关于花园转债预计触发转股价格向下修正条件的提示性公告 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 特别提示： 1、证券代码：300401 证券简称：花园生物 2、债券代码：123178 债券简称：花园转债 3、转股价格：15.05元/股 | | | 浙江花园生物医药股份有限公司 4、转股期限：2023年9月11日至2029年3月5日 5、自2023年8月17日至2023年8月30日，公司股票已有10个交易日的收盘价低于当 期转股价格15.05元/股的85%，如后续公司股票收盘价格继续低于当期转股价的85%， 预计将可能触发"花园转债"转股价格向下修正条件。若触发条件，公司将按照《浙 江花园生物医药股份有限公司创业板向不特定对象发行可转换公司债券募集说明书》 （以下简称"《募集说明书》"）的约定及时履行后续审议程序和信息披露义务。敬 请广大投资者注意投资风险。 一、可转换公司债券基本情况 1、可转换公司债券发行情况 经中国证券监督管理委员会证监许可[2023]252号文核准，公司于2023年3月6日向 不特定对象发行可转换公司债券（以下简称"可转债"）1,2 ...

| 证券代码：300401 | 证券简称：花园生物 公告编号：2023-045 | | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | 浙江花园生物医药股份有限公司 | 序 | 持有人名称 | 持有数量（股） | 占总股本的比例（%） | | --- | --- | --- | --- | | 1 | 浙江祥云科技股份有限公司 | 144,376,377 | 26.20 | | 2 | 东方证券股份有限公司－中庚价值先锋股票型证券投资 基金 | 21,343,734 | 3.87 | | 3 | 邵君芳 | 16,650,037 | 3.02 | | 4 | 上海诺铁资产管理有限公司－合肥中安海通股权投资基 金合伙企业（有限合伙） | 13,830,500 | 2.51 | | 5 | 浙江花园生物医药股份有限公司－2022 年员工持股计划 | 7,674,790 | 1.39 | | 6 | 香港中央结算有限公司 | 5,426,682 | 0.98 | | 7 | 中科先行（北京）资产管理有限公司 | 5,000,000 | 0.91 | | 8 | #赖大建 | 3,85 ...

| 证券代码：300401 | 证券简称：花园生物 公告编号：2023-044 | | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | 浙江花园生物医药股份有限公司 关于召开 2023 年第一次临时股东大会的通知 本公司及董事会全体成员保证公告内容真实、准确、完整，没有虚假记载、误 导性陈述或重大遗漏。 经浙江花园生物医药股份有限公司（以下简称"公司"）第六届董事会第十六次会 议审议通过，决定于2023年9月7日（星期四）召开公司2023年第一次临时股东大会。现 将会议相关事项通知如下： 一、会议召开的基本情况 1、股东大会届次：2023年第一次临时股东大会 2、召集人：董事会 3、会议召开的合法、合规性：本次股东大会的召开符合《公司法》《深圳证券交易 所创业板股票上市规则》等有关法律、法规、部门规章、规范性文件及《公司章程》的 规定。 4、会议召开的日期、时间 （1）现场会议时间：2023年9月7日（星期四）下午14:30； （2）网络投票时间：2023年9月7日；其中，通过深圳证券交易所交易系统进行网络 投票的时间为：2023年9月7日9:15-9:25、9:30-11:3 ...

| 证券代码：300401 | 证券简称：花园生物 公告编号：2023-026 | | --- | --- | | 债券代码：123178 | 债券简称：花园转债 | 浙江花园生物高科股份有限公司 关于举行 2022 年度业绩网上说明会的公告 （问题征集专题页面二维码） 特此公告。 浙江花园生物高科股份有限公司董事会 2023 年 3 月 27 日 本公司及董事会全体成员保证信息披露的内容真实、准确、完整，没有虚假记 载、误导性陈述或重大遗漏。 浙江花园生物高科股份有限公司（以下简称"公司"）定于 2023 年 4 月 10 日（星 期一）下午 15:00-17:00 在全景网举办 2022 年度网上业绩说明会。本次年度业绩说 明会将采用网络远程的方式举行，投资者可登陆全景网"投资者关系互动平台" （https://ir.p5w.net）参与本次年度业绩说明会。 出席本次年度业绩说明会的人员有：公司董事长邵徐君、董事兼花园药业总经理 方福生、董事会秘书喻铨衡、财务总监吴春华、独立董事邵毅平、保荐代表人郭鑫。 为充分尊重投资者、提升交流的针对性，现就公司 2022 年度业绩说明会提前向 投资者公开征集问题，广泛 ...

[Important Notice](index=2&type=section&id=Section%20I%20Important%20Notice) This section provides the management's declaration regarding the accuracy and completeness of the quarterly report [Management Statement](index=2&type=section&id=Board%20of%20Directors%2C%20Supervisory%20Board%2C%20Directors%2C%20Supervisors%2C%20and%20Senior%20Management%20Guarantee) The company's board of directors, supervisory board, and senior management ensure the truthfulness, accuracy, and completeness of this quarterly report, assuming legal responsibility - Company management guarantees the report's content is true, accurate, and complete, assuming legal responsibility[4](index=4&type=chunk) - The company's head, chief accountant, and head of accounting department all declare the financial statements are true, accurate, and complete[5](index=5&type=chunk) [Company Profile](index=3&type=section&id=Section%20II%20Company%20Profile) This section details the company's key financial performance and shareholder structure as of Q3 2020 [Key Accounting Data and Financial Indicators](index=3&type=section&id=I.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) As of Q3 2020, total assets reached **RMB 3.252 billion**, up **56.40%** from year-end, while year-to-date revenue and net profit attributable to shareholders declined by **15.21%** and **26.74%** respectively Key Financial Position Indicators | Indicator | September 30, 2020 | Change from Prior Year-End | | :--- | :--- | :--- | | Total Assets (RMB) | **3,252,457,869.66** | 56.40% | | Net Assets Attributable to Listed Company Shareholders (RMB) | **2,863,899,934.48** | 64.31% | Key Financial Performance Indicators (Year-to-Date) | Indicator | Year-to-Date | Change from Prior Year-Ago Period | | :--- | :--- | :--- | | Operating Revenue (RMB) | **490,403,590.51** | -15.21% | | Net Profit Attributable to Listed Company Shareholders (RMB) | **226,353,727.11** | -26.74% | | Net Cash Flow from Operating Activities (RMB) | **270,391,116.83** | -17.10% | | Basic Earnings Per Share (RMB/share) | **0.46** | -28.13% | | Weighted Average Return on Net Assets | **11.01%** | -7.38% | Non-Recurring Gains and Losses (Year-to-Date) | Non-Recurring Gain/Loss Item | Amount Year-to-Date (RMB) | | :--- | :--- | | Government grants recognized in current profit/loss | **31,400,523.49** | | Gains/losses from entrusted investments or asset management | **3,993,287.67** | | Other non-operating income/expenses | **1,855,824.71** | | **Total** | **31,679,565.00** | [Shareholder Information](index=4&type=section&id=II.%20Total%20Shareholders%20and%20Top%20Ten%20Shareholders%20at%20Period-End) As of the reporting period end, the company had **27,986** common shareholders, with Zhejiang Xiangyun Technology Co., Ltd. as the largest, holding **31.20%** of shares, some of which are pledged - The total number of common shareholders at the end of the reporting period was **27,986**[13](index=13&type=chunk) Top Ten Shareholders at Period-End | Shareholder Name | Shareholder Nature | Shareholding Percentage | Number of Shares Held | Pledged or Frozen Status | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Xiangyun Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | **31.20%** | **171,926,877** | Pledged **128,320,000** | | Shao Junfang | Domestic Natural Person | **3.22%** | **17,745,937** | - | | Bay Area Industrial Financial Investment (Guangzhou) Co., Ltd. | Domestic Non-State-Owned Legal Person | **2.86%** | **15,772,870** | - | - During the reporting period, due to non-public issuance of shares, the number of restricted shares held by multiple shareholders increased, with a total of **71,719,617** new restricted shares expected to be lifted on February 12, 2021[17](index=17&type=chunk)[20](index=20&type=chunk)[23](index=23&type=chunk) [Significant Events](index=8&type=section&id=Section%20III%20Significant%20Events) This section details significant changes in financial data and the progress of major corporate actions, including a private share placement [Significant Changes in Key Financial Data and Reasons](index=8&type=section&id=I.%20Significant%20Changes%20in%20Key%20Financial%20Data%20and%20Indicators%20and%20Their%20Reasons) During the reporting period, the company experienced significant financial data changes, including a **133.09%** increase in monetary funds and a **901.12%** surge in net cash flow from financing activities due to private placement proceeds Balance Sheet Items with Significant Changes | Balance Sheet Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Monetary Funds | **133.09%** | Due to receipt of proceeds from non-public issuance | | Prepayments | **577.79%** | Due to increased prepayments for raw materials | | Construction in Progress | **95.26%** | Due to increased investment in Jinxin Science and Technology Park project construction | Income Statement Items with Significant Changes | Income Statement Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Selling Expenses | **-36.27%** | Due to decrease in export commissions and export credit insurance | | Interest Income | **87.69%** | Due to increased interest income from bank deposits | | Other Income | **-60.62%** | Due to reduced purchases of bank wealth management products | Cash Flow Statement Items with Significant Changes | Cash Flow Statement Item | Change Percentage | Primary Reason | | :--- | :--- | :--- | | Net Cash Flow from Investing Activities | **-125.31%** | Due to increased payments for engineering and equipment | | Net Cash Flow from Financing Activities | **901.12%** | Due to receipt of raised funds | [Progress of Significant Events](index=9&type=section&id=II.%20Progress%20of%20Significant%20Events%2C%20Their%20Impact%2C%20and%20Solutions) The company completed a non-public share offering in 2020, raising approximately **RMB 895 million** net, with **71,719,242** new shares listed on August 13, 2020 - The company's non-public share offering application was approved by the China Securities Regulatory Commission (CSRC) (CSRC Approval [2020] No. 1067)[29](index=29&type=chunk) - This non-public offering raised approximately **RMB 910 million**, with net proceeds of **RMB 894,513,196.17** after deducting issuance expenses[29](index=29&type=chunk) - The **71,719,242** new shares from the non-public offering were listed on the ChiNext Board of the Shenzhen Stock Exchange on August 13, 2020[30](index=30&type=chunk) [Financial Statements](index=11&type=section&id=Section%20IV%20Financial%20Statements) This section presents the consolidated and parent company financial statements, along with explanations for adjustments [Consolidated Financial Statements](index=11&type=section&id=1.%20Consolidated%20Financial%20Statements) This section provides the consolidated balance sheet as of September 30, 2020, and consolidated income and cash flow statements for the reporting period and year-to-date Consolidated Financial Statement Overview | Statement | Period/As of Date | Page Numbers | | :--- | :--- | :--- | | Consolidated Balance Sheet | September 30, 2020 | **11-14** | | Consolidated Income Statement for the Current Period | Q3 2020 | **16-18** | | Consolidated Income Statement Year-to-Date | Jan-Sep 2020 | **20-22** | | Consolidated Cash Flow Statement Year-to-Date | Jan-Sep 2020 | **24-25** | [Parent Company Financial Statements](index=14&type=section&id=2.%20Parent%20Company%20Financial%20Statements) This section provides the parent company balance sheet as of September 30, 2020, and parent company income and cash flow statements for the reporting period and year-to-date Parent Company Financial Statement Overview | Statement | Period/As of Date | Page Numbers | | :--- | :--- | :--- | | Parent Company Balance Sheet | September 30, 2020 | **14-16** | | Parent Company Income Statement for the Current Period | Q3 2020 | **19-20** | | Parent Company Income Statement Year-to-Date | Jan-Sep 2020 | **22-23** | | Parent Company Cash Flow Statement Year-to-Date | Jan-Sep 2020 | **25-27** | [Explanation of Financial Statement Adjustments](index=27&type=section&id=II.%20Explanation%20of%20Financial%20Statement%20Adjustments) Effective January 1, 2020, the company adopted new revenue standards, reclassifying 'Advances from Customers' to 'Contract Liabilities' with no significant impact on financial position - The company first adopted new revenue and lease accounting standards in 2020, adjusting relevant opening financial statement items[94](index=94&type=chunk) Financial Statement Adjustments for New Revenue Standards | Adjusted Item | Amount Before Adjustment (RMB) | Amount After Adjustment (RMB) | Adjustment Amount (RMB) | | :--- | :--- | :--- | :--- | | Advances from Customers | **2,683,783.04** | **0** | **-2,683,783.04** | | Contract Liabilities | **0** | **2,683,783.04** | **2,683,783.04** | [Audit Report](index=33&type=section&id=Section%20III%20Audit%20Report) This section confirms that the company's third-quarter report has not undergone an audit [Audit Status](index=33&type=section&id=Whether%20the%20Third%20Quarter%20Report%20Has%20Been%20Audited) The company's 2020 third-quarter report has not been audited - The company's third-quarter report was not audited[113](index=113&type=chunk)

[Important Notice, Table of Contents and Definitions](index=2&type=section&id=Item%201.%20Important%20Notice%2C%20Table%20of%20Contents%20and%20Definitions) This section provides crucial disclaimers, outlines key operational risks, and defines essential terms used throughout the report [Important Notice and Risks](index=2&type=section&id=Important%20Notice) 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[6](index=6&type=chunk)[8](index=8&type=chunk) - **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[6](index=6&type=chunk)[8](index=8&type=chunk) - **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[6](index=6&type=chunk)[8](index=8&type=chunk) - 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](index=9&type=chunk) [Definitions](index=5&type=section&id=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](index=15&type=chunk) - 核心产品定义： - **维生素D3 (VD3)**: 调节钙、磷代谢的重要维生素[15](index=15&type=chunk) - **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](index=15&type=chunk) - **25-羟基维生素D3**: 维生素D3的活性代谢物，生理活性更强[15](index=15&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=Item%202.%20Company%20Profile%20and%20Key%20Financial%20Indicators) This section introduces the company's basic information and presents key financial performance data for the reporting period [Company Profile](index=6&type=section&id=I.%20Company%20Profile) 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](index=7&type=section&id=IV.%20Key%20Accounting%20Data%20and%20Financial%20Indicators) 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](index=8&type=section&id=VI.%20Non-Recurring%20Gains%20and%20Losses%20and%20Amounts) 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](index=9&type=section&id=Item%203.%20Business%20Overview) This section outlines the company's main business activities, operational model, and analysis of core competencies [Main Businesses, Operating Model, and Performance Changes](index=9&type=section&id=I.%20Main%20Businesses%20During%20the%20Reporting%20Period) 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](index=39&type=chunk) - 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](index=41&type=chunk) - 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](index=41&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=III.%20Analysis%20of%20Core%20Competencies) 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[44](index=44&type=chunk)[45](index=45&type=chunk) - **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[44](index=44&type=chunk)[45](index=45&type=chunk) - **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[44](index=44&type=chunk)[45](index=45&type=chunk) - **规模优势**：VD3产量及销量均位居世界前列[44](index=44&type=chunk)[45](index=45&type=chunk) - **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[44](index=44&type=chunk)[45](index=45&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=Item%204.%20Management%20Discussion%20and%20Analysis) This section provides a detailed analysis of the company's operational performance, including revenue, costs, assets, liabilities, and investment activities [Operating Overview](index=11&type=section&id=I.%20Overview) 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](index=49&type=chunk) - **25-羟基维生素D3**：产销量稳中有升[49](index=49&type=chunk) - **食品医药级维生素D3**：产销量大幅增长[49](index=49&type=chunk) - **饲料级维生素D3**：销量及售价同比下降，是业绩下滑主因[49](index=49&type=chunk) - 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](index=50&type=chunk) [Analysis of Main Business](index=11&type=section&id=II.%20Analysis%20of%20Main%20Business) 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](index=12&type=section&id=IV.%20Analysis%20of%20Assets%20and%20Liabilities) 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[43](index=43&type=chunk)[60](index=60&type=chunk) - 短期借款较期初增加，占总资产比例从12.26%上升至17.34%[60](index=60&type=chunk) - 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](index=60&type=chunk) [Analysis of Investment Status](index=13&type=section&id=V.%20Analysis%20of%20Investment%20Status) 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[72](index=72&type=chunk)[73](index=73&type=chunk)[74](index=74&type=chunk) - 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[75](index=75&type=chunk)[76](index=76&type=chunk) [Analysis of Major Holding and Associate Companies](index=17&type=section&id=VII.%20Analysis%20of%20Major%20Holding%20and%20Associate%20Companies) 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](index=19&type=section&id=Item%205.%20Significant%20Matters) This section covers significant related party transactions, environmental social responsibility, and other major corporate developments [XIII. Significant Related Party Transactions](index=20&type=section&id=XIII.%20Significant%20Related%20Party%20Transactions) 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](index=22&type=section&id=XV.%20Social%20Responsibility) 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[124](index=124&type=chunk)[128](index=128&type=chunk) - 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](index=129&type=chunk) [XVI. Explanation of Other Significant Matters](index=23&type=section&id=XVI.%20Explanation%20of%20Other%20Significant%20Matters) 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](index=132&type=chunk) [Changes in Shares and Shareholder Information](index=25&type=section&id=Item%206.%20Changes%20in%20Shares%20and%20Shareholder%20Information) This section details changes in the company's share capital and provides an overview of its shareholder structure [I. Changes in Shareholding](index=25&type=section&id=I.%20Changes%20in%20Shareholding) 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](index=26&type=section&id=III.%20Number%20of%20Shareholders%20and%20Shareholding%20Information) 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](index=139&type=chunk) 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[139](index=139&type=chunk)[142](index=142&type=chunk) [Financial Report](index=32&type=section&id=Item%2011.%20Financial%20Report) 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](index=32&type=section&id=II.%20Financial%20Statements) 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](index=167&type=chunk) [Consolidated Balance Sheet](index=32&type=section&id=1.%20Consolidated%20Balance%20Sheet) 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](index=38&type=section&id=3.%20Consolidated%20Income%20Statement) 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](index=41&type=section&id=5.%20Consolidated%20Cash%20Flow%20Statement) 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](index=53&type=section&id=V.%20Significant%20Accounting%20Policies%20and%20Estimates) 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》[374](index=374&type=chunk)[376](index=376&type=chunk) - 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 RMB[374](index=374&type=chunk)[376](index=376&type=chunk) - 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](index=360&type=chunk) [Reference Documents](index=149&type=section&id=Item%2012.%20Reference%20Documents) 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](index=149&type=section&id=Reference%20Documents) 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

浙江花园生物高科股份有限公司 2019 年年度报告全文 浙江花园生物高科股份有限公司 2019 年年度报告 2020 年 02 月 1 浙江花园生物高科股份有限公司 2019 年年度报告全文 制度，公司面临一定的管理及人力资源风险。 第一节重要提示、目录和释义 公司董事会、监事会及董事、监事、高级管理人员保证年度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或重大遗漏，并承担个别和连 带的法律责任。 公司负责人邵君芳、主管会计工作负责人吴春华及会计机构负责人(会计主 管人员)姚丽锦声明：保证年度报告中财务报告的真实、准确、完整。 所有董事均已出席了审议本报告的董事会会议。 1、维生素 D3 价格波动风险：公司维生素 D3 及类似物的收入占营业收入 的比例较高，因此维生素 D3 相关产品销售价格的波动对公司业绩影响较大。若 维生素 D3 产品价格朝不利方向变动，公司经营业绩存在下滑的风险。 2、项目投资风险：公司金西科技园项目的建设将对公司发展战略的实施、 经营规模的扩大产生较大影响，但项目在建设进度、实施过程和实施效果等方 面存在一定不确定性。虽然公司技术实力较强，投资项目有较好的技术基础， 但在项 ...

浙江花园生物高科股份有限公司 2019 年第三季度报告全文 浙江花园生物高科股份有限公司 2019 年第三季度报告 2019 年 10 月 1 浙江花园生物高科股份有限公司 2019 年第三季度报告全文 第一节 重要提示 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真 实、准确、完整，不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和 连带的法律责任。 所有董事均已出席了审议本次季报的董事会会议。 公司负责人邵君芳、主管会计工作负责人吴春华及会计机构负责人(会计主 管人员)姚丽锦声明：保证季度报告中财务报表的真实、准确、完整。 2 浙江花园生物高科股份有限公司 2019 年第三季度报告全文 第二节 公司基本情况 一、主要会计数据和财务指标 公司是否需追溯调整或重述以前年度会计数据 | --- | --- | --- | --- | --- | |-----------------------------------------------------|------------------|-------------------------|------------------|------ ...

[Important Notice and Definitions](index=2&type=section&id=%E7%AC%AC%E4%B8%80%E8%8A%82%20%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA%E3%80%81%E7%9B%AE%E5%BD%95%E5%92%8C%E9%87%8A%E4%B9%89) [Important Notice](index=2&type=section&id=%E9%87%8D%E8%A6%81%E6%8F%90%E7%A4%BA) The board assures report accuracy, highlighting key risks in VD3 price, Jinxi project, and management, and proposes a 2018 cash dividend - The company faces three core risks: - **Vitamin D3 Price Volatility Risk**: Performance highly depends on VD3 products; unfavorable price changes will lead to performance decline[7](index=7&type=chunk) - **Project Investment Risk**: The Jinxi Science and Technology Park project has uncertainties in construction progress and implementation effects[8](index=8&type=chunk) - **Management and Human Resources Risk**: Rapid development increases demand for high-quality talent, posing challenges in acquisition, training, and retention[8](index=8&type=chunk) - The company's 2018 profit distribution plan proposes a cash dividend of **CNY 1.30 (tax inclusive) per 10 shares** to all shareholders, based on **479,288,315 shares**, with no bonus shares or capital reserve conversion[11](index=11&type=chunk) [Company Profile and Key Financial Indicators](index=6&type=section&id=%E7%AC%AC%E4%BA%8C%E8%8A%82%20%E5%85%AC%E5%8F%B8%E7%AE%80%E4%BB%8B%E5%92%8C%E4%B8%BB%E8%A6%81%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) [Key Financial Data and Indicators](index=7&type=section&id=%E4%BA%94%E3%80%81%E4%B8%BB%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%95%B0%E6%8D%AE%E5%92%8C%E8%B4%A2%E5%8A%A1%E6%8C%87%E6%A0%87) 2018 saw strong revenue and net profit growth, robust operating cash flow, and improved ROE, despite lower basic EPS | Indicator | 2018 | 2017 | YoY Change | | :--- | :--- | :--- | :--- | | Operating Revenue (CNY) | 660,216,835.24 | 419,868,699.41 | 57.24% | | Net Profit Attributable to Parent (CNY) | 307,408,646.99 | 130,403,327.65 | 135.74% | | Net Cash Flow from Operating Activities (CNY) | 252,735,039.10 | 148,043,897.35 | 70.72% | | Basic EPS (CNY/share) | 0.64 | 0.72 | -11.11% | | Weighted Average ROE | 21.70% | 16.07% | 5.63% | | **Assets and Equity (Year-end)** | **2018 Year-end** | **2017 Year-end** | **YoY Change** | | Total Assets (CNY) | 1,646,296,555.26 | 1,394,834,071.76 | 18.03% | | Net Assets Attributable to Parent (CNY) | 1,561,685,782.26 | 1,281,117,280.91 | 21.90% | | Quarter | Operating Revenue (CNY) | Net Profit Attributable to Parent (CNY) | | :--- | :--- | :--- | | 第一季度 | 235,500,525.62 | 121,898,566.96 | | 第二季度 | 85,305,707.18 | 31,245,331.55 | | 第三季度 | 154,981,647.10 | 71,601,524.89 | | 第四季度 | 184,428,955.34 | 82,663,223.59 | - During the reporting period, the company's total non-recurring gains and losses amounted to **CNY 21,344,531.77**, primarily from **CNY 17,018,234.12** in income from wealth management products and **CNY 6,888,633.61** in government grants[34](index=34&type=chunk) [Business Overview](index=9&type=section&id=%E7%AC%AC%E4%B8%89%E8%8A%82%20%E5%85%AC%E5%8F%B8%E4%B8%9A%E5%8A%A1%E6%A6%82%E8%A6%81) [Main Business and Operating Model](index=9&type=section&id=%E4%B8%80%E3%80%81%E6%8A%A5%E5%91%8A%E6%9C%9F%E5%86%85%E5%85%AC%E5%8F%B8%E4%BB%8E%E4%BA%8B%E7%9A%84%E4%B8%BB%E8%A6%81%E4%B8%9A%E5%8A%A1) The company focuses on a complete VD3 industrial chain, producing cholesterol, VD3, and 25-Hydroxyvitamin D3, primarily through direct sales - The company's R&D, production, and sales revolve around the Vitamin D3 industrial chain, with key products including: - **Cholesterol**: A primary raw material for VD3, also used in feed, medicine, and cosmetics - **Vitamin D3**: Widely applied in feed additives, food additives, nutritional supplements, and pharmaceuticals - **25-Hydroxyvitamin D3**: An active metabolite of VD3 with stronger physiological activity, offering advantages over ordinary VD3[39](index=39&type=chunk) - The significant performance growth in 2018 was primarily driven by a substantial year-on-year increase in Vitamin D3 product prices and a rise in cholesterol sales[41](index=41&type=chunk) [Analysis of Core Competencies](index=10&type=section&id=%E4%B8%89%E3%80%81%E6%A0%B8%E5%BF%83%E7%AB%9E%E4%BA%89%E5%8A%9B%E5%88%86%E6%9E%90) Core competencies include full industrial chain, leading technology, cost, scale, and brand advantages, making it a global VD3 leader - The company's core competencies include: - **Full Industrial Chain Advantage**: Covering the entire chain from upstream raw materials (cholesterol) to downstream high-end applications (25-Hydroxyvitamin D3, full-activity VD3) - **Technological Advantage**: Three core production processes (VD3, NF-grade cholesterol, 25-Hydroxyvitamin D3) are at domestic or international leading levels - **Cost Advantage**: Self-producing NF-grade cholesterol from lanolin significantly lowers VD3 production costs compared to competitors - **Scale Advantage**: One of the world's leading producers of VD3 upstream and downstream products by variety, with sales volume among the highest globally - **Brand Advantage**: The 'Huayuan' brand enjoys high industry recognition, with long-term partnerships established with internationally renowned manufacturers[45](index=45&type=chunk)[46](index=46&type=chunk) [Management Discussion and Analysis](index=11&type=section&id=%E7%AC%AC%E5%9B%9B%E8%8A%82%20%E7%BB%8F%E8%90%A5%E6%83%85%E5%86%B5%E8%AE%A8%E8%AE%BA%E4%B8%8E%E5%88%86%E6%9E%90) [Operating Overview](index=11&type=section&id=%E4%B8%80%E3%80%81%E6%A6%82%E8%BF%B0) 2018 saw record sales and profits, driven by strong cholesterol and 25-Hydroxyvitamin D3 demand, advancing the Jinxi project and securing R&D awards | Indicator | 2018 Annual | YoY Growth | | :--- | :--- | :--- | | Operating Revenue (CNY million) | 660.22 million | 57.24% | | Total Profit (CNY million) | 356.54 million | 135.37% | | Net Profit Attributable to Shareholders (CNY million) | 307.41 million | 135.74% | - The company initiated the Jinxi Science and Technology Park project to accommodate relocation and future projects, acquiring **771 mu** of land and commencing full-scale construction[52](index=52&type=chunk)[53](index=53&type=chunk) - The company achieved significant R&D results, with its collaboration with Zhejiang University on 'Molecular Recognition and Separation Technology and Application of Natural Active Homologs' winning the **2018 National Technology Invention Award Second Prize**[53](index=53&type=chunk) [Main Business Analysis](index=11&type=section&id=%E4%BA%8C%E3%80%81%E4%B8%BB%E8%90%A5%E4%B8%9A%E5%8A%A1%E5%88%86%E6%9E%90) 2018 main business excelled: revenue up **57.24%**, gross margin up **10.38 percentage points** to **67.75%**, driven by VD3 prices and cholesterol sales, with strong operating cash flow [2. Revenue and Costs](index=12&type=section&id=2%E3%80%81%E6%94%B6%E5%85%A5%E4%B8%8E%E6%88%90%E6%9C%AC) 2018 revenue reached **CNY 660 million** (+**57.24%** YoY), driven by VD3 and lanolin derivatives, with international sales growing **66.69%**; high VD3 prices boosted gross margin to **84.01%** | Revenue Composition | 2018 Amount (CNY) | Proportion | YoY Change | | :--- | :--- | :--- | :--- | | **By Product** | | | | | Vitamin D3 and D3 Analogs | 448,808,003.96 | 67.98% | 54.29% | | Lanolin and its Derivatives | 205,680,128.45 | 31.15% | 61.81% | | **By Region** | | | | | Domestic Sales | 157,704,775.35 | 23.89% | 33.19% | | International Sales | 502,512,059.89 | 76.11% | 66.69% | | Main Product/Region | Operating Revenue (CNY) | Operating Cost (CNY) | Gross Margin | Gross Margin YoY Change | | :--- | :--- | :--- | :--- | :--- | | Vitamin D3 and D3 Analogs | 448,808,003.96 | 71,744,884.52 | 84.01% | +15.41% | | Lanolin and its Derivatives | 205,680,128.45 | 137,727,089.70 | 33.04% | +1.23% | | International Sales | 502,512,059.89 | 156,300,755.30 | 68.90% | +9.53% | - In 2018, inventory volume increased by **36.77%** YoY, primarily due to a significant rise in cholesterol production and sales, leading to a corresponding increase in related derivative output[63](index=63&type=chunk)[66](index=66&type=chunk) [3. Expenses](index=15&type=section&id=3%E3%80%81%E8%B4%B9%E7%94%A8) 2018 period expenses were well-controlled: selling expenses up **44.85%**, financial expenses down **127.27%** due to exchange gains, and R&D expenses up **38.05%** for future projects | Expense Item | 2018 (CNY) | 2017 (CNY) | YoY Change | Key Change Explanation | | :--- | :--- | :--- | :--- | :--- | | Selling Expenses | 18,725,651.62 | 12,927,663.65 | 44.85% | Increase in commission fees and product insurance premiums | | Financial Expenses | -2,157,808.98 | 7,912,021.08 | -127.27% | Increase in exchange gains and interest income | | R&D Expenses | 30,511,965.76 | 22,102,535.26 | 38.05% | Increased R&D investment for new project technology reserves | [4. R&D Investment](index=15&type=section&id=4%E3%80%81%E7%A0%94%E5%8F%91%E6%8A%95%E5%85%A5) The company increased R&D investment by **38.05%** to **CNY 30.51 million** in 2018, growing R&D personnel to **90**, focusing on product and process optimization and technology reserves | Indicator | 2018 | 2017 | 2016 | | :--- | :--- | :--- | :--- | | R&D Investment Amount (CNY) | 30,511,965.76 | 22,102,535.26 | 16,434,638.64 | | R&D Investment as % of Revenue | 4.62% | 5.26% | 4.99% | | Number of R&D Personnel (Persons) | 90 | 78 | 60 | | R&D Personnel as % of Total | 18.25% | 16.63% | 12.96% | [5. Cash Flow](index=16&type=section&id=5%E3%80%81%E7%8E%B0%E9%87%91%E6%B5%81) 2018 cash flow was healthy: operating cash flow up **70.72%** to **CNY 253 million**, investing cash outflow expanded to **CNY 432 million** for wealth management and assets, and financing cash flow turned negative | Cash Flow Item | 2018 (CNY) | 2017 (CNY) | YoY Change | | :--- | :--- | :--- | :--- | | Net Cash Flow from Operating Activities | 252,735,039.10 | 148,043,897.35 | 70.72% | | Net Cash Flow from Investing Activities | -431,619,127.69 | -159,889,386.47 | 172.16% (Outflow Increase) | | Net Cash Flow from Financing Activities | -77,292,106.43 | 403,610,421.33 | -119.15% | - Key reasons for cash flow changes include: - **Increased Operating Net Cash Flow**: Driven by higher sales revenue, improved product gross margin, and increased cash receipts from sales - **Expanded Investing Net Cash Outflow**: Due to increased balances of wealth management products and higher expenditures for land and fixed asset acquisitions - **Financing Net Cash Flow Turning Negative**: Resulting from the previous period's non-public offering proceeds and current period's repayment of short-term borrowings and dividend distribution[77](index=77&type=chunk)[78](index=78&type=chunk) [Assets and Liabilities](index=17&type=section&id=%E5%9B%9B%E3%80%81%E8%B5%84%E4%BA%A7%E5%8F%8A%E8%B4%9F%E5%80%BA%E7%8A%B6%E5%86%B5) As of year-end 2018, total assets reached **CNY 1.646 billion** (+**18.03%** YoY), with cash decreasing due to wealth management, and intangible assets/construction in progress increasing due to the Jinxi project, while all short-term borrowings were repaid - Cash and cash equivalents decreased by **20.36 percentage points** from the beginning of the period, primarily due to the use of idle raised funds to purchase bank wealth management products[80](index=80&type=chunk) - Intangible assets increased by **81.66%** from the beginning of the period, mainly because subsidiary Huayuan Nutrition acquired land use rights through auction for the Jinxi Science and Technology Park project construction[44](index=44&type=chunk) - Construction in progress increased by **114.02%** from the beginning of the period, primarily due to the commencement of the Jinxi Science and Technology Park project construction[44](index=44&type=chunk) [Analysis of Major Holding and Participating Companies](index=20&type=section&id=%E4%B8%83%E3%80%81%E4%B8%BB%E8%A6%81%E6%8E%A7%E8%82%A1%E5%8F%82%E8%82%A1%E5%85%AC%E5%8F%B8%E5%88%86%E6%9E%90) Major subsidiaries operate well, with Hangzhou Xiasha Bio contributing **CNY 58.94 million** and Hangzhou Luoshen Technology **CNY 14.77 million** in net profit; new subsidiary Zhejiang Huayuan Nutrition is under construction for the Jinxi project | Subsidiary Name | Main Business | Operating Revenue (CNY) | Net Profit (CNY) | | :--- | :--- | :--- | :--- | | Hangzhou Xiasha Bio-Technology Co., Ltd. | Pharmaceutical intermediate manufacturing, sales | 153,128,729.07 | 58,941,951.59 | | Hangzhou Luoshen Technology Co., Ltd. | Lanolin production, sales | 124,203,053.83 | 14,774,723.54 | | Zhejiang Huayuan Nutrition Technology Co., Ltd. | Feed/food additive R&D and production, etc. | 2,883,691.13 | -1,753,793.98 | - During the reporting period, the company established the wholly-owned subsidiary 'Zhejiang Huayuan Nutrition Technology Co., Ltd.' through new investment; this company is still in its construction phase and had minimal impact on the overall production, operations, and performance for the current period[93](index=93&type=chunk) [Future Development Outlook](index=21&type=section&id=%E4%B9%9D%E3%80%81%E5%85%AC%E5%8F%B8%E6%9C%AA%E6%9D%A5%E5%8F%91%E5%B1%95%E7%9A%84%E5%B1%95%E6%9C%9B) The company will continue its VD3 industrial chain strategy, aiming to be a world leader, with 2019 goals focused on stable operations, expanding market share, accelerating the Jinxi project, and pursuing M&A for scale - The company's development strategy consistently focuses on 'building a complete Vitamin D3 upstream and downstream industrial chain,' aiming to become a 'world-leading manufacturer of Vitamin D3 upstream and downstream products'[96](index=96&type=chunk) - 2019 operating objectives include: - **Stabilizing Existing Business**: Expanding cholesterol market share and increasing sales of food and pharmaceutical-grade VD3 - **Accelerating Project Construction**: The Jinxi Science and Technology Park project is a key focus for 2019, aiming for Phase I production by year-end - **External Expansion**: Seeking suitable market targets, accelerating mergers and acquisitions, and promoting multi-product development[97](index=97&type=chunk) [Significant Matters](index=22&type=section&id=%E7%AC%AC%E4%BA%94%E8%8A%82%20%E9%87%8D%E8%A6%81%E4%BA%8B%E9%A1%B9) [Profit Distribution](index=22&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%99%AE%E9%80%9A%E8%82%A1%E5%88%A9%E6%B6%A6%E5%88%86%E9%85%8D%E5%8F%8A%E8%B5%84%E6%9C%AC%E5%85%AC%E7%A7%AF%E9%87%91%E8%BD%AC%E5%A2%9E%E8%82%A1%E6%9C%AC%E6%83%85%E5%86%B5) The company maintained a stable cash dividend policy, with payout ratios above **20%**; 2017 saw a **CNY 1.4** cash dividend and **15 bonus shares per 10 shares**, while 2018 proposes **CNY 1.3** cash dividend per 10 shares, totaling **CNY 62.3075 million** | Dividend Year | Cash Dividend Amount (Tax Incl., CNY) | % of Consolidated Net Profit Attributable to Parent | | :--- | :--- | :--- | | 2018 (Proposed) | 62,307,480.95 | 20.27% | | 2017 | 26,840,145.64 | 20.58% | | 2016 | 9,070,000.00 | 20.72% | - On May 4, 2018, the company completed its 2017 profit distribution, implementing a **15 bonus shares per 10 shares** plan, increasing total share capital from **192 million shares** to **479 million shares**[104](index=104&type=chunk) [Significant Related Party Transactions](index=28&type=section&id=%E5%8D%81%E4%BA%94%E3%80%81%E9%87%8D%E5%A4%A7%E5%85%B3%E8%81%94%E4%BA%A4%E6%98%93) The company engaged in two significant related party transactions: procuring construction services for **CNY 59.776 million** from Zhejiang Huayuan Construction, and transferring idle land use rights to Zhejiang Huayuan New Energy at appraised value - The company procured civil engineering construction services from 'Zhejiang Huayuan Construction Co., Ltd.', controlled by the ultimate controlling party, with **CNY 59.776 million** incurred this period, which is below the approved limit of **CNY 210 million**[131](index=131&type=chunk) - The company transferred some idle land use rights to the related party 'Zhejiang Huayuan New Energy Co., Ltd.', with the transfer price determined based on a third-party appraisal report[135](index=135&type=chunk) [Social Responsibility and Environmental Protection](index=31&type=section&id=%E5%8D%81%E4%B8%83%E3%80%81%E7%A4%BE%E4%BC%9A%E8%B4%A3%E4%BB%BB%E6%83%85%E5%86%B5) The company actively fulfills social responsibilities, prioritizing investor returns, employee rights, and legal compliance; environmental efforts include compliant waste treatment and responsible hazardous waste disposal, with no incidents or penalties - Subsidiary Hangzhou Xiasha Bio-Technology Co., Ltd. is listed as a key polluting unit by environmental protection authorities[147](index=147&type=chunk) - The company has built and effectively operates exhaust gas absorption devices and wastewater online monitoring facilities, strictly implements the transfer manifest system for hazardous waste, and had no environmental pollution incidents during the reporting period[150](index=150&type=chunk) [Share Changes and Shareholder Information](index=33&type=section&id=%E7%AC%AC%E5%85%AD%E8%8A%82%20%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E5%8F%8A%E8%82%A1%E4%B8%9C%E6%83%85%E5%86%B5) [Share Changes](index=33&type=section&id=%E4%B8%80%E3%80%81%E8%82%A1%E4%BB%BD%E5%8F%98%E5%8A%A8%E6%83%85%E5%86%B5) Total share capital increased by **150%** from **191.7 million** to **479.3 million shares** due to the 2017 profit distribution plan, which converted capital reserves into **15 bonus shares per 10 shares** | Item | Quantity Before Change | Change in This Period | Quantity After Change | | :--- | :--- | :--- | :--- | | I. Restricted Shares | 21,221,826 | +24,845,129 | 46,066,955 | | II. Unrestricted Shares | 170,493,500 | +262,727,860 | 433,221,360 | | III. Total Shares | 191,715,326 | +287,572,989 | 479,288,315 | - The increase in total share capital was primarily due to the implementation of the 2017 profit distribution plan, which involved converting capital reserves into **15 bonus shares per 10 shares** for all shareholders[161](index=161&type=chunk) [Shareholders and Actual Controller Information](index=35&type=section&id=%E4%B8%89%E3%80%81%E8%82%A1%E4%B8%9C%E5%92%8C%E5%AE%9E%E9%99%85%E6%8E%A7%E5%88%B6%E4%BA%BA%E6%83%85%E5%86%B5) As of year-end 2018, the company had **21,698** shareholders; Zhejiang Xiangyun Technology Co., Ltd. is the controlling shareholder (**36.10%** equity), with Shao Qinxing as actual controller, and **96.5 million** shares pledged | Shareholder Name | Shareholder Nature | Shareholding Percentage | Shares Held at Period-end | Pledge or Freeze Status | | :--- | :--- | :--- | :--- | :--- | | Zhejiang Xiangyun Technology Co., Ltd. | Domestic Non-State-Owned Legal Person | 36.10% | 172,999,527 | Pledged 96,500,000 | | Shao Junfang | Domestic Natural Person | 3.70% | 17,745,437 | - | | Gong Jinqing | Domestic Natural Person | 3.21% | 15,399,658 | - | | Zhang Zhijian | Domestic Natural Person | 2.17% | 10,407,000 | - | | Jiutai Fund...Trust Plan | Other | 2.17% | 10,388,657 | - | - The company's controlling shareholder is Zhejiang Xiangyun Technology Co., Ltd., and the actual controller is Shao Qinxing[173](index=173&type=chunk)[176](index=176&type=chunk) [Directors, Supervisors, Senior Management, and Employees](index=40&type=section&id=%E7%AC%AC%E5%85%AB%E8%8A%82%20%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E3%80%81%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E5%92%8C%E5%91%98%E5%B7%A5%E6%83%85%E5%86%B5) [Overview of Senior Management and Employees](index=40&type=section&id=%E4%B8%80%E3%80%81%E8%91%A3%E4%BA%8B%E3%80%81%E7%9B%91%E4%BA%8B%E5%92%8C%E9%AB%98%E7%BA%A7%E7%AE%A1%E7%90%86%E4%BA%BA%E5%91%98%E6%8C%81%E8%82%A1%E5%8F%98%E5%8A%A8) The company's stable management team has diverse backgrounds; in 2018, key management received **CNY 3.4643 million** in compensation, while **493** employees, including **294** production staff and **114** with bachelor's degrees or higher, are supported by performance-linked pay and training | Name | Position | Total Pre-tax Compensation from Company (CNY '000) | | :--- | :--- | :--- | | Shao Junfang | Chairman | 577.10 | | Ma Huanzheng | Vice Chairman, General Manager | 501.80 | | Liu Jiangang | Director, Executive Vice General Manager | 402.10 | | Yu Quanheng | Director, Vice General Manager, Board Secretary | 350.00 | | Qian Guoping | Vice General Manager | 353.10 | | Professional Composition | Number of People | Education Level | Number of People | | :--- | :--- | :--- | :--- | | Production Personnel | 294 | Bachelor's Degree or Above | 114 | | Sales Personnel | 19 | Associate Degree | 64 | | Technical Personnel | 81 | Associate Degree or Below | 315 | | Financial Personnel | 30 | | | | Administrative Personnel | 69 | | | | **Total** | **493** | **Total** | **493** | [Corporate Governance](index=46&type=section&id=%E7%AC%AC%E4%B9%9D%E8%8A%82%20%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86) [Governance and Internal Control](index=46&type=section&id=%E4%B8%80%E3%80%81%E5%85%AC%E5%8F%B8%E6%B2%BB%E7%90%86%E7%9A%84%E5%9F%BA%E6%9C%AC%E7%8A%B6%E5%86%B5) The company operates strictly under relevant laws, maintaining sound corporate governance and independence from its controlling shareholder, with no horizontal competition; internal control reports confirmed effective controls as of December 31, 2018, and no material weaknesses - The actual status of the company's corporate governance does not materially differ from the normative documents on corporate governance for listed companies issued by the China Securities Regulatory Commission[210](index=210&type=chunk) - The company is completely separate from its controlling shareholder in terms of business, personnel, assets, organization, and finance, possessing independent and complete business operations and autonomous operating capabilities[211](index=211&type=chunk)[214](index=214&type=chunk) - According to the internal control evaluation report and the attestation report from the accounting firm, the company found no material weaknesses or significant deficiencies in financial or non-financial reporting[227](index=227&type=chunk)[230](index=230&type=chunk)[231](index=231&type=chunk) [Financial Report](index=52&type=section&id=%E7%AC%AC%E5%8D%81%E4%B8%80%E8%8A%82%20%E8%B4%A2%E5%8A%A1%E6%8A%A5%E5%91%8A) [Audit Report](index=52&type=section&id=%E4%B8%80%E3%80%81%E5%AE%A1%E8%AE%A1%E6%8A%A5%E5%91%8A) Dahua Certified Public Accountants issued a standard unqualified audit opinion on the 2018 financial statements, affirming fair presentation of financial position, operating results, and cash flows, with key audit matters including revenue recognition and allowance for doubtful accounts receivable - The audit opinion type is a standard unqualified opinion[237](index=237&type=chunk)[238](index=238&type=chunk) - Key audit matters include: 1. **Revenue Recognition**: Due to revenue being a significant financial indicator, there is a risk of material misstatement 2. **Allowance for Doubtful Accounts Receivable**: Due to the material balance of accounts receivable and the significant accounting estimates and judgments involved in assessing the allowance[240](index=240&type=chunk) [Key Financial Statements](index=54&type=section&id=%E4%BA%8C%E3%80%81%E8%B4%A2%E5%8A%A1%E6%8A%A5%E8%A1%A8) As of year-end 2018, total assets were **CNY 1.646 billion** and total liabilities **CNY 85 million**, with a robust **5.14%** asset-liability ratio; 2018 revenue reached **CNY 660 million** and net profit **CNY 307 million**, with operating cash flow of **CNY 253 million**, indicating high earnings quality Consolidated Balance Sheet Key Items (Unit: CNY) | Item | Period-end Balance | Period-start Balance | | :--- | :--- | :--- | | Cash and Cash Equivalents | 184,808,905.68 | 440,675,594.77 | | Notes and Accounts Receivable | 107,167,420.49 | 64,593,216.96 | | Inventories | 252,223,301.70 | 202,988,558.29 | | Other Current Assets | 410,271,073.01 | 146,979,485.70 | | Fixed Assets | 405,850,376.38 | 397,634,838.17 | | **Total Assets** | **1,646,296,555.26** | **1,394,834,071.76** | | Short-term Borrowings | 0.00 | 45,000,000.00 | | Notes and Accounts Payable | 38,851,402.58 | 34,333,968.76 | | **Total Liabilities** | **84,610,773.00** | **113,716,790.85** | | **Total Owners' Equity** | **1,561,685,782.26** | **1,281,117,280.91** | Consolidated Income Statement Key Items (Unit: CNY) | Item | Current Period Amount | Prior Period Amount | | :--- | :--- | :--- | | Operating Revenue | 660,216,835.24 | 419,868,699.41 | | Operating Cost | 212,922,430.20 | 178,999,975.30 | | R&D Expenses | 30,511,965.76 | 22,102,535.26 | | Investment Income | 17,018,234.12 | 2,422,764.31 | | Operating Profit | 355,854,964.81 | 150,535,267.26 | | **Net Profit** | **307,408,646.99** | **130,403,327.65** | [Significant Accounting Policies and Accounting Estimates](index=74&type=section&id=%E4%BA%94%E3%80%81%E9%87%8D%E8%A6%81%E4%BC%9A%E8%AE%A1%E6%94%BF%E7%AD%96%E5%8F%8A%E4%BC%9A%E8%AE%A1%E4%BC%B0%E8%AE%A1) The company adheres to enterprise accounting standards, preparing financial statements on a going concern basis; key policies include revenue recognition (domestic/export), inventory valuation (moving weighted average, lower of cost/NRV), R&D expenditure (research expensed, development capitalized), and government grants (asset/income related, gross method) - **Revenue Recognition Policies**: - **Domestic Sales**: Revenue is recognized when products are delivered to the buyer and receipt is confirmed - **Export Sales**: Revenue is recognized when products are declared at customs and the bill of lading is delivered[437](index=437&type=chunk)[440](index=440&type=chunk) - **Inventory Accounting Policy**: Inventories are valued using the moving weighted average method upon issuance; at period-end, inventory impairment provisions are made based on the lower of cost or net realizable value for individual inventory items[379](index=379&type=chunk)[380](index=380&type=chunk) - **R&D Expenditure Policy**: Internal research and development project expenditures are classified into research and development phases; expenditures in the research phase are expensed as incurred; expenditures in the development phase are capitalized as intangible assets if capitalization criteria are met[428](index=428&type=chunk)[429](index=429&type=chunk)

Financial Performance - Operating revenue for the period reached CNY 154,981,647.10, a 100.79% increase year-on-year[8] - Net profit attributable to shareholders increased by 156.06% to CNY 71,601,524.89 compared to the same period last year[8] - Net profit attributable to shareholders after deducting non-recurring gains and losses increased by 146.70% to CNY 64,361,005.89 compared to the same period last year[8] - Basic earnings per share rose by 150.00% to CNY 0.15[8] - The weighted average return on equity increased to 4.96%, up 1.60 percentage points from the previous year[8] - Net profit rose by 117.88% to ¥224,745,423.40, attributed to higher operating revenue and improved product gross margins[18] - Total profit increased by 117.12% to ¥261,421,254.75, driven by rising operating revenue and product gross margin improvements[18] - Total operating revenue for the third quarter reached ¥154,981,647.10, a significant increase from ¥77,187,458.57 in the same period last year, representing a growth of 100.0%[35] - Net profit for the period was ¥71,601,524.89, compared to ¥27,962,875.94 in the previous year, marking an increase of 156.5%[37] - The company reported an operating profit of ¥83,180,263.42, compared to ¥32,109,503.28 in the previous year, an increase of 158.0%[37] - The company reported a total profit of CNY 72,717,004.56 for the third quarter, compared to CNY 22,290,260.30 in the previous year, indicating an increase of approximately 226.5%[41] Assets and Liabilities - Total assets increased by 13.95% to CNY 1,589,478,052.51 compared to the end of the previous year[8] - Net assets attributable to shareholders increased by 15.45% to CNY 1,479,022,558.67 compared to the end of the previous year[8] - The company's total assets reached ¥1,589,478,052.51, up from ¥1,394,834,071.76 at the beginning of the period[30] - The total liabilities decreased slightly to ¥110,455,493.84 from ¥113,716,790.85, indicating improved financial stability[30] - The company's equity attributable to shareholders increased to ¥1,479,022,558.67 from ¥1,281,117,280.91, reflecting strong retained earnings growth[30] - Current liabilities rose to ¥256,913,792.18, up from ¥95,610,638.65, indicating an increase of 168.5%[33] Cash Flow - The net cash flow from operating activities for the year-to-date reached CNY 168,562,463.96, an increase of 36.17%[8] - Cash received from sales and services increased by 29.53% to ¥451,289,019.32 compared to ¥348,395,304.60 in the same period last year[19] - Cash inflow from investment activities surged by 282.54% to ¥1,571,760,036.10, primarily due to an increase in matured financial products[19] - Cash outflow for investment activities increased by 298.54% to ¥1,856,176,478.34, mainly due to higher purchases of financial products[19] - The net cash flow from financing activities showed a significant decline of 783.66%, resulting in a net outflow of ¥31,674,365.18, attributed to increased cash dividends distributed[19] - Cash flow from operating activities generated a net amount of CNY 168,562,463.96, up from CNY 123,786,816.78 year-over-year, reflecting a growth of approximately 36.2%[50] - The company’s cash flow from financing activities resulted in a net outflow of -CNY 31,674,365.18, compared to -CNY 3,584,437.50 in the previous year[52] Research and Development - Research and development expenses surged by 156.92% to ¥16,537,979.55, reflecting increased investment in new products and processes[17] - Research and development expenses for the quarter were ¥7,540,518.64, compared to ¥4,389,041.50 in the previous year, an increase of 71.8%[35] - Research and development expenses increased to CNY 16,537,979.55 from CNY 6,436,910.88, reflecting a rise of about 157.5%[44] Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 21,417[11] - The total number of restricted shares increased to 46,202,893, with a total of 28,050,367 shares added during the period[14] Government Subsidies - The company received government subsidies amounting to CNY 7,151,708.22 during the reporting period[9] - Other income increased by 85.05% to ¥7,151,708.22, mainly due to higher government subsidies received[17] Taxation - The company reported a 146.53% increase in taxes and surcharges to ¥7,169,227.21, resulting from increased export tax exemptions[17] - The company paid CNY 50,754,377.09 in taxes during the quarter, compared to CNY 24,738,807.12 in the previous year, indicating an increase of about 105.5%[50]