证券代码: 600354 证券简称：敦煌种业 编号：临 2025-021 甘肃省敦煌种业集团股份有限公司 关于增加日常关联交易预计额度的公告 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。 重要内容提示： 本次新增日常关联交易预计额度无需提交股东大会审议。 新增日常关联交易对公司的影响：本次新增日常关联交易预计 额度，是公司正常生产经营所需，遵循公平、公正、公开、合理的原 则，不存在损害公司及全体股东利益的情形，不会影响公司的独立 性，不会形成对关联方的依赖。 一、日常关联交易履行的审议程序 （一）董事会、监事会审议情况 2025 年 8 月 13 日，甘肃省敦煌种业集团股份有限公司（以下简称 "公司"）召开第九届董事会第十五次临时会议和第九届监事会第八 次临时会议，审议通过了《关于增加公司日常关联交易预计额度的议 案》，预计公司及下属子公司与关联方酒泉钢铁（集团）有限责任公 司（以下简称"酒钢集团"）及其所属公司发生日常关联交易额度增 加 170 万元，合计额度不超过人民币 2,525 万元，预计时间为本次董 事会审议 ...

表决结果：赞成 3 票，反对 0 票，弃权 0 票。 三、审议通过了关于《酒钢集团财务有限公司风险持续评估报告》 的议案。 一、 审议通过了 2025 年半年度报告及摘要。 监事会对公司董事会编制的 2025 年半年度报告提出如下审核意 见：公司半年度报告的编制和审议程序符合法律、法规、公司章程和公 司内部管理制度的各项规定；公司半年度报告的内容和格式符合中国证 监会和上海证券交易所的各项规定，所包含的信息能从各方面真实地反 映公司 2025 年半年度的经营管理和财务状况；在半年度报告编制和审 议过程中，未发现参与人员有违反保密规定的行为。 表决结果：赞成 3 票，反对 0 票，弃权 0 票。 二、审议通过了关于增加日常关联交易预计额度的议案。 证券代码: 600354 证券简称:敦煌种业 编号：临 2025-020 甘肃省敦煌种业集团股份有限公司 第九届监事会第八次临时会议决议公告 本公司监事会及全体监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。 甘肃省敦煌种业集团股份有限公司（以下简称"公司"）第九届监 事会第八次临时会议于 2025 ...

证券代码：600354 证券简称：敦煌种业 编号：临 2025-019 甘肃省敦煌种业集团股份有限公司 第九届董事会第十五次临时会议决议公告 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。 甘肃省敦煌种业集团股份有限公司（以下简称"公司"）第九届董 事会第十五次临时会议于 2025 年 8 月 8 日以书面形式发出通知，于 2025 年 8 月 13 日以通讯方式召开，本次会议应表决董事 9 人，实际参与表决 董事 9 人，本次会议的召集、召开和表决程序符合《公司法》和《公司 章程》的有关规定，会议形成的决议合法、有效。 一、审议通过了 2025 年半年度报告及摘要。 《公司 2025 年半年度报告及摘要》已事先经董事会审计委员会审 议通过，报告全文及摘要详见上海证券交易所网站（www.sse.com.cn）。 表决结果：赞成 8 票，反对 0 票，弃权 0 票。 内容详见同日发布在上海证券交易所网站（www.sse.com.cn）《甘 肃省敦煌种业集团股份有限公司关于增加日常关联交易预计额度的公 告》（公告编号：临 2 ...

[Important Notes](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) [Declaration of Report Authenticity](index=2&type=section&id=%E4%B8%80%E3%80%81%E6%9C%AC%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E4%BC%9A%E3%80%81%E7%9B%91%E4%BA%8B%E4%BC%9A%E5%8F%8A%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%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E5%86%85%E5%AE%B9%E7%9A%84%E7%9C%9F%E5%AE%9E%E6%80%A7%E3%80%81%E5%87%86%E7%A1%AE%E6%80%A7%E3%80%81%E5%AE%8C%E6%95%B4%E6%80%A7%EF%BC%8C%E4%B8%8D%E5%AD%98%E5%9C%A8%E8%99%9A%E5%81%87%E8%AE%B0%E8%BD%BD%E3%80%81%E8%AF%AF%E5%AF%BC%E6%80%A7%E9%99%88%E8%BF%B0%E6%88%96%E9%87%8D%E5%A4%A7%E9%81%97%E6%BC%8F%EF%BC%8C%E5%B9%B6%E6%89%BF%E6%8B%85%E4%B8%AA%E5%88%AB%E5%92%8C%E8%BF%9E%E5%B8%A6%E7%9A%84%E6%B3%95%E5%BE%8B%E8%B4%A3%E4%BB%BB%E3%80%82) The company's management guarantees the authenticity, accuracy, and completeness of the semi-annual report and assumes legal responsibility - The company's directors, supervisors, and senior management guarantee the authenticity, accuracy, and completeness of the semi-annual report, stating there are no false records, misleading statements, or major omissions, and assume individual and joint legal liability[3](index=3&type=chunk) - All directors of the company attended the Board of Directors meeting[4](index=4&type=chunk) - This semi-annual report is **unaudited**[5](index=5&type=chunk) [Declaration by Financial Report Officers](index=2&type=section&id=%E5%9B%9B%E3%80%81%E5%85%AC%E5%8F%B8%E8%B4%9F%E8%B4%A3%E4%BA%BA%E5%91%A8%E5%BD%AA%E3%80%81%E4%B8%BB%E7%AE%A1%E4%BC%9A%E8%AE%A1%E5%B7%A5%E4%BD%9C%E8%B4%9F%E8%B4%A3%E4%BA%BA%E6%AD%A6%E5%85%B4%E6%97%BA%E5%8F%8A%E4%BC%9A%E8%AE%A1%E6%9C%BA%E6%9E%84%E8%B4%9F%E8%B4%A3%E4%BA%BA%EF%BC%88%E4%BC%9A%E8%AE%A1%E4%B8%BB%E7%AE%A1%E4%BA%BA%E5%91%98%EF%BC%89%E8%8B%8F%E8%BE%89%E6%98%8E%E5%A3%B0%E6%98%8E%EF%BC%9A%E4%BF%9D%E8%AF%81%E5%8D%8A%E5%B9%B4%E5%BA%A6%E6%8A%A5%E5%91%8A%E4%B8%AD%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A%E7%9A%84%E7%9C%9F%E5%AE%9E%E3%80%81%E5%87%86%E7%A1%AE%E3%80%81%E5%AE%8C%E6%95%B4%E3%80%82) The company's responsible persons declare the authenticity, accuracy, and completeness of the financial report - Company head Zhou Biao, chief accounting officer Wu Xingwang, and head of the accounting department Su Huiming declare that they guarantee the authenticity, accuracy, and completeness of the financial report in the semi-annual report[5](index=5&type=chunk) [Profit Distribution Plan](index=2&type=section&id=%E4%BA%94%E3%80%81%E8%91%A3%E4%BA%8B%E4%BC%9A%E5%86%B3%E8%AE%AE%E9%80%9A%E8%BF%87%E7%9A%84%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E9%A2%84%E6%A1%88%E6%88%96%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E9%A2%84%E6%A1%88) The Board of Directors did not approve any profit distribution or capitalization of capital reserve plan for the reporting period - Profit distribution plan or capitalization of capital reserve plan for the reporting period: **None**[6](index=6&type=chunk) [Major Risk Warning](index=2&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E9%A3%8E%E9%99%A9%E6%8F%90%E7%A4%BA) The company has detailed potential risks in the report, referencing the "Management Discussion and Analysis" section - The company has detailed potential risks in this report, please refer to the content in "Section 3 Management Discussion and Analysis" under "V Other Disclosures," "(I) Potential Risks"[6](index=6&type=chunk) [Section 1 Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) [Definitions of Common Terms](index=4&type=section&id=%E5%B8%B8%E7%94%A8%E8%AF%8D%E8%AF%AD%E9%87%8A%E4%B9%89) This section defines common terms used in the report to ensure a clear understanding of professional terminology and company-specific names Common Terms and Definitions | Common Term | Definition | | :--- | :--- | | The Company, This Company, Dunhuang Seed | Gansu Dunhuang Seed Group Co, Ltd | | CSRC, China Securities Regulatory Commission | China Securities Regulatory Commission | | Reporting Period | First half of 2025 | [Section 2 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) [Basic Company Information](index=4&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section provides the company's basic registration information, including its Chinese name, abbreviation, and legal representative Company Information | Company's Chinese Name | 甘肃省敦煌种业集团股份有限公司 | | :--- | :--- | | Company's Chinese Abbreviation | 敦煌种业 | | Company's Legal Representative | Zhou Biao | [Contact Persons and Methods](index=4&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section lists the contact information for the company's Board Secretary and Securities Affairs Representative for investor communication Contact Information | | Board Secretary | Securities Affairs Representative | | :--- | :--- | :--- | | Name | Zhang Yucai | Yang Jie | | Telephone | 0937-2663908 | 0937-2663908 | | E-mail | jack0700@163.com | dhzyyj@163.com | [Changes in Basic Information](index=4&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) No changes occurred in the company's basic information, such as registered or office addresses, during the reporting period - Historical changes in the company's registered address: **None**[15](index=15&type=chunk) - Index for querying changes during the reporting period: **None**[15](index=15&type=chunk) [Information Disclosure and Report Availability](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) The company discloses information through designated newspapers and the Shanghai Stock Exchange website, with no changes during the period Information Disclosure Channels | Designated newspapers for information disclosure | Shanghai Securities News, Securities Times, Securities Daily | | :--- | :--- | | Website for publishing the semi-annual report | http://www.sse.com.cn | | Location where the semi-annual report is available | The company's Board of Directors Office | [Company Stock Profile](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) The company's A-shares are listed on the Shanghai Stock Exchange under the stock code 600354 Stock Information | Stock Type | Stock Exchange | Stock Ticker | Stock Code | | :--- | :--- | :--- | :--- | | A-Share | Shanghai Stock Exchange | Dunhuang Seed | 600354 | [Key Accounting Data and Financial Indicators](index=5&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%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) The company's operating revenue and net profit attributable to shareholders grew by 21.63% and 73.43% respectively Key Accounting Data (Jan-Jun 2025 vs Prior Year Period) | Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,921,031.99 | 590,259,773.95 | 21.63 | | Total Profit | 191,300,954.20 | 127,610,139.84 | 49.91 | | Net Profit Attributable to Shareholders | 54,453,988.77 | 31,398,277.08 | 73.43 | | Net Profit Attributable to Shareholders (Excluding Non-recurring Items) | 49,240,158.11 | 22,257,272.28 | 121.23 | | Net Cash Flow from Operating Activities | 7,076,223.97 | -5,167,941.88 | N/A | Key Financial Indicators (Jan-Jun 2025 vs Prior Year Period) | Key Financial Indicator | Current Period (Jan-Jun) | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (RMB/Share) | 0.1032 | 0.0595 | 73.45 | | Diluted Earnings Per Share (RMB/Share) | 0.1032 | 0.0595 | 73.45 | | Basic EPS (Excluding Non-recurring Items) (RMB/Share) | 0.0933 | 0.0422 | 121.09 | | Weighted Average Return on Equity (%) | 8.02 | 5.11 | Increase of 2.91 percentage points | | Weighted Average ROE (Excluding Non-recurring Items) (%) | 7.25 | 3.62 | Increase of 3.63 percentage points | Period-End Balance Sheet Data (June 30, 2025 vs Year-End 2024) | Indicator | End of Current Period | End of Prior Year | Change (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders | 706,203,882.05 | 651,749,893.28 | 8.36 | | Total Assets | 1,631,954,870.92 | 1,994,093,930.13 | -18.16 | [Non-recurring Profit and Loss Items and Amounts](index=6&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) Non-recurring profit and loss totaled RMB 5,213,830.66, mainly from government grants and asset disposals Non-recurring Profit and Loss Items (Unit: RMB) | Non-recurring Profit and Loss Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -28,339.56 | | Government Grants Recognized in Current Profit or Loss | 4,583,015.81 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities Held by Non-financial Enterprises | 241,036.16 | | Other Non-operating Income and Expenses | 1,996,462.98 | | Less: Income Tax Effect | 641,203.48 | | Minority Interest Effect (After Tax) | 937,141.24 | | Total | 5,213,830.66 | [Section 3 Management Discussion and Analysis](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Industry and Core Business Overview](index=7&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%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company operates in crop seed R&D and food processing, facing policy support and market challenges [Core Business](index=7&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company's core business includes crop seed R&D, production, and sales, as well as food processing and agricultural trade - The company is primarily engaged in the R&D, production, processing, and sales of various crop seeds; the production, processing, and sales of dehydrated vegetables, tomato powder, and tomato paste; and the acquisition, processing, storage, and trade of cotton, its by-products, and other agricultural products[22](index=22&type=chunk) [Operating Model](index=7&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E7%BB%8F%E8%90%A5%E6%A8%A1%E5%BC%8F) The seed business combines proprietary breeding and contract production, while the food trade focuses on deep processing for domestic and export markets - The seed industry, the company's leading sector, adopts a combined operating model of proprietary variety management and contract seed production[22](index=22&type=chunk) - The food trade industry focuses on the deep processing of products like dehydrated vegetables, tomato powder, and tomato paste, with products sold domestically and exported to regions including Latin America, Europe, and Southeast Asia[22](index=22&type=chunk) [Industry Landscape](index=7&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) The seed industry benefits from policy support but faces a corn seed surplus, while the food industry contends with rising costs and trade frictions - Driven by strong national policies, the seed industry is experiencing improved legal protections, accelerated technological innovation, and steady market expansion[22](index=22&type=chunk) - In the 2024-2025 period, the domestic corn seed supply-to-demand ratio reached **175%**, with total market supply far exceeding demand, leading to slow sales, price declines, and intense competition[24](index=24&type=chunk) - The planting area for genetically modified corn is expected to exceed **45 million mu** in 2025[24](index=24&type=chunk) - The company's food industry has recently faced challenges such as rising raw material costs, supply chain disruptions due to global trade frictions, and exchange rate fluctuations[26](index=26&type=chunk) [Discussion and Analysis of Operations](index=8&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) Operating revenue grew 21.63% to RMB 718 million and net profit rose 73.43% to RMB 54.45 million, driven by strong performance in the seed segment Overall Operating Performance (H1 2025 vs H1 2024) | Indicator | Current Period | Prior Year Period | Growth Rate | | :--- | :--- | :--- | :--- | | Operating Revenue | 717.92 million RMB | 590.26 million RMB | 21.63% | | Net Profit Attributable to Shareholders | 54.45 million RMB | 31.40 million RMB | 73.43% | Segment Operating Performance (H1 2025 vs H1 2024) | Segment | Operating Revenue | Revenue Growth | Net Profit | Net Profit Growth | | :--- | :--- | :--- | :--- | :--- | | Seed Industry | 572.91 million RMB | 35.02% | 147.32 million RMB | 66.01% | | Food Trade Industry | 96.25 million RMB | -26.72% | 5.27 million RMB | -67.88% | - The food trade industry was impacted by US-China tariffs and trade disputes, leading to **sluggish exports** and a general decline in market prices for tomato paste, tomato powder, and dehydrated vegetable products[27](index=27&type=chunk) [Core Competitiveness Analysis](index=8&type=section&id=%E4%B8%89%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 strengths lie in its R&D system, seed production base, advanced processing, and strong brand recognition - The company is a **national key leading enterprise** in agricultural industrialization, a nationally recognized trustworthy enterprise, and one of the first seed enterprises certified for integrated breeding, propagation, and promotion by the Ministry of Agriculture[28](index=28&type=chunk) - The company has established a commercial breeding system of "one institute and six stations" covering major corn-producing areas and maintains a standardized germplasm resource bank of 1,900 m² with **98,500 corn germplasm accessions**[28](index=28&type=chunk) - Located in the Hexi Corridor, a national-level corn seed production base, the company employs an industrialized operating model of "orders + bases + farmers + cooperatives"[29](index=29&type=chunk) - The company possesses advanced seed processing equipment, with production capacity and facilities at the forefront of the industry[29](index=29&type=chunk) - The company owns the "Dunhuang Feitian" **China Well-known Trademark**, enjoying a high reputation and an extensive marketing network within the industry[30](index=30&type=chunk) - The food trade industry features advanced equipment, processes, and a robust quality control system, exporting products to over **50 countries and regions**, including Latin America, Europe, Southeast Asia, and along the "Belt and Road"[30](index=30&type=chunk) [Key Operating Activities](index=9&type=section&id=%E5%9B%9B%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) Revenue increased due to seed business growth, while financial expenses decreased significantly; notable balance sheet changes include increased prepayments and construction in progress [Core Business Analysis](index=9&type=section&id=(%E4%B8%80)%20%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) Operating revenue grew 21.63% driven by increased seed business income, while financial expenses fell 66.37% due to lower interest expenses Analysis of Changes in Financial Statement Items (Unit: RMB) | Item | Current Period | Prior Year Period | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 717,921,031.99 | 590,259,773.95 | 21.63 | | Operating Cost | 426,408,915.63 | 374,117,767.90 | 13.98 | | Selling Expenses | 22,008,981.77 | 23,601,330.13 | -6.75 | | Administrative Expenses | 68,215,757.74 | 59,355,569.25 | 14.93 | | Financial Expenses | 1,073,828.74 | 3,192,773.36 | -66.37 | | R&D Expenses | 7,423,104.49 | 7,759,723.05 | -4.34 | | Net Cash Flow from Operating Activities | 7,076,223.97 | -5,167,941.88 | N/A | - Reason for change in operating revenue: Increase in the company's seed business revenue compared to the same period last year[31](index=31&type=chunk) - Reason for change in financial expenses: Decrease in borrowing interest expenses compared to the same period last year[31](index=31&type=chunk) [Analysis of Assets and Liabilities](index=9&type=section&id=(%E4%B8%89)%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) Prepayments and construction in progress surged by 683.24% and 4136.07% respectively, while inventories and contract liabilities decreased significantly Changes in Assets and Liabilities (Unit: RMB) | Item | Current Period-End | Prior Year-End | Change (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | | Prepayments | 70,523,012.38 | 9,004,056.81 | 683.24 | Mainly due to increased advance payments for production funds as per agreements | | Inventories | 247,521,982.54 | 518,875,529.78 | -52.30 | Mainly due to increased product sales during the period | | Construction in Progress | 1,983,914.18 | 46,833.86 | 4,136.07 | Mainly due to new construction projects added during the reporting period | | Contract Liabilities | 126,043,228.90 | 588,086,903.57 | -78.57 | Mainly due to revenue recognition from product delivery as per agreements | | Provisions | 88,187,297.24 | 41,602,855.20 | 111.97 | Mainly due to increased provisions for sales discounts during the period | [Investment Analysis](index=10&type=section&id=(%E5%9B%9B)%20%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company invested RMB 3.96 million in China-Israel (Jiuquan) Green Ecological Industrial Park Co, Ltd, holding a 33% stake - During the period, the company invested **RMB 3.96 million** in China-Israel (Jiuquan) Green Ecological Industrial Park Co, Ltd, in accordance with the "Capital Contribution Agreement," holding a **33% stake**, which accounts for 0.24% of total assets for the reporting period[36](index=36&type=chunk) Financial Assets at Fair Value (Unit: RMB) | Asset Class | Opening Balance | Closing Balance | | :--- | :--- | :--- | | Structured Deposits | 0 | 0 | | Other Equity Instrument Investments | 14,654,762.19 | 14,654,762.19 | | Total | 14,654,762.19 | 14,654,762.19 | [Analysis of Major Subsidiaries and Associates](index=11&type=section&id=(%E5%85%AD)%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) The main subsidiary, Dunhuang Seed Pioneer Hi-Bred Co, Ltd, achieved operating revenue of RMB 513.47 million and net profit of RMB 164.27 million Financial Data of Major Subsidiaries (Unit: RMB 10,000) | Company Name | Company Type | Core Business | Registered Capital | Operating Revenue | Net Profit | | :--- | :--- | :--- | :--- | :--- | :--- | | Dunhuang Seed Pioneer Hi-Bred Co, Ltd | Subsidiary | Production, processing, sales, and R&D of corn seeds and related services | 8 million USD | 51,347.38 | 16,427.16 | [Other Disclosures](index=12&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) The company faces market, R&D, production, and trade risks, and has implemented corresponding mitigation strategies [Potential Risks](index=12&type=section&id=(%E4%B8%80)%20%E5%8F%AF%E8%83%BD%E9%9D%A2%E5%AF%B9%E7%9A%84%E9%A3%8E%E9%99%A9) The company faces risks from corn seed oversupply, R&D uncertainty, climate-sensitive production, and geopolitical and cost pressures in the food trade industry - From 2024 to 2025, the national corn seed supply-to-demand ratio is as high as **175%**, exposing corn seed companies to cyclical industry risks such as supply-demand imbalance, intensified competition, and high inventory levels[42](index=42&type=chunk) - Breeding new varieties involves long cycles and large capital investments, with **uncertainty in achieving commercial value**[42](index=42&type=chunk) - The newly revised mandatory national standards for seed quality, which will be implemented on October 1, 2025, moderately raise standards for germination rates; meanwhile, frequent extreme weather events increase seed production risks[42](index=42&type=chunk) - The food trade industry faces risks including **geopolitical tensions and international trade frictions** affecting export stability, increased logistics and production costs, and intense price competition due to cyclical adjustments in the tomato paste market[43](index=43&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) [Profit Distribution or Capitalization of Capital Reserve Plan](index=12&type=section&id=%E4%BA%8C%E3%80%81%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 does not plan to distribute profits or capitalize its capital reserve for the semi-annual period Profit Distribution Plan | Distribute or Capitalize | No | | :--- | :--- | | Bonus shares per 10 shares (shares) | 0 | | Cash dividend per 10 shares (RMB) (tax included) | 0 | | Shares converted per 10 shares (shares) | 0 | [Environmental Information Disclosure](index=13&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) One subsidiary is listed for mandatory environmental information disclosure, with reports available on the official system Companies on the Mandatory Environmental Information Disclosure List | Number of companies on the list | 1 | | :--- | :--- | | No | Company Name | | 1 | Gansu Dunhuang Seed Xiyu Tomato Products Co, Ltd | - The environmental information disclosure report for Gansu Dunhuang Seed Xiyu Tomato Products Co, Ltd can be queried on the "Enterprise Environmental Information Disclosure System (Gansu)"[47](index=47&type=chunk) [Section 5 Significant Matters](index=14&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) [Fulfillment of Commitments](index=14&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) The controlling shareholder and other related parties have strictly fulfilled their commitments regarding non-competition and non-appropriation of funds - The controlling shareholder and its controlled affiliates have committed not to directly or indirectly engage in any business or activity that constitutes substantial competition with the company's main business[49](index=49&type=chunk) - Major shareholders holding over 5% have committed to actively avoid competition with Dunhuang Seed and to prioritize offering new business opportunities to the company[50](index=50&type=chunk) - The company has committed not to directly or indirectly use raised funds to trade stocks or other transactional financial assets[50](index=50&type=chunk) [Significant Related-Party Transactions](index=15&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) Daily operating transactions with related parties totaled RMB 5.99 million, all within approved limits, with no other major related-party transactions occurring [Related-Party Transactions in Daily Operations](index=15&type=section&id=(%E4%B8%80)%20%E4%B8%8E%E6%97%A5%E5%B8%B8%E7%BB%8F%E8%90%A5%E7%9B%B8%E5%85%B3%E7%9A%84%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in routine sales, purchases, and service transactions with related parties totaling RMB 5.99 million, all within approved limits Daily Related-Party Transactions (Unit: RMB 10,000) | Related Party | Transaction Type | Transaction Amount (RMB 10,000) | Approved Limit (RMB 10,000) | Exceeded Limit | | :--- | :--- | :--- | :--- | :--- | | Gansu Qimu Dairy Co, Ltd | Sales of products/goods to related party | 394.86 | 2,000 | No | | JISCO Honglian Automation Co, Ltd | Receipt of services from related party | 193.7 | 320 | No | | Jiuquan Iron & Steel (Group) Co, Ltd and its affiliates | Purchase/sale of goods with related party | 9.97 | 20 | No | | JISCO Group Gansu Engineering Technology Co, Ltd | Receipt of services from related party | 0 | 15 | No | | Total | / | 598.53 | 2,355 | / | [Significant Contracts and Their Performance](index=16&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) External guarantees, primarily for subsidiaries, amounted to RMB 40 million, representing 5.66% of the company's net assets External Guarantees (Unit: RMB 10,000) | Indicator | Amount (RMB 10,000) | | :--- | :--- | | Total guarantees provided to subsidiaries during the reporting period | 4,000 | | Total outstanding balance of guarantees to subsidiaries at period-end (B) | 4,000 | | Total guarantee amount (A+B) | 4,000 | | Total guarantee amount as a percentage of company's net assets (%) | 5.66 | | Debt guarantees provided directly or indirectly for entities with an asset-liability ratio over 70% (D) | 4,000 | [Section 6 Changes in Share Capital and Shareholders](index=17&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%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) [Changes in Share Capital](index=17&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total number of shares and share capital structure remained unchanged during the reporting period - During the reporting period, the company's total number of shares and share capital structure **did not change**[57](index=57&type=chunk) [Shareholder Information](index=18&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the period-end, the company had 63,896 common shareholders, with Jiuquan Iron & Steel (Group) Co, Ltd being the largest shareholder at 11.03% Shareholder Count | Total number of common shareholders at the end of the reporting period (households) | 63,896 | Top Ten Shareholders (Unit: Shares) | Shareholder Name | Shares Held at Period-End | Shareholding Ratio (%) | Shareholder Type | | :--- | :--- | :--- | :--- | | Jiuquan Iron & Steel (Group) Co, Ltd | 58,216,600 | 11.03 | State-owned legal person | | Jiangsu Rongzhuo Investment Co, Ltd | 41,898,959 | 7.94 | Domestic non-state-owned legal person | | Dunhuang City Supply and Marketing Cooperative Union | 29,568,876 | 5.60 | Domestic non-state-owned legal person | | Jiuquan Modern Agriculture (Holding Group) Co, Ltd | 14,465,062 | 2.74 | State-owned legal person | | Jinta County Supply and Marketing Cooperative Union | 6,579,180 | 1.25 | Domestic non-state-owned legal person | - Dunhuang City Supply and Marketing Cooperative Union, Jiuquan Modern Agriculture (Holding Group) Co, Ltd, and Jinta County Supply and Marketing Cooperative Union have signed a "Voting Rights Proxy Agreement" with Jiuquan Iron & Steel (Group) Co, Ltd, entrusting all their voting rights in Dunhuang Seed to JISCO Group[62](index=62&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=19&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) The former Vice Chairman and General Manager's shareholding decreased by 2,172 shares due to secondary market trading Changes in Shareholdings of Directors, Supervisors, and Senior Management (Unit: Shares) | Name | Position | Shares at Beginning of Period | Shares at End of Period | Change in Shares During Period | Reason for Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhang Shaoping | Former Vice Chairman and General Manager | 2,772 | 600 | -2,172 | Secondary market trading | [Section 7 Bond-related Matters](index=20&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) [Corporate Bonds and Debt Financing Instruments](index=20&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) The company had no outstanding or defaulted corporate bonds or non-financial enterprise debt financing instruments during the reporting period - Corporate bonds (including enterprise bonds) and non-financial enterprise debt financing instruments: □ Applicable √ Not Applicable[66](index=66&type=chunk) [Convertible Corporate Bonds](index=20&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%E6%83%85%E5%86%B5) The company had no convertible corporate bonds during the reporting period - Convertible corporate bonds: □ Applicable √ Not Applicable[66](index=66&type=chunk) [Section 8 Financial Report](index=21&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Financial Statements](index=21&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements for the first half of 2025 [Consolidated Balance Sheet](index=21&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, consolidated total assets were RMB 1.63 billion, a decrease of 18.16% from the prior year-end Key Data from Consolidated Balance Sheet (Unit: RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,631,954,870.92 | 1,994,093,930.13 | | Total Liabilities | 733,340,312.70 | 1,164,012,513.13 | | Total Equity | 898,614,558.22 | 830,081,417.00 | | Prepayments | 70,523,012.38 | 9,004,056.81 | | Inventories | 247,521,982.54 | 518,875,529.78 | | Construction in Progress | 1,983,914.18 | 46,833.86 | | Contract Liabilities | 126,043,228.90 | 588,086,903.57 | | Employee Benefits Payable | 31,436,015.87 | 20,034,425.72 | | Provisions | 88,187,297.24 | 41,602,855.20 | [Parent Company Balance Sheet](index=23&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were RMB 1.07 billion, an increase of 11.20% from the prior year-end Key Data from Parent Company Balance Sheet (Unit: RMB) | Item | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Total Assets | 1,074,066,362.17 | 965,462,381.66 | | Total Liabilities | 473,664,728.35 | 451,961,675.71 | | Total Equity | 600,401,633.82 | 513,500,705.95 | | Cash and Cash Equivalents | 216,362,233.90 | 161,777,881.26 | | Prepayments | 19,390,696.90 | 3,040,264.28 | | Other Receivables | 83,111,031.25 | 33,629,647.88 | | Including: Dividends Receivable | 50,000,000.00 | 0 | [Consolidated Income Statement](index=25&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, total operating revenue was RMB 718 million, up 21.63%, while net profit attributable to parent company shareholders rose 73.43% Key Data from Consolidated Income Statement (Unit: RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Total Operating Revenue | 717,921,031.99 | 590,259,773.95 | | Total Operating Costs | 529,694,563.85 | 471,720,133.55 | | Total Profit | 191,300,954.20 | 127,610,139.84 | | Net Profit | 132,233,141.22 | 86,916,999.64 | | Net Profit Attributable to Parent Company Shareholders | 54,453,988.77 | 31,398,277.08 | | Basic Earnings Per Share (RMB/share) | 0.1032 | 0.0595 | [Parent Company Income Statement](index=27&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) For H1 2025, the parent company's operating revenue grew 78.25% to RMB 26.82 million, and net profit surged 163.19% to RMB 86.90 million Key Data from Parent Company Income Statement (Unit: RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Operating Revenue | 26,816,596.60 | 15,044,440.26 | | Operating Profit | 87,100,262.27 | 32,393,090.42 | | Net Profit | 86,900,927.87 | 33,016,340.05 | | Investment Income | 115,097,798.43 | 66,693,117.80 | [Consolidated Cash Flow Statement](index=28&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, net cash flow from operating activities turned positive at RMB 7.08 million, while net cash decreased by RMB 120 million Key Data from Consolidated Cash Flow Statement (Unit: RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 7,076,223.97 | -5,167,941.88 | | Net Cash Flow from Investing Activities | -9,921,239.93 | -9,612,406.58 | | Net Cash Flow from Financing Activities | -117,106,957.48 | -126,798,617.49 | | Net Increase in Cash and Cash Equivalents | -119,951,973.44 | -141,578,965.95 | | Cash and Cash Equivalents at End of Period | 675,924,874.59 | 637,325,337.68 | [Parent Company Cash Flow Statement](index=30&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) For H1 2025, the parent company's net operating cash flow was RMB 4.77 million, with a period-end cash balance of RMB 191 million Key Data from Parent Company Cash Flow Statement (Unit: RMB) | Item | H1 2025 | H1 2024 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 4,772,233.85 | 16,540,402.76 | | Net Cash Flow from Investing Activities | 62,207,035.49 | 81,849,380.32 | | Net Cash Flow from Financing Activities | -1,827,666.70 | -16,297,857.76 | | Net Increase in Cash and Cash Equivalents | 65,151,602.64 | 82,091,925.32 | | Cash and Cash Equivalents at End of Period | 190,629,483.90 | 249,318,215.97 | [Consolidated Statement of Changes in Equity](index=32&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, total consolidated equity increased by RMB 68.53 million, driven by comprehensive income of RMB 132 million Consolidated Statement of Changes in Equity (Unit: RMB) | Item | Closing Balance H1 2025 | Closing Balance H1 2024 | | :--- | :--- | :--- | | Total Equity Attributable to Parent Company | 706,203,882.05 | 651,749,893.28 | | Minority Interest | 192,410,676.17 | 178,331,523.72 | | Total Equity | 898,614,558.22 | 830,081,417.00 | | Net Change in Total Equity for the Period | 68,533,141.22 | 56,799,093.06 | | Total Comprehensive Income | 132,233,141.22 | 120,499,093.06 | | Distributions to Owners (or Shareholders) | -63,700,000.00 | -63,700,000.00 | [Parent Company Statement of Changes in Equity](index=38&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) In H1 2025, the parent company's total equity increased by RMB 86.90 million, primarily due to comprehensive income Parent Company Statement of Changes in Equity (Unit: RMB) | Item | Closing Balance H1 2025 | Closing Balance H1 2024 | | :--- | :--- | :--- | | Total Equity | 600,401,633.82 | 513,500,705.95 | | Net Change in Total Equity for the Period | 86,900,927.87 | 21,287,558.70 | | Total Comprehensive Income | 86,900,927.87 | 21,287,558.70 | [Company Basic Information](index=41&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) Gansu Dunhuang Seed Group Co, Ltd was established in 1998 with a registered capital of RMB 528 million, focusing on crop seed and agricultural product businesses - Gansu Dunhuang Seed Group Co, Ltd was registered with the Gansu Provincial Administration for Industry and Commerce on **December 28, 1998**[108](index=108&type=chunk) - The company's Unified Social Credit Code is 916200007102487488; Registered Capital: RMB 527,802,080; Legal Representative: Zhou Biao[108](index=108&type=chunk) - The company's main business activities include the R&D, production, processing, and sales of various crop seeds; production and sales of dehydrated vegetables, tomato powder, and tomato paste; and the acquisition, processing, storage, and trade of cotton and other agricultural products[108](index=108&type=chunk) [Basis of Preparation for Financial Statements](index=41&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis in accordance with China's Accounting Standards for Business Enterprises - These financial statements are prepared on a **going concern basis**, in accordance with actual transactions and events, and pursuant to the "Accounting Standards for Business Enterprises - Basic Standard" and other specific accounting standards issued by the Ministry of Finance[109](index=109&type=chunk) - From the end of this reporting period to the next 12 months, the company has **no significant uncertainties** that would affect its ability to continue as a going concern[110](index=110&type=chunk) [Significant Accounting Policies and Estimates](index=41&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section details the company's significant accounting policies and estimates, covering areas such as revenue recognition, financial instruments, and asset valuation - The financial statements prepared by the company comply with the requirements of the Accounting Standards for Business Enterprises, and **fairly and completely reflect** the company's financial position, operating results, changes in equity, and cash flows[111](index=111&type=chunk) - The company determines the materiality of financial statement items based on whether they would influence the economic decisions of users, considering both qualitative and quantitative factors, with a quantitative threshold of **5% of total profit**[115](index=115&type=chunk) - The company classifies financial assets into three categories: those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[125](index=125&type=chunk) - For receivables from transactions governed by "CAS No 14 - Revenue" that do not contain a significant financing component, the company uses a simplified approach, always measuring the loss provision at an amount equal to **lifetime expected credit losses**[129](index=129&type=chunk) - The company recognizes revenue when it has satisfied a performance obligation in a contract, that is, when the customer obtains control of the relevant goods or services, at the transaction price allocated to that performance obligation[171](index=171&type=chunk) [Taxation](index=55&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company is subject to various taxes and benefits from preferential policies, including VAT exemptions and reduced corporate income tax rates Major Taxes and Tax Rates | Tax Type | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax (VAT) | Output tax is calculated based on taxable income at the applicable rate, with the payable amount being the difference after deducting allowable input tax for the period | 13%, 9%, 3%, Exempt | | Corporate Income Tax (CIT) | Levied on taxable income | 25%, 20%, 15%, Exempt | - The company and its subsidiaries are **exempt from VAT** on the sale of crop seeds[185](index=185&type=chunk) - Certain subsidiaries are eligible for an additional **5% super-deduction** on their current period's deductible input VAT against their payable VAT[185](index=185&type=chunk) - Certain subsidiaries engaged in the primary processing of agricultural products or the breeding of new crop varieties are **exempt from corporate income tax**[187](index=187&type=chunk) - Certain subsidiaries benefit from the Western Development Program, with a reduced corporate income tax rate of **15%**[188](index=188&type=chunk) - Certain subsidiaries qualify for preferential tax policies for **small and micro-sized enterprises**[189](index=189&type=chunk) [Notes to Consolidated Financial Statement Items](index=56&type=section&id=%E4%B8%83%E3%80%81%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 notes on items in the consolidated financial statements, including balances, changes, and related party transactions - For details on restricted cash and cash equivalents at the period-end, refer to Note "VII (31) Assets with Restricted Ownership or Use Rights"[191](index=191&type=chunk) - At period-end, the gross carrying amount of accounts receivable was RMB 303,177,365.44, with a provision for bad debts of RMB 253,925,847.61, resulting in a net carrying amount of **RMB 49,251,517.83**[194](index=194&type=chunk) - The carrying amount of inventories at period-end was RMB 247,521,982.54, a **decrease of 52.30%** from the beginning of the period, mainly due to increased product sales[224](index=224&type=chunk) - The company's total external guarantees amounted to **RMB 40 million**, representing 5.66% of the company's net assets, primarily for its subsidiaries[55](index=55&type=chunk) [Research and Development Expenditures](index=97&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) Total R&D expenditure was RMB 8.42 million, with RMB 7.42 million expensed and RMB 0.996 million capitalized for key projects R&D Expenditure (Unit: RMB) | Item | Current Period | Prior Period | | :--- | :--- | :--- | | Total | 8,419,166.49 | 9,035,136.55 | | Expensed R&D Expenditure | 7,423,104.49 | 7,759,723.05 | | Capitalized R&D Expenditure | 996,062.00 | 1,275,413.50 | Significant Capitalized R&D Projects | Project | R&D Stage | Estimated Completion | Expected Economic Benefit | | :--- | :--- | :--- | :--- | | H658 | Production trials | Dec 2026 | Transfer of production and operation rights | | Jing 2416K | Production trials | Dec 2026 | Transfer of production and operation rights | | Dunyan 308 | Trials completed | Dec 2026 | Transfer of production and operation rights | | Dunyu 697 | First year of regional trials | Dec 2028 | Transfer of production and operation rights | [Changes in Consolidation Scope](index=98&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) The company's scope of consolidation did not change during the reporting period - Business combination not under common control: □ Applicable √ Not Applicable[355](index=355&type=chunk) - Disposal of subsidiaries: □ Applicable √ Not Applicable[355](index=355&type=chunk) - Changes in consolidation scope for other reasons: □ Applicable √ Not Applicable[356](index=356&type=chunk) [Interests in Other Entities](index=99&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) The company holds interests in several subsidiaries and a joint venture, with detailed financial information provided for significant non-wholly-owned subsidiaries Financial Information of Significant Non-Wholly-Owned Subsidiaries (Unit: RMB) | Subsidiary Name | Minority Interest (%) | Profit/Loss Attributable to Minority Shareholders | Dividends Declared to Minority Shareholders | Minority Interest Balance at Period-End | | :--- | :--- | :--- | :--- | :--- | | Dunhuang Seed Pioneer Hi-Bred Co, Ltd | 49.00 | 80,493,067.07 | 63,700,000.00 | 211,395,940.39 | Information on Significant Joint Ventures | Joint Venture Name | Principal Place of Business | Place of Registration | Business Nature | Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | China-Israel (Jiuquan) Green Ecological Industrial Park Co, Ltd | Jiuquan, Gansu | Jiuquan, Gansu | Agricultural production and sales | 33 | - The net loss of China-Israel (Jiuquan) Green Ecological Industrial Park Co, Ltd for the current period was **-RMB 180,950.88**[366](index=366&type=chunk) [Government Grants](index=102&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) The company recognized government grants totaling RMB 6.35 million in the current period's profit and loss Government Grants Recognized in Current Profit or Loss (Unit: RMB) | Type | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Asset-related | 1,767,431.10 | 4,302,041.18 | | Income-related | 4,583,015.81 | 2,898,033.88 | | Total | 6,350,446.91 | 7,200,075.06 | - Major government grant projects include deferred income amortization (RMB 1,951,794.73 income-related, RMB 1,767,431.10 asset-related), high-tech enterprise award funds of RMB 100,000.00, and core germplasm breeding base project grants of RMB 1,200,000.00[373](index=373&type=chunk) [Financial Instrument-Related Risks](index=103&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company is exposed to market, credit, and liquidity risks, which are managed through monitoring, credit controls, and maintaining sufficient cash reserves - The company's main financial instruments include equity investments, futures investments, borrowings, accounts receivable, and accounts payable[375](index=375&type=chunk) - The company's foreign exchange risk is mainly related to the **US dollar**, as some subsidiaries conduct sales in USD, while other main business activities are settled in RMB[375](index=375&type=chunk) Foreign Exchange Risk Sensitivity Analysis (Impact of a 10% change in USD/RMB exchange rate) | Item | Exchange Rate Change | Impact on Profit | Impact on Equity | | :--- | :--- | :--- | :--- | | USD appreciates against RMB | 10% | 360,988.93 | 360,988.93 | | USD depreciates against RMB | 10% | -360,988.93 | -360,988.93 | - The company's interest rate risk mainly arises from bank borrowings; short-term borrowings are all at **fixed interest rates**[376](index=376&type=chunk) - To mitigate credit risk, the company conducts specialized credit approvals and implements other monitoring procedures to ensure necessary measures are taken to collect overdue debts[377](index=377&type=chunk) - To manage liquidity risk, the company maintains and monitors what management considers to be **sufficient cash and cash equivalents**[377](index=377&type=chunk) [Fair Value Disclosures](index=105&type=section&id=%E5%8D%81%E4%B8%89%E3%80%81%E5%85%AC%E5%85%81%E4%BB%B7%E5%80%BC%E7%9A%84%E6%8A%AB%E9%9C%B2) This section discloses the fair value of assets and liabilities, with other equity instrument investments being the primary item measured at fair value Items Measured at Fair Value at Period-End (Unit: RMB) | Item | Level 3 Fair Value Measurement | Total | | :--- | :--- | :--- | | I. Assets measured at fair value on a recurring basis | 14,654,762.19 | 14,654,762.19 | | (III) Other equity instrument investments | 14,654,762.19 | 14,654,762.19 | | Total assets measured at fair value on a recurring basis | 14,654,762.19 | 14,654,762.19 | [Related Parties and Transactions](index=107&type=section&id=%E5%8D%81%E5%9B%9B%E3%80%81%E5%85%B3%E8%81%94%E6%96%B9%E5%8F%8A%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company's ultimate controlling party is the Gansu SASAC, and it engaged in routine transactions with related parties under common control - The ultimate controlling party of the enterprise is the **State-owned Assets Supervision and Administration Commission of Gansu Provincial People's Government**[387](index=387&type=chunk) Parent Company Information (Unit: RMB 10,000) | Parent Company Name | Place of Registration | Business Nature | Registered Capital | Parent's Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | Jiuquan Iron & Steel (Group) Co, Ltd | Jiayuguan City, Gansu Province | Steel products | 1,454,410.95 | 11.03 | Related-Party Transactions for Goods/Services (Unit: RMB) | Related Party | Transaction Content | Current Period Amount | | :--- | :--- | :--- | | JISCO Honglian Automation Co, Ltd | Receipt of services | 1,937,080.32 | | Gansu Qimu Dairy Co, Ltd | Sales of products/goods to related party | 3,948,590.77 | Related-Party Guarantees (Unit: RMB) | Guaranteed Party | Guarantee Amount | Start Date | End Date | | :--- | :--- | :--- | :--- | | Jiuquan Dunhuang Seed Baijia Food Co, Ltd | 10,000,000.00 | 2025/5/30 | 2029/5/30 | | Gansu Dunhuang Seed Group Jinchang Jincongyu Agricultural Technology Co, Ltd | 10,000,000.00 | 2025/6/12 | 2029/6/11 | Unsettled Balances with Related Parties (Unit: RMB) | Item Name | Related Party | Period-End Balance | | :--- | :--- | :--- | | Accounts Receivable | Gansu Qimu Dairy Co, Ltd | 3,342,857.82 | | Accounts Payable | JISCO Honglian Automation Co, Ltd | 1,029,073.92 | [Commitments and Contingencies](index=110&type=section&id=%E5%8D%81%E5%85%AD%E3%80%81%E6%89%BF%E8%AF%BA%E5%8F%8A%E6%88%96%E6%9C%89%E4%BA%8B%E9%A1%B9) The company is involved in an ongoing legal case concerning joint liability for a former subsidiary's debt, with the case currently under appeal - Regarding the case of joint liability for debts owed by the former subsidiary Dunhuang Seed Agricultural Technology (Shanghai) Co, Ltd, the company has appealed the verdict and the case was heard on **March 4, 2025**[398](index=398&type=chunk) - On June 11, 2025, the Huzhou Intermediate People's Court issued a final judgment overturning the initial verdict; on June 18, 2025, the company received a notice of acceptance of its objection to execution, and the case is pending a new hearing[398](index=398&type=chunk) [Events After the Balance Sheet Date](index=110&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8%E6%97%A5%E5%90%8E%E4%BA%8B%E9%A1%B9) A legal case involving a former subsidiary's debt has been scheduled for a retrial hearing on September 2, 2025, following an appeal - In the case of a former subsidiary's debt to Zaozhuang Hengtong Logistics Co, Ltd, the company's appeal was dismissed on April 10, 2025, upholding the original judgment[399](index=399&type=chunk) - On July 10, 2025, the company received a retrial application and a summons for a hearing scheduled for **September 2, 2025**, at the People's Court of Shizhong District, Zaozhuang City[399](index=399&type=chunk) [Other Significant Matters](index=111&type=section&id=%E5%8D%81%E5%85%AB%E3%80%81%E5%85%B6%E4%BB%96%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) The company operates under three reportable segments—Seed, Food & Trade, and Other—with financial performance disclosed for each [Segment Information](index=111&type=section&id=6%E3%80%81%E5%88%86%E9%83%A8%E4%BF%A1%E6%81%AF) The company's operations are divided into three segments: Seed, Food & Trade, and Other, with the Seed segment being the primary contributor to revenue and profit - The company's operations are divided into **3 operating segments**, and management regularly evaluates their performance to allocate resources and assess results; based on these, the company has identified 3 reportable segments: Seed, Food & Trade, and Other[401](index=401&type=chunk) Financial Information by Reportable Segment (Unit: RMB) | Item | Seed | Food & Trade | Other | Inter-segment Elimination | Total | | :--- | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 573,373,292.04 | 98,807,001.74 | 50,206,884.34 | -4,466,146.13 | 717,921,031.99 | | Operating Cost | 310,473,092.10 | 75,272,308.29 | 43,969,936.82 | -3,306,421.58 | 426,408,915.63 | | Total Profit | 202,525,204.86 | 7,616,706.36 | 84,905,171.41 | -103,746,128.43 | 191,300,954.20 | | Total Assets | 1,131,550,683.97 | 301,023,627.27 | 809,528,139.25 | -610,147,579.57 | 1,631,954,870.92 | | Total Liabilities | 791,929,934.68 | 295,333,135.98 | 312,069,845.76 | -665,992,603.72 | 733,340,312.70 | [Notes to Key Items in Parent Company Financial Statements](index=112&type=section&id=%E5%8D%81%E4%B9%9D%E3%80%81%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E4%B8%BB%E8%A6%81%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes on key items in the parent company's financial statements, including receivables, investments, and revenue - The parent company's accounts receivable had a gross carrying amount of RMB 169,286,195.72 and a provision for bad debts of RMB 160,243,922.17, resulting in a net carrying amount of **RMB 9,042,273.55**[407](index=407&type=chunk) - The parent company's other receivables had a gross carrying amount of RMB 265,155,113.53 and a provision for bad debts of RMB 232,044,082.28, primarily consisting of intercompany balances and employee loans[418](index=418&type=chunk)[420](index=420&type=chunk)[422](index=422&type=chunk) - The parent company's long-term equity investments had a carrying amount of **RMB 414,502,981.54**, including investments in subsidiaries and joint ventures[426](index=426&type=chunk) - The parent company's investment income for the period was **RMB 115,097,798.43**, mainly from long-term equity investments accounted for using the cost method[438](index=438&type=chunk)[439](index=439&type=chunk) [Supplementary Information](index=121&type=section&id=%E4%BA%8C%E5%8D%81%E3%80%81%E8%A1%A5%E5%85%85%E8%B5%84%E6%96%99) This section provides supplementary details on non-recurring profit and loss items and calculations for return on equity and earnings per share [Detailed Statement of Non-recurring Profit and Loss for the Current Period](index=121&type=section&id=1%E3%80%81%E5%BD%93%E6%9C%9F%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E6%98%8E%E7%BB%86%E8%A1%A8) Non-recurring profit and loss totaled RMB 5,213,830.66, primarily from government grants and asset disposals Details of Non-recurring Profit and Loss for the Current Period (Unit: RMB) | Item | Amount | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -28,339.56 | | Government Grants Recognized in Current Profit or Loss | 4,583,015.81 | | Fair Value Changes and Disposal Gains/Losses on Financial Assets/Liabilities Held by Non-financial Enterprises | 241,036.16 | | Other Non-operating Income and Expenses | 1,996,462.98 | | Less: Income Tax Effect | 641,203.48 | | Minority Interest Effect (After Tax) | 937,141.24 | | Total | 5,213,830.66 | [Return on Equity and Earnings Per Share](index=122&type=section&id=2%E3%80%81%E5%87%80%E8%B5%84%E4%BA%A7%E6%94%B6%E7%9B%8A%E7%8E%87%E5%8F%8A%E6%AF%8F%E8%82%A1%E6%94%B6%E7%9B%8A) The weighted average return on equity was 8.02%, with basic earnings per share at RMB 0.1032 Return on Equity and Earnings Per Share | Profit for the Reporting Period | Weighted Average Return on Equity (%) | Basic Earnings Per Share | | :--- | :--- | :--- | | Net profit attributable to common shareholders | 8.02 | 0.1032 | | Net profit attributable to common shareholders after deducting non-recurring items | 7.25 | 0.0933 |

人民财讯8月14日电，敦煌种业（600354）8月14日晚间发布2025年半年度报告，上半年营业收入7.18亿 元，同比增长21.63%；归母净利润5445.4万元，同比增长73.43%。报告期内，公司种子产业实现净利润 1.47亿元，较上年同期增加5857.95万元，增幅66.01%。 ...

敦煌种业公告，2025年上半年营业收入7.18亿元，同比增长21.63%。净利润5445.4万元，同比增长 73.43%。 ...

格隆汇8月14日丨敦煌种业(600354.SH)公布2025年半年度报告，上半年公司实现营业收入7.18亿元，同 比增长21.63%；利润总额1.91亿元，同比增长49.91%；归属于上市公司股东的净利润5445.40万元，同 比增长73.43%；归属于上市公司股东的扣除非经常性损益的净利润4924.02万元，同比增长121.23%；基 本每股收益0.1032元。 ...

融券方面，当日融券卖出0.00万股，净卖出0.00万股。 最近三个交易日，8日-12日，敦煌种业分别获融资买入0.27亿元、0.29亿元、0.31亿元。 8月12日，沪深两融数据显示，敦煌种业获融资买入额0.31亿元，居两市第661位，当日融资偿还额0.37 亿元，净卖出629.31万元。 ...

Group 1 - The planting industry sector experienced a decline of 0.67% on August 12, with Kangnong Seed Industry leading the drop [1] - The Shanghai Composite Index closed at 3665.92, up 0.5%, while the Shenzhen Component Index closed at 11351.63, up 0.53% [1] - Major stocks in the planting industry showed mixed performance, with some stocks like Xue Rong Biological and Hong Lian Fruits and Vegetables increasing by 0.74% [1] Group 2 - Kangnong Seed Industry's stock price fell by 2.93% to 24.85, with a trading volume of 31,200 shares and a transaction value of 78.28 million yuan [2] - The planting industry sector saw a net outflow of 324 million yuan from main funds, while retail investors contributed a net inflow of 211 million yuan [2] - Notable declines included Dunhuang Seed Industry down 2.30% and Shennong Seed Industry down 1.61% [2]

Core Insights - The agriculture sector experienced a decline of 0.3% on August 6, with Kangnong Seed Industry leading the drop [1][2] - The Shanghai Composite Index closed at 3633.99, up 0.45%, while the Shenzhen Component Index closed at 11177.78, up 0.64% [1] Sector Performance - The agriculture sector's individual stock performance showed mixed results, with notable gainers and losers [1] - Key stocks included Dunhuang Seed Industry, which rose by 1.05% to a closing price of 6.75, and Kangnong Seed Industry, which fell by 1.34% to 24.26 [2] Trading Volume and Capital Flow - The agriculture sector saw a net outflow of 207 million yuan from institutional investors, while retail investors contributed a net inflow of 126 million yuan [2][3] - The trading volume for Dunhuang Seed Industry was 237,300 shares, with a transaction value of 159 million yuan [1] Individual Stock Analysis - Dunhuang Seed Industry had a net inflow of 20.72 million yuan from institutional investors, while it faced a net outflow from retail investors [3] - Kangnong Seed Industry experienced a significant net outflow of 14.01 million yuan from institutional investors [3]