2021 年第一季度报告 公司代码：600354 公司简称：*ST 敦种 甘肃省敦煌种业集团股份有限公司 2021 年第一季度报告 1 / 21 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 9 | 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、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人马宗海、主管会计工作负责人周秀华及会计机构负责人（会计主管人员）武兴旺保证季度报告 中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | 本报告期末比上年度末增减(%) | | | --- | --- | --- | --- | --- | | 总资产 | 1,493,279,853.05 | 1,664,080,442.33 | | ...

2020 年第三季度报告 | 目录 | | --- | 甘肃省敦煌种业集团股份有限公司 2020 年第三季度报告 公司代码：600354 公司简称：*ST 敦种 1 / 27 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 单位：元 币种：人民币 | | 本报告期末 | 上年度末 | | 本报告期末比上年度 | | | --- | --- | --- | --- | --- | --- | | | | | | 末增减(%) | | | 总资产 | 1,565,801,065. | 1,964,665,507.74 | | | -20.30 | | | 79 | | | | | | 归属于上市公司股东的净资 | 606,643,811.08 | 530,681,376.13 | | | 14.31 | | 产 | | | | | | | | 年初至报告期末 | 上年初至上年报告期末 | | 比上年同期增减(%) | | | | （1-9 月） | （1-9 | 月） | | | | 经营活动产生的现金流量净 | 5,149,279.62 | 19,630,961.37 | | ...

Financial Performance - Net profit attributable to shareholders increased to CNY 74,291,683 from a loss of CNY 33,116,230 in the same period last year[7] - Operating revenue for the first nine months rose by 1.38% to CNY 694,260,038.85 compared to the same period last year[7] - The weighted average return on equity improved to 13.08% from -17.03% in the previous year[7] - Basic earnings per share improved to CNY 0.1408 from a loss of CNY 0.2078 in the previous year[7] - The company reported a net profit of CNY 96,810,021.93 from the disposal of non-current assets during the reporting period[9] - Net profit for the period was ¥62,406,208.07, a significant recovery from a loss of ¥142,773,580.23 in the previous year[17] - Investment income increased to ¥50,228,476.42 from a loss of ¥10,551,588.09 in the previous year[17] - The company reported a net loss of CNY -854,480,998.83 as of September 30, 2020, an improvement from the loss of CNY -928,772,681.93 in the previous year[27] - The company's net profit for Q3 2020 was approximately ¥101.7 million, a significant increase compared to a net loss of ¥39.9 million in Q3 2019[36] Cash Flow - Net cash flow from operating activities decreased by 73.77% to CNY 5,149,279.62 compared to the previous year[7] - The net cash flow from investment activities was CNY 151,200,013.74, a significant recovery from a negative cash flow of CNY 113,851,202.91 in the previous year[7] - Cash flow from operating activities decreased to ¥5,149,279.56 from ¥19,630,961.37 in the previous year[17] - Investment activities generated a net cash flow of approximately ¥151.20 million in Q3 2020, a substantial improvement compared to a negative cash flow of ¥113.85 million in Q3 2019[42] - The company reported a net cash outflow from financing activities of ¥78.01 million in Q3 2020, an improvement from a net outflow of ¥110.19 million in Q3 2019[43] Assets and Liabilities - Total assets decreased by 20.30% to CNY 1,565,801,065 compared to the end of the previous year[7] - The company's current assets totaled CNY 952,915,878.10, down from CNY 1,084,634,238.89 in the previous year, indicating a decrease of about 12.1%[25] - Total liabilities decreased significantly, with accounts payable down by 79.29% to ¥42,699,494.43 from ¥206,185,357.03[14] - The total liabilities decreased to CNY 961,462,745.23 from CNY 1,416,364,978.01, a decline of about 32.1%[26] - The company's equity attributable to shareholders increased to CNY 606,643,811.08 from CNY 530,681,376.13, representing an increase of approximately 14.3%[27] - The total assets as of Q3 2020 amounted to ¥1,357,275,771.16, slightly up from ¥1,342,464,400.45 at the end of Q3 2019[31] - Total liabilities decreased to ¥772,181,633.52 in Q3 2020 from ¥822,022,899.71 in Q3 2019, a reduction of about 6.1%[31] Shareholder Information - The total number of shareholders reached 43,448 by the end of the reporting period[11] Research and Development - R&D expenses decreased by 23.19% to ¥3,828,836.94 from ¥4,984,792.57 due to delays caused by the pandemic[17] - Research and development expenses for Q3 2020 were ¥1,019,907.24, down from ¥1,888,512.07 in Q3 2019, reflecting a decrease of approximately 46%[35] Future Outlook - The company completed the asset divestiture as approved in the board meeting on August 31, 2020, which is expected to positively impact future financial performance[21] - The company received approval for a non-public issuance of A-shares, which is anticipated to enhance its capital structure and support future growth initiatives[21] - The company plans to continue expanding its market presence and investing in new technologies to drive future growth[40]

Financial Performance - The company's operating revenue for the first half of 2020 was approximately CNY 499 million, representing a 9.50% increase compared to CNY 456 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of approximately CNY 31.85 million, an improvement from a loss of CNY 81.73 million in the previous year[19]. - The net cash flow from operating activities was negative at approximately CNY 92.54 million, compared to a negative CNY 35.29 million in the same period last year[19]. - Basic earnings per share for the first half of 2020 were -CNY 0.0603, an improvement from -CNY 0.1548 in the same period last year[21]. - The weighted average return on net assets was -6.19%, improving from -12.42% in the previous year[21]. - The total operating revenue for the company was approximately ¥499 million, representing a 9.50% increase year-on-year[33]. - The operating cost decreased by 1.26% to approximately ¥423 million compared to the previous year[33]. - The company reported a significant reduction in prepaid accounts by 33.48% to ¥69,374,026.09 from ¥104,297,286.85, primarily due to the receipt of procurement invoices[35]. - The company reported a revenue of 20,000.00 million with a decrease of 30.47% compared to the previous period[42]. - The company reported a net loss of CNY 960,620,120.98, compared to a loss of CNY 928,772,681.93 in the previous period, indicating a worsening of approximately 3.43%[96]. Revenue Breakdown - The company's seed industry revenue accounted for 23.84% of total revenue, while the food and trade segment contributed 74.17%[26]. - During the reporting period, the seed industry revenue increased by 74.96% compared to the previous year[30]. - The revenue from the production and sales of corn seeds was 6,246.96 million, showing a significant decline of 664.02 million[42]. - The company achieved a revenue of 4,386.00 million from fruit and vegetable processing, which is an increase of 241.85 million[42]. - The revenue from seed production and sales reached 13,000.00 million, reflecting a decrease of 518.91 million[42]. - The revenue from agricultural product sales and logistics services was 20,306.95 million, down by 525.53 million[43]. - The revenue from cotton and related products reached 807.62 million, showing an increase of 31.07%[44]. Cash Flow and Liquidity - The net cash flow from operating activities was approximately -¥93 million, a significant decline compared to -¥35 million in the previous year[33]. - The company reported a significant decrease in cash and cash equivalents, with restricted cash amounting to ¥3,666,173.56[36]. - The ending cash and cash equivalents balance was 283,167,313.43 RMB, down from 305,778,795.92 RMB at the end of the first half of 2019[111]. - The company reported a significant increase in cash received from investment income, totaling 74,852,582.67 RMB in the first half of 2020[113]. - The net increase in cash and cash equivalents for the period was -116,096,363.89 CNY, resulting in an ending balance of 14,033,317.30 CNY[114]. Assets and Liabilities - The company's accounts receivable increased by 50.00% to ¥293,699,450.16, compared to ¥195,796,075.22 in the previous period, primarily due to slow sales collection during the reporting period[35]. - The company's total current assets amounted to ¥1,001,389,971.75, a decrease from ¥1,084,634,238.89 as of December 31, 2019, representing a decline of approximately 7.66%[94]. - The company's total liabilities decreased to CNY 1,346,506,407.74 from CNY 1,416,364,978.01, a decline of about 4.91%[96]. - The total equity attributable to shareholders was CNY 498,833,937.08, down from CNY 530,681,376.13, representing a decrease of approximately 6.00%[96]. - The total amount of guarantees provided by the company, including those to subsidiaries, is 19.5 million RMB, which represents 36.75% of the company's net assets[64]. Strategic Focus and Future Plans - The company is focusing on developing proprietary seed varieties and expanding production areas for competitive corn varieties[30]. - The company plans to publicly sell the overall assets of its Ningxia Seed Branch with a minimum valuation of ¥104,185,700[39]. - The company plans to expand its agricultural technology services and product offerings in the future[44]. - The company is actively involved in the research and promotion of crop seed varieties, with a revenue of 6,878.00 million[44]. - The company has committed to achieving stable poverty alleviation for all registered impoverished households in Jinqiu Village by 2020, aligning with provincial and national goals[65]. Risks and Challenges - The company has detailed potential risks in the discussion and analysis section of the report, which investors should review[7]. - The company reported a significant risk in the seed industry due to intense market competition and challenges in seed sales, particularly affected by the ongoing COVID-19 pandemic in major markets like Europe and the United States[46]. - The company has a historical issue with high accounts receivable and large idle assets, which it aims to address through effective measures to recover receivables and reduce inventory[47]. - The company emphasizes the need to closely monitor market changes and expand domestic sales channels to mitigate risks in the food trade sector[46]. Legal Matters - The company is involved in several significant lawsuits, including a claim for 22,496,516.76 RMB related to a contract dispute with Jilin Ping An Seed Industry Co., Ltd.[56]. - Another lawsuit involves a claim of 41,584,721.27 RMB from Urumqi Land Port International Trade Co., Ltd. regarding a sales contract dispute[56]. - The company is also facing a lawsuit for 49,567,215.20 RMB from Shanghai Shangrong Supply Chain Management Co., Ltd. over a sales contract dispute[56]. Corporate Governance - The company has renewed its audit engagement with Da Xin Accounting Firm for the 2020 financial year[55]. - The company has not disclosed any significant accounting errors that require retrospective restatement during the reporting period[80]. - The company has not reported any changes in the controlling shareholder or actual controller during the reporting period[87]. - The company has not made any changes to its total shares and capital structure during the reporting period[82].

2020 年第一季度报告 公司代码：600354 公司简称：*ST 敦种 甘肃省敦煌种业集团股份有限公司 2020 年第一季度报告 1 / 24 | 一、 | 重要提示 3 | | --- | --- | | 二、 | 公司基本情况 3 | | 三、 | 重要事项 6 | | 四、 | 附录 8 | 2020 年第一季度报告 一、 重要提示 二、 公司基本情况 2.1 主要财务数据 | | | | 单位：元 币种：人民币 | | --- | --- | --- | --- | | | 本报告期末 | 上年度末 | 本报告期末比上年度末增 | | | | | 减(%) | | 总资产 | 1,840,559,022.79 | 1,964,665,507.74 | -6.32 | | 归属于上市公司 | 523,411,082.52 | 530,681,376.13 | -1.37 | | 股东的净资产 | | | | | | 年初至报告期末 | 上年初至上年报告期末 | 比上年同期增减(%) | | 经营活动产生的 | -44,025,389.99 | -97,325,673.12 | 不适用 | | 现金流量 ...

Financial Performance - In 2019, the company reported a net profit of -215,861,822.75 RMB, with a net profit attributable to shareholders of -169,953,913.09 RMB, resulting in a total distributable profit of -928,772,681.93 RMB[5]. - The company's operating revenue for 2019 was 1,183,712,575.19 RMB, representing a year-on-year increase of 54.24% compared to 767,469,079.12 RMB in 2018[21]. - The net asset attributable to shareholders decreased by 24.06% from 698,785,599.97 RMB in 2018 to 530,681,376.13 RMB in 2019[21]. - The company reported a basic earnings per share of -0.3220 RMB for 2019, compared to -0.4122 RMB in 2018[22]. - The cash flow from operating activities for 2019 was -2,746,985.02 RMB, an improvement from -82,786,226.17 RMB in 2018[21]. - The total assets of the company decreased by 7.56% from 2,125,305,447.14 RMB in 2018 to 1,964,665,507.74 RMB in 2019[21]. - The company did not declare any profit distribution for the reporting period due to the negative profit situation[5]. - The weighted average return on equity was -27.65% in 2019, slightly worse than -26.94% in 2018[22]. - The company reported a non-recurring profit of 18,473,283.91 RMB in 2019, compared to 10,218,890.83 RMB in 2018[27]. Revenue Breakdown - In 2019, the company's seed industry revenue accounted for 28.58% of total revenue, while food and trade revenue made up 65.64%[31]. - The seed industry achieved revenue of 338.32 million yuan, a slight decrease of 0.07% compared to the previous year, with a gross profit margin of 21.88%, an increase of 4.94 percentage points[41]. - The food and trade industry reported revenue of 777.03 million yuan, an increase of 88.45% year-on-year, with a gross profit margin of 5.11%, down 1.09 percentage points[42]. - The total revenue from other business segments accounted for 5.78% of the company's total revenue in 2019[31]. Operational Challenges - The company faced significant challenges, as indicated by the negative net profit and cash flow, which may impact future operational strategies[6]. - The food industry is facing challenges due to increased competition and rising costs, with a shift towards higher value-added products expected in the future[34]. - The company faced challenges in the seed industry due to reduced corn planting areas and increased processing costs in the food sector[64]. - The company is focusing on stabilizing the planting area and seed demand for major grain crops to ensure food security[102]. Research and Development - The total R&D expenditure amounted to $19.32 million, which is 1.63% of total operating revenue[53]. - The company invested CNY 20 million to establish a wholly-owned subsidiary for corn variety research, enhancing its R&D capabilities[54]. - The company has established 6 breeding stations across various provinces, covering 649 acres of experimental land[54]. - The company has formed long-term cooperative relationships with several research institutions to accelerate the development of new crop varieties[55]. - The company has developed advanced seed breeding techniques, including the use of male sterility and hybridization methods, ensuring high-quality seed production[70]. Market Strategy - The company aims to capitalize on the growing demand for specialty, organic, and functional foods driven by changing consumer preferences[34]. - The company plans to enhance its proprietary seed variety breeding efforts to reduce reliance on contract seed production[31]. - The company is focusing on expanding its food processing capabilities, with plans to enhance raw material procurement and sales channels to improve profitability[68]. - The company is exploring new direct sales models, which currently account for only 2% of total sales, indicating potential for growth[76]. Financial Management - The company has established a financing structure that includes short-term loans, long-term loans, and leasing to manage its working capital needs effectively[89]. - The company has a significant seasonal cash flow pattern, with operational cash inflow peaking from October to May of the following year[89]. - The company has a unique seed production model involving "company + farmers + bases," focusing on both contract seed production and self-operated varieties[68][76]. Government Support and Subsidies - The total amount of government subsidies received in 2019 was approximately 3,190,510.00, with a total balance of 26,392,536.61 at the end of the period[80]. - The company benefits from VAT exemptions on the sale of agricultural products, including seeds and fertilizers, which significantly reduces tax liabilities[82]. - The company’s subsidiaries are exempt from corporate income tax for income derived from agricultural projects, including the breeding of new crop varieties[85]. Corporate Governance - The company appointed Da Xin Certified Public Accountants (Special General Partnership) as the financial audit and internal control audit institution for the 2019 fiscal year[120]. - The total amount of guarantees provided by the company, including those to subsidiaries, is CNY 20.6 million, which accounts for 37.57% of the company's net assets[126]. - The company has not engaged in any significant related party transactions during the reporting period[122]. - The company has established internal control mechanisms, with an internal control audit report available for review[180]. Employee Engagement and Training - The total number of employees in the parent company and major subsidiaries is 799, with 374 in the parent company and 425 in subsidiaries[168]. - The company has conducted various training programs, including financial, safety, internal audit, and quality system training, to enhance employee skills[170]. - The management team includes individuals with advanced degrees and significant industry experience, enhancing strategic decision-making[159]. Social Responsibility and Community Engagement - The company has actively implemented poverty alleviation initiatives in accordance with national policies[127]. - A total of 7,995.11 million RMB was allocated for poverty alleviation efforts, with 35 individuals successfully lifted out of poverty[134]. - The company provided 40,000 RMB worth of flower seeds and 4,000 RMB worth of sweet sorghum seeds to support local agricultural development[132]. - The company facilitated the establishment of cooperative models such as "cooperatives + poor households" to enhance agricultural income[130].

Financial Performance - Operating revenue increased by 86.84% to CNY 684,782,741.27 for the period from January to September[7] - Net profit attributable to shareholders was a loss of CNY 109,657,349.77, an improvement from a loss of CNY 123,934,595.15 year-on-year[7] - Basic and diluted earnings per share were both -0.2078, compared to -0.2348 in the same period last year[8] - The company reported a total of CNY 3,559,970.90 in non-recurring gains and losses for the period[11] - The weighted average return on net assets was -17.03%, compared to -14.51% in the same period last year[8] - Total operating revenue for Q3 2019 reached ¥229,061,589.48, a 42.9% increase compared to ¥160,387,625.76 in Q3 2018[31] - The net loss for the first three quarters of 2019 was ¥903,181,850.64, slightly improved from a loss of ¥910,957,508.21 in the same period of 2018[28] - The net profit for Q3 2019 was CNY 160,132,567.36, a significant increase compared to the net loss of CNY 16,317,779.89 in the same quarter last year[38] - Total revenue from sales of goods and services for the first nine months of 2019 was CNY 798,660,167.11, compared to CNY 420,375,497.29 in the same period of 2018, representing an increase of approximately 89.9%[39] Cash Flow - Net cash flow from operating activities improved significantly to CNY 19,630,961.37 from a loss of CNY 140,771,566.86 in the same period last year[7] - The net cash flow from operating activities for Q3 2019 was CNY 19,630,961.37, a turnaround from a negative cash flow of CNY 140,771,566.86 in Q3 2018[40] - The net cash flow from investing activities was -¥113,851,202.91, a decrease of ¥318,697,809.78 from the previous year, mainly due to reduced cash received from investment recoveries[18] - The net cash flow from financing activities was -¥110,193,076.84, an improvement of ¥212,432,690.91 compared to the previous year, attributed to a decrease in repayment of non-current liabilities and dividend payments[18] - The total cash inflow from financing activities in Q3 2019 was CNY 712,675,864.28, compared to CNY 820,823,891.41 in Q3 2018[41] Assets and Liabilities - Total assets decreased by 10.18% to CNY 1,908,923,836.98 compared to the end of the previous year[7] - The company's net assets attributable to shareholders decreased by 15.69% to CNY 589,128,250.20 compared to the end of the previous year[7] - Current assets totaled ¥1,087,425,510.31, a decrease of 20.9% from ¥1,375,224,573.64 at the end of 2018[21] - Total liabilities were ¥1,262,385,064.73, slightly down from ¥1,273,910,987.97 at the end of 2018[23] - The total equity attributable to shareholders decreased to ¥589,128,250.20 from ¥698,785,599.97, a decline of approximately 15.6%[23] Shareholder Information - Total number of shareholders at the end of the reporting period is 76,634[12] - The top ten shareholders hold a total of 12.92% (68,170,168 shares) by Jiuquan Modern Agriculture (Holding Group) Co., Ltd.[12] Operating Costs and Expenses - Operating costs rose by 97.50%, totaling 643,613,672.10 RMB, attributed to increased business activities and consolidation of new entities[17] - The company reported a significant increase in income tax expenses, rising by 987.02% to 4,414,138.18 RMB[17] - Research and development expenses for Q3 2019 were ¥1,888,512.07, a decrease from ¥2,369,937.11 in Q3 2018, indicating a focus on cost management[31] - Sales expenses for Q3 2019 were CNY 2,988,694.84, a decrease from CNY 4,250,072.29 in Q3 2018, representing a reduction of about 29.6%[36] Goodwill and Acquisitions - Goodwill increased significantly by 3460.38%, from 584,464.73 to 20,809,151.43 RMB, primarily due to new acquisitions[15] Other Income - Non-operating income included government subsidies amounting to CNY 7,453,667.42 for the period from January to September[9] - Other income increased by 155.66%, amounting to 7,546,847.35 RMB, mainly due to higher government subsidies[17]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 455,721,151.79, representing a 121.10% increase compared to CNY 206,119,479.70 in the same period last year[19]. - The net profit attributable to shareholders of the listed company was CNY -81,725,441.07, slightly worse than CNY -79,557,985.75 in the previous year[19]. - The net cash flow from operating activities was CNY -35,287,554.96, an improvement from CNY -140,060,218.84 in the same period last year[19]. - The total assets decreased by 9.57% to CNY 1,921,950,858.40 from CNY 2,125,305,447.14 at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 11.70% to CNY 617,060,158.90 from CNY 698,785,599.97 at the end of the previous year[19]. - The basic earnings per share for the first half of 2019 was CNY -0.1548, compared to CNY -0.1507 in the same period last year[20]. - The weighted average return on net assets was -12.42%, down from -9.08% in the previous year[21]. - The company reported a net loss of CNY 886,864,070.75 for the first half of 2019, compared to a loss of CNY 910,957,508.21 in the same period of 2018, showing an improvement of about 2.6%[97]. - The company reported a total revenue of 5,000.00 million for agricultural products sales, with a decrease of 634.55 million compared to the previous period[49]. - The company achieved 1,000.00 million in sales for edible agricultural products, reflecting a slight decline of 12.06 million from the prior period[49]. Revenue Breakdown - The seed industry accounted for 14.57% of total revenue, while the food and trade sector contributed 81.22%[26]. - The food and trade sector's revenue increased by 231.22% to CNY 370.14 million, with a net profit improvement of CNY 7.78 million[32]. - The seed industry experienced a revenue decline of 26.82% due to intense market competition and rapid variety updates[31]. Cash Flow and Financial Position - The company's cash flow from operating activities was negative at CNY -35.29 million, an improvement from CNY -140.06 million in the previous year[33]. - The company's financial expenses increased by 35.70% to CNY 17.52 million due to higher interest expenses from long-term borrowings[33]. - The company's total assets decreased by 37.89% in cash and cash equivalents, amounting to CNY 310.01 million[34]. - Cash and cash equivalents stood at RMB 310,009,976.15, significantly increasing from RMB 499,159,771.64 in the previous period[91]. - The company's total liabilities were RMB 1,183,026,733.44, down from RMB 1,229,000,718.82, indicating a decrease of about 3.7%[92]. Investments and Projects - The company plans to invest 22,167 million in a new 30,000 mu functional highland summer vegetable modern agricultural project[40]. - A total investment of 37,240 million is planned for a new 200,000 mu intelligent greenhouse project, expected to produce high-end functional agricultural products[40]. - The company has completed the establishment of several subsidiaries, including a joint venture for agricultural technology and a seed research company, with investments totaling 3,380 million and 1,000 million respectively[36][37]. Risk Factors - The report includes a risk statement indicating potential uncertainties in future plans and development strategies[6]. - The company is facing market risks due to intense competition in the seed industry and fluctuations in food trade, which may impact profitability[49]. - Financial risks are highlighted due to the seasonal nature of agricultural products, with significant cash flow demands during the raw material procurement period[49]. Poverty Alleviation and Social Responsibility - The company aims for a 10% increase in per capita net income for poverty alleviation targets in 2019 compared to the previous year[64]. - The company has implemented targeted poverty alleviation measures, focusing on personalized support for each household[64]. - The company invested a total of RMB 4,100.3 million in poverty alleviation efforts during the reporting period[69]. - The company provided assistance to 35 registered impoverished individuals, helping them to achieve poverty alleviation[69]. - The company donated RMB 5.98 million worth of agricultural materials, including seeds, to support local farmers[71]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 76,711[80]. - The largest shareholder, Jiuquan Modern Agriculture (Group) Co., Ltd., holds 68,170,168 shares, representing 12.92% of the total shares[82]. - Jiangsu Rongzhuo Investment Co., Ltd. holds 60,000,000 shares, accounting for 11.37% of the total shares, with 44,220,000 shares pledged[82]. Accounting and Reporting - The company has made adjustments to its financial reporting format in accordance with new accounting standards effective from January 1, 2019, without impacting its financial position or operating results[76]. - The company has not disclosed any significant accounting errors that require retrospective restatement during the reporting period[77]. - The company has not reported any changes in accounting policies or estimates that would affect its financial statements[75]. - The company’s financial statements are prepared based on the going concern assumption, indicating confidence in its ongoing operations[137]. Environmental and Compliance Measures - The company has implemented environmental protection measures, including replacing coal-fired boilers with natural gas boilers in subsidiaries, ensuring compliance with national and local environmental standards[74]. - The company has established a management system for environmental protection supervision and inspection[74]. Subsidiaries and Consolidation - The company has included 26 subsidiaries in its consolidated financial statements for the current period, an increase of 3 subsidiaries compared to the previous year[136]. - The scope of consolidated financial statements is determined based on control, including all subsidiaries controlled by the company[147].

Financial Performance - Operating revenue increased by 122.75% to CNY 190,781,228.62 compared to the same period last year[7] - Net profit attributable to shareholders was -CNY 39,603,850.85, showing a decrease from -CNY 42,443,400.75 in the previous year[7] - Basic and diluted earnings per share were both -CNY 0.0672, compared to -CNY 0.0784 in the same period last year[8] - The company reported a significant decrease in cash flow from investment activities, totaling RMB 45,186,500.08, down 74.17% from RMB 174,907,456.44, primarily due to the cessation of entrusted financial management services[16] - Net loss for Q1 2019 was CNY 42,140,736.94, an improvement from a net loss of CNY 55,782,524.58 in Q1 2018, representing a reduction of 24.1%[28] - The company reported an investment income of CNY 76,428,938.45 for Q1 2019, a decrease of 62.7% from CNY 204,960,317.91 in Q1 2018[30] Cash Flow - Net cash flow from operating activities improved to -CNY 97,325,673.12 from -CNY 122,863,643.08 year-on-year[7] - The net cash flow from operating activities was -$45.84 million, compared to -$40.48 million in the previous quarter, indicating a decline in operational efficiency[35] - Cash inflow from financing activities totaled $132.42 million, compared to $175 million in the previous quarter, indicating a reduction in financing efforts[35] - Cash outflow for purchasing goods and services was $63.46 million, compared to $81.98 million in the previous quarter, reflecting cost-cutting measures[35] Assets and Liabilities - Total assets decreased by 6.73% to CNY 1,982,204,614.43 compared to the end of the previous year[7] - The company's total liabilities decreased from CNY 1,273,910,987.97 to CNY 1,234,682,998.89, a decline of approximately 3.1%[21] - Long-term borrowings rose by 39.11% to RMB 110,260,000.00 from RMB 79,260,000.00, reflecting increased infrastructure loans for subsidiaries[15] - The total owner's equity decreased from CNY 851,394,459.17 to CNY 747,521,615.54, a decline of about 12.2%[22] Shareholder Information - The total number of shareholders reached 59,030 at the end of the reporting period[12] - The top shareholder, Jiuquan Modern Agriculture (Holding) Group Co., Ltd., held 12.92% of shares, amounting to 68,170,168 shares[12] Operational Highlights - The company is focusing on expanding its fresh produce business, which has been a significant driver of revenue growth in the current reporting period[16] - The gross profit margin increased significantly, with operating costs rising to RMB 169,819,956.24, a 132.79% increase from RMB 72,950,351.71, primarily due to the growth in fresh produce business[16] Other Financial Metrics - The company's minority shareholder losses improved, with a loss of RMB -6,668,146.74 compared to RMB -14,411,167.67 in the previous year, indicating better performance from subsidiaries[16] - Research and development expenses for Q1 2019 were CNY 1,528,317.27, a decrease of 14.3% from CNY 1,784,595.10 in Q1 2018[28] - The company received CNY 1,231,781.51 in tax refunds during Q1 2019, compared to CNY 3,675,080.26 in Q1 2018, indicating a decrease of about 66.5%[32]

Financial Performance - In 2018, the company reported a net profit of -264,737,494.88 CNY, with a net profit attributable to shareholders of -217,577,170.29 CNY, resulting in a cumulative undistributed profit of -758,818,768.84 CNY at the end of the reporting period [5]. - The company's operating revenue for 2018 was 767,469,079.12 CNY, representing a 58.18% increase compared to 485,178,519.19 CNY in 2017 [21]. - The company reported a basic earnings per share of -0.4122 CNY for 2018, compared to 0.0485 CNY in 2017, indicating a significant decline [23]. - The weighted average return on equity was -26.94% for 2018, a decrease from 2.82% in 2017 [23]. - The total non-recurring gains and losses amounted to 10.22 million yuan in 2018, compared to 355.54 million yuan in 2017 [27]. - The company reported a net profit attributable to ordinary shareholders of -217.58 million RMB in 2018, compared to a profit of 25.61 million RMB in 2017 [102]. Revenue and Growth - The company experienced a quarterly revenue increase, with Q4 2018 revenue reaching 400,961,973.66 CNY, up from 85,648,657.53 CNY in Q1 2018 [24]. - The seed industry achieved revenue of 338.57 million yuan in 2018, an increase of 85.42 million yuan compared to the previous year [36]. - The food and trade industry generated revenue of 412.33 million yuan, an increase of 187.75 million yuan year-on-year [36]. - The seed industry accounted for 44.11% of total revenue, while food and trade contributed 53.73% [31]. - The company achieved operating revenue of CNY 767.47 million, an increase of 58.18% compared to CNY 485.18 million in the previous year [42]. - The seed industry reported operating revenue of CNY 338.57 million, a 33.74% increase from CNY 253.15 million in the previous year [44]. - The food and trade sector's operating revenue reached CNY 412.33 million, an increase of 83.60% compared to CNY 224.58 million [45]. Costs and Expenses - Operating costs rose to CNY 681.41 million, up 57.48% from CNY 432.69 million year-on-year [42]. - The gross profit margin improved to 11.21%, up 0.39 percentage points from the previous year's 10.82% [43]. - The gross profit from the food and trade sector was CNY 2.56 million, with a gross margin of 6.20%, down from 7.79% in the previous year [45]. - The company reported a total of 101,986,892.08 CNY in sales expenses, a decrease of 5.75% compared to the previous year, with significant reductions in advertising and travel expenses [54]. - Financial expenses totaled 34,593,717.95 CNY, down 41.57% from the previous year, primarily due to a reduction in interest expenses [55]. Cash Flow and Assets - The cash flow from operating activities was -82,786,226.17 CNY in 2018, an improvement from -261,711,449.92 CNY in 2017 [21]. - The cash flow from operating activities showed a net inflow of CNY 82.79 million, a significant improvement from a net outflow of CNY 261.71 million in the previous year [42]. - Cash and cash equivalents decreased by 21.34% to 499.16 million, accounting for 23.49% of total assets [60]. - Accounts receivable decreased by 0.47% to 190.71 million, representing 8.97% of total assets [60]. - Inventory decreased by 20.84% to 459.23 million, which is 21.61% of total assets, attributed to increased sales during the period [60]. - Total assets decreased by 23.19% to 2,125,305,447.14 CNY at the end of 2018, down from 2,767,011,074.73 CNY in 2017 [22]. Research and Development - Total R&D investment amounted to 20,493,893.31 CNY, with capitalized R&D accounting for 12.51% of total revenue, indicating a strong commitment to innovation [56]. - The company established a research institute and multiple breeding stations to enhance its R&D capabilities, employing 56 R&D personnel [56]. - The company completed the application and advancement of 31 new corn varieties during the reporting period, with 6 varieties passing national testing procedures [57]. Market and Strategic Initiatives - The company is recognized as a key leading enterprise in agricultural industrialization and holds national crop seed operating licenses [34]. - The company is increasing its focus on proprietary seed variety development to enhance its market position [31]. - The company plans to enhance its product offerings and expand market presence, focusing on new product development and technology [40]. - The company is actively optimizing its business model through innovation and integration of the supply chain in response to market challenges [33]. - The company is committed to developing high-yield, stable, and eco-friendly new varieties as part of its strategic plan [94]. Challenges and Risks - The company faced challenges in the food and trade sector due to rising costs from environmental compliance and the impact of the US-China trade war [33]. - The company has acknowledged potential risks in its future plans and development strategies, urging investors to be cautious [6]. - The company is facing market risks due to intense competition in the seed industry and price fluctuations in the food trade sector [99]. Corporate Governance and Compliance - The company has a commitment to avoid any substantial competition with its main business from its controlling shareholders and related parties [105]. - The company ensures equal treatment of all shareholders and maintains transparency in information disclosure, protecting the rights of minority shareholders [174]. - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2018 [180]. - The company has disclosed its internal control self-assessment report, which is available on the Shanghai Stock Exchange website [177]. Social Responsibility and Community Engagement - The company has implemented a targeted poverty alleviation plan, focusing on individual household strategies to ensure sustainable results [126]. - In 2018, the company invested CNY 11,031.49 million in poverty alleviation projects, helping 34 registered impoverished individuals to escape poverty [128]. - The company aims for a 10% increase in per capita net income for poverty alleviation targets in 2019 compared to the previous year [130]. - The company has been recognized as a model collective for ethnic unity and progress in Gansu Province, receiving awards for its outstanding contributions to poverty alleviation [129].