（记者 王可然） 每经AI快讯，国投丰乐（SZ 000713，收盘价：7.16元）8月30日发布半年度业绩报告称，2025年上半年 营业收入约11.5亿元，同比减少13.42%；归属于上市公司股东的净利润亏损约2803万元；基本每股收益 亏损0.0456元。 每经头条（nbdtoutiao）——近120个品牌、1600辆车逐鹿西南！下半年国内首个A级车展开幕：新能 源"第三极"将改写车市格局 ...

Core Viewpoint - Guotou Fengle (000713.SZ) reported a decline in revenue and an increase in net losses for the first half of 2025 compared to the previous year [1] Financial Performance - The company's operating revenue for the first half of 2025 was 1.15 billion yuan, representing a year-on-year decrease of 13.42% [1] - The net loss attributable to shareholders of the listed company was 28.03 million yuan, which is an increase of 25.44% year-on-year [1] - The net loss attributable to shareholders after deducting non-recurring gains and losses was 31.27 million yuan, reflecting a year-on-year increase of 14.33% [1] - The basic loss per share was 0.0456 yuan [1]

证券代码：000713 证券简称：国投丰乐 公告编号：2025-041 国投丰乐种业股份有限公司 关于对金岭种业超额业绩奖励的公告 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。 国投丰乐种业股份有限公司（以下简称"公司"）于 2025 年 8 月 28 日召开第七届董事会第十一次会议、第七届监事会第七次会议， 审议通过《关于对金岭种业超额完成承诺利润业绩奖励的议案》，同 意全资子公司张掖市丰乐种业有限公司（以下简称"张掖丰乐"）根 据与内蒙古金岭青贮玉米种业有限公司(以下简称"金岭种业"、"标 的公司")原股东金维波签署的《盈利预测补偿协议》之约定，对金 岭种业现任管理团队进行超额业绩奖励，奖励金额合计为 29.01 万元。 一、超额业绩奖励的基本情况 （一）本次超额业绩奖励的背景 二、业绩承诺的完成情况及奖励金额 公司于 2022 年 1 月 27 日召开第六届董事会第七次会议、第六届 监事会第六次会议，审议通过了《关于全资子公司张掖丰乐收购金岭 种业 100%股权的议案》，并经 2022 年 2 月 16 日召开的 2022 年第一 次临时股东大会审议通 ...

国投丰乐种业股份有限公司 关于国投财务有限公司的风险持续评估报告 按照《深圳证券交易所上市公司自律监管指引第 7 号—交易与关 联交易》的要求，国投丰乐种业股份有限公司（以下简称"公司"） 通过查验国投财务有限公司（以下简称"国投财务"）《金融许可证》 （一）法定代表人：崔宏琴 （二）注册地址：北京市西城区阜成门北大街 2 号 18 层 （三）企业类型：其他有限责任公司 （四）统一社会信用代码：911100007178841063 （五）业务范围：吸收成员单位存款；办理成员单位贷款；办理 成员单位票据贴现；办理成员单位资金结算与收付；提供成员单位委 托贷款、债券承销、非融资性保函、财务顾问、信用鉴证及咨询代理 业务；从事同业拆借；办理成员单位票据承兑；办理成员单位产品买 方信贷；从事固定收益类有价证券投资。 （六）股权结构： | 序号 | 股东名称 | 出资额（万元） | 持股比例 | | --- | --- | --- | --- | | 1 | 国家开发投资集团有限公司 | 178,000 | 35.60% | | 2 | 国投资本控股有限公司 | 97,500 | 19.50% | | 3 | 雅砻江流 ...

国投丰乐种业股份有限公司 2025 年半年度财务报告 2025 年 8 月 财务报告 一、审计报告 半年度报告是否经过审计 □是 否 公司半年度财务报告未经审计。 二、财务报表 财务附注中报表的单位为：元 1、合并资产负债表 编制单位：国投丰乐种业股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 221,797,984.00 | 299,068,607.69 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | | | | 衍生金融资产 | | | | 应收票据 | | | | 应收账款 | 375,065,467.43 | 237,290,720.89 | | 应收款项融资 | 13,112,702.80 | 20,717,383.99 | | 预付款项 | 180,797,330.74 | 90,299,548.14 | | 应收保费 | | | | 应收分保账款 | | | | 应收分保合同准备金 | | | | 其他应收款 | 24,836 ...

| 四川同路农业科技 | 全资子公司 | 其他应收款 | 3,162.32 | 2,913.09 | 35.79 | 1,122.94 | 4,988.27 | 调剂资金及 | 非经营性往来 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 有限责任公司 | | | | | | | | 代垫款项 | | | 国投丰乐（武汉） | 全资子公司 | 其他应收款 | 9,390.07 | 209.65 | | 161.13 | 9,438.60 | 调剂资金及 | 非经营性往来 | | 种业有限公司 | | | | | | | | 代垫款项 | | | 新疆乐万家种业有 | 全资子公司 | 其他应收款 | 10,371.48 | 119.69 | | 2,215.20 | 8,275.97 | 调剂资金及 | 非经营性往来 | | 限公司 | | | | | | | | 代垫款项 | | | 张掖市丰乐种业有 | 全资子公司 | 其他应收款 | -3,576.73 | 5,951.98 | | 375.25 | 2,000.00 | ...

证券代码：000713 证券简称：国投丰乐 公告编号：2025--038 国投丰乐种业股份有限公司 第七届监事会第七次会议决议公告 本公司及监事会全体成员保证信息披露内容的真实、准确、完整，没有虚 假记载、误导性陈述或重大遗漏。 一、监事会会议召开情况 国投丰乐种业股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日分别以通讯和送达的方式发出了召开第七届监事会第七次会 议的通知，会议于 8 月 28 日上午以通讯表决方式召开，会议应参加 表决的监事 3 人，实际参加表决的监事 3 人，会议的召集和召开符合 《公司法》和《公司章程》的有关规定。 二、监事会会议审议情况 1.审议通过《2025 年半年度报告及报告摘要》； 经审议，监事会认为：董事会编制和审议公司 2025 年半年度报 告的程序符合法律、行政法规和中国证监会等规定，报告内容真实、 准确、完整地反映了公司的实际情况，不存在虚假记载、误导性陈述 或者重大遗漏。 表决结果：3 票赞成，0 票反对，0 票弃权。 内容详见 8 月 30 日《证券时报》《证券日报》和巨潮资讯网 http://www.cninfo.com.cn 公告。 2.审议通 ...

证券代码：000713 证券简称：国投丰乐 公告编号： 2025-037 国投丰乐种业股份有限公司 第七届董事会第十一次会议决议公告 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。 一、董事会会议召开情况 表决结果：5 票赞成，0 票反对，0 票弃权。 内容详见 8 月 30 日巨潮资讯网 http://www.cninfo.com.cn 公 告。 国投丰乐种业股份有限公司（以下简称"公司"）于 2025 年 8 月 18 日分别以通讯和送达的方式发出了召开第七届董事会第十一次 会议的通知，会议于 8 月 28 日上午以通讯表决方式召开，会议应参 加表决的董事 8 人，实际参加表决的董事 8 人，会议的召集与召开符 合《公司法》和《公司章程》的有关规定。 二、董事会会议审议情况 1.审议通过《2025 年半年度报告及报告摘要》； 表决结果：8 票赞成，0 票反对，0 票弃权。 内容详见 8 月 30 日《证券时报》《证券日报》和巨潮资讯网 http://www.cninfo.com.cn 公告。 2.审议通过《关于国投财务有限公司的风险持续评估报告》； 公司对 ...

国投丰乐种业股份有限公司 第七届董事会独立董事 表决结果：3 票同意，0 票反对，0 票弃权。 独立董事：郑晓明 刘松 王宏峰 2025 年 8 月 28 日 国投丰乐种业股份有限公司（以下简称"公司"）第七届董事会 独立董事专门会议通知于 2025 年 8 月 18 日以通讯方式向全体独立董 事发出，会议于 2025 年 8 月 28 日上午以通讯表决方式召开。本次会 议应参会独立董事 3 名，实际参会独立董事 3 名。本次会议的召开符 合《公司法》《上市公司独立董事管理办法》及公司《独立董事工作 制度》等有关规定。经各位独立董事审议，会议决议如下： 1.审议通过《关于国投财务有限公司的风险持续评估报告》； 公司出具的《关于国投财务有限公司的风险持续评估报告》全面、 真实地反映了国投财务有限公司的经营资质、业务和风险状况，其结 论客观、公正。国投财务有限公司作为非银行金融机构，其业务范围、 业务内容和流程、内部的风险控制制度等措施都受到监管机构的严格 监管，与公司开展的金融服务业务为正常的商业服务，不存在损害公 司及全体股东，特别是中小股东利益的情形。我们一致同意该议案内 容，并将该议案提交公司董事会审议， ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=First%20Section%20Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides important disclaimers, the report's table of contents, and definitions of key terms used throughout the document [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, assuming legal responsibility - The company's Board of Directors, Supervisory Committee, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report content and assume legal responsibility[3](index=3&type=chunk) - Company head Dai Deng'an, chief accountant Li Zongle, and head of accounting department Yang Nianlong declare that the financial report in this semi-annual report is true, accurate, and complete[3](index=3&type=chunk) - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[4](index=4&type=chunk) [Catalogue of Reference Documents](index=4&type=section&id=Catalogue%20of%20Reference%20Documents) Reference documents include financial statements signed and sealed by the company's head, chief accountant, and head of accounting department, along with original announcements disclosed on designated media and Juchao Information Network - Reference documents include financial statements bearing the signatures and seals of the company's head, chief accountant, and head of the accounting department[9](index=9&type=chunk) - Originals of all company documents and announcements publicly disclosed on Securities Times, Securities Daily, and Juchao Information Network during the reporting period[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, regulatory bodies, reporting periods, laws, regulations, and full/abbreviated names of major subsidiaries and affiliates - "Company/This Company/SDIC Fengle" refers to SDIC Fengle Seed Co., Ltd. (formerly Hefei Fengle Seed Co., Ltd.)[11](index=11&type=chunk) - "Reporting Period" refers to the first half of 2025[11](index=11&type=chunk) - Definitions for several subsidiaries and affiliates, including Fengle Agrochemical, Fengle Flavor & Fragrance, and Wuhan Fengle, are listed[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Second%20Section%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information, contact details, and a summary of its key accounting data and financial performance indicators [Company Profile](index=6&type=section&id=I.%20Company%20Profile) The company's stock abbreviation has changed from "Fengle Seed" to "SDIC Fengle," with stock code 000713, listed on the Shenzhen Stock Exchange, and Dai Deng'an as its legal representative - The company's stock abbreviation has changed from "Fengle Seed" to "SDIC Fengle," with stock code **000713**[13](index=13&type=chunk) - The company's legal representative is Dai Deng'an[13](index=13&type=chunk) [Contact Persons and Information](index=6&type=section&id=II.%20Contact%20Persons%20and%20Information) Gu Xiaoxin serves as the Board Secretary and Zhu Hong as the Securities Affairs Representative, both located at 6500 Changjiang West Road, Hefei City, Anhui Province, with contact details provided - The Board Secretary is Gu Xiaoxin, and the Securities Affairs Representative is Zhu Hong[14](index=14&type=chunk) - Contact address: 6500 Changjiang West Road, Hefei City, Anhui Province[14](index=14&type=chunk) [Other Information](index=6&type=section&id=III.%20Other%20Information) During the reporting period, there were no changes in the company's contact information, information disclosure, or document storage locations, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[15](index=15&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period[16](index=16&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2025, the company's operating revenue decreased by 13.42% year-on-year, net loss attributable to shareholders expanded by 25.44%, and basic earnings per share declined by 25.27%, while net cash flow from operating activities significantly improved by 52.25% Key Accounting Data and Financial Indicators for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change in Current Period | | :--- | :--- | :--- | :--- | | Operating Revenue | 1,150,317,108.32 | 1,328,645,758.00 | -13.42% | | Net Profit Attributable to Shareholders of Listed Company | -28,025,384.08 | -22,342,226.51 | -25.44% | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | -31,267,362.10 | -27,347,259.36 | -14.33% | | Net Cash Flow from Operating Activities | -104,701,238.58 | -219,250,645.97 | 52.25% | | Basic Earnings Per Share (Yuan/share) | -0.0456 | -0.0364 | -25.27% | | Diluted Earnings Per Share (Yuan/share) | -0.0456 | -0.0364 | -25.27% | | Weighted Average Return on Net Assets | -1.41% | -1.15% | -0.26% | | **End of Current Period** | **End of Prior Year** | **Change from End of Prior Year** | | Total Assets | 3,264,905,839.60 | 3,265,772,322.13 | -0.03% | | Net Assets Attributable to Shareholders of Listed Company | 1,968,618,627.86 | 2,010,353,949.68 | -2.08% | [Differences in Accounting Data Under Domestic and Overseas Accounting Standards](index=7&type=section&id=V.%20Differences%20in%20Accounting%20Data%20Under%20Domestic%20and%20Overseas%20Accounting%20Standards) During the reporting period, the company reported no differences in net profit and net assets between financial statements prepared under international or overseas accounting standards and Chinese accounting standards - During the reporting period, the company reported no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[19](index=19&type=chunk) - During the reporting period, the company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[20](index=20&type=chunk) [Non-recurring Gains and Losses and Amounts](index=7&type=section&id=VI.%20Non-recurring%20Gains%20and%20Losses%20and%20Amounts) In the reporting period, the company's total non-recurring gains and losses amounted to 3.24 million Yuan, primarily from government subsidies, disposal gains/losses on non-current assets, and reversal of credit impairment losses, after deducting income tax and minority interest impacts Non-recurring Gains and Losses for H1 2025 | Item | Amount (Yuan) | | :--- | :--- | | Gains or losses from disposal of non-current assets (including the write-off portion of asset impairment provisions) | 159,870.96 | | Government subsidies recognized in current profit or loss (excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss) | 6,198,950.33 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedging activities related to normal business operations | 0.00 | | Other non-operating income and expenses apart from the above | -1,476,177.11 | | Reversal of credit impairment losses | 75,090.00 | | Less: Income tax impact | 881,111.42 | | Impact on minority interests (after tax) | 834,644.74 | | **Total** | **3,241,978.02** | - The company has no other profit or loss items that meet the definition of non-recurring gains and losses, nor does it classify non-recurring gains and losses as recurring gains and losses[23](index=23&type=chunk) [Management Discussion and Analysis](index=9&type=section&id=Third%20Section%20Management%20Discussion%20and%20Analysis) This section provides management's perspective on the company's operations, financial performance, and future outlook, covering business activities, core competencies, and risk factors [Principal Businesses Engaged in by the Company During the Reporting Period](index=9&type=section&id=I.%20Principal%20Businesses%20Engaged%20in%20by%20the%20Company%20During%20the%20Reporting%20Period) In H1 2025, the company focused on national food security, optimizing seed market layout, enhancing agrochemical competitiveness through innovation, improving fertilizer business, and achieving stable growth in flavors and fragrances, despite a 13.42% revenue decrease and expanded net loss - In the first half of 2025, the company achieved operating revenue of **1.15 billion Yuan**, a decrease of **178.33 million Yuan** or **13.42%** compared to the same period last year[26](index=26&type=chunk) - Net profit attributable to shareholders of the listed company was **-28.03 million Yuan**, a decrease of **5.68 million Yuan** or **25.44%** compared to the same period last year[26](index=26&type=chunk) - The company's application for a private placement of shares to specific investors has been approved by the State-owned Assets Supervision and Administration Commission of the State Council and accepted by the Shenzhen Stock Exchange, currently undergoing review[27](index=27&type=chunk) [(I) Seed Business Segment](index=9&type=section&id=%EF%BC%88%E4%B8%80%EF%BC%89Seed%20Business%20Segment) The seed business made progress in corn, rice, wheat, and melon/vegetable sectors, with new varieties gaining market share, international trade expanding, and genetically modified corn varieties entering promotion catalogs - Corn industry: Genetically modified corn variety Tie 391K was selected for the 2025 National Crop Superior Variety Promotion Catalog; sales of new varieties like Fengle 399, Fengle 720, and Zhanyu 211 rapidly increased[27](index=27&type=chunk) - Rice industry: Leyou series and Xiangliangyou series varieties sales continued to grow; Nanlingzao No. 2 rice variety was favored in Anhui, Zhejiang, Jiangxi, and Hunan; Zhongkefa Zaojing series varieties received the "National High-Quality Japonica Rice Gold Award Variety" title[28](index=28&type=chunk) - International trade: Corn seeds were exported to Central Asia for the first time; the company won the Korean government's green manure tender for the fourth consecutive year[29](index=29&type=chunk) [(II) Industrial Business Segment](index=9&type=section&id=%EF%BC%88%E4%BA%8C%EF%BC%89Industrial%20Business%20Segment) The industrial segment, including agrochemical and flavors/fragrances, focused on product development, structural optimization, and lean management, with new specialty fertilizers doubling sales and a new natural flavor project entering trial production - Agrochemical industry: Accelerated product R&D, reduced sales of low-value-added products, and improved operational quality; the technical renovation project for a **3,000-ton/year** environmentally friendly formulation production line passed expert review for safety facility design[30](index=30&type=chunk) - Hubei Fengle: New specialty fertilizers sales doubled; obtained pesticide business license; completed environmental and energy-saving upgrades such as "coal-to-biomass" conversion for hot blast furnaces, reducing carbon emissions[30](index=30&type=chunk) - Flavor & Fragrance industry: Menthol oil sales and revenue both increased; the "Annual Production of **5,000 Tons** of Natural Menthol, Peppermint Oil, and Other Natural and Synthetic Flavors Project" has officially entered the trial production phase[31](index=31&type=chunk) [(III) Scientific Research and Innovation](index=10&type=section&id=%EF%BC%88%E4%B8%89%EF%BC%89Scientific%20Research%20and%20Innovation) In H1 2025, the company applied for approval of 5 rice and 22 corn varieties, with genetically modified corn variety Tie 391K passing initial review, while both seed and industrial segments advanced R&D and industry-academia collaboration, securing multiple patents - In the first half of 2025, the company applied for approval of **5** rice varieties (all national-level) and **22** corn varieties, including **13** national-level (including genetically modified) and **9** provincial-level corn varieties[31](index=31&type=chunk) - Seed business segment: Deepened industry-academia-research collaboration with Sichuan Agricultural University, Anhui Academy of Agricultural Sciences Rice Research Institute, Nanjing Agricultural University, and others to accelerate the commercialization of scientific and technological achievements[32](index=32&type=chunk) - Industrial business segment: Fengle Agrochemical's seed coating agent collaboration project with China Agricultural University achieved phased progress, completed intellectual property management system certification, and processed **17** ICAMA certificates for overseas product registration[33](index=33&type=chunk) [1. Seed Business Segment Scientific Research and Innovation](index=10&type=section&id=1.%20Seed%20Business%20Segment%20Scientific%20Research%20and%20Innovation) The seed segment deepened project R&D, established a ratoon rice testing system, and advanced melon/vegetable industry transformation through industry-academia collaboration, leading to highly recognized high-yield, stable, and high-quality varieties - Continuously deepened project R&D, screened rice multi-gene aggregated new materials, and established a mature ratoon rice testing system[31](index=31&type=chunk) - Deepened integrated innovation of industry, academia, and research, collaborating with Sichuan Agricultural University, Anhui Academy of Agricultural Sciences Rice Research Institute, Nanjing Agricultural University, and others to accelerate the commercialization of scientific and technological achievements[32](index=32&type=chunk) - "Nanlingzao No. 2" rice variety has a short maturity period, high yield, and excellent grain quality, changing the existing "double cropping" model; the genetically modified corn blockbuster "Tie 391K" was rated as one of the growth-type corn varieties[33](index=33&type=chunk) [2. Industrial Business Segment Scientific Research and Innovation](index=10&type=section&id=2.%20Industrial%20Business%20Segment%20Scientific%20Research%20and%20Innovation) The industrial segment achieved scientific innovation in agrochemical and flavors/fragrances, with Fengle Agrochemical advancing seed coating agent projects and intellectual property certification, while Fengle Flavor & Fragrance secured multiple patents and completed provincial enterprise technology center re-evaluation - Fengle Agrochemical's seed coating agent collaboration project with China Agricultural University achieved phased progress, enhancing seed coating agent technology[33](index=33&type=chunk) - Fengle Agrochemical completed intellectual property management system certification and processed **17** ICAMA certificates for overseas product registration[33](index=33&type=chunk) - Fengle Flavor & Fragrance obtained **1** authorized invention patent and **2** utility model patents, and completed the re-evaluation of Anhui Provincial Enterprise Technology Center[35](index=35&type=chunk) [(IV) Management Work](index=11&type=section&id=%EF%BC%88%E5%9B%9B%EF%BC%89Management%20Work) In H1 2025, the company revised 7 and established 15 new management systems, strengthened compliance, implemented a financial sharing system for digital transformation, and revamped its safety and environmental protection framework, enhancing employee awareness and emergency response capabilities - In the first half of 2025, the company revised **7** systems, including the "Engineering Construction Management System," and established **15** new systems, such as the "Resource Conservation and Ecological Environmental Protection Assessment Plan"[35](index=35&type=chunk) - Strengthened compliance management, built a professional contract management module, released a general contract template library, and appointed part-time legal review personnel[35](index=35&type=chunk) - Increased financial control, established a financial sharing system, promoted digital transformation of finance, strengthened centralized fund management, and reduced operating costs[36](index=36&type=chunk) - Reshaped the safety and environmental protection system, implemented the "Standardization Deepening Year" activity for ecological environmental protection, and carried out a series of activities such as "Safety Production Month"[36](index=36&type=chunk) [1. Principal Businesses and Products](index=11&type=section&id=1.%20Principal%20Businesses%20and%20Products) The company's main businesses encompass three major industries: seeds (hybrid corn, rice, wheat, melons/vegetables), agrochemicals (raw materials, formulations, fertilizers, fine chemicals), and flavors/fragrances (natural menthol series, synthetic cooling agents) - The company's principal businesses are the seed, agrochemical, and flavor & fragrance industries[37](index=37&type=chunk) - Key products in the seed industry include hybrid corn seeds, hybrid rice seeds, wheat seeds, watermelon and melon seeds, among others[37](index=37&type=chunk)[38](index=38&type=chunk) - Agrochemical products include synthetic technical materials (e.g., Nicosulfuron, Quizalofop-P-ethyl), formulated products (herbicides, insecticides, fungicides, seed coating agents), and fertilizers (phosphate fertilizers, compound fertilizers), among others[38](index=38&type=chunk) - Flavor & Fragrance products include natural menthol series (menthol, peppermint oil) and synthetic cooling agent series (WS-23, WS-3)[39](index=39&type=chunk) [2. Company Performance Drivers](index=11&type=section&id=2.%20Company%20Performance%20Drivers) The company's performance is driven by strategic focus and industrial optimization, with corn and rice industries benefiting from variety upgrades and differentiation, while agrochemical and flavor/fragrance segments improved profitability through high-margin products, cost reduction, and market consolidation despite industry challenges - The corn industry strengthened variety upgrades and continuous development, leading to steady growth in core variety sales and increasing market share[41](index=41&type=chunk) - The rice industry followed a differentiated and specialized development strategy, further optimizing its variety structure, with new and profitable varieties continuously increasing their sales proportion[41](index=41&type=chunk) - The agrochemical industry faced oversupply in technical material capacity, leading the company to appropriately reduce capacity; however, increased sales of high-margin products in the fertilizer business and a turnaround in the concentrate powder business resulted in a year-on-year increase in profit[41](index=41&type=chunk) [3. Industry Development Stage and Cyclical Characteristics](index=12&type=section&id=3.%20Industry%20Development%20Stage%20and%20Cyclical%20Characteristics) The seed industry, supported by national policies, is growing but fragmented, encouraging M&A; the pesticide industry is shifting towards green, efficient products with increasing concentration; the fertilizer industry is developing high-efficiency, specialized, and environmentally friendly products; and the flavor/fragrance market is expanding with increased R&D investment - Seed industry: The state has introduced a series of policies to support its development, leading to steady growth in market size, but concentration remains low, encouraging enterprise mergers and acquisitions[42](index=42&type=chunk)[43](index=43&type=chunk) - Pesticide industry: Accelerating transformation towards green and efficient directions, market concentration is continuously increasing, and service models are shifting from "selling products" to "products + services"[43](index=43&type=chunk) - Fertilizer industry: Developing towards high-efficiency, specialized, and environmentally friendly directions, with rapid growth in demand for new types of fertilizers[44](index=44&type=chunk) - Flavor & Fragrance industry: Market size continues to grow, with domestic enterprises increasing R&D investment in new processes and products to drive technological upgrades[44](index=44&type=chunk) [4. Company Position](index=13&type=section&id=4.%20Company%20Position) The company is a cross-regional, cross-industry comprehensive entity, designated by the Ministry of Agriculture and Rural Affairs as a key enterprise for support, a leading seed enterprise, and a national key agricultural industrialization leader, with its subsidiaries also holding strong market positions - The company is one of the first "breeding-propagation-promotion integrated" seed enterprises in China, a key credit enterprise in the Chinese seed industry, a national key leading enterprise in agricultural industrialization, and a high-tech enterprise[45](index=45&type=chunk) - The company is listed by the Ministry of Agriculture and Rural Affairs as a key enterprise for support, selected into the seed industry's "leading enterprise team" and "strong advantage matrix," and is among the first tier of national key seed enterprises for support[45](index=45&type=chunk) - Wholly-owned subsidiary Fengle Agrochemical is a national designated pesticide technical material producer and a national high-tech enterprise; Fengle Flavor & Fragrance is a renowned Chinese producer of natural menthol and synthetic cooling agents[45](index=45&type=chunk) [5. Company's Principal Business Model](index=13&type=section&id=5.%20Company%27s%20Principal%20Business%20Model) The company's operating model, unchanged, spans seed, agrochemical, and flavor/fragrance industries; seed business uses "breeding-propagation-promotion integration" and "company + dealer + farmer" models, agrochemical focuses on ultra-efficient, low-toxicity pesticides, and flavor/fragrance involves deep processing of purchased raw materials for daily chemical, food, and pharmaceutical sectors - The company's seed business primarily adopts the "breeding-propagation-promotion integrated" model, while seed and agrochemical products mainly use the "company + dealer + farmer" sales model[46](index=46&type=chunk) - Seed sales revenue recognition: For domestic sales, a deposit higher than the estimated settlement price is collected, revenue is recognized at an estimated value upon goods dispatch, and adjusted after the final settlement price is determined[48](index=48&type=chunk) - The agrochemical business is positioned for the production and operation of ultra-efficient, low-toxicity, low-residue chemical pesticides, adopting a "production-driven procurement" model, primarily selling self-produced products[48](index=48&type=chunk) - The flavor & fragrance industry conducts deep processing of purchased menthol extract primary products or chemical raw materials, serving customers in food, daily chemical, and pharmaceutical sectors; domestic sales are primarily prepaid and cash-based, while international sales are mainly document against payment and letter of credit-based[49](index=49&type=chunk)[50](index=50&type=chunk) [6. Company's Principal R&D Model](index=14&type=section&id=6.%20Company%27s%20Principal%20R%26D%20Model) The company's R&D model includes independent research, collaboration with scientific institutions, and joint development, with the seed business having national-level platforms and multiple breeding teams, agrochemical utilizing its R&D center, and flavors/fragrances focusing on cutting-edge technology through various collaborative approaches - Seed R&D activities primarily involve company independent research, collaborative research with scientific institutions, and cooperative development models, with a breeding cycle typically lasting **3-5 years**[51](index=51&type=chunk) - The company possesses national-level R&D platforms such as a National Enterprise Technology Center and a National Post-doctoral Research Workstation, with R&D strategically deployed across major crop ecological zones nationwide[51](index=51&type=chunk)[52](index=52&type=chunk) - Fengle Agrochemical has an R&D center, undertaking research projects for various self-developed products and collaborating with industry-academia-research platforms to jointly develop new products[53](index=53&type=chunk) - Fengle Flavor & Fragrance's R&D activities primarily involve independent research, industry-academia-research collaboration, and joint laboratories, focusing on tackling cutting-edge industry technologies[53](index=53&type=chunk) [7. Number of Approved Seed Varieties](index=14&type=section&id=7.%20Number%20of%20Approved%20Seed%20Varieties) During the reporting period, the company approved 1 new corn variety (Zhanyu 001), obtained 29 authorized plant variety rights (all corn), and applied for 29 plant variety rights (2 rice, 27 corn) Approved Seed Varieties for H1 2025 | Item | Category | Name | | :--- | :--- | :--- | | Newly Approved Varieties | Provincial Approval | 1 Corn: Zhanyu 001 | | Variety Rights | Authorized Variety Rights | 29 Corn | | | Applied Variety Rights | 2 Rice: Changtianyouzhenhe, Huazheyou 8088; 27 Corn | [8. Seed Production Volume and Sales Returns](index=15&type=section&id=8.%20Seed%20Production%20Volume%20and%20Sales%20Returns) In the first half of 2025, the company planned a total seed production area of 135,400 mu with an estimated yield of 50.84 million kilograms, and incurred sales returns totaling 84.20 million Yuan - In the first half of 2025, the company arranged a total seed production area of **135,400 mu**, with a planned total yield of **50.84 million kilograms**[56](index=56&type=chunk) - Total sales returns amounted to **84.20 million Yuan**[56](index=56&type=chunk) [9. Company Trademarks and Patents](index=15&type=section&id=9.%20Company%20Trademarks%20and%20Patents) As of June 30, 2025, the company's seed business held 180 domestic and 12 foreign trademarks, 29 plant variety rights, 22 domestic and 10 foreign invention patents; agrochemical had 423 trademarks and 46 domestic invention patents; and flavors/fragrances held 12 domestic and 2 foreign trademarks, with 14 invention patents Company Trademarks and Patents as of June 30, 2025 | Industry | Domestic Registered Trademarks | Foreign Registered Trademarks | Plant Variety Rights Protection | Domestic Invention Patents | Foreign Invention Patents | | :--- | :--- | :--- | :--- | :--- | :--- | | Seed Business | 180 | 12 | 29 | 22 | 10 | | Agrochemical | 423 | - | - | 46 | 1 | | Flavor & Fragrance | 12 | 2 | - | 14 | - | [Analysis of Core Competencies](index=15&type=section&id=II.%20Analysis%20of%20Core%20Competencies) The company's core competencies stem from robust R&D platforms, a skilled talent pool, leading technologies, and deep industry-academia integration, supported by national and provincial-level research centers and advanced commercial breeding systems - The company possesses **2** national-level R&D platforms (National Enterprise Technology Center and National Post-doctoral Research Workstation) and **2** provincial-level R&D platforms[58](index=58&type=chunk) - In rice anther culture technology, corn doubled haploid technology, tropical germplasm resource utilization, non-GMO herbicide resistance technology, and indica-japonica hybrid seed production, the company is a leader in the industry[59](index=59&type=chunk) - Collaborated with domestic institutions such as the Institute of Genetics and Developmental Biology, Chinese Academy of Sciences, on over **ten** technology and variety projects, and established the "SDIC Fengle Rice Joint Breeding Innovation Research Institute"[60](index=60&type=chunk) - Wholly-owned subsidiary Fengle Agrochemical is a national designated pesticide technical material producer and a national high-tech enterprise, holding **46** authorized invention patents[62](index=62&type=chunk) - Wholly-owned subsidiary Fengle Flavor & Fragrance has a provincial-level enterprise technology center, achieving breakthroughs in continuous flow technology and bio-flavor product technology, with products and services distributed in over **30** countries and regions worldwide[63](index=63&type=chunk) [Analysis of Principal Business](index=16&type=section&id=III.%20Analysis%20of%20Principal%20Business) The company's principal business revenue decreased by 13.42% year-on-year, primarily due to declines in agrochemical, seed, and flavor/fragrance segments; financial expenses surged by 866.75% due to reduced interest and exchange gains, while operating cash flow significantly improved by 52.25% by reducing seed production area and advance payments YoY Changes in Key Financial Data for H1 2025 | Indicator | Current Period (Yuan) | Prior Period (Yuan) | YoY Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 1,150,317,108.32 | 1,328,645,758.00 | -13.42% | | | Operating Cost | 1,027,582,005.17 | 1,186,994,343.60 | -13.43% | | | Financial Expenses | 1,478,151.79 | 152,899.32 | 866.75% | Primarily due to reduced interest income and exchange gains | | Net Cash Flow from Operating Activities | -104,701,238.58 | -219,250,645.97 | 52.25% | Primarily due to reduced seed production area and decreased advance payments for seed production | | Net Cash Flow from Investing Activities | -61,423,435.08 | 154,524,852.24 | -139.75% | Primarily due to redemption of wealth management products in the prior period | | Net Cash Flow from Financing Activities | 105,916,390.06 | 42,156,361.24 | 151.25% | Primarily due to increased short-term borrowings | Operating Revenue Composition by Industry for H1 2025 | By Industry | Amount (Yuan) | % of Operating Revenue | Prior Period Amount (Yuan) | Prior Period % of Operating Revenue | YoY Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Seed Business | 162,811,248.21 | 14.15% | 176,843,524.56 | 13.31% | -7.93% | | Agrochemical Business | 841,233,800.00 | 73.13% | 997,844,619.86 | 75.10% | -15.69% | | Flavor & Fragrance Business | 146,272,060.11 | 12.72% | 153,957,613.58 | 11.59% | -4.99% | Gross Profit Margin of Principal Business by Industry for H1 2025 | By Industry | Operating Revenue | Operating Cost | Gross Profit Margin | YoY Change in Operating Revenue | YoY Change in Operating Cost | YoY Change in Gross Profit Margin | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Seed Business | 162,811,248.21 | 117,225,108.84 | 28.00% | -7.93% | -2.28% | -4.17% | | Agrochemical Business | 841,233,800.00 | 777,191,989.74 | 7.61% | -15.69% | -16.62% | 1.02% | | Flavor & Fragrance Business | 146,272,060.11 | 133,164,906.59 | 8.96% | -4.99% | -1.35% | -3.36% | [IV. Analysis of Non-Principal Business](index=18&type=section&id=Four%2C%20Non-Principal%20Business%20Analysis) During the reporting period, non-principal businesses impacted total profit, with government subsidies being the main non-recurring income and investment income primarily from large-denomination deposit interest, though non-operating expenses were also significant, indicating these items are mostly non-sustainable Analysis of Non-Principal Business for H1 2025 | Item | Amount (Yuan) | % of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 1,220,499.96 | -4.08% | Primarily interest income from large-denomination deposits | No | | Non-operating Income | 424,605.16 | -1.42% | | No | | Non-operating Expenses | 1,900,782.27 | -6.35% | | No | | Other Income | 6,198,950.33 | -20.72% | Primarily government subsidies | No | | Reversal of Credit Losses | 75,090.00 | -0.25% | | No | | Gains from Asset Disposal | 159,870.96 | -0.53% | | No | [V. Analysis of Assets and Liabilities](index=18&type=section&id=Five%2C%20Assets%20and%20Liabilities%20Analysis) At the end of the reporting period, total assets and net assets attributable to shareholders slightly decreased; accounts receivable and short-term borrowings significantly increased, while inventory, monetary funds, fixed assets, and construction in progress decreased, with some assets restricted due to collateral or frozen bank accounts Significant Changes in Asset Composition for H1 2025 | Item | Amount at End of Current Period (Yuan) | % of Total Assets | Amount at End of Prior Year (Yuan) | % of Total Assets at End of Prior Year | % Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 221,797,984.00 | 6.79% | 299,068,607.69 | 9.16% | -2.37% | | Accounts Receivable | 375,065,467.43 | 11.49% | 237,290,720.89 | 7.27% | 4.22% | | Inventory | 889,474,185.53 | 27.24% | 989,204,275.81 | 30.29% | -3.05% | | Short-term Borrowings | 181,041,095.89 | 5.55% | 40,041,095.89 | 1.23% | 4.32% | | Contract Liabilities | 306,602,341.23 | 9.39% | 267,307,619.49 | 8.19% | 1.20% | - Fengle Flavor & Fragrance pledged land use rights for a **200 million Yuan** comprehensive credit line; Hubei Fengle pledged factory buildings, office buildings, and land use rights for a **40 million Yuan** mortgage loan[76](index=76&type=chunk) - The company's Huishang Bank account with **10 million Yuan** was frozen due to property rights disputes, and Fengle Agrochemical's bank account with **8.5 million Yuan** was frozen due to product liability disputes[77](index=77&type=chunk)[78](index=78&type=chunk) [VI. Analysis of Investment Status](index=20&type=section&id=Six%2C%20Investment%20Status%20Analysis) During the reporting period, the company's total investment was 24.61 million Yuan, a 59.98% decrease year-on-year, with no significant equity investments; the major non-equity investment is Fengle Flavor & Fragrance's 5,000-ton natural/synthetic flavor project, which is 99% complete with 218.96 million Yuan invested to date, funded by internal resources and bank loans - Investment during the reporting period was **24.61 million Yuan**, compared to **61.49 million Yuan** in the prior period, a change of **-59.98%**[79](index=79&type=chunk) Significant Non-Equity Investments for H1 2025 | Project Name | Investment Method | Investment Industry | Amount Invested in Current Period (Yuan) | Cumulative Actual Investment as of End of Reporting Period (Yuan) | Project Progress | Estimated Return | Cumulative Realized Return as of End of Reporting Period | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Fengle Flavor & Fragrance Investment in Construction of Annual 5,000-ton Natural Menthol, Peppermint Oil, and Other Natural and Synthetic Flavors Project | Self-built | Flavor & Fragrance | 21,363,247.76 | 218,962,273.12 | 99.00% | 0.00 | 0.00 | - The company had no securities investments, derivative investments, or use of raised funds during the reporting period[82](index=82&type=chunk)[83](index=83&type=chunk)[84](index=84&type=chunk) [VII. Significant Asset and Equity Disposals](index=21&type=section&id=Seven%2C%20Significant%20Asset%20and%20Equity%20Disposals) The company did not engage in any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[85](index=85&type=chunk) - The company did not dispose of significant equity during the reporting period[86](index=86&type=chunk) [VIII. Analysis of Major Controlled and Invested Companies](index=21&type=section&id=Eight%2C%20Analysis%20of%20Major%20Controlled%20and%20Invested%20Companies) During the reporting period, major subsidiaries Fengle Agrochemical, Tonglu Agriculture, Fengle Flavor & Fragrance, and Hubei Fengle experienced fluctuating performance; Fengle Agrochemical's net profit dropped 82.91%, Tonglu Agriculture's loss expanded due to lower-than-expected GMO variety market protection, Fengle Flavor & Fragrance's net profit fell 59.95% from synthetic product price declines, while Hubei Fengle reduced its loss by 7.70 million Yuan through product restructuring and high-margin specialty fertilizer sales Operating Performance of Major Subsidiaries for H1 2025 | Company Name | Operating Revenue (10,000 Yuan) | Net Profit (10,000 Yuan) | Explanation of YoY Change | | :--- | :--- | :--- | :--- | | Fengle Agrochemical (including Fengle Plant Protection) | 58,893.42 | 219.34 | Revenue decreased by 10.63%, net profit decreased by 82.91%, due to reduced output, price declines, increased safety and environmental protection investments, and increased depreciation | | Tonglu Agriculture | -49.14 | -590.28 | Revenue decreased by 102.2%, net loss expanded, due to lower-than-expected market protection for genetically modified varieties and increased returns | | Fengle Flavor & Fragrance | 14,627.21 | 92.74 | Revenue decreased by 4.99%, net profit decreased by 59.95%, due to declining market prices for synthetic products | | Hubei Fengle | 26,095.31 | -89.55 | Revenue decreased by 24.1%, net loss reduced by 769.50 (10,000 Yuan), due to product structure adjustment, increased sales of high-margin new specialty fertilizers, and a turnaround in the concentrate powder business | [IX. Structured Entities Controlled by the Company](index=22&type=section&id=Nine%2C%20Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company had no controlled structured entities during the reporting period[91](index=91&type=chunk) [X. Risks Faced by the Company and Countermeasures](index=22&type=section&id=Ten%2C%20Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces policy, natural disaster, pest/disease, and safety/environmental risks; countermeasures include strengthening policy monitoring, optimizing product structure, enhancing production management and seed production technology, preparing for adverse weather and pest outbreaks, and strictly implementing safety and environmental responsibilities - Policy risk: As a national strategic industry, policy adjustments in the seed sector may affect the company's business layout, R&D investment, production costs, and sales promotion[91](index=91&type=chunk)[92](index=92&type=chunk) - Natural disaster and pest/disease risk: Agricultural production is sensitive to climate, and abnormal weather or major pest/disease outbreaks will directly impact seed yield and quality[92](index=92&type=chunk) - Safety and environmental risk: National environmental protection standards are continuously upgrading, requiring chemical enterprises to increase investment to comply with policies, regulations, and departmental supervision requirements[92](index=92&type=chunk) - Countermeasures: Strengthen monitoring and analysis of industrial policies, continuously increase R&D investment, and enhance innovation capabilities; strengthen production base construction, and improve field production supervision and control; comprehensively and strictly implement primary safety and environmental protection responsibilities, and enhance safety and environmental governance levels[92](index=92&type=chunk)[93](index=93&type=chunk) [XI. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=23&type=section&id=Eleven%2C%20Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[94](index=94&type=chunk) - The company has not disclosed a valuation enhancement plan[94](index=94&type=chunk) [XII. Implementation of "Quality and Return Dual Enhancement" Action Plan](index=23&type=section&id=Twelve%2C%20Implementation%20of%20%E2%80%9CQuality%20and%20Return%20Dual%20Enhancement%E2%80%9D%20Action%20Plan) The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[94](index=94&type=chunk) [Corporate Governance, Environment, and Society](index=23&type=section&id=Fourth%20Section%20Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section details changes in the company's governance structure, including personnel adjustments, profit distribution plans, environmental disclosures, and social responsibility initiatives [I. Changes in Directors, Supervisors, and Senior Management](index=23&type=section&id=I.%20Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) During the reporting period, there were multiple changes in the company's directors, supervisors, and senior management, including Feng Yue's departure as chairman, Dai Deng'an's appointment as chairman and removal as general manager, Bao Yueji's appointment as general manager, and Li Weidong's removal and Yuan Tao's appointment as deputy general manager, all due to work transfers Changes in Directors, Supervisors, and Senior Management for H1 2025 | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | Feng Yue | Chairman | Resignation | February 07, 2025 | Work transfer | | Dai Deng'an | Chairman | Appointment/Removal | February 10, 2025 | Work transfer | | Dai Deng'an | General Manager | Dismissal | February 07, 2025 | Work transfer | | Bao Yueji | General Manager | Appointment | June 24, 2025 | Work transfer | | Li Weidong | Deputy General Manager | Dismissal | August 04, 2025 | Work transfer | | Yuan Tao | Deputy General Manager | Appointment | August 04, 2025 | Work transfer | [II. Profit Distribution and Capital Reserve Conversion to Share Capital in Current Period](index=24&type=section&id=II.%20Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20in%20Current%20Period) The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[97](index=97&type=chunk) [III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=24&type=section&id=III.%20Implementation%20of%20Company%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[98](index=98&type=chunk) [IV. Environmental Information Disclosure](index=24&type=section&id=IV.%20Environmental%20Information%20Disclosure) The company and its two major subsidiaries, Anhui Fengle Agrochemical Co., Ltd. and Hubei Fengle Ecological Fertilizer Co., Ltd., are listed as enterprises required to disclose environmental information and have publicly reported on their respective environmental information disclosure systems - The listed company and its major subsidiaries Anhui Fengle Agrochemical Co., Ltd. and Hubei Fengle Ecological Fertilizer Co., Ltd., are both included in the list of enterprises required to disclose environmental information by law[99](index=99&type=chunk) - Both subsidiaries have publicly reported on their respective local enterprise environmental information disclosure systems[99](index=99&type=chunk) [V. Social Responsibility](index=24&type=section&id=V.%20Social%20Responsibility) The company actively fulfills its social responsibilities by promoting high-yield seeds, providing agricultural technical guidance, donating agricultural materials, and supporting rural revitalization through targeted assistance and industrial development in impoverished areas - The company is committed to revitalizing the national seed industry, focusing on farmers' needs, and promoting high-yield, high-quality, and suitable corn, rice, and wheat seeds to help local farmers improve planting efficiency and income levels, contributing to rural revitalization[100](index=100&type=chunk) - The company's "Hefei Craftsmen" team brings classrooms to the fields, bridging the "last mile" of agricultural technology extension; it donates seeds, agricultural materials, and other support to farmers in impoverished areas[100](index=100&type=chunk) - Carried out pairing and co-construction activities with Wangjing Village, Huoqiu County, donating high-quality rice seeds and providing technical support to help the village transform collectively transferred land into a model rice variety planting demonstration area[100](index=100&type=chunk) - Dispatched cadres to reside in Songwang Community, assisting in the development of its watermelon planting industry by providing varieties and technical support, promoting the upgrading of local agriculture[100](index=100&type=chunk) [Significant Matters](index=25&type=section&id=Fifth%20Section%20Significant%20Matters) This section covers important corporate events, including commitments, related party transactions, litigation, and other material developments affecting the company [I. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period](index=25&type=section&id=I.%20Commitments%20Fulfilled%20and%20Overdue%20Unfulfilled%20by%20the%20Company%27s%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20Other%20Committed%20Parties%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties[102](index=102&type=chunk) [II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company](index=25&type=section&id=II.%20Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholders%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no non-operating funds occupied by controlling shareholders or other related parties from the listed company[103](index=103&type=chunk) [III. Irregular External Guarantees](index=25&type=section&id=III.%20Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[104](index=104&type=chunk) [IV. Appointment and Dismissal of Accounting Firms](index=25&type=section&id=IV.%20Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[105](index=105&type=chunk) [V. Board of Directors' and Supervisory Committee's Explanation of "Non-Standard Audit Report" for the Current Period](index=25&type=section&id=V.%20Board%20of%20Directors%27%20and%20Supervisory%20Committee%27s%20Explanation%20of%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Current%20Period) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm[106](index=106&type=chunk) [VI. Board of Directors' Explanation of "Non-Standard Audit Report" for the Prior Year](index=25&type=section&id=VI.%20Board%20of%20Directors%27%20Explanation%20of%20%E2%80%9CNon-Standard%20Audit%20Report%E2%80%9D%20for%20the%20Prior%20Year) During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm for the prior year - During the reporting period, the company did not receive a "non-standard audit report" from its accounting firm for the prior year[106](index=106&type=chunk) [VII. Bankruptcy and Reorganization Matters](index=25&type=section&id=VII.%20Bankruptcy%20and%20Reorganization%20Matters) The company did not experience any bankruptcy or reorganization matters during the reporting period - The company did not experience any bankruptcy or reorganization matters during the reporting period[106](index=106&type=chunk) [VIII. Litigation Matters](index=25&type=section&id=VIII.%20Litigation%20Matters) The company had no significant litigation or arbitration matters, nor any other litigation matters, during the reporting period - The company had no significant litigation or arbitration matters during the current reporting period[107](index=107&type=chunk) - The company had no other litigation matters during the reporting period[107](index=107&type=chunk) [IX. Penalties and Rectification](index=26&type=section&id=Nine%2C%20Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[108](index=108&type=chunk) [X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=Ten%2C%20Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no unfulfilled court judgments or overdue large debts - During the reporting period, neither the company nor its controlling shareholder or actual controller had unfulfilled effective court judgments or overdue large debts[109](index=109&type=chunk) - The company, its controlling shareholder, and actual controller maintained good integrity[109](index=109&type=chunk) [XI. Significant Related Party Transactions](index=26&type=section&id=Eleven%2C%20Significant%20Related%20Party%20Transactions) During the reporting period, the company had no related party transactions involving daily operations, asset/equity acquisitions/disposals, or joint external investments, but maintained deposit and loan business with SDIC Finance Co., Ltd., with ending balances of 174.85 million Yuan in deposits and 101 million Yuan in loans - During the reporting period, the company had no related party transactions related to daily operations, asset or equity acquisitions/disposals, joint external investments, or related party creditor/debtor relationships[110](index=110&type=chunk)[111](index=111&type=chunk)[112](index=112&type=chunk)[113](index=113&type=chunk) Transactions with SDIC Finance Co., Ltd. for H1 2025 | Business Type | Beginning Balance (10,000 Yuan) | Total Deposits/Loans in Current Period (10,000 Yuan) | Total Withdrawals/Repayments in Current Period (10,000 Yuan) | Ending Balance (10,000 Yuan) | | :--- | :--- | :--- | :--- | :--- | | Deposit Business | 23,335.05 | 126,327.28 | 132,177.32 | 17,485.02 | | Loan Business | 0 | 10,800 | 700 | 10,100 | - The financial company controlled by the company has no deposit, loan, credit, or other financial business with related parties[116](index=116&type=chunk) [XII. Significant Contracts and Their Performance](index=27&type=section&id=Twelve%2C%20Significant%20Contracts%20and%20Their%20Performance) The company had no entrustment, contracting, leasing, or wealth management activities during the reporting period, but provided significant guarantees for subsidiaries, totaling 71.81 million Yuan (3.65% of net assets) at period-end, including for Zhangye Fengle, Anhui Fengle Agrochemical, and Anhui Fengle Flavor & Fragrance - The company had no entrustment, contracting, leasing, or wealth management matters during the reporting period[118](index=118&type=chunk)[119](index=119&type=chunk)[120](index=120&type=chunk)[124](index=124&type=chunk) Company Guarantees for Subsidiaries for H1 2025 | Name of Guaranteed Party | Guarantee Limit (10,000 Yuan) | Actual Guarantee Amount (10,000 Yuan) | Guarantee Start Date | Guarantee End Date | Is Guarantee Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Zhangye Fengle Seed Co., Ltd. | 8,910 | 8,910 | May 31, 2022 | May 31, 2027 | No | | Anhui Fengle Agrochemical Co., Ltd. | 6,000 | 6,000 | September 22, 2023 | September 21, 2025 | No | | Anhui Fengle Agrochemical Co., Ltd. | 3,000 | 3,000 | January 24, 2024 | January 24, 2025 | Yes | | Anhui Fengle Agrochemical Co., Ltd. | 3,000 | 3,000 | January 24, 2024 | January 24, 2025 | Yes | | Anhui Fengle Agrochemical Co., Ltd. | 4,000 | 4,000 | January 24, 2024 | January 24, 2025 | Yes | | Anhui Fengle Agrochemical Co., Ltd. | 3,000 | 3,000 | October 09, 2024 | October 09, 2025 | No | | Anhui Fengle Flavor & Fragrance Co., Ltd. | 3,000 | 3,000 | October 09, 2024 | October 09, 2025 | No | - As of the end of the reporting period, the total approved guarantee limit for subsidiaries was **309.10 million Yuan**, and the actual guarantee balance for subsidiaries was **71.81 million Yuan**, accounting for **3.65%** of the company's net assets[123](index=123&type=chunk) [XIII. Explanation of Other Significant Matters](index=29&type=section&id=Thirteen%2C%20Explanation%20of%20Other%20Significant%20Matters) The company plans a private placement of A-shares to its controlling shareholder, SDIC Seed, to raise up to 1.089 billion Yuan for working capital and debt repayment, which is currently under Shenzhen Stock Exchange review; the company and its subsidiaries have also completed name changes to reflect "SDIC Fengle" - The company plans to issue A-shares via private placement to its controlling shareholder, SDIC Seed, to raise a total of no more than **1.089 billion Yuan**, to be used for supplementing working capital and repaying bank loans[126](index=126&type=chunk) - This issuance has been approved by the State-owned Assets Supervision and Administration Commission of the State Council and accepted by the Shenzhen Stock Exchange, currently undergoing review by the Shenzhen Stock Exchange[126](index=126&type=chunk) - The company's name has changed from "Hefei Fengle Seed Co., Ltd." to "SDIC Fengle Seed Co., Ltd.," and its stock abbreviation from "Fengle Seed" to "SDIC Fengle"[126](index=126&type=chunk) - Wholly-owned subsidiaries Wuhan Fengle Seed Co., Ltd., Hunan Agricultural University Jinnong Seed Co., Ltd., and Chengdu Fengle Seed Co., Ltd. were renamed SDIC Fengle (Wuhan) Seed Co., Ltd., SDIC Fengle (Changsha) Seed Co., Ltd., and SDIC Fengle (Chengdu) Seed Co., Ltd., respectively[126](index=126&type=chunk) [XIV. Significant Matters of Company Subsidiaries](index=30&type=section&id=Fourteen%2C%20Significant%20Matters%20of%20Company%20Subsidiaries) The wholly-owned subsidiary Zhangye Fengle's acquisition of Jinling Seed Industry has fulfilled its performance commitments for 2022, 2023, and 2024 - Wholly-owned subsidiary Zhangye Fengle's acquisition of Jinling Seed Industry fulfilled its performance commitments for 2022, 2023, and 2024[128](index=128&type=chunk) [Share Changes and Shareholder Information](index=31&type=section&id=Sixth%20Section%20Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, including any changes in shares, securities issuance, and information on its shareholders and their holdings [I. Share Change Status](index=31&type=section&id=I.%20Share%20Change%20Status) During the reporting period, the company's total share capital remained unchanged, with 614,014,980 unrestricted shares, accounting for 100%, and no changes in reasons, approvals, transfers, share repurchases, or restricted shares Share Change Status for H1 2025 | | Number Before Change (shares) | % Before Change | Net Change (+, -) (shares) | Number After Change (shares) | % After Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | - | - | 0 | - | - | | II. Unrestricted Shares | 614,014,980 | 100.00% | 0 | 614,014,980 | 100.00% | | III. Total Shares | 614,014,980 | 100.00% | 0 | 614,014,980 | 100.00% | - During the reporting period, the company had no reasons for share changes, approval status, transfer status, progress on share repurchase implementation, or changes in restricted shares[132](index=132&type=chunk) [II. Securities Issuance and Listing](index=32&type=section&id=II.%20Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[132](index=132&type=chunk) [III. Number of Shareholders and Shareholding Status](index=32&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Status) As of the end of the reporting period, the company had 72,973 common shareholders; SDIC Seed Technology Co., Ltd. was the controlling shareholder with 20.00% ownership, and Hefei Construction Investment Holding (Group) Co., Ltd. was the second-largest shareholder with 9.24%, with all top ten shareholders holding unrestricted shares - As of the end of the reporting period, the total number of common shareholders was **72,973**[133](index=133&type=chunk) Shareholding Status of Shareholders Holding 5% or More or Top 10 Shareholders for H1 2025 | Shareholder Name | Shareholder Nature | Shareholding % | Number of Shares Held at End of Reporting Period (shares) | Number of Unrestricted Shares Held (shares) | | :--- | :--- | :--- | :--- | :--- | | SDIC Seed Technology Co., Ltd. | State-owned Legal Person | 20.00% | 122,802,996 | 122,802,996 | | Hefei Construction Investment Holding (Group) Co., Ltd. | State-owned Legal Person | 9.24% | 56,739,906 | 56,739,906 | | China Construction Bank Corporation - Harvest Agricultural Industry Stock Fund | Other | 1.79% | 10,987,906 | 10,987,906 | | Song Gang | Domestic Natural Person | 0.73% | 4,455,242 | 4,455,242 | | Zhu Lihui | Domestic Natural Person | 0.66% | 4,060,652 | 4,060,652 | | Ding Jianjun | Domestic Natural Person | 0.56% | 3,437,000 | 3,437,000 | | Chen Xiaobing | Domestic Natural Person | 0.37% | 2,250,000 | 2,250,000 | | Ren Hongmei | Domestic Natural Person | 0.29% | 1,758,870 | 1,758,870 | | Agricultural Bank of China Co., Ltd. - Wanjia Domestic Demand Growth One-Year Holding Mixed Fund | Other | 0.28% | 1,711,560 | 1,711,560 | | Li Manku | Domestic Natural Person | 0.28% | 1,700,981 | 1,700,981 | - It is known that the company's controlling shareholder, SDIC Seed Technology Co., Ltd., and the second-largest shareholder, Hefei Construction Investment Holding (Group) Co., Ltd., have no related party relationships with other shareholders; shareholders Zhu Lihui and Ren Hongmei have a related party relationship[134](index=134&type=chunk)[135](index=135&type=chunk) [IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=34&type=section&id=IV.%20Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period[136](index=136&type=chunk) [V. Changes in Controlling Shareholder or Actual Controller](index=34&type=section&id=V.%20Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[137](index=137&type=chunk) - The company's actual controller remained unchanged during the reporting period[137](index=137&type=chunk) [VI. Preferred Share Information](index=34&type=section&id=VI.%20Preferred%20Share%20Information) The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[138](index=138&type=chunk) [Bond-Related Information](index=35&type=section&id=Seventh%20Section%20Bond-Related%20Information) The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[140](index=140&type=chunk) [Financial Report](index=36&type=section&id=Eighth%20Section%20Financial%20Report) This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity, along with detailed notes on accounting policies and specific financial items [I. Audit Report](index=36&type=section&id=I.%20Audit%20Report) The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[142](index=142&type=chunk) [II. Financial Statements](index=36&type=section&id=II.%20Financial%20Statements) This section includes the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025, providing a comprehensive view of its financial position, operating results, and cash flows [1. Consolidated Balance Sheet](index=36&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2025, the company's consolidated total assets were 3.265 billion Yuan, total liabilities 1.212 billion Yuan, and total owners' equity 2.053 billion Yuan, with monetary funds, inventory, and accounts receivable as major current assets, and short-term borrowings and contract liabilities as key current liabilities Key Data from Consolidated Balance Sheet as of June 30, 2025 | Item | Ending Balance (Yuan) | Beginning Balance (Yuan) | | :--- | :--- | :--- | | Total Assets | 3,264,905,839.60 | 3,265,772,322.13 | | Total Liabilities | 1,211,794,062.11 | 1,168,291,107.04 | | Total Owners' Equity | 2,053,111,777.49 | 2,097,481,215.09 | | Monetary Funds | 221,797,984.00 | 299,068,607.69 | | Accounts Receivable | 375,065,467.43 | 237,290,720.89 | | Inventory | 889,474,185.53 | 989,204,275.81 | | Short-term Borrowings | 181,041,095.89 | 40,041,095.89 | | Contract Liabilities | 306,602,341.23 | 267,307,619.49 | [3. Consolidated Income Statement](index=40&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2025, the company reported total operating revenue of 1.15 billion Yuan and total operating costs of 1.189 billion Yuan, resulting in an operating loss of 28.44 million Yuan and a net loss of 30.66 million Yuan, with net loss attributable to parent company shareholders expanding by 25.44% and financial expenses surging by 866.75% Key Data from Consolidated Income Statement for H1 2025 | Item | H1 2025 (Yuan) | H1 2024 (Yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 1,150,317,108.32 | 1,328,645,758.00 | | Total Operating Costs | 1,188,773,316.14 | 1,367,729,832.88 | | Operating Profit | -28,437,490.46 | -28,215,652.56 | | Total Profit | -29,913,667.57 | -28,521,812.23 | | Net Profit | -30,659,499.86 | -29,082,247.28 | | Net Profit Attributable to Parent Company Shareholders | -28,025,384.08 | -22,342,226.51 | | Financial Expenses | 1,478,151.79 | 152,899.32 | [5. Consolidated Cash Flow Statement](index=44&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) In H1 2025, net cash flow from operating activities was -104.70 million Yuan (52.25% improvement YoY), net cash flow from investing activities was -61.42 million Yuan (139.75% decrease YoY due to prior period's wealth management product redemption), and net cash flow from financing activities was 105.92 million Yuan (151.25% increase YoY due to increased short-term borrowings), with an ending cash and cash equivalents balance of 182.22 million Yuan Key Data from Consolidated Cash Flow Statement for H1 2025 | Item