Group 1 - The event "Five Grains Go South: Customized Agricultural Event for Fresh Corn from Suihua" was held in Shenzhen, achieving a contract signing amount of 285 million yuan, reinforcing the market presence of "Heilongjiang Quality Products" and customized agriculture in southern China [1] - Suihua showcased 51 fresh corn and agricultural product enterprises, presenting over 20 core products including sweet corn and glutinous corn, along with more than 100 high-quality products across 7 categories [1] - The Heilongjiang Provincial Department of Agriculture promoted the "Heilongjiang Quality Products" regional brand, highlighting the strength of the Suihua fresh corn industry through comprehensive presentations on planting scale, processing standards, brand value, and cooperation models [1][2] Group 2 - "Heilongjiang Quality Products" is a provincial quality agricultural brand established by the Heilongjiang provincial government, with 348 enterprises authorized for 910 products as of now [2] - The province has launched a three-year action plan (2025-2027) to promote high-quality development of customized agriculture, focusing on rice customization and supplementing with fresh corn and cold-region fruits and vegetables [2] - Heilongjiang has previously held brand events in major cities like Shenzhen and Beijing, utilizing innovative models to connect its agricultural products with major markets such as the Greater Bay Area and Yangtze River Delta [2]

Group 1 - The core viewpoint of the article highlights the financial performance of Tianye Co., Ltd. for the first half of 2025, showing a revenue increase but a significant decline in net profit [1][2]. - In the first half of 2025, Tianye Co., Ltd. achieved an operating income of approximately 266 million yuan, representing a year-on-year growth of 12.73% [1]. - The net profit attributable to shareholders was approximately 16.37 million yuan, reflecting a year-on-year decrease of 38.80% [1]. - The net cash flow from operating activities was approximately 22.40 million yuan, which is a year-on-year increase of 14.29% [1]. Group 2 - As of June 30, 2025, Tianye Co., Ltd. had total assets of 1.648 billion yuan, an increase of 4.53% from the beginning of the year [2]. - The total liabilities were 437 million yuan, which is a 14.43% increase compared to the beginning of the year [2]. - The equity attributable to the parent company was 1.211 billion yuan, reflecting a growth of 1.37% from the beginning of the year [2]. Group 3 - Tianye Co., Ltd. primarily engages in the research, production, and sales of tropical fruit and vegetable products, including raw fruit juice, frozen fruits and vegetables, and fresh fruits [2]. - The company has four modern factories located in key tropical fruit and vegetable production areas in China, including Beihai, Hainan, Panzhihua, and Jingmen [2]. - Tianye Co., Ltd. serves major B-end clients, including well-known companies such as Nayuki Tea and Coca-Cola, but faces significant operational pressure due to declining PPI [3]. - The company's gross profit margin for the reporting period was 20.68%, down from 25.64% in the same period last year, primarily due to low pricing for its flagship mango juice product [3]. - To cope with intense market competition, the company is optimizing its product and customer structure, increasing the production of lychee juice, and expanding its orange juice business [3].

Group 1 - The core viewpoint of the news is that Tianye Co., Ltd. has received approval for its fruit and vegetable deep processing expansion project, with a total investment of 3.09 million yuan [1] - The "A-share Green Report" project aims to enhance the transparency of environmental information for listed companies, utilizing authoritative environmental regulatory data from 31 provinces and 337 cities [1] - The latest A-share Green Weekly Report indicated that eight listed companies have recently exposed environmental risks [1] Group 2 - Tianye Co., Ltd.'s main business segments include raw juice, frozen fruits and vegetables, and others, contributing 90.93%, 8.6%, and 0.47% to its revenue, respectively [2] - The company's market capitalization is 1.538 billion yuan, with projected revenues of 4.598 billion yuan for 2023 and 4.935 billion yuan for 2024 [3] - The net profit attributable to the parent company is forecasted to be 333.78 million yuan for 2023, decreasing to 96.55 million yuan in 2024 [3]

Core Insights - The company, Tianye Co., Ltd. (832023.BJ), has emerged as a leading player in the tropical fruit and vegetable raw material processing industry, driven by China's consumption upgrade and rural revitalization strategy [1][2] - The company emphasizes product quality and service innovation, establishing itself as a crucial partner for well-known brands like Nayuki Tea and Nongfu Spring [1][2] Group 1: Quality Management - The company views product quality as its lifeline, implementing a comprehensive quality management system covering raw material procurement, production, and logistics [1] - All four production bases have received international certifications such as ISO9001, HACCP, and BRCGS, ensuring safety and quality from farm to table [1] - The company has established itself as a standard-setter in the industry, contributing to national agricultural standards for non-concentrated fruit and vegetable juice [1] Group 2: Service Innovation - Tianye Co., Ltd. positions itself not just as a raw material supplier but as a value co-creation partner, offering a one-stop solution that includes products, formulas, and services [2] - The company has developed a rapid response mechanism to meet the high-frequency new product launch demands of new tea brands, successfully introducing products like prickly pear juice and oil olive juice [2] - By providing flexible supply models and diverse specifications, the company exceeds traditional supplier roles and integrates deeply into the customer supply chain [2] Group 3: Policy and Industry Strategy - As a key national leading enterprise in agricultural industrialization, the company actively responds to rural revitalization strategies, enhancing farmers' income through a model that integrates enterprises, cooperatives, and farmers [2] - The company leverages policy benefits from initiatives like the Hainan Free Trade Port and the Western Development strategy to optimize production capacity and reduce costs [2] - Initiatives in digital agriculture and the application of IoT technology are being piloted to improve raw material quality and promote sustainable development through resource recycling [2] Group 4: Future Outlook - The company plans to continue deepening its "quality + service" strategy, enhancing raw material traceability to boost consumer trust [3] - By focusing on customer needs and expanding market recognition through customized production and standard leadership, the company aims to inject lasting momentum into the high-quality development of the tropical fruit and vegetable industry [3]

Core Viewpoint - Tianye Co., Ltd. specializes in the research, production, and sales of tropical fruit and vegetable raw materials, holding a significant market share in the tropical juice sector and emphasizing product quality as the foundation for survival and development [1][2][3] Group 1: Product and Quality Management - The company offers a variety of raw juice products, including concentrated juice, NFC, and blended juice, mastering over 40 processing techniques for fruits and vegetables [1] - A comprehensive quality management system covers raw material procurement, production, and logistics, with all production bases certified by ISO 9001, HACCP, and BRCGS [1] - Strict quality control measures are in place, including supplier audits and advanced production techniques to ensure product safety and flavor [1] Group 2: Policy Support and Development - As a key national leading enterprise in agricultural industrialization, the company integrates deeply into the rural revitalization strategy, establishing modern factories in major production areas [2] - The Hainan Free Trade Port policy provides significant benefits, allowing the subsidiary to reduce raw material import costs through a processing value-added tax exemption [2] - Tax incentives and industry support from the Western Development policy facilitate rapid production in factories located in Panzhihua and Jingmen, enhancing the national production capacity network [2] Group 3: Industry Chain Synergy - The company positions itself in the midstream of the agricultural supply chain, ensuring stable raw material supply through partnerships with planting cooperatives [3] - It integrates into the supply chains of food and beverage companies, offering customized raw material solutions and a rapid response mechanism for product innovation [3] - Initiatives for resource recycling and energy-saving equipment contribute to green production and cost reduction, promoting sustainable development in the tropical fruit and vegetable processing industry [3]

Core Insights - Tianye Co., Ltd. is a leading domestic tropical fruit and vegetable raw material processing enterprise, focusing on the research, production, and sales of tropical fruits and vegetables, with a product matrix centered around raw juice [1] - The company has developed processing techniques for over 40 types of fruits and vegetables, offering a diverse range of products including concentrated juice, NFC, and frozen fruits and vegetables to meet various customer needs [1] - The company emphasizes technological innovation, having established a provincial enterprise technology center and participated in setting national agricultural industry standards, which enhances production efficiency and product quality [1] Technological Innovation - The company has multiple invention and utility model patents, with self-developed pre-treatment and juice processing technologies that significantly improve production efficiency and product quality [1] - Innovations include automated sorting and peeling equipment, low-temperature sterilization, and aseptic filling processes, ensuring product freshness and safety while standardizing the processing [1] - The Hainan Dachuan subsidiary won a provincial technology invention award for its "integrated innovation in tropical juice processing technology," highlighting the company's industry-leading R&D capabilities [1] Customer Collaboration - The company has established stable supply relationships with leading new tea brands such as Nayuki Tea and traditional food and beverage companies like Nongfu Spring and Coca-Cola [2] - By providing a "product + formula + service" one-stop solution, the company integrates deeply into the supply and innovation chains of downstream customers, quickly responding to market demands [2] - Recent product launches, including unique juices from seasonal fruits like prickly pear and mulberry, help customers create differentiated products in a competitive market [2] Production Capacity and Location - The company has modernized its production capacity across major tropical fruit planting areas in China, with four production bases in Beihai, Hainan, Jingmen, and Panzhihua [2] - This strategic layout reduces raw material procurement distances and transportation losses, converting non-standard agricultural products into standardized raw materials through an "on-site processing" model [2] - The Hainan factory leverages local mango and pineapple resources, becoming a core hub for deep processing, while the Panzhihua factory focuses on unique fruits from the Jinsha River dry hot valley, expanding product diversity [2] Environmental Responsibility - Environmental sustainability is a key operational principle, with all factories equipped with wastewater treatment systems to ensure compliant discharge [3] - The company utilizes fruit peels and pomace through partnerships for livestock farming and organic fertilizer production, achieving resource recycling [3] - The application of zero-emission waste gas and low-noise equipment minimizes environmental impact, reflecting the company's commitment to ecological and social responsibility [3] Policy Advantages - The company benefits from national strategies such as rural revitalization and the Western Development initiative, as well as tax incentives under the Hainan Free Trade Port policy, enhancing cost competitiveness [3] - Future plans include leveraging location and policy advantages to deepen the full industrial chain layout of tropical fruits and vegetables, promoting industry standardization and high-quality development [3] Market Positioning - Amid accelerated industry consolidation, the company's technological and scale advantages are becoming more pronounced, with stricter food safety regulations leading to the exit of smaller processing firms [3] - The company aims to expand its market share through capacity expansion projects in Hainan and deepen collaborations with downstream brands, solidifying its leading position in the tropical raw juice segment [3]

Group 1 - The core issue for Tianye Co., Ltd. is the disciplinary action taken by the exchange due to violations in information disclosure, specifically the failure to timely disclose performance revision announcements and earnings forecasts [1][5] - The company reported significant internal control deficiencies, which were highlighted in the audit report by Zhongxinghua Accounting Firm, leading to a qualified opinion on the financial statements and a negative opinion on internal controls [3][6] - In the 2024 financial report, Tianye Co., Ltd. revised its revenue to 494 million yuan, a year-on-year increase of 7.34%, while the net profit attributable to shareholders dropped by 71.07% to 9.65 million yuan [3][4] Group 2 - Tianye Co., Ltd. was established in 2007 and specializes in the research, production, and sales of tropical fruit and vegetable products, including raw juice and frozen fruits and vegetables [2] - The company has established partnerships with well-known brands in the food and beverage industry, serving as a major supplier for companies like Nayuki, Tea Baidao, and Coca-Cola [2] - The company is actively working to address the internal control issues and has initiated self-evaluation procedures to rectify the identified deficiencies [6]

Core Viewpoint - Tianye Co., Ltd. is facing significant challenges due to internal control issues, declining performance, and increased external competition, which have raised concerns about its governance structure and market position [3][7][6]. Group 1: Internal Control Issues - Tianye Co., Ltd.'s general manager, Shan Dan, is under investigation for suspected short-term trading, which has led to a warning and a fine of 100,000 yuan from the Guangxi Securities Regulatory Bureau [1]. - The company received a negative audit opinion on its 2024 financial report due to a lack of evidence regarding sales revenue and the recoverability of funds, which could lead to a delisting risk if it continues for two consecutive years [3][4]. - The company has acknowledged internal control deficiencies, which are seen as a significant factor contributing to its current difficulties [7]. Group 2: Financial Performance - In 2023, Tianye Co., Ltd. reported a revenue of 460 million yuan, a year-on-year decline of 2.33%, and a net profit of 33.38 million yuan, down 37.69% [5]. - For 2024, the company expects a revenue of 494 million yuan, a growth of 7.34%, but a significant drop in net profit to 9.65 million yuan, down 71.07% [5]. - The company’s net profit for 2024 was revised down to 9.65 million yuan, a decrease of 66.22% compared to previous estimates [4]. Group 3: Market Competition - The new tea beverage industry, where Tianye Co., Ltd. operates, is experiencing intense competition, with a significant increase in the number of new tea shops, reaching approximately 486,000 in 2022, a year-on-year growth of about 28% [4]. - The company has seen a shift in its top five customers, with the sales proportion from these clients dropping from 75.53% in 2022 to 51.02% in 2024, indicating a loss of market share [6]. - Major competitors in the raw juice supply market include Guotou Zhonglu, Andeli, and Haiseng Juice, which pose significant challenges to Tianye Co., Ltd.'s market position [6].

Core Viewpoint - Tianye Innovation Co., Ltd. faces significant internal control deficiencies and potential delisting risk after only two years of listing on the Beijing Stock Exchange, with its general manager under investigation for suspected insider trading [1][10] Company Overview - Tianye Innovation specializes in tropical fruit and vegetable raw material products, including raw juice, frozen fruits and vegetables, and fresh fruits, with raw juice as its core product [1] - The company has experienced rapid growth in the past but has seen a significant decline in profitability since its listing in 2023 [1][8] Financial Performance - In 2023, Tianye reported revenue of 460 million yuan, a year-on-year decrease of 2.33%, and a net profit of 33.38 million yuan, down 37.69% [8] - For 2024, revenue increased to 494 million yuan, a growth of 7.34%, but net profit plummeted to 9.65 million yuan, a decline of 71.07% [9] Internal Control Issues - The company received a negative audit opinion from Zhongxinghua Accounting Firm regarding its 2024 financial report, indicating serious internal control deficiencies [2][4] - A self-assessment revealed significant internal control issues, leading to adjustments in financial statements, including a reduction in main business income by 1.35 million yuan and an increase in main business costs by 1.64 million yuan [3][5] Competitive Landscape - The new tea beverage industry is becoming increasingly competitive, with many brands building their own supply chains, putting pressure on Tianye's performance [8] - Major competitors in the juice processing industry include Guotou Zhonglu and Andeli, which pose strong competition to Tianye [8] Management and Governance - The company has initiated internal control rectification measures and hired external consultants to improve its internal control systems [7] - The general manager, Shan Dan, is under investigation for suspected insider trading, which has raised concerns about corporate governance [10]

证券简称： 田野股份 证券代码： 832023 田野创新股份有限公司 广西壮族自治区北海市合浦县工业园区创业大道 田野创新股份有限公司招股说明书 本次股票发行后拟在北京证券交易所上市，该市场具有较高的投资风险。北京证 券交易所主要服务创新型中小企业，上市公司具有经营风险高、业绩不稳定、退市风 险高等特点，投资者面临较大的市场风险。投资者应充分了解北京证券交易所市场的 投资风险及本公司所披露的风险因素，审慎作出投资决定。 1-1-1 国海证券股份有限公司 注册地址：广西壮族自治区桂林市辅星路 13 号 中国证监会和北京证券交易所对本次发行所作的任何决定或意见，均不表明其对 注册申请文件及所披露信息的真实性、准确性、完整性作出保证，也不表明其对发行 人的盈利能力、投资价值或者对投资者的收益作出实质性判断或者保证。任何与之相 反的声明均属虚假不实陈述。 根据《证券法》的规定，股票依法发行后，发行人经营与收益的变化，由发行人 自行负责；投资者自主判断发行人的投资价值，自主作出投资决策，自行承担股票依 法发行后因发行人经营与收益变化或者股票价格变动引致的投资风险。 1-1-1 声明 发行人及全体董事、监事、高级管理人员 ...