格隆汇8月26日丨中农立华(603970.SH)公布2025年半年度报告，报告期实现营业收入67.45亿元，同比增 长3.27%；归属于上市公司股东的净利润1.42亿元，同比下降10.06%；归属于上市公司股东的扣除非经 常性损益的净利润1.36亿元，同比下降10.90%；基本每股收益0.5289元。 ...

[Section 1 Definitions](index=7&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8A%E4%B9%89) This section provides definitions of key terms used throughout the report [Section 2 Company Profile and Key Financial Indicators](index=9&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 key financial performance metrics for the reporting period [I. Company Information](index=9&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E4%BF%A1%E6%81%AF) This section outlines the basic information of Sino-Agri Leading Biosciences Co., Ltd., including company name, abbreviation, foreign name, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Chinese Name | 中农立华生物科技股份有限公司 (Sino-Agri Leading Biosciences Co., Ltd.) | | Chinese Abbreviation | 中农立华 (Sino-Agri Leading) | | Foreign Name | SINO-AGRI LEADING BIOSCIENCES CO.,LTD | | Foreign Name Abbreviation | SAL | | Legal Representative | 苏毅 (Su Yi) | [II. Contacts and Contact Information](index=9&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 company's Board Secretary and Securities Affairs Representative, including name, address, phone, fax, and email Contact Information | Position | Name | Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 黄柏集 (Huang Baiji) | 北京市西城区宣武门外大街甲1号九层912室 (Room 912, 9th Floor, Building A1, Xuanwumenwai Street, Xicheng District, Beijing) | 010-59337358 | 010-59337389 | sal@sino-agri-sal.com | | Securities Affairs Representative | 常青 (Chang Qing) | 北京市西城区宣武门外大街甲1号九层912室 (Room 912, 9th Floor, Building A1, Xuanwumenwai Street, Xicheng District, Beijing) | 010-59337358 | 010-59337389 | sal@sino-agri-sal.com | [III. Brief Introduction to Changes in Basic Information](index=9&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) During the reporting period, there were no changes in the company's basic information such as registered address, office address, website, and email - During the reporting period, the company's basic information remained unchanged[29](index=29&type=chunk) [IV. Brief Introduction to Changes in Information Disclosure and Document Custody Locations](index=9&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) During the reporting period, there were no changes in the company's information disclosure website address and semi-annual report custody location - During the reporting period, the company's information disclosure and document custody locations remained unchanged[31](index=31&type=chunk) [V. Company Stock Overview](index=10&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) The company's stock is A-shares, listed on the Shanghai Stock Exchange, with stock abbreviation Sino-Agri Leading and stock code 603970 Company Stock Information | Stock Type | Listing Exchange | Stock Abbreviation | Stock Code | Previous Stock Abbreviation | | :--- | :--- | :--- | :--- | :--- | | A-share | SSE | 中农立华 (Sino-Agri Leading) | 603970 | - | [VII. Key Accounting Data and Financial Indicators](index=10&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) In H1 2025, the company's operating revenue increased by **3.27%** to **6.745 billion yuan**, but total profit and net profit attributable to shareholders both decreased by over **10%**; net cash flow from operating activities was negative and significantly declined, while total assets increased by **20.54%** H1 2025 Key Accounting Data | Indicator | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,745,417,178.40 yuan | 6,531,899,796.88 yuan | 3.27 | | Total Profit | 204,247,225.52 yuan | 228,000,032.22 yuan | -10.42 | | Net Profit Attributable to Shareholders of Listed Company | 142,180,574.70 yuan | 158,090,134.79 yuan | -10.06 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 136,464,935.58 yuan | 153,153,287.76 yuan | -10.90 | | Net Cash Flow from Operating Activities | -1,174,294,556.38 yuan | -617,103,636.02 yuan | N/A | | **End of Current Period** | **End of Prior Year** | **Period-end vs Prior Year-end Change (%)** | | | Net Assets Attributable to Shareholders of Listed Company | 1,540,916,331.57 yuan | 1,520,445,416.61 yuan | 1.35 | | Total Assets | 6,752,721,194.42 yuan | 5,602,253,258.06 yuan | 20.54 | H1 2025 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) | Prior Year Period | Period-on-Period Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/Share) | 0.5289 | 0.5881 | -10.07 | | Diluted Earnings Per Share (Yuan/Share) | 0.5289 | 0.5881 | -10.07 | | Basic Earnings Per Share (Excluding Non-Recurring Gains/Losses) (Yuan/Share) | 0.5077 | 0.5698 | -10.90 | | Weighted Average Return on Net Assets (%) | 8.94 | 10.41 | Decreased by 1.47 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains/Losses) (%) | 8.58 | 10.08 | Decreased by 1.50 percentage points | [IX. Non-Recurring Gains and Losses Items and Amounts](index=11&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) In H1 2025, the company's total non-recurring gains and losses amounted to **5.7156 million yuan**, primarily from government grants, gains/losses from entrusted investments, and fair value changes of financial assets/liabilities H1 2025 Non-Recurring Gains and Losses Items | Non-Recurring Gains and Losses Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses from disposal of non-current assets | -445,155.41 | | Government grants recognized in current profit/loss | 4,434,476.90 | | Gains/Losses from fair value changes and disposal of financial assets and liabilities | 382,416.66 | | Gains/Losses from entrusted investments or asset management | 4,508,066.45 | | Other non-operating income and expenses | 447,732.89 | | Less: Income tax impact | 2,330,991.41 | | Minority interest impact (after tax) | 1,280,906.96 | | **Total** | **5,715,639.12** | [Section 3 Management Discussion and Analysis](index=12&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 discusses the company's industry, main business operations, core competencies, and key financial performance during the reporting period, along with risk factors and mitigation strategies [I. Description of the Company's Industry and Main Business Operations During the Reporting Period](index=12&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's main business is pesticide distribution and plant protection technical services, covering the entire industry chain from raw material trade to formulation sales; in H1 2025, raw material prices fluctuated at the bottom, exports grew steadily, and stricter safety regulations are anticipated - The company's main business is pesticide distribution and plant protection technical services, including raw material and formulation sales, and crop health solutions[37](index=37&type=chunk) - The company's operating model focuses on high-value segments in agrochemical, building a global supply chain platform with four business segments: Crop Health, International, Chemical, and Joint Sales[38](index=38&type=chunk) - In H1 2025, the pesticide raw material price index decreased by **1.27%** year-on-year, with herbicides down **2.43%**, fungicides down **5.2%**, and insecticides up **6.04%**; China's pesticide export volume and value increased by **15.9%** and **13.4%** respectively[39](index=39&type=chunk) - A chemical plant explosion in Shandong indicates future stricter safety production regulations for pesticides, presenting market opportunities for enterprises with "technology + cost" advantages[40](index=40&type=chunk) [II. Discussion and Analysis of Operations](index=12&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) Facing declining pesticide raw material prices and sluggish market demand, the company achieved total assets of **6.753 billion yuan**, operating revenue of **6.745 billion yuan**, and net profit of **159 million yuan** in H1 2025, implementing strategies like service center expansion, product optimization, and supply chain enhancement - In H1 2025, the company's total assets were **6.753 billion yuan**, operating revenue **6.745 billion yuan**, net profit **159 million yuan**, and net profit attributable to shareholders **142 million yuan**[40](index=40&type=chunk) - The company promoted the construction of China Agricultural Materials - Farmer Service Centers, establishing 5 new centers in Zhejiang, Henan, Sichuan, and Hunan[41](index=41&type=chunk) - The company launched 11 new products, improving product lines and crop solutions, with service area for key solution products increasing by over **100%**[42](index=42&type=chunk) - The company obtained 40 new independent product registrations overseas, accumulating 2,081 overseas pesticide product registrations, and increasing the sales proportion of independently registered products[43](index=43&type=chunk) - The company adjusted the product structure of raw materials and intermediates, optimizing the proportion of high-value-added products, accelerating the digestion of old product inventory, and improving product turnover[44](index=44&type=chunk) - The company optimized warehouse and logistics resources, ensuring 24-hour delivery for provincial orders, and controlling warehousing costs through temporary short-term leases[45](index=45&type=chunk)[46](index=46&type=chunk) [III. Analysis of Core Competencies 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 competencies span brand influence, global supply chain, R&D application, information services, and talent team, leveraging its "SINO-AGRI" and "China Agricultural Materials" brands, extensive network, patented technologies, industry price index, and skilled workforce - The company promotes its independent brand "SINO-AGRI" in international markets and inherits the "China Agricultural Materials" brand gene domestically, building the "Lihua Weihong" service brand and launching crop solutions like "Zhongnong Dingliangzhu"[47](index=47&type=chunk)[48](index=48&type=chunk) - The company collaborates with over 300 global suppliers, building a "one-stop" integrated supply platform with 6 overseas subsidiaries, 27 domestic warehousing and distribution centers, and over 3,000 channel partners, creating a global glyphosate supply chain value platform[49](index=49&type=chunk)[50](index=50&type=chunk) - The company has a pesticide application R&D center with "Pesticide Registration Test Unit" qualification, undertakes national and supply and marketing cooperative technology projects, collaborates with domestic and international research institutes, holds 19 national invention patents, and conducts nearly 6,000 trials and demonstrations annually[51](index=51&type=chunk)[52](index=52&type=chunk) - The company pioneered the Sino-Agri Leading Raw Material Price Index, becoming an industry benchmark, and established long-term cooperation with several central and industry media to enhance brand visibility[53](index=53&type=chunk)[54](index=54&type=chunk) - The company possesses a professional, efficient, and advanced management team and a high-caliber professional talent pool, with **57%** of employees under 35 years old and **65%** holding a bachelor's degree or above[55](index=55&type=chunk) [IV. Key Operating Performance During the Reporting Period](index=15&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) In H1 2025, operating revenue increased by **3.27%**, but total profit and net profit declined; sales and administrative expenses rose, R&D investment increased, and operating cash flow saw a significant outflow; total assets grew by **20.54%**, with notable increases in accounts receivable and prepayments, and significant increases in short-term borrowings and accounts payable H1 2025 Financial Statement Item Changes | Item | Current Period Amount (Yuan) | Prior Year Period Amount (Yuan) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,745,417,178.40 | 6,531,899,796.88 | 3.27 | | Operating Cost | 6,317,359,596.00 | 6,096,899,513.54 | 3.62 | | Selling Expenses | 119,422,066.82 | 111,089,111.50 | 7.50 | | Administrative Expenses | 37,032,569.81 | 28,928,778.60 | 28.01 | | Financial Expenses | 17,278,859.33 | 18,745,422.61 | -7.82 | | R&D Expenses | 29,276,430.61 | 26,781,175.52 | 9.32 | | Net Cash Flow from Operating Activities | -1,174,294,556.38 | -617,103,636.02 | N/A | | Net Cash Flow from Investing Activities | 934,096,877.20 | 392,274,714.62 | 138.12 | | Net Cash Flow from Financing Activities | 215,182,750.01 | 275,808,966.62 | -21.98 | - Operating revenue and cost increases are primarily due to increased export volume and value; selling expenses increased due to higher promotion and credit insurance costs; administrative expenses increased due to higher management-related expenditures; financial expenses decreased due to lower exchange losses from currency fluctuations; R&D expenses increased due to greater R&D investment[57](index=57&type=chunk) - Net cash flow from operating activities significantly decreased primarily due to increased procurement payments; net cash flow from investing activities significantly increased primarily due to higher redemption of structural deposits; net cash flow from financing activities decreased primarily due to reduced interest-bearing debt[57](index=57&type=chunk) Assets and Liabilities Changes (Period-end vs Prior Year-end) | Item Name | Current Period-end Amount (Yuan) | Change (%) | Reason for Change | | :--- | :--- | :--- | :--- | | Total Assets | 6,752,721,194.42 | 20.54 | | | Financial Assets Held for Trading | 71,396,958.67 | -92.86 | Decrease in balance of structural deposits purchased | | Notes Receivable | 13,169,977.63 | -90.74 | Partial commercial acceptance bills matured and settled | | Accounts Receivable | 3,226,309,279.34 | 119.17 | Adjustment of credit terms due to business development, and overseas subsidiary settlement business not applicable to hedge accounting | | Prepayments | 558,161,048.64 | 60.74 | Increase in advance payments for locking in procurement prices | | Inventories | 1,752,197,897.79 | 11.37 | | | Short-term Borrowings | 991,379,983.00 | 57.74 | Increase in procurement scale | | Financial Liabilities Held for Trading | 0.00 | -100.00 | Exchange rate fluctuations of forward foreign exchange contracts | | Accounts Payable | 1,311,562,461.91 | 103.58 | Increase in outstanding procurement payments not yet due | | Deferred Income | 962,192.87 | 559.45 | Increase in government grants related to income received | - Overseas assets at period-end were **1.408 billion yuan**, accounting for **20.85%** of total assets[60](index=60&type=chunk) - Restricted funds at period-end amounted to **98.9559 million yuan**, primarily for bank acceptance bill deposits and temporary judicial freezes[61](index=61&type=chunk) [V. 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) The company faces risks from intensified market competition, low raw material prices, changes in cooperation with manufacturers and distributors, and exchange rate fluctuations; to address these, the company is implementing a "quality improvement, efficiency enhancement, and return focus" action plan, emphasizing core business, stable dividends, R&D innovation, investor communication, and governance optimization - Market competition intensification risk: The pesticide industry is undergoing structural adjustments, facing fierce competition and challenges from well-funded competitors[65](index=65&type=chunk) - Raw material price low-level fluctuation risk: Raw material prices are expected to remain at the bottom in H2 2025, with potential for sharp fluctuations due to unforeseen events[66](index=66&type=chunk) - Cooperation relationship change risk: The company's operations rely on stable cooperation with pesticide manufacturers and distributors, and policy changes may impact operating performance[67](index=67&type=chunk) - Exchange rate fluctuation risk: Overseas sales are settled in USD, and fluctuations in the RMB to USD exchange rate will affect the company's profitability[67](index=67&type=chunk) - The company focuses on core business and sustainable development by promoting service center construction, launching new products, optimizing product structure and supply chain, and improving warehousing service quality[68](index=68&type=chunk) - The company maintains stable dividends and increases shareholder returns, having distributed cash dividends 8 times since listing, totaling **594 million yuan**, with an average annual cash dividend payout ratio of **44.80%** of net profit[69](index=69&type=chunk) - The company drives innovation and develops core competencies by increasing R&D investment in green pesticides, undertaking national and supply and marketing cooperative technology projects, and obtaining 19 invention patents[70](index=70&type=chunk) - The company emphasizes investor communication and conveys company value by improving information disclosure quality, holding earnings calls, and completing 65 institutional surveys[71](index=71&type=chunk) - The company adheres to standardized operations and optimizes corporate governance by formulating a "Public Opinion Management System," revising 27 institutional documents, and improving governance structure[72](index=72&type=chunk) - The company strengthens "key minority" responsibilities and enhances performance capabilities by organizing training for directors, supervisors, and senior management on regulatory policies[73](index=73&type=chunk) [Section 4 Corporate Governance, Environment, and Society](index=22&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 changes in the company's directors and senior management, profit distribution plans, employee incentive measures, environmental information, and contributions to poverty alleviation and rural revitalization [I. Changes in Company Directors and Senior Management](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E8%91%A3%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's directors and senior management - During the reporting period, the company's directors and senior management remained unchanged[75](index=75&type=chunk) [II. Profit Distribution or Capital Reserve Conversion Plan](index=22&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) The company will not distribute profits or convert capital reserves into share capital for the semi-annual period - The company will not conduct semi-annual profit distribution or capital reserve conversion into share capital[75](index=75&type=chunk) [III. Status and Impact of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=22&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) During the reporting period, there was no progress or change in the company's equity incentive plans, employee stock ownership plans, or other employee incentive measures - During the reporting period, there was no progress or changes in company equity incentive plans, employee stock ownership plans, or other employee incentive measures[76](index=76&type=chunk) [IV. Environmental Information of Listed Companies and Their Main Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law](index=22&type=section&id=%E5%9B%9B%E3%80%81%E7%BA%B3%E5%85%A5%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E4%BE%9D%E6%B3%95%E6%8A%AB%E9%9C%B2%E4%BC%81%E4%B8%9A%E5%90%8D%E5%8D%95%E7%9A%84%E4%B8%8A%E5%B8%82%E5%85%AC%E5%8F%B8%E5%8F%8A%E5%85%B6%E4%B8%BB%E8%A6%81%E5%AD%90%E5%85%AC%E5%8F%B8%E7%9A%84%E7%8E%AF%E5%A2%83%E4%BF%A1%E6%81%AF%E6%83%85%E5%86%B5) Except for its controlling subsidiary Tianjin Lihua, which engages in pesticide formulation processing and packaging, the company and its other subsidiaries primarily conduct pesticide distribution and are not in heavily polluting industries; Tianjin Lihua's environmental monitoring reports show compliance with environmental requirements for wastewater, exhaust gas, and noise - The company and its other subsidiaries primarily engage in pesticide distribution and are not in heavily polluting industries; only the controlling subsidiary Tianjin Lihua engages in pesticide formulation processing and packaging services[76](index=76&type=chunk) - Tianjin Lihua's environmental monitoring results for Q1 and Q2 2025 show that wastewater, exhaust gas, and noise conditions all comply with environmental requirements[77](index=77&type=chunk) [V. Specific Progress in Consolidating Poverty Alleviation Achievements and Rural Revitalization](index=23&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 consolidates poverty alleviation achievements and contributes to rural revitalization by ensuring pesticide supply, strengthening offline and online technical services, and optimizing yield-increasing solutions, including signing supply agreements, being listed as a key agricultural material supplier, conducting popular science promotion, and achieving significant yield increases with its "Zhongnong Dingliangzhu" solution - The company ensures pesticide supply by signing spring plowing supply cooperation agreements with 166 pesticide manufacturers, being selected as a "2025 National Supply and Marketing Cooperative Key Agricultural Material Supplier," and carrying out "Escort Spring Plowing 315" popular science promotion[78](index=78&type=chunk) - The company strengthens offline and online technical services by conducting over 3,000 trials and demonstrations and over 5,000 farmer training sessions; in H1, it held over 90 live broadcasts, with over **4 million** viewers, and released over 600 short videos[79](index=79&type=chunk) - The promoted "Zhongnong Dingliangzhu" yield increase solution showed an average wheat yield increase of **141.1 jin per mu** (yield increase rate of **12.2%**) and an average rice yield increase of **237.3 jin per mu** (yield increase rate of **19.8%**)[79](index=79&type=chunk) [Section 5 Significant Matters](index=24&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 the fulfillment of commitments, non-operating fund occupation by controlling shareholders, illegal guarantees, significant litigation, integrity status, major related-party transactions, and significant contracts [I. Fulfillment of Commitments](index=24&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) The company's actual controller, shareholders, and related parties (Supply and Marketing Group, Sino-Agri Group, Guangdong Yilong) have strictly fulfilled their commitments to resolve horizontal competition, not engaging in competitive businesses since June 2015 - Supply and Marketing Group, Sino-Agri Group, and Guangdong Yilong have strictly fulfilled their commitments to resolve horizontal competition, not engaging in competitive businesses since June 2015[81](index=81&type=chunk) [II. Non-Operating Fund Occupation by Controlling Shareholders and Other Related Parties During the Reporting Period](index=24&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E5%8F%8A%E5%85%B6%E4%BB%96%E5%85%B3%E8%81%94%E6%96%B9%E9%9D%9E%E7%BB%8F%E8%90%A5%E6%80%A7%E5%8D%A0%E7%94%A8%E8%B5%84%E9%87%91%E6%83%85%E5%86%B5) During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties - During the reporting period, there was no non-operating occupation of funds by the controlling shareholder or other related parties[82](index=82&type=chunk) [III. Illegal Guarantees](index=25&type=section&id=%E4%B8%89%E3%80%81%E8%BF%9D%E8%A7%84%E6%8B%85%E4%BF%9D%E6%83%85%E5%86%B5) During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures - During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures[83](index=83&type=chunk) [VII. Significant Litigation and Arbitration Matters](index=25&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) The company is involved in significant litigation and arbitration matters, including administrative penalty disputes and cargo leakage disputes; subsidiary Guangzhou Lihua was fined **3.8614 million yuan** for unlicensed pesticide sales, with a re-trial application rejected and a provision for liabilities made; subsidiary Shanghai Aige is involved in a cargo leakage arbitration, facing a claim of **35.9275 million yuan**, with **24.2894 million yuan** in bank deposits frozen, but the company believes it has a high probability of winning; subsidiary Zhongnong Fengmao is involved in a sales contract dispute, with **750,000 yuan** in bank accounts frozen, and the company believes it has a high probability of winning - Administrative penalty dispute: Subsidiary Guangzhou Lihua was fined a total of **3,861,378.00 yuan** by Guangzhou Baiyun District Agriculture and Rural Bureau for unlicensed sales of restricted pesticides; the company has fully accrued estimated liabilities, and Guangdong High People's Court has rejected the re-trial application[83](index=83&type=chunk)[269](index=269&type=chunk)[375](index=375&type=chunk)[504](index=504&type=chunk)[505](index=505&type=chunk)[506](index=506&type=chunk) - Cargo leakage dispute: Subsidiary Shanghai Aige was subject to arbitration by Brazilian Agricultural Cooperation Co., Ltd., demanding compensation of **35.9275 million yuan**, with Shanghai Aige's bank deposits of **24.2894 million yuan** frozen; the company believes it has a high probability of winning[507](index=507&type=chunk)[508](index=508&type=chunk)[509](index=509&type=chunk)[510](index=510&type=chunk)[511](index=511&type=chunk) - Sales contract dispute: Subsidiary Zhongnong Fengmao was sued by Laiyang Jiabao Auto Parts Co., Ltd., involving **706,166.16 yuan**, with bank accounts frozen for **750,000 yuan**; the company believes it has a high probability of winning[512](index=512&type=chunk)[513](index=513&type=chunk)[514](index=514&type=chunk) [IX. Explanation of the Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the Reporting Period](index=25&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 shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts, maintaining good integrity - During the reporting period, the company, its controlling shareholder, and actual controller had no unfulfilled effective court judgments or large overdue debts[84](index=84&type=chunk) [X. Major Related-Party Transactions](index=25&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) The company's estimated daily related-party transactions for 2025 are not to exceed **741 million yuan**, with **136 million yuan** incurred as of June 30; the company conducts financial business with Supply and Marketing Group Finance Co., Ltd., including deposits, credit facilities, and cross-border fund centralization services, earning **22,500 yuan** in financial service fees - The company expects daily related-party transactions with associated parties, including goods sales, procurement, and warehousing and transportation services, to not exceed **740.8 million yuan** in 2025[86](index=86&type=chunk) - As of June 30, 2025, the company's various daily related-party transactions amounted to **136.05 million yuan**[86](index=86&type=chunk) Financial Business with Supply and Marketing Group Finance Co., Ltd | Related Party | Relationship | Business Type | Beginning Balance (Yuan) | Ending Balance (Yuan) | Total Deposits This Period (Yuan) | Total Withdrawals This Period (Yuan) | Total Credit Line (Yuan) | Actual Amount Incurred (Yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 供销集团财务有限公司 (Supply and Marketing Group Finance Co., Ltd.) | 受同一最终控制方控制 (Under same ultimate control) | 存款业务 (Deposit Business) | 99,283,277.74 | 98,382,287.92 | 297,906,210.18 | 298,807,200.00 | - | - | | 供销集团财务有限公司 (Supply and Marketing Group Finance Co., Ltd.) | 受同一最终控制方控制 (Under same ultimate control) | 授信业务 (Credit Business) | - | - | - | - | 100,000,000.00 | 0.00 | - The company processed **100 million yuan** in cross-border cash pool business through Supply and Marketing Group Finance Co., Ltd., collecting **22,450.00 yuan** in financial service fees[93](index=93&type=chunk) [XI. Significant Contracts and Their Performance](index=28&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) The company has several related-party lease contracts, primarily for office buildings and warehouses, with a high estimated annual rent; additionally, the company provided a **250 million yuan** guarantee for its subsidiary SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD., valid until June 2026 Major Related-Party Lease Information (Estimated Annual Rent) | Lessor Name | Leased Asset | Amount Involved in Leased Asset (Yuan) | Related Party Relationship | | :--- | :--- | :--- | :--- | | 中国农业生产资料集团有限公司 (China Agricultural Materials Group Co., Ltd.) | 办公楼 (Office Building) | 4,701,640.16 | 控股股东 (Controlling Shareholder) | | 中国农业生产资料集团有限公司 (China Agricultural Materials Group Co., Ltd.) | 办公楼 (Office Building) | 1,835,128.20 | 控股股东 (Controlling Shareholder) | | 天津中农化肥储运贸易有限公司 (Tianjin Zhongnong Chemical Fertilizer Storage and Transportation Trade Co., Ltd.) | 仓库 (Warehouse) | 1,120,000.00 | 集团兄弟公司 (Group Sister Company) | | 天津中农化肥储运贸易有限公司 (Tianjin Zhongnong Chemical Fertilizer Storage and Transportation Trade Co., Ltd.) | 仓库 (Warehouse) | 1,730,000.00 | 集团兄弟公司 (Group Sister Company) | | 天津中农化肥储运贸易有限公司 (Tianjin Zhongnong Chemical Fertilizer Storage and Transportation Trade Co., Ltd.) | 仓库 (Warehouse) | 4,195,218.00 | 集团兄弟公司 (Group Sister Company) | | 中国供销集团南通国际棉花有限公司 (China Supply and Marketing Group Nantong International Cotton Co., Ltd.) | 仓库 (Warehouse) | 1,060,000.00 | 集团兄弟公司 (Group Sister Company) | Company Guarantees for Subsidiaries | Guarantor | Guaranteed Party | Guarantee Amount (Ten Thousand Yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | The Company | SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD. | 15,000.00 | June 20, 2025 | June 20, 2026 | No | | The Company | SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD. | 10,000.00 | June 26, 2025 | June 25, 2026 | No | | **Total Guarantee Amount** | **25,000.00** | | | | | | **Total Guarantee Amount as % of Company's Net Assets** | **16.22%** | | | | | - The company plans to provide guarantees for its controlling subsidiary Shanghai Aige and its wholly-owned subsidiary Singapore Company, with amounts not exceeding **200 million yuan** and **300 million yuan** (converted to RMB) respectively[490](index=490&type=chunk) [Section 6 Share Changes and Shareholder Information](index=31&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 details changes in the company's share capital, shareholder structure, and the holdings of directors and senior management, confirming no changes in share capital or controlling shareholder during the reporting period [I. Share Capital Changes](index=31&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, the company's total share capital and share structure remained unchanged, with a total of 268,800,134 shares at period-end - During the reporting period, the company's total share capital and share structure remained unchanged[102](index=102&type=chunk) Share Capital Changes | Item | Beginning Balance (Shares) | Changes This Period (+, -) | Ending Balance (Shares) | | :--- | :--- | :--- | :--- | | Total Shares | 268,800,134.00 | 0 | 268,800,134.00 | [II. Shareholder Information](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) As of the end of the reporting period, the company had 15,403 common shareholders; China Agricultural Materials Group Co., Ltd. was the largest shareholder with **50.25%** stake, and Guangdong Yilong Investment Co., Ltd. held **9.45%**; all top ten shareholders held unrestricted tradable shares - As of the end of the reporting period, the total number of common shareholders was **15,403**[103](index=103&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shares Held at Period-end (Shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | 中国农业生产资料集团有限公司 (China Agricultural Materials Group Co., Ltd.) | 135,072,000 | 50.25 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 广东益隆投资有限公司 (Guangdong Yilong Investment Co., Ltd.) | 25,401,600 | 9.45 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 北京中农利成管理咨询有限公司 (Beijing Zhongnong Licheng Management Consulting Co., Ltd.) | 3,225,600 | 1.20 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 刘锋 (Liu Feng) | 2,887,800 | 1.07 | 境内自然人 (Domestic Natural Person) | | 浙江浙农金泰生物科技有限公司 (Zhejiang Zhenong Jintai Biotechnology Co., Ltd.) | 2,736,000 | 1.02 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 中国对外经济贸易信托有限公司－外贸信托－仁桥泽源股票私募证券投资基金 (China Foreign Economy and Trade Trust Co., Ltd. - Foreign Trade Trust - Renqiao Zeyuan Stock Private Securities Investment Fund) | 2,035,080 | 0.76 | 境内非国有法人 (Domestic Non-State-Owned Legal Person) | | 何海林 (He Hailin) | 1,955,071 | 0.73 | 境内自然人 (Domestic Natural Person) | | 刘荣珍 (Liu Rongzhen) | 1,210,960 | 0.45 | 境内自然人 (Domestic Natural Person) | | 韦红 (Wei Hong) | 1,120,340 | 0.42 | 境内自然人 (Domestic Natural Person) | | 张捷 (Zhang Jie) | 1,036,760 | 0.39 | 境内自然人 (Domestic Natural Person) | - Among the top ten shareholders, China Agricultural Materials Group Co., Ltd. is the controlling shareholder, holding **50.25%** of the shares[105](index=105&type=chunk) [III. Directors and Senior Management Information](index=33&type=section&id=%E4%B8%89%E3%80%81%E8%91%A3%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) During the reporting period, there were no changes in the shareholdings of the company's directors and senior management, nor were they granted any equity incentives - During the reporting period, there were no changes in the shareholdings of the company's current and former directors and senior management[107](index=107&type=chunk) - During the reporting period, directors and senior management were not granted equity incentives[107](index=107&type=chunk) [IV. Changes in Controlling Shareholder or Actual Controller](index=33&type=section&id=%E5%9B%9B%E3%80%81%E6%8E%A7%E8%82%A1%E8%82%A1%E4%B8%9C%E6%88%96%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E5%8F%98%E6%9B%B4%E6%83%85%E5%86%B5) During the reporting period, there were no changes in the company's controlling shareholder or actual controller - During the reporting period, there were no changes in the company's controlling shareholder or actual controller[107](index=107&type=chunk) [Section 7 Bond-Related Information](index=34&type=section&id=%E7%AC%AC%E4%B8%83%E8%8A%82%20%E5%80%BA%E5%88%B8%E7%9B%B8%E5%85%B3%E6%83%85%E5%86%B5) This section confirms that the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments, nor any convertible corporate bonds during the reporting period [I. Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments](index=34&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E5%80%BA%E5%88%B8%EF%BC%88%E5%90%AB%E4%BC%81%E4%B8%9A%E5%80%BA%E5%88%B8%EF%BC%89%E5%92%8C%E9%9D%9E%E9%87%91%E8%9E%8D%E4%BC%81%E4%B8%9A%E5%80%BA%E5%8A%A1%E8%9E%8D%E8%B5%84%E5%B7%A5%E5%85%B7) During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments - During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments[109](index=109&type=chunk) [II. Convertible Corporate Bonds](index=34&type=section&id=%E4%BA%8C%E3%80%81%E5%8F%AF%E8%BD%AC%E6%8D%A2%E5%85%AC%E5%8F%B8%E5%80%BA%E6%83%85%E5%86%B5) During the reporting period, the company had no convertible corporate bonds - During the reporting period, the company had no convertible corporate bonds[109](index=109&type=chunk) [Section 8 Financial Report](index=35&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 unaudited semi-annual financial statements for 2025, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial items [I. Audit Report](index=35&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) This semi-annual report has not been audited - This semi-annual report has not been audited[16](index=16&type=chunk) [II. Financial Statements](index=35&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section provides the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2025, comprehensively presenting the company's financial position and operating results [Consolidated Balance Sheet](index=35&type=section&id=%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the company's consolidated total assets were **6.753 billion yuan**, with a high proportion of current assets; total liabilities were **5.045 billion yuan**, primarily short-term borrowings and accounts payable; equity attributable to parent company owners was **1.541 billion yuan** - As of June 30, 2025, consolidated total assets were **6,752,721,194.42 yuan**, with total current assets of **6,498,249,851.57 yuan**[112](index=112&type=chunk) - Total liabilities were **5,045,172,150.60 yuan**, including short-term borrowings of **991,379,983.00 yuan**, notes payable of **1,509,172,894.47 yuan**, and accounts payable of **1,311,562,461.91 yuan**[112](index=112&type=chunk)[113](index=113&type=chunk) - Total equity attributable to parent company owners was **1,540,916,331.57 yuan**[113](index=113&type=chunk) [Parent Company Balance Sheet](index=37&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of June 30, 2025, the parent company's total assets were **5.432 billion yuan**, with a high proportion of current assets; total liabilities were **4.042 billion yuan**, primarily short-term borrowings, notes payable, and contract liabilities; total owners' equity was **1.390 billion yuan** - As of June 30, 2025, parent company total assets were **5,431,794,222.41 yuan**, with total current assets of **5,029,334,491.92 yuan**[114](index=114&type=chunk)[115](index=115&type=chunk) - Total liabilities were **4,041,955,344.52 yuan**, including short-term borrowings of **849,486,635.00 yuan**, notes payable of **1,446,023,119.93 yuan**, and contract liabilities of **766,126,424.63 yuan**[115](index=115&type=chunk)[116](index=116&type=chunk) - Total owners' equity was **1,389,838,877.89 yuan**[116](index=116&type=chunk) [Consolidated Income Statement](index=39&type=section&id=%E5%90%88%E5%B9%B6%E5%88%A9%E6%B6%A6%E8%A1%A8) In January-June 2025, the company's consolidated total operating revenue was **6.745 billion yuan**, a **3.27%** year-on-year increase; net profit was **159 million yuan**, a **7.73%** year-on-year decrease; net profit attributable to parent company shareholders was **142 million yuan**, a **10.06%** year-on-year decrease - In January-June 2025, consolidated total operating revenue was **6,745,417,178.40 yuan**, a year-on-year increase of **3.27%**[118](index=118&type=chunk) - Consolidated net profit was **159,282,374.69 yuan**, compared to **172,574,061.09 yuan** in the prior year period, a year-on-year decrease of **7.73%**[119](index=119&type=chunk) - Net profit attributable to parent company shareholders was **142,180,574.70 yuan**, compared to **158,090,134.79 yuan** in the prior year period, a year-on-year decrease of **10.06%**[119](index=119&type=chunk) - Basic earnings per share were **0.5289 yuan/share**, compared to **0.5881 yuan/share** in the prior year period, a year-on-year decrease of **10.07%**[119](index=119&type=chunk) [Parent Company Income Statement](index=41&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E5%88%A9%E6%B6%A6%E8%A1%A8) In January-June 2025, the parent company's operating revenue was **3.132 billion yuan**, a **1.54%** year-on-year decrease; net profit was **126 million yuan**, a **6.50%** year-on-year decrease - In January-June 2025, parent company operating revenue was **3,132,174,342.96 yuan**, compared to **3,181,286,141.62 yuan** in the prior year period, a year-on-year decrease of **1.54%**[121](index=121&type=chunk) - Parent company net profit was **125,880,519.69 yuan**, compared to **134,631,237.34 yuan** in the prior year period, a year-on-year decrease of **6.50%**[121](index=121&type=chunk) [Consolidated Cash Flow Statement](index=42&type=section&id=%E5%90%88%E5%B9%B6%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In January-June 2025, net cash flow from operating activities was **-1.174 billion yuan**, indicating a significant increase in cash outflow; net cash flow from investing activities was **934 million yuan**, mainly due to increased cash received from investment redemptions; net cash flow from financing activities was **215 million yuan** - Net cash flow from operating activities was **-1,174,294,556.38 yuan**, compared to **-617,103,636.02 yuan** in the prior year period, indicating a significant increase in cash outflow[123](index=123&type=chunk) - Net cash flow from investing activities was **934,096,877.20 yuan**, compared to **392,274,714.62 yuan** in the prior year period, primarily due to increased cash received from investment redemptions[124](index=124&type=chunk) - Net cash flow from financing activities was **215,182,750.01 yuan**, compared to **275,808,966.62 yuan** in the prior year period, a year-on-year decrease of **21.98%**[124](index=124&type=chunk) [Parent Company Cash Flow Statement](index=43&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E7%8E%B0%E9%87%91%E6%B5%81%E9%87%8F%E8%A1%A8) In January-June 2025, the parent company's net cash flow from operating activities was **-1.149 billion yuan**, net cash flow from investing activities was **958 million yuan**, and net cash flow from financing activities was **189 million yuan** - Net cash flow from operating activities was **-1,149,086,502.72 yuan**, compared to **-482,179,810.04 yuan** in the prior year period[126](index=126&type=chunk) - Net cash flow from investing activities was **958,104,902.75 yuan**, compared to **412,089,968.99 yuan** in the prior year period[127](index=127&type=chunk) - Net cash flow from financing activities was **189,011,105.51 yuan**, compared to **215,419,643.86 yuan** in the prior year period[127](index=127&type=chunk) [Consolidated Statement of Changes in Owners' Equity](index=45&type=section&id=%E5%90%88%E5%B9%B6%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the company's consolidated total owners' equity was **1.708 billion yuan**, an increase of **24.8616 million yuan** from the beginning of the period, with equity attributable to parent company owners increasing by **20.4709 million yuan** and minority interests by **4.3907 million yuan** - As of June 30, 2025, consolidated total owners' equity was **1,707,549,043.82 yuan**, an increase of **24,861,569.85 yuan** from the beginning of the period[131](index=131&type=chunk) - Total equity attributable to parent company owners increased by **20,470,914.96 yuan**, and minority interests increased by **4,390,654.89 yuan**[131](index=131&type=chunk) [Parent Company Statement of Changes in Owners' Equity](index=49&type=section&id=%E6%AF%8D%E5%85%AC%E5%8F%B8%E6%89%80%E6%9C%89%E8%80%85%E6%9D%83%E7%9B%8A%E5%8F%98%E5%8A%A8%E8%A1%A8) As of June 30, 2025, the parent company's total owners' equity was **1.390 billion yuan**, an increase of **4.9205 million yuan** from the beginning of the period, with total comprehensive income of **126 million yuan** and profit distribution decreasing by **121 million yuan** - As of June 30, 2025, parent company total owners' equity was **1,389,838,877.89 yuan**, an increase of **4,920,459.54 yuan** from the beginning of the period[135](index=135&type=chunk) - Total comprehensive income for the period was **125,880,519.84 yuan**, with profit distribution decreasing by **120,960,060.30 yuan**[135](index=135&type=chunk)[136](index=136&type=chunk) [III. Company Basic Information](index=53&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) Sino-Agri Leading Biosciences Co., Ltd. was established on April 8, 2009, with its registered capital increasing to **269 million yuan**; the company's business scope includes agricultural science, technology services, and trade, with China National Supply and Marketing Cooperatives as the ultimate controlling party; the financial statements were approved by the board on August 26, 2025 - The company was established on April 8, 2009, with registered capital increasing from **80 million yuan** through multiple increments, changing to **268,800,134.00 yuan** as of May 18, 2023[139](index=139&type=chunk)[140](index=140&type=chunk)[141](index=141&type=chunk)[142](index=142&type=chunk)[143](index=143&type=chunk) - The company's business scope is extensive, including agricultural science research, technical services, fertilizer sales, chemical product sales, agricultural machinery services, and import/export of goods, also covering licensed items like hazardous chemical operations and pesticide wholesale[144](index=144&type=chunk) - The company's parent company is China Agricultural Materials Group Co., Ltd., and the ultimate controlling party is China National Supply and Marketing Cooperatives[144](index=144&type=chunk) - The company's financial statements were approved for issuance by the board of directors on August 26, 2025[145](index=145&type=chunk) [IV. Basis of Financial Statement Preparation](index=54&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) These financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and a comprehensive assessment of the company's ability to continue as a going concern for the next 12 months has been conducted, with sufficient resources reasonably expected - These financial statements are prepared on a going concern basis, in accordance with relevant provisions of enterprise accounting standards, based on actual transactions[146](index=146&type=chunk) - The company has fully assessed its ability to continue as a going concern for the next 12 months from the balance sheet date, reasonably expecting to have sufficient resources to maintain continuous operations[148](index=148&type=chunk) [V. Significant Accounting Policies and Estimates](index=55&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) The company has established specific accounting policies and estimates for items like bad debt provisions for receivables, inventory impairment, depreciation of fixed assets, amortization of right-of-use assets, intangible assets, and revenue recognition, adhering to the latest enterprise accounting standards; the fiscal year is the calendar year, with RMB as the functional currency for domestic entities and USD for overseas sub-subsidiaries; this section details policies on business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, fixed assets, intangible assets, employee benefits, provisions, revenue, government grants, deferred income tax, leases, and hedge accounting - The company has formulated specific accounting policies and estimates for transactions such as bad debt provisions for receivables, inventory impairment provisions, depreciation of fixed assets, amortization of right-of-use assets, amortization of intangible assets, and revenue recognition, based on industry operating characteristics[149](index=149&type=chunk) - These financial statements comply with the latest enterprise accounting standards, their application guidelines, interpretations, and other relevant regulations issued by the Ministry of Finance, truly and completely reflecting the company's financial position, operating results, and cash flows[150](index=150&type=chunk) - The company's accounting year runs from January 1 to December 31 of the Gregorian calendar, with 12 months as the normal operating cycle; the company and its domestic subsidiaries use RMB as the functional currency, while overseas sub-subsidiaries use USD[151](index=151&type=chunk)[152](index=152&type=chunk)[153](index=153&type=chunk) - The company classifies financial assets based on the business model for managing financial assets and their cash flow characteristics into those measured at amortized cost, at fair value through other comprehensive income, and at fair value through profit or loss[170](index=170&type=chunk) - For accounts receivable and notes receivable that do not contain a significant financing component, the company applies the simplified model for expected credit losses, always measuring loss provisions at an amount equal to the expected credit losses over the entire lifetime[184](index=184&type=chunk)[188](index=188&type=chunk) - The company's revenue primarily includes sales revenue from pesticide raw materials and formulations, recognized when the customer obtains control of the related goods; domestic sales are recognized upon receipt of customer signed documents, and export sales are recognized upon obtaining the bill of lading after customs declaration and shipment[233](index=233&type=chunk)[234](index=234&type=chunk) [VI. Taxes](index=78&type=section&id=%E5%85%AD%E3%80%81%E7%A8%8E%E9%A1%B9) The company's main taxes include VAT, urban maintenance and construction tax, education surcharge, property tax, and corporate income tax; the company and its subsidiaries' pesticide formulation and agricultural machinery wholesale/retail businesses are exempt from VAT; some subsidiaries, as small low-profit enterprises, enjoy a corporate income tax reduction, paying at a **20%** rate on **25%** of taxable income Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Sales of goods or provision of taxable services | Exempt, 6%, 9%, 13% | | Urban Maintenance and Construction Tax | Actual paid turnover tax amount | 5%, 7% | | Education Surcharge | Actual paid turnover tax amount | 2%, 3% | | Property Tax | Original value, rent | 1.2%, 12% | | Corporate Income Tax | Taxable income | 17%, 20%, 22%, 25%, 35% | - The company and its subsidiaries' pesticide formulation and agricultural machinery wholesale and retail businesses are exempt from Value-Added Tax[251](index=251&type=chunk) - Some subsidiaries are eligible for corporate income tax preferential policies for small low-profit enterprises, calculating taxable income at **25%** and paying corporate income tax at a **20%** rate, extended until December 31, 2027[252](index=252&type=chunk) [VII. Notes to Consolidated Financial Statement Items](index=79&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 details the period-end balances, beginning balances, and changes for each item in the company's consolidated financial statements, including cash, financial assets held for trading, notes receivable, accounts receivable, inventories, short-term borrowings, accounts payable, operating revenue and cost, various expenses, investment income, credit impairment losses, and asset impairment losses; notably, accounts receivable and short-term borrowings significantly increased, while financial assets held for trading and notes receivable substantially decreased Consolidated Financial Statement Key Items Period-end Balances | Item | Period-end Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Cash and Bank Balances | 454,724,884.47 | 405,312,076.94 | | Financial Assets Held for Trading | 71,396,958.67 | 1,000,000,000.00 | | Notes Receivable | 13,169,977.63 | 142,210,395.93 | | Accounts Receivable | 3,226,309,279.34 | 1,472,052,100.51 | | Inventories | 1,752,197,897.79 | 1,573,274,085.46 | | Short-term Borrowings | 991,379,983.00 | 628,482,348.09 | | Accounts Payable | 1,311,562,461.91 | 644,241,980.56 | | Operating Revenue | 6,745,417,178.40 | 6,531,899,796.88 | | Operating Cost | 6,317,359,596.00 | 6,096,899,513.54 | | Selling Expenses | 119,422,066.82 | 111,089,111.50 | | Administrative Expenses | 37,032,569.81 | 28,928,778.60 | | R&D Expenses | 29,276,430.61 | 26,781,175.52 | | Financial Expenses | 17,278,859.33 | 18,745,422.61 | | Investment Income | 5,848,555.45 | 4,877,103.04 | | Credit Impairment Losses | -11,516,617.59 | -14,324,414.66 | | Inventory Impairment Losses and Contract Performance Cost Impairment Losses | -17,640,979.94 | -12,974,097.23 | - At period-end, restricted funds for use, such as pledged, mortgaged, or frozen funds, amounted to **98,955,897.03 yuan**, primarily for bank acceptance bill deposits and temporary judicial freezes[255](index=255&type=chunk) - Financial assets held for trading significantly decreased by **92.86%**, mainly due to a lower balance of structural deposits purchased at the end of the current period[59](index=59&type=chunk)[257](index=257&type=chunk) - Accounts receivable significantly increased by **119.17%**, mainly due to adjustments in credit terms for business development and the inapplicability of hedge accounting to settlement business through overseas subsidiaries[59](index=59&type=chunk)[62](index=62&type=chunk) - Short-term borrowings increased by **57.74%**, mainly due to an increase in procurement scale during the current period[59](index=59&type=chunk)[62](index=62&type=chunk) - Accounts payable increased by **103.58%**, mainly due to an increase in outstanding procurement payments not yet due during the current period[59](index=59&type=chunk)[62](index=62&type=chunk) [VIII. R&D Expenses](index=129&type=section&id=%E5%85%AB%E3%80%81%E7%A0%94%E5%8F%91%E6%94%AF%E5%87%BA) In H1 2025, the company's R&D expenses were **29.2764 million yuan**, a **9.32%** year-on-year increase, primarily comprising employee compensation, travel expenses, and accumulated depreciation and amortization; all R&D expenditures were expensed, with no capitalized R&D expenditures R&D Expenses by Nature of Expense | Item | Amount This Period (Yuan) | Amount Last Period (Yuan) | | :--- | :--- | :--- | | Employee Compensation | 21,998,690.22 | 18,890,229.40 | | Travel Expenses | 5,513,192.65 | 5,484,280.91 | | Accumulated Depreciation and Amortization | 928,031.70 | 1,102,739.16 | | Technical Experiment Fees | 680,406.79 | 912,532.50 | | Office Expenses | 76,060.38 | 203,715.00 | | Other | 80,048.87 | 187,678.55 | | **Total** | **29,276,430.61** | **26,781,175.52** | | Of which: Expensed R&D Expenditures | 29,276,430.61 | 26,781,175.52 | | Capitalized R&D Expenditures | 0 | 0 | - All R&D expenditures for the current period were expensed, with no capitalized R&D expenditures[399](index=399&type=chunk) [IX. Changes in Consolidation Scope](index=130&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, there were no changes in the company's consolidation scope, including non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries - During the reporting period, there were no changes in the company's consolidation scope, including non-same-control business combinations, same-control business combinations, reverse acquisitions, or disposal of subsidiaries[481](index=481&type=chunk) [X. Interests in Other Entities](index=132&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) The company holds interests in multiple controlling subsidiaries, primarily engaged in pesticide sales and technical consulting services across various domestic provinces and overseas countries; Aige (Shanghai) Biotechnology Co., Ltd. is a significant non-wholly-owned subsidiary with a **30%** minority interest, contributing **15.2349 million yuan** to minority shareholders' profit for the period; the company also holds interests in associates like Hebei Jilong Biotechnology Co., Ltd. and Sino-Agri Group Seed Industry Holding Co., Ltd Major Subsidiaries | Subsidiary Name | Registered Place | Business Nature | Direct Shareholding (%) | Indirect Shareholding (%) | | :--- | :--- | :--- | :--- | :--- | | 黑龙江中农立华北大荒生物科技有限公司 (Heilongjiang Sino-Agri Leading Beidahuang Biotechnology Co., Ltd.) | 黑龙江 (Heilongjiang) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | 55.00 | | | 中农立华农业科技（上海）有限公司 (Sino-Agri Leading Agricultural Technology (Shanghai) Co., Ltd.) | 上海 (Shanghai) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | 100.00 | | | 爱格（上海）生物科技有限公司 (Aige (Shanghai) Biotechnology Co., Ltd.) | 上海 (Shanghai) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | 70.00 | | | SINO AGRI BIOSCIENCES SINGAPORE PTE.LTD. | 新加坡 (Singapore) | 农药销售及技术咨询服务 (Pesticide sales and technical consulting services) | | 70.00 | Financial Information of Significant Non-Wholly-Owned Subsidiary (Aige (Shanghai) Biotechnology Co., Ltd.) | Indicator | Amount (Yuan) | | :--- | :--- | | Minority Shareholding (%) | 30.00 | | Profit/Loss Attributable to Minority Shareholders This Period | 15,234,898.47 | | Dividends Declared to Minority Shareholders This Period | 9,000,000.00 | | Minority Interest Balance at Period-end | 98,196,162.14 | | Operating Revenue | 1,972,072,993.23 | | Net Profit | 51,105,814.94 | | Total Comprehensive Income | 50,035,070.25 | | Cash Flow from Operating Activities | -26,429,249.16 | - The company holds interests in associates such as Hebei Jilong Biotechnology Co., Ltd. and Sino-Agri Group Seed Industry Holding Co., Ltd., with a total investment gain of **876,700 yuan** recognized this period[317](index=317&type=chunk)[454](index=454&type=chunk) [XI. Government Grants](index=136&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E6%94%BF%E5%BA%9C%E8%A1%A5%E5%8A%A9) In H1 2025, the company received **1.0186 million yuan** in income-related government grants, with **4.5450 million yuan** recognized in current profit or loss Government Grant Liability Item Changes | Financial Statement Item | Beginning Balance (Yuan) | New Grants This Period (Yuan) | Amount Recognized in Non-Operating Income This Period (Yuan) | Amount Transferred to Other Income This Period (Yuan) | Ending Balance (Yuan) | Asset/Income Related | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Deferred Income | 145,907.77 | 1,018,600.00 | 0 | 202,314.90 | 962,192.87 | 与收益相关 (Income Related) | - Government grants recognized in current profit or loss for this period amounted to **4,544,961.32 yuan**[457](index=457&type=chunk) [XII. Risks Related to Financial Instruments](index=136&type=section&id=%E5%8D%81%E4%BA%8C%E3%80%81%E4%B8%8E%E9%87%91%E8%9E%8D%E5%B7%A5%E5%85%B7%E7%9B%B8%E5%85%B3%E7%9A%84%E9%A3%8E%E9%99%A9) The company's main financial instruments include cash, receivables, and borrowings, exposing it to credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk); these risks are managed through credit assessment, accounts receivable monitoring, cash flow planning, and the use of forward foreign exchange contracts and hedge accounting - The company's main financial instruments include cash, notes receivable financing, other receivables, bank borrowings, notes payable, accounts payable, other payables, lease liabilities, non-current liabilities due within one year, and other non-current liabilities, primarily for financing its operations[458](index=458&type=chunk) - The main risks faced by the company are credit risk, liquidity risk, and market risk (interest rate risk, exchange rate risk)[460](index=460&type=chunk) - The company manages credit risk by conducting credit risk assessments for new customers, setting credit limits, quarterly monitoring customer credit ratings, and monthly reviewing accounts receivable aging[461](index=461&type=chunk) - The company manages liquidity risk by preparing monthly cash plans, monitoring cash balances, and rolling forecasts of future 12-month cash flows[462](index=462&type=chunk) - The company faces low interest rate risk; exchange rate risk is primarily related to overseas operating activities and net investments in overseas subsidiaries, mitigated through forward foreign exchange contracts[464](index=464&type=chunk)[465](index=465&type=chunk)[466](index=466&type=chunk) - The company engages in forward foreign e

Group 1 - Glyphosate concept stocks increased by 2.03%, ranking 4th among concept sectors, with 15 stocks rising, led by Jiangtian Chemical, Yangnong Chemical, and Yingtai Biological, which rose by 10.47%, 5.33%, and 3.40% respectively [1] - The main funds net inflow into the glyphosate concept sector was 47 million yuan, with 8 stocks receiving net inflows, and 5 stocks seeing inflows exceeding 10 million yuan, led by Noposion with a net inflow of 38.12 million yuan [2] - The top three stocks by net inflow ratio were Taihe Co., Ltd., Lier Chemical, and Noposion, with net inflow ratios of 8.33%, 5.80%, and 5.40% respectively [3] Group 2 - The glyphosate concept stocks' performance included Noposion with a 2.61% increase, Jiangtian Chemical with a 10.47% increase, and Lier Chemical with a 2.12% increase, among others [3] - The overall market performance showed that the glyphosate concept was among the top gainers, indicating positive market sentiment towards this sector [2]

Core Points - The company has completed the registration and filing of changes in its business scope, board of directors, and revised articles of association [3][4] - The company held its 2024 annual general meeting on May 16, 2025, where significant resolutions were passed, including changes to the business scope and the cancellation of the supervisory board [2][3] - The company has elected Kang Kai as the employee director of the sixth board of directors, following a representative assembly [5][6] Business Scope Changes - The company’s new business scope includes agricultural scientific research and experimental development, technical services, fertilizer sales, agricultural machinery services, and import/export activities [3] - The company is authorized to engage in hazardous chemical operations, pesticide wholesale, and agricultural seed import/export, subject to regulatory approvals [3] Corporate Governance - The election of Kang Kai as an employee director ensures that the number of employee representatives on the board does not exceed half of the total board members, complying with legal and regulatory requirements [6] - Kang Kai has a background in the company, having served in various roles including sales manager and assistant general manager [8]

Core Viewpoint - Zhongnong Lihua Biotechnology Co., Ltd. has completed the registration and filing of changes in its business scope, including the cancellation of the supervisory board and the election of a new employee director [1][2]. Group 1: Business Changes - The company held its 2024 annual shareholders' meeting on May 16, 2025, where it approved the change of business scope and the revision of the Articles of Association [1]. - The completed business scope now includes services such as technical consulting, fertilizer sales, agricultural machinery services, and research and development of bio-organic fertilizers and biopesticides [2]. Group 2: Corporate Governance - The company has canceled its supervisory board and the related rules, which were also approved during the shareholders' meeting [1]. - An employee director, Kang Kai, was elected during a representative assembly of employees [1].

（文章来源：证券日报） 证券日报网讯 8月15日晚间，中农立华发布公告称，公司现已完成变更经营范围事项的工商变更登记手 续，并已完成公司董事、取消监事以及修订后的《公司章程》的工商备案手续，并取得了北京市西城区 市场监督管理局换发的《营业执照》。 ...

Core Viewpoint - The company Zhongnong Lihua announced the election of Kang Kai as the employee director of the sixth board of directors during a recent employee representative meeting [2] Group 1 - The employee representative meeting was held to elect and review the new employee director [2] - Kang Kai's term will last from the approval date of the employee representative meeting until the end of the sixth board's term [2]

特此公告。 中农立华生物科技股份有限公司 关于选举职工董事的公告 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。 根据《公司法》《上海证券交易所上市公司自律监管指引第 1 号——规范运 作》及《上市公司章程指引》等法律法规和规范性文件和《中农立华生物科技股 份有限公司章程》（以下简称"《公司章程》"）的相关规定，中农立华生物科技股 份有限公司（以下简称"公司"）董事会成员中应包含一名职工董事。公司于近 日召开职工代表大会，经与会职工代表选举并审议，同意选举康凯为公司第六届 董事会职工董事（简历附后），任期自本次职工代表大会审议通过之日起至公司 第六届董事会任期届满之日止。 康凯原为公司第六届董事会非职工董事，本次选举完成后，其变更为公司第 六届董事会职工董事，公司第六届董事会构成人员不变。 本次选举职工董事工作完成后，公司第六届董事会中兼任公司高级管理人员 以及由职工代表担任的董事人数总计未超过公司董事总数的二分之一，符合有关 法律法规和规范性文件及《公司章程》的规定。 证券代码：603970 证券简称：中农立华 公告编号：2 ...

中农立华生物科技股份有限公司 章程 第一章 总则 第一条 为维护中农立华生物科技股份有限公司（以下简称"公司"）、 股东、职工和债权人的合法权益，规范公司的组织和行为，根据《中华人民共 和国公司法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以 下简称"《证券法》"）和其他有关规定，制定本章程。 中农立华生物科技股份有限公司 章程 第二条 公司根据《中国共产党章程》规定，设立中国共产党的组织，发 挥其领导核心和政治核心作用，并建立党的工作机构，研究方向性、原则性、 战略性重大问题，配备符合要求的党务工作人员。公司应为党组织开展活动提 供工作经费。 二〇二五年八月 | | | | 第一章 | 总则 | 1 | | --- | --- | --- | | 第二章 | 经营宗旨和经营范围 | 2 | | 第三章 | 公司股份 | 3 | | 第一节 | 股份发行 | 3 | | 第二节 | 股份增减和回购 4 | | | 第三节 | 股份转让 | 6 | | 第四章 | 股东和股东会 | 7 | | 第一节 | 股东的一般规定 7 | | | 第二节 | 控股股东和实际控制人 10 | | | 第三节 | ...

证券代码：603970 证券简称：中农立华 公告编号：2025-026 中农立华生物科技股份有限公司 关于完成工商变更登记及备案的公告 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。 8. 经营范围：一般项目：农业科学研究和试验发展；技术服务、技术开发、 技术咨询、技术交流、技术转让、技术推广；肥料销售；化工产品销售（不含许 可类化工产品）；农业机械服务；农业机械销售；农业机械租赁；货物进出口； 技术进出口；进出口代理；生物有机肥料研发；生物农药技术研发；卫生用杀虫 剂销售；农业专业及辅助性活动；农作物病虫害防治服务；普通货物仓储服务（不 含危险化学品等需许可审批的项目）。（除依法须经批准的项目外，凭营业执照依 法自主开展经营活动）许可项目：危险化学品经营；农药批发；农药登记试验； 检验检测服务；农作物种子进出口；农作物种子经营。（依法须经批准的项目， 经相关部门批准后方可开展经营活动，具体经营项目以相关部门批准文件或许可 证件为准）（不得从事国家和本市产业政策禁止和限制类项目的经营活动。） 本次公司章程变更内容详见公司同日在 ...