Financial Performance - In 2024, the company achieved a revenue of 4.709 billion CNY, a year-on-year increase of 14.77% [1] - The net profit attributable to shareholders was 114 million CNY, with seed sales and volumes steadily increasing [1] - In Q1 2025, revenue reached 835 million CNY, up 24.13% compared to the same period last year, with a net profit of 2.197 million CNY [1] Rice Business - Rice seed sales revenue was 1.858 billion CNY, a growth of 5.67% [2] - The company operates in 17 provinces, establishing a comprehensive sales network [2] - A patented method for hybrid rice seed production has been authorized, enhancing production efficiency and reducing costs [2] Corn Business - Corn seed sales revenue reached 589 million CNY, with a year-on-year growth of 20.43% and a gross margin of 33.15% [3] - The company has developed 19 hybrid corn varieties approved at the national level and 13 at the provincial level [3] - The company aims to rank among the top three in corn seed sales by the end of the 14th Five-Year Plan [3] International Market Development - In 2024, overseas sales of various agricultural seeds reached 19.3735 million kg, a 74.80% increase year-on-year, generating 492 million CNY in revenue, up 72.39% [4] - The company has successfully registered 24 hybrid rice and corn varieties in Southeast Asia and Africa [4] - International breeding collaborations are being pursued to enhance global competitiveness [4] Audit Opinions - The company believes the book value of receivables from liquor grain sales is accurate, and the methods for revenue recognition and bad debt provision are reasonable [5] - Measures will be taken to recover receivables within the next two years [5] - Strategies are in place to ensure the sale of corn seed inventory over the next two years [5]