Financial Performance - The company's operating revenue for the first half of 2022 was approximately ¥211.68 million, representing a 5.08% increase compared to ¥201.45 million in the same period last year[17]. - The net profit attributable to shareholders reached approximately ¥52.15 million, a significant increase of 1,080.34% from ¥4.42 million in the previous year[17]. - The net profit after deducting non-recurring gains and losses was approximately ¥53.94 million, up 1,861.63% from ¥2.75 million year-on-year[17]. - The basic earnings per share increased to ¥0.1633, reflecting a growth of 1,083.33% compared to ¥0.0138 in the same period last year[17]. - The company's total revenue for the first half of 2022 was approximately CNY 209.31 million, with a year-on-year increase of 9.67% in fishing revenue and a decrease of 8.10% in retail trade revenue[33]. - The gross profit margin for the fishing segment was 4.62%, which represents a year-on-year increase of 16.02%, while the retail trade segment saw a gross profit margin of 3.48%, down 0.24% year-on-year[33]. - The company reported a total profit of CNY 50,630,549.51, up from CNY 2,718,145.11 in the previous year[126]. - The total comprehensive income for the first half of 2022 was CNY 54,333,614.91, compared to CNY 1,842,399.70 in the same period of 2021[126]. Assets and Liabilities - Total assets at the end of the reporting period were approximately ¥1.50 billion, an increase of 48.06% from ¥1.01 billion at the end of the previous year[17]. - The net assets attributable to shareholders increased to approximately ¥963.84 million, up 84.96% from ¥521.10 million at the end of the previous year[17]. - The company's total assets included cash and cash equivalents amounting to CNY 522.92 million, representing 34.90% of total assets, a significant increase due to equity financing[37]. - Total liabilities increased to CNY 495,883,726.24 from CNY 452,684,127.62, marking a growth of about 9.5%[122]. - Owner's equity surged to CNY 1,002,395,316.37, up from CNY 559,259,309.78, indicating an increase of approximately 79.2%[122]. Cash Flow - The company reported a net cash flow from operating activities of approximately ¥35.47 million, a decrease of 25.70% compared to ¥47.74 million in the previous year[17]. - The company reported a significant increase of 8,100.88% in net cash flow from financing activities, amounting to approximately ¥429.85 million, attributed to new share issuance[29]. - The net cash flow from financing activities was ¥429,853,805.01, a turnaround from a net outflow of ¥5,372,583.77 in the first half of 2021[129]. - The ending balance of cash and cash equivalents increased to ¥519,806,608.92, compared to ¥106,390,641.56 at the end of the first half of 2021[129]. Strategic Initiatives - The company plans to focus on expanding its tuna fishing industry and enhancing its self-operated trade business to become a leading player in the domestic and global deep-sea fishery market[23]. - The company has extended its product offerings from longfin tuna longline fishing to ultra-low temperature tuna longline fishing and tuna purse seine fishing, indicating a strategic shift in its operational focus[23]. - The company is actively expanding its sales market for frozen tuna, focusing on Southeast Asia and local markets in the South Pacific, while also increasing direct overseas sales to shorten the sales cycle and improve overall profit margins[56]. - The company plans to enhance its technological investments to accelerate the conversion of research results into production practices, aiming to improve fishing fleet productivity and reduce labor costs[56]. Research and Development - Research and development investment surged by 6,435.74% to approximately ¥12.55 million, reflecting the company's commitment to innovation[29]. - Research and development expenses increased to CNY 12,552,376.95 from CNY 192,057.36, indicating a focus on innovation[125]. Market and Operational Challenges - The company faces risks from the ongoing COVID-19 pandemic, including potential outbreaks among overseas employees[53]. - Market risks include fluctuations in consumer demand and prices for tuna in key markets like Japan and the USA[54]. - The company is experiencing challenges due to rising energy prices, with crude oil prices exceeding USD 100 per barrel[54]. - There is a shortage of skilled labor in the deep-sea fishing industry, affecting the company's operational stability[55]. Corporate Governance and Compliance - The company reported a significant focus on avoiding and reducing related party transactions, ensuring compliance with market principles and legal regulations[69]. - The company committed to not occupying the funds and assets of the listed company and its subsidiaries, adhering strictly to relevant laws and regulations[69]. - The company has outlined its future outlook, emphasizing the importance of adhering to legal frameworks and corporate governance[69]. Shareholder Information - The total number of common shareholders at the end of the reporting period is 25,141[107]. - The largest shareholder, China Agricultural Development Group, holds 25.36% of shares, totaling 81,003,133 shares[107]. - China Zhuhai Ocean Fisheries Company holds 20.36% of shares, totaling 65,032,900 shares[107]. Legal and Arbitration Matters - The company received arbitration awards for performance compensation from Zhang Fuci totaling CNY 23,027,761.52 for 2015 and CNY 26,657,184.01 for 2016, which remain unpaid due to Zhang's inability to pay[77]. - The company is currently in the enforcement phase regarding the arbitration awards against Zhang Fuci and Zhang Fuqing[78]. Financial Reporting and Audit - The semi-annual financial report has not been audited[73]. - The financial report for the first half of 2022 has not been audited[119].

Financial Performance - The company's operating revenue for Q1 2022 was ¥73,629,751.72, a decrease of 19.33% compared to ¥91,270,878.32 in the same period last year[3] - The net profit attributable to shareholders was -¥12,788,319.99, an improvement from -¥18,714,764.35 year-on-year[3] - The net cash flow from operating activities was -¥34,628,656.22, a decline compared to -¥20,531,263.64 in the previous year[3] - The company's basic earnings per share improved to -¥0.0400 from -¥0.0586 year-on-year[3] - The weighted average return on net assets was -2.48%, an improvement from -3.12% in the previous year[3] - The company reported a decrease in operating costs by 31% to ¥66,214,208.74, attributed to a decline in trade sales[6] - Total operating revenue for Q1 2022 was ¥73,629,751.72, a decrease of 19.4% compared to ¥91,270,878.32 in Q1 2021[15] - Total operating costs for Q1 2022 were ¥84,136,348.91, down 25.7% from ¥113,166,494.81 in the same period last year[15] - Net loss for Q1 2022 was ¥13,451,084.97, an improvement from a net loss of ¥19,584,080.18 in Q1 2021[16] - The total comprehensive loss for Q1 2022 was ¥13,526,299.49, an improvement from a loss of ¥19,464,833.28 in the same period last year[16] Assets and Liabilities - Total assets at the end of the reporting period were ¥993,828,658.13, down 1.79% from ¥1,011,943,437.40 at the end of the previous year[3] - The company's current assets totaled CNY 240,124,531.52, down from CNY 244,712,232.11 at the beginning of the year, indicating a decrease of approximately 1.4%[13] - The company's cash and cash equivalents decreased to CNY 47,272,521.75 from CNY 57,474,826.22, reflecting a decline of about 17.3%[12] - Accounts receivable increased to CNY 26,930,730.83 from CNY 23,247,294.13, representing an increase of approximately 15.5%[12] - The total liabilities of the company were CNY 448,095,647.86, slightly down from CNY 452,684,127.62, showing a decrease of about 1.5%[14] - The company's short-term borrowings rose to CNY 92,000,000.00 from CNY 65,050,000.00, an increase of approximately 41.4%[13] Financing Activities - The company's short-term borrowings increased by 41%, reaching ¥92,000,000.00, primarily due to increased cash outflow from operating activities[6] - The net cash flow from financing activities increased by 177% to ¥26,097,991.23, reflecting a significant rise in borrowings compared to the previous year[6] - The company signed a financing agreement for a short-term loan of CNY 16,200,000.00 at an interest rate of 3.85% for a term of 12 months[11] - The company raised ¥45,000,000.00 through borrowings in Q1 2022, compared to ¥23,660,000.00 in Q1 2021[19] Equity and Share Issuance - The company's total equity as of March 31, 2022, was CNY 545,733,010.27, down from CNY 559,259,309.78 at the beginning of the year, indicating a decrease of approximately 2.4%[14] - The non-public issuance of shares has been approved by the China Securities Regulatory Commission, with further details provided in the company's announcements[11] Other Activities - Contract liabilities surged by 752% to ¥16,004,733.43, mainly due to an increase in pre-received sales payments for fish products[6] - The company incurred research and development expenses of ¥282,652.39, significantly higher than ¥3,500.00 in Q1 2021[15] - The company plans to publicly transfer fixed assets in Los Angeles, with the final transaction price remaining uncertain[11]

Financial Performance - The company's operating revenue for 2021 was ¥462,390,686.83, an increase of 3.84% compared to ¥445,286,551.21 in 2020[20] - The net profit attributable to shareholders was a loss of ¥85,859,632.47, improving by 44.23% from a loss of ¥153,965,578.88 in 2020[20] - The net cash flow from operating activities was ¥89,061,330.44, a significant increase of 241.62% compared to -¥62,889,407.79 in 2020[20] - The total assets at the end of 2021 were ¥1,011,943,437.40, a decrease of 11.31% from ¥1,140,954,212.64 at the end of 2020[20] - The net assets attributable to shareholders decreased by 14.36% to ¥521,101,551.36 from ¥608,479,568.23 in 2020[20] - The basic earnings per share for 2021 was -¥0.2688, an improvement of 44.23% from -¥0.4820 in 2020[20] - The weighted average return on equity was -15.73%, an improvement of 6.70% from -22.43% in 2020[20] - The company reported a total revenue of ¥456,946,532.05 after deducting certain income, compared to ¥440,784,563.18 in 2020[21] - The company's total profit for 2021 was -¥8.89 million, a 43.38% improvement compared to the loss of -¥15.69 million in the previous year[39] - The net profit attributable to the parent company was -¥8.59 million, reflecting a 44.24% reduction in losses compared to -¥15.40 million in 2020[39] Revenue Breakdown - The company’s tuna revenue was ¥364.07 million, accounting for 78.74% of total revenue, with a year-on-year increase of 3.30%[42] - The retail trade revenue increased by 16.21% to ¥98.56 million, representing 21.32% of total revenue[42] - The company’s fishing volume decreased by 9.29% to 14,562.52 tons, while production volume dropped by 27.39% to 12,013.6 tons[45] - The company's total revenue from tuna in 2021 was approximately ¥427.51 million, accounting for 81.65% of the total operating costs, showing a year-on-year decrease of 3.63% compared to ¥443.60 million in 2020[49] - Squid revenue increased by 13.93% year-on-year to approximately ¥88.90 million, representing 16.98% of the total operating costs, up from 14.65% in 2020[49] Operational Efficiency - The company has taken measures to improve operational efficiency, including the refurbishment of seven vessels and the deployment of four new tuna fishing vessels[38] - The company is actively expanding its sales channels and has initiated projects such as the establishment of a tuna research and processing center in Zhoushan[38] - The company’s cost of fishing materials decreased by 18.70% to ¥68.79 million, while fuel costs fell by 10.07% to ¥106.02 million[47] - The company’s inventory decreased significantly by 62.74% to 1,511.11 tons due to a substantial drop in catch volume[45] - The company is developing a tuna fishing situation prediction system to enhance operational efficiency and resource management[53] Strategic Initiatives - The company aims to leverage capital markets for further development of its fishery segment as part of the "14th Five-Year Plan"[36] - The company is committed to accelerating technological empowerment and aims to convert research and development outcomes into productive capabilities, targeting several proprietary innovations[77] - The company is focusing on maximizing efficiency by considering costs, benefits, personnel, and market factors, implementing strategies such as vessel suspension and market expansion[83] - The company is exploring new product development opportunities but did not disclose specific projects in the report[158] Governance and Compliance - The company has a clear governance structure, with board members trained on their rights and responsibilities, ensuring diligent oversight[88] - The company has established a comprehensive training program for its supervisors to ensure effective monitoring of operations and financial conditions[88] - The company has revised its articles of association to comply with new laws and regulations, ensuring governance practices align with industry standards[87] - The company strictly adheres to information disclosure obligations as per relevant laws and regulations, ensuring transparency[90] Challenges and Risks - The company faces risks from ongoing COVID-19 pandemic impacts, including potential crew infections and operational disruptions due to strict health regulations[78] - Market risks include uncertainties in consumer demand in key markets like Japan and the U.S., which could affect sales of frozen tuna products[79] - The company anticipates fluctuations in fishery resources due to environmental factors, with expectations of stable resources for ultra-low-temperature tuna in 2022[79] - Human resource challenges persist, with a shortage of skilled crew members and difficulties in crew rotation due to international travel restrictions[80] Shareholder Relations - The company plans to implement a three-year shareholder return plan from 2021 to 2023, as discussed in the Supervisory Board meeting on December 3, 2021[113] - The company has established a cash dividend policy that complies with regulations, ensuring the protection of minority shareholders' rights[123] - The company has not distributed cash dividends for the fiscal year 2021, with undistributed profits of -285.37 million CNY on the consolidated balance sheet and -99.41 million CNY on the parent company balance sheet[121] Legal and Financial Matters - The company has recognized an 80% provision for bad debts related to uncollected receivables from Premium Fish Inc, with a total amount of CNY 18,704,572.16[172] - The company has initiated legal proceedings to recover CNY 5,837,110.29 from KAMCHATKA GOLD CO., LTD due to unpaid ship repair fees, with an arbitration ruling in favor of the company[174] - The company is currently in the enforcement phase regarding the compensation claims against Zhang Fuci and Zhang Fuqing for unfulfilled performance commitments from 2015 and 2016, totaling CNY 49,684,945.53[149] Market Position and Expansion - The company has positioned itself as a leader in the tuna longline fishing sector, with a fleet that ranks among the top in China[33] - Following recent acquisitions, the company has expanded its tuna fleet's operational area to include the Atlantic, Indian, and East Pacific Oceans, enhancing its product range[35] - The company achieved second place in a national compliance evaluation among over 180 ocean fishing enterprises, reflecting its strong international compliance capabilities[34] - The company is actively investing in research and development to introduce new products to the market[99]

中水集团远洋股份有限公司 2021 年第三季度报告 证券代码：000798 证券简称：中水渔业 公告编号：2021-055 中水集团远洋股份有限公司 2021 年第三季度报告 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、 准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员) 声明：保证季度报告中财务信息的真实、准确、完整。 3.第三季度报告是否经过审计 □ 是 √ 否 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期增减 | 年初至报告期末 | 年初至报告期末比上年 | | --- | --- | --- | --- | --- | | | | | | 同期增减 | | 营业收入（元） | 134,446,093.96 | 18.98% | 335,893,293.43 | 26.40% | | 归属于上市公司股东的 净利润（元） | -32,309,181.76 | 不适用 | - ...

Financial Performance - The company's operating revenue for the first half of 2021 was CNY 201,447,199.47, representing a 31.89% increase compared to CNY 152,737,323.46 in the same period last year[20]. - The net profit attributable to shareholders was CNY 4,418,634.91, a significant recovery from a loss of CNY 42,990,364.07 in the previous year[20]. - The net cash flow from operating activities improved to CNY 47,741,948.01, compared to a negative cash flow of CNY 100,492,045.34 in the same period last year[20]. - The company's operating revenue for the first half of the year reached ¥201,447,199.47, representing a year-on-year increase of 31.89% due to increased sales volume and higher prices for ultra-low temperature tuna[32]. - The company reported a significant reduction in selling expenses, down 66.62% to ¥5,320,901.55, as shipping costs for ultra-low temperature tuna were adjusted to be included in the cost of goods sold[32]. - The company reported a net profit of CNY 2,712,965.59, a significant recovery from a net loss of CNY 44,424,672.25 in the first half of 2020[121]. - The company achieved an operating profit of CNY 1,048,928.34, a turnaround from an operating loss of CNY 44,842,946.23 in the first half of 2020[120]. - The company’s total comprehensive income for the first half of 2021 was CNY 11,224,194.54, compared to a loss of CNY 41,326,185.54 in the same period of 2020, indicating a significant recovery[136]. Assets and Liabilities - The company's total assets at the end of the reporting period were CNY 1,141,042,104.96, a slight increase of 0.01% from CNY 1,140,954,212.64 at the end of the previous year[20]. - The company's total liabilities decreased slightly to CNY 488,637,570.29 from CNY 490,392,077.67[117]. - The company's short-term borrowings rose to ¥137,425,000.00, making up 12.04% of total assets, an increase of 1.69% from 10.35% last year[40]. - The total equity at the end of the reporting period is CNY 652,404,534.67, reflecting a decrease from CNY 650,562,134.97 at the end of the previous period[129]. - The company's current liabilities exceeded current assets by 34.45 million RMB, primarily due to short-term bank loans of 137.425 million RMB[144]. Operational Developments - The company has focused on expanding its tuna fishing industry and has become the largest tuna longline fishing enterprise in the central and western Pacific and Atlantic regions of China[26]. - The integration of the ultra-low temperature tuna project and the Fenghui project has enhanced the company's product structure and operational efficiency[26]. - The company has enhanced its production capacity by investing in two new ultra-low temperature tuna longline fishing vessels, which are now operating in the North Atlantic[28]. - The company aims to expand rapidly and strengthen its professional team and industry chain integration as part of its strategic development plan[28]. - The company has established representative offices in Fiji, Vanuatu, and the Solomon Islands to support its fishing fleet operations and improve production efficiency[29]. Market Strategy - The company plans to continue strengthening its core business and enhancing its competitive advantages in the global market[26]. - The company has expanded its sales market, focusing on the South Pacific and Southeast Asia, to shorten sales cycles and improve profit margins amid changing market conditions[54]. - The company is focusing on expanding its market presence and enhancing product offerings, particularly in the seafood sector[81]. - The overall market strategy includes strengthening partnerships and exploring potential acquisitions to enhance growth prospects[81]. - Future guidance suggests a cautious but optimistic outlook for revenue growth, driven by increased consumer demand and strategic initiatives[82]. Financial Management - The company will not distribute cash dividends or issue bonus shares for the reporting period[6]. - The company has not engaged in any securities or derivative investments during the reporting period[46][47]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[70]. - There were no instances of illegal external guarantees during the reporting period[71]. - The financial report for the first half of the year was not audited[114]. Risks and Challenges - The company faces risks from fluctuating fishery resources, with a potential decrease in tuna resources impacting profitability[53]. - The company is subject to stricter fishing quotas and increased costs for fishing permits due to tightening regulations in international waters[53]. - The company is facing a labor shortage, particularly for skilled crew members, due to increased competition for domestic labor and a high turnover rate[54]. Legal and Compliance - The company has not faced any administrative penalties related to environmental issues during the reporting period[64]. - The company has engaged in social responsibility initiatives, including environmental protection and support for local communities[64]. - The company has submitted arbitration applications regarding the performance compensation shortfalls for 2016 and 2017[68]. - The company is actively monitoring the progress of Xinyangzhou's bankruptcy proceedings and will disclose information accordingly[68]. Accounting Policies - The company adheres to the accounting principles set forth by the Ministry of Finance, ensuring that financial statements reflect true and complete information[146]. - The company has established specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition based on its operational characteristics[145]. - The company recognizes fixed assets that are tangible and have a useful life exceeding one accounting year, provided that economic benefits are likely to flow in and costs can be reliably measured[192]. - The company applies a combination of individual and portfolio assessments for expected credit losses on financial assets[174]. - The company recognizes impairment losses for financial assets when the expected credit loss exceeds the current provision amount[174].

Financial Performance - The company's operating revenue for Q1 2021 was ¥91,270,878.32, representing a 42.80% increase compared to ¥63,915,429.62 in the same period last year[8]. - The net profit attributable to shareholders was -¥18,714,764.35, compared to -¥12,317,209.03 in the previous year, indicating a worsening performance[8]. - The net cash flow from operating activities was -¥20,531,263.64, slightly improved from -¥22,280,162.82 year-on-year[8]. - The weighted average return on net assets was -3.12%, down from -1.62% in the previous year, reflecting a decline in profitability[8]. - The company reported a net profit loss of 14.4 million yuan for the year 2016, failing to meet performance commitments[19]. - In 2017, the company recorded a net profit loss of 7.57 million yuan, also not achieving the promised performance[19]. - The company anticipates a potential significant change in net profit for the first half of 2021 compared to the previous year[22]. - The total comprehensive loss for Q1 2021 was CNY 19,464,833.28, compared to a loss of CNY 11,015,794.32 in Q1 2020, marking an increase in losses of 76.5%[35]. Assets and Liabilities - The total assets at the end of the reporting period were ¥1,119,511,461.92, a decrease of 1.88% from ¥1,140,954,212.64 at the end of the previous year[8]. - The net assets attributable to shareholders decreased by 3.04% to ¥589,980,472.90 from ¥608,479,568.23 at the end of the previous year[8]. - Total liabilities were CNY 488,414,160.23, a slight decrease from CNY 490,392,077.67, reflecting a reduction of about 0.4%[31]. - The company's total liabilities as of the end of Q1 2021 were CNY 456,636,858.73, slightly down from CNY 464,321,570.98 at the end of the previous period[34]. - The total equity of the company decreased to CNY 631,441,272.12 from CNY 644,993,111.26, reflecting a decline of 2.1%[34]. Cash Flow - Cash and cash equivalents decreased by 19% to ¥58.50 million, primarily due to net cash outflow from operating activities[15]. - The net cash flow from investing activities was -¥2,292,063.46, compared to -¥26,219,154.88 in the previous year, indicating a significant reduction in cash outflow[40]. - The net cash flow from financing activities was ¥9,438,360.17, down from ¥23,264,267.94 in Q1 2020[40]. - The company reported a total cash inflow from operating activities of ¥122,802,616.11, compared to ¥103,923,106.00 in the previous year[39]. - The cash outflow for purchasing goods and services was ¥95,074,887.26, an increase from ¥78,525,826.90 in Q1 2020[39]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 38,187[11]. - The top three shareholders held a combined 59.18% of the shares, with China Agricultural Development Group holding 25.36%[11]. - The controlling shareholder, China Agricultural Development Group, has committed to avoid competition with the company and is working on integrating its fishing projects[20]. Operational Challenges - The company has faced significant operational challenges due to the bankruptcy of a subsidiary, which has impacted its overall performance[20]. - The company is actively pursuing the completion of commitments made by its controlling shareholder regarding asset injections and project integrations[20]. - The company has been in communication with investors regarding its performance and future strategies, including transformation and upgrades[26]. Other Financial Metrics - The company reported non-recurring gains and losses totaling ¥1,607,911.29, which included government subsidies and other income[9]. - Financial expenses increased by 1072% to ¥3.89 million, mainly due to higher interest expenses and exchange losses[15]. - Sales expenses decreased by 43% to ¥1.96 million, largely due to reduced packaging, agency, and air freight costs amid the pandemic[15]. - Investment income for Q1 2021 was CNY 530,651.79, down from CNY 945,935.86 in the previous year, indicating a decline of 43.8%[34]. - The company did not engage in any repurchase transactions during the reporting period[12].

Financial Performance - The company's operating revenue for 2020 was ¥445,286,551.21, a decrease of 23.05% compared to ¥578,668,995.10 in 2019[18]. - The net profit attributable to shareholders was -¥153,965,578.88, representing a decline of 784.98% from a profit of ¥22,477,221.61 in 2019[18]. - The net cash flow from operating activities was -¥62,889,407.79, compared to -¥4,220,887.74 in the previous year[18]. - Basic earnings per share were -¥0.4820, a decrease of 784.66% from ¥0.0704 in 2019[18]. - The net profit attributable to the parent company was -¥15,397,000, a decrease of 785% from a profit of ¥2,248,000 in the previous year[39]. - The retail trade revenue fell by 41.06% to ¥84,813,394.47, down from ¥143,894,166.01 in 2019[42]. - The company reported a significant decline in net profit, indicating ongoing challenges in its operations[19]. - The company experienced negative net profits for three consecutive accounting years, raising concerns about its ability to continue as a going concern[19]. - The company reported a significant decrease in non-operating income of 93.64% compared to the previous year[25]. - The fishing income's gross margin decreased by 30.04% to -26.08% in 2020 compared to the previous year[43]. Assets and Liabilities - Total assets at the end of 2020 were ¥1,140,954,212.64, an increase of 1.44% from ¥1,124,725,159.54 at the end of 2019[18]. - The net assets attributable to shareholders decreased by 20.39% to ¥608,479,568.23 from ¥764,319,964.83 in 2019[18]. - As of the end of 2020, cash and cash equivalents decreased to ¥72,387,726.58, accounting for 6.34% of total assets, down from 9.52% at the beginning of the year[58]. - Accounts receivable increased to ¥31,354,055.39, representing 2.75% of total assets, up from 1.59% at the beginning of the year[58]. - Inventory decreased to ¥202,434,497.93, accounting for 17.74% of total assets, down from 18.81%, due to provisions for inventory impairment[58]. - Fixed assets increased to ¥436,795,796.28, representing 38.28% of total assets, up from 35.79%, due to the addition of 3 new low-temperature tuna fishing vessels and the completion of a project in Vanuatu[58]. - Short-term borrowings rose significantly to ¥118,115,000.00, accounting for 10.35% of total assets, up from 1.63%, primarily due to an increase in credit borrowings[58]. Operational Developments - The company has focused on expanding its tuna fishing industry, becoming the largest tuna longline fishing enterprise in China's central and western Pacific and Atlantic regions[28]. - The company has completed the construction of 4 low-temperature tuna longline fishing vessels and 3 new vessels, with the Vanuatu fishery base phase one completed and transferred to fixed assets[29]. - The company has successfully integrated its ultra-low temperature tuna project with its existing low-temperature project, maintaining stable catch volumes despite the pandemic's impact[31]. - The company holds the only quota for the world-class wild bluefin tuna in China, enhancing its resource acquisition capabilities[32]. - The company has expanded its fishing operations from the central and western Pacific to the Atlantic, Indian Ocean, and eastern Pacific, increasing the variety of its products[31]. - The company has established representative offices in Fiji, Vanuatu, and the Solomon Islands to support its fishing fleet's production and efficiency[33]. Challenges and Risks - The company faced significant challenges due to the pandemic, leading to a drastic decline in the ultra-low temperature tuna market and severe impacts on sales and pricing[37]. - The company anticipates challenges in fishery resources, with potential declines in catch volumes affecting profitability, especially in the South Pacific region[74]. - The company faces risks related to market fluctuations, particularly in key markets like Japan and the U.S., which may impact sales and export conditions[74]. Strategic Initiatives - The company is actively pursuing transformation and upgrading, focusing on extending its operations to the downstream of the industry chain[38]. - The company aims to optimize its industry structure by extending the industrial chain and developing seafood processing and trade[69]. - The company plans to strengthen collaboration between projects to leverage scale advantages in procurement and resource allocation, aiming to improve profitability[72]. - Continuous cost reduction and efficiency improvement initiatives are being implemented to control operational costs and enhance overall profitability[72]. - The company is committed to accelerating technological empowerment and transforming R&D achievements into production capabilities, targeting proprietary innovations[73]. Governance and Compliance - The company has revised its articles of association in 2020 to comply with new regulations and improve corporate governance[168]. - The company has established a strict insider information management system, ensuring compliance with confidentiality and fair disclosure principles[171]. - The board of directors and supervisory board members have undergone training to understand their rights and responsibilities, ensuring diligent performance of their duties[169]. - The company has maintained independence from its controlling shareholder in terms of business, personnel, assets, and finances, operating autonomously[173]. Shareholder and Market Engagement - The company held two temporary shareholder meetings and one annual meeting in 2020, with investor participation rates of 63.52% and 63.54% respectively[175]. - Independent directors attended all board meetings and shareholder meetings, demonstrating active engagement in corporate governance[176]. - The controlling shareholder has committed to avoiding competition with the company, with measures in place to ensure compliance with regulatory requirements[174]. Social Responsibility - The company provided 24 million yuan in funding for poverty alleviation efforts, helping 400 registered impoverished individuals to escape poverty[124]. - The company has established a mechanism for poverty alleviation planning, with annual plans and participation in group-organized actions[122]. - The company has committed to follow up on a three-year industry poverty alleviation project to ensure effective use of funds[125].

Financial Performance - Operating revenue decreased by 32.45% to CNY 112,998,928.28 for the current period, and by 40.45% to CNY 265,736,251.74 year-to-date[7] - Net profit attributable to shareholders was CNY -12,804,257.78, a decline of 122.16% for the current period, and CNY -55,794,621.85, a decline of 548.85% year-to-date[7] - Basic and diluted earnings per share were both CNY -0.0401, down 122.17% for the current period, and CNY -0.1747, down 549.10% year-to-date[7] - Total operating revenue for Q3 2020 was ¥112,998,928.28, a decrease of 32.4% compared to ¥167,280,519.45 in the same period last year[35] - Net profit for Q3 2020 was a loss of ¥13,579,833.44, compared to a profit of ¥56,053,050.16 in Q3 2019, representing a significant decline[36] - Total operating revenue for the period was CNY 265,736,251.74, a decrease of 40.5% compared to CNY 446,246,961.24 in the previous period[40] - Net profit for the period was a loss of CNY 58,004,505.69, compared to a profit of CNY 9,259,637.43 in the same period last year[41] - The company reported a total comprehensive income of -59,594,029.05, contrasting with a comprehensive income of 12,329,253.53 in the prior year[41] Cash Flow - Net cash flow from operating activities decreased by 43.62% to CNY 42,686,908.12 for the current period, and by 230.22% to CNY -57,805,137.22 year-to-date[7] - The net cash flow from operating activities for the period was -57,805,137.22 CNY, a decrease from 44,390,028.22 CNY in the previous period, indicating a significant decline in operational performance[46] - Total cash inflow from operating activities was 423,169,826.76 CNY, down 23.4% from 552,057,826.64 CNY year-on-year[46] - Cash outflow from operating activities totaled 480,974,963.98 CNY, a decrease of 5.3% compared to 507,667,798.42 CNY in the previous period[46] - The net cash flow from investment activities was -105,903,433.83 CNY, worsening from -11,105,215.05 CNY in the previous period[48] - The net cash flow from financing activities was 191,367,835.18 CNY, compared to -26,910,456.31 CNY in the previous period, indicating a strong recovery in financing[48] Assets and Liabilities - Total assets increased by 14.35% to CNY 1,286,157,527.05 compared to the end of the previous year[7] - The total liabilities of the company were CNY 533,443,421.09, compared to CNY 312,417,024.53 at the end of 2019, marking an increase of around 70.73%[31] - The company's short-term borrowings increased by 708.47% year-on-year to CNY 148.14 million, mainly due to increased working capital loans[15] - The company's inventory increased by 30.66% year-on-year to CNY 276.43 million, attributed to unsold fish products due to the pandemic[15] - The company's total equity decreased to CNY 752,714,105.96 from CNY 812,308,135.01, indicating a decline of approximately 7.35%[31] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 22,923[10] - The top three shareholders held a combined 59.18% of the shares, with China Agricultural Development Group Co., Ltd. holding 25.36%[10] - The company’s major shareholder, China Agricultural Development Group, committed to avoid competition with the company and has been working on integrating its fishing assets[19] Government Support and Other Income - The company received government subsidies amounting to CNY 71.20 million during the reporting period, with CNY 44.00 million recognized as other income, which is a decrease compared to the previous year[16] - Non-operating income and expenses totaled CNY 510,426.04, primarily from non-current asset disposal gains[8] - The company did not have any non-recurring gains or losses classified as regular income during the reporting period[8] Operational Challenges - The company's operating revenue for the first nine months decreased by 40.45% year-on-year to CNY 265.74 million, primarily due to the impact of the pandemic leading to unsold fish products and a significant drop in sales prices[15] - The company is closely monitoring the bankruptcy proceedings of its subsidiary, Xinyangzhou, which was taken over by a bankruptcy administrator in December 2017[19] - The company plans to focus on cost control and operational efficiency to navigate the challenging market conditions ahead[35] Investment and Financial Management - The company has not engaged in any securities or derivative investments during the reporting period[20][21] - There are no significant contracts or fundraising projects reported for the current period[22] - The company has not conducted any entrusted financial management during the reporting period[23] - There are no violations regarding external guarantees reported for the current period[24] - The company has not reported any non-operating fund occupation by its major shareholders or related parties[25]

Financial Performance - The company's operating revenue for the first half of 2020 was ¥152,737,323.46, a decrease of 45.25% compared to ¥278,966,441.79 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥42,990,364.07, showing an improvement from -¥45,348,636.15 in the previous year[18]. - The net cash flow from operating activities was -¥100,492,045.34, compared to -¥31,329,491.61 in the same period last year[18]. - Total revenue for the reporting period was ¥152,737,323.46, a decrease of 45.25% compared to ¥278,966,441.79 in the same period last year[39]. - The total profit for the period was -44.41 million yuan, an improvement of 2.37 million yuan from -46.78 million yuan in the same period last year[34]. - The company reported a net loss of ¥2,650,260.15 from its subsidiary, Zhongwa Fisheries Co., Ltd., which significantly impacted overall profitability[52]. - The company reported a net loss of CNY 88,532,331.10 in retained earnings, compared to a loss of CNY 45,541,967.03 previously, indicating a worsening of approximately 94.5%[119]. - The total comprehensive loss for the first half of 2020 was ¥43,609,876.06, slightly better than the loss of ¥46,766,629.91 in the first half of 2019[123]. Assets and Liabilities - Total assets at the end of the reporting period were ¥1,188,750,550.84, an increase of 5.69% from ¥1,124,725,159.54 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company decreased by 5.59% to ¥721,564,973.93 from ¥764,319,964.83 at the end of the previous year[18]. - Short-term borrowings rose to ¥109,143,959.50, representing 9.18% of total liabilities, indicating an increase in bank loans[46]. - Total liabilities reached CNY 420,052,291.89, up from CNY 312,417,024.53, reflecting an increase of around 34.5%[119]. - Current liabilities rose to CNY 372,231,717.81, compared to CNY 263,175,941.28, indicating a significant increase of about 41.5%[119]. - Owner's equity totaled CNY 768,698,258.95, down from CNY 812,308,135.01, a decrease of about 5.4%[119]. Operational Highlights - The company continues to focus on the tuna fishing industry and has established a leading position in the domestic market for tuna longline fishing[24]. - The company is currently constructing three low-temperature tuna vessels and four ultra-low-temperature tuna vessels, with ongoing renovations on four low-temperature tuna vessels[25]. - The company has established a fishing base in the South Pacific with processing and supply capabilities[24]. - In the first half of 2020, the company caught 8,402 tons of various fish, a 16.94% increase from 7,185 tons in the same period last year[34]. - The company completed the construction of three 40.6-meter low-temperature tuna fishing vessels during the pandemic, enhancing its production capacity in the South Pacific[33]. Revenue Breakdown - Tuna revenue accounted for ¥115,949,076.28, representing 75.91% of total revenue, down 36.78% from ¥183,397,733.19[39]. - Domestic revenue was ¥101,995,350.37, which is 66.78% of total revenue, reflecting a decline of 40.81% from ¥172,323,560.59[39]. - The retail trade revenue decreased by 49.91% to ¥34,870,743.22, contributing 22.83% to total revenue[39]. Cash Flow and Investments - The company's cash flow from investment activities decreased by 269.79% to -86.40 million yuan, reflecting increased payments for shipbuilding and infrastructure[37]. - The company's operating cash flow for the first half of 2020 was -100,492,045.34 CNY, a decline from -31,329,491.61 CNY in the same period of 2019, indicating a worsening cash flow situation[127]. - The company raised 160,820,000.00 CNY through borrowings, which was a new source of cash inflow not present in the previous year[128]. Research and Development - The company’s R&D investment rose by 68.05% to 317,367 yuan, indicating a focus on innovation and technology development[36]. - Research and development expenses increased to ¥317,367.00, up from ¥188,852.02 in the first half of 2019, indicating a focus on innovation[122]. Social Responsibility - The company reported a total of 24 million yuan allocated for poverty alleviation efforts, helping 400 registered impoverished individuals to escape poverty[88]. - The company actively participated in consumption poverty alleviation initiatives as part of its social responsibility efforts[86]. - The company established a work mechanism for poverty alleviation, with annual plans and budgets to ensure effective implementation[86]. Risks and Challenges - The company faces risks related to fluctuations in fishery resources, which can significantly affect operational efficiency[53]. - Trade risks have been exacerbated by ongoing US-China trade tensions, impacting the company's international and domestic trade sales[54]. - The company faces ongoing human resource risks due to increasing domestic living standards, leading to a shortage of skilled crew members[54]. Shareholder Information - The total number of shares outstanding is 319,455,000, with 99.98% being unrestricted shares[98]. - Total number of common shareholders at the end of the reporting period was 18,230[100]. - The largest shareholder, China Agricultural Development Group Co., Ltd., holds 25.36% of shares, totaling 81,003,133 shares[100]. Legal and Compliance - The company has not reported any significant contracts or guarantees during the reporting period[82]. - The company has not engaged in any significant asset or equity sales during the reporting period[50]. - The company did not undergo any changes in its controlling shareholder or actual controller during the reporting period[102]. Accounting Policies - The company adheres to specific accounting policies for bad debt provisions, fixed asset depreciation, and revenue recognition[145]. - The company recognizes impairment losses for financial assets measured at amortized cost and debt instruments measured at fair value through other comprehensive income, including receivables and long-term receivables[173]. - The company uses a perpetual inventory system and applies the weighted average method for inventory issuance[179].

Financial Performance - The company's operating revenue for Q1 2020 was ¥63,915,429.62, representing a decrease of 38.77% compared to ¥104,377,724.44 in the same period last year[8] - The net profit attributable to shareholders was -¥12,317,209.03, an improvement from -¥22,056,022.97 year-on-year[8] - The net cash flow from operating activities was -¥22,280,162.82, worsening from -¥8,516,364.94 in the previous year[8] - The company reported a significant increase in prepayments, which rose to approximately CNY 16.30 million from CNY 0.68 million, reflecting a growth of over 2,300%[27] - The company reported a total comprehensive loss of CNY 11,015,794.32 for Q1 2020, compared to a loss of CNY 24,448,658.16 in the same quarter last year[33] - Basic and diluted earnings per share for Q1 2020 were both -0.0386, compared to -0.0690 in Q1 2019[33] Assets and Liabilities - The total assets at the end of the reporting period were ¥1,146,424,403.44, an increase of 1.93% from ¥1,124,725,159.54 at the end of the previous year[8] - The net assets attributable to shareholders decreased by 1.60% to ¥752,081,059.67 from ¥764,319,964.83[8] - Current liabilities rose to CNY 297,460,832.64 from CNY 263,175,941.28, marking an increase of about 13%[29] - The total liabilities increased to CNY 346,445,798.60 from CNY 312,417,024.53, reflecting a rise of about 10.9%[29] - The company's equity attributable to shareholders decreased to CNY 752,081,059.67 from CNY 764,319,964.83, a decline of approximately 1.6%[29] Cash Flow - The net cash flow from investing activities decreased by 543.66 million compared to the previous period, mainly due to increased cash payments for fixed assets and decreased cash received from investment recoveries[15] - The net cash flow from financing activities increased by 496.23 million compared to the previous period, mainly due to increased cash received from borrowings and decreased cash paid for debt repayment[15] - The ending cash and cash equivalents balance decreased to 78,193,698.13 CNY from 130,748,416.57 CNY, reflecting a decline of approximately 40.1%[38] - The net cash flow from financing activities was 23,264,267.94 CNY, a recovery from a net outflow of -26,359,145.34 CNY in the previous year[38] Operational Challenges - Accounts receivable increased by 48% compared to the beginning of the period, mainly due to normal sales not yet reaching the payment period[15] - Inventory increased by 22% compared to the beginning of the period, primarily due to unsold fish products affected by the pandemic[15] - Operating revenue decreased by 39% compared to the previous period, while operating costs decreased by 34%, mainly due to the pandemic and unsold fish products[15] - The company is closely monitoring the impact of the COVID-19 pandemic on its operations and has engaged in communications regarding its business status[23] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 18,587[11] - The largest shareholder, China Agricultural Development Group Co., Ltd., holds 25.36% of the shares, totaling 81,003,133 shares[11] Related Party Transactions - The company engaged in a related party transaction by borrowing from the controlling shareholder, which did not have a significant impact on the first quarter profit[16] - The company has committed to avoiding competition with its controlling shareholder, China Agricultural Development Group, and has made progress in integrating its operations[19] - The company has completed the acquisition of all ultra-low temperature tuna longline fishing projects from its controlling shareholder, fulfilling part of its commitments[19]