Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997 [1] - The company has built 35 physical agricultural product logistics parks in over 20 major cities across China, forming the largest wholesale market network 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 Strategy - The company leverages its "national network" advantage to establish quality planting bases and guides agricultural production based on market demand [2] - It focuses on creating a modern agricultural product circulation ecosystem, aiming for a "digital vegetable basket" strategy to enhance efficiency across the entire supply chain [2] - The company actively participates in promotional activities to enhance brand value and explores import/export opportunities for high-quality agricultural products [2] Revenue Sources - The main revenue sources for the company's wholesale markets include rent, commissions, management fees, and parking fees [3] - Pricing for these services is determined through a market-oriented approach, influenced by local economic conditions and competition [4] Investment Strategy - The company has consistently focused on its core business through direct investments (new establishments and acquisitions) and indirect investments (setting up industry funds) [5] - Investment considerations for agricultural wholesale markets include strategic planning, logistics nodes, urban development, regional competition, and expected returns [6] Management and Operations - The company has accumulated extensive experience and professional management talent in agricultural wholesale market operations over its 36 years of development [7] - The core management teams at various markets are appointed from headquarters, ensuring efficient operations [7] Project Development - The company is actively advancing several projects, including the Southwest Haijixing Smart Industrial Park and the Guangdong-Hong Kong-Macao Greater Bay Area Food Import and Export Center [8] - These projects are in various stages of development, with significant land acquisitions and preparations underway [8] Financial Strategy - The company adheres to a "steady and orderly" principle for capital expenditures, adjusting resource allocation based on project progress and market conditions [9] - It emphasizes long-term stable cash dividends, considering factors such as current and future profitability, cash flow, and investment needs [9]

Company Overview - Shenzhen Agricultural Products Group Co., Ltd. was established in 1989 and listed on the Shenzhen Stock Exchange in 1997, operating 35 agricultural product logistics parks across over 20 major cities in China, forming the largest wholesale market network 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] - The company's business scope includes standardized base planting, cold chain processing, wholesale market construction and operation, urban ingredient distribution, brand development, and import-export trade [1] Strategic Focus - The company leverages its "national network" advantage to establish quality planting bases, guiding agricultural production based on market demand, and promoting standardized and digitalized planting [2] - It actively participates in promotional activities to enhance brand value and explores import-export business, successfully introducing high-quality products from Malaysia, Venezuela, and Oman [2] - The company aims to build a modern agricultural product circulation ecosystem, focusing on efficient collaboration across the entire industry chain [2] Revenue Structure - The revenue structure of the wholesale market management business primarily consists of rental income, commissions, management fees, and parking fees, with pricing determined by market conditions and local economic factors [2] Market Expansion Plans - The company has invested in 35 logistics parks, primarily positioned as sales markets, with plans for further development in key areas such as Shanghai, Chengdu, and Guangzhou [2] - Future projects will focus on expanding varieties and enhancing operations, including the relocation or upgrading of older markets [2] Investment Strategy - Over its 36 years, the company has focused on direct investments through new establishments and acquisitions, as well as indirect investments via industry funds, to expand its market presence [3] Import-Export Business - The company has significantly increased its import-export business, strengthening partnerships with core clients in Thailand, Vietnam, and Brazil, while also expanding channels to countries like Indonesia and Argentina [4] Urban Ingredient Distribution - The company has established 21 branches in major cities for its ingredient distribution business, covering hospitals, schools, and large enterprises, creating a nationwide network centered in Shenzhen [5] 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 information management upgrades [6] Loss Mitigation Measures - The company is implementing differentiated operational improvement plans for underperforming markets, focusing on strategic partnerships and resource integration to enhance operational efficiency [7] Case Study: Tianjin Haijixing - Tianjin Haijixing has evolved into the largest first-level wholesale market in Tianjin, achieving profitability in 2023 with a revenue of 232 million yuan and a net profit of 9.22 million yuan, marking a 49.43% year-on-year increase [7]

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, with 35 logistics park projects in over 20 major cities across China [1] - The company has an annual trading volume exceeding 33 million tons and an annual trading value over 250 billion yuan in the last three years [1] Strategic Planning - In 2024, the company aims to enhance service capabilities across the entire industry chain, focusing on merchant needs and expanding its market presence in cities like Chengdu, Shanghai, and Guangdong [2] - The company is developing a digital payment system to improve market operation efficiency and enhance the brand influence of "Deep Agricultural Selection" products [2] Financial Performance - In 2024, the company achieved a revenue of 5.628 billion yuan, a year-on-year increase of 2.51%, and a total profit of 807 million yuan, a slight increase of 0.15% [3] - The net profit attributable to shareholders decreased by 14.43% to 384 million yuan, primarily due to the absence of gains from the disposal of a subsidiary in the previous year [3] Business Operations - The company has established 21 branches for food ingredient distribution in major cities, forming a nationwide network centered in Shenzhen [4] - The Guangdong-Hong Kong-Macao Greater Bay Area Food Import and Export Center project spans approximately 300 acres, aiming to integrate the company's national wholesale market network [5] Market Expansion - The company has invested in 35 logistics parks across major cities, creating a comprehensive wholesale market network covering key regions in China [6] - Plans for future projects include expanding product varieties and upgrading older markets through relocation or transformation [6] Revenue Enhancement Measures - The company is focused on improving transaction efficiency in the agricultural product circulation sector by accelerating project development and optimizing market layouts [7] - It aims to expand its business model to include supply chain integration, food delivery, and import-export services [7] Stock Issuance Progress - The company’s plan for issuing shares to specific investors has been accepted by the Shenzhen Stock Exchange and is pending further regulatory approval [8][9] Impact of New Retail Models - The development of online retail does not significantly impact the company's core business, as the wholesale market remains a primary channel for fresh agricultural products [10] - The company is enhancing its digital capabilities to support business model transformation and improve service offerings [10] Measures for Underperforming Entities - The company is working to improve the operational capabilities of underperforming subsidiaries and may exit from those that continue to incur losses [11] Product Development - The company is expanding its "Deep Agricultural Selection" product range by introducing new high-quality items and enhancing brand visibility through various marketing initiatives [12][13]