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天域生物(603717.SH)上半年净利润1081.8万元,同比增长73.68%
Ge Long Hui A P P· 2025-08-30 16:50
格隆汇8月29日丨天域生物(603717.SH)发布中报,2025上半年实现营业总收入4.12亿元,同比下降 2.62%;归属母公司股东净利润1081.8万元,同比增长73.68%;基本每股收益为0.0373元。 ...
天域生物6月30日股东户数2.02万户,较上期减少2%
Zheng Quan Zhi Xing· 2025-08-30 10:06
从股价来看,2025年3月31日至2025年6月30日,天域生物区间涨幅为0.14%,在此期间股东户数减少 413.0户,减幅为2.0%。 证券之星消息,近日天域生物披露,截至2025年6月30日公司股东户数为2.02万户,较3月31日减少413.0 户,减幅为2.0%。户均持股数量由上期的1.41万股增加至1.44万股,户均持股市值为10.41万元。 在养殖业行业个股中,天域生物股东户数低于行业平均水平,截至6月30日,养殖业行业平均股东户数 为5.76万户。户均持股市值方面,养殖业行业A股上市公司户均持股市值为41.87万元,天域生物低于行 业平均水平。 | | | | 统计截止日 区间股价涨跌幅 股东户数 增减 增减比例 户均持股市值 (元) 户均持股数(股) | | | | --- | --- | --- | --- | --- | --- | | 2025-06-30 | 0.14% | 20200 -413 | -2.00% | 10.41万 | 1.44万 | | 2025-03-31 | -10.06% | 20613 -346 | -1.65% | 10.19万 | 1.41万 | | 20 ...
天域生物:保持稳中求进发展策略 上半年经营业绩持续向好
Zheng Quan Shi Bao· 2025-08-29 16:34
Group 1 - The company reported a slight decrease in revenue of 2.62% year-on-year, totaling 412 million yuan for the first half of 2025, while net profit attributable to shareholders increased significantly by 73.68% to 10.82 million yuan [1] - The company achieved a net cash flow from operating activities of 89.83 million yuan, reflecting a growth of 55.07% year-on-year, indicating ongoing improvement in operational performance [1] - The company is focusing on a development strategy centered around "ecology" and is actively pursuing a "digital intelligence" transformation to enhance business efficiency and quality [1] Group 2 - The company has expanded its ecological agriculture strategy by integrating biotechnology into the production and sales of red yeast products, health foods, and agricultural products, with red yeast product capacity increasing by 36.78 tons and sales revenue rising by 734.95 thousand yuan [2] - The company is exploring transitions into new energy and infrastructure sectors, particularly focusing on photovoltaic and energy storage projects, which serve as a supplement to its ecological environment engineering business [2] - The ecological energy business has signed contracts for several distributed photovoltaic power generation projects, generating green power revenue of 14.90 million yuan [2]
天域生物:保持稳中求进发展策略 上半年经营业绩持续向好
Core Viewpoint - Tianyu Bio (603717) reported a slight decrease in revenue but a significant increase in net profit for the first half of 2025, indicating a positive trend in operational performance [2] Group 1: Financial Performance - The company achieved operating revenue of 412 million yuan, a year-on-year decrease of 2.62% [2] - The net profit attributable to shareholders was 10.82 million yuan, a year-on-year increase of 73.68% [2] - The net cash flow from operating activities was 89.83 million yuan, reflecting a year-on-year growth of 55.07% [2] Group 2: Business Strategy - The company maintains a steady development strategy focused on "ecology" and aims for business upgrades through "digital intelligence" [2] - It is steadily developing its ecological agricultural and food business, including pig farming and agricultural product sales, while strategically shrinking its ecological environment business [2] - The company is actively embracing new production capabilities, such as artificial intelligence, to enhance quality and efficiency [2] Group 3: Agricultural Business Development - The company improved breeding efficiency and product quality through five key areas: biosecurity, herd health management, major disease prevention, breeding management, and production management [2] - It achieved pig sales of 204,200 heads, an increase of 21.52%, and pig farming revenue of 312 million yuan, an increase of 17.49% [2] Group 4: Product Expansion - The company is developing biotechnology-based red yeast products, health foods, and agricultural products, positioning healthy ecological food as a strategic breakthrough [3] - The production capacity of red yeast products increased by 36.78 tons, with sales revenue rising by 734.95 thousand yuan [3] Group 5: Renewable Energy Initiatives - The company is exploring transitions into renewable energy and new infrastructure, focusing on photovoltaic and energy storage solutions as part of its ecological environment engineering business [3] - It signed contracts for several distributed photovoltaic power generation projects, generating green power revenue of 14.89 million yuan [3]
天域生物上半年净利润同比增长73.68%
Zheng Quan Ri Bao Wang· 2025-08-29 13:14
Group 1 - The core viewpoint of the article highlights Tianyu Bio's strong performance in the first half of 2025, achieving a revenue of 412 million yuan and a net profit of 10.818 million yuan, representing a year-on-year growth of 73.68% [1] - The company is focusing on a "digital transformation" strategy to enhance quality and efficiency, actively embracing applications of artificial intelligence and optimizing resource allocation for the ecological agriculture and energy sectors [1] - In the ecological livestock business, the company sold 204,214 pigs, a year-on-year increase of 21.52%, generating 312 million yuan in revenue, which is a 17.49% increase compared to the previous year [1] Group 2 - The company is developing a series of red yeast products and health foods, positioning healthy ecological food as a strategic breakthrough to support its ecological agriculture strategy [2] - The production capacity of red yeast products increased by 36.78 tons year-on-year, with sales revenue rising by 734.95 thousand yuan [2] - In the ecological energy sector, the company has made progress in expanding its business, signing contracts for distributed photovoltaic power generation projects, achieving a green power revenue of 14.8976 million yuan from 6.30 MW of projects connected to the grid [2]
天域生物: 第四届董事会第四十四次会议决议公告
Zheng Quan Zhi Xing· 2025-08-29 11:12
证券代码:603717 证券简称:天域生物 公告编号:2025-072 天域生物科技股份有限公司 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法律责任。 一、董事会会议召开情况 天域生物科技股份有限公司(以下简称"公司")第四届董事会第四十四次 会议(以下简称"本次会议")通知于 2025 年 08 月 19 日以电子邮件方式发出, 本次会议于 2025 年 08 月 29 日上午 10:00 在公司会议室以现场结合通讯表决方 式召开。本次会议应到董事 9 人,实到董事 9 人。本次会议由公司董事长罗卫国 先生主持,公司部分高级管理人员列席会议。 本次会议的通知、召开、表决程序符合《中华人民共和国公司法》、 《公司章 二、董事会会议审议情况 本次会议审议并通过了如下议案: (一)《<2025 年半年度报告>及其摘要》 具体内容详见公司在上海证券交易所官方网站上发布的《2025 年半年度报 告》及《2025 年半年度报告摘要》。 表决结果:9 票同意、0 票反对、0 票弃权、0 票回避。 本议案已经第四届董事会审计委员会第二十六次会议事 ...
天域生物: 第四届监事会第三十七次会议决议公告
Zheng Quan Zhi Xing· 2025-08-29 11:12
Group 1 - The meeting of the Supervisory Board of Tianyu Biotechnology Co., Ltd. was held on August 29, 2025, with all three supervisors present, and the meeting was conducted in accordance with relevant laws and regulations [1][2] - The Supervisory Board approved the "2025 Semi-Annual Report" and its summary, confirming that the report's preparation and review procedures complied with legal and regulatory requirements, and accurately reflected the company's situation [1][2] - The Supervisory Board also approved the special report on the storage and actual use of the company's fundraising for the first half of 2025, with all votes in favor [2]
天域生物(603717) - 第四届监事会第三十七次会议决议公告
2025-08-29 11:08
本公司监事会及全体监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法律责任。 一、监事会会议召开情况 天域生物科技股份有限公司(以下简称"公司")第四届监事会第三十七次 会议(以下简称"本次会议")通知于 2025 年 08 月 19 日以电子邮件方式发出, 本次会议于 2025 年 08 月 29 日上午 11:00 在公司会议室以现场结合通讯表决方 式召开。本次会议应到监事 3 人,实到监事 3 人。本次会议由公司监事会主席汪 陈林先生主持,公司部分高级管理人员列席会议。 本次会议的通知、召开、表决程序,符合《中华人民共和国公司法》、《公司 章程》、《公司监事会议事规则》等相关规定,会议形成的决议合法、有效。 证券代码:603717 证券简称:天域生物 公告编号:2025-073 天域生物科技股份有限公司 第四届监事会第三十七次会议决议公告 本次会议审议并通过了如下议案: 经审核,监事会认为公司 2025 年半年度报告的编制和审核程序符合法律、 行政法规和《公司章程》的相关规定,报告内容真实、准确、完整地反映了公司 2025 年半年度实际经营情况,不存 ...
天域生物(603717) - 第四届董事会第四十四次会议决议公告
2025-08-29 11:07
证券代码:603717 证券简称:天域生物 公告编号:2025-072 天域生物科技股份有限公司 第四届董事会第四十四次会议决议公告 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法律责任。 天域生物科技股份有限公司(以下简称"公司")第四届董事会第四十四次 会议(以下简称"本次会议")通知于 2025 年 08 月 19 日以电子邮件方式发出, 本次会议于 2025 年 08 月 29 日上午 10:00 在公司会议室以现场结合通讯表决方 式召开。本次会议应到董事 9 人,实到董事 9 人。本次会议由公司董事长罗卫国 先生主持,公司部分高级管理人员列席会议。 一、董事会会议召开情况 本次会议审议并通过了如下议案: (一)《<2025 年半年度报告>及其摘要》 具体内容详见公司在上海证券交易所官方网站上发布的《2025 年半年度报 告》及《2025 年半年度报告摘要》。 表决结果:9 票同意、0 票反对、0 票弃权、0 票回避。 本议案已经第四届董事会审计委员会第二十六次会议事前审议通过。 (二)《关于公司 2025 年半年度募集资金存 ...
天域生物(603717) - 2025 Q2 - 季度财报
2025-08-29 10:35
[Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board, supervisors, and management assure the report's accuracy and disclose potential risks and forward-looking statements - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3](index=3&type=chunk) - This semi-annual report has not been audited[5](index=5&type=chunk) - Forward-looking statements regarding future plans and development strategies in this report are subject to various market factors and do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6](index=6&type=chunk) - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of prescribed decision-making procedures[7](index=7&type=chunk)[8](index=8&type=chunk) - The company has detailed potential risk factors in the report; please refer to 'Section III Management Discussion and Analysis', 'V. Other Disclosures', '(I) Risks That May Be Faced'[7](index=7&type=chunk) [Definitions](index=4&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section defines key terms and reporting periods used throughout the semi-annual report - The reporting period refers to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) - Definitions are provided for various types of pigs in swine farming, including piglets, nursery pigs, fattening pigs, great-grandparent breeding pigs, grandparent breeding pigs, and parent breeding pigs[12](index=12&type=chunk) - PPP refers to the Public-Private Partnership model, where government and private sectors form partnerships for public projects, defining rights, obligations, risks, and benefits[12](index=12&type=chunk) - Numbers in this report are generally rounded to two decimal places; discrepancies in table totals versus the sum of individual values are due to rounding[13](index=13&type=chunk) [Company Profile and Key Financial Indicators](index=5&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section provides an overview of the company's basic information and presents its key financial performance metrics [Company Information](index=5&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section discloses the company's basic details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Tianyu Biotechnology Co., Ltd., with the Chinese abbreviation Tianyu Bio[15](index=15&type=chunk) - The company's legal representative is Shi Dongwei[15](index=15&type=chunk) [Contact Persons and Information](index=5&type=section&id=%E4%BA%8C%E3%80%81%E8%81%94%E7%B3%BB%E4%BA%BA%E5%92%8C%E8%81%94%E7%B3%BB%E6%96%B9%E5%BC%8F) This section provides contact details for the Board Secretary and Securities Affairs Representative, including address and communication channels - The Board Secretary is Meng Zhuowei, and the Securities Affairs Representative is Xia Qiaoli[16](index=16&type=chunk) - The contact address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[16](index=16&type=chunk) [Overview of Basic Information Changes](index=5&type=section&id=%E4%B8%89%E3%80%81%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5%E5%8F%98%E6%9B%B4%E7%AE%80%E4%BB%8B) This section outlines changes to the company's registered address, office address, website, and email, including historical modifications - The company's registered address is Room 1206, Building 3, No. 25 Juxian Street, Jiangbei District, Chongqing, and its office address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[17](index=17&type=chunk) - The company's website is http://www.tygf.cn, and its email address is IR@tygf.cn[17](index=17&type=chunk) [Overview of Information Disclosure and Document Custody Location Changes](index=5&type=section&id=%E5%9B%9B%E3%80%81%E4%BF%A1%E6%81%AF%E6%8A%AB%E9%9C%B2%E5%8F%8A%E5%A4%87%E7%BD%AE%E5%9C%B0%E7%82%B9%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5%E7%AE%80%E4%BB%8B) This section lists the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report custody location - The company's selected newspapers for information disclosure include Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[18](index=18&type=chunk) - The website address for the semi-annual report is http://www.sse.com.cn, and the company's semi-annual report is available at the Board Secretary's Office[18](index=18&type=chunk) [Company Stock Overview](index=5&type=section&id=%E4%BA%94%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E7%A5%A8%E7%AE%80%E5%86%B5) This section provides details on the company's stock, including its type, listing exchange, ticker symbol, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with the ticker symbol 'Tianyu Bio' and stock code '603717'[19](index=19&type=chunk) - The previous ticker symbol was 'Tianyu Eco'[19](index=19&type=chunk) [Key Accounting Data and Financial Indicators](index=6&type=section&id=%E4%B8%83%E3%80%81%E5%85%AC%E5%8F%B8%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) This section presents the company's key accounting data and financial indicators for the current and prior year periods, with explanations for significant changes Key Accounting Data (Current Reporting Period Jan-Jun) | Indicator | Amount (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | -2.62 | | Total Profit | 32,634,628.43 | 121.33 | | Net Profit Attributable to Shareholders of Listed Company | 10,818,017.08 | 73.68 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -19,301,739.02 | N/A | | Net Cash Flow from Operating Activities | 89,825,730.55 | 55.07 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 529,557,127.13 | 2.09 | | Total Assets (Period-end) | 3,036,460,559.77 | -5.55 | Key Financial Indicators (Current Reporting Period Jan-Jun) | Indicator | Current Reporting Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Diluted Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | -0.0665 | -0.0106 | N/A | | Weighted Average Return on Net Assets (%) | 2.06 | 0.96 | increased by 1.10 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | -3.68 | -0.47 | decreased by 3.21 percentage points | - Total profit increased compared to the prior year period, primarily due to an increase in asset disposal gains during the reporting period[22](index=22&type=chunk) - Net cash flow from operating activities increased compared to the prior year period, mainly due to a decrease in cash paid for goods and services during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E4%B9%9D%E3%80%81%E9%9D%9E%E7%BB%8F%E5%B8%B8%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%92%8C%E9%87%91%E9%A2%9D) This section details the various non-recurring gains and losses and their respective amounts for the reporting period, totaling **CNY 30,119,756.10** Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions | 24,503,605.81 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 228,440.29 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -143,267.77 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 200,000.00 | | Other non-operating income and expenses apart from the above | 10,167,883.87 | | Less: Income tax impact | 289.61 | | Impact on minority interests (after tax) | 4,836,616.49 | | Total | 30,119,756.10 | [Management Discussion and Analysis](index=8&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E7%AE%A1%E7%90%86%E5%B1%82%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) This section provides management's perspective on the company's operations, financial condition, and future outlook [Explanation of the Company's Industry and Main Business Operations During the Reporting Period](index=8&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E6%89%80%E5%B1%9E%E8%A1%8C%E4%B8%9A%E5%8F%8A%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) The company maintains its 'ecological' core, upgrades with 'digital intelligence,' steadily develops ecological agriculture, animal husbandry, food, and ecological energy businesses, and strategically transforms its ecological environment business [Overview of the Company's Main Business Operations](index=8&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89%E5%85%AC%E5%8F%B8%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1%E6%83%85%E5%86%B5) This section details the operating models, products, and strategic directions of the company's three major business segments, including swine farming, red yeast rice products, health foods, agricultural by-products, distributed photovoltaic power stations, and the transformation of its ecological environment business - The company adheres to 'ecology' as its core business, with 'digital intelligence' as the direction for business upgrades, steadily developing ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back and strategically transforming its ecological environment business[26](index=26&type=chunk) - The ecological agriculture, animal husbandry, and food business primarily focuses on swine farming (self-breeding and 'company + farmer' model) and the production and sale of red yeast rice series products, health foods, and agricultural by-products, accounting for **over 50% of the company's revenue**[27](index=27&type=chunk)[28](index=28&type=chunk)[30](index=30&type=chunk)[31](index=31&type=chunk) - The ecological energy business primarily involves the investment, development, and construction of distributed photovoltaic power station projects, exploring standardization and digital intelligence to improve operational efficiency through blockchain and AI agent technologies[32](index=32&type=chunk) - The ecological environment business is undergoing an orderly contraction, focusing on clearing outstanding payments for key projects and recovering accounts receivable, while transforming to expand into 'new infrastructure' and overseas markets[33](index=33&type=chunk) [Industry Overview of the Company](index=10&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89%E5%85%AC%E5%8F%B8%E6%89%80%E5%A4%84%E8%A1%8C%E4%B8%9A%E6%83%85%E5%86%B5) This section analyzes the current status, development trends, policy support, and challenges facing the swine farming, ecological energy, and ecological environment industries - The swine farming industry is developing towards large-scale, integrated, standardized, intensive, and intelligent operations, with bio-breeding as the mainstream R&D direction, while facing cyclical pig price fluctuations and feed cost impacts on profitability[35](index=35&type=chunk)[36](index=36&type=chunk)[37](index=37&type=chunk) - The ecological energy industry is strongly supported by policies, with a significant increase in new photovoltaic installed capacity, and distributed photovoltaic new installations continuously surpassing centralized photovoltaic installations[38](index=38&type=chunk) - The landscape ecology industry faces a severe external environment, government debt reduction, and difficulties in accounts receivable collection, with the state issuing multiple policies to support the resolution of outstanding payments to private enterprises[39](index=39&type=chunk)[40](index=40&type=chunk) [Discussion and Analysis of Operations](index=11&type=section&id=%E4%BA%8C%E3%80%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E7%9A%84%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) During the reporting period, the company maintained steady development amidst a challenging market, advanced its 'digital intelligence' transformation, achieved results in ecological agriculture, animal husbandry, food, and ecological energy businesses, continued to clear outstanding debts in ecological environment business, leading to an overall improvement in performance - In the first half of 2025, the company achieved operating revenue of **CNY 412.303 million**, a **2.62% YoY decrease**; net profit attributable to shareholders of the listed company was **CNY 10.818 million**, a **73.68% YoY increase**[41](index=41&type=chunk) - Swine sales reached **204,214 heads**, a **21.52% YoY increase**; swine farming revenue was **CNY 311.5323 million**, a **17.49% YoY increase**[42](index=42&type=chunk) - Red yeast rice product capacity increased by **36.78 tons** compared to the prior year period, with sales revenue growing by **CNY 7.3495 million**[42](index=42&type=chunk) - The ecological energy business had **6.30 MW** of projects connected to the grid for power generation, achieving green power generation operating revenue of **CNY 14.8976 million**[44](index=44&type=chunk) - The company is actively exploring 'digital intelligence' transformation and upgrading, planning to introduce smart management systems for large pig farms and AI agent technology to enhance operational management capabilities and business decision-making efficiency[47](index=47&type=chunk) [Analysis of Core Competitiveness During the Reporting Period](index=13&type=section&id=%E4%B8%89%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company's core competitiveness lies in its ecological agriculture, animal husbandry, and food business's advanced farming equipment, regional advantages, and talent team, as well as its ecological technologies and R&D capabilities in comprehensive environmental governance and soil improvement - The swine farming business possesses highly standardized, automated, and intelligent farming equipment, including precision sow feeding systems, body condition recognition, and infrared temperature measurement[49](index=49&type=chunk) - The swine farming business adopts a regional development strategy, focusing on Hubei Province, benefiting from local government support and a complete industrial chain[50](index=50&type=chunk) - The company continuously introduces industry professionals and technical backbones, and collaborates with colleges and universities to cultivate potential talent, possessing a strong talent team advantage[51](index=51&type=chunk) - The company possesses advanced ecological technologies in comprehensive water environment management, soil ecological restoration, and organic waste recycling, which are applied to solve environmental issues in swine farming[52](index=52&type=chunk) - As of the end of the reporting period, the company holds a total of **33 utility model patents** and **8 invention patents**[52](index=52&type=chunk) [Key Operating Performance During the Reporting Period](index=14&type=section&id=%E5%9B%9B%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E4%B8%BB%E8%A6%81%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5) This section analyzes changes in the company's main business financial statement items, the impact of non-core operations on profit, asset and liability status, and investment activities, including equity, financial assets, and derivatives Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | 423,381,788.06 | -2.62 | | Operating Cost | 351,962,266.79 | 360,172,864.67 | -2.28 | | Selling Expenses | 1,899,801.48 | 2,001,667.61 | -5.09 | | Administrative Expenses | 39,662,854.21 | 49,757,802.04 | -20.29 | | Financial Expenses | 16,663,808.43 | -1,788,510.21 | N/A | | R&D Expenses | 7,423,736.22 | 3,459,770.68 | 114.57 | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | 55.07 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | N/A | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | -776.43 | - The change in financial expenses was primarily due to an increase in net interest expenses during the reporting period; the change in R&D expenses was mainly due to increased R&D investment related to ecological energy[53](index=53&type=chunk)[54](index=54&type=chunk) - The significant change in profit from non-core operations this period was primarily due to asset disposal gains of **CNY 25.9116 million**, accounting for **79.40% of total profit**, mainly resulting from the termination and re-signing of pig farm lease contracts[55](index=55&type=chunk) Changes in Asset and Liability Status | Item Name | Current Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Contract Assets | 185,022,030.81 | -45.41 | Mainly due to project settlements during the reporting period | | Non-Current Assets Due Within One Year | 152,714,401.70 | 85.14 | Mainly due to project settlements during the reporting period | | Investment Properties | 6,109,091.23 | 71.91 | Mainly due to adjustment of property use during the reporting period | | Construction in Progress | 44,310,286.17 | 107.33 | Mainly due to new pig farm reconstruction during the reporting period | | Productive Biological Assets | 30,904,975.88 | 35.48 | Mainly due to an increase in sow scale during the reporting period | | Contract Liabilities | 81,432,785.51 | -43.70 | Mainly due to increased project construction during the reporting period | | Taxes Payable | 1,470,739.99 | 30.70 | Mainly due to an increase in corporate income tax payable during the reporting period | | Lease Liabilities | 75,473,419.93 | -32.07 | Mainly due to changes in pig farm leases during the reporting period | - As of the end of the reporting period, the total amount of the company's restricted major assets was **CNY 1,103,080,018.06**, including monetary funds, accounts receivable, long-term receivables, fixed assets, investment properties, right-of-use assets, intangible assets, and other non-current assets[61](index=61&type=chunk) - During the reporting period, the company's live hog futures contracts realized a hedging loss of **CNY 0.1433 million**, effectively mitigating market downside risk through hedging activities[67](index=67&type=chunk) [Other Disclosures](index=20&type=section&id=%E4%BA%94%E3%80%81%E5%85%B6%E4%BB%96%E6%8A%AB%E9%9C%B2%E4%BA%8B%E9%A1%B9) This section details potential risks across the company's business segments, including animal epidemics, feed and live hog price fluctuations, natural disasters for ecological agriculture, animal husbandry, and food; accounts receivable impairment and PPP project implementation risks for ecological environment; and operational management, power station transfer transaction cycle, and policy risks for ecological energy - The ecological agriculture, animal husbandry, and food business faces risks from animal epidemics, feed price fluctuations, live hog price fluctuations, and natural disasters, which could lead to decreased production and sales, increased costs, or losses[70](index=70&type=chunk)[71](index=71&type=chunk)[72](index=72&type=chunk)[73](index=73&type=chunk) - Digital intelligence upgrades for the agricultural and new energy businesses may not progress as expected due to capital investment pressure, talent shortages, and difficulties in technology integration[74](index=74&type=chunk) - The ecological environment business faces risks of impairment losses due to large balances of accounts receivable, contract assets, and long-term receivables, as well as risks in PPP project implementation affected by policy adjustments and financing environment[75](index=75&type=chunk)[76](index=76&type=chunk) - The ecological energy business faces operational management risks (capital-intensive, high operational difficulty) and uncontrollable transaction cycles for power station transfers and sales, as well as policy risks (fluctuating transaction prices, lengthy approval processes, and a trend towards no subsidies)[77](index=77&type=chunk)[78](index=78&type=chunk)[79](index=79&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E3%80%81%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A) This section covers the company's governance structure, environmental initiatives, and social responsibilities [Profit Distribution or Capital Reserve to Share Capital Increase Plan](index=23&type=section&id=%E4%BA%8C%E3%80%81%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E6%88%96%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E9%A2%84%E6%A1%88) During the reporting period, the company had no plans for profit distribution or converting capital reserves into share capital - There was no profit distribution plan or capital reserve to share capital increase plan for the current reporting period[82](index=82&type=chunk) [Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=23&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E6%9D%83%E6%BF%80%E5%8A%B1%E8%AE%A1%E5%88%92%E3%80%81%E5%91%98%E5%B7%A5%E6%8C%81%E8%82%A1%E8%AE%A1%E5%88%92%E6%88%96%E5%85%B6%E4%BB%96%E5%91%98%E5%B7%A5%E6%BF%80%E5%8A%B1%E6%8E%AA%E6%96%BD%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D) The company completed the cancellation of its 2022 stock option incentive plan during the reporting period, marking the conclusion of the plan's implementation - On April 15, 2025, the company's Board of Directors resolved to cancel **3.555 million stock options** that had been granted but not yet exercised, as the exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant were not met[83](index=83&type=chunk) - On April 25, 2025, the company completed the aforementioned stock option cancellation procedures, and with this cancellation, the company's 2022 stock option incentive plan has been fully implemented[83](index=83&type=chunk) [Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization](index=24&type=section&id=%E4%BA%94%E3%80%81%E5%B7%A9%E5%9B%BA%E6%8B%93%E5%B1%95%E8%84%B1%E8%B4%AB%E6%94%BB%E5%9D%9A%E6%88%90%E6%9E%9C%E3%80%81%E4%B9%A1%E6%9D%91%E6%8C%AF%E5%85%B4%E7%AD%89%E5%B7%A5%E4%BD%9C%E5%85%B7%E4%BD%93%E6%83%85%E5%86%B5) The company actively participates in rural revitalization through a 'company + farmer' cooperation model, settling **CNY 41.6714 million** with **67 cooperative farmers** during the reporting period, with an average settlement of **CNY 0.622 million per household** - The company actively responds to the call for 'rural revitalization' by adopting a 'company + farmer' cooperation model, promoting farmer income growth through resource assistance and standardized management[85](index=85&type=chunk) - In the first half of 2025, the company settled with **67 cooperative farmers**, with a total settlement amount of **CNY 41.6714 million**, and an average settlement amount of **CNY 0.622 million per household**[85](index=85&type=chunk) [Significant Matters](index=25&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details important events and commitments, including their fulfillment status and any ongoing legal or financial implications [Fulfillment of Commitments](index=25&type=section&id=%E4%B8%80%E3%80%81%E6%89%BF%E8%AF%BA%E4%BA%8B%E9%A1%B9%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses the fulfillment status of various commitments made by the company's actual controllers, shareholders, and the company itself, including share lock-ups, resolution of related-party transactions, non-competition, social insurance/housing provident fund liabilities, and return enhancement measures, with specific updates on the recovery progress for unfulfilled performance compensation from Qinghai Juzhiyuan - Promisors such as Luo Weiguo and Shi Dongwei have strictly fulfilled commitments regarding share lock-ups, resolution of related-party transactions, non-competition, bearing social insurance/housing provident fund losses, and return enhancement measures[87](index=87&type=chunk)[89](index=89&type=chunk)[90](index=90&type=chunk)[91](index=91&type=chunk)[92](index=92&type=chunk) - Qinghai Juzhiyuan failed to meet its cumulative net profit commitment attributable to the parent company after deducting non-recurring gains and losses for 2022, 2023, and 2024, and is obligated to compensate the company **CNY 423.7693 million**[93](index=93&type=chunk) - The company has applied for arbitration with the Shanghai Arbitration Commission, which ruled that Mr. Liu Bingsheng must pay the company a one-time cash compensation of **CNY 43.2953 million** for performance commitments, and the company has applied for enforcement[93](index=93&type=chunk)[94](index=94&type=chunk) - The company has filed a shareholder right-to-know lawsuit with the Delingha City People's Court in Qinghai Province to accurately calculate the cash compensation amount due for the three-year performance commitment[94](index=94&type=chunk) - Hubei Tiantun committed that Wuhan Tianqian's annual distributable profit from 2024-2034 will not be less than **CNY 18 million**, with Hubei Tiantun making up any shortfall[94](index=94&type=chunk) [Significant Litigation and Arbitration Matters](index=32&type=section&id=%E4%B8%83%E3%80%81%E9%87%8D%E5%A4%A7%E8%AF%89%E8%AE%BC%E3%80%81%E4%BB%B2%E8%A3%81%E4%BA%8B%E9%A1%B9) This section discloses the progress of the arbitration case between the company and Mr. Liu Bingsheng regarding unfulfilled performance compensation obligations for Qinghai Juzhiyuan, where the arbitration commission ruled that Mr. Liu Bingsheng must pay **CNY 43.2953 million** in compensation and arbitration fees, and the company has applied for enforcement - The company filed an arbitration application with the Shanghai Arbitration Commission regarding Mr. Liu Bingsheng's failure to fulfill his performance compensation obligations, requesting a one-time cash compensation of **CNY 43.2953 million** for performance commitments[95](index=95&type=chunk) - The Shanghai Arbitration Commission ruled that Liu Bingsheng should pay the company a one-time cash compensation of **CNY 43.2953 million** for performance commitments and arbitration fees of **CNY 0.3143 million**[95](index=95&type=chunk) - As Liu Bingsheng failed to fulfill the payment obligations stipulated in the effective arbitration award, the company has applied to the Haixi Mongolian and Tibetan Autonomous Prefecture Intermediate People's Court in Qinghai Province for legal enforcement, which is currently in the execution phase[95](index=95&type=chunk) [Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period](index=32&type=section&id=%E4%B9%9D%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E3%80%81%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E8%AF%9A%E4%BF%A1%E7%8A%B6%E5%86%B5%E7%9A%84%E8%AF%B4%E6%98%8E) During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records - During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records[96](index=96&type=chunk) [Significant Related-Party Transactions](index=33&type=section&id=%E5%8D%81%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) This section discloses the company's daily related-party transactions, asset acquisition related-party transactions, and related-party fund borrowings during the reporting period - Daily related-party transactions: Procurement of raw materials from Hubei Tianyifengtai Biotechnology Co., Ltd. amounted to **CNY 22.4418 million**, which did not exceed the **CNY 120 million** estimated for 2025[97](index=97&type=chunk) - Asset acquisition related-party transaction: The company purchased **22.50% equity** in its controlled subsidiary, Tianqian Food Co., Ltd., from related party Tianyu Yuan (Shanghai) Technology Development Co., Ltd. for **CNY 58 million**, with **CNY 20.74 million** in equity acquisition payments already made[98](index=98&type=chunk) - Related-party fund borrowing: The company borrowed from Tianyu Yuan, controlled by its controlling shareholder Mr. Luo Weiguo, with **CNY 11.8 million** cumulatively borrowed and **CNY 23.55 million** cumulatively repaid this period, resulting in a period-end balance of **CNY 0 million**; cumulative interest accrued this reporting period was **CNY 1.3977 million**[100](index=100&type=chunk)[101](index=101&type=chunk) [Significant Contracts and Their Fulfillment](index=35&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%90%88%E5%90%8C%E5%8F%8A%E5%85%B6%E5%B1%A5%E8%A1%8C%E6%83%85%E5%86%B5) This section discloses changes to the company's pig farm lease contracts, resulting in a **CNY 24.1003 million** gain from the disposal of right-of-use assets, and presents the total amount and proportion of external guarantees and guarantees to subsidiaries - The company's subsidiary, Tianqian Food, terminated the original 'Pig Farm Lease Service Agreement' with Wuhan Haoshun Ecological Agriculture Co., Ltd. and re-signed a new 'Pig Farm Lease Contract,' with adjustments to the lease term and rent[103](index=103&type=chunk) - The termination of the original agreement and the signing of the new 'Pig Farm Lease Contract' resulted in a gain from disposal of right-of-use assets of **CNY 24.1003 million**[104](index=104&type=chunk) Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees (A+B) | 1,127,004,146.42 | | Ratio of Total Guarantees to Company's Net Assets (%) | 217.26 | | Of which: Total Guarantee Balance to Subsidiaries (B) | 1,106,929,146.42 | | Ratio of Guarantee Balance to Subsidiaries to Company's Net Assets (%) | 213.39 | | Debt Guarantee Amount (D) Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 949,627,867.48 | [Explanation of Progress in Use of Raised Funds](index=37&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E4%BD%BF%E7%94%A8%E8%BF%9B%E5%B1%95%E8%AF%B4%E6%98%8E) This section details the overall use of the company's raised funds, specifics of investment projects, initial investments and replacements, and the temporary use of idle raised funds to supplement working capital Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY) | Total Cumulative Investment as of Period-end (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 402,272,000.00 | 332,634,788.44 | 84.45 | - The scheduled usable date for the investment project 'Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area EPC Project' has been extended to December 2025, with **CNY 2,152,910.91** in benefits realized this year[110](index=110&type=chunk) - The company has used its own funds to pay for parts of the investment projects and has replaced them with an equivalent amount of raised funds[113](index=113&type=chunk) - The company continued to use idle raised funds not exceeding **CNY 74 million** to temporarily supplement working capital, which was repaid on August 12, 2025[114](index=114&type=chunk) - The company again approved the continued use of idle raised funds not exceeding **CNY 61.5 million** to temporarily supplement working capital, with a usage period not exceeding twelve months[115](index=115&type=chunk) [Share Changes and Shareholder Information](index=40&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section provides an overview of changes in the company's share capital and details of its shareholders [Changes in Share Capital](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E6%9C%AC%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[118](index=118&type=chunk) [Shareholder Information](index=40&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders as of the end of the reporting period, including share quantity, proportion, restricted shares, and pledge/freeze status - As of the end of the reporting period, the total number of common shareholders was **20,200**[118](index=118&type=chunk) Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Pledge, Freeze Status | | :--- | :--- | :--- | :--- | | Luo Weiguo | 37,251,829 | 12.84 | Pledged 17,000,000 shares, frozen 14,375,524 shares | | Shi Dongwei | 32,338,800 | 11.15 | Pledged 26,000,000 shares, frozen 3,181,856 shares | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Liwangtian No. 42 Private Securities Investment Fund | 22,000,000 | 7.58 | None | | Mao Shiqi | 7,757,737 | 2.67 | None | | Ren Chao | 2,845,300 | 0.98 | None | | Li Jixiang | 2,802,000 | 0.97 | None | | Shanghai Yunran Investment Management Co., Ltd. - Yunran Emerging Growth XI Private Securities Investment Fund | 2,600,000 | 0.90 | None | | Cai Qizuo | 2,568,100 | 0.89 | None | | Dingtai Sifang (Shenzhen) Private Securities Fund Management Co., Ltd. - Dingtai Sifang Fubao Growth No. 3 Private Securities Investment Fund | 2,333,000 | 0.80 | None | | BARCLAYS BANK PLC | 2,191,871 | 0.76 | None | - During the reporting period, Luo Weiguo and Shi Dongwei were parties acting in concert; as of the date of this report, their concerted action relationship has been terminated[121](index=121&type=chunk) - Luo Weiguo's **14,375,524 shares** in the company were judicially frozen; Shi Dongwei's **3,181,856 shares** in the company were judicially frozen[121](index=121&type=chunk) [Information on Directors, Supervisors, and Senior Management](index=42&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%83%85%E5%86%B5) This section discloses the equity incentives granted to directors, supervisors, and senior management during the reporting period, and explains the cancellation of some stock options due to unfulfilled exercise conditions - The exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant under the 2022 stock option incentive plan were not met[123](index=123&type=chunk) - The company has canceled **3.555 million stock options** granted but not yet exercised by incentive recipients, and the 2022 stock option incentive plan has been fully implemented[123](index=123&type=chunk) Number of Stock Options Held by Directors, Supervisors, and Senior Management at Period-Beginning | Name | Position | Number of Stock Options Held at Period-Beginning (10,000 shares) | | :--- | :--- | :--- | | Chen Qinghui | Director | 61.30 | | Mei Xiaoyang | Senior Management | 50.00 | | Wang Quan | Director | 16.00 | | Meng Zhuowei | Director | 11.00 | | Total | / | 138.30 | [Financial Report](index=44&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity [Financial Statements](index=44&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, comprehensively reflecting its financial position and operating results Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,036,460,559.77 | 3,214,984,288.09 | | Total Liabilities | 2,296,058,691.91 | 2,506,452,041.54 | | Total Owners' Equity | 740,401,867.86 | 708,532,246.55 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 412,302,956.07 | 423,381,788.06 | | Total Operating Cost | 418,339,106.17 | 414,460,678.23 | | Total Profit | 32,634,628.43 | 14,744,732.08 | | Net Profit | 31,869,621.31 | 13,701,203.81 | | Net Profit Attributable to Parent Company Shareholders | 10,818,017.08 | 6,228,578.44 | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | | Net Increase in Cash and Cash Equivalents | -8,106,544.69 | 24,501,661.74 | [Company Basic Information](index=65&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section outlines the company's establishment date, listing status, unified social credit code, legal representative, registered capital, registration authority, registered and office addresses, and primary business activities - Tianyu Biotechnology Co., Ltd. was established on June 21, 2000, and listed on the main board of the Shanghai Stock Exchange on March 27, 2017 (stock code: **603717.SH**)[160](index=160&type=chunk) - The legal representative is Shi Dongwei, and the registered capital is **CNY 290.14624 million**[161](index=161&type=chunk) - The company's main business is concentrated in three major segments: ecological agriculture, animal husbandry, and food (swine farming, agricultural by-product sales, etc.), ecological environment (landscape ecological engineering, seedling cultivation, etc.), and ecological energy (distributed photovoltaic power stations, etc.)[162](index=162&type=chunk) [Basis of Financial Statement Preparation](index=65&type=section&id=%E5%9B%9B%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E7%9A%84%E7%BC%96%E5%88%B6%E5%9F%BA%E7%A1%80) The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and the company's ability to continue as a going concern is assessed as sound - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Basic Standards for Enterprise Accounting Standards' and other accounting standards[163](index=163&type=chunk) - Based on the company's assessment, its ability to continue as a going concern is sound for the next 12 months from the end of the reporting period, with no factors raising significant doubt about its going concern ability[164](index=164&type=chunk) [Significant Accounting Policies and Estimates](index=65&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) This section elaborates on the company's specific accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, biological assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company's business is divided into ecological agriculture, animal husbandry, and food, ecological environment, and ecological energy segments, with specific accounting policies and estimates formulated based on their actual production and operational characteristics[165](index=165&type=chunk) - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[196](index=196&type=chunk) - Impairment of financial instruments is based on expected credit losses, with impairment accounting applied to financial assets measured at amortized cost, lease receivables, loan commitments, and financial guarantee contracts, and loss provisions measured in three stages[207](index=207&type=chunk)[208](index=208&type=chunk)[209](index=209&type=chunk) - Inventories include raw materials, merchandise inventory, revolving materials, and consumable biological assets (piglets, nursery pigs, fattening pigs, seedlings), valued at the weighted average method at month-end upon issuance[237](index=237&type=chunk)[238](index=238&type=chunk)[239](index=239&type=chunk) - The general principle for revenue recognition is to identify each distinct performance obligation within a contract, determine whether each obligation is satisfied over time or at a point in time, and recognize revenue based on the progress of satisfaction or when the customer obtains control[298](index=298&type=chunk)[299](index=299&type=chunk) - Lease identification, lessee accounting (right-of-use assets, lease liabilities), simplified treatment for short-term and low-value asset leases, and lessor accounting (operating leases, finance leases) are detailed[319](index=319&type=chunk)[320](index=320&type=chunk)[321](index=321&type=chunk)[323](index=323&type=chunk)[324](index=324&type=chunk)[327](index=327&type=chunk)[331](index=331&type=chunk)[332](index=332&type=chunk)[333](index=333&type=chunk) [Taxation](index=96&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, and Corporate Income Tax, along with detailed explanations of the tax incentives enjoyed by the company Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 3%、5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of VAT Payable | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、25% | - The corporate income tax rate for Tianyu Biotechnology Co., Ltd., Zhongsheng Huaxing International Construction Engineering Co., Ltd., Sichuan Zhongtai Qihang New Energy Technology Co., Ltd., and Wuhan Jiacheng Biological Products Co., Ltd. is **15%**[338](index=338&type=chunk)[341](index=341&type=chunk)[342](index=342&type=chunk) - Agricultural producers are exempt from Value-Added Tax on the sale of self-produced agricultural products[340](index=340&type=chunk) - Distributed photovoltaic projects enjoy a corporate income tax preferential policy of 'three years exemption, three years half reduction'[343](index=343&type=chunk) [Notes to Consolidated Financial Statement Items](index=98&type=section&id=%E4%B8%83%E3%80%81%E5%90%88%E5%B9%B6%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E9%A1%B9%E7%9B%AE%E6%B3%A8%E9%87%8A) This section provides detailed notes and explanations for various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, period-beginning balances, reasons for changes, bad debt provisions, and restricted conditions Monetary Funds | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 40.56 | 40.56 | | Bank Deposits | 92,160,607.07 | 100,267,151.76 | | Other Monetary Funds | 65,574,690.48 | 77,781,334.94 | | Total | 157,735,338.11 | 178,048,527.26 | - Among other monetary funds, **CNY 25,009,868.83** is judicially frozen, **CNY 31,564,821.65** is otherwise frozen, and **CNY 9,000,000.00** is in a securities special account[346](index=346&type=chunk) - Accounts receivable had a period-end book value of **CNY 339,538,667.93**, with bad debt provisions of **CNY 516,363,474.55**, including **CNY 369,012,444.55** from Zunyi Xinpu Development Group Co., Ltd. fully provided for bad debts[353](index=353&type=chunk)[354](index=354&type=chunk) - Contract assets had a period-end book value of **CNY 185,022,030.81**, with bad debt provisions of **CNY 8,579,378.11**[361](index=361&type=chunk) - Long-term receivables had a period-end book value of **CNY 424,258,157.88**, with bad debt provisions of **CNY 23,940,393.62**, primarily comprising non-PPP project receivables, PPP project receivables, and loans[392](index=392&type=chunk) - Long-term equity investments had a period-end book value of **CNY 90,855,340.65**, with an impairment provision of **CNY 137,432,973.78** for the investment in Qinghai Juzhiyuan New Material Co., Ltd.[404](index=404&type=chunk)[405](index=405&type=chunk)[406](index=406&type=chunk) - Fixed assets had a period-end book value of **CNY 332,260,178.73**, construction in progress had a period-end book value of **CNY 44,310,286.17**, and productive biological assets had a period-end book value of **CNY 30,904,975.88**[412](index=412&type=chunk)[416](index=416&type=chunk)[420](index=420&type=chunk) - Goodwill had a period-end original book value of **CNY 7,084,846.72**, with an impairment provision of **CNY 5,002,663.84**[432](index=432&type=chunk)[434](index=434&type=chunk) - Asset disposal gains for the current period amounted to **CNY 25,911,620.61**, primarily from the disposal of right-of-use assets[508](index=508&type=chunk) - Non-operating income for the current period amounted to **CNY 10,298,004.56**, mainly from unpayable intercompany balances and insurance compensation income[509](index=509&type=chunk) [Research and Development Expenses](index=154&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) This section discloses the composition of the company's R&D expenses by nature of cost during the reporting period, with total expensed R&D expenditures amounting to **CNY 7,423,736.22** R&D Expenses by Nature of Cost | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 5,387,525.17 | 3,214,361.01 | | Material Costs | 1,281,055.34 | 107,493.10 | | Labor Costs | 55,000.00 | 132,000.00 | | Lease Expenses | 549,630.20 | - | | Office Expenses | 108,116.77 | - | | Total | 7,423,736.22 | 3,459,770.68 | - Total expensed R&D expenditures for the current period amounted to **CNY 7,423,736.22**, representing a **114.57% increase** compared to the prior year period[533](index=533&type=chunk)[53](index=53&type=chunk) [Changes in Consolidation Scope](index=155&type=section&id=%E4%B9%9D%E3%80%81%E5%90%88%E5%B9%B6%E8%8C%83%E5%9B%B4%E7%9A%84%E5%8F%98%E6%9B%B4) During the reporting period, the company added Wuxue Qiangda Animal Husbandry Co., Ltd. as a subsidiary through a non-common control business combination, established Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd., and liquidated Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd. - This period, Wuxue Qiangda Animal Husbandry Co., Ltd. was added as a subsidiary through a non-common control business combination, with an equity acquisition cost of **CNY 15,650,000.00**[535](index=535&type=chunk)[537](index=537&type=chunk) - Newly established subsidiaries this period include Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd.[542](index=542&type=chunk) - Subsidiaries liquidated this period include Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd.[542](index=542&type=chunk) [Interests in Other Entities](index=158&type=section&id=%E5%8D%81%E3%80%81%E5%9C%A8%E5%85%B6%E4%BB%96%E4%B8%BB%E4%BD%93%E4%B8%AD%E7%9A%84%E6%9D%83%E7%9B%8A) This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding ratios of each subsidiary, and provides key financial information for the significant non-wholly owned subsidiary, Tianqian Food - The company owns multiple subsidiaries, with businesses covering ecological environment, ecological agriculture, animal husbandry, food, and ecological energy sectors[544](index=544&type=chunk) - For the significant non-wholly owned subsidiary Tianqian Food, the minority shareholder's equity interest is **9.90%**, and the profit attributable to minority shareholders for the current period was **CNY 3,006,349.88**[551](index=551&type=chunk) Key Financial Information for Significant Non-Wholly Owned Subsidiary Tianqian Food (Current Period Amounts) | Item | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Tianqian Food | 315,502,160.23 | 48,616,724.20 | 48,616,724.20 | 42,582,570.21 | - The total book value of the company's investments in associates is **CNY 90,855,340.65**, with a net profit calculated based on shareholding ratio of **-CNY 238,866.22** for the current period[555](index=555&type=chunk) [Government Grants](index=166&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) This section discloses the total government grants recognized in current profit or loss during the reporting period, amounting to **CNY 218,131.70**, comprising both income-related and asset-related grants Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related | 177,614.30 | 400,793.20 | | Asset-Related | 40,517.40 | 20,258.70 | | Total | 218,131.70 | 421,051.90 | [Risks Related to Financial Instruments](index=167&type=section&id=%E