286.64 18091017337.34
Total 8896445286.64 18091017337.34
(1) Construction in progress
Unit: yuan
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Feed mill
reconstruction 540686027.45 540686027.45 1243096607.30 1243096607.30
and
383Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
expansion
project
Food
processing
plant
reconstruction 84593467.02 84593467.02 176494079.11 176494079.11
and
expansion
project
Breeding
company
reconstruction
8253225880.658253225880.6516637632943.3416637632943.34
and
expansion
project
Others 17939911.52 17939911.52 33793707.59 33793707.59
Total 8896445286.64 8896445286.64 18091017337.34 18091017337.34
(2) Current changes in key construction projects in progress
Unit: yuan
Amount Thereo
Percenta Accum Curren
transferr Cur f: Sou
ge of ulated t
ed to rent Closin Proj current rce
Proje accumul amount interes
Opening Current fixed othe g ect amount of
ct Budget ated of t
balance increase assets in r balanc prog of fun
name project capitali capital
the decr e ress interest din
input in zed ization
current ease capitali g
budget interest rate
period zed
Zhan
gwu
49346
Xinw 849470 745003 96949 792606 99.5 20169 92762 Oth
827.199.12%3.76%
ang 000.00 148.62 780.30 101.81 0% 86.81 2.60 ers
1
Pig
Farm
Guan
g'an
54778
Xinh 739680 234286 314643 114041 75.2 28384 54585 Oth
9608.74.21%3.68%
ao 700.00 377.51 641.42 0.37 5% 977.03 51.70 ers
56
Pig
Farm
Wuh
e
25053
New 497816 432258 63864 245586 99.8 25480 72282 Oth
6181.99.66%3.72%
Hope 000.00 943.54 077.39 839.67 0% 306.68 06.01 ers
26
Pig
Farm
Beiji
ng 78565
434508 343566 15588 280590 82.8 Oth
Xinli 160.4 82.66%
300.00 892.46 301.47 033.53 0% ers
u Pig 0
Farm
Chan
39980
gxing 400100 374183 25625 99.5 25539 53615 Oth
9202.99.93%3.80%
Huat 000.00 445.44 756.99 0% 727.30 80.07 ers
43
ong
384Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Pig
Farm
Long
hai 88892
400000 366542 24917 302567 98.0 10739 25875 Oth
Xinh 044.0 97.87% 3.60%
000.00 330.84 710.50 997.28 0% 96.40 8.79 ers
ai Pig 6
Farm
Tianj
in 17449
340030 312769 24179 319498 99.5 21968 33898 Oth
Xinli 337.3 99.09% 3.89%
000.00 119.46 159.12 941.23 0% 86.65 5.09 ers
u Pig 5
Farm
Tianj
in
97178
New 340000 306427 32781 242030 99.1 15861 27462 Oth
944.699.77%3.80%
Hope 000.00 391.37 747.35 194.11 0% 208.71 02.29 ers
1
Pig
Farm
Zibo
Bree
330000 272918 31063 303982 100. Oth
ding 92.12%
000.00 680.26 804.84 485.10 00% ers
Pig
Farm
Linga
o
327800 221521 18513 239013 1021 74.0 Oth
Xinli 73.23%
000.00 293.27 539.86 030.90 802.23 0% ers
u Pig
Farm
1530
46594036094764812727270110055422319
Total 58910
5000.007622.77519.246034.00089.58906.55
8.01
(3) Impairment test of construction in progress
□Applicable □Not applicable
14. Productive biological assets
(1) Productive biological assets measured at cost
□Applicable □Not applicable
Unit: yuan
Planting Aquatic
Item Livestock breeding business Forestry Total
business business
Immature Matured
I. Original book value:
1. Opening balance 2455262604.62 3865707120.12 6320969724.74
2. Current increase 2067472299.98 1366671121.15 3434143421.13
(1) Outsourced 220819956.29 895281.27 221715237.56
(2) In-house
1841911398.071365506397.633207417795.70
cultivation
(3) Molting 4611545.66 4611545.66
385Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(4) Exchange rate
129399.96269442.25398842.21
changes
3. Current decrease 2938960995.35 2787254318.93 5726215314.28
(1) Disposal 1568956751.22 2764993728.64 4333950479.86
(2) Others
(3) Decrease in
subsidiaries
(4) Exchange rate
4497846.508592005.8513089852.35
changes
(5) Herd transfer and
1365506397.6313668584.441379174982.07
molting
4. Closing balance 1583773909.25 2445123922.34 4028897831.59
II. Accumulated
depreciation
1. Opening balance 1270729337.84 1270729337.84
2. Current increase 667189235.22 667189235.22
(1) Accrued 667066318.51 667066318.51
(2) Exchange rate
122916.71122916.71
changes
3. Current decrease 1239286746.52 1239286746.52
(1) Disposal 1226513135.87 1226513135.87
(2) Others
(3) Decrease in
subsidiaries
(4) Exchange rate
3716571.873716571.87
changes
(5) Herd transfer and
9057038.789057038.78
molting
4. Closing balance 698631826.54 698631826.54
III. Impairment provision
1. Opening balance
2. Current increase
(1) Accrued
3. Current decrease
(1) Disposal
(2) Others
4. Closing balance
IV. Book value
1. Opening book
1583773909.251746492095.803330266005.05
value
2. Beginning book
2455262604.622594977782.285050240386.90
value
(2) Impairment test of productive biological assets measured at cost
□Applicable □Not applicable
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
386Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
Unit: yuan
Number Determination
Key
of years Key parameters basis of the
Recoverable Impairment parameters
Item Book value of the of the forecast key
amount amount of stable
forecast period parameters of
period
period stable period
Additional cost
for feeding
breeding pigs
of different age
Breeding groups until
pig - 1536954371.92 6646992400.00 0.00 3.5 conception None None
immature ranges from
336.94 yuan to
2451.45 yuan;
the discount
rate is 8.44%
The average
litter size of
single breeding
Breeding
pigs in the
pig - 1680230525.99 9988914016.91 0.00 3 None None
forecast period
matured
is 75; the
discount rate is
8.44%
The average
number of eggs
laid by a single
Breeding
65 breeding bird
bird - 46819537.33 97066200.48 0.00 None None
weeks in the forecast
immature
period is 155
and 90 during
molting period
The average
number of eggs
laid by a single
Breeding
40 breeding bird
bird - 66261569.81 113839672.06 0.00 None None
weeks in the forecast
matured
period is 155
and 90 during
molting period
Total 3330266005.05 16846812289.45
The reason for the discrepancy between the foregoing information and the information used in the previous year's impairment test or
external information
None
The reason for the discrepancy between the information used in the previous year's impairment test and the actual situation of the year
None
387Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(3) Productive biological assets measured at fair value
□Applicable □Not applicable
15. Right-of-use assets
(1) Right-of-use assets
Unit: yuan
Machinery
Housings and
Item and Vehicles Land Overall lease Others Total
buildings
equipment
I. Original
book value
1.
243624308.6956328.5510978.4065880579.1292511707.9330748.65623814649.
Opening
0665321505588
balance
2.
12671313.02103312.
Current 968294.90 126672215.93 189418666.85 896754.27 332730557.38
835
increase
(1) New 12637990.9 2103312.
968294.90126486789.41178730076.78896754.27321823218.67
contracts 6 35
(2)
Contract 10584096.78 10584096.78
alteration
(3)
Exchange
33322.12185426.52104493.29323241.93
rate
changes
3.
95213466.1
Current 487742933.58 285467861.72 868424261.41
1
decrease
(1)
94946652.5
Contract 466371485.17 284538337.11 845856474.85
7
termination
(2)
Contract 259258.21 18774017.04 19033275.25
alteration
(3)
Exchange
7555.332597431.37929524.613534511.31
rate
changes
(4)
Decrease in 0.00
subsidiaries
4.
161082155.7924623.7614290.3704809861.1196462512.10227502.5088120945.
Closing
03556750189285
balance
II.Accumulat
ed
depreciatio
n
1.112000213.2481490.1240454.521698330.59497394747.421299294.91136114531.
388Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Opening 77 34 57 6 65
balance
2.
35115186.51149159.1847533.
Current 206172150.79 197443704.44 648471.57 442376206.21
26524
increase
35096971.51149159.1847533.
(1) Accrued 206146462.02 197433750.31 648471.57 442322348.29
06524
(2)
Exchange
18215.0225688.779954.1353857.92
rate
changes
3.
44275885.2
Current 84691619.41 194384281.38 323351786.08
9
decrease
(1)42746217.7
66999266.98192883398.13302628882.90
Disposal 9
(2)
Contract 1522112.17 17395827.86 1238924.26 20156864.29
alteration
(3)
Exchange
7555.33296524.57261958.99566038.89
rate
changes
(4)
Decrease in 0.00
subsidiaries
4.
102839515.3630649.3087987.1947766.51255138951.
Closing 643178861.97 500454170.48
009981378
balance
III.Impairment
provision
1.
Opening
balance
2.
Current
increase
(1) Accrued
3.
Current
decrease
(1)
Disposal
4.
Closing
balance
IV. Book
value
1.
58242640.04293973.4526302.3061630999.8279736.33832981994.
Opening 696008341.70
3568653907
book value
2.131624094.4474838.4270523.3544182248.795116959.638031453.64487700118.
389Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Beginning 29 31 75 56 9 23
book value
(2) Impairment test of right-of-use assets
□Applicable □Not applicable
16. Intangible assets
(1) Details of intangible assets
Unit: yuan
Non-
Item Land use right Patents patented Others Total
technology
I. Original book value
1. Opening balance 1640183040.49 4506777.06 572379845.13 2217069662.68
2. Current increase 6178848.75 151190048.84 157368897.59
(1) Purchased 5670239.83 9358649.16 15028888.99
(2) Internal R&D 141825432.34 141825432.34
(3) Increase due to
business combination
(4) Exchange rate changes 508608.92 5967.34 514576.26
3. Current decrease 142945254.16 229683.65 143174937.81
(1) Disposal 41053214.01 103017.17 41156231.18
(2) Decrease in
91163972.97115850.0091279822.97
subsidiaries
(3) Exchange rate changes 10728067.18 10816.48 10738883.66
4. Closing balance 1503416635.08 4506777.06 723340210.32 2231263622.46
II. Accumulated amortization
1. Opening balance 302618988.67 3879892.09 337721857.48 644220738.24
2. Current increase 32355400.53 530822.43 37958644.01 70844866.97
(1) Accrued 32215714.41 530822.43 37952676.67 70699213.51
(2) Exchange rate changes 139686.12 5967.34 145653.46
3. Current decrease 23597702.36 229683.65 23827386.01
(1) Disposal 5232795.75 103017.17 5335812.92
(2) Decrease in
18217495.57115850.0018333345.57
subsidiaries
(3) Exchange rate changes 147411.04 10816.48 158227.52
4. Closing balance 311376686.84 4410714.52 375450817.84 691238219.20
III. Impairment provision
1. Opening balance
2. Current increase
(1) Accrued
3. Current decrease
(1) Disposal
4. Closing balance
390Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
IV. Book value
1. Opening book value 1192039948.24 96062.54 347889392.48 1540025403.26
2. Beginning book value 1337564051.82 626884.97 234657987.65 1572848924.44
Percentage of intangible assets formed through internal R&D in the balance of intangible assets at the end of this period: 6.36%.
(2) Data resources recognized as intangible assets
□Applicable □Not applicable
Unit: yuan
Intangible assets of Intangible assets of
Intangible assets of self-
Item purchased data data resources obtained Total
developed data resources
resources through other means
I. Original book value
1. Opening balance
2. Current increase 4510239.54 4510239.54
Internal R&D 4510239.54 4510239.54
3. Current decrease
4. Closing balance 4510239.54 4510239.54
II. Accumulated
amortization
1. Opening balance
2. Current increase 93963.02 93963.02
3. Current decrease
4. Closing balance 93963.02 93963.02
III. Book value
1. Opening book value 4416276.52 4416276.52
2. Beginning book
0.00
value
(3) Land use right with certificate of title pending
Unit: yuan
Item Book value Why title certificate pending
PT New Hope Farms Indonesia 3044952.36 In progress due to incomplete paperwork
Yiyang New Hope Feed Co. Ltd. 444000.00 In progress due to incomplete paperwork
Liuhe Feed (Huai'an) Co. Ltd. 3825620.64 In progress due to incomplete paperwork
Linshu Liuhe Feed Co. Ltd. 1535743.64 In progress due to incomplete paperwork
Total 8850316.64
(4) Impairment test of intangible assets
□Applicable □Not applicable
391Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
17. Goodwill
(1) Original book value of goodwill
Unit: yuan
Current
Current increase
decrease
Name of invested entities or event
Opening balance Closing balance
forming goodwill Formed due to
business Disposal
combination
Chengdu Century Investment Co. Ltd. 398573665.34 398573665.34
Yangling Besun Agricultural Industry
280514799.76280514799.76
Group Co. Ltd.Laiyang Xinmu Breeding Co. Ltd. 251371600.00 251371600.00
Zhengzhou Quansheng Farming
98349399.0598349399.05
Technology Co. Ltd.New Hope Liuhe Investment Co. Ltd. 58567474.80 58567474.80
Chengdu Fenglan Technology Co. Ltd. 36276456.48 36276456.48
Heyang Xinliu Farming Technology
19920121.9719920121.97
Co. Ltd.Beijing Kinghey Food Co. Ltd. 19091431.45 19091431.45
Sheyang Liuhe Feed Co. Ltd. 2194351.61 2194351.61
Hefei Huaren Farming Group Co. Ltd. 6118302.82 6118302.82
Linxi Hexing Feed Co. Ltd. 3535449.75 3535449.75
Anhui Wanxi White Goose Stock Seed
1958093.801958093.80
Farm Co. Ltd.Xiantao Liuhe Feed Co. Ltd. 422276.77 422276.77
Total 1176893423.60 1176893423.60
(2) Provision for goodwill impairment
Unit: yuan
Current Current
Name of invested entities or event forming
Opening balance increase decrease Closing balance
goodwill
Accrued Disposal
Laiyang Xinmu Breeding Co. Ltd. 24784849.84 24784849.84
Beijing Kinghey Food Co. Ltd. 10418225.09 10418225.09
Hefei Huaren Farming Group Co. Ltd. 6118302.82 6118302.82
Linxi Hexing Feed Co. Ltd. 3535449.75 3535449.75
Sheyang Liuhe Feed Co. Ltd. 2194351.61 2194351.61
Anhui Wanxi White Goose Stock Seed
1958093.801958093.80
Farm Co. Ltd.Xiantao Liuhe Feed Co. Ltd. 422276.77 422276.77
Total 47237198.07 2194351.61 49431549.68
(3) Asset group or combination of asset groups containing the goodwill
Whether it is
Composition and basis of the asset
Name Affiliated division and basis consistent with
group or combination
previous years
Chengdu Century Investment Co. The asset group is identified Divided into feed business by
Yes
Ltd. according to the assets owned by the nature
392Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
purchaser at the time of acquisition
The asset group is identified
Yangling Besun Agricultural Divided into pig business by
according to the assets owned by the Yes
Industry Group Co. Ltd. nature
purchaser at the time of acquisition
The asset group is identified
Divided into pig business by
Laiyang Xinmu Breeding Co. Ltd. according to the assets owned by the Yes
nature
purchaser at the time of acquisition
The asset group is identified
Zhengzhou Quansheng Farming Divided into pig business by
according to the assets owned by the Yes
Technology Co. Ltd. nature
purchaser at the time of acquisition
The asset group is identified
New Hope Liuhe Investment Co. Divided into others by
according to the assets owned by the Yes
Ltd. business nature
purchaser at the time of acquisition
The asset group is identified
Chengdu Fenglan Technology Co. Divided into others by
according to the assets owned by the Yes
Ltd. business nature
purchaser at the time of acquisition
The asset group is identified
Heyang Xinliu Farming Technology Divided into pig business by
according to the assets owned by the Yes
Co. Ltd. nature
purchaser at the time of acquisition
The asset group is identified
Divided into pig business by
Beijing Kinghey Food Co. Ltd. according to the assets owned by the Yes
nature
purchaser at the time of acquisition
The asset group is identified
Divided into feed business by
Sheyang Liuhe Feed Co. Ltd. according to the assets owned by the Yes
nature
purchaser at the time of acquisition
The asset group is identified
Hefei Huaren Farming Group Co. Divided into feed business by
according to the assets owned by the Yes
Ltd. nature
purchaser at the time of acquisition
The asset group is identified
Divided into feed business by
Linxi Hexing Feed Co. Ltd. according to the assets owned by the Yes
nature
purchaser at the time of acquisition
The asset group is identified
Anhui Wanxi White Goose Stock Divided into others by
according to the assets owned by the Yes
Seed Farm Co. Ltd. business nature
purchaser at the time of acquisition
The asset group is identified
Divided into feed business by
Xiantao Liuhe Feed Co. Ltd. according to the assets owned by the Yes
nature
purchaser at the time of acquisition
Other notes
No change in the asset group or combination of asset group
(4) The specific method of determining the recoverable amount
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
Unit: yuan
Determinatio
Number of Key
Key n basis of the
Recoverable Impairment years of the parameters of
Item Book value parameters of key
amount amount forecast the forecast stable period parameters of
period period
stable period
Chengdu 140739295 278232303 2025-2029 Revenue Revenue The profit
393Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Century 7.82 5.15 (5 years) growth rate growth rate rate is
Investment at -13.12%- at 0% profit calculated in
1.87% profit margin at the last year
Co. Ltd.margin at 30.60% and of the five-
30.36%- discount rate year period
30.60% and at 9.84% and the
discount rate discount rate
at 9.84% is determined
according to
the current
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
Revenue year period
Yangling growth rate Revenue and the
Besun at 7.23%- growth rate discount rate
3.54% profit at 0% profit is determined
Agricultural 349338384 361314596 2025-2029
margin at margin at according to
Industry 9.32 6.52 (5 years) 6.81%- 7.48% and the current
Group Co. 7.48% and discount rate risk-free rate
Ltd. discount rate at 9.20% of return
at 9.20% market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
Revenue year period
growth rate Revenue and the
Laiyang at -27.17%- growth rate discount rate
40.00% at 0% profit is determined
Xinmu 278648532. 399961786. 24784849.8 2025-2029
profit margin margin at according to
Breeding 98 85 4 (5 years) at -166.67%- 10.04% and the current
Co. Ltd. 10.04% and discount rate risk-free rate
discount rate at 8.14% of return
at 8.14% market risk
premium
firm-specific
risk
premium
etc.The profit
Revenue rate is
growth rate Revenue calculated in
Zhengzhou at 23.11%- growth rate the last year
Quansheng 2025-2029 0% profit at 0% profit of the five-
106585558.212532436.
Farming years margin at margin at year period
1274
Technology (5 years) 1.08%- 6.98% and and the
Co. Ltd. 6.98% and discount rate discount rate
discount rate at 8.09% is determined
at 8.09% according to
the current
394Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.Cash
Cash
expected to The discount
expected to
be recovered rate is
be recovered
New Hope in the calculated in the
following according to
Liuhe 249510671 281220223 Indefinite following
years is Minsheng
Investment 35.37 90.76 duration years is based on the Bank's
Co. Ltd. based on the average dividend rate
dividend of
dividend of and risk-free
nearly 3
nearly 3 rate of return
years
years
The profit
rate is
calculated in
the last year
of the five-
Revenue year period
growth rate Revenue and the
Chengdu at -0.02%- growth rate discount rate
2025-2029 0% profit at 0% profit is determined
Fenglan 123029033. 374040493.years margin at margin at according to
Technology 30 33 (5 years) 11.42%- 10.35% and the current
Co. Ltd. 10.35% and discount rate risk-free rate
discount rate at 10.13% of return
at 10.13% market risk
premium
firm-specific
risk
premium
etc.The profit
rate is
calculated in
the last year
of the five-
Revenue year period
growth rate Revenue and the
Heyang at 6.84%- growth rate discount rate
Xinliu 2025-2029 1.4% profit at 0% profit is determined
110836835.129688738.
Farming years margin at - margin at according to
3733
Technology (5 years) 4.46%- 4.05% and the current
Co. Ltd. 4.05% and discount rate risk-free rate
discount rate at 8.34% of return
at 8.34% market risk
premium
firm-specific
risk
premium
etc.The profit
Revenue
rate is
growth rate Revenue
calculated in
Beijing at 18.68%- growth rate the last year
2025-2029 0.7% profit at 0% profit
Kinghey 408515109. 485652067. 10418225.0 of the five-
years margin at margin at
Food Co. 13 75 9 year period (5 years) 0.61%- 0.42% and
Ltd. and the 0.42% and discount rate
discount rate
discount rate at 7.91%
is determined
at 7.91%
according to
395Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
the current
risk-free rate
of return
market risk
premium
firm-specific
risk
premium
etc.
30879459036119366935203074.9
Total
11.4115.433
The reason for the discrepancy between the foregoing information and the information used in the previous year's impairment test or
external information
None
The reason for the discrepancy between the information used in the previous year's impairment test and the actual situation of the year
None
(5) Performance commitments fulfilled and corresponding goodwill impairment status
There is a performance commitment when goodwill is formed and the reporting period or the period preceding the reporting period is
within the performance commitment period
□Applicable □Not applicable
Other notes:
18. Long-term deferred expenses
Unit: yuan
Current amount
Item Opening balance Current increase Other decreases Closing balance
amortized
Expenditure on
improvement of 51484327.46 10467667.83 18460545.14 3393.70 43488056.45
assets
Rental expenses of
factory buildings 1388611.63 191712.61 1091145.72 12822.10 476356.42
and equipment
Others 51353113.95 20292530.01 34576905.72 -80516.95 37149255.19
Total 104226053.04 30951910.45 54128596.58 -64301.15 81113668.06
19. Deferred income tax assets/ deferred income tax liabilities
(1) Deferred income tax assets not offset
Unit: yuan
Closing balance Opening balance
Item Deductible Deductible Deferred income Deferred income
temporary temporary
tax assets tax assets
difference difference
Asset impairment provision 431815320.27 98312648.08 399086972.36 93102863.38
Unrealized profit of internal
112389446.3528086372.52114537253.1928624699.36
transactions
396Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Deductible loss 3024194254.72 725066296.69 2586404637.76 624526259.65
Change in fair value of trading financial
996329.25111480.8513674000.22844852.39
assets
Guarantee indemnity reserve deferred
56359127.4012905392.8859242776.4910736956.73
income etc.Share-based payment 6431441.67 1506327.50
Lease liabilities 256117766.97 63176565.63 185744341.18 44942965.30
Total 3881872244.96 927658756.65 3365121422.87 804284924.31
(2) Deferred income tax liabilities not offset
Unit: yuan
Closing balance Opening balance
Item Taxable temporary Deferred income Taxable temporary Deferred income
difference tax liabilities difference tax liabilities
Asset appraisal appreciation of
business combination not under 211279458.64 52046887.61 218444822.39 53803091.86
common control
Change in fair value of trading
2107313.17210731.328287174.68414358.70
financial assets
Right-of-use assets 250570555.03 61745835.49 187014082.52 45004297.05
Total 463957326.84 114003454.42 413746079.59 99221747.61
(3) Deferred income tax assets or liabilities presented by net amount after offset
Unit: yuan
Ending amount Beginning amount
Closing balance of Opening balance of
mutually offset mutually offset
deferred income tax deferred income tax
Item between deferred between deferred
assets or liabilities after assets or liabilities after
income tax assets and income tax assets and
offset offset
liabilities liabilities
Deferred income tax
61885673.42865773083.2343731771.34760553152.97
assets
Deferred income tax
61885673.4252117781.0043731771.3455489976.27
liabilities
(4) Details of unrecognized deferred income tax assets
Unit: yuan
Item Closing balance Opening balance
Deductible temporary difference 53951534.22 151248484.20
Deductible loss 4950024948.19 3866779121.04
Total 5003976482.41 4018027605.24
(5) Deductible losses on unrecognized deferred income tax assets will become due in the following years
Unit: yuan
Year Ending amount Beginning amount Note
FY2024 244545297.40
397Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2025192935395.19305029172.58
2026540236279.37601846126.48
20271112858843.411191957700.25
20281249086571.881523400824.33
20291854907858.34
Total 4950024948.19 3866779121.04
20. Other non-current assets
Unit: yuan
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Amounts prepaid
287035979.87287035979.87412693274.31412693274.31
for long-term assets
VAT input tax to be
373706234.95373706234.95376578514.24376578514.24
deducted
Total 660742214.82 660742214.82 789271788.55 789271788.55
21. Assets with restricted ownership or use right
Unit: yuan
Ending Beginning
Item Type of Details of Book Book Type of Details of
Book balance Book value
restriction restriction balance value restriction restriction
Purchase of
Purchase of futures
futures margins of
margins of guarantee
10940
Monetary 142840762 142840762 guarantee 1094008 companies
Margin 08330. Margin
capital 6.57 6.57 companies 330.97 note
97
note margins margins
reclamation reclamation
margins etc. margins
etc.Reserve meat
used as short-
Mortgage/
Inventori 66316036.4 66316036.4 term collateral
reserve
es 8 8 and as agreed
meat
by the
government
Used as
Used as
collateral
collateral for
for long and
long and
94568 short-term
Fixed 304149781 214897738 short-term 1354547
Mortgage 0569.8 Mortgage borrowings
assets 5.21 2.57 borrowings 372.01
7 and for
and for
financial
financial sale-
sale-and-
and-leaseback
leaseback
Used as Used as
Intangible 66007442.7 47016482.2 54835432 38133
Mortgage collateral for Mortgage collateral
assets 9 8 .38 621.28
long and for long and
398Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
short-term short-term
borrowings borrowings
Used as
Used as
Construct collateral
31969394.1 31969394.1 collateral for 27969394 27969
ion in Mortgage Mortgage for long-
4 4 long-term .14 394.14
progress term
borrowings
borrowings
Long-
Used as Used as
term 86519
592203600. 592203600. pledge for 86519410 pledge for
equity Pledge 4100.0 Pledge
00 00 long-term 0.00 long-term
investme 0
borrowings borrowings
nts
29709
5226401914314890523396554
Total 86016.
5.192.04629.50
26
Other notes:
Note 1: the Company took the finishing pigs of its subsidiary Yangling Besun Agricultural Industry Group Co. Ltd. as the
collateral for short-term borrowings of a total amount of 30 million yuan.Note 2: the Company took the land and buildings of Anhui Baixin Feed Co. Ltd. land and buildings of Hefei Huameng
Biotechnology Co. Ltd. land and buildings of Huai'an New Hope Feed Co. Ltd. land and buildings of Wuwei Hope Feed Co. Ltd.land of Mianyang New Hope Liuhe Farming Technology Co. Ltd. land and buildings of Taizhou New Hope Agriculture Co. Ltd.land and buildings of New Hope Singapore Biotechnology Pte. Ltd. land and buildings of Beijing Kinghey Food Co. Ltd. building
of Guilin New Hope Feed Co. Ltd. building of Zaozhuang New Hope Liuhe Feed Co. Ltd. and land of Anhui Xinhua Animal
Husbandry Technology Co. Ltd. as collaterals for long- and short-term borrowings of a total amount of 183.8298 million yuan.The Company took the land and construction in progress of its subsidiary Hanzhong New Hope Liuhe Farming Technology Co.Ltd. as the collateral for long-term borrowings of 29.1 million yuan.Subsidiaries of the Company signed contracts with financing lease companies transferring part of the buildings and machinery
and equipment to the financing lease companies and lease them back. Upon the expiration of the lease term they acquire the ownership
of the buildings and machinery and equipment at a nominal amount ranging from 1 to 10000 yuan.. As the sale-and-leaseback
transactions mentioned above are not sales the relevant assets are not derecognized with the long-term payables equal to the transfer
price recognized. As at December 31 2024 the book value of the above sale-and-leaseback transactions related fixed assets was
1978169500 yuan and the corresponding long-term payables (including those due in 1 year) was 1279851900 yuan.
Note 3: Beijing New Hope Liuhe Biotechnology Industry Group Co. Ltd. a subsidiary of the Company took its contribution of
60 million yuan in Gaomi Xinliu Farming Technology Co. Ltd. 74.2224 million yuan in Huanghua Xinhao Technology Co. Ltd.
66.0912 million yuan in Xiangzhou Xinhao Farming Co. Ltd. 100.89 million yuan in Baiyin New Hope Farming Technology Co.
Ltd. 100 million yuan in Kangping Xinwang Farming Co. Ltd. 60 million yuan in Zhucheng Xinliu Farming Technology Co. Ltd.
91 million yuan in Raoyang Xinhao Farming Co. Ltd. and 40 million yuan in Fucheng Xinhao Farming Co. Ltd. as pledges providing
equity pledge guarantees for the loans of 296 million yuan 244.05 million yuan and 167.334 million yuan borrowed by the Company
respectively from China Development Bank Sichuan Branch The Export-Import Bank of China Sichuan Branch and Postal Savings
Bank of China Tianfu Sub-branch in Chengdu. The aforementioned long-term equity investments are internal investments among
subsidiaries and have been offset in the consolidated financial statements.
22. Short-term borrowings
(1) Short-term borrowings by category
Unit: yuan
Item Closing balance Opening balance
399Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Mortgage loans 94500000.00 38000000.00
Guaranteed loans 3398758904.35 2262650998.53
Credit loans 6048409221.67 5805196262.10
Borrowings against bill discounting 3443150560.65 4695323159.81
Borrowings against L/C discounting 499434827.58 628660798.54
Negotiable credit certificate of accounts
59488479.00
receivable
Factoring of accounts receivable 2118392574.94 993678133.23
Reverse factoring 2124969650.07
Plus: interest payable on borrowings 13899870.83 11125868.50
Total 17741515610.09 14494123699.71
Notes on categorization of short-term borrowings:
Mortgage loans and collaterals are presented as follows:
Collaterals Original book value of Amount of mortgage loan
collateral
Consumptive biological assets of Yangling Besun Agricultural 27764979.64 30000000.00
Industry Group Co. Ltd.Land and buildings of Wuwei Hope Feed Co. Ltd. 14517979.34 10000000.00
Land and buildings of Huai’an New Hope Feed Co. Ltd. 15543821.00 10000000.00
Land and buildings of Zaozhuang New Hope Liuhe Feed Co. Ltd. 15428102.20 15000000.00
Land of Anhui Xinhua Animal Husbandry Technology Co. Ltd. 7195800.00 5000000.00
Land and buildings of Anhui Baixin Feed Co. Ltd. 1838000.00 5500000.00
Land and buildings of Hefei Huameng Biotechnology Co. Ltd. 15802042.60 4000000.00
Land and buildings of Guilin New Hope Feed Co. Ltd. 11549893.11 15000000.00
Total 109640617.89 94500000.00
Guaranteed borrowings are presented as follows:
Names of the guarantor and the guaranteed Closing balance
Guarantee provided by Anhui Agricultural Credit Financing Guarantee Co. Ltd. for Anhui
2000000.00
Jinxin Farming Food Co. Ltd.Guarantee provided by Feidong County SMEs Financing Guarantee Co. Ltd. for Anhui New
35000000.00
Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Anhui New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Anyang New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Beijing New Hope Farming Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
For Cao County Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Changtu Liuhe Farming Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Changyi Liuhe Xinrong Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Changde New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Chenzhou New Hope Agricultural Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Dazhou Jiahao Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Daqing Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Datong New Hope Liuhe Feed Co. Ltd.
400Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Fuyang Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Gushi Liuhe Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Hainan Chengmai New Hope Farming Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Haiyang New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Hebei New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Henan Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Hubei Tuanfeng New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Huaihua New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Huai'an New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Jiangsu Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Jingzhou New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Kunming New Hope Animal Nutritious Food Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Lhasa New Hope Industrial Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Lanzhou New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Lingbao New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Liuhe Feed (Feicheng) Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Liuhe Feed (Huai'an) Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Luzhou New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Luoyang New Hope Farming Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Mangshi New Hope Farming Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Nantong New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Pengshan New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Qiandongnan New Hope Farming Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Qingdao Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Qingyun Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Qujing Guoxiong Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Shanxi New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Sheyang Liuhe Feed Co. Ltd.
401Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Sichuan Xinle Plastics Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Sishui New Hope Yuwang Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Taizhou New Hope Agriculture Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Tangshan Muzheng Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Tangshan New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Tongling New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Weifang Liuhe Feed Co. Ltd. Qingzhou Branch
Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Weifang Liuhe Feed Co. Ltd. Shouguang Branch
Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Wulong New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Xiantao Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Xiaoyi New Hope Liuhe Food Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Xintai New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for New Hope Liuhe Feed Co. Ltd. Laizhou Branch
Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Xuzhou Haikuo Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Yantai Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Yancheng Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Yichun New Hope Farming Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Yiyang New Hope Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Yuncheng Dingtai Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Zaozhuang New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Ziyang Jiahao Feed Technology Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Zoucheng New Hope Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
10000000.00
for Ziyang Jiahao Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
15000000.00
for Wendeng Liuhe Feed Co. Ltd.Guarantee provided by Puhui Agriculture and Animal Husbandry Financing Guarantee Co. Ltd.
20000000.00
for Laiyang Liuhe Feed Co. Ltd.Guarantee provided by Weifang Changhe Financing Guarantee Co. Ltd. for Dongying New
10000000.00
Hope Liuhe Feed Co. Ltd.Guarantee provided by Weifang Changhe Financing Guarantee Co. Ltd. for Weifang Liuhe Feed
10000000.00
Co. Ltd. Changyi Branch
Guarantee provided by Weifang Changhe Financing Guarantee Co. Ltd. for Weifang Liuhe Feed
10000000.00
Co. Ltd. Linqu Branch
402Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by New Hope Liuhe Co. Ltd. for Huaihua New Hope Liuhe Feed Co. Ltd. 2000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Pucheng New Hope Farming Technology
9499762.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. For Yuncheng Dingtai Feed Co. Ltd. 9660000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Mianyang New Hope Liuhe Farming
9900000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Pengshan New Hope Feed Co. Ltd. 9900000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Guangzhou Hope Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Guilin New Hope Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Hebei Kinghey Meat Industry Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Hubei Tuanfeng New Hope Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Liuhe Feed (Huai'an) Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Qingdao Liuhe Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Shanghai New Hope Supply Chain
10000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Tongliao New Hope Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Tongling New Hope Liuhe Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Weifang Liuhe Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Wuzhou New Hope Liuhe Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Yishui Liuhe Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Zunyi Jiahao Feed Co. Ltd. 10000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Myanmar New Hope Farms Co. Ltd. 11980675.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Hengyang New Hope Agricultural
17000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Jingzhou New Hope Feed Co. Ltd. 20000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Tangshan Muzheng Feed Co. Ltd. 20000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Xiangyang New Hope Liuhe Feed Co.
20000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Xintai New Hope Feed Co. Ltd. 20000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Shandong Kinghey Food Co. Ltd. 20600000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Guangzhou Liuhe Feed Co. Ltd. 21050000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Weifang New Hope Liuhe Feed
22000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for New Hope Laos Co. Ltd. 23760800.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Qiandongnan New Hope Farming
25083500.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Beijing New Hope Farming Technology
30000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Liaocheng Development Zone Liuhe Feed
30000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Shenyang New Hope Farming Technology
30000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wuhe New Hope Liuhe Animal
30000000.00
Husbandry Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wuhan Guoxiong Feed Technology Co.
30000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wulong New Hope Liuhe Feed Co. Ltd. 30000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Zaozhuang New Hope Liuhe Feed Co.
30000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zhejiang Yihai Agricultural Development
30000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Taizhou New Hope Agriculture Co. Ltd. 37900000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Fuyang Liuhe Feed Co. Ltd. 40000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Hainan Chengmai New Hope Farming
50000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Jiangsu Liuhe Feed Co. Ltd. 50000000.00
403Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by New Hope Liuhe Co. Ltd. for Ningxia New Hope Ruminant Animal
50000000.00
Nutritious Food Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Raoyang Xinhao Farming Co. Ltd. 50000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Tianjin Xinliu Farming Technology Co.
50000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Xuzhou Haikuo Liuhe Feed Co. Ltd. 50000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Yulin Guoxiong Feed Co. Ltd. 50000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Shandong New Hope Liuhe Group Co.
51000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Chenzhou New Hope Agricultural
52000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Kunming New Hope Agricultural
59735155.64
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Nanchong New Hope Feed Co. Ltd. 59900000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Guiyang New Hope Agricultural
60000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Jieyang Guoxiong Feed Co. Ltd. 60000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Longhai New Hope Liuhe Farming Co.
60000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zhanjiang Guoxiong Feed Co. Ltd. 79991004.30
Guarantee provided by New Hope Liuhe Co. Ltd. for Lipu Xinhao Farming Technology Co.
80000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Kunming New Hope Animal Nutritious
98000000.00
Food Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Liaoning Kinghey Food Co. Ltd. 98000000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Huzhou Haihuang Biotechnology Co.
98713834.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Huanggang New Hope Feed Technology
130000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Changchun New Hope Feed Co. Ltd. 141166000.00
Guarantee provided by New Hope Liuhe Co. Ltd. for Sichuan New Hope Animal Nutrition
147918173.41
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guangdong Jiahao Agricultural Products
160000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yanting Xinhao Farming Co. Ltd. 180000000.00
Total 3398758904.35
There was no short-term borrowing overdue but not repaid at the end of the period.
23. Trading financial liabilities
Unit: yuan
Item Closing balance Opening balance
Trading financial liabilities 935134.25 13385120.42
Thereof:
Derivative financial liabilities 935134.25 13385120.42
Thereof:
Total 935134.25 13385120.42
Other note: derivative financial liabilities are futures contracts and interest rate swaps purchased.
24. Notes payable
Unit: yuan
404Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Pollutants Closing balance Opening balance
Commercial acceptance bills 1008874137.72 2401533209.94
Bank acceptance bills 3014963606.81 3304247511.48
L/C 160296509.58 208036657.24
Total 4184134254.11 5913817378.66
The notes payable overdue but unpaid at the end of this period totaled 0.00 yuan.
25. Accounts payable
(1) Presentation of accounts payable
Unit: yuan
Item Closing balance Opening balance
Accounts payable 7525367316.95 10717874934.76
Total 7525367316.95 10717874934.76
(2) Significant accounts payable aged over 1 year or overdue
The closing balance includes no significant accounts payable aged over 1 year or overdue
26. Other payables
Unit: yuan
Item Closing balance Opening balance
Dividends payable 36182732.53 20558282.52
Other payables 3368617802.20 8463363885.11
Total 3404800534.73 8483922167.63
(1) Dividends payable
Unit: yuan
Item Closing balance Opening balance
Dividends on ordinary shares 36182732.53 20558282.52
Total 36182732.53 20558282.52
Other notes the cause of non-payment of significant dividends payable contained that are more than one year overdue is required to
be disclosed:
Item Closing balance Opening balance Reasons for non-payment
beyond 1 year
1. Dividends on ordinary shares 36182732.53 20558282.52
Already declared but not
Thereof: Exceptional Assets Limited 25252669.39 7259854.19 yet claimed by the other
party.Linyi Oil Supply and Marketing Oil Sales Co.-3039825.20
Ltd.Already declared but not
Shandong Rongda Agricultural Development Co.
10000000.00 10000000.00 yet claimed by the other
Ltd.party.
405Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Wuwei Qingquan Agricultural Development Co.
258603.13
Ltd.Pang Zhen 139231.01
Xu Shugen 721216.63
Li Zhongming 69615.50
Total 36182732.53 20558282.52
(2) Other payables
1) Other payables presented by nature of amount
Unit: yuan
Item Closing balance Opening balance
Current accounts 786821431.09 4481326554.36
Various deposits and margins
2021032251.793017841628.61
temporarily retained
Managed secured funds 40774382.45 54726068.74
Accrued expenses 81592746.44 56535083.31
Payments for share transfer 28913567.81 31763567.81
Payments for right-of-use assets 237374732.59 331998081.41
Restricted stock repurchase obligation 171894948.20 418871198.94
Others 213741.83 70301701.93
Total 3368617802.20 8463363885.11
2) Significant other payables aged over 1 year or overdue
Unit: yuan
Item Closing balance Why not repaid or carried forward
Not carried forward due to pending
Entity 1 104563704.00
paperwork for equities and title
Unit 2 52079348.25 Current accounts
Unit 3 39475350.00 Special funding
Equity transfer price and current
Unit 4 33950697.05 accounts payable that do not meet the
payment terms
Unit 5 20014777.00 Current accounts
Entity 6 10946870.00 Current accounts
Entity 7 10514298.00 Current accounts
Entity 8 10044700.00 Current accounts
Total 281589744.30
27. Advance collections
(1) Presentation of advance collections
Unit: yuan
Item Closing balance Opening balance
Equity transfer price received in advance 208500000.00
Total 208500000.00
406Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(2) Significant advance collections aged over 1 year
The closing balance includes no significant advance collections aged over 1 year or overdue.
28. Contract liabilities
Unit: yuan
Item Closing balance Opening balance
Contract liabilities 2029782235.35 2492419467.25
Total 2029782235.35 2492419467.25
29. Employee benefits payable
(1) Presentation of payroll payable
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
I. Short-term compensation 700103027.93 5496314989.87 5461987717.91 734430299.89
II. Post-employment benefits-
12867142.93372741733.12383699027.271909848.78
defined contribution plan
III. Termination benefits 5665363.45 40882080.73 41222124.18 5325320.00
Total 718635534.31 5909938803.72 5886908869.36 741665468.67
(2) Presentation of short-term compensation
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
1. Wage bonus allowance and
500196975.194859229891.264827855832.10531571034.35
subsidy
2. Employee benefits 360239658.58 360239658.58
3. Social insurance costs 2961250.57 201340098.51 203771944.33 529404.75
Thereof: medical insurance
2439289.72181471194.55183456279.63454204.64
costs
Industrial injury
413177.1117477754.1117841643.1749288.05
insurance premium
Maternity insurance
108783.742391149.852474021.5325912.06
premium
4. Housing provident fund 415019.32 19178178.07 19451206.35 141991.04
5. Trade union outlays and
196529782.8546752265.7441094178.84202187869.75
employee education expenditure
6. Short-term paid absence 9574897.71 9574897.71
Total 700103027.93 5496314989.87 5461987717.91 734430299.89
(3) Presentation of defined contribution plan
Unit: yuan
407Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Item Opening balance Current increase Current decrease Closing balance
1. Basic endowment
12010669.92355601362.55366195469.241416563.23
insurance
2. Unemployment
823242.2613722533.3814085053.20460722.44
insurance costs
3. Comprehensive
33230.753417837.193418504.8332563.11
insurance
Total 12867142.93 372741733.12 383699027.27 1909848.78
Other notes:
Note: the Company participates in endowment insurance and unemployment insurance programs established by the government
as required whereby the Company pays contributions each month according to the rules of social security bureau; apart from the
aforesaid monthly contributions the Company no longer assumes further payment obligation and the corresponding expenditures are
charged to the current profit or loss or costs of related assets as and when incurred.There was no amount in arrears in the payroll payable; the wage bonus allowance and subsidy are expected to be fully paid from
January to February 2025 and the social insurance contributions will be paid to the social security bureau in January 2025.
30. Taxes and dues payable
Unit: yuan
Item Closing balance Opening balance
VAT 42780716.24 36812023.81
Enterprise income tax 240231191.49 245830162.18
Personal income tax 16662427.58 15931998.99
Urban maintenance and construction tax 2789559.86 5035850.18
Education surcharge 1212796.62 2162812.21
Local educational surcharge 804039.10 1437755.52
Water conservancy fund 529649.21 504438.03
Land use tax 7786941.17 7331173.73
Real estate tax 8107379.31 7167319.66
Stamp duty 22354922.62 21818548.60
Taxes withheld 54298939.95 23448257.48
Others 12850273.62 18547516.11
Total 410408836.77 386027856.50
31. Non-current liabilities due in 1 year
Unit: yuan
Item Closing balance Opening balance
Long-term borrowings due in 1 year 9988404919.92 9097038606.84
Bonds payable due in 1 year 24776346.26 2199984665.18
Long-term payables due in 1 year 469720201.78 210450513.46
Lease liabilities due in 1 year 372384215.72 355262248.75
Total 10855285683.68 11862736034.23
Other notes:
Note 1: long-term borrowings due in one year are detailed in “Note VII. (34) Long-term borrowings”.Note 2: bonds payable due in one year are detailed in “Note VII. (35) Bonds payable”.
408Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Note 3: long-term payables due in one year are detailed in “Note VII. (37) Long-term payables”.Note 4: lease liabilities due in one year are detailed in “Note VII. (36) Lease liabilities”.
2. Long-term borrowings due in 1 year:
Unit: yuan
Item Closing balance Opening balance
Pledge loans 215734000.00 321514600.00
Mortgage loans 61478560.00 50070880.00
Guaranteed loans 3907158680.05 4305951049.35
Credit loans 5767240863.66 4367539196.66
Plus: interest payable on long-term borrowings 36792816.21 51962880.83
Total 9988404919.92 9097038606.84
3. Bonds payable due in 1 year:
Unit: yuan
Item Closing balance Opening balance
21 Hope Liuhe MTN001 (Rural Revitalization) 1999650244.74
21 Sichuan New Hope Liuhe ZR001 95553742.94
22 Sichuan New Hope Liuhe ZR001 8000000.00
Plus: interest payable on bonds payable 24776346.26 96780677.50
Total 24776346.26 2199984665.18
32. Other current liabilities
Unit: yuan
Item Closing balance Opening balance
Output tax to be reversed 32667937.34 27523231.36
Total 32667937.34 27523231.36
33. Reserve for insurance contract
Unit: yuan
Item Closing balance Opening balance
Unearned premium reserve 84407693.09 81795794.72
Guarantee compensation reserve 90216571.14 86915531.46
Total 174624264.23 168711326.18
34. Long-term borrowings
(1) Long-term borrowings by category
Unit: yuan
Item Closing balance Opening balance
Pledge loans 707384000.00 1037394600.00
Mortgage loans 148429789.60 199232580.80
Guaranteed loans 13569636903.56 17248217177.29
Credit loans 16289991585.08 16194268642.38
Add: Accrued interest 36792816.21 51962880.83
Less: long-term borrowings due in 1 year -9988404919.92 -9097038606.84
Total 20763830174.53 25634037274.46
Notes on classification of long-term borrowings:
409Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
* . Secured borrowings and pledges are as follows:
Unit: yuan
Amount of secured loan
Pledges Long-term borrowings Long-term borrowings due in 1
year
100% equity in Fucheng Xinhao Farming Co. Ltd. 9444800.00
100% equity in Gaomi Xinliu Farming Technology Co. 90000000.00 33000000.00
Ltd.
100% equity in Zhucheng Xinliu Farming Technology Co. 88050000.00 33000000.00
Ltd.
44.18% equity in Huanghua Xinhao Technology Co. Ltd. 30600000.00 20400000.00
100% equity in Raoyang Xinhao Farming Co. Ltd. 31888800.00
100% equity in Baiyin New Hope Farming Technology 132000000.00 26000000.00
Co. Ltd.
76.9231% equity in Kangping Xinwang Farming Co. Ltd. 106000000.00 32000000.00
39.34% equity in Xiangzhou Xinhao Farming Co. Ltd. 45000000.00 30000400.00
Total 491650000.00 215734000.00
* . Mortgage loans and collaterals are presented as follows:
Unit: yuan
Amount of mortgage loan
Original book
Collaterals Long-term Long-term borrowings
value of collateral
borrowings due in 1 year
Land and construction in progress of Hanzhong New 43068570.99 28500000.00 600000.00
Hope Liuhe Farming Technology Co. Ltd.Land and buildings of Beijing Kinghey Food Co. Ltd. 185463534.24 48000000.00 15000000.00
Land of Mianyang New Hope Liuhe Farming 7233971.60 14750000.00
Technology Co. Ltd.Land and buildings of Taizhou New Hope Agriculture 37471909.75 29000000.00
Co. Ltd.Land and buildings of New Hope Singapore 46590899.25 10451229.60 2128560.00
Biotechnology Pte. Ltd.Total 319828885.83 86951229.60 61478560.00
* . Guaranteed borrowings are presented as follows:
Unit: yuan
Closing balance of guaranteed loans
Names of the guarantor and the guaranteed Long-term Long-term borrowings
borrowings due in 1 year
Guarantee provided by New Hope Liuhe Co. Ltd. for Anyang Xinliu 36000000.00 24000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Beijing Xinliu Farming 108169977.00 37260634.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Bijie Xinliu Farming 47520000.00 15840000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Cao County Xinhao 50006236.27
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Chenzhou Xinhao 180375000.00 60375000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Chengdu Century 300000000.00
Investment Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Chengdu Xinjin Xinhao 83222250.00 17470000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Dacheng Xinhao 38600000.00 8400000.00
Technology Co. Ltd.
410Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by New Hope Liuhe Co. Ltd. for Daqing Liuhe Feed Co. 10000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Shan County Xinhao 34950000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Dong’e New Hope 40000000.00
Liuhe Swine Breeding Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Donghai Xinhao 40000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Dongying Xinhao 48000000.00
Modern Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Fuping Xinliu Farming 43000000.00 11000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Gaotang Xinhao 1933200.00 25339636.50
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guanling Xinmu 62280000.00 18800000.00
Breeding Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guang’an Xinhao 204122448.32 56309640.91
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guangdong Jiahao 120000000.00
Agricultural Products Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guanghan Guoxiong 90000000.00
Feed Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guangyuan Xinhao 218000000.00 72000000.00
Agricultural Development Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guangzhou Hope Feed 30000000.00 9000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Guigang Xinliu Farming 89550000.00 29850000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hainan Chengmai New 99000000.00 6000000.00
Hope Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hebei Kinghey Meat 198000000.00
Industry Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hebei Xinhao Fucheng 83460000.00 40000000.00
Agricultural Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hezhou Xinhao Modern 157500000.00 52500000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hengnan Muyun Eco- 47000000.00 21000000.00
agriculture Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hengshui Jizhou District 55800000.00 22000000.00
Xinhao Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hengyang Xinhao 21669750.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Hubei Xinhao Farming 252094436.22 93644435.86
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Jiangmen Liuhe Feed 69000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Jiangsu Liuhe Feed Co. 10000000.00
Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Jiangxi New Hope Liuhe 54250000.00
Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Juye Xinhao Farming 16000000.00 26000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Kangping Xinwang 29160000.00 58335000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Laibin Xinhao Farming 34800000.00 101500000.00
Co. Ltd.
411Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by New Hope Liuhe Co. Ltd. for Laixi New Hope Liuhe 211029083.95 551694841.56
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Laiyang Xinmu 20000000.00 45000000.00
Breeding Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Laiyang Xinhao Animal 15000000.00
Husbandry Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Liquan New Hope Liuhe 24000000.00 36000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Liaoning Kinghey Food 170000000.00 20000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Liaoning Xinwang 428451300.00 127582700.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Liuzhou Xinliu Farming 38250000.00 12750000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Longhai New Hope 35000000.00
Liuhe Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Meishan Xinmu 7000000.00 39000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Nanchong New Hope 10000000.00
Feed Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Nanjing Xinmu Farming 21928572.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Nanning Xinhao 126000000.00 42000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Nanning Xinliu Farming 56250000.00 18750000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Neiqiu Xinliu Farming 200013600.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Ningbo New Hope 18750000.00
Liuhe Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Ningbo New Hope 38000000.00 7000000.00
Liuhe Feed Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Ningming Xinhao 180000000.00 60000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Panjin New Hope Liuhe 90000000.00 10000000.00
Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Pucheng Xinliu 51677508.32
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Puyang Xinliu Farming 40157104.52
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Ruzhou Quansheng 31500000.00
Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Ruyuan Yao 28000000.00
Autonomous County Xinhao Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Rui’an New Hope Liuhe 25000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Santai New Hope 74006845.85 95000000.00
Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Shandong Kinghey 86096162.74 34438465.12
Food Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Shaoyang Xinmu 19820000.00 7960000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Shenze New Hope Liuhe 87970003.00 44000000.00
Breeding Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Shenyang New Hope 10000000.00
Farming Technology Co. Ltd.
412Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by New Hope Liuhe Co. Ltd. for Shiyan Xinyue Farming 36300000.00 18150000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Sichuan New Hope 274000000.00 26000000.00
Animal Nutrition Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Sichuan New Hope 1237050000.00 106480000.00
Liuhe Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Taiqian Xinliu Farming 54000000.00 36000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Taizhou New Hope 9800000.00 20090000.00
Agriculture Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Tangshan Xinhao 225750000.00 32250000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Tianjin Xinliu Farming 94473818.10 23501079.86
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Tianjin New Hope Liuhe 70405205.86 11594794.14
Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Tongcheng Xinliu 66596012.81 33457104.00
Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Weifang New Hope 40000000.00
Liuhe Feed Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Weinan Xinliu 308199487.00 80400114.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wuqi Xinliu 35000000.00 20000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wuhe New Hope Liuhe 330205603.10 149349612.91
Animal Husbandry Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wulong New Hope 10000000.00
Liuhe Feed Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Wuwei New Hope Liuhe 25563000.00 10889500.00
Feed Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Xiajiang Xinliu Farming 15000000.00
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Xiangshan Huatong 20000000.00 40000000.00
Animal Husbandry Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Xinji Xinliu Farming 82500000.00 55000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for New Hope Liuhe (Zibo)
39800000.1211811428.52
Agricultural Technology Development Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for New Hope Singapore 1581448000.00
Pte. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Xingren Xinliu Farming 49500000.00 16500000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yantai Xinhao Farming 183505875.80
Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yan’an Benyuan 27000000.00 3000000.00
Agricultural Technology Development Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yanting Xinhao 144000000.00 113143000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yangling Besun 22955269.05 8051016.00
Agricultural Industry Group Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yichun Xinwang 30000000.00 14000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Yijun Xinliu 102500000.00 16000000.00
Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zhanjiang Guoxiong 25947629.76
Feed Co. Ltd.
413Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Guarantee provided by New Hope Liuhe Co. Ltd. for Zhangwu Xinwang 79000000.00 16000000.00
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zhaoqing Xinhao 98919999.96
Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zhejiang Yihai 23651250.00 9010000.00
Agricultural Development Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zhenjiang New Hope 10000000.00
Liuhe Farming Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Chongqing Tongliang 9500000.00 500000.00
New Hope Liuhe Farming Technology Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Chongqing New Hope 175000000.00
Feed Co. Ltd.Guarantee provided by New Hope Liuhe Co. Ltd. for Zibo Xinhao Farming 44886270.43 10838000.00
Co. Ltd.Total 9662478223.51 3907158680.05
Other notes including on the interest rate range covered:
The interest rate range for long-term borrowing at the end of the period was 2.90%-5.91%.
35. Bonds payable
(1) Bonds payable
Unit: yuan
Item Closing balance Opening balance
New Hope-CB (Note 1) 939467701.50 940988736.84
21 Hope Liuhe MTN001 (Rural
143313972.612081316911.44
Revitalization) (Note 2)
New Hope-CB2 (Note 3) 7418114781.90 7102816482.77
21 Sichuan New Hope Liuhe ZR001
0.0095882489.61
(Note 4)
22 Sichuan New Hope Liuhe ZR001
0.00385520577.95
(Note 5)
24 Hope Liuhe PPN001 (Note 6) 491872528.02 0.00
Less: bonds payable due in 1 year -24776346.26 -2199984665.18
Total 8967992637.77 8406540533.43
(2) Increase or decrease in bonds payable (excluding preferred stocks perpetual bonds and other financial
instruments classified as financial liabilities)
Unit: yuan
Con
vert
Amor ed Less:
Intere
tizatio into bond
Bo st Vio
Dist Curre n of Curren shar s Closin
Nomin Issu nd Openin accru lati
Bond ribut Issue nt premi t es paya g
al ing dur g ed at on
name ion amount issuan um repay in ble balanc
value date ati balance nomin or
rate ce and ment the due e
on al not
disco curr in 1
value
unt ent year
peri
od
New 4000 Note Jan 6 39860 94098 1127 2421 15190 24 93946 No
414Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Hope 00000 (1) uar 00000. 8736.8 1862. 780.6 633.6 045 7701.-CB 0.00 y 3 00 4 95 0 0 .29 50
202
0
21
Hope
Liuh
Mar
e 3+
2000 ch 19940 20813 1964 1958 3313 14000
MTN 3.00 2 3497
00000 17 00000. 16911. 7305. 00000 972. 0000. No
001 % ye 55.26
0.002020044950.046100
(rural ars
1
revita
lizati
on)
Nov
emb
New 8150 81360 71028 7057 3099 65149 52 1629 7401
Note er
Hope 00000 6 00000. 16482. 7296. 2276 083.1 678 5706 81907 No
(3)2
-CB2 0.00 00 77 67 3.75 8 .11 .97 4.93
202
1
21
Sichu
Nov
an
emb
New 10000 3574 99902
4.02 er 98560 95882 4462
Hope 0000. 3 226.6 973.3 No
%25000.00489.6157.06
Liuh 00 8 5
202
e
1
ZR00
1
22
Sichu
an Mar
New 40000 ch 39424 38552 1539 2479 40339
4.02
Hope 0000. 31 3 0000.0 0577.9 6600. 422.0 6600. No
%
Liuh 00 202 0 5 00 5 00
e 2
ZR00
1
24
Aug
Hope 3+
50000 ust 48504 4850 5166 1660 5166 48670
Liuh 3.10 2
0000. 28 5000.0 4500 666.6 861.3 666. 5861. No
e % ye
0020200.00846834
PPN ars
001
150931060648501256317225417624778967
—
Total —— 84500 52519 4500 3395 8084 63929 723 6346 99263
—
0.008.610.008.930.060.17.40.267.77
(3) Notes on convertible corporate bonds
Note (1): In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd.(ZJXK [2019] No. 1902) issued by the CSRC the Company publicly issued 40 million convertible corporate bonds each having a par
value of 100 yuan on January 3 2020 for a total amount of 4 billion yuan and a term of 6 years.
415Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
The distribution rate of the convertible corporate bonds is 0.20% in Year 1 0.40% in Year 2 0.80% in Year 3 1.20% in Year 4
1.60% in Year 5 and 2.00% in Year 6 with interest paid annually. The bonds are convertible from the first trading day (July 9 2020)
after six months following the end date of issuance (January 9 2020 T+4 days) until the maturity date (January 2 2026). The bond
holders may request for share conversion during the conversion period.The initial conversion price of the convertible corporate bonds is 19.78 yuan/share which is not lower than the average trading
price of the Company's A-share stocks in twenty trading days prior to the announcement of the Prospectus (if the stock price has been
adjusted due to rights issue or dividend distribution within the twenty trading days the average trading price of the trading days before
the adjustment shall be calculated based on the adjusted price after the rights issue or dividend distribution) and the average trading
price of the Company's A-share stocks on the previous trading day.At the 2019 annual general meeting held on April 28 2020 the 2019 Annual Profit Distribution Plan was passed to distribute
cash dividend of 1.50 yuan (tax-inclusive) per 10 shares to all shareholders based on the total number of shares specified in the 2019
annual profit distribution implementation announcement net of the repurchased shares that do not participate in the distribution. After
the implementation of this plan the conversion price was adjusted from 19.78 yuan/share to 19.63 yuan/share effective as of June 19
2020.
On September 18 2020 in accordance with the Approval on the Non-public Offering of Stocks by New Hope Liuhe Co. Ltd.(ZJXK [2020] No.1961) issued by the CSRC the Company issued 177147918 shares of common stocks (A-share) denominated in
RMB to two particular investors in a non-public manner with the newly issued shares registered with CSDC Shenzhen and listed on
Shenzhen Stock Exchange on October 29 2020 at an issue price of 22.58 yuan/share. The bonds became convertible as of July 9 2020
and the Company’s total share capital increased to 4504101656 shares from 4326953738 shares as at September 18 2020.According to the relevant terms of the convertible corporate bonds the conversion price of “New Hope-CB” was adjusted from 19.63
yuan/share to 19.75 yuan/share as of October 29 2020. The new conversion price took effect as of October 29 2020.On April 26 2022 and May 31 2022 the 52nd meeting of the 8th board of directors and the 2021 annual general meeting were
respectively held to consider and approve the Proposal Regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New Hope Liuhe
Co. Ltd.’ and its Summary; on July 25 2022 the 3rd meeting of the 9th board of directors was held to deliberate and approve the
Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 and the Proposal on the Initial Grant of Restricted
Stocks to Incentive Objects. The Company granted 33.2750 million restricted stocks to 199 incentive objects at a price of 7.98
yuan/share on the initial grant date of July 25 2022. The source of stocks is the A-share common stocks denominated in RMB issued
by the Company to the incentive objects in a targeted manner with the newly issued shares registered with CSDC Shenzhen. According
to the relevant terms of the convertible corporate bonds the conversion price of "New Hope-CB" was adjusted from 19.75 yuan/share
to 19.66 yuan/share as of September 15 2022.Under the Restricted Stock Incentive Plan 2022 the Company reserved restricted stocks for 377 incentive objects with an initial
grant price of 7.98 yuan/share. The source of stocks is the A-share common stocks denominated in RMB issued by the Company to
the incentive objects in a targeted manner with the newly issued shares registered with CSDC Shenzhen and listed on Shenzhen Stock
416Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Exchange on July 25 2023. According to the relevant terms of the convertible corporate bonds the conversion price of "New Hope-
CB" was adjusted from 19.66 yuan/share to 19.64 yuan/share as of July 25 2023.From November 16 2023 to December 6 2023 the closing price of the Company's stocks was lower than 80% of the current
conversion price for 15 trading days triggering the condition for lowering the conversion price. On December 27 2023 the 25th
meeting of the 9th board of directors considered and approved the Proposal on Lowering the Conversion Price of New Hope-CB. In
accordance with the Prospectus and the authorization of the third extraordinary general meeting in 2023 the board of directors decided
to lower the conversion price of "New Hope-CB" from 19.64 yuan/share to 10.6 yuan/share. The new conversion price took effect as
of December 28 2023.Note (2): On April 28 2020 the 2019 annual general meeting considered and approved the Proposal on Issuing Medium-Term
Notes agreeing with the Company’s applying to the National Association of Financial Market Institutional Investors (NAFMII) for the
registration and issuance of medium-term notes not exceeding 5 billion yuan. According to the Notice of Acceptance of Registration
(ZSXZ [2020] MTN920) issued by the NAFMII the Company issued 2 billion yuan of 2021 First Tranche Medium-term Note (Rural
Revitalization) on March 17 2021 with a distribution rate of 4.9% and a term of 3+2 years. In February 2024 investors exercised the
put option and the issuer's option to adjust the distribution rate. The final repurchased amount was 1.86 billion yuan and the distribution
rate of the not repurchased portion was 3.00%.Note (3): In accordance with the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd.(ZJXK [2021] No. 1351) issued by the CSRC the Company publicly issued 81.5 million convertible corporate bonds each having a
par value of 100 yuan on November 2 2021 for a total amount of 8.15 billion yuan and a term of 6 years.The distribution rate of the convertible corporate bonds is 0.20% in Year 1 0.40% in Year 2 0.80% in Year 3 1.20% in Year 4
1.60% in Year 5 and 2.00% in Year 6 with interest paid annually. The bonds are convertible from the first trading day (May 9 2022)
after six months following the end date of issuance (November 8 2021 T+4 days) until the maturity date (November 1 2027). The
bond holders may request for share conversion during the conversion period.The initial conversion price of the convertible corporate bonds is 14.45 yuan/share which is not lower than the average trading
price of the Company's A-share stocks in twenty trading days prior to the announcement of the Prospectus (if the stock price has been
adjusted due to rights issue or dividend distribution within the twenty trading days the average trading price of the trading days before
the adjustment shall be calculated based on the adjusted price after the rights issue or dividend distribution) and the average trading
price of the Company's A-share stocks on the previous trading day.On April 26 2022 and May 31 2022 the 52nd meeting of the 8th board of directors and the 2021 annual general meeting were
respectively held to consider and approve the Proposal Regarding the ‘Restricted Stock Incentive Plan 2022 (Draft) of New Hope Liuhe
Co. Ltd.’ and its Summary; on July 25 2022 the 3rd meeting of the 9th board of directors was held to deliberate and approve the
Proposal on Adjusting Matters Related to the Restricted Stock Incentive Plan 2022 and the Proposal on the Initial Grant of Restricted
Stocks to Incentive Objects. The Company granted 33.2750 million restricted stocks to 199 incentive objects at a price of 7.98
yuan/share on the initial grant date of July 25 2022. The source of stocks is the A-share common stocks denominated in RMB issued
417Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
by the Company to the incentive objects in a targeted manner with the newly issued shares registered with CSDC Shenzhen. According
to the relevant terms of the convertible corporate bonds the conversion price of "New Hope-CB2" was adjusted from 14.45 yuan/share
to 14.40 yuan/share as of September 15 2022.Under the Restricted Stock Incentive Plan 2022 the Company reserved restricted stocks for 377 incentive objects with an initial
grant price of 7.98 yuan/share. The source of stocks is the A-share common stocks denominated in RMB issued by the Company to
the incentive objects in a targeted manner with the newly issued shares registered with CSDC Shenzhen and listed on Shenzhen Stock
Exchange on July 25 2023. According to the relevant terms of the convertible corporate bonds the conversion price of "New Hope-
CB2" was adjusted from 14.40 yuan/share to 14.30 yuan/share as of July 25 2023.From November 16 2023 to December 6 2023 the closing price of the Company's stocks was lower than 80% of the current
conversion price for 15 trading days triggering the condition for lowering the conversion price. On December 27 2023 the 25th
meeting of the 9th board of directors considered and approved the Proposal on Lowering the Conversion Price of New Hope-CB. In
accordance with the Prospectus and the authorization of the third extraordinary general meeting in 2023 the board of directors decided
to lower the conversion price of "New Hope-CB2" from 14.39 yuan/share to 10.6 yuan/share. The new conversion price took effect as
of December 28 2023.Note (4): On November 25 2021 the Company listed the 100 million yuan debt financing plan on Beijing Financial Assets
Exchange with an interest rate of 4.02% and a term of 3 years.Note (5): On March 31 2022 the Company listed the 400 million yuan debt financing plan on Beijing Financial Assets Exchange
with an interest rate of 4.02% and a term of 3 years.Note (6) : on August 28 2024 the Company issued the New Hope Liuhe Co. Ltd. 2024 First Tranche Targeted Debt Financing
Instrument (the "24 Hope Liuhe PPN001") with an interest rate of 3.10% and a term of 3+2 years.
36. Lease liabilities
Unit: yuan
Item Closing balance Opening balance
Lease payment 5475758415.02 6307385587.19
Unrecognized financing cost -2022809077.76 -2384432144.54
Less: lease liabilities due in 1 year -372384215.72 -355262248.75
Total 3080565121.54 3567691193.90
37. Long-term payables
Unit: yuan
Item Closing balance Opening balance
Long-term payables 811568597.90 345682362.19
Total 811568597.90 345682362.19
418Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(1) Presentation of long-term payables by nature
Unit: yuan
Item Closing balance Opening balance
Sale-and-leaseback financing lease
1375964345.08597137304.41
payable
Other payables 1567500.00
Unrecognized financing cost -96243045.40 -41004428.76
Less: long-term payables due in 1 year 469720201.78 210450513.46
Total 811568597.90 345682362.19
Other notes:
1) Subsidiaries of the Company transferred some machinery and equipment as well as buildings and structures to lease companies
and lease them back. Upon the expiration of the lease term they acquire the ownership of such machinery and equipment at a nominal
amount ranging from 1 to 10000 yuan. As such sale-and-leaseback transactions are not sales the relevant assets are not derecognized
with the long-term payables equal to the transfer price recognized. For details please refer to "Note VII. (21) Assets with restricted
ownership or use right".
2) The Company's subsidiary Hainan Xinliu Agricultural Reclamation Farming Technology Co. Ltd. obtained a special project
fund from Haikou Lizhilang Village Group Agricultural Development Co. Ltd. According to the agreement the said company does
not need to repay the principal upon the expiration of the term of the agreement except that the project cannot be implemented due to
force majeure or there is a breach of contract leading to the termination of the agreement where the said company has to fully repay
the principal. The Company believes that the force majeure factors cannot be predicted and the said company does not expect any
breach of contract so this special fund is accounted for as a long-term payables.
38. Deferred income
Unit: yuan
Reason for
Item Opening balance Current increase Current decrease Closing balance
formation
Government
391611153.9658903058.6368065378.20382448834.39
subsidies
Total 391611153.96 58903058.63 68065378.20 382448834.39 --
Other note: government subsidies are detailed in “Note XI. Government subsidies”.
39. Share capital
Unit: yuan
Current increase or decrease (+ -)
Provident
Opening balance New fund Bonus Closing balance
shares converted Others Subtotal
shares
issued into
shares
Total
4545775901.005234.00-19842487.00-19837253.004525938648.00
shares
Other notes:
419Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
In accordance with the resolution of the 2018 annual general meeting and the Approval on the Public Offering of Convertible Corporate
Bonds by New Hope Liuhe Co. Ltd. (ZJXK [2019] No. 1902) issued by the CSRC the Company publicly issued 40 million convertible
corporate bonds (“New Hope-CB”) each having a par value of 100 yuan on January 3 2020 for a total amount of 4 billion yuan
convertible from July 9 2020 to January 2 2026; in accordance with the resolution of the second extraordinary general meeting in
2020 and the Approval on the Public Offering of Convertible Corporate Bonds by New Hope Liuhe Co. Ltd. (ZJXK [2021] No. 1351)
issued by the CSRC the Company publicly issued 81.5 million convertible corporate bonds each having a par value of 100 yuan on
November 2 2021 for a total amount of 8.15 billion yuan convertible from May 9 2022 to November 1 2027. The conversion of
convertible corporate bonds in this period increased the share capital by 5234 shares. The cancellation of treasury stock decreased the
share capital by 19842487 shares.
40. Other equity instruments
(1) Basic information on other financial instruments such as preferred stocks and perpetual bonds outstanding at the end of
the period
1) Convertible corporate bonds
Convertible corporate bond 1: as approved by the CSRC in Document “ZJXK [2019] No. 1902” the Company publicly issued 40
million convertible corporate bonds each having a par value of 100 yuan on January 3 2020 for a total amount of 4 billion yuan. With
the consent from the SZSE in Document “SZS [2020] No. 60” the 4 billion yuan convertible corporate bonds were listed for trading
on SZSE as of February 4 2020 with the abbreviation “New Hope-CB” and code “127015”. The term of the convertible corporate
bonds is from January 3 2020 to January 2 2026 and they are convertible from July 9 2020 to January 2 2026.Convertible corporate bond 2: as approved by the CSRC in Document “ZJXK [2021] No. 1351” the Company publicly issued
81.5 million convertible corporate bonds each having a par value of 100 yuan on November 2 2021 for a total amount of 8.15 billion
yuan. With the consent from the SZSE the 8.15 billion yuan convertible corporate bonds were listed for trading on SZSE as of
November 29 2021 with the abbreviation “New Hope-CB2” and code “127049”. The term of the convertible corporate bonds is from
November 2 2021 to November 1 2027 and they are convertible from from May 9 2022 to November 1 2027.
2) Perpetual bonds
Perpetual bond 1: In December 2022 Bohai International Trust Co. Ltd. (the lender) issued a renewable loan of 800 million yuan
to the Company (the borrower) for an initial term of 2 years agreeing that the term commences from the date when the perpetual loan
is actually transferred into the borrower-designated account which date is the value date. Each year after the expiration of the initial
loan period is an extended loan period and the borrower one month before the expiration of each loan period has the option to extend
the loan period by one year or to repay to the lender the balance of all trust loan principal and all interests and derivative yields upon
the expiration of each loan period. The loan interest rate for the initial term is 6.3%. After the expiration of the initial term the annual
interest rate will be increased once a year by 300bp (3.00%) and by analogy up to 10.5%. This perpetual bond has been redeemed
during this period.Perpetual bond 2: In June 2023 Lujiazui International Trust Co. Ltd. (the lender) issued a renewable loan of 230 million yuan to
the Company (the borrower) for an initial term of 12 months and an indefinite term agreeing that the term commences from the date
when the perpetual loan is actually transferred into the borrower-designated account which date is the value date. Each 12 months after
the expiration of the initial term is an extended term and the borrower on the corresponding date of 12 months after expiration of each
term and any day thereafter has the right to redeem the entire loan proceeds of the tranche from the lender at the balance of such loan
principal (balance of investment principal=investment principal –investment principal redeemed by the borrower (if any)) plus interest
payable (including current interest and all interest and penalty interest subject to deferred payment) and any and all other amounts
420Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
payable but not yet paid. The loan interest rate comprises initial interest rate and reset interest rate the former of which is 6% and the
interest rate is reset on the expiry date of each loan period with the reset investment interest rate calculated at the higher of the following
two: * investment interest rate =initial loan interest rate + [300bp]; * investment interest rate = base rate at the interest rate resetting
date + initial interest spread +[300bp] (initial interest spread =initial investment interest rate – base rate at the value date) and the
investment interest rate is limited to a maximum of 9.5%. This perpetual bond has been redeemed during this period.Perpetual bond 3: In May 2024 Northern International Trust Co. Ltd. (the lender) issued a renewable loan of 800 million yuan
to the Company (the borrower) for an initial term of 2 years agreeing that the term commences from the date when the perpetual loan
is actually transferred into the borrower-designated account which date is the value date. Each year after the expiration of the
initial term is an extended term and the borrower within forty days before the expiration of each term has the
option to extend the term by one year or to repay to the lender the balance of all trust loan principal and all interests
and fructus upon the expiration of each term. The loan interest rate for the initial term is 6.3%. After the expiration of the initial
term the annual interest rate will be increased once a year by 300bp (3.00%) and by analogy up to 10.5%.Perpetual bond 4: In July 2024 Zhongyuan Trust Co. Ltd. (the lender) issued a renewable loan of 400 million yuan to the
Company (the borrower) for an initial term of 12 months and an indefinite term agreeing that the term commences from the date when
the perpetual loan is actually transferred into the borrower-designated account which date is the value date. Each 12 months after the
expiration of the initial term is an extended term and the borrower on the corresponding date of 12 months after expiration of each
term and any day thereafter has the right to redeem the entire loan proceeds of the tranche from the lender at the balance of such loan
principal (balance of investment principal=investment principal –investment principal redeemed by the borrower (if any)) plus interest
payable (including current interest and all interest and penalty interest subject to deferred payment) and any and all other amounts
payable but not yet paid. The loan interest rate comprises initial interest rate and reset interest rate the former of which is 5.6% and
the interest rate is reset on the expiry date of each loan period with the reset investment interest rate calculated at the higher of the
following two: * investment interest rate =initial loan interest rate + [300bp]; * investment interest rate = base rate at the interest
rate resetting date + initial interest spread +[300bp] (initial interest spread =initial investment interest rate – base rate at the value date)
and the investment interest rate is limited to a maximum of 8.5%.Perpetual bond 5: In December 2024 Zhongyuan Trust Co. Ltd. (the lender) issued a renewable loan of 300 million yuan to the
Company (the borrower) for an initial term of 12 months and an indefinite term agreeing that the term commences from the date when
the perpetual loan is actually transferred into the borrower-designated account which date is the value date. Each 12 months after the
expiration of the initial term is an extended term and the borrower on the corresponding date of 12 months after expiration of each
term and any day thereafter has the right to redeem the entire loan proceeds of the tranche from the lender at the balance of such loan
principal (balance of investment principal=investment principal –investment principal redeemed by the borrower (if any)) plus interest
payable (including current interest and all interest and penalty interest subject to deferred payment) and any and all other amounts
payable but not yet paid. The loan interest rate comprises initial interest rate and reset interest rate the former of which is 4.3% and
the interest rate is reset on the expiry date of each loan period with the reset investment interest rate calculated at the higher of the
following two: * investment interest rate =initial loan interest rate + [300bp]; * investment interest rate = base rate at the interest
rate resetting date + initial interest spread +[300bp] (initial interest spread =initial investment interest rate – base rate at the value date)
and the investment interest rate is limited to a maximum of 8.5%.
(2) Table of changes in financial instruments such as preferred stocks and perpetual bonds outstanding at the end of the
period
Unit: yuan
Outstanding Beginning Current increase Current decrease Ending
financial Quanti Quanti
instruments Quantity Book value Book value Book value Quantity Book value ty ty
421Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
New Hope- 949439 191743636.7 9494146.0 191738579.3
250.005057.46
CB 6.00 7 0 1
New Hope- 814355 1798139004 81435048. 1798127592
526.0011411.39
CB2 74.00 .05 00 .66
Perpetual 1030000000 1500000000 1030000000 1500000000
bonds .00 .00 .00 .00
90929930198826401500000000103001646890929194.3489866171
Total 776.00
70.00.82.00.8500.97
Notes on the current increase or decrease in other equity instruments causes of changes and basis of related accounting treatment: none
41. Capital reserve
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
Capital premium - (share capital
4129381112.99285340591.03887859933.033526861770.99
premium)
Other capital reserves 1844850643.20 -61271118.70 107486982.74 1676092541.76
Thereof: other equity changes of
1669160062.1811491514.337103159.341673548417.17
investees
Provision for donated non-cash assets
2544124.592544124.59
received
Others 173146456.43 -72762633.03 100383823.40
Total 5974231756.19 224069472.33 995346915.77 5202954312.75
Other notes including those on the increase or decrease and the cause of changes:
Among the current increase in capital (share capital) premium 39034.13 yuan represents the capital reserve increased by the
conversion of "New Hope-CB"; 24980244.12 yuan represents the increase in capital (share capital) premium due to the gains from
the external disposal of corresponding shares after the employees involved in the equity incentive plan resigned during the waiting
period; 100383823.40 yuan represents the increase in capital (share capital) premium due to the carry-over of other capital reserves
confirmed during the waiting period as the conditions for the previous equity incentive plan and the lifting of restricted stocks have
been met; 17867696.71 yuan represents the increase in capital (share capital) premium caused by the reduction of treasury stock due
to the termination of the previous equity incentive plan and restricted stocks; and 142069792.67 yuan represents the increase in capital
(share capital) premium caused by equity change in subsidiaries in the current period. Among the current decrease in capital (share
capital) premium 108430783.37 yuan represents the decrease in capital (share capital) premium due to the difference between the
treasury stocks allocated to employees and the confirmed repurchase obligation under the ESOP 2024 (for details see Note VII (42));
319024429.85 yuan represents the decrease in capital (share capital) premium due to the cancellation of 19842487 shares by the
Company for the management of the account for share repurchase; and 460404719.81 yuan represents the decrease in capital (share
capital) premium caused by changes in minority equity and equity of subsidiaries in the current period.The increase in “Other equity changes of investees” in other capital reserves involves the share of the Company in the capital
reserve changes of China Minsheng Bank and other companies accounted for using equity method calculated at the shareholding ratio;
the decrease in "Other equity changes of investees" is caused by the carried over gains or losses from the capital reserve that was
previously recognized using the equity method due to the disposal of the equity of the joint venture Qingdao Big Herdsman Machinery
Co. Ltd. The current increase in “Others” is the capital reserve recorded in the owner's equity for share-based payments and the current
decrease represents the premium of other capital reserves converted into capital (share capital) recognized during the waiting period as
the conditions for the previous equity incentive plan and the lifting of restricted stocks have been met.
422Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
42. Treasury stocks
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
Treasury stock 927097599.44 42513747.77 740587443.45 229023903.76
Total 927097599.44 42513747.77 740587443.45 229023903.76
Other notes including those on the increase or decrease and the cause of changes:
The current increase in treasury stock involves a total of 8838617 shares granted to the relevant core employees of the Company's
overseas business at 4.81 yuan per share with the shares repurchased through centralized competitive bidding in accordance with the
proposal regarding the ESOP 2024 of New Hope Liuhe Co. Ltd. considered and approved at the 39th meeting of the 9th board of
directors and the 26th meeting of the 9th board of supervisors. In the current period the Company received 42513747.77 yuan of
share subscription funds from employees and recognized a total repurchase obligation of 42513747.77 yuan for the said ESOP.The current decrease in treasury stock include: 1. the reduction in the book balance of treasury stock by 150944531.14 yuan due
to the allocation of shares to employees under the ESOP; 2. the reduction in the book balance of treasury stock by 33779.97 yuan
corresponding to the 1978 shares of treasury stocks reduced due to the conversion of "New Hope-CB"; 3. the reduction in the book
balance of treasury stock by 338866916.85 yuan corresponding to the 19842487 shares canceled due to the Company's management
of the account for share repurchase; and 4. the decrease of treasury stocks by 250742215.49 yuan corresponding to the written-off
obligation to repurchase restricted shares as the the previous equity incentive plan lifts the condition.
43. Other comprehensive income
Unit: yuan
Current amount
Less: Less:
amount amount
recognized recognized
in profit or in retained Less: Attributabl
Opening Current Attributable
Item loss from earnings incom e to
Closing
balance amount to the parent other from other e tax minority balance
before company
comprehens comprehens expen shareholde
income tax after tax
ive income ive income se rs after tax
in the in the
previous previous
period period
I. Other
comprehens
ive income
that cannot 41898746. 208564526 207374394 1190131. 249273141.be 90 .00 .50 50 40
reclassified
into profit
or loss
Other
comprehens
ive income
that cannot 67519983. 4760526.0 3570394.5 1190131. 71090377.5
be 00 0 0 50 0
transferred
to profit or
loss under
423Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
the equity
method
Chang
e in fair
value of -
203804000203804000178182763.
investments 25621236..00.0090
in other 10
equity
instruments
II. Other
comprehens
ive income - - - -
52880491
to be 963004236 59360455. 112240946 107524518.52
reclassified .20 28 .80 3.00
into profit
or loss
Thereof:
other
comprehens
ive income
-
that can be 210923739 158192562 52731177 146176442.
12016119.
transferred .35 .10 .25 13
97
to profit or
loss under
the equity
method
Foreig
n currency - - - -
statement 950988116 270284194 270433508 149314.27 122142162
translation .23 .63 .90 5.13
difference
Total other - -
14920407095133447.54070623
comprehens 921105489 825972041..7270.02
ive income .30 60
Other notes including on the adjustments to the initially recognized amounts of the effective portion of cash flow hedging profit or
loss transferred to the hedged items:
44. Surplus reserve
Unit: yuan
Item Opening balance Current increase Current decrease Closing balance
Legal surplus reserve 3389553167.16 13499433.88 20914343.91 3382138257.13
Total 3389553167.16 13499433.88 20914343.91 3382138257.13
Notes on surplus reserve including on the current increase or decrease and causes of change:
The increase in surplus reserve in the current period includes the share of the parent company in the 10% provision of their respective
net profits. The decrease in surplus reserves in the current period represents the share of the Company that was reduced by the disposal
of subsidiaries.
424Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
45. Undistributed profits
Unit: yuan
Item Current amount Amount of the previous period
Undistributed profits at the end of the previous
9694814229.979472252710.50
period before adjustment
Total adjustment of beginning undistributed
41418.71
profits (increase + decrease -)
Beginning undistributed profits after
9694814229.979472294129.21
adjustment
Plus: net profits attributable to the owner of the
473599068.10249195333.87
parent company in current period
Less: appropriation of legal surplus reserve 13499433.88 55431404.61
Plus: distributed profit returned by shareholders
65812.50
not fulfilling the stock incentive plan
Less: payment of interest on perpetual bonds 64399388.89 71406666.67
Internal carryover of owner’s equity -20914343.91 -100097025.67
Ending undistributed profits 10111428819.21 9694814229.97
Breakdown of adjustment to beginning undistributed profits:
1) The effect of retrospective adjustments due to the Accounting Standards for Business Enterprises and its new related provisions on
the opening undistributed profits was 0.00 yuan.
2) The effect of changes in accounting policies on beginning undistributed profits was 0.00 yuan.
3) The effect of corrections of significant accounting errors on the beginning undistributed profits was 0.00 yuan.
4) The effect of change to scope of consolidation due to common control on the beginning undistributed profits was 0.00 yuan.
5) The total effect of other adjustments on the beginning undistributed profits was 0.00 yuan.
46. Operating income and operating cost
Unit: yuan
Current amount Amount in the previous period
Item
Income Cost Income Cost
Main business 102720227773.22 95894449242.91 141294571751.61 137486998442.07
Other businesses 342734481.12 256080473.06 408677179.71 317077658.83
Total 103062962254.34 96150529715.97 141703248931.32 137804076100.90
Whether the lower of audited net profits before and after deduction of nonrecurring profit and loss is negative
□Yes □No
Breakdown of operating income and operating cost:
Unit: yuan
Current amount YoY amount
Contract classification
Operating income Operating costs Operating income Operating costs
Business type
Thereof:
Feed 68698174673.48 65330054842.69 81279178937.09 77014765739.07
Pig business 30397998558.87 27368291585.36 28359516423.19 30356698050.48
Others 3966789021.99 3452183287.92 32064553571.04 30432612311.35
By region of operation
425Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Thereof:
Domestic 83028568266.36 78024081970.98 121624701286.38 119494205409.41
Overseas 20034393987.98 18126447744.99 20078547644.94 18309870691.49
Total 103062962254.34 96150529715.97 141703248931.32 137804076100.90
Information related to transaction prices allocated to remaining performance obligations:
The amount of revenue corresponding to performance obligations already contracted but not yet performed or completed at the end of
this reporting period was 2029782235.35 yuan of which 2029782235.35 yuan is expected to be recognized in 2025 yuan is
expected to be recognized in and yuan is expected to be recognized in .
47. Taxes and surcharges
Unit: yuan
Item Current amount Amount in the previous period
Urban maintenance and construction tax 1231264.08 14330994.07
Education surcharge 680778.60 6976551.94
Resources tax 1351330.02 6709367.08
Real estate tax 43590997.90 47019532.78
Land use tax 36450482.44 43899789.12
Vehicle and vessel use tax 942514.47 1007739.64
Stamp duty 78308907.31 101475043.87
Water conservancy fund 2877173.26 2643311.50
Local educational surcharge 453928.75 4658539.34
Health coverage tax 4109638.53 10012677.81
Others 2459641.01 2777308.54
Total 172456656.37 241510855.69
48. General and administrative expenses
Unit: yuan
Item Current amount Amount in the previous period
Employee compensation 1735982845.75 2141812077.44
Office costs 30231999.19 31857982.91
Travel expenses 54545274.54 83264759.07
Post and telecommunication expenses 19193963.36 24175282.81
Machine and materials consumption 44005807.66 59925442.65
Amortization of low-value consumables 4532555.71 6479975.73
Depreciation expenses 920231598.35 728713507.48
Right-of-use asset depreciation cost 212573208.11 253963209.45
Labor protection expenses 7168791.72 10046350.42
Rental expenses 33297154.99 39453763.31
Repair costs 39622967.03 40145229.26
Property insurance expenses 191059126.86 204097816.12
Traveling expenses 23875744.70 26916783.74
Membership dues and conference
7874659.4813059750.51
expenses
Water and electricity expenses 78276265.54 83878052.53
Business entertainment expenses 60887628.74 74316886.78
Intermediary fees 165441536.66 264467949.88
Inventory loss destruction and scrapping 6316495.27 10318188.38
Environmental protection fee 31466110.99 43510979.94
426Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Amortization of intangible assets 63370040.22 63299835.24
Amortization of long-term unamortized
27110818.5968506102.06
expenses
Inspection and test fees 26608212.65 35723425.32
Taxes and charges 15537353.80 25949611.11
Heating expenses 11843344.66 12579922.43
Equity incentive expenses -72586494.22 224572512.10
Others 17800094.22 28740255.96
Total 3756267104.57 4599775652.63
49. Selling expenses
Unit: yuan
Item Current amount Amount in the previous period
Employee compensation 1062688126.38 1417980751.28
Travel expenses 36133218.66 66043830.30
Machine and materials consumption 4058237.23 5429305.28
Amortization of low-value consumables 246044.70 230225.85
Depreciation expenses 4163136.08 4436023.21
Depreciation of right-of-use assets 741089.94 1876124.97
Rental expenses 6342631.88 8852670.51
Traveling expenses 6317386.60 8508220.01
Inspection and quarantine expenses 10142100.33 8875126.68
Advertising expenses 1672952.88 5850949.32
Publicity expenses 42827888.01 64858672.91
Service charge 15763115.49 12699842.91
Handling expenses 20925212.02 54235037.33
Warehousing expenses 5026927.09 30007268.25
Market management expenses 30094944.15 73228809.06
Amortization of revolving materials 2570063.55 2602678.76
Others 10394665.34 12244092.42
Total 1260107740.33 1777959629.05
50. R&D expenses
Unit: yuan
Item Current amount Amount in the previous period
Direct materials 101851560.35 73515548.86
Employee compensation 98223976.52 56135516.74
Technology service charge 10469889.09 17938747.13
Depreciation expenses 8373083.37 9306561.58
Inspection and test fees 7415092.87 4885192.84
Travel expenses 5001978.70 9248352.45
Right-of-use asset depreciation cost 2869038.73 3018577.08
Rental expenses 2668332.90 3377440.87
Amortization of long-term unamortized
2361872.434237810.98
expenses
Amortization of intangible assets 2345377.48 2727818.52
Labor cost 2047171.37 1150868.91
Water electricity and fuel expenses 1428738.12 3058122.86
Expert consulting fee 1011113.50 1658383.66
IP affairs expenses 894116.63 1417159.58
Cooperative development costs 49410.07 1763514.66
Equity incentive expenses -1218742.34 7199899.94
427Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Others 3853865.12 6535566.30
Total 249645874.91 207175082.96
51. Financial expenses
Unit: yuan
Item Current amount Amount in the previous period
Interest expenditure 2027921959.83 2046571213.67
Less: interest revenue -370394801.60 -146060341.45
Exchange loss 450464805.55 594134894.33
Less: exchange gain -347142416.26 -557833731.02
Others 43325836.94 38652547.28
Total 1804175384.46 1975464582.81
52. Other revenue
Unit: yuan
Source of other income Current amount Amount in the previous period
Amortization of deferred income - assets 43381472.87 58366988.01
Amortization of deferred income -
17967941.6317976013.13
income
Rebate of handling fee on withheld
5129751.133277639.18
personal income tax
Government subsidy related to daily
61510514.45167684725.23
business activities
Subtotal 127989680.08 247305365.55
53. Income from change in fair value
Unit: yuan
Source of income from change in fair value Current amount Amount in the previous period
Trading financial assets 61813411.14 -80464298.57
Thereof: income from change in fair value of
61874606.14-80464298.57
derivative instruments
Trading financial liabilities -61501138.75 -36695175.75
Total 312272.39 -117159474.32
Other notes:
The income from change in fair value represents the difference between closing market prices and costs of the stocks held and
futures and interest rate swaps purchased by the Company.
54. Investment income
Unit: yuan
Amount in the previous
Item Current amount
period
Income on long-term equity investments accounted for under the
1271176911.521300644689.86
equity method
428Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Investment income from disposal of long-term equity investments 309061647.64 2954705364.57
Investment income from disposal of trading financial assets 28489621.45 132286008.87
Dividend income from investments in other equity instruments
7274000.006784000.00
during the holding period
Gains from the remeasurement of the remaining equity at fair value
2277784633.88
after the loss of control
Gains from debt restructuring 1916532.45
Total 1617918713.06 6672204697.18
55. Credit impairment loss
Unit: yuan
Item Current amount Amount in the previous period
Bad debt loss on accounts receivable -176356415.59 -149860821.98
Bad debt loss on other receivables 6059487.79 -59905518.78
Total -170296927.80 -209766340.76
56. Asset impairment loss
Unit: yuan
Item Current amount Amount in the previous period
I. Loss on inventory revaluation and
impairment loss of contract performance 2459433.47 -1372457260.15
cost
II. Impairment loss of long-term equity
-21244938.68
investment
IV. Fixed assets impairment loss -2150453.13 -5386334.63
X. Goodwill impairment loss -2194351.61
Total -23130309.95 -1377843594.78
57. Income from asset disposal
Unit: yuan
Source of income from asset disposal Current amount Amount in the previous period
Income from disposal of fixed assets 11436972.84 41771670.40
Income from disposal of construction in
-294293395.89-135032224.03
progress
Income from disposal of productive
101737364.07111179981.91
biological assets
Income from disposal of intangible assets -636946.18 7427259.17
Income from disposal of right-of-use
64071739.2874703505.56
assets
Total -117684265.88 100050193.01
58. Non-operating income
Unit: yuan
Item Current amount Amount in the previous Amount included in current non-recurring
429Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
period profit or loss
Donation accepted 0.00 2010805.08 0.00
Government subsidies 0.00 0.00
Penalty revenue 12921655.18 14967456.11 12921655.18
Payables that cannot be paid 64323992.96 169765974.02 64323992.96
Revenue from insurance
32059000.7634634406.6132059000.76
indemnities
Others 3564484.26 279669.55 3564484.26
Total 112869133.16 221658311.37 112869133.16
59. Non-operating expenses
Unit: yuan
Amount in the previous Amount included in current
Item Current amount
period non-recurring profit or loss
External donations 3511080.98 6611372.84 3511080.98
Total loss from scrapping and
destruction of non-current 522932313.34 1052877692.34 522932313.34
assets
Thereof: loss from scrapping
23372553.4731128311.1223372553.47
and destruction of fixed assets
Loss from scrapping and
destruction of productive 483601923.19 997050140.73 483601923.19
biological assets
Loss from scrapping of
31576.23
intangible assets
Loss from destruction and
scrapping of construction in 15957836.68 24667664.26 15957836.68
progress
Penalty expenses 5861608.50 14177839.46 5861608.50
Indemnities/liquidated
94425429.94127567487.0094425429.94
damages
Extraordinary losses 1242167.59 2256981.27 1242167.59
Others 1194495.39 246930.52 1194495.39
Total 629167095.74 1203738303.43 629167095.74
60. Income tax expense
(1) Statement of income tax expenses
Unit: yuan
Item Current amount Amount in the previous period
Current income tax expense 393039869.57 468005849.62
Deferred income tax expense -111191859.43 -194392286.71
Total 281848010.14 273613562.91
(2) Process of adjustment to accounting profits and income tax expenses
Unit: yuan
Item Current amount
430Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Total profits 483470572.51
Income tax expenses calculated at statutory/applicable tax rates 120867643.13
Impact of different tax rates applied to subsidiaries -173157961.11
Impact of adjustment to income tax in previous periods 1165267.26
Impact of nontaxable income 223012170.00
Impact of non-deductible costs expenses and losses 14706177.08
Impact of using deductible losses on deferred income tax assets not recognized in the
-82607597.75
prior period
Impact of deductible temporary difference or deductible loss of deferred income tax
497717317.46
assets not recognized in the current period
Effect of tax rate changes on beginning deferred income tax balance 25973.48
Impact of additional R&D cost deduction -2561266.17
Impact of profit or loss of joint ventures and associates accounted for using equity
-317319713.24
method
Income tax expense 281848010.14
61. Other comprehensive income
Refer to Note VII. 43 “Other comprehensive income” for details.
62. Items in cash flow statement
(1) Other cash in connection with operating activities
Other cash received in connection with operating activities
Unit: yuan
Item Current amount Amount in the previous period
Various temporary receipts received 2369986328.12 2544635360.07
Various subsidies received 125543324.21 283782927.16
Interest revenue from bank deposits 383439940.49 93547765.05
Penalty revenue 12921655.18 14967456.11
Others 35552238.33 36889858.51
Total 2927443486.33 2973823366.90
Other cash paid in connection with operating activities
Unit: yuan
Item Current amount Amount in the previous period
Various provisional payment paid 3024416397.58 1366234897.85
Selling expenses 185641042.45 345404519.70
General and administrative expenses 799517768.73 1010390673.15
R&D expenses 34812957.81 51033349.26
Bank commission etc. 43325836.94 38652547.28
Penalty expenses 5861608.50 14177839.46
Others 97936510.92 134425790.36
Total 4191512122.93 2960319617.06
(2) Cash paid in connection with investing activities
Other cash received in connection with investing activities
431Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Unit: yuan
Item Current amount Amount in the previous period
Futures margin recovered and interest
266646139.57472296621.03
rate swap collections
Funds received for asset disposal 208500000.00
Money received for disposal of
56557668.67
subsidiaries in the previous year
Total 531703808.24 472296621.03
Other cash paid in connection with investing activities
Unit: yuan
Item Current amount Amount in the previous period
Funds paid to affiliates 4127588880.16
Futures margin paid and interest rate
256888528.25295343611.32
swaps
Cash reduced due to change in the scope
48528441.08
of consolidation
Total 4384477408.41 343872052.40
(3) Other cash in connection with financing activities
Other cash received in connection with financing activities
Unit: yuan
Item Current amount Amount in the previous period
Cash received from sale-and-leaseback 1130587499.80 560000000.00
Funds received from the unrestricted
240025388.33148659606.04
circulation of shares under ESOP
Equity incentive collection 42513747.77 39752551.41
Recovery of bond margin 4300000.00
Funds for Haikou engineering project
1500000.00
received
Total 1418926635.90 748412157.45
Other cash paid in connection with financing activities
Unit: yuan
Item Current amount Amount in the previous period
Repayment of perpetual bonds 1030000000.00 1400000000.00
Cash paid for acquisition of minority
500360000.005360808021.86
equities
Payment for financing lease 481577707.56 165797449.77
Payment of rental and interest on right-
403994582.06559064621.07
of-use assets
Refunding to minority shareholders due
311321355.55
to company deregistration
Equity incentive refund 153854230.38 76324413.98
Issue fee due diligence fee 6705000.00 7400000.00
Funds paid for the unrestricted
82071000.14148659606.04
circulation of shares under ESOP
Margin for financing 2000000.00 6000000.00
Interest paid on funds for Haikou
82500.00
engineering project
Total 2971966375.69 7724054112.72
432Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Change in various liabilities arising from financing activities
□Applicable □Not applicable
Unit: yuan
Current increase Current decrease
Opening
Item Non-cash Non-cash Closing balance balance Cash movement Cash movement
movement movement
Short-term 144829978 33847820512.7 4960433815.2 35563636420.0 17727615739.2
borrowings 31.21 9 6 0 6
Short-term
11125868.5
borrowings - 709535044.70 706761042.37 13899870.83
0
interest
Long-term
borrowings
34679113013139704350.130715442278.2
(including 9156925939.78 19107688.16
00.4774
those due in 1
year)
Long-term
51962880.81254868672.9
borrowings - 1270038737.56 36792816.21
34
interest
Bonds
payable
105097445
(including 500000000.00 302325840.06 2344001000.00 76723.40 8967992637.77
21.11
those due in 1
year)
Bonds
96780677.5
payable - 125633958.93 197638290.17 24776346.26
0
interest
Long-term
payables
556132875.
(including 1132087499.80 74728631.79 481660207.56 1281288799.68
65
those due in 1
year)
Lease
liabilities
392295344519670435.9
(including 453660912.61 403994582.06 3452949337.26
2.654
those due in 1
year)
64310811044636833952.37900294564.454107434629.8519747159.362220757825.5
Total
97.9275941
(4) Notes on cash flow presented on a net basis
None
63. Supplementary data for cash flow statement
(1) Supplementary data for cash flow statement
Unit: yuan
Additional information Current amount Prior amount
1. Adjustment of net profit to cash flow from operating
activities
433Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Net profit 201622562.37 -955424363.87
Plus: assets impairment provision 193427237.75 1587609935.54
Depreciation of fixed assets depletion of oil and gas
3197300112.503982739549.54
assets and depreciation of productive biological assets
Depreciation of right-of-use assets 442322348.29 681822132.74
Amortization of intangible assets 70699213.51 77457596.89
Amortization of long-term unamortized expenses 54128596.58 119708441.25
Loss from disposal of fixed assets intangible assets and
117684265.88-100050193.01
other long-term assets (“-” for gains)
Loss from retirement of fixed assets (“-” for gains) 522932313.34 1052877692.34
Loss from changes in fair value (“-” for gains) -312272.39 117159474.32
Financial expenses (“-” for gains) 2124856710.23 2090483794.39
Loss on investment (“-” for gains) -1617918713.06 -6672204697.18
Decrease in deferred income tax assets (“-” for
-105225065.20-175966605.23
increase)
Increase in deferred income tax liabilities (“-” for
-3372195.27-18186995.78
decrease)
Decrease in inventories
3112588252.363474396553.53
(“-” for increase)
Decrease in operating receivables (“-” for increase) 1542941039.88 1269706653.54
Increase in operating payables (“-” for decrease) -727120873.90 7371886831.53
Others
Net cash flows from operating activities 9126553532.87 13904015800.54
2. Significant investment and financing activities involving no
cash receipt or expenditure
Debts converted to capital
Convertible corporate bonds due in 1 year
Fixed assets under financing lease
3. Net change in cash and cash equivalents:
Closing balance of cash 7270605406.88 8655981208.31
Less: opening balance of cash 8655981208.31 9714019174.24
Plus: closing balance of cash equivalents
Less: opening balance of cash equivalents
Net increase in cash and cash equivalents -1385375801.43 -1058037965.93
(2) Net cash paid for acquisition of subsidiaries in the current period
Unit: yuan
Item Amount
Cash or cash equivalents paid in the current period for business
combinations occurred in the current period
Less: cash and cash equivalents held by subsidiaries at the purchase date
Plus: cash or cash equivalents paid in the current period for business
600000.00
combinations occurred in the previous periods
434Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Thereof:
Qingyuan New Hope Biotechnology Co. Ltd. 600000.00
Net cash paid for acquisition of subsidiaries 600000.00
Other notes:
(3) Net cash received from disposal of subsidiaries in the current period
Unit: yuan
Amount
Cash or cash equivalents received in the current period for
135613564.15
disposal of subsidiaries in the current period
Thereof:
Qingdao Hengtai Datong Park Operation & Management Co.
20000000.00
Ltd.Sichuan New Hope Liuhu Food Co. Ltd. 4022820.00
Handan Liuhe Huayu Feed Co. Ltd. 14500000.00
Nanchang Guoxiong Feed Technology Co. Ltd. 10019154.09
Nanjing Guoxiong Technology Co. Ltd. 10211105.99
Chenzhou Hope Feed Co. Ltd. 22255800.47
Chongqing Guoxiong Feed Co. Ltd. 18563943.38
Chongqing Hope Feed Co. Ltd. 25405996.92
Hainan New Hope Agriculture Co. Ltd. 10634743.30
Less: cash and cash equivalents held by subsidiaries at the date
271148.36
of loss of control
Thereof:
Qingdao Hengtai Datong Park Operation & Management Co.Ltd.Sichuan New Hope Liuhu Food Co. Ltd.Handan Liuhe Huayu Feed Co. Ltd.Nanchang Guoxiong Feed Technology Co. Ltd.Nanjing Guoxiong Technology Co. Ltd.Chenzhou Hope Feed Co. Ltd. 37000.00
Chongqing Guoxiong Feed Co. Ltd.Chongqing Hope Feed Co. Ltd. 22542.72
Hainan New Hope Agriculture Co. Ltd. 211605.64
Plus: cash or cash equivalents received in the current period for
1979104750.00
disposal of subsidiaries in previous periods
Thereof:
Shandong Zhongxin Food Group Co. Ltd. 1228704750.00
Deyang New Hope Liuhu Food Co. Ltd. 750400000.00
Net cash received from disposal of subsidiaries 2114447165.79
Other notes:
(4) Composition of cash and cash equivalents
Unit: yuan
Item Closing balance Opening balance
I. Cash 7270605406.88 8655981208.31
435Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Thereof: cash on hand 21575051.80 39075712.62
Bank deposits readily available for payment 6673730289.68 8230497246.60
Other monetary capital readily available for payment 575300065.40 386408249.09
III. Closing balance of cash and cash equivalents 7270605406.88 8655981208.31
Thereof: cash and cash equivalents of the parent company or
1428407626.571094008330.97
subsidiaries inside the group restricted from use
(5) Representation of cash and cash equivalents with limited scope of use
None
(6) Monetary capital other than cash and cash equivalents
Unit: yuan
Reason for classification other than cash and cash
Item Current amount Prior amount
equivalents
Monetary capital with Purchase of futures margins of guarantee companies note
1428407626.571094008330.97
limited use margins reclamation margins etc.The Company intends to hold time deposits to maturity so
they are included in “Monetary capital” in the balance
Bank deposits 1100000000.00
sheet and “Cash and cash equivalents” in the statement of
cash flows.Total 1428407626.57 2194008330.97
Other notes:
(7) Information on supplier financing arrangements
As of December 31 2024 the amount of supply chain financing in the short-term borrowings of the Company was
2124969650.07 yuan. The Company and its subsidiaries have signed reverse factoring and other agreements with several banks and
the suppliers have transferred the accounts receivable from the Company and its subsidiaries to the supply chain financial service
platform. According to the agreements the Company has obtained deferred credit for the invoice amount payable to suppliers (the
payment term not under the changed arrangement is within 90 days after receiving the invoice). The Company will settle the payment
with the bank on the agreed payment date (42 to 366 days after receiving the invoice).
64. Notes to items in the statement of changes in equity
Specify the item included in “Others” and the amount of adjustment made to the balance at the end of the previous year:
65. Foreign-currency monetary items
(1) Foreign-currency monetary items
Unit: yuan
Closing balance in foreign-
Item Exchange rate for translation Closing balance in RMB
currency
Monetary capital 1775330227.33
Thereof: USD 131337660.19 7.1884 944107636.51
436Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
EUR
HKD 4439003.15 0.92604 4110694.48
SGD 533922.06 5.3214 2841212.85
VND 319366769616.14 0.00029542 94347331.08
PHP 210318299.59 0.12390038 26058517.24
BDT 2048525774.87 0.06083872 124629686.03
LKR 118711198.40 0.02416247 2868355.77
IDR 554622943184.84 0.00045164 250489906.06
MMK 25609693364.11 0.00342305 87663260.87
EGP 1311648781.48 0.1413926 185457431.50
ZAR 1792971.30 0.384408395 689233.22
LAK 15254378947.68 0.00033944 5177946.39
THB 1724997.38 0.212639279 366802.20
NPR 346139409.27 0.053219798 18421469.44
INR 98952396.05 0.085377 8448258.72
NGN 4136564069.70 0.00475092 19652484.97
Accounts receivable 441303620.39
Thereof: USD 656096.37 7.1884 4716283.15
EUR
HKD 7252037.84 0.92604 6715677.12
VND 372455319037.30 0.00029542 110030750.35
PHP 477937626.02 0.12390038 59216653.48
BDT 250639573.78 0.06083872 15248590.85
LKR 45320297.14 0.02416247 1095050.32
IDR 414654332034.36 0.00045164 187274482.52
MMK 2622507757.70 0.00342305 8976975.18
EGP 252270244.84 0.1413926 35669145.82
NPR 226786313.68 0.053219798 12069521.80
INR 3402436.25 0.085377 290489.80
Long-term borrowings 1591899229.60
Thereof: USD 220000000.00 7.1884 1581448000.00
EUR
HKD
SGD 1964000.00 5.3214 10451229.60
Other receivables 12387669.74
Thereof: USD 70814.93 7.1884 509046.04
SGD 14371.11 5.3214 76474.42
VND 5718148805.09 0.00029542 1689255.52
PHP 29985511.18 0.12390038 3715216.23
BDT 14469822.01 0.06083872 880325.45
LKR 908599.16 0.02416247 21954.00
IDR 6994620538.48 0.00045164 3159050.42
EGP 774830.15 0.1413926 109555.25
ZAR 5598881.83 0.384408395 2152257.18
NGN 15688588.74 0.00475092 74535.23
Short-term borrowings 140506904.81
Thereof: VDN 203038050572.07 0.00029542 59981500.90
PHP 80234374.99 0.12390038 9941069.55
MMK 3500000000.00 0.00342305 11980675.00
EGP 245972598.28 0.1413926 34778705.20
LAK 70189000000.00 0.00033944 23824954.16
Accounts payable 794324467.46
437Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Thereof: USD 7887177.42 7.1884 56696186.17
HKD 1980367.92 0.92604 1833899.91
SGD 504286.94 5.3214 2683512.52
VND 467701379798.25 0.00029542 138168341.62
PHP 835815050.28 0.12390038 103557802.34
BDT 733979536.39 0.06083872 44654375.50
LKR 357415058.15 0.02416247 8636030.62
IDR 554639478611.28 0.00045164 250497374.12
MMK 23659812383.69 0.00342305 80988720.78
EGP 578386757.44 0.1413926 81779607.44
ZAR 70686.33 0.384408395 27172.42
LAK 4580097660.85 0.00033944 1554668.35
NPR 339658168.37 0.053219798 18076539.11
INR 27415611.57 0.085377 2340662.67
NGN 595584411.02 0.00475092 2829573.89
Other payables 33382611.26
Thereof: USD 283940.31 7.1884 2041076.52
SGD 302751.64 5.3214 1611062.58
VND 16408673211.02 0.00029542 4847450.24
PHP 67019965.64 0.12390038 8303799.21
BDT 7383384.96 0.06083872 449195.69
LKR 186216.89 0.02416247 4499.46
IDR 22723945376.85 0.00045164 10263042.69
MMK 1068869464.37 0.00342305 3658793.62
EGP 7779909.06 0.1413926 1100021.57
ZAR 70892.42 0.384408395 27251.64
LAK 2174234474.43 0.00033944 738022.15
NPR 3463353.63 0.053219798 184318.98
INR 1554563.41 0.085377 132723.96
NGN 4494487.38 0.00475092 21352.95
Long-term borrowings due in
4204133.15
1 year
Thereof: USD 288739.24 7.1884 2075573.15
SGD 400000.00 5.3214 2128560.00
Other notes:
(2) Notes on overseas operating entities including disclosure of principal place of business accounting
currency and selection basis for important overseas operating entities as well as the reasons for disclosure
of changes to accounting currency if any.□Applicable □Not applicable
Entity name Principal place of Accounting Basis for selection of
business currency accounting currency
Vietnam VND Local principal currency
New Hope Hanoi LLC
Vietnam VND Local principal currency
New Hope Ho Chi Minh City Co. Ltd.Vietnam VND Local principal currency
New Hope Binh Dinh Co. Ltd.Vietnam VND Local principal currency
New Hope Dong Thap Aquatic Feed Co. Ltd.Vietnam VND Local principal currency
Than Hoa New Hope Livestock Services Co. Ltd.Vietnam VND Local principal currency
New Hope Binh Dinh Breeding Co. Ltd.
438Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Vietnam VND Local principal currency
New Hope Vinh Long Co. Ltd.Vietnam VND Local principal currency
New Hope Binh Phuoc Breeding Co. Ltd.Vietnam VND Local principal currency
New Hope Vietnam Technological Livestock
Services Co. Ltd.Cambodia USD Local principal currency
Sichuan New Hope Agriculture (Cambodia) Co.Ltd.Philippines PHP Local principal currency
New Hope Pampanga Agriculture Inc.Philippines PHP Local principal currency
New Hope Central Luzon Agriculture Inc.Philippines PHP Local principal currency
New Hope Tarlac Agriculture Inc.Philippines PHP Local principal currency
New Hope Bulacan Agriculture Inc.Philippines PHP Local principal currency
New Hope Isabela Agriculture Inc.Philippines PHP Local principal currency
New Hope Philippines Animal Healthcare Services
Inc.Philippines PHP Local principal currency
New Hope Davao Agriculture Ltd.Philippines PHP Local principal currency
New Hope Philippines Livestock Inc.Bangladesh BDT Local principal currency
New Hope Bangladesh Ltd.Bangladesh BDT Local principal currency
New Hope Agrotech Bangladesh Ltd.Bangladesh BDT Local principal currency
New Hope Farms Bangladesh Ltd.Bangladesh BDT Local principal currency
New Hope Animal Nutrition Bangladesh Ltd.Sri Lanka LKR Local principal currency
New Hope Lanka (Pvt) Limited
Indonesia IDR Local principal currency
PT New Hope Jawa Timur
Indonesia IDR Local principal currency
PT New Hope Indonesia
Indonesia IDR Local principal currency
PT New Hope Medan
Indonesia IDR Local principal currency
PT New Hope Farms Indonesia
Indonesia IDR Local principal currency
PT New Hope Food Indonesia
Indonesia IDR Local principal currency
PT New Hope Aqua Feed Indonesia
Indonesia IDR Local principal currency
PT New Hope Poultry Trade Indonesia
Indonesia IDR Local principal currency
PT Corn Drying Indonesia
Singapore USD Local principal currency
New Hope Singapore Pte. Ltd.Singapore USD Local principal currency
New Hope Asia Investment Pte. Ltd.Singapore USD Local principal currency
New Hope International Holdings (Pte.) Ltd.Singapore USD Local principal currency
New Hope Global Investment Pte. Ltd.
439Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Singapore USD Local principal currency
New Hope Singapore Premix Pte. Ltd.Singapore SGD Local principal currency
New Hope Singapore Biotechnology Pte. Ltd.Singapore SGD Local principal currency
NHCS Investment Pte. Ltd.Myanmar MMK Local principal currency
Myanmar New Hope Farms Co. Ltd.Myanmar MMK Local principal currency
Myanmar New Hope Agro-Technology Co. Ltd.Myanmar MMK Local principal currency
Xinhe Myanmar Agro-technology Co. Ltd.Myanmar MMK Local principal currency
New Hope Mandalay Co. Ltd.Egypt EGP Local principal currency
New Hope Egypt Ltd.Egypt EGP Local principal currency
New Hope Agriculture (Egypt) Ltd.Egypt EGP Local principal currency
New Hope Alexander Ltd.Egypt EGP Local principal currency
New Hope Egypt Aquatic Technology Ltd.Egypt EGP Local principal currency
New Hope Egypt Poultry Ltd.South Africa ZAR Local principal currency
New Hope South Africa Ltd.Laos LAK Local principal currency
New Hope Laos Co. Ltd.Nepal NPR Local principal currency
New Hope Agro Business Nepal Pvt. Ltd.India INR Local principal currency
New Hope Kolkata Animal Feed Private Ltd.Nigeria NGN Local principal currency
New Hope Agro-technology Nigeria Ltd.Note: as detailed in “Note V. 10. Foreign currency transactions and translation of foreign currency statements” the “Undistributedprofits” in the owner’s equity is calculated and presented based on the items of net profits and profit distribution after translation; other
items of owner’s equity other than undistributed profits are converted at the spot exchange rate when occurring. The difference between
the sum of assets and liabilities after translation and the sum of items of owner’s equity is recognized as other comprehensive income
by virtue of foreign currency statement translation difference.All overseas operating entities of the Company adopt the currencies in primary economic environments in which they operate as
accounting currencies and none of overseas operating entities changed their accounting currencies in the current period.
66. Lease
(1) The Company as lessee:
□Applicable □Not applicable
Variable lease payments not included in measurement of lease liabilities
□Applicable □Not applicable
Cost of leasing short-term or low-value assets for simplified processing
□Applicable □Not applicable
Item Current amount
440Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
191097487.69
Interest expense on lease liabilities
89029695.82
Short-term leases and low-value leases treated in a simplified manner
Variable lease payments not included in measurement of lease liabilities
18206513.82
Revenue acquired from subletting of right-of-use assets
974601985.44
Total cash outflows related to lease
Lease assets leased by the Company include land use right pig farms buildings machinery and equipment and vehicles; the
lease term of land use right is generally 8 to 30 years 5 to 20 years for pig farms 5 to 30 years for buildings 5 to 7 years for machinery
and equipment and 3 to 4 years for vehicles. Some of lease contracts contain renewal option and the Company has reasonably
estimated exercise of renewal options when measuring lease liabilities and determining lease terms.Sale-and-leaseback transaction involved situationRefer to "VII. Notes to items in consolidated financial statements 37. Long-term payables” for details on the Company’s post-
sale financing leaseback.
(2) The Company as lessor:
Operating lease as lessor
□Applicable □Not applicable
Unit: yuan
Thereof: revenue related to variable lease
Item Income from lease
payments not included in lease proceeds
Income from lease 82333541.96 0.00
Total 82333541.96 0.00
Financing lease as lessor
□Applicable □Not applicable
Undiscounted lease receipts for each of the next five years
□Applicable □Not applicable
Unit: yuan
Annual undiscounted lease receipts
Item
Ending amount Beginning amount
Year 1 76328611.51 47690022.22
Year 2 61601065.51 35273491.60
Year 3 50434785.65 22645938.04
Year 4 46729367.34 11282656.70
Year 5 41218145.61 10950528.39
Total undiscounted lease receipts after
333364698.6229702591.35
five years
Reconciliation of undiscounted lease receipts to net lease investments
441Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
67. Data resourceThe Company had no data resources having a significant impact on the financial statements this year. Refer to “VII. Notes to items inconsolidated financial statements 16. Intangible assets” for data resource related disclosure.VIII. R&D expenditure
Unit: yuan
Item Current amount Amount in the previous period
Employee compensation 118296131.04 160105806.48
Direct materials 101851560.35 73515548.86
Technology service charge 10469889.09 17938747.13
Depreciation and amortization of long-
15988155.4419290768.16
term assets
Travel expenses 5001978.70 9248352.45
Equity incentive expenses -1218742.34 7199899.94
Inspection and test fees 7415092.87 4885192.84
Rental expenses 2668332.90 3377440.87
Water electricity and fuel expenses 1428738.12 3058122.86
Others 7816893.26 12525493.11
Total 269718029.43 311145372.70
Thereof: expensed R&D expenditure 249645874.91 207175082.96
Capitalized R&D expenditure 20072154.52 103970289.74
1. R&D projects eligible for capitalization
Unit: yuan
Current increase Current decrease
Included
Opening
Item Internal in the
Closing
balance Recognized as development Others current balance
intangible assets
expenses profit or
loss
Pig breeding intelligent platform -
breeding pig data collection swine fever
18507466.6818507466.680.00
prevention and control early warning
production index analysis
Poultry breeding intelligent cloud
platform - co-production and co-
9995052.829995052.820.00
marketing digital logistics and epidemic
prevention and control
Food market insight data analysis
platform - terminal data acquisition
8143715.288143715.280.00
production and marketing collaboration
and data analysis
Financial Lighthouse Project - integrated
platform for cash flow management
4853425.644853425.640.00
profit index forecast and efficiency
control
Data resource 4510239.54 4510239.54 0.00
Other projects 80253617.40 15561914.98 95815532.38 0.00
Total 121753277.82 20072154.52 141825432.34 0.00
442Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
IX. Changes in the scope of consolidation
1. Disposal of subsidiaries
Whether there were any transactions or events during the period in which control of a subsidiary was lost
□Yes □No
Unit: yuan
Method
Differe and
nce main Amount
betwee assump of other
n the Book Fair tions compre
disposa value value for hensive
l price of of determi income
Ratio Earnin
Propo and the remain remain nation transferr
Dispo of gs or
rtion share of ing ing of the ed to
sal remai losses
of Basis net equitie equitie fair investm
metho ning from
Disposa dispo Time for assets s at s at value ent
d at equiti re-
Name l price sal at of determi of the consol consol of profit or
the es at measur
of at the the loss nation subsidi idated idated remaini loss or
time the ement
subsidi time of time of of the ary at financi financi ng retained
of date of
ary loss of of contr time of the al al equities earnings
loss of remain
control loss ol loss of consoli statem statem at in
of loss ing
of control dated ent ent consoli connecti
contro of equitie
contr level level level dated on with
l contr s at fair
ol corresp at the at the financi original
ol value
onding date of date of al equity
to loss of loss of stateme investm
disposa control control nt level ent in
l of at the subsidia
investm date of ry
ent loss of
control
Qingda
o
Hengta
i
Datong
May Transfe -
Park 57500 100.0 Transf
23 r of 90294.
Operat 000.00 0% erred
2024 control 06
ion &
Manag
ement
Co.Ltd.Sichua
n New
Hope June Transfe
67047 100.0 Transf 29188.
Liuhu 12 r of
00.00 0% erred 86
Food 2024 control
Co.Ltd.Handa Nove Transfe
14500 52.00 Transf 430173
n mber r of
000.00 % erred .41
Liuhe 27 control
443Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Huayu 2024
Feed
Co.Ltd.Nanch
ang
Guoxi
Dece
ong Transfe
20038 100.0 Transf mber 15663
Feed r of
308.19 0% erred 31 236.06
Techno control
2024
logy
Co.Ltd.Nanjin
g
Guoxi Dece
Transfe
ong 20422 100.0 Transf mber 15037
r of
Techno 211.98 0% erred 31 652.98
control
logy 2024
Co.Ltd.Chenz
hou Dece
Transfe
Hope 44511 100.0 Transf mber 24643
r of
Feed 600.94 0% erred 31 024.45
control
Co. 2024
Ltd.Chong
qing
Dece
Guoxi Transfe
37127 100.0 Transf mber 24083
ong r of
886.77 0% erred 31 282.22
Feed control
2024
Co.Ltd.Chong
qing Dece
Transfe
Hope 50811 100.0 Transf mber 35257
r of
Feed 993.85 0% erred 31 085.66
control
Co. 2024
Ltd.Hainan
New
Dece
Hope Transfe
21269 100.0 Transf mber 19727
Agricu r of
486.59 0% erred 31 751.73
lture control
2024
Co.Ltd.Other notes:
Whether there was any circumstances in which the investment in a subsidiary was disposed of step by step through multiple transactions
and the control was lost in the current period
□Yes □No
2. Changes in the scope of consolidation for other reasons
Notes on changes in the scope of consolidation caused by other reasons (for example establishment of new subsidiaries and liquidation
of subsidiaries) and related information:
444Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(1) New subsidiaries established in the current period
Name of subsidiary Ending net profits Current net profits
Shenyang New Hope Kinghey Food Co. Ltd. 0.02 0.02
Zhangwu New Hope Liuhe Farming Co. Ltd. -1686468.39 -1686468.39
Kangping Xinwang Liuhe Farming Co. Ltd. -1810465.04 -1810465.04
Yi County Jinguan Farming Co. Ltd. -523849.22 -523849.22
Shanghai New Hope Supply Chain Technology Co. Ltd. 800196480.63 196480.63
Qingdao New Hope Liuhe Trade Co. Ltd. 99379854.55 -620145.45
Liu’an Xinxi Food Co. Ltd. 121775.84 -78224.16
Qingyuan New Hope Farming Technology Co. Ltd. 22625024.69 22625024.69
Liaoning Jinguan Farming Co. Ltd. -2286018.35 -2286018.35
Heishan County Jincheng Farming Co. Ltd. -476603.05 -476603.05
Langxi Huaren Feed Co. Ltd.
(2) Subsidiaries deregistered in the current period
Name of subsidiary Net assets at the Net profits from beginning of the period to the
deregistration date deregistration date
Haiyang New Hope Liuhe Farming -7548.18 -334306.91
Technology Co. Ltd.Yongzhou New Hope Liuhe Feed Co. Ltd. 15348993.39 3816.86
Putian New Hope Zhenxing Animal 48656776.97 -272036.09
Husbandry Co. Ltd.Fujian Datian New Hope Liuhe Animal 0.58
Husbandry Co. Ltd.Tongliao Xinwang Farming Co. Ltd. -380398.36 -380398.36
Suixi Xinyue Farming Technology Co. Ltd.Ya'an New Hope Feed Co. Ltd.Xiangyang Xinyue Farming Co. Ltd. -7085.81
Guangxi New Hope Liuhe Breeding Co. Ltd. -8221.57
Xinhe International Trade Co. Ltd. -692657.17 -11946.65
Xiangyang New Hope Co. Ltd.Guangzhou Xinhe Biological Feed Co. Ltd.Anhui Xinkai Biotechnology Co. Ltd.Zunhua Liuhe Mercado Food Co. Ltd. -27465468.74 122128.93
Changshan New Hope Liuhe Farming Co. -343436.40 -343437.40
Ltd.Fu’an Xinliu Farming Technology Co. Ltd. -1400000.00 -9582.62
X. Equities in other entities
1. Equities in subsidiaries
(1) Composition of the business group
Unit: yuan
Principal Shareholding ratio
Registered Place of Nature of Way of
Name of subsidiary place of
Capital registration business Direct Indirect acquisition business
Feeds Business
Shandong New Hope Qingdao Qingdao
4075449931.82 veterinary 93.53% combination
Liuhe Group Co. Ltd. Shandong Shandong
drugs under
445Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
common
control
Business
Feed combination
New Hope Liuhe Feed Qingdao Qingdao
80100000.00 production 24.00% 76.00% under
Co. Ltd. Shandong Shandong
and sales common
control
Business
Sichuan New Hope combination
Chengdu Chengdu Feed sale
Liuhe Farming Co. 4988710000.00 60.14% 14.76% under
Sichuan Sichuan investment
Ltd. common
control
Invested
New Hope Singapore Trade
1049702602.80 Singapore Singapore 100.00% and
Pte. Ltd. investment
established
New Hope Invested
Trade
International Holdings 94167694.50 Singapore Singapore 100.00% and
investment
(Pte.) Ltd. established
Beijing New Hope
Livestock Invested
Liuhe Biotechnology
500000000.00 Beijing Beijing breeding 99.00% 1.00% and
Industry Group Co.investment established
Ltd.Invested
New Hope Liuhu Food Chengdu Lhasa Investment
100000000.00 100.00% and
Holdings Co. Ltd. Sichuan Xizang R&D
established
Business
Yangling Besun Livestock combination
Xianyang Xianyang
Agricultural Industry 492903766.00 breeding 58.06% 13.01% not under
Shaanxi Shaanxi
Group Co. Ltd. slaughtering common
control
Feed Invested
Guanghan Guoxiong Guanghan Guanghan
10500000.00 production 100.00% and
Feed Co. Ltd. Sichuan Sichuan
and sales established
Feed Invested
Emeishan New Hope Leshan Leshan
10000000.00 production 100.00% and
Liuhe Feed Co. Ltd. Sichuan Sichuan
and sales established
Guangyuan New Hope Invested
Guangyuan Guangyuan Livestock
Liuhe Farming 3000000.00 100.00% and
Sichuan Sichuan breeding
Technology Co. Ltd. established
Mianyang New Hope Feed Invested
Mianyang Mianyang
Liuhe Farming 20000000.00 production 100.00% and
Sichuan Sichuan
Technology Co. Ltd. and sales established
Chongqing Tongliang
Feed Invested
New Hope Liuhe Tongling Tongling
20000000.00 production 100.00% and
Farming Technology Chongqing Chongqing
and sales established
Co. Ltd.Feed Invested
Wulong New Hope Wulong Wulong
10000000.00 production 100.00% and
Liuhe Feed Co. Ltd. Chongqing Chongqing
and sales established
Kunming New Hope Feed Invested
Kunming Kunming
Agricultural 10000000.00 production 100.00% and
Yunan Yunan
Technology Co. Ltd. and sales established
Business
Feed combination
Qujing Guoxiong Feed Qujing Qujing
3000000.00 production 90.00% 10.00% under
Co. Ltd. Yunnan Yunnan
and sales common
control
446Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Mangshi New Hope Dehong Dehong Feed Invested
Farming Technology 10000000.00 Prefecture Prefecture production 100.00% and
Co. Ltd. Yunnan Yunnan and sales established
Kunming New Hope Feed Invested
Kunming Kunming
Animal Nutritious 100000000.00 production 100.00% and
Yunan Yunan
Food Co. Ltd. and sales established
Business
Feed combination
Zunyi Jiahao Feed Co. Zunyi Zunyi
2000000.00 production 100.00% under
Ltd. Guizhou Guizhou
and sales common
control
Zunyi New Hope Liuhe Feed Invested
Zunyi Zunyi
Agricultural 10000000.00 production 100.00% and
Guizhou Guizhou
Technology Co. Ltd. and sales established
Feed Invested
Taizhou New Hope Taizhou Taizhou
91975000.00 production 100.00% and
Agriculture Co. Ltd. Jiangshu Jiangshu
and sales established
Feed Invested
Lhasa New Hope Lhasa Lhasa
40000000.00 production 55.00% and
Industrial Co. Ltd. Xizang Xizang
and sales established
Beijing New Hope Feed Invested
Farming Technology 49000000.00 Beijing Beijing production 94.90% 5.10% and
Co. Ltd. and sales established
Feed Invested
Hebei New Hope Feed
100000000.00 Xinji Hebei Xinji Hebei production 100.00% and
Co. Ltd.and sales established
Feed Invested
Baoji New Hope Baoji Baoji
20000000.00 production 100.00% and
Farming Co. Ltd. Shaanxi Shaanxi
and sales established
Feed Invested
Sanyuan New Hope Xianyang Xianyang
20000000.00 production 100.00% and
Feed Co. Ltd. Shaanxi Shaanxi
and sales established
Feed Invested
Wuzhou New Hope Wuzhou Wuzhou
71264261.74 production 70.16% 29.84% and
Liuhe Feed Co. Ltd. Guangxi Guangxi
and sales established
Feed Invested
Huaihua New Hope Huaihua Huaihua
20000000.00 production 100.00% and
Liuhe Feed Co. Ltd. Hunan Hunan
and sales established
Huanggang New Hope Feed Invested
Huanggang Huanggang
Feed Technology Co. 20000000.00 production 100.00% and
Hubei Hubei
Ltd. and sales established
Yingtan Yingtan Feed Invested
Yingtan New Hope
20000000.00 City Jiangxi City Jiangxi production 100.00% and
Feed Co. Ltd.Province Province and sales established
Ningxia New Hope
Feed Invested
Ruminant Animal Qingtongxia Qingtongxia
20000000.00 production 100.00% and
Nutritious Food Co. Ningxia Ningxia
and sales established
Ltd.Feed Invested
Xiangyang New Hope Xiangyang Xiangyang
20000000.00 production 100.00% and
Liuhe Feed Co. Ltd. Hubei Hubei
and sales established
Feed Invested
Guangzhou Liuhe Feed Guangzhou Guangzhou
80000000.00 production 61.00% and
Co. Ltd. Guangdong Guangdong
and sales established
Production Invested
Sichuan Xinle Plastics Leshan Leshan
4000000.00 and sale of 100.00% and
Co. Ltd. Sichuan Sichuan
woven bags established
447Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Jiangsu Tiancheng Production Invested
Hai’an Hai’an
Healthcare Products 80000000.00 and sale of 51.00% and
Jiangsu Jiangsu
Co. Ltd. additives established
Yunnan New Hope Invested
Kunming Kunming Livestock
Liuhe Breeding Co. 2000000.00 100.00% and
Yunan Yunan breeding
Ltd. established
Xizang Linzhi New Invested
Linzhi Linzhi Livestock
Hope Liuhe Breeding 20581000.00 60.00% and
Xizang Xizang breeding
Co. Ltd. established
Business
Shandong Qinwang combination
Qingdao Qingdao Consulting
Breeding Consulting 35000000.00 80.00% not under
Shandong Shandong services
Co. Ltd. common
control
Qingdao Xinhang Engineering Invested
Qingdao Qingdao
Engineering 50000000.00 project 99.00% 1.00% and
Shandong Shandong
Management Co. Ltd. management established
Golden Oak Investment Invested
Holdings (Tianjin) Co. 300000000.00 Tianjin Tianjin Trade 100.00% and
Ltd. established
Tianjin Dingcheng Invested
Zhizi Investment Co. 100000000.00 Tianjin Tianjin Investment 100.00% and
Ltd. established
Invested
New Hope Liuhe Lhasa
576555600.00 Shanghai Investment 75.00% and
Investment Co. Ltd. Xizang
established
Business
Production combination
Chengdu Fenglan Chengdu Chengdu
5000000.00 and sale of 75.00% not under
Technology Co. Ltd. Sichuan Sichuan
additives common
control
Sichuan New Hope Invested
Chengdu Chengdu Testing
Liuhe Technological 18000000.00 100.00% and
Sichuan Sichuan consulting
Innovation Co. Ltd. established
Purchase
Sichuan New Hope Invested
Chengdu Chengdu and sale of
Animal Nutrition 1000000000.00 100.00% and
Sichuan Sichuan feed
Technology Co. Ltd. established
ingredients
Manufacture Invested
Qingdao Xinmu Zhihe Qingdao Qingdao
750000000.00 and sale of 20.00% 80.00% and
Technology Co. Ltd. Shandong Shandong
machinery established
Feed Invested
Xintai New Hope Feed Tai’an Tai’an
20000000.00 production 24.00% 76.00% and
Co. Ltd. Shandong Shandong
and sales established
Tianjin Yunling
Enterprise Invested
Enterprise Management
376350000.00 Tianjin Tianjin management 19.99% 0.03% and
Consulting Partnership
consulting established
(LP)
Wholesale
of
Xiamen New Hope agricultural Invested
Xiamen Xiamen
Liuhe Agricultural 500000000.00 products 80.00% 20.00% and
Fujian Fujian
Supply Chain Co. Ltd. import and established
export of
goods
Ju County New Hope Rizhao Rizhao Feed Invested
10000000.0024.00%76.00%
Liuhe Feed Co. Ltd. Shandong Shandong production and
448Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and sales established
Other notes:
Note: apart from the aforesaid subsidiaries the Company has 581 subsidiaries under its indirect control which are mainly located in
30 Chinese provinces and municipalities and countries in Southeast Asian and South Africa engaging in feed production breeding
and slaughtering etc.
(2) Major non-wholly owned subsidiaries
Unit: yuan
Current dividends
Shareholding
Current profit or loss declared and
ratio of Closing balance of
Name of subsidiary attributable to minority distributed to
minority minority interests
shareholders minority
shareholders
shareholders
New Hope Liuhe Investment
25.00%291756410.056218244292.24
Co. Ltd.Sichuan New Hope Liuhe
25.10%84569560.60260472369.852199506398.08
Farming Co. Ltd.Shandong New Hope Liuhe
6.47%-9112664.1612759680.431145891370.81
Group Co. Ltd.
(3) Key financial information of major non-wholly owned subsidiaries
Unit: yuan
Closing balance Opening balance
Name
of Curr Curren Non- Curren Non-Non- Total Curren Non- Total
subsid ent Total t current Total t current current liabiliti t current liabiliti
iary Asse Assets liabiliti liabilit Assets liabiliti liabilitassets es Assets assets es
ts es ies es ies
New
Hope
141
Liuhe 23457 24873 78418 22695 23479
548174461744687511.87511.
Invest 67019 15162 4396.7 27613 46053
1430.650.655353
ment 6.25 9.62 9 3.25 0.04
3.37
Co.Ltd.Sichua
n New
127
Hope
65737870165526610321808790413021456081758280843201010095
Liuhe
44004692.7487500513.1710471561.9491990089.8392890711.9300532076
Farmi
65.8738.62108.05154.75163.91885.106.98
ng
9
Co.Ltd.Shand
ong
199
New
45575332274781604824271847519290797062726115887339919286
Hope
51040275.791344692306091530154510644599.09566690362957598612
Liuhe
70.6966.569.876.206.078.20187.389.289.128.40
Group
0
Co.Ltd.
449Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Unit: yuan
Current amount Amount in the previous period
Name of Cash flows Cash flows Total Total
subsidiary Operatin from Operating from Net profit comprehens Net profit comprehens
g income operating income operating
ive income ive income
activities activities
New Hope
-
Liuhe 11670256 13827108 13163130 14224643
2872780.5677069.46
Investmen 40.21 75.21 05.73 83.73
2
t Co. Ltd.Sichuan
New Hope 229469 -
98794804.98794804.10794829324157305340693553406935
Liuhe 68613.9 20125284
999954.16480.918.498.49
Farming 1 8.95
Co. Ltd.Shandong
New Hope 446129 - - -
90387580726117071289925312645608
Liuhe 56340.6 32941836 32908489 14971573
2.09365.8807.5652.70
Group 4 8.42 7.93 93.84
Co. Ltd.
2. Transactions in which the share of owner’s equity in a subsidiary changes but the Company still controls
the subsidiary
(1) Notes on changes in the share of owner’s equity in subsidiaries
The Company and its subsidiaries have each changed their shares of owner's equity (shareholding ratio) in some of their subsidiaries
this year. The shareholding ratio change and its impact on the Company's control are as follows:
Shareholding before Shareholding after Whether the
change (%) change (%) shareholding
change
Date of equity Name of subsidiary Direct Indirect resulted in
Direct Indirect change
sharehold shareholdi loss of control
shareholding shareholding
ing ng of the
Company
Significant transaction
Xuwen Xinhao Farming Co. Ltd. 81.68 100 No January 31
2024
Yulin Guoxiong Feed Co. Ltd. 100 100 No April 30
2024
Nanning New Hope Farming 100 100 No April 30
Technology Co. Ltd. 2024
Zhengzhou Quansheng Farming 100 100 No April 30
Technology Co. Ltd. 2024
Yucheng New Hope Liuhe Swine 100 100 No July 31 2024
Breeding Co. Ltd.Wuzhou New Hope Liuhe Feed 100 70.16 29.84 No September 30
Co. Ltd. 2024
Laibin Xinhao Farming Co. Ltd. 100 100 No November 30
2024
Shandong New Hope Liuhe Group 100 93.53 No December 31
Co. Ltd. 2024
Other insignificant transactions -
several
450Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Note: the shareholding change from 100% to 100% shown in the table refers to the transfer from a subsidiary directly or indirectly
controlled by the Company to another subsidiary directly or indirectly controlled by the Company in which the Company has a different
equity ratio resulting in the different equity ratios of the Company before and after the equity change.
(2) Impact of such transaction on minority equity and owner's equity attributable to the parent company
Unit: yuan
Zhengzh
Nanning Yucheng
ou Wuzhou
New New Shandong Other
Xuwen Yulin Quanshe New Laibin
Hope Hope New Hope insignifi
Xinhao Guoxion ng Hope Xinhao
Farming Liuhe Liuhe cant
Farming g Feed Farming Liuhe Farming
Technolo Swine Group transacti
Co. Ltd. Co. Ltd. Technolo Feed Co. Co. Ltd.gy Co. Breeding Co. Ltd. ons
gy Co. Ltd.Ltd. Co. Ltd.Ltd.Purchase
-
cost/disposal 5000000
5000000
consideratio 00.00
00.00
n
-
5000000
--Cash 5000000
00.00
00.00
--Fair value
of non-cash
assets
Total of
purchase
cost/disposal
consideratio
n
Less: share
of net assets
in subsidiary
-
calculated at 5357485
2374016
the 80.75
36.98
shareholding
acquired/dis
posed of
-------
3117041108993
Difference 2625983 196148 248378 732229 440220 3574858 360053
87.8104.86
63.0203.4641.2596.2381.330.75.77
Thereof:
-------
capital 311704 1108993
26259831961482483787322294402203574858360053
reserve 87.81 04.86
63.0203.4641.2596.2381.330.75.77
adjustment
Adju
stment to
surplus
reserve
Adju
stment to
undistributed
451Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
profits
Other notes:
Note: for the purchase cost/disposal consideration a positive number represents the acceptance of investment and a negative number
represents the expenditure on purchasing equity
3. Equities in joint ventures or associates
(1) Important joint ventures or associates
Shareholding ratio Accounting
treatment
Principal
Name of joint venture or Place of method for
place of Nature of business
associate registration Direct Indirect investments in business
joint ventures or
associates
China Minsheng Banking
Beijing Beijing Finance 4.18% Equity method
Corporation Limited
Poultry breeding food
Shandong Zhongxin Food Jinan Jinan
production and 49.00% Equity method
Group Co. Ltd. Shandong Shandong
processing
Notes on shareholding ratio in joint ventures or associates different from voting power:
None.Basis for holding less than 20% voting power but with significant influence or holding 20% or more voting power but without
significant influence:
A majority-owned subsidiary New Hope Liuhe Investment Co. Ltd. holds 1828327362 shares in China Minsheng Bank or a
shareholding ratio of 4.1759% in which Mr. Liu Yonghao a director and actual controller of the Company acts as a director; the
Company has the power to participate in financial and business decision making of China Minsheng Bank and this investment is
accounted for using the equity method since the Company has significant influence over China Minsheng Bank.
(2) Key financial information of important associates
Unit: yuan
Closing balance/current amount Opening balance/amount of the previous period
China Minsheng China Minsheng
Shandong Zhongxin Shandong Zhongxin
Banking Corporation Banking Corporation
Food Group Co. Ltd. Food Group Co. Ltd.Limited Limited
Current Assets 1105470000000.00 1534367656.75 1102225000000.00 4600519720.24
Non-current assets 6709499000000.00 3130728768.29 6572740000000.00 3281190869.95
Total Assets 7814969000000.00 4665096425.04 7674965000000.00 7881710590.19
Current liabilities 6127087000000.00 2085471671.59 6313350000000.00 5126331631.46
Non-current liabilities 1031314000000.00 689307768.34 723814000000.00 983736588.95
Total liabilities 7158401000000.00 2774779439.93 7037164000000.00 6110068220.41
Minority equity 108709000000.00 181279423.61 108161000000.00 164168829.00
Shareholder equity
attributable to the 547859000000.00 1709037561.50 529640000000.00 1607473540.78
parent company
452Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Share of net assets
calculated at 22878043981.00 837428405.14 22117236760.00 787662034.98
shareholding ratio
Adjustments
--Goodwill 668688098.79 668688098.79
--Profits unrealized
through internal
transactions
--Others 1081011778.53 1146039866.23
Book value of equity
investments in 23442642377.98 2587128282.46 22680248314.98 2602390000.00
associates
Fair value of equity
investments in
7550992005.066837944333.88
associates for which
there are public offers
Operating income 136290000000.00 22163507168.23 140817000000.00 20571455076.49
Net profit 32722000000.00 130192366.93 35986000000.00 -45318319.32
Net profit from
discontinued
operations
Other comprehensive
5251000000.002732000000.00
income
Total comprehensive
37973000000.00130192366.9338718000000.00-45318319.32
income
Dividends received
from associates in this 632601267.25 391265307.19
year
(3) Summary financial information of unimportant joint ventures and associates
Unit: yuan
Opening balance/amount of the previous
Closing balance/current amount
period
Joint ventures:
Total book value of investments 1388045185.00 1328434796.63
Total amount of each of the following
items calculated by shareholding ratio
--Net profits 59610388.37 -55765309.39
--Total comprehensive income 59610388.37 -55765309.39
Associates:
Total book value of investments 3035603376.92 3431234700.89
Total amount of each of the following
items calculated by shareholding ratio
--Net profits 58398900.41 40709186.25
--Other comprehensive income -969.65 -79723.26
--Total comprehensive income 58397930.76 40629462.99
453Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(4) Notes on significant restrictions on the ability of joint ventures or associates to transfer funds to the
Company
None.
(5) Excess losses incurred by joint ventures or associates
Unit: yuan
Losses unrecognized in this Accumulated
Accumulation of unrecognized
Name of joint venture or associate period (or net profits shared unrecognized losses at
prior accumulated losses
in this period) the end of this period
Nanjing Heda Food Co. Ltd. -1636440.11 -1636440.11
Taishan Jiaxin Logistics Co. Ltd. -1959426.36 -465727.91 -2425154.27
Beijing Meihaomei Deling Food
-36764483.98-30144237.67-66908721.65
Co. Ltd.New Hope Turkey Feed and
Farming Food Import & Export and -724445.40 -724445.40
Industry Ltd.
(6) Unrecognized commitments related to investments in joint ventures
None.
(7) Contingent liabilities related to investments in joint ventures or associates
None.XI. Government subsidies
1. Government subsidies recognized at the end of the reporting period in the amount receivable
□Applicable □Not applicable
Reasons for not receiving the expected amount of government subsidy at the expected time
□Applicable □Not applicable
2. Liabilities involving government subsidies
□Applicable □Not applicable
Unit: yuan
Amount
included
in non- Amount
New Other
operatin included in Asset-
Accounting Opening subsidies changes in Closing
g other income related/income
item balance added in the the current balance
revenue in the current -related
current period period
in the period
current
period
Deferred 359319455.9 36892330.6 43381472.8 352830313.7 Assets
454Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
income 9 3 7 5
Deferred 22010728.0 17967941.6 6715963.7
32291697.97 29618520.64 Return
income 0 3 0
58903058.661349414.56715963.7382448834.3
Total 391611153.96
3009
3. Government subsidies included in the current profit or loss
□Applicable □Not applicable
Unit: yuan
Accounting item Current amount Amount in the previous period
Finance expenses 15510911.37 9764598.50
Other income 122859928.95 244027726.37
Subtotal 138370840.32 253792324.87
XII. Risks related to financial instruments
1. Various risks arising from financial instruments
The Company's main financial instruments include monetary capital accounts receivable notes receivable other receivables
trading financial assets accounts payable notes payable other payables lease liabilities short-term borrowings trading financial
liabilities non-current liabilities due in 1 year long-term borrowings long-term payables and bonds payable. Details of all financial
instruments have been disclosed in related notes. To reduce risks related to financial instruments the Company formulated
corresponding risk management policies and set up corresponding jobs or functional departments in order to ensure its risk management
objectives and policies are effectively carried out; the management manages and monitors these risk exposures to ensure the aforesaid
risks are controlled within a specified scope.(I) Credit risk
Credit risk refers to a risk that the non-performance by a party to the financial instrument of its obligations might cause financial
risks to the Company. The credit risk to the Company mainly originates from monetary capital accounts receivable etc.To reduce the credit risk the Company controls credit line performs credit approval and executes other monitoring procedures to
ensure necessary measures are taken to recover overdue claims. In addition the Company sufficiently provides for expected credit loss
based on the collection of accounts receivable at each balance sheet date. Therefore the management believes the credit risk to the
Company has been significantly reduced.Monetary capital other than cash of the Company is mainly deposited with state-owned banks or other medium and large-sized
listed banks or other financial institutions with good credit standing so the Company believes there is no material credit risk to it
which is expected to cause losses to the Company due to default of the counterparty.(II) Market risk
The market risk of financial instruments refer to the risk that the fair value or future cash flow of financial instruments might
fluctuate as a result of changing market prices including exchange rate risk and interest rate risk.
1. Interest rate risk
455Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Interest rate risk refers to the risk that fair value of financial instruments or future cash flow might fluctuate due to changing
market interest rates. Fixed-rate and floating-rate interest-bearing financial instruments pose fair value interest rate risk and cash flow
interest rate risk to the Company respectively. The Company determines the ratios of fixed-rate and floating-rate instruments based on
market environment and maintains an appropriate portfolio of fixed-rate and floating-rate instruments through regular review and
monitoring. The Company mainly faces cash flow interest rate risk resulting from floating-rate financial liabilities.
(1) Interest-bearing financial instruments held by the Company as of December 31 were as follows:
2024 years Item
Effective interest rate Amount
Financial liabilities
Fixed interest rate
Thereof: short-term borrowings 1.88%-10.80% 16847427039.07
Long-term borrowings (including those due in 2.90%-4.50% 1729742416.14
1 year)
Long-term payables (including those due in 1 5.15%-5.85% 189139366.92
year)
Total 18766308822.13
Floating interest rate:
Thereof: short-term borrowings Floating interest rate based on the LPR and SOFR 880188700.19
benchmark rates
Long-term borrowings (including those due in Floating interest rate based on the LPR benchmark 28985699862.10
1 year) rate
Long-term payables (including those due in 1 Floating interest rate based on the LPR benchmark 1092149432.76
year) rate
Total 30958037995.05
(2) Sensitivity analysis
As at December 31 2024 with other variables held constant a 25bp increase in interest rate would lead to a decrease of
74185947.08 yuan in the net profits and owner’s equity (2023: 90187776.34 yuan).
For the floating-rate non-derivative instruments held at the balance sheet date that cause the Company to face the risk of cash flow
interest rate the effect of net profits and owner's equity in the aforesaid sensitivity analysis is after-tax effect of the aforesaid interest
rate change on interest expense or revenue estimated by year. The analysis of the previous year was based on the same assumptions
and method.
2. Foreign exchange risk
The Company invests and operates in several Asian African and European countries with revenues all denominated in local
currencies but the fluctuations of the exchange rates between these currencies and RMB will affect the figures of overseas revenue
and profits of the Company. For monetary capital receivables and payables long-term and short-term borrowings and other foreign-
currency assets and liabilities that are not denominated in accounting currency if short-term imbalance occurs the Company will
purchase and sell foreign currencies at market rates when necessary in order to ensure the net risk exposure is kept at an acceptable
level.
456Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
The items of foreign-currency assets and liabilities of the Company as at December 31 were as follows. For presentation purpose
the total amount of risk exposure is presented in RMB converted from foreign currencies at the spot exchange rate at the balance sheet
date. The foreign currency statement translation difference is not included.
2024 years 2023
Item Balance in foreign Balance in Balance in foreign
Balance in Renminbi currency Renminbi currency
Monetary capital
Thereof: USD 6361024.91 45725591.46 11912424.36 84372128.01
SGD 297857.47 1585018.74 314740.02 1692420.04
THB 1724997.38 366802.20 495979.56 102846.98
IDR 1989484567.35 898530.81 5273624907.79 2430613.72
Other receivables
Thereof: USD 70814.93 509046.04
SGD 6873.76 36578.03
Accounts payable
Thereof: USD 4333017.23 31147461.06 5617919.51 39790038.51
SGD 504286.94 2683512.52 522285.90 2808435.74
Other payables
Thereof: USD 42603.72 306252.58 42264.67 299347.98
SGD 19649.65 104563.65 20034.05 107727.09
Net amount of foreign-
currency items in
balance sheet
Thereof: USD 2056218.89 14780923.86 6252240.18 44282741.52
SGD -219205.36 -1166479.40 -227579.93 -1223742.79
THB 1724997.38 366802.20 495979.56 102846.98
IDR 1989484567.35 898530.81 5273624907.79 2430613.72
(1) The analysis of RMB/foreign currency exchange rate applicable to the Company is as follows:
Average exchange rate in the reporting period Year-end central parity rate
Item
2024 years 2023 years 2024 years 2023 years
USD 7.112254167 7.0508875 7.1884 7.0827
SGD 5.338291667 5.26340417 5.3214 5.3772
THB 0.203034167 0.20320417 0.212639279 0.20736133
IDR 0.000453293 0.00046558 0.00045164 0.0004609
(2) Sensitivity analysis
Assuming that risk variables other than exchange rate remained unchanged a 5% appreciation of the RMB due to changes in
exchange rates of RMB and accounting currencies of overseas operating entities of the Company versus USD SGD THB and IDR as
at December 31 would result in increase (decrease) in owner's equity and net profits as follows (income tax rate at 25%). This effect is
presented in RMB converted at the spot exchange rate at the balance sheet date:
Item Owner's equity Net profit
December 31 2024
USD -554284.64 -554284.64
457Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
SGD 43742.98 43742.98
THB -13755.08 -13755.08
IDR -33694.91 -33694.91
Total -557991.65 -557991.65
December 31 2023
USD -1660602.81 -1660602.81
SGD 45890.35 45890.35
THB -3856.76 -3856.76
IDR -91148.01 -91148.01
Total -1709717.23 -1709717.23
As at December 31 assuming other variables remained unchanged a 5% depreciation of the RMB due to changes in exchange
rates of RMB and accounting currencies of overseas operating entities of the Company versus USD SGD THB and IDR would result
in changes in ownership interest and net profits in the same amount as those presented in the above table but in the opposite direction.The aforesaid sensitivity analysis is derived from re-measurement of financial instruments held by the Company and facing
exchange rate risk at the balance sheet date with the changed exchange rate assuming the exchange rate changes at the balance sheet
date. The aforesaid analysis does not include foreign currency statement translation difference. The analysis of the previous year was
based on the same assumptions and method.
3. Liquidity risk
Liquidity risk refers to the risk that a company might incur shortage of funds when performing its obligation to settle accounts by
delivering cash or other financial assets. It is the policy of the Company to ensure it has sufficient cash to repay the debts when due.The liquidity risk is centrally controlled by the finance department of the Company. The finance department ensures the Company has
sufficient funds to repay its debts in all reasonably predicted circumstances by monitoring the cash balance and readily realizable
valuable securities and through rolling forecast of cash flow in the next 12 months.The remaining contract terms and the earliest dates of required payment of financial liabilities of the Company at the balance sheet
date by the undiscounted contractual cash flows (including interest calculated at contract interest rate (or at the prevailing interest rate
on December 31 in case of floating interest rate)) are as follows:
Item Undiscounted contractual cash flows in 2024 Balance sheet date
Due in 1 year or on 1-2 years 2-5 years Over 5 years Total Book value
demand
Short-term 17880904524.37 17880904524.37 17741515610.09
borrowings
Notes payable 4184134254.11 4184134254.11 4184134254.11
Accounts 7525367316.95 7525367316.95 7525367316.95
payable
Other payables 3368617802.20 3368617802.20 3368617802.20
(excluding
interest
payable and
dividends
payable)
Long-term 10976597167.25 12879289292.82 8234417186.27 542767852.19 32633071498.53 30752235094.45
borrowings
(including
long-term
458Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
borrowings
due in 1 year)
Bonds payable 139070349.60 1261058968.80 8821874896.00 10222004214.40 8992768984.03
(including
bonds payable
due in 1 year)
Long-term 518135521.85 423906698.14 434286952.29 1202672.80 1377531845.08 1281288799.68
payables
(including
long-term
payables due
in 1 year)
Lease 491162364.57 320216441.40 952689150.64 3711690458.41 5475758415.02 3452949337.26
liabilities
(including
lease liabilities
due in 1 year)
Total 45083989300.9 14884471401.16 18443268185.20 4255660983.40 82667389870.66 77298877198.77
Continued table
Item Undiscounted contractual cash flows in 2023 Balance sheet date
Due in 1 year or 1-2 years 2-5 years Over 5 years Total Book value
on demand
Short-term 14609821744.53 14609821744.53 14494123699.71
borrowings
Notes 5913817378.66 5913817378.66 5913817378.66
payable
Accounts 10717874934.76 10717874934.76 10717874934.76
payable
Other 8463363885.11 8463363885.11 8463363885.11
payables
(excluding
interest
payable and
dividends
payable)
Long-term 10315250605.00 13183902662.17 12867653746.59 1156966139.22 37523773152.98 34731075881.30
borrowings
(including
long-term
borrowings
due in 1
year)
Bonds 2253747501.32 476343518.32 9529715299.96 12259806319.60 10606525198.61
payable
(including
bonds
payable due
in 1 year)
Long-term 251664998.53 182877717.91 162594587.97 597137304.41 556132875.65
payables
(including
long-term
payables due
in 1 year)
Lease 512866476.84 517783911.33 941891777.72 4334843421.30 6307385587.19 3922953442.65
liabilities
(including
lease
liabilities
due in 1
year)
459Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Total 53038407524.75 14360907809.73 23501855412.24 5491809560.52 96392980307.24 89405867296.45
Note: the convertible corporate bonds in the bonds payable are deemed as held to maturity without conversion into shares halfway
XIII. Disclosure of fair value
1. Ending fair value of assets and liabilities measured at fair value
Unit: yuan
Ending fair value
Item Level 2 fair Level 1 fair value Level 3 fair value
value Total
measurement measurement
measurement
I. Continuous measurement of fair value -- -- -- --
(I) Trading financial assets 4273616.17 4273616.17
1. Financial assets at fair value through
4273616.174273616.17
profit or loss
(2) Investments in equity instruments 2166303.00 2166303.00
(3) Derivative financial assets 2107313.17 2107313.17
(III) Investments in other equity
483431590.28483431590.28
instruments
Total assets measured at fair value on an
4273616.17483431590.28487705206.45
ongoing basis
(VI) Trading financial liabilities 935134.25 935134.25
Derivative financial liabilities 935134.25 935134.25
Total liabilities measured at fair value
935134.25935134.25
on an ongoing basis
II. Non-continuous measurement of fair
--------
value
2. Basis for determination of market prices of ongoing and non-ongoing level-1 fair value measurement
items
Stocks and foreign exchange hedging in trading financial assets are recognized based on the closing prices of stocks in the publicly
active market and the closing quotations provided by the trading center etc. Futures contracts and interest rate swaps in trading financial
liabilities are recognized based on the closing quotations provided by the trading center etc.
3. Qualitative and quantitative information on valuation techniques and important parameters used for
ongoing and non-ongoing level-3 fair value measurement items
The Company’s investments in other equity instruments measured at level-3 fair value are the equity of unlisted companies held
by the Company. Among them the market price of Minsheng Life Insurance Co. Ltd. is determined based on the Valuation Report for
the Valuation Project of the Proposed Transfer of the 3.3920% Equity of Minsheng Life Insurance Co. Ltd. by New Hope Liuhe Co.Ltd. (ZTHZBZ (2024) No. 011096) issued by China Alliance Appraisal Co. Ltd.; Meigu Arsha Planting & Farming Specialized
Cooperatives has ceased operations so its fair value is expected to be 0 this year; except for the aforementioned entities the operating
460Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
environment business conditions and financial status of other investees have not undergone significant changes so their fair value are
rationally measured based on the investment cost.XIV. Related parties and RPTs
1. The parent company of the Company
Ratio of voting power
Shareholding of the
Name of the parent Place of Nature of Registered held by the parent
parent company in
company registration business Capital company in the
the Company
Company
New Hope Group Co. Chengdu
Management 3200000000 4.34% 24.97%
Ltd. Sichuan
R&D
South Hope Industrial Co. Lhasa
wholesale and 1034313725 29.36% 29.36%
Ltd. Xizang
retail
Notes on the parent company
New Hope Group Co. Ltd. (the“New Hope Group”) used part of the A-shares of the Company as the subject for the issuance of
the "Private Offering of Exchangeable Corporate Bonds for Professional Investors of New Hope Group Co. Ltd. (Phase I)" transferring
the underlying 635816404 148639009 and 149153078 stocks into the "New Hope - Topsperity Securities -23 Hope E1 Guarantee
and Trust Property Account" in phases in 2023 with the guarantee and trust registration of underlying stocks completed with CSDC
Shenzhen. The trustee of the account is Topsperity Securities Co. Ltd. and the registration period of the stock trust is the term of the
current exchangeable bonds. Within the existence period of the above-mentioned exchangeable corporate bonds New Hope Group has
entrusted Topsperity Securities as the trustee manager to exercise the voting rights on its behalf in accordance with its will. Therefore
the voting rights of New Hope Group to the Company are not affected.The controlling shareholder of South Hope Industrial Co. Ltd. the largest shareholder of the Company is New Hope Group so
the controlling shareholder of the Company is New Hope Group; as the actual controller of New Hope Group is Liu Yonghao therefore
the ultimate actual controller of the Company is Liu Yonghao.The ultimate controlling party of the Company is New Hope Group Co. Ltd.
2. Subsidiaries of the Company
Subsidiaries of the Company are detailed in “Note X. 1. (1) Composition of the business group”.
3. Joint ventures and associates of the Company
The important joint ventures and associates of the Company are detailed in “Note VII. 10. Long-term equity investments”.Other joint ventures or associates which have balance in related party transactions with the Company during the current period or in
the previous period are detailed as follows:
Name of joint venture or associate Relationship with the Company
Beijing Meihaomei Deling Food Co. Ltd. Joint venture
Guangdong Hope No.1 Equity Investment Partnership (LP) and
Joint venture
its majority-owned subsidiaries
Hainan Nongken New Hope Farming Technology Co. Ltd. Joint venture
Shandong Gongrong New Hope Equity Investment Fund
Joint venture
Partnership (LP)
Shenyang New Hope New Agricultural Industry Fund
Joint venture
Partnership (LP)
461Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Yan’an Xinyongxiang Technology Co. Ltd. Joint venture
Anhui Antai Agricultural Development Co. Ltd. Associate
Anhui Xinhua Ducks Co. Ltd. Associate
Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. and
Associate
its majority-owned subsidiaries
Deyang New Hope Liuhu Food Co. Ltd. and other majority-
Associate
owned subsidiaries
Hebei Kinghey Sausage Casings Co. Ltd. Associate
Nanjing Heda Food Co. Ltd. Associate
Shandong Zhongxin Food Group Co. Ltd. and its majority-
Associate
owned subsidiaries
Shanghai Liuhe Qinqiang Food Co. Ltd. Associate
New Hope Finance Co. Ltd. Associate
New Hope Turkey Feed and Farming Food Import & Export
Associate
and Industry Ltd.NHE (Beijing) Technology Co. Ltd. Associate
Xinzhi Huide Mechanical Technology Co. Ltd. and its
Associate
majority-owned subsidiaries
Anshan Liuhe Jiahao Food Co. Ltd. Subsidiary of an associate
Bengbu Hope Food Co. Ltd. Subsidiary of an associate
Chengdu Hope Food Co. Ltd. and its majority-owned
Subsidiary of an associate
subsidiaries
Junan New Hope Liuhu Food Co. Ltd. Subsidiary of an associate
Lezhi Xinmu Farming Co. Ltd. Subsidiary of an associate
Nangong Hope Food Co. Ltd. Subsidiary of an associate
Puyang Hope Food Co. Ltd. Subsidiary of an associate
Rong County Xinmu Farming Co. Ltd. Subsidiary of an associate
Anshan Liuhe Food Co. Ltd. Subsidiary of an associate
Guantao Liuhe Food Co. Ltd. Subsidiary of an associate
Panjin Liuhe Farming Co. Ltd. Subsidiary of an associate
Qingdao Liuhe Changlong Food Co. Ltd. Subsidiary of an associate
Xiajin Hope Food Co. Ltd. Subsidiary of an associate
Yanggu Liuhe Luxin Food Co. Ltd. Subsidiary of an associate
Taiqian New Hope Liuhe Luxin Food Co. Ltd. Subsidiary of an associate
4. Other related parties
Name of other related parties Relationship between other related parties and the Company
Other subsidiaries controlled by New Hope Holding Group
Companies controlled by the same actual controller
Co. Ltd.Hainan Jinlin Investment Co. Ltd. Companies controlled by the same actual controller
Hainan Shengchen Investment Co. Ltd. Companies controlled by the same actual controller
Caogen Zhiben Group Co. Ltd. and other majority-owned
Companies controlled by the same actual controller
subsidiaries
Sichuan Jixian Digital Intelligence Supply Chain Technology
Companies controlled by the same actual controller
Co. Ltd.Yunnan Xinlong Mineral Feed Co. Ltd. Companies controlled by the same actual controller
New Hope Property Service Group Co. Ltd. and its majority-
Companies controlled by the same actual controller
owned subsidiaries
New Hope Chemical Investment Co. Ltd. and its majority-
Companies controlled by the same actual controller
owned subsidiaries
Xinchuang Yunlian Industry Development Co. Ltd. Companies controlled by the same actual controller
Tianjin Xinrong Supply Chain Service Co. Ltd. and its
Companies controlled by the same actual controller
majority-owned subsidiaries
Sichuan New Hope Trade Co. Ltd. Companies controlled by the same actual controller
Sichuan Xingong Shengfei Construction Engineering Co. Ltd. Companies controlled by the same actual controller
462Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Qingdao Fresh Life Technology Service Co. Ltd. Companies controlled by the same actual controller
Chengdu Yunlizhi Technology Co. Ltd. and its majority-owned
Companies controlled by the same actual controller
subsidiaries
Sichuan Huaxi Guoxing Real Estate Co. Ltd. Companies controlled by the same actual controller
Chengdu New Hope Industrial Investment Co. Ltd. Companies controlled by the same actual controller
Guangzhou Wise Loan Co. Ltd. Companies controlled by the same actual controller
New Hope (Tianjin) Commercial Factoring Co. Ltd. Companies controlled by the same actual controller
Lhasa ETDZ Xinlu Industrial Co. Ltd. Companies controlled by the same actual controller
Qingdao Big Herdsman Machinery Co. Ltd. and its majority-
Associate of New Hope Investment Group Co. Ltd.owned subsidiaries
Hangzhou Zhongyi Eco-Environmental Engineering Co. Ltd. Associate of New Hope Investment Group Co. Ltd.Xingyuan Environment Technology Co. Ltd. and other
Associate of New Hope Investment Group Co. Ltd.majority-owned subsidiaries
Sichuan New Hope Industrial Co. Ltd. Associate of New Hope Investment Group Co. Ltd.Companies controlled by persons acting in concert with the
Yunnan New Hope Diequan Animal Husbandry Co. Ltd.ultimate controller
New Hope Ecological Animal Husbandry Co. Ltd. and its Companies controlled by persons acting in concert with the
majority-owned subsidiaries ultimate controller
Companies controlled by persons acting in concert with the
New Hope Dairy Co. Ltd. and its majority-owned subsidiaries
ultimate controller
Companies controlled by persons acting in concert with the
Shilin New Hope Xuelan Animal Husbandry Co. Ltd.ultimate controller
Companies controlled by persons acting in concert with the
Sichuan New Huaxi Dairy Co. Ltd.ultimate controller
Companies controlled by persons acting in concert with the
Luliang New Hope Xuelan Cow Breeding Co. Ltd.ultimate controller
Companies for which the controlling shareholder can exert
Beijing Porridge Jiahe Restaurant Management Co. Ltd.significant influence
Chengdu Win Choice Technology Service Co. Ltd. and its
Companies controlled by the actual controller
subsidiaries
Sichuan Yonghao Charity Foundation A non-profit organization established by the actual controller
Shandong Hypor Liuhe Breeding Co. Ltd. Former associate (deregistered in 2023)
Zhanjiang Guangken Xinhao Farming Co. Ltd. Former joint venture (deregistered in 2023)
Anhui Xinqiao Down Co. Ltd. Former joint venture (deregistered in 2023)
5. Related-party transactions
(1) Related-party transactions of of purchase and sale of goods and provision and receipt of services
Statement of purchase of goods/receipt of services
Unit: yuan
Whether
the
Details of Transaction limit Amount in the
Related party Current amount transaction
RPT approved previous period
limit was
exceeded
Purchase of
Anhui Xinqiao Down Co. Ltd. 3335873.65
goods
Beijing Porridge Jiahe Restaurant Purchase of
3176738.00
Management Co. Ltd. goods
Beijing Meihaomei Deling Food Purchase of
393115.061071497.94
Co. Ltd. goods
Caogen Zhiben Group Co. Ltd.Purchase of
and other majority-owned 36647699.90 50000000.00 No 491278.45
goods
subsidiaries
463Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Caogen Zhiben Group Co. Ltd. Cold chain
and other majority-owned transport 29584812.89 50000000.00 No 4207894.27
subsidiaries services
Chengdu Tianfu Xingxinxin
Farming Technology Co. Ltd. Purchase of
34877977.32
and its majority-owned goods
subsidiaries
Chengdu Hope Food Co. Ltd.Purchase of
and its majority-owned 87701904.14 90000000.00 No
goods
subsidiaries
Chengdu New Hope Industrial Service
31100.0011990.00
Investment Co. Ltd. charge
Chengdu Yunlizhi Technology Cold chain
Co. Ltd. and its majority-owned transport 453052598.77 1000000000.00 No 483497640.36
subsidiaries services
Deyang New Hope Liuhu Food
Purchase of
Co. Ltd. and its majority-owned 16020043.78 30000000.00 No
goods
subsidiaries
Guangdong Hope No.1 Equity
Purchase of
Investment Partnership (LP) and 43077481.36 97279159.90
goods
its majority-owned subsidiaries
Hangzhou Zhongyi Eco- Engineering
Environmental Engineering Co. construction 624034.90 32000000.00 No
Ltd. services
Qingdao Big Herdsman Purchase of
Machinery Co. Ltd. and its breeding 33321551.89 46140685.36
majority-owned subsidiaries equipment
Qingdao Liuhe Changlong Food Purchase of
48162697.63 40000000.00 Yes
Co. Ltd. goods
Cold chain
Qingdao Fresh Life Technology
transport 337493.69 20000000.00 No 20088923.32
Service Co. Ltd.services
Shandong Zhongxin Food Group
Purchase of
Co. Ltd. and other majority- 75422426.45 80000000.00 No
goods
owned subsidiaries
Shanghai Liuhe Qinqiang Food Purchase of
1009840.18276679.58
Co. Ltd. goods
Sichuan Jixian Digital
Purchase of
Intelligence Supply Chain 658332599.48 560000000.00 Yes 69666952.69
goods
Technology Co. Ltd.Sichuan Xingong Shengfei Engineering
Construction Engineering Co. construction 20020290.04 70000000.00 No 11945064.38
Ltd. services
Sichuan New Hope Trade Co. Purchase of
1879535925.15 2165000000.00 No 2965584548.91
Ltd. goods
Sichuan New Hope Industrial Consulting
862564.78
Co. Ltd. services
Tianjin Xinrong Supply Chain
Purchase of
Service Co. Ltd. and its 308796307.85 450000000.00 No 133708589.94
goods
majority-owned subsidiaries
Xinchuang Yunlian Industry Purchase of
156941659.86 2000000000.00 No 17194633.19
Development Co. Ltd. goods
Other subsidiaries controlled by
Purchase of
New Hope Holding Group Co. 2055583.05 80000000.00 No 2453730.26
goods
Ltd.New Hope Dairy Co. Ltd. and its Purchase of
514102.15135092.93
majority-owned subsidiaries goods
464Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Water
New Hope Dairy Co. Ltd. and its
electricity 259484.12 310213.06
majority-owned subsidiaries
and service
Property
New Hope Property Service
management
Group Co. Ltd. and its majority- 2819632.65 10000000.00 No 3949432.85
and catering
owned subsidiaries
services
Xinzhi Huide Mechanical Purchase of
Technology Co. Ltd. and its breeding 94447766.61 80000000.00 Yes 67804471.78
majority-owned subsidiaries equipment
Xingyuan Environment Purchase of
Technology Co. Ltd. and other breeding 20000000.00 No 660006.98
majority-owned subsidiaries equipment
Xingyuan Environment Engineering
Technology Co. Ltd. and other construction 20000000.00 No 6263561.98
majority-owned subsidiaries services
Yan’an Xinyongxiang Purchase of
13713407.11
Technology Co. Ltd. goods
Yunnan Xinlong Mineral Feed Purchase of
46765422.95 150000000.00 No 56799747.82
Co. Ltd. goods
Total 3995875574.55 6997000000.00 4045508356.81
Statement of sale of goods/provision of services
Unit: yuan
Details of Amount in the
Related party Current amount
RPT previous period
Shilin New Hope Xuelan Animal Husbandry Co. Ltd. Sale of goods 23019684.14 28994789.71
Luliang New Hope Xuelan Cow Breeding Co. Ltd. Sale of goods 31275211.49 33621562.96
Yunnan New Hope Diequan Animal Husbandry Co. Ltd. Sale of goods 31006334.35 31877812.93
New Hope Ecological Animal Husbandry Co. Ltd. and its
Sale of goods 62806033.74 88232398.04
majority-owned subsidiaries
New Hope Dairy Co. Ltd. and other majority-owned subsidiaries Sale of goods 15788022.77 27894443.77
Sichuan Jixian Digital Intelligence Supply Chain Technology Co.Sale of goods 259389552.16 83378832.66
Ltd.Caogen Zhiben Group Co. Ltd. and other majority-owned
Sale of goods 7157117.57 103127343.56
subsidiaries
New Hope Chemical Investment Co. Ltd. and its majority-owned
Sale of goods 3368671.22 1216671.75
subsidiaries
Other subsidiaries controlled by New Hope Holding Group Co.Sale of goods 1329832.09 2899974.14
Ltd.Beijing Meihaomei Deling Food Co. Ltd. Sale of goods 10643938.68 7953536.45
Hebei Kinghey Sausage Casings Co. Ltd. Sale of goods 6524260.68 43755278.41
Anhui Antai Agricultural Development Co. Ltd. Sale of goods 40207243.80 45906853.40
Beijing Porridge Jiahe Restaurant Management Co. Ltd. Sale of goods 63904.59 43322171.56
Shanghai Liuhe Qinqiang Food Co. Ltd. Sale of goods 25146034.53 712379693.77
Xinzhi Huide Mechanical Technology Co. Ltd. and its majority-
Sale of goods 1410155.94 5176814.35
owned subsidiaries
Hainan Nongken New Hope Farming Technology Co. Ltd. Sale of goods 12111820.54 76425420.63
Lezhi Xinmu Farming Co. Ltd. Sale of goods 167086836.48
Rong County Xinmu Farming Co. Ltd. Sale of goods 74417198.93 10990659.59
Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. and its
Sale of goods 58411945.69 240214.59
majority-owned subsidiaries
Yanggu Liuhe Luxin Food Co. Ltd. Sale of goods 440065343.27
Guantao Liuhe Food Co. Ltd. Sale of goods 344853669.74
Panjin Liuhe Farming Co. Ltd. Sale of goods 316748089.25
Anshan Liuhe Food Co. Ltd. Sale of goods 305959687.73
465Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Taiqian New Hope Liuhe Luxin Food Co. Ltd. Sale of goods 391370997.22
Shandong Zhongxin Food Group Co. Ltd. and other majority-
Sale of goods 5013653522.35
owned subsidiaries
Junan New Hope Liuhu Food Co. Ltd. Sale of goods 12033922.29
Puyang Hope Food Co. Ltd. Sale of goods 10878855.87
Bengbu Hope Food Co. Ltd. Sale of goods 14733017.90
Anshan Liuhe Jiahao Food Co. Ltd. Sale of goods 18538938.31
Nangong Hope Food Co. Ltd. Sale of goods 33680923.79
Xiajin Hope Food Co. Ltd. Sale of goods 30788522.14
Deyang New Hope Liuhu Food Co. Ltd. Sale of goods 51749766.20
Chengdu Hope Food Co. Ltd. and its majority-owned subsidiaries Sale of goods 256911616.69
Deyang New Hope Liuhu Food Co. Ltd. and its majority-owned
Sale of goods 58659381.87
subsidiaries
Chengdu Win Choice Technology Service Co. Ltd. and its
Sale of goods 16747.12
subsidiaries
Anhui Xinqiao Down Co. Ltd. Sale of goods 8711731.73
Shandong Hypor Liuhe Breeding Co. Ltd. Sale of goods 1698113.21
Zhanjiang Guangken Xinhao Farming Co. Ltd. Sale of goods 1724770.64
Yan’an Xinyongxiang Technology Co. Ltd. Sale of goods 838.00
New Hope Finance Co. Ltd. Sale of goods 1061.95
Xingyuan Environment Technology Co. Ltd. and other majority-
Sale of goods 3720888.00
owned subsidiaries
Guangdong Hope No.1 Equity Investment Partnership (LP) and its
Sale of goods 316514001.95 537243962.99
majority-owned subsidiaries
Shandong Gongrong New Hope Equity Investment Fund Consulting
1885999.07
Partnership (LP) services
Shenyang New Hope New Agricultural Industry Fund Partnership Consulting
2676784.64
(LP) services
Provision of
Anhui Antai Agricultural Development Co. Ltd. 185059.43 39691.95
services
Caogen Zhiben Group Co. Ltd. and other majority-owned Provision of
325447.5924344.78
subsidiaries services
Chengdu Win Choice Technology Service Co. Ltd. and its Provision of
171807.2084711.65
subsidiaries services
Xinzhi Huide Mechanical Technology Co. Ltd. and its majority- Provision of
71902.7636477.77
owned subsidiaries services
Provision of
Shanghai Liuhe Qinqiang Food Co. Ltd. 36222.22
services
Total 8452779160.94 1901575929.99
Notes on related-party transactions of purchase and sale of goods and provision and receipt of services
(2) Related-party leases
The Company as lessor:
Unit: yuan
Rental revenue recognized in Rental revenue recognized in
Name of lessee Type of leased assets
the current period the prior period
Beijing Porridge Jiahe
Restaurant Management Co. Office building 784810.05
Ltd.Beijing Meihaomei Deling
Buildings 13354824.17 12322607.04
Food Co. Ltd.Yan’an Xinyongxiang
Pig farm 17334091.08 17334091.08
Technology Co. Ltd.Caogen Zhiben Group Co. Office building 1853870.53 1470594.75
466Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ltd. and other majority-
owned subsidiaries
Xinzhi Huide Machinery
Machinery and equipment 451943.60
Technology Co. Ltd.Other subsidiaries controlled
by New Hope Holding Group Office building 110476.22 251428.64
Co. Ltd.Chengdu Hope Food Co. Ltd.and its majority-owned Plant and equipment 2406192.53
subsidiaries
Deyang New Hope Liuhu
Food Co. Ltd. and its Plant and equipment 6936094.89
majority-owned subsidiaries
Shandong Zhongxin Food
Group Co. Ltd. and its Plant and equipment 3543368.29
majority-owned subsidiaries
The Company as lessee:
Unit: yuan
Variable lease
Rental charges of
payments not
short-term leases
included in
and leases of low-
the Interest expenses Right-of-use assets
value assets for Rental paid
measurement on lease liabilities added
simplified
of lease
processing (if
Name Type of liabilities (if applicable)
of leased applicable)
lessor assets Amo
Amoun unt in Amoun
Curr Amount Amount
t in the the t in the
Current ent Current in the Current Current in the
previou previ previou
amount amo amount previous amount amount previous
s ous s
unt period period
period perio period
d
Sichuan
Huaxi
Guoxin
Office 50976 369992 413380 15539 22986 235313
g Real
building 7.33 9.70 5.20 8.61 2.67 0.77
Estate
Co.Ltd.Sichuan
New
Huaxi Office 108802 108802 45382. 29623. 205633
Dairy building 1.28 1.28 86 06 7.22
Co.Ltd.Caogen
Zhiben
Group
Co.Ltd. Wareho 190032. 562645. 14515 322475
and uose 07 00 8.38 1.20
other
majorit
y-
owned
467Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
subsidi
aries
Chengd
u
Yunlizh
i
Technol
ogy
Co. 651340. 651340.Car
Ltd. 83 83
and its
majorit
y-
owned
subsidi
aries
Shando
ng
Zhongx
in Food
Group
Plant
Co.land
Ltd. 267589 190508 42279. 994693
and
and 1.16 3.33 88 9.78
equipm
other
ent
majorit
y-
owned
subsidi
aries
351726509767907025221823882125948131716440946
Total
4.067.330.146.489.735.7390.987.99
(3) Related-party guarantees
The Company as guarantor
Unit: yuan
Whether
the
Commencement of Expiry date of
Secured party Amount guaranteed security
guarantee guarantee
has been
fulfilled
Anhui Xinliu Breeding Co. Ltd. 10000000.00 December 21 2024 December 20 2025 No
Anhui New Hope Feed Co. Ltd. 7694211.40 October 21 2024 October 21 2027 No
Anyang Xinliu Technology Co. Ltd. 60000000.00 January 20 2021 July 28 2027 No
Anshan Liuhe Rentai Feed Co. Ltd. 5317887.41 May 31 2024 May 31 2025 No
Beijing Kinghey Food Co. Ltd. 50000000.00 December 11 2024 December 10 2025 No
Beijing Xinliu Farming Technology
145430611.00 June 30 2020 June 24 2032 No
Co. Ltd.Beijing New Hope Farming
30000000.00 November 4 2024 December 6 2025 No
Technology Co. Ltd.Bijie Xinliu Farming Co. Ltd. 63360000.00 May 19 2020 May 18 2029 No
Cao County Liuhe Feed Co. Ltd. 26000000.00 June 4 2024 June 12 2025 No
Cao County Xinhao Farming Co.
50006236.27 April 28 2020 April 19 2025 No
Ltd.
468Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Changyi Liuhe Xinrong Feed Co.
10000000.00 June 19 2024 June 13 2025 No
Ltd.Chenzhou Xinhao Farming Co. Ltd. 294163052.61 April 15 2020 April 13 2029 No
Chenzhou New Hope Agricultural
78140126.79 March 21 2024 June 15 2029 No
Technology Co. Ltd.Chengdu Fenglan Animal Nutrition
10000000.00 November 12 2024 November 11 2025 No
Technology Co. Ltd.Chengdu Century Investment Co.
300008515.00 May 31 2024 December 17 2027 No
Ltd.Chengdu Xinjin Xinhao Farming
100692250.00 December 28 2022 December 21 2030 No
Co. Ltd.Dacheng Xinhao Technology Co.
47000000.00 July 23 2021 May 20 2030 No
Ltd.Daqing Liuhe Feed Co. Ltd. 10000000.00 November 27 2024 May 26 2026 No
Shan County Liuhe Feed Co. Ltd. 178204.42 May 31 2024 May 31 2025 No
Shan County Xinhao Farming Co.
34950000.00 January 8 2021 December 27 2025 No
Ltd.Dong’e New Hope Liuhe Swine
40000000.00 May 22 2020 May 21 2025 No
Breeding Co. Ltd.Donghai Xinhao Modern Farming
40000000.00 August 18 2020 August 17 2025 No
Co. Ltd.Dongying Xinhao Modern Farming
48000000.00 December 1 2020 November 23 2025 No
Co. Ltd.Fuping Xinliu Farming Technology
54000000.00 November 12 2020 May 20 2029 No
Co. Ltd.Fuyang Liuhe Feed Co. Ltd. 40000000.00 July 16 2024 July 16 2025 No
Ganzhou Hope Feed Co. Ltd. 4793.69 May 31 2024 May 31 2025 No
Gaotang County Xinhao Farming
27272836.50 July 8 2020 July 7 2026 No
Co. Ltd.Guanling Xinmu Breeding Co. Ltd. 81080000.00 October 29 2020 October 28 2030 No
Guang’an Xinhao Farming Co. Ltd. 202302462.46 April 23 2021 February 27 2030 No
Guangdong Jiahao Agricultural
285397486.83 May 31 2024 December 23 2026 No
Products Co. Ltd.Guanghan Guoxiong Feed Co. Ltd. 130435618.40 February 6 2024 June 15 2029 No
Guangyuan Xinhao Agricultural
290000000.00 June 30 2020 June 28 2030 No
Development Co. Ltd.Guangzhou Liuhe Feed Co. Ltd. 22019455.64 May 31 2024 May 31 2025 No
Guangzhou Hope Feed Co. Ltd. 49000000.00 June 28 2024 December 25 2026 No
Guigang Xinliu Farming Technology
129400000.00 March 12 2021 October 12 2030 No
Co. Ltd.Guiyang New Hope Agricultural
60000000.00 September 27 2024 October 24 2025 No
Technology Co. Ltd.Guilin New Hope Feed Co. Ltd. 11317327.65 May 31 2024 November 21 2025 No
Hainan Changjiang Xinliu Breeding
97566283.70 December 15 2023 December 15 2028 No
Co. Ltd.Hainan Chengmai New Hope
171051509.88 November 8 2023 November 7 2026 No
Farming Co. Ltd.Hebei Kinghey Meat Industry Co.
215296993.31 July 29 2022 April 14 2026 No
Ltd.Hebei Xinhao Fucheng Agricultural
123460000.00 June 30 2020 June 30 2028 No
Technology Co. Ltd.Hebei New Hope Feed Co. Ltd. 2400000.00 February 26 2024 February 18 2025 No
Henan Liuhe Beixu Feed Co. Ltd. 6810.00 May 31 2024 May 31 2025 No
Henan Liuhe Feed Co. Ltd. 11300128.54 May 31 2024 June 15 2029 No
Henan Liuhe Feed Co. Ltd.
66500.00 May 31 2024 May 31 2025 No
Dengzhou Branch
Heze Liuhe Feed Co. Ltd. 25000000.00 June 21 2024 July 4 2025 No
469Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Hezhou Xinhao Farming Co. Ltd. 210000000.00 April 15 2020 April 13 2030 No
Hengnan County Muyun Eco-
68000000.00 May 19 2020 May 18 2029 No
agriculture Co. Ltd.Hengshui Jizhou District Xinhao
77800000.00 January 20 2022 June 15 2029 No
Farming Co. Ltd.Hengyang Xinhao Farming Co. Ltd. 21928762.57 November 2 2020 October 28 2025 No
Hengyang New Hope Agricultural
17000000.00 March 20 2024 March 20 2025 No
Technology Co. Ltd.Hubei Tuanfeng New Hope Feed Co.
10006368.14 March 27 2024 May 31 2025 No
Ltd.Hubei Xinhao Farming Co. Ltd. 390738872.08 May 28 2020 September 22 2028 No
Huzhou Haihuang Biotechnology
105732442.49 April 14 2023 April 13 2026 No
Co. Ltd.Huaihua New Hope Liuhe Feed Co.
2000000.00 March 20 2024 March 20 2025 No
Ltd.Huanggang New Hope Feed
144279810.49 February 23 2024 July 31 2027 No
Technology Co. Ltd.Huizhou Liuhe Feed Co. Ltd. 182777.62 May 31 2024 May 31 2025 No
Qianwei Xinhao Farming Co. Ltd. 44189117.59 January 24 2024 January 15 2029 No
Jiangmen Liuhe Feed Co. Ltd. 70238607.13 April 7 2022 October 27 2025 No
Jiangmen Xinhui District Liuhe
30548.18 May 31 2024 May 31 2025 No
Biotechnology Co. Ltd.Jiangsu Liuhe Feed Co. Ltd. 60000000.00 March 15 2024 May 26 2026 No
Jiangxi New Hope Liuhe Farming
92148856.93 May 10 2021 December 11 2025 No
Technology Co. Ltd.Jiangxi New Hope Farming
40542302.96 May 31 2024 January 1 2027 No
Technology Co. Ltd.Jieyang Guoxiong Feed Co. Ltd. 60971233.71 May 31 2024 July 3 2025 No
Jingzhou New Hope Feed Co. Ltd. 41710881.87 April 14 2023 April 13 2026 No
Juye Xinhao Farming Co. Ltd. 42000000.00 July 9 2020 June 22 2027 No
Kangping Xinwang Farming Co.
102139260.00 February 18 2021 February 4 2026 No
Ltd.Horqin Left Wing Middle Banner
68200.00 May 31 2024 May 31 2025 No
Xinhao Farming Co. Ltd.Kunming New Hope Animal
117039617.20 February 8 2024 August 8 2027 No
Nutritious Food Co. Ltd.Kunming New Hope Agricultural
78292893.84 March 29 2024 December 24 2025 No
Technology Co. Ltd.Laibin Xinhao Farming Co. Ltd. 146300000.00 March 5 2021 March 5 2026 No
Laixi New Hope Liuhe Farming Co.
762723925.51 April 17 2020 April 9 2030 No
Ltd.Laiyang Liuhe Feed Co. Ltd. 54395.00 May 31 2024 May 31 2025 No
Laiyang Xinmu Breeding Co. Ltd. 65002128.94 November 18 2020 August 1 2026 No
Laiyang Xinhao Animal Husbandry
15000000.00 April 30 2020 April 18 2025 No
Co. Ltd.Laiyang New Hope Liuhe Feed Co.
828851.20 May 31 2024 May 31 2025 No
Ltd.Lanzhou New Hope Farming
20000000.00 December 13 2024 December 12 2025 No
Technology Co. Ltd.Leshan New Hope Farming Co. Ltd. 96887721.74 September 26 2023 January 1 2027 No
Liquan New Hope Liuhe Farming
60000000.00 February 4 2021 November 20 2026 No
Co. Ltd.Lipu Xinhao Farming Technology
80000000.00 May 23 2024 June 24 2025 No
Co. Ltd.Liaoning Kinghey Food Co. Ltd. 288000000.00 December 12 2023 March 25 2027 No
Liaoning Xinwang Technology Co.
556171700.00 March 27 2020 March 4 2031 No
Ltd.
470Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Liaocheng Development Zone Liuhe
30000000.00 September 30 2024 April 24 2025 No
Feed Co. Ltd.Linshu Liuhe Feed Co. Ltd. 2960.00 May 31 2024 May 31 2025 No
Linyi Liuhe Compound Feed Co.
2384.94 May 31 2024 May 31 2025 No
Ltd.Linyi Liuhe Zhengwang Feed Co.
12978.40 May 31 2024 May 31 2025 No
Ltd.Lingbao Xinliu Farming Co. Ltd. 48000000.00 April 25 2024 December 19 2025 No
Lingbao New Hope Liuhe Feed Co.
626204.50 May 31 2024 May 31 2025 No
Ltd.Liuzhou Xinliu Farming Technology
61000000.00 October 27 2020 October 10 2028 No
Co. Ltd.Liuhe Feed (Feicheng) Co. Ltd. 10000000.00 March 25 2024 June 23 2025 No
Liuhe Feed (Huai'an) Co. Ltd. 10000000.00 March 18 2024 March 24 2025 No
Longhai New Hope Liuhe Farming
101469328.67 December 23 2020 December 24 2025 No
Co. Ltd.Longzhou Xinhao Farming Co. Ltd. 1516715.78 May 7 2024 November 20 2025 No
Longhui New Hope Liuhe Farming
876283.38 April 23 2024 April 17 2025 No
Co. Ltd.Luzhou New Hope Feed Co. Ltd. 4041440.04 August 14 2024 August 14 2027 No
Luochuan Xinliu Technology Co.
45301439.51 June 27 2024 June 15 2029 No
Ltd.Maoming Liuhe Feed Co. Ltd. 20964570.79 May 31 2024 August 5 2027 No
Meishan Xinmu Farming Co. Ltd. 46000000.00 March 30 2021 March 30 2026 No
Mianyang New Hope Liuhe Farming
19900000.00 June 28 2024 December 23 2025 No
Technology Co. Ltd.Myanmar New Hope Farms Co. Ltd. 11980675.00 April 24 2024 April 24 2025 No
Nanchong New Hope Feed Co. Ltd. 82106160.00 January 4 2022 August 22 2027 No
Nanjing Xinmu Farming Co. Ltd. 21928572.00 September 22 2020 September 22 2025 No
Nanning Xinhao Farming Co. Ltd. 168000000.00 April 16 2020 April 13 2029 No
Nanning Xinliu Farming Technology
75000000.00 April 15 2020 April 13 2028 No
Co. Ltd.Nanning New Hope Farming
21424272.14 April 14 2023 April 19 2026 No
Technology Co. Ltd.Neiqiu Xinliu Farming Technology
200013600.00 July 20 2020 July 19 2029 No
Co. Ltd.Ningbo New Hope Liuhe Farming
19053530.39 July 3 2020 December 10 2025 No
Co. Ltd.Ningbo New Hope Liuhe Feed Co.
45000000.00 September 21 2022 May 5 2032 No
Ltd.Ningming Xinhao Farming Co. Ltd. 240000000.00 April 15 2020 April 13 2030 No
Ningxia New Hope Ruminant
66280138.97 February 23 2024 August 5 2027 No
Animal Nutritious Food Co. Ltd.Panjin New Hope Liuhe Farming
100000000.00 August 20 2024 August 19 2027 No
Technology Co. Ltd.Pengshan New Hope Feed Co. Ltd. 31016125.28 March 19 2024 December 23 2025 No
Pingyi Zhongxin Feed Co. Ltd. 5917640.37 May 31 2024 May 31 2025 No
Pingxiang New Hope Liuhe Feed
203114.01 May 31 2024 May 31 2025 No
Co. Ltd.Pucheng Xinliu Technology Co. Ltd. 61677508.32 November 20 2020 November 26 2025 No
Pucheng New Hope Farming
12868295.66 May 31 2024 June 15 2029 No
Technology Co. Ltd.Puyang Xinliu Farming Technology
50157104.52 January 6 2021 August 6 2025 No
Co. Ltd.Qiandongnan New Hope Farming
25083500.00 May 30 2024 May 27 2025 No
Technology Co. Ltd.Qingdao Liuhe Feed Co. Ltd. 10386789.10 January 29 2024 May 31 2025 No
471Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Qingyun Liuhe Feed Co. Ltd. 16168434.29 May 31 2024 August 14 2027 No
Raoyang Xinhao Farming Co. Ltd. 50000000.00 May 30 2024 May 29 2025 No
Ruzhou Quansheng Farming
41500000.00 January 6 2021 October 10 2025 No
Technology Co. Ltd.Ruyuan Yao Autonomous County
38000000.00 February 3 2021 October 18 2025 No
Xinhao Farming Co. Ltd.Rui'an New Hope Liuhe Farming
25000000.00 November 13 2020 December 21 2025 No
Co. Ltd.Santai New Hope Farming
189006845.85 April 1 2022 September 26 2027 No
Technology Co. Ltd.Sanyuan New Hope Feed Co. Ltd. 56295.95 May 31 2024 May 31 2025 No
Xiamen New Hope Liuhe
10000000.00 May 16 2024 May 7 2025 No
Agricultural Supply Chain Co. Ltd.Shandong Kinghey Food Co. Ltd. 141134627.86 July 13 2021 July 1 2028 No
Shandong New Hope Liuhe Group
387563952.95 January 4 2024 December 25 2025 No
Co. Ltd.Shanghai New Hope Supply Chain
153563784.36 November 13 2024 December 25 2025 No
Technology Co. Ltd.Shaoyang Xinmu Farming Co. Ltd. 27780000.00 July 30 2021 April 21 2028 No
Sheyang Liuhe Feed Co. Ltd. 99.19 May 31 2024 May 31 2025 No
Shenze New Hope Liuhe Breeding
131970003.00 May 19 2020 May 6 2028 No
Co. Ltd.Shenyang New Hope Farming
40000000.00 May 28 2024 May 26 2026 No
Technology Co. Ltd.Shibing County New Hope Liuhe
73558616.97 February 7 2024 February 7 2029 No
Breeding Co. Ltd.Shibing New Hope Agricultural
225400.00 May 31 2024 May 31 2025 No
Technology Co. Ltd.Shiyan Xinyue Farming Technology
54450000.00 April 15 2021 April 11 2029 No
Co. Ltd.Shouguang Liuhe Dingtai Feed Co.
12573.40 May 31 2024 May 31 2025 No
Ltd.Sichuan New Hope Animal Nutrition
634147362.71 May 31 2024 July 24 2026 No
Technology Co. Ltd.Sichuan New Hope Liuhe Farming
1343530000.00 December 31 2019 December 25 2026 No
Co. Ltd.Taiqian Xinliu Farming Technology
90000000.00 August 27 2020 June 21 2027 No
Co. Ltd.Taihe New Hope Farming
1076.70 May 31 2024 May 31 2025 No
Technology Co. Ltd.Taizhou New Hope Agriculture Co.
77790000.00 March 16 2023 January 9 2027 No
Ltd.Tangshan Muzheng Feed Co. Ltd. 20000000.00 March 26 2024 March 12 2025 No
Tangshan Xinhao Farming Co. Ltd. 258000000.00 May 8 2020 April 27 2028 No
Tianjin Xinliu Farming Technology
167974897.96 February 5 2021 January 9 2030 No
Co. Ltd.Tianjin New Hope Liuhe Farming
82000000.00 March 10 2023 March 10 2032 No
Technology Co. Ltd.Tongliao Xinhao Farming Co. Ltd. 159269533.07 July 15 2022 August 15 2028 No
Tongliao New Hope Feed Co. Ltd. 10000000.00 December 12 2024 December 24 2025 No
Tongcheng Xinliu Farming
100053116.81 February 23 2021 October 21 2027 No
Technology Co. Ltd.Tongling New Hope Liuhe Feed Co.
10000000.00 March 22 2024 March 21 2025 No
Ltd.Wannian County New Hope Liuhe
211493.39 December 17 2024 December 5 2025 No
Farming Co. Ltd.Weifang Liuhe Feed Co. Ltd. 53712894.01 April 14 2023 April 18 2026 No
472Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Weifang Liuhe Feed Co. Ltd.
27347953.23 April 26 2024 July 3 2025 No
Changyi Branch
Weifang Liuhe Feed Co. Ltd. Linqu
28000000.00 June 25 2024 August 8 2025 No
Branch
Weifang Liuhe Feed Co. Ltd.
17000000.00 February 26 2024 June 30 2025 No
Qingzhou Branch
Weifang Liuhe Feed Co. Ltd.
30001114.94 February 22 2024 August 21 2025 No
Shouguang Branch
Weifang New Hope Liuhe Feed
70311061.46 April 14 2023 May 26 2026 No
Technology Co. Ltd.Weinan Xinliu Technology Co. Ltd. 398599601.00 January 2 2020 December 23 2031 No
Wuqi Xinliu Technology Co. Ltd. 65041074.12 September 15 2020 November 20 2027 No
Wuzhou New Hope Liuhe Feed Co.
14234072.09 May 31 2024 August 8 2027 No
Ltd.Wuhe New Hope Liuhe Animal
509555216.01 May 20 2020 September 23 2028 No
Husbandry Co. Ltd.Wuhan Guoxiong Feed Technology
49010000.00 February 22 2024 December 26 2025 No
Co. Ltd.Wulong New Hope Liuhe Feed Co.
55000000.00 March 4 2024 June 26 2027 No
Ltd.Wuwei New Hope Liuhe Feed Co.
36452500.00 January 20 2023 June 21 2028 No
Ltd.Xiajiang Xinliu Farming Co. Ltd. 15000000.00 February 4 2021 October 14 2025 No
Xiajin New Hope Liuhe Farming
238081962.41 September 19 2023 June 7 2028 No
Co. Ltd.Xiangyang Xinhao Farming Co. Ltd. 60000000.00 March 27 2024 December 19 2025 No
Xiangyang New Hope Liuhe Feed
44574025.28 February 22 2024 June 15 2029 No
Co. Ltd.Xiangshan Huatong Animal
60000000.00 May 21 2021 March 10 2026 No
Husbandry Co. Ltd.Xiangzhou Xinhao Farming Co. Ltd. 112000000.00 December 13 2024 December 13 2027 No
Xiangzhou New Hope Liuhe
306187.06 May 31 2024 May 31 2025 No
Farming Technology Co. Ltd.Xinji Xinliu Farming Technology
137500000.00 January 8 2021 September 9 2027 No
Co. Ltd.Xintai New Hope Feed Co. Ltd. 20000000.00 October 18 2024 May 18 2025 No
New Hope Laos Co. Ltd. 23760800.00 October 28 2024 September 15 2025 No
New Hope Liuhe (Zibo) Agricultural
51611428.64 April 1 2022 February 21 2029 No
Technology Development Co. Ltd.New Hope Liuhe Co. Ltd. Mianyang
20000000.00 June 28 2024 June 24 2025 No
Hope Feed Branch
New Hope Liuhe Feed Co. Ltd.
1073.42 May 31 2024 May 31 2025 No
Lanling Banch
New Hope Liuhe Feed Co. Ltd.
95585.23 May 31 2024 May 31 2025 No
Pingyuan Banch
New Hope Liuhe Feed Co. Ltd.
5092921.50 May 31 2024 June 13 2025 No
Yutai Banch
New Hope Singapore Pte. Ltd. 1581448000.00 October 19 2023 October 19 2026 No
Xingren Xinliu Farming Technology
76000000.00 September 30 2020 September 22 2028 No
Co. Ltd.Xuzhou Haikuo Liuhe Feed Co. Ltd. 50000000.00 October 30 2024 October 25 2025 No
Yantai Xinhao Farming Co. Ltd. 183505875.80 October 12 2020 October 13 2025 No
Yan’an Benyuan Agricultural
104304775.37 March 28 2024 June 15 2029 No
Technology Development Co. Ltd.Yanting Xinhao Farming Co. Ltd. 457143000.00 December 21 2020 December 16 2027 No
Yanggu New Hope Liuhe Luxin Feed
4864553.06 May 31 2024 May 31 2025 No
Co. Ltd.
473Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Yangling Besun Agricultural Industry
52334604.89 June 2 2022 December 21 2028 No
Group Co. Ltd.Yichun Xinwang Farming Co. Ltd. 44000000.00 July 6 2023 July 5 2028 No
Yishui Liuhe Feed Co. Ltd. 50561102.28 April 10 2024 January 1 2027 No
Yichun New Hope Farming
24338.93 May 31 2024 May 31 2025 No
Technology Co. Ltd.Yijun Xinliu Technology Co. Ltd. 118500000.00 November 15 2019 November 14 2031 No
Yingtan Xinliu Technology Co. Ltd. 20000000.00 December 4 2024 December 2 2025 No
Yingtan New Hope Feed Co. Ltd. 9584036.81 February 23 2024 May 31 2025 No
Yulin Guoxiong Feed Co. Ltd. 50355558.44 May 31 2024 July 30 2025 No
Yulin New Hope Feed Co. Ltd. 65068.23 May 31 2024 May 31 2025 No
Yuncheng Dingtai Feed Co. Ltd. 92163837.00 May 17 2024 July 3 2025 No
Zaozhuang New Hope Liuhe Feed
30000000.00 September 30 2024 April 30 2025 No
Co. Ltd.Zhanjiang Guoxiong Feed Co. Ltd. 138957196.56 July 7 2023 August 9 2027 No
Zhanjiang Guoxiong No. 1 Native
2313.75 May 31 2024 May 31 2025 No
Pig Feed Co. Ltd.Zhangjiakou Xinwang Farming Co.
97277312.90 February 28 2024 February 28 2029 No
Ltd.Zhangwu Xinwang Farming Co. Ltd. 95000000.00 January 4 2022 November 25 2031 No
Zhangzhou Hongshan Biotechnology
10741206.72 June 27 2024 June 15 2029 No
Co. Ltd.Changchun New Hope Feed Co. Ltd. 141166000.00 December 7 2024 September 22 2025 No
Zhaoqing Xinhao Farming Co. Ltd. 108919999.96 February 10 2021 February 9 2028 No
Zhejiang Xindongwan Agricultural
781886.70 May 31 2024 May 31 2025 No
Development Co. Ltd.Zhejiang Yihai Agricultural
63242963.72 November 9 2020 August 25 2028 No
Development Co. Ltd.Zhenjiang New Hope Liuhe Farming
10000000.00 March 19 2021 December 17 2025 No
Co. Ltd.Chongqing Tongliang New Hope
13199645.24 March 5 2024 June 25 2027 No
Liuhe Farming Technology Co. Ltd.Chongqing New Hope Feed Co. Ltd. 199846419.45 May 31 2024 June 15 2029 No
Zhucheng New Hope Liuhe Feed
14000700.00 May 31 2024 July 9 2025 No
Co. Ltd.Zibo Huide Feed Machinery Co.
39456360.66 March 29 2024 March 29 2029 No
Ltd.Zibo Xinhao Farming Co. Ltd. 55724270.43 May 6 2021 February 23 2030 No
Zoucheng New Hope Liuhe Feed
60084498.62 May 31 2024 July 3 2025 No
Co. Ltd.Zunyi Jiahao Feed Co. Ltd. 39988562.05 February 7 2024 December 19 2025 No
Shandong New Hope Liuhe Group
360436329.52 July 3 2024 June 30 2025 No
Co. Ltd.Sichuan New Hope Liuhe Farming
651157681.63 July 2 2024 June 30 2025 No
Co. Ltd.New Hope Liuhe Feed Co. Ltd. 72477923.03 July 1 2024 June 25 2025 No
Tangshan New Hope Liuhe Feed Co.
2645112.95 October 18 2024 April 18 2025 No
Ltd.Anyue Xingxinxin Farming
19657141.01 May 19 2021 May 19 2027 No
Technology Co. Ltd.Chengdu Tianfu Xingxinxin Farming
237200000.00 January 17 2023 January 17 2030 No
Technology Co. Ltd.Lezhi Xinmu Farming Co. Ltd. 175500000.00 March 5 2021 February 23 2029 No
Rong County Xinmu Farming Co.
175000000.00 April 22 2021 November 20 2028 No
Ltd.Yanyuan Xinliu Farming Technology
175000000.00 June 15 2021 April 28 2031 No
Co. Ltd.
474Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Deyang New Hope Liuhu Food Co.
10750040.00 April 19 2023 March 31 2025 No
Ltd.Feicheng Liuhe Breeding Co. Ltd. 15000000.00 April 14 2023 March 31 2025 No
Gaomi Liuhe Breeding Co. Ltd. 22500000.00 April 14 2023 March 31 2025 No
Haiyang Liuhe Breeding Chicken
37440251.71 November 17 2023 March 31 2025 No
Co. Ltd.Total 21468406060.74
1. Guarantees provided among subsidiaries
Whether
the
Amount Commencement of Expiry date of security Guarantor Guaranteed
guaranteed guarantee guarantee has
been
fulfilled
Puhui Agriculture and Yuncheng Dingtai Feed 10000000.00 January 29 2024 January 28 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and New Hope Liuhe Feed Co. 10000000.00 January 9 2024 January 8 2025 No
Animal Husbandry Ltd. Laizhou Banch
Financing Guarantee
Co. Ltd.Puhui Agriculture and Sheyang Liuhe Feed Co. 10000000.00 January 22 2024 January 21 2025 No
Animal Husbandry Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Xiaoyi New Hope Liuhe 10000000.00 January 11 2024 January 10 2025 No
Animal Husbandry Food Co. Ltd. Feed Branch
Financing Guarantee
Co. Ltd.Puhui Agriculture and Jiangsu Liuhe Feed Co. 10000000.00 January 29 2024 January 13 2025 No
Animal Husbandry Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Jingzhou New Hope Feed 10000000.00 January 8 2024 January 6 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Anhui New Hope Feed Co. 10000000.00 January 31 2024 January 30 2025 No
Animal Husbandry Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Mangshi New Hope 10000000.00 February 2 2024 January 31 2025 No
Animal Husbandry Farming Technology Co.Financing Guarantee Ltd.Co. Ltd.Puhui Agriculture and Zunyi Jiahao Feed Co. Ltd. 10000000.00 February 6 2024 February 7 2025 No
Animal Husbandry
Financing Guarantee
Co. Ltd.Puhui Agriculture and Pengshan New Hope Feed 10000000.00 January 25 2024 January 10 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Taizhou New Hope 10000000.00 February 8 2024 February 7 2025 No
Animal Husbandry Agriculture Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Yichun New Hope Farming 10000000.00 February 4 2024 February 3 2025 No
Animal Husbandry Technology Co. Ltd.Financing Guarantee
Co. Ltd.
475Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Puhui Agriculture and Gushi Liuhe Co. Ltd. 10000000.00 February 2 2024 February 1 2025 No
Animal Husbandry
Financing Guarantee
Co. Ltd.Puhui Agriculture and Luzhou New Hope Feed 10000000.00 January 31 2024 January 30 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Shanxi New Hope Feed 10000000.00 February 22 2024 February 21 No
Animal Husbandry Co. Ltd. 2025
Financing Guarantee
Co. Ltd.Puhui Agriculture and Fuyang Liuhe Feed Co. 10000000.00 January 9 2024 January 6 2025 No
Animal Husbandry Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Kunming New Hope 10000000.00 February 2 2024 January 31 2025 No
Animal Husbandry Animal Nutritious Food
Financing Guarantee Co. Ltd.Co. Ltd.Puhui Agriculture and Xuzhou Haikuo Liuhe Feed 10000000.00 January 31 2024 January 27 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Laiyang Liuhe Feed Co. 20000000.00 April 2 2024 July 1 2025 No
Animal Husbandry Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Lingbao New Hope Liuhe 10000000.00 June 27 2024 June 25 2025 No
Animal Husbandry Feed Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Sishui New Hope Yuwang 10000000.00 January 30 2024 January 27 2025 No
Animal Husbandry Technology Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Henan Liuhe Feed Co. Ltd. 10000000.00 June 28 2024 June 27 2025 No
Animal Husbandry Dengzhou Branch
Financing Guarantee
Co. Ltd.Puhui Agriculture and Luoyang New Hope 10000000.00 January 30 2024 January 30 2025 No
Animal Husbandry Farming Technology Co.Financing Guarantee Ltd.Co. Ltd.Puhui Agriculture and Nantong New Hope Feed 10000000.00 February 8 2024 February 8 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Huai'an New Hope Feed 10000000.00 February 6 2024 February 5 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Yiyang New Hope Feed 10000000.00 February 7 2024 February 6 2025 No
Animal Husbandry Co. Ltd.Financing Guarantee
Co. Ltd.Puhui Agriculture and Wendeng Liuhe Feed Co. 15000000.00 September 23 December 19 No
Animal Husbandry Ltd. 2024 2025
Financing Guarantee
Co. Ltd.Puhui Agriculture and Hebei New Hope Feed Co. 10000000.00 September 23 April 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Weifang Liuhe Feed Co. 10000000.00 September 25 April 1 2025 No
Animal Husbandry Ltd. Shouguang Branch 2024
476Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Financing Guarantee
Co. Ltd.Puhui Agriculture and Lanzhou New Hope Feed 10000000.00 September 25 April 1 2025 No
Animal Husbandry Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Qiandongnan New Hope 10000000.00 September 25 April 1 2025 No
Animal Husbandry Farming Technology Co. 2024
Financing Guarantee Ltd.Co. Ltd.Puhui Agriculture and Changyi Liuhe Xinrong 10000000.00 September 24 April 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Hubei Tuanfeng New Hope 10000000.00 September 26 April 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Haiyang New Hope Liuhe 10000000.00 September 25 April 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Lhasa New Hope Industrial 10000000.00 September 23 April 1 2025 No
Animal Husbandry Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Sichuan Xinle Plastics Co. 10000000.00 September 23 April 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Changde New Hope Feed 10000000.00 September 27 April 1 2025 No
Animal Husbandry Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Anyang New Hope Liuhe 10000000.00 September 25 April 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Weifang Liuhe Feed Co. 10000000.00 September 25 April 1 2025 No
Animal Husbandry Ltd. Qingzhou Branch 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Liuhe Feed (Feicheng) Co. 10000000.00 September 25 April 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Dazhou Jiahao Feed Co. 10000000.00 November 15 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Qingdao Liuhe Feed Co. 10000000.00 November 25 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Beijing New Hope Farming 10000000.00 November 22 July 1 2025 No
Animal Husbandry Technology Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Tangshan Muzheng Feed 10000000.00 November 22 July 1 2025 No
Animal Husbandry Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Xintai New Hope Feed Co. 10000000.00 November 28 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.
477Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Puhui Agriculture and Yancheng Liuhe Feed Co. 10000000.00 November 27 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Qingyun Liuhe Feed Co. 10000000.00 November 22 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Wulong New Hope Liuhe 10000000.00 November 29 July 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Cao County Liuhe Feed 10000000.00 December 26 July 1 2025 No
Animal Husbandry Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Huaihua New Hope Liuhe 10000000.00 December 24 July 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Weifang Changhe Weifang Liuhe Feed Co. 10000000.00 December 24 July 1 2025 No
Financing Guarantee Ltd. Linqu Branch 2024
Co. Ltd.Weifang Changhe Weifang Liuhe Feed Co. 10000000.00 December 17 July 1 2025 No
Financing Guarantee Ltd. Changyi Branch 2024
Co. Ltd.Puhui Agriculture and Tongling New Hope Liuhe 10000000.00 December 24 July 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Weifang Changhe Dongying New Hope Liuhe 10000000.00 December 17 July 1 2025 No
Financing Guarantee Feed Co. Ltd. 2024
Co. Ltd.Puhui Agriculture and Yantai Liuhe Feed Co. Ltd. 10000000.00 December 6 2024 July 7 2025 No
Animal Husbandry
Financing Guarantee
Co. Ltd.Puhui Agriculture and Zoucheng New Hope Liuhe 10000000.00 December 26 July 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Xiantao Liuhe Feed Co. 10000000.00 December 23 December 23 No
Animal Husbandry Ltd. 2024 2025
Financing Guarantee
Co. Ltd.Puhui Agriculture and Changtu Liuhe Farming 10000000.00 December 24 July 1 2025 No
Animal Husbandry Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Tangshan New Hope Liuhe 10000000.00 December 16 July 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Datong New Hope Liuhe 10000000.00 December 20 July 1 2025 No
Animal Husbandry Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Chenzhou New Hope 10000000.00 December 24 July 1 2025 No
Animal Husbandry Agricultural Technology 2024
Financing Guarantee Co. Ltd.Co. Ltd.Puhui Agriculture and Qujing Guoxiong Feed Co. 10000000.00 December 13 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.
478Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Puhui Agriculture and Ziyang Jiahao Feed 10000000.00 December 24 December 23 No
Animal Husbandry Technology Co. Ltd. 2024 2025
Financing Guarantee
Co. Ltd.Puhui Agriculture and Zaozhuang New Hope 10000000.00 December 24 July 1 2025 No
Animal Husbandry Liuhe Feed Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Liuhe Feed (Huai'an) Co. 10000000.00 December 16 July 1 2025 No
Animal Husbandry Ltd. 2024
Financing Guarantee
Co. Ltd.Puhui Agriculture and Daqing Liuhe Feed Co. 10000000.00 December 5 2024 December 3 No
Animal Husbandry Ltd. 2025
Financing Guarantee
Co. Ltd.Puhui Agriculture and Hainan Chengmai New 10000000.00 December 19 July 1 2025 No
Animal Husbandry Hope Farming Co. Ltd. 2024
Financing Guarantee
Co. Ltd.Total 685000000.00
2. Guarantees provided by subsidiaries as the guarantors for bank loans of other related parties
Whether the
Amount Commencement of Expiry date of
Guarantor Guaranteed security has
guaranteed guarantee guarantee
been fulfilled
Shandong New Hope Qingdao Liuhe 25000000.00 November 30 2023 March 31 2025 No
Liuhe Group Co. Ltd. Wanfu Food Co.Ltd.Shandong New Hope Qingdao Tianrun 15300000.00 December 13 2023 March 3 2025 No
Liuhe Group Co. Ltd. Food Co. Ltd.Total 40300000.00
(4) Asset transfer and debt restructuring of related parties
Unit: yuan
Amount in the previous
Related party Details of RPT Current amount
period
Transfer of subsidiary to
South Hope Industrial Co. Ltd. 39345000.00
related party
Chengdu Tianfu Xingxinxin Farming Transfer of subsidiary to
543406100.00
Technology Co. Ltd. related party
Transfer of subsidiary to
Hainan Shengchen Investment Co. Ltd. 1500800000.00
related party
Transfer of subsidiary to
New Hope Investment Group Co. Ltd. 398000000.00
related party
Transfer of subsidiary to
Hainan Jinlin Investment Co. Ltd. 194181488.32
related party
(5) Remuneration of key management
Unit: yuan
Item Current amount Amount in the previous period
Total compensation of key management 13006700.00 13626705.00
479Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(6) Related-party financial services
1. Notes
Discount of subsidiaries of the Company with the Finance Company for purchase and sale business as follows:
Name of related party Closing balance Opening balance Current interest
expenses
New Hope Finance Co. Ltd. 2095579907.17 3882972406.36 71377890.02
2. Deposits
Name of related party Closing balance Opening balance Current interest revenue
New Hope Finance Co. Ltd. 3501555457.23 5481732649.51 311833650.88
3. Loans
Name of related party Closing balance Opening balance Current interest
expenses
New Hope Finance Co. Ltd. 1291200000.00 43300000.00 18146101.35
Guangzhou Wise Loan Co. Ltd. 228375.00
New Hope (Tianjin) Commercial 45825.00
Factoring Co. Ltd.
4. Bond financing
Name of related party Closing balance Opening balance Current interest
expenses
New Hope Finance Co. Ltd. 140000000.00 140000000.00 4768438.36
5. Acceptance of notes
As at December 31 2024 the balance of notes payable issued by the Company and its subsidiaries and accepted by New Hope
Finance Co. Ltd. amounted to 485809362.48 yuan.
(7) Other RPTs
1. In 2024 the Company donated a total of 250000.00 yuan through the Sichuan Yonghao Charity Foundation for education
public welfare works.
2. The 40th meeting of the 9th board of directors deliberated and approved the “Proposal on the Proposed Transfer of the 3.392%Equity in a Minority-owned Subsidiary and RPT”. The Company intended to transfer the 3.392% equity it held in Minsheng Life
Insurance Co. Ltd. to Lhasa ETDZ Xinlu Industrial Co. Ltd. and this resolution was passed at the third extraordinary general meeting
in 2024. Minsheng Life Insurance Co. Ltd. is a financial enterprise. Its equity change is subject to approval of the China Insurance
Regulatory Commission. As the filing process has not yet been completed this transaction had not been completed by December 31
2024.
3. Interest income and expenditure of related parties
Item Transaction particular Current amount Amount in the
previous period
Anhui Antai Agricultural Development Co. Ltd. Interest income 1376603.77
Beijing Meihaomei Deling Food Co. Ltd. Interest income 2176623.69
Shandong Zhongxin Food Group Co. Ltd. and Interest income 188666.05
other majority-owned subsidiaries
Deyang New Hope Liuhu Food Co. Ltd. and its Interest income 1509385.21
majority-owned subsidiaries
Total 5251278.72
Deyang New Hope Liuhu Food Co. Ltd. and its Interest expenditure 29521236.13
majority-owned subsidiaries
Shandong Zhongxin Food Group Co. Ltd. and Interest expenditure 18282635.41
other majority-owned subsidiaries
Guangdong Hope No.1 Equity Investment Interest expenditure 753210.23 602367.12
Partnership (LP) and its majority-owned
subsidiaries
480Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Total 48557081.77 602367.12
Note: Anhui Antai Agricultural Development Co. Ltd. is an associate of the Company. The Company agreed to credit the
outstanding dividend payable by Anhui Antai Agricultural Development Co. Ltd. as loan lent to it with interest accrued.Beijing Meihaomei Deling Food Co. Ltd. is a joint venture of the Company. Shareholders funded Beijing Meihaomei Deling
Food Co. Ltd. in proportion to their shareholdings with interest charged.Shandong Zhongxin Food Group Co. Ltd. and Deyang New Hope Liuhe Food Co. Ltd. were previously subsidiaries of the
Company. After the control over them were transferred in 2023 they were accounted for using the equity method as they still had a
significant impact on the Company. Interest income for the current year is the interest accrued on the outstanding borrowings of the
aforementioned companies as of 2023; interest expenditure represents the deposit interest given to the Company for the bank deposits
that have not been paid by the aforementioned companies as of 2023.Guangdong Hope No.1 Equity Investment Partnership (LP) and its majority-owned subsidiaries are associates of the Company.Interest expenditure represents the interest on their receivables and payables.
6. Receivables from and payables to related parties
(1) Receivables
Unit: yuan
Closing balance Opening balance
Item Related party Bad-debt Bad-debt
Book balance Book balance
provision provision
Accounts
Nanjing Heda Food Co. Ltd. 4120588.66 4120588.66 8168381.45 8168381.45
receivable
Beijing Porridge Jiahe
Accounts
Restaurant Management Co. 18800.00 246.28
receivable
Ltd.Grass Green Group Co. Ltd.Accounts
and its majority-owned 2768244.64 37923.50 808609.27 10592.76
receivable
subsidiaries
New Hope Ecological Animal
Accounts
Husbandry Co. Ltd. and its 100071.20 1310.93 107423.17 1407.24
receivable
majority-owned subsidiaries
New Hope Dairy Co. Ltd. and
Accounts
other majority-owned 76000.00 995.60 83709.00 1096.58
receivable
subsidiaries
Accounts Beijing Meihaomei Deling
23380993.12306291.0115206499.82549553.99
receivable Food Co. Ltd.Xinzhi Huide Mechanical
Accounts
Technology Co. Ltd. and its 22838095.21 19315503.32 43185393.06 37669370.56
receivable
majority-owned subsidiaries
Other subsidiaries controlled by
Accounts
New Hope Holding Group Co. 129661.23 1698.56
receivable
Ltd.Shenyang New Hope New
Accounts
Agricultural Industry Fund 3570679.87 3570679.87 3570679.87 925663.26
receivable
Partnership (LP)
Accounts Hainan Nongken New Hope
234061.12234061.121845413.9681107.95
receivable Farming Technology Co. Ltd.Accounts
Lezhi Xinmu Farming Co. Ltd. 6557979.09 122533.98 1567092.28 20528.87
receivable
Accounts Chengdu Tianfu Xingxinxin
12352477.867005951.957153857.60684352.25
receivable Farming Technology Co. Ltd.
481Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
and its majority-owned
subsidiaries
Accounts Yanggu Liuhe Luxin Food Co.
26307.00344.63
receivable Ltd.Accounts Taiqian New Hope Liuhe Luxin
25474356.90333762.303850.0050.45
receivable Food Co. Ltd.Accounts
Guantao Liuhe Food Co. Ltd. 22963.27 22963.27 22963.27 300.81
receivable
Accounts
Panjin Liuhe Farming Co. Ltd. 5120.00 67.07
receivable
Accounts
Anshan Liuhe Food Co. Ltd. 60025.00 786.36
receivable
Shandong Zhongxin Food
Accounts
Group Co. Ltd. and its 79608090.75 2076805.42 247490569.97 5245059.93
receivable
majority-owned subsidiaries
Accounts
Bengbu Hope Food Co. Ltd. 343715.04 4502.66 1240155.92 16246.03
receivable
Accounts
Xiajin Hope Food Co. Ltd. 199173.16 2609.16
receivable
Accounts Junan New Hope Liuhu Food
87781.321149.943229612.6342307.94
receivable Co. Ltd.Accounts
Puyang Hope Food Co. Ltd. 61380.00 804.08 169338.49 2218.34
receivable
Accounts Anshan Liuhe Jiahao Food Co.
192922.362527.29928064.9712157.65
receivable Ltd.Chengdu Hope Food Co. Ltd.Accounts
and its majority-owned 2266989.98 29697.57 20912043.57 273947.85
receivable
subsidiaries
Accounts Deyang New Hope Liuhu Food
452295.415925.0710995739.87144044.20
receivable Co. Ltd.Deyang New Hope Liuhu Food
Accounts
Co. Ltd. and its majority- 1387365.62 18174.50 1511483.35 19800.45
receivable
owned subsidiaries
Xingyuan Environment
Accounts
Technology Co. Ltd. and other 160000.00 10848.00
receivable
majority-owned subsidiaries
Accounts Hebei Kinghey Sausage
171162.192242.25
receivable Casings Co. Ltd.Guangdong Hope No.1 Equity
Accounts Investment Partnership (LP)
660638.008654.361450841.7919006.01
receivable and its majority-owned
subsidiaries
Notes Anhui Antai Agricultural
5000000.005000000.00
receivable Development Co. Ltd.Notes New Hope Dairy Co. Ltd. and
100000.00
receivable its majority-owned subsidiaries
Notes Shanghai Liuhe Qinqiang Food
521233.87
receivable Co. Ltd.Notes Yanggu Liuhe Luxin Food Co.
6548706.603933570.20
receivable Ltd.Notes Taiqian New Hope Liuhe Luxin
8071243.802900000.00
receivable Food Co. Ltd.Notes
Guantao Liuhe Food Co. Ltd. 614074.23 25925700.00
receivable
Shandong Zhongxin Food
Notes
Group Co. Ltd. and its 8318328.63 566722876.13
receivable
majority-owned subsidiaries
482Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Grass Green Group Co. Ltd.Notes
and its majority-owned 455411.75
receivable
subsidiaries
Chengdu Hope Food Co. Ltd.Notes
and its majority-owned 41241752.23 28324345.29
receivable
subsidiaries
Prepayments New Hope Finance Co. Ltd. 10775735.35 22682448.84
Qingdao Big Herdsman
Prepayments Machinery Co. Ltd. and its 4560747.88 176773.00
majority-owned subsidiaries
Shanghai Liuhe Qinqiang Food
Prepayments 3920.00
Co. Ltd.New Hope Property Service
Prepayments Group Co. Ltd. and its 81038.90 4678.09
majority-owned subsidiaries
Xinzhi Huide Mechanical
Prepayments Technology Co. Ltd. and its 6521878.05 227423.16
majority-owned subsidiaries
Sichuan New Hope Trade Co.Prepayments 142595.67
Ltd.Other subsidiaries controlled by
Prepayments New Hope Holding Group Co. 90962.90
Ltd.Caogen Zhiben Group Co. Ltd.Prepayments and other majority-owned 294474.00
subsidiaries
Chengdu Yunlizhi Technology
Prepayments Co. Ltd. and its majority- 33712.12 166118.46
owned subsidiaries
Shandong Zhongxin Food
Prepayments Group Co. Ltd. and its 67162.16 128910021.16
majority-owned subsidiaries
Deyang New Hope Liuhu Food
Prepayments Co. Ltd. and its majority- 5004416.00
owned subsidiaries
Guangdong Hope No.1 Equity
Investment Partnership (LP)
Prepayments 513690.26
and its majority-owned
subsidiaries
New Hope Property Service
Other
Group Co. Ltd. and its 40000.00 40000.00
receivables
majority-owned subsidiaries
Other Beijing Meihaomei Deling
85534042.224363932.8852450020.9514482999.81
receivables Food Co. Ltd.Grass Green Group Co. Ltd.Other
and its majority-owned 200000.00 113490.00 200000.00 105050.00
receivables
subsidiaries
Guangdong Hope No.1 Equity
Other Investment Partnership (LP)
34444897.464664568.6737768227.461919875.71
receivables and its majority-owned
subsidiaries
Shenyang New Hope New
Other
Agricultural Industry Fund 10020.00 934.67 5020.00 255.20
receivables
Partnership (LP)
Other
Lezhi Xinmu Farming Co. Ltd. 1553914.92 78472.70
receivables
Other Chengdu Tianfu Xingxinxin 8553868.09 434479.97 163401.67 2334.87
483Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
receivables Farming Technology Co. Ltd.and its majority-owned
subsidiaries
Shandong Zhongxin Food
Other
Group Co. Ltd. and its 534253.78 27042.13 53204922.10 9416993.57
receivables
majority-owned subsidiaries
Other Hainan Shengchen Investment
750400000.007428960.00
receivables Co. Ltd.Other Anhui Antai Agricultural
26919200.001359419.60
receivables Development Co. Ltd.Chengdu Hope Food Co. Ltd.Other
and its majority-owned 19505394.43 1474649.63 54777303.68 2586979.89
receivables
subsidiaries
Deyang New Hope Liuhu Food
Other
Co. Ltd. and its majority- 304285756.81 15230775.92
receivables
owned subsidiaries
Xinzhi Huide Mechanical
Other
Technology Co. Ltd. and its 5023069.69 5023069.69
receivables
majority-owned subsidiaries
Other subsidiaries controlled by
Other
New Hope Holding Group Co. 300680744.17 6209636.16
receivables
Ltd.Xinzhi Huide Mechanical
Dividends
Technology Co. Ltd. and its 6000000.00 6000000.00
receivable
majority-owned subsidiaries
Dividends Yan’an Xinyongxiang
5610000.005610000.00
receivable Technology Co. Ltd.Shandong Zhongxin Food
Dividends
Group Co. Ltd. and its 46000000.00
receivable
majority-owned subsidiaries
Deyang New Hope Liuhu Food
Dividends
Co. Ltd. and its majority- 242790953.69
receivable
owned subsidiaries
Other subsidiaries controlled by
Dividends
New Hope Holding Group Co. 10000000.00
receivable
Ltd.Other non- Xinzhi Huide Mechanical
current Technology Co. Ltd. and its 38754128.91 73774842.63
assets majority-owned subsidiaries
Other non- Xingyuan Environment
current Technology Co. Ltd. and other 42306839.20 22757643.36
assets majority-owned subsidiaries
Other non- Qingdao Big Herdsman
current Machinery Co. Ltd. and its 14509893.98 14409173.71
assets majority-owned subsidiaries
Chengdu Tianfu Xingxinxin
Other non-
Farming Technology Co. Ltd.current 830993.56
and its majority-owned
assets
subsidiaries
Other
current New Hope Finance Co. Ltd. 3008055.55 150363194.44
assets
(2) Payables
Unit: yuan
484Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Ending book Beginning book
Item Related party
balance balance
Accounts
Beijing Meihaomei Deling Food Co. Ltd. 12126.27
payable
Accounts Qingdao Big Herdsman Machinery Co. Ltd. and its majority-
38161421.7543661143.48
payable owned subsidiaries
Accounts
Qingdao Fresh Life Technology Service Co. Ltd. 41250.57 286139.96
payable
Accounts Chengdu Yunlizhi Technology Co. Ltd. and its majority-owned
60065461.9959936934.30
payable subsidiaries
Accounts Tianjin Xinrong Supply Chain Service Co. Ltd. and its majority-
8660160.544622865.76
payable owned subsidiaries
Accounts Caogen Zhiben Group Co. Ltd. and other majority-owned
21879722.051493578.67
payable subsidiaries
Accounts New Hope Property Service Group Co. Ltd. and its majority-
3695.157773.24
payable owned subsidiaries
Accounts
New Hope Dairy Co. Ltd. and its majority-owned subsidiaries 1806.37 640.00
payable
Accounts
Hangzhou Zhongyi Eco-Environmental Engineering Co. Ltd. 12936360.66 61752686.12
payable
Accounts Xinzhi Huide Mechanical Technology Co. Ltd. and its majority-
65867747.0597737325.43
payable owned subsidiaries
Accounts Xingyuan Environment Technology Co. Ltd. and other majority-
35428669.8840320607.97
payable owned subsidiaries
Accounts
Xinchuang Yunlian Industry Development Co. Ltd. 2808290.20
payable
Accounts
Yunnan Xinlong Mineral Feed Co. Ltd. 1835979.14 11506838.75
payable
Accounts Other subsidiaries controlled by New Hope Holding Group Co.
108654.10
payable Ltd.Accounts Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. and its
136606.57358202.84
payable majority-owned subsidiaries
Accounts Shandong Zhongxin Food Group Co. Ltd. and its majority-owned
1853125.5869869561.15
payable subsidiaries
Accounts
Sichuan Xingong Shengfei Construction Engineering Co. Ltd. 3204743.13 7606960.31
payable
Accounts
Shanghai Liuhe Qinqiang Food Co. Ltd. 1000000.00 30000.00
payable
Accounts
Chengdu Hope Food Co. Ltd. and its majority-owned subsidiaries 7539907.64 10132550.76
payable
Accounts Deyang New Hope Liuhu Food Co. Ltd. and its majority-owned
243542.297727379.31
payable subsidiaries
Accounts Guangdong Hope No.1 Equity Investment Partnership (LP) and its
2921680.16
payable majority-owned subsidiaries
Notes Qingdao Big Herdsman Machinery Co. Ltd. and its majority-
15357773.7515378987.87
payable owned subsidiaries
Notes
Sichuan New Hope Trade Co. Ltd. 325406824.11 1149885327.75
payable
Notes Caogen Zhiben Group Co. Ltd. and other majority-owned
294474.00
payable subsidiaries
Notes
Sichuan Xingong Shengfei Construction Engineering Co. Ltd. 1300000.00 6171193.89
payable
Notes Xinzhi Huide Mechanical Technology Co. Ltd. and its majority-
27235188.5418781126.52
payable owned subsidiaries
Notes Shandong Zhongxin Food Group Co. Ltd. and its majority-owned
6896160.03107973580.00
payable subsidiaries
Notes Chengdu Yunlizhi Technology Co. Ltd. and its majority-owned 1022414.07
485Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
payable subsidiaries
Notes
Hangzhou Zhongyi Eco-Environmental Engineering Co. Ltd. 2556212.04
payable
Notes
Xinchuang Yunlian Industry Development Co. Ltd. 53197948.99
payable
Notes Other subsidiaries controlled by New Hope Holding Group Co.
155200.00
payable Ltd.Advance
Lhasa ETDZ Xinlu Industrial Co. Ltd. 208500000.00
collections
Contract
Hebei Kinghey Sausage Casings Co. Ltd. 160296.05
liabilities
Contract
Luliang New Hope Xuelan Cow Breeding Co. Ltd. 33234.35
liabilities
Contract New Hope Ecological Animal Husbandry Co. Ltd. and its
9035.01
liabilities majority-owned subsidiaries
Contract Sichuan Jixian Digital Intelligence Supply Chain Technology Co.
566021.712.54
liabilities Ltd.Contract Caogen Zhiben Group Co. Ltd. and other majority-owned
115494.9967507.20
liabilities subsidiaries
Contract
Anhui Antai Agricultural Development Co. Ltd. 190100.00 137952.60
liabilities
Contract
Shanghai Liuhe Qinqiang Food Co. Ltd. 10544840.98 1882309.38
liabilities
Contract
Anhui Xinhua Ducks Co. Ltd. 61350.00
liabilities
Contract
Beijing Meihaomei Deling Food Co. Ltd. 21030.66 16.50
liabilities
Contract Other subsidiaries controlled by New Hope Holding Group Co.
4184944.756951787.74
liabilities Ltd.Contract Chengdu Win Choice Technology Service Co. Ltd. and its
12049.0063276.13
liabilities subsidiaries
Contract
Lezhi Xinmu Farming Co. Ltd. 12180306.73 11280288.27
liabilities
Contract
Rong County Xinmu Farming Co. Ltd. 850409.91 2.31
liabilities
Contract Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. and its
337729.6536430.25
liabilities majority-owned subsidiaries
Contract
New Hope Finance Co. Ltd. 788.11 951.92
liabilities
Contract Xingyuan Environment Technology Co. Ltd. and its majority-
81005.55
liabilities owned subsidiaries
Contract Shandong Zhongxin Food Group Co. Ltd. and its majority-owned
38300339.59656667339.08
liabilities subsidiaries
Contract
Junan New Hope Liuhu Food Co. Ltd. 8000.05
liabilities
Contract
Bengbu Hope Food Co. Ltd. 4385.00
liabilities
Contract
Anshan Liuhe Jiahao Food Co. Ltd. 21412.00
liabilities
Contract
Nangong Hope Food Co. Ltd. 16191.10
liabilities
Contract
Xiajin Hope Food Co. Ltd. 176324.97
liabilities
Contract
Deyang New Hope Liuhu Food Co. Ltd. 134365.03
liabilities
Contract
Chengdu Hope Food Co. Ltd. and its majority-owned subsidiaries 245807.52 3644366.14
liabilities
486Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Contract Deyang New Hope Liuhu Food Co. Ltd. and its majority-owned
162677.801224501.33
liabilities subsidiaries
Contract New Hope Turkey Feed and Farming Food Import & Export and
184193.76
liabilities Industry Ltd.Contract Guangdong Hope No.1 Equity Investment Partnership (LP) and its
4184057.077407117.16
liabilities majority-owned subsidiaries
Other
Shanghai Liuhe Qinqiang Food Co. Ltd. 64800.00 60000.00
payables
Other Qingdao Big Herdsman Machinery Co. Ltd. and its majority-
124278.11613847.79
payables owned subsidiaries
Other
Anhui Xinhua Ducks Co. Ltd. 9071000.00 9071000.00
payables
Other
Beijing Meihaomei Deling Food Co. Ltd. 6547116.05
payables
Other
Yan’an Xinyongxiang Technology Co. Ltd. 1500000.00 1500000.00
payables
Other
NHE (Beijing) Technology Co. Ltd. 609910.31 609910.31
payables
Other
Qingdao Fresh Life Technology Service Co. Ltd. 11.00 11.00
payables
Other Chengdu Yunlizhi Technology Co. Ltd. and its majority-owned
4582917.864509365.06
payables subsidiaries
Other Sichuan Jixian Digital Intelligence Supply Chain Technology Co.
100000.00
payables Ltd.Other Caogen Zhiben Group Co. Ltd. and other majority-owned
1429948.8450000.00
payables subsidiaries
Other Xingyuan Environment Technology Co. Ltd. and other majority-
50000.0050000.00
payables owned subsidiaries
Other Xinzhi Huide Mechanical Technology Co. Ltd. and its majority-
364120.00362000.00
payables owned subsidiaries
Other Other subsidiaries controlled by New Hope Holding Group Co.
140033295.95160468549.72
payables Ltd.Other
Sichuan Xingong Shengfei Construction Engineering Co. Ltd. 5000.00 5000.00
payables
Other Chengdu Tianfu Xingxinxin Farming Technology Co. Ltd. and its
576103.45581487.38
payables majority-owned subsidiaries
Other Shandong Zhongxin Food Group Co. Ltd. and its majority-owned
65142.802796476537.69
payables subsidiaries
Other
Chengdu Hope Food Co. Ltd. and its majority-owned subsidiaries 19352934.34 1359046514.19
payables
Other Deyang New Hope Liuhu Food Co. Ltd. and its majority-owned
279137.05171295094.78
payables subsidiaries
Other Guangdong Hope No.1 Equity Investment Partnership (LP) and its
366477008.68234075419.71
payables majority-owned subsidiaries
XV. Share-based payments
1. Overview of share-based payments
□Applicable □Not applicable
Unit: yuan
Current grant Current exercise Current unlocking Current lapse
Category of
objects Qua Quantit AmounAmount Quantity Amount Quantity Amount
ntity y t
487Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Restricted Stock
Incentive Plan 12150800.0
449520035871696.0096963384.00
management
Restricted Stock
Incentive Plan
4416003523968.001250400.009978192.00
2022 - R&D
personnel
Restricted Stock
Incentive Plan
2022
284600022711080.00482900038535420.00
(Reserve) -Key
management
personnel
Employee Stock
139610499.0
Ownership Plan 8382540 66892669.20 17495050
0
2022
Employee Stock 883
42513747.7
Ownership Plan 861 0 0.00 0 0.00 0 0.00
7
20247
883
42513747.716165340.0128999413.2285087495.0
Total 861 0 0.00 35725250
7000
7
Stock options or other equity instruments outstanding at the end of the period
□Applicable □Not applicable
Other equity instruments outstanding at the end of
Stock options outstanding at the end of the period
the period
Category of objects
Range of exercise Remaining term of Range of exercise Remaining term of
prices contract prices contract
Employee Stock
4.81 yuan 18 month
Ownership Plan 2024
Other notes:
(1) Decision-making procedure performed for the equity incentive plans:
A. Restricted Stock Incentive Plan 2022
At the 52nd meeting of the 8th board of directors held on April 26 2022 the Proposal Regarding the ‘Restricted Stock Incentive
Plan 2022 (Draft) of New Hope Liuhe Co. Ltd.’ and its Summary the Proposal Regarding the ‘Assessment Management Measures for
the Restricted Stock Incentive Plan 2022 of New Hope Liuhe Co. Ltd.’ and the Proposal Requesting the General Meeting to Authorize
the Board of Directors to Handle Stock Incentive Related Matters were deliberated.At the 2021 annual general meeting held on May 31 2022 the aforesaid proposals were reviewed and approved.At the 3rd meeting of the 9th board of directors held on July 25 2022 the Proposal on Adjusting Matters Related to the Restricted
Stock Incentive Plan 2022 and the Proposal on the Initial Grant of Restricted Stocks to Incentive Objects were passed.At the 15th meeting of the 9th board of directors and the 11th meeting of the 9th board of supervisors held on May 30 2023 the
Proposal on Granting Reserved Restricted Stocks to Incentive Objects was passed.
488Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
B. Employee Stock Ownership Plan 2022
At the 52nd meeting of the 8th board of directors held on April 26 2022 the Proposal Regarding the ‘Employee Stock Ownership
Plan 2022 (Draft) of New Hope Liuhe Co. Ltd.’ and its Summary the Proposal Regarding the ‘Management Measures for the Employee
Stock Ownership Plan 2022 of New Hope Liuhe Co. Ltd.’ and the Proposal Requesting the General Meeting to Authorize the Board
of Directors to Handle ESOP 2022 Related Matters were deliberated
At the 2021 annual general meeting held on May 31 2022 the aforesaid proposals were passed.C. Employee Stock Ownership Plan 2024
At the 39th meeting of the 9th board of directors held on December 2 2024 the Proposal Regarding the ‘Employee Stock
Ownership Plan 2024 (Draft) of New Hope Liuhe Co. Ltd.’ and its Summary and the Proposal Regarding the ‘Management Measures
for the Employee Stock Ownership Plan 2024 of New Hope Liuhe Co. Ltd.’ were deliberated.At the third extraordinary general meeting in 2024 held on December 2 2024 the aforesaid proposals were passed.
(2) The source of stocks under the stock incentive plan incentive objects and the date of initial grant
A. Restricted Stock Incentive Plan 2022
The source of stocks for this restricted stock incentive plan is the A-share RMB common stocks issued by the Company to the
incentive objects in a targeted manner. The number of restricted stocks proposed to be granted to the incentive objects is 41.37 million
including 33.275 million for the initial grant and 8.095 million reserved. The total number of incentive objects eligible for the initial
grant was 199 including directors senior executives core technician/business personnel of the Company (including majority-owned
subsidiaries). The date of initial grant under this incentive plan was July 25 2022.The number of stocks registered and reserved for grants under the Restricted Stock Incentive Plan 2022 was 7.89 million to be
granted to 370 incentive objects on May 30 2023.B. Employee Stock Ownership Plan 2022
The source of stocks for this ESOP is A-share common stocks of New Hope repurchased through the account for repurchase; the
total number of employees included in the ESOP at the time of its establishment was 2326 at most including supervisors and core
employees of the Company (including majority-owned subsidiaries); on September 30 2022 the stocks in the account for repurchase
were non-traded and transferred to the "New Hope Liuhe Co. Ltd.—Employee Stock Ownership Plan 2022" account.C. Employee Stock Ownership Plan 2024
The source of stocks for this ESOP is A-share common stocks of New Hope repurchased through the account for repurchase The
total number of employees included in the ESOP at the time of its establishment was 180 at most including overseas business related
core employees; the grant price is 4.81 yuan per share for 18 months from the day when the Company announces the transfer of the
last target stock to the employee stock ownership plan. The exercise price is 4.81 yuan per share for 18 months from the day when the
Company announces the transfer of the last target stock to the employee stock ownership plan. On December 25 2024 the stocks in
489Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
the account for repurchase were non-traded and transferred to the "New Hope Liuhe Co. Ltd.—Employee Stock Ownership Plan 2024"
account.
(3) Stock incentives meeting conditions for exercise
A. Restricted Stock Incentive Plan 2022
At the 16th meeting of the 9th board of directors and the 12th meeting of the 9th board of supervisors held on July 25 2023 the
Proposal on Meeting the Lifting Conditions for the Second Lifting Period of the Initial Grant and the First Lifting Period of the
Reserved Restricted Stocks under the Restricted Stock Incentive Plan 2022 was passed by communication voting. In accordance with
the Measures for the Management of Equity Incentives of Listed Companies and other documents and taking into account the operating
results of the Company in 2022 and the individual performance evaluation results of each incentive object in 2022 the first lifting
conditions for the initial grant of restricted stocks under this plan were met. A total of 190 incentive objects partially/fully met the
conditions for lifting the restrictions with 10.01 million restricted stocks eligible for lifting the restrictions.At the 35th meeting of the 9th board of directors and the 23rd meeting of the 9th board of supervisors held on September 27 2027
the Proposal on Meeting the Lifting Conditions for the Second Lifting Period of the Initial Grant and the First Lifting Period of the
Reserved Restricted Stocks under the Restricted Stock Incentive Plan 2022 was passed through a voting process by communication.The conditions for the second lifting period of the initial grant and the first lifting period of the reserved grant of stocks under this
incentive plan were met. A total of 488 incentive objects who have met the assessment requirements and the conditions for partial
lifting of the sales restrictions can have 7782800 shares released for sale during the lifting period.B. Employee Stock Ownership Plan 2022
The first lock-up period of the Employee Stock Ownership Plan 2022 (the "ESOP") expired on September 29 2023. In accordance
with the Guiding Opinions on the Implementation of the Pilot Employee Stock Ownership Plan by Listed Companies of the CSRC and
the Self-Regulatory Guidelines No. 1 for Companies Listed on Shenzhen Stock Exchange - Standardized Operations of Main Board
Listed Companies based on the results of the 2022 corporate performance of the ESOP and the holder's 2022 individual performance
assessment the unlocking conditions for the first unlocking period were met. The shares under the ESOP to be unlocked this time
correspond to 15055660 shares of the Company accounting for 91.95% of the 16373300 shares of the underlying stock equity
unlocked in the first phase and 36.78% of the total 40933250 shares held under the ESOP.On September 28 2024 the Company disclosed the Notice on the Expiry of the Second Locking Period under the ESOP 2022 and
Meeting the Unlocking Conditions stating that the second locking period under the ESOP will expire. The unlocked shares of the ESOP
correspond to 8382540 shares of the Company's stock accounting for 20.48% of the total 49033250 shares under the ESOP.
(4) Cancellation of some restricted stocks
490Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
A. Restricted Stock Incentive Plan 2022
The 16th meeting of the 9th board of directors and the 12th meeting of the 9th board of supervisors considered and approved the
Proposal on Repurchasing and Canceling Some Restricted Stocks by communication voting to repurchase and cancel a total of 4.632
million restricted stocks held by 55 incentive objects under the Restricted Stock Incentive Plan 2022 that had not been released from
restrictions. According to the Incentive Plan if an incentive object resigns voluntarily the restricted stocks that have been granted but
have not been released from restrictions shall not be released and shall be repurchased by the Company at the grant price. In view of
the fact that the 5 incentive objects of the RSIP 2022 have lost their eligibility for this restricted stock incentive due to their voluntary
resignation from the Company the Company shall at the grant price repurchase and cancel the restricted stocks granted to the 5
incentive objects but not yet unlocked. According to the Incentive Plan since the individual performance assessment result of 46
incentive objects is "C" 50% of their sales limits can be lifted during the first lifting period of the Incentive Plan; the individual
performance assessment result of 4 incentive objects is "D" their sales limits cannot be lifted during the first lifting period of the
Incentive Plan. The Company will cancel the shares that cannot be lifted for sale at the grant price. The Company intends to repurchase
and cancel a total of 4.632 million restricted stocks.The 20th meeting of the 9th board of directors and the 15th meeting of the 9th board of supervisors considered and approved the
Proposal on Repurchasing and Canceling Some Restricted Stocks. According to the Restricted Stock Incentive Plan 2022 (the RSIP)
if an incentive object resigns voluntarily it is necessary to handle the relevant repurchase and cancellation in accordance with the
relevant provisions of the RSIP. A total of 510000 shares will be repurchased this time. This proposal still needs to be submitted to the
general meeting for deliberation.At the 35th meeting of the 9th board of directors and the 23rd meeting of the 9th board of supervisors the Proposal on Terminating
the Restricted Stock Incentive Plan 2022 and the Proposal on Terminating the Employee Stock Ownership Plan 2022were deliberated
and approved. The decision-making process reasons and impacts regarding the termination of incentive plans and shareholding plansare detailed in Section “5. Modification and Termination of Share-based Payments" of this section.
2. Share-based payments settled in equities
□Applicable □Not applicable
Unit: yuan
Determination of fair value of equity instruments at the grant
Closing price per share at the grant date
date
Key parameters of fair value of equity instruments at the grant
Closing price per share at the grant date
date
Basis of determination of the number of vested equity Best estimate at the end of each period based on the
instruments performance of the assessment and non-market conditions
Causes of significant difference between the current estimates
None
and prior-period estimates
Accumulated amount of share-based payment settled in
305861401.14
equities included in capital reserve
Total expenses recognized for share-based payment settled in -73805236.56
491Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
equities in the current period
3. Share-based payments settled in cash
□Applicable □Not applicable
4. Current share-based payment expenses
□Applicable □Not applicable
Unit: yuan
Equity-settled share-based payment Cash-settled share-based payment
Category of objects
expenses expenses
Key management personnel -72586494.22 0.00
R&D personnel -1218742.34 0.00
Total -73805236.56
5. Modifications to and termination of share-based payment
In 2024 the Company terminated the Restricted Stock Incentive 2022 and the Employee Stock Ownership Plan 2022
(1) Decision-making procedure performed for the equity incentive plans:
On September 20 2024 the third holders' meeting of the ESOP 2022 was held to deliberate the Proposal on Terminating the
Employee Stock Ownership Plan 2022 and the holders agreed to terminate the ESOP 2022.On September 24 2024 the first meeting of the compensation and appraisal committee of the 9th board of directors was held to
deliberate the Proposal on Terminating the Employee Stock Ownership Plan 2022.At the 35th meeting of the 9th board of directors and the 23rd meeting of the 9th board of supervisors the Proposal on Terminating
the Restricted Stock Incentive Plan 2022 and the Proposal on Terminating the Employee Stock Ownership Plan 2022were deliberated
and approved.
(2) Reasons for terminating the incentive plansThe "Restricted Stock Incentive Plan 2022" "Employee Stock Ownership Plan 2022" and “Restricted Stock Incentive Plan 2022(Reserved)" entered their final unlocking period in 2024 provided that the cumulative total feed sales volume from 2022 to 2024 shall
not be less than 105 million tons; or based on the pig sales volume in 2021 the growth rate of pig sales in 2024 shall not be less than
135%; or the Company's cumulative net profit from 2023 to 2024 shall not be less than 10 billion yuan. According to statistics the
number of equity instruments that met the vesting conditions in the last unlocking period under the incentive plan by the end of 2024
was zero.The reason for not meeting the unlocking conditions is that there have been significant changes in the external environment. Under
the current industrial landscape continuing to overly pursue the growth of sales volume is not only detrimental to the stability of
industry production capacity but also to the Company's earnings and shareholders’ returns ultimately failing to effectively motivate
employees. Taking into account the current industry and market environment and other factors comprehensively the Company found
492Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
it difficult to achieve the expected incentive goals and effects by continuing the incentive plan. After going through the relevant
procedures the board of directors decided to terminate the aforementioned incentive plan based on careful deliberation.
(3) Impact of the termination of the incentive plans
In accordance with the Accounting Standards for Business Enterprises when incentive plans are canceled the Company shall
immediately recognize the amount of incentive expenses that should have been recognized during the remaining waiting period.Therefore the Company will use the best estimate of the number of restricted stocks that can meet the vesting conditions on the
cancellation date (the best estimate is 0 indicating no exercisable incentives) as the basis for calculating the equity incentive expenses
during the remaining waiting period and recognize the relevant incentive expenses in one lump sum in the current year.For the portion of the share-based payment expenses that have been accrued but cannot meet the performance assessment
requirements they will be reversed.XVI. Commitments and contingencies
1. Material commitments
Material commitments existing at the balance sheet date
None
2. Contingencies
(1) Material contingencies existing at the balance sheet date
None
(2) Specify any material contingencies that the Company is not required to disclose
The Company had no material contingencies to disclose.XVII. Events after the balance sheet date
1. Material non-adjusting events
Unit: yuan
Amount of effect on financial Reasons for inability to
Item Content
position and business results estimate the amount of effect
Issuance of stocks and bonds None
Significant outbound
None
investment
Significant debt restructuring None
Natural disasters None
Significant changes in foreign
None
exchange rate
493Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
2. Profit distribution
Proposed dividend per 10 shares (yuan) 0.24
Dividend per 10 shares (yuan) declared for
108622565.69
distribution after deliberation
Proposed profit distribution plan of the Company for the year 2024: the
Company intends to take the total share capital on the equity registration date
when the distribution plan is implemented in the future as the base and
distribute a cash dividend of 0.24 yuan per 10 shares to all shareholders (tax-
Profit distribution plan
inclusive temporarily calculated based on the total share capital of
4525940237.00 as of March 31 2025) with a total dividend amount of
108622565.69 yuan (tax-inclusive); no bonus shares will be issued and no
capital reserve will be converted into share capital.
3. Remarks on other events after the balance sheet date
No other events after the balance sheet date that need to be disclosed.XVIII. Other important matters
1. Segment information
(1) Basis of determination of reporting segments and their accounting policies
The Company determines operating segments based on internal organizational structure management requirements and internal
reporting policies which refer to the components that meet all of the following conditions:
1) Such segments can generate revenue and incur expenses in day-to-day activities;
2) The management can evaluate the business results of such segments on a regular basis to determine allocation of resources to them
and evaluate their performance;
3) The financial condition business results cash flow and other related accounting information on such components are available. The
Company classifies its segment information by region and industry.
(2) Financial information of reporting segments
Unit: yuan
Item Domestic Overseas Total Inter-segment offset Total
Operating
83028568266.3620034393987.98103062962254.34103062962254.34
income
Operating
78024081970.9818126447744.9996150529715.9796150529715.97
costs
Total assets 333665077793.29 14526334986.79 348191412780.08 230277767394.76 117913645385.32
Total
247237588415.877682914878.28254920503294.15173552292870.8581368210423.30
liabilities
494Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(3) Other notes
Segment information determined to be reported based on industry distribution：
Item Operating income Operating costs Total assets Total liabilities
Feed 68698174673.48 65330054842.69 33548253095.26 23883888000.68
Pig business 30397998558.87 27368291585.36 105065073092.36 93665090564.75
Others 3966789021.99 3452183287.92 209578086592.46 137371524728.72
Total 103062962254.34 96150529715.97 348191412780.08 254920503294.15
Less: Internal offset 230277767394.76 173552292870.85
Total after offset 103062962254.34 96150529715.97 117913645385.32 81368210423.30
2. Other significant transactions and events that affect the investor decisions
No other matters to be disclosed.
3. Others
No other matters to be disclosed.XIX. Notes to key items of financial statements of the parent company
1. Accounts receivable
(1) Disclosure by age
Unit: yuan
Aging Ending book balance Beginning book balance
Less than 1 year (inclusive) 1114913.22
1-2 years 571109.99
Total 571109.99 1114913.22
(2) Disclosure by bad debt provision method
Unit: yuan
Closing balance Opening balance
Book balance Bad-debt provision Boo Book balance Bad-debt provision
Category
Proporti k Proporti Book
Percenta valu PercentaAmount Amount on Amount Amount on value
ge e ge accrued accrued
There
of:
Accounts
receivabl
e with 571109. 571109. 1114913. 13233. 1101679.
100.00%100.00%0.00100.00%1.19%
provision 99 99 22 56 66
for bad
debts on
495Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
a
portfolio
basis
There
of:
571109.571109.1114913.13233.1101679.
Total 100.00% 100.00% 100.00% 1.19%
9999225666
Whether it is provision for accounts receivable bad debts made according to the general model of expected credit loss:
□Applicable □Not applicable
(3) Bad debt provision accrued recovered or reversed in the current period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category
balance Recovered or
Closing balance
Accrued Write-off Others
reversed
By portfolio 13233.56 557876.43 571109.99
Total 13233.56 557876.43 571109.99
(4) Accounts receivable actually charged off in the current period
None
(5) Top 5 accounts receivable and contract assets in closing balance by debtor
Unit: yuan
Closing balance of
Percentage in the
bad debt provision
Closing balance of total closing
Closing balance of for account
Closing balance of accounts balance of
Entity name accounts receivables and
contract assets receivable and accounts
receivable provision for
contract assets receivable and
impairment of
contract assets
contract assets
No. 1 571109.99 0.00 571109.99 100.00% 571109.99
Total 571109.99 0.00 571109.99 100.00% 571109.99
2. Other receivables
Unit: yuan
Item Closing balance Opening balance
Dividends receivable 111954814.90 86202894.31
Other receivables 78188239817.55 80608843621.00
Total 78300194632.45 80695046515.31
496Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
(1) Dividends receivable
1) Dividends receivable by category
Unit: yuan
Project (or investee) Closing balance Opening balance
Hainan New Hope Agriculture Co. Ltd. 10000000.00 15206887.34
Yunnan New Hope Liuhe Breeding Co.
70996006.9770996006.97
Ltd.Mianyang New Hope Liuhe Farming
12988618.32
Technology Co. Ltd.Guanghan Guoxiong Feed Co. Ltd. 17199103.11
Sichuan Xinle Plastics Co. Ltd. 771086.50
Total 111954814.90 86202894.31
2) Significant dividends receivable aged over 1 year
Unit: yuan
Whether there is
Cause for not
Project (or investee) Closing balance Aging impairment and the
recovered
basis of judgment
Hainan New Hope Agriculture Co. Declared but not yet
10000000.00 3-4 years No
Ltd. paid
Yunnan New Hope Liuhe Breeding Declared but not yet
70996006.97 3-4 years No
Co. Ltd. paid
Total 80996006.97
(2) Other receivables
1) Other receivables categorized by nature of amount
Unit: yuan
Nature Ending book balance Beginning book balance
Receivables within the scope of
78018407274.5879950046483.98
consolidated statements
Petty cash 203941.83 484702.99
Margins and deposits 17145886.18 22304107.19
Current accounts 109129757.97 132473571.76
Payments for share transfer 59414743.30 530625000.00
Total 78204301603.86 80635933865.92
2) Disclosure by age
Unit: yuan
Aging Ending book balance Beginning book balance
Less than 1 year (inclusive) 78140230000.95 80586245696.29
1-2 years 54006675.03 21196015.42
2-3 years 2188680.99 23064999.35
Over 3 years 7876246.89 5427154.86
497Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
3-4 years 3994738.01 2040487.27
4-5 years 786190.54 306960.65
Over 5 years 3095318.34 3079706.94
Total 78204301603.86 80635933865.92
3) Disclosure by bad debt provision method
Unit: yuan
Closing balance Opening balance
Book balance Bad-debt provision Book balance Bad-debt provision
Categ
ory Proporti Book Proport Book
Percen value PercenAmount Amount on Amount Amount ion value
tage tage
accrued accrued
Provis
ion for
bad
debts 58289743. 874346. 574153 52950000 471255 5247874
0.07%1.50%0.66%0.89%
on an 30 15 97.15 0.00 0.00 50.00
indivi
dual
basis
The
reof:
Provis
ion for
bad
781308
debts 78146011 99.93 151874 80106433 99.34 223776 8008405
0.02%24420.40.03%
on a 860.56 % 40.16 865.92 % 94.92 6171.00
0
portfol
io
basis
The
reof:
781882
78204301100.0016061780635933100.002709028060884
Total 0.02% 39817.5 0.03%
603.86%86.31865.92%44.923621.00
5
Provision for bad debts on an individual basis: other receivables with provision for bad debts at different proportion than those on a
portfolio basis
Unit: yuan
Opening balance Closing balance
Name Bad-debt Bad-debt Proportion Reason for
Book balance Book balance
provision provision accrued provision
Payments for
share transfer
Entity 1 10634743.30 159521.15 1.50%
with very low
recycling risk
Payments for
share transfer
Unit 2 529500000.00 4712550.00 47655000.00 714825.00 1.50%
with very low
recycling risk
Total 529500000.00 4712550.00 58289743.30 874346.15
498Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Provision for bad debts on a portfolio basis: other receivable with provision for bad debts on a portfolio basis
Unit: yuan
Closing balance
Name
Book balance Bad-debt provision Proportion accrued
Subsidiaries within the scope
78018407274.58
of consolidation
Less than 1 year (inclusive) 111187983.07 5614993.14 5.05%
1-2 years 6351675.03 856840.96 13.49%
2-3 years 2188680.99 839359.17 38.35%
Over 3 years 7876246.89 7876246.89 100.00%
Total 78146011860.56 15187440.16
Notes on basis for determination of this portfolio:Recognition standard and remarks of the provision for bad debts: Refer to "Note V. (14) Other receivables” for details.Provision for bad debts according to the general model of expected credit loss:
Unit: yuan
Stage 1 Stage 2 Stage 3
Expected credit Expected credit loss Expected credit loss
Bad-debt provision loss in the throughout the throughout the duration Total
coming 12 duration (no credit (with credit
months impairment) impairment)
Balance as at January 1 2024 22689905.85 4400339.07 27090244.92
Balance as at January 1 2024
in the current period
- transferred to phase 3 -3475907.82 3475907.82
Current reversal 11028458.61 11028458.61
Balance as at December 31 2024 8185539.42 7876246.89 16061786.31
The basis for the division of each stage and the ratio of provisions for bad debts
Refer to “Note V. (14) Other receivables”.Changes in book balance with respect to which current changes in the loss provision are significant
□Applicable □Not applicable
4) Bad debt provision accrued recovered or reversed during this period
Bad debt provision accrued during this period:
Unit: yuan
Current change
Opening
Category
balance Recovered or Resale or
Closing balance
Accrued Others
reversed charge off
Credit risk portfolio 22377694.92 7190254.76 15187440.16
Separate provision
4712550.003838203.85874346.15
portfolio
Total 27090244.92 11028458.61 16061786.31
499Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
5) Other receivables actually charged off in the current period
No other receivables actually charged off during the period.Note: for receivables that are indeed unrecoverable individual charged-off amount of <0.5 million yuan is submitted to the CFO vice
president and president of joint-stock company for approval after being approved by the tier-2 business unit; individual charged-off
amount of ≥ 0.5 million yuan is submitted to the chairman for approval.
6) Top 5 other receivables in closing balance by debtor
Unit: yuan
Percentage in the
Nature of total closing Closing balance of
Entity name Closing balance Aging
amount balance of other bad debt provision
receivables
Internal current
Entity 1 12958132538.72 Less than 1 year 16.57%
accounts
Internal current
Unit 2 8925351500.00 Less than 1 year 11.41%
accounts
Internal current
Unit 3 1844794411.00 Less than 1 year 2.36%
accounts
Internal current
Unit 4 1375398264.28 Less than 1 year 1.76%
accounts
Internal current
Unit 5 1209513611.99 Less than 1 year 1.55%
accounts
Total 26313190325.99 33.65%
7) Recognized in other receivables due to centralized management of funds
No recognition in other receivables due to centralized management of funds during this period
3. Long-term equity investments
Unit: yuan
Closing balance Opening balance
Item Impairment Impairment
Book balance Book value Book balance Book value
provision provision
Investment in
18804851487.3818804851487.3818511884187.2418511884187.24
subsidiaries
Investments
in associates
1513915805.441513915805.441632185132.011632185132.01
and joint
ventures
Total 20318767292.82 20318767292.82 20144069319.25 20144069319.25
(1) Investment in subsidiaries
Unit: yuan
500Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Opening Current increase or decrease Closing
balance balance
Opening
of Provision Closing balance of
Investee balance (book
impairme Additional Reduced for Other (book value) impairme
value)
nt investment investment impairme s nt
provision nt provision
Hainan New
Hope 10000000.0 20784799.1
10784799.18
Agriculture 0 8
Co. Ltd.Mianyang
New Hope
Liuhe
20000000.0020000000.00
Farming
Technology
Co. Ltd.Guanghan
Guoxiong
12554935.8012554935.80
Feed Co.Ltd.Kunming
New Hope
Agricultural 9966510.03 9966510.03
Technology
Co. Ltd.Zunyi
Jiahao Feed 6995416.81 6995416.81
Co. Ltd.Qujing
Guoxiong
3943229.083943229.08
Feed Co.Ltd.Beijing
New Hope
39000000.0
Farming 7500000.00 46500000.00
0
Technology
Co. Ltd.Hebei New
80000000.0
Hope Feed 20000000.00 100000000.00
0
Co. Ltd.Taizhou
New Hope 81975000.0
10870459.1792845459.17
Agriculture 0
Co. Ltd.Lhasa New
Hope
22000000.0022000000.00
Industrial
Co. Ltd.Mangshi
New Hope
Farming 10000000.00 10000000.00
Technology
Co. Ltd.Kunming
New Hope 80000000.0
20480253.33100480253.33
Animal 0
Nutritious
501Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Food Co.Ltd.Emeishan
New Hope
10000000.0010000000.00
Liuhe Feed
Co. Ltd.Wulong
New Hope
10000000.0010000000.00
Liuhe Feed
Co. Ltd.Baoji New
Hope 80000000.0
20420221.67100420221.67
Farming 0
Co. Ltd.Sanyuan
New Hope
20000000.0020000000.00
Feed Co.Ltd.Wuzhou
New Hope 40000000.0
10000000.0050000000.00
Liuhe Feed 0
Co. Ltd.Guangxi
New Hope
10000000.0
Liuhe 10000000.00
0
Breeding
Co. Ltd.Yongzhou
New Hope 15000000.0
15000000.00
Liuhe Feed 0
Co. Ltd.Huanggang
New Hope
Feed 20000000.00 20000000.00
Technology
Co. Ltd.Huaihua
New Hope
20000000.0020000000.00
Liuhe Feed
Co. Ltd.Yingtan
New Hope
20000000.0020000000.00
Feed Co.Ltd.Ningxia
New Hope
Ruminant
Animal 20308781.67 20308781.67
Nutritious
Food Co.Ltd.Xiangyang
New Hope
20000000.0020000000.00
Liuhe Feed
Co. Ltd.Zunyi New
10000000.0010000000.00
Hope Liuhe
502Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Agricultural
Technology
Co. Ltd.Guangzhou
Liuhe Feed 49280253.33 49280253.33
Co. Ltd.Sichuan
Xinle
4023039.624023039.62
Plastics Co.Ltd.Jiangsu
Tiancheng
Healthcare 40800000.00 40800000.00
Products
Co. Ltd.New Hope
Liuhe
503191958.85503191958.85
Investment
Co. Ltd.Sichuan
New Hope
Liuhe
Technologic 19380728.33 19380728.33
al
Innovation
Co. Ltd.New Hope
Liuhu Food
100000000.00100000000.00
Holdings
Co. Ltd.Yunnan
New Hope
Liuhe 3073273.33 3073273.33
Breeding
Co. Ltd.Xizang
Linzhi New
Hope Liuhe 12081000.00 12081000.00
Breeding
Co. Ltd.Chengdu
Fenglan
50713650.0050713650.00
Technology
Co. Ltd.Guangyuan
New Hope
Liuhe
3000000.003000000.00
Farming
Technology
Co. Ltd.Tianjin
Dingcheng
Zhizi 100000000.00 100000000.00
Investment
Co. Ltd.Golden Oak
300000000.00300000000.00
Investment
503Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Holdings
(Tianjin)
Co. Ltd.Yangling
Besun
Agricultural 2236936585. 2236936585.Industry 75 75
Group Co.Ltd.Chongqing
Tongliang
New Hope
17000000.0
Liuhe 3000000.00 20000000.00
0
Farming
Technology
Co. Ltd.Qingdao
Xinhang
Engineering 50000000.00 50000000.00
Managemen
t Co. Ltd.Beijing
New Hope
Liuhe
Biotechnolo 502678173.17 5000000.00 497678173.17
gy Industry
Group Co.Ltd.New Hope
1049702602.1049702602.
Singapore
8080
Pte. Ltd.New Hope
Internationa
94167694.5094167694.50
l Holdings
(Pte.) Ltd.Sichuan
New Hope
3252335894.3252335894.
Liuhe
9898
Farming
Co. Ltd.Shandong
New Hope
8286464881.8286464881.
Liuhe
5757
Group Co.Ltd.New Hope
Liuhe Feed 478711323.70 478711323.70
Co. Ltd.Xintai New
Hope Feed 4800000.00 4800000.00
Co. Ltd.Sichuan
New Hope
Animal 100000000.
682097862.23782097862.23
Nutrition 00
Technology
Co. Ltd.
504Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Qingdao
Xinmu
Zhihe 11200000.00 11200000.00
Technology
Co. Ltd.Guangdong
Jiahao
51680886.6
Agricultural 51680886.67
7
Products
Co. Ltd.Tianjin
Yunling
Enterprise
75250000.0
Managemen 75250000.00
0
t Consulting
Partnership
(LP)
Xiamen
New Hope
Liuhe
Agricultural 100000000.00 100000000.00
Supply
Chain Co.Ltd.Ju County
New Hope
2400000.002400000.00
Liuhe Feed
Co. Ltd.Shandong
Qinwang
Breeding
Consulting
Co. Ltd.
58972900.6
Others 84089771.67 1680886.67 26797757.66
8
18511884187529655886.236688586.18804851487
Total.246753.38
(2) Investments in associates and joint ventures
Unit: yuan
Current increase or decrease
Openi Profit or Closin
ng Cash loss on g
Opening balanc Adjustm Oth dividendRed investme Provis Closing balanc
Invest balance e of Additi ent for er s or uced nt ion balance e of
ee (book impair onal other equi profits Othinve recogniz for (book impair
value) ment invest compre ty declared ers stme ed using impair value) ment
provis ment hensive cha for nt the ment provis
ion income nges distributequity ion
ion
method
I. Joint ventures
Beijin
g
Meiha
omei
505Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Deling
Food
Co.Ltd.II. Associates
New
Hope - -
12528571020001148685
Financ 215793 14090.
282.30000.00258.58
e Co. 2.94 78
Ltd.Cheng
du
Tianfu
Xingxi
nxin -
37932783602515
Farmi 190763
49.7124.52
ng 25.19
Techn
ology
Co.Ltd.CNA
MPG
C
Feed
Grain
Techn -
50004979022
ology 20977.6
000.00.34
Innova 6
tion
(Shenz
hen)
Co.Ltd.--
Subtot 1632185 5000 102000 1513915
21255214090.
al 132.01 000.00 000.00 805.44
35.7978
--
163218550001020001513915
Total 212552 14090.
132.01000.00000.00805.44
35.7978
Recoverable amounts are determined at the fair value net of disposal costs
□Applicable □Not applicable
Recoverable amounts are determined at the present value of projected future cash flows
□Applicable □Not applicable
(3) Other notes
Note: the increase in "Others" in this period is due to the reduction of subsidiaries directly held through equity adjustment while
the original long-term equity investment of the Company as the settlement party of the equity instrument in the incentive object's
company retains; the decrease of 58972900.68 in "Others" in this period is due to the termination of the Restricted Stock Incentive
506Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
Plan 2022 and the ESOP 2022. As the settlement party of the equity instruments the Company has offset the long-term equity
investment recognized in the subsidiaries of the incentive object’s company at the fair value of the equity instruments on the grant date.
4. Operating income and operating cost
Unit: yuan
Current amount Amount in the previous period
Item
Income Cost Income Cost
Main business 394217392.55 395028025.58 641858141.00 619522137.71
Other businesses 10475035.18 4663884.61 256047.90
Total 404692427.73 395028025.58 646522025.61 619778185.61
Breakdown of operating income and operating cost:
Unit: yuan
Current amount Aggregate of the same period last year
Contract classification
Operating income Operating costs Operating income Operating costs
Business type
Thereof:
Feed 394217392.55 395028025.58 641858141.00 619522137.71
Others 10475035.18 4663884.61 256047.90
By region of operation
Thereof:
Domestic 404692427.73 395028025.58 646522025.61 619778185.61
Total 404692427.73 395028025.58 646522025.61 619778185.61
Information related to transaction prices allocated to remaining performance obligations:
The amount of revenue corresponding to performance obligations already contracted but not yet performed or completed at the end of
this reporting period is 21672399.91 yuan of which 21672399.91 yuan is expected to be recognized in 2025.
5. Investment income
Unit: yuan
Item Current amount Amount in the previous period
Income on long-term equity investments accounted
179211445.69150923516.39
for under the cost method
Income on long-term equity investments accounted
-21255235.7919571017.54
for under the equity method
Investment income from disposal of long-term
-23934780.57531862758.92
equity investments
Dividend income from investments in other equity
6784000.006784000.00
instruments during the holding period
Total 140805429.33 709141292.85
507Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
XX. Additional information
1. Detailed statement of current non-recurring profits and losses
□Applicable □Not applicable
Unit: yuan
Item Amount Notes
Gain or loss on disposal of non-current assets -331554931.58
Government subsidies included in the current profit or loss (excluding government
subsidies that are closely related to the business operations of the Company and
71770654.45
granted under defined standards in compliance with national policies and have a
continuous impact on the profit and loss of the Company)
Gain or loss from changes in fair value of financial assets and financial liabilities
held by non-financial enterprises and gain or loss on disposal of financial assets and
36075893.84
financial liabilities except for the effective hedging transactions related to normal
business operations of the Company
Charge on the use of funds from non-financial business included in the current profit
5813636.13
or loss
Reversal of impairment provision for receivables subject to separate impairment test 57038413.66
Income generated by the share of the fair value of identifiable net assets of the
investee at the time of acquisition of investment higher than the cost of acquisition
of subsidiaries associates and joint ventures
Gain or loss from debt restructuring 1916532.45
Other non-operating income and expenses other than those described above 6634350.76
Less: impacted income tax 36241450.18
Impacted minority equity (after tax) -47712030.81
Total -140834869.66 --
Details of other profit or loss items that conform to the definition of non-recurring profit or loss:
□Applicable □Not applicable
The Company had no other profit or loss items that conform to the definition of non-recurring profit or loss.Description of non-recurring profit or loss items enumerated in the Explanatory Announcement No. 1 on Information Disclosure for
Companies Offering their Securities to the Public– Non-recurring Profit or Loss classified as recurring profit or loss items
□Applicable □Not applicable
2. Return on equity and earnings per share
Earnings per share
Weighted average
Profits during the reporting period Diluted earnings
ROE Basic earnings per per share
share (yuan/share)
(yuan/share)
Net profit attributable to ordinary shareholders 1.73% 0.09 0.09
Net profit attributable to ordinary shareholders net of non-
2.32%0.120.12
recurring profit or loss
508Full text of the 2024 Annual Report of New Hope Liuhe Co. Ltd.
3. Accounting data difference under domestic and foreign accounting standards
(1) Difference in net profits and net assets in financial reports disclosed under both international
accounting standards and Chinese accounting standards
□Applicable □Not applicable
(2) Difference in net profits and net assets in financial reports disclosed under both overseas accounting
standards and Chinese accounting standards
□Applicable □Not applicable
(3) Notes on the reasons for accounting data difference under domestic and overseas accounting standards
and where difference adjustments have been made to the data audited by an overseas audit agency specify
the name of such overseas agency
4. Others
New Hope Liuhe Co. Ltd.Legal Representative: Liu Chang
April 26 2025
509
沪公网安备31011802005267号
