天域生态(603717) - 2024 Q2 - 季度财报

Section I Definitions This section defines key terms and abbreviations used in the report, covering company names, reporting periods, various stages of pig farming, and the PPP model, ensuring clear understanding - The reporting period is from January 1, 2024, to June 30, 2024[6] - The company's former name was "Tianyu Ecological Environment Co., Ltd.", now renamed "Tianyu Biotechnology Co., Ltd."[6] - Detailed definitions are provided for different stages in pig farming, including piglets, nursery pigs, fattening pigs, great-grandparent pigs, grandparent pigs, and parent pigs[6][8] Section II Company Profile and Key Financial Indicators This section presents Tianyu Biotechnology Co., Ltd.'s basic information, contact details, stock overview, and key financial indicators for the reporting period, showing significant net profit growth, slight revenue decrease, and substantial improvement in operating cash flow I. Company Information This section provides basic registration information for Tianyu Biotechnology Co., Ltd., including its Chinese name, abbreviation, foreign name, and legal representative - The company's Chinese name is "Tianyu Biotechnology Co., Ltd.", abbreviated as "Tianyu Bio"[9] - The legal representative is Luo Weiguo[9] II. Contact Persons and Information This section lists the names, contact addresses, phone numbers, faxes, and email addresses of the company's Board Secretary and Securities Affairs Representative, along with the company's registered and office addresses and website, for investor and public contact - The Board Secretary is Meng Zhuowei, and the Securities Affairs Representative is Liu Dan, with contact numbers both 021-65236319[10] - The company's office address is on the second floor of Building C4, Wangu Science Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[11] V. Company Stock Overview This section provides information on the company's stock, including the listing exchange, stock abbreviation, stock code, and previous stock abbreviation - The company's A-shares are listed on the Shanghai Stock Exchange, with stock abbreviation "Tianyu Bio" and stock code "603717"[14] - The previous stock abbreviation was "Tianyu Eco"[14] VII. Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the first half of 2024, including operating revenue, net profit, and cash flow, compared to the same period last year, showing significant improvement in net profit and cash flow Key Accounting Data for H1 2024 | Key Accounting Data | Current Period (Jan-Jun) (Yuan) | Prior Period (Yuan) | YoY Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 423,381,788.06 | 432,525,442.82 | -2.11 | | Net Profit Attributable to Shareholders | 6,228,578.44 | -90,902,386.30 | N/A | | Net Profit Attributable to Shareholders (Excluding Non-Recurring Items) | -3,069,602.22 | -89,452,177.38 | N/A | | Net Cash Flow from Operating Activities | 57,925,350.75 | -187,706,018.48 | N/A | | Net Assets Attributable to Shareholders (Period End) | 652,459,560.46 | 645,658,156.05 | 1.05 | | Total Assets (Period End) | 3,309,581,048.09 | 3,272,635,868.81 | 1.13 | Key Financial Indicators for H1 2024 | Key Financial Indicators | Current Period (Jan-Jun) | Prior Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (Yuan/share) | 0.0215 | -0.3759 | N/A | | Diluted Earnings Per Share (Yuan/share) | 0.0215 | -0.3759 | N/A | | Basic EPS (Excluding Non-Recurring Items) (Yuan/share) | -0.0106 | -0.3699 | N/A | | Weighted Average Return on Net Assets (%) | 0.96 | -8.30 | Increased by 9.26 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Items) (%) | -0.47 | -8.16 | Increased by 7.69 percentage points | - Net profit attributable to shareholders increased compared to the prior period, primarily due to a decrease in operating costs during the reporting period[17] - Net cash flow from operating activities increased compared to the prior period, primarily due to increased cash received from sales of goods and services and decreased cash paid for purchases of goods and services[17] IX. Non-Recurring Gains and Losses Items and Amounts This section details the company's non-recurring gains and losses items and their amounts for the first half of 2024, totaling 9,298,180.66 Yuan, primarily including disposal gains/losses of non-current assets, government grants, fair value changes of financial assets, and other non-operating income and expenses Non-Recurring Gains and Losses Items for H1 2024 | Non-Recurring Gains and Losses Items | Amount (Yuan) | | :--- | :--- | | Disposal Gains/Losses of Non-Current Assets | -1,969,902.44 | | Government Grants Recognized in Profit or Loss | 421,051.90 | | Fair Value Change Gains/Losses of Financial Assets and Disposal Gains/Losses (Excluding Effective Hedging Related to Normal Business Operations) | 1,427,052.58 | | Reversal of Impairment Provisions for Receivables with Individual Impairment Testing | 5,400,000.00 | | Debt Restructuring Gains/Losses | -1,172,240.06 | | Other Non-Operating Income and Expenses (Excluding Above Items) | 5,895,425.77 | | Less: Income Tax Impact | 96,290.11 | | Minority Interest Impact (After Tax) | 606,916.98 | | Total | 9,298,180.66 | Section III Management Discussion and Analysis This section elaborates on the company's operating strategies, business development, industry conditions, core competencies, operating results, and risks during the reporting period, highlighting the focus on ecological agriculture, animal husbandry, food, and ecological energy, the orderly scaling back of ecological environment business, and the positive turnaround in pig farming, despite facing multiple risks I. Description of the Company's Industry and Main Business During the Reporting Period During the reporting period, the company adhered to an "ecological" core, steadily developing ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back ecological environment business. Pig farming is currently the main focus, operating through self-breeding and "company + farmer" models, and actively developing red yeast rice products and distributed photovoltaic power stations. All businesses operate in industries facing transformation, upgrading, and policy support opportunities (I) Company's Main Business Operations The company's main businesses include ecological agriculture, animal husbandry, and food (pig farming, red yeast rice products, etc.), ecological energy (distributed photovoltaic power stations), and ecological environment (landscape ecological engineering, etc.). Pig farming adopts self-breeding and "company + farmer" models, collaborating with Huazhong Agricultural University to improve breeding technology. Through the acquisition of Wuhan Jiacheng Biological Products Co., Ltd., the company entered the red yeast rice series products and health food business. The ecological energy business focuses on investment, development, and construction of "distributed photovoltaic power station projects." The ecological environment business is being orderly scaled back - The company adheres to "ecology" as its core business, steadily developing ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back ecological environment business[20] - Pig farming business adopts self-breeding and "company + farmer" models, primarily selling piglets and fattening pigs[21] - Through the acquisition of Wuhan Jiacheng Biological Products Co., Ltd., the company entered the functional and pigmentary red yeast rice series products, health food, and agricultural and sideline food businesses[23] - The ecological energy business focuses on the investment, development, and construction of "distributed photovoltaic power station projects," researching the development and application of "integrated solar-storage-charging technology" and "building-integrated photovoltaics (BIPV)"[24] - The ecological environment business is being orderly scaled back, focusing on fulfilling existing orders and project completion settlements, intensifying efforts to collect accounts receivable, and gradually divesting this business[25] (II) Industry Conditions of the Company China's pig farming industry is vast but fragmented, moving towards large-scale, standardized, and intelligent development, with pig prices exhibiting a 3-4 year cyclical fluctuation, showing a rebound in Q2 2024. The ecological energy industry is experiencing significant development opportunities under "dual carbon" goals, with continuous growth in new photovoltaic installations, where distributed photovoltaics account for over centralized ones - China's pig farming industry is vast and fragmented, developing towards integration, standardization, intensification, scale, and intelligence[26] - In H1 2024, national pork output decreased by 1.7% YoY, live pig slaughter decreased by 3.1% YoY, and inventory increased by 1.7% MoM[26] - The pig farming industry exhibits a 3-4 year cyclical fluctuation, with a market rebound in Q2 2024, expected to maintain a moderate increase in H2[26] - Under "dual carbon" goals and policy support, the new energy industry is experiencing development opportunities, with national new photovoltaic installations reaching 102.48 GW in H1 2024, a 30.68% YoY increase, of which distributed photovoltaics account for approximately 51.60%[27][28] II. Analysis of Core Competitiveness During the Reporting Period The company has established initial advantages in its ecological agriculture, animal husbandry, and food business through high-standard, automated, and intelligent farming equipment, a regional development strategy, and professional talent team building. Concurrently, the company applies its ecological technology advantages to pig farming to address environmental issues and holds multiple patents in water environment treatment and soil remediation, continuously enhancing its industry-academia-research capabilities (I) Initial Advantages in Ecological Agriculture, Animal Husbandry, and Food Business The company's pig farming business has established three major advantages—farming equipment, regional presence, and talent team—by introducing advanced standardized, automated, and intelligent farming equipment, implementing a regional layout within Hubei Province, and continuously attracting professional talent and technical experts - The company's leased pig farming facilities are highly standardized, automated, and intelligent, introducing advanced equipment such as precise sow feeding systems, body condition recognition, and infrared temperature measurement[30] - The company's pig farming business adheres to a regional development strategy, with production capacity located within Hubei Province, benefiting from local government support and industry chain resources[31] - The company continuously introduces industry professionals and technical experts to build a specialized talent team, and collaborates with colleges and universities to cultivate potential talent[32] (II) Focusing on Business Categories, Accumulating Ecological Technology, and Continuously Enhancing Industry-Academia-Research Capabilities The company applies its ecological technology advantages in comprehensive environmental governance, soil improvement, and organic waste recycling to its pig farming business, effectively addressing environmental issues and achieving environmentally friendly operations through manure resource utilization. As of the end of the reporting period, the company holds 194 utility model patents and 10 invention patents in related fields - The company applies its ecological technology advantages to pig farming, achieving resource utilization and soil improvement through methods such as solid-liquid separation of manure and anaerobic fermentation[33] - As of the end of the reporting period, the company holds a total of 194 utility model patents and 10 invention patents in areas such as comprehensive water environment treatment, soil ecological restoration, ecological agriculture, animal husbandry, food, and photovoltaic power generation[33] III. Discussion and Analysis of Operating Performance In the first half of 2024, the company adjusted its development strategy in a challenging market environment, focusing on ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back ecological environment business. Through improved management and rising pig prices, the pig farming business achieved a turnaround. The company's operating revenue decreased slightly by 2.11% YoY, but net profit attributable to the parent company reached 6.2286 million Yuan - In H1 2024, the company achieved operating revenue of 423.3818 million Yuan, a 2.11% YoY decrease; net profit attributable to shareholders was 6.2286 million Yuan[34] - Continuous decline in pig farming costs, coupled with rising pig prices in H1, led to a turnaround in the pig farming business segment of ecological agriculture, animal husbandry, and food[34] - During the reporting period, the company sold 168,045 live pigs, a 12.15% decrease YoY; pig farming revenue reached 265.1602 million Yuan, a 0.37% decrease YoY[35] - Ecological energy business expansion achieved results, with 51.50 MW projects connected to the grid for power generation, achieving green power operating revenue of 12.3864 million Yuan, a 142.50% increase YoY[37] - Ecological environment business revenue was 132.09 million Yuan, a 17.78% decrease YoY, and the company is actively promoting project settlements and gradually divesting this business[38] - The company has completed its name change to "Tianyu Biotechnology Co., Ltd." to more accurately reflect its business and future strategic direction[36] IV. Key Operating Performance During the Reporting Period This section provides a detailed analysis of the company's financial statement item changes, asset and liability status, investment situation, and operating performance of major holding and participating companies during the reporting period. Operating costs, R&D expenses, and financial expenses significantly decreased, leading to improved net profit. The asset and liability structure remained stable, but some assets were restricted. The company actively engaged in live pig futures hedging and disclosed financial data for its major holding and participating companies 1. Analysis Table of Changes in Financial Statement Items This section presents the YoY changes in the company's operating revenue, costs, various expenses, and net cash flow through an analysis table of financial statement items, explaining the main reasons for these changes Changes in Financial Statement Items | Item | Current Period Amount (Yuan) | Prior Period Amount (Yuan) | Change Rate (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 423,381,788.06 | 432,525,442.82 | -2.11 | | Operating Costs | 360,172,864.67 | 466,413,365.33 | -22.78 | | Selling Expenses | 2,001,667.61 | 1,452,437.22 | 37.81 | | Administrative Expenses | 49,757,802.04 | 42,119,457.68 | 18.13 | | Financial Expenses | -1,788,510.21 | 7,814,796.61 | -122.89 | | R&D Expenses | 3,459,770.68 | 9,362,089.67 | -63.04 | | Net Cash Flow from Operating Activities | 57,925,350.75 | -187,706,018.48 | N/A | | Net Cash Flow from Investing Activities | -41,116,027.72 | -48,891,914.47 | N/A | | Net Cash Flow from Financing Activities | 7,646,567.58 | 96,712,299.64 | -92.09 | - Decrease in operating costs was primarily due to reduced costs in the ecological agriculture, animal husbandry, and food business[41] - Change in financial expenses was primarily due to increased interest income[42] - Decrease in R&D expenses was primarily due to reduced R&D project expenditures[42] (III) Analysis of Assets and Liabilities This section analyzes the composition and changes in the company's assets and liabilities at period-end. Total assets and net assets slightly increased, but trading financial assets significantly decreased, while inventories, construction in progress, and intangible assets substantially increased. Additionally, it discloses the restricted status of major assets at period-end, with a total book value of nearly 1 billion Yuan in restricted assets Changes in Assets and Liabilities | Item Name | Current Period End Amount (Yuan) | % of Total Assets at Period End | Prior Year End Amount (Yuan) | % of Total Assets at Prior Year End | YoY Change Rate (%) | Explanation | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 179,590,104.57 | 5.43 | 151,602,505.27 | 4.63 | 18.46 | Primarily due to maturity during the reporting period | | Trading Financial Assets | - | - | 10,293,500.80 | 0.31 | -100.00 | Primarily due to maturity during the reporting period | | Notes Receivable | 1,048,800.00 | 0.03 | 12,410,363.00 | 0.38 | -91.55 | Primarily due to maturity of notes during the reporting period | | Inventories | 221,840,665.18 | 6.70 | 159,630,145.89 | 4.88 | 38.97 | Primarily due to reversal of inventory impairment provisions during the reporting period | | Construction in Progress | 30,238,321.22 | 0.91 | 19,057,210.19 | 0.58 | 58.67 | Primarily due to photovoltaic power station construction during the reporting period | | Intangible Assets | 26,704,865.66 | 0.81 | 7,116,277.06 | 0.22 | 275.26 | Primarily due to increased land use rights from business combination not under common control during the reporting period | | Taxes Payable | 579,507.85 | 0.02 | 2,153,429.09 | 0.07 | -73.09 | Primarily due to tax payments during the reporting period | | Deferred Income Tax Liabilities | 2,849,804.06 | 0.09 | 73,534.74 | 0.00 | 3,775.45 | Primarily due to asset appraisal appreciation from business combination not under common control during the reporting period | Restricted Status of Major Assets at Period End | Item | Book Balance (Yuan) | Book Value at Period End (Yuan) | Restriction Type | Restriction Details | | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 54,052,110.29 | 54,052,110.29 | Pledge, Freeze | Bank acceptance bill margin, other freezes | | Accounts Receivable | 39,145,904.67 | 37,538,609.44 | Pledge | Bank loan guarantee, finance lease guarantee | |