天域生物(603717) - 2025 Q2 - 季度财报

Important Notice The company's board, supervisors, and management assure the report's accuracy and disclose potential risks and forward-looking statements - The company's Board of Directors, Supervisory Board, and senior management guarantee the truthfulness, accuracy, and completeness of the semi-annual report, with no false records, misleading statements, or major omissions[3] - This semi-annual report has not been audited[5] - Forward-looking statements regarding future plans and development strategies in this report are subject to various market factors and do not constitute a substantive commitment to investors, who are advised to be aware of investment risks[6] - There are no instances of non-operating funds being occupied by controlling shareholders or other related parties, nor are there any external guarantees provided in violation of prescribed decision-making procedures[7][8] - The company has detailed potential risk factors in the report; please refer to 'Section III Management Discussion and Analysis', 'V. Other Disclosures', '(I) Risks That May Be Faced'[7] Definitions This section defines key terms and reporting periods used throughout the semi-annual report - The reporting period refers to January 1, 2025, to June 30, 2025[12] - Definitions are provided for various types of pigs in swine farming, including piglets, nursery pigs, fattening pigs, great-grandparent breeding pigs, grandparent breeding pigs, and parent breeding pigs[12] - PPP refers to the Public-Private Partnership model, where government and private sectors form partnerships for public projects, defining rights, obligations, risks, and benefits[12] - Numbers in this report are generally rounded to two decimal places; discrepancies in table totals versus the sum of individual values are due to rounding[13] Company Profile and Key Financial Indicators This section provides an overview of the company's basic information and presents its key financial performance metrics Company Information This section discloses the company's basic details, including its Chinese name, abbreviation, and legal representative - The company's Chinese name is Tianyu Biotechnology Co., Ltd., with the Chinese abbreviation Tianyu Bio[15] - The company's legal representative is Shi Dongwei[15] Contact Persons and Information This section provides contact details for the Board Secretary and Securities Affairs Representative, including address and communication channels - The Board Secretary is Meng Zhuowei, and the Securities Affairs Representative is Xia Qiaoli[16] - The contact address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[16] Overview of Basic Information Changes This section outlines changes to the company's registered address, office address, website, and email, including historical modifications - The company's registered address is Room 1206, Building 3, No. 25 Juxian Street, Jiangbei District, Chongqing, and its office address is 2nd Floor, Building C4, Wanggu Science and Technology Park, No. 1688 Guoquan North Road, Yangpu District, Shanghai[17] - The company's website is http://www.tygf.cn, and its email address is IR@tygf.cn[17] Overview of Information Disclosure and Document Custody Location Changes This section lists the company's designated newspapers for information disclosure, the website for semi-annual reports, and the report custody location - The company's selected newspapers for information disclosure include Shanghai Securities News, China Securities Journal, Securities Times, and Securities Daily[18] - The website address for the semi-annual report is http://www.sse.com.cn, and the company's semi-annual report is available at the Board Secretary's Office[18] Company Stock Overview This section provides details on the company's stock, including its type, listing exchange, ticker symbol, and stock code - The company's stock type is A-shares, listed on the Shanghai Stock Exchange, with the ticker symbol 'Tianyu Bio' and stock code '603717'[19] - The previous ticker symbol was 'Tianyu Eco'[19] Key Accounting Data and Financial Indicators This section presents the company's key accounting data and financial indicators for the current and prior year periods, with explanations for significant changes Key Accounting Data (Current Reporting Period Jan-Jun) | Indicator | Amount (CNY) | YoY Change (%) | | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | -2.62 | | Total Profit | 32,634,628.43 | 121.33 | | Net Profit Attributable to Shareholders of Listed Company | 10,818,017.08 | 73.68 | | Net Profit Attributable to Shareholders of Listed Company (Excluding Non-Recurring Gains and Losses) | -19,301,739.02 | N/A | | Net Cash Flow from Operating Activities | 89,825,730.55 | 55.07 | | Net Assets Attributable to Shareholders of Listed Company (Period-end) | 529,557,127.13 | 2.09 | | Total Assets (Period-end) | 3,036,460,559.77 | -5.55 | Key Financial Indicators (Current Reporting Period Jan-Jun) | Indicator | Current Reporting Period | Prior Year Period | YoY Change (%) | | :--- | :--- | :--- | :--- | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Diluted Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | 73.49 | | Basic Earnings Per Share (Excluding Non-Recurring Gains and Losses) (CNY/share) | -0.0665 | -0.0106 | N/A | | Weighted Average Return on Net Assets (%) | 2.06 | 0.96 | increased by 1.10 percentage points | | Weighted Average Return on Net Assets (Excluding Non-Recurring Gains and Losses) (%) | -3.68 | -0.47 | decreased by 3.21 percentage points | - Total profit increased compared to the prior year period, primarily due to an increase in asset disposal gains during the reporting period[22] - Net cash flow from operating activities increased compared to the prior year period, mainly due to a decrease in cash paid for goods and services during the reporting period[22] Non-Recurring Gains and Losses Items and Amounts This section details the various non-recurring gains and losses and their respective amounts for the reporting period, totaling CNY 30,119,756.10 Non-Recurring Gains and Losses Items and Amounts | Non-Recurring Gains and Losses Item | Amount (CNY) | | :--- | :--- | | Gains or losses from disposal of non-current assets, including the reversal of impairment provisions | 24,503,605.81 | | Government grants recognized in current profit or loss, excluding those closely related to the company's normal operations, compliant with national policies, enjoyed according to fixed standards, and having a continuous impact on the company's profit or loss | 228,440.29 | | Fair value changes and disposal gains/losses from financial assets and liabilities held by non-financial enterprises, excluding effective hedge accounting related to normal business operations | -143,267.77 | | Reversal of impairment provisions for receivables subject to individual impairment testing | 200,000.00 | | Other non-operating income and expenses apart from the above | 10,167,883.87 | | Less: Income tax impact | 289.61 | | Impact on minority interests (after tax) | 4,836,616.49 | | Total | 30,119,756.10 | Management Discussion and Analysis This section provides management's perspective on the company's operations, financial condition, and future outlook Explanation of the Company's Industry and Main Business Operations During the Reporting Period The company maintains its 'ecological' core, upgrades with 'digital intelligence,' steadily develops ecological agriculture, animal husbandry, food, and ecological energy businesses, and strategically transforms its ecological environment business Overview of the Company's Main Business Operations This section details the operating models, products, and strategic directions of the company's three major business segments, including swine farming, red yeast rice products, health foods, agricultural by-products, distributed photovoltaic power stations, and the transformation of its ecological environment business - The company adheres to 'ecology' as its core business, with 'digital intelligence' as the direction for business upgrades, steadily developing ecological agriculture, animal husbandry, food, and ecological energy businesses, while orderly scaling back and strategically transforming its ecological environment business[26] - The ecological agriculture, animal husbandry, and food business primarily focuses on swine farming (self-breeding and 'company + farmer' model) and the production and sale of red yeast rice series products, health foods, and agricultural by-products, accounting for over 50% of the company's revenue[27][28][30][31] - The ecological energy business primarily involves the investment, development, and construction of distributed photovoltaic power station projects, exploring standardization and digital intelligence to improve operational efficiency through blockchain and AI agent technologies[32] - The ecological environment business is undergoing an orderly contraction, focusing on clearing outstanding payments for key projects and recovering accounts receivable, while transforming to expand into 'new infrastructure' and overseas markets[33] Industry Overview of the Company This section analyzes the current status, development trends, policy support, and challenges facing the swine farming, ecological energy, and ecological environment industries - The swine farming industry is developing towards large-scale, integrated, standardized, intensive, and intelligent operations, with bio-breeding as the mainstream R&D direction, while facing cyclical pig price fluctuations and feed cost impacts on profitability[35][36][37] - The ecological energy industry is strongly supported by policies, with a significant increase in new photovoltaic installed capacity, and distributed photovoltaic new installations continuously surpassing centralized photovoltaic installations[38] - The landscape ecology industry faces a severe external environment, government debt reduction, and difficulties in accounts receivable collection, with the state issuing multiple policies to support the resolution of outstanding payments to private enterprises[39][40] Discussion and Analysis of Operations During the reporting period, the company maintained steady development amidst a challenging market, advanced its 'digital intelligence' transformation, achieved results in ecological agriculture, animal husbandry, food, and ecological energy businesses, continued to clear outstanding debts in ecological environment business, leading to an overall improvement in performance - In the first half of 2025, the company achieved operating revenue of CNY 412.303 million, a 2.62% YoY decrease; net profit attributable to shareholders of the listed company was CNY 10.818 million, a 73.68% YoY increase[41] - Swine sales reached 204,214 heads, a 21.52% YoY increase; swine farming revenue was CNY 311.5323 million, a 17.49% YoY increase[42] - Red yeast rice product capacity increased by 36.78 tons compared to the prior year period, with sales revenue growing by CNY 7.3495 million[42] - The ecological energy business had 6.30 MW of projects connected to the grid for power generation, achieving green power generation operating revenue of CNY 14.8976 million[44] - The company is actively exploring 'digital intelligence' transformation and upgrading, planning to introduce smart management systems for large pig farms and AI agent technology to enhance operational management capabilities and business decision-making efficiency[47] Analysis of Core Competitiveness During the Reporting Period The company's core competitiveness lies in its ecological agriculture, animal husbandry, and food business's advanced farming equipment, regional advantages, and talent team, as well as its ecological technologies and R&D capabilities in comprehensive environmental governance and soil improvement - The swine farming business possesses highly standardized, automated, and intelligent farming equipment, including precision sow feeding systems, body condition recognition, and infrared temperature measurement[49] - The swine farming business adopts a regional development strategy, focusing on Hubei Province, benefiting from local government support and a complete industrial chain[50] - The company continuously introduces industry professionals and technical backbones, and collaborates with colleges and universities to cultivate potential talent, possessing a strong talent team advantage[51] - The company possesses advanced ecological technologies in comprehensive water environment management, soil ecological restoration, and organic waste recycling, which are applied to solve environmental issues in swine farming[52] - As of the end of the reporting period, the company holds a total of 33 utility model patents and 8 invention patents[52] Key Operating Performance During the Reporting Period This section analyzes changes in the company's main business financial statement items, the impact of non-core operations on profit, asset and liability status, and investment activities, including equity, financial assets, and derivatives Changes in Financial Statement Items | Item | Current Period Amount (CNY) | Prior Year Period Amount (CNY) | Change (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 412,302,956.07 | 423,381,788.06 | -2.62 | | Operating Cost | 351,962,266.79 | 360,172,864.67 | -2.28 | | Selling Expenses | 1,899,801.48 | 2,001,667.61 | -5.09 | | Administrative Expenses | 39,662,854.21 | 49,757,802.04 | -20.29 | | Financial Expenses | 16,663,808.43 | -1,788,510.21 | N/A | | R&D Expenses | 7,423,736.22 | 3,459,770.68 | 114.57 | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | 55.07 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | N/A | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | -776.43 | - The change in financial expenses was primarily due to an increase in net interest expenses during the reporting period; the change in R&D expenses was mainly due to increased R&D investment related to ecological energy[53][54] - The significant change in profit from non-core operations this period was primarily due to asset disposal gains of CNY 25.9116 million, accounting for 79.40% of total profit, mainly resulting from the termination and re-signing of pig farm lease contracts[55] Changes in Asset and Liability Status | Item Name | Current Period-end Amount (CNY) | Change from Prior Year-end (%) | Explanation | | :--- | :--- | :--- | :--- | | Contract Assets | 185,022,030.81 | -45.41 | Mainly due to project settlements during the reporting period | | Non-Current Assets Due Within One Year | 152,714,401.70 | 85.14 | Mainly due to project settlements during the reporting period | | Investment Properties | 6,109,091.23 | 71.91 | Mainly due to adjustment of property use during the reporting period | | Construction in Progress | 44,310,286.17 | 107.33 | Mainly due to new pig farm reconstruction during the reporting period | | Productive Biological Assets | 30,904,975.88 | 35.48 | Mainly due to an increase in sow scale during the reporting period | | Contract Liabilities | 81,432,785.51 | -43.70 | Mainly due to increased project construction during the reporting period | | Taxes Payable | 1,470,739.99 | 30.70 | Mainly due to an increase in corporate income tax payable during the reporting period | | Lease Liabilities | 75,473,419.93 | -32.07 | Mainly due to changes in pig farm leases during the reporting period | - As of the end of the reporting period, the total amount of the company's restricted major assets was CNY 1,103,080,018.06, including monetary funds, accounts receivable, long-term receivables, fixed assets, investment properties, right-of-use assets, intangible assets, and other non-current assets[61] - During the reporting period, the company's live hog futures contracts realized a hedging loss of CNY 0.1433 million, effectively mitigating market downside risk through hedging activities[67] Other Disclosures This section details potential risks across the company's business segments, including animal epidemics, feed and live hog price fluctuations, natural disasters for ecological agriculture, animal husbandry, and food; accounts receivable impairment and PPP project implementation risks for ecological environment; and operational management, power station transfer transaction cycle, and policy risks for ecological energy - The ecological agriculture, animal husbandry, and food business faces risks from animal epidemics, feed price fluctuations, live hog price fluctuations, and natural disasters, which could lead to decreased production and sales, increased costs, or losses[70][71][72][73] - Digital intelligence upgrades for the agricultural and new energy businesses may not progress as expected due to capital investment pressure, talent shortages, and difficulties in technology integration[74] - The ecological environment business faces risks of impairment losses due to large balances of accounts receivable, contract assets, and long-term receivables, as well as risks in PPP project implementation affected by policy adjustments and financing environment[75][76] - The ecological energy business faces operational management risks (capital-intensive, high operational difficulty) and uncontrollable transaction cycles for power station transfers and sales, as well as policy risks (fluctuating transaction prices, lengthy approval processes, and a trend towards no subsidies)[77][78][79] Corporate Governance, Environment, and Society This section covers the company's governance structure, environmental initiatives, and social responsibilities Profit Distribution or Capital Reserve to Share Capital Increase Plan During the reporting period, the company had no plans for profit distribution or converting capital reserves into share capital - There was no profit distribution plan or capital reserve to share capital increase plan for the current reporting period[82] Status and Impact of the Company's Equity Incentive Plans, Employee Stock Ownership Plans, or Other Employee Incentive Measures The company completed the cancellation of its 2022 stock option incentive plan during the reporting period, marking the conclusion of the plan's implementation - On April 15, 2025, the company's Board of Directors resolved to cancel 3.555 million stock options that had been granted but not yet exercised, as the exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant were not met[83] - On April 25, 2025, the company completed the aforementioned stock option cancellation procedures, and with this cancellation, the company's 2022 stock option incentive plan has been fully implemented[83] Specific Progress in Consolidating and Expanding Poverty Alleviation Achievements and Rural Revitalization The company actively participates in rural revitalization through a 'company + farmer' cooperation model, settling CNY 41.6714 million with 67 cooperative farmers during the reporting period, with an average settlement of CNY 0.622 million per household - The company actively responds to the call for 'rural revitalization' by adopting a 'company + farmer' cooperation model, promoting farmer income growth through resource assistance and standardized management[85] - In the first half of 2025, the company settled with 67 cooperative farmers, with a total settlement amount of CNY 41.6714 million, and an average settlement amount of CNY 0.622 million per household[85] Significant Matters This section details important events and commitments, including their fulfillment status and any ongoing legal or financial implications Fulfillment of Commitments This section discloses the fulfillment status of various commitments made by the company's actual controllers, shareholders, and the company itself, including share lock-ups, resolution of related-party transactions, non-competition, social insurance/housing provident fund liabilities, and return enhancement measures, with specific updates on the recovery progress for unfulfilled performance compensation from Qinghai Juzhiyuan - Promisors such as Luo Weiguo and Shi Dongwei have strictly fulfilled commitments regarding share lock-ups, resolution of related-party transactions, non-competition, bearing social insurance/housing provident fund losses, and return enhancement measures[87][89][90][91][92] - Qinghai Juzhiyuan failed to meet its cumulative net profit commitment attributable to the parent company after deducting non-recurring gains and losses for 2022, 2023, and 2024, and is obligated to compensate the company CNY 423.7693 million[93] - The company has applied for arbitration with the Shanghai Arbitration Commission, which ruled that Mr. Liu Bingsheng must pay the company a one-time cash compensation of CNY 43.2953 million for performance commitments, and the company has applied for enforcement[93][94] - The company has filed a shareholder right-to-know lawsuit with the Delingha City People's Court in Qinghai Province to accurately calculate the cash compensation amount due for the three-year performance commitment[94] - Hubei Tiantun committed that Wuhan Tianqian's annual distributable profit from 2024-2034 will not be less than CNY 18 million, with Hubei Tiantun making up any shortfall[94] Significant Litigation and Arbitration Matters This section discloses the progress of the arbitration case between the company and Mr. Liu Bingsheng regarding unfulfilled performance compensation obligations for Qinghai Juzhiyuan, where the arbitration commission ruled that Mr. Liu Bingsheng must pay CNY 43.2953 million in compensation and arbitration fees, and the company has applied for enforcement - The company filed an arbitration application with the Shanghai Arbitration Commission regarding Mr. Liu Bingsheng's failure to fulfill his performance compensation obligations, requesting a one-time cash compensation of CNY 43.2953 million for performance commitments[95] - The Shanghai Arbitration Commission ruled that Liu Bingsheng should pay the company a one-time cash compensation of CNY 43.2953 million for performance commitments and arbitration fees of CNY 0.3143 million[95] - As Liu Bingsheng failed to fulfill the payment obligations stipulated in the effective arbitration award, the company has applied to the Haixi Mongolian and Tibetan Autonomous Prefecture Intermediate People's Court in Qinghai Province for legal enforcement, which is currently in the execution phase[95] Explanation of the Integrity Status of the Company, its Controlling Shareholders, and Actual Controllers During the Reporting Period During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records - During the reporting period, the company, its controlling shareholders, and actual controllers had no adverse credit records[96] Significant Related-Party Transactions This section discloses the company's daily related-party transactions, asset acquisition related-party transactions, and related-party fund borrowings during the reporting period - Daily related-party transactions: Procurement of raw materials from Hubei Tianyifengtai Biotechnology Co., Ltd. amounted to CNY 22.4418 million, which did not exceed the CNY 120 million estimated for 2025[97] - Asset acquisition related-party transaction: The company purchased 22.50% equity in its controlled subsidiary, Tianqian Food Co., Ltd., from related party Tianyu Yuan (Shanghai) Technology Development Co., Ltd. for CNY 58 million, with CNY 20.74 million in equity acquisition payments already made[98] - Related-party fund borrowing: The company borrowed from Tianyu Yuan, controlled by its controlling shareholder Mr. Luo Weiguo, with CNY 11.8 million cumulatively borrowed and CNY 23.55 million cumulatively repaid this period, resulting in a period-end balance of CNY 0 million; cumulative interest accrued this reporting period was CNY 1.3977 million[100][101] Significant Contracts and Their Fulfillment This section discloses changes to the company's pig farm lease contracts, resulting in a CNY 24.1003 million gain from the disposal of right-of-use assets, and presents the total amount and proportion of external guarantees and guarantees to subsidiaries - The company's subsidiary, Tianqian Food, terminated the original 'Pig Farm Lease Service Agreement' with Wuhan Haoshun Ecological Agriculture Co., Ltd. and re-signed a new 'Pig Farm Lease Contract,' with adjustments to the lease term and rent[103] - The termination of the original agreement and the signing of the new 'Pig Farm Lease Contract' resulted in a gain from disposal of right-of-use assets of CNY 24.1003 million[104] Total Company Guarantees (Including Guarantees to Subsidiaries) | Indicator | Amount (CNY) | | :--- | :--- | | Total Guarantees (A+B) | 1,127,004,146.42 | | Ratio of Total Guarantees to Company's Net Assets (%) | 217.26 | | Of which: Total Guarantee Balance to Subsidiaries (B) | 1,106,929,146.42 | | Ratio of Guarantee Balance to Subsidiaries to Company's Net Assets (%) | 213.39 | | Debt Guarantee Amount (D) Provided Directly or Indirectly to Guaranteed Parties with Asset-Liability Ratio Exceeding 70% | 949,627,867.48 | Explanation of Progress in Use of Raised Funds This section details the overall use of the company's raised funds, specifics of investment projects, initial investments and replacements, and the temporary use of idle raised funds to supplement working capital Overall Use of Raised Funds | Source of Raised Funds | Total Raised Funds (CNY) | Total Cumulative Investment as of Period-end (CNY) | Cumulative Investment Progress (%) | | :--- | :--- | :--- | :--- | | Issuance of Shares to Specific Objects | 402,272,000.00 | 332,634,788.44 | 84.45 | - The scheduled usable date for the investment project 'Tianchang City Longgang Red Ancient Town Cultural Tourism Scenic Area EPC Project' has been extended to December 2025, with CNY 2,152,910.91 in benefits realized this year[110] - The company has used its own funds to pay for parts of the investment projects and has replaced them with an equivalent amount of raised funds[113] - The company continued to use idle raised funds not exceeding CNY 74 million to temporarily supplement working capital, which was repaid on August 12, 2025[114] - The company again approved the continued use of idle raised funds not exceeding CNY 61.5 million to temporarily supplement working capital, with a usage period not exceeding twelve months[115] Share Changes and Shareholder Information This section provides an overview of changes in the company's share capital and details of its shareholders Changes in Share Capital During the reporting period, there were no changes in the company's total share capital or share structure - During the reporting period, there were no changes in the company's total share capital or share structure[118] Shareholder Information This section discloses the total number of common shareholders and the shareholding status of the top ten shareholders as of the end of the reporting period, including share quantity, proportion, restricted shares, and pledge/freeze status - As of the end of the reporting period, the total number of common shareholders was 20,200[118] Top Ten Shareholders' Shareholding Status | Shareholder Name | Period-end Shareholding (shares) | Proportion (%) | Pledge, Freeze Status | | :--- | :--- | :--- | :--- | | Luo Weiguo | 37,251,829 | 12.84 | Pledged 17,000,000 shares, frozen 14,375,524 shares | | Shi Dongwei | 32,338,800 | 11.15 | Pledged 26,000,000 shares, frozen 3,181,856 shares | | Shenzhen Zeyuan Private Securities Fund Management Co., Ltd. - Zeyuan Liwangtian No. 42 Private Securities Investment Fund | 22,000,000 | 7.58 | None | | Mao Shiqi | 7,757,737 | 2.67 | None | | Ren Chao | 2,845,300 | 0.98 | None | | Li Jixiang | 2,802,000 | 0.97 | None | | Shanghai Yunran Investment Management Co., Ltd. - Yunran Emerging Growth XI Private Securities Investment Fund | 2,600,000 | 0.90 | None | | Cai Qizuo | 2,568,100 | 0.89 | None | | Dingtai Sifang (Shenzhen) Private Securities Fund Management Co., Ltd. - Dingtai Sifang Fubao Growth No. 3 Private Securities Investment Fund | 2,333,000 | 0.80 | None | | BARCLAYS BANK PLC | 2,191,871 | 0.76 | None | - During the reporting period, Luo Weiguo and Shi Dongwei were parties acting in concert; as of the date of this report, their concerted action relationship has been terminated[121] - Luo Weiguo's 14,375,524 shares in the company were judicially frozen; Shi Dongwei's 3,181,856 shares in the company were judicially frozen[121] Information on Directors, Supervisors, and Senior Management This section discloses the equity incentives granted to directors, supervisors, and senior management during the reporting period, and explains the cancellation of some stock options due to unfulfilled exercise conditions - The exercise conditions for the third tranche of the initial grant and the second tranche of the reserved grant under the 2022 stock option incentive plan were not met[123] - The company has canceled 3.555 million stock options granted but not yet exercised by incentive recipients, and the 2022 stock option incentive plan has been fully implemented[123] Number of Stock Options Held by Directors, Supervisors, and Senior Management at Period-Beginning | Name | Position | Number of Stock Options Held at Period-Beginning (10,000 shares) | | :--- | :--- | :--- | | Chen Qinghui | Director | 61.30 | | Mei Xiaoyang | Senior Management | 50.00 | | Wang Quan | Director | 16.00 | | Meng Zhuowei | Director | 11.00 | | Total | / | 138.30 | Financial Report This section presents the company's comprehensive financial statements, including balance sheets, income statements, cash flow statements, and statements of changes in equity Financial Statements This section includes 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, comprehensively reflecting its financial position and operating results Consolidated Balance Sheet (June 30, 2025) | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Total Assets | 3,036,460,559.77 | 3,214,984,288.09 | | Total Liabilities | 2,296,058,691.91 | 2,506,452,041.54 | | Total Owners' Equity | 740,401,867.86 | 708,532,246.55 | Consolidated Income Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Total Operating Revenue | 412,302,956.07 | 423,381,788.06 | | Total Operating Cost | 418,339,106.17 | 414,460,678.23 | | Total Profit | 32,634,628.43 | 14,744,732.08 | | Net Profit | 31,869,621.31 | 13,701,203.81 | | Net Profit Attributable to Parent Company Shareholders | 10,818,017.08 | 6,228,578.44 | | Basic Earnings Per Share (CNY/share) | 0.0373 | 0.0215 | Consolidated Cash Flow Statement (Jan-Jun 2025) | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 89,825,730.55 | 57,925,350.75 | | Net Cash Flow from Investing Activities | -46,292,348.42 | -41,116,027.72 | | Net Cash Flow from Financing Activities | -51,723,815.26 | 7,646,567.58 | | Net Increase in Cash and Cash Equivalents | -8,106,544.69 | 24,501,661.74 | Company Basic Information This section outlines the company's establishment date, listing status, unified social credit code, legal representative, registered capital, registration authority, registered and office addresses, and primary business activities - Tianyu Biotechnology Co., Ltd. was established on June 21, 2000, and listed on the main board of the Shanghai Stock Exchange on March 27, 2017 (stock code: 603717.SH)[160] - The legal representative is Shi Dongwei, and the registered capital is CNY 290.14624 million[161] - The company's main business is concentrated in three major segments: ecological agriculture, animal husbandry, and food (swine farming, agricultural by-product sales, etc.), ecological environment (landscape ecological engineering, seedling cultivation, etc.), and ecological energy (distributed photovoltaic power stations, etc.)[162] Basis of Financial Statement Preparation The financial statements are prepared on a going concern basis, adhering to enterprise accounting standards, and the company's ability to continue as a going concern is assessed as sound - The company prepares its financial statements on a going concern basis, recognizing and measuring transactions and events in accordance with the 'Basic Standards for Enterprise Accounting Standards' and other accounting standards[163] - Based on the company's assessment, its ability to continue as a going concern is sound for the next 12 months from the end of the reporting period, with no factors raising significant doubt about its going concern ability[164] Significant Accounting Policies and Estimates This section elaborates on the company's specific accounting policies and estimates for business combinations, consolidated financial statements, financial instruments, inventories, contract assets, long-term equity investments, investment properties, fixed assets, construction in progress, biological assets, intangible assets, long-term deferred expenses, contract liabilities, employee compensation, provisions, share-based payments, revenue, contract costs, government grants, deferred income tax assets/liabilities, and leases - The company's business is divided into ecological agriculture, animal husbandry, and food, ecological environment, and ecological energy segments, with specific accounting policies and estimates formulated based on their actual production and operational characteristics[165] - Financial assets are classified into three categories based on the business model for managing them and their contractual cash flow characteristics: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in current profit or loss[196] - Impairment of financial instruments is based on expected credit losses, with impairment accounting applied to financial assets measured at amortized cost, lease receivables, loan commitments, and financial guarantee contracts, and loss provisions measured in three stages[207][208][209] - Inventories include raw materials, merchandise inventory, revolving materials, and consumable biological assets (piglets, nursery pigs, fattening pigs, seedlings), valued at the weighted average method at month-end upon issuance[237][238][239] - The general principle for revenue recognition is to identify each distinct performance obligation within a contract, determine whether each obligation is satisfied over time or at a point in time, and recognize revenue based on the progress of satisfaction or when the customer obtains control[298][299] - Lease identification, lessee accounting (right-of-use assets, lease liabilities), simplified treatment for short-term and low-value asset leases, and lessor accounting (operating leases, finance leases) are detailed[319][320][321][323][324][327][331][332][333] Taxation This section discloses the company's main tax categories and rates, including Value-Added Tax, Urban Maintenance and Construction Tax, and Corporate Income Tax, along with detailed explanations of the tax incentives enjoyed by the company Main Tax Categories and Rates | Tax Category | Tax Basis | Tax Rate | | :--- | :--- | :--- | | Value-Added Tax | Taxable Value-Added Amount | 3%、5%、6%、9%、13% | | Urban Maintenance and Construction Tax | Amount of VAT Payable | 5%、7% | | Corporate Income Tax | Taxable Income | 15%、25% | - The corporate income tax rate for Tianyu Biotechnology Co., Ltd., Zhongsheng Huaxing International Construction Engineering Co., Ltd., Sichuan Zhongtai Qihang New Energy Technology Co., Ltd., and Wuhan Jiacheng Biological Products Co., Ltd. is 15%[338][341][342] - Agricultural producers are exempt from Value-Added Tax on the sale of self-produced agricultural products[340] - Distributed photovoltaic projects enjoy a corporate income tax preferential policy of 'three years exemption, three years half reduction'[343] Notes to Consolidated Financial Statement Items This section provides detailed notes and explanations for various assets, liabilities, owners' equity, income, costs, and expenses in the consolidated financial statements, including period-end balances, period-beginning balances, reasons for changes, bad debt provisions, and restricted conditions Monetary Funds | Item | Period-end Balance (CNY) | Period-beginning Balance (CNY) | | :--- | :--- | :--- | | Cash on Hand | 40.56 | 40.56 | | Bank Deposits | 92,160,607.07 | 100,267,151.76 | | Other Monetary Funds | 65,574,690.48 | 77,781,334.94 | | Total | 157,735,338.11 | 178,048,527.26 | - Among other monetary funds, CNY 25,009,868.83 is judicially frozen, CNY 31,564,821.65 is otherwise frozen, and CNY 9,000,000.00 is in a securities special account[346] - Accounts receivable had a period-end book value of CNY 339,538,667.93, with bad debt provisions of CNY 516,363,474.55, including CNY 369,012,444.55 from Zunyi Xinpu Development Group Co., Ltd. fully provided for bad debts[353][354] - Contract assets had a period-end book value of CNY 185,022,030.81, with bad debt provisions of CNY 8,579,378.11[361] - Long-term receivables had a period-end book value of CNY 424,258,157.88, with bad debt provisions of CNY 23,940,393.62, primarily comprising non-PPP project receivables, PPP project receivables, and loans[392] - Long-term equity investments had a period-end book value of CNY 90,855,340.65, with an impairment provision of CNY 137,432,973.78 for the investment in Qinghai Juzhiyuan New Material Co., Ltd.[404][405][406] - Fixed assets had a period-end book value of CNY 332,260,178.73, construction in progress had a period-end book value of CNY 44,310,286.17, and productive biological assets had a period-end book value of CNY 30,904,975.88[412][416][420] - Goodwill had a period-end original book value of CNY 7,084,846.72, with an impairment provision of CNY 5,002,663.84[432][434] - Asset disposal gains for the current period amounted to CNY 25,911,620.61, primarily from the disposal of right-of-use assets[508] - Non-operating income for the current period amounted to CNY 10,298,004.56, mainly from unpayable intercompany balances and insurance compensation income[509] Research and Development Expenses This section discloses the composition of the company's R&D expenses by nature of cost during the reporting period, with total expensed R&D expenditures amounting to CNY 7,423,736.22 R&D Expenses by Nature of Cost | Item | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Employee Compensation | 5,387,525.17 | 3,214,361.01 | | Material Costs | 1,281,055.34 | 107,493.10 | | Labor Costs | 55,000.00 | 132,000.00 | | Lease Expenses | 549,630.20 | - | | Office Expenses | 108,116.77 | - | | Total | 7,423,736.22 | 3,459,770.68 | - Total expensed R&D expenditures for the current period amounted to CNY 7,423,736.22, representing a 114.57% increase compared to the prior year period[533][53] Changes in Consolidation Scope During the reporting period, the company added Wuxue Qiangda Animal Husbandry Co., Ltd. as a subsidiary through a non-common control business combination, established Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd., and liquidated Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd. - This period, Wuxue Qiangda Animal Husbandry Co., Ltd. was added as a subsidiary through a non-common control business combination, with an equity acquisition cost of CNY 15,650,000.00[535][537] - Newly established subsidiaries this period include Wuhan Tianyi Animal Husbandry Co., Ltd., Weihai Tianyu Frontier New Energy Technology Co., Ltd., and Hainan Tianyu Yafu Computing Technology Co., Ltd.[542] - Subsidiaries liquidated this period include Jiaxing Tianrui Cultural Tourism Development Co., Ltd. and Wuhan Yisite Biotechnology Co., Ltd.[542] Interests in Other Entities This section details the composition of the company's enterprise group, including the main operating locations, registered capital, business nature, and shareholding ratios of each subsidiary, and provides key financial information for the significant non-wholly owned subsidiary, Tianqian Food - The company owns multiple subsidiaries, with businesses covering ecological environment, ecological agriculture, animal husbandry, food, and ecological energy sectors[544] - For the significant non-wholly owned subsidiary Tianqian Food, the minority shareholder's equity interest is 9.90%, and the profit attributable to minority shareholders for the current period was CNY 3,006,349.88[551] Key Financial Information for Significant Non-Wholly Owned Subsidiary Tianqian Food (Current Period Amounts) | Item | Operating Revenue (CNY) | Net Profit (CNY) | Total Comprehensive Income (CNY) | Cash Flow from Operating Activities (CNY) | | :--- | :--- | :--- | :--- | :--- | | Tianqian Food | 315,502,160.23 | 48,616,724.20 | 48,616,724.20 | 42,582,570.21 | - The total book value of the company's investments in associates is CNY 90,855,340.65, with a net profit calculated based on shareholding ratio of -CNY 238,866.22 for the current period[555] Government Grants This section discloses the total government grants recognized in current profit or loss during the reporting period, amounting to CNY 218,131.70, comprising both income-related and asset-related grants Government Grants Recognized in Current Profit or Loss | Type | Current Period Amount (CNY) | Prior Period Amount (CNY) | | :--- | :--- | :--- | | Income-Related | 177,614.30 | 400,793.20 | | Asset-Related | 40,517.40 | 20,258.70 | | Total | 218,131.70 | 421,051.90 | [Risks Related to Financial Instruments](index=167&type=section&id=%E