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]

Financial Performance - The company's operating revenue for 2019 was ¥578,668,995.10, a decrease of 7.59% compared to ¥626,212,925.18 in 2018[18]. - The net profit attributable to shareholders in 2019 was ¥22,477,221.61, down 60.73% from ¥57,240,555.22 in 2018[18]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥44,901,776.79, a decline of 376.79% compared to ¥16,222,287.42 in 2018[18]. - The net cash flow from operating activities was -¥4,220,887.74, a decrease of 133.51% from ¥12,594,930.99 in 2018[18]. - The basic earnings per share for 2019 was ¥0.0704, down 60.71% from ¥0.1792 in 2018[18]. - The total operating revenue for 2019 was 578.67 million yuan, a decline of 7.59% from 626.21 million yuan in 2018, with a net profit attributable to shareholders of 22.48 million yuan, down 60.73% from 57.24 million yuan[37]. - The company reported a significant decline in quarterly net profit, with the fourth quarter showing a profit of ¥10,046,581.59 after losses in the first three quarters[22]. - The company reported a significant increase in non-operating income, totaling approximately 67.38 million, with a notable contribution from financial investments[26]. - The company reported a total production capacity increase in the South Pacific tuna project, maintaining a stable economic benefit and market demand[73]. - The company reported a total impairment provision of 44 million yuan for dividends receivable from the subsidiary Xiamen Xinyangzhou Aquatic Products Trade Co., Ltd. due to its bankruptcy proceedings[106]. Assets and Liabilities - The total assets at the end of 2019 were ¥1,124,725,159.54, an increase of 7.51% from ¥1,046,175,872.60 at the end of 2018[18]. - The net assets attributable to shareholders at the end of 2019 were ¥764,319,964.83, up 3.13% from ¥741,146,487.92 at the end of 2018[18]. - The company reported a significant increase in inventory, with stock rising to 211,567,123.41 yuan, up from 173,389,101.69 yuan, due to market oversupply[58]. - The company’s fixed assets increased to 402,507,834.84 yuan, primarily due to the acquisition of Zhejiang Fenghui Ocean Fisheries Co., Ltd., which included six low-temperature tuna fishing vessels[58]. - The total financial assets amounted to ¥90,358,792.12, with restricted cash of ¥4,282,248.04 due to various guarantees and deposits[60]. - The company’s consolidated balance sheet showed an undistributed profit of CNY -45.54 million at the end of 2019, indicating financial challenges[91]. Business Operations - The company focuses on the tuna fishing industry and aims to become a leading player in the global deep-sea fishery market, with major products including tuna, squid, and mackerel[27]. - The company acquired 100% of Zhejiang Fenghui Ocean Fisheries Co., Ltd., which includes 7 vessels, enhancing its asset base significantly[28]. - The company has expanded its fleet with the construction of 3 low-temperature tuna vessels and 4 ultra-low-temperature tuna vessels during the reporting period[28]. - The company’s tuna fleet has expanded its operational areas to the Atlantic and Indian Oceans, increasing product variety and economic value[30]. - The company is the only domestic entity with a quota for bluefin tuna fishing, enhancing its competitive edge in the market[31]. - The company’s fishing fleet is recognized as the largest and most professional in the domestic market, with a strong emphasis on production capacity and technological advancement[30]. - The company aims to enhance its operational capabilities in deep-sea fisheries, focusing on high-value species and expanding its fishing scale[73]. - The company aims to optimize its industrial structure and extend its industrial chain by developing seafood processing and trade[73]. - The company is committed to complying with international fishing regulations and maintaining sustainable fishing practices[74]. Revenue Sources - The company’s retail trade revenue increased by 20.94% to 143.89 million yuan in 2019, compared to 118.98 million yuan in 2018[41]. - The tuna segment accounted for 70.68% of total revenue, with a revenue of 409.01 million yuan, down 3.89% from 425.57 million yuan in 2018[41]. - The company’s domestic revenue was 385.87 million yuan, accounting for 66.68% of total revenue, while international revenue was 192.80 million yuan, accounting for 33.32%[41]. - The company’s fuel subsidy income decreased by approximately 21% in 2019, prompting a need for structural adjustments and reduced reliance on subsidy income[35]. - Self-operated trade revenue accounted for 24.87% of the company's total revenue, representing a 20.94% increase compared to 2018, indicating a more rational business structure[82]. Challenges and Risks - The company faced significant challenges in 2019, including a 12% drop in tuna prices and increased competition in the fishing industry[35]. - The company is facing risks related to fishing quota reductions and increasing operational costs due to stricter international fishing regulations[77]. - The company reported a direct loss of RMB 34.8 million and indirect losses of RMB 11.98 million due to a maritime accident, totaling RMB 46.78 million in damages[107]. - The company is involved in ongoing litigation regarding the maritime accident, with a civil mediation document issued by the Dalian Maritime Court on December 23, 2019[107]. Shareholder and Governance - The company has not distributed cash dividends for three consecutive years (2017, 2018, and 2019), maintaining a 0.00% payout ratio[90]. - The company plans to retain undistributed profits for development purposes, including modernizing its fleet by phasing out older, less efficient fishing vessels[91]. - The company’s board of directors has consistently decided against cash dividends, emphasizing sustainable development and operational stability[89]. - The company has engaged in multiple communications regarding its mixed-ownership reform progress and performance outlook throughout 2019[84]. - The company has not reported any changes in its controlling shareholder during the reporting period, ensuring stability in governance[156]. - The company has established a governance structure that complies with relevant laws and regulations, ensuring effective decision-making and management[181]. Social Responsibility and Community Engagement - The company has helped 400 registered impoverished individuals to escape poverty through its targeted poverty alleviation efforts, with a total investment of 18 million[134]. - The company is actively involved in fisheries diplomacy, contributing to the establishment of diplomatic relations between China and other countries[130]. - The company has signed a three-year agreement for industrial poverty alleviation with the Anhui Xiaoxian Yellow River Ecological Garden, committing to specific tasks over the next two years[132]. - The company has established a work mechanism for poverty alleviation, led by the party committee secretary and supported by dedicated departments[133]. - The company has implemented labor poverty alleviation research and is exploring various methods for labor assistance[132]. Management and Human Resources - The total number of employees in the company is 1,371, with 1,216 in the parent company and 155 in major subsidiaries[176]. - The professional composition includes 1,119 production personnel, 16 sales personnel, 83 technical personnel, 34 financial personnel, and 119 administrative personnel[176]. - The company implements a dynamic salary distribution mechanism based on performance, with executives on an annual salary system and other employees on various compensation forms[177]. - An annual training plan is developed each fourth quarter to enhance employee skills, focusing primarily on internal training[178]. - The company has established a performance evaluation and incentive mechanism linked to salary, ensuring accountability and motivation among employees[183]. Legal and Compliance - The company has not reported any significant undisclosed information during its communication activities[84]. - The company has not faced any situations that would lead to suspension or termination of its listing following the annual report disclosure[106]. - The company has not reported any non-operating fund occupation by controlling shareholders or related parties during the reporting period[96]. - The supervisory board found no major defects in internal controls during the reporting period[199]. - The company has established a management system for insider information, ensuring no violations occurred during the reporting period[197].

Financial Performance - Operating revenue for the reporting period was CNY 167,280,519.45, an increase of 17.06% year-on-year[8] - Net profit attributable to shareholders was CNY 57,779,276.17, a decrease of 8.31% compared to the same period last year[8] - Net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 52,568,130.67, down 28.44% year-on-year[8] - Basic earnings per share for the reporting period were CNY 0.1809, a decrease of 8.31% year-on-year[8] - The weighted average return on net assets was 7.98%, down 0.80% compared to the previous year[8] - Total operating revenue for Q3 2019 was ¥167,280,519.45, an increase of 17.06% compared to ¥142,901,358.09 in the same period last year[38] - Net profit for Q3 2019 was ¥56,053,050.16, a decrease of 10.03% from ¥62,659,489.65 in Q3 2018[39] - The net profit attributable to the parent company was ¥57,779,276.17, down from ¥63,017,017.79 year-over-year[39] - Basic earnings per share for Q3 2019 were ¥0.1809, compared to ¥0.1973 in the same quarter last year, reflecting a decline of 6.52%[39] - The company reported a net loss of CNY 67,108,914.51 in retained earnings[60] Cash Flow - The net cash flow from operating activities for the year-to-date was CNY 44,390,028.22, an increase of 890.44%[8] - Net cash flow from operating activities increased by 39,908,189.09, a growth of 890.44%, mainly due to increased cash received from sales and reduced cash payments to employees[17] - The cash flow from operating activities for the period was CNY 44,390,028.22, a significant increase from CNY 4,481,839.13 in the previous period, representing a growth of approximately 893%[51] - The net cash flow from operating activities for the parent company was CNY 60,611,135.31, a significant increase from CNY 10,805,370.85 in the previous period, representing a growth of approximately 460%[55] Assets and Liabilities - Total assets at the end of the reporting period were CNY 1,022,855,532.65, a decrease of 2.23% compared to the end of the previous year[8] - Total current assets decreased to ¥422.16 million from ¥449.94 million, reflecting a decline of approximately 6.21%[30] - Current liabilities totaled CNY 176,909,491.21, down from CNY 220,801,138.80 in the previous period[32] - Non-current liabilities increased to CNY 48,447,670.39 from CNY 34,916,762.86, reflecting a rise of approximately 38.7%[32] - Owner's equity reached CNY 797,498,371.05, slightly up from CNY 790,457,970.94[32] - Total liabilities decreased to CNY 225,357,161.60 from CNY 255,717,901.66, a reduction of approximately 11.9%[32] - Long-term equity investments decreased to ¥190.96 million from ¥214.86 million, a drop of about 11.14%[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 17,810[12] - The top three shareholders held a combined 59.18% of the shares, with China Agricultural Development Group holding 25.36%[11] Income and Expenses - Total operating costs for Q3 2019 were ¥178,137,808.27, up 16.73% from ¥152,611,275.89 in Q3 2018[38] - Other income decreased by 17,245,787.35, mainly due to a reduction in government subsidies for ship type standardization[17] - Investment income decreased by 17,692,620.66, primarily due to increased losses from joint ventures[17] - Research and development expenses for Q3 2019 were ¥41,602.44, a decrease from ¥55,386.00 in Q3 2018[38] - Research and development expenses increased to ¥230,454.46 from ¥55,386.00, reflecting a focus on innovation[45] Government Subsidies - The company received government subsidies of 77,862,100, with 63,180,000 recognized as other income in Q3, leading to a turnaround in net profit for the first three quarters[18] - Deferred income increased by 13,263,141.42, a growth of 98.11%, mainly due to government subsidies received for ship dismantling[16] Investment Activities - The net cash flow from investment activities decreased by 113,225,336.79, primarily due to increased cash payments for construction in progress[17] - The company reported a loss from investment activities of ¥24,467,559.79, compared to a loss of ¥6,774,939.13 in the previous period[45] - The total cash outflow from investment activities was CNY 191,128,230.05, compared to CNY 129,386,070.04 in the previous period, an increase of approximately 47.7%[53] Other Financial Information - The company has not engaged in any securities investment during the reporting period[23] - There were no instances of entrusted financial management during the reporting period[24] - The company has not engaged in any derivative investments during the reporting period[25] - The company is closely monitoring the bankruptcy proceedings of its subsidiary, Xinyangzhou, and will provide timely disclosures regarding the situation[22]