京基智农(000048) - 2024 Q2 - 季度财报

Important Notice, Table of Contents, and Definitions The company's board of directors, supervisory board, and senior management guarantee the truthfulness, accuracy, and completeness of the report content and assume legal responsibility - The company's board of directors approved the 2024 half-year profit distribution plan to distribute a cash dividend of 3.8 yuan (incl. tax) per 10 shares to all shareholders, based on the total share capital after deducting repurchased shares[2] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and a summary of its key financial performance and position Company Basic Information Shenzhen Kingkey Smart Agriculture Times Co., Ltd., stock abbreviation “Kingkey Smart Agriculture”, stock code 000048, is listed on the Shenzhen Stock Exchange Company Basic Information | Item | Information | | :--- | :--- | | Stock Abbreviation | Kingkey Smart Agriculture | | Stock Code | 000048 | | Listing Exchange | Shenzhen Stock Exchange | | Legal Representative | Chen Jiarong | Summary of Key Accounting Data and Financial Indicators During the reporting period, the company's operating revenue significantly decreased by 68.61% to 2.70 billion yuan, and net profit attributable to shareholders decreased by 81.67% to 235 million yuan, primarily due to reduced real estate project deliveries, though net cash flow from operating activities improved by 82.98% Key Financial Indicators | Key Financial Indicators | Current Reporting Period | Prior Year Same Period | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue (Yuan) | 2,700,176,717.25 | 8,601,867,913.20 | -68.61% | | Net Profit Attributable to Shareholders of Listed Company (Yuan) | 235,452,029.88 | 1,284,690,162.11 | -81.67% | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-recurring Items) (Yuan) | 242,285,712.79 | 1,340,493,424.72 | -81.93% | | Net Cash Flow from Operating Activities (Yuan) | -85,823,750.12 | -504,341,477.47 | 82.98% | | Basic Earnings Per Share (Yuan/Share) | 0.4500 | 2.4553 | -81.67% | | Weighted Average Return on Net Assets | 5.90% | 41.57% | -35.67% | | Balance Sheet Indicators | End of Current Reporting Period | End of Prior Year | Year-on-Year Change | | Total Assets (Yuan) | 11,407,876,171.62 | 12,127,949,064.02 | -5.94% | | Net Assets Attributable to Shareholders of Listed Company (Yuan) | 4,050,581,681.11 | 3,852,734,738.27 | 5.14% | Non-recurring Gains and Losses Items and Amounts The company's non-recurring gains and losses totaled -6.83 million yuan during the reporting period, primarily from disposal of non-current assets, government subsidies, and other non-operating income/expenses Non-recurring Gains and Losses | Item | Amount (Yuan) | | :--- | :--- | | Gains/Losses on Disposal of Non-current Assets | -8,798,544.62 | | Government Subsidies Included in Current Profit/Loss | 8,866,644.21 | | Other Non-operating Income and Expenses | -4,167,118.12 | | Less: Income Tax Impact | 2,698,092.68 | | Less: Impact on Minority Interests (After Tax) | 36,571.70 | | Total | -6,833,682.91 | Management Discussion and Analysis This section analyzes the company's operational performance, core competencies, financial status, investment activities, and risk management strategies Principal Businesses Engaged by the Company During the Reporting Period The company focused on live pig farming, selling 1.0459 million live pigs with 24.04% year-on-year growth, while real estate business entered a destocking phase, and poultry farming showed good profitability - The company's main businesses include live pig farming, feed production, poultry farming, and real estate development, with real estate being a destocking business[19] H1 2024 Operating Performance by Business Segment | Business Segment | H1 2024 Operating Performance | | :--- | :--- | | Live Pig Farming | Cumulative sales of 1.0459 million live pigs (including 122.3 thousand piglets), a 24.04% year-on-year increase. Ending inventory of approximately 116 thousand sows[20] | | Feed Business | Operating revenue of 329 million yuan, net profit of 10.9712 million yuan. Sales volume and revenue decreased year-on-year[20] | | Poultry Farming Business | Operating revenue of 35.5113 million yuan, an 8.44% year-on-year increase; net profit attributable to shareholders of 1.2922 million yuan, a 124.09% year-on-year increase[21] | | Real Estate Business | Shanhai Gongguan project sales amount 315 million yuan, settlement amount 552 million yuan; Shanhai Yuyuan project commercial property sales amount 16.3176 million yuan[21] | - The company will continue to promote refined management, improve the operational level of live pig farming projects, reduce breeding costs, and accelerate the sale of existing real estate projects to recover funds[21] Analysis of Core Competencies The company leverages its "6750" high-rise vertical farming model, strategic Greater Bay Area market presence, professional breeding, and full industry chain integration to enhance competitiveness - Adopting the “6750” high-rise clustered vertical farming model to achieve intensive, efficient, and standardized production[23] - Business layout focuses on the Guangdong-Hong Kong-Macao Greater Bay Area, benefiting from regional pork price advantages, and has signed a "vegetable basket" product stable supply agreement with Shenzhen[23] - Has built a full industry chain from breeding pig reproduction, feed production, live pig farming to food distribution, enhancing risk resistance and product quality control capabilities[28] Analysis of Principal Business The company's business structure significantly shifted, with farming revenue increasing to 64.16% of total revenue and its gross profit margin improving to 16.08%, while real estate development revenue sharply declined Key Financial Indicators and Changes | Financial Indicator | Current Reporting Period | Prior Year Same Period | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 2.70 billion yuan | 8.602 billion yuan | -68.61% | Significant reduction in real estate project deliveries[30] | | Operating Cost | 2.051 billion yuan | 4.873 billion yuan | -57.91% | Decreased in line with revenue reduction[30] | | Selling Expenses | 39 million yuan | 654 million yuan | -93.99% | Decreased in line with real estate sales reduction[30] | | Administrative Expenses | 154 million yuan | 120 million yuan | 27.83% | Due to recognition of restricted stock incentive expenses[31] | | Financial Expenses | 61 million yuan | 38 million yuan | 60.33% | Increase in borrowing interest and guarantee fees[31] | Operating Revenue and Gross Profit Margin by Industry | By Industry | Operating Revenue (Yuan) | % of Total Revenue | Year-on-Year Change | Gross Profit Margin | Gross Profit Margin Change from Prior Year | | :--- | :--- | :--- | :--- | :--- | :--- | | Farming Industry | 1,732,355,875.96 | 64.16% | 37.25% | 16.08% | +25.98% | | Real Estate Development | 627,965,148.13 | 23.26% | -90.93% | 51.70% | -3.27% | | Feed Production | 326,785,630.93 | 12.10% | -19.69% | 10.53% | +0.36% | Analysis of Assets and Liabilities Total assets decreased by 5.94% to 11.408 billion yuan, with investment properties increasing due to reclassification from fixed assets, while contract liabilities and taxes payable significantly decreased Asset/Liability Changes and Explanations | Asset/Liability Item | Amount at Period End (Yuan) | % of Total Assets | % Change from Prior Year End | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 593,568,280.65 | 5.20% | -3.93% | Comprehensive effect of real estate collections, live pig sales, and operating expenses[36] | | Investment Properties | 825,735,093.50 | 7.24% | +7.15% | Houses leased out, reclassified from fixed assets[36] | | Fixed Assets | 5,044,840,848.48 | 44.22% | -5.68% | Houses leased out, reclassified to investment properties[36] | | Contract Liabilities | 197,728,951.54 | 1.73% | -2.54% | Real estate project delivery, contract liabilities recognized as revenue[36] | | Taxes Payable | 84,233,092.82 | 0.74% | -3.05% | Final tax settlement, payment of corporate income tax[36] | - As of the end of the reporting period, the company had 228 million yuan in restricted assets, primarily inventory, fixed assets, and investment properties pledged for borrowings[38] Analysis of Investment Status The company did not engage in significant equity, non-equity, securities, or derivative investments during the reporting period, but did purchase 4 million yuan in bank wealth management products - The company had no significant equity investments, non-equity investments, securities investments, or derivative investments during the reporting period[39] - The company used 4 million yuan of its own funds to purchase bank wealth management products[82] Risks Faced by the Company and Countermeasures The company faces risks from live pig price volatility, raw material costs, biological epidemics, natural disasters, and real estate policy changes, addressed by refined management, production planning, and financing optimization - Key risks include live pig price fluctuations, raw material price fluctuations, biological epidemics, natural disasters, and real estate policy risks[44][45] - Countermeasures include: improving management to continuously reduce costs, adjusting production and sales based on market conditions, diversifying financing channels, timely adjusting feed formulations, improving biological safety and epidemic prevention systems, and adjusting real estate sales strategies[44][45] Corporate Governance This section details the company's profit distribution plan and the implementation of its equity incentive program Profit Distribution and Capital Reserve to Share Capital Conversion in the Current Reporting Period The board proposed a 2024 half-year profit distribution plan to pay a cash dividend of 3.8 yuan (incl. tax) per 10 shares to all shareholders, totaling 199 million yuan Profit Distribution Plan | Distribution Plan | Details | | :--- | :--- | | Dividend per 10 shares (Yuan) (incl. tax) | 3.8 | | Share Capital Base for Distribution Plan (Shares) | 522,500,150 | | Cash Dividend Amount (Yuan) (incl. tax) | 198,550,057.00 | | Proportion of Total Cash Dividend to Total Profit Distribution | 100% | Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company implemented a restricted stock incentive plan in 2023, granting 7.33 million shares to 152 incentive recipients at 10.69 yuan/share, with shares currently in the restricted period - The company launched a restricted stock incentive plan in 2023, actually granting 7.33 million shares to 152 incentive recipients at a price of 10.69 yuan/share, with the granted shares still in the restricted period[51] Environmental and Social Responsibility This section outlines the company's environmental compliance, pollutant management, and social responsibility initiatives Significant Environmental Issues The company, a key pollutant discharge unit, faced 680,000 yuan in environmental penalties for exceeding discharge limits, but has completed rectification and implemented systematic pollutant treatment and resource utilization measures - The company and its subsidiaries are listed as key pollutant discharge units, with main pollutants being air pollutants (ammonia, hydrogen sulfide) and water pollutants[54][55] - During the reporting period, Wenchang subsidiary received administrative penalties totaling 680,000 yuan for environmental issues; the company stated no significant impact and that rectification has been completed[60] - The company has implemented pollutant treatment measures, including biogas power generation, wastewater treatment for agricultural irrigation, and solid manure fermentation into fertilizer, achieving resource recycling[56][57][58] Social Responsibility The company actively fulfilled its social responsibilities, investing a cumulative 972,200 yuan in rural revitalization during the first half of the year through various support initiatives - In the first half of the year, a cumulative 972,200 yuan was invested to support rural revitalization through industrial support, donations for farmers, and educational assistance[62] Significant Matters This section covers the company's significant related party transactions and major contract and guarantee obligations Significant Related Party Transactions The company engaged in significant related party transactions, purchasing 27.6651 million yuan in comprehensive management services for real estate projects from a subsidiary of its controlling shareholder Significant Related Party Transactions | Related Party | Relationship | Related Party Transaction Content | Transaction Amount (10,000 Yuan) | | :--- | :--- | :--- | :--- | | Shenzhen Kingkey Real Estate Co., Ltd. | Controlling Shareholder's Controlled Subsidiary | Purchase of Comprehensive Services | 2,766.51 | Significant Contracts and Their Performance The company provides significant guarantees, with 380 million yuan in outstanding mortgage guarantees for homebuyers and 2.371 billion yuan in guarantees for subsidiaries, totaling 79.45% of net assets - The company provides phased mortgage loan guarantees for homebuyers of Shanhai Yuyuan and Shanhai Gongguan projects; as of the end of the reporting period, the guarantee balance was 379.48 million yuan, accounting for 9.85% of the company's latest audited net assets[22][79] Summary of Guarantees | Guarantee Situation Summary | Amount (10,000 Yuan) | % of Company's Net Assets | | :--- | :--- | :--- | | Total Actual Guarantee Balance at End of Reporting Period | 321,826.44 | 79.45% | | - External Guarantee Balance | 38,148.00 | - | | - Guarantee Balance for Subsidiaries | 237,072.63 | - | | - Subsidiary to Subsidiary Guarantee Balance | 46,605.81 | - | Share Changes and Shareholder Information This section details the company's share capital stability, ongoing share repurchase program, and shareholder structure, including significant pledges Share Change Information The company's total share capital remained unchanged, but it initiated a share repurchase plan, having repurchased 4.3433 million shares for 59.42 million yuan, representing 0.82% of total share capital - The company launched a share repurchase plan, intending to use no less than 100 million yuan and no more than 200 million yuan of its own funds to repurchase shares at a price not exceeding 25.50 yuan/share, for equity incentives or employee stock ownership plans[87] - As of the end of the reporting period, a cumulative 4,343,300 shares had been repurchased, accounting for 0.82% of the total share capital, with a total payment of 59,422,527.37 yuan[89] Number of Shareholders and Shareholding Information The company has 16,537 common shareholders, with controlling shareholder Kingkey Group and its concerted party holding 57.12% of shares, both with high proportions of pledged shares Shareholder Holdings and Pledges | Shareholder Name | Shareholding Percentage | Number of Shares Held | Number of Pledged Shares | | :--- | :--- | :--- | :--- | | Shenzhen Kingkey Times Industrial Co., Ltd. | 29.44% | 156,183,392 | 151,634,360 | | Kingkey Group Co., Ltd. | 27.68% | 146,867,557 | 131,323,924 | - Controlling shareholder Kingkey Group and its concerted party Kingkey Times Industrial are concerted parties[90] Financial Report This section presents the company's consolidated financial statements and detailed notes on key accounting items Financial Statements As of June 30, 2024, the company reported 11.408 billion yuan in total assets, 7.313 billion yuan in total liabilities, and 4.051 billion yuan in owners' equity attributable to the parent company, with 2.70 billion yuan in operating revenue and 235 million yuan in net profit attributable to the parent company for H1 2024 Consolidated Balance Sheet Summary (June 30, 2024) | Item | Amount (Yuan) | | :--- | :--- | | Total Assets | 11,407,876,171.62 | | Monetary Funds | 593,568,280.65 | | Inventories | 2,854,737,707.72 | | Fixed Assets | 5,044,840,848.48 | | Total Liabilities | 7,312,533,646.06 | | Short-term Borrowings | 425,023,003.08 | | Long-term Borrowings | 1,213,461,601.55 | | Owners' Equity Attributable to Parent Company | 4,050,581,681.11 | Consolidated Income Statement Summary (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Total Operating Revenue | 2,700,176,717.25 | | Total Operating Cost | 2,395,859,457.37 | | Operating Profit | 306,469,481.38 | | Total Profit | 287,999,367.76 | | Net Profit | 241,213,257.84 | | Net Profit Attributable to Parent Company Shareholders | 235,452,029.88 | Consolidated Cash Flow Statement Summary (H1 2024) | Item | Amount (Yuan) | | :--- | :--- | | Net Cash Flow from Operating Activities | -85,823,750.12 | | Net Cash Flow from Investing Activities | -86,441,754.17 | | Net Cash Flow from Financing Activities | -334,718,296.58 | | Net Increase in Cash and Cash Equivalents | -506,983,800.87 | Notes to Consolidated Financial Statements The notes provide detailed disclosures on the composition and changes of accounting items, highlighting decreased operating revenue from real estate, increased farming revenue, and significant guarantees for subsidiaries and homebuyers Operating Revenue Composition (H1 2024) | Business Type | Revenue (Yuan) | Cost (Yuan) | | :--- | :--- | :--- | | Pig Products | 1,696,917,752.91 | 1,423,296,243.63 | | Commercial Housing | 627,965,148.13 | 303,322,937.65 | | Complete Feed | 326,598,839.17 | 292,219,024.77 | | Poultry Products | 35,438,123.05 | 30,489,865.74 | | Total Principal Business | 2,686,298,899.00 | 2,049,606,092.66 | Inventory Composition (June 30, 2024) | Item | Book Value (Yuan) | | :--- | :--- | | Development Costs | 945,272,732.19 | | Developed Products | 741,070,601.17 | | Consumable Biological Assets | 983,070,312.30 | | Raw Materials | 153,617,366.06 | | Total | 2,854,737,707.72 |