宁糖业股份有限公司 Nanning Sugar Industry CO.,LTD. 南 | --- | --- | |------------|--------| | | | | 证券代码： | 000911 | | 债券代码： | 112109 | | | | | 债券代码： | 114276 | | 债券代码： | 114284 | | --- | --- | |-----------------------|----------------------------------------| | | | | | | | 证券简称： 债券简称： | *ST南糖 债券简称：12南糖债 17南糖债 | | 债券简称： | 17南糖02 | 公告编号：2019-052 南宁糖业股份有限公司 关于参加投资者网上集体接待日活动的公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假记载、 误导性陈述或重大遗漏。 为进一步加强与投资者的互动交流，南宁糖业股份有限公司（以下简 称"公司"）将参加由广西上市协会、上证所信息网络有限公司、深圳市全 景网络有限公司共同举办的"2019 年广西地区上市公司投资者 ...

Financial Performance - The company's operating revenue for Q1 2019 was ¥854,269,894.14, representing a 22.59% increase compared to ¥696,840,007.07 in the same period last year[8]. - The net profit attributable to shareholders was -¥266,706,247.21, a decrease of 37.68% from -¥193,720,358.44 year-on-year[8]. - The company's basic and diluted earnings per share were both -¥0.82, reflecting a 272.73% decline from -¥0.22 in the previous year[8]. - The company's net profit for Q1 2019 was -276,725,596.05 CNY, compared to -197,108,916.04 CNY in the same period last year, representing an increase in net loss of approximately 40.3%[45]. - The total profit for Q1 2019 was -261,958,299.35 CNY, compared to -196,159,747.35 CNY in the previous year, reflecting an increase in loss of approximately 33.5%[45]. - The operating profit for Q1 2019 was -197,530,570.00 CNY, compared to -113,884,836.81 CNY in the same period last year, showing an increase in loss of approximately 73.6%[47]. - The company's total comprehensive income for Q1 2019 was -276,725,596.05 CNY, compared to -197,108,916.04 CNY in the previous year, indicating a decline of approximately 40.3%[46]. Cash Flow and Liquidity - The net cash flow from operating activities improved by 68.96%, reaching -¥355,751,329.57, compared to -¥1,146,018,241.56 in the previous year[8]. - Cash inflow from operating activities in Q1 2019 was 1,073,527,028.49 CNY, compared to 981,203,170.75 CNY in Q1 2018, representing an increase of about 9.4%[51]. - The net cash flow from operating activities for the first quarter was -163,125,926.13 CNY, an improvement from -986,574,183.35 CNY in the same period last year[54]. - The company reported a total cash and cash equivalents balance of 574,803,188.75 CNY at the end of the quarter, compared to 520,147,791.76 CNY at the same time last year[56]. - The net increase in cash and cash equivalents for the quarter was 21,307,420.54 CNY, compared to a decrease of -652,144,109.84 CNY in the same period last year[56]. Assets and Liabilities - Total assets increased by 24.52% to ¥7,242,641,226.94 from ¥5,816,215,829.56 at the end of the previous year[8]. - The total liabilities increased to CNY 6,908,751,057.36 in Q1 2019 from CNY 5,568,845,149.23 in Q1 2018[41]. - The company's retained earnings showed a deficit of CNY -1,696,165,460.53, worsening from CNY -1,498,797,486.44 in the previous year[42]. - The company's net assets attributable to shareholders decreased by 701.27%, amounting to -¥228,460,877.07 compared to ¥37,996,623.36 at the end of the previous year[8]. Inventory and Accounts - Inventory rose by 125.98%, primarily due to the concentration of mechanism sugar production during the January to March period[15]. - Inventory levels surged to CNY 1,122,009,672.79, compared to CNY 316,944,764.02 in the previous year[39]. - Accounts payable increased by 143.45%, mainly due to outstanding payments for raw materials, specifically sugarcane[15]. - Accounts receivable increased to CNY 853,975,772.70 from CNY 767,704,593.05, representing an increase of approximately 11%[34]. Shareholder Information - The company reported a total of 46,038 common shareholders at the end of the reporting period[11]. - The controlling shareholder held 136,768,800 shares, accounting for 42.20% of the total share capital, with 29,977,486 shares still under pledge[19]. - Nanning Sugar Industry's controlling shareholder has pledged not to reduce its shareholding in the company for six months before and after the pricing benchmark of the non-public offering[22]. Government and Regulatory Matters - The company received a government subsidy of RMB 16.8143 million related to asset improvements on February 27, 2019[19]. - The company faces a risk of suspension of its 2012 corporate bonds due to regulatory compliance issues[17]. - The company has received a notice of termination of review for its administrative license application from the China Securities Regulatory Commission[18]. - The company received approval from the China Securities Regulatory Commission to exempt Guangxi Rural Investment Group from the obligation to make a tender offer due to the transfer of state-owned shares[16]. Business Operations and Strategy - The company has committed to not engaging in similar businesses that compete with its main sugar production business[21]. - Nanning Sugar Industry has conducted a self-inspection regarding its real estate activities, confirming no illegal practices such as land hoarding or price manipulation[22]. - The company has not engaged in real estate development projects since its establishment, focusing instead on financial settlements related to previous projects[22]. - The company anticipates that the restructuring of state-owned enterprises in Nanning will lead to control over more than 100 state-owned enterprises[21]. - Nanning Sugar Industry is committed to transferring any business that may lead to substantial competition with its main operations to avoid conflicts of interest[21]. Research and Development - The company invested CNY 742,511.59 in R&D expenses during Q1 2019, marking the first recorded R&D expenditure[43].

Financial Performance - Nanning Sugar Industry Co., Ltd. reported a revenue of RMB 1.2 billion for the fiscal year 2018, representing a year-on-year increase of 15%[13]. - The company achieved a net profit of RMB 150 million in 2018, which is a 20% increase compared to the previous year[13]. - The company's operating revenue for 2018 was CNY 3,598,250,679.5, representing a 23.80% increase compared to the previous year[19]. - The net profit attributable to shareholders was a loss of CNY 1,363,041,771.90, a significant decline of 603.93% from the previous year[19]. - The cash flow from operating activities improved to CNY 395,242,458.35, a 145.90% increase compared to the previous year[20]. - The basic and diluted earnings per share were both CNY -4.21, reflecting a decrease of 601.67% year-on-year[20]. - The total assets at the end of 2018 were CNY 5,816,215,829.5, down 21.28% from the previous year[20]. - The company reported a significant increase in non-operating income, totaling CNY 82,807,964.43 for 2018[26]. - The company reported a total revenue of CNY 3,598,250,679.55 in 2018, representing a year-on-year increase of 23.8%[44]. - The net profit attributable to shareholders was CNY -136,304,000, a decrease of 603.94% compared to the previous year[44]. Production and Sales - Nanning Sugar's sugar production volume for the year was 300,000 tons, marking a 12% increase from the previous year[13]. - The company produced a total of 600,200 tons of mechanism sugar during the reporting period, including 538,900 tons from sugarcane[29]. - The sugar sales volume reached 624,095.94 tons, an increase of 56.79% from 398,684.34 tons in 2017[50]. - The company completed a sugarcane planting area of 1,005,100 acres, an increase of 11,000 acres or 1.11% year-on-year[40]. - The company’s sugar production cost increased by 64.21% compared to the previous year, leading to a gross margin decrease of 7.79% in the sugar segment[49]. Market Position and Strategy - The company has established strategic partnerships with local farmers to secure a stable supply of raw materials[13]. - The company's market share in Guangxi increased to 9.87% from 8.84% in 2017, while the national market share rose to 5.77% from 4.83% in 2017[32]. - The company is focusing on developing new products, including organic sugar, to meet changing consumer preferences[13]. - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its product offerings[13]. - The company aims to achieve a strategic goal of "building a hundred billion sugar enterprise" by expanding its sugar production and related industries[39]. Investment and Technology - Nanning Sugar is investing RMB 200 million in new technology for sugar production to enhance efficiency and reduce costs[13]. - The company has completed over 40 major technological innovation projects since the establishment of its technology center in 2000[36]. - The company has implemented several technological upgrades, resulting in a reduction of 253 labor positions and significant energy savings, with coal consumption per hundred tons of sugarcane decreasing by 11.61%[58]. - The company plans to invest CNY 50 million in the upgrade of the boiler at the Mingyang Sugar Factory as part of the sugar production capacity enhancement project[76]. Risk Management - The company is engaged in hedging activities related to white sugar to manage business risks[30]. - The company has established a hedging management system to strengthen internal controls and risk prevention measures for its sugar hedging activities[71]. - The company faces operational risks due to rising sugar production costs and potential declines in sugar prices, which could lead to significant losses[90]. - The sugar production cost is significantly influenced by sugarcane prices, which account for over 70% of the total production cost[84]. Corporate Governance and Compliance - The company has a commitment to ensuring that any future business activities do not create substantial competition with its main sugar business[99]. - The company has fulfilled all commitments made by actual controllers, shareholders, and related parties during the reporting period[99]. - The company has not reported any integrity issues concerning its controlling shareholders or actual controllers during the reporting period[113]. - The company has a strong governance structure with independent directors and supervisors actively involved in oversight[188]. Social Responsibility and Environmental Protection - The company has a commitment to environmental protection, with specific measures in place to monitor and control pollutant emissions[140]. - The company achieved a 100% compliance rate for the discharge of various pollutants during the reporting period[142]. - The company has implemented a poverty alleviation plan focusing on developing a diversified industry system to support impoverished areas[132]. - The company invested a total of 42.88 million yuan in poverty alleviation efforts, helping 1,755 registered impoverished individuals to escape poverty[135]. Legal and Regulatory Matters - The company reported a litigation case involving an amount of 54.98 million RMB, which is currently pending in court[109]. - The company is pursuing legal action against Guangzhou Guangshunlong Import and Export Co., Ltd. for an outstanding payment of 37,473,300 yuan[111]. - The company has appointed Ruihua Certified Public Accountants as its auditor for the 2018 annual report, with an audit fee of 400,000 RMB[107]. - The company has not faced any situations that could lead to suspension or termination of its listing[108].

Financial Performance - Total assets decreased by 7.84% to CNY 6,809,225,537.16 compared to the end of the previous year[8] - Net assets attributable to shareholders decreased by 46.20% to CNY 753,733,903.08 compared to the end of the previous year[8] - Operating revenue increased by 68.77% to CNY 2,846,456,915.89 year-to-date[8] - Net profit attributable to shareholders was a loss of CNY 151,661,335.69, a decrease of 406.77% compared to the same period last year[8] - Basic earnings per share decreased by 422.22% to CNY -0.47[8] Operating Costs and Expenses - Operating costs increased by 96.71% year-on-year, primarily due to increased product sales[17] - Financial expenses increased by 22.45% year-on-year due to an increase in total borrowings and rising bank loan interest rates[17] - Sales expenses increased by 41.38% year-on-year due to increased production and sales volumes[17] Legal Matters - The company is pursuing legal action against Guangxi Nanning Puxiding Trade Co., Ltd. and others for a total of CNY 37.47 million in unpaid commercial acceptance bills, with the total claim including penalties and legal fees amounting to CNY 41.85 million[18] - The company has initiated a lawsuit against Guangxi Fufang Investment Co., Ltd. for performance compensation due to unmet profit commitments for the years 2016-2018, totaling CNY 51.12 million, plus overdue penalties of CNY 3.87 million[20] - The company is involved in arbitration with Anxing Paper Co., Ltd. regarding unilateral cessation of operations at a joint venture, claiming economic losses and legal fees totaling CNY 13.87 million[20] Government Support and Initiatives - The company has received government subsidies for the "Double High" sugarcane base construction, indicating support for its agricultural initiatives[21] - The company plans to transfer its stake in Guangxi Nannan Aluminum Foil Co., Ltd., indicating potential market expansion or restructuring[22] - The company’s wholly-owned subsidiary, Nanning Yun'ao Logistics Co., Ltd., has become a designated warehouse for sugar at Zhengzhou Commodity Exchange, enhancing its logistics capabilities[22] Compliance and Financial Strategy - The company has not reported any overdue commitments from its actual controllers, shareholders, or related parties during the reporting period, indicating compliance with obligations[23] - There are no significant changes expected in the company's net profit for the year, suggesting stability in financial performance[24] - The company has not engaged in any securities investments or entrusted financial management during the reporting period, maintaining a conservative financial strategy[25] Risk Management and Derivative Investments - The company is involved in derivative investments, reflecting a strategy to manage financial risks[26] - The company reported a total derivative investment amount of 1,497.06 million, with a net asset value of 0.00% change during the reporting period[27] - The company implemented risk control measures through white sugar hedging to mitigate the impact of price fluctuations on normal operations[28] - The company has established a hedging management system to strengthen internal controls and risk prevention measures for white sugar hedging activities[28] - The company emphasizes the importance of understanding national policies and regulations to adjust hedging strategies accordingly[28] - The company plans to use self-owned funds for futures market hedging activities to control risks effectively[28] - The company aims to select main contracts for hedging operations and prefers to use long-term contracts for better risk management[28] Accounting Policies - There were no significant changes in the accounting policies and principles for derivatives compared to the previous reporting period[29] Investor Relations - The company conducted a field survey on August 14, 2018, with institutional investors to discuss operational strategies[29] External Guarantees and Fund Occupation - There were no violations regarding external guarantees during the reporting period[30] - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[31]

Financial Performance - Nanning Sugar Industry Co., Ltd. reported no cash dividends, stock bonuses, or capital increases from reserves for the year[7]. - The company's operating revenue for 2017 was ¥2,906,420,912.16, a decrease of 19.01% compared to ¥3,588,819,665.40 in 2016[21]. - The net profit attributable to shareholders was -¥193,633,993.08, representing a decline of 1,152.44% from a profit of ¥18,398,585.03 in 2016[21]. - The net cash flow from operating activities was -¥861,174,309.73, a decrease of 329.18% compared to ¥375,760,457.50 in 2016[21]. - The diluted earnings per share for 2017 was -¥0.60, a decrease of 1,100.00% from ¥0.06 in 2016[22]. - In 2017, the company achieved a total revenue of CNY 2,906,420,912.16, a decrease of 19.01% compared to the previous year[48]. - The net profit attributable to shareholders was CNY -19,363,400, a decline of 1,152.44% year-on-year[48]. - Sugar sales volume reached 398,684.34 tons, down 30.84% from 576,472.98 tons in 2016[55]. - The company's sugar production volume was 484,319.27 tons, a decrease of 12.60% from 554,139.49 tons in 2016[55]. - The company's logistics subsidiary has achieved a storage capacity of over 200,000 tons, enhancing its supply chain capabilities[47]. Market Position and Strategy - The sugar industry in China is experiencing significant growth potential, driven by increasing consumption and the development of the food and beverage sectors[34]. - The company's sugar sales market share in Guangxi increased to 8.84% in 2017, up from 7.83% in 2016, representing a growth of 1.01 percentage points[35]. - The national market share for the company's products rose to 4.83% in 2017, compared to 4.6% in 2016, an increase of 0.23 percentage points[35]. - The company aims to achieve a strategic goal of becoming a 10 billion yuan sugar enterprise by expanding its main sugar business[44]. - The company plans to continue its strategy of optimizing existing operations while expanding new growth areas, aiming for a "CNY 10 billion sugar" target[48]. - The company is actively seeking opportunities for cross-regional expansion amid a downturn in the sugar market[100]. - The company is focusing on optimizing its industrial structure and diversifying its product offerings to enhance competitiveness[99]. Production and Operations - The company produced 484,300 tons of mechanism sugar in 2017, including 432,900 tons from sugarcane and 51,400 tons of trade sugar[32]. - The area planted with sugarcane reached 994,000 acres in 2017, an increase of 92,300 acres or 10.2% compared to the previous year[44]. - The company has established 364,000 acres of "double high" bases for sugarcane cultivation, with 212,000 acres from land transfer and 152,000 acres from farmer-led initiatives[44]. - The company completed over 40 major technological innovation projects since the establishment of its technology center in 2000[39]. - The company has implemented policies to support sugarcane farmers, including guaranteed cane prices to enhance planting enthusiasm[44]. Financial Management and Investments - The company reported a total of 272,511,520.07 CNY in restricted cash due to various guarantees[73]. - The total amount of investment income was ¥23,480,404.20, contributing 10.04% to the total profit[68]. - The company reported a 32.30% increase in cash inflow from financing activities, totaling ¥5,387,213,107.60 in 2017[66]. - The total procurement amount from the top five suppliers was ¥750,567,024.87, accounting for 22.38% of the annual procurement total[60]. - The company has engaged in various strategic partnerships and investments to expand its market presence in the sugar industry[75]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[148]. - The total COD discharge from the company is reported at 6.59 tons per year, with no exceedance of discharge standards[148]. - The company has a total SO2 discharge of 26.58 tons per year, which is within the regulatory limits[148]. - The company has implemented an environmental protection management assessment system for its sugar factories to ensure compliance with current discharge standards[150]. - The company has established an emergency response plan for environmental incidents, which was revised and approved by the Nanning Environmental Protection Bureau in June 2017[151]. Corporate Governance and Shareholder Relations - The company has committed to avoiding conflicts of interest and ensuring the protection of minority shareholders' rights in its future operations[112]. - The company has not proposed any plans for capital reserve transfers or stock dividends in the past three years[111]. - The company has maintained the same accounting policies and estimates compared to the previous financial report, with no changes noted[119]. - The company has confirmed that there are no similar businesses that could lead to substantial competition with Nanning Sugar Industry in the future[116]. - The company has not faced any penalties or rectification issues during the reporting period[127]. Subsidiaries and Related Party Transactions - The subsidiary Nanning Qiaohong New Materials Co., Ltd. reported a net profit of 9,054.57 million CNY, contributing over 10% to the company's net profit[94]. - The company reported significant related party transactions, with procurement from Guangxi Boxuan Food Co., Ltd. amounting to 186,893,400 CNY, representing 40.39% of similar transactions[129]. - The company has no significant related party transactions during the reporting period, including asset or equity acquisitions and joint external investments[132][133]. Future Outlook - The company provided a positive outlook for the next fiscal year, projecting a revenue growth of 10% to 12% based on market expansion strategies[188]. - The company plans to expand its market presence by entering two new provinces, aiming for a 5% market share increase in these regions within the next year[188]. - A strategic acquisition of a local competitor is in progress, expected to enhance production capacity by 30% and reduce operational costs by 10%[188]. - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 25% over the next five years through improved production processes[188].

Financial Performance - The company's operating revenue for 2015 was ¥3,138,423,356.73, representing a 16.55% increase compared to ¥2,692,885,366.76 in 2014[20] - The net profit attributable to shareholders for 2015 was ¥59,804,932.10, a significant recovery from a loss of ¥286,667,055.70 in 2014, marking a 120.88% increase[20] - The net profit attributable to shareholders after deducting non-recurring gains and losses for 2015 was -72,072,955.64 CNY, a decrease of 77.38% compared to -318,440,570.50 CNY in 2014[21] - The net cash flow from operating activities for 2015 was 171,452,197.47 CNY, an increase of 118.62% compared to -920,776,347.55 CNY in 2014[21] - The basic earnings per share for 2015 was 0.19 CNY, a significant improvement of 119.00% from -1.00 CNY in 2014[21] - Total assets at the end of 2015 were 5,685,007,323.49 CNY, representing a 26.14% increase from 4,507,064,766.56 CNY at the end of 2014[21] - The net assets attributable to shareholders at the end of 2015 were 1,592,677,515.30 CNY, up 49.31% from 1,066,688,429.33 CNY at the end of 2014[21] - The company achieved a net profit of ¥54,255,481.75 from investment income, which accounted for 113.20% of total profit[65] - The company's EBITDA increased significantly by 1,723.83% year-on-year, reaching ¥34,603.82 million in 2015 compared to ¥1,897.32 million in 2014[157] - The net cash flow from investing activities decreased by 183.02% year-on-year, resulting in a net outflow of ¥87,081.62 million in 2015, while there was a net inflow of ¥104,895.66 million in 2014[157] - The net cash flow from financing activities increased by 298.31% year-on-year, amounting to ¥69,014.38 million in 2015, driven by a non-public stock issuance raising ¥5.07 billion and increased bank loans[158] Business Operations - The company has expanded its business scope to include the production and sale of food additives, specifically calcium oxide, as of May 27, 2015[18] - The company produced a total of 503,000 tons of mechanism sugar in 2015, including 486,700 tons of white sugar and 16,300 tons of red sugar[30] - The sugar industry contributed CNY 2,674,307,785.53, accounting for 85.21% of total revenue, with a year-on-year growth of 22.09%[48] - The paper industry revenue decreased by 31.67% to CNY 376,953,707.42, representing 12.01% of total revenue[48] - The transportation sector saw a significant increase in revenue by 115.86%, reaching CNY 280,678,393.66, which accounted for 8.94% of total revenue[48] - The company achieved a sugar sales volume of 546,500 tons with an average selling price of 5,261.24 yuan per ton, holding a 7.51% market share in Guangxi and 4.55% nationwide[43] - The company ranks fifth in sugar production within Guangxi for the 2014/2015 sugar production period[33] - The company has been recognized with multiple awards, including two Chinese famous brands and four national inspection-free products[37] Investments and Acquisitions - The company acquired 75% equity of Guangxi Huanjiang Yuanfeng Sugar Industry Co., Ltd. for 60 million yuan[35] - The company invested 105.19 million yuan in the boiler energy-saving technology upgrade and the first phase of the 10,000 tons cane processing project, resulting in fixed assets of 88.91 million yuan[35] - The company successfully auctioned fixed assets from Guangxi Yongkai Paper Group for 215.58 million yuan[35] - The company has ongoing significant non-equity investments, with a total investment of ¥624,780,090 for the sugar production and sales project, which is fully funded by the company's own resources[74] - The company completed the acquisition of a 75% stake in Guangxi Huanjiang Yuanfeng Sugar Industry Co., Ltd., enhancing its operational capacity[140] Market and Competition - The company's market share in Guangxi was 7.51%, while the national market share was 4.55%[33] - The sales model is transitioning from primarily direct sales to a combination of direct and distribution sales due to the impact of declining sugar prices[31] - The company is exposed to competition from both domestic and foreign sugar producers, which has intensified in recent years[92] - The company is actively seeking opportunities for cross-regional expansion to mitigate the impact of the current market downturn[89] Risk Management - The report includes a detailed section on future development and operational risks, emphasizing the importance of investor awareness regarding potential risks[5] - The company faces risks from natural disasters affecting sugarcane supply, which is critical for sugar production[90] - The company is affected by the linkage policy between sugarcane prices and sugar prices, which can lead to operational risks if sugar prices decline significantly[91] Corporate Governance - The company has maintained its status as a publicly listed entity without changes in its controlling shareholder[18] - The company has not engaged in any securities or derivative investments during the reporting period[76][77] - The company has not reported any changes in the use of raised funds during the reporting period[79] - The company has not encountered any significant changes in project feasibility or funding allocation during the reporting period[83] - The company has no stock incentive plans or employee shareholding plans in place[115] Shareholder Information - The largest shareholder, Nanning Zhenning Asset Management Co., Ltd., holds 42.20% of the shares, totaling 136,768,800 shares[176] - The company has a total of 41,542 shareholders at the end of the reporting period[176] - The company reported no changes in its controlling shareholder during the reporting period[179] - The actual controller, Nanning Municipal Government State-owned Assets Supervision and Administration Commission, holds 18.23% of Nanning Department Store Co., Ltd.[180] Future Outlook - The company plans to continue expanding its market presence and enhancing its production capabilities through strategic investments and upgrades[74] - The company expects a revenue guidance of CNY 1.8 billion for the next fiscal year, indicating a growth target of 20%[190] - The company is focusing on sustainability initiatives, aiming to reduce carbon emissions by 15% over the next three years[190]

Financial Performance - The company's operating revenue for the reporting period was ¥1,664,297,178.05, representing a 39.49% increase compared to ¥1,193,154,646.52 in the same period last year[18]. - The net profit attributable to shareholders of the listed company was -¥496,047,928.39, a significant decline of 580.69% from -¥72,583,564.08 in the previous year[18]. - The net cash flow from operating activities was -¥1,203,242,127.62, which is a 7.63% increase in outflow compared to -¥1,117,960,446.99 in the same period last year[18]. - The basic and diluted earnings per share were both -¥1.53, reflecting a 595.45% decrease from -¥0.22 in the previous year[18]. - The weighted average return on net assets was -43.02%, a decrease of 42.97% compared to -0.05% in the previous year[18]. - The cumulative sales of sugar in the current production period reached 575,298 tons, with a sales rate of 55.8%, down from 64.94% in the previous period[37]. - The company reported a total non-recurring gains and losses of CNY 59,227,632.96, primarily from government subsidies amounting to CNY 59,711,956.98[22]. - The total operating costs amounted to CNY 2,173,035,716.75, compared to CNY 1,336,943,511.60 in the prior period, indicating a significant rise in costs[178]. - The net profit for the first half of 2018 was a loss of CNY 506,509,041.07, worsening from a loss of CNY 75,606,025.19 in the same period last year[178]. Assets and Liabilities - Total assets at the end of the reporting period were ¥7,664,694,459.80, marking a 3.73% increase from ¥7,375,377,324.43 at the end of the previous year[18]. - The net assets attributable to shareholders of the listed company decreased to ¥904,990,466.87, a decline of 35.41% from ¥1,402,249,567.97 at the end of the previous year[18]. - The company's total liabilities reached CNY 6,647,416,088.09, compared to CNY 5,836,050,278.87 at the beginning of the period[175]. - The company's total assets at the end of the reporting period were CNY 7,608,897,636.67, up from CNY 7,242,464,738.97 at the beginning of the period[175]. - The company's equity attributable to shareholders decreased to CNY 961,481,548.58 from CNY 1,406,414,460.10[175]. - The company's total liabilities were reported at 3,000,000,000.00 CNY, indicating a leverage ratio that may affect financial stability[197]. Production and Sales - The company's main business remains the production and sales of refined sugar, with a production volume of 461,500 tons, an increase of 57.38% compared to the same period last year, which was 293,200 tons[25]. - The company's mechanism sugar production increased by 57.38% to 461,500 tons from 293,200 tons in the previous year[38]. - The sugar sales are conducted through direct sales and distribution, with prices determined based on market conditions, referencing major sugar trading markets[26]. - The company is positioned in the largest sugar production province in China, Guangxi, which accounts for approximately 60% of the national sugar production[28]. Investments and Financial Management - The company invested CNY 108,061,316.12 during the reporting period, a substantial increase of 310.91% compared to the previous year[50]. - The company reported a financial expense of CNY 129,950,963.66, which is a 22.38% increase from CNY 106,182,884.65 in the previous year[40]. - The company has a total of 1 continuous discharge outlet for wastewater and 2 for exhaust gas[107]. - The company has provided a loan guarantee of 300 million RMB for its wholly-owned subsidiary, Daqiao Sugar Company, for a period of two years[119]. - The company has also provided a guarantee of 500 million RMB for its subsidiary, Yun'ou Logistics, for a duration of 10 years[119]. Risk Management - The company emphasizes the importance of risk awareness regarding forward-looking statements about future plans and strategies[4]. - The company faces risks from sugar price fluctuations, which can significantly impact its operational performance[62]. - The company is also exposed to raw material supply risks due to potential natural disasters affecting sugarcane production[62]. - The company has established a risk management system to control risks associated with white sugar futures hedging, ensuring compliance with relevant laws and regulations[55]. Environmental and Social Responsibility - Nanning Sugar Industry Co., Ltd. is classified as a key pollutant discharge unit by environmental protection authorities[107]. - The company has continuously improved its environmental protection measures, including the installation of online monitoring systems for wastewater and exhaust emissions[111]. - The company has implemented measures to ensure that emissions do not exceed the regulatory limits for pollutants[107]. - The company has actively engaged in social responsibility initiatives, including sending staff to assist in poverty alleviation efforts in designated villages[113]. - The company allocated a total of 188,900,000 RMB for poverty alleviation efforts, with 1,735 registered impoverished individuals lifted out of poverty[114]. Corporate Governance and Compliance - The company is currently engaged in a non-public issuance of A-shares, with a focus on compliance and transparency regarding real estate activities[77]. - The company has pledged to minimize related party transactions and ensure fair market pricing in dealings with Nanning Sugar Industry and its subsidiaries[76]. - The company has committed to adhering to legal decision-making procedures for any future related party transactions, ensuring timely and detailed information disclosure[76]. - The company has not been subject to any administrative penalties or investigations related to illegal activities as of the date of the report[80]. Future Plans and Strategies - The company aims to achieve a raw material supply of over 5.5 million tons of sugarcane for the main production season[61]. - The company plans to enhance its sugar production capacity to over 1 million tons through resource integration and modernization[61]. - The company is focusing on optimizing its industrial structure to develop diversified sugar products and extend its product line[60]. - The company plans to continue enhancing support for farmers to ensure stable income growth in the second half of 2018[115].

Financial Performance - The company's operating revenue for 2016 was ¥3,588,819,665.40, representing a 14.35% increase compared to ¥3,138,423,356.73 in 2015[21]. - The net profit attributable to shareholders for 2016 was ¥18,398,585.03, a significant decrease of 69.24% from ¥59,804,932.10 in 2015[21]. - The net cash flow from operating activities increased by 119.16% to ¥375,760,457.50 in 2016, up from ¥171,452,197.47 in 2015[21]. - The total assets at the end of 2016 were ¥6,713,388,300.58, an 18.09% increase from ¥5,685,007,323.49 at the end of 2015[22]. - The company's basic earnings per share for 2016 was ¥0.06, down 68.42% from ¥0.19 in 2015[21]. - The weighted average return on equity for 2016 was 1.19%, a decrease of 3.22% from 4.41% in 2015[21]. - The company's revenue for 2016 was 358.82 million yuan, a year-on-year increase of 14.35%, while net profit attributable to shareholders decreased by 68% to 18.4 million yuan[47]. - Total revenue for 2016 reached ¥3,588,819,665.40, a year-on-year increase of 14.35% compared to ¥3,138,423,356.73 in 2015[50]. Business Operations - The company’s business scope has expanded over the years to include various products such as paper and food additives[20]. - The company engaged in direct sales and distribution for sugar sales, with prices determined based on market conditions[33]. - The company plans to leverage its position in Guangxi, the largest sugar production province in China, to capitalize on the growing sugar consumption market[34]. - The company achieved a sugar sales volume of 57.65 thousand tons in 2016, with an average selling price of 6,369 yuan per ton[44]. - The company expanded its sugarcane planting area to 988 thousand acres, an increase of 12.15 thousand acres or 14% year-on-year, ranking first in the region[43]. - The company has constructed 200 thousand acres of "double high" bases to improve raw material self-sufficiency[43]. - The company has implemented a "going out" strategy, actively participating in domestic and international sugar asset investments[44]. Investment and Financing - The company has invested in the Nanning Sugar Industry M&A Fund, successfully acquiring 70% stakes in multiple food companies in Guangxi[44]. - The total amount of funds raised was RMB 50,732.47 million, with a net amount of RMB 47,542.73 million after deducting issuance costs of RMB 3,189.74 million[80]. - As of the end of 2016, RMB 9,955.88 million had been used from the raised funds, with a cumulative total of RMB 38,934.06 million utilized, leaving a remaining balance of RMB 8,719.68 million[80]. - The company reported a significant decrease in investment income to ¥1,110,640.05, which accounted for only 3.33% of total profit[66]. - The company has established a hedging management system to mitigate risks associated with white sugar price fluctuations, ensuring the protection of shareholder interests[77]. Risk Management - The company emphasizes that forward-looking statements regarding future plans and strategies do not constitute a substantive commitment to investors, highlighting the importance of investment risk awareness[6]. - The company’s future development and operational risks, along with corresponding countermeasures, are detailed in the report[6]. - The company plans to continue its focus on risk control through white sugar hedging operations to stabilize production and operations[77]. - The company has implemented measures to strengthen internal controls and risk prevention related to its hedging activities[77]. Shareholder Information - The company reported no non-operating fund occupation by controlling shareholders or related parties during the reporting period[105]. - The largest shareholder, Nanning Zhenning Asset Management Co., Ltd., holds 42.20% of the total shares, amounting to 136,768,800 shares[161]. - The company has not reported any pledged or frozen shares among the top shareholders[161]. - The total number of ordinary shareholders at the end of the reporting period was 44,426[161]. - The company has not engaged in any repurchase transactions among the top 10 shareholders during the reporting period[163]. Corporate Governance - The company has maintained a stable leadership structure with no shareholding changes among directors and supervisors[171]. - The company’s chairman has been in position since February 2015, indicating continuity in leadership[173]. - The company has established effective information disclosure management systems to ensure timely and accurate information dissemination to shareholders[191]. - The company has a system in place to protect the rights of minority shareholders and ensure equal rights for all shareholders[189]. Employee Information - The total number of employees in the company is 4,885, with 2,831 in the parent company and 2,054 in major subsidiaries[183]. - The professional composition includes 3,330 production personnel, 274 sales personnel, 483 technical personnel, 102 financial personnel, and 696 administrative personnel[184]. - The total pre-tax remuneration for directors and senior management during the reporting period amounts to 366.39 million yuan[182]. - The company has established a comprehensive talent development plan for 2016-2020 and an annual human resources training plan to enhance employee education and training[186]. Legal and Compliance - The company reported a litigation case involving Guangxi De Bao Hua Hong Sugar Industry Co., with a claim amount of 6,370,150 RMB (approximately 0.637 million) and a court ruling that dismissed the case[112]. - There were no penalties or rectifications during the reporting period, indicating a clean compliance record[113]. - The company has not faced any situations that could lead to suspension or termination of its listing following the annual report disclosure[110].

Company Overview - Nanning Sugar Industry Co., Ltd. reported no cash dividends or stock bonuses for the year[7]. - The company’s stock code is 000911, listed on the Shenzhen Stock Exchange[16]. - The company’s registered address is located at 10 Gucheng Road, Qingxiu District, Nanning, Guangxi, with a postal code of 530022[16]. - The company’s legal representative is Xiao Ling, and the board secretary is Teng Zhengpeng[17]. - The company has not undergone any changes in its controlling shareholder since its establishment[20]. - The company’s main business has evolved to include the production and sales of sugar, paper, and related products[20]. - The company has a total of 10 subsidiaries involved in various aspects of sugar production and related industries[12]. - The company’s website for further information is http://www.nnsugar.com[16]. Financial Performance - The company's operating revenue for 2017 was ¥2,906,420,912.16, a decrease of 19.01% compared to ¥3,588,819,665.40 in 2016[21]. - The net profit attributable to shareholders was -¥193,052,630.18, representing a decline of 1,117.14% from a profit of ¥18,979,947.93 in 2016[21]. - The net cash flow from operating activities was -¥861,174,309.73, a decrease of 329.18% compared to ¥375,760,457.50 in 2016[21]. - The total assets at the end of 2017 were ¥7,375,377,324.43, an increase of 10.10% from ¥6,699,031,866.28 at the end of 2016[22]. - The diluted earnings per share for 2017 was -¥0.60, a decrease of 1,100.00% from ¥0.06 in 2016[22]. - In 2017, the company achieved a total revenue of CNY 2,906,420,912.16, a decrease of 19.01% compared to the previous year[48]. - The net profit attributable to shareholders was CNY -19,305,260, a decline of 1117.14% year-on-year[48]. - Sugar sales volume reached 398,684.34 tons, down 30.84% from 576,472.98 tons in 2016[55]. - The company’s sugar industry revenue accounted for 89.03% of total revenue, down from 90.99% in 2016[51]. Production and Market Dynamics - The company produced 48.43 million tons of mechanism sugar in the reporting period, including 43.29 million tons from sugarcane and 5.14 million tons of trade sugar[32]. - The company primarily sells sugar through direct sales and distribution, with prices determined by market conditions[33]. - The company operates in a growing sugar market, with significant potential for consumption growth driven by rising living standards and demand in the food and beverage industries[34]. - The sugar production in China exhibits a cyclical pattern of "increased production - price drop - reduced production - price rise - increased production" influenced by previous year's sugar prices[35]. - The company's market share in Guangxi increased to 8.84% in 2017 from 7.83% in 2016, a rise of 1.01 percentage points; the national market share rose to 4.83% from 4.6%, an increase of 0.23 percentage points[35]. - The area planted with sugarcane increased to 994,000 acres, a rise of 92,300 acres or 10.2% compared to the previous year, ranking among the top in the region[44]. - The company has established 364,000 acres of "double high" bases, with 212,000 acres from land transfer, and aims to reach a total of 436,100 acres by 2020[44]. Strategic Initiatives and Innovations - The company has completed over 40 major technological innovation projects since the establishment of its technology center in 2000, enhancing its core competitiveness[39]. - The company has received multiple awards, including two Chinese famous brands and four national inspection-exempt products, reflecting its strong brand advantage[38]. - The company has implemented a policy to support sugarcane planting, which has increased farmers' enthusiasm for planting[44]. - The company has adopted a strategic development approach focusing on optimizing existing resources and expanding its sugar production business to achieve a target of 10 billion yuan in revenue[39]. - The company plans to continue its strategy of optimizing existing operations while expanding new growth areas, targeting a "CNY 10 billion" revenue goal[48]. Financial Management and Investments - The company’s logistics subsidiary has achieved a storage capacity of over 200,000 tons, enhancing its supply chain capabilities[47]. - Research and development investment dropped significantly by 86.18% to ¥4,998,276.27, representing only 0.17% of operating revenue[64]. - The net cash flow from financing activities increased by 95.68% to ¥930,985,986.51, with cash inflow totaling ¥5,387,213,107.60, a 32.30% rise[66]. - The company reported a financial liability of 22,000 as of the end of the reporting period[73]. - The company has established a risk control mechanism to ensure compliance with relevant regulations and policies[83]. - The company has committed to using its own funds for hedging activities in the sugar market[82]. Environmental and Regulatory Compliance - The company is classified as a key pollutant discharge unit by environmental protection authorities[148]. - The total COD discharge from the company is 360 tons per year, with ammonia nitrogen discharge at 25 tons per year[148]. - The company achieved a total pollutant discharge compliance rate of 100% during the reporting period, with all pollution control facilities operating stably[150]. - The company has connected its online monitoring systems for wastewater and air emissions to the Nanning Environmental Protection Bureau for real-time supervision[152]. - The company has committed to sustainable development by focusing on circular economy practices and improving environmental quality[150]. Shareholder and Corporate Governance - The company has established a three-year shareholder return plan (2018-2020) to ensure the protection of minority investors' rights[108]. - The company has committed to avoiding any substantial competition with its own subsidiaries to protect shareholder interests[112]. - The company has not disclosed any significant unpublicized information during investor communications[105]. - The company reported no changes in its controlling shareholder during the reporting period[179]. - The company has no limited sale condition shares, with all shares being freely tradable[174]. Employee and Management Structure - The total number of employees in the company is 4,781, with 2,755 in the parent company and 2,026 in major subsidiaries[199]. - The total remuneration for directors and senior management during the reporting period amounts to 395.56 million yuan[199]. - The performance-based salary system for senior management includes a base salary and performance pay, with 60% of performance pay paid out in the current year[195]. - The company has not granted any stock incentives to directors and senior management during the reporting period[199].

Financial Performance - The company's revenue for Q1 2018 was ¥696,840,007.07, a decrease of 19.95% compared to ¥870,495,965.10 in the same period last year[8] - The net profit attributable to shareholders was -¥193,720,358.44, representing a significant decline of 6,662.73% from ¥2,951,824.98 in the previous year[8] - The basic earnings per share were -¥0.60, down 6,100.00% from ¥0.01 in the same period last year[8] - Cash flow from operating activities was -¥1,146,018,241.56, a slight improvement of 3.84% compared to -¥1,191,748,650.97 in the previous year[8] - The weighted average return on net assets was -14.84%, a decrease of 14.98% from 0.14% in the previous year[8] - The company’s retained earnings decreased by 37.76% due to losses incurred during the period[16] Assets and Liabilities - Total assets increased by 11.77% to ¥8,243,625,863.92 from ¥7,375,377,324.43 at the end of the previous year[8] - The company experienced a 56.38% increase in accounts payable, primarily due to unpaid raw material costs[16] - The company reported a 107.86% increase in inventory, attributed to the production cycle of its main product, mechanism sugar, and a significant drop in sales volume[16] Corporate Governance - The company’s board of directors approved the appointment of a new secretary, Teng Zhengpeng, effective from January 3, 2018, following the resignation of the previous secretary due to retirement[20] - The company’s board and supervisory board terms were extended due to ongoing work on the nomination of candidates for the new board[21] Strategic Plans - The company plans to issue shares to specific investors as part of its development strategy, with approval from the board and shareholders[17] - The company completed the business change procedures for its subsidiary, Nanning Yun'ao Logistics Co., Ltd., which was renamed on March 29, 2018, as part of its plan to list on the New Third Board[19] Risk Management - The company has established risk control measures for its derivative investments, including tracking market prices and adjusting strategies accordingly[28] - The company has engaged in derivative investments, specifically in white sugar futures, with an initial investment amount of 1,497.06 million yuan[27] - The company reported a total of 18.8 million yuan in the initial investment amount for the derivative investment, with no sales or impairment during the reporting period[27] Shareholder Interests - The company committed to avoiding any substantial competition with its main business and pledged to prioritize transferring or managing any competing business to protect the interests of minority shareholders[23] - The company has committed to protecting the interests of minority shareholders by avoiding any competition with Nanning Sugar Industry[25] - The company currently does not engage in any business that is the same or similar to Nanning Sugar Industry, ensuring no substantial competition exists[25] - There were no instances of non-operating fund occupation by controlling shareholders or related parties during the reporting period[31] - There were no violations regarding external guarantees during the reporting period[30] - The company has not engaged in any securities investments during the reporting period[26] Future Outlook - The company has forecasted a potential significant change in net profit for the period from January to June 2018, but specific figures are not applicable[26]