GARDEN BIO-CHEM(SZ:300401)2020-08-07 16:00Important Notice, Table of Contents and Definitions This section provides crucial disclaimers, outlines key operational risks, and defines essential terms used throughout the report Important Notice and Risks The board ensures report accuracy while highlighting major operational risks, including vitamin D3 price volatility, project investment uncertainties, and management challenges - 公司面临三大主要风险： - 维生素D3价格波动风险：公司业绩高度依赖维生素D3相关产品，价格不利变动可能导致业绩下滑68 - 项目投资风险：金西科技园等项目在建设进度、成本和实施效果上存在不确定性68 - 管理及人力资源风险：公司发展对高素质人才需求大幅上升，面临人才引进、培养和留存的挑战68 - 公司2020年半年度计划不派发现金红利，不送红股，不以公积金转增股本9 Definitions This chapter defines key terms used in the report, including company and subsidiary abbreviations, core products, and the reporting period - 报告期指2020年上半年15 - 核心产品定义： - 维生素D3 (VD3): 调节钙、磷代谢的重要维生素15 - NF级胆固醇: 纯度95%以上的羊毛脂胆固醇，是生产维生素D3的主要原材料15 - 25-羟基维生素D3: 维生素D3的活性代谢物，生理活性更强15 Company Profile and Key Financial Indicators This section introduces the company's basic information and presents key financial performance data for the reporting period Company Profile This chapter provides the company's basic information, including stock ticker, stock code, listing exchange, and contact details Company Basic Information | 项目 | 内容 | | :--- | :--- | | 股票简称 | 花园生物 | | 股票代码 | 300401 | | 上市交易所 | 深圳证券交易所 | | 法定代表人 | 邵君芳 | Key Accounting Data and Financial Indicators In the first half of 2020, the company's revenue decreased by 17.46% to RMB 345 million, and net profit declined by 29.23% to RMB 163 million, despite a 15.79% increase in total assets Key Financial Indicators | 指标 | 本报告期 | 上年同期 | 同比增减 | | :--- | :--- | :--- | :--- | | 营业收入 (RMB) | 345,184,453.13 | 418,217,299.22 | -17.46% | | 归属于上市公司股东的净利润 (RMB) | 162,535,712.92 | 229,673,653.04 | -29.23% | | 扣非后归母净利润 (RMB) | 138,162,955.11 | 221,563,777.18 | -37.64% | | 经营活动现金流量净额 (RMB) | 200,971,842.76 | 201,198,542.26 | -0.11% | | 基本每股收益 (RMB/share) | 0.34 | 0.48 | -29.17% | | 加权平均净资产收益率 | 8.91% | 13.87% | -4.96% | | | 本报告期末 | 上年度末 | 期末比上年末增减 | | 总资产 (RMB) | 2,407,956,593.22 | 2,079,607,778.24 | 15.79% | | 归属于上市公司股东的净资产 (RMB) | 1,905,568,724.12 | 1,743,033,011.20 | 9.32% | Non-Recurring Gains and Losses and Amounts Non-recurring gains and losses totaled RMB 24.37 million for the period, primarily from government subsidies recognized in current profit Non-Recurring Gains and Losses | 项目 | 金额 (RMB) | | :--- | :--- | | 计入当期损益的政府补助 | 26,940,979.18 | | 非流动资产处置损益 | -320,975.43 | | 其他营业外收支净额 | 1,522,668.30 | | 委托他人投资或管理资产的损益 | 600,000.00 | | 减：所得税影响额 | 4,371,438.43 | | 合计 | 24,372,757.81 | Business Overview This section outlines the company's main business activities, operational model, and analysis of core competencies Main Businesses, Operating Model, and Performance Changes The company focuses on building a complete vitamin D3 industry chain, with operations impacted by the COVID-19 pandemic leading to a decline in feed-grade vitamin D3 sales and prices - 公司战略核心是打造完整的维生素D3上下游产业链，产品覆盖从上游原材料（羊毛脂胆固醇）到下游应用（维生素D3、25-羟基维生素D3）39 - 2020年7月1日起实施的饲料添加剂维生素D3油国家新标准，规定羊毛脂胆固醇为唯一合法来源原料，利好公司胆固醇市场战略41 - 上半年业绩下滑的主要原因是受新冠疫情影响，饲料级维生素D3的销量和销售均价同比下降41 Analysis of Core Competencies The company's core strengths include a complete vitamin D3 industry chain, leading production technology, significant cost advantages from self-produced cholesterol, global scale, and strong customer relationships - 公司核心竞争力包括： - 全产业链优势：覆盖从上游羊毛脂胆固醇到下游高端维生素D3应用4445 - 技术优势：三大核心生产工艺（VD3、NF级胆固醇、25-羟基VD3）处于国际或国内领先水平4445 - 成本优势：自产NF级胆固醇，生产成本大幅低于行业内其他企业4445 - 规模优势：VD3产量及销量均位居世界前列4445 - 客户资源优势：与荷兰帝斯曼、安迪苏等国际知名企业建立长期合作关系4445 Management Discussion and Analysis This section provides a detailed analysis of the company's operational performance, including revenue, costs, assets, liabilities, and investment activities Operating Overview In H1 2020, revenue decreased by 17.46% to RMB 345 million and net profit by 29.23% to RMB 163 million, primarily due to lower feed-grade vitamin D3 sales, while other product lines showed growth Key Operating Indicators | 指标 | 2020年上半年 | 同比变动 | | :--- | :--- | :--- | | 营业收入 | 3.45亿RMB | -17.46% | | 归母净利润 | 1.63亿RMB | -29.23% | - 产品运营情况分化： - 羊毛脂胆固醇：因新国标实施，供不应求，生产线满负荷运行49 - 25-羟基维生素D3：产销量稳中有升49 - 食品医药级维生素D3：产销量大幅增长49 - 饲料级维生素D3：销量及售价同比下降，是业绩下滑主因49 - 金西科技园搬迁相关项目原计划上半年投产，受疫情影响预计延后至2020年10月底前投产50 Analysis of Main Business Main business performance was mixed, with revenue from vitamin D3 and similar products decreasing by 33.32% and gross margin declining, while lanolin and derivatives revenue increased by 59.29% with improved gross margin Key Income Statement Changes | 项目 | 本报告期 | 上年同期 | 同比增减 | 主要变动原因 | | :--- | :--- | :--- | :--- | :--- | | 营业收入 | 345,184,453.13 | 418,217,299.22 | -17.46% | - | | 营业成本 | 131,707,806.45 | 101,423,714.67 | 29.86% | - | | 销售费用 | 4,681,855.34 | 6,965,762.36 | -32.79% | 出口返佣、出口信用保险减少 | | 财务费用 | -4,492,850.07 | -1,593,694.42 | 181.91% | 汇兑收益增加 | | 投资活动现金流净额 | -273,460,856.88 | -32,087,168.62 | 752.24% | 支付工程款、设备款增加 | | 筹资活动现金流净额 | 158,834,120.07 | 37,711,874.73 | 321.18% | 银行借款增加 | Segment Performance by Product/Service | 分产品或服务 | 营业收入 (RMB) | 营业成本 (RMB) | 毛利率 | 营业收入同比增减 | 营业成本同比增减 | 毛利率同比增减 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 维生素 D3 及 D3 类似物 | 229,443,958.67 | 64,442,141.33 | 71.91% | -33.32% | 14.87% | -11.79% | | 羊毛脂及其衍生品 | 110,464,548.78 | 65,051,678.08 | 41.11% | 59.29% | 47.83% | 4.57% | Analysis of Assets and Liabilities Total assets increased by 15.79% to RMB 2.41 billion, driven by increased construction in progress, while short-term borrowings significantly rose, increasing the proportion of liabilities - 在建工程期末余额较期初大幅增加，占总资产比例从18.21%上升至25.13%，主要原因是金西科技园项目建设投入增加4360 - 短期借款较期初增加，占总资产比例从12.26%上升至17.34%60 - 截至报告期末，公司有1亿RMB交易性金融资产因开具银行承兑汇票而被质押，权利受限60 Analysis of Investment Status The company had no major equity or non-equity investments, with most raised funds directed towards Jinxi Science Park projects, and some project plans adjusted due to market changes and pandemic-related delays Raised Funds Investment | 项目 | 金额 (RMB '0000) | | :--- | :--- | | 募集资金总额 | 40,670.72 | | 报告期投入募集资金总额 | 5,377.59 | | 已累计投入募集资金总额 | 38,658.49 | - 公司变更了部分募集资金用途，暂缓实施“核心预混料项目”和“年产4,000吨环保杀鼠剂项目”，将资金用于“年产180吨7-去氢胆固醇项目”及“年产750吨饲料级VD3油剂项目”的建设727374 - 由于新冠疫情导致项目复工推迟，变更后的募投项目预计投产时间有所延后7576 Analysis of Major Holding and Associate Companies Key subsidiaries operated stably, with Hangzhou Xiasha Biotechnology contributing RMB 18.75 million in net profit and Zhejiang Huayuan Nutrition Technology, a major project implementer, reaching RMB 1.01 billion in total assets Subsidiary Financial Performance | 公司名称 | 角色 | 营业收入 (RMB) | 净利润 (RMB) | | :--- | :--- | :--- | :--- | | 杭州下沙生物科技有限公司 | 子公司 | 83,027,018.76 | 18,746,225.61 | | 浙江花园营养科技有限公司 | 子公司 | 26,760,056.22 | 5,098,434.00 | Significant Matters This section covers significant related party transactions, environmental social responsibility, and other major corporate developments XIII. Significant Related Party Transactions The company engaged in a significant related party transaction where Zhejiang Huayuan Construction provided RMB 108 million in construction services for a subsidiary's project, within the approved annual limit of RMB 400 million Related Party Transaction Details | 关联方 | 关联交易内容 | 报告期实际金额 (RMB '0000) | 获批交易额度 (RMB '0000) | | :--- | :--- | :--- | :--- | | 浙江花园建设有限公司 | 接受劳务（土建工程建设） | 10,778.08 | 40,000 | XV. Social Responsibility The company's subsidiary, Hangzhou Xiasha Biotechnology, is a key pollutant discharge unit, with detailed disclosures on emissions, pollution control facilities, and environmental management systems, reporting no incidents - 子公司杭州下沙生物科技有限公司作为重点排污单位，对废水和废气排放进行了详细披露，各项指标均在标准范围内124128 - 公司已建立污染防治设施（废气吸收装置、废水在线监测）、建设项目环评、突发环境事件应急预案和环境自行监测方案等环保管理体系129 XVI. Explanation of Other Significant Matters The company's 2019 non-public stock offering application was approved by the China Securities Regulatory Commission on June 3, 2020 - 公司2019年度非公开发行股票申请已于2020年6月3日获得中国证监会核准（证监许可[2020]1067号）132 Changes in Shares and Shareholder Information This section details changes in the company's share capital and provides an overview of its shareholder structure I. Changes in Shareholding The company's total share capital remained unchanged at 479.29 million shares, with a slight increase in restricted shares due to director stock acquisitions Shareholding Changes | 股份类型 | 变动前数量 | 变动后数量 | 变动原因 | | :--- | :--- | :--- | :--- | | 总股份 | 479,288,315 | 479,288,315 | 无变化 | | 有限售条件股份 | 20,278,640 | 20,291,465 | 董事增持股票被锁定 | | 无限售条件股份 | 459,009,675 | 458,996,850 | 对应变动 | III. Number of Shareholders and Shareholding Information As of the reporting period end, the company had 30,254 common shareholders, with Zhejiang Xiangyun Technology as the largest shareholder (35.87% stake), whose shares are partially pledged - 截至报告期末，公司普通股股东总数为30,254户139 Major Shareholders | 股东名称 | 持股比例 | 持股数量 | | :--- | :--- | :--- | | 浙江祥云科技股份有限公司 | 35.87% | 171,926,877 | | 邵君芳 | 3.70% | 17,745,937 | | 浙江花园生物高科股份有限公司回购专用证券账户 | 1.60% | 7,674,790 | - 第一大股东浙江祥云科技股份有限公司的实际控制人为邵钦祥，邵君芳（公司董事长及第二大自然人股东）是邵钦祥的女儿，构成关联关系和一致行动人139142 Financial Report This section presents the company's unaudited consolidated and parent company financial statements for the first half of 2020, along with significant accounting policies Financial Statements This section includes the company's unaudited consolidated and parent company balance sheets, income statements, cash flow statements, and statements of changes in owners' equity for H1 2020 - 公司半年度财务报告未经审计167 Consolidated Balance Sheet As of June 30, 2020, total assets were RMB 2.41 billion, total liabilities RMB 502 million, and owners' equity attributable to parent company RMB 1.91 billion, with a debt-to-asset ratio of 20.86% | 项目 | 2020年6月30日 (RMB) | 2019年12月31日 (RMB) | | :--- | :--- | :--- | | 资产总计 | 2,407,956,593.22 | 2,079,607,778.24 | | 负债合计 | 502,387,869.10 | 336,574,767.04 | | 所有者权益合计 | 1,905,568,724.12 | 1,743,033,011.20 | Consolidated Income Statement In H1 2020, total operating revenue was RMB 345 million, total operating costs RMB 184 million, and net profit RMB 163 million, with basic earnings per share of RMB 0.34 | 项目 | 2020年半年度 (RMB) | 2019年半年度 (RMB) | | :--- | :--- | :--- | | 一、营业总收入 | 345,184,453.13 | 418,217,299.22 | | 二、营业总成本 | 184,063,623.43 | 160,109,721.21 | | 四、利润总额 | 188,555,462.01 | 266,885,406.96 | | 五、净利润 | 162,535,712.92 | 229,673,653.04 | | （一）基本每股收益 | 0.34 | 0.48 | Consolidated Cash Flow Statement Operating cash flow was RMB 201 million, largely stable year-on-year, while investment activities resulted in a net outflow of RMB 273 million, and financing activities generated a net inflow of RMB 159 million | 项目 | 2020年半年度 (RMB) | 2019年半年度 (RMB) | | :--- | :--- | :--- | | 经营活动产生的现金流量净额 | 200,971,842.76 | 201,198,542.26 | | 投资活动产生的现金流量净额 | -273,460,856.88 | -32,087,168.62 | | 筹资活动产生的现金流量净额 | 158,834,120.07 | 37,711,874.73 | | 现金及现金等价物净增加额 | 86,649,874.28 | 206,594,664.69 | V. Significant Accounting Policies and Estimates This chapter details the company's accounting standards, period, and currency, focusing on policies for financial instruments, inventory, fixed assets, intangible assets, and revenue recognition, including the adoption of new revenue standards from January 1, 2020 - 公司自2020年1月1日起执行财政部修订的《企业会计准则第14号——收入》374376 - 根据新准则，将原“预收款项”科目重分类至“合同负债”科目，调整金额为2,683,783.04 RMB374376 - 收入确认的具体方法为：内销在产品交付且客户取得控制权时确认收入；外销在产品报关、交付提单且客户取得控制权时确认收入360 Reference Documents This section lists documents available for inspection, including the signed financial report, all publicly disclosed documents from the reporting period, and other relevant materials Reference Documents This chapter lists documents available for inspection, including the signed and sealed financial report, all publicly disclosed documents from the reporting period, and other relevant materials