2020 年第三季度报告 公司代码：601952 公司简称：苏垦农发 江苏省农垦农业发展股份有限公司 2020 年第三季度报告 1 / 27 2020 年第三季度报告 一、 重要提示 二、 公司基本情况 三、 重要事项 四、 附录 目录 2 / 27 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 公司负责人胡兆辉、主管会计工作负责人陶应美及会计机构负责人（会计主管人员）陶应美 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 | --- | --- | --- | --- | |------------------------------------------------|------------------------------|------------------------------------ ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2020, representing a year-on-year increase of 15%[16]. - Net profit attributable to shareholders reached 200 million RMB, up 10% compared to the same period last year[16]. - The company's operating revenue for the first half of the year reached ¥4,066,176,498.35, representing a year-on-year increase of 31.88% compared to ¥3,083,168,209.75[21]. - Net profit attributable to shareholders was ¥324,070,436.79, up 38.20% from ¥234,500,679.16 in the same period last year[21]. - The net profit after deducting non-recurring gains and losses was ¥281,752,364.54, reflecting a 51.14% increase from ¥186,420,022.96[21]. - Basic earnings per share increased to ¥0.24, up 41.18% from ¥0.17 in the previous year[22]. - The weighted average return on net assets rose to 5.38%, an increase of 1.24 percentage points from 4.14%[22]. - The company has set a performance guidance of 1.5 billion RMB in revenue for the full year 2020, indicating a growth target of 20%[16]. - The company reported a net profit for the first half of 2020 was ¥337,798,187.13, representing a 39.5% increase compared to ¥242,412,296.73 in the previous year[138]. - The company reported a financial expense of -¥448,666.08, a significant improvement from ¥4,547,294.10 in the same period last year[138]. Market Expansion and Strategy - The company expanded its user base by 25%, reaching a total of 500,000 active users by the end of June 2020[16]. - The company plans to launch two new product lines in Q3 2020, aiming to capture an additional 5% market share in the agricultural sector[16]. - Market expansion efforts have led to a 30% increase in sales in the eastern region of China[16]. - The company is exploring potential mergers and acquisitions to enhance its market position, with a target of completing at least one acquisition by the end of 2020[16]. - The company is focusing on expanding its agricultural services by integrating "agricultural inputs + agricultural technology + agricultural machinery + agricultural products + agricultural finance" into a comprehensive service platform[30]. - The company aims to enhance its core competitiveness by developing high value-added industries and expanding its product line from "field to table" through its subsidiary Jin Tai Yang Grain and Oil[28]. Research and Development - The company has allocated 100 million RMB for research and development of new agricultural technologies in 2020[16]. - Research and development expenses rose by 122.75% to CNY 23.25 million, reflecting increased investment in innovation[51]. - The company has a strong research and development team, collaborating with universities and enterprises to enhance product quality and technological innovation[42]. - The company has established provincial-level research centers for rice bran oil and rapeseed processing technology, further enhancing its R&D capabilities[42]. - The company has developed and approved 48 major crop varieties and obtained 18 plant variety rights certificates as of the reporting period[42]. Agricultural Operations - The company operates 19 subsidiaries for the cultivation of rice, wheat, and barley, primarily in Jiangsu Province, focusing on quality control and food safety with a traceable area of 820,000 mu for rice cultivation[31]. - The seed production business, managed by Dahua Seed Industry, employs a "company + base" model to ensure the quantity and quality of seed raw materials, with rice and wheat seeds being the main products sold primarily in Jiangsu and surrounding provinces[31]. - Su Kuan Rice Industry, a wholly-owned subsidiary, has established a quality traceability system for its rice products, with a production capacity of 415,000 tons from 15 advanced rice production lines[31]. - Jin Tai Yang Grain and Oil focuses on the production of healthy and high-end edible oils, with a refining capacity exceeding 270,000 tons and an annual bottling capacity of 300,000 tons[31]. - The company has developed a comprehensive agricultural service model through Su Kuan Agricultural Service, providing agricultural materials and technical support to enhance modern agricultural practices in surrounding areas[34]. Financial Position and Assets - The total assets at the end of the reporting period were ¥8,375,790,856.81, a 3.96% increase from ¥8,056,846,535.09 at the end of the previous year[21]. - The company's trading financial assets reached ¥1,799,500,000, accounting for 21.48% of total assets, a 42.48% increase compared to the previous year[56]. - The total current assets as of June 30, 2020, amounted to 6,492,658,487.49 RMB, an increase from 6,114,690,625.06 RMB at the end of 2019[122]. - Cash and cash equivalents were reported at 774,813,894.25 RMB, up from 581,593,891.57 RMB[122]. - The total liabilities rose to ¥2,064,458,878.27 from ¥1,799,912,743.68, an increase of about 14.69%[127]. Risk Management - The company has identified potential risks including market volatility and regulatory changes, which could impact future performance[16]. - The company faces risks from natural disasters affecting crop yields, which could significantly impact operational performance[63]. - The company benefits from various tax exemptions, including income tax exemptions for certain subsidiaries, which could be adversely affected by changes in tax policies[63]. Corporate Governance - The company did not distribute profits or increase capital reserves in the first half of 2020, with no dividends or stock bonuses declared[68]. - The actual controller and shareholders have committed to not engaging in any competitive activities with the company or its subsidiaries, effective from the date of the company's IPO for a period of 36 months[69]. - The company has renewed its audit engagement with Tianjian Certified Public Accountants for the 2020 fiscal year, approved by the board and shareholders[75]. - There are no significant litigation or arbitration matters reported for the company during the reporting period[76]. - The company has disclosed its daily related party transactions, including land leasing and product sales to related parties, as per the 2020 annual related party transaction forecast[78]. Social Responsibility and Community Engagement - The company is involved in targeted poverty alleviation efforts across 12 counties in five cities in Northern Jiangsu, focusing on sustainable agricultural development[96]. - The company provided a total of 343,800 in funding for poverty alleviation initiatives during the reporting period[98]. - A total of 14.8 million yuan worth of high-quality rice varieties were provided to 12 supported villages, along with the procurement of 1,845 tons of wheat seeds and 2,720 tons of raw rice[97]. - The company conducted 23 agricultural technology training sessions, training 1,000 farmers despite the impact of the pandemic[97]. - The company aims to continue its poverty alleviation efforts with a focus on "brand agriculture demonstration, specialty agriculture, and rural land transfer" in the second half of 2020[99].

Financial Performance - Net profit attributable to shareholders of the listed company was ¥99,543,283.78, a decrease of 19.81% year-on-year[12]. - Operating revenue for the period was ¥1,363,725,599.97, reflecting a growth of 7.29% compared to the same period last year[12]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, which was ¥81,500,326.03, down 15.81% year-on-year[12]. - Basic earnings per share were ¥0.07, down 22.22% from ¥0.09 in the same period last year[12]. - Total operating revenue for Q1 2020 was approximately CNY 1.36 billion, an increase of 7.3% compared to CNY 1.27 billion in Q1 2019[43]. - Net profit for Q1 2020 was approximately CNY 105.62 million, a decrease of 20.0% from CNY 132.06 million in Q1 2019[45]. - Total comprehensive income amounted to CNY 19,948,901.74 for the first quarter of 2020, compared to CNY 53,031,012.63 in the same period of 2019[50]. Cash Flow - Net cash flow from operating activities was ¥72,848,211.64, a significant recovery from a negative cash flow of ¥98,051,539.37 in the previous year[12]. - Cash inflow from operating activities totaled CNY 1,545,438,810.60, an increase from CNY 1,326,732,505.97 year-over-year[53]. - Cash inflow from investment activities reached CNY 2,622,263,752.46, up from CNY 2,186,037,012.57 in the first quarter of 2019[53]. - Net cash flow from financing activities improved to CNY 62,419,885.31 from a negative CNY 158,867,062.97 year-over-year[54]. - The ending balance of cash and cash equivalents was CNY 756,555,872.98, up from CNY 586,373,984.96 in the previous year[55]. - The net cash flow from investing activities was $109,129,673.80, a significant improvement from a negative cash flow of $81,217,441.76 in the previous period[56]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥8,087,405,670.94, an increase of 0.38% compared to the end of the previous year[12]. - Current liabilities decreased to ¥1,483,624,371.72 from ¥1,553,612,095.63, a reduction of about 4.49%[31]. - Total liabilities decreased to ¥1,724,852,588.53 from ¥1,799,912,743.68, a decrease of about 4.2%[33]. - Shareholders' equity increased to ¥6,362,553,082.41 from ¥6,256,933,791.41, reflecting a growth of approximately 1.68%[33]. - Non-current assets totaled ¥1,893,254,027.01, down from ¥1,942,155,910.03, a decrease of about 2.53%[31]. Operational Highlights - The sales volume of rice increased by 82.64% year-on-year, while the sales volume of wheat decreased by 65.64%[21]. - Research and development expenses surged by 144.27% to ¥10,101,410.02 compared to the same period last year, driven by increased projects in collaboration with agricultural research institutes[21]. - The inventory of rice seeds increased by 61.26% year-on-year, indicating a strategic focus on enhancing production capacity[21]. - The company plans to continue expanding its market presence and investing in new product development to enhance competitiveness in the agricultural sector[25]. Other Financial Metrics - Government subsidies recognized in the current period amounted to ¥8,177,654.08, closely related to the company's normal business operations[15]. - Non-operating income and expenses totaled ¥18,042,957.75, after accounting for various adjustments[15]. - The company reported a significant reduction in employee compensation payable, decreasing to ¥154,236,328.91 from ¥274,012,977.94, a drop of about 43.6%[31]. - Other income for Q1 2020 was approximately CNY 22.91 million, a decrease of 62.9% from CNY 61.71 million in Q1 2019[43].

Financial Performance - The company's operating revenue for 2019 was ¥8,027,819,758.01, representing a 64.38% increase compared to ¥4,883,604,777.17 in 2018[33]. - The net profit attributable to shareholders for 2019 was ¥591,370,021.44, a decrease of 2.32% from ¥605,440,569.79 in 2018[33]. - The net cash flow from operating activities increased by 87.39% to ¥658,924,855.11 in 2019 from ¥351,632,573.65 in 2018[33]. - The total assets as of the end of 2019 were ¥8,056,846,535.09, a 15.34% increase from ¥6,985,417,319.83 at the end of 2018[33]. - The net assets attributable to shareholders increased by 5.64% to ¥5,909,809,393.41 in 2019 from ¥5,594,099,929.06 in 2018[33]. - The basic earnings per share for 2019 was ¥0.43, a decrease of 2.27% compared to ¥0.44 in 2018[34]. - The weighted average return on net assets for 2019 was 10.36%, down from 11.25% in 2018, a decrease of 0.89 percentage points[34]. - The company reported a net profit of ¥483,006,894.05 after deducting non-recurring gains and losses, which is a slight increase of 1.07% from ¥477,890,228.73 in 2018[33]. - The average return on net assets after deducting non-recurring gains and losses was 8.46% in 2019, down from 8.88% in 2018, a decrease of 0.42 percentage points[34]. - The company achieved a consolidated operating revenue of 8.03 billion RMB, an increase of 64.38% compared to the previous year[72]. - The net profit attributable to shareholders was 591 million RMB, a decrease of 2.33% year-on-year[72]. - The company's total assets increased by 15.34% to 8.057 billion RMB, while total liabilities rose by 38.36% to 1.8 billion RMB[72]. Dividends and Shareholder Returns - The company plans to distribute a cash dividend of 2 RMB per 10 shares, totaling 275.6 million RMB (including tax) based on a total share capital of 1,378,000,000 shares as of the end of 2019[6]. - The company distributed cash dividends of RMB 2.00 per 10 shares, totaling RMB 275.6 million, which accounted for 45.52% of the distributable profits for the year 2018[163]. - The cash dividend policy was executed in accordance with the regulations set by the China Securities Regulatory Commission and the Shanghai Stock Exchange, ensuring protection of minority shareholders' rights[163]. - The company has maintained a consistent cash dividend policy over the past three years, with a stable payout ratio[164]. - In 2019, the company reported a net profit attributable to ordinary shareholders of RMB 59.14 million, with a dividend payout ratio of 46.60%[164]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm[5]. - The board of directors and senior management have guaranteed the accuracy and completeness of the annual report[4]. - The company has not reported any significant accounting errors or non-standard audit opinions during the reporting period[174]. - The company has reappointed Tianjian Accounting Firm as the auditor for the 2019 fiscal year[178]. - There are no major litigation or arbitration matters reported for the year[178]. Operational Strategy and Development - The company has outlined potential risks in its future development, which are detailed in the report[8]. - The company emphasizes that forward-looking statements regarding budgets and operational plans do not constitute substantive commitments to investors[7]. - The company aims to expand its high-value-added industries while maintaining a focus on core agricultural operations, fostering new competitive advantages[47]. - The company is actively developing its edible oil business through its subsidiary, further diversifying its product offerings and improving economic efficiency[47]. - The company has established a comprehensive agricultural service platform integrating "internet + finance + modern agricultural services + large-scale growers" to enhance its service capabilities[47]. - The company has established a comprehensive agricultural industrialization model, achieving vertical integration and collaborative development across the entire industry chain, with a focus on unified management of crop varieties, seed supply, and agricultural production measures[58]. - The company is focused on expanding its market presence through innovative marketing strategies and e-commerce initiatives[156]. - The company plans to enhance R&D capabilities and develop high-value-added products in the rice processing sector[156]. - The company plans to invest in infrastructure and advanced agricultural machinery to improve production standards[156]. Product and Market Development - The company operates 19 subsidiaries focused on the cultivation of rice, wheat, and barley, primarily in Jiangsu Province, ensuring a stable supply chain[48]. - The company emphasizes product quality control and food safety through a standardized production system, enhancing its competitive edge in the market[48]. - The rice processing segment has a designed production capacity of 375,000 tons per year, with actual production reaching nearly 260,000 tons in 2019[50]. - The edible oil processing business has a refining capacity of over 270,000 tons and a bottling capacity of 300,000 tons per year[50]. - The company has developed over 160 high-end rice products and 60 varieties of edible oil, continuously enhancing its product offerings through technological innovation[62]. - The company has established stable partnerships with major supermarket chains, enhancing its market presence in Jiangsu and surrounding provinces[50]. - The company has a strong presence in the agricultural sector, with multiple licenses supporting its operational capabilities[115]. Risks and Challenges - The company faced risks related to natural disasters that could significantly impact crop yields and quality, potentially leading to substantial operational losses[160]. - There is a risk of product quality issues that could damage the company's reputation and lead to economic claims, affecting sales and overall performance[160]. - The company is exposed to land transfer risks due to the complexities of rural land rights and potential disputes over land use, which could adversely affect operations[160]. - Changes in tax incentives could negatively impact the company's financial performance, as it currently benefits from various tax exemptions[160]. - The company relies on government subsidies, and any significant changes to these policies could greatly affect profitability[160]. Investments and Acquisitions - The company acquired 51.25% of Jintaiyang Grain and Oil, with a commitment for net profits of at least 50 million CNY, 55 million CNY, and 60 million CNY for the years 2018, 2019, and 2020 respectively, totaling a minimum of 165 million CNY over three years[173]. - The company has made significant investments in agricultural infrastructure and technology innovation, with new subsidies of ¥10,190,000.00 for agricultural efficiency and technology promotion[139]. - The company has actively pursued mergers and acquisitions to expand its operational capabilities and market reach[120]. - The company completed a total external equity investment of ¥372,040,000 during the reporting period, including an investment of ¥366,540,000 to acquire a 51.25% stake in Jin Tai Yang Grain and Oil[144]. Compliance and Governance - The company has made long-term commitments to avoid competition with its subsidiaries and to minimize related party transactions[168]. - The company will adhere to the land lease agreement with the Agricultural Reclamation Group, ensuring no arbitrary adjustments to lease fees[170]. - The company has engaged Tianjian Accounting Firm for nine years, with an audit fee of 155,000 CNY[175]. - The company has outlined measures to reduce future related party transactions as part of its long-term strategy[168]. - The company has not proposed any share buyback plans during the reporting period, indicating a focus on dividend distribution instead[165].

Financial Performance - Operating revenue for the period from January to September was ¥5,169,846,536.16, representing a significant increase of 60.40% year-on-year[18]. - Net profit attributable to shareholders was ¥387,054,802.95, a decrease of 13.04% compared to the same period last year[18]. - The net cash flow from operating activities was -¥39,914,622.94, a decline of 229.27% compared to the previous year[18]. - Basic earnings per share decreased by 12.50% to ¥0.28[20]. - Total revenue for Q3 2019 reached ¥2,086,678,326.41, a significant increase from ¥1,158,398,444.63 in Q3 2018, representing an 80% year-over-year growth[53]. - The net profit for the first nine months of 2019 was ¥1,431,631,281.84, slightly down from ¥1,432,588,816.63 in the same period of 2018[51]. - The total revenue for the first three quarters of 2019 reached approximately ¥1.60 billion, while the total revenue for the same period in 2018 was approximately ¥1.66 billion, indicating a slight decline of about 4.0%[64]. - The total profit for the first three quarters was CNY 125,508,833.90, compared to CNY 66,767,269.16 in the previous year, reflecting a growth of about 88%[70]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥7,682,486,472.81, an increase of 9.98% compared to the end of the previous year[18]. - The company’s total assets increased significantly due to the acquisition, impacting various financial metrics positively and negatively[29]. - Total liabilities rose to CNY 1,627,895,343.17 from CNY 1,300,928,049.05, reflecting an increase of approximately 25%[43]. - The total liabilities amounted to ¥1,300,928,049.05, with current liabilities totaling ¥1,079,049,984.14[88]. - The total equity attributable to shareholders reached ¥5,594,099,929.06, contributing to total equity of ¥5,684,489,270.78[90]. Cash Flow - The net cash flow from operating activities was negative at RMB -39,914,622.94, a decline of 229.27% compared to the previous period[29]. - Cash inflow from operating activities totaled CNY 2,156,271,508.95, an increase of 5.5% compared to CNY 2,043,165,609.41 in the same period last year[80]. - Cash inflow from investment activities totaled CNY 7,128,499,309.12, compared to CNY 6,573,519,891.27 in the same period last year, showing an increase of about 8.4%[76]. - The cash outflow from financing activities was CNY 738,840,969.59, up from CNY 370,834,062.39 in the previous year, indicating a significant increase of approximately 99%[78]. - The ending balance of cash and cash equivalents was CNY 277,388,000.73, down from CNY 339,012,547.73 in the previous year[82]. Shareholder Information - The total number of shareholders at the end of the reporting period was 59,500[22]. - The largest shareholder, Jiangsu Agricultural Reclamation Group Co., Ltd., held 67.84% of the shares[22]. Operational Metrics - The operating cost was RMB 4,527,772,040.38, reflecting a 71.82% increase year-on-year[29]. - The gross profit margin for the first nine months of 2019 was approximately 19.5%, up from 18.1% in the same period of 2018[53]. - The company reported a significant increase in accounts receivable, which rose by 116.98% to RMB 346,053,389.39, attributed to the consolidation of Jin Taiyang Grain and Oil's receivables[29]. - The company’s short-term borrowings increased by 86.23% to RMB 228,292,645.94, mainly due to the consolidation of Jin Taiyang Grain and Oil's debts[29]. Government Support and Other Income - The company received government subsidies amounting to ¥40,539,285.39 during the reporting period[21]. - The company reported a total of ¥19,898,005.36 in non-operating income for the period[21]. - The company’s other income increased by 38.98% to RMB 181,694,817.05, driven by agricultural support subsidies[29].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 3,083,168,209.75, representing a 49.33% increase compared to CNY 2,064,676,403.76 in the same period last year [24]. - The net profit attributable to shareholders for the first half of 2019 was CNY 234,500,679.16, a decrease of 21.21% from CNY 297,632,957.66 in the previous year [24]. - The net cash flow from operating activities was negative CNY 174,322,270.15, a decline of 237.30% compared to CNY 126,968,767.48 in the same period last year [24]. - The total assets at the end of the reporting period were CNY 7,569,058,350.45, an increase of 8.36% from CNY 6,985,417,319.83 at the end of the previous year [24]. - The net assets attributable to shareholders at the end of the reporting period were CNY 5,553,000,608.22, a decrease of 0.73% from CNY 5,594,099,929.06 at the end of the previous year [24]. - Basic earnings per share for the first half of 2019 were CNY 0.17, down 22.73% from CNY 0.22 in the same period last year [25]. - The weighted average return on net assets was 4.14%, a decrease of 1.46 percentage points from 5.60% in the previous year [28]. - Non-recurring gains and losses totaled CNY 48,080,656.20 for the reporting period [32]. - The company reported a decrease in net profit after deducting non-recurring gains and losses, amounting to CNY 186,420,022.96, a decline of 20.35% from CNY 234,044,682.54 in the previous year [24]. Risk Management - The company has detailed potential risks in the report, specifically in the section discussing operational conditions [7]. - The report includes a risk statement regarding potential operational challenges [7]. - The company faces significant risks from natural disasters affecting crop yields, which could severely impact operational performance [77]. - The fluctuation in raw material prices, particularly for sunflower seed oil, rapeseed oil, and soybean oil, poses a risk to the profitability of the edible oil business [77]. - The company has reported a risk of goodwill impairment related to the acquisition of Jintai Sun Grain and Oil if expected profits are not realized [79]. - The company is exposed to risks from product quality issues that could damage its brand reputation and lead to economic claims [77]. - The company is subject to risks from changes in government subsidy policies, particularly those related to agricultural support, which could significantly affect profitability [80]. Corporate Governance - The board of directors confirmed that all members attended the board meeting [5]. - The financial report for the first half of 2019 has not been audited [5]. - The company has not provided any guarantees that violate decision-making procedures [7]. - There are no significant litigation or arbitration matters reported during the reporting period [91]. - The company has disclosed its daily related party transactions, including land leasing and product sales to related parties [93]. - The company has appointed Tianjian Accounting Firm as its auditing agency for the fiscal year 2019, following approval from the board and shareholders [91]. Strategic Developments - The company completed the acquisition of Jintai Sun Grain and Oil, expanding its health oil industry and enhancing its agricultural product line, which aims to improve economic efficiency and core competitiveness [34]. - The company has established a traceability system for agricultural products, with 726,000 acres of rice planting bases traceable as of the end of 2018, ensuring product quality and safety [38]. - The company has established stable partnerships with major supermarket chains, enhancing its market reach and brand recognition [38]. - The company has developed a vertical integration management model, enhancing operational efficiency and collaboration across the entire industry chain [45]. - The company has formed a strategic cooperation with major suppliers to ensure agricultural material supply, covering an area of 3.25 million mu [54]. Agricultural Operations - The company operates a full industry chain in agriculture, focusing on rice and wheat planting, seed production, and processing, with a strong emphasis on self-operated planting bases and modern agricultural practices [34]. - The rice processing capacity is designed for 375,000 tons per year, with actual production reaching nearly 240,000 tons in 2018, primarily targeting the Jiangsu, Zhejiang, and Shanghai markets [38]. - The company’s edible oil subsidiary, Jintai Sun Grain and Oil, has a refining capacity of over 270,000 tons and an annual bottling capacity of 300,000 tons, focusing on high-end edible oils [38]. - The company’s seed production business operates under a "company + base" model, ensuring quality and quantity of seed raw materials through its own large-scale planting bases [35]. - The company has developed 41 major crop varieties and obtained 14 plant variety rights certificates through its wholly-owned subsidiary, Dahua Seed Industry [49]. Shareholder Information - The total number of common shareholders as of the end of the reporting period is 65,141 [124]. - The largest shareholder, Jiangsu Agricultural Reclamation Group Co., Ltd., holds 934,896,426 shares, accounting for 67.84% of total shares [124]. - The top ten shareholders include Jiangsu Agricultural Reclamation Group Co., Ltd. and several social security funds, with the second-largest shareholder holding 33,800,000 shares, representing 2.45% [124]. - The company has not disclosed any significant accounting errors or changes in accounting policies during the reporting period [126]. - The company’s controlling shareholder remains Jiangsu Agricultural Reclamation Group Co., Ltd., with no changes in actual control reported [126]. Community Engagement - The company has established a leadership group for industrial assistance to enhance the effectiveness of poverty alleviation efforts [110]. - The company aims to continue its sustainable development strategy in the second half of 2019, focusing on industry assistance and project management [117]. - The company has created a long-term assistance mechanism with economically weak villages through agricultural production integration [110]. - The company has facilitated employment for 2,500 local impoverished individuals through various agricultural projects [116]. - During the reporting period, the company organized 24 agricultural production training sessions, benefiting 1,807 participants [116].

Financial Performance - Operating revenue rose by 39.58% to CNY 1,271,048,494.66, primarily due to the consolidation of Jin Sun Grain and Oil Co., Ltd.[12] - Net profit attributable to shareholders decreased by 13.44% to CNY 124,127,520.15 compared to the same period last year[12] - Basic and diluted earnings per share decreased by 10.00% to CNY 0.09[12] - The company experienced a decline in net profit and cash flow due to lower sales prices of rice and seeds compared to the previous year[12] - The company's operating revenue for the first quarter increased by 39.58% year-on-year, reaching RMB 1,271,048,494.66[26] - Operating profit for Q1 2019 was CNY 56,504,567.94, compared to CNY 66,958,008.28 in Q1 2018, indicating a decrease of about 15%[56] - Total profit for Q1 2019 was CNY 56,713,353.40, compared to CNY 67,111,719.62 in Q1 2018, reflecting a decrease of about 15%[56] - Net profit for Q1 2019 was CNY 53,031,012.63, down from CNY 67,111,719.62 in Q1 2018, representing a decline of approximately 21%[59] Cash Flow and Liquidity - Net cash flow from operating activities dropped by 187.31% to -CNY 98,051,539.37 compared to the previous year[12] - The company reported a net cash flow from operating activities of -RMB 98,051,539.37, a decline of 187.31% year-on-year[26] - Cash inflow from investment activities totaled 2,186,037,012.57 CNY, compared to 1,114,250,229.61 CNY in the prior period, reflecting a strong increase in investment returns[65] - The net cash flow from investment activities was 40,072,744.05 CNY, recovering from a negative cash flow of -125,851,757.62 CNY previously, showing improved investment management[65] - The cash inflow from operating activities was 357,399,106.51 CNY, down from 1,002,124,811.26 CNY, highlighting a decline in sales or service revenue[69] - The total cash and cash equivalents at the end of the period were 586,373,984.96 CNY, down from 604,336,499.12 CNY, reflecting a decrease in liquidity[67] Assets and Liabilities - Total assets increased by 7.39% to CNY 7,501,626,488.82 compared to the end of the previous year[12] - The company's total assets increased to approximately ¥7.50 billion as of March 31, 2019, compared to ¥6.99 billion at the end of 2018, reflecting a growth of about 7.4%[40] - The company's total liabilities reached approximately ¥1.43 billion, up from ¥1.30 billion at the end of 2018, indicating an increase of about 9.9%[40] - Total liabilities decreased from ¥1,204,911,031.25 to ¥943,538,235.45, a reduction of about 21.7%[47] - The company's accounts receivable increased significantly to approximately ¥364.72 million, compared to ¥160.39 million at the end of 2018, marking an increase of 127.5%[34] - Current liabilities totaled approximately ¥1.08 billion, while total liabilities reached approximately ¥1.30 billion[77] Shareholder Information - The company had a total of 62,825 shareholders at the end of the reporting period[19] - The largest shareholder, Jiangsu Agricultural Reclamation Group Co., Ltd., held 67.84% of the shares[19] Government Support and Subsidies - The company received government subsidies amounting to CNY 16,752,923.09 related to its normal business operations[16] - The company received agricultural support subsidies amounting to RMB 18,200,000, contributing to other income growth of 215.90%[26] Inventory and Costs - The operating cost rose by 55.09% year-on-year, amounting to RMB 1,085,951,766.53[26] - The company's inventory as of March 31, 2019, was approximately ¥2.36 billion, representing an increase of 16.1% from ¥2.03 billion at the end of 2018[34] - The cash outflow for purchasing goods and services was 1,151,740,461.97 CNY, compared to 531,229,634.93 CNY previously, showing increased operational costs[65] Investment and Equity - The company experienced a 72.50% increase in investment income, totaling RMB 15,956,974.81[26] - The company's total equity increased to approximately ¥6.07 billion as of March 31, 2019, compared to ¥5.68 billion at the end of 2018, reflecting a growth of about 6.9%[40] - The total equity attributable to shareholders was approximately ¥5.59 billion, contributing to total equity of approximately ¥5.68 billion[80] Research and Development - Research and development expenses decreased to ¥4,135,386.81 from ¥4,821,789.67, a decline of about 14.2%[50] - Research and development expenses for Q1 2019 were CNY 1,580,779.01, down from CNY 1,870,119.18 in Q1 2018, reflecting a reduction of approximately 16%[56]

Financial Performance - The company's operating revenue for 2018 was approximately CNY 4.88 billion, an increase of 13.16% compared to CNY 4.32 billion in 2017[26]. - The net profit attributable to shareholders for 2018 was approximately CNY 605.44 million, reflecting an 8.66% increase from CNY 557.20 million in 2017[26]. - The net cash flow from operating activities decreased by 43.22% to CNY 351.63 million in 2018 from CNY 619.24 million in 2017[26]. - The total assets at the end of 2018 were approximately CNY 6.99 billion, a 5.67% increase from CNY 6.61 billion at the end of 2017[26]. - The basic earnings per share for 2018 was CNY 0.44, a decrease of 2.22% compared to CNY 0.45 in 2017[27]. - The weighted average return on equity for 2018 was 11.25%, down 2.62 percentage points from 13.87% in 2017[27]. - The company reported a net profit of CNY 160.33 million in Q4 2018, with a quarterly revenue of CNY 1.66 billion[30]. - The company achieved a consolidated revenue of CNY 4.884 billion in 2018, representing a growth of 13.16% compared to the previous year[55]. - The net profit attributable to shareholders reached CNY 605 million, an increase of 8.66% year-on-year[55]. Dividend Policy - The company plans to distribute a cash dividend of 2 RMB per 10 shares, totaling 275.6 million RMB (including tax) based on a total share capital of 1,378,000,000 shares as of the end of 2018[7]. - The company distributed a cash dividend of 2 RMB per 10 shares, totaling 212 million RMB, which accounts for 38.05% of the distributable profit for the year 2017[131]. - In 2018, the company maintained a cash dividend policy that aligns with the guidelines set by the China Securities Regulatory Commission, ensuring a stable and reasonable distribution to shareholders[128]. - The company reported a net profit of 60.54 million RMB for the year 2018, with a dividend payout ratio of 45.52%[132]. - The company’s profit distribution plan for 2018 included no stock dividends, maintaining a focus on cash dividends to shareholders[132]. Audit and Compliance - The company has received a standard unqualified audit report from Tianjian Accounting Firm, ensuring the accuracy and completeness of the financial report[6]. - The company's financial report is guaranteed to be true, accurate, and complete by its responsible personnel[6]. - The company has not engaged in non-operational fund occupation by controlling shareholders or related parties[9]. - The company has not violated decision-making procedures in providing guarantees[9]. - Tianjian Accounting Firm has been retained for eight years, with an audit fee of RMB 150,000 for the current year[142]. - The company has no significant litigation or arbitration matters in the current year[143]. - The company has not encountered any major accounting errors or changes in accounting policies during the reporting period[140]. Business Operations - The company's main business includes rice and wheat planting, seed production, and rice processing, with a focus on a full industry chain model[38]. - The company reported a total non-operating income of approximately ¥127.55 million, with a significant increase from the previous period's ¥68.26 million, reflecting a growth of 87.0%[35]. - The company has established a vertically integrated management model, achieving a unified control over resources, assets, and personnel across its core industries of seed and rice production[46]. - The company has cultivated 41 major crop varieties and obtained 11 plant variety rights certificates, showcasing its strong agricultural innovation capabilities[46]. - The company has developed a series of 28 high-end rice products, including selenium-rich and organic rice, leveraging low-temperature grain storage technology[46]. - The company has established a traceability system for agricultural products, covering 726,000 mu of rice planting area by the end of 2018[39]. - The company launched a new wholly-owned subsidiary, Suqian Agricultural Service, to enhance agricultural social services and integrate modern agricultural service platforms[38]. - The company is expanding its product line by acquiring Jin Tai Yang Grain and Oil, focusing on the health oil industry, although the acquisition was not completed by the reporting period's end[38]. - The company has established stable business relationships with major supermarket chains, enhancing its market reach for rice products[41]. Market and Industry Trends - The seed industry has seen a significant consolidation, with the top 50 companies holding a 35% market share, indicating a trend towards larger, more competitive enterprises[43]. - The rice processing industry is facing overcapacity and intense competition, pushing companies towards scale, branding, and industrialization[43]. - The company is positioned to benefit from the ongoing trend of agricultural industrialization and technological innovation in grain production[43]. - The company is focusing on improving product quality and optimizing product structure to counteract the adverse effects of increased self-seeding capabilities among farmers[81]. - The company is enhancing its agricultural product quality safety control systems and food safety traceability systems to improve its core competitiveness[81]. Risks and Challenges - The company has detailed potential risks in its report, particularly in the section discussing future development and risks[9]. - The company faces risks from natural disasters affecting crop yields, which could significantly impact agricultural production[124]. - The company faces risks related to agricultural insurance policies, which may only cover partial losses from severe natural disasters, potentially impacting product yield and quality[126]. - There are quality risks associated with seed production that could lead to significant economic claims and damage to the company's brand image[126]. - The company is exposed to land transfer risks due to the complexities of rural land use and potential disputes over land rights[126]. - Changes in tax incentives could adversely affect the company's financial performance, as it currently benefits from various tax exemptions[126]. - The company is at risk from potential changes in government subsidy policies, particularly those related to agricultural support, which could significantly impact profitability[126]. Research and Development - The company has a total of 104 R&D personnel, making up 0.93% of the total workforce[74]. - The company's total R&D investment amounted to ¥34,016,208.57, representing 0.7% of total revenue[74]. - Research and development expenses increased by 12.43% to ¥34,016,208.57, indicating a focus on innovation[60]. - The company is focused on technological innovation to improve agricultural research and development capabilities[123]. Agricultural Services and Community Engagement - The company has established 12 industrial poverty alleviation projects, with an investment amount of 798,327.43 RMB[189]. - The company provided vocational skills training with an investment of 50,000 RMB, benefiting 240 individuals[189]. - The company actively engaged in volunteer activities, conducting 272 events with 819 volunteers during the reporting period[191]. - The company donated a total of 543,230 RMB for various charitable activities, including a donation of 150,000 RMB to the Red Cross[191]. - The company aims to continue its poverty alleviation efforts in 2019, focusing on sustainable development and industry assistance[190]. Land and Resource Management - The company has contracted 993,627 acres of farmland with the Agricultural Reclamation Group since December 2011, with an annual rental fee of 360 RMB per acre[93]. - The contracted area was adjusted to 972,380 acres in December 2016, with the rental fee increasing to 398.33 RMB per acre[93]. - As of the fall sowing of 2018, the company has transferred approximately 218,000 acres of farmland from local farmers[93]. - The company has signed various land transfer agreements with local governments to enhance its agricultural production capacity[93]. - The company has rental agreements for land use with various local governments, with lease terms extending until 2028[150]. Financial Management - The company entrusted a total of 175,000,000 RMB in bank wealth management products sourced from raised funds, with an unexpired balance of 155,000,000 RMB[154]. - The company also entrusted 60,000,000 RMB in bank wealth management products sourced from its own funds, with an unexpired balance of 45,000,000 RMB[154]. - The annualized return rates for various bank wealth management products ranged from 3.5% to 4.55%[157]. - The company fully recovered various amounts from wealth management products with different return rates[157]. - The company has plans for future wealth management entrustments, indicating ongoing investment strategies[157]. Corporate Governance - The company has a long-term commitment to avoid any activities that may constitute competition with its subsidiaries[138]. - The company will adhere to the land lease agreement with the Agricultural Reclamation Group, ensuring no arbitrary adjustments to lease fees[138]. - The company has a plan to stabilize its stock price if it falls below net asset value within three years post-listing[138]. - The company has committed to reducing future related party transactions[138]. - The company has a long-term commitment to avoid related party transactions with the Agricultural Reclamation Group[138].

Financial Performance - Net profit attributable to shareholders of the listed company was ¥445,107,716.28, up 14.97% year-on-year, driven by increased sales of wheat and financial income from self-owned and raised funds[8] - Operating revenue for the first nine months was ¥3,223,074,848.39, representing a 14.64% increase compared to the same period last year[7] - Basic earnings per share decreased by 23.81% to ¥0.32, primarily due to an increase in total shares from 800 million to 1.378 billion after capital increases[9] - Net profit attributable to shareholders after deducting non-recurring gains and losses fell by 7.11% to ¥343,314,458.10, mainly due to a sluggish seed market and declining gross margins[8] - The company reported a significant increase in income tax expenses, up 256.06% to ¥21,060,616.35, reflecting higher taxable income[19] - Total profit for the first nine months of 2018 was ¥469,848,441.81, compared to ¥395,257,395.01 in the same period of 2017, marking a 18.8% increase[36] Cash Flow - Net cash flow from operating activities improved significantly to ¥30,877,262.42, a turnaround from a negative cash flow of ¥32,396,511.95 in the previous year[7] - The company achieved a net cash flow from operating activities of ¥30,877,262.42, a 195.31% increase compared to the previous year[19] - Cash flow from operating activities for the first nine months of 2018 was approximately ¥30.88 million, a significant improvement from a negative cash flow of ¥32.40 million in the same period last year[43] - The net cash flow from investing activities was CNY -548,057,093.68, an improvement from CNY -1,972,055,606.17 in the previous year, reflecting a reduction in cash outflow by about 72.2%[46] Assets and Liabilities - Total assets at the end of the reporting period reached ¥6,661,885,268.84, an increase of 0.78% compared to the end of the previous year[7] - The total number of shareholders at the end of the reporting period was 67,575, with the largest shareholder holding 67.84% of the shares[14] - Total current assets increased to CNY 5,166,002,713.15 from CNY 5,095,886,429.95, reflecting a growth of 1.37%[27] - Total liabilities decreased to CNY 1,145,873,566.27 from CNY 1,332,868,730.11, a reduction of 14.05%[29] - Owner's equity increased to CNY 5,516,011,702.57 from CNY 5,277,682,474.58, reflecting a growth of 4.53%[29] Investments and Capital - The company’s total capital increased by 30.00% to ¥1,378,000,000.00 due to a capital reserve conversion[22] - Long-term investments rose to CNY 8,824,000.00, indicating a new investment strategy[27] - The company reported a total cash outflow from investing activities of CNY 6,768,344,351.29, which is significantly higher than the previous year's outflow of CNY 1,976,345,783.41[46] Market Strategy - The company plans to continue expanding its market presence and enhancing product offerings to drive future growth[8] - The company is focused on expanding its market presence and enhancing product offerings through strategic investments and partnerships[17] Inventory and Sales - The inventory of wheat decreased by 30.40% compared to the same period last year, while sales volume increased by 84.11%[18] - The company’s cash inflow from sales of goods and services for the first nine months was CNY 1,627,278,380.53, representing an increase from CNY 1,495,035,814.15 year-on-year[45]

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2018, representing a year-on-year increase of 15%[11]. - The net profit attributable to shareholders was 200 million RMB, up 10% compared to the same period last year[11]. - The company's operating revenue for the first half of the year reached ¥2,064,676,403.76, an increase of 12.04% compared to the same period last year[20]. - Net profit attributable to shareholders was ¥297,632,957.66, reflecting an 11.45% increase year-over-year[20]. - The net profit after deducting non-recurring gains and losses decreased by 8.54% to ¥234,044,682.54, primarily due to reduced rice sales and a decline in seed market margins[23]. - The company reported a total profit of ¥317,801,899.13, an increase from ¥273,244,961.47 in the previous year[116]. - The company's total comprehensive income for the first half of 2018 was ¥301,110,714.89, up from ¥269,175,831.21 in the prior year[116]. Future Outlook - Future outlook indicates a projected revenue growth of 12% for the second half of 2018, driven by increased demand for agricultural products[11]. - The company plans to continue expanding its agricultural product sales, focusing on wheat and rice markets[29]. - The company is focusing on expanding its market presence and enhancing product development strategies to drive future growth[107]. Market Expansion and User Growth - The company expanded its user base by 20%, reaching a total of 500,000 active users in the agricultural services sector[11]. - Market expansion plans include entering two new provinces, aiming to increase market share by 5% by the end of 2018[11]. - The company has established a vertically integrated management model and a collaborative development approach across the entire industry chain, enhancing profitability trends[36]. Investment and Development - The company is investing 50 million RMB in new product development, focusing on high-yield seed varieties and advanced agricultural technologies[11]. - The company established two wholly-owned or controlled subsidiaries, focusing on horticulture and agricultural social services[30]. - The company launched 60 new research projects and achieved 30 new varieties through national and provincial collaborations[44]. Financial Integrity and Compliance - The company has no non-operational fund occupation by controlling shareholders or related parties, ensuring financial integrity[5]. - There are no violations of decision-making procedures regarding external guarantees, maintaining compliance with regulations[5]. - The board of directors confirmed the accuracy and completeness of the financial report, ensuring accountability[6]. Risks and Challenges - The company has identified potential risks in its future development, including market volatility and regulatory changes[5]. - The company faces risks including natural disasters affecting crop yields, product quality issues, land transfer risks, changes in tax incentives, and fluctuations in agricultural policy subsidies[62][63][64]. Shareholder and Equity Information - The company distributed a cash dividend of ¥2 per 10 shares, totaling ¥212,000,000, which accounted for 38.05% of the distributable profit for the year[23]. - The company has proposed no profit distribution or capital reserve fund transfer for the half-year period, with 0 shares for bonus shares, dividends, or capital increase per 10 shares[69]. - The company has implemented a capital reserve increase plan, resulting in an increase of 318,000,000 shares, bringing the total share capital to 1,378,000,000 shares[90]. Asset and Liability Management - Total assets at the end of the reporting period were ¥6,763,262,824.15, up 2.31% from the previous year[20]. - Total liabilities amounted to ¥1,394,015,733.15, an increase of 4.6% from ¥1,332,868,730.11[108]. - Owner's equity reached ¥5,369,247,091.00, up from ¥5,277,682,474.58, indicating a growth of 1.7%[109]. Cash Flow and Financing Activities - The net cash flow from operating activities dropped by 51.43% to ¥112,802,417.68, attributed to increased procurement of reserve grains[20]. - Financing cash inflow was CNY 209,900,000.00, down 91.7% from CNY 2,530,488,500.00 in the previous period[122]. - The ending cash and cash equivalents balance was CNY 592,674,771.52, down 25.1% from CNY 792,451,758.95 in the previous period[122]. Agricultural Practices and Innovations - The company emphasizes agricultural technology innovation, focusing on the integration of production, learning, research, and promotion to enhance its modern agricultural technology system[37]. - The company has built a traceability system covering 726,000 acres of rice planting area by the end of 2017[31]. - The company has developed dozens of green and organic food varieties, all certified by authoritative departments[85]. Compliance and Governance - The company has retained Tianjian Accounting Firm for the 2018 audit, with a financial audit fee of 1.5 million yuan and internal control audit fee of 300,000 yuan[73]. - There are no significant litigation or arbitration matters reported during the period[73]. - The company has disclosed daily related party transactions, including land leasing and product sales to related parties[75].