Financial Performance - In 2021, the company's operating revenue increased by 56.62% year-on-year, reaching approximately CNY 4.34 billion, primarily due to an increase in inventory and cotton trade volume [20]. - The net profit attributable to shareholders increased by 22.01% year-on-year to approximately CNY 301.35 million, with a significant rise in investment income by 96.13% due to higher sales prices of potassium sulfate [22]. - The net cash flow from operating activities surged by 107.74% year-on-year, amounting to approximately CNY 123.61 million, attributed to seasonal production cycles and reduced raw material costs [22]. - Basic earnings per share rose by 20.75% to CNY 0.38, while the weighted average return on equity increased by 0.93 percentage points to 11.68% [22]. - The company's total assets at the end of 2021 were approximately CNY 7.12 billion, reflecting an 11.12% increase from the previous year [20]. - The net assets attributable to shareholders increased by 14.04% year-on-year, reaching approximately CNY 2.75 billion [20]. - The company achieved a revenue of CNY 4,337,189,310.41 in 2021, representing a 56.62% increase compared to CNY 2,769,325,551.73 in the previous year [46]. Corporate Governance - The company has a comprehensive corporate governance structure, with all directors and supervisors ensuring the report's integrity [3]. - The company has confirmed that all board members attended the board meeting, ensuring collective responsibility for the report's accuracy [4]. - The company has not violated decision-making procedures for external guarantees, indicating strong governance practices [8]. - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a commitment to investors, highlighting the importance of investment risk awareness [7]. - The company was recognized as an "A" level enterprise in the State-owned Enterprise Reform Action by the State Council, highlighting its governance effectiveness [39]. - The company has committed to continuous improvement in corporate governance and compliance with legal regulations to enhance operational standards and protect shareholder rights [95]. Risk Management - The company has established a comprehensive risk control system to enhance operational compliance and safety management [31]. - The company recognizes risks from external environmental changes, including the ongoing COVID-19 pandemic and geopolitical tensions, and is preparing to adapt to these uncertainties [88]. - The company faces market risks due to rising international commodity prices, which could impact product pricing and profit margins if adverse changes occur in macroeconomic conditions [89]. - The company is addressing raw material price volatility, which has increased production costs, by enhancing supply chain management and optimizing production processes [91]. - The company is managing financing and debt risks by maintaining a reasonable debt ratio and improving financial management to ensure sustainable growth and repayment capabilities [93]. Investment and Expansion - The company plans to continue expanding its market presence and enhancing product offerings in response to favorable market conditions [22]. - The company invested 180 million RMB in the first phase of a tomato product project, with a production capacity of 25,000 tons per year [29]. - The company plans to issue convertible bonds of up to 1.1 billion RMB to fund deep processing projects [31]. - The company is focused on resolving competition issues with Yongrui Supply through the equity transfer [101]. - The company plans to enhance its supply chain by focusing on "extending, supplementing, and strengthening" its core business areas, particularly in tomato and sugar beet production [83]. Research and Development - A total of 39.67 million RMB was allocated for R&D and technological transformation, resulting in 28 patent applications [30]. - Research and development expenses increased by 169.84% to CNY 7,310,990.68, compared to CNY 2,709,330.98 in the previous year [46]. - The company plans to enhance tomato processing technology and develop high-value-added products, indicating a commitment to market expansion and innovation [61]. - The number of R&D personnel is 62, representing 7.76% of the total workforce, highlighting the company's investment in talent [61]. Environmental Compliance - The company processed a total of 90,000 cubic meters of wastewater in 2021, with a chemical oxygen demand (COD) discharge of 1.671 tons and ammonia nitrogen discharge of 0.083 tons, all meeting environmental standards [150]. - The company has obtained all necessary environmental impact assessments and discharge permits for its projects, with the latest permit issued on April 22, 2020 [152]. - The company has not faced any environmental penalties in 2021, indicating effective compliance with environmental regulations [150]. - The company has implemented a comprehensive monitoring system for its emissions, ensuring real-time compliance with environmental standards [151]. Shareholder Relations - The company plans to distribute a cash dividend of 0.40 RMB per 10 shares, totaling approximately 31.26 million RMB based on a total share capital of 781,431,283 shares [6]. - The company has established a three-year shareholder return plan for 2021-2023, ensuring a transparent and compliant profit distribution policy [136]. - The company has implemented a cash dividend policy that aligns with legal regulations and has been approved by the shareholders' meeting, ensuring protection of minority shareholders' rights [135]. - The company has committed to ensuring the independence of its operations and maintaining the interests of minority shareholders following the acquisition by Lvyuan State-owned Assets [164]. Financial Management - The company has significant capital investment needs, with approximately CNY 600 million required for projects starting in 2022, including a 300,000-ton cotton seed processing project and a 25,000-ton tomato product project [138]. - The company is focused on maintaining financial stability by reserving funds for debt repayment and operational liquidity to reduce financial risks [138]. - The company has a structured approach to determining the remuneration of its directors and senior management based on board resolutions and performance assessments [112]. - The company has implemented a salary management method for senior management personnel, which includes a basic annual salary and a performance-based annual salary [112].

2021 年第三季度报告 注:"本报告期"指本季度初至本季度末 3 个月期间，下同。 证券代码：600251 证券简称：冠农股份 新疆冠农果茸股份有限公司 2021 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个别及连带责任。 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、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。 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 | --- | --- | --- | --- | --- | |-----------------------------------------------|------------------|--------------------------------------|----------------- ...

Financial Performance - The company's operating revenue for the first half of 2021 reached CNY 3,425,907,592.52, an increase of 115.85% compared to CNY 1,587,136,964.18 in the same period last year[18]. - Net profit attributable to shareholders was CNY 189,851,506.16, reflecting a 7.25% increase from CNY 177,019,093.36 in the previous year[18]. - The net profit after deducting non-recurring gains and losses was CNY 162,932,477.14, up 29.58% from CNY 125,742,638.34 year-on-year[18]. - The net cash flow from operating activities was CNY 2,342,321,918.80, a significant increase of 446.45% compared to CNY 428,644,119.91 in the same period last year[18]. - Basic earnings per share for the reporting period were CNY 0.2420, up 6.23% from CNY 0.2278 in the same period last year[19]. - The weighted average return on net assets was 7.47%, a decrease of 0.36 percentage points compared to 7.83% in the previous year[19]. - The company reported a significant increase in cotton product sales revenue, which contributed to the overall revenue growth[19]. - The company's net profit attributable to shareholders increased by 6.23% year-on-year, reaching 0.2420 CNY per share, while the basic earnings per share excluding non-recurring gains and losses rose by 28.37% to 0.2077 CNY per share[21]. - The net cash flow from operating activities surged by 446.45% year-on-year to 2,342.32 million CNY, primarily due to increased cash receipts from cotton sales[21]. - Total operating revenue for the first half of 2021 reached RMB 3,425,907,592.52, a significant increase from RMB 1,587,136,964.18 in the same period of 2020, representing a growth of approximately 116.5%[120]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 4,020,493,094.38, a decrease of 37.29% from CNY 6,411,331,082.13 at the end of the previous year[18]. - The net assets attributable to shareholders increased to CNY 2,614,394,687.48, representing an 8.25% increase from CNY 2,415,173,493.63 at the end of the previous year[18]. - Total assets at the end of the reporting period decreased by 37.29% to 4,020.49 million CNY, mainly due to reduced inventory from sales and repayment of loans[21]. - The company's short-term borrowings decreased by 90.15% to 272 million yuan, reflecting significant loan repayments[38]. - The company's total liabilities decreased significantly to RMB 957,768,237.53 from RMB 3,496,794,826.49, a decrease of approximately 72.6%[113]. Investments and Projects - The company invested CNY 1.8 billion in a tomato product project with an annual output of 25,000 tons, which commenced construction in the first half of the year[30]. - The company plans to issue convertible bonds not exceeding CNY 840 million to support deep processing projects[31]. - The company invested 82.05 million yuan in equity investments during the reporting period, an increase of 52.85 million yuan compared to the previous year[41]. - A new project for producing 25,000 tons of tomato products was initiated with a total investment of up to 188.50 million yuan, with 29.28 million yuan already invested[44]. - The company is also developing a project for the resource recycling of sugar by-products with a total investment of up to 90 million yuan, having invested 7.33 million yuan in the reporting period[44]. Research and Development - Research and development expenses increased by 1,117.89% to CNY 2.51 million, reflecting a strong focus on technological innovation[34]. - Research and development expenses for the first half of 2021 were RMB 2,506,117.04, compared to RMB 205,774.79 in the same period of 2020, showing a significant increase of about 1,116.5%[121]. Environmental Management - The company has established a national-level third-party testing institution to enhance food safety and environmental monitoring capabilities[28]. - The company has made significant investments in environmental protection technologies, including the installation of advanced monitoring equipment[67]. - The company has obtained environmental impact assessments and pollution discharge permits for all projects, with the latest permit issued on April 19, 2020[62]. - Emergency response plans for environmental incidents have been established and registered with the local environmental protection bureau, with regular drills conducted[65]. Shareholder and Equity Management - The company plans to distribute at least 10% of its distributable profits in cash annually, with a cumulative cash distribution over the last three years not less than 30% of the average annual distributable profits[79]. - The company has a differentiated cash dividend policy based on its development stage and capital expenditure plans, ensuring a minimum cash dividend ratio of 80% for mature companies without major expenditures[81]. - The company’s cash dividend policy prioritizes cash distributions, with the possibility of combining cash and stock dividends under certain conditions[81]. - The company has engaged in significant related party transactions, with a total expected amount of 96,642.80 million RMB, but only 33,651.76 million RMB was actually fulfilled during the reporting period[86]. Market and Operational Risks - The company faces macroeconomic risks due to the ongoing impacts of the COVID-19 pandemic, which may affect its three main industries[50]. - Talent risk is a concern as the company aims to retain core technical and marketing personnel amidst increasing market competition[51]. - Market risks are heightened due to intense competition in the cotton, sugar, and tomato sectors, exacerbated by global economic downturns[51]. Corporate Governance - The company has undergone changes in its management team, with the resignation of the CFO and an independent director in 2021[55]. - The company is committed to avoiding competition with its controlling shareholder, Crown Investment, by ensuring that its business operations do not overlap[71]. - The company has inherited commitments from its controlling shareholder to resolve and avoid any potential competition issues arising from a recent equity transfer[71]. Financial Reporting and Compliance - The company's financial report was approved by the board of directors on August 19, 2021[157]. - The company confirms its ability to continue as a going concern for the next 12 months without significant doubts[163]. - The accounting policies and estimates comply with the enterprise accounting standards, ensuring accurate financial reporting[168].

证券代码：600251 股票简称：冠农股份 公告编号：临 2021-046 新疆冠农果茸股份有限公司 关于参加 2021 年新疆辖区上市公司 投资者网上集体接待日活动的公告 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。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资计 划、股权激励、可持续发展等投资者所关心的问题，公司定于 2021 年 6 月 18 日参 加由新疆上市公司协会联合深圳市全景网络有限公司组织开展的 2021 年新疆辖区 上市公司投资者网上集体接待日活动。现将有关事项公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网络 远 程 的 方式 举 行，投 资 者 可以 登 录 全景 网 " 投资 者 关系互 动 平 台" 网 站 （http://ir.p5w.net/）或关注微信公众号：全景财经（微信号：p5w2012），参与 公司本次投资者集体接待日活动，活动时间为 2021 年 6 月 18 日（星期五） 15:00—17:30。 出席本次集体接待日的人员有： ...

新 疆 冠 农 果 茸 股 份 有 限 公 司 XINJIANG GUANNONG FRUIT & ANTLER CO.,LTD. 2021 年第一季度报告 公司代码：600251 公司简称：冠农股份 新疆冠农果茸股份有限公司 2021 年第一季度报告 新疆冠农果茸股份有限公司董事会 2021 年 4 月 23 日编制 1 / 23 NONG 新 疆 冠 农 果 茸 股 份 有 限 公 司 xinjiang guannong fruit & Antler Co.,Ltd. 2021 年第一季度报告 | --- | --- | |-------|----------------| | 目录 | | | í | 重要提示 | | rí | 公司基本情况 . | | | 三、 重要事项 | | 四、 | 附录 . | 2 / 23 新 疆 冠 农 果 茸 股 份 有 限 公 司 XINJIANG GUANNONG FRUIT & ANTLER CO.,LTD. 2021 年第一季度报告 一、 重要提示 1.1 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 ...

Financial Performance - The company's operating revenue for 2020 was CNY 2,769,325,551.73, a decrease of 14.97% compared to CNY 3,256,880,896.35 in 2019[19] - The net profit attributable to shareholders of the listed company was CNY 246,985,319.13, an increase of 45.55% from CNY 169,692,781.41 in the previous year[19] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 191,595,396.08, up 32.92% from CNY 144,141,833.84 in 2019[19] - The net cash flow from operating activities was negative CNY 1,596,990,511.64, a decrease of 229.93% compared to positive CNY 1,229,122,024.48 in 2019[19] - The net assets attributable to shareholders at the end of 2020 were CNY 2,415,173,493.63, an increase of 11.19% from CNY 2,172,102,366.04 at the end of 2019[19] - Total assets at the end of 2020 were CNY 6,411,331,082.13, an increase of 28.21% from CNY 5,000,580,611.00 at the end of 2019[19] Dividend and Shareholder Returns - The company plans to distribute a cash dividend of CNY 0.35 per 10 shares, totaling CNY 27,450,625.41 based on 784,303,583 shares[5] - The company plans to retain earnings to support ongoing business development and project construction, ensuring operational stability and growth[95] - The company aims to distribute no less than 30% of the average annual distributable profits over the last three years in cash dividends[101] Operational Highlights - In 2020, the company's operating income decreased by 14.97% compared to the previous year, primarily due to a reduction in cotton trading volume[22] - The basic earnings per share increased by 44.56% compared to the previous year, reaching CNY 0.3147 per share[22] - The gross profit margin increased by 25.97%, attributed to increased housing sales revenue from a subsidiary[22] - The cotton processing industry achieved a net profit of 82.79 million yuan, an increase of 800% compared to the previous year[43] - The tomato industry saw a production increase of over 50% year-on-year, with operating profit exceeding 53 million yuan, a growth of over 65%[43] - The sugar production segment achieved a net profit of 29.72 million yuan, a growth of 7% year-on-year[43] Investment and R&D - Research and development expenses increased significantly by 336.70% to CNY 2,709,330.98, indicating a focus on innovation[46] - The total R&D expenditure for the period amounted to ¥2,709,330.98, representing 0.1% of the operating revenue[61] - The company aims to enhance the tomato processing industry through technological innovations and improvements in supply chain management[62] Risk Management - The company has detailed potential risks in the report, which investors should review[7] - The company faces risks from raw material price fluctuations, with expected significant increases in the prices of beets and tomatoes due to competition for land with food crops[84] - The company acknowledges market risks due to intense competition in its three main businesses and the economic downturn caused by the global pandemic[85] Environmental and Social Responsibility - The company has received the "2020 Corps Poverty Alleviation Organizational Innovation Award" for its efforts in poverty alleviation[45] - The company aims to continue its poverty alleviation efforts by providing stable support and resources to targeted assistance areas, focusing on agricultural development and education[129] - The wastewater treatment facility operated for 70 days in 2020, processing 300,344.12 tons of wastewater with a chemical oxygen demand (COD) of 13.21 tons and ammonia nitrogen of 1.28 tons, all meeting environmental standards[140] Corporate Governance - The company has committed to compliance with legal and regulatory standards, ensuring no violations of court judgments or significant debts remain unpaid during the reporting period[109] - The company’s board approved the revised stock incentive plan and management measures in meetings held on May 15 and June 1, 2020[111] - The company has implemented a performance-based salary system for senior management, with the performance salary distributed after a full accounting year[177] Shareholder Structure - Xinjiang Guannong Group Co., Ltd. held 320,932,708 shares, accounting for 40.89% of total shares, with 50 million shares pledged[154] - The company has a clear ownership structure, with Xinjiang Guannong Group being the primary entity controlling the majority of shares[163] - The total number of shareholders reached 52,532 by the end of the reporting period[154] Management Changes - The company experienced changes in management, including the resignation of the general manager, Zhang Rui, due to work adjustments[179] - The company appointed Zhang Guoyu and Qi Lianhong as vice presidents on May 11, 2020, and May 22, 2020, respectively, with terms until the current board's term ends[171] - The company is actively engaging in management changes to enhance operational efficiency and governance[168]

Financial Performance - Net profit attributable to shareholders increased by 51.75% to CNY 233,198,775.44 year-to-date[13] - Operating revenue decreased by 17.06% to CNY 1,963,549,741.74 year-to-date[13] - Basic earnings per share increased by 52.10% to CNY 0.3001[13] - The weighted average return on equity increased by 2.85 percentage points to 10.18%[13] - Total profit for the reporting period was CNY 387.03 million, an increase of CNY 241.23 million or 165.45% compared to the same period last year, primarily due to increased revenue from property sales[21] - Net profit attributable to the parent company's shareholders for the reporting period was CNY 233.20 million, an increase of CNY 79.52 million or 51.75% compared to the same period last year, mainly due to increased property sales revenue[21] Assets and Liabilities - Total assets decreased by 8.56% to CNY 4,572,287,926.76 compared to the end of the previous year[13] - The company's total liabilities decreased to approximately CNY 1.69 billion from CNY 2.50 billion, a reduction of about 32.5%[35] - Shareholders' equity increased to approximately CNY 2.89 billion from CNY 2.50 billion, reflecting an increase of about 15.3%[35] - Total current liabilities include contract liabilities of CNY 1,780,047.52, which may impact future revenue recognition[56] Cash Flow - Net cash flow from operating activities decreased by 106.22% to -CNY 66,341,782.14 year-to-date[13] - Cash flow from operating activities for the first three quarters of 2020 was CNY 1,936,073,691.87, compared to CNY 2,530,940,493.21 in the same period of 2019, indicating a decrease of about 23.4%[45] - The net cash flow from financing activities was -214,262,746.71 RMB, an improvement from -1,628,447,574.68 RMB in the previous year[47] Shareholder Information - The total number of shareholders was 50,604 at the end of the reporting period[14] - The largest shareholder, Xinjiang Guannong Group Co., Ltd., holds 40.89% of the shares[14] - The total number of pledged shares by the controlling shareholder, Guannong Group, is 70 million, accounting for 21.81% of its total shares and 8.92% of the company's total share capital[29] Expenses - Operating costs for the reporting period were 1.62 billion RMB, a decrease of 25.48% compared to the same period last year, mainly due to reduced sales of cotton products[19] - Sales expenses for the reporting period were CNY 58.24 million, a decrease of CNY 23.24 million or 28.52% compared to the same period last year, mainly due to reduced freight costs[21] - Financial expenses for the reporting period were CNY 17.77 million, a decrease of CNY 22.84 million or 56.24% compared to the same period last year, primarily due to lower interest expenses[21] Investments and Acquisitions - The company completed the acquisition of a 51% stake in Akesu Yikang Storage Logistics Co., Ltd. for CNY 21.42 million during the reporting period[22] - The company established Xinjiang Guannong Testing Technology Co., Ltd. with an investment of CNY 20 million, which was included in the consolidation scope during the reporting period[23] - The company plans to sell its 54.55% stake in Zhejiang Xinwei Information Technology Co., Ltd. with a minimum price of CNY 148.38 million[23] Research and Development - R&D expenses for the reporting period were CNY 0.2391 million, a decrease of CNY 0.3266 million or 57.74% compared to the same period last year, mainly due to reduced technology R&D costs[21] - Research and development expenses for Q3 2020 were CNY 33,293.12, significantly lower than CNY 96,797.17 in Q3 2019[40] Inventory and Receivables - Accounts receivable at the end of the reporting period were 165.82 million RMB, a decrease of 42.18% compared to the beginning of the year, primarily due to a reduction in receivables from tomato product sales[19] - Inventory at the end of the reporting period was 627.91 million RMB, a decrease of 56.09% compared to the beginning of the year, mainly due to the sale of cotton product inventory[19] - Other receivables at the end of the reporting period were 149.05 million RMB, an increase of 268.66% compared to the beginning of the year, mainly due to increased dividends receivable from Guotou Luojiao Company and Kaidu River Hydropower[19] Government Subsidies - Non-operating income from government subsidies amounted to CNY 23,529,326.18 year-to-date[14] - Other income for the reporting period was CNY 23.34 million, an increase of CNY 17.94 million or 332.15% compared to the same period last year, mainly due to increased government subsidies[21]

Financial Performance - The company's operating revenue for the first half of 2020 was CNY 1,587,136,964.18, a decrease of 5.00% compared to the same period last year[17]. - The net profit attributable to shareholders of the listed company was CNY 177,019,093.36, an increase of 74.85% year-on-year[17]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 125,742,638.34, up 34.73% from the previous year[17]. - The net cash flow from operating activities was CNY 428,644,119.91, a decline of 55.34% compared to the same period last year[17]. - The total assets at the end of the reporting period were CNY 3,417,820,541.43, down 31.65% from the end of the previous year[17]. - The net assets attributable to shareholders of the listed company increased to CNY 2,349,294,349.80, reflecting an 8.16% increase year-on-year[17]. - Basic earnings per share for the first half of 2020 were CNY 0.2278, representing a 75.50% increase compared to the same period last year[18]. - The weighted average return on net assets was 7.83%, an increase of 2.95 percentage points year-on-year[18]. Revenue and Cost Analysis - The company's operating revenue for the reporting period was CNY 158,713.70 million, a decrease of CNY 8,348.95 million or 5.00% compared to the same period last year, primarily due to a decline in sales revenue from cotton products[20]. - The total operating costs decreased to CNY 1,416,312,866.82, down 15.06% from CNY 1,667,157,452.81 year-on-year[121]. - The cost of goods sold decreased by 14.06% to ¥1,315,862,432.12 from ¥1,531,202,440.98 year-on-year[43]. Investments and Acquisitions - The company completed the acquisition of a 51% stake in Yikang Warehousing, enhancing its strategic position in the Aksu cotton industry[46]. - The company signed framework agreements for acquiring controlling stakes in three cotton companies to expand its operational scale and market share[46]. - The company invested nearly CNY 3 million in a comprehensive fire safety intelligent early warning project to enhance safety measures[40]. - The company invested 2,000 million CNY in establishing Xinjiang Guannong Testing Technology Co., Ltd., with an actual investment of 450,000 CNY during the reporting period[54]. Shareholder and Equity Information - The company did not propose any profit distribution plan or capital reserve transfer to increase share capital for the reporting period[6]. - The company reported a profit distribution policy prioritizing cash dividends, aiming for a minimum of 80% of profits to be distributed as cash dividends during profit distribution periods without significant capital expenditure arrangements[71]. - The total number of ordinary shareholders at the end of the reporting period was 45,717[103]. - The largest shareholder, Xinjiang Guannong Group, held 320,932,708 shares, representing 40.89% of the total shares[103]. Risk Management and Compliance - The company anticipates facing risks from macroeconomic changes, talent retention, market competition, and environmental regulations[59][60][61][62]. - The company has committed to avoiding competition with its controlling shareholder, Guanyuan Investment, by ensuring that it and its controlled entities do not engage in similar business activities[69]. - The company has maintained compliance with legal and regulatory requirements, with no reported violations or significant debts due[74]. Social Responsibility and Community Support - The company donated nearly CNY 4.5 million in cash and materials to support epidemic prevention efforts and ensured a 100% fulfillment rate for logistics outflow plans[38]. - The company actively supports poverty alleviation through technical assistance, focusing on livestock disease prevention and breeding technology[88]. - The company supported 25 impoverished households by providing 10 sheep each, aiming to increase their net income by RMB 6,000 to RMB 10,000[84]. Environmental Management - The company has established an emergency response plan for environmental incidents, which was registered with the environmental protection bureau on May 18, 2020[92]. - The company has implemented a real-time self-monitoring system for wastewater discharge, including COD, pH, and ammonia nitrogen[93]. - The wastewater treatment facility of Green Yuan Sugar Industry has a daily processing capacity of 30,000 m³, but it was not operational in the first half of the year due to no production[89]. Human Resources and Management Changes - The company introduced 7 external professional managers and 54 various technical personnel to enhance its human resource capabilities[39]. - The company experienced changes in its management team, with the resignation of two executives and the appointment of two new executives during the reporting period[105]. Future Outlook and Strategic Initiatives - The company plans to enhance its agricultural service platform and improve the quality of agricultural products to mitigate market risks[61]. - The company is committed to continuous operation and has a clear strategy for future growth and market expansion[161]. - The company aims to strengthen its green development initiatives to comply with stricter environmental standards[62].

1 证券代码：600251 证券简称：冠农股份 公告编号：临 2020-062 新疆冠农果茸股份有限公司 关于参加 2020 年新疆辖区上市公司投资者网上集体 接待日活动的公告 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。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资 计划、股权激励、可持续发展等投资者所关心的问题，公司定于 2020 年 6 月 24 日下午 15:00-17:30 参加由新疆上市公司协会联合深圳市全景网络有限公司组 织开展的 2020 年新疆辖区上市公司投资者网上集体接待日活动。现将有关事项 公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络远程的方式举行，投资者可以登录" 全 景 · 路演天下 "网站 （http://rs.p5w.net/）或关注微信公众号：全景财经（微信号：p5w2012），参 与公司本次投资者集体接待日活动，活动时间为 2020 年 6 月 24 日（星期三）15:00 —17:30。 出席本次集体接待日的人员有：公司董事 ...

Financial Performance - Operating revenue for the reporting period was CNY 334,836,534.19, representing a decline of 64.21% year-on-year [8]. - Net profit attributable to shareholders of the listed company was CNY 35,346,224.12, down 6.64% from the previous year [8]. - Basic and diluted earnings per share were both CNY 0.0453, a decrease of 6.02% year-on-year [8]. - The company reported non-operating income of CNY 50,722,351.23, which includes various non-recurring gains and losses [9]. - The net profit attributable to the parent company was RMB 35.35 million, a decrease of RMB 2.51 million or 6.64% year-on-year, primarily due to reduced investment income from an associated company [15]. - The company reported a significant increase in fair value gains of RMB 76.60 million, a 100% increase year-on-year, attributed to gains from futures contracts [15]. - Total operating revenue for Q1 2020 was CNY 334,836,534.19, a decrease of 64.1% compared to CNY 935,604,856.84 in Q1 2019 [26]. - The net profit for Q1 2020 was CNY 19,432,001.39, compared to a net profit of CNY 30,000,817.79 in Q1 2019, indicating a decrease of about 35.1% [31]. - The total comprehensive income for Q1 2020 was CNY 19,432,001.39, down from CNY 22,791,977.85 in Q1 2019, reflecting a decline of approximately 14.8% [31]. Cash Flow and Liquidity - Net cash flow from operating activities was CNY -6,249,728.08, a significant decrease of 101.19% compared to the same period last year [8]. - The company's cash and cash equivalents at the end of the reporting period were RMB 357.91 million, a decrease of RMB 582.81 million or 61.95% compared to the beginning of the year, primarily due to loan repayments [13]. - The cash flow from operating activities in Q1 2020 was CNY 671,003,977.34, compared to CNY 1,132,201,796.67 in Q1 2019, reflecting a decline of approximately 40.7% [31]. - Total cash inflow from operating activities was 696,516,494.66 RMB, while cash outflow was 702,766,222.74 RMB, resulting in a net cash flow deficit [32]. - The net cash flow from operating activities for Q1 2020 was -6,249,728.08 RMB, a significant decrease compared to 525,431,272.84 RMB in Q1 2019 [32]. - Cash and cash equivalents at the end of Q1 2020 were 246,166,679.80 RMB, down from 566,264,364.92 RMB at the end of Q1 2019 [34]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 4,229,727,782.52, a decrease of 15.42% compared to the end of the previous year [8]. - The company's current assets totaled CNY 2,240,992,116.57, down from CNY 3,087,380,747.83 in the previous year [21]. - Total liabilities were reported at CNY 1,654,047,578.62, down from CNY 2,495,737,132.41 in the previous year [23]. - The company's short-term borrowings decreased significantly to CNY 619,810,000.00 from CNY 1,287,110,000.00, a reduction of about 52% [22]. - The company's total assets decreased to CNY 2,303,547,955.42 from CNY 2,388,948,006.66, reflecting a decline of 3.6% [26]. - The company's total equity rose to CNY 2,118,975,970.59, an increase of 0.7% from CNY 2,099,543,969.20 in Q1 2019 [26]. Shareholder Information - The total number of shareholders at the end of the reporting period was 46,227 [9]. - The largest shareholder, Xinjiang Guannong Group Co., Ltd., held 320,932,708 shares, accounting for 40.89% of the total shares [9]. Operational Efficiency - The company's management expenses decreased by RMB 4.94 million or 23.45% year-on-year, mainly due to reduced land use fees after changing from leasing to ownership [15]. - The company's minority shareholders' profit increased by RMB 9.86 million or 779.38% year-on-year, primarily due to increased profits from the cotton business [17]. - The company's accounts receivable stood at CNY 260,482,682.31, slightly down from CNY 286,806,185.31, a decrease of approximately 9.2% [21]. - Inventory levels decreased to CNY 1,284,740,372.15 from CNY 1,429,895,379.81, indicating a decline of about 10.2% [21]. Research and Development - Research and development expenses for Q1 2020 were CNY 123,922.21, a significant decrease of 72.0% compared to CNY 443,672.71 in Q1 2019 [28].