2022 年第三季度报告 证券代码：600108 证券简称：亚盛集团 甘肃亚盛实业（集团）股份有限公司 2022 年第三季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人李克恕、主管会计工作负责人牛济军及会计机构负责人苟佛红（会计主管人 员）保证季度报告中财务信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项 目 | 本报告期 | 本报告期 比上年同 期增减变 | 年初至报告期末 | 年初至报告 期末比上年 | | --- | --- | --- | --- | --- | | | | 动幅度 | | 同期增减变 | | | | | | 动幅度(%) | | | | (%) | | | | 营业收入 | 763,931,161.91 | 5.48 | ...

2022 年半年度报告 公司代码：600108 公司简称：亚盛集团 甘肃亚盛实业(集团)股份有限公司 2022 年半年度报告 1 / 100 2022 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实性、准 确性、完整性，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人李克恕、主管会计工作负责人牛济军及会计机构负责人（会计主管人员）苟 佛红声明：保证半年度报告中财务报告的真实、准确、完整。 五、 董事会决议通过的本报告期利润分配预案或公积金转增股本预案 无 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略、生产经营、核心竞争力分析等前瞻性描述不构成公 司对投资者的实质承诺，敬请投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 是否存在半数以上董事无法保证公司所披露半年度报告的真实性、准确性和完整性 否 十、 重大风险提示 公司已在本报 ...

2022 年第一季度报告 证券代码：600108 证券简称：亚盛集团 甘肃亚盛实业(集团)股份有限公司 2022 年第一季度报告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 重要内容提示 (一)公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 (二)公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表信息的真实、准确、完整。 (三)第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (四)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | | 本报告期 | 本报告期比上年同期 | | --- | --- | --- | --- | | | | | 增减变动幅度(%) | | 营业收入 | | 590,688,347.44 | 5.07 | | 归属于上市公司股东的净利润 | | 25,091,572.65 | -19.06 | | 归属于上市公司股东的扣除非经常性损益 ...

Financial Performance - The company's operating revenue for 2021 was CNY 3,332,692,529.72, representing a 6.41% increase compared to CNY 3,132,066,911.75 in 2020[17]. - The net profit attributable to shareholders for 2021 was CNY 71,811,499.34, a significant recovery from a loss of CNY 852,470,250.85 in 2020[17]. - The net cash flow from operating activities increased by 32.49% to CNY 157,296,710.56 in 2021, compared to CNY 118,722,012.69 in 2020[17]. - The total assets of the company at the end of 2021 were CNY 8,240,653,538.26, a decrease of 1.18% from CNY 8,338,953,979.77 at the end of 2020[17]. - The net assets attributable to shareholders increased by 1.29% to CNY 4,058,010,758.21 at the end of 2021, compared to CNY 4,006,285,985.08 at the end of 2020[17]. - The basic earnings per share for 2021 were CNY 0.0369, a recovery from a loss of CNY 0.4379 per share in 2020[18]. - The weighted average return on net assets increased by 20.46 percentage points to 1.78% in 2021, compared to -18.68% in 2020[18]. - The company's total revenue for Q4 reached 1,417,141,845.89 RMB, marking a significant increase compared to previous quarters[21]. - The net profit attributable to shareholders for Q4 was 22,573,161.50 RMB, showing a recovery from earlier losses in the year[21]. - The net cash flow from operating activities in Q4 was 293,936,457.23 RMB, indicating a strong turnaround from negative cash flows in Q2 and Q3[21]. Research and Development - Research and development expenses increased by 13.39% to CNY 23,302,973.84, reflecting a commitment to innovation[35]. - The company has filed 17 new invention patents and implemented 59 new agricultural planting technologies, boosting its innovation capabilities[28]. - The company has 96 R&D personnel, accounting for 1.85% of the total workforce[45]. - Investment in R&D increased by 30%, totaling 150 million CNY, focusing on innovative technologies and product development[70]. Market Expansion and Strategy - The company is expanding its market presence by establishing a professional marketing team and developing multi-channel sales networks, including online and community group buying[27]. - The company has initiated a new medicinal herb industry, leveraging national policies to enhance growth and has made significant progress in land resource acquisition[27]. - The company achieved a revenue of CNY 3,332,692,529.72, representing a year-on-year increase of 6.41%[34]. - The company plans to enhance agricultural technology and information integration, focusing on "Internet+" and modern high-tech agriculture to drive industry transformation[55]. - Gansu Yasheng aims to strengthen its core agricultural business while expanding into the health sector by increasing the scale of traditional Chinese medicine cultivation and processing[57]. - The company plans to expand its market presence in Southeast Asia, targeting a 10% market share by 2023[70]. Financial Management and Governance - The company has successfully integrated its financial management, improving fund utilization efficiency through centralized management[28]. - The total remuneration for directors and senior management during the reporting period amounted to 309.86 million yuan, with the highest individual remuneration being 40.50 million yuan[69]. - The company held two shareholder meetings during the reporting period, ensuring equal rights for all shareholders[66]. - The company’s board of directors met eight times, discussing 34 proposals to ensure effective governance[66]. - The company has established a transparent remuneration policy for its directors and senior management[73]. Risk Management - The company has outlined potential risks in its future plans and strategies, which investors should be aware of[5]. - The company faces risks from macroeconomic policies, market competition, and rising costs, and plans to optimize its industrial layout and introduce new crop varieties[62]. - The company will implement measures to mitigate risks from natural disasters and ensure compliance with food safety regulations[63]. Sustainability and Social Responsibility - The company promotes sustainable agricultural practices, including the application of integrated water and fertilizer technology and the use of biodegradable agricultural films[95]. - The company actively engaged in ecological environment protection, focusing on grassland restoration and modern livestock farming, enhancing forage supply capacity[96]. - The company supported over 25,000 local farmers in developing advantageous leading industries through unified procurement of agricultural products[100]. - The company conducted an average of 6,000 technical training sessions annually for local farmers, benefiting over 10,000 households[100]. - The company implemented measures to reduce pollution and improve resource utilization efficiency, promoting sustainable agricultural practices[98]. Financial Position and Assets - The total assets amounted to CNY 8,240,653,538.26, a decrease from CNY 8,338,953,979.77 in the previous year, reflecting a decline of approximately 1.18%[138]. - The company's total liabilities were CNY 4,181,578,265.65, down from CNY 4,324,255,678.38, a decrease of around 3.30%[139]. - Shareholders' equity increased to CNY 4,059,075,272.61 from CNY 4,014,698,301.39, reflecting a growth of about 1.11%[139]. - Cash and cash equivalents decreased to CNY 469,699,042.13 from CNY 656,955,781.93, a decline of approximately 28.54%[140]. Compliance and Internal Control - The company has implemented internal controls to maintain the integrity of financial reporting[135]. - The audit report indicates no significant misstatements in the financial statements for the year ended December 31, 2021[134]. - The company has not reported any overdue bonds during the reporting period[128]. - The company has not encountered any significant accounting errors that would require correction during the reporting period[107]. Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 136,628[116]. - The company has no significant changes in ownership structure or control during the reporting period[123]. - Gansu Agricultural Reclamation Group Co., Ltd. holds 303,121,313 shares, accounting for 15.57% of total shares[118].

Financial Performance - The company's operating revenue for Q3 2021 was ¥724,248,931.26, representing a year-on-year increase of 15.62%[2] - The net profit attributable to shareholders for Q3 2021 was ¥8,866,464.34, a significant increase of 4,677.69% compared to the same period last year[2] - The net profit attributable to shareholders after deducting non-recurring gains and losses for Q3 2021 was ¥2,412,565.23, up by 32.97% year-on-year[6] - Total revenue for the first three quarters of 2021 reached ¥1,915,550,683.83, an increase of 8.1% compared to ¥1,771,847,157.51 in the same period of 2020[14] - Operating profit for the first three quarters of 2021 was ¥31,184,819.74, compared to ¥10,127,924.67 in the same period of 2020, reflecting a significant improvement[15] - Net profit for the first three quarters of 2021 was ¥48,424,893.91, up from ¥9,060,933.98 in the same period of 2020, indicating a strong growth trajectory[15] - The net profit attributable to the parent company shareholders for Q3 2021 was ¥49,238,337.84, compared to ¥13,261,458.06 in Q3 2020, representing a significant increase[16] - The total comprehensive income for Q3 2021 was ¥39,798,393.91, up from ¥11,297,433.98 in the same period last year[16] - Basic and diluted earnings per share for Q3 2021 were both ¥0.0253, compared to ¥0.0068 in Q3 2020, indicating improved profitability[17] Assets and Liabilities - The total assets at the end of Q3 2021 were ¥8,339,682,449.94, showing a slight increase of 0.01% from the end of the previous year[3] - The equity attributable to shareholders at the end of Q3 2021 was ¥4,046,856,359.56, reflecting a growth of 1.01% compared to the end of the previous year[3] - Total assets as of September 30, 2021, amounted to ¥8,339,682,449.94, slightly up from ¥8,338,953,979.77 at the end of 2020[12] - Current assets increased to ¥3,979,329,445.56 from ¥3,899,219,039.82 at the end of 2020, showing a growth of approximately 2.05%[11] - Total liabilities decreased to ¥4,285,227,218.00 from ¥4,324,255,678.38 at the end of 2020, reflecting a reduction of about 0.9%[13] Cash Flow - The net cash flow from operating activities for the year-to-date was negative at -¥136,639,746.67[2] - Cash inflow from operating activities for the first nine months of 2021 was ¥2,193,182,706.22, an increase from ¥1,823,871,421.78 in the same period of 2020[18] - The net cash flow from operating activities for the first nine months of 2021 was -¥136,639,746.67, compared to -¥112,629,036.06 in the previous year, reflecting ongoing challenges[18] - Cash inflow from financing activities in the first nine months of 2021 was ¥1,532,800,000.00, compared to ¥1,283,651,426.81 in the same period of 2020[19] - The net cash flow from financing activities for the first nine months of 2021 was -¥270,480,866.09, compared to -¥97,883,205.66 in the previous year, indicating increased financial strain[19] - The ending cash and cash equivalents balance as of September 30, 2021, was ¥568,877,751.03, down from ¥800,145,702.57 at the end of Q3 2020[19] Investments and Expenses - The company reported non-recurring gains of ¥6,453,899.11 for Q3 2021, with a total of ¥30,185,335.00 for the year-to-date[5] - Research and development expenses for the first three quarters of 2021 were ¥16,805,038.71, compared to ¥15,642,351.96 in the same period of 2020, indicating a focus on innovation[15] - The company reported a significant increase in investment income to ¥4,260,000.00 from ¥3,435,700.00 year-over-year, highlighting improved investment performance[15] - The total cash outflow from investing activities for the first nine months of 2021 was -¥95,392,753.27, compared to -¥65,042,779.64 in the same period of 2020, indicating increased investment expenditures[19] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 134,241[7] - Cash and cash equivalents decreased to ¥586,217,257.99 from ¥1,096,754,803.24, a decline of approximately 46.4%[11] - Inventory increased to ¥1,137,093,957.51 from ¥940,094,924.15, representing a growth of about 20.9%[11] - The company reported a decrease in other comprehensive income attributable to the parent company of -¥8,626,500.00 for Q3 2021, compared to an increase of ¥2,236,500.00 in Q3 2020[16]

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 1,191,301,752.57, representing a 4.00% increase compared to CNY 1,145,457,432.10 in the same period last year[14]. - The net profit attributable to shareholders for the first half of 2021 was CNY 40,371,873.50, a significant increase of 208.75% from CNY 13,075,877.59 in the previous year[14]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 16,640,437.61, up 298.09% from CNY 4,180,074.54 year-on-year[14]. - The basic earnings per share for the first half of 2021 was CNY 0.0207, which is a 208.95% increase compared to CNY 0.0067 in the same period last year[15]. - The weighted average return on net assets increased to 1.00% from 0.26% year-on-year, reflecting improved profitability[15]. - The net cash flow from operating activities for the first half of 2021 was CNY 2,298,385.87, a recovery from a negative cash flow of CNY -60,403,094.29 in the previous year[14]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 8,183,326,133.16, a decrease of 1.87% from CNY 8,338,953,979.77 at the end of the previous year[14]. - The net assets attributable to shareholders at the end of the reporting period were CNY 4,030,328,358.58, showing a slight increase of 0.60% from CNY 4,006,285,985.08 at the end of the previous year[14]. - Total liabilities decreased to RMB 4,145,298,468.63 from RMB 4,324,255,678.38, a reduction of about 4.15%[72]. - The company's total assets as of June 30, 2021, were ¥7,536,577,487.96, slightly down from ¥7,554,555,226.92 at the end of 2020[76]. - The equity attributable to shareholders increased to ¥4,524,478,017.08 from ¥4,516,952,284.61, showing a growth of 0.2%[76]. Cash Flow and Financing - The company’s cash flow from operating activities improved significantly, with a net cash flow of CNY 2,298,385.87, compared to a negative cash flow of CNY -60,403,094.29 in the previous period[26]. - The company’s financial expenses increased by 9.67% to CNY 72,438,745.07 due to an increase in borrowings[26]. - The company reported a net cash flow from operating activities of ¥2,298,385.87, a significant improvement from a net outflow of ¥60,403,094.29 in the first half of 2020[85]. - Cash inflow from financing activities was ¥678,000,000.00, an increase from ¥358,461,573.40 in the same period last year[88]. - The company’s total liabilities increased, impacting the overall financial leverage and risk profile[191]. Strategic Initiatives - The company is focusing on key projects such as the potato seed breeding center and organic fertilizer production, aligning with national policies on carbon neutrality and rural revitalization[24]. - The company has established strategic partnerships with several research institutions to enhance its technological innovation capabilities[21]. - The company is actively expanding its resource base through land transfer and developing contract farming relationships with downstream enterprises[23]. Risk Management - The company faces risks from macroeconomic policies, management challenges, project execution, and market competition[35][36]. - The company emphasizes enhancing disaster response capabilities and improving agricultural infrastructure to mitigate natural disaster risks[37]. Shareholder Information - Total number of ordinary shareholders at the end of the reporting period was 145,526[59]. - The largest shareholder, Gansu Agricultural Reclamation Group Co., Ltd., held 303,121,313 shares, representing 15.57% of total shares[61]. Corporate Governance - The company approved the 2020 annual financial report and profit distribution plan during the shareholder meeting held on May 28, 2021[39]. - The company experienced changes in its board and supervisory committee members, with elections held on April 26 and approved on May 28, 2021[42]. Environmental and Social Responsibility - The company is actively engaged in environmental protection initiatives, including promoting sustainable agricultural practices and reducing carbon emissions[47]. - The company has implemented measures to support poverty alleviation and rural revitalization, including technical training and resource distribution to local farmers[48]. Accounting and Financial Reporting - The financial report was approved by the board on August 26, 2021[101]. - The financial statements are prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[104]. - The company has established accounting treatment methods for mergers and acquisitions, including both same-control and non-same-control scenarios[109]. Inventory and Receivables - The company’s inventory decreased slightly by 1.31% to CNY 927,810,769.97, maintaining a stable inventory level[28]. - The total accounts receivable at the end of the period amounted to ¥474,427,797.59, an increase from ¥403,920,409.25 at the beginning of the period, representing a growth of approximately 17.4%[186]. - The provision for inventory impairment at the end of the period was ¥69,572,836.91, reflecting an increase from ¥133,669,508.48 at the beginning of the period[200].

2021 年第一季度报告 公司代码：600108 公司简称：亚盛集团 甘肃亚盛实业(集团)股份有限公司 2021 年第一季度报告 1 / 22 | 一、重要提示 | | 3 | | --- | --- | --- | | 二、公司基本情况 | | 3 | | 三、重要事项 | | 5 | | 四、附录 | | 6 | 2021 年第一季度报告 一、重要提示 二、公司基本情况 2.1 主要财务数据 非经常性损益项目和金额 √适用 □不适用 单位：元 币种：人民币 | 项目 | 本期金额 | 说明 | | --- | --- | --- | | 非流动资产处置损益 | | | | 越权审批，或无正式批准文件，或偶发性的税收返还、减免 | | | | 计入当期损益的政府补助，但与公司正常经营业务密切相关，符合国家 | 5,429,658.53 | | | 政策规定、按照一定标准定额或定量持续享受的政府补助除外 | | | | 计入当期损益的对非金融企业收取的资金占用费 | | | | 企业取得子公司、联营企业及合营企业的投资成本小于取得投资时应享 | | | | 有被投资单位可辨认净资产公允价值产生的收益 | | ...

[Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used in the report [Company Profile and Key Financial Indicators](index=4&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section outlines the company's basic information and presents its key financial performance over recent years [Company Overview](index=4&type=section&id=%E4%BA%8C%E3%80%81%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Yasheng Group is a company listed on the Shanghai Stock Exchange (stock code: 600108), primarily engaged in modern agriculture-related businesses with Li Keshu as its legal representative - The company's Chinese abbreviation is “Yasheng Group”, stock code is **600108**, and it is listed on the Shanghai Stock Exchange[13](index=13&type=chunk)[17](index=17&type=chunk) [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%20%E8%BF%91%E4%B8%89%E5%B9%B4%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In 2020, the company's operating revenue grew by 10.32% to 3.132 billion yuan, but net profit attributable to shareholders turned to a significant loss of 0.852 billion yuan, with key financial indicators deteriorating significantly due to a substantial fourth-quarter decline Key Accounting Data for the Last Three Years | Key Accounting Data | 2020 | 2019 | Period-over-Prior-Year Change (%) | | :--- | :--- | :--- | :--- | | **Operating Revenue** | 3.132 billion yuan | 2.839 billion yuan | 10.32% | | **Net Profit Attributable to Shareholders of Listed Company** | -0.852 billion yuan | 0.078 billion yuan | -1,196.37% | | **Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items)** | -0.579 billion yuan | 0.021 billion yuan | -2,875.94% | | **Net Cash Flow from Operating Activities** | 0.119 billion yuan | -0.076 billion yuan | Not Applicable | | **Net Assets Attributable to Shareholders of Listed Company** | 4.006 billion yuan | 4.989 billion yuan | -19.70% | | **Total Assets** | 8.339 billion yuan | 9.004 billion yuan | -7.39% | Key Financial Indicators | Key Financial Indicators | 2020 | 2019 | Period-over-Prior-Year Change (%) | | :--- | :--- | :--- | :--- | | **Basic Earnings Per Share (yuan/share)** | -0.4379 | 0.0399 | -1,197.49% | | **Weighted Average Return on Net Assets (%)** | -18.68% | 1.62% | Decreased by 20.30 percentage points | | **Weighted Average Return on Net Assets (Excluding Non-recurring Items) (%)** | -12.69% | 0.43% | Decreased by 13.12 percentage points | - The net profit attributable to shareholders of the listed company in **Q4 2020** was **-0.866 billion yuan**, which was the main reason for the significant full-year loss[22](index=22&type=chunk) - Total non-recurring gains and losses in **2020** amounted to **-0.274 billion yuan**, primarily due to a **-0.317 billion yuan** loss under "Other Non-operating Income and Expenses"[23](index=23&type=chunk) [Business Overview](index=6&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) This section provides an overview of the company's principal businesses, operating model, and industry context [Principal Business, Operating Model, and Industry Overview](index=6&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E3%80%81%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F%E5%8F%8A%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company is a large modern agricultural enterprise integrating crop cultivation, processing, R&D, services, and distribution, focusing on products like hops, forage, and potatoes, operating under a vertically integrated management model with core strengths in land resources and technology aligned with national rural revitalization strategies - The company's principal business involves crop cultivation and processing, with key products including **hops, high-quality forage, potatoes, corn, and fruits**[28](index=28&type=chunk) - The company has established a **vertically integrated management system** of "Group Parent Company—Specialized Subsidiaries—Base Branch Companies" to achieve overall industrial planning and specialized operations[28](index=28&type=chunk) - The company's core competencies lie in its **large-scale land base and technological support**, emphasizing standardized, green production that aligns with national rural revitalization and agricultural modernization trends[28](index=28&type=chunk)[29](index=29&type=chunk) [Analysis of Core Competencies](index=7&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competencies are rooted in five key areas: extensive cultivated land resources, a professional management team, strong R&D and technology transfer capabilities, advanced agricultural machinery (over 85% mechanization rate), and differentiated, high-quality products with market advantages due to its location in the Hexi Corridor - The company's core competencies are reflected in **five key aspects**: resources, organization, technology, equipment, and products/market[30](index=30&type=chunk) - The company possesses **abundant cultivated land resources**, a comprehensive mechanization rate exceeding **85%**, and an Agricultural Research Institute to support technological innovation[30](index=30&type=chunk) [Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section discusses the company's operational performance, financial position, and future outlook [Review of Operations](index=7&type=section&id=%E4%B8%80%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) In 2020, the company navigated challenges from the COVID-19 pandemic and natural disasters by ensuring production, adjusting industrial structure, optimizing existing potential through refined management, expanding new businesses like land transfer and organic fertilizers, strengthening technological innovation and talent acquisition, and exploring new sales channels - Facing the **COVID-19 pandemic and natural disasters**, the company strived to ensure stable agricultural production and achieved orderly resumption of work and production[32](index=32&type=chunk)[33](index=33&type=chunk) - The company undertook **business asset restructuring and structural adjustments**, spinning off the chili pepper industry from the food group for independent operation to promote specialized development[33](index=33&type=chunk) - The company actively expanded **incremental businesses**, including transferring high-quality land resources, developing the organic fertilizer industry, investing in potato seed breeding bases, and establishing a seed company[34](index=34&type=chunk) - The company strengthened **technological and talent support**, establishing collaborations with multiple research institutions and recruiting over **200** various professionals throughout the year[35](index=35&type=chunk) [Analysis of Key Operating Performance](index=8&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) During the reporting period, the company's operating revenue increased by 10.32% to 3.132 billion yuan, but net profit attributable to the parent company significantly declined to -0.852 billion yuan due to factors such as the COVID-19 pandemic, natural disasters, industrial restructuring, increased costs, substantial asset impairment provisions, and asset write-offs from frost damage Key Operating Data for 2020 | Indicator | Amount | Year-on-Year Change | | :--- | :--- | :--- | | **Operating Revenue** | 3.132 billion yuan | +10.32% | | **Net Profit Attributable to Owners of Parent Company** | -0.852 billion yuan | -930.22 million yuan | | **Net Profit Attributable to Owners of Parent Company (Excluding Non-recurring Items)** | -0.579 billion yuan | -599.75 million yuan | | **Total Assets** | 8.339 billion yuan | -7.39% | | **Total Liabilities** | 4.324 billion yuan | +8.85% | [Analysis of Income Statement and Cash Flow Statement](index=8&type=section&id=1.%20%E5%88%A9%E6%B6%A6%E8%A1%A8%E5%8F%8A%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8%E7%9B%B8%E5%85%B3%E7%A7%91%E7%9B%AE%E5%8F%98%E5%8A%A8%E5%88%86%E6%9E%90%E8%A1%A8) In 2020, the company's profit significantly declined, with operating profit decreasing by 0.614 billion yuan primarily due to increased costs and expenses and a substantial rise in asset impairment provisions, while net cash flow from operating activities turned positive, increasing by 0.195 billion yuan mainly from higher cash received from sales Analysis Table of Changes in Key Accounts of Income Statement and Cash Flow Statement | Account | Current Period Amount (million yuan) | Prior Year Same Period Amount (million yuan) | Change Rate (%) | Main Reason | | :--- | :--- | :--- | :--- | :--- | | **Administrative Expenses** | 329.9585 | 250.9328 | 31.49 | Increased product write-offs due to epidemic and environmental remediation investments | | **Credit Impairment Losses** | -141.1759 | -52.8623 | Not Applicable | Impact of epidemic, increased difficulty in collecting receivables | | **Asset Impairment Losses** | -235.2112 | -8.8180 | Not Applicable | Impairment provision due to industrial structure adjustment and inventory price decline | | **Operating Profit** | -556.3380 | 57.9588 | -1,059.88 | Increased costs and expenses, and increased provision for asset impairment | | **Non-operating Expenses** | 326.8329 | 1.0566 | 30,833.14 | Alfalfa frost damage and agricultural facility write-offs | | **Net Profit Attributable to Parent Company** | -852.4703 | 77.7541 | -1,196.37 | Decline in operating profit and frost damage losses | | **Net Cash Flow from Operating Activities** | 118.7220 | -76.1028 | Not Applicable | Increased cash received from sales of goods | [Revenue and Cost Analysis](index=10&type=section&id=2.%20%E6%94%B6%E5%85%A5%E5%92%8C%E6%88%90%E6%9C%AC%E5%88%86%E6%9E%90) By industry, the agriculture segment dominated revenue with a 13.06% increase, but its gross margin significantly declined due to rising costs, while industrial and trade segments both reported negative gross margins; by product, edible sunflower seed revenue surged by 62.70% but its gross margin turned negative, while hops revenue grew by 28.64% with improved gross margin, and inventory levels for alfalfa, potatoes, and edible sunflower seeds substantially increased Principal Business by Industry Segment | By Industry Segment | Operating Revenue (billion yuan) | Operating Cost (billion yuan) | Gross Margin (%) | Operating Revenue Change from Prior Year (%) | Operating Cost Change from Prior Year (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | **Agriculture** | 2.522 | 2.140 | 15.16 | 13.06 | 22.44 | | **Industry** | 0.264 | 0.309 | -17.14 | 69.99 | 123.08 | | **Trade** | 0.718 | 0.731 | -1.87 | -1.05 | 12.26 | Production and Sales Volume of Key Products | Key Products | Production Volume (tons) | Sales Volume (tons) | Inventory Volume (tons) | Inventory Volume Change from Prior Year (%) | | :--- | :--- | :--- | :--- | :--- | | **Alfalfa** | 173,183.71 | 128,433.25 | 62,037.43 | 258.87% | | **Hops** | 2,382.92 | 2,958.47 | 3,206.29 | -15.22% | | **Potatoes** | 111,779.10 | 92,386.50 | 24,799.98 | 358.63% | | **Edible Sunflower Seeds** | 32,041.28 | 24,616.96 | 8,585.84 | 639.19% | | **Fruits** | 37,328.27 | 41,662.78 | 11,115.44 | -28.06% | [Expense Analysis](index=11&type=section&id=3.%20%E8%B4%B9%E7%94%A8) During the reporting period, administrative and R&D expenses significantly increased, with administrative expenses rising by 31.49% due to product write-offs and environmental remediation, and R&D expenses growing by 94.88% reflecting increased investment Expense Changes | Item | Current Period Amount (yuan) | Prior Year Same Period Amount (yuan) | Year-on-Year Change (%) | | :--- | :--- | :--- | :--- | | **Selling Expenses** | 59,866,916.41 | 59,815,926.40 | 0.09 | | **Administrative Expenses** | 329,958,515.25 | 250,932,799.89 | 31.49 | | **R&D Expenses** | 20,551,153.10 | 10,545,474.89 | 94.88 | | **Financial Expenses** | 130,030,161.34 | 135,564,162.92 | -4.08 | [R&D Investment](index=11&type=section&id=4.%20%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5) In 2020, the company's total R&D investment was 20.5512 million yuan, all expensed, representing 0.66% of operating revenue, with 71 R&D personnel comprising 1.33% of the total workforce R&D Investment | Indicator | Value | | :--- | :--- | | **Current Period Expensed R&D Investment** | 20,551,153.10 yuan | | **Total R&D Investment** | 20,551,153.10 yuan | | **Total R&D Investment as % of Operating Revenue** | 0.66% | | **Number of Company R&D Personnel** | 71 persons | | **R&D Personnel as % of Total Company Staff** | 1.33% | [Cash Flow Analysis](index=11&type=section&id=5.%20%E7%8E%B0%E9%87%91%E6%B5%81) During the reporting period, net cash flow from operating activities turned positive to 0.119 billion yuan, net cash outflow from investing activities significantly decreased to -0.068 billion yuan, and net cash outflow from financing activities substantially increased to -0.055 billion yuan, primarily due to higher debt repayments and interest payments Cash Flow Situation | Cash Flow | Current Period Amount (yuan) | Prior Year Same Period Amount (yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | | **Net Cash Flow from Operating Activities** | 118,722,012.69 | -76,102,820.38 | / | | **Net Cash Flow from Investing Activities** | -68,080,067.70 | -166,937,767.56 | / | | **Net Cash Flow from Financing Activities** | -54,860,212.14 | 15,425,626.53 | -455.64 | [Analysis of Assets and Liabilities](index=12&type=section&id=%28%E4%BA%8C%29%20%E8%B5%84%E4%BA%A7%E3%80%81%E8%B4%9F%E5%80%BA%E6%83%85%E5%86%B5%E5%88%86%E6%9E%90) At the end of the reporting period, total assets decreased by 7.39% to 8.339 billion yuan, while total liabilities increased by 8.85% to 4.324 billion yuan; construction in progress significantly increased by 335.49%, productive biological assets decreased by 39.83% due to write-offs from industrial restructuring, and retained earnings substantially declined by 42.60% due to losses Changes in Key Balance Sheet Items | Item Name | Current Period End Amount (million yuan) | Change Rate from Prior Period End (%) | Main Reason | | :--- | :--- | :--- | :--- | | **Construction in Progress** | 98.2350 | 335.49% | Project construction progress | | **Productive Biological Assets** | 56.7825 | -39.83% | Industrial structure adjustment, asset write-offs | | **Long-term Deferred Expenses** | 312.9801 | 37.15% | Increased land improvement and soil fertility enhancement expenses | | **Contract Liabilities** | 102.2475 | Not Applicable | Impact of new revenue recognition standard implementation | | **Retained Earnings** | 1,160.3439 | -42.60% | Increased production costs, impairment provisions, and write-offs | - As of the end of the reporting period, the total book value of the company's **key restricted assets** was **79.9855 million yuan**, including monetary funds, accounts receivable, fixed assets, and intangible assets[52](index=52&type=chunk) [Investment Analysis](index=12&type=section&id=%28%E5%9B%9B%29%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) During the reporting period, the company established two new subsidiaries to promote industrial specialization: Gansu Xingnong Chili Industry Development Co., Ltd. for independent chili operations, and Gansu Yasheng Seed Industry Co., Ltd. with a 0.12 billion yuan investment, which also acquired Gansu Nongken Liangzhong and Huangyanghe Seed Industry to integrate seed resources and enhance technological innovation - Gansu Xingnong Chili Industry Development Co., Ltd. was newly established to operate the **chili pepper industry independently** and enhance market competitiveness[54](index=54&type=chunk) - The company invested **0.12 billion yuan** to establish Gansu Yasheng Seed Industry Co., Ltd. and completed the acquisition of **100% equity** in Gansu Nongken Liangzhong Co., Ltd. and Gansu Huangyanghe Group Seed Industry Co., Ltd., aiming to integrate resources and enhance seed industry technological innovation capabilities[54](index=54&type=chunk)[55](index=55&type=chunk) [Analysis of Major Holding and Participating Companies](index=13&type=section&id=%28%E4%BA%94%29%20%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) During the reporting period, several of the company's major subsidiaries incurred significant losses primarily due to provisions for asset impairment and inventory write-downs, including Gansu Yasheng Haoshibang Food Group with a loss of 0.178 billion yuan, Gansu Yasheng Tianyuan Mugao Grass Industry Group with a loss of 0.164 billion yuan due to frost damage, and Gansu Ruisheng Yameite High-Tech Agriculture Co., Ltd. with a loss of 0.124 billion yuan Operating Performance of Major Subsidiaries (Unit: million yuan) | Company Name | Net Profit | Analysis of Net Profit Change Reasons | | :--- | :--- | :--- | | **Gansu Xingnong Chili Industry Development Co., Ltd.** | -18.6373 | Due to provision for inventory impairment | | **Gansu Yasheng Tianyuan Mugao Grass Industry Group Co., Ltd.** | -164.3207 | Due to frost damage losses in current period | | **Gansu Yasheng Haoshibang Food Group Co., Ltd.** | -178.1528 | Due to provision for asset impairment in current period | | **Gansu Yasheng Yameite Water Saving Co., Ltd.** | -95.7022 | Due to provision for asset impairment in current period | | **Gansu Ruisheng Yameite High-Tech Agriculture Co., Ltd.** | -123.7204 | Due to provision for asset impairment in current period | [Company's Future Development Outlook](index=14&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%85%B3%E4%BA%8E%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) The company anticipates future agricultural development towards technology, information, scale, and green organic practices, with its strategy focusing on rural revitalization, dual-driven capital operation and real economy, and accelerating the construction of modern agriculture, trade logistics, and modern management systems, with the 2021 operating plan emphasizing management improvement, existing asset optimization, new business expansion, market development, technological support, and talent development - The company's development strategy adheres to a **dual-driven approach of capital operation and real economy**, accelerating the construction of modern agricultural systems, trade logistics systems, and modern management systems[59](index=59&type=chunk) - The **2021 operating plan** focuses on management improvement, optimizing existing assets for efficiency, strategic new business expansion, market development, strengthening technological support, talent team building, and corporate culture development[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk)[63](index=63&type=chunk) - The company faces key risks including **macroeconomic policy risks, operational management risks, market competition and rising cost risks, agricultural product safety risks, project risks, natural disaster risks, and COVID-19 pandemic risks**[65](index=65&type=chunk)[66](index=66&type=chunk) [Significant Matters](index=15&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important events and decisions during the reporting period, including profit distribution, accounting policy changes, related party transactions, and social responsibility initiatives [Profit Distribution Plan](index=15&type=section&id=%E4%B8%80%E3%80%81%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) The company's 2020 profit distribution plan proposes no profit distribution or capital reserve to share capital conversion, with a "Shareholder Return Plan for the Next Three Years (2020-2022)" in place to ensure dividend policy continuity and stability - The **2020 profit distribution plan** proposes no profit distribution and no capital reserve to share capital conversion[5](index=5&type=chunk) Dividend Distribution Plan for the Last Three Years | Dividend Year | Dividend per 10 shares (yuan) (tax inclusive) | Cash Dividend Amount (tax inclusive) | Ratio to Net Profit Attributable to Parent Company (%) | | :--- | :--- | :--- | :--- | | **2020** | 0 | 0 | 0 | | **2019** | 0.045 | 8,761,118.04 yuan | 10.87% | | **2018** | 0.045 | 8,761,118.04 yuan | 10.34% | [Changes in Accounting Policies](index=17&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%AF%B9%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E3%80%81%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1%E5%8F%98%E6%9B%B4%E6%88%96%E9%87%8D%E5%A4%A7%E4%BC%9A%E8%AE%A1%E5%B7%AE%E9%94%99%E6%AD%A3%E5%8E%9F%E5%9B%A0%E5%92%8C%E5%BD%B1%E5%93%8D%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) Effective January 1, 2020, the company adopted the new revenue recognition standard, primarily impacting financial statement presentation by reclassifying "Prepayments from Customers" to "Contract Liabilities" and "Other Current Liabilities" without affecting opening retained earnings - The company adopted the **new revenue recognition standard** effective **January 1, 2020**, replacing the risk and reward transfer model with control transfer as the criterion for revenue recognition[72](index=72&type=chunk) - Implementing the new revenue standard resulted in a **62.2182 million yuan decrease** in "Prepayments from Customers" on the consolidated financial statements as of January 1, 2020, with a corresponding **59.7218 million yuan increase** in "Contract Liabilities" and a **2.4964 million yuan increase** in "Other Current Liabilities", without affecting opening retained earnings[73](index=73&type=chunk) [Significant Related Party Transactions](index=18&type=section&id=%E4%B9%9D%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) During the reporting period, the company engaged in two significant related party transactions: its wholly-owned subsidiary, Gansu Yasheng Seed Industry Co., Ltd., acquired 100% equity in Gansu Nongken Liangzhong and Huangyanghe Seed Industry from related parties, and the company terminated its plan to jointly establish Gansu Military-Civilian Integration Food Security Co., Ltd. with its controlling shareholder - The company's wholly-owned subsidiary, Yasheng Seed Industry, completed the acquisition of **100% equity** in related parties Gansu Nongken Liangzhong Co., Ltd. and Gansu Huangyanghe Group Seed Industry Co., Ltd.[78](index=78&type=chunk) - The company terminated its plan to jointly establish Gansu Military-Civilian Integration Food Security Co., Ltd. with its controlling shareholder, Gansu Nongken Group, to **reduce related party transactions**[78](index=78&type=chunk) [Social Responsibility](index=19&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E7%A7%AF%E6%9E%81%E5%B1%A5%E8%A1%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E7%9A%84%E5%B7%A5%E4%BD%9C%E6%83%85%E5%86%B5) The company actively fulfills its social responsibilities through initiatives in poverty alleviation, safety production, product quality, employee rights protection, environmental protection, and public welfare, having driven the development of 25,000 surrounding farming households and invested 4.9209 million yuan in poverty alleviation during the reporting period, while also promoting circular and low-carbon agriculture to reduce chemical fertilizer and pesticide use and enhance ecological protection - The company has driven the development of approximately **25,000 surrounding farming households**, cultivating about **300,000 mu** of advantageous crops through industrial and technical support, with an average annual direct benefit exceeding **100 million yuan**[83](index=83&type=chunk) - In terms of environmental protection, the company promotes **water-fertilizer integrated technology**, reduces the use of chemical fertilizers and pesticides, increases organic fertilizer application, and strengthens agricultural film recycling to improve cultivated land quality and protect the ecological environment[88](index=88&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk) [Share Changes and Shareholder Information](index=21&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E6%99%AE%E9%80%9A%E8%82%A1%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section details changes in the company's ordinary shares and provides information on its shareholders and actual controller [Shareholder and Actual Controller Information](index=21&type=section&id=%E4%BA%8C%E3%80%81%20%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 155,843 ordinary shareholders, with Gansu Provincial Agricultural Reclamation Group Co., Ltd. as the controlling shareholder, holding a combined 24.58% stake with its concerted action party, and the actual controller being the Gansu Provincial People's Government State-owned Assets Supervision and Administration Commission Top Five Shareholders' Shareholding | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | | :--- | :--- | :--- | | **Gansu Provincial Agricultural Reclamation Group Co., Ltd.** | 303,121,313 | 15.57 | | **Gansu Provincial Agricultural Reclamation Asset Management Co., Ltd.** | 175,371,852 | 9.01 | | **Zhu Nengshun** | 30,352,977 | 1.56 | | **Central Huijin Asset Management Co., Ltd.** | 13,578,400 | 0.70 | | **China Securities Finance Co., Ltd.** | 8,783,582 | 0.45 | - The controlling shareholder is **Gansu Provincial Agricultural Reclamation Group Co., Ltd.**, and the actual controller is the **Gansu Provincial People's Government State-owned Assets Supervision and Administration Commission**[97](index=97&type=chunk)[98](index=98&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=24&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) This section provides information on the company's board of directors, supervisors, senior management, and employee structure [Changes in Directors, Supervisors, and Senior Management](index=27&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, the company's board, supervisory board, and senior management team underwent significant changes, with Li Keshu elected as the new Chairman and Niu Jijun appointed as General Manager and elected as a Director, while the former Chairman, several directors, the Chairman of the Supervisory Board, and four Vice General Managers departed - **Li Keshu** was elected as the company's Chairman, and **Niu Jijun** was appointed as General Manager and elected as a Director[108](index=108&type=chunk) - Former Chairman **Li Kehua**, Director **Bi Jin**, Chairman of the Supervisory Board **Li Fu**, and four Vice General Managers (**Li Keyin, Yin Tuting, Shen Xiaohong, Tang Liang**) departed[108](index=108&type=chunk)[109](index=109&type=chunk) [Employee Information](index=28&type=section&id=%E5%9B%9B%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%92%8C%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had a total of 5,344 employees, with production personnel constituting the largest group at 2,961, and the vast majority (84.8%) holding college diploma or lower education levels Employee Professional Composition | Professional Category | Number of Persons | | :--- | :--- | | **Production Personnel** | 2,961 | | **Sales Personnel** | 166 | | **Technical Personnel** | 391 | | **Financial Personnel** | 254 | | **Administrative Personnel** | 1,034 | | **Other** | 538 | | **Total** | 5,344 | [Corporate Governance](index=28&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) This section provides an overview of the company's corporate governance practices and internal control effectiveness [Overview of Corporate Governance](index=28&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) During the reporting period, the company operated in strict compliance with relevant laws and regulations, continuously improving its corporate governance structure, holding 3 shareholder meetings and 11 board meetings to ensure standardized, objective, and scientific decision-making, with its governance practices aligning with CSRC regulations and receiving a standard unqualified opinion on its internal control audit report - During the reporting period, the company held **3 shareholder meetings** and **11 board meetings**, with its corporate governance complying with relevant regulations[115](index=115&type=chunk)[116](index=116&type=chunk) - The company engaged **Daxin Certified Public Accountants** to audit its internal controls, receiving a **standard unqualified opinion**[119](index=119&type=chunk) [Financial Report](index=31&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's audited financial statements and related notes for the reporting period [Audit Report](index=31&type=section&id=%E4%B8%80%E3%80%81%20%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Daxin Certified Public Accountants (Special General Partnership) issued a standard unqualified audit opinion on the company's 2020 financial statements, identifying three key audit matters: revenue recognition from agricultural product sales, provision for inventory impairment, and provision for fixed asset impairment - The auditing firm is **Daxin Certified Public Accountants**, which issued a **standard unqualified audit opinion**[121](index=121&type=chunk) - Key audit matters include: - **Revenue recognition from agricultural product sales**: Due to revenue being a key performance indicator and inherent industry risks - **Provision for inventory impairment**: Due to high inventory book value, significant impact of impairment provision on financial statements, and involvement of significant management judgment - **Provision for fixed asset impairment**: Due to high fixed asset book value, significant impact of impairment provision on financial statements, and involvement of significant management judgment[122](index=122&type=chunk)[123](index=123&type=chunk)[124](index=124&type=chunk) [Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the 2020 fiscal year - Financial statements include the **consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity**[130](index=130&type=chunk)[133](index=133&type=chunk)[136](index=136&type=chunk)[142](index=142&type=chunk)[147](index=147&type=chunk) [Notes to Consolidated Financial Statements](index=66&type=section&id=%E4%B8%83%E3%80%81%20%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed explanations of key items in the financial statements, showing that at the end of 2020, the company's total assets were 8.339 billion yuan, total liabilities 4.324 billion yuan, operating revenue 3.132 billion yuan, and net profit -0.883 billion yuan, with specific details on accounts receivable, inventory, and fixed asset impairment provisions Period-End Balances of Key Asset and Liability Items (Consolidated) | Item | Period-End Balance (yuan) | | :--- | :--- | | **Monetary Funds** | 1,096,754,803.24 | | **Accounts Receivable** | 1,298,033,340.09 | | **Inventory** | 940,094,924.15 | | **Fixed Assets** | 932,749,729.56 | | **Intangible Assets** | 2,627,123,759.41 | | **Short-term Borrowings** | 1,229,435,139.37 | | **Bonds Payable** | 1,436,597,118.18 | - The book balance of accounts receivable at period-end was **1.519 billion yuan**, with a bad debt provision of **0.221 billion yuan**, representing a provision rate of **14.54%**[248](index=248&type=chunk) - The book balance of inventory at period-end was **1.074 billion yuan**, with an inventory impairment provision of **0.134 billion yuan**, resulting in a book value of **0.940 billion yuan**[271](index=271&type=chunk) - The original book value of fixed assets at period-end was **1.761 billion yuan**, with an impairment provision of **0.120 billion yuan**, resulting in a book value of **0.933 billion yuan**[280](index=280&type=chunk) [Reference Documents Catalog](index=112&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E5%A4%87%E6%9F%A5%E6%96%87%E4%BB%B6%E7%9B%AE%E5%BD%95) This section lists all documents available for reference

Financial Performance - Operating revenue for the first nine months reached CNY 1,714,971,984.20, an increase of 8.73% year-on-year[8] - Net profit attributable to shareholders decreased by 69.68% to CNY 15,901,945.95 compared to the same period last year[8] - The company's net profit for Q3 2020 was CNY 11,701,421.87, a decrease of 78.06% compared to CNY 53,344,827.84 in the same period last year[15] - Total revenue for Q3 2020 was CNY 14,370,109.94, down 75.08% from CNY 57,670,257.82 year-on-year[15] - Operating profit decreased by 77.61% to CNY 11,847,763.18 from CNY 52,920,449.60 in the previous year[15] - Q3 2020 net profit reached CNY 1.86 million, down 57.5% from CNY 4.37 million in Q3 2019[30] - Total profit for Q3 2020 was CNY 1.90 million, a decline of 58.6% compared to CNY 4.58 million in Q3 2019[30] - Cumulative net profit for the first three quarters of 2020 was CNY 11.70 million, a decrease of 78.1% from CNY 53.34 million in the same period of 2019[30] - The company reported a total profit of CNY 14.37 million for the first three quarters of 2020, down 75.1% from CNY 57.67 million in the same period of 2019[30] - Total comprehensive income for the first three quarters of 2020 was CNY 21,764,559.19, a decrease of 38.3% compared to the same period in 2019[33] Assets and Liabilities - Total assets increased by 0.69% to CNY 8,846,093,584.09 compared to the end of the previous year[8] - The total assets as of September 30, 2020, were CNY 8,846,093,584.09, slightly up from CNY 8,785,653,278.75 at the end of 2019[21] - Current liabilities increased to CNY 2,216,309,593.30 from CNY 1,938,307,854.22 year-on-year[21] - Total liabilities amounted to CNY 3,875,351,581.63, with current liabilities at CNY 1,938,307,854.22 and non-current liabilities at CNY 1,937,043,727.41[40] - The company has a total of CNY 1,434,639,436.39 in bonds payable, indicating a substantial debt obligation[40] - Long-term borrowings were reported at ¥1,414,511,263.50, a decrease from ¥1,434,639,436.39 in the previous year[24] Cash Flow - The company's cash flow from operating activities showed a net outflow of CNY 121,905,605.90 for the first nine months[8] - The company reported a net cash flow from financing activities of -CNY 77,425,194.55, a significant decrease compared to CNY 182,239,739.44 in the same period last year[15] - Cash inflow from operating activities for the first three quarters of 2020 was CNY 1,738,590,985.65, an increase of 13.8% from CNY 1,527,813,176.96 in 2019[34] - Net cash flow from operating activities was -CNY 121,905,605.90, slightly improved from -CNY 133,389,248.26 in the previous year[34] - Cash outflow from investing activities was CNY 108,779,863.41, up from CNY 102,349,450.12 in the same period of 2019[34] - Cash inflow from financing activities in the first three quarters of 2020 was CNY 1,283,651,426.81, compared to CNY 2,444,730,373.29 in 2019[35] Research and Development - Research and development expenses increased by 97.01% to CNY 12,274,224.54 compared to the previous year[14] - The company increased its R&D investment, which contributed to the overall cost increase during the period[15] - Research and development expenses for Q3 2020 were ¥4,622,032.53, compared to ¥3,997,319.10 in Q3 2019, marking a 15.6% increase[26] - R&D expenses in Q3 2020 amounted to CNY 1.99 million, an increase of 46.3% from CNY 1.37 million in Q3 2019[30] Shareholder Information - The number of shareholders reached 154,397 by the end of the reporting period[12] - The company has a total of 10 major shareholders, with the largest holding 15.57% of shares[12] Economic Impact - The company faced challenges due to the COVID-19 pandemic, leading to increased raw material prices and overall costs[15] - The company received government subsidies, which positively impacted its financial performance[15]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 1.09 billion, a decrease of 1.85% compared to the same period last year[16]. - The net profit attributable to shareholders for the first half of 2020 was CNY 11.16 million, down 76.74% year-on-year[16]. - The basic earnings per share decreased by 76.83% to CNY 0.0057 compared to CNY 0.0246 in the same period last year[16]. - The net cash flow from operating activities was negative at CNY -74.55 million, a significant decline from CNY -10.66 million in the previous year[16]. - The total assets as of the end of the reporting period were approximately CNY 8.57 billion, down 2.47% from the end of the previous year[16]. - The company's weighted average return on equity decreased to 0.23%, down 0.77 percentage points from the previous year[16]. - The net profit after deducting non-recurring gains and losses was CNY 4.18 million, a decrease of 90.36% year-on-year[16]. - The company attributed the decline in profits to the impact of the COVID-19 pandemic and rising raw material prices[16]. - The net assets attributable to shareholders at the end of the reporting period were approximately CNY 4.85 billion, a slight decrease of 0.34% from the previous year[16]. - The company did not propose any profit distribution plan for the reporting period[6]. Research and Development - Research and development expenses increased by 5.42 million yuan, reflecting the company's increased investment in technology research[31]. - Research and development expenses increased by 242.69% to CNY 7,652,192.01 from CNY 2,232,964.44 in the previous year[33]. - The company is actively exploring new technologies to improve product quality and yield per unit area, including automatic irrigation and green pest control techniques[27]. - The company is focusing on developing modern agriculture and promoting water-saving irrigation technology to increase production scale[43]. - The company aims to improve agricultural production efficiency through high-standard farmland construction and modern agricultural equipment[43]. Investments and Capital Structure - The company plans to invest CNY 30 million in a joint venture with its controlling shareholder, holding a 30% stake[36]. - The company has increased its capital in its wholly-owned subsidiary by CNY 15 million, raising its registered capital from CNY 5 million to CNY 20 million[37]. - The company’s long-term investments increased to CNY 1,120,417,626.18 from CNY 1,045,417,626.18 in the previous year, reflecting a strategic focus on long-term growth[77]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 136.2 million RMB, which accounts for 28.06% of the company's net assets[52]. - The company has a capital reserve of CNY 898,785,723.75, which reflects the financial health and investment capacity[102]. Risk Management - The company is actively preparing for potential risks from macroeconomic policy changes and project feasibility[42]. - The company faces risks from rising costs of agricultural inputs and labor, which may pressure profit growth[44]. - The company plans to enhance its internal control system to mitigate operational risks associated with rapid growth[43]. - The company is enhancing its ability to respond to extreme weather and natural disasters to minimize agricultural production losses[43]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 156,956[62]. - The top ten shareholders held a total of 15.57% and 9.01% of shares, with 甘肃省农垦集团有限责任公司 and 甘肃省农垦资产经营有限公司 being the largest shareholders[64]. - The company did not experience any changes in its total share capital or share structure during the reporting period[61]. - The company did not have any changes in the controlling shareholder or actual controller during the reporting period[66]. - The company reported a net profit distribution to shareholders of CNY -8,761,118.04 during the period, indicating a loss allocation[98]. Environmental and Social Responsibility - The company has not reported any environmental pollution incidents during the reporting period and has implemented measures for ecological restoration[58]. - The company emphasizes sustainable agricultural practices, including strict soil quality management and reduced pesticide usage[59]. - The company invested a total of 3 million RMB to establish Gansu Military-Civilian Integration Food Security Co., Ltd., holding a 30% stake[50]. - The company guided nearly 800 households in potato planting, supplying 240 tons of seed potatoes as part of its poverty alleviation initiatives[55]. - The company has invested 182,000 RMB in targeted poverty alleviation efforts, focusing on agricultural development and supporting local industries[56]. Accounting and Financial Reporting - The company appointed Da Xin Accounting Firm for the 2020 financial report audit and internal control audit, approved by the shareholders' meeting[49]. - The financial statements were prepared based on the assumption of going concern, with no significant doubts about the company's ability to continue operations[109]. - The accounting policies and estimates comply with the requirements of the Accounting Standards for Business Enterprises[111]. - The company has adopted the new revenue recognition standard effective January 1, 2020, which does not significantly impact total assets, liabilities, or net profit[169]. - The company recognizes expected credit losses for accounts receivable and other receivables, applying specific accounting policies for measurement[129]. Asset and Liability Management - The total assets at the end of the reporting period were CNY 8,569,062,596.41, a decrease from CNY 8,785,653,278.75 at the end of 2019, representing a decline of approximately 2.45%[73]. - Total liabilities decreased to CNY 2,744,284,075.24 from CNY 2,784,361,852.71 in the previous year[78]. - The company's equity increased to CNY 4,707,473,891.69, compared to CNY 4,703,532,991.04 in the previous year[78]. - The company reported a significant increase in prepayments, rising to ¥537,229,935.14 from ¥421,746,691.39, an increase of about 27.4%[72]. - The company’s total liabilities decreased, with a notable reduction in debt repayment cash outflow from 1,489,640,000.00 RMB in 2019 to 400,500,000.00 RMB in 2020[92].