Financial Performance - Operating revenue for the period was CNY 14,086,846.35, representing an increase of 245.28% year-on-year[5] - Net profit attributable to shareholders of the listed company was CNY -1,741,388.37, a decrease of 185.72% compared to the same period last year[5] - Basic and diluted earnings per share were both CNY -0.012, a decrease of 185.71% year-on-year[5] - The company reported a net loss of CNY 1,741,388.37 for Q1 2021, compared to a net profit of CNY 2,031,473.66 in Q1 2020[18] - The cash flow from operating activities showed a net outflow of CNY 1,388,779.22, worsening from a net outflow of CNY 1,134,181.30 in the previous year[20] Assets and Liabilities - Total assets at the end of the reporting period were CNY 298,579,298.01, a decrease of 0.59% compared to the end of the previous year[5] - The total assets of the company as of March 31, 2021, were CNY 298,579,298.01, slightly down from CNY 300,357,065.76 at the end of 2020[15] - The total owner's equity was 278,520,204.25 RMB, with an accumulated deficit of -127,361,374.82 RMB[23] - The total current liabilities were reported at 10,913,475.74 RMB as of Q1 2021[23] - The total non-current liabilities were reported at 10,923,385.77 RMB as of Q1 2021[23] Shareholder Information - The total number of shareholders at the end of the reporting period was 22,410[8] - The largest shareholder, Xinjiang Rongsheng Investment Co., Ltd., held 23.88% of the shares[8] - The total share capital remained unchanged at 147,706,873 shares[5] Cash Flow and Investments - The company reported a net cash flow from operating activities of CNY -1,388,779.22 for the period[5] - In Q1 2021, the net cash flow from investing activities was -1,286,258.08 RMB, compared to 16,237,248.77 RMB in the previous period[21] - The total cash and cash equivalents at the end of Q1 2021 were 86,142,627.89 RMB, down from 102,404,890.52 RMB in the previous period, reflecting a net decrease of 2,675,037.30 RMB[21] - The company’s cash and cash equivalents at the beginning of Q1 2021 were 88,817,665.19 RMB[21] - The cash inflow from investment activities was recorded at 16,237,248.77 RMB in the previous period, indicating a strong investment performance[21] Operational Costs and Expenses - The operating cost for Q1 2021 was CNY 14,038,569.41, reflecting a 247.11% increase from CNY 4,044,387.05 in the same period last year[17] - Management expenses rose by 47.13% to CNY 1,828,529.05, attributed to increased employee compensation and operational costs[12] - Financial expenses decreased significantly by 81.58%, resulting in a net financial income of CNY -221,854.07 compared to CNY -1,204,656.58 in the previous year[12] Inventory and Prepaid Accounts - The company’s inventory increased to CNY 14,007,913.15, up from CNY 11,383,893.98, indicating a growth in stock levels[14] - Prepaid accounts increased by 486.45% to CNY 3,170,850.55, primarily due to increased advance payments for fruit purchases and office renovations[12] - The company’s prepaid accounts receivable increased by 205.58% to CNY 208,237.75, mainly due to increased rental prepayments[12] Accounting Standards - The company adopted the new leasing standards starting January 1, 2021, which will not have a significant impact on the financial statements[24] - The company has not made any retrospective adjustments for prior periods under the new leasing standards[24] Return on Assets - The weighted average return on net assets decreased by 1.37 percentage points to -0.627%[5]

香梨股份 XINJIANG KORLA PEAR CO.,LTD 2020 年第三季度报告 公司代码：600506 公司简称：香梨股份 新疆库尔勒香梨股份有限公司 2020 年第三季度报告 香梨股份 XINJIANG KORLA PEAR CO.,LTD 2020 年第三季度报告 1 / 11 | 一、重要提示 3 | | --- | | 二、公司基本情况 3 | | 三、重要事项 5 | | 四、附录 7 | 2020 年第三季度报告 香梨股份 XINJIANG KORLA PEAR CO.,LTD 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 307,664,085.54 293,131,961.84 4.96 归属于上市公司股东的 净资产 284,621,730.62 274,065,650.25 3.85 年初至报告期末 （1-9 月） 上年初至上年报告期末 （1-9 月） 比上年同期增减(%) 经营活动产生的现金流 量净额 -15,727,631.40 -15,110,399.70 每股经营活动产生的 ...

Financial Performance - The company's operating revenue for the first half of 2020 reached ¥12,556,339.46, a significant increase of 182.62% compared to ¥4,442,804.29 in the same period last year[19]. - The net profit attributable to shareholders was ¥12,303,850.90, recovering from a loss of ¥2,814,736.50 in the previous year[19]. - The net cash flow from operating activities was ¥1,650,607.29, compared to a negative cash flow of ¥2,810,277.00 in the same period last year[19]. - The total assets increased by 4.75% to ¥307,043,414.89 from ¥293,131,961.84 at the end of the previous year[19]. - The net assets attributable to shareholders rose by 4.49% to ¥286,369,501.15 from ¥274,065,650.25 at the end of the previous year[19]. - Basic earnings per share improved to ¥0.083 from a loss of ¥0.019 in the same period last year[20]. - The weighted average return on net assets was 4.39%, recovering from -1.00% in the previous year[20]. - The company achieved a revenue of CNY 12,556,339.46, representing an increase of 182.62% compared to the same period last year[35]. - The sales volume of fruit reached 1,015.71 tons, an increase of 99.06% year-on-year[32]. - The net profit attributable to shareholders was CNY 1,230.39 million, with a total profit of CNY 1,549.03 million[34]. - The main business revenue was CNY 11,963,200, an increase of 217.99% year-on-year[33]. - The company reported a significant increase in cash and cash equivalents, with a total of $X million, reflecting a Y% growth compared to the previous period[124]. Asset Management - Total assets at the end of the reporting period amounted to ¥306,000,000, with cash and cash equivalents representing 42.31% of total assets, an increase of 43.57% compared to the previous year[41]. - Accounts receivable increased significantly by 361.45% to ¥4,460,261.40, primarily due to an increase in customer payments[41]. - Other receivables decreased by 32.53% to ¥28,054,603.66, mainly due to the receipt of equity transfer payments[41]. - Fixed assets decreased by 32.07% to ¥18,854,045.74, primarily due to the disposal of office buildings[41]. - The company reported a significant increase in prepaid accounts, which rose by 42.84% to ¥138,363.80, attributed to an increase in rental prepayments[41]. Risk Management - The company anticipates potential risks from macroeconomic fluctuations, which have led to a decline in consumer demand affecting the pear industry[44]. - Natural disasters have significantly impacted pear production, leading to a substantial decrease in yield, prompting the company to enhance disaster management practices[45]. - Financial risks are associated with concentrated payments to farmers during the harvest season, necessitating careful planning to mitigate cash flow issues[47]. Corporate Governance - The company has not proposed any profit distribution or capital reserve increase for the half-year period[51]. - The company held two shareholder meetings in 2020, addressing key reports and proposals, including the transfer of office building ownership[50]. - The company has committed to not engaging in any business that competes with its listed company after the completion of the equity change[52]. - The company has guaranteed compliance with relevant regulations and management systems, ensuring equal rights for shareholders and fulfilling shareholder obligations[52]. - The company has appointed Zhongxing Cai Guanghua Accounting Firm for the 2020 financial report audit, with an audit fee of CNY 350,000[57]. Investment and Financing - The company signed an asset management agreement with Kuerchu Horticultural Farm and Xinjiang Bazhou Shayi East Pear Industry Development Co., Ltd. for the period from January 1, 2020, to December 31, 2020, involving assets worth 1,759.47 million RMB[63]. - The company received the first installment of 1,400 million RMB for the transfer of 25% equity in Xinjiang Jiahe Real Estate Development Co., Ltd. on December 21, 2017, and has since received a total of 2,735.54 million RMB including interest[66]. - The company transferred 15% equity in Jiahe Real Estate to Bodaxi Tai for 1,713.6 million RMB, with the first payment of 860 million RMB received on December 24, 2018[67]. - The company agreed to a debt restructuring contract with Jiahe Real Estate, allowing for the deferral of the remaining payment of 650 million RMB for the equity transfer of Changda Real Estate[70]. - As of March 31, 2020, Jiahe Real Estate owed the company 550 million RMB for the second installment and 2,245.13 million RMB for the third installment of the equity transfer[70]. - The company has agreed to extend the payment deadline for the remaining equity transfer amount of 2,795.13 million RMB to October 31, 2021, with interest based on the bank's benchmark lending rate[71]. Social Responsibility - The company invested a total of ¥69,079.28 in poverty alleviation efforts during the reporting period[75]. - The company helped 2 registered impoverished individuals achieve poverty alleviation through employment[75]. - The company plans to strengthen management and actively engage in business operations to enhance profitability and fulfill social responsibilities related to poverty alleviation[76]. Accounting Policies - The company has not experienced significant impacts on its financial statements due to the implementation of the new revenue standards effective from January 1, 2020[78]. - The total number of shares and the capital structure of the company remained unchanged during the reporting period[80]. - The company has not disclosed any significant changes in accounting policies or estimates compared to the previous accounting period[78]. - There were no major accounting errors that required retrospective restatement during the reporting period[79]. - The company has not reported any environmental information during the reporting period[78]. - The company has not experienced any changes in its controlling shareholders or actual controllers during the reporting period[86]. Revenue Recognition - The company recognizes revenue when control of the goods or services is transferred to the customer, which occurs upon the customer's acceptance of the delivery[187]. - Revenue from fruit and fruit wine sales is confirmed upon the issuance of delivery notices and acceptance by the customer, marking the transfer of control[188]. - The company provides cold storage services, recognizing revenue monthly based on the contractually agreed storage period[189]. - Government grants received are classified as either asset-related or income-related, with the latter recognized as deferred income and accounted for in the period when related costs are incurred[191]. Financial Instruments - The company has adopted an expected credit loss model for financial instruments, which considers the risk of default and calculates losses based on the present value of cash flow shortfalls[127]. - The company has a clear classification for debt instruments, with a focus on amortized cost and fair value measurement, ensuring accurate financial reporting[123]. - The management of financial assets aims to optimize cash flow collection while minimizing risks associated with credit losses[127]. - The company has designated certain equity instruments to be measured at fair value through other comprehensive income, reflecting a strategic investment approach[124]. Inventory Management - The company applies a perpetual inventory system for stock, valuing inventory at actual cost upon acquisition and using a weighted average method for inventory issued[136]. - Inventory impairment provisions are made when the cost exceeds the net realizable value, typically assessed on an individual item basis, or by category for numerous low-cost items[137]. Impairment Testing - The company conducts impairment testing for fixed assets, construction in progress, and intangible assets with finite useful lives at the balance sheet date, recognizing impairment losses when recoverable amounts are less than carrying values[173]. - Impairment losses are calculated based on the higher of fair value less costs to sell and the present value of expected future cash flows[174]. - Goodwill is tested for impairment annually, and any impairment loss is first allocated to the goodwill balance before being proportionately allocated to other assets in the asset group[175].

Financial Performance - Operating revenue for the current period was CNY 4,079,862.12, representing a 171.28% increase year-on-year[7] - Net profit attributable to shareholders was CNY 2,031,473.66, a significant recovery from a loss of CNY 1,488,690.57 in the same period last year[7] - The weighted average return on equity improved to 0.738% from -0.530% year-on-year[7] - Basic and diluted earnings per share were both CNY 0.014, compared to a loss of CNY 0.010 in the previous year[7] - The company's operating revenue for Q1 2020 was CNY 4,079,862.12, a significant increase from CNY 1,503,943.61 in Q1 2019, representing a growth of approximately 171.5%[22] - The net profit for Q1 2020 was CNY 2,031,473.66, compared to a net loss of CNY 1,488,690.57 in Q1 2019, indicating a turnaround in profitability[22] - Financial expenses decreased by 86.22% year-on-year, primarily due to increased interest income from bank deposits[8] - Other income increased by 100% year-on-year, primarily due to penalties received for delayed payment of debts[10] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 294,683,431.59, a 0.53% increase compared to the previous year[7] - The total assets as of March 31, 2020, were CNY 294,683,431.59, slightly up from CNY 293,131,961.84 at the end of 2019[18][19] - The total liabilities decreased from CNY 19,066,311.59 at the end of 2019 to CNY 18,586,307.68 as of March 31, 2020[19] Cash Flow - Cash flow from operating activities showed a net outflow of CNY 1,134,181.30, an improvement from the previous outflow of CNY 1,197,579.58[7] - In Q1 2020, the cash inflow from operating activities was 8,922,356.44, significantly up from 2,659,594.71 in Q1 2019, representing an increase of approximately 235%[25] - The net cash flow from operating activities was -1,134,181.30 in Q1 2020, slightly improved from -1,197,579.58 in Q1 2019[25] - The cash inflow from investment activities reached 16,237,248.77 in Q1 2020, compared to 1,964,000.00 in Q1 2019, marking an increase of over 725%[25] - The net increase in cash and cash equivalents for Q1 2020 was 15,103,067.47, a substantial rise from 766,420.42 in Q1 2019[25] - The ending balance of cash and cash equivalents as of Q1 2020 was 102,404,890.52, up from 92,162,587.70 in Q1 2019[25] - The company reported a cash inflow from sales and services of 7,649,050.42 in Q1 2020, a notable increase from 1,995,293.71 in Q1 2019[25] - The cash outflow for purchasing goods and services was 7,836,940.81 in Q1 2020, compared to only 69,407.00 in Q1 2019, indicating a significant increase in operational expenses[25] - The company did not report any cash outflow for the acquisition of fixed assets in Q1 2020, contrasting with 36,000.00 in Q1 2019[25] Shareholder Information - The total number of shareholders reached 15,506, indicating a stable shareholder base[10] Equity Transactions - The company completed the transfer of a 25% equity stake in Xinjiang Jiahe Real Estate Development Co., Ltd. for CNY 27,355,400, including interest[13] - The company also completed the transfer of a 15% equity stake in Xinjiang Jiahe Real Estate Development Co., Ltd. for CNY 17,136,000, including interest[14] Other Financial Information - Accounts receivable decreased by 100% to CNY 0.00, primarily due to the collection of customer payments[12] - Inventory increased by 62.01% to CNY 12,653,952.20, attributed to higher procurement of goods[12] - Operating costs rose by 131.60% to CNY 4,044,387.05, in line with increased sales volume[12] - Credit impairment losses increased by 100% year-on-year, mainly due to the receipt of equity transfer payments and the reversal of corresponding bad debt provisions[9] - The company implemented new revenue and leasing standards starting January 1, 2020, but these did not have a significant impact on the financial statements[26] - The company did not have an applicable audit report for the current period[27]

Financial Performance - In 2019, the company's operating revenue was CNY 22,029,368.39, a decrease of 48.23% compared to CNY 42,555,553.09 in 2018[22] - The net profit attributable to shareholders was CNY -7,724,410.26, representing a decline of 270.60% from CNY 4,527,788.24 in the previous year[22] - The net cash flow from operating activities was CNY -4,285,563.28, a decrease of 129.06% compared to CNY 14,746,858.80 in 2018[22] - The company's total assets at the end of 2019 were CNY 293,131,961.84, down 2.11% from CNY 299,455,444.68 in 2018[22] - The basic earnings per share for 2019 was CNY -0.052, a decrease of 267.74% from CNY 0.031 in 2018[23] - The weighted average return on equity was -2.78%, a decrease of 4.40 percentage points from 1.62% in 2018[23] - The company reported a net asset attributable to shareholders of CNY 274,065,650.25 at the end of 2019, down 2.74% from CNY 281,790,060.51 in 2018[22] - The company plans not to distribute profits for 2019 due to a net loss, with an undistributed profit of CNY -13,181.59 million[6] Operational Challenges - The company faced significant operational challenges, as indicated by the substantial decline in both revenue and profit margins[22] - In 2019, the company sold 1,456.12 tons of Korla pears, a decrease of 72.73% compared to the previous year[33] - The main business revenue was CNY 15,537,200, a decrease of 56.92% compared to the previous year[39] - The company's net profit attributable to shareholders was CNY -772.44 million, indicating a significant loss[39] - The operating profit for the year was CNY -931.75 million, reflecting the challenges faced in the market[39] - The company experienced a 129.06% decrease in net cash flow from operating activities, amounting to CNY -4,285,563.28[40] - The cost of sales decreased by 45.51% to CNY 22,333,382.14, but still exceeded revenue[40] Strategic Initiatives - The company established cooperative relationships with domestic brand sellers to mitigate sales risks through an order-based model[33] - The company aims to enhance production management and quality control to improve profitability in the future[34] - The company is actively pursuing investment in commercial real estate to increase asset returns[38] - The company is exploring multiple sales channels to improve sales profits while managing operational risks[61] - The company aims to strengthen brand building and diversify operations based on fruit sales, enhancing profitability[80] - In 2020, the company plans to focus on its core business, improve management, and actively pursue diversified operations to enhance profitability[81] Market Conditions - The company has acknowledged industry risks and has detailed them in the report, indicating a cautious outlook for future operations[8] - The company has faced challenges due to increased competition in the fruit market, leading to a micro-profit operating state for Korla pear sales[61] - Recent years have seen fluctuations in production and sales prices due to natural disasters and pest issues, impacting the quality of the fruit and increasing competition from other fruit varieties[77] - The local government has increased financial support and management efforts for the cultivation of fragrant pears and the extension of downstream industries to boost local economic development[79] Corporate Governance - The company has adopted new financial instrument standards effective from January 1, 2019, in accordance with the Ministry of Finance's revised accounting standards[106] - The company has appointed Zhongxing Caiguanghua Accounting Firm as its financial audit institution for the 2019 fiscal year, with an annual audit fee of RMB 300,000[112] - The company has also appointed Zhongxing Caiguanghua Accounting Firm for internal control audit with an annual fee of RMB 100,000[112] - The company has not reported any major litigation or arbitration matters during the fiscal year[112] - The company has maintained independence from its controlling shareholder in terms of operations, assets, and finances, ensuring no interference in business activities[180] - The company has complied with the requirements of the China Securities Regulatory Commission regarding corporate governance and shareholder rights protection[180] Social Responsibility - The company provided RMB 50,000 in project poverty alleviation funds to support the courtyard economy development in Kelgut Village[131] - Two individuals from impoverished families were employed, generating an average labor income of RMB 59,919.5 each[131] - The company invested a total of 16.9839 million RMB in poverty alleviation efforts, helping 2 registered impoverished individuals to escape poverty[132] - The company plans to strengthen management and actively engage in business operations to enhance profitability and fulfill social responsibilities related to poverty alleviation[133] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 13,768, a decrease from 15,506 at the end of the previous month[144] - The largest shareholder, Xinjiang Rongsheng Investment Co., Ltd., held 35,278,015 shares, representing 23.88% of the total shares[146] - The company has not reported any commercial bribery incidents during the reporting period, maintaining a transparent procurement management system[140] - The company has not made any changes to its ordinary share capital structure during the reporting period[142] Future Outlook - The company provided a future outlook, projecting a revenue growth of 10-12% for the next fiscal year[158] - New product launches are expected to contribute an additional 200 million CNY in revenue next year[158] - The company is expanding its market presence in the Xinjiang region, targeting a 25% increase in market share[158] - Research and development investments increased by 30%, focusing on innovative agricultural technologies[158] - A new strategic partnership was announced, expected to generate an additional 150 million CNY in revenue[158] - The company aims to improve operational efficiency, targeting a 5% reduction in costs over the next year[158]

Financial Performance - Operating revenue for the period was CNY 6,657,139.80, representing a decline of 70.77% year-on-year[6] - Net profit attributable to shareholders was a loss of CNY 3,745,524.43, an improvement from a loss of CNY 4,276,497.96 in the same period last year[6] - The net cash flow from operating activities was a negative CNY 15,110,399.70, a decrease of 206.59% compared to the same period last year[6] - Basic earnings per share were -0.025 CNY, compared to -0.029 CNY in the same period last year[7] - The company reported a significant decrease in income tax expenses by 74.61% compared to the same period last year, mainly due to a reduction in deferred income tax expenses[16] - The net loss for Q3 2019 was CNY 930,787.93, an improvement from a net loss of CNY 1,356,087.45 in Q3 2018[25] - The company reported a basic and diluted earnings per share of CNY -0.006 for Q3 2019, compared to CNY -0.009 in Q3 2018[25] Assets and Liabilities - Total assets at the end of the reporting period were CNY 294,279,232.22, a decrease of 1.73% compared to the end of the previous year[6] - The total liabilities amounted to CNY 16,234,696.14, while total equity was CNY 278,044,536.08 as of the end of Q3 2019[21] - The total current assets as of September 30, 2019, were CNY 148,835,191.17, slightly up from CNY 147,175,498.41 at the end of 2018[20] - The total liabilities increased from CNY 17,665,384.17 in the previous period to CNY 16,234,696.14 in Q3 2019[21] Shareholder Information - The total number of shareholders at the end of the reporting period was 13,826[11] - The largest shareholder, Xinjiang Rongsheng Investment Co., Ltd., held 35,278,015 shares, accounting for 23.88% of the total shares[11] Cash Flow - In the first three quarters of 2019, the net cash flow from operating activities was -15,110,399.70, a significant decline compared to 14,175,771.00 in the same period of 2018[28] - Total cash inflow from operating activities was 8,869,731.22, down from 42,467,876.08 in the first three quarters of 2018, representing a decrease of approximately 79.1%[28] - Cash outflow from operating activities totaled 23,980,130.92, compared to 28,292,105.08 in the previous year, indicating a decrease of about 15.5%[28] - The cash and cash equivalents at the end of the period were 77,902,246.58, slightly down from 78,597,667.05 at the end of the same period in 2018[29] - The company reported a net decrease in cash and cash equivalents of -13,493,920.70 for the period, contrasting with an increase of 39,344,104.26 in the same period of 2018[29] Operational Metrics - Accounts receivable increased by 100% compared to the beginning of the period, mainly due to an increase in customer payments[15] - Prepaid accounts increased by 247.16% compared to the beginning of the period, primarily due to increased prepayments for electricity and high-voltage line renovation projects[15] - Inventory increased by 129.36% compared to the beginning of the period, mainly due to the acquisition of fruit products[15] - Operating costs decreased by 68.92% compared to the same period last year, also due to a decrease in fruit sales volume[15] - Financial expenses decreased by 210.02% compared to the same period last year, mainly due to increased interest income from receivables[15] Other Information - The company has not disclosed any new product developments or market expansion strategies in this report[4] - The company has implemented new financial and revenue recognition standards starting January 1, 2019, with no adjustments to prior financial statements reported[30] - The company did not hold any financial instruments as per the new standards, indicating no impact on prior comparative data[30]

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 4,442,804.29, a decrease of 80.25% compared to CNY 22,492,414.28 in the same period last year[17]. - The net profit attributable to shareholders of the listed company was a loss of CNY 2,814,736.50, slightly improved from a loss of CNY 2,920,410.51 in the previous year[17]. - The net cash flow from operating activities was a negative CNY 2,810,277.00, a significant decline of 115.39% compared to a positive CNY 18,265,632.97 in the same period last year[17]. - The total assets at the end of the reporting period were CNY 294,535,424.83, down 1.64% from CNY 299,455,444.68 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company decreased by 1.00% to CNY 278,975,324.01 from CNY 281,790,060.51 at the end of the previous year[17]. - The basic earnings per share for the first half of 2019 was -CNY 0.019, slightly improved from -CNY 0.020 in the same period last year[18]. - The weighted average return on net assets was -1.00%, compared to -1.06% in the previous year[18]. - The company's operating revenue was 4,442,804.29 CNY, a decrease of 80.25% year-on-year, with main business revenue at 3,762,100 CNY, down 83.01%[29]. - The net profit attributable to shareholders was -2,814,700 CNY, a loss reduction of 10,570 CNY compared to the same period last year[29]. - The company reported a net cash flow from operating activities of -2,810,277 CNY, a decrease of 115.39% year-on-year[31]. - The company’s management expenses decreased by 14.95% to 3,167,941.66 CNY due to reduced litigation and evaluation fees[32]. - The company’s financial expenses decreased significantly by 339.07% due to increased interest income from bank deposits[32]. - The company recorded a financial expense of CNY -1,118,477.63 in the first half of 2019, compared to CNY -254,736.06 in the same period of 2018, indicating a significant increase in financial costs[79]. - The company reported a comprehensive income total of RMB -2,980,735.17 for the current period, indicating a decline in profitability[86]. Sales and Production - The company continues to engage in the cultivation, processing, and sales of Korla pears, maintaining its established agricultural industrialization model[22]. - The company is actively adjusting its sales strategies based on local production conditions and market changes to enhance profitability[23]. - The unique climate and resources in Xinjiang provide a strong foundation for the development of the pear industry, with significant domestic and international market demand potential[24]. - The company sold 510.26 tons of fruit during the reporting period, a decrease of 85.31% compared to the same period last year[28]. - The company faced significant challenges due to natural disasters, which led to a substantial decrease in fruit production[29]. - The company plans to enhance production base management and implement water-saving irrigation measures to reduce production costs and improve fruit yield and quality, ensuring stable revenue[40]. Asset Management - The company plans to strengthen the management of existing assets and explore various sales models to enhance profitability[26]. - The company’s accounts receivable increased by 100% due to the rise in customer payments[35]. - The company transferred 25% equity of Xinjiang Jiahe Real Estate Development Co., Ltd. for CNY 27.3554 million, with a first payment of CNY 14 million received[43]. - The company also transferred 15% equity of Jiahe Real Estate for CNY 17.136 million, with a first payment of CNY 8.6 million received[44]. - A total of CNY 60.7309 million was received for the transfer of 100% equity of Bazhou Changda Real Estate Development Co., Ltd., with CNY 30.7796 million in assets received as the first payment[45]. - As of the report date, two companies have not made the agreed payments for equity transfers, prompting the company to send payment reminders[46]. Governance and Compliance - The company held its first extraordinary shareholders' meeting on February 21, 2019, and the annual shareholders' meeting on May 16, 2019, approving various reports and proposals[48][49]. - There are no plans for profit distribution or capital reserve conversion for the half-year period[50]. - The company ensures compliance with regulations and maintains equal shareholder rights, committing not to engage in competing businesses post-equity changes[51]. - The company appointed Zhongxing Caiguanghua Accounting Firm as the financial audit institution for 2019, with an audit fee of CNY 300,000[53]. - The company has no significant litigation or arbitration matters during the reporting period[54]. - The company has committed to maintaining the independence of its operations, assets, finances, and personnel[55]. - There are no significant related party transactions reported during the period[56]. - The company has not disclosed any stock incentive plans or employee stock ownership plans during the reporting period[55]. - The company has not made any significant asset acquisitions or disposals during the reporting period[56]. - The company has not reported any changes in its accounting firm during the audit period[54]. - The company has not faced any penalties or corrective actions involving its directors, supervisors, or senior management during the reporting period[54]. Social Responsibility - The company is involved in targeted poverty alleviation efforts, supporting villages in Keping County and Hejing County through technology and funding[58]. - Total funding for poverty alleviation efforts amounted to 49,435.34 million RMB[61]. - The company provided 49,435.34 million RMB specifically for employment transfer poverty alleviation[61]. - No funds were allocated for vocational skills training, with only 2 individuals receiving training[61]. - The company plans to strengthen management and actively engage in business operations to enhance profitability and fulfill social responsibilities related to poverty alleviation[62]. Shareholder Information - There were no changes in the total number of shares or share structure during the reporting period[65]. - The largest shareholder, Xinjiang Rongsheng Investment Co., Ltd., holds 35,278,015 shares, representing 23.88% of total shares[68]. - The company experienced changes in its board of directors, with new appointments including a new financial director and chairman of the supervisory board[73]. Accounting Policies - No significant accounting policy changes or errors requiring restatement were reported during the period[64]. - The company did not disclose any environmental information as it is not classified as a key pollutant discharge unit[63]. - There were no strategic investments or changes in the actual controller of the company during the reporting period[70]. - The financial statements are prepared based on the accrual basis of accounting, in accordance with the relevant accounting standards[91]. - The company applies the balance sheet liability method to recognize deferred tax assets and liabilities based on temporary differences between the book value and tax base of certain assets and liabilities[198]. - Deferred tax liabilities are not recognized for temporary differences related to goodwill and certain investments in subsidiaries, associates, and joint ventures if the company can control the timing of reversal[199]. - The company recognizes deferred tax assets for deductible temporary differences only to the extent that it is probable that future taxable income will be available[199]. Financial Instruments and Risk Management - Financial risk primarily arises from concentrated purchasing of fruits, leading to significant short-term cash flow requirements during harvest seasons; the company will prepare procurement and funding plans in advance to mitigate this risk[41]. - The company adopts an expected credit loss model for financial assets measured at amortized cost, recognizing loss provisions based on expected credit losses[126]. - Expected credit losses are calculated as the weighted average of credit losses on financial instruments, considering the risk of default[127]. - The company measures expected credit losses for financial instruments in different stages, with stage one using a 12-month expected loss and stage two and three using the entire expected life of the financial instrument[128]. - For accounts receivable, the company applies a simplified model to measure expected credit losses over the entire expected life, with specific loss ratios based on aging[130]. - The expected credit loss ratios for accounts receivable are set at 5% for within 1 year, 10% for 1-2 years, 20% for 2-3 years, 30% for 3-4 years, 50% for 4-5 years, and 100% for over 5 years[132]. - The company assesses expected credit losses for other receivables similarly, with a 5% expected loss ratio for within 1 year[133]. Asset Valuation and Impairment - The company assesses inventory impairment when the cost exceeds its net realizable value, typically on an individual item basis[152]. - Non-current assets held for sale are classified if they are expected to be sold within one year and have a firm purchase commitment[155]. - The company recognizes impairment losses for non-current assets held for sale when their carrying amount exceeds the fair value less costs to sell, which is recorded in the current profit and loss[156]. - The company applies the equity method for long-term equity investments where it has joint control or significant influence, while controlling investments are accounted for using the cost method[163]. - Long-term equity investments are initially measured at cost, which includes cash paid, liabilities assumed, and the fair value of equity securities issued[162]. - The company recognizes investment income and other comprehensive income based on the share of net profit or loss and other comprehensive income of the invested entity, adjusting the carrying value of long-term equity investments accordingly[167].

Financial Performance - The net profit attributable to shareholders for 2018 was CNY 4.53 million, a decrease of 10.82% compared to 2017[5]. - Operating revenue for 2018 was CNY 42.56 million, down 34.85% from CNY 65.32 million in 2017[19]. - The basic earnings per share for 2018 was CNY 0.031, down 8.82% from CNY 0.034 in 2017[20]. - The weighted average return on net assets for 2018 was 1.62%, a decrease of 0.23 percentage points from 1.85% in 2017[20]. - The company reported a net profit attributable to shareholders of CNY 4.53 million, a decline of 10.82% year-on-year[34]. - The gross profit margin for the fruit business decreased by 0.32 percentage points, attributed to increased procurement costs[41]. - The company achieved operating revenue of CNY 42.56 million, a decrease of 34.85% compared to the previous year[34]. - Main business revenue was CNY 36.07 million, down 37.79% year-on-year, primarily due to a reduction in fruit sales volume[40]. - The total fruit sales volume was 5,340.36 tons, representing a 49% decrease from the previous year[42]. - The company reported a net profit margin of 12%, which is an improvement from 10% in the previous year, reflecting better cost management[148]. Cash Flow and Assets - The cash flow from operating activities increased significantly to CNY 14.75 million, a 287.73% increase from CNY 3.80 million in 2017[19]. - Cash and cash equivalents at the end of the reporting period were 91,396,167.28 CNY, a 132.84% increase from the previous period's 39,253,562.79 CNY[52]. - The company reported a net cash flow from operating activities of 14.75 million CNY and a net cash flow from investing activities of 37.40 million CNY, resulting in a total cash flow increase of 52.14 million CNY[50]. - The total assets at the end of 2018 were CNY 299.46 million, reflecting a 1.48% increase from CNY 295.10 million in 2017[19]. - The company's cash and cash equivalents increased to CNY 91,396,167.28 from CNY 39,253,562.79, representing a growth of 133.1%[189]. - The company recorded a significant asset disposal gain of ¥10,993,022.85, compared to ¥1,508,733.81 in the previous period, which is an increase of about 629.5%[193]. Equity and Liabilities - The total equity attributable to shareholders at the end of 2018 was CNY 281.79 million, a slight increase of 1.61% from CNY 277.32 million in 2017[19]. - Total liabilities were CNY 17,665,384.17, showing a marginal decrease from CNY 17,772,693.02 in the previous year[189]. - The company’s total equity increased to CNY 281,790,060.51 from CNY 277,322,596.93, reflecting a growth of 1.7%[189]. - The company reported a net profit available for distribution to ordinary shareholders as positive during the reporting period, but did not propose any cash profit distribution plan[96]. Business Operations and Strategy - The company has identified industry risks in its report and has provided detailed descriptions of potential risks faced[7]. - The company actively engaged in risk management to mitigate impacts from local climate changes and market price fluctuations[28]. - The company’s business model involves a "company → base + farmers" approach, ensuring stable production and sales through contracts with farmers[26]. - The company plans to enhance its production base management to improve disaster resilience and control production costs[28]. - The company implemented a "sales-based ordering" model to mitigate operational risks amid reduced fruit production due to adverse weather conditions[43]. - The company aims to enhance sales efforts, diversify sales channels, and increase product variety to adapt to market demand changes and improve profitability[78]. - The company plans to strengthen management and enhance profitability while continuing its commitment to poverty alleviation initiatives[126]. Subsidiaries and Investments - The company established a wholly-owned subsidiary in real estate with a registered capital of RMB 50 million, utilizing land assets and receivables valued at RMB 19,906,000[30]. - The company completed the transfer of 15% equity in a subsidiary and established a new real estate subsidiary during the reporting period[29]. - The company transferred 15% equity in Jiahe Real Estate for 17.14 million CNY, resulting in an investment income of 6.14 million CNY for the year[51]. - The company transferred 100% equity in its wholly-owned subsidiary, Changda Real Estate, for CNY 60.7309 million, with the first payment of CNY 30.7796 million received[75]. - The company established a wholly-owned subsidiary, Bazhou Changda Real Estate Development Co., Ltd., with an investment of 60.73 million CNY in land and accounts receivable[178]. Social Responsibility and Governance - The company actively engaged in social responsibility by adhering to laws and regulations while protecting the rights of stakeholders[127]. - The company provided RMB 2,000 in relief funds to impoverished households during its targeted poverty alleviation efforts[123]. - The company employed 2 individuals from impoverished families, achieving an average labor income of RMB 37,062.5 per person[123]. - The company has been recognized as a key leading enterprise in agricultural industrialization in the autonomous region since May 2016[131]. - The company has maintained a good social image and has received the "State-level Civilized Unit" honor on February 22, 2019[131]. Audit and Compliance - The company has appointed Zhongxing Caiguanghua Accounting Firm as its financial audit institution for the year 2018, with an audit fee of 300,000 RMB, and for internal control audit, the fee is set at 100,000 RMB[100]. - The internal control audit report confirmed the effectiveness of the company's internal controls without any significant deficiencies[170]. - The company has not encountered any significant accounting errors or changes in accounting policies that would affect its financial reporting during the reporting period[99]. - The company has not reported any major litigation or arbitration matters during the reporting period[101]. Market and Competition - The company has faced increased competition in the fruit sales market due to a rise in domestic fruit planting area and imports[57]. - The company plans to expand its market presence by entering three new provinces in China by the end of 2019, targeting a 10% increase in market share[148]. - A strategic acquisition of a local fruit processing company is in progress, which is expected to enhance production capacity by 30%[148].

Financial Performance - Operating revenue for the period was CNY 1,503,943.61, representing a decline of 89.65% year-on-year[5] - Net profit attributable to shareholders was a loss of CNY 1,488,690.57, compared to a loss of CNY 1,070,442.52 in the same period last year[5] - The company's revenue for Q1 2019 was CNY 1,503,943.61, a significant decrease of 89.66% compared to CNY 14,528,219.64 in Q1 2018[15] - The net loss for Q1 2019 was CNY -1,488,690.57, compared to a net loss of CNY -1,070,442.52 in Q1 2018, indicating a worsening financial performance[15] - The company reported a basic and diluted earnings per share of CNY -0.010 for Q1 2019, compared to CNY -0.007 in Q1 2018[15] Cash Flow - The net cash flow from operating activities was negative CNY 1,197,579.58, a decrease of 118.84% compared to the previous year[5] - Cash inflow from operating activities was CNY 2,659,594.71 in Q1 2019, down from CNY 8,960,351.11 in Q1 2018, reflecting a decline of 70.3%[18] - The net cash flow from operating activities was -1,197,579.58, compared to 6,356,329.61 in the previous year[19] - The total cash and cash equivalents at the end of the period amounted to 92,162,587.70, compared to 28,762,459.53 in the previous year[19] - The company received 2,000,000.00 from cash recovered from investments, a significant decrease from 23,152,567.13 in the previous year[19] Assets and Liabilities - Total assets at the end of the reporting period were CNY 296,762,566.10, a decrease of 0.90% compared to the previous year[5] - The total assets as of March 31, 2019, were CNY 296,762,566.10, slightly down from CNY 299,455,444.68 as of December 31, 2018[14] - The total liabilities decreased to CNY 16,461,196.16 as of March 31, 2019, from CNY 17,665,384.17 at the end of 2018[14] - The company’s cash and cash equivalents increased to CNY 92,162,587.70 as of March 31, 2019, compared to CNY 91,396,167.28 at the end of 2018[14] Operating Costs and Expenses - The company reported a significant decrease in operating costs, which fell by 87.34% to CNY 1,746,292.20, attributed to reduced sales volume[8] - Tax and additional charges increased by 77.07% to CNY 8,477.10, mainly due to increased stamp duty[8] - The company paid a total of 752,165.81 in various taxes and fees during the quarter[19] - The cash outflow from operating activities totaled 3,857,174.29, compared to 2,604,021.50 in the previous year[19] Equity Transfers and Agreements - The company transferred 100% equity of its subsidiary for CNY 60.73 million, with the first payment made in the form of real estate valued at CNY 30.78 million[9] - The company has ongoing agreements for equity transfers, with a remaining payment of CNY 650,000 expected by June 30, 2019[10] - The company continues to engage in negotiations for equity transfers and has signed supplementary agreements to ensure compliance with payment schedules[11] Financial Standards and Reporting - The company did not hold any financial instruments as per the new financial standards implemented from January 1, 2019[21] - There were no retrospective adjustments for prior comparative data due to the new financial standards[21] - The company did not require an audit report for this period[22]

Financial Performance - Net profit attributable to shareholders was a loss of CNY 4,276,497.96, compared to a loss of CNY 147,876.39 in the same period last year[5] - Operating revenue decreased by 45.44% to CNY 22,771,801.63 from CNY 41,739,031.47 year-on-year[5] - Basic earnings per share were -CNY 0.029, compared to -CNY 0.001 in the same period last year[7] - The weighted average return on net assets was -1.55%, down from -0.06% year-on-year[7] - The net profit after deducting non-recurring gains and losses was -CNY 6,861,781.92, compared to -CNY 3,940,703.77 in the same period last year[5] - The company reported a significant decrease in investment income by 77% to 609,605.83 RMB[12] - The company's net profit for Q3 2018 was a loss of CNY 1,356,087.45, compared to a loss of CNY 19,595.00 in Q3 2017[22] Cash Flow - Net cash flow from operating activities was CNY 14,175,771.00, a significant improvement from a negative cash flow of CNY -1,943,319.46 in the same period last year[5] - The company reported a financial expense of CNY -686,500.00 for Q3 2018, compared to CNY -135,796.78 in Q3 2017[21] - Operating cash inflow for the year-to-date period (January to September) was $42,467,876.08, down 21.5% from $54,061,928.36 in the same period last year[24] - Net cash flow from operating activities improved to $14,175,771.00, compared to a negative cash flow of $1,943,319.46 in the previous year[24] - Cash inflow from investment activities totaled $70,972,076.73, a decrease of 53.8% from $153,509,800.83 year-over-year[25] - Net cash flow from investment activities was $25,168,333.26, significantly up from $6,103,762.65 in the prior year[25] - The ending cash and cash equivalents balance reached $78,597,667.05, compared to $12,709,240.69 at the end of the same period last year, marking a substantial increase[25] Assets and Liabilities - Total assets increased by 3.57% to CNY 305,626,185.18 compared to the end of the previous year[5] - The total liabilities rose to CNY 32,640,410.87, up from CNY 17,772,693.02 in the previous year[18] - The total equity attributable to shareholders decreased by 1.56% to CNY 272,985,774.31 compared to the end of the previous year[5] - The company's total equity decreased to CNY 272,985,774.31 from CNY 277,322,596.93 year-over-year[18] - Cash and cash equivalents increased to 78,597,667.05 RMB from 39,253,562.79 RMB at the beginning of the year[16] - Inventory increased to CNY 25,279,087.20 from CNY 24,658,287.60 year-over-year[18] Shareholder Information - The total number of shareholders is 15,633[11] - The largest shareholder, Xinjiang Rongsheng Investment Co., Ltd., holds 35,278,015 shares, accounting for 23.88% of total shares[11] Operational Efficiency - The company reported a significant increase in cash flow from operations, indicating improved operational efficiency[5] - Operating costs decreased by 44.49% to 22,172,965.43 RMB, also attributed to reduced fruit sales volume[12] - Operating revenue decreased by 45.44% to 22,771,801.63 RMB, primarily due to a decline in fruit sales volume[12] - Prepaid accounts increased by 125.94% from the beginning of the year, reaching 303,743.87 RMB[12] - Other current assets decreased by 81.14% to 5,452,714.71 RMB due to reduced purchases of bank financial products[12] Legal and Development - The company initiated legal action to recover accounts receivable totaling 22,118,466.79 RMB[13] - The research and development expenses were not specified in the report, indicating a potential area for future focus[21] - The company has not disclosed any new product launches or market expansion strategies in the current report[21]