2014 年第三季度报告 江苏扬农化工股份有限公司 2014 年第三季度报告 1 / 18 | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司主要财务数据和股东变化 | 3 | | 三、 | 重要事项 | 5 | | 四、 | 附录 | 8 | 2014 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员应当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 公司负责人戚明珠、主管会计工作负责人董兆云及会计机构负责人（会计主 管人员）周洁宇保证季度报告中财务报表的真实、准确、完整。 1.4 本公司第三季度报告未经审计。 二、 公司主要财务数据和股东变化 2.1 主要财务数据 600486 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 | 4,025,441,179.96 | 3,641 ...

Financial Performance - The company achieved operating revenue of CNY 1.61 billion, a year-on-year increase of 0.50%[19] - Net profit attributable to shareholders reached CNY 247.51 million, representing a year-on-year growth of 24.38%[20] - The net profit after deducting non-recurring gains and losses was CNY 236.58 million, up 14.81% compared to the previous year[20] - Cash flow from operating activities decreased by 55.62% to CNY 225.64 million[20] - Total assets increased by 10.10% to CNY 4.01 billion compared to the end of the previous year[20] - The company's operating revenue for the current period is approximately RMB 1.61 billion, a slight increase of 0.50% compared to the same period last year[32] - Operating costs decreased by 4.28% to approximately RMB 1.20 billion, contributing to improved profitability[32] - The gross profit margin for the pesticide segment is reported at 25.49%, reflecting a 3.84 percentage point increase compared to the previous year[35] - Domestic revenue decreased by 0.51% to approximately RMB 508.96 million, while overseas revenue increased by 0.60% to approximately RMB 1.08 billion[37] - The overall profit margin improved, with total profit for the first half of 2014 at RMB 397,690,847.90, compared to RMB 250,942,518.29 in the previous year, indicating a stronger operational performance[97] Market Performance - Domestic market sales amounted to CNY 509 million, a decline of 0.51% year-on-year due to adverse weather conditions[30] - International market sales reached CNY 1.08 billion, reflecting a year-on-year increase of 0.60%[30] - The company focused on enhancing cooperation with key customers, resulting in significant sales growth from major clients[30] Research and Development - Research and development expenses increased by 63.78% to approximately RMB 44.47 million, indicating a strong focus on innovation[32] - The company has developed 60 new products, including 4 proprietary varieties and 11 national key new products, showcasing its strong R&D capabilities[38] - The company holds 119 domestic invention patent applications and has received 51 domestic invention patent authorizations[38] Investments and Financial Management - The company invested approximately RMB 190 million in its subsidiary, Jiangsu Youjia Plant Protection Co., Ltd., which has a registered capital of RMB 200 million[40] - The total amount of entrusted financial management products is approximately RMB 74.6 million, with expected returns of approximately RMB 5.03 million[42] - The company subscribed to a trust plan with China Foreign Economic and Trade Trust Co., Ltd. for RMB 200 million, with an expected annual yield of 8.8%[57] - The total amount of guarantees provided by the company to its subsidiaries during the reporting period was RMB 2,448,094.40, which represents 0.10% of the company's net assets[59] Shareholder Information - The company implemented a profit distribution plan for the 2013 fiscal year, distributing cash dividends of RMB 2.2 per 10 shares, totaling RMB 37,876,532.98, and issuing 51,649,818 bonus shares[50] - A total of 51,649,818 shares were issued as bonus shares, and 34,433,212 shares were converted from capital reserves, resulting in a total increase of 86,083,030 shares[69] - As of June 30, 2014, the total number of shares outstanding increased to 258,249,089 shares[68] - The company reported a total current asset of RMB 3,157,300,791.06, an increase from RMB 2,878,767,469.59 at the beginning of the year[85] Financial Position - The company’s total non-current assets amounted to RMB 851,763,084.15, up from RMB 762,374,519.07[85] - The company's total liabilities reached CNY 1,432,006,681.66, up from CNY 1,284,027,457.26, marking an increase of approximately 11.5%[86] - The total equity attributable to shareholders increased to CNY 2,506,170,802.67 from CNY 2,289,484,328.19, reflecting a growth of about 9.5%[86] - The company’s financial position remains strong with a total equity ratio of approximately 64.5% at the end of the reporting period[112] Legal and Compliance - The company has no major litigation, arbitration, or media disputes during the reporting period[55] - The company has no bankruptcy reorganization matters during the reporting period[55] - The company has not faced any penalties or criticisms from the China Securities Regulatory Commission during the reporting period[63] Capital Management - The company reported a decrease in capital reserve by RMB 34,433,212.00 during the period, indicating a strategic adjustment in capital allocation[110] - The company distributed RMB 104,526,350.98 in profit allocations, which included a distribution to shareholders of RMB 52,876,532.98[110] - The special reserve increased by RMB 7,054,150.77, indicating ongoing investments in specific projects or contingencies[110] Asset Management - The company’s retained earnings stood at RMB 934,125,294.38, showcasing its ability to reinvest profits for expansion[112] - The company made a capital injection of RMB 10,000,000.00 during the period, indicating confidence in future growth prospects[110] Accounting Policies - The company recognizes financial assets or liabilities when it becomes a party to the financial instrument contract, measuring them based on fair value or amortized cost depending on the classification[147][148] - The company recognizes impairment losses for held-to-maturity investments when there is objective evidence of impairment, based on the difference between carrying amount and present value of expected future cash flows[159] - The company assesses fixed assets for impairment at the balance sheet date and recognizes losses if the carrying amount exceeds recoverable amount[186]

Financial Performance - Net profit attributable to shareholders increased by 16.76% to CNY 115,082,229.15 compared to the same period last year[6] - Basic earnings per share increased by 16.76% to CNY 0.668 compared to the same period last year[6] - Net profit for the period increased to RMB 118,517,177.89, representing a growth of 17.0% compared to RMB 101,301,437.86 in the previous period[25] - Basic and diluted earnings per share rose to RMB 0.668, up from RMB 0.572, reflecting a 16.8% increase[25] Revenue and Income - Operating income decreased by 3.19% to CNY 853,385,191.63 compared to the same period last year[6] - Total operating revenue for the period was RMB 853,385,191.63, a decrease of 3.3% from RMB 881,479,850.39 in the previous period[25] - Total operating costs decreased to RMB 717,357,774.92, down 5.8% from RMB 761,178,705.04 in the previous period[25] - The company achieved an investment income of RMB 2,761,643.84 during the period, with no previous period data available for comparison[25] Assets and Liabilities - Total assets increased by 5.30% to CNY 3,834,284,684.94 compared to the end of the previous year[6] - Current assets totaled RMB 3,090,121,095.04, up from RMB 2,878,767,469.59, indicating an increase of about 7.3%[15] - Total liabilities reached RMB 1,354,663,658.17, compared to RMB 1,284,027,457.26 at the start of the year, marking an increase of about 5.5%[17] - Shareholders' equity rose to RMB 2,479,621,026.77 from RMB 2,357,114,531.40, reflecting an increase of approximately 5.2%[17] Cash Flow - Net cash flow from operating activities decreased by 32.58% to CNY 178,190,415.01 compared to the same period last year[6] - Cash flow from operating activities generated RMB 178,190,415.01, a decrease of 32.6% from RMB 264,311,349.65 in the previous period[32] - Net cash flow from operating activities decreased to RMB 57,962,281.12 from RMB 146,004,596.92, a decline of about 60.3%[37] - Cash and cash equivalents at the end of the period totaled RMB 1,654,542,144.80, an increase from RMB 1,619,729,591.49 in the previous period[33] Accounts and Receivables - Accounts receivable increased by 42.04% compared to the beginning of the period, attributed to seasonal sales increases[12] - Accounts receivable increased to RMB 451,220,281.06 from RMB 317,662,634.73, representing a significant rise of approximately 42%[15] - The company’s accounts payable increased to RMB 784,991,614.08 from RMB 609,276,989.15, representing a growth of about 28.8%[17] Expenses - Financial expenses decreased by CNY 12,897,600 compared to the same period last year, due to reduced exchange losses[12] - The company reported an increase in management expenses to RMB 53,409,586.10, up from RMB 44,076,233.40, indicating a rise of 21.5%[25] Inventory and Prepayments - The company reported a total of RMB 107,812,230.19 in inventory, down from RMB 150,093,655.62, indicating a decrease of about 28%[15] - Prepayments increased by 57.67% compared to the beginning of the period, mainly due to advance payments for engineering equipment by a subsidiary[12] Cash Flow from Investment and Financing - Investment activities resulted in a net cash outflow of RMB 43,443,999.62, compared to a net outflow of RMB 55,154,738.66 in the previous period[33] - Financing activities led to a net cash outflow of RMB 30,064,460.58, contrasting with a net inflow of RMB 11,357,796.16 in the previous period[33] - Total cash outflow for financing activities was RMB 1,246,875.00, with no cash inflow recorded during the period[37] Other Financial Metrics - The weighted average return on net assets remained stable at 4.90%[6] - The impact of exchange rate changes on cash and cash equivalents was a negative RMB 627,568.52, an improvement from a negative RMB 1,482,149.89 in the previous period[37] - The net increase in cash and cash equivalents for the period was RMB 58,817,263.89, compared to RMB 91,133,005.26 in the previous period, a decline of approximately 35.4%[37]

Financial Performance - The company's operating revenue for 2013 was CNY 3,004,580,834.79, representing a 35.42% increase compared to CNY 2,218,662,690.63 in 2012[19] - The net profit attributable to shareholders for 2013 was CNY 377,581,961.62, a significant increase of 94.57% from CNY 194,063,827.19 in 2012[19] - The net cash flow from operating activities reached CNY 712,227,077.86, up 59.99% from CNY 445,179,138.76 in the previous year[19] - The total assets at the end of 2013 were CNY 3,641,141,988.66, reflecting a 14.31% increase from CNY 3,185,363,501.13 at the end of 2012[19] - The company's net assets attributable to shareholders increased by 16.79% to CNY 2,289,484,328.19 from CNY 1,960,365,113.68 in 2012[19] - Basic earnings per share for 2013 were CNY 2.193, a 94.57% increase compared to CNY 1.127 in 2012[20] - The weighted average return on equity rose to 17.81% in 2013, an increase of 7.44 percentage points from 10.37% in 2012[20] Sales and Revenue - In 2013, the company achieved a consolidated sales revenue of 3.005 billion RMB, with a net profit of 378 million RMB, representing year-on-year growth of 35.42% and 94.57% respectively[27] - Domestic sales reached 750 million RMB, reflecting a year-on-year growth of 44.15%[31] - The main business income from pesticides was ¥1.50 billion, with a gross margin of 24.59%, and an increase of 2.79 percentage points year-over-year; herbicides generated ¥1.28 billion with a gross margin of 23.63%, up 9.56 percentage points[46] Investments and Subsidiaries - The company established a new subsidiary in Jiangsu with an investment of 614.28 million RMB, focusing on pesticide production[28] - The company established a new subsidiary, Jiangsu Youjia Chemical Co., Ltd., with a registered capital of ¥200 million, in which the company holds a 90% stake[51] - The total investment for the new project in Rudong is 614.28 million RMB, with construction investment of 505 million RMB, primarily funded by the company's own resources[61] Research and Development - The company developed 5 new products and filed 10 patents, receiving 17 patent authorizations during the year[27] - Research and development expenses totaled approximately 112 million RMB, accounting for 3.71% of total revenue[39] - The company has developed 60 new products, including 4 proprietary varieties and 10 national key new products, showcasing its strong R&D capabilities[49] Financial Management - The company reported a significant increase in financial expenses, with a reduction of 18.69 million RMB due to increased exchange losses[38] - The company’s investment activities resulted in a net cash outflow of approximately 462 million RMB, primarily due to investments in financial products[42] - The company invested CNY 1.96 billion in a wealth management product from China Construction Bank, with an expected annualized return of 6%[77] - The company also invested CNY 1 billion in another wealth management product from China Construction Bank, with an expected annualized return of 6.1%[77] - The company made an investment of CNY 500 million in a wealth management product from Bank of China, with an expected annualized return of 6%[79] - The company invested CNY 2 billion in a wealth management product from Agricultural Bank of China, with an expected annualized return of 6%[79] Shareholder and Dividend Information - The company plans to distribute a cash dividend of CNY 2.2 per 10 shares and issue 3 bonus shares, along with a capital reserve conversion of 2 shares for every 10 shares held[5] - The company reported a cash dividend distribution of 3.40 RMB per 10 shares for the 2012 fiscal year, totaling 58.54 million RMB, which accounted for 30.16% of the net profit attributable to shareholders[63] - The company has maintained a high cash dividend payout ratio, with 79.32% of the average distributable profit over the last three years being distributed in cash[63] Market and Competitive Environment - The company anticipates challenges in the agricultural chemical market due to stricter environmental regulations and increased competition, but also sees opportunities from stable macroeconomic policies[58] - The company is focusing on innovation-driven strategies to enhance core competitiveness, with an emphasis on new product development and technology improvements[60] - The company is committed to expanding its product range to cover insecticides, herbicides, and fungicides, positioning itself as a leading comprehensive agrochemical enterprise in China[62] Governance and Management - The company has a governance structure that complies with the Company Law and Securities Law, ensuring proper management of insider information[119] - The company held its first extraordinary shareholders' meeting on February 6, 2013, to elect the fifth board of directors and approve various proposals[120] - The board of directors held a total of 7 meetings during the year, with 3 in-person meetings and 4 conducted via communication methods[123] - The company has seen a consistent leadership structure with key personnel holding their positions for several years, indicating stability in management[100] Employee Information - The total number of employees in the parent company is 662, and in major subsidiaries, it is 551, resulting in a total of 1,213 employees[109] - The professional composition includes 764 production personnel (63%), 44 sales personnel (4%), 242 technical personnel (20%), 17 financial personnel (1%), and 146 administrative personnel (12%)[114] - The educational background of employees shows 34 with postgraduate degrees (3%), 192 with bachelor's degrees (16%), 401 with associate degrees (33%), 522 with secondary education (43%), and 64 with primary education (5%)[116] Internal Control and Compliance - The company maintained a strong focus on internal control, with no significant deficiencies reported during the evaluation period[127] - The internal control audit conducted by Jiangsu Suya Jin Cheng Accounting Firm provided a standard unqualified opinion, confirming the effectiveness of the internal control system[129] - The company has established a clear responsibility system for major errors in annual report disclosures, with no significant errors reported during the period[130]