Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating over 34 agricultural product logistics parks across more than 20 major cities in China [1] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual transaction value exceeding 250 billion yuan, covering over 200 million people and maintaining over 10% market share in wholesale markets with transaction values exceeding 100 million yuan [1] Business Expansion - The company is expanding its business into upstream agricultural planting bases, establishing partnerships with over 400,000 acres of bases, and developing a "one base, one garden, one center" industrial model [1] - The company is also enhancing its downstream food distribution system, with significant growth in food distribution business in key cities like Shenzhen, Chengdu, and Changsha [2] Financial Performance - In the first three quarters of 2024, the company achieved operating revenue of 3.73 billion yuan, a year-on-year decrease of 7.93%, while net profit reached 453 million yuan, a year-on-year increase of 9.86% [2][3] - The increase in net profit is attributed to improved operating profits from agricultural wholesale markets and gains from the exit of related property leasing by its international food company [3] Shareholding Structure - The actual controller of the company is the Shenzhen State-owned Assets Supervision and Administration Commission, with the largest shareholder being Shenzhen Agricultural and Food Investment Holding Group Co., Ltd. holding 34% of shares, followed by Fude Life Insurance Co., Ltd. with 29.97% [3] Market Development - The development of new retail formats has not significantly impacted the company's core business, as the agricultural wholesale markets remain a primary channel for diverse agricultural product supply [4] - The company is leveraging digital tools to enhance the value of its wholesale market resources and promote a full industry chain business layout [4] Project Development - The company is actively investing in new market projects in key areas such as Chengdu and Shanghai, while steadily advancing the second phase of construction in Tianjin, Changsha, and Guangxi [5] - The Tianjin Haijixing market has successfully turned profitable in 2023 and is currently developing its second phase project [6] Stock Issuance - The company has submitted a stock issuance proposal to the Shenzhen Stock Exchange, pending approval from the China Securities Regulatory Commission [6]