Financial Performance - The company reported a revenue of 300 million CNY for the first half of 2022, representing a year-on-year increase of 15%[21] - The net profit attributable to shareholders was 50 million CNY, up 20% compared to the same period last year[21] - The management has set a revenue target of 600 million CNY for the full year 2022, indicating a growth forecast of 20%[21] - The company achieved operating revenue of ¥800,552,160.04, an increase of 50.31% compared to the same period last year[29] - The net profit attributable to shareholders was ¥297,037,103.38, a decrease of 6.99% year-on-year[29] - The net profit excluding non-recurring gains and losses was ¥259,829,636.24, representing an increase of 80.03% compared to the previous year[29] - The net cash flow from operating activities was ¥323,154,330.91, up 103.48% from the same period last year[29] - The company's net profit for the first half of 2022 was CNY 297,037,103.38, a decrease of 13.4% compared to CNY 343,002,243.66 in the same period of 2021[196] - The total comprehensive income for the first half of 2022 was CNY 271,629,166.50, compared to CNY 150,967,412.51 in the same period of 2021, indicating a growth of 80.0%[200] Research and Development - The company plans to invest 100 million CNY in R&D for new product development in the next fiscal year[21] - The company is developing a new line of vitamin D3 products, expected to launch in Q4 2022[21] - The company has established a provincial-level high-tech enterprise R&D center and an academician workstation to enhance its research capabilities[61] - Research and development investment rose by 21.95% to ¥33,764,466.27, indicating a commitment to innovation and product development[70] - The company has a total of 4 products under review and 6 products in development within its pharmaceutical segment, showcasing a robust pipeline[56] Market Expansion and Strategy - The company has expanded its market presence in Southeast Asia, achieving a 30% increase in sales in that region[21] - The company is exploring potential mergers and acquisitions to enhance its product portfolio and market reach[21] - The company signed a 15-year procurement agreement with DSM for 7-dehydrocholesterol products, indicating a strategic partnership in product development[40] - The company is focusing on high-tech formulation products in the cardiovascular and nervous system sectors, aligning with national medical reform policies[43] - The company has built a nationwide sales network primarily targeting hospitals, utilizing a "distribution + academic promotion" sales model[54] Production and Operations - The company has established two production bases, with the Dongyang base focusing on pharmaceutical-grade Vitamin D3 and the Jinhua base on feed-grade Vitamin D3, aiming to consolidate production capacity[51] - The company's production processes for Vitamin D3 and its derivatives are at the leading level domestically and internationally, supported by continuous R&D investment[61] - The company is preparing for trial production of the 25-hydroxy vitamin D3 project, indicating ongoing product development efforts[40] Financial Management - The company will not distribute cash dividends for this fiscal year, focusing instead on reinvestment[6] - The company has implemented a stable profit distribution policy to ensure reasonable returns for shareholders[115] - The company does not plan to distribute cash dividends or issue bonus shares for the half-year period[108] - The company has not engaged in any asset or equity acquisitions or sales during the reporting period[127] Risks and Compliance - The company faces risks related to regulatory changes and market competition, which are detailed in the risk management section[5] - The company faces risks related to fluctuations in Vitamin D3 prices, which significantly impact revenue due to its high proportion in total sales[102] - The construction of the Jinxi Technology Park project poses investment risks, with uncertainties in progress and implementation affecting strategic goals[102] - The company is focused on legal compliance and has actively contributed to local economic development through tax payments and job creation[115] Shareholder Information - The total number of shares before the change was 551,007,557, with 100% ownership structure[149] - The total number of shareholders at the end of the reporting period was 20,440[159] - The largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., held 144,376,377 shares, accounting for 26.20% of total shares[159] - The number of restricted shares decreased from 8,810,249 to 8,783,999, a reduction of 26,250 shares, representing a change of approximately 0.30%[155] Environmental and Social Responsibility - The company has been recognized as a water-saving enterprise in Zhejiang Province for 2021[114] - The company has installed air pollution control equipment to improve emissions and reduce electricity consumption through various energy-saving measures[114] - The company has committed to improving employee welfare and salary levels, contributing to rural revitalization efforts[115]

Financial Performance - The company's operating revenue for Q1 2022 was ¥386,592,882.41, representing a 120.77% increase compared to ¥175,110,442.48 in the same period last year[7]. - Net profit attributable to shareholders was ¥151,152,689.96, a 65.00% increase from ¥91,608,491.56 year-on-year[7]. - Basic earnings per share increased to ¥0.2800, a rise of 64.71% compared to ¥0.1700 in the same period last year[7]. - Operating profit for the quarter was ¥177,090,497.45, up 66.5% from ¥106,353,078.64 year-over-year[35]. - Net profit attributable to the parent company was ¥151,152,689.96, representing a 64.9% increase from ¥91,608,491.56 in the previous year[35]. - Total operating revenue for the first quarter reached ¥386,592,882.41, a significant increase of 120.5% compared to ¥175,110,442.48 in the same period last year[35]. Cash Flow - The net cash flow from operating activities reached ¥245,658,562.83, up 150.25% from ¥98,164,530.79 in the previous year[7]. - Cash flow from operating activities was ¥397,730,897.43, compared to ¥160,042,346.73 in the same period last year, reflecting a growth of 148.5%[39]. - The company recorded a net cash inflow from operating activities, indicating strong operational performance and liquidity[39]. - Total cash inflow from operating activities reached $465,917,742.62, compared to $223,601,614.15 last year, indicating strong operational performance[42]. - Cash outflow from operating activities was $220,259,179.79, up from $125,437,083.36, reflecting increased operational costs[42]. - The company reported a net increase in cash and cash equivalents of $258,493,645.04, contrasting with a decrease of $73,152,540.21 in the previous period[45]. Assets and Liabilities - The company's total assets at the end of Q1 2022 were ¥3,876,256,004.48, reflecting a 9.95% increase from ¥3,525,311,449.31 at the end of the previous year[7]. - Total current assets increased to RMB 1,382,600,961.05 from RMB 1,110,436,101.31, representing a growth of about 24.5%[26]. - Total liabilities rose to ¥1,446,353,382.16, compared to ¥1,246,561,516.95 in the previous year, indicating a growth of 16.1%[34]. - The total liabilities of the company increased, with accounts payable decreasing to RMB 289,926,097.70 from RMB 319,947,181.13, a decline of about 9.4%[26]. - The company's cash and cash equivalents amounted to RMB 761,298,719.13, up from RMB 502,094,136.90 at the beginning of the year, reflecting a growth of approximately 51.5%[23]. Equity and Investments - The total equity attributable to shareholders increased by 6.63% to ¥2,429,902,622.32 from ¥2,278,749,932.36 at the end of the previous year[7]. - The company’s non-current assets totaled RMB 2,493,655,043.43, an increase from RMB 2,414,875,348.00 at the beginning of the year, reflecting a growth of approximately 3.3%[26]. - Research and development expenses surged by 154.44% to ¥16,637,726.66, compared to ¥6,539,022.19 in the same period last year, indicating increased investment in innovation[14]. - The company reported a significant increase in sales expenses, which rose to ¥81,931,930.22, a staggering 1031.48% increase from ¥7,241,133.22 year-on-year, primarily due to higher marketing costs[14]. Shareholder Information - The company reported a total of 8,810,249 shares under lock-up agreements, with a portion of these shares set to unlock at a rate of 25% annually[22]. - The company has a total of 1,840,687 shares held by senior management under lock-up agreements, which will also unlock at a rate of 25% annually[19].

Financial Performance - Zhejiang Garden Bio-chemical High-tech Co., Ltd. reported a total revenue of CNY 1.2 billion for the year 2021, representing a year-on-year growth of 15%[22] - The company achieved a net profit of CNY 300 million in 2021, which is an increase of 20% compared to the previous year[22] - The company's operating revenue for 2021 was ¥1,117,099,893.11, representing a 69.40% increase compared to the adjusted revenue of ¥659,437,443.09 in 2020[29] - The net profit attributable to shareholders for 2021 was ¥479,829,624.81, an increase of 82.29% from the adjusted net profit of ¥263,216,164.87 in 2020[29] - The net cash flow from operating activities for 2021 was ¥504,029,922.29, which is a 17.93% increase compared to ¥427,409,340.96 in 2020[29] - The basic earnings per share for 2021 was ¥0.88, up 69.23% from ¥0.52 in 2020[29] - The net profit for 2021 was 510.01 million yuan, reflecting a significant increase of 95.69% year-on-year[47] - The company reported a decrease in raw material costs in the pharmaceutical sector by 13.49% year-on-year[87] Market Expansion and Strategy - User data indicated a 25% increase in the number of active customers, reaching 500,000 by the end of 2021[22] - The company plans to expand its market presence in Southeast Asia, targeting a 30% market share in the region by 2025[22] - The company completed the acquisition of 100% equity in Huayuan Pharmaceutical in November 2021, expanding its operations into the pharmaceutical manufacturing sector[44] - The company has signed a 15-year procurement agreement with DSM for 7-dehydrocholesterol, enhancing its supply chain stability[47] - The company aims to achieve a gross margin of 35% in 2022, up from 30% in 2021[22] - The company is transitioning from generic drugs to high-end generics with high technical barriers, focusing on chronic disease areas such as cardiovascular and neurological systems[69] Research and Development - The company has allocated CNY 50 million for research and development in innovative drug formulations for the upcoming fiscal year[22] - The company has made significant progress in new product development, obtaining drug registration certificates for five products, including three specifications of escitalopram oxalate tablets and two injectable drugs[60] - The total R&D investment in 2021 was ¥68,545,827.04, accounting for 6.14% of operating revenue, a decrease from 7.97% in 2020[100] - The number of R&D personnel increased by 13.22% from 121 in 2020 to 137 in 2021[100] - The company is currently in the process of developing several new products, with ongoing evaluations and approvals, indicating a focus on expanding its product line and market competitiveness[98] Operational Efficiency - A strategic acquisition of a local competitor is anticipated to enhance production capacity by 40%[22] - The company is set to commence trial production at the Jinxin Technology Park by the end of June 2022, following the completion of equipment installation[47] - The company has established a nationwide sales network primarily targeting hospitals, utilizing a "distribution + academic promotion" sales model[58] - The production capacity of the vitamin D3 segment at the Dongyang production base is fully utilized, meeting customer order demands, with a long-term procurement agreement signed with DSM for 7-dehydrocholesterol products[59] Governance and Compliance - The company maintains an independent operational structure, with no financial guarantees provided to the controlling shareholder during the reporting period[144] - The board of directors and supervisory board operate independently, ensuring compliance with legal and regulatory requirements[143] - There were no instances of non-compliance in information disclosure during the reporting period[144] - The company has established a robust governance structure that aligns with the requirements of the Company Law and Securities Law[142] Financial Management - The company has a complete and independent financial management system, with dedicated accounting personnel and independent decision-making capabilities[146] - The cash dividend accounted for 100% of the distributable profit of RMB 1,665,011,825.85[191] - The company has no stock incentive plans or employee stock ownership plans in place during the reporting period[192] - The internal control self-assessment report indicated that all units included in the evaluation accounted for 100% of the consolidated financial statement assets[197] Challenges and Risks - The company faces risks related to fluctuations in vitamin D3 prices, which significantly impact revenue due to the high proportion of related products[135] - The company is exposed to project investment risks associated with the construction of the Jinxi Technology Park, which may affect strategic implementation and operational scale[135] - The company anticipates challenges in attracting and retaining high-quality talent necessary for its growth strategy[135] - The company may face adverse effects on sales if certain products are included in national centralized procurement and are not selected[137]

Revenue and Profit - Revenue for Q3 2021 was ¥106,084,487.92, a decrease of 26.95% compared to the same period last year[7] - Net profit attributable to shareholders was ¥40,729,866.67, down 36.18% year-over-year[7] - Net profit excluding non-recurring gains and losses was ¥38,674,059.36, a decrease of 31.56% compared to the previous year[7] - Total operating revenue for the third quarter was ¥455,723,293.94, a decrease of 7.06% compared to ¥490,403,590.51 in the same period last year[33] - Net profit for the period was ¥276,307,586.34, representing an increase of 22.09% from ¥226,353,727.11 in the previous year[36] - The total comprehensive income attributable to the parent company's owners was CNY 276,307,586.34, an increase from CNY 226,353,727.11 in the previous period, representing a growth of approximately 22.1%[39] Assets and Liabilities - Total assets at the end of Q3 2021 were ¥3,623,068,855.75, an increase of 5.78% from the end of the previous year[9] - Total assets reached ¥3,623,068,855.75, an increase of 5.78% compared to ¥3,425,191,470.28 at the end of the previous year[32] - Total liabilities decreased to ¥492,913,679.53, down 4.35% from ¥515,380,606.94 year-on-year[32] - The company's equity attributable to shareholders increased to ¥3,130,155,176.22, up 7.57% from ¥2,909,810,863.34 in the previous year[32] Cash Flow - Cash flow from operating activities for the year-to-date was ¥172,075,303.56, down 36.36% compared to the same period last year[7] - Cash inflow from operating activities totaled CNY 644,906,458.61, compared to CNY 612,232,936.86 in the previous period, indicating an increase of approximately 5.3%[40] - The net cash flow from operating activities was CNY 172,075,303.56, down from CNY 270,391,116.83, showing a decrease of about 36.4%[43] - Cash inflow from investment activities was CNY 502,247,721.20, up from CNY 405,790,587.67, marking an increase of approximately 23.8%[43] - The net cash flow from investment activities was negative at CNY -378,451,716.74, an improvement from CNY -428,469,817.15 in the previous period, indicating a reduction in losses of about 11.7%[43] - Cash and cash equivalents at the end of the period were CNY 901,266,660.52, down from CNY 1,178,844,213.62, a decrease of approximately 23.5%[43] Shareholder Information - The total number of common shareholders at the end of the reporting period is 22,194, with the largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., holding 26.20% of shares, totaling 144,376,377 shares[15] - The largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., has pledged 97,570,000 shares, indicating a significant level of collateralization[15] - The company reported a total of 92,010,707 restricted shares at the beginning of the period, with 89,465,179 shares released during the period, resulting in 6,969,562 restricted shares remaining[21] - The total number of restricted shares held by other shareholders amounts to 32,063,837, with a significant portion being executive lock-up shares[21] Expenses and Investments - Total operating costs decreased to ¥245,771,846.00, down 6.69% from ¥263,414,345.02 year-on-year[33] - Research and development expenses increased to ¥27,233,332.31, up 9.03% from ¥24,859,986.83 year-on-year[36] - The company reported a financial income of ¥22,675,992.68, an increase from ¥14,861,108.09 in the previous year[36] - The company experienced a 270.81% increase in financial income due to higher bank deposit interest income compared to the previous year[13] - The company reported a significant increase in construction in progress, totaling ¥1,314,611,423.82, up 32.82% from the previous year[11] - The company has a total of 1,314,611,423.82 in construction in progress, up from 989,765,553.50 in the previous year, showing an increase of approximately 32.83%[25] Cash Management - The company’s cash and cash equivalents as of September 30, 2021, amount to ¥901,266,660.52, a decrease from ¥1,158,650,345.38 at the end of 2020, representing a decline of approximately 22.14%[25] - The total current assets decreased from ¥1,771,836,559.96 at the end of 2020 to ¥1,570,596,412.65, reflecting a reduction of about 11.34%[25] - Inventory increased from ¥306,800,708.88 at the end of 2020 to ¥350,377,187.23, indicating a growth of approximately 14.19%[25] - The company paid CNY 83,608,124.50 in taxes, significantly higher than CNY 41,071,882.64 in the previous period, reflecting an increase of about 103.5%[43] - The company reported cash outflows from financing activities totaling CNY 310,329,467.90, compared to CNY 381,465,050.77 in the previous period, a decrease of approximately 18.6%[43] Financial Reporting - The company did not require adjustments to the beginning balance sheet items under the new leasing standards, indicating stability in financial reporting[44]

Financial Performance - The company's operating revenue for the reporting period was ¥349,638,806.02, an increase of 1.29% compared to the same period last year[33]. - The net profit attributable to shareholders was ¥235,577,719.67, representing a significant increase of 44.94% year-over-year[33]. - The net profit after deducting non-recurring gains and losses was ¥144,328,148.85, up by 4.46% from the previous year[33]. - The net cash flow from operating activities decreased by 37.30% to ¥126,014,817.85 compared to the same period last year[33]. - The total assets at the end of the reporting period were ¥3,507,539,168.49, reflecting a growth of 2.40% from the end of the previous year[33]. - The net assets attributable to shareholders increased by 6.17% to ¥3,089,425,309.55 compared to the end of the previous year[33]. - The gross profit margin for vitamin D3 and similar products was 67.58%, a decrease of 4.33% compared to the previous year[58]. - The company's financial expenses increased by 154.70% to -¥11,443,115.80, primarily due to increased interest income from bank deposits[55]. - The cash and cash equivalents decreased by 134.51% to -¥29,902,605.03 from an increase of ¥86,649,874.28 in the previous year[58]. Investment and Development - The company plans to invest in the Jinxi Technology Park project, which is expected to enhance strategic implementation and expand operational scale, although there are uncertainties regarding construction progress and costs[6]. - The company is focusing on the development of new products and technologies, particularly in the field of vitamin D3 derivatives[20]. - The company aims to develop full-active vitamin D3 and similar products to enter the pharmaceutical and health product sectors in the future[50]. - The company has established a clear development strategy to build a complete vitamin D3 upstream and downstream industrial chain, achieving a leading position in the industry[50]. - The company is exploring potential mergers and acquisitions to enhance its market position and expand its product offerings[20]. Talent and Human Resources - The company emphasizes the need for high-quality talent in R&D, production, sales, and management, which requires substantial investment and poses a risk of personnel stability[7]. - The company faces risks related to the price fluctuations of feed-grade vitamin D3, which significantly impact revenue[88]. - The company has not sold any significant assets or equity during the reporting period[84]. Shareholder and Equity Information - The company did not distribute cash dividends, issue bonus shares, or increase capital from reserves for the reporting period[11]. - The total number of shares outstanding is 551,007,557, with 83.30% being unrestricted shares[137]. - The company repurchased 7,674,790 shares, representing 1.39% of the total share capital[148]. - The largest shareholder, Zhejiang Xiangyun Technology Co., Ltd., has pledged 98,570,000 shares[145]. - The total number of ordinary shareholders at the end of the reporting period was 23,111, with a shareholding ratio of 5%[145]. Financial Management and Reporting - The company is committed to ensuring the accuracy and completeness of its financial reports, with key personnel affirming the integrity of the data presented[5]. - The half-year financial report was not audited[109]. - The company maintained a tax credit rating of A-level, fulfilling its social responsibilities effectively[103]. - There were no significant environmental protection issues reported during the period, and the company was recognized as a leading enterprise in environmental protection in Zhejiang Province[102]. Market and Operational Risks - The company is actively monitoring market trends and price fluctuations in the vitamin D3 sector to mitigate risks associated with revenue[6]. - The construction of the Jinxiketechnology park project is crucial for the company's strategic development but carries uncertainties in progress and costs[88]. - The company has established long-term stable strategic partnerships with internationally renowned manufacturers and distributors, enhancing its market channel advantages[54].

Financial Performance - The company's operating revenue for Q1 2021 was ¥158,982,505.22, representing a 17.39% increase compared to ¥135,433,235.78 in the same period last year[8] - Net profit attributable to shareholders for Q1 2021 reached ¥91,420,363.82, a significant increase of 48.85% from ¥61,418,396.61 in the previous year[8] - The net profit after deducting non-recurring gains and losses was ¥68,852,669.27, marking a 65.56% increase from ¥41,587,644.62 year-on-year[8] - Basic and diluted earnings per share for Q1 2021 were both ¥0.17, reflecting a 30.77% increase from ¥0.13 in the previous year[8] - The company reported a significant increase in tax expenses by 47.21% to ¥15,198,400.42 from ¥10,324,308.08, driven by higher total profit[26] - The company reported a net profit of CNY 1,428,005,020.94, up from CNY 1,336,584,657.12, reflecting an increase of approximately 7%[87] Cash Flow - The net cash flow from operating activities was ¥77,397,843.98, up 9.32% from ¥70,800,373.59 in the same quarter last year[8] - Cash flow from financing activities showed a net outflow of ¥51,764,416.66, a decrease of 382.90% compared to the previous period[26] - The net increase in cash and cash equivalents was a decrease of 149.89% to -¥81,540,848.95 from -¥32,630,440.62, primarily due to loan repayments[26] - Operating cash inflow for the current period reached ¥415,485,372.30, a significant increase from ¥150,864,932.56 in the previous period[115] - Net cash flow from operating activities was ¥126,663,917.65, compared to a negative cash flow of -¥26,980,473.78 in the previous period[115] - Total cash and cash equivalents at the end of the period were ¥1,077,109,496.43, down from ¥1,158,650,345.38 at the beginning of the period[113] Assets and Liabilities - Total assets at the end of the reporting period were ¥3,396,270,569.44, a decrease of 0.84% from ¥3,425,191,470.28 at the end of the previous year[8] - The company's total current liabilities decreased to CNY 307,655,507.94 from CNY 404,873,605.68, a decline of about 24%[84] - Non-current liabilities also decreased to CNY 87,383,834.34 from CNY 110,507,001.26, representing a reduction of approximately 21%[84] - Total liabilities increased to ¥319,453,671.16 from ¥312,278,031.30, representing a growth of approximately 2.0%[94] Shareholder Information - Net assets attributable to shareholders increased to ¥3,001,231,227.16, up 3.14% from ¥2,909,810,863.34 at the end of the previous year[8] - The total number of ordinary shareholders at the end of the reporting period was 23,142, with the largest shareholder holding 26.20% of the shares[12] Expenses - The company's sales expenses increased by 70.12% to ¥3,145,517.61 from ¥1,849,049.29, attributed to higher sample and advertising costs[23] - Research and development expenses decreased by 36.98% to ¥5,086,875.50 from ¥8,071,303.70, mainly due to reduced material costs for R&D[23] - Total operating costs decreased to ¥78,489,139.00 from ¥86,032,208.99, reflecting a reduction of about 8.5%[97] Investment and Projects - The construction of the Jinxi Technology Park project is progressing steadily, with plans to complete the eastern area by the end of 2021[29] - The core premix project has a total investment of 12,550 million yuan, with 77.72% of the investment completed[33] - The annual production project for 1,200 tons of lanolin cholesterol has reached 51.26% of its investment completion[33] Risks and Challenges - The company faces risks related to project investment, including uncertainties in construction progress and costs[29] - The company has a high demand for skilled professionals in R&D, production, and management, which poses a risk in talent acquisition and retention[29] - The revenue from Vitamin D3 and similar products accounts for a significant portion of total revenue, making the company vulnerable to price fluctuations in these products[29]

Financial Performance - The company's operating revenue for 2020 was ¥614,894,440.85, a decrease of 14.41% compared to ¥718,384,535.71 in 2019[27]. - The net profit attributable to shareholders for 2020 was ¥272,264,655.97, down 20.79% from ¥343,706,532.78 in 2019[27]. - The net profit after deducting non-recurring gains and losses was ¥224,528,311.79, a decline of 31.85% from ¥329,475,838.43 in 2019[27]. - The net cash flow from operating activities increased by 13.65% to ¥416,571,982.43 in 2020, compared to ¥366,536,248.37 in 2019[27]. - The total assets at the end of 2020 were ¥3,425,191,470.28, reflecting a 64.70% increase from ¥2,079,607,778.24 at the end of 2019[27]. - The net assets attributable to shareholders at the end of 2020 were ¥2,909,810,863.34, up 66.94% from ¥1,743,033,011.20 at the end of 2019[27]. - The basic earnings per share for 2020 was ¥0.54, a decrease of 25.00% from ¥0.72 in 2019[27]. - The diluted earnings per share for 2020 was also ¥0.54, down 25.00% from ¥0.72 in 2019[27]. - The company reported a government subsidy of ¥49,274,004.09 in 2020, significantly higher than ¥6,128,657.79 in 2019[33]. - In 2020, the company achieved operating revenue of 614.89 million yuan, a decrease of 14.41% compared to the previous year[55]. - The net profit attributable to shareholders was 272.26 million yuan, down 20.79% year-on-year[55]. Investment and Projects - The company is investing in the Jinxi Technology Park project, which is expected to enhance its strategic development and operational scale, although there are uncertainties regarding construction progress and costs[6]. - The company acknowledges the risks associated with project investments, including potential changes in engineering quality and investment costs[6]. - The company has committed to invest CNY 12,550 million in the core premix project, with a cumulative investment of CNY 77.72 million by the end of the reporting period[88]. - The annual production project of 4,000 tons of environmentally friendly rodenticide has a total investment commitment of CNY 15,500 million, with CNY 2,091.9 million invested to date[88]. - The annual production of 180 tons of 7-dehydrocholesterol project has an adjusted total investment of CNY 8,000 million, with a cumulative investment of CNY 9,144.67 million, achieving 114.31% of the investment progress[88]. - The company plans to relocate its production base to Jinhua Economic and Technological Development Zone to improve operational efficiency and reduce costs[94]. - The company has approved the replacement of self-raised funds with raised funds for several projects, totaling CNY 215,944.55 million[95]. Talent and Human Resources - The company faces a substantial increase in demand for high-quality talent in R&D, production, sales, and management, necessitating significant investments in human capital[7]. - The company has implemented a talent strategy focused on employee development and compliance with labor laws[166]. Market Strategy and Product Development - The company is focused on expanding its market presence and enhancing its product offerings through ongoing research and development initiatives[6]. - The company aims to enhance its market position in the vitamin D3 sector by integrating production and market strategies, targeting a steady increase in market prices[107]. - The company has completed the layout of the entire vitamin D3 industry chain, focusing on innovation and market expansion[106]. - The company has established a clear full industry chain advantage, integrating upstream and downstream operations in the vitamin D3 sector[47]. - The company has a leading production technology advantage, with its processes for vitamin D3 and NF-grade cholesterol being at the forefront of the industry[48]. Shareholder and Dividend Information - The profit distribution plan approved by the board proposes a cash dividend of 1.03 CNY per 10 shares, based on a total of 543,332,767 shares[10]. - The company’s cash dividend distribution policy aligns with its articles of association and shareholder resolutions, ensuring transparency and compliance[111]. - The company has committed to distributing cash dividends if there are no major investment plans or significant cash expenditures, ensuring that the cash dividends will not be less than the distributable profits for the year[120]. - The company’s cash dividends for 2020 were 20.55% of the net profit attributable to ordinary shareholders, with a total cash dividend of RMB 55,963,275.00[116]. - The company’s cash dividend distribution in 2019 was 29.10% of the net profit attributable to ordinary shareholders, with a total cash dividend of RMB 100,001,821.18[116]. Governance and Compliance - The company is committed to ensuring the accuracy and completeness of its financial reports, with all board members present for the review[6]. - The company has established a robust governance structure to manage risks related to human resources and project investments[6]. - The company has established measures to ensure the fulfillment of public commitments by its controlling shareholders and management, including penalties for non-compliance[123]. - The company has committed to repurchasing shares if there are false records or misleading statements in the prospectus, ensuring compliance with regulatory requirements[120]. Cash Flow and Financing - The cash flow from operating activities was CNY 416.57 million, an increase of 13.65% year-on-year, mainly due to higher government subsidies and tax refunds[60]. - The company completed a private placement raising CNY 909.4 million, which will be used for expanding production capacity in various projects[56]. - The company’s cash and cash equivalents at the end of 2020 were CNY 1.16 billion, a 129.10% increase from the beginning of the year[60]. - The company’s cash flow from financing activities increased by 861.69% to ¥831,740,316.69, primarily due to a non-public offering of 71,719,242 shares, raising ¥909,399,988.56[79]. Customer and Supplier Concentration - Total sales from the top five customers amounted to ¥303,518,707.95, accounting for 49.35% of the annual total sales[70]. - The largest customer contributed ¥142,221,670.34, representing 23.13% of the annual total sales[70]. - Total purchases from the top five suppliers reached ¥131,930,683.62, which is 57.41% of the annual total purchases[73]. - The largest supplier accounted for ¥44,491,980.00, or 19.36% of the annual total purchases[73].

[Important Notice](index=2&type=section&id=Section%20I%20Important%20Notice) This section provides the management's declaration regarding the accuracy and completeness of the quarterly report [Management Statement](index=2&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Guarantee) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - Company management guarantees the report's content is true, accurate, and complete, assuming legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department all declare the financial statements are true, accurate, and complete[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Section%20II%20Company%20Profile) This section details the company's key financial performance and shareholder structure as of Q3 2020 [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) As of Q3 2020, total assets reached **RMB 3.252 billion**, up **56.40%** from year-end, while year-to-date revenue and net profit attributable to shareholders declined by **15.21%** and **26.74%** respectively Key Financial Position Indicators | Indicator | September 30, 2020 | Change from Prior Year-End | | :--- | :--- | :--- | | Total Assets (RMB) | **3,252,457,869.66** | 56.40% | | Net Assets Attributable to Listed Company Shareholders (RMB) | **2,863,899,934.48** | 64.31% | Key Financial Performance Indicators (Year-to-Date) | Indicator | Year-to-Date | Change from Prior Year-Ago Period | | :--- | :--- | :--- | | Operating Revenue (RMB) | **490,403,590.51** | -15.21% | | Net Profit Attributable to Listed Company Shareholders (RMB) | **226,353,727.11** | -26.74% | | Net Cash Flow from Operating Activities (RMB) | **270,391,116.83** | -17.10% | | Basic Earnings Per Share (RMB/share) | **0.46** | -28.13% | | Weighted Average Return on Net Assets | **11.01%** | -7.38% | Non-Recurring Gains and Losses (Year-to-Date) | Non-Recurring Gain/Loss Item | Amount Year-to-Date (RMB) | | :--- | :--- | | Government grants recognized in current profit/loss | **31,400,523.49** | | Gains/losses from entrusted investments or asset management | **3,993,287.67** | | Other non-operating income/expenses | **1,855,824.71** | | **Total** | **31,679,565.00** | [Shareholder Information](index=4&type=section&id=II.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period-End) As of the reporting period end, the company had **27,986** common shareholders, with Zhejiang Xiangyun Technology Co., Ltd. as the largest, holding **31.20%** of shares, some of which are pledged - The total number of common shareholders at the end of the reporting period was **27,986**[13](index=13&type=chunk) Top Ten Shareholders at Period-End | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Xiangyun Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | **31.20%** | **171,926,877** | Pledged **128,320,000** | | Shao Junfang | Domestic Natural Person | **3.22%** | **17,745,937** | - | | Bay Area Industrial Financial Investment (Guangzhou) Co., Ltd. | Domestic Non-State-Owned Legal Person | **2.86%** | **15,772,870** | - | - During the reporting period, due to non-public issuance of shares, the number of restricted shares held by multiple shareholders increased, with a total of **71,719,617** new restricted shares expected to be lifted on February 12, 2021[17](index=17&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk) [Significant Events](index=8&type=section&id=Section%20III%20Significant%20Events) This section details significant changes in financial data and the progress of major corporate actions, including a private share placement [Significant Changes in Key Financial Data and Reasons](index=8&type=section&id=I.%20Significant%20Changes%20in%20Key%20Financial%20Data%20and%20Indicators%20and%20Their%20Reasons) During the reporting period, the company experienced significant financial data changes, including a **133.09%** increase in monetary funds and a **901.12%** surge in net cash flow from financing activities due to private placement proceeds Balance Sheet Items with Significant Changes | Balance Sheet Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Monetary Funds | **133.09%** | Due to receipt of proceeds from non-public issuance | | Prepayments | **577.79%** | Due to increased prepayments for raw materials | | Construction in Progress | **95.26%** | Due to increased investment in Jinxin Science and Technology Park project construction | Income Statement Items with Significant Changes | Income Statement Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Selling Expenses | **-36.27%** | Due to decrease in export commissions and export credit insurance | | Interest Income | **87.69%** | Due to increased interest income from bank deposits | | Other Income | **-60.62%** | Due to reduced purchases of bank wealth management products | Cash Flow Statement Items with Significant Changes | Cash Flow Statement Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | **-125.31%** | Due to increased payments for engineering and equipment | | Net Cash Flow from Financing Activities | **901.12%** | Due to receipt of raised funds | [Progress of Significant Events](index=9&type=section&id=II.%20Progress%20of%20Significant%20Events%2C%20Their%20Impact%2C%20and%20Solutions) The company completed a non-public share offering in 2020, raising approximately **RMB 895 million** net, with **71,719,242** new shares listed on August 13, 2020 - The company's non-public share offering application was approved by the China Securities Regulatory Commission (CSRC) (CSRC Approval [2020] No. 1067)[29](index=29&type=chunk) - This non-public offering raised approximately **RMB 910 million**, with net proceeds of **RMB 894,513,196.17** after deducting issuance expenses[29](index=29&type=chunk) - The **71,719,242** new shares from the non-public offering were listed on the ChiNext Board of the Shenzhen Stock Exchange on August 13, 2020[30](index=30&type=chunk) [Financial Statements](index=11&type=section&id=Section%20IV%20Financial%20Statements) This section presents the consolidated and parent company financial statements, along with explanations for adjustments [Consolidated Financial Statements](index=11&type=section&id=1.%20Consolidated%20Financial%20Statements) This section provides the consolidated balance sheet as of September 30, 2020, and consolidated income and cash flow statements for the reporting period and year-to-date Consolidated Financial Statement Overview | Statement | Period/As of Date | Page Numbers | | :--- | :--- | :--- | | Consolidated Balance Sheet | September 30, 2020 | **11-14** | | Consolidated Income Statement for the Current Period | Q3 2020 | **16-18** | | Consolidated Income Statement Year-to-Date | Jan-Sep 2020 | **20-22** | | Consolidated Cash Flow Statement Year-to-Date | Jan-Sep 2020 | **24-25** | [Parent Company Financial Statements](index=14&type=section&id=2.%20Parent%20Company%20Financial%20Statements) This section provides the parent company balance sheet as of September 30, 2020, and parent company income and cash flow statements for the reporting period and year-to-date Parent Company Financial Statement Overview | Statement | Period/As of Date | Page Numbers | | :--- | :--- | :--- | | Parent Company Balance Sheet | September 30, 2020 | **14-16** | | Parent Company Income Statement for the Current Period | Q3 2020 | **19-20** | | Parent Company Income Statement Year-to-Date | Jan-Sep 2020 | **22-23** | | Parent Company Cash Flow Statement Year-to-Date | Jan-Sep 2020 | **25-27** | [Explanation of Financial Statement Adjustments](index=27&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) Effective January 1, 2020, the company adopted new revenue standards, reclassifying 'Advances from Customers' to 'Contract Liabilities' with no significant impact on financial position - The company first adopted new revenue and lease accounting standards in 2020, adjusting relevant opening financial statement items[94](index=94&type=chunk) Financial Statement Adjustments for New Revenue Standards | Adjusted Item | Amount Before Adjustment (RMB) | Amount After Adjustment (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | **2,683,783.04** | **0** | **-2,683,783.04** | | Contract Liabilities | **0** | **2,683,783.04** | **2,683,783.04** | [Audit Report](index=33&type=section&id=Section%20III%20Audit%20Report) This section confirms that the company's third-quarter report has not undergone an audit [Audit Status](index=33&type=section&id=Whether%20the%20Third%20Quarter%20Report%20Has%20Been%20Audited) The company's 2020 third-quarter report has not been audited - The company's third-quarter report was not audited[113](index=113&type=chunk)

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides crucial disclaimers, outlines key operational risks, and defines essential terms used throughout the report [Important Notice and Risks](index=2&type=section&id=Important%20Notice) The board ensures report accuracy while highlighting major operational risks, including vitamin D3 price volatility, project investment uncertainties, and management challenges - 公司面临三大主要风险： - **维生素D3价格波动风险**：公司业绩高度依赖维生素D3相关产品，价格不利变动可能导致业绩下滑[6](index=6&type=chunk)[8](index=8&type=chunk) - **项目投资风险**：金西科技园等项目在建设进度、成本和实施效果上存在不确定性[6](index=6&type=chunk)[8](index=8&type=chunk) - **管理及人力资源风险**：公司发展对高素质人才需求大幅上升，面临人才引进、培养和留存的挑战[6](index=6&type=chunk)[8](index=8&type=chunk) - 公司2020年半年度计划不派发现金红利，不送红股，不以公积金转增股本[9](index=9&type=chunk) [Definitions](index=5&type=section&id=Definitions) This chapter defines key terms used in the report, including company and subsidiary abbreviations, core products, and the reporting period - 报告期指2020年上半年[15](index=15&type=chunk) - 核心产品定义： - **维生素D3 (VD3)**: 调节钙、磷代谢的重要维生素[15](index=15&type=chunk) - **NF级胆固醇**: 纯度95%以上的羊毛脂胆固醇，是生产维生素D3的主要原材料[15](index=15&type=chunk) - **25-羟基维生素D3**: 维生素D3的活性代谢物，生理活性更强[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information and presents key financial performance data for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) This chapter provides the company's basic information, including stock ticker, stock code, listing exchange, and contact details Company Basic Information | 项目 | 内容 | | :--- | :--- | | 股票简称 | 花园生物 | | 股票代码 | 300401 | | 上市交易所 | 深圳证券交易所 | | 法定代表人 | 邵君芳 | [Key Accounting Data and Financial Indicators](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) In the first half of 2020, the company's revenue decreased by 17.46% to RMB 345 million, and net profit declined by 29.23% to RMB 163 million, despite a 15.79% increase in total assets Key Financial Indicators | 指标 | 本报告期 | 上年同期 | 同比增减 | | :--- | :--- | :--- | :--- | | 营业收入 (RMB) | 345,184,453.13 | 418,217,299.22 | -17.46% | | 归属于上市公司股东的净利润 (RMB) | 162,535,712.92 | 229,673,653.04 | -29.23% | | 扣非后归母净利润 (RMB) | 138,162,955.11 | 221,563,777.18 | -37.64% | | 经营活动现金流量净额 (RMB) | 200,971,842.76 | 201,198,542.26 | -0.11% | | 基本每股收益 (RMB/share) | 0.34 | 0.48 | -29.17% | | 加权平均净资产收益率 | 8.91% | 13.87% | -4.96% | | | **本报告期末** | **上年度末** | **期末比上年末增减** | | 总资产 (RMB) | 2,407,956,593.22 | 2,079,607,778.24 | 15.79% | | 归属于上市公司股东的净资产 (RMB) | 1,905,568,724.12 | 1,743,033,011.20 | 9.32% | [Non-Recurring Gains and Losses and Amounts](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) Non-recurring gains and losses totaled RMB 24.37 million for the period, primarily from government subsidies recognized in current profit Non-Recurring Gains and Losses | 项目 | 金额 (RMB) | | :--- | :--- | | 计入当期损益的政府补助 | 26,940,979.18 | | 非流动资产处置损益 | -320,975.43 | | 其他营业外收支净额 | 1,522,668.30 | | 委托他人投资或管理资产的损益 | 600,000.00 | | **减：所得税影响额** | **4,371,438.43** | | **合计** | **24,372,757.81** | [Business Overview](index=9&type=section&id=Item%203.%20Business%20Overview) This section outlines the company's main business activities, operational model, and analysis of core competencies [Main Businesses, Operating Model, and Performance Changes](index=9&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) The company focuses on building a complete vitamin D3 industry chain, with operations impacted by the COVID-19 pandemic leading to a decline in feed-grade vitamin D3 sales and prices - 公司战略核心是打造完整的维生素D3上下游产业链，产品覆盖从上游原材料（羊毛脂胆固醇）到下游应用（维生素D3、25-羟基维生素D3）[39](index=39&type=chunk) - 2020年7月1日起实施的饲料添加剂维生素D3油国家新标准，规定羊毛脂胆固醇为唯一合法来源原料，利好公司胆固醇市场战略[41](index=41&type=chunk) - 上半年业绩下滑的主要原因是受新冠疫情影响，饲料级维生素D3的销量和销售均价同比下降[41](index=41&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies) The company's core strengths include a complete vitamin D3 industry chain, leading production technology, significant cost advantages from self-produced cholesterol, global scale, and strong customer relationships - 公司核心竞争力包括： - **全产业链优势**：覆盖从上游羊毛脂胆固醇到下游高端维生素D3应用[44](index=44&type=chunk)[45](index=45&type=chunk) - **技术优势**：三大核心生产工艺（VD3、NF级胆固醇、25-羟基VD3）处于国际或国内领先水平[44](index=44&type=chunk)[45](index=45&type=chunk) - **成本优势**：自产NF级胆固醇，生产成本大幅低于行业内其他企业[44](index=44&type=chunk)[45](index=45&type=chunk) - **规模优势**：VD3产量及销量均位居世界前列[44](index=44&type=chunk)[45](index=45&type=chunk) - **客户资源优势**：与荷兰帝斯曼、安迪苏等国际知名企业建立长期合作关系[44](index=44&type=chunk)[45](index=45&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Item%204.%20Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's operational performance, including revenue, costs, assets, liabilities, and investment activities [Operating Overview](index=11&type=section&id=I.%20Overview) In H1 2020, revenue decreased by 17.46% to RMB 345 million and net profit by 29.23% to RMB 163 million, primarily due to lower feed-grade vitamin D3 sales, while other product lines showed growth Key Operating Indicators | 指标 | 2020年上半年 | 同比变动 | | :--- | :--- | :--- | | 营业收入 | 3.45亿RMB | -17.46% | | 归母净利润 | 1.63亿RMB | -29.23% | - 产品运营情况分化： - **羊毛脂胆固醇**：因新国标实施，供不应求，生产线满负荷运行[49](index=49&type=chunk) - **25-羟基维生素D3**：产销量稳中有升[49](index=49&type=chunk) - **食品医药级维生素D3**：产销量大幅增长[49](index=49&type=chunk) - **饲料级维生素D3**：销量及售价同比下降，是业绩下滑主因[49](index=49&type=chunk) - 金西科技园搬迁相关项目原计划上半年投产，受疫情影响预计延后至2020年10月底前投产[50](index=50&type=chunk) [Analysis of Main Business](index=11&type=section&id=II.%20Analysis%20of%20Main%20Business) Main business performance was mixed, with revenue from vitamin D3 and similar products decreasing by 33.32% and gross margin declining, while lanolin and derivatives revenue increased by 59.29% with improved gross margin Key Income Statement Changes | 项目 | 本报告期 | 上年同期 | 同比增减 | 主要变动原因 | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 345,184,453.13 | 418,217,299.22 | -17.46% | - | | 营业成本 | 131,707,806.45 | 101,423,714.67 | 29.86% | - | | 销售费用 | 4,681,855.34 | 6,965,762.36 | -32.79% | 出口返佣、出口信用保险减少 | | 财务费用 | -4,492,850.07 | -1,593,694.42 | 181.91% | 汇兑收益增加 | | 投资活动现金流净额 | -273,460,856.88 | -32,087,168.62 | 752.24% | 支付工程款、设备款增加 | | 筹资活动现金流净额 | 158,834,120.07 | 37,711,874.73 | 321.18% | 银行借款增加 | Segment Performance by Product/Service | 分产品或服务 | 营业收入 (RMB) | 营业成本 (RMB) | 毛利率 | 营业收入同比增减 | 营业成本同比增减 | 毛利率同比增减 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 维生素 D3 及 D3 类似物 | 229,443,958.67 | 64,442,141.33 | 71.91% | -33.32% | 14.87% | -11.79% | | 羊毛脂及其衍生品 | 110,464,548.78 | 65,051,678.08 | 41.11% | 59.29% | 47.83% | 4.57% | [Analysis of Assets and Liabilities](index=12&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) Total assets increased by 15.79% to RMB 2.41 billion, driven by increased construction in progress, while short-term borrowings significantly rose, increasing the proportion of liabilities - 在建工程期末余额较期初大幅增加，占总资产比例从18.21%上升至25.13%，主要原因是金西科技园项目建设投入增加[43](index=43&type=chunk)[60](index=60&type=chunk) - 短期借款较期初增加，占总资产比例从12.26%上升至17.34%[60](index=60&type=chunk) - 截至报告期末，公司有1亿RMB交易性金融资产因开具银行承兑汇票而被质押，权利受限[60](index=60&type=chunk) [Analysis of Investment Status](index=13&type=section&id=V.%20Analysis%20of%20Investment%20Status) The company had no major equity or non-equity investments, with most raised funds directed towards Jinxi Science Park projects, and some project plans adjusted due to market changes and pandemic-related delays Raised Funds Investment | 项目 | 金额 (RMB '0000) | | :--- | :--- | | 募集资金总额 | 40,670.72 | | 报告期投入募集资金总额 | 5,377.59 | | 已累计投入募集资金总额 | 38,658.49 | - 公司变更了部分募集资金用途，暂缓实施“核心预混料项目”和“年产4,000吨环保杀鼠剂项目”，将资金用于“年产180吨7-去氢胆固醇项目”及“年产750吨饲料级VD3油剂项目”的建设[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - 由于新冠疫情导致项目复工推迟，变更后的募投项目预计投产时间有所延后[75](index=75&type=chunk)[76](index=76&type=chunk) [Analysis of Major Holding and Associate Companies](index=17&type=section&id=VII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) Key subsidiaries operated stably, with Hangzhou Xiasha Biotechnology contributing RMB 18.75 million in net profit and Zhejiang Huayuan Nutrition Technology, a major project implementer, reaching RMB 1.01 billion in total assets Subsidiary Financial Performance | 公司名称 | 角色 | 营业收入 (RMB) | 净利润 (RMB) | | :--- | :--- | :--- | :--- | | 杭州下沙生物科技有限公司 | 子公司 | 83,027,018.76 | 18,746,225.61 | | 浙江花园营养科技有限公司 | 子公司 | 26,760,056.22 | 5,098,434.00 | [Significant Matters](index=19&type=section&id=Item%205.%20Significant%20Matters) This section covers significant related party transactions, environmental social responsibility, and other major corporate developments [XIII. Significant Related Party Transactions](index=20&type=section&id=XIII.%20Significant%20Related%20Party%20Transactions) The company engaged in a significant related party transaction where Zhejiang Huayuan Construction provided RMB 108 million in construction services for a subsidiary's project, within the approved annual limit of RMB 400 million Related Party Transaction Details | 关联方 | 关联交易内容 | 报告期实际金额 (RMB '0000) | 获批交易额度 (RMB '0000) | | :--- | :--- | :--- | :--- | | 浙江花园建设有限公司 | 接受劳务（土建工程建设） | 10,778.08 | 40,000 | [XV. Social Responsibility](index=22&type=section&id=XV.%20Social%20Responsibility) The company's subsidiary, Hangzhou Xiasha Biotechnology, is a key pollutant discharge unit, with detailed disclosures on emissions, pollution control facilities, and environmental management systems, reporting no incidents - 子公司杭州下沙生物科技有限公司作为重点排污单位，对废水和废气排放进行了详细披露，各项指标均在标准范围内[124](index=124&type=chunk)[128](index=128&type=chunk) - 公司已建立污染防治设施（废气吸收装置、废水在线监测）、建设项目环评、突发环境事件应急预案和环境自行监测方案等环保管理体系[129](index=129&type=chunk) [XVI. Explanation of Other Significant Matters](index=23&type=section&id=XVI.%20Explanation%20of%20Other%20Significant%20Matters) The company's 2019 non-public stock offering application was approved by the China Securities Regulatory Commission on June 3, 2020 - 公司2019年度非公开发行股票申请已于2020年6月3日获得中国证监会核准（证监许可[2020]1067号）[132](index=132&type=chunk) [Changes in Shares and Shareholder Information](index=25&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Shareholding](index=25&type=section&id=I.%20Changes%20in%20Shareholding) The company's total share capital remained unchanged at 479.29 million shares, with a slight increase in restricted shares due to director stock acquisitions Shareholding Changes | 股份类型 | 变动前数量 | 变动后数量 | 变动原因 | | :--- | :--- | :--- | :--- | | 总股份 | 479,288,315 | 479,288,315 | 无变化 | | 有限售条件股份 | 20,278,640 | 20,291,465 | 董事增持股票被锁定 | | 无限售条件股份 | 459,009,675 | 458,996,850 | 对应变动 | [III. Number of Shareholders and Shareholding Information](index=26&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) As of the reporting period end, the company had 30,254 common shareholders, with Zhejiang Xiangyun Technology as the largest shareholder (35.87% stake), whose shares are partially pledged - 截至报告期末，公司普通股股东总数为30,254户[139](index=139&type=chunk) Major Shareholders | 股东名称 | 持股比例 | 持股数量 | | :--- | :--- | :--- | | 浙江祥云科技股份有限公司 | 35.87% | 171,926,877 | | 邵君芳 | 3.70% | 17,745,937 | | 浙江花园生物高科股份有限公司回购专用证券账户 | 1.60% | 7,674,790 | - 第一大股东浙江祥云科技股份有限公司的实际控制人为邵钦祥，邵君芳（公司董事长及第二大自然人股东）是邵钦祥的女儿，构成关联关系和一致行动人[139](index=139&type=chunk)[142](index=142&type=chunk) [Financial Report](index=32&type=section&id=Item%2011.%20Financial%20Report) This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2020, along with significant accounting policies [Financial Statements](index=32&type=section&id=II.%20Financial%20Statements) This section includes the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2020 - 公司半年度财务报告未经审计[167](index=167&type=chunk) [Consolidated Balance Sheet](index=32&type=section&id=1.%20Consolidated%20Balance%20Sheet) As of June 30, 2020, total assets were RMB 2.41 billion, total liabilities RMB 502 million, and owners' equity attributable to parent company RMB 1.91 billion, with a debt-to-asset ratio of 20.86% | 项目 | 2020年6月30日 (RMB) | 2019年12月31日 (RMB) | | :--- | :--- | :--- | | 资产总计 | 2,407,956,593.22 | 2,079,607,778.24 | | 负债合计 | 502,387,869.10 | 336,574,767.04 | | 所有者权益合计 | 1,905,568,724.12 | 1,743,033,011.20 | [Consolidated Income Statement](index=38&type=section&id=3.%20Consolidated%20Income%20Statement) In H1 2020, total operating revenue was RMB 345 million, total operating costs RMB 184 million, and net profit RMB 163 million, with basic earnings per share of RMB 0.34 | 项目 | 2020年半年度 (RMB) | 2019年半年度 (RMB) | | :--- | :--- | :--- | | 一、营业总收入 | 345,184,453.13 | 418,217,299.22 | | 二、营业总成本 | 184,063,623.43 | 160,109,721.21 | | 四、利润总额 | 188,555,462.01 | 266,885,406.96 | | 五、净利润 | 162,535,712.92 | 229,673,653.04 | | （一）基本每股收益 | 0.34 | 0.48 | [Consolidated Cash Flow Statement](index=41&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) Operating cash flow was RMB 201 million, largely stable year-on-year, while investment activities resulted in a net outflow of RMB 273 million, and financing activities generated a net inflow of RMB 159 million | 项目 | 2020年半年度 (RMB) | 2019年半年度 (RMB) | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | 200,971,842.76 | 201,198,542.26 | | 投资活动产生的现金流量净额 | -273,460,856.88 | -32,087,168.62 | | 筹资活动产生的现金流量净额 | 158,834,120.07 | 37,711,874.73 | | 现金及现金等价物净增加额 | 86,649,874.28 | 206,594,664.69 | [V. Significant Accounting Policies and Estimates](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) This chapter details the company's accounting standards, period, and currency, focusing on policies for financial instruments, inventory, fixed assets, intangible assets, and revenue recognition, including the adoption of new revenue standards from January 1, 2020 - 公司自2020年1月1日起执行财政部修订的《企业会计准则第14号——收入》[374](index=374&type=chunk)[376](index=376&type=chunk) - 根据新准则，将原“预收款项”科目重分类至“合同负债”科目，调整金额为2,683,783.04 RMB[374](index=374&type=chunk)[376](index=376&type=chunk) - 收入确认的具体方法为：内销在产品交付且客户取得控制权时确认收入；外销在产品报关、交付提单且客户取得控制权时确认收入[360](index=360&type=chunk) [Reference Documents](index=149&type=section&id=Item%2012.%20Reference%20Documents) This section lists documents available for inspection, including the signed financial report, all publicly disclosed documents from the reporting period, and other relevant materials [Reference Documents](index=149&type=section&id=Reference%20Documents) This chapter lists documents available for inspection, including the signed and sealed financial report, all publicly disclosed documents from the reporting period, and other relevant materials

Financial Performance - Total revenue for Q1 2020 was ¥135,433,235.78, a decrease of 42.78% compared to ¥236,707,439.76 in the same period last year[8] - Net profit attributable to shareholders was ¥61,418,396.61, down 52.46% from ¥129,183,125.11 year-on-year[8] - Net profit excluding non-recurring gains and losses was ¥41,587,644.62, a decline of 67.24% compared to ¥126,957,907.96 in the previous year[8] - Basic earnings per share decreased to ¥0.13, down 51.85% from ¥0.27 year-on-year[8] - Cash received from sales of goods decreased by 54.43% to ¥115,876,132.67, reflecting a decline in operating income[21] - The company's revenue for the current period decreased by 42.78% to ¥135,433,235.78, mainly due to a decline in sales volume and average selling price of Vitamin D3 caused by the COVID-19 pandemic[20] - Total operating revenue for the current period is ¥135,433,235.78, a decrease of 42.7% compared to ¥236,707,439.76 in the previous period[64] - Net profit for the current period is ¥61,418,396.61, down 52.4% from ¥129,183,125.11 in the previous period[71] - The company recorded other income of ¥23,282,572.97, a significant increase from ¥338,328.94 in the previous period[67] Cash Flow - Net cash flow from operating activities was ¥70,800,373.59, down 56.42% from ¥162,458,349.62 in the same period last year[8] - Operating cash flow for the current period was -26,980,473.78 CNY, a significant decrease from 200,657,653.53 CNY in the previous period[85] - Total cash inflow from operating activities was 150,864,932.56 CNY, down from 345,255,039.82 CNY year-over-year[85] - Cash outflow from operating activities increased to 177,845,406.34 CNY compared to 144,597,386.29 CNY in the previous period[85] - Cash and cash equivalents decreased to ¥473,111,906.64 from ¥505,742,347.26, representing a decline of 6.5%[48] Assets and Liabilities - Total assets at the end of the reporting period were ¥2,154,734,826.70, an increase of 3.61% from ¥2,079,607,778.24 at the end of the previous year[8] - Current liabilities totaled ¥346,719,043.51, an increase of 4.1% from ¥332,882,613.29[54] - Total liabilities amounted to ¥350,283,418.89, up 4.1% from ¥336,574,767.04[54] - The company's equity attributable to shareholders increased to ¥1,804,451,407.81, up 3.5% from ¥1,743,033,011.20[57] Investments and Projects - The company plans to expedite the construction of the Jinxi Technology Park project, aiming for completion and production in the first half of 2020 despite delays caused by the pandemic[25] - The construction of the Jinxi Technology Park project poses investment risks, including uncertainties in construction progress and costs[26] - The company has adjusted the implementation location of certain projects from Dongyang to Jinhua Economic and Technological Development Zone[37] - The company has temporarily suspended the implementation of the "Core Premix Project" and "Annual Production of 4,000 Tons of Environmentally Friendly Rodenticide Project" due to a board resolution[42] Government Support and Subsidies - Government subsidies recognized in the current period amounted to ¥23,282,572.97[8] - Other income increased by 6781.64% to ¥23,282,572.97, mainly due to an increase in government subsidies received[20] Risks and Challenges - The company faces risks related to fluctuations in Vitamin D3 prices, which significantly impact revenue due to the high proportion of related product sales[25] - The company is facing risks related to the integration of management and human resources due to the increased demand for high-quality talent[29] Shareholder Information - The top shareholder, Zhejiang Xiangyun Technology Co., Ltd., held 35.87% of shares, amounting to 171,926,877 shares[12] Fundraising and Utilization - The company plans to raise up to RMB 106,900 million through a private placement to support seven projects, including the production of 1,200 tons of lanolin cholesterol and 8,000 tons of refined lanolin[30] - As of the report date, the total amount of raised funds is RMB 40,670.72 million, with RMB 3,471.03 million invested in the current quarter[33] - Cumulative changes in the use of raised funds amount to RMB 16,350 million, representing 40.20% of the total raised funds[33] - The cumulative amount of raised funds utilized by the end of the reporting period is RMB 36,751.92 million[33] - The company has not reported any issues regarding the use and disclosure of raised funds[42]