Financial Performance - The company's operating revenue for Q1 2023 was CNY 2,343,089,117.74, representing a year-on-year increase of 15.17%[4] - The net profit attributable to shareholders for the same period was CNY 53,639,248.87, reflecting a growth of 20.48% compared to the previous year[4] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 50,278,445.49, which is an increase of 25.07% year-on-year[4] - The basic earnings per share for Q1 2023 was CNY 0.2794, up by 20.48% from the same period last year[4] - The weighted average return on equity increased by 0.29 percentage points to 3.97%[4] - The net profit for Q1 2023 was CNY 59,163,021.36, an increase of 14.3% compared to CNY 51,567,888.42 in Q1 2022[19] - The total revenue for Q1 2023 was CNY 83,636,882.88, up from CNY 68,235,273.02 in the same period last year, reflecting a growth of approximately 22.4%[19] - The operating profit for Q1 2023 reached CNY 83,707,683.33, compared to CNY 67,419,735.07 in Q1 2022, marking an increase of 24.2%[19] - The basic and diluted earnings per share for Q1 2023 were both CNY 0.2794, up from CNY 0.2319 in Q1 2022, representing a growth of 20.5%[20] - The total comprehensive income for Q1 2023 was CNY 59,134,963.50, compared to CNY 51,560,498.00 in Q1 2022, indicating an increase of 14.7%[20] Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -771,439,540.60, primarily due to increased operational payments[4][6] - Cash and cash equivalents decreased to ¥523,645,821.94 as of March 31, 2023, from ¥1,931,722,075.70 at the end of 2022, a decline of 72.9%[12] - Cash and cash equivalents at the end of Q1 2023 totaled CNY 402,830,765.85, a decrease from CNY 331,562,729.68 in Q1 2022[23] - The company reported cash inflows from investment activities of CNY 303,877,150.00 in Q1 2023, down from CNY 818,408,978.68 in Q1 2022[22] - The company incurred a total of CNY 2,781,190,064.69 in cash outflows from operating activities in Q1 2023, compared to CNY 2,543,278,065.70 in Q1 2022[22] Assets and Liabilities - The total assets at the end of the reporting period were CNY 5,854,501,104.92, a decrease of 6.24% compared to the end of the previous year[4] - Total assets decreased to ¥5,854,501,104.92 as of March 31, 2023, down from ¥6,244,026,226.63 at the end of 2022, a reduction of 6.2%[14] - Total liabilities decreased to ¥4,310,840,845.76 as of March 31, 2023, compared to ¥4,759,500,930.97 at the end of 2022, a decline of 9.4%[14] - The company’s total liabilities decreased to CNY 1,185,187,103.65 in Q1 2023 from CNY 500,835,228.03 in Q1 2022, reflecting a reduction in financial leverage[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 10,134[8] - The largest shareholder, China Agricultural Materials Group Co., Ltd., holds 50.25% of the shares[8] Research and Development - Research and development expenses increased to ¥6,600,786.46 in Q1 2023, compared to ¥4,570,578.72 in Q1 2022, reflecting a growth of 44.4%[18] - The company is focusing on expanding its market presence and enhancing its product offerings through increased R&D investment[18] Accounts Receivable and Inventory - Accounts receivable rose significantly to ¥713,498,542.50 in Q1 2023, compared to ¥251,538,001.49 in Q4 2022, marking an increase of 184.5%[12] - Inventory levels increased to ¥2,232,001,593.17 as of March 31, 2023, up from ¥1,562,869,582.78 at the end of 2022, representing a growth of 42.7%[12]

证券代码：603970 证券简称：中农立华 公告编号：2023-002 中农立华生物科技股份有限公司 关于召开 2022 年度暨 2023 年第一季度业绩说明会的 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法律责任。 重要内容提示： 会议召开时间：2023 年 4 月 21 日(星期五) 上午 10:00-11:00 会议召开地点：上海证券交易所上证路演中心（网址： http://roadshow.sseinfo.com/） 会议召开方式：上证路演中心网络互动 投资者可于 2023 年 4 月 14 日(星期五) 至 4 月 20 日(星期 四)16:00 前登录上证路演中心网站首页点击"提问预征集"栏目或 通过公司邮箱 sal@sino-agri-sal.com 进行提问。公司将在说明会上对 投资者普遍关注的问题进行回答。 中农立华生物科技股份有限公司（以下简称"公司"）将于 2023 年 4 月 19 日发布公司 2022 年年度报告和 2023 年第一季度报告，为 便于广大投资者更全面深入地了解公司 2022年度和202 ...

证券代码：603970 证券简称：中农立华 中农立华生物科技股份有限公司 投资者关系活动记录表 编号：2022-01 | --- | --- | --- | |-----------------------------|---------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | | | | | ☑ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 | □ 业绩说明会 | | 投资者关系 | □ 新闻发布会 | □ 路演活动 | | 活动类别 | □ 现场参观 | ☑ 网络会议 | | | □ 一对一沟通 | □ 其他 | | | 博时基金管理有限公司 | 吴渭、天风证券股份有限公司 吴 ...

2022 年第三季度报告 证券代码：603970 证券简称：中农立华 中农立华生物科技股份有限公司 2022 年第三季度报告 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。 重要内容提示： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 单位：元 币种：人民币 | | | 本报告期 | | 年初至报告 | | --- | --- | --- | --- | --- | | 项目 | 本报告期 | 比上年同 期增减变 | 年初至报告期末 | 期末比上年 同期增减变 | | | | 动幅度(%) | | 动幅度(%) | | 营业收入 | 3,590,830,130.34 | 38.23 | 9,684,451,697.31 | 29.56 | | 归属于上市公司股东的净利润 | 30,482,161.17 | 21.16 | 169,341,949.31 | 23.70 | | 归属于上市公司股东的扣除非 经常性损益的净利润 | ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2022, representing a year-on-year increase of 15%[19] - The net profit attributable to shareholders was 200 million RMB, up 10% compared to the same period last year[19] - The company's operating revenue for the first half of the year reached ¥6,093,621,566.97, representing a year-on-year increase of 24.94% compared to ¥4,877,180,138.60[20] - Net profit attributable to shareholders was ¥138,859,788.14, up 24.28% from ¥111,732,385.11 in the same period last year[20] - The net profit after deducting non-recurring gains and losses was ¥133,242,691.66, reflecting a 29.91% increase from ¥102,569,140.71[20] - The company's total assets increased by 44.03% to ¥6,829,524,931.03 from ¥4,741,703,753.83 at the end of the previous year[20] - Basic earnings per share rose to ¥0.7232, a 24.28% increase from ¥0.5819 in the same period last year[21] - The weighted average return on equity increased by 0.89 percentage points to 11.12% from 10.23%[22] - The company's total assets at the end of the reporting period amount to CNY 1,255,932,718.34[140] Market Expansion and Strategy - Future guidance indicates an expected revenue growth of 20% for the second half of 2022, driven by new product launches and market expansion strategies[19] - Market expansion efforts include entering three new provinces, which are projected to contribute an additional 150 million RMB in revenue by the end of 2022[19] - The company is actively expanding its international market presence, with operations in over 80 countries and regions[27] - The company is focusing on enhancing its international business by strengthening sales to key customers and core products, particularly in the Americas and Europe[44] - The company has established a comprehensive agricultural service network, with 31 warehousing and distribution centers and over 3,000 main channel partners across China[36] Research and Development - The company is investing 100 million RMB in R&D for new agricultural technologies, aiming to enhance product efficiency and sustainability[19] - The company is committed to developing new agricultural chemical products and providing tailored crop health solutions to enhance brand influence among farmers[30] - Research and development expenses rose by 9.24% to ¥11,454,761.74 from ¥10,485,492.81, reflecting increased investment in R&D[48] - The company is committed to advancing green pesticide research and development, collaborating with leading agricultural research institutions to enhance its technological capabilities[37] Operational Efficiency - The company has established a strong supply chain and logistics system, integrating self-owned and third-party logistics to enhance service efficiency[29] - The company plans to enhance service efficiency through factory upgrades and the application of information technology in supply chain management[45] - The company signed cooperation agreements with 120 major pesticide manufacturers to ensure stable supply chains during the spring farming season, addressing transportation issues caused by pandemic controls[77] Financial Health and Risks - The company has no significant risks that could materially affect its production and operations during the reporting period[5] - The company faces risks from ongoing global COVID-19 pandemic impacts, including supply chain disruptions and increased raw material prices due to geopolitical tensions[61] - The company is experiencing intensified market competition as the pesticide industry undergoes structural adjustments and transformations[62] - The company has implemented cost and risk control measures, including insurance for inventory and transportation, to mitigate potential losses[43] Shareholder Information - The total number of ordinary shareholders as of the end of the reporting period is 6,185[96] - The largest shareholder, China Agricultural Production Materials Group Corporation, holds 96,480,000 shares, accounting for 50.25% of the total shares[98] - Guangdong Yilong Investment Co., Ltd. is the second-largest shareholder with 18,144,000 shares, representing 9.45%[98] - The company has no significant changes in share capital structure during the reporting period[95] Compliance and Governance - The board of directors confirmed the authenticity and completeness of the financial report, ensuring no major omissions or misleading statements[6] - The company has not proposed any profit distribution or capital reserve transfer plans for this reporting period[4] - There are no non-operational fund occupations by controlling shareholders or related parties reported[5] - The company has not disclosed any significant changes in its environmental impact or compliance with regulations during the reporting period[75] Inventory and Receivables - The company's pesticide export volume was 835,000 tons in the first half of 2022, a year-on-year increase of 9.3%, while the export value reached USD 12.23 billion, up 63.9% year-on-year[32] - The company reported a 722.90% increase in accounts receivable, rising to ¥974,536,531.45 from ¥118,427,437.76, attributed to seasonal effects and sales growth[52] - Inventory increased by 38.59% to ¥2,377,688,546.65 from ¥1,715,607,759.72, mainly due to stockpiling for spring farming supply amid the pandemic[53] Financial Statements and Accounting Policies - The financial statements are prepared based on the principle of continuous operation, reflecting the company's financial position and operating results accurately[151] - The company follows specific accounting policies for bad debt provisions, inventory write-downs, and depreciation of fixed assets, among others[150] - The company applies the expected credit loss model to all financial assets, ensuring that provisions are made based on reasonable and supportable information[167]

2022 年第一季度报告 证券代码：603970 证券简称：中农立华 中农立华生物科技股份有限公司 2022 年第一季度报告 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。 重要内容提示 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务报表 信息的真实、准确、完整。 第一季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比上年同期 | | --- | --- | --- | | | | 增减变动幅度(%) | | 营业收入 | 2,034,514,392.38 | 11.75 | | 归属于上市公司股东的净利润 | 44,521,808.63 | 27.79 | | 归属于上市公司股东的扣除非经常性损益的净利润 | 40,200,995.48 | ...

Financial Performance - The net profit for the year 2021 reached RMB 156,191,677.48, with a total distributable profit of RMB 564,805,072.24 as of December 31, 2021[7]. - The company plans to distribute a cash dividend of RMB 3.5 per 10 shares, totaling RMB 67,200,033.60, which represents 39.46% of the net profit for the year[7]. - The company's operating revenue for 2021 was CNY 8,822,111,307.52, representing a year-on-year increase of 32.84% compared to CNY 6,640,994,269.80 in 2020[26]. - The net profit attributable to shareholders for 2021 was CNY 170,309,383.86, which is a 28.59% increase from CNY 132,443,776.12 in 2020[26]. - The basic earnings per share for 2021 was CNY 0.8870, up 28.59% from CNY 0.6898 in 2020[27]. - The weighted average return on equity increased to 15.63% in 2021, up 2.36 percentage points from 13.27% in 2020[27]. - The total assets at the end of 2021 were CNY 4,741,703,753.83, reflecting a 17.84% increase from CNY 4,024,012,103.50 at the end of 2020[26]. - The net profit after deducting non-recurring gains and losses for 2021 was CNY 159,439,140.70, which is a 34.88% increase from CNY 118,208,657.69 in 2020[26]. - The total net assets attributable to shareholders at the end of 2021 were CNY 1,171,141,107.42, an increase of 14.23% from CNY 1,025,272,662.04 at the end of 2020[26]. - The cost of sales for 2021 was CNY 826,885.45 million, up 35.39% year-on-year, resulting in a comprehensive gross profit margin decrease of 1.77%[63]. Operational Highlights - The company has no significant operational risks that could materially affect its production and operations during the reporting period[10]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders or related parties[9]. - The company has not violated any decision-making procedures regarding external guarantees[9]. - The company has a history of maintaining a stable and reasonable return for investors through cash dividends[7]. - The company has not faced any significant risks that could impact its future development strategies[10]. - The company emphasizes the importance of investor awareness regarding potential investment risks associated with forward-looking statements[8]. - The company introduced new products for pest control and enhanced agricultural services, focusing on crop health solutions for grain, economic, and specialty crops[34]. - The company has established a stable supply chain and cooperative relationships with upstream and downstream partners to mitigate the impact of external pressures[36]. - The company is enhancing its service efficiency by improving customer engagement and optimizing logistics networks to reduce costs[37]. - The company has developed a targeted crop health solution for different regions and crops, enhancing brand influence among farmers[50]. Research and Development - The company invested CNY 37,527,549.23 in R&D, representing 0.43% of total revenue[71]. - The number of R&D personnel was 135, making up 16% of the total workforce[72]. - The company has 13 technology patents authorized by the national intellectual property office as of 2021, enhancing its R&D and agricultural technology service capabilities[87]. - Research and development expenses increased by 10.25% to 37,527.55 million RMB, supporting the company's focus on green pesticides[61]. - New product development includes a one-piece spray nozzle and research on drift-reducing nozzles and unmanned spray machines[40]. Market Environment - The agricultural chemical industry is experiencing intensified competition, with significant mergers and acquisitions among major players[41]. - The global pesticide industry is highly concentrated, with major companies dominating the high-end market, while China's pesticide industry remains fragmented with low concentration[96]. - The demand for pesticides is stable, driven by the need to ensure national food security amid rising global commodity prices and pest outbreaks[97]. - The industry concentration is expected to increase, with government policies promoting the consolidation of pesticide companies and aiming to reduce the number of producers to below 1,600 by 2025[97]. - The agricultural circulation industry is facing increasing demands for diversified and refined agricultural services, leading to a rise in value-added services as a competitive strategy[86]. Governance and Compliance - The company adheres to strict governance practices, holding regular meetings of the board and committees to ensure compliance and protect shareholder interests[114]. - The company strictly adhered to the information disclosure regulations, ensuring accurate and timely reporting[116]. - The company has no significant differences in governance compared to regulatory requirements[116]. - The company has independent directors and supervisors with extensive experience in various agricultural and financial sectors[124][125][126]. - The company has established a governance structure with clear roles for its board and management[127]. - The company has not reported any non-compliance issues related to its major shareholders or actual controllers[168]. Financial Management - The company has a cash dividend policy that stipulates a minimum distribution of 20% of the distributable profits each year, ensuring stable returns for shareholders[144]. - The company has structured deposits amounting to CNY 496,000,000.00 and bank wealth management products totaling CNY 343,000,000.00, both fully invested[182]. - The company has a total of CNY 50,000,000.00 in a structured deposit with an annualized yield of 3.76%, and CNY 65,000,000.00 in another product with a yield of 3.60%[184]. - The company has not reported any overdue amounts in its financial management activities[182]. - The company has not engaged in any major acquisitions or disposals of assets during the reporting period[170]. Social Responsibility - The company completed the storage task of 1 billion yuan worth of pesticide products for the 2021-2022 National Disaster Relief Pesticide Reserve Project[152]. - The company donated pesticides worth 500,000 yuan to flood-affected areas in Henan Province to assist in agricultural recovery[153]. - The company conducted over 10,000 online and offline activities to provide technical guidance on pesticide application[155]. Risks and Challenges - The ongoing COVID-19 pandemic and global political instability pose risks to the company's operations and export capabilities[107]. - The company faces intensified market competition as the agricultural chemical industry undergoes structural adjustments[108]. - Changes in procurement or sales policies by pesticide manufacturers and distributors could adversely affect the company's performance[109]. - Fluctuations in exchange rates, particularly between the RMB and USD, may impact the company's overall profitability[112].

证券代码：603970 证券简称：中农立华 中农立华生物科技股份有限公司 投资者关系活动记录表 编号：2021-02 | --- | --- | --- | |-------------------------|--------------------------------|---------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------| | | ☑ 特定对象调研 | □ 分析师会议 | | | □ 媒体采访 □ | 业绩说明会 | | 投资者关系 | □ 新闻发布会 | □ 路演活动 | | 活动类别 | ☑ 现场参观 | □ 网络会议 | | | □ 一对一沟通 | □ 其他 | | | 上海北信瑞丰资产管理公司 | 吴礼庆、方正证券股份有限公司 | | 参与单位名称 及人员姓名 | 财务有限 ...

2021 年第三季度报告 证券代码：603970 证券简称：中农立华 中农立华生物科技股份有限公司 2021 年第三季度报告 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。 重要内容提示： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表信息的真实、准确、完整。 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 | 性调整对当期损益的影响 | | | | --- | --- | --- | | 受托经营取得的托管费收入 | | | | 除上述各项之外的其他营业外收入和支出 | 720.23 | 141,893.13 | | 其他符合非经常性损益定义的损益项目 | | | | 减：所得税影响额 | 1,184,857.02 | 5,216,663.72 | | 少数股东权益影响额（税后） | 305 ...

Financial Performance - The company reported a total revenue of 1.2 billion RMB for the first half of 2021, representing a year-on-year increase of 15%[19]. - The net profit attributable to shareholders reached 300 million RMB, up 20% compared to the same period last year[19]. - The company's operating revenue for the first half of the year reached ¥4,877,180,138.60, representing a 37.77% increase compared to ¥3,540,157,107.82 in the same period last year[20]. - Net profit attributable to shareholders was ¥111,732,385.11, up 20.59% from ¥92,653,049.74 year-on-year[20]. - The basic earnings per share increased to ¥0.5819, reflecting a growth of 20.58% compared to ¥0.4826 in the previous year[21]. - The company's total assets grew by 30.75% to ¥5,261,328,069.08 from ¥4,024,012,103.50 at the end of the previous year[20]. - The net assets attributable to shareholders increased by 9.77% to ¥1,125,478,967.44 compared to ¥1,025,272,662.04 at the end of the last year[20]. - The company reported a net cash flow from operating activities of -¥468,541,683.16, which is a decline from -¥292,278,735.30 in the same period last year[20]. - The company reported a total of 28 million RMB in litigation-related provisions during the reporting period, indicating ongoing legal disputes[82]. - The total profit for the first half of 2021 was CNY 177,122,384.14, which is a 20.3% increase compared to CNY 147,195,113.25 in the first half of 2020[117]. Business Strategy and Development - The company plans to launch three new products in the second half of 2021, focusing on innovative agricultural solutions[19]. - The company is exploring potential mergers and acquisitions to enhance its market presence and product offerings[19]. - The company continues to focus on pesticide distribution and plant protection technology services, with no major changes in its main business operations[25]. - The company is expanding its international market presence, currently serving over 80 countries and regions with its pesticide products[29]. - The company aims to create an industry-leading pesticide raw material trading platform, providing reliable supply chain management services[44]. - The company has developed a crop health solution that integrates high-quality agricultural products and services, enhancing service levels for farmers[43]. - The company is actively developing new raw materials and formulations while expanding its intermediary business[44]. - The company has established a research and development center focused on pesticide application technology, collaborating with leading agricultural research institutions[38]. Financial Position and Assets - The company maintains a strong cash position with cash and cash equivalents amounting to 400 million RMB as of June 30, 2021[19]. - The company's cash and cash equivalents decreased by 45.27% to ¥549,863,881.63 from ¥1,004,668,590.89, mainly due to increased bank loan repayments[51]. - Accounts receivable increased by 47.97% to ¥694,367,396.87 from ¥469,270,487.37, attributed to sales growth[51]. - Inventory rose by 54.90% to ¥1,915,062,920.74 from ¥1,236,361,302.22, driven by increased procurement[51]. - The total liabilities increased significantly, with accounts payable rising by 187.55% to ¥1,063,439,263.01 from ¥369,826,795.88, indicating higher procurement volumes[51]. - The company's total assets included ¥399,957.24 in overseas assets, accounting for 0.01% of total assets[54]. Risks and Challenges - The company has identified key risks including market competition and regulatory changes, and has outlined strategies to mitigate these risks[19]. - The company faces risks from the ongoing global COVID-19 pandemic, impacting pesticide exports due to port and banking disruptions, logistics shortages, and local currency depreciation[61]. - Increased market competition is noted, with the pesticide industry undergoing structural adjustments and transformations, leading to intensified competition despite the company's leading advantages[62]. - There is a risk of pesticide product quality issues, which could lead to claims or lawsuits, negatively impacting the company's reputation and financial performance[64]. - Foreign exchange rate fluctuations, particularly the RMB to USD exchange rate, directly affect the company's overall profitability from overseas sales[65]. Compliance and Governance - The company has maintained compliance with environmental regulations, with its subsidiary meeting wastewater and emissions standards[72]. - The company committed to not engaging in any competitive business with its controlling enterprises since June 2015, ensuring no conflicts of interest arise[77]. - The company has not faced any major lawsuits or arbitration matters during the reporting period, indicating a stable legal standing[81]. - The company has maintained compliance with all regulatory commitments, ensuring transparency and accountability[83]. - The company has not encountered any violations or penalties related to its operations or governance during the reporting period[83]. Shareholder Information - The company has a total of 6,362 common shareholders as of the end of the reporting period[98]. - The largest shareholder, China Agricultural Supply and Marketing Group, holds 96,480,000 shares, representing 50.25% of the total shares[100]. - The company has not reported any significant changes in its share capital structure during the reporting period[97]. - The company has a voluntary lock-up period for its shares, extending for two years after the initial lock-up period of 36 months post-IPO[79]. Research and Development - The company has invested 50 million RMB in research and development for new technologies in agricultural biotechnology[19]. - Research and development expenses rose by 38.17% to ¥10,485,492.81, up from ¥7,589,049.54, reflecting increased investment in R&D[49]. - The company reported a significant increase in R&D expenses, totaling CNY 10,377,750.10 in the first half of 2021, compared to CNY 6,351,019.27 in the same period of 2020, marking a 63.3% increase[120]. Accounting and Financial Reporting - The company adheres to accounting standards, ensuring that financial statements accurately reflect its financial position and operating results[152]. - The company has a defined accounting policy for bad debt provisions and inventory write-downs, tailored to industry characteristics[150]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value with changes recognized in other comprehensive income[168]. - The company measures expected credit losses for financial instruments based on their entire expected life, with specific provisions for different stages of credit risk[169].