天鹅股份(603029) - 2025 Q2 - 季度财报

Definitions This section provides definitions of key terms and reporting period details for clarity and accurate understanding of the report Definitions of Common Terms This chapter defines key terms, including company names, regulatory bodies, currency units, and industry-specific terminology, to ensure accurate report comprehension - The company's abbreviation is 'Swan Stock', and its full name is Shandong Swan Cotton Machinery Co., Ltd[9] - The reporting period is from January 1, 2025, to June 30, 2025[9] - Main business involves the cotton machinery industry, including cotton processing machinery such as machine-picked cotton, ginning, delinting, and baling, as well as harvesting machinery like cotton pickers and grain combine harvesters[9] Company Profile and Key Financial Indicators This section provides an overview of the company's fundamental information and key financial performance, highlighting significant changes in revenue, profit, and asset-liability structure for the reporting period Company Information This section outlines the company's basic registration details, including its Chinese name, abbreviation, foreign name, and legal representative, clarifying its identity and legal status - The company's Chinese name is Shandong Swan Cotton Machinery Co., Ltd, abbreviated as Swan Stock[11] - The company's legal representative is Wang Xinting[11] Contact Person and Information This section provides detailed contact information for the company's Board Secretary and Securities Affairs Representative, facilitating communication for investors and relevant parties - The Board Secretary is Wu Weizhong, and the Securities Affairs Representative is Wang Weijing[12] - Contact phone and fax numbers are 0531-58675810, and the email address is swan@sdmj.com.cn[12] Brief Introduction to Changes in Basic Information This section states that the company's registered and office addresses have not changed, maintaining stability - The company's registered and office addresses are both No. 99 Daweizhuang East Road, Tianqiao District, Jinan City, with no historical changes during the reporting period[13] Brief Introduction to Changes in Information Disclosure and Document Storage Locations This section lists the company's designated information disclosure newspapers and website, along with the storage location for the semi-annual report, ensuring transparency and accessibility of information disclosure - The company's selected information disclosure newspapers include China Securities Journal, Shanghai Securities News, Securities Times, and Securities Daily[14] - The website address for publishing the semi-annual report is **www.sse.com.cn**[14](index=14&type=chunk) Overview of Company Shares This section provides basic information about the company's shares, including share type, listing exchange, stock abbreviation, and code - The company's shares are A-shares, listed on the Shanghai Stock Exchange, with the stock abbreviation Swan Stock and stock code 603029[15] Company's Key Accounting Data and Financial Indicators In the first half of 2025, the company's operating revenue increased by 23.47% to CNY 321.09 million, and net profit attributable to shareholders increased by 20.41% to CNY 18.10 million. However, net profit excluding non-recurring gains and losses decreased by 9.76%, and net cash flow from operating activities remained negative, indicating that while revenue grew, non-recurring items significantly contributed to net profit, and operating cash flow pressure persists Key Accounting Data In the first half of 2025, the company's operating revenue and total profit grew significantly, but net profit excluding non-recurring gains and losses declined, and net cash flow from operating activities remained negative, reflecting challenges in core business profitability and cash flow management 2025 H1 Key Accounting Data | Key Accounting Data | Current Period (Jan-Jun) (CNY) | Prior Year Period (CNY) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 321,093,404.70 | 260,057,008.78 | 23.47 | | Total Profit | 22,671,017.86 | 15,163,578.70 | 49.51 | | Net Profit Attributable to Shareholders of Listed Company | 18,096,326.43 | 15,028,717.78 | 20.41 | | Net Profit Attributable to Shareholders of Listed Company Excluding Non-recurring Gains and Losses | 8,320,380.77 | 9,219,813.23 | -9.76 | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | N/A | 2025 H1 Asset and Liability Data | Indicator | End of Current Period (CNY) | End of Prior Year (CNY) | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | | Net Assets Attributable to Shareholders of Listed Company | 894,506,042.16 | 896,641,102.42 | -0.24 | | Total Assets | 2,216,803,856.90 | 2,240,568,625.18 | -1.06 | Key Financial Indicators In the first half of 2025, the company's basic and diluted earnings per share both increased by 25%, but basic earnings per share excluding non-recurring gains and losses decreased by 12.5%, and the weighted average return on net assets (after non-recurring items) also slightly declined, indicating a need to improve the quality of the company's earnings 2025 H1 Key Financial Indicators | Key Financial Indicators | Current Period (Jan-Jun) (CNY/share) | Prior Year Period (CNY/share) | Change from Prior Year (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share | 0.15 | 0.12 | 25.00 | | Diluted Earnings Per Share | 0.15 | 0.12 | 25.00 | | Basic Earnings Per Share Excluding Non-recurring Gains and Losses | 0.07 | 0.08 | -12.5 | | Weighted Average Return on Net Assets (%) | 2.03 | 1.78 | increased by 0.25 percentage points | | Weighted Average Return on Net Assets Excluding Non-recurring Gains and Losses (%) | 0.93 | 1.09 | decreased by 0.16 percentage points | Non-recurring Gains and Losses Items and Amounts In the first half of 2025, the company's total non-recurring gains and losses amounted to CNY 9.78 million, primarily from government subsidies, disposal gains on non-current assets, and reversal of impairment provisions for receivables, which positively impacted current net profit 2025 H1 Non-recurring Gains and Losses Items and Amounts | Non-recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains and losses from disposal of non-current assets | 217,372.30 | | Government subsidies included in current profit and loss | 8,456,515.00 | | Reversal of impairment provisions for receivables subject to separate impairment testing | 1,201,135.76 | | Other non-operating income and expenses | 988,082.36 | | Less: Income tax impact | 1,087,159.76 | | Total | 9,775,945.66 | Management Discussion and Analysis This section analyzes the company's industry, main business operations, core competitiveness, and key financial performance during the reporting period, including market strategies, R&D efforts, and risk factors Explanation of the Company's Industry and Main Business during the Reporting Period The company primarily engages in the R&D, production, and sales of complete sets of cotton harvesting and processing machinery, belonging to the special equipment manufacturing industry. Industry development benefits from national policy support and the concentration of the Xinjiang cotton industry, but faces challenges from domestic market stock updates and intensified competition. The company actively expands international markets and has laid out three product categories around the cotton industry chain, adopting order-based production and a combination of direct and distribution sales models, maintaining a leading market position - The company's industry is "Special Equipment Manufacturing (C35)" under "Agricultural, Forestry, Animal Husbandry, and Fishery Special Machinery Manufacturing (C357)"[20] - Xinjiang's cotton planting area and output account for over 86% of the national total, making it the company's primary market[21] - The domestic cotton picker market has entered a cycle of stock replacement and upgrade, with fierce competition; international markets (e.g., Uzbekistan) offer incremental growth opportunities[24][25] Industry Development of the Company's Sector China's cotton industry is concentrating in Xinjiang's advantageous production areas, with national policies supporting stable cotton production, quality improvement, and agricultural machinery scrap-and-replace programs. The cotton processing industry is undergoing structural adjustment, focusing on existing equipment upgrades and digital transformation. The cotton picker market is saturated, transitioning from spindle-type to baling cotton pickers, with scrap-and-replace subsidies stimulating the market. Simultaneously, the "Belt and Road" initiative provides opportunities for international market expansion, enhancing the competitiveness of domestic brands overseas, leading to increased international competition - In 2024, Xinjiang's cotton planting area and output were 36.72 million mu and 5.69 million tons, respectively, accounting for 86.24% and 92.25% of the national total[21] - In 2024, Xinjiang's cotton picker ownership exceeded 8,900 units, including 4,871 spindle-type and 4,068 baling cotton pickers, indicating a saturated market accelerating towards baling cotton pickers[23][24] - National policies increased subsidies for old agricultural machinery scrap-and-replace, raising the maximum subsidy for a single cotton picker from CNY 60,000 to CNY 80,000[24] Company's Main Business Operations The company has developed three main product categories around the cotton industry chain: cotton processing machinery, harvesting machinery, and other agricultural equipment. Cotton processing machinery provides comprehensive, intelligent solutions; harvesting machinery includes baling cotton pickers and grain harvesters; other agricultural products cover grain drying and straw baling. The company adopts order-based production, processes core components in-house, and uses a sales model primarily based on direct sales supplemented by distribution, maintaining a leading market position - The company's product portfolio includes three major categories: cotton processing machinery, harvesting machinery, and other agricultural equipment[26] - Cotton processing machinery offers one-stop supply and services from opening and feeding cotton to cotton seed delinting, including ginning machines and delinting machines[27][30][31] - Harvesting machinery primarily includes six-row, four-row, and three-row self-propelled baling cotton pickers and spindle-type cotton pickers, as well as grain combine harvesters, corn kernel combine harvesters, and tomato harvesters[32][33] - The company is the leading enterprise and the only listed company in China's cotton processing machinery manufacturing industry, with its baling cotton picker market share ranking among the top in the industry[39] Discussion and Analysis of Operating Performance In the first half of 2025, the company achieved operating revenue of CNY 321.09 million, a year-on-year increase of 23.47%; net profit attributable to shareholders was CNY 18.10 million, a year-on-year increase of 20.41%. The company actively responded to industry competition by focusing on domestic and international market expansion, product innovation across its three main segments, and quality and service upgrades. Overseas business significantly improved, R&D investment reached CNY 17.65 million, and digital production and localized service system construction continued to advance 2025 H1 Operating Performance | Indicator | Amount (CNY '0,000) | Year-on-Year Growth (%) | | :--- | :--- | :--- | | Operating Revenue | 32,109.34 | 23.47 | | Net Profit Attributable to Shareholders of Listed Company | 1,809.63 | 20.41 | - The company's R&D investment was CNY 17.65 million, focusing on product innovation across the three major segments of cotton processing, harvesting, and agricultural machinery[44] - Overseas business achieved significant improvement, with increased promotion of four-row spindle-type cotton pickers in the Uzbekistan market and active expansion into South American and African markets[42] - 27 new national patents (including 6 invention patents) and 3 new software copyrights were granted, bringing the total effective patents to 245 and software copyrights to 14; the company led or participated in the revision of 33 national and industry standards[48] Focusing on Both Domestic and International Markets, Stabilizing Existing and Expanding New Business Domestically, the company strengthens its leading position by promoting intelligent machine-picked cotton production lines and new technology products, consolidating its market share; internationally, it actively implements the "Foreign Trade Breakthrough" three-year action plan, seizes opportunities in the Central Asian cotton picker market, intensifies promotion in Uzbekistan, and expands into South America and Africa, enhancing international brand influence through strategic cooperation with leading domestic enterprises - In the domestic cotton machinery market, the company continues to increase market promotion of intelligent 60 bales/hour machine-picked cotton production line overall solutions, stimulating demand for existing equipment upgrades through technological advancements[41] - Overseas business achieved significant improvement, with a focus on promoting four-row spindle-type cotton pickers in the Uzbekistan market, while actively expanding into South American and African markets[42] - Through the "going global with partners" model, indirect exports were driven, successfully deploying high-end equipment such as intelligent cotton pickers and intelligent cotton processing production lines in Central Asian markets[42] Focusing on Product Innovation Across Three Major Segments, Stabilizing Foundations and Expanding New Products The company continues to implement an innovation-driven strategy, with R&D investment of CNY 17.65 million during the reporting period. On one hand, it enhances the performance and digitalization of core products like seed cotton cleaners, ginning machines, and cotton pickers through technological iteration; on the other hand, it actively develops new products such as the 208 ginning machine, high-density baling cotton pickers, large grain combine harvesters, and self-propelled chili harvesters, and expands grain drying tower specifications to build a serialized product matrix. The company highly values intellectual property, with 27 new authorized national patents and leadership or participation in the revision of 33 national and industry standards - R&D investment during the reporting period was CNY 17.65 million, focusing on innovation in the three major segments of cotton processing, harvesting, and agricultural machinery[44] - In the first half of the year, the company conducted R&D on cotton processing machinery, primarily the 208 ginning machine and 70-bale lint baler, and multiple harvesting machinery products, including high-density baling cotton pickers, extended-range baling cotton pickers, large grain combine harvesters with feeding capacity over 15kg/s, and self-propelled chili harvesters[45] - 27 new national patents (including 6 invention patents) and 3 new software copyrights were granted, bringing the total effective patents to 245 and software copyrights to 14; the company led or participated in the revision of 33 national and industry standards[48] Focusing on Continuous Efforts in Quality and Service, Stabilizing Foundations and Opening New Horizons The company continues to advance its "Quality Improvement, Service Upgrade" three-year action plan, enhancing product quality through targeted breakthroughs, core process innovation, and optimized supplier management. Simultaneously, it accelerates digital transformation of manufacturing, with the first domestic saw blade automation production line in operation, a subsidiary selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps, and multiple management system certifications obtained. In terms of service, it focuses on localized service system construction, deploying a "5S" service network domestically and internationally, and deepening digital technology empowerment for the "Swan Service Connect" platform - The first domestic automated production line for saw blades, a key component in cotton processing, was successfully put into operation and trial run at Huyanghe Swan[49] - Subsidiary Xinjiang Swan's "Cloud-Edge-End Collaborative Smart Factory for Cotton Pickers" was successfully selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps[49] - The Huyanghe Swan Smart Agriculture Comprehensive Service Center in Northern Xinjiang has officially commenced operations, and the first phase of the Tumushuk Swan Smart Agriculture Comprehensive Service Center in Southern Xinjiang has begun construction[50] Analysis of Core Competitiveness during the Reporting Period The company's core competitiveness lies in its industry-leading position, continuous technological innovation, high-caliber talent team, strong brand influence, comprehensive marketing and service system, and advanced digital equipment manufacturing capabilities. The company is a major player across the entire cotton harvesting and processing machinery industry chain, possessing multiple national-level scientific innovation platforms and patents, high product market share, and actively promoting intelligent manufacturing upgrades - The company is a leading enterprise in China's cotton harvesting and processing machinery production, offering a full range of equipment, and is the only listed company in the industry[51] - It possesses seven provincial-level scientific innovation platforms; as of the end of the reporting period, it held 245 national patents and 13 software copyrights, and led or participated in the revision of 33 national and industry standards[52][53] - A comprehensive cotton machinery marketing and service system has been established, with "5S" service stores in major domestic cotton-producing areas, extending to over 30 countries and regions internationally[56] - It boasts first-class intelligent manufacturing production lines for high-end cotton pickers, and subsidiary Xinjiang Swan was selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps[57][58] Industry Position Advantage The company is a leading enterprise in China's cotton harvesting and processing machinery production, offering a full range of equipment, and has become one of the main providers of complete mechanized equipment for machine-picked cotton harvesting and processing, achieving localized production in Xinjiang's cotton-producing areas, and is the only listed company in the cotton machinery industry - The company is a leading enterprise in China's cotton harvesting and processing machinery production, with products covering a full range of equipment required for cotton harvesting and processing[51] - The company has become one of the main providers of complete mechanized equipment for machine-picked cotton harvesting and processing in China, achieving localized production in Xinjiang's cotton-producing areas[51] Technological Innovation Advantage The company possesses an excellent R&D team and a comprehensive R&D mechanism; both the company and its subsidiaries are national high-tech enterprises, owning seven provincial-level scientific innovation platforms. As of the end of the reporting period, the company held 245 national patents and 13 software copyrights, and led or participated in the formulation and revision of 33 national and industry standards, receiving multiple national and provincial/ministerial level scientific and technological awards - The company and its subsidiaries Xinjiang Swan and Yedian Iron Bull are all national high-tech enterprises, possessing seven provincial-level scientific innovation platforms[52][53] - As of the end of the reporting period, the company held 245 national patents and 13 software copyrights, and led or participated in the formulation and revision of 33 national and industry standards[53] Talent Advantage The company highly values talent development and construction, establishing a comprehensive talent acquisition system and R&D incentive mechanism. As of June 30, 2025, the company has 1 expert enjoying special government allowances from the State Council, 4 Jinan "Haiyou Plan" industry leading talents, 20 senior technical titles, 36 intermediate technical titles, 67 senior technicians and technicians, with 53.03% holding a university degree or higher[54] Brand Advantage The company has built the core competitiveness of the "Swan" brand through advanced product technology, comprehensive product categories, stable product quality, and a complete after-sales service system. The company's cotton machinery products hold a high market share in the domestic market, are a leading brand in the domestic cotton machinery industry, with baling cotton picker market share ranking among the top, and have been listed as "Shandong Manufacturing · Qilu Fine Product"[55] Marketing and Service Advantage Adhering to the philosophy of "regional quantification, seamless segmentation, nanny-style service," the company has established a comprehensive cotton machinery marketing and service system, setting up "5S" service stores in major domestic cotton-producing areas to provide one-stop, full-process, all-round, all-weather, zero-distance service. Currently, the Huyanghe Swan Smart Agriculture Comprehensive Service Center in Northern Xinjiang has commenced operations, and the first phase of the Tumushuk Swan Smart Agriculture Comprehensive Service Center in Southern Xinjiang is under construction, with the marketing and service network extended to over 30 countries and regions internationally[56] Digital Equipment Manufacturing Advantage The company continuously promotes the digital and automated upgrade of production equipment, introducing advanced equipment such as robot welding production lines and CNC flexible machining centers, mastering advanced core manufacturing technologies for domestic cotton processing machinery. The company has a localized fully automated saw blade production line and a first-class intelligent manufacturing production line for high-end cotton pickers, establishing an MES system to achieve shared and collaborative management of production data. Subsidiary Xinjiang Swan's "Cloud-Edge-End Collaborative Smart Factory for Cotton Pickers" was successfully selected as one of the first 5G smart factories in Xinjiang Production and Construction Corps[57][58] Major Operating Performance during the Reporting Period In the first half of 2025, the company's operating revenue increased by 23.47%, primarily due to increased revenue from harvesting machinery products and a significant increase in cotton picker exports. Operating costs increased with revenue. Financial expenses increased due to higher interest expenses from increased bank loans. Non-operating items such as government subsidies and demolition compensation contributed significantly to profit, but credit impairment losses and increased inventory also brought financial pressure. Total assets and net assets slightly decreased, with overseas assets accounting for 0.36% 2025 H1 Financial Statement Related Item Changes | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 321,093,404.70 | 260,057,008.78 | 23.47 | | Operating Cost | 229,693,561.18 | 181,728,725.75 | 26.39 | | Selling Expenses | 13,556,990.45 | 14,643,744.14 | -7.42 | | Administrative Expenses | 34,345,872.03 | 31,270,549.22 | 9.83 | | Financial Expenses | 1,087,221.48 | -895,496.65 | N/A | | R&D Expenses | 17,645,073.89 | 21,437,288.23 | -17.69 | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | N/A | | Net Cash Flow from Investing Activities | -16,112,592.76 | -15,172,300.24 | N/A | | Net Cash Flow from Financing Activities | -10,838,200.42 | -36,312,636.03 | N/A | - The change in operating revenue was primarily due to increased revenue from harvesting machinery products and a significant increase in cotton picker export sales revenue[59] - The increase in financial expenses was primarily due to the company's increased bank loans, leading to higher interest expenses[60] - Non-operating items significantly impacted profit, including other income of CNY 7.32 million (government subsidies and VAT super deduction), non-operating income of CNY 3.57 million (demolition compensation and industrial revitalization project subsidies), and credit impairment losses of CNY -8.44 million[61] Analysis of Main Business The company's main business revenue increased by 23.47%, primarily due to increased revenue from harvesting machinery products and a significant increase in cotton picker exports. Operating costs increased with revenue. Selling and administrative expenses remained stable, while R&D expenses decreased. Financial expenses increased due to higher interest expenses from increased bank loans, and net cash flow from operating activities remained negative, reflecting the seasonal nature of the company's production and operations - Operating revenue growth was primarily due to increased revenue from harvesting machinery products and a significant increase in cotton picker export sales revenue[59] - Financial expenses increased primarily because the company increased bank loans, leading to higher interest expenses[60] Explanation of Significant Changes in Profit Due to Non-Operating Activities During the reporting period, non-operating activities significantly impacted the company's profit. Other income of CNY 7.32 million primarily came from government subsidies and VAT super deduction; non-operating income of CNY 3.57 million mainly consisted of demolition compensation and industrial revitalization subsidies. Simultaneously, credit impairment losses amounted to CNY -8.44 million, primarily due to the provision for expected credit losses on accounts receivable, other receivables, and cotton picker mortgage loan guarantee business - Other income of CNY 7.32 million was primarily due to various government subsidies received by the company and VAT super deduction[61] - Non-operating income of CNY 3.57 million was primarily due to demolition compensation, industrial revitalization, and technological transformation project subsidies recognized in phases by the company[61] - Credit impairment losses of CNY -8.44 million were primarily due to the company's provision for expected credit losses on accounts receivable, other receivables, and cotton picker mortgage loan guarantee business[61] Analysis of Assets and Liabilities At the end of the reporting period, the company's monetary funds decreased by 51.22% year-on-year to CNY 170.71 million, mainly due to production stocking and dividend distribution. Inventory increased by 14.91% to CNY 1.23 billion, primarily due to increased production stocking. Construction in progress increased by 33.71%, mainly due to increased construction of the Tumushuk Swan project. Taxes payable decreased by 71.44%, mainly due to the payment of corporate income tax and value-added tax. Estimated liabilities increased by 39.19%, mainly due to the provision for expected credit losses related to guarantees. Overseas assets accounted for 0.36% of total assets 2025 H1 Asset and Liability Status Changes | Item Name | End of Current Period (CNY) | % of Total Assets at Period End | End of Prior Year (CNY) | % of Total Assets at Prior Year End | Change from Prior Year End (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Monetary Funds | 170,705,224.69 | 7.70 | 349,961,310.14 | 15.62 | -51.22 | | Inventory | 1,231,883,395.30 | 55.57 | 1,072,069,766.08 | 47.85 | 14.91 | | Construction in Progress | 7,838,134.67 | 0.35 | 5,862,039.00 | 0.26 | 33.71 | | Short-term Borrowings | 129,907,769.44 | 5.86 | 115,083,833.32 | 5.14 | 12.88 | | Taxes Payable | 4,091,109.07 | 0.18 | 14,326,025.90 | 0.64 | -71.44 | | Estimated Liabilities | 26,058,332.37 | 1.18 | 18,721,768.28 | 0.84 | 39.19 | - Overseas assets amounted to CNY 8.04 million, accounting for 0.36% of total assets[64] 2025 H1 Major Asset Restriction Status | Item | Book Value at Period End (CNY) | Reason for Restriction | | :--- | :--- | :--- | | Fixed Assets | 72,183,819.56 | Loan collateral | | Monetary Funds | 55,149,066.42 | Security deposit | | Intangible Assets | 60,647,254.01 | Loan collateral | | Total | 187,980,139.99 | / | Analysis of Investment Status During the reporting period, the company's external investments primarily focused on the construction of smart agriculture comprehensive service centers in Northern and Southern Xinjiang. The Northern Xinjiang project has been completed and put into use, with a cumulative investment of CNY 33.56 million; the first phase of the Southern Xinjiang project is under construction, with a cumulative investment of CNY 10.61 million - The Northern Xinjiang Smart Agriculture Comprehensive Service Center project has been completed and put into use, with a cumulative investment of CNY 33.56 million[67] - The first phase of the Southern Xinjiang Smart Agriculture Comprehensive Service Center project is under construction, with a cumulative investment of CNY 10.61 million[67] Analysis of Major Holding and Participating Companies The company's major subsidiaries, Xinjiang Swan and Yedian Iron Bull, both achieved profitability during the reporting period. Xinjiang Swan had total assets of CNY 564.58 million and net profit of CNY 6.30 million; Yedian Iron Bull had total assets of CNY 312.67 million and net profit of CNY 1.40 million, indicating good operating conditions for the subsidiaries Major Subsidiary Financial Data (2025 H1) | Company Name | Total Assets (CNY '0,000) | Net Assets (CNY '0,000) | Operating Revenue (CNY '0,000) | Operating Profit (CNY '0,000) | Net Profit (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | :--- | | Xinjiang Swan | 56,458.15 | 18,674.66 | 7,932.09 | 707.41 | 630.16 | | Yedian Iron Bull | 31,267.28 | 7,900.78 | 2,561.93 | 60.13 | 140.12 | Other Disclosure Matters The company faces multiple risks, including market risks such as national policy adjustments, insufficient market demand, and intensified industry competition. Financial risks primarily manifest in large balances of accounts receivable and inventory, as well as potential default risks from cotton picker mortgage guarantee business. Additionally, technology and talent loss, uncertainty in new product R&D, risks in recovering equity transfer payments, and patent litigation with John Deere also constitute significant risks - Policy risk: Increased government support and financial investment in agricultural development, but policy adjustments may adversely affect the market prospects of the company's products and services[69] - Market risk: The domestic cotton processing machinery market has entered a cyclical adjustment with insufficient effective demand; the cotton picker market primarily relies on equipment updates, and if update demand falls short of expectations or new market expansion lags, sales may decline. International market expansion faces challenges in legal regulations, business environment, customer acceptance, and after-sales service[70][71] - Financial risk: Accounts receivable book value of CNY 137.45 million and inventory book value of CNY 1.23 billion pose risks of bad debts and inventory write-downs[72] - Mortgage guarantee risk: As of June 30, 2025, the outstanding balance of cotton picker mortgage loan guarantees was CNY 374.48 million, accounting for 41.76% of net assets, with an estimated liability of CNY 26.06 million provided, indicating default risk[73][74] - Pending patent litigation risk: John Deere filed a patent infringement lawsuit against the company, claiming CNY 10 million in damages; the case is currently suspended, and the impact on the company's profit cannot yet be determined[79] Potential Risks The company faces multi-faceted risks including policy, market, financial, mortgage guarantee, technology and talent, R&D, equity transfer payment recovery, and patent litigation. Policy adjustments, insufficient market demand, and intensified competition may impact performance; high accounts receivable and inventory balances pose bad debt and inventory write-down risks; cotton picker mortgage guarantees may lead to defaults; loss of core technology and R&D uncertainty affect competitiveness; unrecovered equity transfer payments and patent litigation with John Deere also constitute potential financial and operational risks - National policy adjustments, insufficient market demand, and intensified industry competition may lead to performance decline[69][70][71] - Accounts receivable book value of CNY 137.45 million and inventory book value of CNY 1.23 billion pose bad debt and inventory write-down risks[72] - Cotton picker mortgage loan guarantee balance of CNY 374.48 million, accounting for 41.76% of net assets, with an estimated liability of CNY 26.06 million provided, indicating default risk[73][74] - Patent infringement lawsuit by John Deere claiming CNY 10 million in damages is currently suspended, and the impact on the company's profit cannot yet be determined[79] Corporate Governance, Environment, and Society This section covers changes in the company's governance structure, including directors, supervisors, and senior management, as well as its policies and actions regarding profit distribution, employee incentives, environmental information, and rural revitalization initiatives Changes in Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the company's directors, supervisors, or senior management, maintaining the stability of the management team Profit Distribution or Capital Reserve Conversion Plan The company's proposed semi-annual profit distribution or capital reserve conversion to share capital plan is "No," meaning no profit distribution or capital reserve conversion to share capital will occur - The company's proposed semi-annual profit distribution plan or capital reserve conversion to share capital plan is "No"[82] Company's Equity Incentive Plan, Employee Stock Ownership Plan, or Other Employee Incentive Measures and Their Impact During the reporting period, the company did not disclose any progress or changes regarding equity incentive plans, employee stock ownership plans, or other employee incentive measures Environmental Information of Listed Companies and Their Major Subsidiaries Included in the List of Enterprises Required to Disclose Environmental Information by Law During the reporting period, the company did not disclose environmental information of listed companies and their major subsidiaries included in the list of enterprises required to disclose environmental information by law Specific Information on Consolidating and Expanding Poverty Alleviation Achievements, Rural Revitalization, and Other Work During the reporting period, the company did not disclose specific information on consolidating and expanding poverty alleviation achievements, rural revitalization, and other related work Material Matters This section details the company's fulfillment of commitments, absence of irregular fund occupation or guarantees, major litigation, related-party transactions, and other significant events impacting its operations and financial position Fulfillment of Commitments The company's controlling shareholder, Shandong Supply and Marketing Group Co., Ltd., and its ultimate controlling party, Shandong Supply and Marketing Cooperative Federation, have strictly fulfilled their commitments regarding resolving horizontal competition and regulating related-party transactions. These commitments aim to avoid business competition with the listed company and ensure fairness and impartiality in related-party transactions, safeguarding the legitimate rights and interests of the listed company and its minority shareholders - Controlling shareholder Shandong Supply and Marketing Group Co., Ltd. committed to taking legal and effective measures to avoid horizontal competition with the listed company and to regulate related-party transactions according to market fairness principles[85][86] - The ultimate controlling party, Shandong Supply and Marketing Cooperative Federation, committed that it and other enterprises it controls would not engage in businesses identical or similar to Swan Stock, avoiding horizontal competition, and ensuring Swan Stock has priority rights to acquire and produce new technologies and products[86][87] - All commitments were timely and strictly fulfilled during the reporting period[85][86] Non-Operating Fund Occupation by Controlling Shareholder and Other Related Parties during the Reporting Period During the reporting period, there was no non-operating fund occupation by the controlling shareholder or other related parties of the company Irregular Guarantees During the reporting period, the company did not provide external guarantees in violation of prescribed decision-making procedures Semi-Annual Report Audit Status This semi-annual report has not been audited - This semi-annual report has not been audited[5] Changes and Handling of Matters Involving Non-Standard Audit Opinions in the Previous Annual Report During the reporting period, there were no changes or handling of matters involving non-standard audit opinions in the company's previous annual report Bankruptcy and Reorganization Matters During the reporting period, the company had no bankruptcy and reorganization related matters Major Litigation and Arbitration Matters The company is involved in several major litigation and arbitration matters. A patent infringement lawsuit with John Deere, claiming CNY 10 million in damages, is currently suspended, and its impact on the company's profit cannot yet be determined. Additionally, the company, as plaintiff, is involved in multiple sales contract disputes and guarantee liability subrogation disputes, some of which have been settled by judgment or mediation, with partial funds recovered. In lawsuits where the company is a defendant, some judgments have ruled that the company is not liable for compensation - John Deere filed a patent infringement lawsuit against the company, claiming CNY 10 million in damages; the case is currently suspended, and the specific extent of its impact on the company's current or future profit cannot yet be determined[79][89] - The company, as plaintiff, is involved in multiple sales contract disputes and guarantee liability subrogation disputes; some cases have been settled by first-instance judgment or mediation, and some subrogation payments have been recovered[91][92] - As a defendant, in the sales contract dispute with Panjin Xinyuan Agricultural Machinery Manufacturing Co., Ltd., the court dismissed the plaintiff's claims; in the sales contract dispute with Zhang Zhiliang, the court ruled that the company was not liable for compensation[92][93] Alleged Violations, Penalties, and Rectification of Listed Company, Its Directors, Supervisors, Senior Management, Controlling Shareholder, and Actual Controller During the reporting period, there were no alleged violations, penalties, or rectification situations involving the company, its directors, supervisors, senior management, controlling shareholder, or actual controller Explanation of the Integrity Status of the Company, Its Controlling Shareholder, and Actual Controller during the Reporting Period During the reporting period, the company, its controlling shareholder, and actual controller maintained a good integrity status, with no significant dishonest conduct Major Related-Party Transactions The company has daily operating related-party transactions such as leasing, labor services, and goods purchases with related parties, with pricing based on fair principles, which have not adversely affected the company's financial position and operating results. Additionally, the equity repurchase agreement with Wang Xiaowei is still ongoing, and as of the report disclosure date, CNY 39.27 million in equity transfer payments are overdue 2025 H1 Daily Operating Related-Party Transactions | Related Party | Related Relationship | Related Transaction Type | Related Transaction Content | Related Transaction Amount (CNY '0,000) | | :--- | :--- | :--- | :--- | :--- | | Shandong Supply and Marketing Financing Guarantee Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 30.75 | | Shandong Supply and Marketing Supply Chain Management Group Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 10.63 | | Shandong Supply and Marketing Agricultural Service Group Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 24.52 | | Shandong Supply and Marketing Comprehensive Service Platform Co., Ltd. | Other related party | Lease in/out | Property rental | 3.27 | | Shandong Supply and Marketing Renewable Resources Development Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property rental | 10.60 | | Shandong Supply and Marketing Supply Chain Management Group Market Construction Development Co., Ltd. Swan Building Branch | Other related party | Lease in/out | Property rental | 8.79 | | Shandong Lugong Modern Agricultural Development (Group) Co., Ltd. | Subsidiary of shareholder | Lease in/out | Property lease | 0.50 | | Shandong Lugong Modern Agricultural Development (Group) Co., Ltd. | Subsidiary of shareholder | Provide labor | Property services | 359.20 | | Shandong Supply and Marketing Cooperative Federation | Indirect controlling shareholder | Purchase goods | Purchase goods | 7.08 | | Shandong Supply and Marketing Supply Chain Management Group Co., Ltd. | Subsidiary of shareholder | Purchase goods | Purchase goods | 0.25 | | Total | / | / | / | 455.34 | - Regarding the equity repurchase agreement with Wang Xiaowei, as of the report disclosure date, the counterparty has paid CNY 134.88 million in transfer payments, with an overdue outstanding balance of CNY 39.27 million[96] Major Contracts and Their Fulfillment The company had no entrustment, contracting, or leasing matters during the reporting period, but there were significant guarantee situations for cotton picker customers' mortgage loans. As of June 30, 2025, the total guarantee amount was CNY 374.48 million, accounting for 41.76% of the company's net assets. The company has cumulatively paid CNY 10.52 million in defaults and recovered CNY 1.20 million, with future default risks existing 2025 H1 Company's External Guarantees (Excluding Guarantees to Subsidiaries) | Guarantor | Guaranteed Party | Guarantee Amount (CNY '0,000) | Guarantee Start Date | Guarantee End Date | Guarantee Type | Overdue | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Company Headquarters | Cotton picker mortgage customers | 2,267.32 | 2021.08.31 | 2026.02.28-2026.04.17 | Joint and several liability guarantee | No | | Company Headquarters | Cotton picker mortgage customers | 11,928.09 | 2022.07.20 | 2025.09.20-2025.12.25 | General guarantee | No | | Company Headquarters | Cotton picker mortgage customers | 20,686.77 | 2023.02.24-2023.10.23 | 2025.09.20-2026.10.15 | General guarantee | No | | Company Headquarters | Cotton picker mortgage customers | 2,565.83 | 2024.09.30 | 2027.09.25-2027.12.25 | General guarantee | No | | Total Guarantee Balance at Period End (A) | 37,448.01 | / | / | / | / | - The total guarantee amount accounts for 41.76% of the company's net assets[99] - The company has cumulatively paid CNY 10.52 million for cotton picker mortgage guarantee defaults and recovered CNY 1.20 million in guarantee default payments[100] Explanation of Progress in Use of Raised Funds During the reporting period, the company had no explanation regarding the progress in the use of raised funds Explanation of Other Major Matters During the reporting period, the company had no other major matters requiring explanation Changes in Shares and Shareholder Information This section outlines the company's share capital structure, changes in restricted shares, and the composition of its shareholder base, including information on top shareholders and any changes in controlling parties Changes in Share Capital During the reporting period, the company's total share capital and share structure remained unchanged, maintaining stability - During the reporting period, the company's total share capital and share structure remained unchanged[103] Changes in Restricted Shares During the reporting period, there were no changes in the company's restricted shares Shareholder Information As of the end of the reporting period, the total number of common shareholders was 18,054. Among the top ten shareholders, Shandong Supply and Marketing Group Co., Ltd. held a significant 58.39% stake, serving as the controlling shareholder. Other top ten shareholders were primarily funds and natural persons, holding relatively small stakes, and it is unknown whether there are any related-party relationships or concerted actions among them - As of the end of the reporting period, the total number of common shareholders was 18,054[103] Top Ten Shareholders' Shareholding as of the End of the Reporting Period | Shareholder Name | Shares Held at Period End (shares) | Percentage (%) | Shareholder Nature | | :--- | :--- | :--- | :--- | | Shandong Supply and Marketing Group Co., Ltd. | 70,856,752 | 58.39 | Domestic non-state-owned legal person | | Industrial and Commercial Bank of China - China Life-CMB Multi-Strategy Flexible Allocation Mixed Securities Investment Fund (LOF) | 1,607,700 | 1.32 | Other | | Liu Jianhui | 910,000 | 0.75 | Domestic natural person | | China Construction Bank - Noah Multi-Strategy Stock Investment Fund | 568,200 | 0.47 | Other | | Feng Shuangshuang | 312,930 | 0.26 | Domestic natural person | | Cheng Dey | 311,000 | 0.26 | Domestic natural person | | Jia Liying | 255,300 | 0.21 | Domestic natural person | | Liu Wei | 243,400 | 0.20 | Domestic natural person | | Guo Jianjun | 236,000 | 0.19 | Domestic natural person | | Yu Wenran | 235,464 | 0.19 | Domestic natural person | - The company is unaware whether there are any related-party relationships or concerted actions among the top ten shareholders as defined by the "Measures for the Administration of the Acquisition of Listed Companies"[106] Information on Directors, Supervisors, and Senior Management During the reporting period, there were no changes in the shareholdings of the company's current and former directors, supervisors, and senior management, nor were they granted any equity incentives Changes in Controlling Shareholder or Actual Controller During the reporting period, there were no changes in the company's controlling shareholder or actual controller Information on Preferred Shares During the reporting period, the company had no information related to preferred shares Bond Related Information This section confirms the absence of corporate bonds, enterprise bonds, non-financial enterprise debt financing instruments, or convertible corporate bonds during the reporting period Corporate Bonds (Including Enterprise Bonds) and Non-Financial Enterprise Debt Financing Instruments During the reporting period, the company had no corporate bonds (including enterprise bonds) or non-financial enterprise debt financing instruments Convertible Corporate Bonds During the reporting period, the company had no convertible corporate bonds Financial Report This section presents the company's unaudited consolidated and parent company financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies, taxes, and financial instrument risks Audit Report This semi-annual report has not been audited - This semi-annual report has not been audited[5] Financial Statements This section presents the company's consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for the first half of 2025. The consolidated statements show total assets of CNY 2.22 billion and net assets attributable to parent company shareholders of CNY 895 million; operating revenue of CNY 321 million and net profit attributable to parent company shareholders of CNY 18.10 million were achieved in the first half, with net cash flow from operating activities at CNY -161 million. The parent company statements also reflect similar financial positions and operating trends 2025 H1 Consolidated Balance Sheet Summary | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Total Assets | 2,216,803,856.90 | 2,240,568,625.18 | | Total Liabilities | 1,322,287,271.47 | 1,343,959,580.55 | | Total Owners' Equity Attributable to Parent Company | 894,506,042.16 | 896,641,102.42 | 2025 H1 Consolidated Income Statement Summary | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 321,093,404.70 | 260,057,008.78 | | Total Profit | 22,671,017.86 | 15,163,578.70 | | Net Profit Attributable to Parent Company Shareholders | 18,096,326.43 | 15,028,717.78 | | Total Comprehensive Income | 17,997,230.68 | 14,762,365.15 | 2025 H1 Consolidated Cash Flow Statement Summary | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | | Net Cash Flow from Investing Activities | -16,112,592.76 | -15,172,300.24 | | Net Cash Flow from Financing Activities | -10,838,200.42 | -36,312,636.03 | | Net Increase in Cash and Cash Equivalents | -188,167,611.85 | -212,635,290.15 | Consolidated Balance Sheet As of June 30, 2025, the company's consolidated total assets were CNY 2.22 billion, a slight decrease from the end of the previous year. Among current assets, monetary funds significantly decreased by 51.22% to CNY 170.71 million, while inventory increased by 14.91% to CNY 1.23 billion. Non-current assets remained stable. On the liability side, short-term borrowings increased by 12.88% to CNY 130 million, taxes payable significantly decreased by 71.44%, and estimated liabilities increased by 39.19%. Owners' equity attributable to the parent company slightly decreased 2025 June 30 Consolidated Balance Sheet Key Items | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 170,705,224.69 | 349,961,310.14 | | Inventory | 1,231,883,395.30 | 1,072,069,766.08 | | Total Assets | 2,216,803,856.90 | 2,240,568,625.18 | | Short-term Borrowings | 129,907,769.44 | 115,083,833.32 | | Taxes Payable | 4,091,109.07 | 14,326,025.90 | | Estimated Liabilities | 26,058,332.37 | 18,721,768.28 | | Total Owners' Equity Attributable to Parent Company | 894,506,042.16 | 896,641,102.42 | Parent Company Balance Sheet As of June 30, 2025, the parent company's total assets were CNY 2.28 billion, an increase from the end of the previous year. Among current assets, monetary funds decreased, while other receivables and inventory significantly increased. On the liability side, both short-term borrowings and accounts payable saw significant growth, while contract liabilities slightly decreased. Owners' equity slightly decreased 2025 June 30 Parent Company Balance Sheet Key Items | Item | June 30, 2025 (CNY) | December 31, 2024 (CNY) | | :--- | :--- | :--- | | Monetary Funds | 149,893,176.84 | 296,729,259.19 | | Other Receivables | 413,476,176.44 | 242,901,122.75 | | Inventory | 977,454,333.16 | 837,983,793.68 | | Total Assets | 2,275,019,868.67 | 2,159,283,821.42 | | Short-term Borrowings | 110,093,000.00 | 100,068,555.55 | | Accounts Payable | 463,262,989.14 | 340,453,079.82 | | Contract Liabilities | 578,225,642.13 | 591,915,304.39 | | Total Owners' Equity | 873,231,182.30 | 890,947,555.02 | Consolidated Income Statement In the first half of 2025, the company's consolidated total operating revenue increased by 23.47% to CNY 321.09 million, total profit increased by 49.51% to CNY 22.67 million, and net profit attributable to parent company shareholders increased by 20.41% to CNY 18.10 million. Other income and non-operating income positively contributed to profit, while credit impairment losses and asset impairment losses negatively impacted profit 2025 Jan-Jun Consolidated Income Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 321,093,404.70 | 260,057,008.78 | | Total Operating Cost | 299,927,007.84 | 250,744,376.29 | | Total Profit | 22,671,017.86 | 15,163,578.70 | | Net Profit Attributable to Parent Company Shareholders | 18,096,326.43 | 15,028,717.78 | | Other Income | 7,319,108.80 | 2,667,067.97 | | Credit Impairment Losses | -8,441,133.64 | -641,167.80 | | Asset Impairment Losses | -1,071,843.80 | 10,608.64 | | Non-operating Income | 3,570,840.56 | 4,273,212.44 | Parent Company Income Statement In the first half of 2025, the parent company's operating revenue increased by 20.53% to CNY 305.46 million, but operating profit and net profit significantly decreased year-on-year. Operating profit fell from CNY 15.15 million to CNY 2.05 million, and net profit from CNY 16.97 million to CNY 3.22 million. Credit impairment losses and asset impairment losses had a significant negative impact on profit 2025 Jan-Jun Parent Company Income Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Operating Revenue | 305,459,087.11 | 253,421,590.33 | | Operating Cost | 250,412,778.18 | 195,680,650.68 | | Operating Profit | 2,048,038.99 | 15,145,096.07 | | Net Profit | 3,220,872.80 | 16,965,200.79 | | Credit Impairment Losses | -8,261,708.06 | -598,619.31 | | Asset Impairment Losses | -973,195.46 | 10,608.64 | Consolidated Cash Flow Statement In the first half of 2025, the company's net cash flow from operating activities was CNY -161.25 million, largely consistent with the prior year, primarily due to seasonal production investments. Net cash flow from investing activities was CNY -16.11 million, mainly due to continuous investment in production facility upgrades. Net cash flow from financing activities was CNY -10.84 million, primarily due to an increase in net bank borrowings 2025 Jan-Jun Consolidated Cash Flow Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -161,249,274.92 | -161,170,408.81 | | Net Cash Flow from Investing Activities | -16,112,592.76 | -15,172,300.24 | | Net Cash Flow from Financing Activities | -10,838,200.42 | -36,312,636.03 | | Net Increase in Cash and Cash Equivalents | -188,167,611.85 | -212,635,290.15 | - Net cash flow from operating activities was generally stable compared to the prior year, as the company's production and operations are highly seasonal, with the first half primarily being a period of production investment[60] - The change in net cash flow from financing activities was primarily due to an increase in net bank borrowings during the reporting period[60] Parent Company Cash Flow Statement In the first half of 2025, the parent company's net cash flow from operating activities was CNY -140.77 million, net cash flow from investing activities was CNY -2.57 million, and net cash flow from financing activities was CNY -12.40 million. All cash flows were negative, indicating that the company faces pressure in cash management and fund turnover 2025 Jan-Jun Parent Company Cash Flow Statement Key Items | Item | 2025 H1 (CNY) | 2024 H1 (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -140,773,143.65 | -129,316,942.06 | | Net Cash Flow from Investing Activities | -2,572,694.35 | -48,830,558.62 | | Net Cash Flow from Financing Activities | -12,401,770.75 | -29,748,606.02 | | Net Increase in Cash and Cash Equivalents | -155,747,608.75 | -207,896,106.70 | [