Group 1: Company Development Plans - The company aims to integrate and develop existing phosphate rock resources to achieve qualitative leaps in its core phosphate fertilizer business [3] - The company acquired mining rights for 4.5602 square kilometers at Mingniwan and 8.38 square kilometers at Yongwen, with total resource reserves of 36.9945 million tons [3] - The Yongwen mine has a production capacity of 300,000 tons per year, with reserves estimated at 10.43 million tons and an average grade of 30.96% [3] Group 2: Current Production and Operations - The Mingniwan mine is expected to achieve an annual production capacity of 800,000 to 1,200,000 tons, while the Yongwen mine is in the planning stage [4] - The company’s sulfur iron mine has an annual production capacity of 380,000 tons, with 50,952.57 tons of sulfur iron mined in the first half of 2021 [4] - The company’s sulfuric acid self-sufficiency rate is currently at 85%, with a production capacity of 1.15 million tons [5] Group 3: Market Outlook and Pricing - The company anticipates stable prices for phosphate fertilizers due to tightening global supply and increasing environmental regulations [5] - The company has the capacity to produce both powdered and granular monoammonium phosphate, allowing it to meet both domestic and international market demands [5] Group 4: Phosphogypsum Management - The company produces approximately 230,000 tons of phosphogypsum annually, with plans to utilize it in environmentally friendly construction materials [5] - The company has established partnerships for the production of new building materials using phosphogypsum, with significant local consumption projected [5] Group 5: Future Plans and Innovations - The company is exploring the development of new energy materials, particularly lithium iron phosphate for electric vehicle batteries, which requires high-quality phosphate rock [6] - The company is conducting research and discussions regarding the production of industrial-grade and food-grade phosphoric acid [6] Group 6: Shareholder Restructuring - The major shareholder is currently undergoing a restructuring process under court supervision, which has not affected the company's daily operations [6]

1 证券代码：002538 证券简称：司尔特 安徽省司尔特肥业股份有限公司 投资者活动记录表 编号：2021-004 | --- | --- | --- | |-------------------------|---------------------------------------------------------------------------|---------------------------------------------------------------------------------------------------------------------| | | | | | | □特定对象调研 | □分析师会议 | | | □媒体采访 □业绩说明会 | | | 投资者关系 | □新闻发布会 □路演活动 | | | 活动类别 | □现场参观 | | | | ■其他（电话会议） | | | | | 华安证券刘万鹏和王强峰、红土创新王尚博、翼虎投资胡杰、新 | | 参与人员 | | 华基金陈谦、人保资产蔡春根、泰康资管谢吉、遵道资产陈筛林、 瑞远基金钟明、招商基金姚飞军、华宝 ...

安徽省司尔特肥业股份有限公司 2022 年第三季度报告 证券代码：002538 证券简称：司尔特 公告编号：2022-55 安徽省司尔特肥业股份有限公司 2022 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、 误导性陈述或重大遗漏。 重要内容提示： 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误导性陈述或重 大遗漏，并承担个别和连带的法律责任。 2.公司负责人、主管会计工作负责人及会计机构负责人(会计主管人员)声明：保证季度报告中财务信息的真实、准确、完 整。 3.第三季度报告是否经过审计 □是 否 一、主要财务数据 （一） 主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □是 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 625,373,155.83 | -45.98% | 3,616,656,018.52 | 9.31% ...

安徽省司尔特肥业股份有限公司 2022 年半年度报告全文 安徽省司尔特肥业股份有限公司 2022 年半年度报告 股票简称：司尔特 股票代码：002538 披露时间：2022 年 8 月 20日 1 安徽省司尔特肥业股份有限公司 2022 年半年度报告全文 第一节 重要提示、目录和释义 公司计划不派发现金红利，不送红股，不以公积金转增股本。 2 | 第一节 | 重要提示、目录和释义 | 2 | | --- | --- | --- | | 第二节 | 公司简介和主要财务指标 | 6 | | 第三节 | 管理层讨论与分析 | 9 | | 第四节 | 公司治理 | 22 | | 第五节 | 环境和社会责任 | 24 | | 第六节 | 重要事项 | 31 | | 第七节 | 股份变动及股东情况 | 38 | | 第八节 | 优先股相关情况 | 43 | | 第九节 | 债券相关情况 | 44 | | 第十节 | 财务报告 | 45 | 安徽省司尔特肥业股份有限公司 2022 年半年度报告全文 备查文件目录 （一）载有董事长签名的 2022 年半年度报告。 （二）载有公司法定代表人、主管会计工作负责人及会计机构负责人签 ...

Financial Performance - The company reported a significant increase in revenue, with total revenue reaching 1.5 billion CNY, representing a year-on-year growth of 15%[14]. - The company reported a net profit of 300 million CNY for the year, reflecting a 10% increase compared to the previous year[14]. - The company's operating revenue for 2021 was approximately ¥3.99 billion, representing a 5.23% increase compared to ¥3.79 billion in 2020[19]. - The net profit attributable to shareholders for 2021 was approximately ¥456.61 million, a significant increase of 54.87% from ¥294.82 million in 2020[19]. - The company reported a total revenue of 25,860.6 million CNY for the year 2021, reflecting a significant increase compared to the previous year[157]. - The company reported a significant increase in revenue, achieving a total of 1.5 billion CNY for the fiscal year, representing a 20% growth compared to the previous year[167]. Dividend Distribution - The company plans to distribute a cash dividend of 2.60 CNY per 10 shares (including tax) to all shareholders[3]. - The cash dividend accounted for 100% of the total profit distribution amount, with no shares issued as stock dividends[192]. - The company’s profit distribution policy aligns with its articles of association and shareholder resolutions[192]. Market Expansion and Strategy - The company is focusing on expanding its market presence, particularly in the southwestern region of China, aiming for a 20% increase in market share by 2023[14]. - The company is actively expanding its sales model by connecting directly with professional cooperatives and large-scale farmers as land transfer accelerates[51]. - The company is expanding its market presence, targeting new regions in Southeast Asia, with an investment of 100 million CNY allocated for market entry strategies[167]. - A strategic acquisition of a local competitor is in progress, which is anticipated to enhance market share by 10%[167]. Research and Development - The company has invested 100 million CNY in research and development for new fertilizer products, targeting a launch of two new product lines in 2022[14]. - The company is committed to enhancing product quality and service levels to improve core competitiveness and accelerate innovation for transformation[38]. - The company is committed to enhancing its research and development capabilities to innovate new products[161]. - Research and development expenses increased by 5.45% to CNY 104.66 million, reflecting the company's commitment to innovation[86]. Acquisitions and Partnerships - The company is exploring potential acquisitions to diversify its product portfolio and enhance its competitive edge in the market[14]. - The company has established a strategic partnership with a leading agricultural technology firm to enhance its product offerings and improve distribution efficiency[14]. - The company acquired 60% of Guizhou Lufa Industrial Co., ensuring stable supply of phosphate ore, which is crucial for production[69]. - The company successfully acquired a 60% stake in Guizhou Lufan, enhancing its market position[181]. Sustainability and Environmental Commitment - The company is committed to sustainability and plans to increase the production of organic fertilizers by 30% over the next two years[14]. - The company has been recognized as a "Green Factory" by the Anhui Provincial Economic and Information Technology Department for its commitment to environmental sustainability[71]. - The company signed a carbon trading agreement to purchase 3,036 tons of carbon emission rights to offset its carbon footprint[72]. - The company is committed to environmental protection and may face increased costs if stricter regulations are implemented[131]. Operational Efficiency - The company has implemented cost-control measures that resulted in a 5% reduction in operational expenses[14]. - The company has established an independent and efficient supply chain system, ensuring streamlined operations[47]. - The company has a designed capacity of 2.25 million tons for compound fertilizers and monoammonium phosphate, with a capacity utilization rate of 80.08%[52]. - The company has implemented maintenance and technical upgrades during the off-season for fertilizer sales, ensuring operational efficiency[59]. Governance and Management - The company has established a complete independent governance structure, ensuring compliance with relevant laws and regulations, and enhancing operational standards[137]. - The company has a total of 9 board members, including 3 independent directors, meeting the legal requirements for board composition[140]. - The company has a diverse board of directors and management team, with various members holding positions since 2016 to 2022[156]. - The company has emphasized the importance of internal control and performance evaluation in its management practices, as highlighted in the annual report[177]. Financial Health and Cash Flow - The company's cash flow from operating activities showed a drastic decline, with a net cash flow of approximately ¥21.96 million, down 98.10% from ¥1.15 billion in 2020[19]. - The company reported a significant decline in net cash flow from operating activities, which was CNY 22 million, down 98.10% year-on-year[68]. - The company has a total of 300,000 tons of phosphate mining capacity under construction, which is expected to enhance its production capabilities[54]. - The company has a total of 2,950 employees, with 1,312 in production, 319 in sales, and 479 in technical roles[186].

安徽省司尔特肥业股份有限公司 2021 年第三季度报告 证券代码：002538 证券简称：司尔特 公告编号：2021-90 安徽省司尔特肥业股份有限公司 2021 年第三季度报告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 重要内容提示: 1.董事会、监事会及董事、监事、高级管理人员保证季度报告的真实、准确、完整，不存在虚假记载、误 导性陈述或重大遗漏，并承担个别和连带的法律责任。 一、主要财务数据 (一)主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 □ 是 √ 否 | | 本报告期 | 本报告期比上年同期 | 年初至报告期末 | 年初至报告期末比上 | | --- | --- | --- | --- | --- | | | | 增减 | | 年同期增减 | | 营业收入（元） | 1,157,689,850.93 | -14.41% | 3,308,771,612.67 | 0.03% | | 归属于上市公司股东 的净利润（元） | 134,644,932.82 | 100.64% | 386,966,608.08 | 92.44% ...

安徽省司尔特肥业股份有限公司 2020 年年度报告全文 安徽省司尔特肥业股份有限公司 ANHUI SIERTE FERTILIZER INDUSTRY LTD.,COMPANY 安徽省宁国经济技术开发区 ANHUI NINGGUO ECONOMIC & TECH DEVELOPMENT ZONE 安徽省司尔特肥业股份有限公司 2020 年年度报告 股票简称：司尔特 股票代码：002538 披露时间：2021 年 4 月 29 日 1 安徽省司尔特肥业股份有限公司 2020 年年度报告全文 第一节重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真实、准确、完 整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人金国清、主管会计工作负责人姚静及会计机构负责人(会计主管人员)姚静声 明：保证本年度报告中财务报告的真实、准确、完整。 本报告中所涉及的未来计划、发展战略等前瞻性描述，不代表公司盈利预测，不构成公 司对投资者的实质承诺，投资者及相关人士均应对此保持足够的风险认识，并且应当理解计 划、预测与承诺之间的差异。请投资者注意投资风险。 公司存在行业 ...

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) The company's management guarantees the truthfulness, accuracy, and completeness of this report's content and financial statements - The company's Board of Directors, Supervisory Board, and all directors, supervisors, and senior management guarantee the truthfulness, accuracy, and completeness of this report's content, free from false records, misleading statements, or material omissions[3](index=3&type=chunk) - The company's principal officer, head of accounting, and head of accounting department declare that the financial statements in this quarterly report are true, accurate, and complete[3](index=3&type=chunk) [Company Profile](index=3&type=section&id=Item%202.%20Company%20Profile) This section outlines the company's key financial data, performance indicators, and shareholder information [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) Q1 2021 saw revenue decline 10.42%, net profit rise 48.84%, operating cash flow turn negative, and total assets grow 12.95% Key Financial Indicators for Q1 2021 | Metric | Current Period | Prior Year Period | Year-over-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (RMB) | 768,634,765.51 | 858,085,174.68 | -10.42% | | Net Profit Attributable to Shareholders (RMB) | 90,513,693.17 | 60,812,826.53 | 48.84% | | Net Cash Flow from Operating Activities (RMB) | -253,025,068.19 | 554,097,911.70 | -145.66% | | Basic Earnings Per Share (RMB/share) | 0.13 | 0.085 | 52.94% | | Weighted Average Return on Net Assets | 2.19% | 1.57% | Increased by 0.62 percentage points | | Total Assets (RMB) | 6,888,092,684.35 | 6,098,421,829.77 | 12.95% (Compared to Year-End Prior Period) | | Net Assets Attributable to Shareholders (RMB) | 4,162,561,944.13 | 4,072,046,596.17 | 2.22% (Compared to Year-End Prior Period) | - During the reporting period, total non-recurring gains and losses amounted to **RMB 9.59 million**, primarily from government grants[8](index=8&type=chunk) [Shareholder Information](index=4&type=section&id=II.%20Total%20Number%20of%20Shareholders%20and%20Top%20Ten%20Shareholders%27%20Holdings%20at%20Period-End) As of period-end, the company had 35,757 common shareholders, with the largest shareholder's majority stake pledged and frozen - As of the end of the reporting period, the total number of common shareholders was **35,757**[10](index=10&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Guogou Industrial Holding Co., Ltd. | 25.35% | 182,050,800 | Pledged 179,530,000 shares, Frozen 182,050,800 shares | | Ningguo City Agricultural Production Materials Co., Ltd., Anhui Province | 11.41% | 81,951,500 | - | | Ningguo Zhitong Industrial Investment Center (Limited Partnership) | 4.98% | 35,800,009 | - | - Shareholder Ningguo Agricultural Materials Co. and Mr. Jin Guoqing, the company's Chairman, constitute a concerted action relationship[11](index=11&type=chunk) [Significant Events](index=6&type=section&id=Item%203.%20Significant%20Events) This section details significant financial changes, commitment fulfillment, fundraising progress, and entrusted financial management [Analysis of Major Financial Data Changes](index=6&type=section&id=I.%20Changes%20and%20Reasons%20for%20Major%20Financial%20Data%20and%20Indicators%20During%20the%20Reporting%20Period) Q1 financial data showed significant changes in other non-current assets, payables, operating profit, and operating cash flow Changes and Reasons for Major Financial Indicators | Item | Change Percentage | Explanation of Change | | :--- | :--- | :--- | | Other Non-current Assets | 3223.78% | Primarily due to payment for the acquisition of 60% equity in Lufa | | Operating Profit | 52.94% | Primarily due to increased product gross margin | | Net Cash Flow from Operating Activities | -145.66% | Primarily due to increased payments for active inventory procurement of raw materials | | Net Cash Flow from Financing Activities | 263.52% | Primarily due to increased loans | [Fulfillment of Commitments](index=7&type=section&id=III.%20Unfulfilled%20Commitments%20by%20Controlling%20Shareholder%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20the%20Reporting%20Period) During the reporting period, the company had no overdue unfulfilled commitments from related parties - The company had no overdue unfulfilled commitments during the reporting period[16](index=16&type=chunk) [Progress of Proceeds from Fundraising](index=7&type=section&id=V.%20Progress%20of%20Fundraising%20Investment%20Projects) The company raised RMB 781 million via convertible bonds in 2019, with RMB 164.21 million used and RMB 649.77 million remaining - In 2019, the company raised **RMB 781 million** through the issuance of convertible bonds[19](index=19&type=chunk) - As of March 31, 2021, **RMB 164.21 million** of the proceeds had been used, with a balance of **RMB 649.77 million**[19](index=19&type=chunk) [Entrusted Financial Management](index=8&type=section&id=VIII.%20Entrusted%20Financial%20Management) The company invested RMB 1 billion in bank wealth management products, with RMB 940 million unmatured and no overdue amounts Entrusted Financial Management (Unit: RMB 10,000) | Source of Funds | Amount Incurred | Unmatured Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | | Proceeds from Fundraising | 50,000 | 50,000 | 0 | | Own Funds | 50,000 | 44,000 | 0 | | **Total** | **100,000** | **94,000** | **0** | [Financial Statements](index=9&type=section&id=Item%204.%20Financial%20Statements) This section presents the company's consolidated and parent financial statements, including balance sheet, income statement, and cash flow [Financial Statements](index=9&type=section&id=I.%20Financial%20Statements) This chapter provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements for the first quarter of 2021 [Consolidated Balance Sheet](index=9&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of March 31, 2021, total assets were RMB 6.89 billion, total liabilities RMB 2.64 billion, and parent equity RMB 4.16 billion Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | March 31, 2021 | December 31, 2020 | Change | | :--- | :--- | :--- | :--- | | Total Assets | 6,888,092,684.35 | 6,098,421,829.77 | +12.95% | | Total Liabilities | 2,639,024,947.24 | 1,940,372,435.92 | +36.01% | | Total Equity Attributable to Parent Company Owners | 4,162,561,944.13 | 4,072,046,596.17 | +2.22% | [Consolidated Income Statement](index=14&type=section&id=3.%20Consolidated%20Income%20Statement) In Q1 2021, revenue was RMB 768.63 million, operating profit RMB 110.77 million, and net profit RMB 90.51 million Key Items from Consolidated Income Statement (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | Change | | :--- | :--- | :--- | :--- | | Total Operating Revenue | 768,634,765.51 | 858,085,174.68 | -10.42% | | Total Operating Costs | 669,937,594.87 | 788,179,819.03 | -14.99% | | Operating Profit | 110,771,134.27 | 72,428,988.77 | +52.94% | | Net Profit Attributable to Parent Company Shareholders | 90,513,693.17 | 60,812,826.53 | +48.84% | [Consolidated Cash Flow Statement](index=19&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Q1 2021 operating cash flow was -RMB 253.03 million, investing cash flow turned positive, and financing cash flow increased 263.52% Key Items from Consolidated Cash Flow Statement (Unit: RMB) | Item | Current Period Amount | Prior Period Amount | Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -253,025,068.19 | 554,097,911.70 | -145.66% | | Net Cash Flow from Investing Activities | 25,983,431.12 | -110,516,211.34 | -123.51% | | Net Cash Flow from Financing Activities | 185,176,191.66 | 50,940,079.45 | +263.52% | | Net Increase in Cash and Cash Equivalents | -41,865,445.41 | 494,521,779.81 | -108.47% | [Explanation of Financial Statement Adjustments](index=23&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) The company adopted new lease standards from January 1, 2021, but no adjustments were required due to short-term lease operations - The company adopted new lease standards from January 1, 2021, and chose not to recognize right-of-use assets and lease liabilities for its short-term lease business, thus requiring no adjustment to opening balances[53](index=53&type=chunk) [Audit Report](index=24&type=section&id=III.%20Audit%20Report) This quarterly report has not been audited - The company's Q1 2021 report is unaudited[55](index=55&type=chunk)

[Important Notice](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report - The company's board of directors, supervisory board, and all senior management guarantee the truthfulness, accuracy, and completeness of this quarterly report, free from false records, misleading statements, or material omissions, and assume corresponding legal responsibilities[4](index=4&type=chunk) [Company Overview](index=3&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E5%9F%BA%E6%9C%AC%E6%83%85%E5%86%B5) This section provides an overview of the company's key financial performance and shareholder structure for the reporting period [Key Accounting Data and Financial Indicators](index=3&type=section&id=%E4%B8%80%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) In the first three quarters of 2020, the company achieved significant revenue growth of **40.48%**, with core business profitability improving as net profit excluding non-recurring items surged by **82.38%** and operating cash flow increased by **292.46%** Key Financial Indicators for the First Three Quarters of 2020 | Indicator | Year-to-Date as of Report Period End | Year-to-Date Change vs. Prior Year Period | | :--- | :--- | :--- | | Operating Revenue (RMB) | 3,307,863,556.44 | 40.48% | | Net Profit Attributable to Shareholders (RMB) | 201,082,951.47 | 0.31% | | Net Profit Attributable to Shareholders Excluding Non-Recurring Gains/Losses (RMB) | 187,167,170.36 | 82.38% | | Net Cash Flow from Operating Activities (RMB) | 754,277,078.98 | 292.46% | | Basic Earnings Per Share (RMB/share) | 0.28 | 0.00% | | Weighted Average Return on Net Assets | 5.14% | -0.45% | Non-Recurring Gains and Losses for the First Three Quarters of 2020 | Item | Year-to-Date Amount as of Report Period End (RMB) | Explanation | | :--- | :--- | :--- | | Government Grants | 16,280,153.25 | Primarily due to amortization of deferred income and receipt of government grants related to daily operations | | Funds Occupancy Fees Collected from Non-Financial Enterprises | 3,178,162.70 | - | | Net Other Non-Operating Income and Expenses | -2,447,140.42 | - | | **Total** | **17,011,175.53** | - | [Shareholder Information](index=4&type=section&id=%E4%BA%8C%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E8%82%A1%E4%B8%9C%E6%80%BB%E6%95%B0%E5%8F%8A%E5%89%8D%E5%8D%81%E5%90%8D%E8%82%A1%E4%B8%9C%E6%8C%81%E8%82%A1%E6%83%85%E5%86%B5%E8%A1%A8) As of Q3 2020, the company had **36,704** common shareholders, with the largest shareholder, Guogou Industrial Holdings Co., Ltd., holding **25.35%** of shares, nearly all of which are pledged and frozen, indicating potential control instability, while the Chairman and the second-largest shareholder form a concerted action relationship - As of the end of the reporting period, the company had a total of **36,704** common shareholders[12](index=12&type=chunk) Top Ten Shareholders' Holdings | Shareholder Name | Shareholding Percentage | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Guogou Industrial Holdings Co., Ltd. | 25.35% | 182,050,800 | Pledged, Frozen | | Ningguo City Agricultural Production Materials Co., Ltd., Anhui Province | 11.41% | 81,951,500 | - | | Ningguo Zhitong Industrial Investment Center (Limited Partnership) | 4.99% | 35,800,009 | - | | Ningguo Economic and Technological Development Zone Construction Investment Co., Ltd., Anhui Province | 4.86% | 34,933,900 | - | | Jin Guoqing | 3.42% | 24,560,000 | - | - The **182,050,800** shares held by the largest shareholder, Guogou Industrial Holdings Co., Ltd., are all frozen, with **179,530,000** shares pledged[12](index=12&type=chunk) [Significant Matters](index=7&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) This section details significant financial changes, strategic project progress, and the utilization of raised funds and entrusted wealth management activities [Analysis of Changes in Key Financial Data and Reasons](index=7&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%95%B0%E6%8D%AE%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87%E5%8F%91%E7%94%9F%E5%8F%98%E5%8A%A8%E7%9A%84%E6%83%85%E5%86%B5%E5%8F%8A%E5%8E%9F%E5%9B%A0) During the reporting period, the company experienced significant financial changes, including a **218.26%** increase in monetary funds and **114.52%** in accounts receivable, a **40.48%** rise in operating revenue, a **99.94%** drop in asset disposal gains, and a substantial improvement in operating cash flow Changes in Key Financial Indicators and Reasons | Item | Change Percentage | Reason for Change | | :--- | :--- | :--- | | **Assets and Liabilities Items** | | | | Monetary Funds | 218.26% | Due to increased sales collection during the reporting period | | Accounts Receivable | 114.52% | Due to increased credit sales during the reporting period | | Inventories | -48.71% | Due to decreased finished goods and raw material inventories | | **Profit Items** | | | | Operating Revenue | 40.48% | Due to increased sales during the reporting period | | Gains from Asset Disposal | -99.94% | Due to disposal of old factory land in the prior year period | | Net Profit Excluding Non-Recurring Gains/Losses | 82.38% | Due to increased sales during the reporting period | | **Cash Flow Items** | | | | Net Cash Flow from Operating Activities | 292.46% | Due to increased sales collection during the reporting period | | Net Cash Flow from Investing Activities | -75.13% (absolute change) | Due to increased purchases of bank wealth management products during the reporting period | | Net Cash Flow from Financing Activities | -100.34% | Due to convertible bond issuance for financing in the prior year period | [Progress of Significant Matters](index=8&type=section&id=%E4%BA%8C%E3%80%81%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5%E5%8F%8A%E5%85%B6%E5%BD%B1%E5%93%8D%E5%92%8C%E8%A7%A3%E5%86%B3%E6%96%B9%E6%A1%88%E7%9A%84%E5%88%86%E6%9E%90%E8%AF%B4%E6%98%8E) The company steadily advanced several strategic projects during the reporting period, including the successful commissioning of the upstream pyrite project to secure raw material supply, nationwide promotion of the 'Tian Nong Wang' e-commerce platform, and smooth construction of monoammonium phosphate and new fertilizer projects, all aimed at enhancing competitiveness, capacity, and overall profitability - Upstream Pyrite Project: The Maweishan pyrite mine successfully commenced production and stable mining operations in May 2020, with an estimated annual output of approximately **120,000 tons**[20](index=20&type=chunk) - 'Internet+Agriculture' Initiative: The company's 'Tian Nong Wang' e-commerce platform, after stable operation in Anhui, is now being promoted nationwide[21](index=21&type=chunk) - Capacity Expansion Project: The **150,000-ton/year** powdered monoammonium phosphate renovation project is expected to be completed and operational by January 2021, ensuring raw material supply for compound fertilizer production[21](index=21&type=chunk)[22](index=22&type=chunk) - New Product Development: Funds raised from convertible bonds are being used to construct projects for **650,000 tons/year** of new fertilizers and **400,000 tons/year** of soil conditioners, promoting large-scale development of bio-organic and other new fertilizers[23](index=23&type=chunk) [Use of Raised Funds](index=10&type=section&id=%E4%BA%94%E3%80%81%E5%8B%9F%E9%9B%86%E8%B5%84%E9%87%91%E6%8A%95%E8%B5%84%E9%A1%B9%E7%9B%AE%E8%BF%9B%E5%B1%95%E6%83%85%E5%86%B5) In April 2019, the company successfully raised **RMB 781 million** net through convertible bond issuance, with **RMB 139.5 million** cumulatively used and a remaining balance of **RMB 679.9 million** as of September 30, 2020, including funds for wealth management products, all managed in dedicated accounts - In April 2019, the company publicly issued **RMB 800 million** in convertible corporate bonds, with actual net proceeds of **RMB 781 million**[27](index=27&type=chunk) - As of September 30, 2020, **RMB 139.5 million** of the raised funds had been used, with an account balance of **RMB 679.9 million** (including unexpired wealth management products)[27](index=27&type=chunk) [Entrusted Wealth Management](index=10&type=section&id=%E5%85%AB%E3%80%81%E5%A7%94%E6%89%98%E7%90%86%E8%B4%A2) During the reporting period, the company utilized idle raised funds and its own capital for entrusted wealth management, investing a total of **RMB 1.2 billion** in low-risk bank wealth management products, with an outstanding balance of **RMB 980 million** at period-end and no overdue unrecovered amounts Overview of Entrusted Wealth Management (Unit: RMB) | Source of Funds | Amount of Entrusted Wealth Management Transactions | Unexpired Balance | Overdue Unrecovered Amount | | :--- | :--- | :--- | :--- | | Raised Funds | 700,000,000 | 500,000,000 | 0 | | Own Capital | 500,000,000 | 480,000,000 | 0 | | **Total** | **1,200,000,000** | **980,000,000** | **0** | [Financial Statements](index=12&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This section presents the company's consolidated and parent company financial statements, including balance sheets, income statements, and cash flow statements, for the reporting period [Financial Statements](index=12&type=section&id=%E4%B8%80%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) This chapter provides the company's consolidated and parent company balance sheets, income statements, and cash flow statements as of September 30, 2020, comprehensively reflecting its financial position, operating results, and cash flows for the reporting period [Consolidated Balance Sheet](index=12&type=section&id=1%E3%80%81%E5%90%88%E5%B9%B6%E8%B5%84%E4%BA%A7%E8%B4%9F%E5%80%BA%E8%A1%A8) As of September 30, 2020, the company's total assets were **RMB 5.939 billion**, a **6.48%** increase from year-end, and net assets attributable to shareholders were **RMB 3.979 billion**, up **3.75%**, indicating steady growth in asset scale and shareholder equity Key Items from Consolidated Balance Sheet (Unit: RMB) | Item | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | Total Assets | 5,938,508,694.33 | 5,577,034,612.46 | | Total Liabilities | 1,877,695,550.46 | 1,661,796,383.20 | | Total Equity Attributable to Parent Company Owners | 3,978,880,991.69 | 3,835,133,588.77 | [Consolidated Income Statement](index=17&type=section&id=3%E3%80%81%E5%90%88%E5%B9%B6%E6%9C%AC%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%88%A9%E6%B6%A6%E8%A1%A8) For Q3 2020, the company reported **RMB 1.353 billion** in operating revenue, up **42.52%**, but net profit attributable to shareholders decreased by **31.34%** to **RMB 67 million**; for the first three quarters, cumulative operating revenue was **RMB 3.308 billion**, up **40.48%**, with net profit attributable to shareholders of **RMB 201 million**, largely flat year-over-year Key Items from Consolidated Income Statement (Unit: RMB) | Item | Jan-Sep 2020 | Jan-Sep 2019 | | :--- | :--- | :--- | | Total Operating Revenue | 3,307,863,556.44 | 2,354,655,308.03 | | Operating Profit | 248,121,014.24 | 256,692,617.94 | | Total Profit | 245,613,720.51 | 246,542,527.51 | | Net Profit Attributable to Parent Company Owners | 201,082,951.47 | 200,457,424.90 | [Consolidated Cash Flow Statement](index=27&type=section&id=7%E3%80%81%E5%90%88%E5%B9%B6%E5%B9%B4%E5%88%9D%E5%88%B0%E6%8A%A5%E5%91%8A%E6%9C%9F%E6%9C%AB%E7%8E%B0%E9%87%91%E6%B5%81%E8%A1%A8) In the first three quarters of 2020, the company's cash flow significantly improved, with net cash flow from operating activities surging by **292.46%** to **RMB 754 million** due to increased sales collection, while net cash outflows from investing and financing activities were **RMB 233 million** and **RMB 1.52 million**, respectively, bringing the period-end cash and cash equivalents balance to **RMB 756 million** Key Items from Consolidated Cash Flow Statement (Unit: RMB) | Item | Jan-Sep 2020 | Jan-Sep 2019 | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 754,277,078.98 | 192,192,003.20 | | Net Cash Flow from Investing Activities | -233,400,470.54 | -938,783,211.78 | | Net Cash Flow from Financing Activities | -1,524,709.33 | 447,277,380.68 | | Net Increase in Cash and Cash Equivalents | 519,351,899.11 | -299,313,827.90 | [Explanation of Financial Statement Adjustments](index=31&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8%E8%B0%83%E6%95%B4%E6%83%85%E5%86%B5%E8%AF%B4%E6%98%8E) Effective January 1, 2020, the company adjusted its accounting policies in accordance with new revenue standards, primarily reclassifying 'Advances from Customers' to 'Contract Liabilities' and 'Other Current Liabilities,' which is a presentation adjustment with no impact on opening retained earnings or net assets - The company adopted new revenue standards for the first time, adjusting relevant items in the opening financial statements for 2020 to reflect the cumulative impact of the accounting policy change[83](index=83&type=chunk) Consolidated Balance Sheet Adjustments (January 1, 2020) | Account Title | Before Adjustment (RMB) | Adjustment Amount (RMB) | After Adjustment (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | 141,722,516.82 | -141,722,516.82 | - | | Contract Liabilities | - | 130,343,112.31 | 130,343,112.31 | | Other Current Liabilities | - | 11,379,404.51 | 11,379,404.51 | [Audit Report](index=37&type=section&id=%E4%B8%89%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) The company's 2020 third-quarter report was not audited by an accounting firm - The company's third-quarter report is unaudited[85](index=85&type=chunk)

[Important Notice](index=2&type=section&id=Item%201.%20Important%20Notice) This section confirms the accuracy and completeness of the quarterly report, with all directors attending the review meeting [Board of Directors' Statement](index=2&type=section&id=Board%20of%20Directors%27%20Statement) The company's management and board ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - Management guarantees this report contains no false statements, misleading representations, or material omissions[4](index=4&type=chunk) - Jin Guoqing, the person in charge of the company, Fang Jun, the person in charge of accounting, and Fang Jun, the head of the accounting department, declare that the financial statements are true, accurate, and complete[4](index=4&type=chunk) [Company Profile](index=3&type=section&id=Item%202.%20Company%20Profile) This section details the company's key financial performance for the quarter and provides an overview of its shareholder structure [Key Accounting Data and Financial Indicators](index=3&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) Q1 2020 saw strong performance growth, with operating revenue up **65.64%** and net profit up **41.24%**, alongside a significant **859.00%** increase in operating cash flow Q1 2020 Key Financial Indicators | Indicator | Current Period (RMB) | Prior Year Period (RMB) | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 858,085,174.68 | 518,047,341.40 | 65.64% | | Net Profit Attributable to Shareholders of Listed Company | 60,812,826.53 | 43,055,431.72 | 41.24% | | Net Cash Flow from Operating Activities | 554,097,911.70 | -73,004,074.29 | 859.00% | | Basic Earnings Per Share (RMB/share) | 0.085 | 0.060 | 41.67% | | Weighted Average Return on Net Assets | 1.57% | 1.22% | 0.35% | | Total Assets (RMB) | 5,736,012,425.64 | 5,577,034,612.46 | 2.85% (vs. end of prior year) | | Net Assets Attributable to Shareholders of Listed Company (RMB) | 3,895,971,272.69 | 3,835,133,588.77 | 1.59% (vs. end of prior year) | - During the reporting period, the company's total non-recurring gains and losses amounted to **RMB 4.1784 million**, primarily from government subsidies and fees collected from non-financial enterprises for fund occupation[9](index=9&type=chunk) [Shareholder Information](index=4&type=section&id=Shareholder%20Information) At period-end, the company had **46,037** common shareholders; the largest, Guogou Industrial Holding Co., Ltd., held **25.35%** of shares, mostly pledged and frozen - The total number of common shareholders at the end of the reporting period was **46,037** households[11](index=11&type=chunk) Top Three Shareholders' Holdings | Shareholder Name | Shareholding Ratio | Number of Shares Held | Share Status | | :--- | :--- | :--- | :--- | | Guogou Industrial Holding Co., Ltd. | 25.35% | 182,050,800 | Pledged 179,530,000 shares, Frozen 182,050,800 shares | | Anhui Ningguo Agricultural Production Materials Co., Ltd. | 11.41% | 81,951,500 | - | | Jin Guoqing | 3.42% | 24,560,000 | - | - Ningguo Agricultural Production Materials Co., Ltd. and Mr. Jin Guoqing constitute a concerted action relationship, with Mr. Jin Guoqing being the largest shareholder of Ningguo Agricultural Production Materials Co., Ltd. and serving as the company's chairman[12](index=12&type=chunk) [Significant Events](index=6&type=section&id=Item%203.%20Significant%20Events) This section details major financial changes driven by sales growth, the company's entrusted wealth management activities, and confirms the absence of other significant undisclosed matters [Analysis of Major Financial Data Changes](index=6&type=section&id=Analysis%20of%20Major%20Financial%20Data%20Changes) Company financial indicators saw significant changes driven by increased sales, leading to substantial growth in cash, operating revenue, and net operating cash flow, alongside increased investment in wealth management Major Financial Indicator Changes and Reasons | Item | Change Rate | Explanation of Change | | :--- | :--- | :--- | | **Balance Sheet Items** | | | | Cash and Cash Equivalents | 207.79% | Due to increased sales collection in current period | | Accounts Receivable | 55.50% | Due to increased credit sales in current period | | **Income Statement Items** | | | | Operating Revenue | 65.64% | Due to increased sales in current period | | Operating Cost | 78.62% | Due to increased sales in current period | | Investment Income | -257.46% | Due to decreased profit from Lufa Industrial in current period | | **Cash Flow Statement Items** | | | | Net Cash Flow from Operating Activities | 859.00% | Due to increased sales collection in current period | | Net Cash Flow from Investing Activities | -179.18% | Due to increased purchase of wealth management products in current period | [Entrusted Wealth Management](index=8&type=section&id=Entrusted%20Wealth%20Management) The company purchased **RMB 900 million** in bank wealth management products using raised and own funds, with **RMB 800 million** outstanding and no overdue products Entrusted Wealth Management (Unit: RMB 10,000) | Specific Type | Source of Funds | Amount of Entrusted Wealth Management Transacted (RMB 10,000) | Outstanding Balance (RMB 10,000) | Overdue Unrecovered Amount (RMB 10,000) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Raised Funds | 70,000 | 60,000 | 0 | | Bank Wealth Management Products | Own Funds | 20,000 | 20,000 | 0 | | **Total** | | **90,000** | **80,000** | **0** | [Disclosure of Other Significant Matters](index=7&type=section&id=Disclosure%20of%20Other%20Significant%20Matters) The company reported no significant event progress, overdue commitments, securities investments, illegal guarantees, or controlling shareholder fund occupation during the period - The company had no significant event progress, share repurchases, or overdue unfulfilled commitments during the reporting period[17](index=17&type=chunk) - The company had no securities investments, derivatives investments, illegal external guarantees, or controlling shareholder fund occupation during the reporting period[18](index=18&type=chunk)[21](index=21&type=chunk) - The company did not engage in any research, communication, or interview activities during the reporting period[22](index=22&type=chunk) [Financial Statements](index=9&type=section&id=Item%204.%20Financial%20Statements) This section presents the company's unaudited consolidated and parent company financial statements for Q1 2020, including balance sheets, income statements, and cash flow statements [Financial Statement Details](index=9&type=section&id=Financial%20Statement%20Details) This section provides the company's unaudited Q1 2020 consolidated and parent company financial statements, reflecting significant revenue and profit growth and improved operating cash flow [Consolidated Balance Sheet](index=9&type=section&id=Consolidated%20Balance%20Sheet) As of March 31, 2020, total assets were **RMB 5.736 billion** (up **2.85%**), total liabilities **RMB 1.760 billion**, and parent equity **RMB 3.896 billion** Consolidated Balance Sheet Key Items (March 31, 2020) | Item | Amount (RMB) | Change vs. End of Prior Year | | :--- | :--- | :--- | | Total Assets | 5,736,012,425.64 | 2.85% | | Total Liabilities | 1,759,747,548.16 | 5.90% | | Total Equity Attributable to Parent Company Owners | 3,895,971,272.69 | 1.59% | [Consolidated Income Statement](index=14&type=section&id=Consolidated%20Income%20Statement) In Q1 2020, total operating revenue reached **RMB 858 million** (up **65.64%**), and net profit attributable to parent owners was **RMB 60.81 million** (up **41.24%**) Consolidated Income Statement Key Items (January-March 2020) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Total Operating Revenue | 858,085,174.68 | 518,047,341.40 | | Operating Profit | 72,428,988.77 | 52,514,833.09 | | Total Profit | 71,431,461.39 | 52,571,568.18 | | Net Profit Attributable to Parent Company Owners | 60,812,826.53 | 43,055,431.72 | [Consolidated Cash Flow Statement](index=19&type=section&id=Consolidated%20Cash%20Flow%20Statement) Q1 2020 net operating cash flow significantly reversed to **RMB 554 million** from **-RMB 73 million**, driven by sales collection, with investing cash outflow at **RMB 111 million** Consolidated Cash Flow Statement Key Items (January-March 2020) | Item | Current Period Amount (RMB) | Prior Period Amount (RMB) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 554,097,911.70 | -73,004,074.29 | | Net Cash Flow from Investing Activities | -110,516,211.34 | -39,585,340.64 | | Net Cash Flow from Financing Activities | 50,940,079.45 | 74,078,676.94 | | Net Increase in Cash and Cash Equivalents | 494,521,779.81 | -38,510,737.99 | [Audit Status](index=23&type=section&id=Audit%20Status) The company's Q1 2020 report is unaudited - The company's first-quarter report is unaudited[49](index=49&type=chunk)