2020 年第三季度报告 公司代码：600737 公司简称：中粮糖业 中粮屯河糖业股份有限公司 2020 年第三季度报告 1 / 26 2020 年第三季度报告 一、 重要提示 二、 公司基本情况. 11[ 重要事项 四、 附录 目录 2 / 26 2020 年第三季度报告 单位：元 币种：人民币 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 公司负责人由伟、主管会计工作负责人唐强及会计机构负责人（会计主管人员）封睿保证季 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、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | |------------------------------------------------|------------------------------|------------------------------------|--- ...

2020 年半年度报告 公司代码：600737 公司简称：中粮糖业 中粮屯河糖业股份有限公司 2020 年半年度报告 1 / 159 2020 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 公司全体董事出席董事会会议。 三、 本半年度报告未经审计。 四、 公司负责人由伟、主管会计工作负责人赵玮及会计机构负责人（会计主管人员）封睿声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 本报告期，公司不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已在本报告中详细描述可能存在的风险，敬请查阅第四节经营情况讨论与分析中可能面 对的风险部分的内容。 ...

Financial Performance - Net profit attributable to shareholders decreased by 33.88% to CNY 132.84 million year-on-year[4] - Operating revenue slightly declined by 0.41% to CNY 2.8 billion compared to the same period last year[4] - Basic earnings per share decreased by 36.57% to CNY 0.0621[4] - The weighted average return on equity decreased by 1.09 percentage points to 1.64%[4] - Operating profit for Q1 2020 was CNY 158,358,488.47, down 27.6% from CNY 218,791,119.85 in Q1 2019[21] - Net profit for Q1 2020 was CNY 155,577,282.15, a decrease of 31.5% compared to CNY 227,290,078.36 in Q1 2019[21] - The total comprehensive income for Q1 2020 was approximately -¥148.01 million, compared to ¥13.56 million in Q1 2019[22] - Net profit attributable to shareholders of the parent company for Q1 2020 was approximately ¥132.84 million, down 33.9% from ¥200.93 million in Q1 2019[22] Assets and Liabilities - Total assets increased by 40.16% to CNY 22.6 billion compared to the end of the previous year[4] - Total current assets increased by 155.33% to RMB 598,476.56 million, primarily due to increased borrowings and sales receipts[8] - Total liabilities reached ¥14,553,678,243.60, compared to ¥7,929,281,505.98, which is an increase of approximately 83.5%[16] - Current liabilities totaled approximately ¥7.73 billion, with short-term borrowings at ¥3.64 billion and accounts payable at ¥1.85 billion[33] - Total liabilities were approximately $4.10 billion, with non-current liabilities accounting for about $13.65 million[36] Cash Flow - Net cash flow from operating activities improved significantly to CNY 593.62 million, compared to a negative cash flow of CNY 170.54 million in the previous year[4] - Cash inflow from financing activities totaled 4,955,279,377.72 RMB, compared to 4,579,516,927.44 RMB in the previous year[29] - The net cash flow from financing activities was 3,092,073,403.58 RMB, an increase from 1,814,103,344.11 RMB year-over-year[26] - The net cash flow from operating activities was 593,618,898.01 RMB, a significant improvement compared to -170,538,211.94 RMB in the same period last year[26] Expenses - The company's sales expenses decreased by 19.95% to RMB 10,706.24 million, attributed to a decline in sales volume and reduced transportation costs[9] - The company reported a 24.17% increase in financial expenses to RMB 5,555.27 million, mainly due to higher interest expenses[9] - Research and development expenses increased to CNY 1,452,291.49, up from CNY 746,858.66 in Q1 2019, indicating a focus on innovation[21] - The company reported a decrease in sales expenses to CNY 107,062,387.11 from CNY 133,743,382.66 in the previous year, reflecting cost management efforts[21] Shareholder Information - The total number of shareholders at the end of the reporting period was 124,445, with the largest shareholder holding 50.73% of the shares[6] - Shareholders' equity reached approximately ¥8.20 billion, with total equity attributable to shareholders at ¥8.07 billion[33] Government and Non-Operating Income - The company received government subsidies amounting to CNY 5.37 million related to normal business operations[5] - The company reported a non-operating income of CNY 20.65 million, primarily from fair value changes of financial assets[5] Inventory and Production - The inventory level increased by 22.87% to RMB 637,103.14 million, as the company remained in the sugar production period with increased sugar purchases[8] - The inventory value as of March 31, 2020, was ¥6,371,031,398.95, up from ¥5,184,997,543.49, indicating an increase of approximately 22.9%[14] Future Plans - The company plans to continue focusing on market expansion and new product development in the upcoming quarters[4]

Financial Performance - In 2019, the company achieved a net profit attributable to shareholders of RMB 579,580,723.81, representing a 15.04% increase compared to RMB 503,802,619.10 in 2018[4]. - The company's operating revenue for 2019 was RMB 18,424,834,764.08, up 5.20% from RMB 17,514,899,049.69 in the previous year[16]. - The net cash flow from operating activities decreased by 55.78% to RMB 1,072,274,635.62 from RMB 2,425,016,629.86 in 2018[16]. - The total assets of the company at the end of 2019 were RMB 16,124,599,803.56, a 3.66% increase from RMB 15,555,000,281.22 at the end of 2018[17]. - The net assets attributable to shareholders increased by 10.09% to RMB 8,067,291,583.31 from RMB 7,328,150,579.21 in 2018[17]. - The company reported a net profit excluding non-recurring gains and losses of RMB 484,445,133.08, which is a 25.98% increase from RMB 384,532,803.13 in 2018[16]. - Basic earnings per share for 2019 was CNY 0.2738, an increase of 11.53% compared to CNY 0.2455 in 2018[18]. - The net profit attributable to shareholders for Q4 2019 was CNY -9,699,056.05, contrasting with CNY 290,135,356.78 in Q3 2019[19]. - The total operating income for Q4 2019 reached CNY 6,099,353,324.99, showing a significant increase from CNY 5,905,424,493.45 in Q3 2019[19]. - Non-recurring gains and losses totaled CNY 95,135,590.73 for 2019, compared to CNY 119,269,815.97 in 2018[20]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of RMB 1.25 per 10 shares, totaling RMB 267,356,028.50, which is 46.13% of the net profit for the year[4]. - The cash dividend distribution plan for 2019 was to distribute 1.25 RMB per 10 shares, totaling 267,356,028.50 RMB[58]. - In 2019, the cash dividend accounted for 46.13% of the net profit attributable to ordinary shareholders in the consolidated financial statements[58]. Operational Highlights - The company operates primarily in sugar production and processing, with a focus on domestic and international sugar trade and logistics[22]. - The company operates 13 sugar production enterprises in China, with an annual sugar production capacity of 700,000 tons, contributing to 20% of the national sugar consumption[23]. - The overseas sugar business includes Tully Sugar in Queensland, Australia, with an annual raw sugar production capacity of 300,000 tons, serving as a key resource for domestic sugar supply[23]. - The company has a refining capacity of 500,000 tons per year in Tangshan and 1,000,000 tons per year in Yingkou, making it one of the largest sugar import traders in China[23]. - The company manages 22 sugar storage facilities across major consumption markets in China, with a total storage capacity of 2,000,000 tons, handling an annual trading volume of 3,000,000 tons[23]. - The company is the largest tomato processing enterprise in China and the second largest in the world, with an annual production capacity of 300,000 tons of bulk tomato sauce[24]. - The company has established strategic partnerships with international firms, exporting bulk tomato sauce to over 80 countries and regions[24]. Research and Development - Research and development expenses surged by 258.70% to 54 million RMB, indicating a strong focus on innovation[32]. - The company’s refined sugar business improved profitability significantly by optimizing processes and enhancing product quality[29]. - The tomato business turned profitable in 2019 after restructuring and optimizing resource allocation[30]. Risk Management - The company has detailed risk factors related to its future development in the report[6]. - The company aims to strengthen risk management capabilities to prevent and mitigate major risks amid complex macroeconomic conditions[53]. - The company faces risks from the COVID-19 pandemic, which may impact market demand and operational activities[54]. - The company is exposed to risks from policy changes affecting sugar trade measures, which are set to expire in May 2020[54]. - The company is at risk from fluctuations in sugar prices due to changes in supply and demand dynamics in both domestic and international markets[54]. - The company relies on agricultural raw materials, making it vulnerable to supply risks from natural disasters and climate changes[55]. Environmental Compliance - The company has maintained compliance with environmental regulations, with all pollutants discharged within national standards and no penalties from environmental authorities[90]. - The company monitored various pollutants, including COD and ammonia nitrogen, with all measurements reported below the standard limits[91]. - The company achieved a chemical oxygen demand (COD) level of 124 mg/L in the first quarter, under the limit of 500 mg/L[92]. - The company has implemented measures to ensure all emissions remain within regulatory standards[96]. - The company’s wastewater treatment facilities are fully operational and effectively treat major pollutants such as COD and ammonia nitrogen[99]. Corporate Governance - The company has a diverse board with members having extensive experience in various sectors, enhancing strategic decision-making capabilities[126]. - The total pre-tax compensation for the chairman was 141.7 thousand yuan, while the total for the general manager was 129.47 thousand yuan[124]. - The company has maintained a stable board composition with a mix of executive and independent directors, which is beneficial for balanced decision-making[126]. - The company emphasizes a market-oriented incentive mechanism linking performance and remuneration, promoting a comprehensive assessment and incentive system[136]. Future Outlook - The company expects a total revenue of 18 billion RMB and a total profit of 789 million RMB for the year 2020[53]. - The company plans to continue its poverty alleviation efforts in 2020, focusing on industrial and consumption poverty alleviation, as well as rural revitalization projects[88]. - The company aims to establish a leading position in the domestic sugar market and become a globally influential sugar enterprise[51].

Financial Performance - Net profit attributable to shareholders decreased by 26.18% to CNY 589,279,779.86 year-on-year[5] - Operating revenue declined by 9.44% to CNY 12,325,481,439.09 for the period from January to September[5] - Basic earnings per share fell by 28.2% to CNY 0.2793[6] - The weighted average return on equity decreased by 3.20 percentage points to 7.55%[5] - The company reported a net profit of CNY 586,900,257.90 after deducting non-recurring gains and losses, reflecting a 2.58% increase year-on-year[5] - Net profit for the first three quarters of 2019 was CNY 62,607.05 million, down 24.94% from CNY 83,404.30 million in the previous year, impacted by lower sugar sales prices and reduced asset disposal gains[13] - Total operating revenue for Q3 2019 reached ¥5,905,424,493.45, an increase from ¥4,206,810,351.31 in Q3 2018, representing a growth of approximately 40.3%[25] - Net profit for Q3 2019 was CNY 319.85 million, compared to CNY 297.83 million in Q3 2018, reflecting an increase of 7.0%[29] - The company reported a total profit of CNY 381.92 million for Q3 2019, up from CNY 334.01 million in the same period last year, marking a growth of 14.3%[28] Assets and Liabilities - Total assets increased by 36.02% to CNY 21,157,410,691.75 compared to the end of the previous year[5] - The company's total assets decreased by 9.44% year-on-year, reflecting the overall market conditions affecting the sugar industry[13] - The company's short-term borrowings increased by 26.97% to CNY 372,798.01 million, attributed to an increase in borrowings[11] - The total liabilities of the company were reported at RMB 13.03 billion, up from RMB 8.01 billion, reflecting a growth of around 62%[20] - The total current liabilities increased to RMB 12.84 billion from RMB 7.71 billion, representing a growth of around 66%[20] - Total liabilities reached ¥8,029,877,865.63, compared to ¥4,468,058,246.03 in the previous year, indicating an increase of approximately 79.5%[24] - The total liabilities stood at ¥7,714,789,688.75, remaining stable compared to the previous reporting period[39] Cash Flow - Cash flow from operating activities decreased by 14.9% to CNY 3,126,772,144.71 compared to the same period last year[5] - The net cash flow from operating activities decreased by 14.9% to CNY 312,677.21 million, mainly due to increased inter-company transactions and guarantee deposits[14] - Cash inflow from operating activities for the first nine months of 2019 was approximately ¥14.83 billion, down from ¥15.28 billion in the same period of 2018[33] - The net cash flow from operating activities for the first nine months of 2019 was approximately ¥3.13 billion, compared to ¥3.67 billion in the same period last year[33] - Cash inflow from financing activities for the first nine months of 2019 was approximately ¥9.44 billion, compared to ¥6.14 billion in the same period last year[34] - The net cash flow from financing activities improved to ¥1,130,085,318.49, reversing from a negative cash flow of ¥3,313,784,350.26 in the previous year[36] Shareholder Information - The total number of shareholders reached 131,694 by the end of the reporting period[8] - The largest shareholder, COFCO Group, holds 50.73% of the shares[8] Research and Development - The company reported research and development expenses of ¥1,397,076.28 for Q3 2019, up from ¥1,110,104.62 in Q3 2018, reflecting an increase of about 25.8%[27] - Research and development expenses in Q3 2019 were CNY 609.50 thousand, a notable increase from CNY 81.45 thousand in Q3 2018, indicating a focus on innovation[30] Other Financial Metrics - The company reported a significant increase in accounts payable, which rose by 64.64% to CNY 148,833.03 million, primarily due to increased sugar procurement payments[11] - The company's investment income showed a significant decline of 107.66%, resulting in a loss of CNY 1,115.49 million compared to a profit in the previous year[13] - The gross profit margin for Q3 2019 was approximately 10.7%, compared to 8.0% in Q3 2018, showing an improvement in cost management[30] - The company reported a decrease in financial expenses, with interest expenses dropping to CNY 22.68 million in Q3 2019 from CNY 45.39 million in Q3 2018, a reduction of 50.1%[30]

2019 年半年度报告 公司代码：600737 公司简称：中粮糖业 中粮屯河糖业股份有限公司 2019 年半年度报告 1 / 169 2019 年半年度报告 重要提示 一、 本公司董事会、监事会及董事、监事、高级管理人员保证半年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 二、 未出席董事情况 未出席董事职务 未出席董事姓名 未出席董事的原因说明 被委托人姓名 独立董事 赵军 因公出差 李宝江 三、 本半年度报告未经审计。 四、 公司负责人夏令和、主管会计工作负责人赵玮及会计机构负责人（会计主管人员）封睿声明： 保证半年度报告中财务报告的真实、准确、完整。 五、 经董事会审议的报告期利润分配预案或公积金转增股本预案 本报告期公司不进行利润分配和公积金转增股本。 六、 前瞻性陈述的风险声明 √适用 □不适用 本报告中所涉及的未来计划、发展战略等前瞻性描述不构成公司对投资者的实质承诺，敬请 投资者注意投资风险。 七、 是否存在被控股股东及其关联方非经营性占用资金情况 否 八、 是否存在违反规定决策程序对外提供担保的情况？ 否 九、 重大风险提示 公司已在本报告 ...

Group 1: Event Details - The company will participate in the 2019 Xinjiang Listed Companies Investor Reception Day on July 26, 2019, from 15:00 to 17:30 [1] - The event will be held online via the "Panjing Roadshow" platform, allowing investors to join through the website or WeChat [1] Group 2: Company Representatives - The attendees from the company include Chief Accountant Zhao Wei and Board Secretary Jiang Xuegong [1] Group 3: Investor Engagement - The purpose of the event is to provide investors with comprehensive insights into the company's situation, development strategy, operational status, financing plans, equity incentives, and sustainable development [1] - The company encourages active participation from investors [1]

Financial Performance - Net profit attributable to shareholders decreased by 41.77% to CNY 200,925,273.48 year-on-year[4] - Operating revenue declined by 26.72% to CNY 2,816,367,896.06 compared to the same period last year[4] - Basic earnings per share fell by 41.80% to CNY 0.0979[4] - Total revenue for Q1 2019 was ¥281,636.79 million, a decrease of 26.72% from ¥384,322.41 million in Q1 2018, attributed to a sluggish market affecting sugar sales volume and prices[11] - The net profit for Q1 2019 was ¥20,592.87 million, down 41.54% from ¥35,225.87 million in Q1 2018, primarily due to a significant decline in domestic sugar prices and overall sales volume[11] - The company's operating revenue for Q1 2019 was ¥397,426,300.80, a decrease of 21.06% compared to ¥503,835,670.52 in Q1 2018[22] - The net profit for Q1 2019 was ¥205,928,729.79, down from ¥352,258,663.94 in Q1 2018, representing a decline of 41.55%[21] - The total profit for Q1 2019 was ¥227,290,078.36, compared to ¥356,648,964.71 in Q1 2018, indicating a decrease of 36.29%[21] Assets and Liabilities - Total assets increased by 18.28% to CNY 18,398,966,320.40 compared to the end of the previous year[4] - Total assets reached CNY 18.40 billion, an increase from CNY 15.56 billion as of December 31, 2018, representing a growth of approximately 18.5%[16] - Current assets totaled CNY 12.43 billion, up from CNY 9.48 billion year-over-year, indicating a growth of about 31.0%[16] - Total liabilities amounted to CNY 10.29 billion, up from CNY 8.01 billion, which is an increase of approximately 28.4%[17] - Total liabilities amounted to ¥8,260,848,509.70, up from ¥4,468,058,246.03, marking an increase of 85.5%[19] - Shareholders' equity totaled ¥7,998,809,184.59, compared to ¥7,473,676,812.68, showing a growth of 7.0%[19] Cash Flow - Cash flow from operating activities improved, with a net cash flow of CNY -170,538,211.94, an improvement from CNY -320,136,723.61 in the previous year[4] - The company reported a net cash flow from operating activities of ¥14,959.85 million, an improvement from a negative cash flow of ¥32,013.67 million in the same period last year[12] - The cash inflow from operating activities in Q1 2019 was ¥3,827,468,445.96, a decrease of 27.83% from ¥5,298,856,194.13 in Q1 2018[24] - The net cash flow from financing activities increased to 1,814,103,344.11 CNY from 1,112,671,020.30 CNY year-over-year[26] - The total cash inflow from financing activities was 4,579,516,927.44 CNY, compared to 4,184,140,461.01 CNY in the prior year[25] Shareholder Information - The company had a total of 125,104 shareholders at the end of the reporting period[6] - The largest shareholder, COFCO Group, held 51.53% of the shares[6] Inventory and Receivables - Accounts receivable rose significantly by 230.20% to ¥9,626.06 million from ¥2,915.23 million, mainly due to an increase in bank acceptance bills receivable during the reporting period[8] - The company's inventory increased by 42.62% to ¥488,744.45 million compared to ¥342,680.77 million, mainly due to higher sugar production and procurement during the first quarter[9] - Inventory increased to ¥1,467,344,783.20, compared to ¥633,633,276.56, reflecting a growth of 131.9%[18] Financial Adjustments and Reporting - The company adjusted its financial asset classifications, impacting the reporting of certain investments and receivables[32] - The company has made adjustments in financial reporting, including reclassifying certain financial assets to align with new accounting standards[36] - The company’s financial adjustments reflect a shift towards a more conservative approach in asset valuation and impairment recognition[36] Other Financial Metrics - The weighted average return on equity decreased by 1.99 percentage points to 2.73%[4] - Financial expenses decreased by 49.11% to ¥4,473.75 million from ¥8,791.81 million, primarily due to lower interest expenses and increased foreign exchange gains[11] - The company reported a significant decrease in investment income, with a loss of ¥2,940.83 million compared to a profit of ¥10,014.79 million in the previous year, mainly due to reduced gains from equity disposals and futures trading[11] - Research and development expenses for Q1 2019 were ¥746,858.66, a decrease of 10.2% from ¥831,870.86 in Q1 2018[20]

Financial Performance - Revenue for 2018 was RMB 17,514,899,049.69, a decrease of 8.57% compared to 2017[16] - Net profit attributable to shareholders in 2018 was RMB 503,802,619.10, a decrease of 31.93% compared to 2017[16] - Net cash flow from operating activities in 2018 was RMB 2,425,016,629.86, a decrease of 54.72% compared to 2017[16] - Total assets at the end of 2018 were RMB 15,555,000,281.22, a decrease of 9.05% compared to the end of 2017[16] - The company's net profit attributable to the parent company in 2018 was negative RMB 247,114,403.59[4] - The company's revenue in 2017 was RMB 19,157,209,815.31, which decreased to RMB 17,514,899,049.69 in 2018[16] - The company's net profit attributable to shareholders in 2017 was RMB 740,090,178.63, which decreased to RMB 503,802,619.10 in 2018[16] - The company's net cash flow from operating activities in 2017 was RMB 5,355,363,209.88, which decreased to RMB 2,425,016,629.86 in 2018[16] - The company's total assets at the end of 2017 were RMB 17,102,447,652.37, which decreased to RMB 15,555,000,281.22 at the end of 2018[16] - Basic earnings per share decreased by 31.94% to 0.2455 yuan per share in 2018 compared to 0.3607 yuan per share in 2017[17] - Diluted earnings per share also decreased by 31.94% to 0.2455 yuan per share in 2018[17] - Weighted average return on equity (ROE) decreased by 3.80 percentage points to 6.90% in 2018[17] - Revenue for Q2 2018 was 5,559,598,528.37 yuan, the highest among all quarters[19] - Net profit attributable to shareholders in Q4 2018 was -294,447,093.90 yuan, a significant decline compared to other quarters[19] - Revenue for the reporting period was RMB 17.514 billion, a decrease of 8.57% year-on-year[30][31] - Net profit attributable to shareholders was RMB 504 million, a decrease of 31.93% year-on-year[30][31] - Operating cash flow decreased by 54.72% to RMB 2.425 billion[31] - Net cash flow from investment activities decreased by 233.55% to -399.78 million yuan in 2018[33] - Industrial sector revenue reached 8.35 billion yuan with a gross margin of 18.09%, a decrease of 0.17 percentage points[34] - Agricultural sector revenue increased by 4.38% to 75.56 million yuan with a gross margin of 24.81%, an increase of 3.15 percentage points[34] - Trade sector revenue decreased by 5.81% to 13.73 billion yuan with a gross margin of 7.03%, a decrease of 3.17 percentage points[34] - Domestic revenue accounted for 20.09 billion yuan, a decrease of 4.04%, with a gross margin of 11.12%, a decrease of 1.85 percentage points[35] - Sugar production volume was 99.43 million tons, while sales volume was 102.78 million tons[36] - Sales expenses increased by 12.28% to 623.29 million yuan due to rising transportation costs[43] - R&D expenses increased by 145.66% to 15.06 million yuan, accounting for 0.09% of total revenue[44] - Operating cash flow decreased by 54.72% to 242,501.66 million yuan, primarily due to reduced sales revenue[46] - Investment cash flow decreased by 233.55% to -39,978.27 million yuan, mainly due to increased rolling expenditure of wealth management funds[46] - Financing cash flow decreased by 84,492.01 million yuan to -340,878.07 million yuan, primarily due to debt repayment[46] - Monetary funds decreased by 33.59% to 259,772.45 million yuan, accounting for 16.70% of total assets[47] - Prepayments increased by 714.91% to 124,036.97 million yuan, mainly due to increased prepayments for sugar procurement[47] - Short-term borrowings decreased by 52.51% to 293,600.89 million yuan, primarily due to repayment of bank loans[48] - Total revenue for 2018 was 17.515 billion yuan, with domestic and international sugar trade and processing sales accounting for 87.93% of the revenue[164] - Total assets decreased from 17,102,447,652.37 to 15,555,000,281.22, a decline of approximately 9.05%[174] - Current liabilities decreased from 8,561,588,366.82 to 7,714,789,688.75, a reduction of about 9.89%[174] - Short-term borrowings decreased significantly from 6,181,725,043.81 to 2,936,008,929.58, a drop of 52.5%[174] - Accounts receivable increased from 866,628,518.28 to 1,090,326,776.43, a rise of 25.81%[173] - Inventory decreased from 4,247,947,941.91 to 3,426,807,667.00, a reduction of 19.33%[173] - Total equity increased from 7,308,862,766.24 to 7,542,708,745.76, a growth of 3.2%[175] - Retained earnings increased from 620,033,546.36 to 762,990,780.55, a rise of 23.06%[175] - Fixed assets decreased slightly from 4,252,611,928.68 to 4,117,692,814.84, a decline of 3.17%[173] - Prepayments increased significantly from 152,210,201.86 to 1,240,369,714.60, a surge of 715.03%[173] - Long-term equity investments decreased from 513,549,476.45 to 342,781,574.45, a drop of 33.25%[173] - Total revenue for the year was RMB 17.51 billion, a decrease from RMB 19.16 billion in the previous year[178] - Net profit for the year was RMB 556.71 million, down from RMB 754.00 million in the previous year[178] - Total assets decreased to RMB 11.94 billion from RMB 14.84 billion in the previous year[177] - Total liabilities decreased to RMB 4.47 billion from RMB 6.81 billion in the previous year[177] - Cash and cash equivalents decreased to RMB 1.99 billion from RMB 3.16 billion in the previous year[176] - Accounts receivable increased to RMB 104.20 million from RMB 102.49 million in the previous year[176] - Inventory decreased to RMB 633.63 million from RMB 644.68 million in the previous year[176] - Research and development expenses increased to RMB 15.06 million from RMB 6.13 million in the previous year[178] - Operating profit was RMB 838.92 million, down from RMB 1.00 billion in the previous year[178] - Total equity decreased to RMB 7.47 billion from RMB 8.04 billion in the previous year[177] - Revenue for 2018 increased to 1,853,382,820.06 RMB, up from 1,490,097,082.60 RMB in the previous year[180] - Net profit attributable to parent company shareholders was 503,802,619.10 RMB, compared to 740,090,178.63 RMB in the previous year[179] - Operating costs for 2018 were 1,596,245,902.85 RMB, up from 1,205,525,547.54 RMB in the previous year[180] - R&D expenses significantly increased to 5,725,685.97 RMB from 266,658.14 RMB in the previous year[181] - Net profit for 2018 was -247,114,403.59 RMB, a significant decline from 189,990,744.60 RMB in the previous year[181] - Basic earnings per share (EPS) for 2018 were 0.2455 RMB, down from 0.3607 RMB in the previous year[179] - Total comprehensive income for 2018 was -235,230,737.09 RMB, compared to 264,154,226.42 RMB in the previous year[181] - Interest expenses for 2018 were 213,569,958.32 RMB, down from 374,889,310.51 RMB in the previous year[181] - Asset impairment losses increased to 443,892,878.22 RMB from 360,784,482.54 RMB in the previous year[181] - Investment income for 2018 was 145,544,335.97 RMB, down from 541,775,285.30 RMB in the previous year[181] - Sales revenue from goods and services received in cash was RMB 19.16 billion, a decrease from RMB 22.11 billion in the previous period[182] - Net cash flow from operating activities was RMB 2.43 billion, down from RMB 5.36 billion in the previous period[182] - Net cash flow from investing activities was negative RMB 399.78 million, compared to a positive RMB 299.35 million in the previous period[183] - Net cash flow from financing activities was negative RMB 3.41 billion, compared to negative RMB 2.56 billion in the previous period[183] - Total cash and cash equivalents at the end of the period were RMB 2.55 billion, down from RMB 3.91 billion at the beginning of the period[183] - Sales revenue from goods and services received in cash for another segment was RMB 2.18 billion, up from RMB 1.60 billion in the previous period[184] - Net cash flow from operating activities for another segment was RMB 1.12 billion, down from RMB 6.74 billion in the previous period[184] - Net cash flow from investing activities for another segment was RMB 747.28 million, compared to negative RMB 1.15 billion in the previous period[185] - Net cash flow from financing activities for another segment was negative RMB 3.03 billion, compared to negative RMB 3.02 billion in the previous period[185] - Total cash and cash equivalents at the end of the period for another segment were RMB 1.99 billion, down from RMB 3.15 billion at the beginning of the period[185] - Total owner's equity at the end of the period was RMB 7,542,708,745.76, an increase from the beginning of the period[188] - Comprehensive income for the period totaled RMB 564,204,300.99[187] - Owner's equity increased by RMB 233,845,979.52 during the period, driven by a rise in undistributed profits of RMB 142,957,234.19[187] - Capital reserve increased by RMB 6,857,676.59 during the period[187] - Minority shareholders' equity increased by RMB 86,635,899.71 during the period[187] - Total owner's equity at the beginning of the period was RMB 7,308,862,766.24[187] - Undistributed profits at the end of the period were RMB 762,990,780.55, up from RMB 620,033,546.36 at the beginning[188] - Other comprehensive income decreased by RMB 2,604,830.97 during the period[187] - Owner's equity adjustments due to profit distribution amounted to a decrease of RMB 349,019,944.23[187] - Other adjustments to owner's equity totaled RMB 6,822.76 during the period[188] - Total owner's equity at the end of the period was RMB 7,473,676,812.68, a decrease of RMB 564,223,260.68 compared to the beginning of the period[192] - Comprehensive income for the period was RMB -235,230,737.09, with a significant decrease in undistributed profits of RMB -348,818,946.35 due to profit distribution[192] - Capital reserve increased by RMB 20,209,689.53 during the period, primarily due to equity transactions[193] - Other comprehensive income improved by RMB 74,163,481.82, reversing the negative balance from the previous period[193] - Total owner's equity at the end of the previous period was RMB 8,020,280,057.56, with a slight increase to RMB 8,037,900,073.36 by the end of the current period[193] - The company's registered capital remained unchanged at RMB 2,051,876,155.00 throughout the period[192][193] - Undistributed profits decreased by RMB 95,752,230.01, mainly due to profit distribution and comprehensive income adjustments[193] Dividends and Capital Reserve - The company did not distribute dividends or convert capital reserve into share capital for 2018[4] - In 2018, the company did not distribute cash dividends or conduct capital reserve transfers, despite a net profit attributable to shareholders of RMB 503.8 million[62][63] - In 2017, the company distributed a cash dividend of RMB 1.70 per 10 shares, totaling RMB 348.8 million, which accounted for 47.13% of the net profit attributable to shareholders[63] Non-Recurring Gains and Losses - Non-recurring gains and losses in 2018 amounted to 119,269,815.97 yuan, primarily driven by non-current asset disposal gains of 149,774,595.25 yuan[20] - Government subsidies in 2018 totaled 21,992,708.79 yuan, an increase from 17,721,071.21 yuan in 2017[20] - The fair value of sugar futures forward contracts decreased by 97,402,917.66 yuan, impacting profits by -654,368.57 yuan[22] - The fair value of forward exchange contracts decreased by 4,674,499.57 yuan, impacting profits by -54,541,940.69 yuan[22] - Total fair value changes for financial assets and liabilities in 2018 resulted in a loss of 53,352,437.55 yuan[23] Business Operations and Strategy - COFCO Sugar is the largest sugar producer and trader in China, with a complete industrial layout both domestically and internationally, including sugar production, import, refining, sales, and logistics[24] - The company operates advanced processing plants in major sugar-producing regions such as Guangxi, Guangdong, Yunnan, and Xinjiang, continuously improving product quality to meet growing domestic demand[24] - COFCO Sugar has a refining capacity of 50,000 tons/year in Caofeidian, Hebei, and 100,000 tons/year in Yingkou, Liaoning, making it a key player in port refining[24] - The company owns Tully Sugar in Australia, which produces 300,000 tons of sugar annually[24] - COFCO Tomato, a subsidiary, is the largest tomato processing company in China and the second largest globally, producing approximately 250,000 tons of bulk tomato paste annually, accounting for over 30% of China's total production[24] - The company manages sugar storage facilities with a capacity of approximately 2 million tons, with logistics networks covering major domestic sales regions[27] - COFCO Sugar has an annual sugar production capacity of over 600,000 tons domestically and 350,000 tons internationally, along with a refining capacity of 1.5 million tons/year at domestic ports[27] - Domestic sugar production capacity and product quality continued to improve, with significant cost reduction and efficiency enhancement[29] - Tully Sugar crushed 2.58 million tons of sugarcane, achieving a record high in sugar production[29] - The company reduced financial expenses by RMB 143 million due to a significant decrease in borrowing[30] - Investment losses from Tunhe Cement amounted to RMB 171 million[30] - Disposal gains from asset optimization efforts reached RMB 145 million[30] - The company strengthened its position in the sugar refining industry by increasing its stake in Liaoning Sugar and introducing advanced quality control systems from Mitsui Sugar[29] - The company aims to establish a global stable trade network and domestic leadership in the sugar business, while focusing on upstream and downstream development in the tomato business to enhance market share[57][58] - The company will focus on enhancing global sugar trade capabilities and domestic market distribution, leveraging its regional advantages and brand-building strategies to improve product quality and premium pricing[59] - The company plans to optimize sugar refining management and expand overseas sugar production capacity, particularly in key regions like Guangxi[59] - The company aims to strengthen its tomato business by improving operational efficiency and competitiveness to meet high-end market demands domestically and internationally[59] - The company faces risks from sugar price fluctuations, which are influenced by both international and domestic market conditions[60] - Exchange rate risks are a concern due to the company's international sugar and tomato trades being settled primarily in USD[60] - The company is exposed to raw material supply risks, as natural disasters or climate changes could impact the production of key crops like sugar beets, sugarcane, and tomatoes[60] Subsidiaries and Equity Transactions - Overseas assets amount to 1,498,429,350 RMB, accounting for 9.63% of total assets[25] - The company acquired 19% equity of Liaoning Sugar Co., Ltd. for 109.098 million yuan, maintaining a 70% controlling stake[50] - The company transferred 66.67% equity of COFCO Tomato Co., Ltd. for a total of 464.367 million yuan, but later canceled the transaction and restored the original state[51] - The company completed the transfer of 100% equity of Langfang Tomato to Beijing Liandong Jintai Investment Co., Ltd. for RMB 163.14 million[52] - The company transferred 100% equity of Shuozhou Sugar to individual Bo Shanzhen for RMB 66.674 million[52] - The company transferred 100% equity

Financial Performance - Net profit attributable to shareholders increased by 58.21% to CNY 798.25 million for the first nine months of the year[6]. - Basic earnings per share increased by 58.19% to CNY 0.3890[7]. - The company reported a net profit of CNY 572.13 million after deducting non-recurring gains and losses, a slight increase of 0.04% compared to the previous year[6]. - The company reported a net profit of 834.04 million, an increase of 79.54% compared to the previous period[16]. - Net profit for Q3 reached approximately ¥297.83 million, an increase of 76.0% compared to ¥169.31 million in the same period last year[34]. - The company reported a total profit of approximately ¥334.01 million for Q3, an increase of 38.5% compared to ¥241.21 million in the same period last year[34]. - The total comprehensive income for Q3 was approximately ¥393.76 million, compared to ¥68.81 million in the same period last year, indicating significant growth[35]. - The company’s total operating revenue for the first nine months was approximately ¥13.61 billion, down 4.8% from ¥14.29 billion year-over-year[33]. - The company’s total operating costs for the first nine months were approximately ¥12.86 billion, a decrease of 4.9% compared to ¥13.53 billion in the same period last year[33]. Assets and Liabilities - Total assets decreased by 7.66% to CNY 15.79 billion compared to the end of the previous year[6]. - The company's financial assets decreased by 45.96%, primarily due to fluctuations in futures sugar profits[13]. - Accounts receivable decreased by 40.35%, attributed to increased customer payments compared to the beginning of the period[13]. - Prepayments increased by 393.19%, mainly due to higher advance payments for sugar procurement[13]. - Inventory decreased by 28.38%, resulting from a reduction in sugar procurement and production inventory levels[15]. - Total current assets decreased to CNY 9,955,505,197.88 from CNY 10,709,730,245.34, indicating a reduction of about 7%[25]. - Current liabilities decreased from ¥8,561,588,366.82 to ¥6,672,270,168.70, a reduction of about 22.08%[26]. - Non-current liabilities decreased from ¥1,231,996,519.31 to ¥1,203,338,194.48, a decrease of approximately 2.34%[27]. - Total liabilities decreased from ¥9,793,584,886.13 to ¥7,875,608,363.18, a decline of around 19.54%[27]. - Owner's equity increased from ¥7,308,862,766.24 to ¥7,917,425,779.44, an increase of approximately 8.31%[27]. Cash Flow - Net cash flow from operating activities decreased by 36.94% to CNY 3.67 billion for the first nine months of the year[6]. - The cash flow from operating activities for the first nine months was CNY 3,674,059,674.85, down 37% from CNY 5,825,842,668.12 in the same period last year[39]. - The company experienced a net cash outflow from investing activities of CNY 308,649,797.75, an improvement from a net outflow of CNY 1,161,939,811.73 in the previous year[40]. - Cash and cash equivalents at the end of the period totaled CNY 3,561,851,865.78, down from CNY 4,122,197,216.38 at the end of Q3 2017[40]. - Cash inflow from investment activities totaled 3,241,372,891.21, significantly up from 504,291,212.10 in the previous year, marking a 542.5% increase[43]. - Net cash flow from financing activities was -3,313,784,350.26, worsening from -1,594,281,945.73 year-over-year[43]. - The company paid 5,344,684,266.67 in debt repayments, a decrease of 32.3% from 7,880,243,485.12 in the same period last year[43]. Shareholder Information - The total number of shareholders reached 141,604 by the end of the reporting period[11]. - The largest shareholder, COFCO Group, holds 51.53% of the shares[11]. Commitments and Corporate Governance - The company has committed to avoiding competition with COFCO Sugar, ensuring that any business opportunities that may conflict will be communicated within one month[22]. - The company will not engage in similar businesses to COFCO Sugar during the holding period, ensuring no unfair advantages are sought[22]. - The company has pledged to inject its controlled assets into COFCO Sugar within one year after meeting specific profitability criteria[22]. - The company reported that the weighted average return on net assets for Inner Mongolia COFCO Tomato Products Co., Ltd. must not be less than 8% for three consecutive years before any asset injection occurs[22]. - The company has completed internal decision-making and acquisition processes for certain quality assets from COFCO Sugar, pending approval from relevant authorities[22]. - The commitments made by the company regarding avoiding competition with COFCO Sugar were approved in the fourth extraordinary general meeting of COFCO Sugar in 2017[22]. Research and Development - Research and development expenses for Q3 were approximately ¥1.11 million, a decrease of 45.5% from ¥2.03 million year-over-year[34]. - Research and development expenses increased to CNY 81,454.46 in Q3 2018, compared to CNY 5,001.89 in Q3 2017, indicating a focus on innovation[36].