Financial Performance - The company's operating revenue for the first half of 2020 was CNY 338,498,019.91, representing a 10.01% increase compared to CNY 307,707,165.15 in the same period last year[27]. - The net profit attributable to shareholders of the listed company reached CNY 57,305,605.95, an increase of 84.08% from CNY 31,130,323.79 in the previous year[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 29,387,262.50, a significant increase of 2,372.10% compared to CNY 1,188,756.31 in the same period last year[27]. - The basic earnings per share increased to CNY 0.0651, up 83.90% from CNY 0.0354 in the previous year[27]. - The total operating revenue for the first half of 2020 was CNY 338,498,019.91, an increase from CNY 307,707,165.15 in the same period of 2019, representing an increase of approximately 10.5%[183]. - The total comprehensive income attributable to the parent company was CNY 57,305,605.95, compared to CNY 31,130,323.79 in the same period of 2019, an increase of about 83.9%[189]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,589,460,411.35, a decrease of 2.68% from CNY 3,688,154,677.31 at the end of the previous year[27]. - The company's total assets amounted to CNY 2,970,906,804.91, slightly down from CNY 2,977,492,068.58, a decrease of about 0.2%[179]. - Total liabilities decreased to CNY 476.77 million, down 12.5% from CNY 544.89 million[170]. - The company's equity attributable to shareholders increased slightly to CNY 2.84 billion from CNY 2.83 billion, a growth of 0.2%[173]. - Cash and cash equivalents increased significantly to CNY 577.81 million from CNY 204.66 million, representing a growth of 182.5%[165]. - Accounts receivable rose to CNY 96.04 million, up from CNY 18.98 million, indicating a growth of 406.5%[165]. Cash Flow - The company reported a net cash flow from operating activities of CNY -13,537,732.20, an improvement from CNY -50,287,471.41 in the previous year[27]. - Cash flow from operating activities for the first half of 2020 was -13,537,732.20 CNY, an improvement from -50,287,471.41 CNY in the same period of 2019[197]. - Revenue from sales of goods and services received in cash for the first half of 2020 was 213,163,773.41 CNY, an increase from 175,901,680.87 CNY in the first half of 2019, representing an increase of about 21.1%[197]. Research and Development - The company’s R&D investment for the first half of 2020 was CNY 32.62 million, down 14.38% year-on-year[58]. - The company applied for 6 new plant variety rights in the first half of 2020, bringing the total authorized plant variety rights to 127[53]. - The company has established national and provincial research platforms, including a corn engineering technology research center[36]. Market and Industry - The seed industry faces risks including policy changes, natural disasters, and market competition, which could impact the company's performance[5]. - The demand for corn seeds has increased due to rising corn commodity prices, positively impacting seed sales[42]. - The competitive landscape remains challenging with high market saturation and price competition affecting industry profitability[42]. - The company is positioned as a leading player in the seed industry, recognized as a national high-tech enterprise and a key player in various agricultural technology innovation platforms[42]. Corporate Governance - The company plans not to distribute cash dividends or issue bonus shares for the reporting period[10]. - The annual shareholders' meeting had a participation rate of 61.65% on May 12, 2020[95]. - The company has not undergone any changes in its controlling shareholder or actual controller during the reporting period[143]. Subsidiaries and Investments - The company has 35 subsidiaries, including 3 wholly-owned and 22 holding subsidiaries, indicating a diversified organizational structure[92]. - The company decided to liquidate its subsidiaries in Inner Mongolia and Shanxi during the reporting period[128]. - The company engaged in entrusted financial management with an amount of 40,100,000 CNY, with a balance of 156,389,190 CNY remaining[121]. Risks and Challenges - The company is facing risks related to new variety market promotion, corn industry policy adjustments, seed production, and management, with specific measures outlined to mitigate these risks[90][91][92]. - The company has maintained a stable business model focused on crop variety breeding, seed production, and sales, primarily in hybrid corn[36].

山东登海种业股份有限公司 2020 年第一季度报告全文 山东登海种业股份有限公司 2020 年第一季度报告 2020 年 04 月 1 山东登海种业股份有限公司 2020 年第一季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人王龙祥、主管会计工作负责人邓丽及会计机构负责人(会计主管 人员)盛文萍声明：保证季度报告中财务报表的真实、准确、完整。 农业生产具有季节性和周期长的特征，公司的营业收入和营业利润相对集 中在当年 11－12 月份及次年 1－6 月份实现。 2 山东登海种业股份有限公司 2020 年第一季度报告全文 第二节 公司基本情况 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 | --- | --- | --- | --- | |-----------------------------------------------------|------------------|------ ...

Financial Performance - The company's operating revenue for 2019 was ¥823,176,983.54, an increase of 8.16% compared to ¥761,065,669.78 in 2018[27]. - The net profit attributable to shareholders for 2019 was ¥41,583,136.60, representing a 27.83% increase from ¥32,530,859.09 in 2018[27]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was -¥26,306,664.98, a decrease of 194.95% compared to ¥27,706,086.68 in 2018[27]. - The net cash flow from operating activities for 2019 was ¥206,352,920.53, a significant improvement from -¥28,700,927.21 in 2018[27]. - The basic and diluted earnings per share for 2019 were both ¥0.0473, up 27.84% from ¥0.0370 in 2018[27]. - Total assets at the end of 2019 were ¥3,688,154,677.31, a decrease of 1.87% from ¥3,758,477,180.81 at the end of 2018[27]. - The net assets attributable to shareholders at the end of 2019 were ¥2,839,909,730.16, an increase of 1.71% from ¥2,792,129,001.63 at the end of 2018[27]. - The company reported a total operating income of ¥455,184,991.55 in Q4 2019, with a net profit attributable to shareholders of ¥29,543,476.65[32]. - The company achieved operating revenue of 823.18 million yuan, an increase of 8.16% year-on-year[46]. - Net profit attributable to shareholders reached 41.58 million yuan, reflecting a year-on-year growth of 27.83%[46]. Dividend Policy - The company reported a profit distribution plan based on a base of 880,000,000 shares, proposing a cash dividend of 0.6 CNY per 10 shares (including tax) and no bonus shares[9]. - The company distributed a cash dividend of 0.60 yuan per 10 shares (including tax) for the fiscal year 2019, totaling 52,800,000 yuan[122]. - The cash dividend for 2019 represented 126.97% of the net profit attributable to ordinary shareholders, indicating a strong profit distribution policy[122]. - In 2018, the company did not distribute any cash dividends or bonus shares, reflecting a strategic decision during that period[122]. - The total distributable profit for 2019 was 1,468,146,745.83 yuan, with the cash dividend accounting for 100% of the profit distribution[125]. - The company has maintained a clear and compliant cash dividend policy, ensuring the protection of minority shareholders' rights[121]. - The company has not made any adjustments to its cash dividend policy during the reporting period, adhering to established regulations[121]. Market and Industry Dynamics - The seed industry is sensitive to natural disasters, with potential impacts on seed yield and quality due to extreme weather conditions[6]. - The overall inventory in the corn seed industry remains high, affecting market dynamics and sales[9]. - The agricultural supply-side structural reform has led to a decrease in corn planting area, impacting overall seed demand and pricing in the market[46]. - The company acknowledges the risks associated with market competition and the emergence of counterfeit products impacting its sales[9]. - The company is addressing the risk of policy adjustments in the corn industry by focusing on cultivating competitive corn varieties in key production areas[113]. Research and Development - The company is committed to continuous innovation in breeding technology to meet market demands and enhance competitiveness[6]. - The company has established 6 national and 2 provincial R&D platforms, enhancing its technological innovation capabilities[56]. - By the end of 2019, the company had applied for 157 plant variety rights and obtained 127, along with 17 patent applications, of which 8 were granted[57]. - The company has been actively involved in research and development, with significant recognition including multiple national and provincial awards for technological advancement[46]. - The company plans to establish a research and development base for silage corn and field corn in Yangling Agricultural High-tech Industry Demonstration Zone, covering an area of 117 acres[164]. Production and Operations - The company operates in a seasonal industry, requiring careful planning for production and sales to align with market demand[9]. - The company has developed a stable production and processing base for seeds in regions such as Xinjiang, Gansu, Ningxia, and Shandong[56]. - The company's production area increased by approximately 20% in 2019, although the production yield remained stable due to climatic factors affecting pollination[62]. - The company has implemented a self-control production base to reduce costs and ensure seed quality[57]. - The company has ongoing projects, including the Yili processing plant and Qingdao biotechnology R&D center, with total actual investment of ¥158,294,364.86[93]. Risks and Challenges - The company faces risks related to new variety research and promotion, with high costs and long development times for new products[6]. - The company faces risks related to the promotion of new varieties, which have not yet undergone a complete planting season evaluation[112]. - The company emphasizes the importance of production management to ensure seed quality and plans to enhance marketing services and technical support[113]. - The company experienced a reduction in production yield due to adverse weather conditions during the seed pollination period[162]. Corporate Structure and Governance - The company has 35 subsidiaries, including 3 wholly-owned and 22 controlled subsidiaries, indicating an expanding operational scale and a diverse organizational structure[116]. - The largest shareholder, Laizhou Agricultural Academy, holds 53.21% of the shares, totaling 468,223,255 shares[175]. - The second-largest shareholder, Li Denghai, owns 7.33% of the shares, amounting to 64,512,765 shares[175]. - The company reported no changes in the actual controller during the reporting period[188]. - The board of directors and senior management experienced several resignations, including the chairman and vice-chairman, with a total of 8,183,809 shares held by the former vice-chairman at the end of the reporting period[198].

Financial Performance - Operating revenue for the reporting period was ¥60,284,826.84, representing a 79.30% increase year-on-year[8]. - Net profit attributable to shareholders was -¥19,090,663.84, a decrease of 32.61% compared to the same period last year[8]. - Basic earnings per share were -¥0.0217, a decrease of 32.61% compared to the same period last year[8]. - The company's net profit attributable to shareholders increased by 118.48% year-on-year, driven by profit growth at the parent company[18]. - The net profit for the current period was a loss of ¥57,654,933.31, worsening from a loss of ¥41,968,562.52 in the previous period[41]. - The company reported an operating profit of ¥28,382,205.57, a recovery from a loss of ¥10,189,309.02 in the prior period[44]. - The total comprehensive income for the current period was a loss of ¥57,654,933.31, compared to a loss of ¥41,968,562.52 in the previous period[42]. - Net profit for the period was a loss of ¥64,615,577.76, compared to a loss of ¥28,751,227.68 in the same period last year, indicating a deterioration in profitability[49]. - The company’s total profit for the period was a loss of ¥64,045,114.58, compared to a loss of ¥39,478,498.04 in the previous period, indicating a worsening financial position[49]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥3,808,984,832, an increase of 1.34% compared to the previous year[8]. - The company's total equity decreased to CNY 3,114,115,802.42 from CNY 3,264,681,380.18, reflecting a decline of approximately 4.6%[33]. - Current liabilities rose to CNY 674,807,735.39, compared to CNY 452,273,243.41, indicating an increase of about 49.3%[32]. - The total liabilities increased to CNY 694,869,029.58 from CNY 493,795,800.63, representing a growth of approximately 40.7%[32]. - The company's total liabilities to equity ratio is approximately 15.1%[67]. - Total liabilities amounted to CNY 262,973,403.20, with non-current liabilities at CNY 28,046,722.09[71]. Cash Flow - The net cash flow from operating activities was ¥252,604,862.62, an increase of 162.93% year-on-year[8]. - Net cash inflow from operating activities increased by ¥311,621,338.01 compared to the same period last year, primarily due to increased cash received from sales[18]. - Cash flow from operating activities was ¥570,594,997.43, significantly higher than ¥380,019,163.54 in the previous period, indicating improved cash generation[56]. - The net cash flow from operating activities for Q3 2019 was ¥202,317,391.21, a significant improvement compared to a negative cash flow of ¥109,303,946.80 in the same period last year[57]. - The net cash flow from investment activities was ¥96,325,704.17, a decrease from ¥788,104,440.91 year-over-year[58]. Research and Development - Research and development expenses grew by 59.97% year-on-year, reflecting the company's commitment to enhancing breeding technology research and reserves[17]. - Research and development expenses increased significantly to ¥54,900,891.06, up 60.5% from ¥34,319,465.80 in the previous period[47]. - The company plans to establish a research and development base for silage corn and field corn in the Yangling Agricultural High-tech Industry Demonstration Zone, covering an area of 117 acres[19]. Shareholder Information - The company reported a total of 68,010 common shareholders at the end of the reporting period[12]. - The largest shareholder, Laizhou Agricultural Science Institute, holds 53.21% of the shares, amounting to 468,223,255 shares[12]. Government Support - The company received government subsidies amounting to ¥9,231,234.95 during the reporting period[9]. Inventory and Prepayments - Cash and cash equivalents increased by 99.51% compared to the beginning of the period, primarily due to an increase in advance payments for corn seed sales for the 2019-2020 season[16]. - Prepayments increased by 370.99% compared to the beginning of the period, mainly due to increased production funding for seed production bases[16]. - The company reported a significant increase in prepayments, which rose to CNY 53,784,240.89 from CNY 6,384,522.59, an increase of about 740.5%[35]. Asset Management - The company disposed of assets, resulting in a 730.01% increase in asset disposal income compared to the same period last year[17]. - The company experienced an asset impairment loss of ¥51,614,429.53, compared to a loss of ¥1,899,863.64 in the previous period, highlighting increased asset risk[49].

Financial Performance - The company's operating revenue for the first half of 2019 was CNY 307,707,165.15, representing a 3.80% increase compared to CNY 296,454,118.74 in the same period last year[24]. - The net profit attributable to shareholders of the listed company decreased by 8.00% to CNY 31,130,323.79 from CNY 33,837,345.96 year-on-year[24]. - The net profit attributable to shareholders after deducting non-recurring gains and losses fell by 25.95% to CNY 25,390,402.13 compared to CNY 34,290,303.38 in the previous year[24]. - Basic earnings per share decreased by 8.05% to CNY 0.0354 from CNY 0.0385 in the same period last year[24]. - The diluted earnings per share also decreased by 8.05% to CNY 0.0354 compared to CNY 0.0385 in the previous year[24]. - The weighted average return on net assets was 1.11%, a decrease of 0.09% from 1.20% in the same period last year[24]. - The company reported a total sales return of CNY 1,088.76 million, which is within the expected return range[59]. - The company reported a net profit margin improvement, with net profit for the first half of 2019 expected to be higher than the previous year, although specific figures were not disclosed[189]. - The net profit attributable to the parent company's owners decreased to CNY 31,130,323.79 from CNY 33,837,345.96, a decline of about 7.9% year-over-year[196]. - The company experienced a net loss of CNY 6,960,644.45 for the period, compared to a net profit of CNY 13,217,334.84 in the same period of 2018[196]. Cash Flow and Assets - The net cash flow from operating activities was negative at CNY -50,287,471.41, an improvement from CNY -205,378,406.88 in the same period last year[24]. - The total assets at the end of the reporting period were CNY 3,603,130,450.93, down 4.13% from CNY 3,758,477,180.81 at the end of the previous year[24]. - The net assets attributable to shareholders of the listed company increased by 1.11% to CNY 2,823,259,325.42 from CNY 2,792,129,001.63 at the end of the previous year[24]. - The company's cash and cash equivalents amounted to ¥268,389,005.29, an increase from ¥213,733,221.23 at the end of 2018, representing a growth of approximately 25.6%[169]. - Accounts receivable increased significantly to ¥83,294,879.00 from ¥24,398,467.84, marking a growth of approximately 240.5%[169]. - Inventory decreased to ¥670,207,970.15 from ¥790,900,110.41, reflecting a decline of about 15.2%[172]. - Total current assets as of June 30, 2019, were ¥2,760,191,778.89, down from ¥2,898,841,974.32, a decrease of approximately 4.8%[172]. - Total liabilities decreased to CNY 235,112,399.36 as of June 30, 2019, down from CNY 262,973,403.20 at the end of 2018, representing a reduction of approximately 10.7%[185]. Research and Development - Research and development expenses increased by 64.56% to CNY 38,095,395.88, reflecting a commitment to enhancing breeding technology[64]. - The company has established national and provincial-level R&D platforms, including a national corn engineering technology research center[39]. - The company has significantly improved its research and development capabilities, leading to a rapid increase in sales volume of its high-yield corn varieties, particularly the fourth and fifth generation varieties[55]. - The company launched 20 new corn varieties, including 11 national approved varieties, which will help expand sales regions and increase sales volume[59]. - The company is focused on enhancing its agricultural technology offerings and expanding its market presence through strategic projects and partnerships[129]. Market and Competition - Revenue from corn seed business accounted for 90.53% of total operating income[44]. - The company faces challenges from a decrease in corn planting area and intense price competition in the market[44]. - The company has adapted its sales model to provide comprehensive services to new customer groups such as large-scale farmers and agricultural cooperatives[41]. - The company is positioned to benefit from the relaxation of foreign investment restrictions in the seed industry, allowing for increased competition and collaboration with foreign enterprises[52]. - The company is focusing on developing competitive corn varieties and enhancing production management to address the declining enthusiasm for corn planting due to government policies[1]. Corporate Governance and Structure - The company has 34 subsidiaries, including 3 wholly-owned and 22 controlled subsidiaries, indicating an expanding operational scale[99]. - The company’s total share capital is 880 million shares, with 99.30% being unrestricted shares[135]. - The company’s major shareholder, Li Denghai, holds 7.33% of the shares, while Central Huijin Asset Management Co., Ltd. holds 2.02%[139]. - The company did not experience any changes in its controlling shareholder or actual controller during the reporting period[147]. - The company’s board of directors and senior management did not experience any changes in shareholding during the reporting period[155]. Strategic Initiatives - The company plans to enhance marketing efforts and provide technical guidance for new varieties to mitigate market promotion risks[94]. - The company aims to accelerate the upgrade of its seed varieties to meet the needs of agricultural producers and consumers, focusing on traits such as drought resistance and high yield[52]. - A new research and development base for silage corn and field corn is being established in Yangling Agricultural High-tech Industry Demonstration Zone, covering an area of 117 acres, with a project duration from June 10, 2019, to June 10, 2022[129]. - The new project aims to provide farmers with a comprehensive solution from seed selection to pest control, enhancing corn planting efficiency[129]. Miscellaneous - The company has not experienced any major natural disasters or food safety incidents that could significantly impact its operations during the reporting period[126]. - The company has not engaged in any major related party transactions during the reporting period[113]. - The company has not experienced any major litigation or arbitration matters during the reporting period[108]. - The company has not implemented any employee incentive plans during the reporting period[112]. - The company has not encountered any penalties or rectification situations during the reporting period[109].

Financial Performance - The company's operating revenue for Q1 2019 was ¥136,172,195.41, a decrease of 2.29% compared to ¥139,365,819.83 in the same period last year[9]. - Net profit attributable to shareholders was ¥4,711,523.12, down 75.82% from ¥19,488,633.26 year-on-year[9]. - The net profit after deducting non-recurring gains and losses was ¥3,170,511.20, representing an 81.45% decline from ¥17,091,757.76 in the previous year[9]. - The basic earnings per share decreased by 75.57% to ¥0.0054 from ¥0.0221 in the same period last year[9]. - Operating profit, net profit, and net profit attributable to shareholders decreased by 216.92%, 209.81%, and 75.82% respectively, mainly due to increased losses from subsidiaries[22]. - The company reported a net profit of -12,922,706.83 yuan for the current period, compared to a net profit of 11,768,008.29 yuan in the previous period, indicating a significant decline[58]. - Operating revenue for the current period was 60,805,219.20 yuan, down from 62,328,482.01 yuan in the previous period, reflecting a decrease of approximately 2.4%[59]. - The company's operating profit was -13,103,977.64 yuan, compared to an operating profit of 11,207,581.42 yuan in the previous period, showing a substantial loss[58]. - The total profit for the current period was -12,918,110.72 yuan, compared to 11,815,772.34 yuan in the previous period, marking a significant downturn[58]. - The total comprehensive income attributable to the parent company was 4,711,523.12 yuan, compared to 19,488,633.26 yuan in the previous period, reflecting a decline[58]. Assets and Liabilities - The total assets at the end of the reporting period were ¥3,606,627,493.57, a decrease of 4.04% from ¥3,758,477,180.81 at the end of the previous year[9]. - The total assets as of March 31, 2019, were CNY 2,801,915,587.28, compared to CNY 2,721,187,938.59 at the end of 2018, indicating an increase of 2.96%[51]. - The company's total liabilities decreased to CNY 236,114,515.67 from CNY 262,973,403.20, a reduction of 10.26%[48]. - Total liabilities were reported at ¥493,795,800.63, with current liabilities totaling ¥452,273,243.41[84]. - The total current liabilities included accounts payable and notes payable of ¥21,347,924.98[84]. Cash Flow - The net cash flow from operating activities was negative at -¥43,245,978.58, an improvement from -¥173,019,709.95 in the same period last year[9]. - Cash flow from operating activities showed a net outflow decrease of 129,773,731.37 yuan compared to the same period last year, attributed to reduced payments for seed production[22]. - The company generated cash flow from operating activities of 74,487,195.85 yuan, compared to 59,219,472.15 yuan in the previous period, showing an increase in cash inflow[66]. - Operating cash inflows totaled $81,784,346.37, an increase from $64,120,763.76 in the previous period[69]. - Operating cash outflows amounted to $125,030,324.95, down from $237,140,473.71 in the previous period[69]. - Net cash flow from operating activities was -$43,245,978.58, improving from -$173,019,709.95 in the previous period[69]. Research and Development - Research and development expenses grew by 106.46% year-on-year, reflecting the company's commitment to enhancing research and reserve of new breeding technologies[21]. - Research and development expenses rose significantly to CNY 17,231,010.41, an increase of 106.66% compared to CNY 8,345,924.05 in Q1 2018[52]. - The company’s research and development expenses were 2,262,630.38 yuan, a decrease from 3,511,647.66 yuan in the previous period, indicating a reduction in R&D investment[59]. Shareholder Information - The top shareholder, Laizhou Agricultural Science Institute, holds 53.21% of the shares, with a total of 468,223,255 shares[12]. - The net assets attributable to shareholders increased slightly by 0.17% to ¥2,796,840,524.75 from ¥2,792,129,001.63 at the end of the previous year[9]. - The total equity attributable to shareholders of the parent company was CNY 2,796,840,524.75, up from CNY 2,792,129,001.63, reflecting a slight increase of 0.17%[41]. Other Financial Metrics - The company received government subsidies amounting to ¥2,414,998.77 during the reporting period[9]. - Accounts receivable increased by 72.21% compared to the beginning of the period, mainly due to increased credit support for reputable distributors within the rebate limit[21]. - Asset impairment losses surged by 329.45% year-on-year, primarily due to a significant increase in accounts receivable and higher provisions for bad debts and inventory write-downs[21]. - Other equity investments increased by 100% compared to the beginning of the period, as a result of reclassifying available-for-sale financial assets[21]. - The company completed the deregistration of its subsidiary, Ningxia Denghai Wanlian Seed Industry Co., Ltd., as approved by the board meeting[23]. - Eleven new corn varieties and one new wheat variety developed by the company have been approved by the National Crop Variety Approval Committee, supporting sustainable development[23].

Financial Performance - The company reported a total revenue of 880 million RMB for the year 2018, reflecting a year-on-year increase of 10%[21] - The net profit attributable to shareholders was 120 million RMB, representing a growth of 15% compared to the previous year[21] - The company's operating revenue for 2018 was ¥761,065,669.78, a decrease of 5.32% compared to ¥803,820,973.69 in 2017[30] - The net profit attributable to shareholders for 2018 was ¥32,530,859.09, representing a significant decline of 80.49% from ¥166,703,137.36 in 2017[30] - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥27,706,086.68, down 82.42% from ¥157,634,624.98 in 2017[30] - The net cash flow from operating activities for 2018 was -¥28,700,927.21, an improvement of 84.36% compared to -¥183,564,760.07 in 2017[30] - The total assets at the end of 2018 were ¥3,758,477,180.81, a decrease of 15.46% from ¥4,445,988,733.36 at the end of 2017[30] - The net assets attributable to shareholders at the end of 2018 were ¥2,792,129,001.63, a slight decrease of 0.47% from ¥2,805,358,142.54 at the end of 2017[30] - The company reported a basic earnings per share of ¥0.0370 for 2018, down 80.46% from ¥0.1894 in 2017[30] Market Conditions - The overall inventory in the corn seed industry remains high, which poses a market risk for the company[6] - The agricultural production cycle is seasonal, with the majority of revenue concentrated in the months of November to June[6] - The decline in performance was primarily due to the national agricultural supply-side structural reform, which reduced the planting area of grain corn in non-advantageous regions by 50 million mu[46] - The cancellation of the corn temporary storage price policy led to low corn prices, negatively impacting farmers' enthusiasm for planting[46] - The domestic seed market faced oversupply and significant competition from counterfeit and illegal seeds, further decreasing demand for seeds[46] Research and Development - The company is focusing on the research and development of new seed varieties to meet market demands, despite the high costs and long timeframes involved[7] - The company is committed to enhancing its breeding technology to improve the quality and yield of its seed products[7] - The company’s research and development activities are primarily conducted by its corn research institute, with ownership of research results belonging to the company[46] - In 2018, the company developed and approved 28 new hybrid corn varieties, including 23 that passed national approval[56] - The company applied for 6 plant variety rights and obtained 12, while also applying for 5 patents, all of which were invention patents[56] - The company invested CNY 55,064,960.60 in R&D in 2018, representing a 7.96% increase from CNY 51,005,116.11 in 2017[77] - The number of R&D personnel increased to 196 in 2018, up 7.10% from 183 in 2017, with R&D personnel accounting for 22.17% of the total workforce[77] Strategic Initiatives - The company aims to expand its market presence through strategic partnerships and collaborations in the agricultural sector[6] - The company is focused on accelerating the scale development of its corn seed industry and diversifying into wheat, rice, and other crops[103] - The company plans to invest 50 million RMB in research and development for new agricultural technologies over the next three years[194] - A strategic acquisition of a regional seed company is anticipated to be finalized by Q2 2024, expected to add 5% to overall revenue[194] - The company is exploring potential mergers and acquisitions to enhance its competitive position in the agricultural sector[189] Risks and Challenges - The company highlighted the risk of natural disasters affecting seed production, which is sensitive to climate conditions[6] - The company employs a "company + farmer" production model, which is susceptible to risks from natural disasters and the management practices of contracted farmers[46] - The company faces risks related to the promotion of new varieties, policy adjustments in the corn industry, seed production, and management[105][106][107][108] Governance and Compliance - The company has maintained a stable governance structure and is committed to improving information disclosure quality[134] - The company faced regulatory scrutiny due to violations related to illegal planting activities, resulting in a warning letter from the China Securities Regulatory Commission[131] - The company has not faced any major litigation or arbitration matters during the reporting period[130] - The company has not undergone any bankruptcy reorganization during the reporting period[129] Shareholder Information - The company reported a total of 880 million shares outstanding, with 99.30% being unrestricted shares[163] - The largest shareholder, Laizhou Agricultural Science Institute, holds 53.21% of the shares, with a recent increase of 115,100 shares[166] - The company has a total of 47,598 common shareholders as of the end of the reporting period[166] - The actual controller, Li Denghai, is recognized as a leading figure in corn breeding and has held various significant positions in agricultural committees[173] Employee and Remuneration - The total number of employees in the company is 884, with 338 in the parent company and 546 in major subsidiaries[200] - The total remuneration for directors, supervisors, and senior management during the reporting period amounted to 389.5万元[196] - The highest remuneration was received by the chairman, Tao Xudong, at 66万元, while the honorary chairman, Li Denghai, received 27万元[196] - The company has a structured remuneration system based on administrative positions and roles, approved by the board or shareholders[196]

Financial Performance - Operating revenue for the reporting period was ¥33,623,186.72, down 22.28% year-on-year, and ¥330,077,305.46 for the year-to-date, a decrease of 33.14%[8] - Net profit attributable to shareholders was -¥28,326,683.16, an increase of 261.29% compared to the same period last year, and a decrease of 95.15% year-to-date[8] - Basic earnings per share were -¥0.0322, an increase of 261.80% year-on-year, reflecting a decrease of 95.12% year-to-date[8] - Operating revenue, net profit, and net profit attributable to shareholders decreased by 33.14%, 132.01%, and 95.15% year-on-year, respectively, due to inventory destocking and low corn prices[17] - Tax expenses increased by 45.60% year-on-year, mainly due to an increase in taxes payable[17] - The expected net profit attributable to shareholders for 2018 is projected to decrease by 115.00% to 65.00% compared to the previous year, with a range of ¥-2,500.55 to ¥5,834.61 million[22] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,842,067,184.03, a decrease of 13.58% compared to the end of the previous year[8] - Other current liabilities decreased by 55.91% compared to the beginning of the period, mainly due to the settlement of foreign royalty fees[16] - Cash and cash equivalents increased by 69.97% compared to the beginning of the period, mainly due to the increase in advance payments for corn seed sales for the 2018-2019 season[16] - Prepaid accounts increased by 180.75% compared to the beginning of the period, primarily due to increased production funding for seed production bases[16] - The company reported a 354.11% decrease in asset disposal income year-on-year, primarily due to increased losses from asset disposals[17] Shareholder Information - The company reported a total of 51,322 common shareholders at the end of the reporting period[12] - The largest shareholder, Laizhou Agricultural Science Institute, held 53.19% of the shares, totaling 468,108,155 shares[12] - The company did not engage in any repurchase transactions among the top 10 shareholders during the reporting period[13] Cash Flow - The net cash flow from operating activities was ¥96,074,460.08, a decrease of 46.09% compared to the previous year[8] - The net cash outflow from operating activities decreased by ¥93,447,299.55 compared to the same period last year, primarily due to increased cash received from sales[18] - The net cash inflow from investing activities increased by ¥388,347,225.16 year-on-year, mainly due to an increase in the redemption of financial products[18] Market Conditions - The company faced a significant decline in demand and sales prices for corn seeds due to market conditions, including high inventory levels and intense price competition[22] - There were no significant non-recurring gains or losses that were reclassified as recurring during the reporting period[10] - The weighted average return on net assets was -1.02%, a decrease of 0.74 percentage points compared to the previous year[8]

Financial Performance - The company's operating revenue for the first half of 2018 was CNY 296,454,118.74, a decrease of 34.18% compared to CNY 450,387,883.73 in the same period last year[20]. - The net profit attributable to shareholders was CNY 33,837,345.96, down 72.12% from CNY 121,367,203.20 year-on-year[20]. - The net profit after deducting non-recurring gains and losses was CNY 34,290,303.38, a decline of 71.10% compared to CNY 118,631,054.11 in the previous year[20]. - The basic earnings per share decreased by 72.08% to CNY 0.0385 from CNY 0.1379 in the same period last year[20]. - The total operating revenue for the reporting period was CNY 296,454,118.74, representing a decrease of 34.18% compared to CNY 450,387,883.73 in the same period last year[49]. - The company's main business revenue fell to CNY 15,416.60 million, a decline of 48.39% compared to the previous year[43]. - The company's total equity decreased from ¥3,759,404,378.06 to ¥3,302,185,143.65, reflecting a decrease of approximately 12.2%[130]. - The company reported a comprehensive income of 13,217,334.84 CNY, contrasting with a loss of 20,620,011.12 CNY in the previous period, suggesting some recovery in profitability[155]. Assets and Liabilities - The total assets at the end of the reporting period were CNY 3,725,320,901.19, a decrease of 16.21% from CNY 4,445,988,733.36 at the end of the previous year[20]. - The net assets attributable to shareholders were CNY 2,793,435,488.50, a slight decrease of 0.42% from CNY 2,805,358,142.54 at the end of the previous year[20]. - Total current assets decreased from ¥3,583,403,292.50 to ¥2,844,366,152.70, a decline of around 20.6%[128]. - Total liabilities decreased from ¥686,584,355.30 to ¥423,135,757.54, a decline of about 38.4%[129]. - The company's total equity increased from CNY 1,831,191,462.34 at the end of the previous year to CNY 3,759,404,378.06, marking a growth of approximately 105%[167]. Cash Flow - The net cash flow from operating activities was negative at CNY -205,378,406.88, compared to CNY -130,534,084.63 in the same period last year[20]. - The net cash flow from operating activities was -97,261,831.01 CNY, a significant decline compared to -10,767,052.00 CNY in the previous period, indicating a worsening operational cash flow situation[148]. - Cash and cash equivalents at the end of the period decreased to ¥216.43 million from ¥546.36 million, a decline of 60.5%[145]. - The total cash and cash equivalents at the end of the period decreased to 107,941,859.95 CNY from 441,589,311.30 CNY, showing a substantial drop in liquidity[149]. Investment and R&D - The company completed an investment of CNY 3,065.25 million in the high-tech research and development center, achieving 81.22% of the project progress[43]. - The company applied for 3 new plant variety rights in the first half of 2018, all related to corn varieties, bringing the total authorized plant variety rights to 118[44]. - The company reported an investment income of CNY 34,109,213.64, slightly down from CNY 35,106,358.94, indicating a decrease of about 2.8%[137]. - The company plans to focus on expanding its market presence and enhancing product development strategies moving forward[141]. Market and Competition - The decline in performance was primarily due to the reduction of corn planting areas in non-advantageous regions and increased market competition[34]. - The company's revenue from corn seed sales has been significantly impacted by high inventory levels and intense price competition in the market[43]. - The company is adapting its marketing strategy to cater to new customer groups such as large-scale farmers and agricultural cooperatives[33]. Corporate Governance - The company has 32 subsidiaries, including 23 joint ventures and 3 wholly-owned subsidiaries, indicating an expanding operational scale[79]. - The total number of ordinary shareholders at the end of the reporting period was 47,311[111]. - The largest shareholder, Laizhou Agricultural Academy, holds 53.19% of the shares, amounting to 468,108,155 shares[112]. Risk Factors - The seed industry faces risks including policy changes, natural disasters, and market competition, which may impact production and sales[6]. - The company is facing risks related to the promotion of new varieties, which have not yet been tested over a complete planting season[76]. - The company’s performance has been negatively impacted by a large inventory of corn seeds and intense price competition in the market[75]. Dividend Policy - The company plans not to distribute cash dividends or issue bonus shares[7]. - The company paid out 45,760,000.00 CNY in dividends, slightly lower than 49,280,000.00 CNY in the previous period, indicating a cautious approach to shareholder returns[148].

Financial Performance - Revenue for Q1 2018 was CNY 139,365,819.83, a decrease of 31.34% compared to CNY 202,972,337.35 in the same period last year[8] - Net profit attributable to shareholders was CNY 19,488,633.26, down 56.84% from CNY 45,150,069.07 year-on-year[8] - Net profit excluding non-recurring items was CNY 17,091,757.76, a decline of 60.62% compared to CNY 43,402,254.45 in the previous year[8] - Basic earnings per share decreased to CNY 0.0221, down 56.92% from CNY 0.0513 year-on-year[8] - Operating revenue, net profit, and net profit attributable to the parent company decreased by 31.34%, 76.76%, and 56.84% respectively, mainly due to inventory destocking and low prices in the corn market[15] Cash Flow - The net cash flow from operating activities was CNY -173,019,709.95, worsening by 24.99% from CNY -138,424,250.78 in the same period last year[8] - Net cash outflow from operating activities increased by ¥34,595,459.17 compared to the same period last year, primarily due to payments for foreign variety rights licensing fees[16] - Net cash inflow from investing activities increased by ¥455,739,009.22 compared to the same period last year, mainly due to an increase in net redemption of financial products[16] - Net cash outflow from financing activities increased by ¥448,080,000.00 compared to the same period last year, primarily due to dividend payments made by subsidiaries[16] Assets and Shareholder Equity - Total assets at the end of the reporting period were CNY 3,805,763,494.14, a decrease of 14.40% from CNY 4,445,988,733.36 at the end of the previous year[8] - Net assets attributable to shareholders increased slightly by 0.69% to CNY 2,824,846,775.80 from CNY 2,805,358,142.54 at the end of the previous year[8] - The weighted average return on equity was 0.69%, down from 1.67% in the previous year, a decrease of 0.98%[8] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 48,530, with the largest shareholder holding 53.19% of the shares[11] Inventory and Receivables - Accounts receivable increased by 34.91% compared to the beginning of the period, mainly due to increased credit support for reputable distributors within the rebate limit[15] - Other non-current assets grew by 57.99% compared to the beginning of the period, primarily due to long-term assets that have not yet been settled[15] Market Challenges - The company is facing intense price competition and market challenges due to high inventory levels and counterfeit products affecting performance[20] - The company completed the acquisition of 55% of Zaozhuang Denghai Detai Seed Industry Co., Ltd., enhancing its market position[18] Future Outlook - The company expects net profit attributable to shareholders for the first half of 2018 to range from ¥24,273,400 to ¥84,957,000, representing a decrease of 30% to 80% compared to the same period last year[20] - The company reported a non-recurring gain of CNY 2,396,875.50 during the period, primarily from government subsidies and other income[9] - Financial expenses decreased by 39.70% compared to the same period last year, mainly due to exchange gains from paying foreign variety rights licensing fees[15]