Group 1 - The core point of the announcement is the approval of the 2025 semi-annual profit distribution plan by the company's board of directors, which allows for immediate implementation without further shareholder approval [1][2] - The company reported a net profit attributable to shareholders of the parent company of 606,778,390.23 yuan for the first half of 2025, with the parent company's net profit at 597,884,597.61 yuan [1] - The total distributable profit for the first half of 2025 is 3,554,091,513.03 yuan, with a capital reserve of 265,330,148.05 yuan [1] Group 2 - The profit distribution plan includes a cash dividend of 0.45 yuan (including tax) per 10 shares, amounting to a total cash dividend of 51,835,139.10 yuan, based on a total share capital of 1,151,891,980 shares as of August 20, 2025 [1][2] - The distribution plan does not include stock dividends or capital reserve transfers to increase share capital [2] - If there are changes in the total share capital or the total number of shares eligible for distribution before the implementation of the profit distribution plan, the distribution ratio will be adjusted accordingly while keeping the total distribution amount unchanged [2]

Meeting Details - The second meeting of the seventh board of directors of Stanley Agricultural Group Co., Ltd. was held on August 21, 2025, in Linyi City, Shandong Province [1] - The meeting was attended by 2 out of 6 directors, with the chairman presiding over the session [1] Financial Report - The company reported a net profit attributable to shareholders of the parent company of 606,778,390.23 yuan for the first half of 2025, while the parent company's net profit was 597,884,597.61 yuan [2] - The distributable profit for the first half of 2025 was calculated at 3,554,091,513.03 yuan, with a capital reserve of 265,330,148.05 yuan [2] Profit Distribution Plan - The profit distribution plan includes a cash dividend of 0.45 yuan (tax included) per 10 shares, totaling 51,835,139.10 yuan, based on a total share capital of 1,151,891,980 shares as of August 20, 2025 [2] - No bonus shares will be issued, and there will be no capital reserve conversion into share capital [2] Compliance and Implementation - The profit distribution plan complies with relevant laws and regulations, and it will be implemented following the board's approval [3] - The distribution ratio will be adjusted if there are changes in the total share capital before the implementation of the profit distribution plan [3]

格隆汇8月21日丨史丹利(002588.SZ)公布2025年半年度报告，上半年公司实现营业收入63.91亿元，同比 增长12.66%；归属于上市公司股东的净利润6.07亿元，同比增长18.90%；归属于上市公司股东的扣除非 经常性损益的净利润5.72亿元，同比增长30.31%；基本每股收益0.53元。拟向全体股东每10股派发现金 红利0.45元(含税)。 ...

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first half of 2025, indicating strong financial performance and growth potential [2]. Financial Performance - The company's operating revenue for the first half of 2025 was approximately 6.391 billion yuan, representing a year-on-year increase of 12.66% [2]. - The net profit attributable to shareholders was around 607 million yuan, which is an 18.9% increase compared to the previous year [2]. - The basic earnings per share (EPS) reached 0.53 yuan, reflecting a year-on-year growth of 20.45% [2].

Group 1 - The company Stanley announced the convening of its seventh second board meeting on August 21, 2025, in Linyi City, Shandong Province, to review the "2025 Semi-Annual Report" and other documents [2] - For the year 2024, the company's revenue composition indicates that manufacturing accounts for 97.83% while raw fertilizer sales account for 2.17% [2]

公司法定代表人： 高进华 主管会计工作的公司负责人: 陈桂芳 公司会计机构负责人： 陈桂芳 本表已于2025年8月21日获第七届董事会第二次会议批准。 史丹利农业集团股份有限公司2025半年度非经营性资金占用及其他关联资金往来情况汇总表 | 编制单位：史丹利农业集团股份有限公司 | | | | | | | | | | 单位：万元 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 非经营性资金占用 | 资金占用方名称 | 占用方与上市公 司的关联关系 | 上市公司核算 的会计科目 | 2025年期初占用 资金余额 | 2025半年度占用累计发生 金额（不含利息） | 2025半年度占用 资金的利息(如 | 2025半年度偿还 累计发生金额 | 2025半年期末占 用资金余额 | 占用形成原因 | 占用性质 | | | | | | | | 有) | | | | | | 控股股东、实际控制人及 | | | | | | | | | | | | 其附属企业 | | | | | | | | | | | | 小计 | | | | ...

史丹利农业集团股份有限公司 2025 年半年度财务报告 史丹利农业集团股份有限公司 2025 年半年度财务报告 （未经审计） 证券代码：002588 证券简称：史丹利 2025 年 8 月 21 日 1 史丹利农业集团股份有限公司 2025 年半年度财务报告 史丹利农业集团股份有限公司 2025 年半年度财务报告 一、审计报告 公司 2025 年度半年度财务报告未经审计。 二、财务报表 1、合并资产负债表 编制单位：史丹利农业集团股份有限公司 2025 年 06 月 30 日 单位：元 | 项目 | 期末余额 | 期初余额 | | --- | --- | --- | | 流动资产： | | | | 货币资金 | 1,337,526,066.40 | 1,209,455,761.88 | | 结算备付金 | | | | 拆出资金 | | | | 交易性金融资产 | 1,388,660,209.64 | 1,363,378,627.53 | | 衍生金融资产 | | | | 应收票据 | 30,797,641.35 | 6,856,747.34 | | 应收账款 | 14,492,841.54 | 12,057, ...

一、会议召开情况 史丹利农业集团股份有限公司（以下简称"公司"）第七届董事会第二次会议 于 2025 年 8 月 21 日上午 9 时在山东省临沂市临沭县史丹利路公司办公楼会议室 以现场会议方式召开。会议通知及会议资料于 2025 年 8 月 11 日以电子邮件或直 接送达方式送达全体董事、监事、高级管理人员。会议应到董事 6 人，实到董事 6 人。董事长高进华先生、董事张磊先生、靳职武先生、邱红女士，独立董事沈 瑞鉴先生、李新中先生现场出席会议并表决。公司部分高级管理人员列席了本次 会议，会议由董事长高进华先生主持。本次会议的通知、召集、召开和表决方式 符合《中华人民共和国公司法》和《公司章程》的有关规定。 二、会议审议情况 证券代码：002588 证券简称：史丹利 公告编号：2025-032 经全体董事审议，会议形成如下决议： 1、审议通过了《2025 年半年度报告》及其摘要。 史丹利农业集团股份有限公司 第七届董事会第二次会议决议公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 《2025 年半年度报告》及其摘要请见公司于 2025 年 8 月 22 日 ...

（1）以截至 2025 年 8 月 20 日公司总股本 1,151,891,980 股为基数，向在股 权登记日登记在册的全体股东每 10 股派发现金股利 0.45 元（含税），派发现金 股利共计 51,835,139.10 元。 （2）本次利润分配不送红股，不以资本公积金转增股本。 证券代码：002588 证券简称：史丹利 公告编号：2025-034 史丹利农业集团股份有限公司 关于 2025 年半年度利润分配方案的公告 本公司及董事会全体成员保证公告的内容真实、准确、完整，没有虚假记载、误导 性陈述或重大遗漏。 史丹利农业集团股份有限公司（以下简称"公司"）于 2025 年 8 月 21 日召开 的第七届董事会第二次会议审议通过了《2025 年半年度利润分配方案》，公司 2024 年度股东大会已审议通过了《关于提请股东大会授权董事会制定 2025 年中 期分红方案的议案》，故本次利润分配方案在本次董事会审议通过后即可实施， 无须再次提交公司股东会审议。 一、利润分配方案基本情况 （一）本次利润分配方案的基本内容 根据公司 2025 年半年度财务报告（未经审计），2025 年半年度合并报表中 实现归属于母公司 ...

[Important Notice, Table of Contents, and Definitions](index=2&type=section&id=Important%20Notice%2C%20Table%20of%20Contents%2C%20and%20Definitions) This section provides essential information, a detailed report structure, and definitions of key terms for clarity [Important Notice](index=2&type=section&id=Important%20Notice) The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with the financial report also affirmed by key executives - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false statements, misleading representations, or major omissions[5](index=5&type=chunk) - Company head Gao Jinhua, chief accountant Chen Guifang, and head of accounting department Chen Guifang declare the financial report is true, accurate, and complete[5](index=5&type=chunk) 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Share Capital Base | 1,151,891,980 shares | | Cash Dividend per 10 Shares | 0.45 yuan (tax inclusive) | | Bonus Shares | 0 shares (tax inclusive) | | Capital Reserve to Share Capital | No conversion | [Table of Contents](index=3&type=section&id=Table%20of%20Contents) This section outlines the report's nine main chapters, guiding investors through content from important notices to financial reports and other submitted data - The report is divided into nine main chapters, including important notices, company profile, management discussion and analysis, corporate governance, significant matters, share changes, bond information, financial report, and other submitted data[8](index=8&type=chunk) [Definitions](index=5&type=section&id=Definitions) This section defines common terms used in the report, including company names, group subsidiaries, financial units, and reporting period, ensuring clear understanding - "Company", "the Company", "Share Company", "Stanley" all refer to Stanley Agricultural Group Co., Ltd[12](index=12&type=chunk) - "Group", "the Group" refer to the Company and its subsidiaries within the scope of consolidated financial statements[12](index=12&type=chunk) - "Reporting Period", "this Reporting Period" refer to January 1, 2025, to June 30, 2025[12](index=12&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Company%20Profile%20and%20Key%20Financial%20Indicators) This section provides an overview of the company's basic information and key financial performance metrics for the reporting period [Company Profile](index=6&type=section&id=Company%20Profile) This section presents the company's fundamental details, including stock ticker, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Stanley | | Stock Code | 002588 | | Listing Exchange | Shenzhen Stock Exchange | | Chinese Name | 史丹利农业集团股份有限公司 | | Legal Representative | Gao Jinhua | [Contact Person and Information](index=6&type=section&id=Contact%20Person%20and%20Information) This section provides contact details for the company's Board Secretary and Securities Affairs Representative, facilitating investor communication - The Board Secretary is Hu Zhaoshun, and the Securities Affairs Representative is Chen Zhao; their contact address is Stanley Road, Linshu County, Linyi City, Shandong Province, with phone and fax numbers both 0539-6263620[16](index=16&type=chunk) [Other Information](index=6&type=section&id=Other%20Information) The company's contact information, disclosure details, and other relevant data remained unchanged during the reporting period, as referenced in the 2024 annual report - The company's registered address, office address, website, email, and other contact information remained unchanged during the reporting period[17](index=17&type=chunk) - Information disclosure and document storage locations remained unchanged during the reporting period, as detailed in the 2024 annual report[18](index=18&type=chunk) [Key Accounting Data and Financial Indicators](index=7&type=section&id=Key%20Accounting%20Data%20and%20Financial%20Indicators) The company's operating revenue increased by 12.66% and net profit attributable to shareholders grew by 18.90% in H1 2025, while net cash flow from operating activities significantly decreased by 186.53% 2025 Semi-Annual Key Accounting Data and Financial Indicators | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 6,390,798,680.72 | 5,672,469,084.25 | 12.66% | | Net Profit Attributable to Shareholders of Listed Company | 606,778,390.23 | 510,343,941.32 | 18.90% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains/Losses) | 571,897,850.02 | 438,865,087.39 | 30.31% | | Net Cash Flow from Operating Activities | -104,335,869.18 | 120,578,415.89 | -186.53% | | Basic Earnings Per Share | 0.53 | 0.44 | 20.45% | | Diluted Earnings Per Share | 0.53 | 0.44 | 20.45% | | Weighted Average Return on Net Assets | 8.56% | 8.04% | 0.52% | | **As of End of Current Reporting Period** | | **As of End of Prior Year** | **Change from End of Prior Year** | | Total Assets | 13,852,005,246.16 | 14,018,208,801.00 | -1.19% | | Net Assets Attributable to Shareholders of Listed Company | 7,152,726,423.13 | 6,822,464,611.96 | 4.84% | [Differences in Accounting Data under Domestic and International Accounting Standards](index=7&type=section&id=Differences%20in%20Accounting%20Data%20under%20Domestic%20and%20International%20Accounting%20Standards) The company reported no differences in net profit and net assets between international/overseas accounting standards and Chinese accounting standards during the reporting period - The company reported no differences in net profit and net assets between financial reports disclosed under international accounting standards and Chinese accounting standards during the reporting period[21](index=21&type=chunk) - The company reported no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese accounting standards during the reporting period[22](index=22&type=chunk) [Non-Recurring Gains and Losses Items and Amounts](index=7&type=section&id=Non-Recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) The company's H1 2025 non-recurring gains and losses totaled 34,880,540.21 yuan, primarily from government grants and other non-operating income/expenses 2025 Semi-Annual Non-Recurring Gains and Losses Items and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains/Losses from Disposal of Non-Current Assets | -7,027,502.25 | | Government Grants Included in Current Profit/Loss (Excluding those with continuous impact) | 29,558,966.99 | | Gains/Losses from Entrusted Investment or Asset Management | 1,661,510.66 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 371,400.00 | | Other Non-Operating Income and Expenses Apart from the Above | -3,558,662.74 | | Other Gains/Losses Items Meeting the Definition of Non-Recurring Gains/Losses | 24,522,434.79 | | Less: Income Tax Impact | 8,303,892.79 | | Minority Interest Impact (After Tax) | 2,343,714.45 | | **Total** | **34,880,540.21** | [Management Discussion and Analysis](index=9&type=section&id=Management%20Discussion%20and%20Analysis) This section provides a comprehensive analysis of the company's business operations, financial performance, core competencies, and risks during the reporting period [Company's Main Business Activities During the Reporting Period](index=9&type=section&id=Company%27s%20Main%20Business%20Activities%20During%20the%20Reporting%20Period) In H1 2025, the agricultural economy provided a stable market for the fertilizer industry, which saw stable growth under "supply and price stability" policies despite volatile raw material prices, driving market consolidation and company performance improvements - In H1 2025, China's agricultural and rural economy maintained stable development, with stable summer grain acreage and output, and steady growth in vegetable and fruit acreage and output, providing a favorable market environment for the fertilizer industry[27](index=27&type=chunk) - The domestic fertilizer industry operated stably under the "supply and price stability" policy framework, with agricultural nitrogen, phosphorus, and potassium chemical fertilizer output increasing by **9.2%** year-on-year, and compound fertilizer output increasing by **4.7%** year-on-year[28](index=28&type=chunk) - Raw material price volatility remained a core factor affecting the compound fertilizer industry's operations, with urea prices fluctuating sharply and diammonium phosphate and potash prices continuously rising, increasing costs and delaying downstream demand release[29](index=29&type=chunk) - Policy-driven green transformation of fertilizers is the core development direction of the industry, with technological upgrades and product innovation becoming key drivers, and increasing penetration of digitalization and intelligent technologies[32](index=32&type=chunk) - The company achieved operating revenue of **6.391 billion yuan** in H1, a year-on-year increase of **12.66%**; net profit attributable to shareholders of the listed company was **607 million yuan**, a year-on-year increase of **18.9%**[33](index=33&type=chunk) - The company continued to advance its channel sinking strategy, with a steady increase in terminal outlets and new customers in H1, and increased efforts in terminal marketing and agro-technical meetings[33](index=33&type=chunk)[34](index=34&type=chunk) - Songzi New Materials Company's operating performance significantly improved in Q2, with high operating rates for phosphate fertilizer, compound fertilizer, and refined phosphoric acid plants, and steady growth in production and sales[34](index=34&type=chunk) - The horticulture business maintained high growth, with online retail sales reaching **125 million yuan**, a year-on-year increase of **88.9%**, and expansion into new segments like seedlings and flowers[35](index=35&type=chunk) - The company's digital transformation accelerated, with significant achievements in precision marketing platform construction and AI-powered agro-technical services, enhancing management efficiency and market competitiveness[35](index=35&type=chunk) [(I) Industry Development During the Reporting Period](index=9&type=section&id=(I)%20Industry%20Development%20During%20the%20Reporting%20Period) In H1 2025, China's agricultural economy maintained stable growth, providing a solid market for the fertilizer industry, which saw stable supply and output under national policies, but faced cost pressures from volatile raw material prices, driving industry consolidation and green transformation - In H1 2025, national summer grain sowing area remained stable at **399 million mu**; summer grain output reached **299.48 billion jin**, generally stable; national vegetable and fruit sowing area and output also showed stable growth[27](index=27&type=chunk) - The National Development and Reform Commission issued the "Notice on Ensuring Supply and Stabilizing Prices of Chemical Fertilizers for Spring Plowing and the Whole Year in 2025", guaranteeing fertilizer supply from production, circulation, reserves, and import/export[28](index=28&type=chunk) 2025 January-May National Agricultural Fertilizer Output | Indicator | Output (10,000 tons) | Year-on-Year Growth | | :--- | :--- | :--- | | Agricultural Nitrogen, Phosphorus, Potassium Chemical Fertilizers (pure content) | 2133.9 | 9.2% | 2025 January-June Domestic Compound Fertilizer Output | Indicator | Output (10,000 tons, physical volume) | Year-on-Year Growth | | :--- | :--- | :--- | | Compound Fertilizer | 3116 | 4.7% | - In H1, urea prices showed sharp "first rise then fall" fluctuations; diammonium phosphate and potash prices continued to rise, mainly due to surging sulfur prices, adjustments in phosphate fertilizer export policies, and domestic potash production cuts[29](index=29&type=chunk) - The "zero growth in fertilizer use" policy continued to deepen, and the Ministry of Agriculture and Rural Affairs' "fertilizer reduction and efficiency improvement" action continued to advance, promoting the industry's transformation towards high efficiency and low carbon[32](index=32&type=chunk) - Prudent adjustments to fertilizer export policies effectively alleviated cost and inventory pressures for phosphate fertilizer enterprises, stabilized profitability, and contributed to improved operating performance in H1[32](index=32&type=chunk) [(II) Changes in Main Business, Products and Uses, Business Model, Market Position, and Key Performance Drivers During the Reporting Period](index=9&type=section&id=(II)%20Changes%20in%20Main%20Business%2C%20Products%20and%20Uses%2C%20Business%20Model%2C%20Market%20Position%2C%20and%20Key%20Performance%20Drivers%20During%20the%20Reporting%20Period) During the reporting period, the company's main business, products and their uses, business model, market position, and key performance drivers remained unchanged, ensuring business continuity and stability - During the reporting period, the company's main business, main products and their uses, business model, market position, and main performance drivers did not undergo significant changes[33](index=33&type=chunk) [(III) Company's Main Operating Performance During the Reporting Period](index=10&type=section&id=(III)%20Company%27s%20Main%20Operating%20Performance%20During%20the%20Reporting%20Period) The company achieved growth in both volume and profit in H1, with operating revenue up 12.66% and net profit up 18.9%, driven by channel expansion, product optimization, supply chain synergy, improved performance of new projects, high growth in horticulture, and accelerated digital transformation 2025 H1 Company Performance Overview | Indicator | Amount/Ratio | | :--- | :--- | | Operating Revenue | 6.391 billion yuan | | Operating Revenue Year-on-Year Growth | 12.66% | | Net Profit Attributable to Shareholders of Listed Company | 607 million yuan | | Net Profit Year-on-Year Growth | 18.9% | | Basic Earnings Per Share | 0.53 yuan | | Basic Earnings Per Share Year-on-Year Growth | 20.45% | - The company continuously strengthened its core compound fertilizer business advantages, with sustained product sales growth being the core driver of performance improvement, and increased sales of new fertilizers further optimizing the product structure[33](index=33&type=chunk) - The company continued to advance its channel sinking strategy, with a steady increase in terminal outlets and new customers in H1, and actively organized agro-technical conferences and demonstration field observation meetings to enhance brand influence[33](index=33&type=chunk)[34](index=34&type=chunk) - The company deepened its production, supply, and sales synergy model, optimizing procurement channels and methods, effectively reducing procurement costs, and ensuring stable raw material supply[34](index=34&type=chunk) - Songzi New Materials Company's operating performance significantly improved in Q2, with high operating rates for phosphate fertilizer, compound fertilizer, and refined phosphoric acid plants, and steady growth in production and sales[34](index=34&type=chunk) 2025 H1 Horticulture Business Retail Sales | Indicator | Amount (100 million yuan) | Year-on-Year Growth | | :--- | :--- | :--- | | Horticulture Business Total Network Retail Sales | 1.25 | 88.9% | - The company established a wholly-owned agricultural product subsidiary, adopting a " 엄선 (strict selection)" model to sell high-quality agricultural products through e-commerce platforms, creating a new "Stanley Select" IP[35](index=35&type=chunk) - The company's precision marketing platform construction achieved significant results, with agro-technical services transforming to AI, utilizing AI technology to provide timely and professional technical support to farmers[35](index=35&type=chunk) [Core Competitiveness Analysis](index=10&type=section&id=Core%20Competitiveness%20Analysis) The company leverages its strong brand, extensive sales network, professional agro-technical services, strategic production capacity, diverse product portfolio, leading R&D capabilities, and efficient information management to build comprehensive core competencies, ensuring its leading position and sustainable development in agriculture - The company's "Stanley" brand has been deeply cultivated in the market for many years, with its core "San'an" brand compound fertilizer ranking among the top in national single-brand sales, and a brand value of **4.983 billion yuan**[36](index=36&type=chunk) - The company has built a multi-dimensional sales network covering most provinces and counties nationwide, with a seasoned sales team of over a thousand people, and has opened more than **5,000** first-tier distributors and large growers, with over **200,000** terminal outlets[38](index=38&type=chunk) - The company has established an agro-technical service team of over **50** professionals, adopting a "crop manager system" model for in-depth, targeted services, and relies on the Earthworm Soil Testing Laboratory to provide customized solutions[39](index=39&type=chunk) - The company has strategically deployed production bases nationwide, with a total capacity of **7.2 million tons/year**, including **5.9 million tons/year** for compound fertilizer and **1 million tons/year** for monoammonium phosphate[40](index=40&type=chunk)[41](index=41&type=chunk) - The company's product matrix is diversified, covering high-concentration compound fertilizers, trace element fertilizers, water-soluble fertilizers, nitrate fertilizers, slow/controlled-release fertilizers, and other new types of fertilizers, characterized by high nutrient content and balanced multi-component composition[42](index=42&type=chunk) - The company's technical R&D capabilities are industry-leading, with high-tower compound fertilizer production technology at an internationally advanced level, possessing multiple core national invention patents, and deeply involved in industry standard setting[43](index=43&type=chunk)[44](index=44&type=chunk) - The company has built a digital platform covering the entire business chain, including efficient management, data-driven operations analysis, precision marketing, and intelligent logistics systems, significantly enhancing operational efficiency[46](index=46&type=chunk) [1. Brand Advantage](index=10&type=section&id=1.%20Brand%20Advantage) The "Stanley" brand, with its leading "San'an" compound fertilizer sales and a brand value of 4.983 billion yuan, is further strengthened by national honors, a respected chairman, and continuous multi-channel media promotion - The company's "Stanley" brand has been deeply cultivated in the market for many years, with its core "San'an" brand compound fertilizer consistently ranking among the top in national single-brand sales[36](index=36&type=chunk) Brand Value | Indicator | Amount (100 million yuan) | | :--- | :--- | | Brand Value | 49.83 | - The company has received multiple honors such as "National Technology Innovation Demonstration Enterprise" and "National Green Factory", and Chairman Gao Jinhua enjoys special government allowances from the State Council, providing professional authoritative endorsement for the brand[36](index=36&type=chunk)[37](index=37&type=chunk) - During the reporting period, the company continued its CCTV advertising efforts, exclusively sponsored the "Star Boulevard" program, and focused on new media platforms, expanding its brand audience through diversified content[37](index=37&type=chunk) [2. Channel Advantage](index=11&type=section&id=2.%20Channel%20Advantage) The company has established a nationwide multi-dimensional sales network with a thousand-person sales team and over 200,000 terminal outlets, enhanced by a flattened management structure and professional agro-technical services, creating a "sales + service" driven channel advantage - The company has built a multi-dimensional sales network covering most provinces and counties nationwide, with a seasoned sales team of over a thousand people[38](index=38&type=chunk) - It has cumulatively developed over **5,000** first-tier distributors and large growers, with over **200,000** terminal outlets[38](index=38&type=chunk) - Since 2015, the company has implemented channel flattening reforms, optimizing the traditional three-tier distribution structure into a two-tier management model, significantly improving channel response efficiency[38](index=38&type=chunk) - A professional agro-technical service team has been established, along with the Earthworm Soil Testing Laboratory, forming a "sales + service" dual-driven channel advantage[38](index=38&type=chunk) [3. Agrochemical Service Advantage](index=11&type=section&id=3.%20Agrochemical%20Service%20Advantage) The company's 50-plus professional agro-technical service team, operating under a "crop manager system," provides in-depth, targeted services including demonstrations, training, and customized nutrition plans, supported by the Earthworm Soil Testing Laboratory's comprehensive analysis capabilities and authoritative recognition - The company has established an agro-technical service team of over **50** professionals, adopting a "crop manager system" model for in-depth, targeted services, covering major planting areas in both northern and southern China[39](index=39&type=chunk) - Agrochemical service forms are rich and diverse, including demonstration field construction, technology outreach, market visits, agro-technical training meetings, and customized nutrition plan development[39](index=39&type=chunk) - In H1, a total of **1,075** high-quality agro-technical lectures were completed, serving **106** large growers, with **74** successfully converted, achieving a conversion rate of **70%**[39](index=39&type=chunk) - The Earthworm Soil Testing Laboratory possesses comprehensive testing capabilities for agricultural soil, plant tissue, and farmland water quality analysis, and has successfully been selected as a laboratory for the Third National Soil Census[40](index=40&type=chunk) [4. Production Capacity Layout Advantage](index=11&type=section&id=4.%20Production%20Capacity%20Layout%20Advantage) The company's strategic nationwide production base layout, with a total capacity of 7.2 million tons/year, including 5.9 million tons/year for compound fertilizer, enables rapid market response, reduced costs, and stable supply - The company has strategically deployed production bases nationwide, covering core regions such as Shandong, Jilin, Henan, Hubei, Guangxi, Jiangxi, Gansu, Xinjiang, and Hebei[40](index=40&type=chunk) Company Total Production Capacity (as of end of reporting period) | Product Type | Capacity (10,000 tons/year) | | :--- | :--- | | Total Capacity | 720 | | Compound Fertilizer | 590 | | Agricultural Grade Monoammonium Phosphate | 100 | | Industrial Grade Monoammonium Phosphate | 15 | | Refined Phosphoric Acid | 10 | | Ferric Phosphate | 5 | - The dense production capacity layout enables rapid response to fertilizer demand in various regions, effectively reduces production and transportation costs, and provides a solid guarantee for market supply stability[41](index=41&type=chunk) [5. Product Advantage](index=11&type=section&id=5.%20Product%20Advantage) Driven by market demand, the company offers a diverse product matrix of high-nutrient, balanced, and eco-friendly new fertilizers, precisely tailored to various regional, seasonal, soil, and crop-specific needs, enhancing both environmental protection and fertilization efficiency - The company's product matrix is diversified, covering high-concentration compound fertilizers, trace element fertilizers, water-soluble fertilizers, nitrate fertilizers, slow/controlled-release fertilizers, seaweed fertilizers, bio-fertilizers, organic-inorganic fertilizers, and various crop-specific new fertilizers[42](index=42&type=chunk) - The company's products are characterized by high nutrient content and balanced multi-component composition, capable of precisely matching fertilization needs across different regions, seasons, soil conditions, and crop types nationwide[42](index=42&type=chunk) - Through scientific formulations, the company's products can reduce carbon emissions, achieving a dual improvement in ecological environmental protection and fertilization efficiency[42](index=42&type=chunk) [6. Technology Advantage](index=12&type=section&id=6.%20Technology%20Advantage) The company boasts industry-leading R&D capabilities, with internationally advanced high-tower compound fertilizer production technology, multiple national invention patents, and significant awards, actively participating in industry standard setting and collaborating with renowned research institutions to enhance its core competitiveness - The company's high-tower compound fertilizer production technology is at an internationally advanced level, possessing core national invention patents such as "a method for producing high-tower melt granulation compound fertilizer and its manufacturing method"[43](index=43&type=chunk) - The project "Construction of Production System Based on High-Tower Melt Granulation Key Technology and Creation of New Fertilizer Products" declared by the company won the Second Prize of the National Technology Invention Award in 2016[43](index=43&type=chunk) - The company is deeply involved in industry standard setting, including multiple national and international standards such as "Determination of Total Nitrogen Content in Compound Fertilizers - Titration Method After Distillation" (GB/T8572-2010)[44](index=44&type=chunk) - The company has signed strategic cooperation agreements with renowned domestic and international institutions such as the National Hybrid Rice Engineering Research Center, Tsinghua University, and the Chinese Academy of Agricultural Sciences, and possesses technology innovation platforms like the National Enterprise Technology Center[45](index=45&type=chunk) - In 2023, the company participated in the national key R&D program "Sino-European International Cooperation on Agricultural Nutrient Management Based on Nature-Based Solutions," responsible for the R&D of humic acid enhanced fertilizers[46](index=46&type=chunk) [7. Management and Informatization Advantage](index=12&type=section&id=7.%20Management%20and%20Informatization%20Advantage) The company's experienced management team, led by Chairman Gao Jinhua, combined with a comprehensive digital platform covering the entire business chain, significantly enhances operational efficiency across procurement, production, marketing, logistics, and finance, shortening market response cycles - The company's management team is highly experienced, with Chairman and President Gao Jinhua possessing over **20** years of compound fertilizer enterprise management experience, and core management having many years of deep industry background[46](index=46&type=chunk) - The company has built a digital platform covering the entire business chain, including an efficient management platform, data-driven operations analysis platform, precision marketing platform, intelligent logistics system, unmanned weighbridge platform, procurement sharing platform, SAP-ERP management platform, capital management platform, and financial sharing platform[46](index=46&type=chunk) - Through the synergistic operation of business intelligence analysis systems, e-commerce systems, ERP systems, etc., the operational efficiency of the five major centers—procurement, production, marketing, logistics, and finance—is significantly enhanced, greatly shortening market response cycles[46](index=46&type=chunk) [Main Business Analysis](index=12&type=section&id=Main%20Business%20Analysis) The company's main business, phosphate and compound fertilizers, achieved 6.187 billion yuan in operating revenue, a 10.08% increase, with a gross profit margin of 19.47%, while financial expenses surged by 152.60% and net cash flow from operating activities decreased by 186.53% due to increased purchases Major Financial Data Year-on-Year Changes | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 6,390,798,680.72 | 5,672,469,084.25 | 12.66% | | | Operating Cost | 5,169,454,088.83 | 4,618,076,162.21 | 11.94% | | | Administrative Expenses | 158,675,123.18 | 189,384,765.41 | -16.22% | | | Financial Expenses | 12,211,389.04 | -23,214,587.76 | 152.60% | Increased loans for Songzi New Materials Company and decreased group interest income | | R&D Investment | 227,864,619.72 | 203,885,171.80 | 11.76% | | | Net Cash Flow from Operating Activities | -104,335,869.18 | 120,578,415.89 | -186.53% | Increased cash paid for goods purchased | | Net Cash Flow from Investing Activities | 515,198,902.90 | -536,690,197.05 | 196.00% | Increased cash inflow from wealth management activities and decreased expenditure on fixed asset construction | | Net Cash Flow from Financing Activities | 250,218,775.18 | 150,125,159.61 | 66.67% | Increased new bank borrowings and increased share dividends | | Net Increase in Cash and Cash Equivalents | 660,265,221.97 | -264,197,934.22 | 349.91% | Increased net cash from investing activities and decreased net cash from operating/financing activities | Operating Revenue Composition (by Industry) | Industry | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Phosphate and Compound Fertilizers | 6,186,947,912.88 | 96.81% | 5,620,515,255.04 | 99.08% | 10.08% | | Other Businesses | 203,850,767.84 | 3.19% | 51,953,829.21 | 0.92% | 292.37% | Operating Revenue Composition (by Product) | Product | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Sulfate-based Compound Fertilizer | 1,296,499,476.17 | 20.29% | 1,160,689,966.76 | 20.46% | 11.70% | | Chloride-based Compound Fertilizer | 3,228,190,141.24 | 50.51% | 3,247,203,132.69 | 57.24% | -0.59% | | New Fertilizers and Phosphate Fertilizers, etc. | 1,662,258,295.47 | 26.01% | 1,212,622,155.59 | 21.38% | 37.08% | | Other Businesses | 203,850,767.84 | 3.19% | 51,953,829.21 | 0.92% | 292.37% | Operating Revenue Composition (by Region) | Region | Current Reporting Period Amount (yuan) | Proportion of Operating Revenue | Prior Year Period Amount (yuan) | Proportion of Operating Revenue | Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | | Northeast Region | 1,331,898,836.23 | 20.84% | 1,217,911,623.03 | 21.47% | 9.36% | | East China Region | 1,588,778,458.47 | 24.86% | 1,461,647,628.94 | 25.77% | 8.70% | | North China Region | 797,528,467.81 | 12.48% | 771,015,011.91 | 13.59% | 3.44% | | Central China Region | 1,002,884,505.91 | 15.69% | 719,752,312.87 | 12.69% | 39.34% | | Northwest Region | 891,573,487.44 | 13.95% | 752,944,306.77 | 13.27% | 18.41% | | Other Regions | 778,134,924.86 | 12.18% | 749,198,200.73 | 13.21% | 3.86% | Industry, Product, or Region Accounting for Over 10% of Company's Operating Revenue or Operating Profit | Item | Operating Revenue | Operating Cost | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | **By Industry** | | | | | | | | Phosphate and Compound Fertilizers | 6,186,947,912.88 | 4,982,084,888.37 | 19.47% | 10.08% | 9.02% | 0.78% | | **By Product** | | | | | | | | Sulfate-based Compound Fertilizer | 1,296,499,476.17 | 1,059,383,354.69 | 18.29% | 11.70% | 10.85% | 0.63% | | Chloride-based Compound Fertilizer | 3,228,190,141.24 | 2,537,079,913.51 | 21.41% | -0.59% | -3.84% | 2.66% | | New Fertilizers and Phosphate Fertilizers, etc. | 1,662,258,295.47 | 1,385,621,620.17 | 16.64% | 37.08% | 41.97% | -2.88% | | **By Region** | | | | | | | | Northeast Region | 1,331,898,836.23 | 1,074,476,817.00 | 19.33% | 9.36% | 10.53% | -0.85% | | East China Region | 1,588,778,458.47 | 1,284,253,425.60 | 19.17% | 8.70% | 5.28% | 2.63% | | North China Region | 797,528,467.81 | 632,222,636.86 | 20.73% | 3.44% | 2.15% | 1.00% | | Central China Region | 1,002,884,505.91 | 858,473,582.18 | 14.40% | 39.34% | 40.84% | -0.91% | | Northwest Region | 891,573,487.44 | 716,934,885.34 | 19.59% | 18.41% | 14.83% | 2.51% | | Other Regions | 778,134,924.86 | 603,092,741.86 | 22.50% | 3.86% | 5.19% | -0.97% | [Non-Core Business Analysis](index=14&type=section&id=Non-Core%20Business%20Analysis) The company's non-core business primarily includes investment income, asset impairment, non-operating income, and non-operating expenses, with investment income being sustainable and other items having a minor, non-recurring impact on total profit Non-Core Business Analysis | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 76,454,997.25 | 10.99% | Mainly investment income from associates | Yes | | Asset Impairment | -376,369.89 | -0.05% | | No | | Non-Operating Income | 4,737,799.94 | 0.68% | | No | | Non-Operating Expenses | 11,082,532.71 | 1.59% | | No | [Assets and Liabilities Analysis](index=15&type=section&id=Assets%20and%20Liabilities%20Analysis) As of the reporting period end, total assets slightly decreased by 1.19% to 13.852 billion yuan, while net assets attributable to shareholders increased by 4.84% to 7.153 billion yuan, with significant shifts in short-term and long-term borrowings and restricted assets Major Changes in Asset Composition (End of Period vs. End of Prior Year) | Item | Amount at End of Current Reporting Period (yuan) | Proportion of Total Assets | Amount at End of Prior Year (yuan) | Proportion of Total Assets | Change in Proportion | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 1,337,526,066.40 | 9.66% | 1,209,455,761.88 | 8.63% | 1.03% | | Inventories | 1,982,951,137.34 | 14.32% | 2,020,185,696.45 | 14.41% | -0.09% | | Long-Term Equity Investments | 998,143,419.93 | 7.21% | 980,576,662.95 | 7.00% | 0.21% | | Fixed Assets | 4,152,200,991.44 | 29.98% | 4,158,929,071.34 | 29.67% | 0.31% | | Construction in Progress | 585,359,355.08 | 4.23% | 645,513,994.73 | 4.60% | -0.37% | | Short-Term Borrowings | 433,612,151.59 | 3.13% | 80,056,944.44 | 0.57% | 2.56% | | Contract Liabilities | 1,277,640,330.42 | 9.22% | 1,517,118,977.75 | 10.82% | -1.60% | | Long-Term Borrowings | 1,457,714,831.94 | 10.52% | 1,078,513,864.57 | 7.69% | 2.83% | - The company's total assets at the end of the reporting period were **13.852 billion yuan**, a decrease of **1.19%** compared to the end of the previous year[20](index=20&type=chunk) - Net assets attributable to shareholders of the listed company were **7.153 billion yuan**, an increase of **4.84%** compared to the end of the previous year[20](index=20&type=chunk) Assets and Liabilities Measured at Fair Value (End of Period) | Item | Amount at End of Period (yuan) | | :--- | :--- | | Trading Financial Assets | 1,388,660,209.64 | | Other Equity Instrument Investments | 3,312,099.81 | | **Total** | **1,391,972,309.45** | - As of the end of the reporting period, the rights to some of the company's assets were restricted, as detailed in Financial Report VII, Notes to Consolidated Financial Statement Items 31[60](index=60&type=chunk) [Investment Analysis](index=16&type=section&id=Investment%20Analysis) The company's investment amounted to 331 million yuan, a 41.81% decrease, with no significant equity investments but several ongoing major non-equity projects, including the Songzi New Materials project with a cumulative investment of 2.865 billion yuan, currently showing negative expected returns Reporting Period Investment Amount | Indicator | Amount (yuan) | Year-on-Year Change | | :--- | :--- | :--- | | Reporting Period Investment Amount | 331,402,094.86 | -41.81% | - The company had no significant equity investments during the reporting period[62](index=62&type=chunk) Major Ongoing Non-Equity Investments During the Reporting Period | Project Name | Investment Method | Investment Industry | Amount Invested in Current Reporting Period (yuan) | Cumulative Actual Investment as of End of Reporting Period (yuan) | Expected Return (yuan) | Cumulative Realized Return as of End of Reporting Period (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Lihe Fertilizer Annual 1 Million Tons Green High-Efficiency Compound Fertilizer Project | Self-built | Chemical Fertilizer Industry | 24,490,681.16 | 322,504,957.48 | 70,000,000.00 | 100,928,348.13 | | Songzi New Materials Company New Energy Material Precursor Ferric Phosphate and Supporting Project | Self-built | Chemical Fertilizer Industry | 155,694,118.50 | 2,864,910,857.58 | 100,000,000.00 | -81,240,328.89 | | Hubei Jinzhu Phosphogypsum Resource Repository Project | Self-built | Non-Metallic Mineral Products Industry | 12,738,724.95 | 377,306,003.10 | | | | Guangxi Company Annual 1 Million Tons New Green Fertilizer Project | Self-built | Chemical Fertilizer Industry | 138,478,570.25 | 224,135,591.74 | 75,000,000.00 | | - The company had no securities investments or derivative investments during the reporting period[66](index=66&type=chunk)[67](index=67&type=chunk) - The company had no use of raised funds during the reporting period[68](index=68&type=chunk) [Significant Asset and Equity Disposals](index=18&type=section&id=Significant%20Asset%20and%20Equity%20Disposals) The company did not undertake any significant asset or equity disposals during the reporting period - The company did not dispose of significant assets during the reporting period[69](index=69&type=chunk) - The company did not dispose of significant equity during the reporting period[70](index=70&type=chunk) [Analysis of Major Holding and Participating Companies](index=18&type=section&id=Analysis%20of%20Major%20Holding%20and%20Participating%20Companies) The company's major holding subsidiaries, including Stanley Fertilizer (Pingyuan) Co., Ltd., Stanley Fertilizer Guigang Co., Ltd., and Stanley Fertilizer Fuyu Co., Ltd., all achieved considerable net profits, while a newly established subsidiary, Stanley Agricultural Products (Shandong) Co., Ltd., incurred a minor loss Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Stanley Fertilizer (Pingyuan) Co., Ltd. | Subsidiary | Production and sales of compound fertilizers, blended fertilizers, etc. | 100,000,000 | 879,840,268.06 | 657,065,024.01 | 868,715,906.80 | 125,765,180.08 | 107,851,120.04 | | Stanley Fertilizer Guigang Co., Ltd. | Subsidiary | Production and sales of compound fertilizers, blended fertilizers, etc. | 100,000,000 | 536,354,940.28 | 390,493,008.54 | 541,850,963.05 | 77,066,454.25 | 67,527,847.42 | | Stanley Fertilizer Fuyu Co., Ltd. | Subsidiary | Production and sales of compound fertilizers, blended fertilizers, etc. | 100,000,000 | 474,554,186.39 | 386,003,409.13 | 764,130,289.71 | 71,906,562.17 | 63,173,290.67 | Acquisition and Disposal of Subsidiaries During the Reporting Period | Company Name | Method of Acquisition/Disposal of Subsidiaries During Reporting Period | Impact on Overall Production, Operations, and Performance | | :--- | :--- | :--- | | Stanley Agricultural Products (Shandong) Co., Ltd. | Establishment | Registered in April 2025, incurred a loss of 135,000 yuan during the reporting period, with minor impact on production and operations | [Structured Entities Controlled by the Company](index=19&type=section&id=Structured%20Entities%20Controlled%20by%20the%20Company) The company did not control any structured entities during the reporting period - The company did not control any structured entities during the reporting period[72](index=72&type=chunk) [Risks Faced by the Company and Countermeasures](index=19&type=section&id=Risks%20Faced%20by%20the%20Company%20and%20Countermeasures) The company faces multiple risks including raw material price volatility, crop price fluctuations, operational management challenges, environmental and safety regulations, agricultural policy changes, and potential underperformance of new projects, all of which could negatively impact costs, profits, sales, and development - The company faces risks from raw material price fluctuations, as price volatility of major raw materials like nitrogen, phosphorus, and potassium may affect company costs and profits[72](index=72&type=chunk) - Crop price fluctuation risks may impact farmers' enthusiasm for planting investments, thereby affecting the company's product sales and performance[72](index=72&type=chunk) - Cross-regional operations pose higher demands on the company's financial control, raw material supply, product sales, human resources, informatization, and comprehensive management, presenting operational management risks[72](index=72&type=chunk) - Environmental protection and safety production supervision are normalized, and failure to meet or violation of relevant policy standards may restrict production activities and enterprise development[72](index=72&type=chunk) - Risks from changes in agricultural policies and adapting to new situations, as national advocacy for environmental protection and fertilizer reduction/efficiency improvement challenges compound fertilizer enterprises' management, R&D, and scientific decision-making capabilities[73](index=73&type=chunk) - Risks of new project construction progress and benefits falling short of expectations, influenced by various factors such as policies, funding, personnel, safety, and weather[73](index=73&type=chunk) [Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan](index=20&type=section&id=Formulation%20and%20Implementation%20of%20Market%20Value%20Management%20System%20and%20Valuation%20Enhancement%20Plan) The company did not formulate a market value management system or disclose a valuation enhancement plan during the reporting period - The company did not formulate a market value management system during the reporting period[74](index=74&type=chunk) - The company did not disclose a valuation enhancement plan during the reporting period[74](index=74&type=chunk) [Implementation of 'Quality and Return Dual Enhancement' Action Plan](index=20&type=section&id=Implementation%20of%20%27Quality%20and%20Return%20Dual%20Enhancement%27%20Action%20Plan) The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period - The company did not disclose an announcement regarding the "Quality and Return Dual Enhancement" action plan during the reporting period[74](index=74&type=chunk) [Corporate Governance, Environment, and Society](index=20&type=section&id=Corporate%20Governance%2C%20Environment%2C%20and%20Society) This section covers the company's governance structure, environmental disclosures, and social responsibility initiatives during the reporting period [Changes in Directors, Supervisors, and Senior Management](index=20&type=section&id=Changes%20in%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) There were no changes in the company's directors, supervisors, and senior management during the reporting period, maintaining stability in the management team - There were no changes in the company's directors, supervisors, and senior management during the reporting period, as detailed in the 2024 annual report[75](index=75&type=chunk) [Profit Distribution and Capital Reserve Conversion to Share Capital During the Reporting Period](index=20&type=section&id=Profit%20Distribution%20and%20Capital%20Reserve%20Conversion%20to%20Share%20Capital%20During%20the%20Reporting%20Period) The Board of Directors approved a H1 2025 profit distribution plan to pay a cash dividend of 0.45 yuan (tax inclusive) per 10 shares based on a total share capital of 1,151,891,980 shares, without bonus shares or capital reserve conversion 2025 Semi-Annual Profit Distribution Plan | Indicator | Value | | :--- | :--- | | Number of Bonus Shares per 10 Shares | 0 shares | | Cash Dividend per 10 Shares (tax inclusive) | 0.45 yuan | | Share Capital Base for Distribution Plan | 1,151,891,980 shares | | Total Cash Dividend (tax inclusive) | 51,835,139.10 yuan | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | | Distributable Profit | 3,554,091,513.03 yuan | - This profit distribution plan does not involve bonus shares or conversion of capital reserves to share capital[76](index=76&type=chunk) - The plan complies with the "Articles of Association" and the company's relevant review procedures, and considers the company's actual operations and investor returns[76](index=76&type=chunk) [Implementation of Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures](index=21&type=section&id=Implementation%20of%20Equity%20Incentive%20Plans%2C%20Employee%20Stock%20Ownership%20Plans%2C%20or%20Other%20Employee%20Incentive%20Measures) The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period[77](index=77&type=chunk) [Environmental Information Disclosure](index=21&type=section&id=Environmental%20Information%20Disclosure) The company and its 12 major subsidiaries are listed as legally required environmental information disclosure enterprises, publicly disclosing relevant environmental data on national and local platforms, demonstrating compliance with environmental management and transparency regulations - The listed company and its major subsidiaries are all included in the list of enterprises legally required to disclose environmental information, totaling **13** enterprises[78](index=78&type=chunk) - Each enterprise disclosed relevant environmental information on the public platform of the National Pollutant Discharge Permit Management Information System as required[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) - In accordance with local regulations, each enterprise also disclosed relevant environmental information on the corresponding provincial enterprise environmental information disclosure system[78](index=78&type=chunk)[79](index=79&type=chunk)[80](index=80&type=chunk) [Social Responsibility](index=24&type=section&id=Social%20Responsibility) The company actively fulfills its social responsibilities through the Stanley Modern Agricultural Demonstration Park, which hosted numerous student study tours and farmer training sessions, promoting agricultural technology and smart farming, while the Earthworm Soil Testing Laboratory contributed to national soil surveys and acidification control projects - The Stanley Modern Agricultural Demonstration Park hosted **15** student study tours and over **60** training sessions for new professional farmers and large growers in H1, with a total of nearly **20,000** participants in study tours and training[81](index=81&type=chunk) - The demonstration park guides students through practical activities to broaden their agricultural knowledge and promotes new crop management methods and smart agricultural machinery applications through technical training, helping farmers reduce costs and increase production[81](index=81&type=chunk) - The Earthworm Soil Testing Laboratory actively participates in rural revitalization, leveraging its professional expertise in soil, plant tissue, farmland irrigation water, and fertilizer testing[82](index=82&type=chunk) - The laboratory was selected for the Ministry of Agriculture and Rural Affairs' Third Soil Census testing laboratory directory and undertakes projects such as "Earthworm Soil Testing • Village-Wide Promotion," National Cultivated Land Quality Improvement Project, Rural Revitalization High-Standard Farmland Project, and Soil Acidification Control Project[82](index=82&type=chunk) [Significant Matters](index=25&type=section&id=Significant%20Matters) This section details significant events and transactions of the company during the reporting period, including commitments, related party transactions, and major contracts [Commitments Fulfilled or Overdue by Controlling Shareholder, Actual Controller, Shareholders, Related Parties, Acquirers, and the Company During and as of the End of the Reporting Period](index=25&type=section&id=Commitments%20Fulfilled%20or%20Overdue%20by%20Controlling%20Shareholder%2C%20Actual%20Controller%2C%20Shareholders%2C%20Related%20Parties%2C%20Acquirers%2C%20and%20the%20Company%20During%20and%20as%20of%20the%20End%20of%20the%20Reporting%20Period) The company reported no commitments by its controlling shareholder, actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during or as of the end of the reporting period - The company reported no commitments by its controlling shareholder, actual controller, shareholders, related parties, acquirers, or the company that were fulfilled or overdue during or as of the end of the reporting period[84](index=84&type=chunk) [Non-Operating Funds Occupied by Controlling Shareholder and Other Related Parties from the Listed Company](index=25&type=section&id=Non-Operating%20Funds%20Occupied%20by%20Controlling%20Shareholder%20and%20Other%20Related%20Parties%20from%20the%20Listed%20Company) The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period - The company reported no non-operating funds occupied by its controlling shareholder or other related parties from the listed company during the reporting period[85](index=85&type=chunk) [Irregular External Guarantees](index=25&type=section&id=Irregular%20External%20Guarantees) The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[86](index=86&type=chunk) [Appointment and Dismissal of Accounting Firms](index=25&type=section&id=Appointment%20and%20Dismissal%20of%20Accounting%20Firms) The company's semi-annual financial report was not audited - The company's semi-annual report was not audited[87](index=87&type=chunk) [Board of Directors' and Supervisory Board's Explanations on 'Non-Standard Audit Report' for the Current Reporting Period](index=25&type=section&id=Board%20of%20Directors%27%20and%20Supervisory%20Board%27s%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Current%20Reporting%20Period) The company reported no "non-standard audit report" issued by an accounting firm during the reporting period - The company reported no "non-standard audit report" issued by an accounting firm during the reporting period[88](index=88&type=chunk) [Board of Directors' Explanations on 'Non-Standard Audit Report' for the Previous Year](index=25&type=section&id=Board%20of%20Directors%27%20Explanations%20on%20%27Non-Standard%20Audit%20Report%27%20for%20the%20Previous%20Year) The company reported no explanations regarding a "non-standard audit report" for the previous year during the reporting period - The company reported no explanations regarding a "non-standard audit report" for the previous year during the reporting period[88](index=88&type=chunk) [Bankruptcy Reorganization Matters](index=25&type=section&id=Bankruptcy%20Reorganization%20Matters) The company had no bankruptcy reorganization matters during the reporting period - The company had no bankruptcy reorganization matters during the reporting period[88](index=88&type=chunk) [Litigation Matters](index=25&type=section&id=Litigation%20Matters) The company had no significant litigation, arbitration, or other litigation matters during the current reporting period - The company had no significant litigation or arbitration matters during the current reporting period[89](index=89&type=chunk) - The company had no other litigation matters during the current reporting period[89](index=89&type=chunk) [Penalties and Rectification](index=26&type=section&id=Penalties%20and%20Rectification) The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[90](index=90&type=chunk) [Integrity Status of the Company, its Controlling Shareholder, and Actual Controller](index=26&type=section&id=Integrity%20Status%20of%20the%20Company%2C%20its%20Controlling%20Shareholder%2C%20and%20Actual%20Controller) During the reporting period, the company, its controlling shareholder, and actual controller maintained good integrity, with no overdue large debts from effective court judgments - During the reporting period, the company, its controlling shareholder, and actual controller had no overdue large debts from effective court judgments[91](index=91&type=chunk) [Significant Related Party Transactions](index=26&type=section&id=Significant%20Related%20Party%20Transactions) The company engaged in daily related party transactions, primarily involving procurement and sales with Hubei Yihua Songzi Fertilizer Co., Ltd., and had non-operating related party receivables totaling 7.6872 million yuan, but no related party transactions for asset/equity acquisition/disposal or joint external investments Related Party Transactions Related to Daily Operations | Related Transaction Type | Related Party | Related Transaction Content | Related Transaction Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | | Daily Transaction | Hubei Yihua Songzi Fertilizer Co., Ltd. | Procurement of goods | 183.78 | | Daily Transaction | Hubei Yihua Songzi Fertilizer Co., Ltd. | Sale of goods | 73.29 | | Daily Transaction | Hubei Yihua Songzi Fertilizer Co., Ltd. | Sale of services | 149.78 | - The company had no related party transactions involving asset or equity acquisition/disposal during the reporting period[94](index=94&type=chunk) - The company had no related party transactions involving joint external investments during the reporting period[95](index=95&type=chunk) Receivables from Related Parties (Non-Operating) | Related Party | Relationship | Reason for Formation | Amount at End of Period (10,000 yuan) | | :--- | :--- | :--- | :--- | | Nehe Stanley Jufeng Agricultural Service Co., Ltd. | Associate | Loan | 5,164.88 | | Renqiu Stanley Agricultural Service Co., Ltd. | Associate | Loan | 1,501.17 | | Ongniud Banner Stanley Agricultural Technology Consulting Service Co., Ltd. | Associate | Loan | 1,021.14 | | **Total** | | | **7,687.19** | - The company and its related financial companies had no deposits, loans, credit lines, or other financial business with related parties[98](index=98&type=chunk) - The financial company controlled by the company had no deposits, loans, credit lines, or other financial business with related parties[99](index=99&type=chunk) - The company had no other significant related party transactions during the reporting period[100](index=100&type=chunk) [Significant Contracts and Their Performance](index=28&type=section&id=Significant%20Contracts%20and%20Their%20Performance) The company had no custody, contracting, or leasing matters, but had significant guarantees totaling 1.342 billion yuan (18.76% of net assets) for associates and subsidiaries, and engaged in 2.61 billion yuan in wealth management with 1.38 billion yuan outstanding, all without overdue situations - The company had no custody, contracting, or leasing situations during the reporting period[101](index=101&type=chunk)[102](index=102&type=chunk)[103](index=103&type=chunk) Company and its Subsidiaries' External Guarantees (Partial) | Name of Guaranteed Party | Guarantee Limit (10,000 yuan) | Actual Guarantee Amount (10,000 yuan) | Guarantee Type | Guarantee Period | Fulfilled | | :--- | :--- | :--- | :--- | :--- | :--- | | Hubei Yihua Songzi Fertilizer Co., Ltd. | 33,400 | 147 | Joint and Several Liability Guarantee | Three years | Yes | | Hubei Yihua Songzi Fertilizer Co., Ltd. | 33,400 | 1,913.96 | Joint and Several Liability Guarantee | Three years | Yes | | Hubei Yihua Songzi Fertilizer Co., Ltd. | 33,400 | 196 | Joint and Several Liability Guarantee | Three years | Yes | | Hubei Yihua Songzi Fertilizer Co., Ltd. | 3,920 | 429.02 | Joint and Several Liability Guarantee | Three years | No | | Songzi Stanley Yihua New Materials Technology Co., Ltd. | 200,000 | 1,519.78 | Joint and Several Liability Guarantee | Three years | No | | Songzi Stanley Yihua New Materials Technology Co., Ltd. | 200,000 | 2,546.65 | Joint and Several Liability Guarantee | Three years | No | | Hubei Jinzhu Environmental Protection Technology Co., Ltd. | 20,000 | 2,636.4 | Joint and Several Liability Guarantee | Three years | No | Company Total Guarantee Overview | Indicator | Amount (10,000 yuan) | | :--- | :--- | | Total Approved Guarantee Limit During Reporting Period | 76,000 | | Total Actual Guarantee Amount During Reporting Period | 39,673.59 | | Total Approved Guarantee Limit at End of Reporting Period | 333,320 | | Total Actual Guarantee Balance at End of Reporting Period | 134,153.42 | | Proportion of Total Actual Guarantee to Company's Net Assets | 18.76% | Entrusted Wealth Management | Specific Type | Source of Entrusted Wealth Management Funds | Amount of Entrusted Wealth Management (10,000 yuan) | Unexpired Balance (10,000 yuan) | Overdue Unrecovered Amount (10,000 yuan) | | :--- | :--- | :--- | :--- | :--- | | Bank Wealth Management Products | Own Funds | 161,000 | 51,000 | 0 | | Brokerage Wealth Management Products | Own Funds | 100,000 | 87,000 | 0 | | **Total** | | **261,000** | **138,000** | **0** | - The company had no other significant contracts during the reporting period[114](index=114&type=chunk) [Explanation of Other Significant Matters](index=36&type=section&id=Explanation%20of%20Other%20Significant%20Matters) The company reported no other significant matters requiring explanation during the reporting period - The company reported no other significant matters requiring explanation during the reporting period[115](index=115&type=chunk) [Significant Matters of Company Subsidiaries](index=36&type=section&id=Significant%20Matters%20of%20Company%20Subsidiaries) The company reported no significant matters concerning its subsidiaries during the reporting period - The company reported no significant matters concerning its subsidiaries during the reporting period[116](index=116&type=chunk) [Share Changes and Shareholder Information](index=37&type=section&id=Share%20Changes%20and%20Shareholder%20Information) This section details the company's share capital structure, shareholder composition, and any changes during the reporting period [Share Changes](index=37&type=section&id=Share%20Changes) As of the end of the reporting period, the company's total share capital was 1,151,891,980 shares, with 25.46% restricted and 74.54% unrestricted, and no changes in total shares or structure, nor any share repurchase progress Share Changes (as of end of reporting period) | Share Type | Quantity (shares) | Proportion | | :--- | :--- | :--- | | I. Restricted Shares | 293,294,410 | 25.46% | | 3. Other Domestic Shares | 293,294,410 | 25.46% | | Domestic Natural Person Shares | 293,294,410 | 25.46% | | II. Unrestricted Shares | 858,597,570 | 74.54% | | 1. RMB Ordinary Shares | 858,597,570 | 74.54% | | **III. Total Shares** | **1,151,891,980** | **100.00%** | - The company's total share capital and structure remained unchanged during the reporting period[120](index=120&type=chunk) - The company had no changes in restricted shares during the reporting period[120](index=120&type=chunk) - The company had no progress on share repurchases during the reporting period[120](index=120&type=chunk) [Securities Issuance and Listing](index=38&type=section&id=Securities%20Issuance%20and%20Listing) The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[120](index=120&type=chunk) [Number of Shareholders and Shareholding](index=38&type=section&id=Number%20of%20Shareholders%20and%20Shareholding) As of the end of the reporting period, the company had 35,652 ordinary shareholders, with Gao Jinhua holding the largest stake at 33.77% (partially pledged), and several natural persons, including Gao Jinhua, Gao Ying, Gao Wen'an, Gao Wenkao, and Gao Wendou, collectively serving as the controlling shareholder and actual controller Total Number of Ordinary Shareholders at End of Reporting Period | Indicator | Quantity | | :--- | :--- | | Total Ordinary Shareholders | 35,652 households | Shareholding of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Ratio | Number of Shares Held at End of Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Share Status | Number of Pledged Shares (shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Gao Jinhua | Domestic Natural Person | 33.77% | 389,050,880 | 291,788,160 | 97,262,720 | Pledged | 113,175,000 | | Fa Yanan | Domestic Natural Person | 6.27% | 72,182,611 | 0 | 72,182,611 | Not Applicable | 0 | | Gao Ying | Domestic Natural Person | 4.59% | 52,903,760 | 0 | 52,903,760 | Pledged | 40,380,000 | | Gao Wenkao | Domestic Natural Person | 4.25% | 48,903,760 | 0 | 48,903,760 | Pledged | 24,450,000 | | Gao Wen'an | Domestic Natural Person | 3.59% | 41,343,560 | 0 | 41,343,560 | Pledged | 20,460,000 | | Industrial and Commercial Bank of China - GF Stable Growth Securities Investment Fund | Other | 2.43% | 28,007,604 | 0 | 28,007,604 | Not Applicable | 0 | | Hong Kong Securities Clearing Company Limited | Overseas Legal Person | 1.94% | 22,367,122 | 0 | 22,367,122 | Not Applicable | 0 | | National Social Security Fund 115 Portfolio | Other | 1.91% | 21,999,910 | 0 | 21,999,910 | Not Applicable | 0 | | Beijing Shangyi Private Fund Management Co., Ltd. - Shangyi Sunshine No. 31 Private Securities Investment Fund | Other | 1.48% | 17,090,000 | 0 | 17,090,000 | Not Applicable | 0 | | Xuanyuan Private Fund Investment Management (Guangdong) Co., Ltd. - Xuanyuan Kexin No. 211 Private Securities Investment Fund | Other | 1.12% | 12,910,000 | 0 | 12,910,000 | Not Applicable | 0 | - Gao Jinhua and Gao Ying are siblings; Gao Jinhua, Gao Wen'an, Gao Wenkao, Gao Ying, and Gao Wendou are collectively the company's controlling shareholder and actual controller[122](index=122&type=chunk) - Fa Yanan and Gao Jinhua are husband and wife, forming a concerted action relationship[122](index=122&type=chunk) [Changes in Shareholdings of Directors, Supervisors, and Senior Management](index=40&type=section&id=Changes%20in%20Shareholdings%20of%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management) The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, as detailed in the 2024 annual report[124](index=124&type=chunk) [Changes in Controlling Shareholder or Actual Controller](index=40&type=section&id=Changes%20in%20Controlling%20Shareholder%20or%20Actual%20Controller) The company's controlling shareholder and actual controller remained unchanged during the reporting period, maintaining stability in its ownership structure - The company's controlling shareholder remained unchanged during the reporting period[125](index=125&type=chunk) - The company's actual controller