Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, forming a large-scale wholesale market network across over 20 major cities in China [1] - The company operates 35 physical agricultural product logistics parks, with an average annual trading volume exceeding 33 million tons and an average annual transaction value exceeding 250 billion yuan [1] Business Operations - The company focuses on the entire agricultural product supply chain, including standardized base planting, cold chain processing, wholesale market construction, urban ingredient distribution, brand development, and import-export services [1] - It has established partnerships with approximately 440,000 acres of planting bases across multiple provinces, including Guangdong, Guangxi, and Sichuan [3] Strategic Initiatives - The company aims to create a modern agricultural product circulation ecosystem, emphasizing digital transformation and efficient collaboration across the supply chain [2] - It is actively developing high-quality planting bases guided by market demand, promoting product safety and quality through multiple testing standards [2] Revenue Structure - The revenue structure of the wholesale market management business includes rent, commissions, management fees, and parking fees, with pricing influenced by local economic conditions and market competition [2] Digital Transformation - The company is enhancing its digital operations through big data, IoT, and cloud computing, including the implementation of a unified payment system and various management systems to improve operational efficiency [4] - A price collection and publication platform has been launched to provide merchants with price dynamics and enhance industry transparency [4] Market Positioning - The company positions its wholesale markets as key sales hubs, considering factors such as strategic planning, logistics, urban development, and investment returns in its market investments [2] - It is exploring new retail formats that complement the wholesale market, enhancing supply chain efficiency and service capabilities [3]

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating 35 logistics parks across over 20 major cities in China, forming the largest wholesale market network for agricultural products in the country [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 [1] Business Operations - The company covers the entire agricultural product circulation chain, including standardized base planting, cold chain processing, wholesale market construction and operation, urban ingredient distribution, brand development, and import-export trade [2] - The company aims to enhance trading efficiency in agricultural product circulation by optimizing market space layout and expanding new trading varieties [3] Revenue Structure - The revenue structure of the wholesale markets includes rent, commissions, management fees, and parking fees, with pricing based on market conditions and local economic development [2] - In the first half of the year, the company achieved a revenue of 3.491 billion yuan, a year-on-year increase of 44.98%, driven by growth in import-export, ingredient distribution, and single product trade [6] Digital Transformation - The company is advancing its digital transformation through big data, IoT, and cloud computing, with a focus on enhancing digital operational capabilities [5] - The cumulative transaction amount of the integrated payment system reached over 22.5 billion yuan in the first half of the year [5] Contract Liabilities - The company's contract liabilities increased to 638 million yuan, a year-on-year growth of 29.95%, primarily due to advance rental payments and sales from subsidiaries [7] Impact of New Retail - The development of online new retail complements the physical wholesale markets, which remain the main channel for fresh agricultural product supply, especially during emergencies [4]

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, investing in 35 physical agricultural product logistics park projects across over 20 major cities in China, forming the largest wholesale market network in the country [1][2] - The average annual trading volume of the company's wholesale markets exceeds 33 million tons, with an average annual trading value exceeding CNY 250 billion [1][2] Business Operations - The company covers the entire agricultural product circulation chain, including standardized base planting, cold chain processing, wholesale market construction and operation, urban ingredient distribution, brand development, and import-export trade [2] - The company aims to enhance market competitiveness and operational foundation through a networked operation of wholesale markets and dynamic layout of planting bases [2] Financial Performance - In the first half of 2025, the company achieved operating revenue of CNY 3.491 billion, a year-on-year increase of 44.98% [3] - The net profit attributable to shareholders was CNY 156 million, a year-on-year increase of 10.50%, while the total net profit was CNY 190 million, a year-on-year decrease of 11.07% due to the absence of a one-time gain from the previous year [3][4] Growth Drivers - The significant revenue growth is attributed to the rapid increase in import-export, ingredient distribution, and single product trade across the entire industry chain [4] - The company continues to expand its market presence and enhance operational capabilities, focusing on improving transaction efficiency in the agricultural product circulation sector [5] Competitive Advantages - With 36 years of development, the company has established a robust wholesale market network and possesses extensive operational experience and management talent in the agricultural product sector [6] - The company provides a comprehensive range of services, including wholesale trading venues, base certification, food safety testing, brand cultivation, and supply chain services [6] Employee Stock Ownership Plan - The employee stock ownership plan was completed in November 2024, aiming to establish a profit-sharing mechanism to enhance employee motivation and drive the company's transformation and sustainable development [7] Dividend Policy - The company plans to distribute a cash dividend of CNY 0.70 per 10 shares (including tax) for the 2024 fiscal year, totaling CNY 118,787,489.17, which accounts for 30.92% of the net profit attributable to shareholders [8]