禾丰牧业:2019年第三季度报告(英文版)

来源:上交所 2019-10-25 00:00:00
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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Stock Code: 603609 Stock Abbreviation (English): Wellhope

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd.

2019 Third Quarter Report

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Contents

Section I Important Statements................................................................................ 3

Section II Company Information ................................................................................ 4

Section III Important Disclosures ................................................................................ 8

Section IV Appendix .................................................................................................. 10

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Section I Important Statements

I. The Board of Directors, Supervisory Board, Directors, Supervisors and Senior

Management of Liaoning Wellhope hereby warrant that there are no false representations,

misleading statements or material omissions in this third quarter report, jointly and

severally accept full responsibility for the truthfulness, accuracy and completeness of the

contents of this report.

II. All the Board Directors attended the board meeting to deliberate the third quarter

report.

III. The Company's Chairman Jin Weidong and the Director of internal audit Zhang

Wenliang warrant the truthfulness, accuracy and completeness of the information

presented in the financial statements in this quarterly report.

IV. The third quarter report is unaudited.

V. This third quarter report has been issued in both Chinese and English versions. In case

there is any discrepancy or inconsistency between the two versions, the Chinese version

shall prevail. The disclosed Chinese version of 2019 Third Quarter Report can be obtained

at: www.sse.com.cn.

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Section II Company Information

I. Key financial figures

Unit: yuan Currency: RMB

Change compared with

Item September 30th, 2019 December 31st, 2018

the end of prior year %

Total assets 8,829,221,113.87 6,930,694,562.43 27.39

Net assets

attributable to

5,205,327,776.91 3,851,915,758.64 35.14

the shareholders

of the Company

Item January-September, 2019 January-September, 2018 Year-on-year change %

Net cash flow

from operating 582,911,553.62 278,295,703.02 109.46

activities

Item January-September, 2019 January-September, 2018 Year-on-year change %

Operating

12,743,225,876.96 11,479,083,463.30 11.01

revenue

Net profit

attributable to

713,087,990.71 405,271,572.95 75.95

the shareholders

of the Company

Net profit

attributable to

the shareholders

of the Company 704,761,464.34 398,265,406.12 76.96

deducting

non-recurring

gains and losses

Weighted Increasing 4.14

average return 15.57 11.43

on equity % percentage points

Basic earnings

per share (yuan 0.80 0.49 63.27

per share)

Diluted earnings

per share (yuan 0.80 0.49 63.27

per share)

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Non-recurring gains and losses

Unit: yuan Currency: RMB

Item July-September, 2019 January-September, 2019

Gains or losses on disposal of non-current

3,768,699.05 -363,117.50

assets

Government grants charged to current

gains or losses (excl. the government grants

that are closely related to the Company's

ordinary course of business and gained 3,547,059.43 19,792,699.84

constantly at fixed quotas or amounts as

per certain standards based on the state

polices)

Gains or losses on fair value changes in

holding the trading financial assets and

liabilities as well as derivative financial

assets and liabilities, and investment

income from disposal of trading financial

2,577,987.76 2,093,791.87

assets and liabilities, derivative financial

assets and liabilities as well as other debt

investment (excl. the effective portion of

hedges that arise in the Company's ordinary

course of business)

Non-operating income and expense other

-951,757.29 -13,425,746.89

than those described above

Non-controlling interests effects (after-tax) 327,744.32 4,599,140.37

Income tax effects -1,655,046.60 -4,370,241.32

Total 7,614,686.67 8,326,526.37

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

II. The number of shareholders, top ten shareholders and top ten shareholders holding

unrestricted shares as at the end of the reporting period

Unit: share

The number of shareholders 26,513

Shareholding of top ten shareholders

Total shares Pledged or Frozen

Name of Restricted Nature of

held at the %

shareholder shares held Status Shares shareholder

period-end

Domestic

Jin Weidong 149,549,498 16.21 3,062,117 Pledged 56,270,000 natural

person

DE HEUS Foreign

82,303,939 8.92 2,296,587 Non

MAURITIUS corporation

Domestic

Ding Yunfeng 81,929,558 8.88 1,531,058 Pledged 49,450,000 natural

person

Domestic

Shao Caimei 54,559,878 5.92 Pledged 16,900,000 natural

person

Domestic

Wang Fengjiu 50,084,602 5.43 Pledged 10,260,000 natural

person

Domestic

Zhang Tiesheng 48,360,000 5.24 Pledged 6,600,000 natural

person

Shenyang

Wellhope Heli Domestic

48,360,000 5.24 Non

Investment Co., corporation

Ltd.

Domestic

Wang Zhongtao 47,916,529 5.20 765,529 Pledged 8,140,000 natural

person

Sinosafe Assets

Management-

Industrial and

Commercial Bank

of China-Sinosafe

Assets

29,527,559 3.20 29,527,559 Unknown Other

Management

Stably Increasing

Profit No. 12

Collection Asset

Management

Product

Generali China

Asset

Management-

China Minsheng

Banking Corp-

Generali China 19,685,039 2.13 19,685,039 Unknown Other

Asset-Non-public

Offering Selection

No. 103 Asset

Management

Product

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Top ten shareholders holding unrestricted shares

Shares by type

Name of shareholder Unrestricted shares held

Type Shares

RMB common

Jin Weidong 146,487,381 146,487,381

stock

RMB common

Ding Yunfeng 80,398,500 80,398,500

stock

RMB common

DE HEUS MAURITIUS 80,007,352 80,007,352

stock

RMB common

Shao Caimei 54,559,878 54,559,878

stock

RMB common

Wang Fengjiu 50,084,602 50,084,602

stock

RMB common

Zhang Tiesheng 48,360,000 48,360,000

stock

Shenyang Wellhope RMB common

48,360,000 48,360,000

Heli Investment Co., Ltd. stock

RMB common

Wang Zhongtao 47,151,000 47,151,000

stock

National Council for Social RMB common

12,000,000 12,000,000

Security Fund China 503 Portfolio stock

RMB common

Gao Junsong 10,343,772 10,343,772

stock

1. Jin Weidong, Ding Yunfeng, Wang Fengjiu, Shao Caimei and

Relationship of above Wang Zhongtao act in concert;

shareholders or statement made 2. Jin Weidong is the actual controller of Shenyang Wellhope Heli

by the parties acting in concert Investment Co., Ltd.

3. No relation or concerted action is found among other shareholders.

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Section III Important Disclosures

I. Changes of major items in the financial statements

Item September 30th, 2019 January 1st, 2019 Change Explanation

Cash received from

Monetary capital 1,609,685,128.42 928,902,753.06 73.29%

non-public issuing stock

The position of

Derivative financial

4,890,492.40 2,042,527.60 139.43% derivative financial

assets

assets increased

Honor of notes and

Notes receivable 2,122,085.80 13,611,778.44 -84.41% letter of credit

decreased

Newly increased

accounts receivable

Accounts receivable 722,385,769.25 397,891,678.23 81.55%

during the settlement

period

Prepayment for raw

Prepayments 263,533,919.32 185,899,348.53 41.76%

materials increased

Newly increased other

Other equity

equity instrument

instrument 4,547,809.52 3,197,809.52 42.22%

investment in the

investment

current period

Completed

Construction in constructions that

170,941,517.37 255,719,188.30 -33.15%

progress transferred to fixed

assets decreased

Advance payment for

Other non-current

437,311,341.21 197,497,688.18 121.43% long-lived assets and

assets

fees to farms increased

Productive Breeding broilers and

59,836,261.46 30,484,794.88 96.28%

biological assets pigs increased

Accounts payable

related to commodities

Accounts payable 811,158,972.23 572,729,779.31 41.63%

purchasing and

expenses increased

Corporate income tax

Tax payable 37,842,143.05 28,744,792.72 31.65%

payable increased

Long-term borrowings

Non-current

and long-term payables

liabilities due within 52,987,170.91 32,999,999.96 60.57%

due within one year

one year

increased

Long-term Long-term borrowings

42,500,000.00 118,500,000.00 -64.14%

borrowings from bank decreased

The reclassification of

long-term payables due

Long-term payables 14,994,779.23 23,345,833.38 -35.77%

within one year

decreased

Premium generated by

Capital reserve 874,272,800.08 153,824,536.37 468.36%

non-public issuing stock

Exchange differences on

translation of foreign

Other

Not currency financial

comprehensive 8,020,686.13 -1,798,486.75

Applicable statements that

income

calculated under equity

method increased

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Item January-September, 2019 January-September, 2018 Change Explanation

The government grants

that are closely related

Other income 4,389,415.74 2,201,587.35 99.38% to the Company's

ordinary course of

business increased

Income from

investments in

Income from

346,071,893.42 197,988,419.80 74.79% associated companies

investment

and joint ventures

increased

Gain or loss from

Floating gain or loss of

changes in fair -874,910.00 926,860.00 -194.40%

futures decreased

value

Withdrawing of

Assets impairment Not provision for

-5,409,240.15 -8,514,579.41

loss Applicable obsolete stock

increased

Gain or loss from fixed

Gain or loss from Not

-566,068.09 -862,349.93 assets disposal

assets disposal Applicable

increased

Non-operating The government grants

18,299,191.94 10,690,785.47 71.17%

income increased

Non-operating Extraordinary loss

20,913,066.65 5,603,955.67 273.18%

expenditure increased

Cash received from

Net cash flow from selling commodities and

582,911,553.62 278,295,703.02 109.46%

operating activities providing labor services

increased

Net cash flow from Not Cash paid for asset

-549,750,402.35 -382,923,285.99

investing activities Applicable acquisition increased

Cash received from

Net cash flow from Not

616,139,019.52 -85,032,946.74 non-public issuing stock

financing activities Applicable

in the current year

II. Net profit in 2019 is estimated to change significantly compared with the same

period of prior year

It is anticipated that the white feather broiler market in the fourth quarter will maintain a

high prosperity, the Company's production scale of broiler raising and slaughtering will be

further expanded. It is estimated that the net profit attributable to the shareholders of

the Company in 2019 will increase substantially compared with the same period of prior

year. The actual financial data shall be subject to the Company's 2019 annual report and

other announcements.

Company Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd.

Legal representative Jin Weidong

Date October 25th, 2019

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Section IV Appendix

I. Financial statement

Consolidated Balance Sheet

September 30th, 2019

Liaoning Wellhope Unit: yuan

Item September 30th, 2019 December 31st, 2018

Current assets:

Monetary capital 1,609,685,128.42 928,902,753.06

Derivative financial assets 4,890,492.40 2,042,527.60

Notes receivable 2,122,085.80 13,611,778.44

Accounts receivable 722,385,769.25 397,891,678.23

Prepayments 263,533,919.32 185,899,348.53

Other receivables 111,108,994.19 98,997,213.04

including: Interest receivable

Dividends receivable 21,741,783.34 5,481,783.34

Inventory 1,330,584,026.65 1,410,869,192.26

Other current assets 120,994,671.19 118,636,045.77

Total current assets 4,165,305,087.22 3,156,850,536.93

Non-current assets:

Available-for-sale financial assets 3,680,000.00

Long-term equity investment 1,720,384,804.80 1,354,820,455.99

Other equity instrument investment 4,547,809.52

Fixed assets 1,874,785,547.90 1,516,702,438.29

Construction in progress 170,941,517.37 255,719,188.30

Productive biological assets 59,836,261.46 30,484,794.88

Intangible assets 213,075,369.97 206,387,940.29

Goodwill 290,425.67 290,425.67

Long-term prepaid expenses 154,154,013.17 177,903,367.82

Deferred income tax assets 28,588,935.58 30,357,726.08

Other non-current assets 437,311,341.21 197,497,688.18

Total non-current assets 4,663,916,026.65 3,773,844,025.50

Total assets 8,829,221,113.87 6,930,694,562.43

Current liabilities:

Short-term borrowings 1,411,012,465.70 1,347,690,168.49

Accounts payable 811,158,972.23 572,729,779.31

Advance receipt 201,234,394.23 161,173,916.67

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Payroll payable 44,193,611.42 49,731,930.35

Tax payable 37,842,143.05 28,744,792.72

Other payables 365,417,736.77 309,537,195.12

including: Interest payable 1,312,168.75 1,784,257.05

Dividends payable 1,434,027.14 526,000.00

Non-current liabilities due within one year 52,987,170.91 32,999,999.96

Total current liabilities 2,923,846,494.31 2,502,607,782.62

Non-current liabilities:

Long-term borrowings 42,500,000.00 118,500,000.00

Long-term payable 14,994,779.23 23,345,833.38

Deferred income 21,027,395.00 20,252,967.41

Total non-current liabilities 78,522,174.23 162,098,800.79

Total liabilities 3,002,368,668.54 2,664,706,583.41

Owners' equity(or shareholders' equity):

Paid-up capital (or share capital) 922,304,396.00 845,751,469.00

Capital reserve 874,272,800.08 153,824,536.37

deduct: treasury stock 70,688,750.00 70,688,750.00

Other comprehensive income 8,020,686.13 -1,316,942.00

Surplus reserves 272,882,920.19 272,882,920.19

Undistributed profits 3,198,535,724.51 2,651,462,525.08

Total equity attributable to the owners of

5,205,327,776.91 3,851,915,758.64

parent company

Non-controlling interests 621,524,668.42 414,072,220.38

Total owners' equity (or shareholders'

5,826,852,445.33 4,265,987,979.02

equity)

Total liabilities and owners' equity (or

8,829,221,113.87 6,930,694,562.43

shareholders' equity)

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Consolidated Balance Sheet of Parent Company

September 30th, 2019

Unit: yuan

Item September 30th, 2019 December 31st, 2018

Current assets:

Monetary capital 1,144,744,432.03 750,589,871.09

Derivative financial assets 3,363,265.40 2,042,527.60

Accounts receivable 31,973,440.68 16,033,809.05

Prepayments 1,831,374.99 2,278,798.85

Other receivables 1,484,068,536.13 869,671,230.01

including: Interest receivable

Dividends receivable 30,365,270.58 15,225,270.58

Inventory 29,524,950.94 41,986,504.36

Total current assets 2,695,506,000.17 1,682,602,740.96

Non-current assets:

Available-for-sale financial assets 3,000,000.00

Long-term equity investment 3,759,934,279.54 3,285,783,087.96

Other equity instrument investment 4,039,369.92

Fixed assets 134,591,950.20 73,509,615.43

Construction in progress 1,095,059.48 56,425,656.79

Intangible assets 15,642,535.81 16,169,866.87

Long-term prepaid expenses 751,060.43 854,845.30

Deferred income tax assets 9,578,983.89 9,060,127.91

Total non-current assets 3,925,633,239.27 3,444,803,200.26

Total assets 6,621,139,239.44 5,127,405,941.22

Current liabilities:

Short-term borrowings 1,070,000,000.00 1,075,000,000.00

Accounts payable 36,245,770.92 7,636,692.77

Advance receipt 1,027,833.81 2,690,153.80

Payroll payable 1,651,664.39 2,749,116.65

Tax payable 3,642,935.49 4,166,334.74

Other payables 1,472,570,828.20 1,026,382,418.43

including: Interest payable 1,312,168.75 1,601,798.61

Dividends payable

Non-current liabilities due within one year 34,000,000.00 20,000,000.00

Total current liabilities 2,619,139,032.81 2,138,624,716.39

Non-current liabilities:

Long-term borrowings 42,000,000.00 118,000,000.00

Deferred income 10,015,625.00 7,425,000.00

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Deferred income tax liabilities 94,650.00

Total non-current liabilities 52,110,275.00 125,425,000.00

Total liabilities 2,671,249,307.81 2,264,049,716.39

Owners' equity(or shareholders' equity):

Paid-up capital (or share capital) 922,304,396.00 845,751,469.00

Capital reserves 870,289,578.29 160,705,065.92

deduct: treasury stock 70,688,750.00 70,688,750.00

Other comprehensive income 7,216,008.84 -1,305,935.62

Surplus reserves 272,882,920.19 272,882,920.19

Undistributed profits 1,947,885,778.31 1,656,011,455.34

Total owners' equity (or shareholders'

3,949,889,931.63 2,863,356,224.83

equity)

Total liabilities and owners' equity (or

6,621,139,239.44 5,127,405,941.22

shareholders' equity)

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Consolidated Income Statement

January-September, 2019

Liaoning Wellhope Unit: yuan

July-September, July-September, January-September, January-September,

Item

2019 2018 2019 2018

1. Total operating revenue 5,015,825,872.21 4,628,867,760.81 12,743,225,876.96 11,479,083,463.30

including: Operating revenue 5,015,825,872.21 4,628,867,760.81 12,743,225,876.96 11,479,083,463.30

2. Total operating costs 4,690,833,834.78 4,432,517,695.01 12,126,002,964.90 11,118,921,432.10

including:

4,433,516,820.01 4,212,766,453.17 11,419,337,434.95 10,510,246,761.25

Operating costs

Taxes and surtaxes 6,525,828.70 6,081,909.91 19,224,556.04 17,841,100.95

Selling expenses 149,408,169.31 118,948,537.14 389,398,894.38 329,650,050.81

Administrative expenses 64,201,377.00 52,225,577.05 191,117,342.17 155,830,999.54

R&D expenses 17,202,763.02 16,452,748.36 47,224,108.89 46,224,588.44

Financial expenses 19,978,876.74 26,042,469.38 59,700,628.47 59,127,931.11

including: Interest expenses 19,456,681.91 17,684,031.56 59,668,390.61 54,233,446.14

Interest income -3,115,573.29 -979,741.56 -5,756,801.45 -3,881,601.66

add: Other income 2,196,465.64 1,716,287.35 4,389,415.74 2,201,587.35

Income from investment 158,004,862.27 105,248,253.41 346,071,893.42 197,988,419.80

including: Income from

investments in associated 151,912,887.19 104,370,812.63 338,108,829.04 193,521,407.95

companies and joint ventures

Gain or loss from changes in fair

-705,710.00 91,400.00 -874,910.00 926,860.00

value

Credit impairment loss -9,144,048.97 -14,437,412.66 -27,678,451.02 -39,469,148.47

Assets impairment loss -5,140,167.72 2,176,821.66 -5,409,240.15 -8,514,579.41

Gain or loss from assets

-520,708.86 -23,354.80 -566,068.09 -862,349.93

disposal

3. Operating profit 469,682,729.79 291,122,060.76 933,155,551.96 512,432,820.54

add: Non-operating income 2,484,261.96 2,125,220.64 18,299,191.94 10,690,785.47

deduct: Non-operating

2,590,380.06 1,309,545.58 20,913,066.65 5,603,955.67

expenditure

4. Pretax profit 469,576,611.69 291,937,735.82 930,541,677.25 517,519,650.34

deduct: Income tax expense 34,337,932.36 17,291,819.98 65,556,455.05 50,441,413.36

5. Net profit 435,238,679.33 274,645,915.84 864,985,222.20 467,078,236.98

Net profit from continuing

435,238,679.33 274,645,915.84 864,985,222.20 467,078,236.98

operations

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

A. Net profit attributable to the

shareholders of parent 354,079,351.53 240,912,462.24 713,087,990.71 405,271,572.95

company

B. Non-controlling interests

81,159,327.80 33,733,453.60 151,897,231.49 61,806,664.03

income

6. Other comprehensive

5,964,430.88 3,147,862.52 10,626,389.70 -1,097,710.29

income, net of tax

Attributable to owners of

5,874,088.31 3,147,862.52 9,819,172.88 -1,097,710.29

parent company

a. Other comprehensive

income that cannot be

reclassified into gains or losses

b. Other comprehensive

income that will be reclassified 5,874,088.31 3,147,862.52 9,819,172.88 -1,097,710.29

into the gains or losses

(a) Other comprehensive

income that can be transferred

5,763,669.61 3,147,862.52 8,832,574.54 -1,097,710.29

in gains or losses under the

equity method

(b) Exchange differences on

translation of foreign currency 110,418.70 986,598.34

financial statements

Attributable to non-controlling

90,342.57 807,216.82

interests

7. Total comprehensive income 441,203,110.21 277,793,778.36 875,611,611.90 465,980,526.69

Attributable to the owners of

359,953,439.84 244,060,324.76 722,907,163.59 404,173,862.66

parent company

Attributable to non-controlling

81,249,670.37 33,733,453.60 152,704,448.31 61,806,664.03

interests

8. EPS

a. Basic earnings per share

0.39 0.29 0.80 0.49

(yuan per share)

b. Diluted earnings per share

0.39 0.29 0.80 0.49

(yuan per share)

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Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Consolidated Income Statement of Parent Company

January-September, 2019

Unit: yuan

July-September, July-September, January-September, January-September,

Item

2019 2018 2019 2018

1. Total operating revenue 196,512,399.27 169,196,467.35 458,252,021.02 476,932,368.06

Deduct: Operating costs 131,084,785.29 112,084,564.58 305,136,741.09 319,893,020.91

Taxes and surtaxes 367,562.19 371,820.43 1,180,372.80 1,137,317.46

Selling expenses 3,050,709.07 4,168,046.08 10,301,948.92 10,773,210.49

Administrative expenses 8,319,467.74 3,273,186.47 24,824,924.67 15,686,590.29

R&D expenses 4,946,284.85 8,634,108.47 15,250,620.64 19,626,528.13

Financial expenses 6,015,985.79 6,636,485.68 20,980,959.39 20,128,547.11

including: Interest expenses 14,418,872.89 13,325,163.31 43,531,437.16 41,144,052.39

Interest income -8,416,479.52 -6,702,416.27 -22,709,313.34 -21,120,507.58

add: Other income 1,225,625.00 1,349,375.00

Income from investment 174,957,553.38 111,079,089.08 377,677,888.29 202,759,510.74

including: Income from

investments in associated 152,387,386.72 104,279,261.79 338,066,397.52 193,003,760.29

companies and joint ventures

Gain or loss from changes in fair

-135,780.00 91,400.00 631,000.00 926,860.00

value

Credit impairment loss 2,992,205.06 983,608.03 -390,164.84 -19,940,097.74

Assets impairment loss -6,150,602.09

Gain or loss from assets

8,921.74 -22,077.70

disposal

2. Operating profit 221,776,129.52 146,182,352.75 459,822,474.26 267,282,824.58

add: Non-operating income 1,070.00 570,000.00 10,629,590.00 3,342,106.50

deduct: Non-operating

15,000.00 600,000.00 1,341,100.00 600,058.28

expenditure

3. Pretax profit 221,762,199.52 146,152,352.75 469,110,964.26 270,024,872.80

deduct: Income tax expense 6,886,203.87 2,925,154.03 11,221,850.01 7,164,044.08

4. Net profit 214,875,995.65 143,227,198.72 457,889,114.25 262,860,828.72

Net profit from continuing

214,875,995.65 143,227,198.72 457,889,114.25 262,860,828.72

operations

5. Other comprehensive

5,763,669.61 3,147,862.52 8,832,574.54 -1,097,710.29

income, net of tax

a. Other comprehensive income

that cannot be reclassified into

gains or losses

b. Other comprehensive income

that will be reclassified into 5,763,669.61 3,147,862.52 8,832,574.54 -1,097,710.29

gains or losses

(a) Other comprehensive

income that can be transferred

5,763,669.61 3,147,862.52 8,832,574.54 -1,097,710.29

in gains or losses under the

equity method

6. Total comprehensive income 220,639,665.26 146,375,061.24 466,721,688.79 261,763,118.43

16 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Consolidated Statement of Cash Flow

January-September, 2019

Liaoning Wellhope Unit: yuan

Item January-September, 2019 January-September, 2018

1. Cash flow from operating activities

Cash received from selling commodities,

12,867,947,661.38 11,489,358,737.29

providing labor services

Tax refunds 20,422,787.11 19,082,294.89

Cash received from other activities related to

56,208,041.93 60,725,550.46

operating

Sub-total of cash inflow of operating activities 12,944,578,490.42 11,569,166,582.64

Cash paid for purchasing commodities and

11,276,295,939.90 10,362,295,276.16

receiving labor services

Cash paid to and for employee 471,606,862.89 406,073,770.90

Tax payments 94,435,382.11 102,198,918.06

Cash paid to other activities related to operating 519,328,751.90 420,302,914.50

Sub-total of cash outflow of operating

12,361,666,936.80 11,290,870,879.62

activities

Net cash flow from operating activities 582,911,553.62 278,295,703.02

2. Cash flow from investing activities

Cash received from disinvestment 1,050,000.00 187,516.32

Cash received from return on investment 22,103,112.29 11,464,468.26

Net cash received from disposal of fixed assets,

1,267,093.00 1,179,134.92

intangible assets and other long-lived assets

Net cash received from disposal of subsidiaries

194,529.44 522,233.92

and other business units

Cash received from other activities related to

2,377,932.15 994,414.81

investment

Sub-total of cash inflow of investing activities 26,992,666.88 14,347,768.23

Cash paid for acquiring and building fixed assets,

384,826,859.83 320,175,157.06

intangible assets and other long-lived assets

Cash paid for investments 42,134,198.47 77,095,897.16

Net cash paid for acquiring subsidiaries and

113,573,868.96

other business units

Cash paid to other activities related to

36,208,141.97

investment

Sub-total of cash outflow of investing activities 576,743,069.23 397,271,054.22

Net cash flow from investing activities -549,750,402.35 -382,923,285.99

17 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

3. Cash flow from financing activities

Cash received from absorbing investments 850,192,738.50 7,570,000.00

including: Capital contributed by non-controlling

80,415,000.00 7,570,000.00

interests to subsidiaries

Cash received from borrowings 1,204,498,455.68 1,060,990,000.00

Cash received from other activities related to

640,000.00

financing

Sub-total of cash inflow of financing activities 2,055,331,194.18 1,068,560,000.00

Repayments of borrowings 1,205,540,041.67 1,022,300,000.00

Cash paid for distributing dividends, profits, or

227,218,147.63 131,292,946.74

paid for interests

including: Dividends or profits paid by

4,420,306.88 1,895,000.00

subsidiaries to non-controlling interests

Cash paid to other activities related to financing

6,433,985.36

activities

Sub-total of cash outflow of financing activities 1,439,192,174.66 1,153,592,946.74

Net cash flow from financing activities 616,139,019.52 -85,032,946.74

4. Effect of foreign exchange rate fluctuations

-3,773,741.25 250,822.26

on cash and cash equivalents

5. Net increase in cash and cash equivalents 645,526,429.54 -189,409,707.45

add: Opening balance of cash and cash

889,204,873.97 740,680,891.81

equivalents

6. Closing balance of cash and cash equivalents 1,534,731,303.51 551,271,184.36

18 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Consolidated Statement of Cash Flow of Parent Company

January-September, 2019

Unit: yuan

January-September, January-September,

Item

2019 2018

1. Cash flow from operating activities

Cash received from selling commodities, providing labor

436,047,078.54 457,034,069.76

services

Cash received from other activities related to operating 245,362,412.47 291,578,942.04

Sub-total of cash inflow of operating activities 681,409,491.01 748,613,011.80

Cash paid for purchasing commodities and receiving labor

263,010,743.82 300,576,248.55

services

Cash paid to and for employee 21,895,620.99 18,367,021.64

Tax payments 15,974,070.95 14,833,947.51

Cash paid to other activities related to operating 401,130,039.95 357,853,863.11

Sub-total of cash outflow of operating activities 702,010,475.71 691,631,080.81

Net cash flow from operating activities -20,600,984.70 56,981,930.99

2. Cash flow from investing activities

Cash received from disinvestment 1,050,000.00 812,000.00

Cash received from return on investment 52,466,504.29 18,509,072.37

Net cash received from disposal of fixed assets, intangible

34,000.00

assets and other long-lived assets

Net cash received from disposal of subsidiaries and other

4,000,001.00

business units

Cash received from other activities related to investment 994,414.81

Sub-total of cash inflow of investing activities 57,550,505.29 20,315,487.18

Cash paid for acquiring and building fixed assets, intangible

9,465,370.42 17,925,156.39

assets and other long-lived assets

Cash paid for investments 127,573,378.79 157,553,808.71

Cash paid to other activities related to investment 3,010,000.00

Sub-total of cash outflow of investing activities 140,048,749.21 175,478,965.10

Net cash flow from investing activities -82,498,243.92 -155,163,477.92

3. Cash flow from financing activities

Cash received from absorbing investments 769,777,738.50

Cash received from borrowings 770,000,000.00 1,040,000,000.00

Sub-total of cash inflow of financing activities 1,539,777,738.50 1,040,000,000.00

Repayments of borrowings 837,000,000.00 1,002,000,000.00

Cash paid for distributing dividends, profits, or paid for

209,835,858.30 122,958,477.74

interests

Sub-total of cash outflow of financing activities 1,046,835,858.30 1,124,958,477.74

Net cash flow from financing activities 492,941,880.20 -84,958,477.74

4. Effect of foreign exchange rate fluctuations on cash and

157.39 288.89

cash equivalents

5. Net increase in cash and cash equivalents 389,842,808.97 -183,139,735.78

add: Opening balance of cash and cash equivalents 740,891,873.25 525,941,409.05

6. Closing balance of cash and cash equivalents 1,130,734,682.22 342,801,673.27

19 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

II. Implementing new financial instrument standards, new income standards and new

leasing standards at the beginning of the current year, the adjustment of some

items in the financial statements

Consolidated Balance Sheet

Unit: yuan Currency:RMB

Item December 31st, 2018 January 1st, 2019 Adjustment

Current assets:

Monetary capital 928,902,753.06 928,902,753.06

Derivative financial assets 2,042,527.60 2,042,527.60

Notes receivable 13,611,778.44 13,611,778.44

Accounts receivable 397,891,678.23 397,891,678.23

Prepayments 185,899,348.53 185,899,348.53

Other receivables 98,997,213.04 98,997,213.04

including: Interest receivable

Dividends receivable 5,481,783.34 5,481,783.34

Inventory 1,410,869,192.26 1,410,869,192.26

Other current assets 118,636,045.77 118,636,045.77

Total current assets 3,156,850,536.93 3,156,850,536.93

Non-current assets:

Available-for-sale financial assets 3,680,000.00 -3,680,000.00

Long-term equity investment 1,354,820,455.99 1,354,820,455.99

Other equity instrument investment 3,197,809.52 3,197,809.52

Fixed assets 1,516,702,438.29 1,516,702,438.29

Construction in progress 255,719,188.30 255,719,188.30

Productive biological assets 30,484,794.88 30,484,794.88

Intangible assets 206,387,940.29 206,387,940.29

Goodwill 290,425.67 290,425.67

Long-term prepaid expenses 177,903,367.82 177,903,367.82

Deferred income tax assets 30,357,726.08 30,357,726.08

Other non-current assets 197,497,688.18 197,497,688.18

Total non-current assets 3,773,844,025.50 3,773,361,835.02 -482,190.48

Total assets 6,930,694,562.43 6,930,212,371.95 -482,190.48

Current liabilities:

Short-term borrowings 1,347,690,168.49 1,347,690,168.49

Accounts payable 572,729,779.31 572,729,779.31

Advance receipt 161,173,916.67 161,173,916.67

Payroll payable 49,731,930.35 49,731,930.35

Tax payable 28,744,792.72 28,744,792.72

Other payables 309,537,195.12 309,537,195.12

including: Interest payable 1,784,257.05 1,784,257.05

20 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Dividends payable 526,000.00 526,000.00

Non-current liabilities due within one

32,999,999.96 32,999,999.96

year

Total current liabilities 2,502,607,782.62 2,502,607,782.62

Non-current liabilities:

Long-term borrowings 118,500,000.00 118,500,000.00

Long-term payables 23,345,833.38 23,345,833.38

Deferred income 20,252,967.41 20,252,967.41

Total non-current liabilities 162,098,800.79 162,098,800.79

Total liabilities 2,664,706,583.41 2,664,706,583.41

Owners' equity (or shareholders'

equity):

Paid-up capital (or share capital) 845,751,469.00 845,751,469.00

Capital reserve 153,824,536.37 153,824,536.37

deduct: treasury stock 70,688,750.00 70,688,750.00

Other comprehensive income -1,316,942.00 -1,798,486.75 -481,544.75

Surplus reserves 272,882,920.19 272,882,920.19

Undistributed profits 2,651,462,525.08 2,651,462,525.08

Total equity attributable to the owners

3,851,915,758.64 3,851,434,213.89 -481,544.75

of parent company

Non-controlling interests 414,072,220.38 414,071,574.65 -645.73

Total owners' equity

4,265,987,979.02 4,265,505,788.54 -482,190.48

(or shareholders' equity)

Total liabilities and owners' equity

6,930,694,562.43 6,930,212,371.95 -482,190.48

(or shareholders' equity)

21 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Consolidated Balance Sheet of Parent Company

Unit: yuan Currency:RMB

Item December 31st, 2018 January 1st, 2019 Adjustment

Current assets:

Monetary capital 750,589,871.09 750,589,871.09

Derivative financial assets 2,042,527.60 2,042,527.60

Accounts receivable 16,033,809.05 16,033,809.05

Prepayments 2,278,798.85 2,278,798.85

Other receivables 869,671,230.01 869,671,230.01

including: Interest receivable

Dividends receivable 15,225,270.58 15,225,270.58

Inventory 41,986,504.36 41,986,504.36

Total current assets 1,682,602,740.96 1,682,602,740.96

Non-current assets:

Available-for-sale financial assets 3,000,000.00 -3,000,000.00

Long-term equity investment 3,285,783,087.96 3,285,783,087.96

Other equity instrument investment 2,689,369.92 2,689,369.92

Fixed assets 73,509,615.43 73,509,615.43

Construction in progress 56,425,656.79 56,425,656.79

Intangible assets 16,169,866.87 16,169,866.87

Long-term prepaid expenses 854,845.30 854,845.30

Deferred income tax assets 9,060,127.91 9,060,127.91

Total non-current assets 3,444,803,200.26 3,444,492,570.18 -310,630.08

Total assets 5,127,405,941.22 5,127,095,311.14 -310,630.08

Current liabilities:

Short-term borrowings 1,075,000,000.00 1,075,000,000.00

Accounts payable 7,636,692.77 7,636,692.77

Advance receipt 2,690,153.80 2,690,153.80

Payroll payable 2,749,116.65 2,749,116.65

Tax payable 4,166,334.74 4,166,334.74

Other payables 1,026,382,418.43 1,026,382,418.43

including: Interest payable 1,601,798.61 1,601,798.61

Non-current liabilities due within one

20,000,000.00 20,000,000.00

year

Total current liabilities 2,138,624,716.39 2,138,624,716.39

Non-current liabilities:

Long-term borrowings 118,000,000.00 118,000,000.00

Deferred income 7,425,000.00 7,425,000.00

Total non-current liabilities 125,425,000.00 125,425,000.00

Total liabilities 2,264,049,716.39 2,264,049,716.39

22 / 23

Liaoning Wellhope Agri-Tech Joint Stock Co., Ltd. 2019 Third Quarter Report

Owners' equity

(or shareholders' equity):

Paid-up capital (or share capital) 845,751,469.00 845,751,469.00

Capital reserve 160,705,065.92 160,705,065.92

deduct: treasury stock 70,688,750.00 70,688,750.00

Other comprehensive income -1,305,935.62 -1,616,565.70 -310,630.08

Surplus reserves 272,882,920.19 272,882,920.19

Undistributed profits 1,656,011,455.34 1,656,011,455.34

Total owners' equity (or shareholders'

2,863,356,224.83 2,863,045,594.75 -310,630.08

equity)

Total liabilities and owners' equity (or

5,127,405,941.22 5,127,095,311.14 -310,630.08

shareholders' equity)

23 / 23

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