观韬律师事务所 GUANTAO LAW FIRM Tel：8675525980899 Fax：8675525980259 E-mail：guantaosz@guantao.com http://www.guantao.com 深圳市福田区金田路皇岗商务中心 1 号楼 5601-5602 单元 邮编：518048 Unit 5601-5602, 56/Floor, Tower 1, Excellence Century Center, Jintian Road, Futian District, S henzhen 518048, P.R.China 北京观韬中茂（深圳）律师事务所 关于深圳市京基智农时代股份有限公司 2024年第三次临时股东大会的法律意见书 观意字2024第006907号 一、关于本次股东大会的召集和召开 致：深圳市京基智农时代股份有限公司 北京观韬中茂（深圳）律师事务所（以下简称"本所"）接受深圳市京基智 农时代股份有限公司（以下简称"京基智农"或"公司"）的委托，指派律师列 席京基智农于2024年9月11日召开的2024年第三次临时股东大会（以下简称"本 次股东大会"或"会议"）。本所依据 ...

证券代码：000048 证券简称：京基智农 公告编号：2024-055 深圳市京基智农时代股份有限公司 2024 年第三次临时股东大会决议公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 特别提示 1、本次股东大会未出现否决提案的情形。 2、本次股东大会未涉及变更以往股东大会已通过的决议。 一、会议召开和出席情况 网络投票时间：2024 年 9 月 11 日 其中：通过深圳证券交易所交易系统进行网络投票的具体时间为 2024 年 9 月 11 日 9:15-9:25，9:30-11:30 和 13:00-15:00；通过深圳证券交易所互联网投票系 统进行网络投票的具体时间为 2024 年 9 月 11 日 9:15 至 15:00 中的任意时间。 5、主持人：董事长陈家荣先生 6、本次股东大会的召集、召开与表决程序符合《公司法》《上市公司股东 大会规则》《深圳证券交易所股票上市规则》等法律法规、规范性文件以及《公 司章程》的规定。 （一）会议召开情况 1、召集人：深圳市京基智农时代股份有限公司第十一届董事会 2、召开方式：现场投票与网络投票相结合 3、现场 ...

证券代码：000048 证券简称：京基智农 公告编号：2024-057 第十一届监事会第二次临时会议决议公告 表决结果：同意 3 票，反对 0 票，弃权 0 票。 特此公告。 深圳市京基智农时代股份有限公司 监事会 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 9 月 11 日下午 4:30，深圳市京基智农时代股份有限公司（以下简称 "公司"）第十一届监事会第二次临时会议于公司会议室以现场加通讯方式召开。 会议通知于 2024 年 9 月 7 日以邮件等通讯方式送达各位监事。本次应参会监事 3 名，实际参会监事 3 名，其中监事陈家慧女士以通讯方式参会。会议由监事会主 席陈家慧女士主持。会议的召开和表决程序符合《公司法》和《公司章程》的有 关规定。经与会监事认真审议并投票表决，本次会议形成以下决议： 审议通过《关于向全资子公司增资的议案》 同意公司以实物资产出资的方式向全资子公司深圳市京基智农酒店管理有 限公司增资 71,051.57 万元。详见公司同日刊登于《证券时报》《中国证券报》 《上海证券报》《证券日报》及巨潮资讯网（www.cninf ...

深圳市京基智农时代股份有限公司 2024 年 8 月生猪销售情况简报 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）下属公司从事生猪 养殖业务，按照《深圳证券交易所上市公司自律监管指引第3号——行业信息披露》 规定，深交所鼓励从事畜禽、水产养殖业务的上市公司每月通过临时公告形式披 露相关业务销售情况，公司参照该指引披露生猪销售情况。 一、2024年8月生猪销售情况 2024年8月，公司销售生猪19.85万头（其中仔猪3.17万头），销售收入4.45亿 元；商品猪销售均价20.89元/kg。 2024年1-8月，公司累计销售生猪140.63万头（其中仔猪17.79万头），累计销 售收入24.76亿元。 上述销售数据未经审计，与定期报告披露的数据之间可能存在差异，因此上 述数据仅作为阶段性数据供投资者参考。 证券代码：000048 证券简称：京基智农 公告编号：2024-054 | 月份 | 生猪销售数量（万头） | | 生猪销售收入（亿元） | | 商品猪价格（元/kg） | | --- | --- | --- ...

一、回购公司股份的进展情况 截至 2024 年 8 月 31 日，公司通过深圳证券交易所交易系统以集中竞价交易 方式累计回购公司股份 8,069,100 股，占公司目前总股本的比例为 1.52%。回购股 份的最高成交价为 15.03 元/股，最低成交价为 13.07 元/股，支付的资金总额为人 民币 110,595,707.06 元。本次回购符合公司回购股份方案及相关法律、法规的要求。 二、其他说明 公司本次回购股份的时间、回购股份数量、回购股份价格及集中竞价交易的 委托时段等符合《上市公司股份回购规则》《深圳证券交易所上市公司自律监管 指引第 9 号——回购股份》及公司回购股份方案的相关规定，具体情况如下： 1、公司未在下列期间回购股份： 证券代码：000048 证券简称：京基智农 公告编号：2024-053 深圳市京基智农时代股份有限公司 关于回购公司股份的进展公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 深圳市京基智农时代股份有限公司（以下简称"公司"）于 2024 年 6 月 20 日召开第十届董事会第十五次临时会议，审议通过《关于回购公司股份 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating a positive outlook for its stock performance in the coming months [4][6]. Core Insights - The company's performance is expected to improve due to rising pig prices and decreasing breeding costs, leading to a significant recovery in earnings [2][3]. - The livestock business has shown strong growth, with revenue from pig farming increasing by 38.54% year-on-year, driven by a 24.04% increase in sales volume [3]. - The real estate sector has faced challenges, with a 90.93% decline in revenue due to reduced inventory after significant deliveries in 2023 [3]. Financial Performance Summary - For the first half of 2024, the company reported total revenue of 2.7 billion, a year-on-year decrease of 68.61%, with a net profit of 235 million, down 81.67% [2]. - In Q2 2024, the company achieved revenue of 1.442 billion, a decline of 25.60% year-on-year, but net profit increased by 179.29% to 181 million, reflecting improved operational efficiency [2][3]. - The average selling price of pigs was 15.20 yuan/kg, up approximately 4.2% year-on-year, while the total breeding cost decreased to 14.84 yuan/kg, down 1.88 yuan/kg from the previous year [3]. Earnings Forecast - The company is projected to achieve net profits of 890 million, 1.155 billion, and 686 million for the years 2024, 2025, and 2026, respectively, with corresponding EPS of 1.68 yuan, 2.18 yuan, and 1.29 yuan [4][6].

Investment Rating - The report maintains an "Accumulate" investment rating for the company [1] Core Views - The company has turned profitable in its pig farming segment in Q2 2024, with a significant increase in hog output in H1 2024 [1] - The company's H1 2024 revenue was 2.7 billion yuan, a year-on-year decrease of 68.61%, while the net profit attributable to shareholders was 235 million yuan, down 81.67% [1] - The core business segments of the company, including pig farming, real estate development, and feed production, generated revenues of 1.732 billion, 628 million, and 327 million yuan respectively, with year-on-year changes of +37.2%, -90.9%, and -19.7% [1] - The company is expected to benefit from a rising pig cycle in 2024, with Q2 pig prices rebounding and a forecasted continued high price level in Q3 2024 [1] Summary by Sections Financial Performance - In H1 2024, the company achieved a pig output of 1.0459 million heads, a year-on-year increase of 24.04%, with 923,600 being fat pigs and 122,300 being piglets [1] - The company's pig farming cost per kilogram decreased to 14.84 yuan in H1 2024, down 1.88 yuan from H2 2023, with expectations to drop below 13.50 yuan by the end of 2024 [2] - The company forecasts revenues of 11.041 billion, 12.908 billion, and 13.385 billion yuan for 2024, 2025, and 2026 respectively, with corresponding EPS of 1.89, 2.27, and 2.10 yuan [3] Market Position and Strategy - The company focuses on expanding its pig farming capacity to supply the Guangdong-Hong Kong-Macao Greater Bay Area, utilizing both self-breeding and contract fattening models [1] - The company aims to achieve pig output targets of 3 million, 4.2 million, and 6 million heads for the years 2025, 2026, and 2027 respectively [1]

证券代码：000048 证券简称：京基智农 深圳市京基智农时代股份有限公司 - 1 - （1）生猪养殖业务实现营业收入 16.97 亿元，收入占比约 63%；实现归母净 利润 9,481 万元，其中二季度单季盈利约 1.34 亿元。 （2）房地产业务实现营业收入 6.38 亿元，收入占比约 24%；实现归母净利 润 1.73 亿元。 （3）饲料、禽养殖等其他业务继续稳步运营，上半年收入占比分别约为 12% 和 1%，合计实现归母净利润约 650 万元。 从财务状况来看，截至 2024 年二季度末，公司资产负债率约为 64%，较上年 末的 68%有所下降，整体偿债能力有所增强，资产结构得到进一步优化。 （二）生猪养殖业务最新情况 2024 年 7 月，公司销售生猪 16.19 万头（其中仔猪 2.39 万头），销售收入 3.42 亿元；商品猪销售均价 19.77 元/kg。2024 年 1-7 月，公司累计销售生猪 120.79 万 头（其中仔猪 14.62 万头），累计销售收入 20.32 亿元。 成本方面，基于饲料原料价格的下降、公司饲料营养配方的优化及生产成绩 的持续改善，生猪养殖成本呈稳步下降趋势，上半 ...

证券代码：000048 证券简称：京基智农 公告编号：2024-050 深圳市京基智农时代股份有限公司 第十一届监事会第一次会议决议公告 本公司及监事会全体成员保证信息披露的内容真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 2024 年 8 月 26 日上午 10:30，深圳市京基智农时代股份有限公司（以下简称 "公司"）第十一届监事会第一次会议于公司会议室以现场加通讯方式召开。会 议通知于 2024 年 8 月 16 日以邮件等通讯方式送达各位监事。本次应参会监事 3 名，实际参会监事 3 名，其中监事陈家慧女士以通讯方式参会。会议由监事会主 席陈家慧女士主持。会议的召开和表决程序符合《公司法》和《公司章程》的有 关规定。经与会监事认真审议并投票表决，本次会议形成以下决议： 一、审议通过《关于2024年半年度报告及摘要的议案》 监事会认为，董事会编制和审议公司 2024 年半年度报告及摘要的程序符合 法律、行政法规及中国证监会的相关规定，报告内容真实、准确、完整地反映了 公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 详见公司同日刊登于巨潮资讯网（www.cninfo.com.cn ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility - The company's board of directors approved the 2024 half-year profit distribution plan to distribute a cash dividend of **3.8 yuan (incl. tax) per 10 shares** to all shareholders, based on the total share capital after deducting repurchased shares[2](index=2&type=chunk) [Company Profile and Key Financial Indicators](index=6&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 a summary of its key financial performance and position [Company Basic Information](index=6&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B) Shenzhen Kingkey Smart Agriculture Times Co., Ltd., stock abbreviation “Kingkey Smart Agriculture”, stock code 000048, is listed on the Shenzhen Stock Exchange Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Kingkey Smart Agriculture | | Stock Code | 000048 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Chen Jiarong | [Summary of Key Accounting Data and Financial Indicators](index=7&type=section&id=%E5%9B%9B%E3%80%81%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) During the reporting period, the company's operating revenue significantly decreased by **68.61%** to **2.70 billion yuan**, and net profit attributable to shareholders decreased by **81.67%** to **235 million yuan**, primarily due to reduced real estate project deliveries, though net cash flow from operating activities improved by **82.98%** Key Financial Indicators | Key Financial Indicators | Current Reporting Period | Prior Year Same Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,700,176,717.25 | 8,601,867,913.20 | -68.61% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 235,452,029.88 | 1,284,690,162.11 | -81.67% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (Yuan) | 242,285,712.79 | 1,340,493,424.72 | -81.93% | | Net Cash Flow from Operating Activities (Yuan) | -85,823,750.12 | -504,341,477.47 | 82.98% | | Basic Earnings Per Share (Yuan/Share) | 0.4500 | 2.4553 | -81.67% | | Weighted Average Return on Net Assets | 5.90% | 41.57% | -35.67% | | **Balance Sheet Indicators** | **End of Current Reporting Period** | **End of Prior Year** | **Year-on-Year Change** | | Total Assets (Yuan) | 11,407,876,171.62 | 12,127,949,064.02 | -5.94% | | Net Assets Attributable to Shareholders of Listed Company (Yuan) | 4,050,581,681.11 | 3,852,734,738.27 | 5.14% | [Non-recurring Gains and Losses Items and Amounts](index=7&type=section&id=%E5%85%AD%E3%80%81%E9%9D%9E%E5%B8%B8%E8%A7%84%E6%80%A7%E6%8D%9F%E7%9B%8A%E9%A1%B9%E7%9B%AE%E5%8F%8A%E9%87%91%E9%A2%9D) The company's non-recurring gains and losses totaled **-6.83 million yuan** during the reporting period, primarily from disposal of non-current assets, government subsidies, and other non-operating income/expenses Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -8,798,544.62 | | Government Subsidies Included in Current Profit/Loss | 8,866,644.21 | | Other Non-operating Income and Expenses | -4,167,118.12 | | Less: Income Tax Impact | 2,698,092.68 | | Less: Impact on Minority Interests (After Tax) | 36,571.70 | | **Total** | **-6,833,682.91** | [Management Discussion and Analysis](index=9&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 analyzes the company's operational performance, core competencies, financial status, investment activities, and risk management strategies [Principal Businesses Engaged by the Company During the Reporting Period](index=9&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%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focused on live pig farming, selling **1.0459 million live pigs** with **24.04%** year-on-year growth, while real estate business entered a destocking phase, and poultry farming showed good profitability - The company's main businesses include live pig farming, feed production, poultry farming, and real estate development, with real estate being a destocking business[19](index=19&type=chunk) H1 2024 Operating Performance by Business Segment | Business Segment | H1 2024 Operating Performance | | :--- | :--- | | **Live Pig Farming** | Cumulative sales of 1.0459 million live pigs (including 122.3 thousand piglets), a 24.04% year-on-year increase. Ending inventory of approximately 116 thousand sows[20](index=20&type=chunk) | | **Feed Business** | Operating revenue of 329 million yuan, net profit of 10.9712 million yuan. Sales volume and revenue decreased year-on-year[20](index=20&type=chunk) | | **Poultry Farming Business** | Operating revenue of 35.5113 million yuan, an 8.44% year-on-year increase; net profit attributable to shareholders of 1.2922 million yuan, a 124.09% year-on-year increase[21](index=21&type=chunk) | | **Real Estate Business** | Shanhai Gongguan project sales amount 315 million yuan, settlement amount 552 million yuan; Shanhai Yuyuan project commercial property sales amount 16.3176 million yuan[21](index=21&type=chunk) | - The company will continue to promote refined management, improve the operational level of live pig farming projects, reduce breeding costs, and accelerate the sale of existing real estate projects to recover funds[21](index=21&type=chunk) [Analysis of Core Competencies](index=12&type=section&id=%E4%BA%8C%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) The company leverages its "6750" high-rise vertical farming model, strategic Greater Bay Area market presence, professional breeding, and full industry chain integration to enhance competitiveness - Adopting the **“6750” high-rise clustered vertical farming model** to achieve intensive, efficient, and standardized production[23](index=23&type=chunk) - Business layout focuses on the **Guangdong-Hong Kong-Macao Greater Bay Area**, benefiting from regional pork price advantages, and has signed a "vegetable basket" product stable supply agreement with Shenzhen[23](index=23&type=chunk) - Has built a **full industry chain** from breeding pig reproduction, feed production, live pig farming to food distribution, enhancing risk resistance and product quality control capabilities[28](index=28&type=chunk) [Analysis of Principal Business](index=13&type=section&id=%E4%B8%89%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) The company's business structure significantly shifted, with farming revenue increasing to **64.16%** of total revenue and its gross profit margin improving to **16.08%**, while real estate development revenue sharply declined Key Financial Indicators and Changes | Financial Indicator | Current Reporting Period | Prior Year Same Period | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2.70 billion yuan | 8.602 billion yuan | -68.61% | Significant reduction in real estate project deliveries[30](index=30&type=chunk) | | Operating Cost | 2.051 billion yuan | 4.873 billion yuan | -57.91% | Decreased in line with revenue reduction[30](index=30&type=chunk) | | Selling Expenses | 39 million yuan | 654 million yuan | -93.99% | Decreased in line with real estate sales reduction[30](index=30&type=chunk) | | Administrative Expenses | 154 million yuan | 120 million yuan | 27.83% | Due to recognition of restricted stock incentive expenses[31](index=31&type=chunk) | | Financial Expenses | 61 million yuan | 38 million yuan | 60.33% | Increase in borrowing interest and guarantee fees[31](index=31&type=chunk) | Operating Revenue and Gross Profit Margin by Industry | By Industry | Operating Revenue (Yuan) | % of Total Revenue | Year-on-Year Change | Gross Profit Margin | Gross Profit Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Farming Industry | 1,732,355,875.96 | 64.16% | 37.25% | 16.08% | +25.98% | | Real Estate Development | 627,965,148.13 | 23.26% | -90.93% | 51.70% | -3.27% | | Feed Production | 326,785,630.93 | 12.10% | -19.69% | 10.53% | +0.36% | [Analysis of Assets and Liabilities](index=15&type=section&id=%E4%BA%94%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) Total assets decreased by **5.94%** to **11.408 billion yuan**, with investment properties increasing due to reclassification from fixed assets, while contract liabilities and taxes payable significantly decreased Asset/Liability Changes and Explanations | Asset/Liability Item | Amount at Period End (Yuan) | % of Total Assets | % Change from Prior Year End | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 593,568,280.65 | 5.20% | -3.93% | Comprehensive effect of real estate collections, live pig sales, and operating expenses[36](index=36&type=chunk) | | Investment Properties | 825,735,093.50 | 7.24% | +7.15% | Houses leased out, reclassified from fixed assets[36](index=36&type=chunk) | | Fixed Assets | 5,044,840,848.48 | 44.22% | -5.68% | Houses leased out, reclassified to investment properties[36](index=36&type=chunk) | | Contract Liabilities | 197,728,951.54 | 1.73% | -2.54% | Real estate project delivery, contract liabilities recognized as revenue[36](index=36&type=chunk) | | Taxes Payable | 84,233,092.82 | 0.74% | -3.05% | Final tax settlement, payment of corporate income tax[36](index=36&type=chunk) | - As of the end of the reporting period, the company had **228 million yuan** in restricted assets, primarily inventory, fixed assets, and investment properties pledged for borrowings[38](index=38&type=chunk) [Analysis of Investment Status](index=17&type=section&id=%E5%85%AD%E3%80%81%E6%8A%95%E8%B5%84%E7%8A%B6%E5%86%B5%E5%88%86%E6%9E%90) The company did not engage in significant equity, non-equity, securities, or derivative investments during the reporting period, but did purchase **4 million yuan** in bank wealth management products - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[39](index=39&type=chunk) - The company used **4 million yuan** of its own funds to purchase bank wealth management products[82](index=82&type=chunk) [Risks Faced by the Company and Countermeasures](index=18&type=section&id=%E5%8D%81%E3%80%81%E5%85%AC%E5%8F%B8%E9%9D%A2%E4%B8%B4%E7%9A%84%E9%A3%8E%E9%99%A9%E5%92%8C%E5%BA%94%E5%AF%B9%E6%8E%AA%E6%96%BD) The company faces risks from live pig price volatility, raw material costs, biological epidemics, natural disasters, and real estate policy changes, addressed by refined management, production planning, and financing optimization - Key risks include **live pig price fluctuations**, **raw material price fluctuations**, **biological epidemics**, **natural disasters**, and **real estate policy risks**[44](index=44&type=chunk)[45](index=45&type=chunk) - Countermeasures include: improving management to continuously reduce costs, adjusting production and sales based on market conditions, diversifying financing channels, timely adjusting feed formulations, improving biological safety and epidemic prevention systems, and adjusting real estate sales strategies[44](index=44&type=chunk)[45](index=45&type=chunk) [Corporate Governance](index=20&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) This section details the company's profit distribution plan and the implementation of its equity incentive program [Profit Distribution and Capital Reserve to Share Capital Conversion in the Current Reporting Period](index=20&type=section&id=%E4%B8%89%E3%80%81%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The board proposed a 2024 half-year profit distribution plan to pay a cash dividend of **3.8 yuan (incl. tax) per 10 shares** to all shareholders, totaling **199 million yuan** Profit Distribution Plan | Distribution Plan | Details | | :--- | :--- | | Dividend per 10 shares (Yuan) (incl. tax) | 3.8 | | Share Capital Base for Distribution Plan (Shares) | 522,500,150 | | Cash Dividend Amount (Yuan) (incl. tax) | 198,550,057.00 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | [Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=%E5%9B%9B%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%E5%AE%9E%E6%96%BD%E6%83%85%E5%86%B5) The company implemented a restricted stock incentive plan in 2023, granting **7.33 million shares** to **152 incentive recipients** at **10.69 yuan/share**, with shares currently in the restricted period - The company launched a restricted stock incentive plan in 2023, actually granting **7.33 million shares** to **152 incentive recipients** at a price of **10.69 yuan/share**, with the granted shares still in the restricted period[51](index=51&type=chunk) [Environmental and Social Responsibility](index=22&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E7%8E%AF%E5%A2%83%E5%92%8C%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB) This section outlines the company's environmental compliance, pollutant management, and social responsibility initiatives [Significant Environmental Issues](index=22&type=section&id=%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E7%8E%AF%E4%BF%9D%E9%97%AE%E9%A2%98%E6%83%85%E5%86%B5) The company, a key pollutant discharge unit, faced **680,000 yuan** in environmental penalties for exceeding discharge limits, but has completed rectification and implemented systematic pollutant treatment and resource utilization measures - The company and its subsidiaries are listed as key pollutant discharge units, with main pollutants being **air pollutants (ammonia, hydrogen sulfide)** and **water pollutants**[54](index=54&type=chunk)[55](index=55&type=chunk) - During the reporting period, Wenchang subsidiary received administrative penalties totaling **680,000 yuan** for environmental issues; the company stated no significant impact and that rectification has been completed[60](index=60&type=chunk) - The company has implemented pollutant treatment measures, including **biogas power generation**, **wastewater treatment for agricultural irrigation**, and **solid manure fermentation into fertilizer**, achieving resource recycling[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [Social Responsibility](index=24&type=section&id=%E4%BA%8C%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfilled its social responsibilities, investing a cumulative **972,200 yuan** in rural revitalization during the first half of the year through various support initiatives - In the first half of the year, a cumulative **972,200 yuan** was invested to support rural revitalization through industrial support, donations for farmers, and educational assistance[62](index=62&type=chunk) [Significant Matters](index=25&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section covers the company's significant related party transactions and major contract and guarantee obligations [Significant Related Party Transactions](index=27&type=section&id=%E5%8D%81%E4%B8%80%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in significant related party transactions, purchasing **27.6651 million yuan** in comprehensive management services for real estate projects from a subsidiary of its controlling shareholder Significant Related Party Transactions | Related Party | Relationship | Related Party Transaction Content | Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Kingkey Real Estate Co., Ltd. | Controlling Shareholder's Controlled Subsidiary | Purchase of Comprehensive Services | 2,766.51 | [Significant Contracts and Their Performance](index=28&type=section&id=%E5%8D%81%E4%BA%8C%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 provides significant guarantees, with **380 million yuan** in outstanding mortgage guarantees for homebuyers and **2.371 billion yuan** in guarantees for subsidiaries, totaling **79.45%** of net assets - The company provides phased mortgage loan guarantees for homebuyers of Shanhai Yuyuan and Shanhai Gongguan projects; as of the end of the reporting period, the guarantee balance was **379.48 million yuan**, accounting for **9.85%** of the company's latest audited net assets[22](index=22&type=chunk)[79](index=79&type=chunk) Summary of Guarantees | Guarantee Situation Summary | Amount (10,000 Yuan) | % of Company's Net Assets | | :--- | :--- | :--- | | Total Actual Guarantee Balance at End of Reporting Period | 321,826.44 | 79.45% | | - External Guarantee Balance | 38,148.00 | - | | - Guarantee Balance for Subsidiaries | 237,072.63 | - | | - Subsidiary to Subsidiary Guarantee Balance | 46,605.81 | - | [Share Changes and Shareholder Information](index=32&type=section&id=%E7%AC%AC%E4%B8%83%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 the company's share capital stability, ongoing share repurchase program, and shareholder structure, including significant pledges [Share Change Information](index=32&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) The company's total share capital remained unchanged, but it initiated a share repurchase plan, having repurchased **4.3433 million shares** for **59.42 million yuan**, representing **0.82%** of total share capital - The company launched a share repurchase plan, intending to use no less than **100 million yuan** and no more than **200 million yuan** of its own funds to repurchase shares at a price not exceeding **25.50 yuan/share**, for equity incentives or employee stock ownership plans[87](index=87&type=chunk) - As of the end of the reporting period, a cumulative **4,343,300 shares** had been repurchased, accounting for **0.82%** of the total share capital, with a total payment of **59,422,527.37 yuan**[89](index=89&type=chunk) [Number of Shareholders and Shareholding Information](index=33&type=section&id=%E4%B8%89%E3%80%81%E5%85%AC%E5%8F%B8%E8%82%A1%E4%B8%9C%E6%95%B0%E9%87%8F%E5%8F%8A%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5) The company has **16,537** common shareholders, with controlling shareholder Kingkey Group and its concerted party holding **57.12%** of shares, both with high proportions of pledged shares Shareholder Holdings and Pledges | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | Shenzhen Kingkey Times Industrial Co., Ltd. | 29.44% | 156,183,392 | 151,634,360 | | Kingkey Group Co., Ltd. | 27.68% | 146,867,557 | 131,323,924 | - Controlling shareholder Kingkey Group and its concerted party Kingkey Times Industrial are concerted parties[90](index=90&type=chunk) [Financial Report](index=38&type=section&id=%E7%AC%AC%E5%8D%81%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) This section presents the company's consolidated financial statements and detailed notes on key accounting items [Financial Statements](index=38&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of June 30, 2024, the company reported **11.408 billion yuan** in total assets, **7.313 billion yuan** in total liabilities, and **4.051 billion yuan** in owners' equity attributable to the parent company, with **2.70 billion yuan** in operating revenue and **235 million yuan** in net profit attributable to the parent company for H1 2024 Consolidated Balance Sheet Summary (June 30, 2024) | Item | Amount (Yuan) | | :--- | :--- | | **Total Assets** | **11,407,876,171.62** | | Monetary Funds | 593,568,280.65 | | Inventories | 2,854,737,707.72 | | Fixed Assets | 5,044,840,848.48 | | **Total Liabilities** | **7,312,533,646.06** | | Short-term Borrowings | 425,023,003.08 | | Long-term Borrowings | 1,213,461,601.55 | | **Owners' Equity Attributable to Parent Company** | **4,050,581,681.11** | Consolidated Income Statement Summary (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 2,700,176,717.25 | | Total Operating Cost | 2,395,859,457.37 | | Operating Profit | 306,469,481.38 | | Total Profit | 287,999,367.76 | | Net Profit | 241,213,257.84 | | **Net Profit Attributable to Parent Company Shareholders** | **235,452,029.88** | Consolidated Cash Flow Statement Summary (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -85,823,750.12 | | Net Cash Flow from Investing Activities | -86,441,754.17 | | Net Cash Flow from Financing Activities | -334,718,296.58 | | **Net Increase in Cash and Cash Equivalents** | **-506,983,800.87** | [Notes to Consolidated Financial Statements](index=86&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) The notes provide detailed disclosures on the composition and changes of accounting items, highlighting decreased operating revenue from real estate, increased farming revenue, and significant guarantees for subsidiaries and homebuyers Operating Revenue Composition (H1 2024) | Business Type | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Pig Products | 1,696,917,752.91 | 1,423,296,243.63 | | Commercial Housing | 627,965,148.13 | 303,322,937.65 | | Complete Feed | 326,598,839.17 | 292,219,024.77 | | Poultry Products | 35,438,123.05 | 30,489,865.74 | | **Total Principal Business** | **2,686,298,899.00** | **2,049,606,092.66** | Inventory Composition (June 30, 2024) | Item | Book Value (Yuan) | | :--- | :--- | | Development Costs | 945,272,732.19 | | Developed Products | 741,070,601.17 | | Consumable Biological Assets | 983,070,312.30 | | Raw Materials | 153,617,366.06 | | **Total** | **2,854,737,707.72** |