神农种业(300189) - 2025 Q2 - 季度财报

Section I Important Notice, Table of Contents, and Definitions This section covers the important notice, table of contents, and definitions to ensure clarity and understanding of the report Important Notice The Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with financial statements affirmed by key personnel - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, free from false records, misleading statements, or major omissions, and assume individual and joint legal responsibility[6] - Company head Cao Oujie, chief accountant Zheng Kang, and head of accounting department Wu Juan declare that the financial report in this semi-annual report is true, accurate, and complete[6] - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital[6] Table of Contents This section lists the report's eight main chapters and their page numbers, including important notices, company profile, management discussion, corporate governance, significant matters, share changes, bond information, and financial reports Catalogue of Reference Documents This section lists reference documents for the reporting period, including signed financial statements, publicly disclosed company files, and semi-annual reports released on other securities markets - Reference documents include financial statements signed and stamped by the company's head, chief accountant, and head of accounting department (accounting manager)[10] - Originals of all company documents and announcements publicly disclosed during the reporting period are also included as reference documents[11] Definitions This section provides definitions for common terms used in the report, including company names, regulatory bodies, subsidiary names, and business-related terminology, to ensure clear understanding - "Shennong Seed Industry, the Company, this Company" refers to Hainan Shennong Seed Industry Technology Co., Ltd[13] - "Breeding, Propagation, Promotion" refers to variety breeding (R&D), propagation (seed production), and promotion (seed sales and technical services)[13] Section II Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and key financial performance metrics for the reporting period I. Company Profile This section introduces the company's basic information, including stock abbreviation, code, listing exchange, Chinese and English names, and legal representative Company Basic Information | Indicator | Content | | :--- | :--- | | Stock Abbreviation | 神农种业 | | Stock Code | 300189 | | Listing Stock Exchange | 深圳证券交易所 | | Company's Chinese Name | 海南神农种业科技股份有限公司 | | Company's Legal Representative | 曹欧劼 | II. Contact Persons and Contact Information This section provides contact details for the company's Board Secretary and Securities Affairs Representative, including names, addresses, phone numbers, faxes, and email addresses Company Contact Information | Position | Name | Contact Address | Phone | Fax | Email | | :--- | :--- | :--- | :--- | :--- | :--- | | Board Secretary | 周志远（代） | 海口市秀英区美林路 8 号慧远美林谷综合服务楼 | 0898-68598068 | 0898-68545606 | sndf2010@126.com | | Securities Affairs Representative | 梁姝 | 海口市秀英区美林路 8 号慧远美林谷综合服务楼 | 0898-68598068 | 0898-68545606 | sndf2010@126.com | III. Other Information This section states that the company's contact information, information disclosure, and registration changes remained unchanged during the reporting period, with details available in the 2024 annual report - The company's registered address, office address, website, and email address remained unchanged during the reporting period[17] - Information disclosure and document storage locations remained unchanged during the reporting period[18] - The company's registration status remained unchanged during the reporting period[19][20] IV. Key Accounting Data and Financial Indicators The company's operating revenue increased by 38.66% year-on-year, and net loss attributable to shareholders narrowed by 6.69%, but net cash flow from operating activities decreased by 57.47% Key Accounting Data and Financial Indicators (Current Reporting Period vs. Prior Year Period) | Indicator | Current Reporting Period (yuan) | Prior Year Period (Adjusted) (yuan) | Year-on-Year Change | | :--- | :--- | :--- | :--- | | Operating Revenue | 87,222,107.29 | 62,903,509.71 | 38.66% | | Net Profit Attributable to Shareholders of Listed Company | -14,359,414.57 | -15,388,775.71 | 6.69% | | Net Profit Attributable to Shareholders of Listed Company After Deducting Non-Recurring Gains and Losses | -6,377,567.45 | -15,506,269.40 | 58.87% | | Net Cash Flow from Operating Activities | -33,138,223.20 | -21,044,647.03 | -57.47% | | Basic Earnings Per Share (yuan/share) | -0.0140 | -0.0150 | 6.67% | | Diluted Earnings Per Share (yuan/share) | -0.0140 | -0.0150 | 6.67% | | Weighted Average Return on Net Assets | -2.00% | -2.02% | Increase 0.02 percentage points | | Period-End Indicators | Current Period-End (yuan) | Prior Year-End (Adjusted) (yuan) | Change from Prior Year-End | | Total Assets | 1,194,335,579.87 | 1,177,346,125.25 | 1.44% | | Net Assets Attributable to Shareholders of Listed Company | 709,952,734.03 | 723,573,590.09 | -1.88% | - The company changed its accounting policy for subsequent measurement of investment properties from cost model to fair value model, effective January 1, 2025, to more objectively reflect fair value[21] V. Differences in Accounting Data Under Domestic and Overseas Accounting Standards The company reported no differences in net profit and net assets between financial reports prepared under international or overseas accounting standards and Chinese accounting standards during the reporting period - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under International Accounting Standards and Chinese Accounting Standards[22][23] - During the reporting period, there were no differences in net profit and net assets between financial reports disclosed under overseas accounting standards and Chinese Accounting Standards[24] VI. Non-Recurring Gains and Losses and Amounts The company's non-recurring gains and losses totaled -7,981,847.12 yuan, primarily due to fair value changes in investment properties, partially offset by government subsidies and other fair value changes Non-Recurring Gains and Losses and Amounts | Item | Amount (yuan) | | :--- | :--- | | Gains and Losses from Disposal of Non-Current Assets | 90,869.22 | | Government Subsidies Included in Current Profit and Loss | 3,569,285.16 | | Gains and Losses from Fair Value Changes (Financial Assets and Liabilities Held by Non-Financial Enterprises) | 764,879.43 | | Reversal of Impairment Provisions for Receivables Subject to Separate Impairment Testing | 10,800.00 | | Gains and Losses from Debt Restructuring | 480,160.36 | | Gains and Losses from Fair Value Changes of Investment Properties | -11,888,446.84 | | Other Non-Operating Income and Expenses Apart from the Above | 212,588.99 | | Less: Income Tax Impact | 5,000.00 | | Impact on Minority Interests (After Tax) | 1,216,983.44 | | Total | -7,981,847.12 | - The company does not classify any non-recurring gains and losses listed in "Interpretive Announcement No. 1 on Information Disclosure by Companies Issuing Securities to the Public—Non-Recurring Gains and Losses" as recurring gains and losses[27] Section III Management Discussion and Analysis This section provides an in-depth analysis of the company's operations, financial performance, core competitiveness, and risk factors during the reporting period I. Main Business Activities During the Reporting Period The company primarily engages in crop seed breeding, production, and sales, along with grain and oil processing, while accelerating its marine aquaculture business under a "dual-driven" strategy - The company's main business involves the breeding, propagation, seed production, sales, and technical services of high-quality rapeseed, rice, corn, and other major crop seeds, as well as grain, oil, and agricultural product processing businesses[29] - Guided by new quality productive forces, the company deeply implements the "Big Food Concept," firmly pursues a "dual-driven" strategy, accelerates its marine aquaculture business layout, and explores a transition from traditional agriculture to future-oriented, sustainable agriculture[29] - During the reporting period, there were no significant changes in the company's main business and primary products[30] (I) Main Business and Main Products The company primarily engages in breeding, propagation, and promotion of rapeseed, rice, and corn seeds, along with related agricultural product processing, with sales extending across domestic and international markets - The company's main products include crop seeds such as rapeseed, rice, and corn, as well as agricultural by-products like rapeseed oil and rice, and agrochemical products[29] - Sales regions cover major domestic crop planting areas such as Southwest, Central, East, and South China, as well as overseas regions including Southeast Asia, South Asia, and Africa[29] (II) Company's Main Business Model The company's seed business combines independent and cooperative R&D, primarily uses contract farming for production, and employs "company + farmer," "company + dealer + farmer," and government procurement for sales - The company's R&D aims to acquire proprietary intellectual property for new crop varieties, innovate new materials, and develop efficient propagation and seed production technologies, carried out collaboratively by the company's R&D center and subsidiaries, or in cooperation with agricultural research institutes, other seed companies, and agricultural experts through agreements[31] - The company's self-produced seeds are primarily obtained through contract seed production, categorized into "organized farmer concentrated production model" and "land lease and hired labor concentrated production model"[38] - Crop seed product sales primarily adopt "company + farmer," "company + dealer + farmer," and government procurement sales models[39] - Aquatic seedling management focuses on germplasm safety, basic aquaculture processes, and risk control, ensuring biological asset health through strict supplier qualification reviews, grading standards, and regular water quality parameter monitoring[42] (III) Number of Approved Varieties During the reporting period, the company obtained one new rice plant variety right (Q Hui 235) and has three new corn varieties (Xinzongyu 901, Cainuo 5, Xiaojinnuo) in the public公示期 period New Plant Variety Rights | No. | Applicant | Genus or Species | Variety Name | Variety Right No./Circulation Code | Certificate No. | Current Approval Stage | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | 重庆中一种业有限公司、重庆市农业科学院 | 水稻 | Q 恢 235 | CNA20231001488 | 2024035339 | 已获取证书 | Newly Approved Varieties | No. | Applicant | Genus or Species | Variety Name | Variety Right No./Circulation Code | Certificate No. | Current Approval Stage | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | 贵州新中一种业股份有限公司 | 玉米 | 新中玉 901 | - | - | 公示期 | | 2 | 山西康怡黑宝农业科技有限责任公司、贵州新中一种业股份有限公司 | 玉米 | 彩糯 5 号 | - | - | 公示期 | | 3 | 山西康怡黑宝农业科技有限责任公司、贵州新中一种业股份有限公司 | 玉米 | 小金糯 | - | - | 公示期 | (IV) Important Intangible Assets such as Company Trademarks and Patents The company actively pursued trademark and patent applications during the reporting period, with 25 applications underway, including "Yujian Wanmei" series trademarks and various utility model and invention patents for aquaculture - The company has 7 "Yujian Wanmei" series trademarks under registration application, covering multiple categories such as meat preserves, material processing, office supplies, feed seeds, and advertising sales[45] - Hainan Shennong Aquatic Seed Industry Technology Co., Ltd. applied for 18 patents, including fish fry screening and grading net sieve devices, segmented pompano aquaculture methods, and deep-sea cage feed spreading devices, all of which are utility model or invention patents and are currently under registration application[45][46] (V) Introduction to Main Products The company's main products include high-oil rapeseed ("Qingyou" series), low-heavy-metal rice ("Shen9you28"), high-yield corn ("Xinzongyu801"), and health-focused agricultural by-products like "Shutang Rice" - The "Qingyou 3" rapeseed variety has an oil content of 49.96%, breaking China's highest oil content record in winter rapeseed areas, has been selected as a national leading rapeseed variety for four consecutive years, and ranks second nationwide in cultivation area[47] - "Shen9you28" rice is China's first rice variety suitable for direct seeding in flooded conditions and low heavy metal adsorption, with a cumulative cultivation area exceeding 1.2 million mu (80,000 hectares)[49] - The "Xinzongyu 801" corn variety has an average annual planting area of over 1.2 million mu (80,000 hectares), a cumulative cultivation area of over 9 million mu (600,000 hectares), and has been successfully promoted in several Belt and Road countries[51] - "Shutang Rice" has a resistant starch content as high as 8.44%, more than 10 times that of ordinary rice, offering slow-release glucose functionality, making it an ideal staple food for individuals with elevated blood sugar and those managing weight[53] (VI) Company's Industry Position The company holds a leading position in China's seed industry, recognized as a "breeding, propagation, and promotion integrated" enterprise with national qualifications, and its subsidiaries are designated as national seed industry array enterprises - The state places seed industry revitalization at the core strategic height of ensuring food security and agricultural modernization, emphasizing accelerated breeding of breakthrough varieties to achieve self-reliance in seed technology and independent control of germplasm[55] - The company is one of the first four joint-stock companies to obtain the "National Crop Seed Business License" and "National Crop Seed Import and Export Rights," and also among the first "breeding, propagation, and promotion integrated" enterprises[59] - Subsidiary Chongqing Zhongyi Seed Industry was selected as a "National Crop Seed Industry Array Enterprise" by the Ministry of Agriculture and Rural Affairs, and its "Qingyou 3" rapeseed variety has been selected as a national leading variety for four consecutive years[59] - Shennong Aquatic Seed Industry successfully passed international BAP certification, and the company also obtained ISO 9001 certification and was recognized as a National Intellectual Property Advantage Enterprise[59] II. Analysis of Core Competitiveness The company's core competitiveness stems from its leading breeding technology, rich germplasm resources, and a "crop seed + aquatic seed" dual-driven strategy, complemented by deep industry-academia-research collaboration - The company's "Qingyou" series achieved a breakthrough in ultra-high oil content breeding on the basis of high quality and yield, twice setting the highest oil content record in China's winter rapeseed regions, positioning it at an internationally advanced level in high oil content rapeseed breeding[60] - The company deeply implements the "Big Food Concept," innovatively building a multi-dimensional food supply system centered on the "Blue Granary," and executing a "crop seed industry + aquatic seed industry" dual-driven development strategy[62] - The company innovatively established a land-sea full industrial chain ecological aquaculture system, achieving precise seedling management and scaled aquaculture advantages through a "land-based factory recirculating aquaculture seedling + deep-sea cage farming" model[63][64] - The company's R&D aims to acquire proprietary intellectual property for new crop varieties, innovate new materials, and develop efficient propagation and seed production technologies, collaborating extensively with renowned national agricultural research institutes, partner seed companies, and scientists, thereby deepening industry-academia-research cooperation[65] III. Analysis of Main Business Operating revenue increased by 38.66% due to higher sales of other seeds and agrochemical products, while sales and administrative expenses decreased, and R&D investment grew by 21.32% Year-on-Year Changes in Key Financial Data | Indicator | Current Reporting Period (yuan) | Prior Year Period (yuan) | Year-on-Year Change | Reason for Change | | :--- | :--- | :--- | :--- | :--- | | Operating Revenue | 87,222,107.29 | 62,903,509.71 | 38.66% | Mainly due to increased sales of other seeds and agrochemical products in the current period | | Operating Cost | 60,853,146.07 | 43,196,420.24 | 40.88% | Operating costs increased with rising sales revenue | | Selling Expenses | 9,740,123.21 | 15,401,216.07 | -36.76% | Mainly due to reduced trial demonstration fees and e-commerce service fees from adjusted sales strategies | | Administrative Expenses | 15,296,468.60 | 21,452,078.45 | -28.69% | Mainly due to strengthened management to reduce administrative expenses and decreased depreciation from fair value measurement of investment properties | | Financial Expenses | 950,542.46 | -106,266.23 | 994.49% | Mainly due to increased borrowing interest | | Income Tax Expense | 1,167.81 | 166,176.88 | -99.30% | Mainly due to reduced sales of tax-related varieties by subsidiary Guizhou Xinzongyi in the current period | | R&D Investment | 5,426,922.18 | 4,473,328.38 | 21.32% | Mainly due to increased R&D investment | | Net Cash Flow from Operating Activities | -33,138,223.20 | -21,044,647.03 | -57.47% | Mainly due to increased cash payments for goods purchased and services received during the reporting period | | Net Cash Flow from Investing Activities | -4,139,543.28 | -86,027,746.95 | 95.19% | Mainly due to reduced project payments for the Shennong Aquatic Seed Industry Technology Industrial Park compared to the prior year period | | Net Cash Flow from Financing Activities | 34,490,845.50 | 74,840,468.80 | -53.91% | Mainly due to reduced new bank borrowings compared to the prior period, and increased repayment of borrowings as they matured | | Net Increase in Cash and Cash Equivalents | -2,786,923.89 | -32,219,956.16 | 91.35% | Resulting from the combined impact of the three types of cash flow changes mentioned above | Products or Services Accounting for Over 10% of Revenue | Product or Service | Operating Revenue (yuan) | Operating Cost (yuan) | Gross Profit Margin | Operating Revenue Year-on-Year Change | Operating Cost Year-on-Year Change | Gross Profit Margin Year-on-Year Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hybrid Rice Seeds | 35,101,787.83 | 25,454,855.92 | 27.48% | 19.68% | 17.75% | 1.19% | | Other Seeds | 25,042,785.58 | 15,298,908.62 | 38.91% | 80.98% | 84.42% | -1.14% | | Agrochemical Products and Others | 16,851,563.05 | 14,214,050.42 | 15.65% | 168.32% | 193.79% | -7.31% | | Aquatic Products | 2,914,188.00 | 2,422,333.51 | 16.88% | 100.00% | 100.00% | 16.88% | IV. Analysis of Non-Core Business Non-core business significantly impacted total profit, with fair value change losses of -11,123,567.41 yuan and credit impairment losses of -4,463,955.68 yuan, partially offset by investment income of 4,161,207.34 yuan Impact of Non-Core Business on Total Profit | Item | Amount (yuan) | Proportion of Total Profit | Explanation of Cause | Sustainability | | :--- | :--- | :--- | :--- | :--- | | Investment Income | 4,161,207.34 | -33.83% | Mainly from equity method long-term equity investments, debt restructuring gains, and investment income from wealth management products | No | | Gains and Losses from Fair Value Changes | -11,123,567.41 | 90.42% | Mainly from fair value changes of investment properties, equity instrument investments (stock investments), and wealth management products | No | | Credit Impairment Losses | -4,463,955.68 | 36.29% | Mainly from provision for bad debts of accounts receivable and other receivables | Varies with credit risk of receivables | | Asset Impairment Losses | 479,896.00 | -3.90% | Mainly from reversal of inventory impairment provisions based on inventory conditions | Varies with asset credit risk | V. Analysis of Assets and Liabilities Total assets increased by 1.44%, driven by a significant rise in investment properties due to reclassification and fair value measurement, while fixed assets decreased, and long-term borrowings increased Significant Changes in Asset Composition | Item | Amount at Current Period-End (yuan) | Proportion of Total Assets | Amount at Prior Year-End (yuan) | Proportion of Total Assets | Change in Proportion | Explanation of Significant Change | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Financial Assets Held for Trading | 63,422,153.16 | 5.31% | 58,776,365.31 | 4.99% | 0.32% | Mainly due to purchase of wealth management products | | Accounts Receivable | 103,585,893.11 | 8.67% | 76,572,603.33 | 6.50% | 2.17% | Mainly due to increased sales, leading to increased receivables | | Prepayments | 6,771,954.80 | 0.57% | 2,265,928.37 | 0.19% | 0.38% | Mainly due to increased prepayments for purchases | | Other Receivables | 8,105,832.08 | 0.68% | 1,208,773.21 | 0.10% | 0.58% | Mainly due to increased receivables from equity transfer | | Investment Properties | 85,572,269.11 | 7.16% | 15,488,674.75 | 1.32% | 5.84% | Mainly due to reclassification of some assets from fixed assets, intangible assets, etc., to investment properties in the current period | | Fixed Assets | 178,031,720.96 | 14.91% | 267,770,737.00 | 22.74% | -7.83% | Mainly due to reclassification of some leased assets to investment properties | | Construction in Progress | 240,283,056.98 | 20.12% | 186,335,923.84 | 15.83% | 4.29% | Mainly due to increased investment in the Shennong Aquatic Seed Industry Technology Industrial Park project | | Other Non-Current Assets | 2,835,200.00 | 0.24% | 50,700,705.20 | 4.31% | -4.07% | Mainly due to transfer of prepaid project payments for Shennong Aquatic Seed Industry Technology Industrial Park to construction in progress this year | | Short-Term Borrowings | 9,907,836.74 | 0.83% | 7,157,836.74 | 0.61% | 0.22% | New borrowings by Guizhou Xinzongyi Company | | Other Payables | 36,935,974.40 | 3.09% | 14,484,788.87 | 1.23% | 1.86% | Mainly due to increased intercompany payables | | Long-Term Borrowings | 226,848,663.31 | 18.99% | 205,754,539.07 | 17.48% | 1.51% | New borrowings by Guizhou Xinzongyi and Shennong Aquatic Seed Industry | | Deferred Income | 46,214,192.41 | 3.87% | 39,989,398.53 | 3.40% | 0.47% | Increased asset-related government grants received by Chongqing Zhongyi Company and Shennong Aquatic Seed Industry | - The company changed its accounting policy for subsequent measurement of investment properties from cost model to fair value model, effective January 1, 2025[80] - As of the end of the reporting period, details of restricted assets are provided in Section VIII Financial Report, "VII.19, Assets with Restricted Ownership or Use Rights"[81] VI. Analysis of Investment Status During the reporting period, the company had no significant equity or non-equity investments, no use of raised funds, and no derivative investments or entrusted loans - The company had no use of raised funds during the reporting period[83] - The company had no derivative investments or entrusted loans during the reporting period[84][85] VII. Significant Asset and Equity Disposals The company did not dispose of significant assets during the reporting period but sold an 88.67% stake in Fujian Shennong Dafeng Seed Industry Technology Co., Ltd. for 13.034 million yuan to optimize its asset structure - The company did not dispose of significant assets during the reporting period[86] Significant Equity Disposal Information | Counterparty | Equity Sold | Disposal Date | Transaction Price (10,000 yuan) | Net Profit Contributed by this Equity to the Listed Company from the Beginning of the Period to the Disposal Date (10,000 yuan) | Impact of Disposal on the Company | Proportion of Net Profit Contributed by Equity Disposal to Total Net Profit | Pricing Principles for Equity Disposal | Is it a Related Party Transaction | Related Party Relationship with Counterparty | Has all involved equity been transferred | Implemented as planned, if not, explain reasons and measures taken by the company | Disclosure Date | Disclosure Index | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 李坤泰 | 福建神农大丰种业科技有限公司 88.67%的股权 | 2025 年 01 月 23 日 | 1,303.40 | -30.50 | This transaction aims to optimize the asset structure, concentrate resources on core businesses, and enhance the company's overall profitability and market competitiveness | -1.28% | Determined based on appraisal results and Fujian Shennong Dafeng's actual operations and development, agreed upon by all parties through full negotiation, with a transaction price of 13.034 million yuan | No | None | Yes | Yes | 2025 年 01 月 23 日 | 2025-002 | VIII. Analysis of Major Holding and Participating Companies This section presents financial information for the company's major subsidiaries and associates significantly impacting net profit, including their registered capital, total assets, net assets, revenue, and net profit Information on Major Subsidiaries and Associates with Over 10% Impact on Company's Net Profit | Company Name | Company Type | Main Business | Registered Capital (yuan) | Total Assets (yuan) | Net Assets (yuan) | Operating Revenue (yuan) | Operating Profit (yuan) | Net Profit (yuan) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hunan Shennong Dafeng Seed Industry Technology Co., Ltd. | Subsidiary | Breeding, production, sales of crop seeds; sales of pesticides (limited to branches) etc | 160,000,000.00 | 175,258,021.83 | 157,045,844.27 | 30,451,013.57 | -9,963,348.16 | -9,963,348.16 | | Hainan Baoting Nanfan Seed Industry High-Tech Industrial Base Co., Ltd. | Subsidiary | Agricultural planting and agricultural technology training, tourism project investment | 258,753,500.00 | 112,696,853.83 | -92,841,927.04 | - | -2,617,571.77 | -2,617,571.77 | | Chongqing Zhongyi Seed Industry Co., Ltd. | Subsidiary | Production, wholesale, retail, import and export of crop seeds; grain acquisition, storage (excluding dangerous goods) etc | 100,000,000.00 | 313,197,613.80 | 162,840,497.16 | 51,759,368.52 | 6,990,645.36 | 6,907,240.16 | | Hainan Shennong Aquatic Seed Industry Technology Co., Ltd. | Subsidiary | Aquaculture, aquatic seedling production, agricultural science research and experimental development etc | 200,000,000.00 | 350,211,674.46 | 131,235,107.47 | 2,914,188.00 | -220,740.00 | -218,069.08 | - During the reporting period, the company disposed of Fujian Shennong Dafeng Seed Industry Technology Co., Ltd. through equity transfer, which did not have a significant impact on the company's financial position or operating results for the current year[89] IX. Information on Structured Entities Controlled by the Company The company had no structured entities under its control during the reporting period - The company had no structured entities under its control during the reporting period[90] X. Risks Faced by the Company and Countermeasures The company faces risks in seed innovation, aquatic seed commercialization, management, natural disasters, and market competition, addressed by enhancing R&D, strengthening core germplasm control, improving management, and diversifying production - The company faces risks in seed industry innovation and product iteration, which will be addressed by continuously improving integrated breeding systems, deepening industry-academia-research collaboration, and establishing a market-demand-oriented rapid transformation mechanism[92] - Regarding commercialization risks in the aquatic seed industry, the company will strengthen its core germplasm self-control capabilities and simultaneously promote the alignment of digital management tools with industry standards to reduce comprehensive operating cost pressures[92] - To mitigate natural disaster risks, the company will strengthen the construction and utilization of standardized seed production bases, diversify production risks through multi-climate zone seed production base layouts, apply bio-breeding technologies to enhance disaster resistance, and adopt wave-resistant cage structures and customized insurance for marine disasters[93] - Facing market competition risks, the company will increase R&D investment in bio-breeding and marketing efforts, accelerate the development of more efficient and safer products that meet market demand, and gradually expand revenue sources and improve gross profit margins[94] XI. Registration Form for Research, Communication, and Interview Activities During the Reporting Period On May 13, 2025, the company engaged in an online Q&A session via QuanJing.net, addressing investor inquiries regarding its 2024 annual report, financial data, development strategy, and operational status - On May 13, 2025, the company conducted an online exchange via QuanJing.net's "Investor Relations Interactive Platform," hosting investors participating in the "2024 Annual Performance Briefing and Investor Collective Reception Day for Hainan Listed Companies"[95] - Key discussion topics included the company's 2024 annual report disclosure, financial data, development strategy, operating status, cash dividends, significant matters, and sustainable development, among other investor concerns[95] XII. Formulation and Implementation of Market Value Management System and Valuation Enhancement Plan The company has not formulated a market value management system nor disclosed a valuation enhancement plan - The company has not formulated a market value management system[96] - The company has not disclosed a valuation enhancement plan[96] XIII. Implementation of "Quality and Return Dual Enhancement" Action Plan The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan - The company has not disclosed an announcement regarding the "Quality and Return Dual Enhancement" action plan[96] Section IV Corporate Governance, Environment, and Society This section details changes in the company's governance, profit distribution plans, employee incentives, environmental disclosures, and social responsibility initiatives I. Changes in Directors, Supervisors, and Senior Management During the reporting period, Ms. Sun Fanfei resigned as Board Secretary due to work reasons but continues to hold other positions within the company Changes in Directors, Supervisors, and Senior Management | Name | Position Held | Type | Date | Reason | | :--- | :--- | :--- | :--- | :--- | | 孙凡斐 | Board Secretary | Dismissal | 2025 年 06 月 05 日 | Work Reasons | - Ms. Sun Fanfei continues to hold other positions in the company after her resignation[98] II. Profit Distribution and Capital Reserve Conversion to Share Capital in the Current Reporting Period The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period - The company plans not to distribute cash dividends, bonus shares, or convert capital reserves into share capital for the semi-annual period[99] III. Implementation of Company Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures in place or implemented during the reporting period - The company had no equity incentive plans, employee stock ownership plans, or other employee incentive measures and their implementation during the reporting period[100] IV. Environmental Information Disclosure Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law - Neither the listed company nor its major subsidiaries are included in the list of enterprises required to disclose environmental information by law[101] V. Social Responsibility The company integrates Party building into governance, champions seed industry revitalization, drives innovation in crop and aquatic breeding, promotes varieties internationally, supports rural development, and prioritizes investor relations and employee welfare - The company deeply integrates Party building leadership into its corporate governance system, empowering the entire production and operation process with high-quality Party building, and upholding its core mission of ensuring seed industry revitalization[101] - In rapeseed breeding, the company's "Qingyou" series achieved a breakthrough in ultra-high oil content breeding on the basis of high quality and yield, with a cumulative cultivation area reaching 40 million mu (2.67 million hectares)[102] - The company actively responds to the "Belt and Road" initiative, promoting the application of high-quality Chinese hybrid rice, corn, and other crop varieties in Southeast Asia, South Asia, and Africa[104] - Through the "company + base + farmer" cooperation model, the company has engaged over 2,000 farming households in the rapeseed seed production industry, increasing their average per-mu income by 300 yuan, and establishing high-yield demonstration plots to promote agri-tourism integration[105] - The company strictly optimizes its governance structure in accordance with laws and regulations, strengthens standardized operations, and safeguards investors' legitimate rights and interests through various channels such as project roadshows and interactive platforms[106] - Adhering to a "people-oriented" management philosophy, the company has established a systematic, multi-level employee care system, encompassing rights protection, talent development, and humanistic care[107] Section V Significant Matters This section addresses commitments, related party transactions, litigation, penalties, and other significant events affecting the company during the reporting period I. Commitments Fulfilled and Overdue Unfulfilled by the Company's Actual Controller, Shareholders, Related Parties, Acquirers, and Other Committed Parties During and as of the End of the Reporting Period During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties - During the reporting period, there were no commitments fulfilled or overdue unfulfilled by the company's actual controller, shareholders, related parties, acquirers, or other committed parties as of the end of the reporting period[109] II. Non-Operating Funds Occupied by Controlling Shareholders and Other Related Parties from the Listed Company During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company - During the reporting period, there were no instances of non-operating funds being occupied by controlling shareholders or other related parties from the listed company[110] III. Irregular External Guarantees The company had no irregular external guarantees during the reporting period - The company had no irregular external guarantees during the reporting period[111] IV. Appointment and Dismissal of Accounting Firms The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[112] V. Explanations by the Board of Directors, Supervisory Board, and Audit Committee on the Accounting Firm's "Non-Standard Audit Report" for the Current Period During the reporting period, there were no explanations from the Board of Directors, Supervisory Board, or Audit Committee regarding a "non-standard audit report" from the accounting firm VI. Explanations by the Board of Directors on the "Non-Standard Audit Report" for the Previous Year During the reporting period, there were no explanations from the Board of Directors regarding the "non-standard audit report" for the previous year VII. Bankruptcy and Reorganization Matters The company had no bankruptcy or reorganization-related matters during the reporting period - The company had no bankruptcy or reorganization-related matters during the reporting period[113] VIII. Litigation Matters The company is involved in multiple lawsuits, including contract disputes with Guangzhou Hexinglong and Shenzhen Feima International, and ongoing enforcement actions against Hunan Yixiangyuan and Changsha Sikai - Subsidiary Shenzhen Weigu Supply Chain's sales contract dispute with Guangzhou Hexinglong Food Technology Co., Ltd. has a confirmed claim of 2,863,878.30 yuan, but as of the report disclosure date, the aforementioned claim amount has not been distributed[114][115] - Subsidiary Shenzhen Weigu Supply Chain's contract dispute with Shenzhen Feima International Supply Chain Co., Ltd. has received a total repayment of 128,319,021.18 yuan from Shanghai Huanya, Yu Nirong, and Xie Yutong, and received 3,586,316 shares of stock to be distributed by Feima International's administrator, but the corresponding funds have not yet been received in the bank account[116][117] - In the contract dispute case of subsidiary Hunan Shennong Seed Industry against Hunan Yixiangyuan Grain and Oil Co., Ltd. and Wang Zhaowen, Hunan Yixiangyuan has repaid as per the agreement, while Wang Zhaowen failed to repay on time, leading the court to impose consumption restrictions and include him in the list of dishonest judgment debtors[118] - In the contract dispute case of subsidiary Hunan Shennong Seed Industry against Changsha Sikai E-commerce Co., Ltd., Hunan Baichuanhui Supply Chain Management Co., Ltd., and Fan Xuezhi, a first-instance judgment has been issued and enforcement applied for; the second-instance court ruled to add Cai Dianying and others as judgment debtors, and enforcement has now been applied for[118] IX. Penalties and Rectification The company had no penalties or rectification situations during the reporting period - The company had no penalties or rectification situations during the reporting period[119] X. Integrity Status of the Company, its Controlling Shareholder, and Actual Controller During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller - During the reporting period, there were no integrity issues concerning the company, its controlling shareholder, or actual controller[120] XI. Significant Related Party Transactions The company engaged in routine related party transactions for procurement and received multiple guarantees from its actual controller, Cao Oujie, but had no related party fund transfers or asset disposals - Details of related party transactions related to daily operations during the reporting period are provided in Section VIII Financial Report, "XIV. Related Parties and Related Party Transactions"[121] - During the reporting period, the company had no related party transactions involving asset or equity acquisitions/disposals, nor any joint external investment related party transactions[122][123] - Details of related party receivables and payables during the reporting period are provided in Section VIII Financial Report, "XIV. Related Parties and Related Party Transactions"[124] - There are no deposits, loans, credit lines, or other financial transactions between the company and related financial companies, or between the company's controlled financial companies and related parties[125][126] - The company had no other significant related party transactions during the reporting period[127] XII. Significant Contracts and Their Performance The company had no entrustment or contracting arrangements but engaged in leasing activities. It provided multiple guarantees to its subsidiary, Hainan Shennong Aquatic Seed Industry Technology Co., Ltd., totaling 30.03% of its net assets - The company had no entrustment or contracting arrangements during the reporting period[128][129] - As of the end of the reporting period, details of leasing are provided in Section VIII Financial Report, "VII.14, Right-of-Use Assets" and "VII.57, Leases"[130] Company's Guarantees to Subsidiaries | Guaranteed Party Name | Actual Guarantee Amount (10,000 yuan) | Disclosure Date of Guarantee Limit Announcement | Guarantee Limit (10,000 yuan) | Actual Occurrence Date | Guarantee Type | Collateral (if any) | Counter-Guarantee (if any) | Guarantee Period | Fulfilled | Related Party Guarantee | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Hainan Shennong Aquatic Seed Industry Technology Co., Ltd. | 98,000 | 2022 年 09 月 06 日 | 100,000 | 2022 年 11 月 30 日 | Joint and several liability guarantee | - | - | Three years from the day after the expiration of the debt performance period stipulated in the master contract | No | No | | Hainan Shennong Aquatic Seed Industry Technology Co., Ltd. | 5,000 | 2024 年 11 月 20 日 | 5,000 | 2024 年 12 月 11 日 | Joint and several liability guarantee | - | - | Three years from the day after the expiration of the loan term under the master contract | No | No | - The company's total guarantee amount (i.e., A4+B4+C4) accounts for 30.03% of the company's net assets[133] - The company had no significant contracts in ordinary operations or other significant contracts during the reporting period[134] XIII. Explanation of Other Significant Matters The company approved a private placement plan on June 10, 2025, and experienced no major natural disasters, pest outbreaks, or food safety incidents, with no significant changes in tax policies or land use - On June 10, 2025, the company reviewed and approved the "Proposal on the Plan for Issuing Shares to Specific Objects through Simplified Procedures for the Year 2025"[135] - During the reporting period, no significant events such as natural disasters, pest outbreaks, or food safety incidents that had a major impact on the company occurred[135] - During the reporting period, there were no significant changes in the tax incentives and industrial policies enjoyed by the company as an agricultural enterprise, nor were there any significant changes in its production and operation land[135] XIV. Significant Matters of Company Subsidiaries On January 23, 2025, the company completed the transfer of an 88.67% stake in Fujian Shennong Dafeng Seed Industry Technology Co., Ltd. for 13.034 million yuan, ceasing its consolidation - On January 23, 2025, the company reviewed and completed the transaction to transfer an 88.67% equity stake in its controlling subsidiary, Fujian Shennong Dafeng Seed Industry Technology Co., Ltd., to Li Kuantai for a transfer price of 13.034 million yuan[135] - Upon completion of this equity transfer, the company will no longer hold equity in Fujian Shennong Dafeng, nor will it be included in the company's consolidated financial statements[135] Section VI Share Changes and Shareholder Information This section details changes in the company's share capital, shareholder structure, and holdings of directors, supervisors, and senior management during the reporting period I. Share Changes The company's total share capital remained unchanged at 1,024,000,000 shares, with a slight increase in restricted shares and a corresponding decrease in unrestricted shares due to changes in senior management lock-up shares Share Change Information | Item | Number Before This Change (shares) | Proportion Before This Change | Increase/Decrease in This Change (＋, －) Subtotal (shares) | Number After This Change (shares) | Proportion After This Change | | :--- | :--- | :--- | :--- | :--- | :--- | | I. Restricted Shares | 137,752,426 | 13.45% | 7,500 | 137,759,926 | 13.45% | | Of which: Shares Held by Domestic Natural Persons | 137,752,426 | 13.45% | 7,500 | 137,759,926 | 13.45% | | II. Unrestricted Shares | 886,247,574 | 86.55% | -7,500 | 886,240,074 | 86.55% | | Of which: RMB Ordinary Shares | 886,247,574 | 86.55% | -7,500 | 886,240,074 | 86.55% | | III. Total Shares | 1,024,000,000 | 100.00% | 0 | 1,024,000,000 | 100.00% | Changes in Restricted Shares | Shareholder Name | Restricted Shares at Period Start | Restricted Shares Released This Period | Restricted Shares Increased This Period | Restricted Shares at Period End | Reason for Restriction | Planned Release Date | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 涂显亚 | 0 | 0 | 7,500 | 7,500 | Senior Management Lock-up Shares | Note | | Total | 0 | 0 | 7,500 | 7,500 | -- | -- | - After the resignation of Ms. Tu Xianya, the company's former independent director, her shares continue to comply with reduction restrictions as per regulations[140] II. Securities Issuance and Listing The company had no securities issuance or listing activities during the reporting period - The company had no securities issuance or listing activities during the reporting period[141] III. Number of Shareholders and Shareholding Information As of the reporting period end, the company had 82,852 ordinary shareholders. The top ten shareholders include actual controller Cao Oujie, holding 17.94% of shares, with some shareholders holding shares through margin trading accounts - The total number of ordinary shareholders at the end of the reporting period was 82,852[142] Shareholding Information of Shareholders Holding 5% or More or Top 10 Shareholders | Shareholder Name | Shareholder Nature | Shareholding Proportion | Number of Shares Held at Period-End (shares) | Changes in Shareholding During Reporting Period (shares) | Number of Restricted Shares Held (shares) | Number of Unrestricted Shares Held (shares) | Pledge, Mark, or Freeze Status | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Cao Oujie | Domestic Natural Person | 17.94% | 183,666,101 | 0 | 137,749,576 | 45,916,525 | N/A 0 | | Yang Xide | Domestic Natural Person | 1.18% | 12,052,300 | -4,700,000 | 0 | 12,052,300 | N/A 0 | | Shenwan Hongyuan Securities Co., Ltd. | State-owned Legal Person | 0.74% | 7,612,800 | 7,589,500 | 0 | 7,612,800 | N/A 0 | | Jiangxi Nuclear Industry Ruifeng Biochemical Co., Ltd. | State-owned Legal Person | 0.59% | 6,085,155 | 0 | 0 | 6,085,155 | N/A 0 | | Liu Na | Domestic Natural Person | 0.56% | 5,774,100 | 5,774,100 | 0 | 5,774,100 | N/A 0 | | Xiong Yuzhen | Domestic Natural Person | 0.46% | 4,669,100 | 4,669,100 | 0 | 4,669,100 | N/A 0 | | Zhao Jingming | Domestic Natural Person | 0.38% | 3,900,000 | 3,900,000 | 0 | 3,900,000 | N/A 0 | | Lin Weijing | Domestic Natural Person | 0.35% | 3,533,000 | 3,533,000 | 0 | 3,533,000 | N/A 0 | | Shanghai Shenchen Private Equity Fund Management Partnership (Limited Partnership) - Shanghai Shenchen Huiyao Private Securities Investment Fund | Other | 0.32% | 3,263,500 | 3,263,500 | 0 | 3,263,500 | N/A 0 | | BARCLAYS BANK PLC | Overseas Legal Person | 0.32% | 3,255,767 | 831,820 | 0 | 3,255,767 | N/A 0 | - There are no related party relationships among the top 10 shareholders, nor do they constitute concerted parties as defined by the "Measures for the Administration of the Takeover of Listed Companies"[143] - Some shareholders hold company shares through margin trading and securities lending accounts, such as Yang Xide, Liu Na, Zhao Jingming, and Shanghai Shenchen Private Equity Fund Management Partnership (Limited Partnership) - Shanghai Shenchen Huiyao Private Securities Investment Fund[143] IV. Changes in Shareholdings of Directors, Supervisors, and Senior Management The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report - The shareholdings of the company's directors, supervisors, and senior management remained unchanged during the reporting period, with details available in the 2024 annual report[145] V. Changes in Controlling Shareholder or Actual Controller The company's controlling shareholder and actual controller remained unchanged during the reporting period - The company's controlling shareholder remained unchanged during the reporting period[146] - The company's actual controller remained unchanged during the reporting period[146] VI. Preferred Share Information The company had no preferred shares during the reporting period - The company had no preferred shares during the reporting period[147] Section VII Bond-Related Information This section confirms that the company had no bond-related information during the reporting period Bond-Related Information The company had no bond-related information during the reporting period - The company had no bond-related information during the reporting period[149] Section VIII Financial Report This section presents the company's unaudited semi-annual financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in owners' equity, along with detailed notes on accounting policies and financial items I. Audit Report The company's semi-annual financial report was not audited - The company's semi-annual financial report was not audited[151] II. Financial Statements This section provides the company's 2025 semi-annual consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity 1. Consolidated Balance Sheet As of June 30, 2025, consolidated total assets were 1,194,335,579.87 yuan, with significant increases in investment properties and construction in progress, and a decrease in fixed assets Key Data from Consolidated Balance Sheet | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,194,335,579.87 | 1,177,346,125.25 | | Total Current Assets | 298,474,296.54 | 264,270,740.68 | | Total Non-Current Assets | 895,861,283.33 | 913,075,384.57 | | Total Liabilities | 398,784,685.83 | 369,022,620.19 | | Total Owners' Equity | 795,550,894.04 | 808,323,505.06 | | Investment Properties | 85,572,269.11 | 15,488,674.75 | | Fixed Assets | 178,031,720.96 | 267,770,737.00 | | Construction in Progress | 240,283,056.98 | 186,335,923.84 | 2. Parent Company Balance Sheet As of June 30, 2025, parent company total assets were 1,247,483,946.09 yuan, with a slight decrease from the period start, and changes in long-term equity investments, fixed assets, and investment properties Key Data from Parent Company Balance Sheet | Item | Period-End Balance (yuan) | Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Assets | 1,247,483,946.09 | 1,271,444,839.36 | | Total Current Assets | 384,763,147.69 | 381,680,914.44 | | Total Non-Current Assets | 862,720,798.40 | 889,763,924.92 | | Total Liabilities | 193,189,004.67 | 195,793,325.64 | | Total Owners' Equity | 1,054,294,941.42 | 1,075,651,513.72 | | Long-Term Equity Investments | 810,536,671.23 | 835,632,524.54 | | Investment Properties | 39,547,052.00 | 3,460,059.00 | | Fixed Assets | 1,676,031.19 | 37,639,497.83 | 3. Consolidated Income Statement For the first half of 2025, consolidated operating revenue was 87,222,107.29 yuan, with a net loss of -12,303,035.07 yuan, and a net loss attributable to parent company shareholders of -14,359,414.57 yuan Key Data from Consolidated Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Total Operating Revenue | 87,222,107.29 | 62,903,509.71 | | Total Operating Cost | 92,292,778.30 | 85,528,377.25 | | Net Profit | -12,303,035.07 | -17,057,061.40 | | Net Profit Attributable to Parent Company Shareholders | -14,359,414.57 | -15,388,775.71 | | Gains from Fair Value Changes | -11,123,567.41 | -1,300,451.59 | | Credit Impairment Losses | -4,463,955.68 | 1,739,614.71 | | Basic Earnings Per Share (yuan/share) | -0.0140 | -0.0150 | 4. Parent Company Income Statement For the first half of 2025, parent company operating revenue was 1,816,695.81 yuan, resulting in a net loss of -21,405,286.41 yuan, with significant negative investment income and fair value change losses Key Data from Parent Company Income Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Operating Revenue | 1,816,695.81 | 298,809.50 | | Net Profit | -21,405,286.41 | -9,463,692.54 | | Investment Income | -11,581,692.95 | 3,180,245.57 | | Gains from Fair Value Changes | -647,296.84 | -1,506,252.72 | | Basic Earnings Per Share (yuan/share) | -0.0209 | -0.0092 | 5. Consolidated Cash Flow Statement For the first half of 2025, net cash flow from operating activities was -33,138,223.20 yuan, from investing activities was -4,139,543.28 yuan, and from financing activities was 34,490,845.50 yuan Key Data from Consolidated Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -33,138,223.20 | -21,044,647.03 | | Net Cash Flow from Investing Activities | -4,139,543.28 | -86,027,746.95 | | Net Cash Flow from Financing Activities | 34,490,845.50 | 74,840,468.80 | | Net Increase in Cash and Cash Equivalents | -2,786,923.89 | -32,219,956.16 | | Period-End Balance of Cash and Cash Equivalents | 54,226,158.79 | 79,113,367.07 | 6. Parent Company Cash Flow Statement For the first half of 2025, parent company net cash flow from operating activities was -8,729,925.93 yuan, from investing activities was 6,111,190.16 yuan, and from financing activities was -1,987,364.70 yuan Key Data from Parent Company Cash Flow Statement | Item | 2025 Semi-Annual (yuan) | 2024 Semi-Annual (yuan) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | -8,729,925.93 | -17,094,290.85 | | Net Cash Flow from Investing Activities | 6,111,190.16 | 20,000,000.00 | | Net Cash Flow from Financing Activities | -1,987,364.70 | 9,828,000.00 | | Net Increase in Cash and Cash Equivalents | -4,606,100.47 | 12,733,709.15 | | Period-End Balance of Cash and Cash Equivalents | 10,421,041.52 | 37,843,284.18 | 7. Consolidated Statement of Changes in Owners' Equity For the first half of 2025, consolidated owners' equity totaled 795,550,894.04 yuan, a decrease of 12,772,611.02 yuan from the period start, primarily due to comprehensive income attributable to parent company owners Consolidated Changes in Owners' Equity | Item | 2025 Semi-Annual Period-End Balance (yuan) | 2025 Semi-Annual Period-Start Balance (yuan) | | :--- | :--- | :--- | | Total Owners' Equity | 795,550,894.04 | 808,323,505.06 | | Total Owners' Equity Attributable to Parent Company | 709,952,734.03 | 723,573,590.09 | | Minority Interests | 85,598,160.01 | 84,749,914.97 | | Amount of Increase/Decrease in Current Period (decrease indicated by "－") | -12,772,611.02 | - | | Total Comp