2020 年第一季度报告 公司代码：603668 公司简称：天马科技 福建天马科技集团股份有限公司 2020 年第一季度报告 2020 年 4 月 1 / 24 2020 年第一季度报告 一、 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 24 2020 年第一季度报告 单位：元 币种：人民币 一、 重要提示 2.1 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。 2.2 公司全体董事出席董事会审议季度报告。 2.3 公司负责人陈庆堂、主管会计工作负责人许梦华及会计机构负责人（会计主管人员）宋荣保 证季度报告中财务报表的真实、准确、完整。 2.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.5 主要财务数据 | --- | --- | --- | --- | --- | |--------------------------------------------- ...

Financial Performance - The company's operating revenue for 2019 was approximately CNY 2.43 billion, representing a 41.72% increase compared to CNY 1.71 billion in 2018 [25]. - Net profit attributable to shareholders decreased by 26.01% to CNY 56.85 million from CNY 76.84 million in the previous year [25]. - The net cash flow from operating activities increased significantly by 202.52% to CNY 745.60 million, up from CNY 246.46 million in 2018 [25]. - The company's total assets grew by 23.49% to CNY 2.73 billion, compared to CNY 2.21 billion at the end of 2018 [25]. - The weighted average return on equity decreased to 5.35%, down 3.15 percentage points from 8.50% in 2018 [25]. - The company reported a significant increase in expenses related to the special aquatic feed segment, totaling CNY 71.20 million, which was an increase of CNY 7.46 million year-over-year [25]. - The company experienced a decline in basic earnings per share, which fell by 30.77% to CNY 0.18 from CNY 0.26 in 2018 [25]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 42.58 million, a decrease of 33.98% from CNY 64.49 million in 2018 [25]. - The company reported a total of CNY 19.40 million in government subsidies recognized as non-recurring gains in 2019, compared to CNY 6.65 million in 2018 [28]. - The company's cash and cash equivalents decreased by CNY 205.73 million, a reduction of 37.22%, primarily due to the acquisition of Fujian Hualong Group Feed Co., Ltd. [55]. Strategic Developments - The company implemented a strategic focus on expanding its feed segment and entering the special aquatic product distribution and aquatic food sectors [25]. - The acquisition of 72% of Hualong Group's shares allowed the company to enter the livestock and poultry feed sector, contributing 31.03% to total revenue in 2019 [35]. - The company completed the acquisition of 90% of Xilong Food, enhancing its position in the seafood sales and food business, which represented 12.82% of total revenue in 2019 [35]. - The company aims to create the world's largest grilled eel platform, with its "Eel Hall" brand gaining consumer recognition [35]. - The company is expanding its animal health product series in Southeast Asia, aligning with its "Belt and Road" development strategy [37]. - The company aims to enhance procurement efficiency and reduce operational risks through its centralized procurement strategy, which is designed to maximize overall benefits [43]. - The company plans to enhance its technological development by establishing national-level research platforms and recruiting high-level talent, including postdoctoral researchers [126]. - The company intends to expand its business vertically and horizontally across the entire agricultural value chain, from raw material trading to food processing [122]. Research and Development - The company has launched 29 diverse animal health products, focusing on ecological formulations and nutritional health [37]. - The company has achieved significant technological advancements in its feed products, with some receiving national patents and awards [38]. - The company has developed 6 patented feed products for seedling stage fish, including specialized feeds for various fish species, contributing to its innovation in aquaculture [40]. - The company has received recognition for its contributions to the development of high-quality duck feed, achieving awards for its innovative projects in the industry [41]. - The company has established strategic partnerships with several universities and research institutions, enhancing its research and development direction and talent cultivation [61]. - The company invested 67.61 million CNY in research and development, which accounted for 2.78% of total operating revenue [100]. Market and Industry Trends - The global demand for animal-based food products is projected to double by 2050, with fish and dairy products expected to see a twofold increase [54]. - The overall market for aquatic product processing in China remains underdeveloped, with processing rates significantly below the global average, indicating substantial growth potential [54]. - The production of special aquatic feed in China increased from 752,400 tons in 2006 to 1,746,800 tons in 2018, with a compound annual growth rate of 7.3%, surpassing the industry average growth rate of approximately 5% during the same period [52]. - The company reported a 3.9% growth in the agricultural and sideline food processing industry in 2019, with stable aquatic product output around 64.5 million tons [67]. Corporate Governance and Compliance - The company has committed to not engaging in any business that competes with its listed operations, ensuring no direct or indirect competition from related parties [145]. - The commitment to avoid related party transactions is based on fair and reasonable principles, ensuring that any necessary transactions are conducted at market prices [146]. - The company has outlined specific measures to ensure compliance with legal and regulatory requirements regarding related party transactions [146]. - The company has maintained a good integrity status without any adverse credit issues during the reporting period [156]. - The company has no significant litigation or arbitration matters during the reporting period [156]. Social Responsibility and Environmental Initiatives - The company reported a total of 86.79 million RMB invested in poverty alleviation efforts during the reporting period [184]. - The company engaged in special poverty alleviation efforts, including donations totaling 1.4 million RMB to various charitable organizations [184]. - The company has prioritized hiring graduates from impoverished areas and registered impoverished individuals [187]. - The company emphasizes environmental protection as a key part of its sustainable development strategy, implementing various energy-saving measures [192]. - The company invested approximately 22.33 million yuan in the construction of three new wastewater treatment systems, which will meet the Class I discharge standards upon completion [193]. Financial Management and Investments - The total amount of convertible bonds issued by the company was CNY 305 million, with a face value of CNY 100 per bond [198]. - The company converted CNY 301,976,000 worth of convertible bonds into shares during the reporting period, resulting in 41,024,100 shares being issued [199]. - The company has a plan to issue convertible bonds and has committed to measures to offset any dilution of immediate returns [150]. - The company has a share reduction plan where, after the lock-up period, it can reduce its holdings by no more than 15% of the total shares held each year for two years [149].

Financial Performance - Operating revenue for the period from January to September was ¥1,647,129,703.91, representing a year-on-year increase of 38.44%[20] - Net profit attributable to shareholders of the listed company was ¥72,379,097.08, a slight increase of 0.94% compared to the same period last year[20] - The company reported a net profit margin improvement, with net profit for the first three quarters of 2019 reaching ¥103,711,923.68, compared to ¥89,000,000.00 in the same period of 2018[48] - The net profit for Q3 2019 reached CNY 30.09 million, up from CNY 21.19 million in the same period last year, representing a growth of 42.4%[53] - The total profit for Q3 2019 was CNY 33.68 million, compared to CNY 22.78 million in Q3 2018, marking a 47.8% increase[53] Cash Flow - The net cash flow from operating activities improved to -¥99,004,433.37, a 67.63% improvement from -¥305,815,574.49 in the previous year[20] - The company reported a net cash flow from operating activities of CNY -99,004,433.37, an improvement of 67.63% compared to CNY -305,815,574.49 in the previous period[30] - In the first three quarters of 2019, the company generated cash inflows from operating activities amounting to ¥1,381,995,891.91, an increase of 46.5% compared to ¥944,366,689.40 in the same period of 2018[56] - The net cash flow from investment activities was -¥225,781,293.87 for the first three quarters of 2019, compared to -¥150,371,688.59 in the previous year[57] - The company’s financing activities resulted in a net cash outflow of -¥24,472,772.81 in the first three quarters of 2019, contrasting with a net inflow of ¥256,736,225.09 in the same period of 2018[57] Assets and Liabilities - Total assets at the end of the reporting period reached ¥2,904,217,845.40, an increase of 31.55% compared to the end of the previous year[20] - The company's total liabilities rose to CNY 1,459,319,464.40 from CNY 1,245,603,126.66, reflecting an increase of approximately 17.2%[41] - The total current liabilities were CNY 863,253,460.05, indicating a significant short-term financial commitment[68] - The company’s long-term assets totaled 591,956,802.85 RMB, an increase of 1.2% from 585,244,375.97 RMB[62] - The total non-current liabilities stood at CNY 243,305,884.97, suggesting manageable long-term obligations[63] Equity and Shareholder Information - The net assets attributable to shareholders of the listed company increased by 24.92% to ¥1,191,294,932.47 compared to the previous year[20] - The equity attributable to shareholders increased to CNY 1,191,294,932.47 from CNY 953,653,306.98, showing a growth of about 25%[41] - The company plans to repurchase shares at a price not exceeding CNY 12 per share, with a total fund amount between CNY 60 million and CNY 120 million[32] - The total comprehensive income for Q3 2019 was CNY 27.70 million, compared to CNY 20.53 million in Q3 2018, reflecting a growth of 35.0%[50] - The total comprehensive income showed a negative adjustment of CNY 7,321,794.07, impacting overall equity[63] Operational Highlights - The company completed the acquisition of Fujian Hualong Group Feed Co., Ltd., which was included in the consolidated financial statements from August[22] - The company completed the acquisition of 72% of Hualong Group, with a total transaction price of CNY 178,099,800[32] - The company is focusing on expanding its market presence through strategic acquisitions and investments in new projects[27] - The company anticipates continued growth in sales and operational performance in the upcoming quarters[27] - The company’s accounts payable surged by 218.81% to CNY 244,935,534.26, driven by increased raw material purchases and the acquisition of Hualong Group[30] Inventory and Receivables - Accounts receivable increased by 83.66% to ¥697,713,052.35, driven by sales growth during peak season and the inclusion of Hualong Group's receivables[27] - Inventory rose by 62.17% to ¥690,018,991.49, attributed to increased orders and preparations for peak production periods[27] - The company reported a significant increase in inventory, with figures rising to CNY 690,018,991.49 from CNY 425,479,088.59[38] - Accounts receivable increased significantly to CNY 697,713,052.35 from CNY 379,901,829.50, marking an increase of about 83.7%[38] - The company reported a decrease in credit impairment losses of CNY 11.65 million in Q3 2019, compared to CNY 18.85 million in Q3 2018[53]

Financial Performance - The company's operating revenue for the first half of 2019 was RMB 855,673,712.74, representing a 12.14% increase compared to RMB 763,013,043.81 in the same period last year[22]. - The net profit attributable to shareholders of the listed company was RMB 52,536,145.27, which is a 3.41% increase from RMB 50,805,730.16 in the previous year[22]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was RMB 47,224,901.70, up 8.15% from RMB 43,664,888.44 in the same period last year[22]. - The total profit for the same period was CNY 62.49 million, reflecting a year-on-year growth of 4.50%[51]. - The company's total assets reached CNY 2.32 billion, growing by 5.06% compared to the end of the previous year, while total liabilities decreased by 7.80% to CNY 1.15 billion[51]. - The total comprehensive income for the period was RMB 71,036,915.50, up from RMB 57,432,170.12 in the prior year, reflecting a growth of approximately 23.6%[147]. - The company's net profit margin for the first half of 2019 was approximately 9.2%, compared to 9.9% in the same period of 2018, reflecting a slight decline in profitability[149]. Cash Flow and Liquidity - The net cash flow from operating activities was negative at RMB -291,118,892.18, an improvement from RMB -367,102,538.20 in the previous year[22]. - Cash and cash equivalents decreased by 50.98%, from CNY 552.69 million at the beginning of the year to CNY 270.91 million, primarily due to increased orders and prepayments for raw materials[43]. - The net cash flow from operating activities improved to -¥291,118,892.18, an increase from -¥367,102,538.20 in the previous period, mainly due to higher cash receipts from sales[68]. - Cash inflows from operating activities amounted to CNY 773.15 million, up from CNY 553.21 million in the first half of 2018, representing an increase of approximately 39.9%[152]. - The cash and cash equivalents at the end of the period were CNY 128.16 million, down from CNY 252.39 million at the end of the first half of 2018[153]. Assets and Liabilities - Total assets at the end of the reporting period were RMB 2,319,528,929.62, reflecting a 5.06% increase from RMB 2,207,758,687.57 at the end of the previous year[22]. - The company's total liabilities decreased to CNY 1,148,423,438.63 from CNY 1,245,603,126.66, reflecting a decline of approximately 7.79%[140]. - The company's equity attributable to shareholders reached CNY 1,158,921,190.33, compared to CNY 953,653,306.98, marking an increase of around 21.51%[140]. - The company's asset-liability ratio was 49.51%, a decrease of 6.91 percentage points from the end of the previous year (56.42%)[120]. Research and Development - Research and development expenses amounted to RMB 22,527,185.78, a slight increase of 0.87% from RMB 22,332,710.75, reflecting the company's commitment to innovation[68]. - The company has invested ¥2,252.72 million in R&D for high-efficiency feed products during the reporting period[62]. - The company has established strategic partnerships with several universities and research institutions to enhance its R&D capabilities[46]. Market Position and Strategy - The company is a leading producer of specialized aquatic feed, with its eel feed products maintaining the highest sales in the country[30]. - The company is actively expanding into the animal health, food, and livestock feed industries, enhancing its vertical and horizontal integration in the feed industry[30]. - The company plans to implement a "technology + service" strategy to enhance brand influence and customer loyalty, aiming to become the largest supplier in the specialty aquaculture feed industry[57]. - The company is focusing on diversifying its product structure and expanding market share through mergers and acquisitions[57]. Shareholder and Governance - The company did not distribute profits or increase capital reserves in the first half of 2019, with no dividends or stock bonuses declared[86]. - The actual controller and major shareholders committed to not engaging in competitive businesses that may conflict with the company's operations, effective from June 3, 2019, and valid indefinitely[87]. - The company has established a clear framework for managing shareholdings post-IPO, including penalties for non-compliance with reduction commitments[90][91]. Environmental and Social Responsibility - The company has engaged in various poverty alleviation efforts, including industrial development support and educational assistance[107]. - The company donated a total of 1.5 million RMB for poverty alleviation projects during the reporting period, including 500,000 RMB to the Ningde ethnic village project and 1 million RMB to the Quanzhou Charity Association[109]. - The company emphasizes a combination of long-term and short-term benefits in its poverty alleviation strategies, focusing on targeted assistance and industry development[111]. Compliance and Risk Management - The company has established strict confidentiality measures to protect its core technologies from leakage, which is vital for maintaining its market position[80]. - The company faces market competition risks from both national and regional feed enterprises, prompting strategies to enhance market share and customer development[78]. - Environmental regulations are impacting the aquaculture industry, leading to adjustments in production capacity and operational strategies[81].

1 股票简称：天马科技 股票代码：603668 公告编号：2019-090 转债简称：天马转债 转债代码：113507 转股简称：天马转股 转股代码：191507 福建天马科技集团股份有限公司 关于参加2019年福建辖区上市公司 投资者集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连带责任。 为便于广大投资者更深入全面地了解公司情况、发展战略、经营状况、融资 计划、股权激励、可持续发展等投资者所关心的问题，福建天马科技集团股份有 限公司（以下简称"公司"） 定于 2019 年 7 月 18 日下午 14:00-17:00 参加由福建 证监局协同深圳市全景网络有限公司组织开展的 2019 年福建辖区上市公司投资 者集体接待日活动。现将有关事项公告如下： 本次集体接待日活动将在深圳市全景网络有限公司提供的网上平台，采取网 络远程的方式举行，投资者可以登录"全景•路演天下"网站（http://rs.p5w.net/）或 关注微信公众号：全景财经（微信号：p5w2012），参与公司本次投资者集体接 待日活动，活动时间 ...

Financial Performance - Operating revenue for the period was CNY 355,072,889.10, representing an increase of 16.41% year-on-year[11]. - Net profit attributable to shareholders was CNY 14,214,744.24, down 18.26% from the previous year[11]. - Basic earnings per share were CNY 0.05, a decrease of 16.67% compared to the previous year[11]. - The company reported a net profit of CNY 1,197,211.85 after adjustments for non-recurring gains and losses[16]. - Total revenue for Q1 2019 was CNY 355,072,889.10, an increase of 16.4% compared to CNY 305,028,134.50 in Q1 2018[46]. - Net profit for Q1 2019 was CNY 13,624,491.16, a decrease of 21.5% from CNY 17,322,661.97 in Q1 2018[46]. - The total comprehensive income attributable to the parent company was CNY 16,192,130.97, down from CNY 23,788,030.63 in the previous year[50]. - The total profit for Q1 2019 was CNY 17,105,624.27, compared to CNY 16,047,011.98 in the previous year, indicating growth[51]. Cash Flow - Net cash flow from operating activities was CNY -224,910,646.24, compared to CNY -201,817,912.77 in the same period last year[11]. - The cash flow from operating activities showed a net outflow of CNY -224,910,646.24, compared to CNY -201,817,912.77 in the same quarter last year[55]. - Cash inflow from operating activities totaled 108,934,461.27 RMB in Q1 2019, down from 114,822,328.86 RMB in Q1 2018, reflecting a decrease of approximately 5.2%[60]. - Cash outflow from operating activities increased to 384,566,189.56 RMB in Q1 2019, compared to 275,130,310.90 RMB in Q1 2018, representing a rise of about 39.7%[60]. - The net cash flow from investing activities was -44,521,884.31 RMB in Q1 2019, worsening from -21,690,318.10 RMB in Q1 2018[60]. - The net cash flow from financing activities was -37,739,378.25 RMB in Q1 2019, compared to -82,317,612.15 RMB in Q1 2018, showing an improvement[60]. - The cash and cash equivalents net increase for Q1 2019 was -357,584,250.27 RMB, compared to -264,424,681.67 RMB in Q1 2018, indicating a worsening cash position[60]. Assets and Liabilities - Total assets at the end of the reporting period were CNY 2,172,812,138.45, a decrease of 1.58% compared to the end of the previous year[11]. - The company's total assets decreased to CNY 1,912,244,113.35 from CNY 2,025,629,547.48, a decline of 5.6%[43]. - Total liabilities decreased to CNY 903,151,550.20 from CNY 1,126,531,867.22, a reduction of 19.9%[43]. - The company's total liabilities decreased by 40.53% in bonds payable to RMB 141,315,496.79 from RMB 237,619,984.63, due to the conversion of convertible bonds into company stock[20]. - Total liabilities reached ¥1,246,268,751.66, reflecting a decrease of ¥1,485,865.20 from the prior period[70]. - Total current liabilities amounted to $980,335,703.58, down from $1,002,962,866.69, a decrease of approximately 2.26%[35]. - Non-current liabilities decreased to $148,017,005.75 from $243,305,884.97, a decline of approximately 39.2%[35]. Shareholder Information - The total number of shareholders at the end of the reporting period was 21,640[16]. - The largest shareholder, Chen Qingtang, held 27.32% of the shares, with a total of 86,548,557 shares[16]. - The company’s net assets attributable to shareholders increased by 8.52% year-on-year, reaching CNY 1,034,166,322.07[11]. - Shareholders' equity increased to $1,044,459,429.12 from $961,489,935.91, an increase of about 8.63%[35]. Research and Development - Research and development expenses rose by 33.84% to RMB 11,212,007.85, driven by the company's strategic focus on developing new feed products and improving existing product performance[22]. - Research and development expenses for Q1 2019 were CNY 11,212,007.85, compared to CNY 8,377,394.81 in Q1 2018, an increase of 33.5%[46]. - Research and development expenses increased to CNY 9,285,627.13, up from CNY 6,922,899.06 in Q1 2018, reflecting a focus on innovation[50]. Other Financial Metrics - The weighted average return on equity decreased to 1.51%, down 0.58 percentage points from the previous year[11]. - The company's cash and cash equivalents decreased by 58.96% to RMB 226,825,342.19 from RMB 552,687,937.90, mainly due to increased orders requiring upfront payments for raw materials[20]. - The company reported a significant increase of 80.69% in taxes payable, amounting to RMB 12,397,076.26, attributed to higher income and value-added taxes[20]. - The financial expenses for Q1 2019 were CNY 2,060,814.89, significantly higher than CNY 984,019.04 in the same period last year, indicating increased borrowing costs[50].

Financial Performance - The company’s financial report covers the period from January 1, 2018, to December 31, 2018[12]. - The company's operating revenue for 2018 was approximately ¥1.51 billion, representing a year-over-year increase of 32.55% compared to ¥1.14 billion in 2017[21]. - Net profit attributable to shareholders decreased by 19.06% to approximately ¥73.55 million in 2018 from ¥90.86 million in 2017[21]. - The net cash flow from operating activities significantly increased by 168.54% to approximately ¥244.01 million in 2018, compared to ¥90.87 million in 2017[21]. - The company's total assets grew by 28.74% to approximately ¥2.13 billion at the end of 2018, up from ¥1.66 billion at the end of 2017[21]. - The basic earnings per share decreased by 19.35% to ¥0.25 in 2018 from ¥0.31 in 2017[21]. - The weighted average return on equity was 8.3% in 2018, down from 12.01% in 2017, primarily due to increased expenses related to the "Ten Fish" strategy and the establishment of 24 sub-business units[21]. - The company achieved a revenue of CNY 1,506.18 million in 2018, representing a year-on-year growth of 32.55%[62]. - The total profit for the period was CNY 84.86 million, a decrease of 20.21% compared to the previous year[62]. - The net profit attributable to the parent company was CNY 73.55 million, down 19.06% year-on-year[62]. Dividend Policy - The company plans to distribute a cash dividend of 0.50 RMB per 10 shares to all shareholders, pending approval at the 2018 annual general meeting[6]. - The cash dividend for 2018 is calculated based on a total share capital of 299,769,202 shares, with the actual amount to be confirmed on the record date[121]. - The cash dividends for the past three years were 0.65 RMB (2017), 0.50 RMB (2018), and 0.80 RMB (2016) per 10 shares, with corresponding payout ratios of 21.23%, 20.38%, and 21.12% respectively[119]. - The total cash dividends paid in 2017 represented 21.23% of the net profit attributable to ordinary shareholders[119]. - The company does not plan to issue new shares or convert capital reserves into share capital for the 2018 fiscal year[120]. Audit and Compliance - The company reported a standard unqualified audit opinion from its accounting firm, ensuring the accuracy and completeness of the financial report[5]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[8]. - The company has not conducted any capital reserve transfers to increase share capital during the reporting period[6]. - The company has appointed Deloitte Touche Tohmatsu CPA Ltd. as its auditing firm for the reporting period[19]. - The company has not encountered any non-standard audit opinions from its accounting firm[129]. - The company has not reported any significant accounting errors or changes in accounting policies that would affect its financial statements[132]. Research and Development - The company plans to continue expanding its sales and technical teams to enhance research and development capabilities as part of its long-term strategy[21]. - The company invested approximately 55.95 million yuan in R&D for high-efficiency feed products, focusing on species like eel and grouper[52]. - The company’s R&D expenses increased by 50.63% to CNY 55.95 million, reflecting a focus on innovation[64]. - The company has established strategic partnerships with several universities and research institutions to enhance its research and development capabilities[44]. - The company established a research and development team consisting of professionals in animal nutrition, aquaculture, and aquatic disease management, enhancing its innovation capabilities[46]. Market Position and Strategy - The company is a national high-tech enterprise specializing in the research, production, and sales of special aquatic feed, with a comprehensive product range covering five major series[33]. - The core product, eel feed, has maintained the highest sales volume in the country, while other products like yellow croaker and grouper feed rank among the top in the domestic market[33]. - The company is actively expanding into the animal health and food industries, extending its feed industry chain both vertically and horizontally[33]. - The company aims to achieve the top market share in ten specific varieties of special aquatic feed products in the short term, enhancing its competitive position[55]. - The company will implement a "Ten Fish" strategy to become the market leader in ten specific types of special aquatic feed products[102]. Operational Management - The company has established a "center + subsidiary" operational model, with 10 wholly-owned subsidiaries and 3 controlling subsidiaries to support its business development[35]. - Over 90% of the company's raw material procurement is conducted through a centralized purchasing model, ensuring quality control and cost reduction[35]. - The company employs an order-based production model, requiring customers to provide feed demand information at least 3 days in advance[36]. - The sales strategy combines direct sales and distribution, adapting to market maturity and scale of aquaculture operations in different regions[36]. - The company has implemented a procurement management model combining centralized and authorized purchasing, effectively controlling raw material costs and ensuring stable supply[47]. Environmental and Social Responsibility - The company invested CNY 1.86 million in the installation of three sets of flue gas treatment equipment for steam boilers, ensuring compliance with national emission standards[160]. - The company actively participated in environmental protection initiatives, including a public welfare activity for marine debris cleanup and a feed bag recycling program[160]. - The company has committed to increasing its poverty alleviation efforts and enhancing measures to ensure the long-term stability of poverty alleviation projects[154]. - The company provided CNY 1.501 million to support the basic security for impoverished disabled individuals and contributed CNY 840,000 for charitable activities during the Double Ninth Festival[161]. - The company has established the "Chen Shanfu Teaching Award Fund" to support educational public welfare initiatives[151]. Shareholder and Governance - The company has committed to not transferring or entrusting shares held by major shareholders for a period of 36 months post-IPO[123]. - The company has a plan to ensure that any violations of share transfer commitments will result in penalties, including forfeiture of cash dividends equivalent to the amount gained from unauthorized share sales[123]. - The company will announce any share reduction intentions three trading days in advance, ensuring transparency in its shareholding changes[123]. - The company has established a policy to ensure compliance with legal regulations regarding share reductions after the lock-up period[125]. - The company has implemented an equity incentive plan, with various shareholders having shares that will unlock in a phased manner over the next 48 months[192].

2018 年第三季度报告 公司代码：603668 公司简称：天马科技 转债代码：113507 转债简称：天马转债 福建天马科技集团股份有限公司 2018 年第三季度报告 2018 年 10 月 1 / 19 | 目录 | | --- | | 一、 | 重要提示 | 3 | | --- | --- | --- | | 二、 | 公司基本情况 | 3 | | 三、 | 重要事项 | 6 | | 四、 | 附录 | 8 | 2018 年第三季度报告 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员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 公司负责人陈庆堂、主管会计工作负责人许梦华及会计机构负责人（会计主管人员）吴丽萍 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 单位：元 币种：人民币 | | 本报告期末 | | 上年度末 | | 上年度末增减(%) | 本报告期末比 | | | --- | --- ...

Financial Performance - The company's operating revenue for the first half of 2018 was approximately ¥641.1 million, representing a 45.06% increase compared to ¥442.0 million in the same period last year[16]. - The net profit attributable to shareholders for the first half of 2018 was approximately ¥51.2 million, a 10.22% increase from ¥46.5 million in the previous year[16]. - The basic earnings per share for the first half of 2018 were ¥0.17, up 6.25% from ¥0.16 in the same period last year[17]. - The net profit after deducting non-recurring gains and losses for the first half of 2018 was approximately ¥43.9 million, a 15.13% increase from ¥38.1 million in the same period last year[16]. - The company achieved a revenue of 641.10 million yuan in the first half of 2018, representing a year-on-year growth of 45.06%[36]. - The net profit attributable to the parent company was 512.26 million yuan, an increase of 10.22% compared to the previous year[36]. - Operating profit for the current period was ¥59,558,522.65, representing an increase of 16% from ¥51,165,108.87 in the previous period[147]. - Net profit for the current period was ¥51,082,217.29, up 10% from ¥46,299,727.32 in the prior period[149]. - The total profit for the current period was ¥60,204,513.51, compared to ¥54,270,399.28 in the previous period, reflecting an increase of 11%[147]. Cash Flow and Financial Position - The net cash flow from operating activities for the first half of 2018 was negative at approximately -¥373.1 million, compared to -¥271.7 million in the same period last year[16]. - The company's cash and cash equivalents increased by 124.66% to ¥364,434,454.86 from ¥162,214,663.11 year-on-year[56]. - The net cash flow from operating activities was -373,073,872.87 RMB, compared to -271,737,955.39 RMB in the previous period, indicating a decline in operational cash flow[155]. - Total cash inflow from financing activities was 631,522,793.32 RMB, an increase from 536,166,491.79 RMB in the prior period[156]. - The total cash and cash equivalents at the end of the period were 245,898,009.75 RMB, compared to 74,184,182.28 RMB at the end of the previous period[156]. - The company reported a cash balance of RMB 364.43 million as of June 30, 2018, down from RMB 496.86 million at the beginning of the period[141]. - The company reported a cash outflow of 120,000,000.00 RMB related to investment activities, which was not present in the previous period[157]. Assets and Liabilities - The total assets at the end of the reporting period were approximately ¥1.95 billion, reflecting a 17.56% increase from ¥1.66 billion at the end of the previous year[16]. - The company's total liabilities amounted to 1,001.95 million yuan, reflecting a growth of 20.21% from the previous year[37]. - The asset-liability ratio stood at 51.41%, an increase of 1.14 percentage points compared to the previous year[37]. - The total liabilities increased to ¥1,001,950,362.64 from ¥833,513,734.50, reflecting a growth of about 20.2%[142]. - Total equity increased to ¥947,170,455.56 from ¥824,515,485.13, reflecting a growth of around 14.9%[143]. Research and Development - The company invested 22.33 million yuan in R&D for high-efficiency feed products, focusing on species like eel, Chinese soft-shelled turtle, and grouper[45]. - The company has developed six patented feed products for early-stage seedling feed, enhancing growth performance and convenience for aquaculture[23]. - The company is committed to continuous innovation and development in its product lines to enhance market competitiveness[22]. - Research and development expenses grew by 29.09% to ¥22,332,710.75 from ¥17,300,567.19 in the previous year[53]. Market and Competition - The company specializes in the research, production, and sales of special aquatic feed, covering five major series of products[22]. - The eel feed product line remains the top seller in the domestic market, with a leading technical level recognized nationally[22]. - The company has achieved significant sales volume in various feed categories, maintaining a competitive position in major aquaculture regions[22]. - The company faces market competition risks from both national and regional aquatic feed enterprises, prompting strategies to enhance market share and customer development[63]. Shareholder and Governance - The company has initiated a stock incentive plan, granting 2.964 million restricted shares to 96 individuals to enhance governance and attract talent[48]. - The actual controller and shareholders have committed to not transferring or entrusting the management of their shares for 36 months post-IPO, with specific restrictions on share transfers during their tenure[73]. - The company has established a governance structure including a shareholders' meeting, board of directors, and supervisory board[177]. - The company will retain any illegal proceeds from share reductions by shareholders, which will be deducted from their cash dividends[75]. Environmental and Social Responsibility - The company has implemented strict environmental management practices, ensuring that emissions comply with national standards and no environmental pollution incidents occurred during the reporting period[105]. - The company continues to focus on social responsibility and poverty alleviation efforts, including education and industry support[92]. - The company invested CNY 74,300 in support of impoverished disabled individuals during the reporting period[89]. - The company helped 5 impoverished disabled individuals through its support initiatives[89]. Future Plans and Strategies - The company plans to expand its market presence by establishing a division in Malaysia and targeting Southeast Asian markets, following a "go global" strategy[44]. - The company plans to invest over CNY 650 million in the construction of a production base and high-end aquatic trial base in Jiangsu Province[61]. - The company has established 19 segmented business units to enhance marketing and resource allocation, aiming for precise marketing management[44]. - The company plans to continue expanding its capital base and exploring new investment opportunities to enhance shareholder value[163].

Financial Performance - The company's operating revenue for 2017 was ¥1,136,350,115.22, representing a 34.69% increase compared to ¥843,663,373.78 in 2016[24] - The net profit attributable to shareholders for 2017 was ¥90,860,161.82, a 13.16% increase from ¥80,293,463.34 in 2016[24] - The net cash flow from operating activities increased by 181.33% to ¥90,865,315.43 in 2017, compared to ¥32,299,033.03 in 2016[24] - The total assets of the company at the end of 2017 were ¥1,658,029,219.63, an increase of 68.53% from ¥983,832,616.84 at the end of 2016[24] - The net assets attributable to shareholders increased by 80.37% to ¥821,296,629.03 at the end of 2017, compared to ¥455,336,467.36 at the end of 2016[24] - The basic earnings per share for 2017 was ¥0.31, a decrease of 13.89% from ¥0.36 in 2016[25] - The basic earnings per share (EPS) after deducting non-recurring gains and losses was CNY 0.28, a decrease of 12.50% compared to CNY 0.32 in the previous year[26] - The weighted average return on equity (ROE) decreased by 7.12 percentage points to 12.01% from 19.13% in the previous year[26] - The company's cash and cash equivalents increased by 35,491,240 yuan, a growth of 250.03% year-on-year, primarily due to increased sales receipts[44] - The company's inventory rose by 19,779,730 yuan, an increase of 110.59%, attributed to anticipated order growth and stockpiling of key raw materials[44] - The company's fixed assets increased by 13,241,850 yuan, a rise of 63.89%, due to the completion of construction projects and asset acquisitions[44] - The company reported a net profit of 1,295.74 million CNY from Fujian Tianma Feed Co., Ltd., while Hainan Tianma Biotechnology Co., Ltd. incurred a net loss of 5.33 million CNY[84] Dividend and Share Capital - The company plans to distribute a cash dividend of ¥0.65 per 10 shares, totaling ¥19,292,000.00, subject to shareholder approval[8] - The company distributed a cash dividend of 0.8 RMB per 10 shares, totaling 16,960,000 RMB for the year 2016, with a remaining undistributed profit of 164,631,597.13 RMB[105] - For the year 2017, the proposed cash dividend is 0.65 RMB per 10 shares, amounting to 19,292,000 RMB, with an undistributed profit of 214,253,505.68 RMB[105] - The company plans to increase its share capital by 84,800,000 shares through a capital reserve conversion, with a ratio of 4 shares for every 10 shares held[105] - The company approved the public issuance of 53 million shares at a price of RMB 6.21 per share, increasing total share capital to 212 million shares[147] - A cash dividend of RMB 0.80 per 10 shares was distributed, totaling RMB 16.96 million, and a capital reserve conversion of 84.8 million shares was executed, raising total share capital to 296.8 million shares[147] Market Position and Strategy - The company is a leading producer of special aquatic feed, with its core product, eel feed, maintaining the highest sales volume in the country[36] - The company plans to continue expanding its market presence in the domestic special aquatic feed sector, which is one of the most complete in the industry[36] - The company aims to become the largest supplier in the special aquatic feed industry globally, supported by a comprehensive production and sales network along China's coastal regions[92] - The company plans to establish 10 to 14 segmented business units by the end of 2018 to enhance its sales network across coastal regions of China[98] - The company will actively pursue a "going out" strategy in response to the Belt and Road Initiative, focusing on strategic industry layouts in Southeast Asia and Taiwan[94] - The company is planning to expand its market presence in Southeast Asia, targeting a 25% market share in the region by 2020[112] Research and Development - The company invested over 37 million yuan in the research and development of high-efficiency feed products for species such as eel, soft-shelled turtle, and grouper[52] - The total R&D investment was 37,144,039.06 yuan, accounting for 3.27% of operating income[74] - Research and development expenses increased by 30% in 2017, totaling 300 million RMB, to enhance product offerings and technological advancements[113] - The company will increase its R&D investment to maintain its technological leadership in the special aquatic feed industry, with a focus on developing 20 invention patents in 2018[96] - The company has established strategic partnerships with universities and research institutions to enhance its R&D capabilities in special aquatic feed[46] Operational Efficiency - The company has established a "center + subsidiary" operational model, with eight wholly-owned subsidiaries and one controlling subsidiary, ensuring effective management across procurement, production, R&D, finance, and marketing[39] - Over 90% of the company's raw material procurement is conducted through a centralized purchasing model, which includes key ingredients like fish meal and soybean meal, optimizing cost and quality control[40] - The company has implemented an order-based production model, requiring clients to provide feed demand information at least three days in advance, facilitating efficient production planning[40] - The production capacity was significantly enhanced with the launch of ten new production lines for special aquatic feed, all reaching full production status by September 2017[53] Corporate Governance - The company has established a performance evaluation and incentive mechanism for senior management based on the completion of annual operational indicators[197] - The board of directors has set up four specialized committees: Strategic Decision-Making Committee, Compensation and Assessment Committee, Audit Committee, and Nomination Committee, to enhance corporate governance[191] - The company strictly adheres to the regulations of the China Securities Regulatory Commission and the Shanghai Stock Exchange regarding corporate governance, with no unresolved governance issues[193] - All directors attended 100% of board meetings, with a total of 8 meetings held during the year[195] Social Responsibility - The company donated CNY 500,000 to support poverty alleviation efforts in Dingxi City, Gansu Province[132] - The company allocated CNY 14.85 million for the basic security of impoverished disabled individuals during the reporting period[132] - The company established the "Tianma Scholarship" at Xiamen University to assist outstanding impoverished students[132] - The company has a long-term assistance mechanism with the government to enhance economic development capabilities in impoverished areas[136] - The company prioritizes hiring graduates from impoverished areas and offers preferential pricing policies to support local farmers[136] Risks and Challenges - The company faces risks from market competition and fluctuations in raw material prices, particularly fishmeal, which constitutes over 90% of its main business costs[100] - The company has faced risks from natural disasters affecting downstream industries, which could impact product demand and overall business performance[101] - The integration trend in the aquaculture feed industry is expected to increase due to intensified competition and structural reforms in agriculture, leading to higher industry concentration[90] Employee Management - The total number of employees in the parent company is 252, while the total number of employees in major subsidiaries is 206, resulting in a combined total of 458 employees[181] - The company has implemented a comprehensive salary structure that includes performance-based wages, annual salaries for middle and senior management, and special talent agreements[182] - The company organizes annual training plans based on personnel knowledge structure and departmental training needs to enhance employee skills[183] - The company has established a robust human resources management system to protect employee rights and provide a conducive working environment[138]