深圳市深粮控股股份有限公司
SHENZHEN CEREALS HOLDINGS CO.LTD.ANNUAL REPORT 2025
【April 2026】Section I. Important Notice Contents and Interpretation
The Board of Directors all directors and senior executives of SHENZHEN CEREALS
HOLDINGS CO. LTD. (hereinafter referred to as “the Company”) hereby confirm that
there are no fictitious statements misleading statements or important omissions carried in
this report and shall take all responsibilities individual and/or joint for the reality accuracy
and completion of the whole contents.Principal of the Company Wang Zhikai Head of Accounting Lu Yuhe and Head of
Accounting Institution (Accounting Supervisor) Lu Chengjun hereby confirm that the
Financial Report of Annual Report 2025 is authentic accurate and complete.All Directors have attended the Board Meeting for deliberation of this Report.Concerning the forward-looking statements with future planning involved in the annual
report they do not constitute a substantial commitment for investors. Securities Times China
Securities Journal，Shanghai Securities Journal and website CNINFO (www.cninfo.com.cn)are the media appointed by the Company for information disclosure. All information of the
Company disclosed in the above mentioned media should prevail. Investors are advised to
exercise caution regarding investment risks.The Company has analyzed the risk factors that the Company may exist and itscountermeasures in the report. Investors are advised to read “Prospect for futuredevelopment of the Company” in the report of Section III Management Discussion and
Analysis. This report has been prepared in Chinese and English version respectively. In the
event of difference in interpretation between the two versions Chinese report shall prevail.The profit distribution plan that was deliberated and approved by the Board Meeting is:
based on total share capital of 1152535254 shares distributed cash bonus of 1.20 yuan (tax
inclusive) for every 10 shares 0 share bonus issued (tax inclusive) and no transfer of capital
reserve into share capital.Contents
Section I. Important Notice Contents and Interpret... 2
Section II Company Profile and Main Financial Inde... 6
Section III Management Discussion and Analysis.......11
Section IV Corporate Governance......................28
Section V. Important Events..........................48
Section VI. Changes in Shares and Particulars abou.. 75
Section VII. Corporate Bonds.........................83
Section VIII. Financial Report....................rence
1. Text of financial statement with signature and seals of legal person person in charge of accounting works and
person in charge of accounting institution;
2. Original audit report with seal of accounting firm and signature and seal of the CPA;
3. Original and official copies of all documents which have been disclosed on Securities Times China Securities
Shanghai Securities Journal and website CNINFO (www.cninfo.com.cn) in the reporting period;
4. Original copies of 2025 Annual Report with signature of the legal representative.Interpretation
Items Refers to Contents
SZCH/Listed Company /the Company/ Refers to Shenzhen Cereals Holdings Co. Ltd.Shenshenbao/Shenbao Company Refers to Shenzhen Shenbao Industrial Co. Ltd.SZCG Refers to Shenzhen Cereals Group Co. Ltd
Grain and Oil Purchase and Sales Branch Refers to Grain and Oil Purchase and Sales Branch of Shenzhen CerealsGroup Co. Ltd
Shenzhen Flour the company Refers to Shenzhen Flour Co. Ltd
Dongguan Logistics Refers to Dongguan Shenliang Logistics Co. Ltd.Hualian Company Refers to Shenzhen Hualian Grain and Oil Trading Co. Ltd.SZCH Big Big Kitchen Refers to Shenzhen Shenliang Big Kitchen Food Supply Chain Co. Ltd
Doximi Refers to Shenzhen Shenliang Doximi Business Co. Ltd.Smart Warehousing Refers to Shenzhen Shenliang Smart Warehousing Co. Ltd.Shenliang Quality Inspection Refers to Shenliang Quality Inspection Co. Ltd.Shenliang Property Refers to Shenzhen Shenliang Property Development Co. Ltd.Shenbao Huacheng Refers to Shenzhen Shenbao Huacheng Technology Co. Ltd.Shenshenbao Investment Refers to Shenzhen Shenshenbao Investment Co. Ltd
Shenzhen Shenliang Food Refers to Shenzhen Shenliang Food Co. Ltd.Shenliang Cold Chain Refers to Shenzhen Shenliang Cold Chain Logistics Co. Ltd.Shenzhen Agricultural Power Group Co. Ltd. originally named
Shenzhen Agricultural Power Group/Food Refers to Shenzhen Food Materials Group Co. Ltd Shenzhen Food GroupMaterial Group/Food Group/Fude Capital Co. Ltd and Shenzhen Fude State Capital Operation Co. Ltd. is
the controlling shareholder of the company
Agricultural Products Refers to Shenzhen Agricultural Products Group Co. Ltd
SIHC Refers to Shenzhen Investment Holdings Co. Ltd.Shenzhen SASAC Refers to Shenzhen Municipal People’s Government State-owned AssetsSupervision & Administration Commission
CSRC Refers to China Securities Regulation Commission
SZSE Refers to Shenzhen Stock Exchange
Grant Thornton CPAs Refers to Grant Thornton Certified Public Accountant LLP (SpecialGeneral Partnership)
Article of Association Refers to Article of Association of Shenzhen Cereals Holdings Co. Ltd.RMB/10 thousand Yuan Refers to CNY/ten thousand YuanSection II Company Profile and Main Financial Indexes
I. Company information
Short form for share SZCH Shenliang B Stock code 000019 200019
Listing stock exchange Shenzhen Stock Exchange
Chinese name of the
Company 深圳市深粮控股股份有限公司
Abbr. of Chinese name of the
Company 深粮控股
English name of the Company
(if applicable) SHENZHEN CEREALS HOLDINGS CO. LTD
Abbr. of English name of the
Company N/A
Legal Representative Wang Zhikai
Registrations address 8/F Tower B No.4 Building Software Industry Base South District Science & TechnologyPark Xuefu Rd. Yuehai Street Nanshan District Shenzhen
Code for registrations add 518057
The registered address of the Company when listed in 1992 was No.10 Tianbei East Wenjin
North Road Luohu District Shenzhen; in 1999 the registered address changed to No.1058
Wenjin North Road Luohu District Shenzhen; in 2002 the registered address changed to 28/F
Historical changes of Tower B and C of Bao’an Square No.1002 Sungang Road Luohu District Shenzhen; in 2010
registered address the registered address changed to South half of the 20th floor Tower of Zhuzilin Education and
Technology Building Futian District Shenzhen; in 2015 registered address changed to 8/F
Tower B No.4 Building Software Industry Base South District Science & Technology Park
Xuefu Rd. Yuehai Street Nanshan District Shenzhen
Office address 13/F Tower A World Trade Plaza No.9 Fuhong Rd. Futian District Shenzhen
Codes for office add. 518033
Company’s website www.slkg1949.com
E-mail szch@slkg1949.com
II. Person/Way to contact
Secretary of the Board Rep. of security affairs
Name Chen Xiaohua Chen Kaiyue Liu Muya
Contact address 13/F Tower A World Trade Plaza No.9 13/F Tower A World Trade Plaza No.9Fuhong Rd. Futian District Shenzhen Fuhong Rd. Futian District Shenzhen
Tel. 0755-83778690 0755-83778690
Fax. 0755-83778311 0755-83778311
chenky@slkg1949.com
E-mail 000019@slkg1949.com
liumy@slkg1949.com
III. Information disclosure and preparation place
Website of the Stock Exchange where the annual report of the Securities Times China Securities Journal Shanghai Securities
Company is disclosed Journal
Media and website where the annual report of the Company is
disclosed website CNINFO www.cninfo.com.cn
Preparation place for annual report Office of the Board of Directors
IV. Registration changes of the Company
Organization code 91440300192180754J
Changes of main business since listing (if On February 18 2019 the company completed the registration procedures of
applicable) changes in industry and commerce for business scope and other matters. Themain business has newly increased the modern food supply chain services
such as grain & oil trading processing storage and logistics on the basis of
production research and development and sales of food raw materials
(ingredients) mainly focused on tea and natural plant deep processing.On September 10 1999 Shenzhen Investment Management Co. Ltd. entered
into the Equity Transfer Agreement of Shenzhen Shenbao Industrial Co. Ltd.with Shenzhen Agricultural Products Group Co. Ltd for 58347695 shares of
the Company (35% in total shares of the Company) transfer to Shenzhen
Agricultural Products Group Co. Ltd with price of RMB 1.95 per share.Shenzhen Agricultural Products Group Co. Ltd became the first majority
shareholder of the Company after transfer and procedures for the above equity
transfer has completed in June 2003.On April 3 2018 Shenzhen Investment Holdings Co. Ltd. completed the
transfer of all of its 79484302 A shares of the company to Fude Capital.After the completion of the equity transfer Fude Capital directly holds
Previous changes for controlling shareholders (if 79484302 A shares of the company (16% of the company’s original total
applicable) share capital) and controls 19.09% shares of the company through Shenzhen
Agricultural Products Group Co. Ltd. indirectly becoming the controlling
shareholder of the company.In 2018 the company implemented a major asset restructuring by issuing
655752951 A-shares to purchase 100% equity of Shenzhen Grain Group Co.
Ltd. held by the controlling shareholder Fude Capital. On November 12 2018
the above-mentioned issued shares were registered and listed and thecontrolling shareholder Fude Capital (now renamed into “ShenzhenAgricultural Power Group Co. Ltd.”) directly held 735237253 A-shares of
the company (63.79% of the total share capital of the company) and indirectly
held 8.23% of the company's shares through Shenzhen Agricultural Products
Group Co. Ltd.V. Other relevant information
CPA engaged by the Company
Name of CPA Grant Thornton Certified Public Accountant LLP (Special General
Partnership)
th
Offices add. of CPA 5 Floor Saite Plaza No. 22 Jianguomenwai Street Chaoyang District
Beijing China
Signing accountants Xie Jing Shu Zhicheng
Sponsor engaged by the Company for performing continuous supervision duties in reporting period
□ Applicable□ Not applicable
Financial consultant engaged by the Company for performing continuous supervision duties in reporting period
□ Applicable□ Not applicable
VI. Main accounting data and financial indexes
Whether the company has retroactive adjustment or re-statement on previous accounting data or not
□Yes □No
Changes in the current
2025 2024 year over the previous 2023
year (+/-)
Operating revenue 5505279622.35 5375089846.91 2.42% 6190005356.82(RMB)
Net profit attributable to
shareholders of the 243215785.97 325309578.52 -25.24% 347739109.06
listed Company (RMB)
Net profit attributable to
shareholders of the
listed Company after 148452198.97 307799147.68 -51.77% 328085399.55
deducting non-recurring
gains/losses (RMB)
Net cash flow from
operating activities 1100440103.90 -15317619.38 7284.15% 585734715.61
(RMB)
Basic earnings per share
(RMB/Share) 0.2110 0.2823 -25.26% 0.3017
Diluted earnings per
share (RMB/Share) 0.2110 0.2823 -25.26% 0.3017
Weighted average ROE 4.91% 6.67% -1.76% 7.25%
Changes in the current
Year-end of 2025 Year-end of 2024 year over the previous Year-end of 2023
year (+/-)
Total assets (RMB) 7372342349.32 7714550508.01 -4.44% 7402926251.19
Net assets attributable
to shareholder of listed 4988751158.32 4919674142.82 1.40% 4828491503.39
company (RMB)
Notes:
1. The year-on-year decrease in net profit attributable to shareholders of the listed company is mainly due to the surplus of
special-purpose financial funds obtained in previous years being included in taxable income for the reporting period with a
five-year deferral as well as special-purpose financial funds obtained in the current year being directly included in taxable
income for the reporting period resulting in a year-on-year increase in income tax expenses during the reporting period. For
details see “VI. Tax” in the Section III Financial Report”.
2. The year-on-year decrease in net profit attributable to shareholders of the listed company after deducting non-recurring gains
and losses is mainly attributable to the year-on-year increase in income tax expenses and non-recurring gains/losses in the
reporting period as well as increased warehousing and operating costs arising from factors such as the relocation of Shuguang
Grain Depot and the commissioning of Shenshan Grain Depot.
3. The year-on-year increase in net cash flows arising from operating activities is mainly due to increased grain and oil sales and
higher cash inflows from operating activities in the reporting period. In addition a portion of grain and oil purchases in the
reporting period was settled via domestic letters of credit and cash paid for grain and oil purchases decreased compared with
the same period of the previous year leading to a reduction in cash outflows from operating activities.The lower one of net profit before and after deducting the non-recurring gains/losses in the last three fiscal years is negative and the
audit report of last year shows that the ability to continue operating is uncertain.□Yes □No
The lower one of net profit before and after deducting the non-recurring gains/losses is negative.□Yes □No
VII. Difference of the accounting data under accounting rules in and out of China
1. Difference of the net profit and net assets disclosed in financial report under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable □ Not applicable
In RMBNet profit Net asset
Current amount Last amount Ending balance Beginning balance
Under Chinese GAPP 243215785.97 325309578.52 4988751158.32 4919674142.82
Items and amount adjusted under IAS
1067000.001067000.00
Under IAS 243215785.97 325309578.52 4989818158.32 4920741142.82
2. Difference of the net profit and net assets disclosed in financial report under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable□ Not applicable
The Company has no above-mentioned condition occurred in the period
3. Explanation on the reasons for the differences in accounting data under domestic and overseas
accounting standards
□ Applicable□ Not applicable
VIII. Main financial index disclosed by quarter
In RMB
Q 1 Q 2 Q 3 Q 4
Operating revenue 1226680291.18 1157547146.72 1534248068.76 1586804115.69
Net profit attributable
to shareholders of the 91323433.84 84692092.03 67510968.82 -310708.72
listed company
Net profit attributable
to shareholders of the
listed company after 72867613.63 85147291.99 66174770.31 -75737476.96
deducting non-
recurring gains/losses
Net cash flow from
operating activities 401152980.30 336125586.51 527878611.67 -164717074.58
Are there significant differences between the above-mentioned financial index or its total number and the relevant financial index
disclosed in the Company’s quarterly report and semi-annual report
□Yes □ No
IX. Items and amounts of non-recurring gains/losses
□Applicable □Not applicable
In RMB
Item 2025 2024 2023 Note
Gains/losses from the disposal of non-current
asset (including the written-off of accrued 19858457.99 5160259.92 2394378.42
impairment provision of assets)
Governmental subsidies reckoned into current Mainly the
gains/losses (except for those with normal
operation business concerned and conform to the compensati51731273.31 10243944.62 14544417.04
national policies & regulations and are enjoyed on
according to certain standard and having a receivedcontinuous impact on the company’s gains/losses) by the
company
for the
relocation
of
Shuguang
Grain
Depot.Gains/losses arising from changes in fair value of
financial assets and financial liabilities held by
non-financial enterprises as well as gains/losses
from the disposal of financial assets and financial 182701.67
liabilities except for effective hedging business
related to the normal operation of the company.Gains/losses of assets delegation on others’
investment or management 4518517.76 6622492.60
Reversal of impairment provision of accounts
receivable which are treated with separate 1017988.27 679204.22
depreciation test
Net current gains/losses from the business
combination under the same control in the period
from the beginning of the period to the date of 92048.86
combination
Mainly
because
the
Company
received a
timely
Other non-operating income and expenditure handover
except for the aforementioned items 48145562.02 147191.48 644754.74 bonus for
the
relocation
of
Shuguang
Grain
Depot.Other gains/losses that meet the definition of non-
recurring gains/losses 2890749.95
Less: impact on income tax 25989694.59 5545407.55 5027939.98
Impact on minority shareholders’ equity
(after-tax) -3125.80 386299.20
Total 94763587.00 17510430.84 19653709.51 --
Other gains/losses that conform to the definition of non-recurring gains/losses:
□ Applicable□ Not applicable
The Company does not have other gains/losses that conform to the definition of non-recurring gains/losses.Information on the definition of non-recurring gains/losses listed in the Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Non-recurring Gains/Losses as Recurring Gains/Losses
□Applicable □Not applicable
The Company does not have any non-recurring gains/losses listed in the Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Non-recurring Gains/Losses as Recurring Gains/Losses.Section III Management Discussion and Analysis
I. Main businesses of the Company during the reporting period
Main business of the Company includes the wholesale and retail business food processing and manufacturing business leasing
and commerce service business. All business segments synergize to continuously optimize the full industrial chain layout of grain oil
and food.The wholesale and retail business primarily operates basic grain and oil products including rice wheat paddy corn and edible
oil together with supporting foods such as high-end tea beverages and condiments. Raw grains mainly satisfy production demand in
downstream sectors including trading feed processing flour milling and rice processing. Terminal grain oil and related food
products mainly serve group meals of enterprises and public institutions and daily consumption of community residents covering
both livelihood consumption and industrial supply.The food processing and manufacturing business focuses on the processing and production of flour rice tea and plant extracts
beverages and condiments and boasts a diversified brand matrix. Specifically flour products include bread flour special flour for
pastries and steamed buns and noodle flour to meet the demands of food processing enterprises and household cooking. Rice
products cover the high- medium- and low-end markets suitable for daily consumption and gift-giving scenarios. Edible oil products
adhere to the health concept to satisfy residents’ demand for a healthy diet. Tea and related products include tea leaves fresh extracts
and instant tea catering to both traditional tea drinking and convenient consumption needs. Condiments are mainly oyster sauce and
pastes serving catering and household cooking scenarios.Leveraging its brand reputation operational capacity and facility advantages accumulated in the grain and oil market the
leasing and commercial services business provides a full range of professional services to customers upstream and downstream the
industrial chain covering import and export trade of grain oil food and beverages warehousing logistics and distribution quality
inspection information technology services property leasing and management and commercial operation management so as to
facilitate the efficient operation of the industrial chain and ensure food security and product quality.Centered on the model of
“platform-based services + specialized operation” the Company integrates industrial chain resources by relying on its core service
carriers to provide customers with integrated solutions. Among others the Dongguan Logistics Comprehensive Park integrates fivecoordinated functions including grain and oil terminals transit and storage. As the “National Grain Quality Monitoring Station inShenzhen Guangdong” Shenliang Quality Inspection provides professional quality inspection services. As a professional asset
management platform Shenliang Land Development is responsible for property leasing and commercial operation forming a
coordinated and efficient service system.II. Industry of the Company during the reporting period
The grain industry is a basic industry related to the national economy and people's livelihood. At the Fourth Plenary Session of
the 20th Central Committee of the Communist Party of China some arrangements such as "Consolidating the National Safety
Foundation to Ensure Food Safety" "Building a Diversified Food Supply System" "Strengthening the Management of Food
Procurement Sales and Storage" and "Promoting the Diversified Imports of Agricultural Products" were made which pointed out the
direction for the high-quality development of the grain industry. From the perspective of grain production China's grain production
has had good harvest year after year and the total output has been more than 0.65 trillion kg for 11 consecutive years of which it
exceeded 0.70 trillion kg in 2024 and 2025; however the grain supply and demand showed a tight balance pattern and the structural
contradiction was outstanding. From the perspective of industrial development in recent years the high-quality grain projects were
implemented in depth the optimization and upgrade of grain industry was promoted the total annual output value of the national
grain industry stabilized at more than RMB 4 trillion and the comprehensive industrial strength and grain and oil supply capacitycontinuously improved showing a good development trend. Emerging technologies have been used increasingly in the grain industry.For example the application of new grain storage technologies such as modified atmosphere storage and low-temperature storage
have effectively prolonged the shelf life of grain. These new technologies are constantly emerging bringing new changes to grain
production processing storage and transportation. From the perspective of grain and oil consumption under the guidance of the "Big
Food Concept" residents' grain and oil consumption has accelerated the transformation to "Eating Well and Healthily". Residents'
eating habits tend to be diversified and their eating styles of "Less Oil and Salt" and the quality and diversity of food are paid more
attention to which puts higher requirements for the taste nutrition and health of food. The improvement of the richness and diversity
of food reserves and supplies has become a trend which puts higher requirements for the company's research and development and
deep processing capabilities of innovative products. From the perspective of industry development the domestic grain and oil trade
processing and logistics industries involves all-circulating fields with high degree of marketization and fierce competition. Based on
the functional orientation of state-owned grain enterprises the company takes "Three-chain Synergy" as the starting point enhances
the added value of products through technological empowerment and continuously improves the robustness of the industrial chain
and the efficiency of the value chain. From the perspective of macro situation geopolitical conflicts pose a great threat to grain
import and shipping and the risks of global grain supply chain are intensified. Shenzhen's grain supply is highly dependent on
external input facing many challenges such as long transportation distance many links and high cost which is directly affected by
the stability of the international grain and oil supply chain. From the perspective of legal supervision with the in-depth
implementation of the Food Safety Law the industry governance has entered a new stage of comprehensive legal governance and
the legal foundation has been further consolidated. China has implemented strict control policies on imported grains the tightening of
customs supervision has obvious impacts on bulk trade and the import business is facing greater uncertainty. The competent
departments of the industry are increasingly strict with the supervision of grain and oil reserves strengthening the inspection of the
completeness of video data and the consistency of inventory data in information systems and enhancing new inspection methods
such as credit supervision and off-site inspection.III. Core Competitiveness Analysis
The company enhances the endogenous power by deepening reform strengthens the “extensive” development by innovation
cooperation and continuously upgrades and transforms the governance pattern development quality and guarantee ability and has
embarked on a path of sustainable and high-quality development through self-innovation and become a highly competitive
innovative and influential backbone grain enterprise in the domestic grain industry.
1. Operation mechanism
The core management team of the company has rich experience and has a strong strategic vision and pragmatic spirit.Combined with the actual development of the Company formulated a set of effective mechanisms to promote the quality and
efficiency of business development. The company vigorously promotes the innovation and transformation of business models and
actively promotes the transition from “trade-oriented enterprises” to “service-oriented enterprises” and from “operationalmanagement and control” to “strategic management and control”. In business control through the own information management
system realizes a seamless link between the “operation” and “planning capital quality inspection inventory risk control anddiscipline” to effectively reduce the operational risks while fully participating in the market competition and achieving a deep
integration of “ensuring grain security” and “promoting development”. Through deeply promotes the strategy of “talent strengtheningthe enterprises” continuously innovative talent training mechanism to creates a high-quality talent supply chain the company has
established an open talent team to meet the long-term development of enterprises and reserve intelligence for the enterprise
upgrading and development. The company has innovated and implemented the performance appraisal mechanism and established a
result-oriented incentive and restraint assessment mechanism to stimulated the viability within the enterprise. The company insists on
cultivating and advocating the corporate culture with “people-oriented performance first excellent quality and harmony” as the corevalues combines the personal development goals of employees with the corporate vision and enhances the cohesiveness and
centripetal force of the enterprise.
2. Business model
The Company has a mature and efficient market-oriented grain and oil rotation mechanism. By scientifically managing the
rotation rhythm it not only safeguards regional food security but also effectively improves economic benefits and preserves and
increases the value of state-owned assets. The company deeply engages in segmenting the target market provides diversified product
supply services for customers in different areas of the industry chain establishes a multi-level product supply network covering
online and offline and realizes the transformation of product supply to “remoteness intelligentization and self-service”. In terms of
grain and oil trading services the bulk commodity trading platform www.zglsjy.com.cn created by its subsidiary Hualian Company
efficiently integrates business flow logistics and information flow improves circulation efficiency and provides spot listings one-
way bidding basis price financing logistics quality inspection information and other services for internal business units suppliers
and customers. In terms of e-commerce SZCH Doximi actively promotes the development of new grain retail formats such as
“Internet + Grain” and has opened channels on e-commerce platforms such as Tmall and Jingdong Mall so as to promote the deep
integration of online and offline e-commerce platforms. In terms of group meal supply its subsidiary SZCH Big Kitchen has
established a one-stop distribution service platform serving large end customers providing high-quality and safe oil and grain
services for group users such as enterprises schools and government institutions.
3. Information technology
The company attaches great importance to the transformation and upgrading of traditional industries with modern technological
means and actively introduces new-generation information technologies such as the Internet of Things cloud computing big data
and mobile Internet into grain management forming an information system that can cover the entire industrial chain of the grain
industry and promoting the “Internet + Grain” industry development. The company took the lead in building the warehouse
management of “standardization mechanization informatization and harmlessness” in the industry the self-developed “GrainLogistics Information System (SZCG GLS)” has built a framework for the construction of grain informatization work innovated the
grain management model led the development direction of the grain industry and became a benchmark for the national grain
industry. The project was awarded the “National IoT Major Application Demonstration Project” by the National Development and
Reform Commission and the Ministry of Finance. The company has undertaken a number of national-level research projects the
results of a number of informatization projects have won national provincial and municipal awards and dozens of information
systems have been developed and are operating normally.
4. R&D capabilities
The company has strong R&D capabilities in the field of food and beverage and gathers leading technological advantages and
equipment systems. The subsidiary Shenbao Huacheng owns the Jiangxi provincial enterprise technology center Shenzhen municipal
research and development center (technology center) and Shenzhen plant deep processing technology engineering laboratory and
have obtained national high-tech enterprise certification. And also owns a number of patented technologies for tea powder tea
concentrated juice and plant extraction independently researched and developed and published dozens of scientific papers. and won
a number of awards such as Science and Technology Progress Award of the Ministry of Agriculture Shennong Chinese Agricultural
Science & Technology Award of the Chines Society of Agriculture Science & Technology Achievement Award of Chinese
Academy of Agricultural Sciences Science and Technology Award of China National Light Industry Council Zhejiang Science and
Technology Award Jiangxi Science and Technology Progress Award and Shenzhen Science & Technology Progress Award etc.presided over or participated in the preparation of several national standards and industry standards.
5. Quality controlThe company implements grain and oil quality standards that are higher than national standards. The subsidiary Shenliang
Quality Inspection has been awarded honors including a National Level Grain Quality Monitoring Station a National Grain and Oil
Standard Verification and Testing Workstation a National Master Studio for Reserve Skills a Top Talent Studio in the Grain
Industry of Guangdong Province and Five-Star Rating in Site Management by the China Quality Association.It obtained the
assessment certificate of agricultural product quality and safety inspection agency (CATL) and the qualification certificate of
inspection agency (CMA) etcand passed the certification of a number of testing capability items. Shenliang Quality Inspection
possesses leading grain and oil inspection technologies and equipment in China’ grain industry lists pesticide residues heavy metal
pollutants fungal toxins and other hygiene indicators as well as food taste indicators in the daily inspection indicators. It has the
ability to detect four types of indicators of generic quality storage quality food security & quality and other four types of indicators
of testing capacity. The detection capability can meet the relevant quality detection requirements of grain and oil products and can
accurately analyze the nutritional composition and hygienic indicators of the grain and determine its storage and edible quality. It has
created the “digital laboratory” in the grain industry real-time monitoring of the entire process of cuttings testing distribution etc.relying on collaborative platforms to save retrieve integrate analyze and share grain and oil testing data to achieve 100% coverage
of grain & oil product inspection.IV. Main business analysis
1. Overview
In 2025 under the guidance of Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era SZCH adhered to
ensuring grain safety and promoting industry development actively responded to market challenges steadily implemented industrial
upgrade and made steady progress in operating performance. By the end of 2025 the total assets of the company were RMB 7.372
billion the asset-liability ratio was 32.31% the annual operating income was RMB 5.505 billion with a year-on-year increase of
2.42% and the total profit was RMB 466 million with a year-on-year increase of 11.08%. The main financial indicators were at an
excellent level in the industry. In 2025 the company effectively played the role of "Foundation" in regional food safety solidly
completed the service of increased storage and the foundation of food safety was more solid. The company strengthened the support
of industrial chain enhanced the control of upstream grain sources through the construction of Shuangyashan Base and continuously
improved the synergy of downstream supply chain based on Dongguan Logistics Hub to effectively optimize the integrated
operation efficiency of "Production Procurement Storage and Sales". Despite the cyclical pressure on revenue the company ensured
the steady growth of total profit and achieved economic benefits and asset preservation and appreciation by consolidating the main
business foundation and promoting refined management.
(1) Built a solid foundation for food safety in Shenzhen. Firstly the reserve service and storage scale reached a record high
overcame the challenges of increasing grain and oil storage and adjusting the layout of storage points; through scientific planning and
accurate scheduling the reserve service and storage scale were completed ahead of schedule and both reached a record high.Secondly scientifically planned and implemented the adjustment of reserve layout orderly implemented the transfer of grain and oil
reserves in Shuguang Grain Depot and added rice storage capacity in Pingshan Grain Depot. Thirdly strictly regulated and
strengthened the management of grain and oil reserves deepened the reform of the management mechanism of grain reserves set up
a smart storage company operated by an independent legal person and took a solid step to build a modern grain storage management
enterprise; added a green storage capacity in Pinghu Grain Depot to realize 100% quasi-low temperature storage of finished grain.Continued to promote the information construction of the reserve grain depots upgraded the temperature measuring system and
cloud platform of Pinghu Grain Depot built the Phase II of the reserve grain and oil management platform completed the intelligent
upgrade of the new rental point of Pingshan Grain Depot and improved the intelligent management level of grain and oil reserves.
(2) Ensured the efficient promotion of major projects. Firstly efficiently completed the large-scale relocation and handover
of Shuguang Grain Depot to realize the win-win situation of revitalizing government assets improving food safety capacity
expanding the layout of grain and oil industry and improving enterprise benefits and strongly support the construction of Xili High-speed Rail Hub a major project in Shenzhen. Secondly implemented the special task of receiving and operating Shenshan Grain
Depot the largest one in Shenzhen to ensure the connection of the whole chain including grain source raising logistics scheduling
terminal transfer loading and unloading warehousing; by the end of the year 240000 tons of grain was put into storage
demonstrating the responsibility and excellent strength of the grain and oil enterprise.
(3) Promoted mutual empowerment of industrial chain resources. Hualian Company and Dongguan Logistics promoted the
business of "Transporting Grain from the North to the South". Started the marketing integration reform integrated the brand and
channel resources of Duoxi and Shenbao Investment created a unified marketing and brand building platform accelerated the
promotion of the brand influence of SZCH and the market competitiveness of terminal business and effectively promoted the
internal industry synergy. Actively carried out in-depth cooperation with leading enterprises in the grain trade supply chain
coordination and other fields and achieved remarkable synergy results to effectively ensure the stable supply of high-quality
international grain sources under the tightening of national import policies. Successfully held the 2025 Grain Depot Open Day and
the Second Brand Culture Festival to effectively enhance the brand influence of the SZCH.
(4) Accelerated the cultivation of new energy for high-quality development. Firstly opened up a new situation in model
innovation. Dongguan Logistics innovated the operation mode of "Multi-port Linkage and One-navigation Implementation" and
opened the navigation route of "Transporting Grain from the North to the South" for wheat and corn. Based on professional research
and development the buying and selling company built a business model of "Bulk Trade + Industrial Terminal" achieving 40000
tons sales of powdered rice with a year-on-year increase of 29%. Big Kitchen cooperated with upstream professional companies to
build a 6000mu high-quality rice planting base to explore a stable supply model of high-quality grain sources. Secondly achieved
new results in product innovation. Hualian Company adjusted the variety structure of rice reserves steadily built the brand of
"Shenliang Shuangbao" and launched "Shenliang Shuangbao" of northeast fresh waxy corn and sweet waxy corn enriching the
brand matrix. Shenzhen Flour completed the research and development and improvement of six new products such as bread flour to
meet the diversified needs of customers. Following the trend of healthy and diversified grain and oil consumption Big Kitchen newly
developed diglyceride edible oil and non-steamed grain rice to consolidate the differentiated competitiveness of products. Thirdly
achieved new breakthroughs in technological innovation. Actively explored AI innovative application scenarios to use AI
technologies to carry out automatic inspection screen monitoring safety behavior monitoring in Pinghu Grain Depot. This project
was released in "the First Release List of AI Application Scenarios of State-owned Enterprises in Shenzhen (50)". Shenbao
Huacheng deepened the operation mode of "R&D Sales and Manufacturing" participated in the formulation of 3 industry standards
such as tea concentrate breaking through the technical bottleneck of efficient transformation and utilization of summer and autumn
tea and won the Science and Technology Achievement Award of Chinese Academy of Agricultural Sciences.
2. Operating revenue and cost
(1) Component of operating revenue
In RMB
2025 2024 YoY
Ratio in
Amount operating Amount Ratio in operating
Increase/decrease
(+/-)
revenue revenue
Total operating
5505279622.35100%5375089846.91100%2.42%
revenue
By industries
Wholesale and
retail 3742242308.51 67.98% 3547023210.68 65.99% 5.50%
Leasing and
business services 1004985111.36 18.25% 1029137510.95 19.15% -2.35%
Manufacturing 758052202.48 13.77% 798929125.28 14.86% -5.12%By products
Grain & oil trading
and processing 4172710177.82 75.80% 3999373911.19 74.41% 4.33%
Grain & oil
storage logistics 861103837.43 15.64% 856190020.28 15.93% 0.57%
and services
Food beverage
and tea processing 327584333.17 5.95% 346578424.77 6.45% -5.48%
Leasing and others 143881273.93 2.61% 172947490.67 3.21% -16.81%
By region
Domestic market 5477246945.41 99.49% 5342106430.30 99.39% 2.53%
Overseas market 28032676.94 0.51% 32983416.61 0.61% -15.01%
By sale model
Direct sale 5505279622.35 100.00% 5375089846.91 100.00% 2.42%
(2) Industries products regions and sales model that account for more than 10% of the operating revenue or operating profit
of the Company
□Applicable □Not applicable
In RMB
Gross YoY YoY YoY
Operating revenue Operating cost profit increase/decrease increase/decrease
ratio of operating
increase/decrease
of operating cost of gross profitrevenue ratio
By industry
Wholesale and
retail 3742242308.51 3634651019.74 2.88% 5.50% 5.69% -0.16%
By products
Grain & oil
trading and 4172710177.82 4047413950.00 3.00% 4.33% 4.09% 0.22%
processing
By region
Domestic
market 5477246945.41 4603255592.05 15.96% 2.53% 3.29% -0.62%
By sale model
Direct sale 5505279622.35 4623410073.54 16.02% 2.42% 3.22% -0.65%
In the event that the statistical caliber of the company’s main business data is adjusted during the reporting period the main business
data of the company has been adjusted according to the caliber at the end of the reporting period in the past year.□Applicable□Not applicable
(3) Revenue from physical sales larger than revenue from labors
□Yes □ No
YoY
Industries Item Unit 2025 2024 increase/decrease
(+/-)
Sales volume Ton 1433791.01 1397429.10 2.60%
Wholesale and Output Ton
retail Storage Ton 1285149.84 1346900.95 -4.58%
Reasons for y-o-y relevant data with over 30% changes
□Applicable□Not applicable(4) Performance of significant sales contracts and major procurement contract entered into by the company up to the current
reporting period
□Applicable□Not applicable
(5) Component of operation cost
Classification of industries
In RMB
2025 2024 YoY
Industries Item Amount Ratio in Amount Ratio in increase/decrease
operation cost operation cost (+/-)
Wholesale and Raw
retail industry materials 3634651019.74 78.61% 3439103716.33 76.78% 1.83%
Explanation
The main business income of the company is from grain and oil trading and the corresponding cost expenditure is mainly the
procurement cost of grain and oil trade.
(6) Whether there are changes in the scope of consolidation in reporting period or not
□Yes □No
During the reporting period the company transferred Shenzhen Shenliang Cold Chain Logistics Co. Ltd.，cancelled ShenzhenShenliang Storage (Yingkou) Co. Ltd and established a new companyShenzhen Shenliang Smart Warehousing Co. Ltd.。
(7) Material changes or adjustment for products or services of the Company in reporting period
□Applicable□ Not applicable
(8) Major clients and main suppliers
Major clients of the Company
Total sales volume of top five clients (RMB) 1269439307.54
Proportion in total annual sales volume for top five clients 23.77%
Proportion in total annual sales volume for related sales among
top five clients 0.00%
Top five clients of the Company
SN Name Sales volume (RMB) Proportion in total annual salesvolume
1 Client I 794274130.92 14.87%
2 Client II 139365036.76 2.61%
3 Client III 119033752.08 2.23%
4 Client IV 109776387.78 2.06%
5 Client V 106990000.00 2.00%
Total -- 1269439307.54 23.77%
Other explanation on main clients□Applicable□Not applicable
Main suppliers of the Company
Total purchase amount from top five suppliers (RMB) 1232214459.57
Proportion in total annual purchase amount for top five suppliers 32.68%
Proportion in total annual purchase amount from related
purchase among top five suppliers 0.00%
Top five suppliers of the Company
SN Name Sum of purchase amount Proportion in annual sum of
(RMB) purchase amount
1 Supplier I 563995649.05 14.96%
2 Supplier II 201031584.57 5.33%
3 Supplier III 171082161.54 4.54%
4 Supplier IV 161777578.53 4.29%
5 Supplier V 134327485.88 3.56%
Total -- 1232214459.57 32.68%
Other explanation on main suppliers
□Applicable□Not applicable
During the reporting period the Company’s trading revenue accounted for more than 10% of its total operating revenue.□Applicable □ Not applicable
Information on the Top 5 clients of trading business
SN Client Sales volume(RMB)
1 Quanzhou Licheng Hetian Grain Co. Ltd. 139365036.76
Guangdong Yuehai Holdings Group Co.
2119033752.08
Ltd.
3 Shenzhen Fujiade Grain Co. Ltd. 109776387.78
Hunan Qingyan Hongchuang Trading Co.
4106990000.00
Ltd.
5 Guangzhou Huaren Grain Trade Co. Ltd. 92680807.14
Total -- 567845983.76
Information of Top 5 clients of trading business
SN Client Purchase volume (RMB)
1 Shenzhen Fengyi Grain & Oil TradingCo. Ltd. 563995649.05
2 COFCO Jinghua Trading (Beijing) Co.Ltd. 201031584.57
3 Guangzhou Huaren Grain Trade Co. Ltd. 171082161.54
4 Yingkou Jiatai Grain & Oil Trading Co.Ltd. 161777578.53
5 Guangrao Huitong Grain Co. Ltd. 134327485.88
Total -- 1232214459.57
3.Expenses
In RMB
2025 2024 YoY increase/decrease(+/-) Note of major changes
Sales expenses 138284538.25 149810329.96 -7.69% Mainly in accordancewith the newaccounting standards
part of the warehousing
and logistics costs have
been reclassified and
included in operating
costs.Mainly due to a year-
Administration 206252622.49 168245200.59 22.59% on-year increase inexpenses accrued employee
compensation expenses.Mainly because the
annual average balance
of borrowings
Financial expenses 32445079.85 32678246.41 -0.71% decreased and themarket LPR was
lowered several times
resulting in a reduction
in interest expenses.R&D expenses 24962654.98 25208644.43 -0.98%
4.R&D investment
□Applicable□Not applicable
Expected impact on the
Projects Purpose Progress Goals to be achieved future development of the
Company
Temperature Strengthened the
Upgraded the existing grain Replaced the grain information
Measuring management of grain
information equipment in equipment and built a unified
System and Cloud information through the
Pinghu Grain Depot to grain information cloud
Platform Completed unified cloud platform to lay
improve the coverage and platform to view the grain
Upgrading Project a foundation for subsequent
accuracy of grain information information of all grain depots
of Pinghu Grain intelligent analysis and
monitoring at any time
Depot application
Deployed intelligent equipment
Intelligent and software in the newly
Transformation Met the regulatory added storage area of Pingshan
Project of requirements of grain and oil Grain Depot to realize the Improved the standardization
Pingshan reserves to realize "Video automatic collection of grain and compliance of the
Completed
International Communication" "Grain information video and data in company's management of
Logistics Park Information Communication" the storage area and achieve the grain and oil reserves
Grain Depot and "Data Communication" goal of penetrating supervision
(Phase II) and management of grain and
oil reserves
Realize the video intelligent
inspection of key areas of grain
depot and strengthened AI
Integrated human defense Explored the actual landing
screen inspection to accurately
physical defense and scenarios of AI technologies
Pilot Application check whether the screen is
technical defense and used and provided a feasible path
Project of AI Completed normal and whether the
AI technologies to empower for subsequent technology
Scenarios finished grain stacking position
on-site management of grain application and scenarios
is correctly covered and
depots development
provide intelligent
identification and early warning
of safety incidents
R&D personnel
2025 2024 Increase (+)/Decrease (-)
Number of R&D personnel 123 117 5.13%Ratio of number of R&D personnel 11.00% 10.00% 1.00%
Education background
Below bachelor's degree 37 28 32.14%
Undergraduate 59 55 7.27%
Master 27 34 -20.59%
Age composition
Under 30 50 41 21.95%
30~4045427.14%
Over 40 28 34 -17.65%
R&D investment
2025 2024 Increase (+)/Decrease (-)
R&D investment (RMB) 57062133.35 52099502.14 9.53%
Ratio of R&D investment in
operating revenue 1.04% 0.97% 0.07%
Capitalization of R&D
investment (RMB) 0.00 0.00 0.00%
Ratio of capitalization of R&D
investment in R&D investment 0.00% 0.00% 0.00%
Describe reasons for significant changes in component of the R&D personnel and related impact
□Applicable □Not applicable
Describe reasons for significant changes in ratio of R&D investment in operating revenue compared with that of last year
□ Applicable □ Not applicable
Describe reason for the great change in the ratio of capitalization of R&D investment in R&D investment.□ Applicable □ Not applicable
5. Cash flow
In RMB
Item 2025 2024 YoY Increase (+)/Decrease (-)
Subtotal of cash inflow from operation activity 6243697110.86 6009744381.86 3.89%
Subtotal of cash outflow from operation activity 5143257006.96 6025062001.24 -14.64%
Net cash flow from operating activities 1100440103.90 -15317619.38 7284.15%
Subtotal of cash inflow from investment activity 81138806.57 442392843.77 -81.66%
Subtotal of cash outflow from investment activity 115258661.43 451195262.84 -74.45%
Net cash flow from investment activity -34119854.86 -8802419.07 -287.62%
Subtotal of cash inflow from financing activity 1681005908.26 3395816991.96 -50.50%
Subtotal of cash outflow from financing activity 2836225709.40 3449612888.56 -17.78%
Net cash flow from financing activities -1155219801.14 -53795896.60 -2047.41%
Net increased amount of cash and cash equivalent -89009000.54 -77810324.25 -14.39%
Describe reasons for major YoY changes of relevant data
□ Applicable □ Not applicable
(1) During the reporting period the net cash flow from operating activities increased year-on-year mainly due to increased grain and
oil sales and higher cash inflows from operating activities. In addition part of the grain and oil purchases in the reporting period was
settled by way of domestic letters of credit which had not yet matured and cash paid for grain and oil purchases decreased compared
with the same period of the previous year resulting in a reduction in cash outflows from operating activities.
(2) During the reporting period cash inflow and outflow from investing activities decreased compared with the same period of the
previous year mainly because the Company purchased fewer wealth management products with idle funds and correspondingly
redeemed fewer maturing wealth management products on a year-on-year basis. The net cash flow from investing activities
decreased year-on-year mainly due to increased investment in long-term assets and decreased cash inflows from the disposal of
equity investments during the reporting period. Meanwhile cash recovered from the disposal of intangible assets (Huizhou land)
increased year-on-year.(3) During the reporting period cash inflow from financing activities decreased compared with the same period of the previous year
mainly due to increased grain and oil trading sales and higher operating cash inflows which led the Company to reduce short-term
borrowings and corresponding financing cash inflows. Cash outflow from financing activities decreased compared with the same
period of the previous year mainly because the Company reduced short-term borrowings and accordingly decreased repayments of
borrowings resulting in a year-on-year decline in financing cash outflows. The above factors led to a decrease in the net cash flow
generated from financing activities for the current period compared with the same period of the previous year.Describe reasons for major difference between the cash flow arising from operation activity in reporting period and net profit of the
Company
□ Applicable□ Not applicable
V. Analysis of non-main business
□ Applicable □ Not applicable
In RMB
Amount Ratio in total profit Description of Sustainable orformation not(Y/N)
Mainly due to
Investment income -536315.86 -0.12% investment losses from N
joint ventures.Gains/losses arising
from changes in fair 0.00 0.00% N
value
Asset impairment -121690077.25 -26.12% Mainly due to inventoryfall provision N
Mainly because the
Company received a
Non-operating income 48918268.36 10.50% timely handover bonus N
for the relocation of
Shuguang Grain Depot.Non-operating expense 883565.29 0.19% N
VI. Analysis of assets and liabilities
1. Major changes of assets component
In RMB
Year-end of 2025 Year-begin of 2025
Ratio in Ratio in Ratio Notes of major changes
Amount total Amount total changes
assets assets
Mainly for the
Monetary fund Company's payment of74207045.75 1.01% 168199291.23 2.18% -1.17%
grain and oil purchase
money.Account
receivable 185600881.90 2.52% 235789565.91 3.06% -0.54%
Contract asset 0.00 0.00% 0.00 0.00% 0.00%
Mainly due to the
Inventory decrease in the3968883163.28 53.83% 4044998642.52 52.43% 1.40%
Company's grain and oil
inventories.Investment real
estate 231882055.05 3.15% 302075246.75 3.92% -0.77%
Long-term equity
investment 43217315.89 0.59% 45356888.44 0.59% 0.00%
Fixed assets 1993966742.36 27.05% 2009520283.95 26.05% 1.00%Construction in
progress 51951405.25 0.70% 39312847.70 0.51% 0.19%
Right-of-use
assets 54801538.67 0.74% 115258040.17 1.49% -0.75%
Mainly due to the
recovery of operating
Short-term loans 1155754328.18 15.68% 1484605101.05 19.24% -3.56% funds and the reduction
of short-term bank
borrowings.Contract liability 77779348.91 1.06% 126590458.95 1.64% -0.58%
Long-term loans 0.00 0.00% 0.00 0.00% 0.00%
Lease liability 29468268.66 0.40% 78084500.76 1.01% -0.61%
Foreign assets account for a relatively high proportion
□ Applicable□ Not applicable
2. Assets and liabilities measured at fair value
□ Applicable□ Not applicable
3. Restricted asset rights as of the end of the reporting period
The details of monetary funds which are restricted in use due to mortgage pledge or freezing which are restricted in withdrawal due
to centralized management of funds as well as which are deposited overseas and restricted in remittance back are as follows:
Item Ending balance in current period Ending balance in last period
Guarantee deposit 2058418.00
Letter of credit deposit 2222285.44 3245714.29
Litigation related freezing 6018234.09
Total 4280703.44 9263948.38
VII. Investment analysis
1. Overall situation
□ Applicable □ Not applicable
Investment in reporting period (RMB) Investment in the same period of lastperiod (RMB) Changes (+/-)
101543564.5398127483.253.48%
2.The major equity investment obtained in the reporting period
□ Applicable□ Not applicable
3.The major non-equity investment performed in the reporting period
□ Applicable□ Not applicable
4. Financial assets investment
(1) Securities investment
□ Applicable □ Not applicableThe company had no securities investment in the Period.
(2) Derivative investment
□ Applicable□Not applicable
The Company had no derivatives investment in the Period
VIII. Sales of major assets and equity
1. Sales of major assets
□ Applicable □Not applicable
The Company had no sales of major assets in the reporting period.
2. Sales of major equity
□ Applicable□ Not applicable
IX. Analysis of main holding company/ stock-jointly companies
□Applicable □Not applicable
Particular about main subsidiaries and stock-jointly companies net profit over 10%
In RMB
Compan Type Main Register Total assets Net assets Operating Operatingy name business capital revenue profit Net profit
Grain &
Shenzhe oil
n trading
Cereals Subsidia processi 1530000000 6958718483 2968855414 4973177025 345223058 183731588
Group ry ng grain .00 .44 .91 .17 .61 .13
Co. Ltd and oilreserve
service
Shenzhe
n
Hualian
Grain Subsidia Grain &oil 300000000.0 932544464.8 377225230.4 1314737522 18317948. 2722744.5and Oil ry 0 9 2 .77 70 3
Trading trading
Co.Ltd.Donggu Grain &
an oil
Shenlia trading
ng Subsidia processi 298000000.0 2702783555 418041060.9 1169752323 33199754. 24691170.Logistic ry ng 0 .09 3 .28 00 49
s Co. warehou
Ltd. se andlogistics
Particular about subsidiaries obtained or disposed in reporting period
Applicable ? Not applicable
Explanation on main holding/stock-jointly companies:Shenzhen Cereals Group Co. Ltd: Business scope: general business items: grain and oil purchase and sales grain and oil storage;
grain and oil and products management and processing (operated by branches); operation and processing of feed (operated by
outsourcing); investment in grain and oil feed logistics projects; establishing grain and oil and feed trading market (including e-
commerce market) (market license is also available); storage (operated by branches); development operation and management of
free property; providing management services for hotels; investing and setting up industries (specific projects are separately declared);
domestic trade; engaging in import and export business; E-commerce and information construction; and grain circulation service.Licensed business items: the following projects shall be operated only with the relevant examination and approval documents if they
are involved in obtaining approval: information services (internet information service only); general freight professional transport
(refrigerated preservation). Register capital is 1530000000.00 yuan. As of the end of current period total assets reached
6958718483.44 yuan and net assets amounted to 2968855414.91 yuan and shareholders’ equity attributable to parent company
was 2762270183.29 yuan; in the reporting period the operating revenue net profit and net profit attributable to shareholder of
parent company were 4973177025.17 yuan 183731588.13 yuan and 171590855.94 yuan respectively.Shenzhen Hualian Grain and Oil Trading Co. Ltd.: Business scope: general business items: domestic trade (except for projects that
laws administrative regulations and decisions of the State Council require approval before registration); engaging in import and
export business (except for projects prohibited by laws administrative regulations and decision of the State Council restricted
projects can be operated only after obtaining permission); online feed sales; information consultation self-owned housing leasing
(excluding talent agency services and other restricted items); international freight forwarding domestic freight forwarding (can only
be operated after being approved by the transport department if laws administrative regulations State Council decision require the
approval of transport department); Licensed business items: following items shall be operated only with the relevant examination and
approval documents if they are involved in obtaining approval: purchase and sale of grain and oil online sales of grain and oil;
information service business (internet information service business only). Register capital is 300000000.00 yuan. As of the end of
current period total assets reached 932544464.89 yuan and net assets amounted to 377225230.42 yuan and shareholders’ equity
attributable to parent company was 377225230.42 yuan; in the reporting period the operating revenue net profit and net profit
attributable to shareholder of parent company were 1314737522.77 yuan 2722744.53 yuan and 2722744.53 yuan respectively.Dongguan Shenliang Logistics Co. Ltd. Business scope: General business items: Container and bulk cargo storage and other
supporting services; Container and bulk cargo transportation; Production: food (grain and oil) feed and feed additives; Grain
procurement; Wholesale and retail: prepackaged food (grain and oil) bulk food (grain and oil) feed and feed additives; Port
operations loading and unloading of steel and general cargo at ports; Road freight transportation; Water transportation water
transportation services; Grain and oil storage; Internet Information Services; Technical services for grain oil and feed quality
inspection; hotel management; Industrial investment; Market operation management; Supply chain management services;
International freight forwarding domestic freight forwarding; Customs declaration agency and inspection agency; Property
management and leasing; Import and export of goods and technology. Projects that require approval according to law can only be
operated with the approval of relevant departments. Its registered capital is 298000000.00 yuan. As of the end of current period
total assets reached 2702783555.09 yuan and net assets amounted to 418041060.93 yuan and shareholders’ equity attributable to
parent company was 418041060.93 yuan; in the reporting period the operating revenue net profit and net profit attributable to
shareholder of parent company were 1169752323.28 yuan 24691170.49 yuan and 24691170.49 yuan respectively.X. Structured vehicle controlled by the Company
□ Applicable□ Not applicable
XI. Prospects on future development
Company's future development strategy:During the "15th Five-Year Plan" period the company will focus on the main business of grain oil and food thoroughly
implement the national food safety strategy fulfill the national development requirements of "Extending the Grain Industry Chain
Upgrading the Value Chain and Building a Supply Chain" focus on the main business enhance the core functions accelerate the
strategic transformation and continue to exert efforts in ensuring regional food safety serving the people's livelihood in cities
leading industrial transformation comprehensively promote the upgrading of industrial chain and the extension of value chain with
the mission vision of "Ensuring Food Safety and Serving a Healthy Life" and accelerate the building of a competitive grain oil and
food industry group to contribute to the food safety and high-quality development of grain oil and food industry in Shenzhen.Next year's business plan:
1. Carry out fine management to consolidate the foundation of reserves
The company will steadily implement intensive management of storage resources optimize the layout of grain reserves and
varieties and scientifically coordinate the quality and quantity of grain and oil reserves and rotation services; carry out a detailed
analysis of the operational efficiency of each business entity optimize the allocation of main business resources based on the goal of
maximizing overall operational benefits and promote the strategic position of Pinghu Grain Depot Shenshan Grain Depot and
Dongguan Logistics Node in the food safety system; strengthen the quality management and control of reserves strengthen the
monitoring of stock quality and storage environment and extend quality management to upstream suppliers; build the affiliated smart
storage company into a specialized grain storage management enterprise and actively explore green and smart grain storage and
reduce operating costs.
2. Concentrate resources to develop the food industry
The company will adhere to the relevant principles of diversification and limited effectiveness moderately extend the industrial
chain and promote the optimization and upgrading of reserve rotation from "Main Trade-driven" to "Trade + Intensive Processing +
Terminal Synergy". In aspect of rice business the company will give full play to the advantages of the northeast grain source base
build a stable supply chain system deepen the channels of industrial rice and group rice and enhance the rice brand of SZCH. In
aspect of wheat-flour business the company will adhere to the integrated management of wheat and flour develop a product system
with core competitiveness based on flour and optimize the mechanism to promote the effective promotion of flour sales; gradually
shift the rotation of grain reserves to “Production + Trade rotation” based on wheat realizing the linkage operation of four grain
depots in two places. In aspect of oil and fat business based on the needs of future operation the company will deeply study the
functional facilities of Guangming Oil Depot integrate nutrition science and refining technologies explore and open up the market of
traditional catering oil and high-end healthy edible oil and build a complete industrial chain from crude oil procurement refining
processing and refined oil production.
3. Implement strategic leadership to expand the industrial layout
The company will expand the layout of port trade promote the construction of supporting projects in Dongguan Logistics Park
and improve the comprehensive service level of logistics node ports; actively introduce large-scale grain and oil processing
enterprises to create a modern grain industry ecology with the integration of "Port Park and Trade"; adhere to the "Port + Trade"
drive with mutual empowerment build a port logistics channel and gradually build a grain and oil logistics network; strengthen tea
business and build a perfect supply chain guarantee system for tea and plant deep processing business with market demand as the
guide and with industrial manufacturing and scientific research and development as the core; promote the construction of deep
processing project and the upgrading of core equipment in Shenbao Huacheng and accelerate the establishment of leading
enterprises in deep processing of tea; improve marketing ability carry out the reform of marketing integration reshape brand image
optimize channel layout create a professional innovative and efficient marketing integration platform and enhance the brand
reputation and influence of SZCH.
4. Take measures to improve the quality and efficiency of operation
The company will deepen strategic cooperation with leading enterprises in the industry consolidate the achievements ofcooperation in the procurement and sales of wheat rice corn and other varieties promote the expansion of cooperation achievements
in the fields of project development and supply chain coordination and realize complementary advantages and coordinated
development; deepen the development of stock resources explore the diversified operation mode of assets in combination with
market demands and improve the income level of inefficient assets; closely follow up the property right replacement project of
Shuguang Grain Depot to ensure a successful landing and maximize benefits; focus on the whole chain of high-quality development
and management of enterprises accurately issue performance evaluation indicators clarify the responsible subjects key nodes and
quantitative standards guide business entities to increase investment in research and development and strengthen product innovation
technological innovation and model innovation.Possible risks and countermeasures:
1. Risk of the procurement and sale price fluctuations of grain and oil
International geopolitical conflicts extreme weather and other uncertain external factors may lead to large procurement and sale
price fluctuations of grain and oil at home and abroad with big structural differences. The aforementioned risks may affect the
company's profitability and lead to fluctuations in inventory value.The company will actively respond to the risk of grain and oil price fluctuations by strengthening market forecast establishing
strategic cooperation refining procurement and sales management strengthening internal coordination and optimizing product
structure.
2. Food safety risks
"Quality and safety" is the lifeline of enterprise's sustainable development and an insurmountable red line. The regulatory
authorities have promulgated a series of laws and regulations on food safety hazards enterprise responsibilities production
management compliance quality and safety inspection risk monitoring and control to implement the "Four Strictest" requirements
of food safety management.According to the regulatory requirements and the actual management the company has issued and strictly implemented the
Measures for the Administration of Food Quality and Safety of SZCH. As the superior system of the company's food safety
management the system covers the quality management of grain oil and non-grain foods comprehensively clarifies the
responsibilities of key posts and strengthens the supervision of key links to ensure that food products meet the quality standards
hygiene standards and relevant regulations.
3. Risk of intensified market competition
As a representative enterprise of regional grain oil and food business the company still has a certain gap in scale and brand
awareness compared with central enterprises and large multinational grain oil and food enterprises. In the future the competition in
the grain oil and food industry will become increasingly fierce. If the company cannot effectively promote its own brand and
broaden its marketing channels it may face greater risks under fierce market competition.In view of possible market and operational risks on the one hand the company will make an overall plan for annual
procurement and carefully optimize procurement channels to ensure adequate and orderly supply of grain; on the other hand the
company will continue to strengthen communication with upstream and downstream customers in the industrial chain vigorously
expand sales channels focus on customer needs deepen brand and services and enhance the brand value and competitiveness; in
addition the company will promote brand building strengthen brand exchanges and cooperation within the industry open up high-
quality brand element resources create unified brand application norms and gradually establish brand advantages.XII. Reception of research communication and interview during the reporting period
□Applicable □Not applicable
Reception time Reception Reception Reception Reception Main content Index of basic situationplace mode object Object talked about and of researchtype materials
provided
For details please refer tothe “Company InvestorOnline Value Network All 2025 annual Relations Activity RecordMay 20 2025 www.ir- platform online Other
online.cn communication investorsperformance Form” disclosed on
briefing website CNINFO
(www.cninfo. com. cn) on
April 20 2025
XIII. The formulation and implementation of the market capitalization management system
and valuation enhancement plan
Whether the company formulated a market capitalization management system or not
?Yes□No
Whether the company disclosed the valuation enhancement plan or not
□Yes□No
To strengthen the company's market value management effectively promote the enhancement of the company's investment
value increase investor returns and safeguard investor interests the Market Value Management System was formulated in
accordance with laws and regulations such as the Company Law the Securities Law the Measures for the Administration of
Information Disclosure by Listed Companies the Listed Company Supervision Guidelines No.?10?–?Market Value Management as
well as the provisions of the Articles of Association and based on the actual situation of the company. It was reviewed and adopted at
the 21st meeting of the 11th session of the Board of Directors. Its main contents include the basic principles of market value
management market value management institutions and personnel main methods of market value management monitoring and
early warning mechanisms and emergency measures. For details please refer to the Market Value Management System disclosed on
website CNINFO (www.cninfo.com.cn) on October?28?2025.XIV. Implementation of the Action Plan for “Double Improvement of Quality and Return”
Whether the company disclosed the Action Plan for “Double Improvement of Quality and Return” or not
?Yes□No
Based on its actual operation the Company formulated the Action Plan for "Dual Improvement of Quality and Return". It
planned to improve corporate quality and shareholder return capacity by focusing on its core business enhancing operation quality
improving corporate governance attaching importance to shareholder return strengthening investor communication and conducting
high-standard information disclosure. For details please refer to the Announcement on the Action Plan for "Dual Improvement of
Quality and Return" disclosed on website CNINFO (www.cninfo.com.cn) on April 28 2026.Section IV Corporate Governance
I. Corporate governance of the Company
During the reporting period the Company constantly improved the corporate governance structure improved the quality of
corporate governance and established a sound internal control system strictly in accordance with corporate governance requirements
of normative documents released by the Company Law Securities Law Corporate Governance Guidelines and Standard Operational
Guidelines to Main Board Listed Companies of Shenzhen Stock Exchange. The Company continued to carry out the governance
activities improved the standard operation level and safeguarded the legitimate interests of the Company and investors.Accountability among Shareholders’ General Meeting the Board of Directors and the management level were clear. We strictly
implemented the rules from the Articles of Association during the reporting period as well as work regulations and other basic
management system to ensure the effective implementation of the internal control system.The Company received no relevant documents with administrative regulation concerned from regulatory authorities in
reporting period and has no particular about rectification within a time limit.Is there any difference between the actual condition of corporate governance and relevant regulations about corporate
governance for listed Company from CSRC
□ Yes □ No
There are no differences between the actual condition of corporate governance and relevant regulations about corporate governance
for listed Company from CSRC.II. Independence of the Company relative to controlling shareholder and the actual controller
in ensuring the Company’s assets personnel finance organization and businesses
By the end of the reporting period Shenzhen Agricultural Power Group is the actual controller of the Company. The Company
in strict accordance with the governance rules of listed companies and other relevant provisions completely separates from the
controlling shareholders in business finance personnel assets organizations and has independent full business and self-
management ability.
1. Independent Business:
The business of the Company is independent from controlling shareholders and has complete business and self-management ability
and is not dependent on the shareholders and their affiliated enterprises which has no competition with controlling shareholder and
its subordinate enterprises. The controlling shareholder has no direct or indirect intervention in the Company business activities.
2. Independent Staff:
The Company has special organization to manage labor and payment and has independent perfect personnel system and collective
management system. General Manager of the Company as well as deputy GM secretary of the Board CFO and other senior
executives receive remuneration from the Company and don’t receive remuneration from shareholders’ unit and subordinate
enterprises and holding the post except director or supervisor.
3. Independent Assets:
The Company has independent and integrity asset structure; There is no situation where funds or assets of the company are occupied
by controlling shareholders for non-operational purposes.4. Independent Organization:
The Company has set up a sound organizational structure system and operates independently; there is no mixed operation between
the Company and controlling shareholders.
5. Financial Independence:
The Company with independent financial department has set up independent accounting system and financial management system
and makes financial decision independently. With independent bank accounts and tax payment the Company strictly follows the
financial system and has independent operation and standardized management.III. Horizontal Competition
□ Applicable□ Not applicable
IV. Directors supervisors and senior executives
1. Basic information
Start Shares Number of Number of Shares Reasons
Working dated
End held at shares shares Other held at for
Name Gender Age Title date of increased in decreased instatus of office period-office begin current current
changes period- increase or
term period period (share) end decrease ofterm (share) (share) (share) (share) shares
Wang Zhikai Male Party Secretary Currently in 2023- 2026-54 Chairman of BOD office 11-03 11-03 0 0 0 0 0 -
Gu Cheng Male Director Currently in 2023- 2026-52 office 11-03 11-03 0 0 0 0 0 -
Zhang Currently in 2023- 2026-
Guoyuan Male 52 Director office 11-03 11-03 0 0 0 0 0 -
Zheng Male Deputy Party Currently in 2023- 2026-Xiangpeng 50 Secretary Director office 11-03 11-03 0 0 0 0 0 -
Lu Yuhe Female Director CFO Currently in 2023- 2026-48 office 11-03 11-03 0 0 0 0 0 -
Mei Yuexin Female Independent director Currently in 2025- 2026-61 office 09-05 11-03 0 0 0 0 0 -
Zhang Currently in 2025- 2026-
Sheng Male 55 Independent director office 09-05 11-03 0 0 0 0 0 -
Tao Ran Male Independent director Currently in 2025- 2026-53 office 09-05 11-03 0 0 0 0 0 -
Member of the Party
Chen Committee DeputyMale GM and Secretary Currently in 2020- 2026-Xiaohua 59 of the Board of office 08-24 11-03
00000-
Directors
Member of the Party
Shen Hua Male 50 Committee Deputy
Currently in 2023- 2026-
GM office 11-03 11-03
00000-
Xiao Hui Male 47 Member of the Party
Currently in 2020- 2026-
office 02-28 11-03 0 0 0 0 0 -
Employee supervisor
Du Jianguo Male 52 Committee Deputy
Currently in 2023- 2026-
GM office 11-03 11-03
00000-
Zhao Male Former independent Left office 2019- 2025-Rubing 69 director 02-21 09-05 0 0 0 0 0 -
Bi Weimin Female Former independent Left office 2019- 2025-69 director 02-21 09-05 0 0 0 0 0 -
Liu Haifeng Male Former independent54 director Left office
2019-2025-
02-2109-0500000-
You
Hongxia Female 54 Former supervisor Left office
2023-2025-
11-0311-1300000-
Liu Xinqing Female 53 Former supervisor Left office
2023-2025-
11-0311-1300000-
Zheng
Shengqiao Male 58 Former supervisor Left office
2019-2025-
02-2111-1300000-
Ma Zenghai Male 61 Former supervisor Left office
2019-2025-
02-2111-1300000-
Total
------------0100000010000--
During the reporting period whether there is any departure of directors and supervisors and dismissal of senior executives or not
□ Yes □ No1. On August 18 2025 the Board of Directors of the Company received written resignation reports from Mr. Zhao Rubing Ms. Bi
Weimin and Mr. Liu Haifeng independent directors of the Company. Having served as independent directors for six consecutive
years Mr. Zhao Rubing Ms. Bi Weimin and Mr. Liu Haifeng applied to resign from their positions as independent directors of the
11th session of Board of Directors of the Company and relevant positions in the special committees of the Board of Directors. After
resignation they will not hold any other positions in the Company.
2. On November 13 2025 the Company held the Second Extraordinary General Meeting of Shareholders in 2025 which reviewed
and approved the Proposal on Amending the Articles of Association of Shenzhen Shenliang Holding Co. Ltd. The general meeting
agreed to abolish the Board of Supervisors of the Company. The supervisors Ms. You Hongxia and Ms. Liu Xinqin the employee
supervisors Mr. Zheng Shengqiao and Mr. Ma Zenghai resigned voluntarily and will not hold any other positions in the Company
after resignation.Changes of directors supervisors and senior executives
□Applicable □Not applicable
Name Title Type Date Reason
Zhao Rubing Original independent Retire upon expiration Re-election and2025-09-05
director of term transition of the board
Bi Weimin Original independent Retire upon expiration Re-election and2025-09-05
director of term transition of the board
Liu Haifeng Original independent Retire upon expiration Re-election and2025-09-05
director of term transition of the board
Mei Yuexin Re-election andIndependent director Elected 2025-09-05
transition of the board
Zhang Sheng Re-election andIndependent director Elected 2025-09-05
transition of the board
Tao Ran Re-election andIndependent director Elected 2025-09-05
transition of the board
You Hongxia Due to workFormer supervisor Left office 2025-11-13
reassignment
Liu Xinqing Due to workFormer supervisor Left office 2025-11-13
reassignment
Zheng Shengqiao Original employee Due to workLeft office 2025-11-13
supervisor reassignment
Ma Zenghai Original employee Left office 2025-11-13 Retired
supervisor
2.Post-holding
Professional background major working experience and present main responsibilities in Company of directors supervisors and
senior executive
(i) Director
Mr. Wang Zhikai: Born in 1971 holds a master’s degree. Formerly served as deputy director and director of the Enterprise Second
Division of the State-owned Assets Supervision and Administration Commission of the Shenzhen Municipal People’s Government
and Director of the Strategic Development Division; deputy GM and Party Committee Member of Shenzhen Talent Anju Group Co.Ltd. He is currently member of the Party Committee of Shenzhen Agricultural Power Group Co. Ltd the secretary of the company's
Party Committee and Chairman.Mr. Gu Cheng: Born in 1973 hold a master’s degree. He formerly served as the Secretary of the Youth League Committee of the
Education Bureau of Longgang District Shenzhen; the director and deputy director of the Office of the Shenzhen Federation of
Trade Unions minister of Legal Work minister of Grassroots Organization Construction Minister of Grassroots OrganizationConstruction and Economic Work member of the Party Group and vice chairman of the Shenzhen Federation of Trade Unions;
member of the Party Working Committee of Shenzhen’s Two New Organizations; the members of the Shenzhen Municipal
Committee of the Chinese People’s Political Consultative Conference and other positions; and supervisor of Shenzhen Agricultural
Products Group Co. Ltd; Now He is currently the deputy secretary of the Party Committee and Director of Shenzhen Agricultural
Products Group Co. Ltd and director of the Company.Mr. Zhang Guoyuan: Born in 1973 holds a master’s degree. He previously served as a cadre of Shenzhen Special Zone Development
Company; employee of Shenzhen Yantian District Investment Service Center; member of the Investment Promotion Department and
deputy director of the Office of the Yantian District Economic and Trade Bureau in Shenzhen; deputy chief staff member and chief
staff member of the Supervision and Inspection Department of Shenzhen State-owned Assets Supervision and Administration
Commission; director of the Supervision and Inspection Department of Shenzhen State-owned Assets Supervision and
Administration Bureau; Director Deputy Director and Director of the Supervision and Inspection Department of the State owned
Assets Supervision and Administration Commission of the Shenzhen Municipal People’s Government; Director of the Property
Rights Management and Regulations Department of the State owned Assets Supervision and Administration Commission of the
Shenzhen Municipal People’s Government. He is currently member of the Party Committee and deputy GM of Shenzhen
Agricultural Power Group Co. Ltd and director of the company.Mr. Zheng Xiangpeng: Born in 1975 holds a bachelor’s degree and is a senior journalist. He formerly served as an editor and
journalist for Shenzhen Special Zone Daily deputy director of the Political News Department (in current period he was appointed as
a member of the Longgang Street Party Working Committee and Deputy Director of the Office) deputy director and director of the
Regional News Department and member of Shenzhen Special Zone Daily Editorial Committee; assistant to the President of
Shenzhen Press Group director of the Office of Shenzhen Press Group and chairman of Shenzhen Press Education Media Group;
deputy secretary of the Party Committee director and chairman of the Trade Union of Shenzhen Food Materials Group Co. Ltd. He
is current deputy secretary and director of the company’s Party Committee.Ms. Lu Yuhe: born in 1977 master’s degree and CPA. She previously worked as the senior auditor of Ernst & Young; the
independent non-executive director Director and CFO of China Trends Holdings Limited; CFO of VIEIN; Director and CFO of the
Shenzhen Exhibition & Convention Center Management Co. Ltd. the Director and CFO of Shenzhen Tong Chan Group and CFO of
Shenzhen Yinhu Convention Center (Hotel) Co. Ltd. Now she is the Director and CFO of the Company.Ms. Mei Yuexin: Born in 1964 holds a bachelor’s degree and is a certified public accountant and senior accountant. She has
successively served as a lecturer at Hangzhou Institute of Electronic Engineering an expert on self-disciplinary sanctions for non-
financial enterprise debt financing instruments at the National Association of Financial Market Institutional Investors and
independent director of Shenzhen Zhenye (Group) Co. Ltd. (Stock Code: 000006) Solon Enterprise Co. Ltd. (Stock Code: 002105)
Shenzhen Weiye Decoration Group Co. Ltd. (Stock Code: 300621) Shenzhen Toncen Lixing Co. Ltd. (Stock Code: 002243)
Shenzhen Zhongqingbao Interactive Network Co. Ltd. (Stock Code: 300052) Shenzhen Batian Ecological Engineering Co. Ltd.(Stock Code: 002170) Shenzhen Agricultural Products Group Co. Ltd. (Stock Code: 000061) Shenzhen Today International
Logistics Technology Co. Ltd. (Stock Code: 300532) as well as a partner at Ruihua Certified Public Accountants. She is currently
independent director of Ningbo Ronbay New Energy Technology Co. Ltd. (Stock Code: 688005) and independent director of the
Company.Mr. Zhang Sheng: Born in 1970 holds a doctoral degree and is a lawyer and professor of law. He has successively served as a clerk
at the People’s Court of Funing County Hebei Province; lecturer associate professor professor and vice dean of China University of
Political Science and Law; professor and dean of the Law School of Beijing Jiaotong University; and independent director of Shede
Spirits Co. Ltd. He is currently a research fellow and director of a research office at the Institute of Law Chinese Academy of Social
Sciences; independent director of Hainan Natural Rubber Industry Group Co. Ltd. (Stock Code: 601118); independent director of
Whirlpool (China) Co. Ltd. (Stock Code: 600983); and independent director of the Company.Mr. Tao Ran: Born in 1972 holds a doctoral degree. He has successively served as an associate research fellow at the Center for
Chinese Agricultural Policy Chinese Academy of Sciences; professor at the School of Economics and vice dean of the Hanqing
Advanced Institute of Economics and Finance Renmin University of China. He is currently a Presidential Chair Professor and
Director of the Division of Development and Governance School of Humanities and Social Science The Chinese University of
Hong Kong Shenzhen; and independent director of the Company.(iii) Senior executives
Mr. Chen Xiaohua born in 1966 holds a master’s degree and is an economic manager. He served successively as chief of the
secretarial section deputy director and director of the office of the board of directors and secretary of the board director and vice
president of Shenzhen Agricultural Products Group Co. Ltd. concurrently served as chairman of Guangxi Higreen International
Logistics Co. Ltd. chairman of Tianjin Higreen Agricultural Products Market Management Co. Ltd. and chairman of Tianjin
Higreen Agricultural Products Logistics Co. Ltd. He currently serves as the member of party committee deputy general manager
and secretary of the board of the company.Mr. Shen Hua: Born in 1975 holds master’s degree and is an economist. He has formerly served as the deputy manager of the
Management Department of Shenzhen Buji Agricultural Products Wholesale Center deputy GM GM and Chairman of Nanchang
Shenzhen Agricultural Products Wholesale Market Co. Ltd. and deputy GM of Shenzhen Agricultural Products Group Co. Ltd. He
currently serves as member of the party committee and deputy GM of the Company.Mr. Xiao Hui born in 1978 holds a master’s degree and is a master of finance and a master of business administration. He served as
a staff member of the Personnel and Education Department and a staff member a deputy chief staff member a chief staff member
deputy director and director of the General Office of the People's Bank of China; and the deputy head of the Nanshan District
People’s Government. He currently serves as the member of party committee and deputy GM of the company.Mr. Du Jianguo: Born in 1973 holds a master’s degree and an economist. He has formerly served as a clerk in the Comprehensive
Control Department of Qingdao Price Bureau. deputy director of the GM's Office of Shenzhen Agricultural Products Co. Ltd
chairman of Changsha Mawangdui Agricultural Products Co. Ltd director of the GM’s Office and director of the Transportation
Department of Shenzhen Agricultural Products Co. Ltd chairman of Shenzhen Zhongnong Aquatic Products Co. Ltd. and Chairman
of Shenzhen Buji Seafood Market Co. Ltd investment director of the Investment Department of Shenzhen Cereals Group Co. Ltd;
Minister of Investment Department and Secretary of the Board of Directors of Shenzhen Duoxi Equity Investment Fund Management
Co. Ltd. Chairman of Dongguan Shengliang Logistics Co. Ltd; Member of the Party Committee Deputy General Manager and
Chairman of Shenzhen Zhenchu Supply Chain Co. Ltd. of Shenzhen Food Materials Group Co. Ltd. Current member of the
company's party committee and deputy general manager.Whether the controlling shareholder or actual controller concurrently serves as Chairman and General Manager of the listed company
or not
□ Applicable □ Not applicable
Post-holding in shareholding entities
□Applicable □Not applicable
Name Name of shareholding Positions held in Start dated End date Whether receiving
entities shareholding entities of office of office remuneration from
term term shareholding entities(Y/N)
Wang Zhikai Shenzhen Member of the Party 2023-09- N
Agricultural Power Committee 01
Group Co. Ltd.Gu Cheng Shenzhen Deputy Secretary of the 2022-09- Y
Agricultural Power Party Committee 01
Group Co. Ltd. Director
Gu Cheng Shenzhen Supervisor 2023-01- 2025-12- NAgricultural Products 17 31
Group Co. Ltd
Zhang Guoyuan Shenzhen Member of the Party 2023-08- Y
Agricultural Power Committee Deputy 01
Group Co. Ltd. GM
Explanation of No
employment in
shareholding entities
Post-holding in other entities
□Applicable □Not applicable
Whether
Name Name of other Position Start dated of office End date of office
receiving
entities term term remunerationfrom other
entities(Y/N)
Ningbo Ronbay
Mei Yuexin New Energy IndependentTechnology Co. director 2024-08-01 Y
Ltd.the Institute of
Zhang Sheng Law Chinese Research fellowAcademy of Social and director 2014-11-01 Y
Sciences
Hainan Natural
Zhang Sheng Rubber Industry Independentdirector 2021-10-01 YGroup Co. Ltd.Zhang Sheng Whirlpool (China) IndependentCo. Ltd. director 2022-05-01 Y
Presidential chair
professor and
Chinese University director of the
Tao Ran of Hong Kong division of
Shenzhen development and
2022-09-01 Y
governance School
of Humanities and
Social Science
Explanation of
employment in No
other entities
Punishment of securities regulatory authorities in recent three years to the Company’s current and former directors supervisors and
senior executives during the reporting period
□Applicable □Not applicable
3. Remuneration for directors and senior executives
Decision-making procedures determination bases and actual payment of remunerations of directors and senior executives
The remuneration plans for directors and senior management are formulated by the Remuneration and Assessment Committee of the
Board of Directors of the Company. The remuneration plan for directors shall be submitted to the Board of Directors and the general
meeting of shareholders for deliberation while the remuneration plan for senior executives shall be submitted to the Board of
Directors for deliberation. During the reporting period the Remuneration and Assessment Committee of the Board of Directors
determined the remuneration of senior executives in accordance with the Measures for Performance Assessment and Remuneration
Management of Senior Executives of the Company based on the Company’s annual operating results and individual performance
assessment outcomes. During the reporting period the allowances for independent directors of the Company are implemented at the
standard of RMB138000.00 per person per annum (tax included) which was adopted at the Fifth Extraordinary General Meeting of
Shareholders of the Company in 2019.Remuneration for directors and senior executives in the PeriodUnit: 10 thousand Yuan
Name Gender Age Title Post- Total remuneration Whether
holding obtained from the remuneration obtained
status Company from related party of the
Company(Y/N)
Wang Party Secretary and Currently
Zhikai Male 54 Chairman 128.28 Nin office
Gu Cheng Director Currently
Male 52 0 Y
in office
Zhang Director Currently
Guoyuan Male 52 0 Yin office
Zheng Deputy Secretary of the Currently
Xiangpeng Male 50 Party Committee Director 116.43 Nin office
Lu Yuhe Director and CFO Currently
Female 48 50.00 Y
in office
Mei Yuexin Currently
Female 61 Independent director 4.60 N
in office
Zhang Currently
Sheng Male 55 Independent director 4.60 Nin office
Tao Ran Currently
Male 53 Independent director 4.60 N
in office
Chen Party Committee Member
Xiaohua Male 59 Deputy GM and Secretary of
Currently
120.12 N
the Board of Directors in office
Shen Hua Party Committee Member Currently
Male 50 Deputy GM 112.74 Nin office
Xiao Hui Party Committee Member Currently
Male 47 Deputy GM 112.41 Nin office
Du Jianguo Currently
Male 52 Deputy GM 109.05 N
in office
Zhao
Rubing Male 69 Former independent director Left office 9.20 N
Bi Weimin Female 69 Former independent director Left office 9.20 N
Liu Haifeng Male 54 Former independent director Left office 9.20 N
You
Hongxia Female 54 Former supervisor Left office 0 Y
Liu Xinqin Female 53 Former supervisor Left office 0 Y
Zheng
Shengqiao Male 58 Former employee supervisor Left office 48.06 Y
Ma Zenghai Male 61 Former employee supervisor Left office 0 N
Total -- -- -- -- 838.49 --
Note: The total pre-tax remuneration received by directors and senior management from the Company during the reporting period
includes basic salary prepaid performance salary allowances subsidies various insurance premiums public accumulation fund
annuity etc. As the 2025 annual performance appraisal for senior management has not yet been completed the remaining
performance salary and term incentives will be paid upon confirmation. The above table does not include these two amounts.Basis for assessment of the actual remuneration received by all
directors and senior executives as of the end of the reporting The Measures for Performance Assessment and Remuneration
period Management of Senior Executives of the Company
Completion status of the assessment for the actual
The 2025 annual performance appraisal for senior management
remuneration received by all directors and senior executives as
has not yet been completed
of the end of the reporting period
Deferred payment arrangements for the actual remuneration
received by all directors and senior executives as of the end of The remaining performance salary and term incentives of
the reporting period senior executives in 2005 will be paid upon confirmationSuspension and recovery of the actual remuneration received
by all directors and senior executives as of the end of the No suspension or recovery of remuneration occurred
reporting period
Other explanation
□Applicable □Not applicable
V. Responsibility performance of directors during the reporting period
1. The attendance of directors to Board meetings and shareholders general meeting
The attendance of directors to Board Meeting and Shareholders General Meeting
Times of Board Times of Absent the Times of
Director meeting supposed Times of attending the Board
Times of Times of Meeting for the attend the
to attend in the presence Meeting by entrusted
reporting period communication presence
Absence second time in general
a row (Y/N) meeting
Wang
Zhikai 9 9 0 0 0 N 3
Gu Cheng 9 3 6 0 0 N 0
Zhang
Guoyuan 9 6 2 1 0 N 1
Zheng
Xiangpeng 9 8 1 0 0 N 3
Lu Yuhe 9 8 1 0 0 N 3
Mei Yuexin 3 3 0 0 0 N 1
Zhang
Sheng 3 1 2 0 0 N 1
Tao Ran 3 0 3 0 0 N 1
Zhao
Rubing 6 5 1 0 0 N 1
Bi Weimin 6 3 3 0 0 N 0
Liu
Haifeng 6 5 1 0 0 N 1
Explanation of not attending the board meeting in person for two consecutive times
Nil
2. Objection for relevant events from directors
Directors come up with objection about Company’s relevant matters
□ Yes □ No
No directors come up with objection about Company’s relevant matters in the Period
3. Other explanation about responsibility performance of directors
The opinions from directors have been adopted
□ Yes □ No
Explanation on whether the director’s proposal about the Company has been or has not been adopted
During the reporting period independent directors of the Company were in strict accordance with provisions of Articles of
Association the Company Law Guidance to Establishment of Independent Director System in Listed Companies and other relevant
laws and regulations and actively attended board meetings shareholders’ meetings. The independent directors of the company paid
sustained attention to company’s operation inspected and guided the operation and management work of the company from time totime learned about internal control system implementation progress of the equity investment project etc. continued to enhance
consciousness of performing duties according to provisions of law and expressed independent and impartial advice for investment
outside related party transactions hiring auditors and other matters occurred during the reporting period in time. Duties performance
of independent directors has improved the corporate governance structure and safeguarded the interests of the Company and itsshareholders. From performance of duties of independent directors please refer to “2025 Annual Work Report of IndependentDirectors” disclosed in www.cninfo.com.cn.VI. Performance of duties by Specialized Committees under the Board Meeting in the
Reporting Period
Number Specific
Committee Members of Date of
Important Other circumstances
name meetings meeting Meeting content comments and performance of the
held suggestions made of duties objection (ifapplicable)
1. Deliberated
SZCH 2024
Annual Internal
Control
Evaluation Report;
2. Deliberated
SZCH 2024
Annual Internal
System Report;
3. SZCH 2025
Major Risk
Assessment
Report;
4.Deliberated
SZCH 2025
Annual Internal
Audit and Post-
Bi Weimin Investment
(Jan.–Sep.) Evaluation Work Evaluated the
The Audit Mei Yuexin Plan; performance of
Committee of (Oct.–Dec.) 5.Proposal on the accounting
the 11th session Zhao Rubing 2025- Restating firm in 2024 and -
of Board of (Jan.–Sep.) 3 04-28 Financial Data for summarized the Nil
Directors of the Tao Ran Business supervision
Company (Oct.–Dec.) Combinations responsibilities
and Zhang Under Common fulfilled by the
Guoyuan Control; audit committee.
6. Deliberated
SZCH 2024
Financial Report
7.Deliberated
SZCH 2025 First
Quarter Financial
Report
8.Deliberated the
Report on the
Evaluation of the
Accounting Firm’s
Performance in
2024 and the
Report on the
Audit
Committee’s
Performance of
SupervisionResponsibilities
1. Deliberated the
2025- SZCH 2025 Semi-
08-18 Annual Financial - - Nil
Report
1.Deliberated
SZCH 2025 Third
Quarter Financial
Report Proposal to
2. Deliberated the Reappoint Grant
Proposal to Thornton China(Special General
2025- Propose
10-20 Reappointing
Partnership) as
Grant Thornton the company’s
- Nil
China (Special financial audit
General and internal
Partnership) as the control audit
Company’s 2025 institution for
Annual Audit 2024.Institution
Deliberated the
Proposal on SZCH
04-28 Remuneration of - - Nil
Directors and
Senior Executives
Deliberated the
Proposal on the
Long-Term
Incentive
2025- Implementation
06-13 for Senior - - NilExecutives during
2020-2022 and the
Pre-Distribution of
Individual
Incentive Bonuses
The Deliberated the
Remuneration Zhao Rubing(Jan.–Sep.) Proposal onand Assessment Approving the
Committee of Tao Ran(Oct.–Dec.) 2025- Measures forthe Audit
Committee of Bi Weimin 5 06-30
Performance - - Nil
(Jan.–Sep.) Assessment andthe 11th session Mei Yuexin Remunerationof Board of (Oct.–Dec.) Management ofDirectors of the and Lu Yuhe Senior ExecutivesCompany of the Company
1. Deliberated the
Proposal on the
2024 Annual
Performance
Assessment
Results of the
2025- Company’s Senior
08-29 Executives - - Nil
2. Deliberated the
Proposal on the
Term Performance
Assessment
Results of the
Company’s Senior
Executives
2025-
10-24 1. Deliberated the - - NilProposal on
Granting Special
Awards to Some
Senior Executives
of the Company
2. Deliberated the
Proposal on the
Annual and Term
Performance
Responsibility
Letters for Senior
Executives of the
Company
Deliberated the
Proposal on
Deliberating the
2025- Project of
03-25 Independent Legal - - NilPerson Operation
for the Reserve
Grain and Oil
Management
Business
Deliberated the
Proposal on the
Investment
Decision of Steel
Wang Zhikai 2025- StructureThe Strategy Zhao Rubing 04-28 Workshop No. 2
- - Nil
Committee of for the Food
the 11th session (Jan.–Sep.)Tao Ran 3 Processing Projectof Board of
Directors of the (Oct.–Dec.)
of Dongguan
and Gu ShenliangCompany Cheng Logistics Co. Ltd.
1. Deliberated
2025 Annual
Comprehensive
Budget Plan of the
Company
2. Deliberated the
2025- Proposal on the
06-17 Investment - - NilDecision of the
New Quality
Productivity
Technology
Upgrade Project
for Shenbao
Huacheng
Beverage Tea
Zhao Rubing
The (Jan.–Sep.)
Nomination Tao Ran(Oct.–Dec.) Deliberated theCommittee of Proposal of
the 11th session Wang Zhikai 2025-
of Board of Liu Haifeng
1 08-18 Changing - - Nil
Directors of the (Jan.–Sep.)
Independent
Directors
Company and ZhangSheng (Oct.–
Dec.)VII. Works of the Board of Supervisors
Does the board of supervisors discover any risks in the company during its supervisory activities during the reporting period
□ Yes □ No
The board of supervisors has no objection about supervision events in reporting period
VIII. Particulars of workforce
1. Number of Employees Professional composition Education background
Employee in-post of the parent Company at period-end (people) 108
Employee in-post of main subsidiaries at period-end (people) 1028
The total number of current employees at period-end (people) 1136
The total number of current employees to receive pay (people) 1136
Retired employee’ s expenses born by the parent Company and
main subsidiaries (people) 0
Professional composition
Category of professional composition Numbers of professional composition (people)
Production personnel 214
Salesperson 125
Technicians 240
Financial personnel 96
Administrative personnel 461
Total 1136
Education background
Education Numbers (people)
Postgraduate 150
Undergraduate 527
College or bellow 459
Total 1136
2. Remuneration Policy
During the reporting period employee wages was paid monthly according to salary management provisions set by the
Company and the performance-related pay was issued based on the actual situation of benefit and individual performance
assessment results at the year-end remuneration and benefit are connected as a whole.
3. Training Plan
In 2025 based on the deepening of the implementation of a classified and layered talent training plan the role characteristics of
the phased population were sorted out from the perspective of organizational development and talent demand focusing on the talent
management pyramid that has been gradually built in the early stage. Based on the construction of talent echelons training goals and
directions were formed while actively responding to the training needs of higher-level units to carry out training effectively.Continuously improved the professional level and ability of talent cultivation in the company achieved efficient utilization of
resources and provided a continuous source of intelligence for the company’s development.
4. Labor outsourcing
□ Applicable□ Not applicableIX. Profit distribution plan and capitalizing of common reserves plan
Formulation Implementation and Adjustment of Profit Distribution Policy Especially Cash Dividend policy during the Reporting
Period
□ Applicable □ Not applicable
The profit distribution policy of the Company is specified in the Article of Association as:
(1) Profit distribution of the Company should pay attention to the reasonable investment return to investors and the profit
distribution policy should maintain continuity and stability;
(2) The Company may distribute dividends in the form of cash or a combination of cash and stocks and may pay interim cash
dividends;
(3) The following conditions shall be met at the same time when the Company intends to implement cash dividends:
1. Earnings per share for the year is not less than 0.1 yuan;
2. The audit institution shall issue a standard unqualified audit report on the company’s annual financial report;
3. The company has no major investment plans or major cash expenditures (except for fund-raising projects). Major investment plans
or major cash expenditures refer to the cumulative expenditures that the company intends to invest acquire assets or purchase
equipment in the next twelve months reach or exceed 30% of the company’s most recent audited total assets and exceed 50 million
yuan;
(4) In principle the company’s annual profits distributed in cash should not be less than 10% of the attributable profits realized in the
year; and the company’s cumulative profits distributed in cash in the last 3 years should not be less than 30% of the annual average
attributable profits realized in the last 3 years. Under the premise of ensuring the distribution of cash profits the company can
additionally adopt the method of stock dividend distribution for profit distribution; the company’s annual profit distribution amount
shall not exceed the company’s accumulated undistributed profits at the end of the year and shall not damage the company’s ability
to continue operations;
(5) The specific profit distribution plan shall be drawn up by the board of directors and submitted to the general meeting of
shareholders for deliberation. The company provides a variety of ways to accept the recommendations and supervision of all
shareholders independent directors and supervisors on the company’s dividends distribution. If the annual reporting period is
profitable but the board of directors does not propose a cash dividend plan in accordance with the Articles of Association it shall be
disclosed in the periodic report the reasons for not proposing a cash dividend plan in accordance with the Articles of Association and
the purpose of funds not used for dividends but retained by the company. The independent directors shall express independent
opinions on this purpose. In addition to on-site meetings the company shall also provide shareholders with an online voting platform
when convening a general meeting of shareholders;
(6) If the company has not distributed cash profits in the last 3 years it cannot issue new shares to the public issue convertible
corporate bonds or allot shares to original shareholders;
(7) Where a shareholder illegally occupies the company’s funds the company shall deduct the cash dividends distributed to the
shareholder in order to repay the capital occupied;
(8) When the company adjusts its profit distribution policy it should take the protection of shareholders especially small andmedium shareholders’ rights and interests as the starting point for detailed argumentation and the board of directors should submit it
to the general meeting of shareholders for review and approval by a special resolution while independent directors should express
clear independent opinions;
(9) The company provides multiple channels (telephone fax e-mail interactive platform etc.) to accept all shareholders’ suggestions
and supervision on the company's dividends.The foreign exchange conversion rate of domestically-listed foreign share dividends is calculated based on the central parity rate of
Hong Kong dollar against RMB announced by the People’s Bank of China on the first working day after the resolution date of the
general meeting of shareholders.During the reporting period the company’s profit distribution complied with the company’s articles of association and review
procedures and fully protected the legitimate rights and interests of small and medium investors and the profit distribution
procedures were compliant and transparent. During the reporting period the company’s profit distribution policy has not been
adjusted or changed.Special explanation on cash dividend policy
Satisfy regulations of General Meeting or requirement of
Article of Association (Y/N): Y
Well-defined and clearly dividend standards and proportion
(Y/N): Y
Completed relevant decision-making process and mechanism
(Y/N): Y
Independent directors perform duties completely and play a
proper role (Y/N): Y
If the company does not distribute cash dividends specific
reasons should be disclosed as well as the measures to be Y
taken next to enhance investor returns:
Minority shareholders have opportunity to express opinions
and demands totally and their legal rights are fully protected Y
(Y/N):
Condition and procedures are compliance and transparent
while the cash bonus policy adjusted or changed (Y/N): Y
The Company gains profits in reporting period and the parent company has positive profit available for distribution to shareholders of
the parent company but no cash dividend distribution plan has been proposed
□ Applicable□ Not applicable
Profit distribution plan and capitalizing of common reserves plan for the Period
□ Applicable □ Not applicable
Bonus shares for every 10-share (Share) 0
Dividends for every 10-share (RMB) (tax inclusive) 1.2
Equity base of distribution plan (Share) 1152535254
Cash bonus distribution (RMB) (tax inclusive) 138304230.48
Cash bonus distribution in other ways (i.e. share buy-backs)
(RMB) 0.00
Total cash bonus (including other ways) (RMB) 138304230.48
Profit available for distribution (RMB) 1449596464.96
Ratio of total cash dividend (other ways included) in total profit
distribution 100%
Cash dividend
In case the Company is in a development stage and has the arrangement of major capital expenses the ratio of cash dividend in
profit distribution should reach a minimum of 20% in profit distribution.Detailed explanation on profit distribution or capital accumulation fund conversion planAfter audited by Grant Thornton Certified Public Accountant LLP (Special General Partnership) in consolidated statements for
year of 2025 the net profit attributable to shareholders of parent company amounted to 243215785.97 yuan; As of Dec. 31 2025
the profit of parent company that can be distributed for shareholders was 1449596464.96 yuan.In accordance with relevant regulations and Article of Association combined with the actual development needs of the Company
and in consideration of the interests of shareholders BOD plans to submit the equity distribution plan for year of 2025 to
shareholders general meeting: based on total share capital 1152535254 shares of the Company on Dec. 31 2025 distribute 1.2
yuan (tax inclusive) for every 10-share to all shareholders with zero share bonus (tax inclusive) and no capital share converted
from capital reserve.X. Implementation of the Company’s stock incentive plan employee stock ownership plan or
other employee incentives
□ Applicable□Not applicable
During the reporting period the Company has no stock incentive plan employee stock ownership plan or other employee incentives
that have not been implemented.XI. Construction and implementation of internal control system during the reporting period
1. Construction and implementation of internal control
In accordance with the Company Law the Guidelines for Governance of Listed Companies the relevant regulations of the China
Securities Regulatory Commission and other relevant national laws and regulations the company has established the party committee
the shareholder’s meeting the board of directors and managers. The board of directors consists of strategy committee remuneration
and appraisal committee nominations committee and audit committee clarified the responsibilities and authorities of decision-
making execution and supervision and formed a scientific and effective division of responsibilities and checks and balances
mechanism providing a good internal environment for the establishment and operation of the company’s internal control system.On the aspect of construction and implementation of the internal control system the board of directors is responsible for the
establishment improvement and effective implementation of the internal control system the Audit Committee supervises the
establishment and implementation of the internal control system of the board of directors and the managers are responsible for
organizing the daily operation of the company’s internal control system and the Audit & Legal Department of the Company is
responsible for organizing and coordinating the establishment implementation evaluation and daily work of the internal control
system.The company has established management systems and procedures in line with internal control management norms in the fields of
organizational structure development strategy internal audit and supervision human resources social responsibility corporate
culture capital management procurement business sales business asset management engineering project management research and
development guarantee business investment management contract management budget management financial reports and
information communication which have been effectively implemented in the daily business operation and management process.
2. Details of major defects in internal control identified during the reporting period
□Yes □No
XII. Management and controls on subsidiaries during reporting period
Name Integration plans Integration Problems Measures Progress Follow-upprogress encountere taken to in solutiond in resolve solution plan
integration
N/A N/A N/A N/A N/A N/A N/A
XIII. Internal control self-appraisal report or internal control audit report
1. Self-appraisal report of internal control
Disclosure date of full internal control
evaluation report April 28 2026
Disclosure index of full internal control “Internal control self-appraisal report of SZCH. in 2025” published on website
evaluation report CNINFO (http: //www.cninfo.com.cn)
The ratio of the total assets of entities
included in the scope of evaluation
accounting for the total assets on the 100.00%
Company’s consolidated financial
statements
The ratio of the operating income of
entities included in the scope of
evaluation accounting for the operating 100.00%
income on the Company’s consolidated
financial statements
Defects Evaluation Standards
Category Financial Reports Non-financial Reports
1. Major defects: Defect alone or together 1. Qualitative criteria for major defects
with other defects in a timely manner are as follows:
cause unpreventable or undetectable and (1) The lack of democratic decision-
uncorrectable material misstatement in the making process such as the lack of
financial statements. decision-making on major issues an
The Company may indicate the presence important appointment and dismissal
of significant deficiencies in internal of cadres major investment decisions
control over financial reporting if large sums of money using the
following circumstances: decision-making process;
(1) The directors supervisors and senior (2) Decision-making process is not
management fraud; scientific such as major policy
(2) Enterprise corrects mistake which has mistakes resulting in significant
been published in financial statements; property damage to the Company;
(3) CPA finds material misstatement in (3) Serious violations of national laws
current financial statements but internal and regulations;
control during operation fails to find the (4) Loss of key executives or loss of a
misstatements; large number of key talents;
(4) Oversight of internal control by (5) Frequent negative news in mediaQualitative criteria corporate audit committee and the internal which causes nationwide impact.
audit is invalid; 2. The qualitative criteria for important
(5) Particularly important or significant defects are as follows:
deficiencies found during internal control (1) The decision-making process is not
has not been rectified; perfect;
(6) The lack of business-critical system or (2) The company’s internal
invalid system. management system has not been
2. Important defect: defect alone or effectively implemented resulting in
together with other defects in a timely losses;
manner cause unpreventable or (3) Frequent occurrence of negative
undetectable and uncorrectable material news in the media with certain
misstatement in the financial statements influence;
although not reach and exceed the level of (4) The general defects in the internal
importance should lead to management control evaluation have not been
attention misstatements. corrected.
3. General Defects: other internal defects 3. General defects refer to other
do not pose a significant or important internal control defects that do not
defect control deficiency. constitute major defects or importantdefects.Quantitative standard Major defects: Major defects: the amount of directPotential misstatement of total assets ≥ 1% property loss ≥ 12 million yuan haveof total assets; been officially disclosed outside the
Potential misstatement of operating Company disclosed in periodic reports
revenue ≥ 1% of operating income; and adversely affected.Potential misstatement of total profit≥ 5% Important defects: 3 million yuan < the
of total profit. amount of direct property loss < 12
Important defects: million yuan punished by the state
0.5% of total assets ≤ Potential government but no negative impact on
misstatement of total assets <1% of total the disclosure of the company’s
assets regular reports;
0.5% of operating income≤ Potential General defects: the amount of direct
misstatement of operating revenue <1% of property loss ≤ 3 million yuan
operating income punished by the provincial (including
2.5% of total profit≤ Potential provincial) government but no
misstatement of total profit <5% of total negative impact on the disclosure of
profit; the company’s regular reports;
General defects:
Potential misstatement of total assets
<0.5% of total capital;
Potential misstatement of Operating
revenue <0.5% of operating income;
Potential misstatement of total profit
<2.5% of total profit;
Number of significant defects in
financial reports 0
Number of significant defects in non-
financial reports 0
Number of important defects in financial
reports 0
Number of important defects in non-
financial reports 0
2. Internal control audit report
□ Applicable □ Not applicable
Deliberations in Internal Control Audit Report
Grant Thornton Certified Public Accountant LLP (Special General Partnership) believes as of Dec. 31 2025 the company
maintained effective internal control over financial reporting in all significant aspects in accordance with the Basic Standards for
Enterprise Internal Control and relevant regulations
Disclosure details of audit report of
internal control Disclosed
Disclosure date of audit report of
internal control (full-text) 2026-04-28
Index of audit report of internal control The internal control audit report of SZCH in 2025 published on website CNINFO
(full-text) (www.cninfo.com.cn)
Opinion type of auditing report of
internal control Standard unqualified
Whether the non-financial report had
major defects No
Whether the accounting firm issues an internal control audit report with non-standard opinions or not
□ Yes □ No
Whether the internal control audit report issued by the accounting firm is consistent with the self-evaluation report of the board of
directors
□ Yes □ No
Whether non-standard internal control audit opinion has been issued in the reporting period or last year or not
□ Yes □ NoXIV. Rectification of self-examination pproblems in special governance actions in listed
company
During the reporting period the company conducted self-examination and self-correction on corporate governance in accordance
with the requirements of the Announcement on Launching Special Actions on Corporate Governance of Listed Companies of the
China Securities Regulatory Commission. Through this self-examination the company has established and improved a relatively
complete and reasonable corporate governance structure and internal control system in accordance with relevant laws and regulations
such as the Company Law Guidelines for Governance of Listed Companies Self-Regulatory Guidelines for Listed Companies No.
1- Standardized Operation of Main Board Listed Companies etc. The company didn’t find any major deficiencies and risks in
standardized operations.In the future the company will focus on improving the high-quality development of the listed company continue to improve the
corporate governance system effectively improve the effectiveness of corporate governance and scientificity of decision-making and
achieve stable operation and sustainable development of the company.XV. Environmental information disclosure
Are the listed company and its subsidiaries a key pollutant discharge unit announced by the environmental protection authorities
□ Yes □ No
Number of enterprises included in the list of enterprises subject to mandatory
1
environmental information disclosure (in number)
Query Index for Mandatory
SN Enterprise name Environmental Information Disclosure
Report
Department of Ecology and Environment
of Guangdong Province – Enterprise
Dongguan International Food Industrial Mandatory Environmental Information
1
Park Development Co. Ltd. Disclosure System
https://gdee.gd.gov.cn/gdeepub/front/dal/
report/list
XVI. Social responsibilities
During the Reporting Period the Company strictly complied with the requirements of the Company Law of the People’s
Republic of China the Securities Law of the People’s Republic of China the Articles of Association and other relevant laws and
regulations continuously improved its corporate governance structure and further standardized its operations. The Company
integrated ESG practices into its social responsibility management system for coordinated implementation deeply embedded them
into its corporate development strategy and the entire operation process operated in accordance with the law and with integrity and
remained committed to creating social value.By building a modern intelligent and green grain industry system as a key driver the
Company continuously enhanced its regional grain emergency supply capacity provided consumers with safe reliable and high-
quality products and services and helped consumers achieve a better and healthier life. It was committed to improving management
standards strengthening innovation capabilities and enhancing its core competitiveness. The Company actively explored new
business formats and innovatively launched branded science popularization activities such as Grain Depot Open Days integrating
into urban life in a more down-to-earth and warm-hearted manner. It treated all investors in accordance with the principles of fairness
impartiality and openness with particular attention to protecting the interests of minority shareholders. The Company strictly abided
by national environmental protection laws and regulations thoroughly implemented the concept of green low-carbon and
environmental protection strengthened energy and resource management increased investment in research and development as wellas promotion and application of green and low-carbon technologies and enhanced ecological protection. It strived to coordinate
economic benefits with social benefits short-term interests with long-term interests and its own development with social
development so as to realize the sound and harmonious development of the Company with its employees society and the
environment.XVI. Consolidating and expanding the achievements of poverty alleviation and rural
revitalization
In 2025 SZCH thoroughly implemented the strategic plan of the CPC Central Committee on comprehensively promoting rural
revitalization actively fulfilled the social responsibilities as a state-owned enterprise systematically promoted assistance through
multi-dimensional measures such as industrial linkage and consumption assistance and achieved positive results in consolidating and
expanding the achievements of poverty alleviation and effectively connecting rural revitalization.
1．Gathered strength in the town to help and unite the rural revitalization
The company arranged some employees to Longtian Town Shantou City to carry out the work of helping the town and villages
to improve the local rural development and governance capacity in the grassroots. At the same time the company donated special
assistance funds to support the rural greening and beautification projects in the Shenzhen-Shantou Special Cooperation Zone and
organized employees to carry out party day activities with the theme of "Planting in the Spring " to participate in the green and
beautiful ecological construction in urban and rural areas with practical actions.
2．Deepened industrial assistance and enhance domestic development power
The first was to give play to the base guide effect. The company gave full play to the location advantages of Shuangyashan
Shenliang Grain Base Co. Ltd. as a strategic node of "Southern Grain Storage in the North and Northern Grain Transportation in the
South" deepened the linkage between production areas and sales areas and promoted rural revitalization with industrial
revitalization. In the aspect of grain procurement the company adhered to the principle of openness and transparency and effectively
solved the problem of farmers' grain sales by publicizing the procurement standards in advance guiding farmers to send samples in
advance and arranging special personnel for on-site guidance and realizes the "T+1" payment of grain to achieve comfortable grain
sales and fund receives. In 2025 the base efficiently completed the large-scale procurement of new grain benefiting many farmers
and effectively increasing farmers' income. In aspect of deepening the linkage between production and marketing the company
established in-depth cooperation with local agricultural entities such as 597 Farm to broaden the channels of high-quality grain
sources such as rice and corn actively procured special agricultural products such as waxy corn in Northeast China and promoted
the large-scale operation of local agriculture. Relying on the intelligent production line with a daily processing capacity of 300 tons
the company promoted the integrated management of rice expanded its "SZCH Shuangbao" brand rice and the products radiated to
the national multi-regional markets such as North China East China and South China so as to promote local economic income
through industrial linkage. Through industry guide employment promotion and contract farming the base was deeply integrated into
the local rural revitalization strategy contributing to the coordinated development of regional economy and the continuous increase
of farmers' income. The second was to build a supply chain platform. The affiliated Duoxi gave full play to the advantages of supply
chain integration and platform operation and built a two-wheel drive mode of "Source Procurement + Channel Cooperation". The
company continued to expand the network of suppliers in helping areas and established long-term and stable cooperation with
enterprises in Wanyuan Sichuan and Kashgar Xinjiang and introduced high-quality specialty agricultural products such as rice
mushrooms specialty milk and dried fruits. Based on strict product selection standards and quality control and combined with the
promotion activities such as "Bringing More happiness to Enterprises" the company opened up the production and marketing linkage
from the field to the terminal consumption and effectively enhanced the market added value and brand awareness of agricultural
products in the helping areas. The third was to deepen technical assistance. The affiliated Shenbao Huacheng established tea
production bases in Yunnan and other places and arranged continuously the R&D technicians to Yunnan Fujian Guizhou and other
tea areas to provide technical guidance and support to improve the professional skills of tea farmers and realize the transformationfrom "Blood Transfusion" to "Hematopoiesis".
3．Provided consumption assistance to broaden the channels to help farmers increase their income
The company gave full play to its internal synergy and organized its affiliated enterprises to carry out in-depth consumer
assistance. On the one hand the agricultural products in the help areas were included in the procurement system of raw materials for
production and operation to realize the effective linkage between supply chain demand and assistance; on the other hand trade
unions at all levels were actively mobilized to procure consumer assistance products for holiday welfares benefitting more farmers.In 2025 SZCH procured more than RMB 6 million of products from the helping areas.In the future the company will continue to innovate assistance measures improve the assistance effectiveness to show greater
responsibilities and achievements in serving the rural revitalization strategy.?Section V. Important Events
I. Implementation of commitment
1. Commitments completed in Period and those completed till the end of the Period from actual controller
shareholders related parties purchaser and companies
□Applicable □ Not applicable
Commitment Made Type of Content of commitments Commitment Commitmentreason by commitments date term Implementation
Commitment to non-normal
business enterprises: For
non-normal business
enterprises under Shenzhen
Cereals Group (including but
not limited to enterprises that
have been revoked business
licenses discontinued
operation etc.) the
commitment party will fully
assist urge and promote
Shenzhen Cereals Group to
implement the corresponding
write-off procedures. After
Shenzhen the completion of this
Agricultural Other reorganization if Shenzhen Implement Normal
Power commitments Cereals Group or the listed 2018-03-23
Group company is called to
as promised performance
account receives
administrative punishment or
suffers any losses due to the
abnormal operation of the
Commitments non-normal business
in assets enterprises or the failure to
reorganization handle write-off proceduresin time the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and the target
company within 30 working
days after the actual loss
occurs.Relevant Commitments
Regarding the Existence of
Flaws in Leased Property:
The leased house property of
Shenzhen Cereals Group and
Shenzhen its holding subsidiaries has
Agricultural Other the following conditions: (1)
Power commitments The lessor has not provided 2018-03-23
Implement Normal
Group the ownership documentary
as promised performance
evidence of the property
and/or the documentary
evidence proving the lessor
has the right to rent out the
house property. (2) The lease
term of part of the leasedhouse property is more than
20 years; (3) Shenzhen
Cereals Group and its
subsidiaries sublet part of the
leased house property to a
third party without the
consent of the lessor; (4) The
leased house property of
Shenzhen Cereals Group and
its holding subsidiary has not
been registered for the
housing lease. If Shenzhen
Cereals Group and its
holding subsidiaries are
imposed any form of
punishment by the relevant
government departments or
assume any form of legal
responsibility or suffer from
any losses or expenses
because their leased place
and / or house property do
not comply with relevant
laws and regulations the
commitment party will be
willing to bear any losses
damages claims costs and
expenses incurred suffered
and assumed by Shenzhen
Cereals Group and its
holding subsidiaries and
protect Shenzhen Cereals
Group and its holding
subsidiaries from damages.In addition the commitment
party will support Shenzhen
Cereals Group and its
holding subsidiaries to
actively advocate their rights
against the corresponding
parties in order to safeguard
and protect the interest of
Shenzhen Cereals Group and
the listed companies to the
maximum extent.Commitment Letter on
Flaws in House Property and
Land: In the case that some
of the house properties held
by Shenzhen Cereals Group
fail to rename the obligee of
the property ownership
certificate the commitment
party will fully assist urge
Shenzhen and promote Shenzhen
Agricultural Other Cereals Group or its Implement Normal
Power commitments subsidiaries to go through 2018-03-23 as promised performance
Group the formalities. After the
completion of this
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers any losses due to the
failure to rename the obligee
of the property ownershipcertificate the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that some house
properties held by Shenzhen
Cereals Group fail to
complete the registration
procedures for ownership
transfer the commitment
party will fully assist urge
and promote Shenzhen
Cereals Group to complete
the relevant transfer
procedures. After the
completion of this
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers any losses due to the
failure to rename the obligee
of above-mentioned
property the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In response to
the conversion of non-
market commercial housing
held by Shenzhen Cereals
Group into market
commercial housing the
commitment party will fully
assist urge and promote
Shenzhen Cereals Group to
go through the formalities.After the completion of this
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers any losses due to the
failure to complete the
conversion of non-market
commercial housing into
market commercial housing
the commitment party will
bear the relevant legal
liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that some house
properties of Shenzhen
Cereals Group have not beenrenewed for the land use
period the commitment
party will fully assist urge
and promote Shenzhen
Cereals Group to renew the
corresponding land use right
period. After the completion
of this reorganization if
Shenzhen Cereals Group or
the listed company is called
to account receives
administrative punishment or
suffers any losses due to the
failure to renew the land use
right period the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that some house
properties of Shenzhen
Cereals Group have not been
registered for ownership
transfer or renewed the land
use period the commitment
party will fully assist urge
and promote Shenzhen
Cereals Group to handle the
corresponding land use
rights renewal and
ownership transfer
registration procedures.After the completion of the
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers any losses due to the
failure to complete the
above-mentioned land use
right renewal and ownership
transfer registration
procedures the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that the property of
SZCG Sungang Warehouse
has not completed the
registration for converting
noncommercial housing into
commercial housing after
the completion of the
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers any losses as theproperty of Sungang
Warehouse is not registered
for converting
noncommercial housing into
commercial housing in time
the commitment party will
bear the relevant legal
liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that the land and
property of SZCG Shuguang
Grain Depot have not passed
the completion acceptance
nor completed the
registration of commercial
housing after the completion
of the reorganization if
Shenzhen Cereals Group or
the listed company is called
to account receives
administrative punishment or
suffers any losses as the land
and property of Shuguang
Grain Depot have not timely
passed the completion in
time nor completed the
registration of commercial
housing the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that the property of
SZCG Flour Factory has not
completed the conversion of
non-commercial housing into
commercial housing and the
relocation after the
completion of the
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers from any losses as
Flour Factory doesn’t
complete the conversion of
non-commercial housing into
commercial housing and the
relocation the commitment
party will bear the relevant
legal liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. In view of the
fact that the land of
Heilongjiang Hongxinglong
Nongken Shenxin GrainIndustry Park Co. Ltd. a
subsidiary of Shenzhen
Cereals Group has not
applied for land use right
certificates the commitment
party will fully assist urge
and promote the subsidiary
of Shenzhen Cereals Group
to manage the application
procedures of the
corresponding land use right
certificates. After the
completion of the
reorganization if Shenzhen
Cereals Group or the listed
company is called to
account receives
administrative punishment or
suffers any losses because
the land use right certificate
cannot be issued due to any
ownership disputes in the
above-mentioned land use
right the commitment party
will bear the relevant legal
liability and fully
compensate the listed
company and Shenzhen
Cereals Group within 30
working days after the actual
loss occurs. If Shenzhen
Cereals Group and its
holding subsidiaries are
required to take back the
sites and/or properties or
imposed any form of
punishment by the relevant
government departments or
assume any legal liability or
suffer any losses or expenses
arising from the modification
for flaws in sites and/or
properties as the above-
mentioned and other self-
owned or leased sites and/or
properties fail to comply
with the relevant laws and
regulations the commitment
party will assume any losses
damages claims costs and
expenses incurred suffered
and assumed by Shenzhen
Cereals Group and its
holding subsidiaries and
protect the list companies
and Shenzhen Cereals Group
from damages. In addition
the commitment party will
support the company and its
holding subsidiaries to
actively advocate their rights
against the corresponding
parties in order to safeguard
and protect the interest of the
company and its holding
subsidiaries to the maximum
extent.Commitment Letter on the
Company’s System Reform
and System Evaluation of
Shenzhen Cereals Group in
1998: After the completion
of this restructuring if
Shenzhen Cereals Group or
the listed company is called
Shenzhen to account receives
Agricultural Other administrative punishment or
Power commitments suffers any losses as the 2018-03-23
Implement Normal
Group system reform is not
as promised performance
evaluated or other reasons
related to this reform the
commitment party will bear
the relevant legal liability
and fully compensate the
listed company and
Shenzhen Cereals Group
within 30 working days after
the actual loss occurs.Commitment on the public
shares: After the completion
of the transaction the
commitment party will
cautiously nominate
directors and supervisors
and will not nominate
candidates for directors
supervisors and senior
management to the listed
company that will cause the
proportion of public shares
Shenzhen of the listed company not
Agricultural Other meet the requirements of the Implement Normal
Power commitments Listing Rules of Shenzhen 2018-03-23 as promised performance
Group Stock Exchange.; nor will
vote for the relevant
shareholders’ meeting and/or
board resolutions for
selecting directors
supervisors and senior
executives of listed
companies that will make the
proportion of public shares
of listed companies not meet
the requirements of the
Listing Rules of Shenzhen
Stock Exchange.Commitment letter of
Shenzhen Food Materials
Group Co. Ltd on pending
litigation of Shenzhen
Cereals Group Co. Ltd.:
Shenzhen Shenbao Industrial
Co. Ltd. (hereinafter
Shenzhen referred to as
Agricultural Other “Shenshenbao” “Listed Implement NormalPower commitments Company”) intends to 2018-04-02 as promised performance
Group purchase the 100% equity of
Shenzhen Cereals Group
Co. Ltd. (hereinafter
referred to as “SZCG”
“target company”) held by
the shareholders of SZCG
through issuance of shares.In view of the twounfinished major
lawsuits/arbitration of
SZCG Shenzhen Food
Materials Group Co. Ltd
(hereinafter referred to as
“the commitment party”) the
controlling shareholder of
SZCG has made the
following commitments: If
SZCG and its controlling
subsidiaries suffer any
claims compensation losses
or expenses due to the
unsettled major
lawsuits/arbitration about the
contract dispute of
international sale of soybean
with Noble Resources Co.Ltd. and the contract dispute
with Guangzhou Jinhe Feed
Co. Ltd. and Huangxianning
Import Agent the
commitment party will
assume the compensation or
loss caused by the above two
outstanding major
lawsuits/arbitration.Commitment letter of
Shenzhen Food Materials
Group Co. Ltd. on risks of
making a supplementary
payment for the rent at
earlier stage of Pinghu Grain
Depot: Shenzhen Shenbao
Industrial Co. Ltd. intends
to purchase the 100% equity
of Shenzhen Cereals Group
Co. Ltd. (hereinafter
referred to as “SZCG”) held
by the shareholders of SZCG
through issuance of shares.Shenzhen Shenzhen Food Materials
Agricultural Other Group Co. Ltd. (hereinafter Implement NormalPower commitments referred to as “the 2018-04-02 as promised performanceGroup commitment party”) the
controlling shareholder of
SZCG has made the
following commitments: If
SZCG needs to make a
supplementary payment for
the rent before assessment
basis date to the property
right unit of Pinghu Grain
Depot (or its authorized
unit) the total amount of the
rent and other related
charges and expenses shall
be borne by the commitment
party.Commitment letter on the
house properties of
Shenzhen Shenzhen Cereals Group and
Agricultural Other its subsidiaries that have not Implement Normal
Power commitments obtained the housing 2018-04-02 as promised performance
Group ownership certificate:
Shenzhen Shenbao Industrial
Co. Ltd. (hereinafterreferred to as “Shenshenbao”
and “listed company”)
intends to purchase the 100%
equity of Shenzhen Cereals
Group Co. Ltd. (hereinafter
referred to as “SZCG”
“target company”) held by
the shareholders of SZCG
through issuance of shares.Shenzhen Food Materials
Group Co. Ltd (hereinafterreferred to as “thecommitment party”) the
controlling shareholder of
SZCG has made the
following commitments: If
SZCG and its subsidiaries
suffer any administrative
punishment or losses due to
their house properties
without the housing
ownership certificate the
commitment party will bear
the relevant legal
responsibilities and fully
compensate the listed
company and SZCG within
30 working days after the
actual loss occurs.Commitment on Shenzhen
Food Materials Group Co.Ltd to accept the restricted
shares of non-tradable shares
reform of Shenzhen Shenbao
Industrial Co. Ltd. held by
Shenzhen Investment
Holdings Co. Ltd.:
Shenzhen Food Materials
Group Co. Ltd (hereinafterreferred to as “FoodMaterials Group”) accepts
79484302 shares of A
shares of Shenshenbao A
(000019) (including
66052518 shares of
unrestricted A shares and
Shenzhen Commitment 13431784 shares ofAgricultural on restricted restricted A shares ) held byPower Shenzhen Investment 2018-04-04
Implement Normal
sale of shares as promised performanceGroup Holdings Co. Ltd.(hereinafter referred to as“Shenzhen InvestmentHoldings”) by the free
transfer totally accounting
for 16% of the total share
capital of Shenshenbao.Shenzhen Investment
Holdings made the following
commitments in the reform
of non-tradable shares ofShenshenbao in 2006: “Tomake effective and long-
term incentives for the
management after the
completion of the share
reform Shenzhen
Agricultural Products Co.Ltd. (hereinafter referred to
as “Agricultural Products”)
and Shenzhen Investment
Holdings the company’s
non-tradable shareholders
will sell their shareholdings
after consideration which
account for 6%-8% of the
company’s total share capital
to the management of the
company in three years
based on the shareholding
ratio of Agricultural
Products and Shenzhen
Investment Holdings after
the share reform (i.e.accounting for 6%-8% of the
company’s total share capital
of 181923088 shares afterthe share reform).” Food
Materials Group made a
commitment that after the
completion of the free
transfer of the state-owned
shares Food Materials
Group would continue to
perform the above
commitments it made when
Shenzhen Investment
Holdings makes the non-
tradable shares reform to
Shenshenbao which is
effective in the long run.Commitment Letter on
Avoiding Horizontal
Competition: In view of the
fact that Shenzhen Shenbao
Industrial Co. Ltd.(hereinafter referred to as
“Listed Company”) intends
to acquire 100% equity of
Shenzhen Cereals Group
Co. Ltd. held by Shenzhen
Food Materials Group Co.Ltd(hereinafter referred to as
“the Company”) by issuing
Commitments shares to purchase assets the
on inter- Company has made the
Shenzhen industry following commitments: 1.Agricultural competition As of the issue date of this Implement Normal
Power related Commitment Letter the 2018-06-08 as promised performance
Group transactions Company and other
and capital enterprises controlled by the
occupancy Company have not engaged
in any business or activity
that directly or indirectly
constitute horizontal
competition to the Listed
Company and its subsidiaries
in the business and
guarantees that it will not
engage or induce any
enterprise controlled by the
Company to engage in any
business or activity that
directly or indirectly
constitute horizontalcompetition to the Listed
Company and its subsidiaries
in the future. 2. If the
business opportunity
obtained by the Company
and other enterprises
controlled by the Company
constitutes horizontal
competition or may
constitute horizontal
competition to the main
business of the Listed
Company and its
subsidiaries the Company
will immediately notify the
Listed Company and try its
best to give the business
opportunity to the Listed
Company to avoid horizontal
competition or potential
horizontal competition with
the Listed Company and its
subsidiaries and ensure the
interests of Listed Company
and other shareholders of
Listed Company are not
impaired. 3. If the main
business of the Listed
Company and its subsidiaries
constitutes horizontal
competition or may
constitute horizontal
competition to the Company
and other enterprises
controlled by the Company
due to business development
or extension the Company
and other enterprises
controlled by the Company
shall take the following
feasible measures based on
specific circumstance to
avoid competition with the
Listed Company: (1) Stop
business that constitutes
competition or may
constitute competition to the
Listed Company; (2)Transfer
the competitive businesses
and assets to the Listed
Company at fair prices; (3)
Transfer the competitive
business to an unrelated third
party; (4) Other ways to
protect the interests of the
Listed Company; 4. If the
Company violates the above
commitments and causes
losses to the Listed
Company the Company will
compensate the Listed
Company for the incurred
losses after the losses are
determined. 5. The above
commitments continue to be
valid during the period when
the Company is thecontrolling shareholder of
the Listed Company.Commitment Letter on
Reducing and Regulating
Related Transactions: In
view of the fact that
Shenzhen Shenbao Industrial
Co. Ltd. (hereinafterreferred to as “ListedCompany”) intends to
acquire 100% equity of
Shenzhen Cereals Group
Co. Ltd. held by Shenzhen
Food Materials Group Co.Ltd(hereinafter referred to as
“the Company”) by issuing
shares to purchase assets the
Company has made the
following commitments: 1.The enterprises directly or
indirectly controlled or
affected by the Company and
the restructured company
and its holding companies
will regulate and minimize
the related transactions. For
related transactions that
cannot be avoided or have
reasonable reasons to occur
the Company promises to
Commitments follow the market-oriented
on inter- principle of justice fairness
Shenzhen industry and openness and sign
Agricultural competition agreements in accordance
Power related with relevant laws and 2018-06-08
Implement Normal
Group transactions regulations regulatory
as promised performance
and capital documents and articles of
occupancy association perform legalprocedures fulfill
information disclosure
obligations and handle
relevant approval procedures
in accordance with the law
and ensure not to damage the
legitimate rights and
interests of the company and
other shareholders through
related transactions. 2. The
enterprises directly or
indirectly controlled or
affected by the Company
will strictly avoid borrowing
from the company and its
holding and shareholding
companies occupying the
funds of the company and its
holding and shareholding
companies or embezzling
the company’s funds by
taking advance payments
and compensatory debts
from the company and its
holding and shareholding
companies. 3. After the
completion of this
transaction the Company
will continue to exercise itsshareholder rights in strict
accordance with the relevant
laws and regulations
regulatory documents and
the relevant provisions of the
Articles of Association; and
fulfill its obligation of
avoiding voting when the
company’s general meeting
of shareholders is voting on
related transactions
involving the Company. 4.The Company guarantees not
to obtain any improper
interests through the related
transactions or cause the
company and its holding and
shareholding companies to
bear any wrongful
obligations. If the company
or its holding and
shareholding companies
suffer loses or the interests
of the company or its
holding and shareholding
companies are embezzled by
related transactions the
Company will the losses of
the company and its holding
and shareholding companies.Commitment on the
Standardized Operation of
Listed Company: Shenzhen
Shenbao Industrial Co. Ltd.intends to purchase 100%
equity of Shenzhen Cereals
Group Co. Ltd. (hereinafter
referred to as “SZCG”) held
by Shenzhen Food Materials
Group Co. Ltd (hereinafterreferred to as “theCompany”) through issuance
of shares. In response to the
above transactions the
Company has made the
following commitments:
Shenzhen After the completion of this
Agricultural Other transaction the commitment
Power commitments party promises to ensure that 2018-06-08
Implement Normal
Group the listed company will
as promised performance
strictly follow the
requirements of laws and
regulations such as the“Guidelines for theGovernance of ListedCompanies” and the changes
in internal management and
external operation and
development of listed
company to revise the
Articles of Association and
related rules of procedure so
as to adapt to the business
operations and corporate
governance requirements
after the reorganization
continue to improve thegovernance structure of
listed company continuously
strengthen the system
construction to form a
corporate governance
structure that each performs
their own duties effectively
checks and balances makes
scientific decisions and
coordinates the operation so
as to more effectively and
feasibly protect the interests
of the listed company and all
its shareholders. The
commitment party will urge
the listed company to
perform the functions of the
shareholders’ meeting in
strict accordance with the
Articles of Association and
the Rules of Procedures of
the Shareholders Meeting
ensure that all shareholders
especially small and medium
shareholders enjoy equal
rights as stipulated by laws
administrative regulations
and the Articles of
Association and ensure that
all shareholders legally
exercise their rights and
interests. The commitment
party will also urge the listed
company to further improve
the institutional requirements
of the board of directors
ensure that the board of
directors fairly scientifically
and efficiently makes
decisions ensure that
independent directors can
perform their duties in
accordance with laws and
regulations during their
employment actively
understand the various
operations of the listed
company consciously
perform responsibilities play
a positive role in the
scientific decision-making of
the board of directors and the
development of the listed
company promote the sound
development of the listed
company and effectively
safeguard the overall
interests of the listed
company and the interests of
small and medium-sized
shareholders. In addition the
Company will urge the listed
company to give full play to
the positive role of
independent directors in
regulating the operation of
the company strictly abideby relevant national laws
regulations rules and
relevant provisions of the
Articles of Association to
select independent directors
and further enhance
corporate governance.Commitment Letter on the
Legal Compliance of the
Underlying Asset Operation:
Shenzhen Shenbao Industrial
Co. Ltd. (hereinafter
referred to as
“Shenshenbao” “ListedCompany”) intends to
purchase 100% equity of
Shenzhen Cereals Group
Co. Ltd. (hereinafter
referred to as “SZCG”
“Target Company”) held by
Shenzhen Food Materials
Group Co. Ltd (hereinafterreferred to as “theCompany”) through issuance
of shares. The Company has
made the following
commitments: 1. The Target
Company is a limited
liability company established
according to law and is
validly existing possesses
statutory business
qualifications and the Target
Company has obtained all
the approvals consents
Shenzhen authorizations and licenses
Agricultural Other required for its establishment Implement Normal
Power commitments and operation and all 2018-06-08 as promised performance
Group approvals consents and
authorizations and licenses
are valid and there is no
reason or case that may
result in the invalidation of
the above approvals
consents authorizations and
licenses. 2. The Target
Company has no major
violations of laws and
regulations in the production
and operation in the last
three years there is no case
that the Target Company
should be terminated
according to relevant laws
regulations normative
documents and the
company’s articles of
association. Except for
litigations arbitrations and
administrative penalties
disclosed in the
Restructuring Report the
Target Company does not
have any unsettled or
foreseeable major litigation
arbitration and
administrative penalty thatadversely affect its
operations or the amount is
more than 10 million yuan.
3. The Target Company will
perform the labor contracts
with its employees
independently and
completely. 4. If the Target
Company is subject to the
fees or penalties of the
relevant competent
authorities in terms of
industry and commerce
taxation employee salaries
social security housing
provident fund business
qualifications or industry
supervisors due to the facts
already existing before the
reorganization the Company
will fully compensate all the
outstanding fees of the
Target Company and bear all
the losses suffered by
Shenshenbao and the Target
Company. 5. The Target
Company legally owns the
ownership and/or use rights
of the offices office
equipment trademarks and
other assets required for
normal production and
operation has independent
and complete assets and
business structure and has
legal ownership of its main
assets and the ownership of
assets is clear. 6. There is no
case that the Target
Company impedes the
transfer of ownership of the
company such as litigation
arbitration judicial
enforcement etc. and there
is no external guarantee that
violates the law or the
articles of association. After
this reorganization if the
Company violates the above
commitments and causes
losses to Shenshenbao and
the Target Company the
Company agrees to bear the
aforementioned
compensation/ liability for
damage to Shenshenbao/
Target Company.Commitment on the
Independence of Listed
Company: In view of the fact
Shenzhen that Shenzhen Shenbao
Agricultural Other Industrial Co. Ltd.Power commitments (hereinafter referred to as 2018-06-08
Implement Normal
as promised performance
Group “Shenshenbao”) intends to
acquire 100% equity of
Shenzhen Cereals GroupCo. Ltd. (hereinafterreferred to as “TargetCompany”) held by
Shenzhen Food Materials
Group Co. Ltd (hereinafterreferred to as “theCompany”) by issuing shares
to purchase assets the
Company has made the
following commitments: 1.Guarantee the independence
of the personnel of
Shenshenbao and the Target
Company (1) Guarantee that
the labor personnel and
compensation management
of Shenshenbao and Target
Company are completely
independent of the Company
and other companies and
enterprises controlled by the
Company or other economic
organizations and related
parties after the completion
of this restructuring. (2)
Guarantee that the senior
management personnel of
Shenshenbao and Target
Company are fully employed
in Shenshenbao and Target
Company and receive
remuneration after the
completion of this
restructuring and do not
hold any post except for
directors and supervisors in
the Company and other
companies enterprises
controlled by the Company
or other economic
organizations and related
parties. (3) Ensure not to
intervene into the
shareholders’ meeting and
the board of directors of
Shenshenbao and Target
Company to exercise their
powers to determine the
appointment and dismissal of
personnel after the
completion of this
restructuring. 2. Guarantee
the institutional
independence of
Shenshenbao and Target
Company (1) After the
completion of this
restructuring Shenshenbao
and Target Company will
establish a sound corporate
governance structure and
have an independent and
complete organization. (2)
After the completion of this
restructuring the
shareholders meeting the
board of directors and the
board of supervisors ofShenshenbao and Target
Company shall
independently exercise their
functions and powers in
accordance with the laws
regulations and the articles
of association of
Shenshenbao and Target
Company. 3. Ensure that the
assets of Shenshenbao and
Target Company are
independent and complete.
(1) After the completion of
this restructuring
Shenshenbao and Target
Company shall have
independent and complete
assets related to production
and operation. (2) Ensure
that the site for business
operation of Shenshenbao
and Target Company are
independent of the Company
and other companies and
enterprises controlled by the
Company or other economic
organizations and related
parties after the completion
of this restructuring. (3) In
addition to normal business
transactions after the
completion of this
restructuring Shenshenbao
and Target Company do not
have funds and assets which
are occupied by the
Company and other
companies and enterprises
controlled by the Company
or other economic
organizations and related
parties. 4. Guarantee the
business independence of
Shenshenbao and Target
Company (1) After the
completion of this
restructuring Shenshenbao
and Target Company shall
have the relevant
qualifications for
independent business
activities and have the
market-oriented independent
autonomous and sustainable
operation capabilities. (2)
After the completion of this
restructuring the Company
and other companies and
enterprises controlled by the
Company or other economic
organizations and related
parties shall reduce the
related transactions with
Shenshenbao and Target
Company and other
companies and enterprises
controlled by them or othereconomic organizations; for
the necessary and
unavoidable related
transactions guarantee the
fair operation according to
market principles and fair
prices and perform relevant
approval procedures and
information disclosure
obligations in accordance
with relevant laws
regulations and regulatory
documents. 5. Guarantee the
financial independence of
Shenshenbao and Target
Company (1) Ensure that
Shenshenbao and Target
Company will establish an
independent financial
department and an
independent financial
accounting system and a
standardized and
independent financial
accounting system after the
completion of this
restructuring. (2) Ensure that
Shenshenbao and Target
Company will open an
independent bank account
after the completion of this
restructuring and will not
share bank accounts with the
Company and other
companies and enterprises
controlled by the Company
or other economic
organizations and other
related parties. (3) After the
completion of this
restructuring the financial
personnel of Shenshenbao
and Target Company shall
not take part-time jobs in the
Company and other
companies and enterprises
controlled by the Company
or other economic
organizations and related
parties. (4) After the
completion of this
restructuring Shenshenbao
and Target Company shall be
able to make financial
decisions independently the
Company shall not interfere
with the use of funds of
Shenshenbao and Target
Company. (5) After the
completion of this
restructuring Shenshenbao
and Target Company shall
pay taxes independently
according to law. If the
Company violates the above
commitments it will bear all
the losses caused toShenshenbao and Target
Company.Commitment to Avoid
Occupation of Non-operating
Capital: Shenzhen Shenbao
Industrial Co. Ltd. intends
to acquire 100% equity of
Shenzhen Cereals Group
Co. Ltd. (hereinafter
referred to as “SZCG”) held
by Shenzhen Food Materials
Group Co. Ltd (hereinafterreferred to as “theCompany”) through issuance
of shares. In response to the
above transactions Food
Materials Group and
Agricultural Products have
made the following
commitments: 1. As of the
issue date of this
commitment letter the
commitment party and its
related person do not have
any illegal use of funds and
assets of the listed company
Commitments and SZCG and there is no
Shenzhen on inter- case that the listed company
Agricultural industry and SZCG provide illegal
Power competition guarantee for the Implement Normal
Group related commitment party and its 2018-06-08 as promised performance
Agricultural transactions related person. 2. After the
Products and capital completion of the
occupancy transaction the commitment
party guarantees that the
commitment party and its
related person shall not
illegally occupy the funds
and assets of the listed
company in any way nor
require the listed company to
provide illegal guarantee for
the commitment party and its
related person under any
circumstances nor engage in
any act to damage the
legitimate rights and
interests of the listed
company and other
shareholders. If the
commitment party violates
the above commitments it
will bear all losses caused to
the listed company and the
target company and other
companies and enterprises
controlled by them or other
economic organizations.Completed on
time (Y/N) Y
If any
commitment
remains
unfulfilled Not applicable
upon
expiration of
theperformance
period the
specific
reasons for
non-
performance
and the
detailed
follow-up
work plan
shall be fully
explained.
2. For assets or projects of the Company which keep profitable forecast during the reporting period
description reasons for reaching the original profitable forecast
□ Applicable □Not applicable
3. The Company is subject to performance commitments.
□ Applicable □Not applicable
II. Non-operational fund occupation by controlling shareholders and their related parties
□ Applicable□ Not applicable
No non-operational fund occupation by controlling shareholders and their related parties in period.III. External guarantee out of regulations
□ Applicable □ Not applicable
No external guarantee out of the regulations occurred in the period.IV. Statement on the latest “modified audit report” by BOD
□ Applicable□Not applicableV. Explanation from the BOD and independent directors (if applicable) for “Qualified AuditOpinion” issued by CPA
□ Applicable □Not applicable
VI. Explanation on changes in accounting policies accounting estimates or correction of
significant accounting errors compared with the financial report of the previous year
□Applicable □ Not applicable
There were no changes in accounting policies accounting estimates or correction of significant accounting errors compared with the
financial report of the previous year.VII. Explanation of changes in the scope of the consolidated financial statements compared to
the previous year’s financial reports
□Applicable □ Not applicable
During the reporting period the company transferred Shenzhen Shenliang Cold Chain Logistics Co. Ltd.，cancelled ShenzhenShenliang Storage (Yingkou) Co. Ltd and established a new companyShenzhen Shenliang Smart Warehousing Co. Ltd.。VIII.Appointment and dismissal of CPA
Accounting firm appointed
Name of domestic accounting firm Grant Thornton Certified Public Accountant LLP (SpecialGeneral Partnership)
Remuneration for domestic accounting firm (in 10 thousand
Yuan) 70
Continuous life of auditing service for domestic accounting firm 3
Name of domestic CPA Xie Jing Shu Zhicheng
Continuous life of auditing service for domestic CPA 1、2
Whether re-appointed accounting firms in this period or not
□ Yes □ No
Appointment of internal control auditing accounting firm financial consultant or sponsor
□Applicable □ Not applicable
During the reporting period the company hired Grant Thornton Certified Public Accountant LLP (Special General Partnership) to
perform internal audit and paid a total of RMB 200000.00 in internal control audit fees.IX. Particular about delisting after annual report disclosed
□ Applicable□Not applicable
X. Bankruptcy reorganization
□ Applicable□Not applicable
No bankruptcy reorganization for the Company in reporting period
XI. Significant lawsuits and arbitration of the Company
□Applicable □ Not applicable
Amount
Lawsuits involved Resulting in an Execution(in 10 accrual liability Progress Result and of Disclosure Disclosure(arbitration) thousand (Y/N) influence judgment date index
yuan)
As of 31 The Company After
December actively makes comprehensive
2025 other use of the analysis the
lawsuits that advantageous result of the It is
did not meet 8409.64 N resources of cases involved actively - -
the disclosure internal legal in the lawsuits advancing
standards for affairs and will not have a
significant external laws significant
lawsuits firm to follow up impact on themainly and deal with the Company
included lawsuit-related
disputes over cases. At
sales contracts present the
loan contracts Company is
construction responding to
contracts legal and dealing with
service the cases
contracts lease effectively in
contracts etc. accordance with
relevant laws
and regulations
XII. Penalty and rectification
□ Applicable□Not applicable
No penalty and rectification for the Company in reporting period.XIII. Integrity of the Company its controlling shareholder and actual controller
□ Applicable □Not applicable
XIV. Major related transaction
1. Related transaction with routine operation concerned
□ Applicable□ Not applicable
The company had no related transaction with routine operation concerned at the end of the reporting period.
2. Assets or equity acquisition and sales of assets and equity
? Applicable□ Not applicable
Pricing Book Assesse Settlem
Type of Content principle value of d value Trans ent
Relate Related related of s for transfer of fer method
Trading
d relations party related related red transfer price of
gains/los
ses Disclos
Disclos
parties hips transacti party party assets red (1000 related (10000 ure date
ure
on transact transacti (10000 assets 0 party
index
ion ons yuan) (10000 yuan) transact
yuan)
yuan) ion
The
subsidiar
Shenz y of the
hen actual Transact
Zhenpi controlle ion
n r of the related Equity Market Bank
Group company with transfer price
50.17 66.54 66.54 transfer 116.32 - -
Co. also equity
Ltd controlle transferd by the
ultimate
controller
Reasons for significant differences
between transfer price and book value or Appreciation of assessment
assessed value (if any)
The impact on the company's operating
results and financial condition No significant impact
If the relevant transactions involve
performance agreements the achievement NA
of performance during the reporting period
3. Related transaction of joint external investment
□ Applicable□Not applicable
No related transaction of joint external investment occurred in the period.
4. Related credits and liabilities
□ Applicable□ Not applicable
No related credits and liabilities occurred in period
5. Contact with the related finance companies
□ Applicable□Not applicable
There are no deposits loans credits or other financial businesses between the finance companies with associated relationship and
related parties
6. Transactions between the finance company controlled by the Company and related parties
□ Applicable □ Not applicable
There are no deposits loans credits or other financial business between the finance companies controlled by the Company and
related parties
7. Other major related transaction
□ Applicable□Not applicable
No other major related transaction in the Period.XV. Significant contract and implementation
1. Trusteeship contract and leasing
(1) Trusteeship
□ Applicable□Not applicable
No trusteeship for the Company in reporting period
(2) Contract
□ Applicable□Not applicableNo contract for the Company in reporting period
(3) Leasing
□ Applicable□Not applicable
No leasing in the Period
2. Major Guarantee
□Applicable ? Not applicable
3. Entrusted cash asset management
(1) Entrusted financing
□Applicable □ Not applicable
(2) Entrusted loans
□ Applicable□Not applicable
No entrusted loans in the Period
4. Other material contracts
□ Applicable□ Not applicable
No other material contracts in the period.XVI. Usage of Proceeds Raised
□ Applicable□ Not applicable
The Company had no proceeds raised for use during the reporting period.XVII. Explanation on other significant events
□Applicable □ Not applicable
1. On August 18 2025 the Company’s Board of Directors received resignation reports from Mr. Zhao Rubing Ms. Bi Weimin
and Mr. Liu Haifeng independent directors of the Company. Having served as independent directors for six consecutive years
Mr. Zhao Rubing Ms. Bi Weimin and Mr. Liu Haifeng applied to resign from their positions as independent directors of the
11th session of the Board of Directors of the Company and relevant positions in the special committees of the Board of
Directors. They will not hold any other positions in the Company after their resignation. On the same day the Company held
the 18th meeting of the 11th session of the Board of Directors which deliberated and approved the Proposal on Change of
Independent Directors. The Company agreed to nominate Ms. Mei Yuexin Mr. Zhang Sheng and Mr. Tao Ran as independent
directors of the 11th session of the Board of Directors to be submitted to the first extraordinary general meeting of the
Company in 2025 for deliberation and approval. For details please refer to the Announcement on Resignation and Change ofIndependent Directors and the Announcement on Resolutions of the 18th Meeting of the 11th session of the Board of Directors
published on Securities Times China Securities Journal Shanghai Securities News and webiste CNINFO (www.cninfo.com.cn)
on August 20 2025.
2. On September 5 2025 the Company held the first extraordinary general meeting in 2025 which deliberated and approved the
Proposal on Change of Independent Directors by item. The Company agreed to elect Ms. Mei Yuexin Mr. Zhang Sheng and
Mr. Tao Ran as independent directors of the 11th session of the Board of Directors. For details please refer to the
Announcement on Resolutions of the First Extraordinary General Meeting in 2025 published on Securities Times China
Securities Journal Shanghai Securities News and website CNINFO (www.cninfo.com.cn) on September 6 2025.
3. On November 13 2025 the Company held the second extraordinary general meeting in 2025 which considered and approved
the Proposal on Revising the Articles of Association of SZCH.The Company agreed to cancel the Board of Supervisors. Ms.You Hongxia Ms. Liu Xinqin (supervisors) Mr. Zheng Shengqiao and Mr. Zenghai Ma (employee supervisors) voluntarily
resigned and will not hold any other positions in the Company after resignation. The statutory functions and powers of the
Board of Supervisors shall be exercised by the Audit Committee of the Board of Directors. The Rules of Procedure of the
Board of Supervisors shall be repealed accordingly and the provisions involving the Board of Supervisors and supervisors in
various management systems of the Company shall no longer apply.XVIII. Significant event of subsidiaries of the Company
□Applicable □Not applicable
1．On March 25 2025 the Company held the 13th meeting of the 11th session of the Board of Directors which deliberated and
approved the Proposal on Deliberating the Independent Legal Person Operation Project for the Management of Reserved Grain and
Oil Business and approved the project. For details please refer to the Announcement on the Resolutions of the 13th Meeting of the
11th session of the Board of Directors published on Securities Times China Securities Journal Shanghai Securities News and website
CNINFO (www.cninfo.com.cn) on March 26 2025.
2．On April 28 2025 the Company held the 14th meeting of the 11th session of the Board of Directors which deliberated and
approved the Proposal on the Investment Decision for the No. 2 Steel Structure Workshop of the Food Processing Project of
Dongguan Shenliang Logistics Co. Ltd. and approved the relevant investment decision. For details please refer to the
Announcement on the Resolutions of the 14th Meeting of the 11th session of the Board of Directors published on Securities Times
China Securities Journal Shanghai Securities News and website CNINFO (www.cninfo.com.cn) on April 29 2025.
3．On June 17 2025 the Company held the 16th meeting of the 11th session of the Board of Directors which deliberated and
approved the Proposal on the Investment Decision for the New Quality Productivity Technology Upgrade Project of Beverage Tea of
Shenbao Huacheng. The Company approved the investment in the construction of the project by its wholly-owned subsidiary
Shenbao Huacheng with a total investment amount not exceeding RMB 18.37 million. For details please refer to the Announcement
on the Resolutions of the 16th Meeting of the 11th session of the Board of Directors published on Securities Times China Securities
Journal Shanghai Securities News and website CNINFO (www.cninfo.com.cn) on June 18 2025.
4．On September 17 2025 the Company held the 20th meeting of the 11th session of the Board of Directors which deliberated
and approved the Proposal on SZCG Signing the Relocation Compensation Agreement for Phase I of the Xili High-Speed Rail Hub
and Related Projects Land Consolidation Project and Other Relevant Documents with Xili Sub-district Office. The Company
approved its wholly-owned subsidiary SZCG to sign the aforesaid agreement and other relevant documents with Xili Sub-district
Office. The proposal will be submitted to the Company’s general meeting of shareholders for deliberation and approval only after the
property replacement plan involved in the demolition and compensation is approved. For details please refer to the Announcement
on the Resolutions of the 20th Meeting of the 11th session of the Board of Directors and the Announcement on SZCG Signing the
Relocation Compensation Agreement for Phase I of the Xili High-Speed Rail Hub and Related Projects Land Consolidation Projectand Other Relevant Documents with Xili Sub-district Office published on Securities Times China Securities Journal Shanghai
Securities News and website CNINFO (www.cninfo.com.cn) on September 18 2025.Section VI. Changes in Shares and Particulars about
Shareholders
I. Changes in shares
1. Changes in shares
Unit: Share
Before the Change Increase/Decrease in the Change (+/ -) After the Change
New Capitalization
Amount Proportion shares Bonusshares of public Others Subtotal Amount Proportionissued reserve
I. Restricted
shares 684569567 59.40% 0 0 0 10000 10000 684579567 59.40%
1. State-
owned shares 0 0.00% 0 0 0 0 0 0 0.00%
2. State-
owned
corporate 684569567 59.40% 0 0 0 0 0 684569567 59.40%
shares
3. Other
domestic 0 0.00% 0 0 0 10000 10000 10000 0.00%
shares
Including:
Domestic
legal person’s 0 0.00% 0 0 0 0 0 0 0.00%
shares
Domestic
natural
person’s 0 0.00% 0 0 0 10000 10000 10000 0.00%
shares
4. Foreign
shares 0 0.00% 0 0 0 0 0 0 0.00%
Including:
Foreign
corporate 0 0.00% 0 0 0 0 0 0 0.00%
shares
Overseas
nature 0 0.00% 0 0 0 0 0 0 0.00%
person’s share
II.Unrestricted -467965687 40.60% 0 0 0 -10000 467955687 40.60%
shares 10000
1. RMB
common -416216407 36.11% 0 0 0 -10000 416206407 36.11%
shares 10000
2. Domestic
listed foreign 51749280 4.49% 0 0 0 0 0 51749280 4.49%
shares
3. Foreign
listed foreign 0 0.00% 0 0 0 0 0 0 0.00%
shares
4. Other 0 0.00% 0 0 0 0 0 0 0.00%
III. Total
shares 1152535254 100.00% 0 0 0 0 0 1152535254 100.00%Reasons for changes in share
□Applicable □Not applicable
During the Reporting Period Ms. You Hongxia former supervisor of the Company purchased 10000 A-shares of the Company
through the secondary market. Ms. You Hongxia resigned as supervisor on November 13 2025. Pursuant to the applicable
regulations 100% of the shares held by her were locked up resulting in an increase of 10000 restricted shares and a decrease of
10000 unrestricted shares of the Company at the end of the Reporting Period while the total share capital of the Company remained
unchanged.Approval of changes in share
□ Applicable□ Not applicable
Ownership transfer of changes in share
□ Applicable□ Not applicable
Influence of changes in share on basic EPS diluted EPS as well as other financial indexes of net assets per share attributable to
common shareholders of the Company in latest year and period
□ Applicable□ Not applicable
Other information necessary to be disclosed in the viewpoint of the Company or that required to be disclosed by securities regulators
□ Applicable□ Not applicable
2. Changes in restricted shares
□ Applicable□Not applicable
Unit: Share
Number of
Number of Number of
Number of restricted
restricted restricted
Name of restricted shares Reason for share Date of share
shares lifted shares at the
shareholder shares at increased restriction restriction lifting
during the end of the
year- begin during the
period period
period
Lock-up due to
resignation before
You Hongxia 0 10000 0 10000 2027-05-04
the expiration of
term of office
Total 0 10000 0 10000 -- --
II. Securities issuance and listing
1. Security offering (without preferred stock) in the reporting period
□ Applicable□Not applicable2. Explanation on changes in total shares shareholders structure as well as assets and liability structure of
the company
□ Applicable□Not applicable
3. Existing internal staff shares
□ Applicable□Not applicable
III. Particulars about shareholders and actual controller of the Company
1. Number of shareholders and particulars about shares holding
Unit: Share
Total Total Total preferred Total
common common shareholders with preferred
stock stock voting rights shareholders
shareholders shareholders recovered at the end with voting
at the end of at the end of of reporting period (if rights
reporting last month applicable) (refer to recovered at
period before Note 8) end of last
41592 annual 41786 0 month 0
report before
disclosed annual
report
disclosed (if
applicable)
(refer to
Note 8)
Shareholding of shareholders holding more than 5% shares of the company or top ten shareholders
(Excluding shares lent through refinancing)
Total shares Information of shares
Name of Nature of Proportion held at the Changes in Quantity of Quantity of pledged tagged or
Shareholders shareholder of shares end of reporting restricted unrestricted frozenheld reporting period shares held shares held State of
period share Quantity
Shenzhen State-
Agricultural owned
Power legal 63.79% 735237253 0 669184735 66052518 NA 0
Group Co. person
Ltd.Shenzhen State-
Agricultural owned
Products legal 8.23% 94832294 0 15384832 79447462 NA 0
Group Co. person
Ltd
Dongguan Domestic
Fruit non-state-
Vegetable owned
and Non- legal
staple Food person 0.75% 8698216 0 0 8698216 NA 0
Trading
Market Co.Ltd
Hong Kong Foreign
Securities legal
Clearing person 0.49% 5636493 143648 0 5636493 NA 0
Corporation
LimitedZhong Domestic
Zhenxin natural 0.40% 4609900 1314400 0 4609900 NA 0
person
Sun Domestic
Huiming natural 0.28% 3236352 0 0 3236352 NA 0
person
CMB -
Southern
CSI 1000 Other 0.26% 3050400 323700 0 3050400 NA 0
ETF
Chen Domestic
Jiuyang natural 0.26% 3000070 -297000 0 3000070 NA 0person
CMB-
Huaxia CSI Other 0.17% 1913210 447090 0 1913210 NA 0
1000 ETF
Domestic
Yan Gang natural 0.16% 1864500 1864500 0 1864500 NA 0
person
Strategy investors or
general legal person
becoming top 10 common
shareholders due to rights Nil
issue (if applicable) (see
note 3)
Explanation on associated Shenzhen SASAC directly holds 100% equity of Shenzhen Agricultural Power Group Co. Ltd. and
relationship among the holds 38.67% equity of Shenzhen Agricultural Products Group Co. Ltd. indirectly through Shenzhen
aforesaid shareholders Agricultural Power Group Co. Ltd.; The Company was not aware of any related relationship between
other shareholders above and whether they are parties acting in concert as defined by the Measures for
the Administration of Acquisition of Listed Companies.Description of the above
shareholders involved with
delegating/entrusted voting Nil
rights and abstention from
voting rights.Special note on the
repurchase account among
the top 10 shareholders (if Nil
applicable) (see note 10)
Particular about top ten shareholders holding unrestricted shares (Excluding shares lent through refinancing locked-up shares for
senior executives)
Quantity of unrestricted shares Type of sharesShareholders’ name held at Period-end Type Quantity
Shenzhen Agricultural Products Group
Co. Ltd 79447462
RMB common shares 79447462
Shenzhen Agricultural Power Group Co. 66052518 RMB common sharesLtd. 66052518
Dongguan Fruit Vegetable and Non-
staple Food Trading Market Co. Ltd 8698216
RMB common shares 8698216
Hong Kong Securities Clearing RMB common shares
Corporation Limited 5636493 5636493
Zhong Zhenxin 4609900 RMB common shares 4609900
Sun Huiming 3236352 Domestically listedforeign shares 3236352
CMB - Southern CSI 1000 ETF 3050400 RMB common shares 3050400
Chen Jiuyang 3000070 RMB common shares 3000070
CMB-Huaxia CSI 1000 ETF 1913210 RMB common shares 1913210
Yan Gang 1864500 RMB common shares 1864500
Explanation of the Shenzhen SASAC directly holds 100% equity of Shenzhen Agricultural Power Group Co. Ltd. and
association or concerted holds 38.67% equity of Shenzhen Agricultural Products Group Co. Ltd. indirectly through Shenzhen
action between the top 10 Agricultural Power Group Co. Ltd.; The Company was not aware of any related relationship between
shareholders of non- other shareholders above and whether they are parties acting in concert as defined by the Measures forrestricted and tradable the Administration of Acquisition of Listed Companies.shares as well as between
the top 10 shareholders of
non-restricted and tradable
shares and the top 10
shareholders
Explanation on the
participation of the top 10
ordinary shareholders in
margin trading and Nil
securities lending business
(if any) (see Note 4)
Shareholders with over 5% of shares top 10 shareholders and top 10 shareholders of un-restricted shares participate in the lending of
shares through refinancing
□ Applicable□Not applicable
The top 10 shareholders and the top 10 shareholders of un-restricted tradable shares have changed compared to the previous period
due to the reasons of lending/returning of shares through refinancing
□Applicable □Not applicable
Whether top 10 common stock shareholders or top 10 common stock shareholders of un-restricted shares have a buy-back agreement
dealing in reporting period or not
□ Yes □ No
The top 10 common stock shareholders or top 10 common stock shareholders of un-restricted shares didn’t have buy-back agreement
dealing in reporting period.
2. Controlling shareholder of the Company
Nature of controlling shareholders: local state-owned holding
Type of controlling shareholders: legal person
Legal
Controlling person/person Date of
shareholder in charge of the establishment Organization code Main operation business
unit
The general business projects are: food
safety infrastructure construction
(including the upgrading of the
farmers ’market the upgrading of public
places canteens the construction of
community cooked food centers and the
construction of agricultural product bases);
safe food circulation and terminal sales;
the establishment of food distribution
channel platforms; Food industry
investment and operation (Including the M
Shenzhen & A investment of the core resources of
Agricultural Power Huang Wei Dec. 14 2017 91440300MA5EWWPXX2 the food industry chain and the cultivation
Group Co. Ltd. of enterprises in the future direction);
Domestic trade (excluding franchised
monopolized and exclusively controlled
commodities); engaging in import and
export business (except for items
prohibited by laws administrative
regulations and the State Council
restricted items can only be operated after
obtaining permission); online business
activities (excluding restricted items).Licensed business items are food sales and
supply business; emergency materialproduction and operation; production
purchase and sale of I II and III medical
devices; pharmaceutical wholesale;
ordinary freight professional
transportation warehousing and logistics.Equity of other
domestic and
foreign listed
companies
controlled and In addition to holding 63.79 % equity of the company Shenzhen Agricultural Power Group Co. Ltd. holds
participated in by 38.67 % equity of Agricultural Products.controlling
shareholders during
the reporting period
Changes of controlling shareholder in reporting period
□ Applicable□Not applicable
The controlling shareholder of the company has not changed during the reporting period.
3. Actual controller and persons acting in concert
Nature of actual controller: local state-owned assets management
Type of actual controller: legal person
Legal
Actual controller person/person Date of Organization code Main operationin charge of the establishment business
unit
Shenzhen Municipal People’s
Government State-owned State-owned assets
Assets Supervision & Yang Jun 2004-04-02 11440300K317280672 supervision and
Administration Commission management
Equity of other
domestic/foreign listed
companies controlled by the -
actual controller in reporting
period
Changes of actual controller in reporting period
□ Applicable□Not applicable
No changes of actual controllers of the Company in reporting period.Property right and controlling relationship between the actual controller and the Company is as followShenzhen Municipal People’s Government State-owned Assets Supervision
& Administration Commission
Shenzhen Agricultural Power Group Co. Ltd.Shenzhen Agricultural Products Group
Co. Ltd.Shenzhen Cereals Holdings Co. Ltd
The actual controller controlling the Company by entrust or other assets management
□ Applicable□Not applicable
4. The total number of shares pledged by the controlling shareholder or the first majority shareholder and
its persons acting in concert accounts for 80% of the shares held by them
□ Applicable□Not applicable
5. Particulars about other legal person shareholders with over 10% shares held
□ Applicable□Not applicable
6. Restriction on shareholding reduction of the controlling shareholder actual controller reorganizers and
other promising entities
□ Applicable □Not applicable
IV. The specific implementation of shares buy-back during the reporting period
Implementation progress of shares buy-back
□ Applicable □ Not applicable
Progress in implementing centralized bidding trading to reduce holdings of repurchase shares
□ Applicable □ Not applicableV. Preferred stocks
□ Applicable□ Not applicable
The Company had no preferred stock in the Period.深圳市深粮控股股份有限公司 2025 年年度报告全文
Section VII. Corporate Bonds
□ Applicable□Not applicable
83深圳市深粮控股股份有限公司2025年年度报告全文
Section VIII. Financial Report
I. Audit Report
Type of audit opinion Standard unqualified opinion
Signing date of audit report 2025-04-24
Name of audit institute Grant Thornton Certified Public Accountant LLP (SpecialGeneral Partnership)
Document serial of audit report ZHTSH[2026]No.441A017665
Name of the CPA Xie Jing Shu Zhicheng
Text of Auditor’s Report
ZHTSH[2026]No.441A017665
To all shareholders of SHENZHEN CEREALS HOLDINGS CO. LTD.:
1. Auditing opinions
We have audited the financial statement under the name of SHENZHEN CEREALS HOLDINGS CO. LTD. (hereinafter referred to
as “SZCH”) including the consolidated and parent Company’s balance sheet of December 31 2025 and profit statement and cash
flow statement and statement on changes of shareholders’ equity for the year ended and notes to the financial statements for the year
ended.In our opinion the Company’s financial statements have been prepared in accordance with the Accounting Standards for Business
Enterprises and they fairly present the financial status of the Company and of its parent company as of December 31 2025 and its
operation results and cash flows for the year ended.
2. Basis of opinion
We conducted our audit in accordance with the Auditing Standards for Certified Public Accountants of China. Our responsibilities
under those standards are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of the
auditor’s report. We are independent of the Company in accordance with the Certified Public Accountants of China’s Code of Ethics
for Professional Accountants and the China Independence Standards for Certified Public Accountants and we have fulfilled our
other ethical responsibilities in accordance with the Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.
3. Key audit matters
Key audit matters are those matters that in our professional judgment were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole and
in forming our opinion thereon and we do not provide a separate opinion on this matter.The key audit matters identified in our audit are summarized as follows:
(i) Revenue recognition
For more details of the relevant information please refer to Note III.27 and Note V.40 of financial statements.
1. Matter description
The main business of SZCH include grain and oil trade and processing grain and oil warehousing logistics and service food
and beverage and tea processing leasing and others. SZCH operating revenue for 2025 is 5505279600.00 yuan and it is one of
the key indexes of performance of SZCH which has inherent risks in manipulation for achieving the predicted target therefore the
identification of operating income will be listed as the key auditing event.
84深圳市深粮控股股份有限公司2025年年度报告全文
2. Audit response
The audit procedures we have implemented for this key audit matter mainly include:
(1) Understand evaluate and test the design and operational effectiveness of internal control related to revenue;
(2) Understand the business models and acceptance terms of different businesses inspect the main sales contracts identify the
terms related to the transfer of commodity control rights and evaluate whether the revenue recognition policy complies with
the provisions of the Enterprise Accounting Standards;
(3) Perform analytical review procedures on operating revenue analyze changes in operating revenue costs and gross profit
margin on a monthly and product basis identify significant or abnormal fluctuations understand the reasons for abnormal
situations and evaluate their reasonableness;
(4) Search for basic information of major clients or newly added major clients through public channels conduct on-site visits to
major clients enquire about transaction content cooperation mode transaction amount acceptance terms and related
relationships and verify the authenticity and commercial substance of their transactions Focus on checking whether there are
financing trades without real transactions;
(5) Sample inspect supporting documents related to revenue confirmation including sales contracts sales invoices outbound
orders transfer of ownership documents proof of delivery accounting vouchers etc;
(6) Sample to confirm the current sales revenue and the initial and final balances of accounts receivable and payable to major
customers new customers etc.;
(7) Conduct a cut-off test on the operating income close to the balance sheet date evaluate whether the operating income is
recorded in the appropriate accounting period.(ii) Inventories and loss allowance of inventories
For more details of inventories and Loss allowance of inventories please refer to Note III.13 and Note V. 7 of consolidated financial
statements.
1. Matter description
As of December 31 2025 the book value of inventory presented on the consolidated financial statements of SZCH was
4098243300.00 yuan and the loss allowance of inventories was 129360100.00 yuan the carrying amount of inventories was
3968883200.00 yuan accounting for 53.83% of the total assets. Due to the significant amount of inventories SZCH management
(Hereinafter referred to as “management”) needed to make significant estimates and judgments when determining the decrease in
value of inventories including the consideration of government reserve such as as grain & oil food and vegetable oil which are
affected by futures market These important judgments have a significant impact on the valuation of inventories and loss allowance
of inventories at period-end; therefore we determined the inventories and loss allowance of inventories as key audit matters.
2. Audit response
The audit procedures we have implemented for this key audit matter mainly include:
(1) Understand evaluate and test the design and operational effectiveness of internal control related to inventory;
(2) Understand the business models of reserve grain and commodity grain verify the matching between inventory structure and
operating income and analyze the rationality of inventory amounts;
(3) Review the management’s model and method for estimating the net realizable value of inventory as well as the relevant
parameters used. For products that can obtain publicly available market sales prices select a sample independently query
85深圳市深粮控股股份有限公司2025年年度报告全文
publicly available market price information and compare it with the estimated selling price.
(4) Implement monitoring procedure for inventory check its quantity and condition and implement alternative procedures for
fumigation warehouses;
(5) Obtain the calculation table for loss allowance of inventories and inventory age list execute inventory impairment testing
procedures and analyze whether the provision for inventory depreciation reserves is sufficient conduct an analytical review of
inventory with a longer inventory age based on the condition of the product and analyze whether the provision for inventory
depreciation is reasonable.
4. Other information
The management of SZCH (hereinafter referred to as “the management”) is responsible for other information which includes the
information covered in the Company’s 2024 annual report excluding the financial statement and our audit report.The audit opinion issued by us for the financial statement has not covered other information for which we do not issue any form of
assurance opinions.Considering our audit on financial statements we are liable to read other information during which we shall consider whether other
information differs materially from the financial statements or that we understand during our audit or whether there is any material
misstatement.Based on the works executed by us we should report the fact if we find any material misstatement in other information. In this
regards we have nothing to report.
5. Responsibilities of the management and those charged with governance for the financial statements
The management of SZCH is responsible for the preparation of the financial statements in accordance with the Accounting Standards
for Enterprise to secure a fair presentation and for the design establishment and maintenance of the internal control necessary to
enable the preparation of financial statements that are free from material misstatement whether due to fraud or error.In preparing the financial statements the management is responsible for assessing the Company’s ability to continue as a going
concern (if applicable) disclosing matters related to going concern and using the going concern assumption unless the management
either intends to liquidate the Company or to cease operations or has no realistic alternative but to do so.Those charged with governance are responsible for overseeing the Company’s financial reporting process.
6. Responsibilities of the auditor for the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement whether due to fraud or error and to issue an audit report that includes our audit opinion. Reasonable assurance is a
high level of assurance but is not a guarantee that an audit conducted in accordance with the CAS will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if individually or in the
aggregate they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial
statements.As part of an audit in accordance with the CAS we exercise professional judgment and maintain professional skepticism throughout
the audit. We also:
(1) Identify and assess the risks of material misstatement of the financial statements whether due to fraud or error design and
perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a
basis for audit opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting
from error as fraud may involve collusion forgery intentional omissions misrepresentations or the override of internal
86深圳市深粮控股股份有限公司2025年年度报告全文
control.
(2) Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the
circumstances
(3) Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures
made by the management.
(4) Conclude on the appropriateness of the management’s use of the going concern assumption and based on the audit evidence
obtained whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s
ability to continue as a going concern. If we conclude that a material uncertainty exists we are required by the CAS to draw
users’ attention in audit report to the related disclosures in the financial statements or if such disclosures are inadequate to
modify audit opinion. Our conclusions are based on the information obtained up to the date of audit report. However future
events or conditions may cause the Company to cease to continue as a going concern.
(5) Evaluate the overall presentation including the disclosures structure and content of the financial statements and whether the
financial statements represent the underlying transactions and events in a manner that achieves fair presentation.
(6) Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the
Company to express audit opinion on the financial statements. We are responsible for the direction supervision and
performance of the group audit. We remain solely responsible for audit opinion.We communicate with those charged with governance regarding among other matters the planned scope and timing of the audit and
significant audit findings including any significant deficiencies in internal control that we identify during our audit.We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding
independence and communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence and relevant countermeasures (if applicable).From the matters communicated with those charged with governance we determine those matters that were of most significance in
the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in the
auditor’s report unless law or regulation precludes public disclosure about the matter or when in extremely rare circumstances we
determine that a matter should not be communicated in the auditor’s report because of the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.Grant Thornton Certified Public Accountant LLP Chinese CPA
(Special General Partnership) (Partner)
Chinese CPA
Beijing China April 24 2026
87深圳市深粮控股股份有限公司2025年年度报告全文
II. Financial Statement
Statement in Financial Notes are carried In RMB/CNY
1. Consolidated Balance Sheet
Prepared by SHENZHEN CEREALS HOLDINGS CO. LTD.In RMB
Item Ending balance Opening balance
Current assets:
Monetary funds 74207045.75 168199291.23
Settlement provisions 0.00 0.00
Capital lent 0.00 0.00
Tradable financial assets 0.00 0.00
Derivative financial assets 0.00 0.00
Note receivable 2567464.00 2327160.00
Account receivable 185600881.90 235789565.91
Receivable financing 0.00 0.00
Accounts paid in advance 84431038.91 9776028.70
Insurance receivable 0.00 0.00
Reinsurance receivables 0.00 0.00
Contract reserve of reinsurance
receivable 0.00 0.00
Other account receivable 23492545.72 19978436.61
Including: Interest receivable 0.00 0.00
Dividend receivable 0.00 0.00
Buying back the sale of financial
assets 0.00 0.00
Inventories 3968883163.28 4044998642.52
Including: Data resources 0.00 0.00
Contract assets 0.00 0.00
Assets held for sale 0.00 0.00
Non-current asset due within one
year 0.00 0.00
Other current assets 75503746.14 113243285.26
Total current assets 4414685885.70 4594312410.23
Non-current assets:
Loans and payments on behalf 0.00 0.00
Debt investment 0.00 0.00
Other debt investment 0.00 0.00
Long-term account receivable 0.00 0.00
Long-term equity investment 43217315.89 45356888.44
Investment in other equity
instrument 0.00 0.00
Other non-current financial assets 57500.00 57500.00
Investment real estate 231882055.05 302075246.75
Fixed assets 1993966742.36 2009520283.95
Construction in progress 51951405.25 39312847.70
Productive biological asset 339232.20 348924.60
Oil and gas asset 0.00 0.00
Right-of-use assets 54801538.67 115258040.17
Intangible assets 436587991.47 523370792.77
88深圳市深粮控股股份有限公司2025年年度报告全文
Including: Data resources 0.00 0.00
Expense on Research and
0.000.00
Development
Including: Data resources 0.00 0.00
Goodwill 0.00 0.00
Long-term expenses to be
apportioned 21176604.93 26013188.68
Deferred income tax asset 57185401.86 52903106.75
Other non-current asset 66490675.94 6021277.97
Total non-current asset 2957656463.62 3120238097.78
Total assets 7372342349.32 7714550508.01
Current liabilities:
Short-term loans 1155754328.18 1484605101.05
Loan from central bank 0.00 0.00
Capital borrowed 0.00 0.00
Trading financial liability 0.00 0.00
Derivative financial liability 0.00 0.00
Note payable 0.00 0.00
Account payable 345768271.72 392787099.23
Accounts received in advance 924332.28 1689748.86
Contract liability 77779348.91 126590458.95
Selling financial asset of repurchase 0.00 0.00
Absorbing deposit and interbank
deposit 0.00 0.00
Security trading of agency 0.00 0.00
Security sales of agency 0.00 0.00
Wage payable 143150859.26 181550514.63
Taxes payable 229568371.34 102239439.35
Other account payable 263186359.20 268321327.50
Including: Interest payable 0.00 0.00
Dividend payable 2933690.04 2933690.04
Commission charge and
commission payable 0.00 0.00
Reinsurance payable 0.00 0.00
Liability held for sale 0.00 0.00
Non-current liabilities due within
one year 26385962.57 42927367.21
Other current liabilities 4373517.22 8042645.47
Total current liabilities 2246891350.68 2608753702.25
Non-current liabilities:
Insurance contract reserve 0.00 0.00
Long-term loans 0.00 0.00
Bonds payable 0.00 0.00
Including: Preferred stock 0.00 0.00
Perpetual capital
securities 0.00 0.00
Lease liability 29468268.66 78084500.76
Long-term account payable 16732409.88 16636326.62
Long-term wages payable 0.00 0.00
Accrual liability 0.00 0.00
Deferred income 78672600.62 79203615.99
Deferred income tax liabilities 10081449.40 10495166.46
Other non-current liabilities 0.00 0.00
Total non-current liabilities 134954728.56 184419609.83
Total liabilities 2381846079.24 2793173312.08
Owner’s equity:
Share capital 1152535254.00 1152535254.00
89深圳市深粮控股股份有限公司2025年年度报告全文
Other equity instrument 0.00 0.00
Including: Preferred stock 0.00 0.00
Perpetual capital
securities 0.00 0.00
Capital public reserve 1271908217.34 1271908217.34
Less: Inventory shares 0.00 0.00
Other comprehensive income -726271.56 -620406.95
Reasonable reserve 0.00 1152617.76
Surplus public reserve 642697918.23 616729697.68
Provision of general risk 0.00 0.00
Retained profit 1922336040.31 1877968762.99
Total owner’ s equity attributable to
parent company 4988751158.32 4919674142.82
Minority interests 1745111.76 1703053.11
Total owner’ s equity 4990496270.08 4921377195.93
Total liabilities and owner’ s equity 7372342349.32 7714550508.01
Legal representative: Wang Zhikai
Person in charge of accounting works: Lu Yuhe
Person in charge of accounting institute: Lu Chengjun
2. Balance Sheet of Parent Company
In RMB
Item Ending balance Opening balance
Current assets:
Monetary funds 6139365.54 103158696.39
Tradable financial assets 0.00 0.00
Derivative financial assets 0.00 0.00
Note receivable 0.00 0.00
Account receivable 25752680.48 116938612.94
Receivable financing 0.00 0.00
Accounts paid in advance 0.00 134194.35
Other account receivable 2964238623.06 2123872937.65
Including: Interest receivable 0.00 0.00
Dividend receivable 0.00 0.00
Inventories 0.00 0.00
Including: Data resources 0.00 0.00
Contract assets 0.00 0.00
Assets held for sale 0.00 0.00
Non-current assets maturing within
one year 0.00 0.00
Other current assets 165952.53 110478.30
Total current assets 2996296621.61 2344214919.63
Non-current assets:
Debt investment 0.00 0.00
Other debt investment 0.00 0.00
Long-term receivables 0.00 0.00
Long-term equity investments 4031188641.37 4031188641.37
Investment in other equity
instrument 0.00 0.00
Other non-current financial assets 0.00 0.00
Investment real estate 14628552.64 15100142.92
Fixed assets 29063623.01 30997299.26
Construction in progress 0.00 0.00
Productive biological assets 339232.20 348924.60
Oil and natural gas assets 0.00 0.00
90深圳市深粮控股股份有限公司2025年年度报告全文
Right-of-use assets 44176967.53 67225820.17
Intangible assets 22264239.66 21988398.89
Including: Data resources 0.00 0.00
Research and development costs 0.00 0.00
Including: Data resources 0.00 0.00
Goodwill 0.00 0.00
Long-term deferred expenses 2757815.67 3403734.80
Deferred income tax assets 10701819.97 10774610.43
Other non-current assets 916053.25 2497360.73
Total non-current assets 4156036945.30 4183524933.17
Total assets 7152333566.91 6527739852.80
Current liabilities:
Short-term borrowings 797823319.42 272901652.46
Trading financial liability 0.00 0.00
Derivative financial liability 0.00 0.00
Notes payable 0.00 0.00
Account payable 40574195.28 0.00
Accounts received in advance 0.00 0.00
Contract liability 0.00 0.00
Wage payable 37125576.25 49395879.48
Taxes payable 17037938.49 3570294.15
Other accounts payable 224250325.59 228671937.92
Including: Interest payable 0.00 0.00
Dividend payable 2933690.04 2933690.04
Liability held for sale 0.00 0.00
Non-current liabilities due within
one year 22849507.90 22332687.31
Other current liabilities 0.00 0.00
Total current liabilities 1139660862.93 576872451.32
Non-current liabilities:
Long-term loans 0.00 0.00
Bonds payable 0.00 0.00
Including: Preferred stock 0.00 0.00
Perpetual capital
securities 0.00 0.00
Lease liability 21949210.38 46945825.26
Long-term account payable 0.00 0.00
Long term employee compensation
payable 0.00 0.00
Accrued liabilities 0.00 0.00
Deferred income 0.00 0.00
Deferred income tax liabilities 0.00 0.00
Other non-current liabilities 0.00 0.00
Total non-current liabilities 21949210.38 46945825.26
Total liabilities 1161610073.31 623818276.58
Owners’ equity:
Share capital 1152535254.00 1152535254.00
Other equity instrument 0.00 0.00
Including: Preferred stock 0.00 0.00
Perpetual capital
securities 0.00 0.00
Capital public reserve 3018298284.55 3018298284.55
Less: Inventory shares 0.00 0.00
Other comprehensive income 0.00 0.00
Special reserve 0.00 0.00
Surplus reserve 370293490.09 344325269.54
Retained profit 1449596464.96 1388762768.13
91深圳市深粮控股股份有限公司2025年年度报告全文
Total owner’s equity 5990723493.60 5903921576.22
Total liabilities and owner’s equity 7152333566.91 6527739852.80
3. Consolidated Profit Statement
In RMB
Item 2025 2024
I. Total operating income 5505279622.35 5375089846.91
Including: Operating revenue 5505279622.35 5375089846.91
Interest income 0.00 0.00
Insurance gained 0.00 0.00
Commission charge and
commission income 0.00 0.00
II. Total operating cost 5044901146.47 4874596515.28
Including: Operating cost 4623410073.54 4479001434.83
Interest expense 0.00 0.00
Commission charge and
commission expense 0.00 0.00
Cash surrender value 0.00 0.00
Net amount of expense of
compensation 0.00 0.00
Net amount of withdrawal of
insurance contract reserve 0.00 0.00
Bonus expense of guarantee
slip 0.00 0.00
Reinsurance expense 0.00 0.00
Tax and extras 19546177.36 19652659.06
Sales expense 138284538.25 149810329.96
Administrative expense 206252622.49 168245200.59
R&D expense 24962654.98 25208644.43
Financial expense 32445079.85 32678246.41
Including: Interest
expenses 32969675.94 33986936.32
Interest income 1073602.35 1832540.57
Add: Other income 59416884.80 12340535.46
Investment income (Loss is
listed with “-”) -536315.86 3416742.97
Including: Investment income
on affiliated company and joint venture -1561528.64 -3992524.74
The termination of
income recognition for financial assets 0.00 0.00
measured by amortized cost
Exchange income (Loss is
listed with “-”) 0.00 0.00
Net exposure hedging income
(Loss is listed with “-”) 0.00 0.00
Income from change of fair
value (Loss is listed with “-”) 0.00 0.00
Loss of credit impairment
(Loss is listed with “-”) 1241774.76 166728.94
Losses of devaluation of asset
(Loss is listed with “-”) -121690077.25 -102359076.35
Income from assets disposal
(Loss is listed with “-”) 18960030.78 5281839.25
III. Operating profit (Loss is listed with
“-”)417770773.11419340101.90
Add: Non-operating income 48918268.36 608747.13
Less: Non-operating expense 883565.29 603979.68
IV. Total profit (Loss is listed with “-”) 465805476.18 419344869.35
Less: Income tax expense 222547631.56 95201262.19
92深圳市深粮控股股份有限公司2025年年度报告全文
V. Net profit (Net loss is listed with “-”) 243257844.62 324143607.16
(i) Classify by business continuity
1.continuous operating net profit(net loss listed with ‘-”) 243257844.62 324143607.16
2.termination of net profit (net losslisted with ‘-”) 0.00 0.00
(ii) Classify by ownership
1.Net profit attributable to owner’s
of parent company 243215785.97 325309578.52
2.Minority shareholders’ gains and
losses 42058.65 -1165971.36
VI. Net after-tax of other comprehensive
income -105864.61 212767.87
Net after-tax of other comprehensive
income attributable to owners of parent -105864.61 212767.87
company
(I) Other comprehensive income
items which will not be reclassified 0.00 0.00
subsequently to profit of loss
1.Changes of the defined
benefit plans that re-measured 0.00 0.00
2.Other comprehensive
income under equity method that cannot 0.00 0.00
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument 0.00 0.00
4.Fair value change of
enterprise's credit risk 0.00 0.00
5. Other 0.00 0.00
(ii) Other comprehensive income
items which will be reclassified -105864.61 212767.87
subsequently to profit or loss
1.Other comprehensive
income under equity method that can 0.00 0.00
transfer to gain/loss
2.Change of fair value of
other debt investment 0.00 0.00
3.Amount of financial assets
re-classify to other comprehensive 0.00 0.00
income
4.Credit impairment
provision for other debt investment 0.00 0.00
5.Cash flow hedging reserve 0.00 0.00
6.Translation differences
arising on translation of foreign currency -105864.61 212767.87
financial statements
7.Other 0.00 0.00
Net after-tax of other comprehensive
income attributable to minority 0.00 0.00
shareholders
VII. Total comprehensive income 243151980.01 324356375.03
Total comprehensive income
attributable to owners of parent 243109921.36 325522346.39
Company
Total comprehensive income
attributable to minority shareholders 42058.65 -1165971.36
VIII. Earnings per share:
(i) Basic earnings per share 0.2110 0.2823
(ii) Diluted earnings per share 0.2110 0.2823
As for the enterprise combined under the same control the net profit achieved by the merged party before combination is0yuan
and the net profit achieved by the merged party in last period is negative0 yuan.Legal representative: Wang Zhikai
Person in charge of accounting works: Lu Yuhe
93深圳市深粮控股股份有限公司2025年年度报告全文
Person in charge of accounting institute: Lu Chengjun
4. Profit Statement of Parent Company
In RMB
Item 2025 2024
I. Operating revenue 209915047.31 169956053.77
Less: Operating cost 79960368.08 2808669.32
Taxes and surcharge 609051.83 548323.11
Sales expenses 0.00 0.00
Administration expenses 103754102.15 87567563.48
R&D expenses 0.00 0.00
Financial expenses -32519591.95 -41291103.22
Including: Interest
expenses 14743882.36 4609336.81
Interest income 47459369.49 46144115.42
Add: Other income 107105.12 185224.01
Investment income (Loss is
listed with “-”) 213293709.44 1215262497.73
Including: Investment income
on affiliated Company and joint venture 0.00 0.00
The termination of
income recognition for financial assets
measured by amortized cost (Loss is 0.00 0.00
listed with “-”)
Net exposure hedging income
(Loss is listed with “-”) 0.00 0.00
Changing income of fair value
(Loss is listed with “-”) 0.00 0.00
Loss of credit impairment
(Loss is listed with “-”) 1007327.20 -5530.90
Losses of devaluation of asset
(Loss is listed with “-”) 0.00 0.00
Income on disposal of assets
(Loss is listed with “-”) 0.00 0.00II. Operating profit (Loss is listed with “-”)272519258.961335764791.92
Add: Non-operating income 1408979.93 0.00
Less: Non-operating expense 103550.74 16034.73
III. Total Profit (Loss is listed with “-”) 273824688.15 1335748757.19
Less: Income tax 14142482.67 -514555.82
IV. Net profit (Net loss is listed with “-”) 259682205.48 1336263313.01
(i) continuous operating net profit(net loss listed with ‘-”) 259682205.48 1336263313.01
(ii) termination of net profit (netloss listed with ‘-”) 0.00 0.00
V. Net after-tax of other comprehensive
income 0.00 0.00
(i) Other comprehensive income
items which will not be reclassified 0.00 0.00
subsequently to profit of loss
1.Changes of the defined
benefit plans that re-measured 0.00 0.00
2.Other comprehensive
income under equity method that cannot 0.00 0.00
be transfer to gain/loss
3.Change of fair value of
investment in other equity instrument 0.00 0.00
4.Fair value change of
enterprise's credit risk 0.00 0.00
5. Other 0.00 0.00
94深圳市深粮控股股份有限公司2025年年度报告全文
(ii) Other comprehensive income
items which will be reclassified 0.00 0.00
subsequently to profit or loss
1.Other comprehensive
income under equity method that can 0.00 0.00
transfer to gain/loss
2.Change of fair value of
other debt investment 0.00 0.00
3.Amount of financial assets
re-classify to other comprehensive 0.00 0.00
income
4.Credit impairment
provision for other debt investment 0.00 0.00
5.Cash flow hedging reserve 0.00 0.00
6.Translation differences
arising on translation of foreign currency 0.00 0.00
financial statements
7.Other 0.00 0.00
VI. Total comprehensive income 259682205.48 1336263313.01
VII. Earnings per share:
(i) Basic earnings per share 0 0
(ii) Diluted earnings per share 0 0
5. Consolidated Cash Flow Statement
In RMB
Item 2025 2024
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 5761113889.62 5740779445.44
services
Net increase of customer deposit
and interbank deposit
Net increase of loan from central
bank 0.00 0.00
Net increase of capital borrowed
from other financial institution 0.00 0.00
Cash received from original
insurance contract fee 0.00 0.00
Net cash received from reinsurance
business 0.00 0.00
Net increase of insured savings and
investment 0.00 0.00
Cash received from interest
commission charge and commission 0.00 0.00
Net increase of capital borrowed 0.00 0.00
Net increase of returned business
capital 0.00 0.00
Net cash received by agents in sale
and purchase of securities 0.00 0.00
Write-back of tax received 2722965.17 2979376.42
Other cash received concerning
operating activities 479860256.07 265985560.00
Subtotal of cash inflow arising from
operating activities 6243697110.86 6009744381.86
Cash paid for purchasing
commodities and receiving labor service 4147634955.92 5403858690.85
Net increase of customer loans and
advances 0.00 0.00
Net increase of deposits in central
bank and interbank 0.00 0.00
Cash paid for original insurance 0.00 0.00
95深圳市深粮控股股份有限公司2025年年度报告全文
contract compensation
Net increase of capital lent 0.00 0.00
Cash paid for interest commission
charge and commission 0.00 0.00
Cash paid for bonus of guarantee
slip 0.00 0.00
Cash paid to/for staff and workers 344851787.18 340520836.42
Taxes paid 151394252.46 146884244.82
Other cash paid concerning
operating activities 499376011.40 133798229.15
Subtotal of cash outflow arising from
operating activities 5143257006.96 6025062001.24
Net cash flows arising from operating
activities 1100440103.90 -15317619.38
II. Cash flows arising from investing
activities:
Cash received from recovering
investment 440087.36 400281319.81
Cash received from investment
income 0.00 6078274.34
Net cash received from disposal of
fixed intangible and other long-term 78314607.50 17413889.42
assets
Net cash received from disposal of
subsidiaries and other units 2384111.71 18619360.20
Other cash received concerning
investing activities 0.00 0.00
Subtotal of cash inflow from investing
activities 81138806.57 442392843.77
Cash paid for purchasing fixed
intangible and other long-term assets 115194556.43 95475079.77
Cash paid for investment 64105.00 345009000.00
Net increase of mortgaged loans 0.00 0.00
Net cash received from subsidiaries
and other units obtained 0.00 3151787.39
Other cash paid concerning
investing activities 0.00 7559395.68
Subtotal of cash outflow from investing
activities 115258661.43 451195262.84
Net cash flows arising from investing
activities -34119854.86 -8802419.07
III. Cash flows arising from financing
activities:
Cash received from absorbing
investment 0.00 0.00
Including: Cash received from
absorbing minority shareholders’ 0.00 0.00
investment by subsidiaries
Cash received from loans 1675756479.40 3395816991.96
Other cash received concerning
financing activities 5249428.86 0.00
Subtotal of cash inflow from financing
activities 1681005908.26 3395816991.96
Cash paid for settling debts 2604050302.98 3140732951.95
Cash paid for dividend and profit
distributing or interest paying 201054569.83 258068059.21
Including: Dividend and profit of
minority shareholder paid by subsidiaries 0.00 0.00
Other cash paid concerning
financing activities 31120836.59 50811877.40
Subtotal of cash outflow from financing
activities 2836225709.40 3449612888.56
Net cash flows arising from financing
activities -1155219801.14 -53795896.60
IV. Influence on cash and cash -109448.44 105610.80
96深圳市深粮控股股份有限公司2025年年度报告全文
equivalents due to fluctuation in
exchange rate
V. Net increase of cash and cash
equivalents -89009000.54 -77810324.25
Add: Balance of cash and cash
equivalents at the period -begin 158935342.85 236745667.10
VI. Balance of cash and cash equivalents
at the period -end 69926342.31 158935342.85
6. Cash Flow Statement of Parent Company
In RMB
Item 2025 2024
I. Cash flows arising from operating
activities:
Cash received from selling
commodities and providing labor 885612227.88 733933422.20
services
Write-back of tax received 0.00 0.00
Other cash received concerning
operating activities 3743412424.42 4010769222.83
Subtotal of cash inflow arising from
operating activities 4629024652.30 4744702645.03
Cash paid for purchasing
commodities and receiving labor service 53662007.49 421487.00
Cash paid to/for staff and workers 88699306.22 65491681.47
Taxes paid 1932939.46 1289038.98
Other cash paid concerning
operating activities 4305460404.42 4812539395.94
Subtotal of cash outflow arising from
operating activities 4449754657.59 4879741603.39
Net cash flows arising from operating
activities 179269994.71 -135038958.36
II. Cash flows arising from investing
activities:
Cash received from recovering
investment 0.00 325621806.51
Cash received from investment
income 13293709.44 14422758.19
Net cash received from disposal of
fixed intangible and other long-term 0.00 0.00
assets
Net cash received from disposal of
subsidiaries and other units 0.00 16360810.20
Other cash received concerning
investing activities 0.00 0.00
Subtotal of cash inflow from investing
activities 13293709.44 356405374.90
Cash paid for purchasing fixed
intangible and other long-term assets 5852509.49 7590134.57
Cash paid for investment 0.00 295009000.00
Net cash received from subsidiaries
and other units obtained 0.00 3151787.39
Other cash paid concerning
investing activities 0.00 0.00
Subtotal of cash outflow from investing
activities 5852509.49 305750921.96
Net cash flows arising from investing
activities 7441199.95 50654452.94
III. Cash flows arising from financing
activities:
Cash received from absorbing
investment 0.00 0.00
Cash received from loans 753433412.24 1635652509.73
97深圳市深粮控股股份有限公司2025年年度报告全文
Other cash received concerning
financing activities 0.00 0.00
Subtotal of cash inflow from financing
activities 753433412.24 1635652509.73
Cash paid for settling debts 828201638.70 1363121027.51
Cash paid for dividend and profit
distributing or interest paying 186596883.95 234609740.44
Other cash paid concerning
financing activities 22361441.85 0.00
Subtotal of cash outflow from financing
activities 1037159964.50 1597730767.95
Net cash flows arising from financing
activities -283726552.26 37921741.78
IV. Influence on cash and cash
equivalents due to fluctuation in -3973.25 3623.95
exchange rate
V. Net increase of cash and cash
equivalents -97019330.85 -46459139.69
Add: Balance of cash and cash
equivalents at the period -begin 103158696.39 149617836.08
VI. Balance of cash and cash equivalents
at the period -end 6139365.54 103158696.39
7. Consolidated Statement of Changes in Owners’ Equity
Current period
In RMB
2025
Owners’ equity attributable to the parent Company
Other
equity instrument
Perp Less
etua :
Prov Minor
Pref Inve Other Reaso ision ity
Total
Share erre l Ot Capital ntor compre nable Surplus of Retained
Ot owners’
capital capi reserve hensive reserv reserve gene profit he Subtotal
interes
ts equityd he y r
stoc tal income e ral
k secu
r shar risk
ritie es
s
I.Balanc - 1152 61672 1703
e at the 115253 127190 187796 491967 492137
end of 62040 617.7 9697.6 053.15254.00 8217.34 8762.99 4142.82 7195.93
the last 6.95 6 8 1
year
Add:
Change
s of
accoun
ting
policy
Error
correcti
on of
the last
period
Other
II.Bala
nce at
the - 1152 61672 1703115253 127190 187796 491967 492137
beginni 62040 617.7 9697.6 053.1
ng of 5254.00 8217.34 8762.99 4142.82 7195.93
this 6.95 6 8 1
year
III.Increas --
e/ 1152 25968 443672 690770 4205 691190
Decrea 10586 617.7 220.55 77.32 15.50 8.65 74.15
se in 4.61
this 6
98深圳市深粮控股股份有限公司2025年年度报告全文
year
(Decre
ase is
listedwith “-”)
(i)
Total - 243215 243109 4205 243151
compre 10586
hensive 785.97 921.36 8.65 980.01
income 4.61
(ii)
Owner
s’
devote
d and
decreas
ed
capital
1.Com
mon
shares
investe
d by
shareh
olders
2.Capit
al
investe
d by
holders
of
other
equity
instrum
ents
3.
Amoun
t
reckon
ed into
owners
equity
with
share-
based
payme
nt
4.
Other
(III) - - -
Profit 25968
distribu 198848 172880 172880220.55
tion 508.65 288.10 288.10
1.
Withdr -
awal of 25968
surplus 259682 0.00220.55
reserve 20.55
s
2.
Withdr
awal of
general
risk
provisi
ons
3.
Distrib
ution - - -
for
owners 172880 172880 172880
(or 288.10 288.10 288.10
shareh
olders)
4.
Other
(IV)
Carryin
g
99深圳市深粮控股股份有限公司2025年年度报告全文
forwar
d
internal
owners
’ equity
1.
Capital
reserve
s
conver
sed to
capital
(share
capital)
2.
Surplus
reserve
s
conver
sed to
capital
(share
capital)
3.
Remed
ying
loss
with
surplus
reserve
4.Carry
-over
retaine
d
earning
s from
the
defined
benefit
plans
5.Carry
-over
retaine
d
earning
s from
other
compre
hensive
income
6.
Other
(V) - - -
Reason 1152
able 115261 115261617.7
reserve 7.76 7.76
6
1.
Withdr
awal in
the
report
period
2.-
Usage - -
in the 1152 115261 115261
report 617.7
period 7.76 7.766
(VI)Ot
hers
IV.Balanc
e at the - 64269 1745115253 127190 192233 498875 499049
end of 72627 0.00 7918.2 111.7
the 5254.00 8217.34 6040.31 1158.32 6270.08
report 1.56 3 6
period
100深圳市深粮控股股份有限公司2025年年度报告全文
Last period
In RMB
2024
Owners’ equity attributable to the parent Company
Other
equity instrument Other Minor Total
Item Share Perpet Capit Less: compr Reaso Surpl Provis ity owner
capita Prefer ual al Invent ehensi nable us ion of
Retai Subto intere s’
l red capita Other reserv ory ve reserv reserv gener
ned Other tal sts equity
stock l e shares incom e e al risk
profit
securi e
ties
I.Balan
ce at 1152 1276 - 4831 1916 4828 5320 4881
the 7419
end of 5352 1515 8331 0336 7925 4915 9554. 701068.19
the 54.00 23.07 74.82 6.38 66.57 03.39 68 58.07
last
year
Add:
Chan
ges of
accou
nting
policy
Error
correc
tion
of the
last
period
Other
II.Balan
ce at 1152 1276 - 4831 1916 4828 5320 4881
the 7419
begin 5352 1515 8331 0336 7925 4915 9554. 701068.19
ning 54.00 23.07 74.82 6.38 66.57 03.39 68 58.07
of this
year
III.Increa
se/
Decre
ase in - - -
this 1336 9118 39674243 2127 4106 3882 5150
year 2633 2639. 6137.
(Decr 305.7 67.87 49.57 3803. 6501.
ease 1.30 43 863 58 57
is
listed
with
“-”)
(i)
Total -
compr 3253 3255 32432127 1165
ehensi 0957 2234 5637
ve 67.87 971.3
incom 8.52 6.39 5.036
e
(ii)
Owne
rs’
devot - - - -
ed 4243 4243 5034 5458
and 305.7 305.7 0530. 3835.decre
ased 3 3 21 94
capita
l
1.Co
mmon
shares
101深圳市深粮控股股份有限公司2025年年度报告全文
invest
ed by
share
holder
s
2.Cap
ital
invest
ed by
holder
s of
other
equity
instru
ments
3.
Amou
nt
recko
ned
into
owner
s
equity
with
share-
based
paym
ent
----
4.4243424350345458
Other 305.7 305.7 0530. 3835.
332194
(III) - - -1336
Profit 3641 2305 2305
distrib 2633 3338 0705 0705
ution 1.30
2.100.800.80
1.
Withd
rawal -1336
of 1336
surplu 2633 2633
s 1.30
reserv 1.30
es
2.
Withd
rawal
of
gener
al risk
provis
ions
3.
Distri
bution - - -
for 2305 2305 2305
owner
s (or 0705 0705 0705
share 0.80 0.80 0.80
holder
s)
4.
Other
(IV)
Carryi
ng
forwa
rd
intern
al
owner
s’
equity
1.
Capit
al
102深圳市深粮控股股份有限公司2025年年度报告全文
reserv
es
conve
rsed
to
capita
l
(share
capita
l)
2.
Surpl
us
reserv
es
conve
rsed
to
capita
l
(share
capita
l)
3.
Reme
dying
loss
with
surplu
s
reserv
e
4.Carr
y-
over
retain
ed
earnin
gs
from
the
define
d
benefi
t
plans
5.Carr
y-
over
retain
ed
earnin
gs
from
other
compr
ehensi
ve
incom
e
6.
Other
410641064106
49.5749.5749.57
(V)
Reaso 1243 1243 1243
nable 738.4 738.4 738.4
reserv
e 1 1 1
1.
Withd - - -
rawal
in the 8330 8330 8330
report 88.84 88.84 88.84
period
2.
Usage
in the
report
103深圳市深粮控股股份有限公司2025年年度报告全文
period
(VI)O
thers
IV.Balan
ce at 1152 1271 1877 4919 4921- 1152 6167 1703
the 535 908 968 674 377
end of 6204 617. 2969 053.254.0 217.3 762.9 142.8 195.9
the 06.95 76 7.68 11
report 0 4 9 2 3
period
8.Statement of Changes in Owners’ Equity (Parent Company)
Current Period
In RMB
2025
Other equity instrument
Less: OtherItem Share Perpetua Capital compreh ReasonaInventor ble Surplus Retaine
Total
capital Preferre l capital reserve ensive reserve d profit Other owners’
d stock securitie Other y shares income reserve equity
s
I.Balance
at the 115253 301829 344325 138876 590392
end of 5254.00 8284.55 269.54 2768.13 1576.22
the last
year
Add:
Changes
of
accounti
ng
policy
Error
correcti
on of
the last
period
Other
II.Balance
at the 115253 301829 344325 138876 590392
beginnin 5254.00 8284.55 269.54 2768.13 1576.22
g of this
year
III.Increase
/
Decreas
e in this 259682 608336 868019
year
(Decrea 20.55 96.83 17.38
se is
listedwith “-”)
(i)
Total 259682 259682
compreh
ensive 205.48 205.48
income
(ii)
Owners’
devoted
and
decrease
d capital
1.Comm
on
shares
invested
by
sharehol
104深圳市深粮控股股份有限公司2025年年度报告全文
ders
2.Capita
l
invested
by
holders
of other
equity
instrume
nts
3.
Amount
reckone
d into
owners
equity
with
share-
based
payment
4. Other
(III) - -
Profit 259682
distribut 198848 17288020.55
ion 508.65 288.10
1.
Withdra -259682
wal of 259682 0.00
surplus 20.55
reserves 20.55
2.
Distribu
tion for - -
owners 172880 0.00 172880
(or
sharehol 288.10 288.10
ders)
3. Other
(IV)
Carryin
g
forward
internal
owners’
equity
1.
Capital
reserves
convers
ed to
capital
(share
capital)
2.
Surplus
reserves
convers
ed to
capital
(share
capital)
3.
Remedy
ing loss
with
surplus
reserve
4.Carry-
over
retained
earnings
from the
defined
benefit
plans
5.Carry-
over
retained
earnings
105深圳市深粮控股股份有限公司2025年年度报告全文
from
other
compreh
ensive
income
6. Other
(V)
Reasona
ble
reserve
1.
Withdra
wal in
the
report
period
2. Usage
in the
report
period
(VI)Oth
ers
IV.Balance
at the 115253 301829 370293 144959 599072
end of
the 5254.00 8284.55 490.09 6464.96 3493.60
report
period
Last period
In RMB
2024
Other equity instrument
Item Share Less:
Other
Perpetua
capital Capital Inventor compreh
Reasona
ble Surplus Retaine
Total
Preferre l capital Other reserve y shares ensive reserve reserve d profit
Other owners’
d stock securitie income equity
s
I.Balance
at the 115253 301810 210698 416632 479797
end of 5254.00 6568.27 938.24 837.22 3597.73
the last
year
Add:
Changes
of
accounti
ng
policy
Error
correcti
on of
the last
period
Other
II.Balance
at the 115253 301810 210698 416632 479797
beginnin 5254.00 6568.27 938.24 837.22 3597.73
g of this
year
III.Increase
/
Decreas
e in this 191716. 133626 972129 110594
year
(Decrea 28 331.30 930.91 7978.49
se is
listedwith “-”)
106深圳市深粮控股股份有限公司2025年年度报告全文
(i)
Total 133626 133626
compreh
ensive 3313.01 3313.01
income
(ii)
Owners’
devoted 191716. 191716.and 28 28
decrease
d capital
1.Comm
on
shares
invested
by
sharehol
ders
2.Capita
l
invested
by
holders
of other
equity
instrume
nts
3.
Amount
reckone
d into
owners
equity
with
share-
based
payment
191716.191716.
4. Other
2828
(III) - -
Profit 133626
distribut 364133 230507331.30
ion 382.10 050.80
1.
Withdra -133626
wal of 133626 0.00
surplus 331.30
reserves 331.30
2.
Distribu - -
tion for 2305 2305
owners
(or 0705 0705
sharehol 0.80 0.80
ders)
3. Other
(IV)
Carryin
g
forward
internal
owners’
equity
1.
Capital
reserves
convers
ed to
capital
(share
capital)
2.
Surplus
reserves
convers
ed to
capital
(share
capital)
107深圳市深粮控股股份有限公司2025年年度报告全文
3.
Remedy
ing loss
with
surplus
reserve
4.Carry-
over
retained
earnings
from the
defined
benefit
plans
5.Carry-
over
retained
earnings
from
other
compreh
ensive
income
6. Other
(V)
Reasona
ble
reserve
1.
Withdra
wal in
the
report
period
2. Usage
in the
report
period
(VI)Oth
ers
IV.Balance
at the 115253 301829 344325 138876 590392
end of
the 5254.00 8284.55 269.54 2768.13 1576.22
report
period
III. Basic information of Company
Shenzhen Cereals Holdings Co. Ltd. (formerly the Shenzhen Shenbao Industrial Co. Ltd. hereinafter referred to as “SZCH”
“Company” or “the Company” ) formerly named Shenzhen Shenbao Canned Food Company obtained approval (Document (1991)
No.978) from Shenzhen Municipal People’s Government to change to the name as Shenzhen Shenbao Industrial Co. Ltd. on August
1991.Approved by the People’s Bank of China(Document (1991)No.126) the Company was listed on Shenzhen Stock Exchange.
The Company belongs to the grain oil food and beverage industry.As of December 31 2023 the cumulative amount of shares issued by the Company was 1152535254 shares with registered capital
of 1152535254.00 yuan. Registered address: Shenzhen Guangdong Province; HQ of the Company: 8/F Tower B No.4 Building
Software Industry Base South District Science & Technology Park Xuefu Rd. Yuehai Street Nanshan District Shenzhen.Main business of the Company: wholesale and retail business food processing and manufacturing business leasing and business
service business. The wholesale and retail business mainly involves the sales of grain and oil products such as rice wheat rice corn
barley sorghum edible oil etc. as well as fine tea beverages and condiments. The food processing and manufacturing business
mainly includes the processing of flour rice edible oil tea and natural plant extracts beverages condiments etc. The leasing and
business service business provides grain oil and food and beverage import and export trade warehousing and storage logistics and
distribution quality testing information technology services property leasing and management commercial operation management
108深圳市深粮控股股份有限公司2025年年度报告全文
and other services for all kinds of customers upstream and downstream of the industrial chain.The parent enterprise of the Company is Shenzhen Food Materials Group Co. Ltd and the actual controller of the Company is
Shenzhen Municipal People’s Government State-owned Assets Supervision & Administration Commission
The financial statements and notes to financial statements has been approved by the24th meeting of the 11th session of BOD of the
company on April 24 2026.IV. Basis of preparation of financial statements
1. Basis of preparation
The financial statement are prepared in line with the Accounting Standards for Business Enterprise -Basic Standard issued by
Ministry of Finance and specific accounting principle as well as the application guidance for the accounting principles for enterprise
interpretation to the accounting principles for enterprise and other related requirements (hereinafter referred to as Accounting
Standards for Business Enterprise) combining the Information Disclosure Preparation Rules for Company Public Issuing Securities
No.15-General Rules for Financial Report of the CSRC(Revised in 2023).
2. Going concern
The financial statement has been prepared on a going concern basis.V. Major accounting policy and accounting estimate
Specific accounting policies and accounting estimate tips:
the company has determined fixed asset depreciation intangible asset amortization and revenue recognition policies based on its
own production and operation characteristics. Specific accounting policies can be found in Note III.17 Note III. 21 Note III.22 and
Note III.27.
1. Statement for observation of Accounting Standard for Business Enterprise
The financial statements prepared by the Company are in accordance to requirements of Accounting Standard for Business Enterprise
issued by Ministry of Finance which truly and completely reflect the financial status of the Company and parent company on
December 31 2025 as well as the consolidate and parent company’s operational results and cash flow for year of 2025.
2. Accounting period
Calendar year is the accounting period for the Company that is falls to the range starting from 1 January to 31 December.
3. Operating cycle
Operating cycle of the Company is 12 months
109深圳市深粮控股股份有限公司2025年年度报告全文
4. Standard currency
The Company and its subsidiaries take RMB as the standard currency for bookkeeping. Overseas subsidiaries select their accounting
base currency based on the currency of the main economic environment in which they operate.
5. Method for determining importance criteria and selection criteria
? Applicable □ Not applicable
Item Importance criteria
Important accounts receivable with single provision for bad
debt reserves Amount ≥ 10000000
Other accounts receivable with significant single provision for
bad debt reserves Amount ≥ 10000000·
Major construction in progress Amount ≥10000000
Significant investment activities Amount ≥10000000
Associated enterprises and joint ventures where the cost
carrying amount of long-term equity investments or
Important joint venture or associated enterprise investment income therefrom is RMB 10 million or more; or
where the share of the investee’s net profit recognized in the
current period accounts for 5% or more of the Company’s
consolidated net profit;
Other items with a single amount exceeding 0.5% of the total
Other important events
assets.
6. Accounting treatment methods for business combinations under the same control and those not under
the same control
(1) Merger of enterprises under the same control
For merge of business under the same control the assets and liabilities of the merged party acquired by the merging party in the
merger shall be measured at the carrying amount of the merged party in the final controlling party’s consolidated financial statements
on the merger date. The difference between the book value of the merger consideration (or the total face value of the issued shares)
and the book value of the net assets obtained in the merger shall be adjusted to the capital reserve (share premium). If the capital
reserve (share premium) is insufficient to offset the retained earnings shall be adjusted.Implementing enterprise mergers under the same control through multiple transactions and step-by-step implementation
The assets and liabilities of the merged party acquired by the merging party in the merger shall be measured at their carrying amounts
in the consolidated financial statements of the ultimate controlling party on the merger date; The difference between the book value
of the investments held before the merger and the book value of the newly paid consideration on the merger date and the book value
of the net assets obtained during the merger is adjusted to the capital reserve (share premium). If the capital reserve is insufficient to
offset the retained earnings are adjusted. The long-term equity investment held by the merging party before obtaining control of the
merged party shall be offset against the beginning retained earnings or current period gains/losses of the comparative financial period
respectively in case the relevant gains/losses other comprehensive income and other changes in shareholders’ equity have been
recognized within the period from the latter between the date of acquiring the original equity and the date when the merging party
and the merged party are under the same ultimate control as the merging party to the merging date.
(2) Merger of enterprises not under the same control
110深圳市深粮控股股份有限公司2025年年度报告全文
For merge of enterprises not under the same control the merger cost is the fair value of the assets paid liabilities incurred or assumed
and equity securities issued on the acquisition date to obtain control over the acquired party. On the purchase date the assets
liabilities and contingent liabilities of the acquired party are recognized at fair value.The difference between the merger cost and the fair value share of identifiable net assets obtained from the acquired party in the
merger shall be recognized as goodwill and subsequently measured at cost minus accumulated impairment provisions; In case the
merge cost is lower than the fair value of identifiable net assets obtained from the acquired party in the merge the difference shall be
recognized in the gains/losses of current period after review.Implementing business mergers under different control through multiple transactions in stages
The merger cost is the sum of the consideration paid on the purchase date and the fair value of the equity of the acquired party held
prior to the purchase date. For the equity of the purchased party already held before the purchase date it shall be remeasured at its
fair value on the purchase date and the difference between the fair value and its book value shall be recognized in the current
investment income; The changes in other comprehensive income and other shareholders’ equity involved with the equity of the
purchased party before purchase date shall be carried forward to the current income of the purchase date not including other
comprehensive income arising from changes in net liabilities or net assets if the invested entity remeasures the defined benefit plan
as well as other comprehensive income related to non-trading equity instrument investments that were originally designated to be
measured at fair value with changes recognized in other comprehensive income.
(3) Treatment of transaction costs in enterprise merger
The intermediary fees for auditing legal services evaluation and consulting as well as other related management expenses incurred
for business mergers are recognized in the current period’s gains/losses when incurred. The transaction costs of equity or debt
securities issued as consideration for the merger shall be included in the initial recognition amount of equity or debt securities.
7. Criteria for judging control and preparation methods for consolidated financial statements
(1) Criteria for judging control
The consolidation scope of the consolidated financial statements is determined based on control. Control refers to the company
having the power over the invested entity enjoying variable returns through participating in related activities of the invested entity
and having the ability to use the power over the invested entity to influence its return amount. When changes in relevant facts and
circumstances result in changes in the relevant elements involved in the definition of control the company will conduct reassessment.When determining whether to include a structured entity in the scope of consolidation the company takes into account all facts and
circumstances including evaluating the purpose and design of the establishment of the structured entity identifying the types of
variable returns and evaluating whether to control the structured entity by participating in its related activities and assuming some or
all of the variability of returns.
(2) Method of preparing consolidated financial statements
The consolidated financial statements are based on the financial statements of the Company and its subsidiaries and are prepared by
the Company based on other relevant information. When preparing consolidated financial statements the accounting policies and
period requirements of the Company and its subsidiaries are consistent and significant transactions and balances between companies
are offset.During the reporting period subsidiaries and businesses added due to merge of enterprises under the same control shall be deemed to
be included in the scope of the company’s consolidation from the date of being under the same ultimate control. The operating results
and cash flows from the date of being under the same ultimate control shall be separately included in the consolidated income
111深圳市深粮控股股份有限公司2025年年度报告全文
statement and consolidated cash flow statement.During the reporting period the income expenses and profits of subsidiaries and businesses added due to merge of enterprises not
under the same control from the purchase date to the end of the reporting period shall be included in the consolidated income
statement and their cash flows shall be included in the consolidated cash flow statement.The portion of the shareholder’s equity of the subsidiary that does not belong to the company shall be separately listed as minority
shareholder’s equity in the consolidated balance sheet under the shareholder's equity item; The shares belonging to minority interests
in the current net gains and losses of subsidiaries are presented as minority interests under the net profit in the consolidated income
statement. In case the losses assumed by the minority shareholders in the subsidiary exceed their share in the initial owner's equity of
the subsidiary the balance shall still offset against the decrease in the minority shareholder’s equity.
(3) Purchase of minority shareholder equity in subsidiary companies
The difference between the cost of newly acquired long-term equity investments due to the purchase of minority equity and the net
asset that should be continuously calculated from the date of purchase or merger based on the new shareholding ratio as well as the
difference between the disposal price obtained from partial disposal of equity investments in subsidiaries without losing control and
the net asset that should be continuously calculated from the date of purchase or merger corresponding to the disposal of long-term
equity investments shall be adjusted to the capital reserve (share premium) in the consolidated balance sheet. If the capital reserve is
insufficient to offset retained earnings shall be adjusted.
(4) Treatment of loss of control over subsidiaries
If control over the original subsidiary is lost due to the disposal of partial equity investments or other reasons the remaining equity
shall be remeasured at fair value on the date of loss of control; The difference between the sum of the consideration obtained from
the disposal of equity and the fair value of the remaining equity minus the sum of the book value of net asset book of the original
subsidiary that should have been continuously calculated from the purchase date based on the original shareholding ratio and the
goodwill is recognized in the investment income for the period when control is lost.Other comprehensive income related to equity investments in the original subsidiary should be accounted for on the same basis as the
direct disposal of related assets or liabilities by the original subsidiary when control is lost. Other changes in owner’s equity related
to the original subsidiary and measured at equity method should be transferred to the current period’s gains and losses when control
is lost.
8. Classification of joint venture arrangements and accounting treatment methods for joint operations
Joint venture arrangement refers to an arrangement jointly controlled by two or more participating parties. The joint venture
arrangements of the company are divided into joint operations and joint ventures.
(1) Joint operation
In joint operation the company enjoys the assets related to the arrangement and assumes the liabilities related to the arrangement.The company confirms the following items related to the share of interests in joint operations and conducts accounting treatment in
accordance with the relevant accounting standards for enterprises:
A. Recognize individually held assets and jointly held assets based on their respective shares;
B. Recognize individual liabilities and jointly assume liabilities based on their respective shares;
C. Recognize the income generated from the sale of its share of joint operating output;
112深圳市深粮控股股份有限公司2025年年度报告全文
D. Recognize the revenue generated from the sale of output in joint operations based on their share;
E. Recognize the expenses incurred separately and the expenses incurred in joint operations based on their respective shares.
(2) Joint venture
In a joint venture the company only has the right to the net assets arranged by it.The company accounts for investments in joint ventures in accordance with the provisions of equity method accounting for long-term
equity investments.
9. Recognition standards for cash and cash equivalents
Cash refers to the cash on hand and cash equivalents of deposits that can be used for payment at any time. Cash equivalent refers to
the investment held by the Company with short maturity and strong liquidity that are easy to be converted into known amounts with
little risk of change in cash value.
10. Foreign currency transactions and foreign currency statement translation
(1)Foreign currency transactions
The company conducts foreign currency business and converts the amount of the accounting currency at the exchange rate which is
determined in a systematic and reasonable manner and is approximately the spot exchange rate on the date of transaction.On the balance sheet date foreign currency monetary items are converted with the spot exchange rate on the balance sheet date. The
exchange difference arising from the difference between the spot exchange rate on the balance sheet date and the exchange rate for
initial recognition or on the previous balance sheet date shall be recognized in the current period's gains and losses; For foreign
currency non-monetary items measured at historical cost the spot exchange rate on the transaction date shall still be used for
translation; For foreign currency non-monetary items measured at fair value the spot exchange rate on the date of fair value
determination is adopted. The difference between the converted amount in the accounting currency and the original amount in the
accounting currency is recognized in the gains and losses of current period or other comprehensive income based on the nature of the
non-monetary item.
(2) Translation of foreign currency financial statements
At the balance sheet date when translating the foreign currency financial statements of overseas subsidiaries for the assets and
liabilities items in the balance sheet the spot exchange rate on the balance sheet date is used for translation. For the items of
shareholders’ equity except for “retained profits” other items are translated at the spot exchange rate on the date of occurrence.For the revenue and expense items in the income statement the exchange rate determined by a reasonable method of the system
and approximate to the spot exchange rate on the transaction date will be available for translation.All items in the cash flow statement are translated at the exchange rate determined by a reasonable method of the system and
approximate to the spot exchange rate on the date of cash flow occurrence. The impact amount of exchange rate fluctuations oncash is treated as an adjustment item and is booked into the “Impact of Exchange Rate Fluctuations on Cash and CashEquivalents” which is separately presented in the cash flow statement.
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The difference arising from the translation of financial statements is presented in “Other Comprehensive Income” under the
shareholders’ equity items in the balance sheet.In case of disposing of an overseas operation and losing control rights the translation difference of the foreign currency statements
related to this overseas operation which is presented under the items of owners' equity in the balance sheet shall be transferred in
full or in proportion to the gains/losses of the period of the disposal of such oversea operation.
11.Financial instrument
Financial instrument is the contract that forms the financial asses for an enterprise and forms the financial liability or equity
instrument for other units.
(1) Recognition and de-recognition of financial instruments
The company recognizes the financial asset or liability when it becomes a party to a financial instrument contract.Financial assets that meet one of the following conditions shall be derecognized:
* The contractual right to receive cash flows from the financial asset is terminated;
* The financial asset has been transferred and meets the conditions for derecognizing the transfer of financial assets as follows.In case the current obligations of a financial liability have been fully or partially relieved the financial liability or a portion thereof
shall be derecognized. In case the company (debtor) signs an agreement with creditors to replace existing financial liabilities by
assuming new financial liabilities and the contractual terms of the new financial liabilities are substantially different from those of
the existing financial liabilities the existing financial liabilities shall be derecognized and the new financial liabilities shall be
recognized simultaneously.The financial assets bought or sold in conventional manners shall be recognized or derecognized on the trading day.
(2) Classification and initial measurement of financial assets
At the initial recognition according to the business model of managing financial assets and the contractual cash flow characteristics
of financial assets the Company classifies the financial assets into the financial assets measured at amortized cost the financial
assets measured at fair value and whose changes are included in other comprehensive income and the financial assets measured at
fair value and whose changes are included in current profit or loss.Financial assets are measured at fair value for initial recognition. For financial assets measured at fair value with changes recognized
in the gains and losses of current period the relevant transaction costs are directly recognized in the gains and losses of current
period; For other categories of financial assets relevant transaction costs are included in the initial recognition amount. The accounts
receivable arising from the sale of products or provision of services which do not include or consider significant financing
components shall be recognized at the expected amount of consideration that the company is entitled to receive for initial recognition.Financial assets measured at amortized cost
The Company classifies the financial assets that meet the following conditions and are not designated as financial assets measured at
fair value and whose changes are included in current profit or loss as financial assets measured at amortized cost:
* The group’s business model for managing the financial assets is to collect contractual cash flows; and
* The contractual terms of the financial assets stipulate that cash flow generated on a specific date will be only used to pay for the
principal and interest based on the outstanding principal amount.After initial recognition such financial assets are measured at amortized cost with the effective interest method. Gains or losses
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arising from financial assets which are measured at amortized cost and are not a component of any hedging relationship are included
in current profit or loss when being terminated for recognition amortized by effective interest method or impaired.Financial assets measured at fair value and whose changes are included in other comprehensive income
The Company classifies the financial assets that meet the following conditions and are not designated as financial assets measured at
fair value and whose changes are included in current profit or loss as financial assets measured at fair value and whose changes are
included in other comprehensive income:
* The Group's business model for managing the financial assets is targeted at both the collection of contractual cash flows and
the sale of financial assets; and
* The contractual terms of the financial asset stipulate that the cash flow generated on a specific date is only used to pay for the
principal and the interest based on the outstanding principal amount.After initial recognition such financial assets are subsequently measured at fair value. Interests impairment losses or gains and
exchange gains and losses calculated with the effective interest method are included in profit or loss for the period and other gains or
losses are included in other comprehensive income. At the time of derecognition the accumulated gains or losses previously included
in other comprehensive income shall be carried forward from other comprehensive income to current profit or loss.Financial assets measured at fair value and whose changes are included in current profit or loss
Except for the above financial assets measured at amortized cost and measured at fair value and whose changes are included in other
comprehensive income the Company classifies all other financial assets as financial assets measured at fair value and whose changes
are included in current profit or loss. In the initial recognition in order to eliminate or significantly reduce accounting mismatch the
Company irreversibly designates part of the financial assets that should be measured at amortized cost or measured at fair value and
whose changes are included in the other comprehensive income as the financial assets measured at fair value and whose changes are
included in current profit or loss.After the initial recognition such financial assets are subsequently measured at fair value and the gains or losses (including interests
and dividend income) are included in the current profit and loss unless the financial assets are part of the hedging relationship.The business model of managing financial assets refers to how the company manages financial assets to generate cash flow. The
business model determines whether the source of cash flow for the financial assets managed by the company is to receive contract
cash flow sell financial assets or a combination of both. the company determines the business model for managing financial assets
based on objective facts and specific business objectives determined by key management personnel.The company evaluates the contractual cash flow characteristics of financial assets to determine whether the contractual cash flow
generated by the relevant financial assets on a specific date is only for the payment of principal and interest based on the outstanding
principal amount. Principal refers to the fair value of financial assets at initial recognition; Interest includes consideration for the time
value of money credit risk associated with outstanding principal amounts for a specific period and other basic lending risks costs
and profits. In addition the company evaluates contract terms that may cause changes in the time distribution or amount of cash
flows in financial asset contracts to determine whether they meet the requirements of the aforementioned contract cash flow
characteristics.Only when the company changes its business model for managing financial assets all affected related financial assets shall be
reclassified on the first day of the first reporting period after the change in business model. Otherwise financial assets shall not be
reclassified after initial recognition.
(3) Classification and measurement of financial liabilities
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The financial liabilities of the company are classified at initial recognition as financial liabilities measured at fair value through gains
and losses of current period financial liabilities measured at amortized cost. For financial liabilities that are not classified as
measured at fair value and whose changes are recognized in the gains and losses of current period the relevant transaction costs are
included in their initial recognition amount.Financial liabilities measured at fair value through gains and losses
Financial liabilities measured at fair value through gains and losses include trading financial liabilities and financial liabilities
designated at initial recognition as measured at fair value through profit or loss. For such financial liabilities subsequent
measurements are made at fair value and gains or losses resulting from changes in fair value as well as dividends and interest
expenses related to such financial liabilities are recognized in the gains and losses of current period.Financial liabilities measured at amortized cost
Other financial liabilities are measured with effective interest rate method at amortized cost and any gains or losses arising from
derecognition or amortization are recognized in the gains and losses of current period.The distinction between financial liabilities and equity instruments
Financial liabilities refer to liabilities that meet one of the following conditions:
* The contractual obligation to deliver cash or other financial assets to other parties.* Contractual obligations to exchange financial assets or liabilities with other parties under potential adverse conditions.* Non-derivative instrument contracts that require or can be settled with the company’s own equity instruments in the future and
the company will deliver a variable number of its own equity instruments according to this contract.* Derivative instrument contracts that require or can be settled with the company’s own equity instruments in the future except for
derivative instrument contracts where a fixed amount of self-equity instruments is exchanged for a fixed amount of cash or other
financial assets.Equity instruments refer to contracts that prove ownership of the remaining equity in assets of a certain enterprise after deducting all
liabilities.If the company cannot unconditionally avoid fulfilling a contractual obligation by delivering cash or other financial assets such
contractual obligation meets the definition of financial liability.If a financial instrument needs to be settled or can be settled with the company’s own equity instruments it is necessary to consider
whether the company’s own equity instruments used to settle the instrument are used as substitutes for cash or other financial assets
or to enable the holder of the instrument to enjoy the remaining equity in the assets after deducting all liabilities from the issuer. If it
is the former the instrument is the financial liability of the company; If it is the latter the instrument is the equity instrument of the
company.
(4) Derivative financial instruments and embedded derivative instruments
The derivative financial instruments of the company are initially measured at fair value on the date of signing the derivative
transaction contract and are subsequently measured at their fair value. The derivative financial instruments with a positive fair value
are recognized as an asset while those with a negative fair value are recognized as a liability. Any gains or losses arising from
changes in fair value that do not comply with hedge accounting regulations are directly recognized in the gains and losses of current
period.
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For mixed instruments containing embedded derivative instruments in case the main contract is a financial asset the relevant
provisions for financial asset classification shall apply to the mixed instruments as a whole. If the main contract is not a financial
asset and the mixed instrument is not measured at fair value through gains and losses the embedded derivative instrument is not
closely related to the main contract in terms of economic characteristics and risks and has the same conditions as the embedded
derivative instrument and the separate instrument meets the definition of a derivative instrument the embedded derivative
instrument is separated from the mixed instrument and treated as a separate derivative financial instrument. If it is not possible to
separately measure embedded derivative instruments at the time of acquisition or subsequent balance sheet dates the mixed
instrument as a whole shall be designated as a financial asset or liability measured at fair value with its changes recognized in the
gains and losses of current period.
(5) Fair value of financial instruments
The method for determining the fair value of financial assets and financial liabilities can be found in Note III. 12 of the audit report.
(6) Impairment of financial assets
Based on expected credit losses the company conducts impairment accounting treatment and recognizes loss provisions for the
following items:
Financial assets measured at amortized cost;
Accounts receivable and debt instrument investments measured at fair value with changes recognized in other
comprehensive income;
Contract assets defined in Enterprise Accounting Standard No. 14- Revenue;
Lease receivables;
Financial guarantee contracts (excluding those measured at fair value through profit or loss transfer of financial assets that
do not meet the termination recognition conditions or continued involvement in the transferred financial assets).Measurement of expected credit losses
Expected credit loss refers to the weighted average of credit losses of financial instruments weighted by the risk of default. Credit
loss refers to the present value of all cash shortages which is the difference between all contractual cash flows receivable discounted
at the original effective interest rate and expected cash flows received by the company.Considering reasonable and evidence-based information regarding past events current conditions and predictions of future economic
conditions with the risk of default as the weight the company calculates the probability weighted amount of the present value of the
difference between the cash flows receivable under the contract and the expected cash flows to be received and recognize the
expected credit loss.The company measures the expected credit losses of financial instruments at different stages separately. If the credit risk of financial
instruments has not significantly increased since initial recognition they are in the first stage and the company measures the loss
provision based on the expected credit losses within the next 12 months; If the credit risk of a financial instrument has significantly
increased since initial recognition but has not yet experienced credit impairment it is in the second stage and the company measures
the provision for losses based on the expected credit losses of the instrument over its entire duration; If a financial instrument has
experienced credit impairment since its initial recognition it is in the third stage and the company measures the provision for losses
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based on the expected credit losses of the instrument over its entire duration.For financial instruments with lower credit risk on the balance sheet date the company assumes that their credit risk has not
significantly increased since initial recognition and measures loss provisions based on expected credit losses over the next 12 months.The expected credit loss for the entire expected duration of a financial instrument refers to the expected credit loss caused by all
possible default events that may occur throughout the expected duration of the financial instrument. The expected credit loss within
the next 12 months implies the expected credit loss that may occur due to a default event of a financial instrument within the next 12
months after the balance sheet date (within the expected duration in case the expected maturity of the financial instrument is less than
12 months) which is a part of the expected credit loss for the entire duration).
When measuring expected credit losses the longest term that the company needs to consider is the longest contract term that the
enterprise faces credit risk (including considering renewal options).For financial instruments in the first and second stages as well as those with lower credit risk the company calculates interest
income based on their book balance without deducting impairment provisions and actual interest rate. For financial instruments in the
third stage interest income is calculated based on their book balance minus the amortized cost of impairment provisions and the
actual interest rate.For receivables such as notes receivable accounts receivable and other receivables if the credit risk characteristics of a certain
customer are significantly different from those of other customers in the portfolio or if there is a significant change in the credit risk
characteristics of that customer the company will make individual separate bad debt reserve for that receivable. Except for accounts
receivable with individual bad debt reserve the company classifies accounts receivable into portfolios based on credit risk
characteristics and calculates bad debt reserve on the basis of portfolio.Notes receivable accounts receivable and contract assets
For notes receivable and accounts receivable regardless of whether there are significant financing components the company always
measures its loss provision at an amount equivalent to the expected credit loss for the entire duration.When it is unable to assess the expected credit losses of a single financial asset at a reasonable cost the company categories accounts
receivable and notes receivable into portfolios based on credit risk characteristics calculates expected credit losses on the basis of
portfolio and determines the basis for portfolio and the method for measuring expected credit losses as follows:
A. Notes receivable
Accounts receivable portfolio 1: Bank acceptance bill
Accounts receivable portfolio 2: Commercial acceptance bill
B. Accounts receivable
Accounts receivable portfolio 1: Sales receivables portfolio
Accounts receivable portfolio 2: Specific object portfolio
For accounts receivable and contract assets classified into portfolio the company based on historical credit loss experience
combined with current conditions and predictions of future economic conditions calculate the expected credit loss by default risk
exposure and the expected credit loss rate for the entire duration
For accounts receivable classified into portfolio the company based on historical credit loss experience combined with current
conditions and predictions of future economic conditions prepare a comparison table between the aging of accounts receivable
and the expected credit loss rate for the entire duration and calculate the expected credit loss. The aging of the accounts receivable
is calculated since the recognition date of accounts receivable.
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Other receivables
The company categories other receivables into several combinations based on credit risk characteristics calculates expected credit
losses on the basis of portfolio and determines the basis for portfolio as follows:
Other accounts receivable portfolio 1: Expected portfolio of credit risk characteristics
Other accounts receivable portfolio 2: Specific object portfolio
For other receivables classified into portfolio the company based on historical credit loss experience calculate the expected credit
loss by default risk exposure and the expected credit loss rate over the next 12 months or the entire duration. The aging of the
accounts receivable is calculated since the recognition date of other accounts receivable.Debt investment and other debt investments
For debt investments and other debt investments the company calculates expected credit losses based on the nature of the investment
various types of counterparties and risk exposure default risk exposure and expected credit loss rate for the next 12 months or the
entire duration.Assessment of significant increase in credit risk
The company compares the risk of default of financial instruments on the balance sheet date with the risk of default on the initial
recognition date to determine the relative change in default risk during the expected duration of financial instruments in order to
evaluate whether the credit risk of financial instruments has significantly increased since initial recognition.When determining whether credit risk has significantly increased since initial recognition the company considers reasonable and
evidence-based information including forward-looking information that can be obtained without unnecessary additional costs or
efforts. The information considered by the company includes:
The debtor fails to pay the principal and interest on the due date of the contract;
Serious deterioration of external or internal credit ratings (if any) of financial instruments that have occurred or are
expected to occur;
Serious deterioration of the debtor's operating results that has occurred or is expected to occur;
Existing or anticipated changes in technology market economy or legal environment that will have a significant adverse
impact on the debtor's ability to repay the company.Based on the nature of financial instruments the company evaluates whether credit risk significantly increases based on individual
financial instruments or combinations of financial instruments. When performing assessment based on financial instruments portfolio
the company can classify financial instruments based on common credit risk characteristics such as overdue information and credit
risk ratings.If the overdue period exceeds 30 days the company determines that the credit risk of the financial instrument has significantly
increased.Financial assets that have experienced credit impairment
The company assesses on the balance sheet date whether financial assets measured at amortized cost and debt investments measured
at fair value with changes recognized in other comprehensive income have experienced credit impairment. When one or more events
that have an adverse impact on the expected future cash flows of a financial asset occur the financial asset becomes a financial asset
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that has experienced credit impairment. Evidence of credit impairment of financial assets includes the following observable
information:
The issuer or debtor encounters significant financial difficulties;
The debtor violates the contract such as paying interest or principal in default or overdue;
Due to economic or contractual considerations related to the financial difficulties of the debtor the company will not make
any concessions to the debtor under any other circumstances;
The debtor is likely to go bankrupt or undergo other financial restructuring;
The financial difficulties of the issuer or debtor have led to the disappearance of the active market for the financial asset.Reporting of provisions for expected credit losses
To reflect the changes in credit risk of financial instruments since initial recognition the company remeasures expected credit losses
on each balance sheet date. The consequent increase or reversal of loss provisions should be recognized as impairment losses or gains
in the gains and losses of current period. For financial assets measured at amortized cost the provision for losses shall offset the
booking amount of the financial asset as stated in the balance sheet; For debt investments measured at fair value with changes
recognized in other comprehensive income the loss provision shall be recognized in other comprehensive income and does not offset
the booking amount of the financial asset.Write-off
If the company no longer reasonably expects the cash flow of the financial asset contract to be fully or partially recovered the book
amount of the financial asset shall be directly written down. This writes down constitutes the derecognition of related financial assets.This situation usually occurs when the company determines that the debtor does not have assets or sources of income to generate
sufficient cash flow to repay the amount to be written down. However according to the company’s procedures for recovering due
payments the financial assets that have been written down may still be affected by execution activities.In case financial assets that have been written down are subsequently recovered the reversed impairment losses shall be booked into
the gains and losses of current period.
(7) Financial asset transfer
Financial asset transfer refers to the transfer or delivery of financial assets to another party (transferee) other than the issuer of the
financial asset.If the company has transferred almost all the risks and rewards of ownership of financial assets to the transferee the financial asset
shall be derecognized; If almost all risks and rewards related to ownership of financial assets are retained the financial asset will not
be derecognized.In case the company neither transfers nor retains almost all the risks and rewards related to the ownership of financial assets the
following situations shall be handled separately: if the control over the financial asset is abandoned the financial asset shall be
derecognized and the resulting assets and liabilities shall be recognized; if the control over the financial asset is not abandoned the
relevant financial asset shall be recognized based on the continued involvement of the company in the transferred financial asset and
corresponding liabilities shall be recognized.
(8) Balance-out between the financial assets and liabilities
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As the company has the legal right to balance out the financial liabilities by the net or liquidation of the financial assets the
balance-out sum between the financial assets and liabilities is listed in the balance sheet. In addition the financial assets and
liabilities are listed in the balance sheet without being balanced out.
12. Note receivable
13. Account receivable
14. Receivable financing
15. Other account receivable
16. Contract asset
17. Inventory
(1) Classification of inventory
Inventory includes raw materials revolving material goods in process goods in transit and work in process-outsourced and so on.
(2) Valuation methods for delivery of inventory
The inventory of the company is valued at actual cost upon acquisition. The raw materials and inventory goods are priced using the
weighted average method or individual valuation method at the time of shipping.
(3) Determination basis and provision method for inventory depreciation reserves
On the balance sheet date inventory is measured at the lower between cost and net realizable value. When its net realizable value is
lower than cost the inventory impairment provision is made.The net realizable value is the amount obtained by subtracting the estimated cost to be incurred until completion estimated sales
expenses and related taxes from the estimated selling price of inventory. When determining the net realizable value of inventory it is
based on conclusive evidence obtained while considering the purpose of holding inventory and the impact of events after the balance
sheet date.The company usually makes inventory impairment provision based on individual inventory items.On the balance sheet date if the factors affecting the previous write-down of inventory value have disappeared the inventory
impairment provision shall be reversed within the originally provisioned amount.
(4) Inventory system
Inventory system is the perpetual inventory system.
(5) Amortization of low-value consumables and packaging materials
Low-value consumables and packaging materials adopt the method of primary resale;
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18.Asset held for sale
(1) Recognition criteria and accounting treatment for non-current assets or disposal groups classified as held-for-sale category
In case the company recovers the carrying value of a non-current asset or a disposal group mainly through selling (including non-
monetary asset exchanges with commercial substance) rather than continuous use such non-current asset or disposal group shall
be classified as held-for-sale category.The above-mentioned non-current assets do not include investment real estate measured subsequently at fair value biological
assets measured at the net amount of fair value minus selling expenses assets formed from employee benefits financial assets
deferred income tax assets and rights arising from insurance contracts.A disposal group refers to a group of assets that are disposed of as a whole through sale or other means in a single transaction as
well as the liabilities directly related to these assets that are transferred in the transaction. Under certain circumstances a disposal
group includes goodwill obtained in a business combination.Non-current assets or disposal groups that meet the following conditions simultaneously shall be classified as held-for-sale
category categories: In accordance with the practice of selling such assets or disposal groups in similar transactions the non-
current assets or disposal groups can be sold immediately in their current state; the sale is highly likely to occur that is a
resolution has been made on a sales plan and a firm purchase commitment has been obtained and it is expected that the sale will
be completed within one year. In the case of losing control over a subsidiary due to reasons such as the sale of investment in the
subsidiary regardless of whether the company retains part of the equity investment after the sale when the investment in the
subsidiary to be sold meets the classification conditions for the held-for-sale category the investment in the subsidiary as a whole
shall be classified as the held-for-sale category in the individual financial statements and all the assets and liabilities of the
subsidiary shall be classified as the held-for-sale category in the consolidated financial statements.When initially measuring or re-measuring a non-current asset or disposal group held-for-sale at the balance sheet date the
difference between the carrying value and the net amount of fair value minus selling expenses shall be recognized as an asset
impairment loss. For the amount of asset impairment loss recognized for a disposal group held-for-sale the carrying value of the
goodwill in the disposal group shall be offset first and then the carrying values of the various non-current assets in the disposal
group shall be offset proportionally according to the proportion of their respective carrying values.If the net amount of the fair value of a non-current asset or disposal group held-for-sale minus selling expenses increases at a
subsequent balance sheet date the previously written-down amount shall be restored and reversed within the amount of asset
impairment loss recognized after being classified as held-for-sale category and the reversed amount shall be included in the
current gains/losses. The written-down carrying value of the goodwill shall not be reversed.The non-current assets held-for-sale and the assets in the disposal group held-for-sale shall not be depreciated or amortized; the
interest and other expenses of the liabilities in the disposal group held-for-sale shall continue to be recognized. For all or part of
the investment in associated enterprise or joint venture classified as held-for-sale category the equity method of accounting shall
be suspended for the part classified as held-for-sale and the retained part not classified as held-for-sale category shall continue to
be accounted with the equity method; in case the company loses significant influence over the associated enterprise or joint
venture due to sale the equity method of accounting shall be suspended.If a certain non-current asset or disposal group is classified as held-for-sale category but later no longer meets the classification
conditions for held-for-sale category the company shall stop classifying it as held-for-sale category and measure it at the lower of
the following two amounts:
* The carrying value of the asset or disposal group before it was classified as held-for-sale category adjusted according to the
depreciation amortization or impairment that should have been recognized assuming it had not been classified as held-for-sale
category;
* The recoverable amount.
(2) Recognition criteria for discontinued operations
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Discontinued operation refers to a separately distinguishable component that has been disposed of by the company or classified as
held-for-sale category by the company and meets one of the following conditions:
* The component represents an independent major business or a separate major operating region.* The component is part of a related plan for the disposal of an independent major business or a separate major operating region.* The component is a subsidiary acquired specifically for resale.
(3) Presentation
The company presents the non-current assets held-for-sale or the assets in the disposal group held-for-sale in the balance sheet in
“Assets held-for-sale” and presents the liabilities in the disposal group held-for-sale in “Liabilities held-for-sale”.The company presents the gains/losses from continuing operations and the gains/losses from discontinued operations separately in
the income statement. For non-current assets or disposal groups held-for-sale that do not meet the definition of discontinued
operations their impairment losses reversal amounts and disposal gains/losses are presented as the gains/losses from continuing
operations. The impairment losses reversal amounts and other operating gains/losses as well as disposal gains/losses of
discontinued operations are presented as gains/losses from discontinued operations.A disposal group that is intended to be taken out of use rather than sold and meets the conditions of the relevant component in the
definition of discontinued operations shall be presented as a discontinued operation as of the date of its cessation of use.For the discontinued operations presented in the current period in the current financial statements the information that was
originally presented as gains/losses from continuing operations is re-presented as gains/losses from discontinued operations for the
comparable accounting period. If a discontinued operation no longer meets the classification conditions for the held-for-sale
category in the current financial statements the information that was originally presented as gains/losses from discontinued
operations is re-presented as gains/losses from continuing operations for the comparable accounting period.
19.Creditors’ investment
20.Other creditors’ investment
21.Long-term accounts receivable
22.Long-term equity investment
Long term equity investments include equity investments in subsidiaries joint ventures and associated enterprises. In the joint
venture the company is capable of exerting significant influence on the invested entity.
(1) Determination of initial investment cost
Long term equity investments formed from enterprise merge: For long-term equity investments obtained through merge of enterprise
under the same control the investment cost shall be determined based on the share of the book value of the the shareholders’ equity
of the merged party in the consolidated financial statements of the final controller on the merger date; The long-term equity
investment obtained through the merger of enterprises not under the same control shall be recognized as the investment cost of the
long-term equity investment based on the merger cost.Long-term equity investments obtained through other means: For the long-term equity investments obtained by paying cash the
actual purchase price paid shall be the initial investment cost; For long-term equity investments obtained through the issuance of
equity securities the fair value of the issued equity securities shall be the initial investment cost.
(2) Subsequent measurement and recognition methods of gains and losses
Investments in subsidiaries are measured with the cost method unless the investment meets the conditions for holding for sale;
Investments in associated enterprises and joint ventures are measured with equity method.
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For the long-term equity investments measured with cost method except for cash dividends or profits declared but not yet distributed
in the actual payment or consideration received at the time of investment the cash dividends or profits declared by the investee shall
be recognized as investment income and booked into gains and losses in current period.For long-term equity investments measured with the equity method if the initial investment cost is greater than the fair value of
identifiable net assets of the invested entity held at the time of investment the investment cost of the long-term equity investment
shall not be adjusted; If the initial investment cost is less than the fair value of the identifiable net assets of the invested entity held at
the time of investment the book value of the long-term equity investment shall be adjusted and the difference shall be recognized in
the gains and losses of the investment period.When measured with equity method investment income and other comprehensive income shall be recognized separately based on
the share of net gains and losses and other comprehensive income that should be enjoyed or shared by the invested entity and the
book value of long-term equity investments shall be adjusted; The book value of long-term equity investments shall be reduced
correspondingly in terms of the portion that should be enjoyed based on the profits or cash dividends declared by the invested entity;
Other changes in shareholders’ equity of the invested entity except for net gains and losses other comprehensive income and profit
distribution shall adjust the book value of long-term equity investments and be booked into capital reserves (other capital reserves).Based on the fair value of identifiable assets of the invested entity at the time of acquisition of the investment the share of net gains
and losses that should be enjoyed in the invested entity shall be adjusted according to the accounting policies and accounting periods
of the company before recognition.If significant influence or joint control can be exerted on the invested entity due to additional investment or other reasons but does
not constituting control on the conversion date the initial investment cost measured again with equity method shall be the sum of the
fair value of the original equity and the additional investment cost. If the original equity is classified as a non-trading equity
instrument investment measured at fair value with changes recognized in other comprehensive income the cumulative fair value
changes related that were originally recognized in other comprehensive income shall be transferred to retained income when the
equity method is used for accounting.If the joint control or significant impact on the invested entity is lost due to the disposal of some equity investments or other reasons
the remaining equity after disposal shall be subject to accounting treatment in accordance with Accounting Standards for Enterprises
No. 22- Recognition and Measurement of Financial Instruments on the date of loss of joint control or significant impact and the
difference between fair value and book value shall be recognized in gains and losses in current period. Other comprehensive income
recognized for equity investments with equity method shall be measured on the same basis as the direct disposal of relevant assets or
liabilities by the invested entity when the equity method is terminated; Other changes in shareholders' equity related to the original
equity investment are transferred to gains and losses in current period.If control over the investee is lost due to the disposal of a portion of equity investment or other reasons and the remaining equity
after disposal can exercise joint control or significant influence over the investee it shall be measured with equity method and the
remaining equity shall be deemed to be adjusted with the equity method from the time of acquisition; If the remaining equity after
disposal cannot exercise joint control or have a significant impact on the invested entity it shall be measured in accordance with the
relevant provisions of Enterprise Accounting Standard No. 22- Recognition and Measurement of Financial Instruments. The
difference between the fair value and the book value on the date of loss of control shall be recognized in gains and losses in current
period.If the shareholding ratio of the Company decreases due to capital increase by other investors and the company loses control over the
invested entity but is able to exercise joint control or exert significant influence on the invested entity the Company shall recognize
the rising net assets of the invested entity held by the company due to capital increase and share expansion according to the new
shareholding ratio and the difference between the original book value of the long-term equity investment corresponding to the
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decrease in shareholding ratio that should be carried forward shall be included in the current gains and losses and then it shall be
adjusted in terms of the new shareholding ratio just as it is measured with equity method when the investment is obtained.The unrealized internal transaction gains and losses between the Company and its associated enterprises and joint ventures shall be
calculated in terms of the proportion of shareholding and recognized as investment gains and losses on the basis of offsetting.However the unrealized internal transaction losses incurred by the Company and the invested entity which is the impairment losses
of the transferred assets shall not be offset.
(3) Criteria of joint control and significant influence
Joint control is the Company’s contractually agreed sharing of control over an arrangement which relevant activities of such
arrangement must be decided by unanimously agreement from parties who share control. When determining whether there is joint
control firstly judge whether all the participants or participant group have controlling over such arrangement as a group or not and
then judge whether the decision-making for such arrangement are agreed unanimity by the participants or not. If all participants or a
group of participants must act together to determine the relevant activities of a certain arrangement it is considered that all
participants or a group of participants collectively control the arrangement; If there are two or more portfolios of participants to
collectively control a certain arrangement it does not constitute joint control. When determining whether there is joint control the
protective rights enjoyed are not considered.Significant influence is the power of the Company to participate in the financial and operating policy decisions of an invested party
but to fail to control or joint control the formulation of such policies together with other parties. When determining whether
significant influence can be exerted on the invested entity the potential factors of voting power as current convertible bonds and
current executable warrant of the invested party held by investors and other parties shall be considered.When the company directly or indirectly owns more than 20% (inclusive) but less than 50% of the voting shares of the invested
entity through its subsidiaries it is generally considered to have a significant impact on the invested entity unless there is clear
evidence that it cannot participate in the production and operation decisions of the invested entity and does not form a significant
impact; When the company owns less than 20% (exclusive) of the voting shares of the invested entity it is generally not considered
to have a significant impact on the invested entity unless there is clear evidence that it can participate in the production and operation
decisions of the invested unit and form a significant impact.
(4) Equity investments held-for-sale
In case all or part of the equity investments in associated enterprise or joint venture are classified as assets held-for-sale the
relevant accounting treatments are shown in Note III.14.The remaining equity investments that have not been classified as assets held-for-sale will be accounted with the equity method.If the equity investments in associated enterprise or joint venture that have been classified as assets held-for-sale no longer meet
the classification conditions for assets held-for-sale retrospective adjustment shall be made with the equity method starting from
the date when they were classified as assets held-for-sale.
(5) Impairment testing methods and impairment provision methods
Refer to Note III. 23 of auditor’s report for the method for making asset impairment for investments in subsidiaries associated
enterprises and joint ventures.
23. Investment real estate
Measurement model for investment real estate
Measured with cost method
Depreciation or amortization methods
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Investment real estate refers to real estate held for the purpose of earning rent or capital appreciation or both. The company’s
investment real estate includes leased land use rights land use rights held and prepared for transfer after appreciation and leased
buildings.The company's investment real estate is initially measured at cost at the time of acquisition and depreciated or amortized on a regular
basis in accordance with relevant regulations for fixed or intangible assets.For investment properties that are subsequently measured with cost model the method for impairment of assets is shown in Note III.
23.
The difference between the disposal income from sale transfer scrapping or damage of investment real estate after deducting its
book value and related taxes and fees is recognized in gains and losses in current period.
24. Fixed assets
(1) Recognition conditions
The company’s fixed assets refer to tangible assets held for the production of goods provision of services rental or business
management with a useful life exceeding one accounting year.Fixed assets can only be recognized when the economic benefits related to the fixed asset are likely to flow into the enterprise and the
cost of the fixed asset can be reliably measured.The company’s fixed assets are initially measured at their actual cost at the time of acquisition.Subsequent expenses related to fixed assets are recognized as fixed asset costs when the economic benefits related to them are likely
to flow into the company and their costs can be reliably measured; The daily repair expenses of fixed assets that do not meet the
subsequent expenditure conditions for capitalization of fixed assets shall be recognized in gains and losses in current period or in the
cost of related assets according to the beneficiaries at the time of occurrence. For the replaced part its book value shall be terminated.
(2) Depreciation method
Category Method Years of Scrap value Yearly depreciationdepreciation rate rate
House and buildings
Production buildings Straight-linedepreciation 20-35 5.00 4.75-2.71
Non-production buildings Straight-linedepreciation 20-40 5.00 4.75-2.38
Temporary dormitory and simple room Straight-line
etc. depreciation 5-15 5.00 19.00-6.33
Gas storage bin Straight-linedepreciation 20 5.00 4.75
Silo Straight-linedepreciation 50 5.00 1.90
Wharf and supporting facilities Straight-linedepreciation 50 5.00 1.90
Machinery equipment Straight-linedepreciation
Other machinery equipment Straight-linedepreciation 10-20 5.00 9.50-4.75
Warehouse transmission equipment Straight-linedepreciation 20 5.00 4.75
Transport equipment Straight-linedepreciation 3-10 5.00 31.67-9.50
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Electronic equipment and others Straight-linedepreciation 2-10 5.00 47.50-9.50
Among them for fixed assets with impairment provision the cumulative amount of impairment provision of fixed assets should also
be deducted to determine the depreciation rate.
(1) The methods for impairment testing of fixed assets and the methods for making impairment provision are described in Note III.
23.
(2) At the end of each year the company reviews the useful lives estimated residual values and depreciation methods of its fixed
assets.If there is a difference between the expected useful life and the original estimate the useful life of the fixed asset shall be adjusted;
if there is a difference between the estimated residual value and the original estimate the estimated residual value shall be adjusted.
(3) Disposal of fixed assets
When a fixed asset is disposed of or it is expected that no economic benefits arise from its use or disposal such fixed asset shall
be de-recognized. The amount obtained from the disposal of fixed asset (including sales transfers scrapping or damage) after
deducting its carrying value and relevant taxes and fees shall be included in the current gains/losses.
25. Construction in progress
The cost of construction in progress of the company is determined based on actual project expenses including necessary project
expenses incurred during the construction period borrowing costs that should be capitalized before the project reaches its intended
usable state and other related expenses.Construction in progress is transferred to fixed assets when it reaches its intended usable state.The method for impairment of assets for construction in progress can be found in Note III.24 of the auditor’s report.
26. Borrowing expenses
(1) Recognition of the borrowing expenses capitalization
The borrowing costs incurred by the company which can be directly attributed to the acquisition construction or production of assets
that meet the capitalization conditions shall be capitalized and included in the relevant asset costs; Other borrowing costs are
recognized as expenses based on their amount at the time of occurrence and included in the current profit and loss. The borrowing
costs meeting the following conditions simultaneously shall be capitalized:
* Asset expenses have already occurred including expenses incurred in the form of cash payments transfer of non-cash assets or
assuming interest bearing debts for the purchase construction or production of assets that meet capitalization conditions;
* The borrowing costs have already been incurred;
* The necessary purchase construction or production activities to bring the assets to their intended usable or saleable state have
already begun.
(2) During the capitalization period of borrowing costs
When assets purchased or produced by the company that meet capitalization conditions reach the intended usable or saleable state
the capitalization of borrowing costs shall be ceased. The borrowing costs incurred after the assets that meet the capitalization
conditions reach their intended usable or saleable status are recognized as expenses based on their amount at the time of occurrence
and recognized in gains and losses in current period.
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If assets that meet the capitalization criteria experience abnormal interruptions during the purchase construction or production
process and the interruption lasts for more than three consecutive months the capitalization of borrowing costs shall be suspended;
The borrowing costs during the normal interruption period continue to be capitalized.
(3) The capitalization rate of borrowing costs and the calculation method of capitalization amount
The actual interest expenses incurred in the current period of specialized borrowing minus the interest income obtained from
depositing unused borrowing funds into banks or the investment income obtained from temporary investments shall be capitalized;
The capitalization amount of general borrowing is determined by multiplying the weighted average of the accumulated asset
expenditures that exceed the portion of specialized borrowing by the capitalization rate of the general borrowing used. The
capitalization rate is determined based on the weighted average interest rate of general borrowing.During the capitalization period all exchange differences on foreign currency borrowings shall be capitalized; The exchange
difference of foreign currency general borrowings is recognized in gains and losses in current period.
27. Biological assets
(1) Criteria for determining biological assets
Biological assets refer to assets composed of living animals and plants. Biological assets that simultaneously meet the following
conditions shall be recognized:
* Asset expenses have already occurred including expenses incurred in the form of cash payments transfer of non-cash assets or
assuming interest bearing debts for the purchase construction or production of assets that meet capitalization conditions;
* The borrowing costs have already been incurred;
* The necessary purchase construction or production activities to bring the assets to their intended usable or saleable state have
already begun.
(2) Classification of biological assets
The biological assets of the company include productive biological assets.* Productive biological assets
The biological assets of the company are productive biological assets. Productive biological assets refer to biological assets held for
the purpose of producing agricultural products providing services or renting. Productive biological assets are initially measured at
cost. Subsequent expenses incurred on productive biological assets after achieving the intended production and operation objectives
are recognized in gains and losses in current period.The management and feeding expenses incurred after the closure or achievement of the intended production and operation objectives
of productive biological assets are presented in the current gains/losses.The main productive biological assets of the company are tea trees. For productive biological assets that achieve the predetermined
production and operation objectives depreciation is made with the straight-line method. The useful life is determined as the
remaining life of land use after deducting the immature period of tea trees (5 years) with a residual value rate of 5.00%. After
deducting residual value from the estimated useful life of biological assets the depreciation rate is determined as follows:
the company shall review the useful life estimated net residual value and depreciation method of productive biological assets at least
at the end of the year. Any changes shall be treated as changes in accounting estimates.
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The difference between the disposal income from the sale inventory loss death or damage of productive biological assets after
deducting their book value and related taxes and fees is recognized in gains and losses in current period.
(3) Treatment of impairment of biological assets
If the net realizable value of consumable biological assets is lower than their book value a impairment provision of biological assets
shall be made in terms of the difference between the net realizable value and the book value and shall be booked into gains and
losses in current period. If the factors affecting the impairment of consumable biological assets have disappeared the write-down
amount should be restored and reversed within the original impairment provision and the reversed amount should be recognized in
gains and losses in current period.The method for impairment of productive biological assets can be found in Note III. 23 of the auditor’s report.No impairment provision is made for public welfare biological assets.
28. Oil and gas assets
29. Intangible assets
(1) Service life and its determination basis estimated situation amortization method or review procedure
The intangible assets of the company include land use rights forest use rights trademark use rights store operation rights software
use rights patents and others.Intangible assets are initially measured at cost and analyzed for their useful life upon acquisition. For intangible assets with a limited
useful life the amortization method that reflects the expected realization of economic benefits related to the asset shall be adopted
from the time when the intangible asset is available for use and shall be amortized within the expected useful life; If the expected
implementation method cannot be reliably determined the straight-line method shall be used for amortization; Intangible assets with
uncertain useful lives are not amortized.The amortization method for intangible assets with limited service life is as follows:
Estimation of the service life of intangible assets with limited service life
Item Useful life Basis Amortizationmethod Note
Land use right Amortized the actual rest of life after certificate of Certificate of land use Straight-line
land use right obtained right method
Forest tree use right Service life arranged Protocol agreement Straight-line
method
Trademark use 10 years Actual situation of the Straight-line
right Company method
Shop management Service life arranged Protocol agreement Straight-line
right method
Software use right 5-8 years Protocol agreement Straight-line
method
Patents and others 20 years Actual situation of the Straight-line
Company method
At the end of each fiscal year the company reviews the useful life and amortization method of intangible assets with limited useful
lives. If there are differences from previous estimates the original estimates will be adjusted and treated as changes in accounting
estimates.If it is expected that a certain intangible asset will no longer bring future economic benefits to the enterprise on the balance sheet date
the book value of the intangible asset shall be fully transferred to the gains and profits of current period.
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The impairment method for intangible assets can be found in Note III.23 of the auditor’s report.
(2) The collection scope and related accounting treatment methods of R&D expenditure
The R&D expenses of the company are directly related to our R&D activities including employee salaries direct investment
expenses depreciation expenses and long-term deferred expenses design expenses equipment debugging expenses intangible asset
amortization expenses and other expenses. The salaries of R&D personnel are allocated to R&D expenses based on project working
hours. The sharing of equipment production lines and venues between R&D activities and other production and operation activities
is allocated as R&D expenses based on the proportion of working hours and area.The company distinguishes the expenses for internal R&D projects into research stage expenses and development stage expenses.The expenses incurred during the research phase are recognized in the gains and profits of current period when incurred.Expenditures during the development phase can only be capitalized if they meet the following conditions: completing the intangible
asset to make it technically feasible for use or sale; Has the intention to complete the intangible asset and use or sell it; The ways in
which intangible assets generate economic benefits including the ability to prove that the products produced with the intangible asset
or the intangible asset are marketable and the ability to prove its usefulness if the intangible asset will be used internally; Have
sufficient technical financial and other resources to support the development of the intangible asset and the ability to use or sell the
intangible asset; The expenses attributable to the development stage of the intangible asset can be reliably measured. Development
expenses that do not meet the above conditions are recognized in the gains and profits of current period.After meeting the above conditions and conducting technical and economic feasibility studies the company's R&D project enters the
development stage after being approved.The capitalized expenses during the development stage are listed as development expenses on the balance sheet and are converted
into intangible assets from the date the project reaches its intended use.
30. Impairment of long-term assets
The impairment of assets such as long-term equity investments in subsidiaries associated enterprises and joint ventures investment
real estate fixed assets construction in progress productive biological assets measured with cost models right-of-use assets
intangible assets and goodwill (excluding inventory deferred income tax assets and financial assets) shall be determined with the
following method:
On the balance sheet date it is determined whether there are any signs of possible impairment of assets. If there are signs of
impairment the company will estimate its recoverable amount and conduct impairment testing. Impairment tests are conducted
annually for goodwill intangible assets with uncertain useful lives and intangible assets that have not yet reached a usable state
regardless of whether there are signs of impairment resulting from business mergers.The recoverable amount is determined based on the higher of the net amount after deducting disposal expenses from the fair value of
the asset and the present value of the expected future cash flows of the asset. The company estimates its recoverable amount based on
individual assets; If it is difficult to estimate the recoverable amount of a single asset the recoverable amount of the asset group shall
be determined based on the asset group to which the asset belongs. The recognition of an asset group is based on whether the main
cash inflows generated by the asset group are independent of the cash inflows of other assets or asset groups.When the recoverable amount of an asset or asset group is lower than its book value the company will write down its book value to
the recoverable amount and the written down amount will be recognized in the gains and profits of current period while making
corresponding provisions for asset impairment.
130深圳市深粮控股股份有限公司2025年年度报告全文
As for the impairment test of goodwill the book value of goodwill formed by enterprise merger shall be allocated to the relevant
asset group in a reasonable manner from the date of purchase; If it is difficult to allocate to the relevant asset groups allocate it to the
relevant asset group portfolio. The relevant asset groups or asset group portfolio refer to asset groups or asset group portfolio that can
benefit from the synergistic effects of enterprise mergers and are not larger than the reporting branches determined by the company.When conducting impairment testing if there are signs of impairment in asset groups or asset group portfolios related to goodwill
the first step is to conduct impairment testing on asset groups or asset group portfolio that do not include goodwill calculate the
recoverable amount and recognize the corresponding impairment losses. Then conduct impairment tests on asset groups or asset
group combinations containing goodwill and compare their book value with their recoverable amount. If the recoverable amount is
lower than the book value recognize impairment losses on goodwill.Once asset impairment losses are recognized they will not be reversed in future accounting periods.
31. Long term deferred expenses
The long-term deferred expenses incurred by the company are valued at actual cost and amortized on an average over the expected
benefit period. For long-term deferred expenses that cannot benefit future accounting periods their amortized value is fully
recognized in the gains and profits of current period.
32. Contract liabilities
33. Employee compensation
(1)Scope of employee compensation
Employee compensation refers to all forms of consideration or compensation provided by an enterprise in exchange for services
rendered by employees or for the termination of labor relationships. Employee compensation includes short-term compensation post-
employment benefits termination benefits and other long-term employee benefits. Benefits provided by an enterprise to an
employee’s spouse children dependents next of kin of deceased employees and other beneficiaries also fall within the scope of
employee compensation.Based on liquidity employee compensation is presented separately in the balance sheet under "Employee benefits payable” and
“Long-term employee benefits payable”.
(2)Short-term compensation
During the accounting period when the employees provider service to the company the actual employee wages bonuses medical
insurance premiums work-related injury insurance premiums maternity insurance premiums and housing provident fund paid to
employees according to prescribed standards and proportions are recognized as liabilities and included in the gains and profits of
current period or related asset costs.
(3)Post employment benefits
The post employment welfare plan includes a defined contribution plan and a defined benefit plan. In the defined contribution plan
the company no longer bears further payment obligations after paying fixed fees to an independent fund; A defined benefit plan
refers to a post employment welfare plan other than a defined contribution plan.Defined contribution plans
Include basic pension insurance unemployment insurance and enterprise annuity plans.
131深圳市深粮控股股份有限公司2025年年度报告全文
During the accounting period when employees provide services the amount of contributions calculated based on the defined
contribution plan is recognized as liability and included in the gains or losses of current period or related asset costs.Defined benefit plans
For defined benefit plans the actuarial valuation is conducted by an independent actuary on the annual balance sheet date and the
cost of providing benefits is determined with the expected cumulative benefit unit method. The employee compensation cost
resulting from the defined benefit plan set by the company includes the following components:
* Service costs including current service costs past service costs and settlement gains or losses. Among them the current service
cost refers to the increase in the present value of obligations of the defined benefit plan caused by the provision of services by
employees in the current period; The past service cost refers to the increase or decrease in the present value of the defined benefit
plan obligations related to employee services in the previous period caused by the modification of the defined benefit plan.* The net interest on net liabilities or net assets of a defined benefit plan including interest income on assets of defined benefit plan
interest expenses on obligations of defined benefit plan and interest affected by asset cap.* The changes resulting from remeasuring the net liabilities or net assets of the defined benefit plan.Unless other accounting standards require or allow employee welfare costs to be included in asset costs the company will include
items * and* in the gains and profits of current period; The* is included in other comprehensive income and will not be reversed
to profit or loss in subsequent accounting periods. When the original defined benefit plan is terminated all the portion originally
included in other comprehensive income will be carried over to undistributed profits within the scope of equity.
(4)Termination benefits
If the company provides termination benefits to employees the employee compensation liability arising from termination benefits
shall be recognized and included in the gains and profits of current period as soon as possible when the company cannot unilaterally
withdraw the termination benefits provided due to the termination of labor relations plan or layoff proposal; When the company
confirms the costs or expenses related to restructuring involving payment of termination benefits.For those who implement an internal retirement plan for employees economic compensation before the official retirement date is
considered as termination benefits. During the period from the date the employee stops providing services to the normal retirement
date the salary and social insurance premiums to be paid to the retired employee shall be included in the current profit and loss in a
lump sum. Economic compensation after the official retirement date (such as normal pension) shall be treated as post employment
benefits.
(5)Other long-term employee benefits
Other long-term employee benefits provided by the company to employees that meet the conditions for defined contribution plan
shall be handled in accordance with the relevant provisions on setting up a defined contribution plan mentioned above. Those which
meet conditions for defined benefit plan shall be treated in accordance with the relevant provisions on the set benefit plan mentioned
above. However “changes arising from remeasuring the net liabilities or net assets of the set benefit plan” in the relevant employee
compensation shall be included in the current profit and loss or related asset cost.
34. Accrual liability
The Company will recognize the obligations related to contingencies as expected liabilities when they meet the following conditions:
132深圳市深粮控股股份有限公司2025年年度报告全文
(1) The responsibility is a current responsibility undertaken by the Company;
(2) Fulfilling of the responsibility may lead to financial benefit outflow;
(3) The responsibility can be measured reliably for its value.
Accrual liabilities are initially measured based on the best estimate of the expenses required to fulfill current obligations taking into
account factors such as risk uncertainty and time value of money related to contingencies. If the time value of currency has a
significant impact the best estimate is determined by discounting the relevant future cash outflows. The company reviews the book
value of estimated liabilities on the balance sheet date and adjusts the book value to reflect the current best estimate.If all or part of the expenses required to settle the confirmed accrual liabilities are expected to be compensated by a third party or
other parties the compensation amount can only be separately recognized as an asset when it is basically certain that it will be
received. The confirmed compensation amount does not exceed the book value of the recognized liability.
35.Share-based payment
36. Other financial instrument of preferred stocks and perpetual bond
37. Revenue
Disclosure of accounting policies adopted for revenue recognition and measurement by business type
(1) General principles
The company recognizes revenue when the customer acquires control of the relevant goods or services in accordance with the
contractual obligations.If the contract contains two or more performance obligations the company shall on the commencement date of the contract allocate
the transaction price to each individual performance obligation based on the relative proportion of the individual selling price of the
goods or services promised by each individual performance obligation and measure revenue based on the transaction price allocated
to each individual performance obligation.If one of the following conditions is met it is to fulfill the performance obligation within a certain period of time; Otherwise it is to
fulfil the performance obligation at a certain point of time:
* The customer obtains and consumes the economic benefits brought by the company's performance at the same time as the
company fulfills its obligations.* Customers are able to control the goods under construction during the fulfillment process of the company.* The goods produced by the company during the performance process have irreplaceable uses and the company has the right to
collect payments for the cumulative completed performance portion throughout the entire contract period.For performance obligations performed during a certain period of time the company recognizes revenue based on the progress of
performance during that period. In case the progress of performance cannot be reasonably determined when the costs already
incurred by the company are expected to be compensated revenue shall be recognized in terms of the amount of costs already
incurred until the progress of performance can be reasonably determined.For performance obligations performed at a certain point of time the company recognizes revenue at the point when the customer
obtains control of the relevant goods or services. When determining whether a customer has acquired control over goods or services
133深圳市深粮控股股份有限公司2025年年度报告全文
the company will consider the following signs:
* The company has the current payment right for the goods or services which means that the customer has a current payment
obligation for the goods.* The company has transferred the legal ownership of the product to the customer that is the customer already has legal ownership
of the product.* The company has transferred the physical ownership of the product to the customer which means the customer has already taken
possession of the product.* The company has transferred the main risks and rewards of ownership of the product to the customer that is the customer has
acquired the main risks and rewards of ownership of the product.* The customer has accepted the product or service.* Other signs indicating that the customer has obtained control over the product.
(2) Specific methods
* Grain and oil trade and processing business
The revenue from sales of goods is recognized after the goods sold domestically have been delivered and meet the relevant terms and
conditions stipulated in the contract;
The revenue of export sales is recognized after the goods have been shipped and declared and meet the relevant terms and conditions
stipulated in the contract.* Grain and oil storage logistics and services
Dynamic grain and oil reserves and rotation services: recognize income when relevant labor activities occur. Specifically the income
from grain and oil reserves is calculated and recognized monthly based on the actual amount of grain and oil reserves and the reserve
prices specified in the Shenzhen Municipal Government Grain Reserve Cost Contract Operating Regulations and the Shenzhen
Municipal Edible Vegetable Oil Government Reserve Cost Contract Operating Regulations.The warehousing logistics and transshipment business including services such as warehousing loading onto ships direct pick-up
fumigation and transferring goods between warehouses is recognized by calculating according to the charging time and method
stipulated in the contract or agreement.* Food beverage and tea processing
The company shall recognize revenue when it has delivered the products to the buyers as agreed in the contract and obtained the
buyers' receipt confirmation the buyers have obtained the control of the products the payment has been received or the payment
voucher has been obtained and the relevant economic benefits are highly likely to flow in.* Leasing business
For property leasing services the realization of revenue shall be recognized on the date when the lessee is due to pay the rent as
specified in the transaction contract or agreement.* Other businesses
The revenue from property management services shall be recognized when the relevant labor services occur and the payment is
134深圳市深粮控股股份有限公司2025年年度报告全文
received simultaneously or the voucher for receiving the payment is obtained.The revenue of other businesses shall be measured and recognized according to the charging time and method stipulated in the
contract or agreement.In case similar businesses adopt different business models different revenue recognition methods and measurement methods will be
involved.
38. Contract cost
The contract cost includes the incremental cost incurred to obtain the contract and the contract performance cost.The incremental cost incurred to obtain the contract refers to the cost that the company would not have incurred without obtaining the
contract (such as sales commission). The cost which is expected to be recovered will be recognized by the company as a contract
acquisition cost and as an asset. Except for the expected incremental costs that can be recovered other expenses incurred by the
company to obtain the contract shall be booked in the gains and profits of current period.If the cost incurred in fulfilling a contract does not fall within the scope of accounting standards for other enterprises such as
inventory and meets the following conditions simultaneously the company recognizes it as a contract performance cost as an asset:
* The cost is directly related to a current or expected contract including direct labor direct materials manufacturing expenses (or
similar expenses) costs clearly borne by the customer and other costs incurred solely due to the contract;
* This cost increases the resources that the company will use in the future to fulfill its contractual obligations;
* The cost is expected to be recovered.The assets recognized for contract acquisition costs and the assets recognized for contract performance costs (hereinafter referred to
as “assets related to contract costs”) are amortized on the same basis as the recognition of goods or services revenue related to the
assets and are booked in the gains and profits of current period. If the amortization period does not exceed one year it shall be
recognized in the current profit and loss when it occurs.In case the book value of assets related to contract costs exceeds the difference between the following two items the company makes
impairment provisions for the excess and recognizes it as an asset impairment loss:
* The expected remaining consideration that the company can obtain for the transfer of goods or services related to the asset;
* The estimated cost to be incurred for the transfer of the relevant goods or services.
39. Government grant
Government grant is recognized when they meet the conditions attached to government grants and can be received.Government grant as monetary assets shall be measured at the amount received or receivable. The government grants as non-
monetary assets shall be measured at fair value; If the fair value cannot be reliably obtained it shall be measured at a nominal amount
of 1 yuan.Asset-related government subsidies refer to government grants obtained by the company for the purchase construction or other
formation of long-term assets; Others are income-related government grants.For those whose targets are not clearly specified in government documents and form long-term assets the government grant
135深圳市深粮控股股份有限公司2025年年度报告全文
corresponding to the asset value shall be regarded as asset-related government grants and the remaining part shall be regarded as
income-related government grants; In case it is difficult to make distinguishing the government grants as a whole shall be regarded
as income-related government grants.Asset-related government grants are recognized as deferred income and booked in gains and losses in a reasonable and systematic
manner over the useful life of the relevant assets. Income-related government subsidies which are used to compensate related costs or
losses that have already occurred shall be included in the gains and profits of current period; The income-related government
subsidies which are used to compensate related costs or losses in future periods shall be recognized in deferred income and
recognized in gains and losses of current period during the recognition period of related costs or losses. Government grants measured
at nominal amounts are directly recognized in the gains and profits of current period. The company adopts a consistent approach for
handling the same or similar government subsidy businesses.Government grants related to daily activities are recognized in other income based on the essence of economic transactions.Government subsidies unrelated to daily activities are included in non- operating income.When recognized government subsidies need to be returned in case the book value of the relevant assets is offset at the initial
recognition the book value of the assets shall be adjusted; If there is a balance of related deferred income it shall offset the book
balance of related deferred income and the excess shall be recognized in the gains and profits of current period; In other situations it
shall be directly included in the gains and profits of current period.For the policy preferential loans and interest subsidies obtained by the company in case the finance department allocates interest
subsidy to the lending bank the company will use the actual received loan amount as the book value of the loan and calculate the
relevant loan costs based on the loan principal and the policy preferential interest rate in case the finance department directly
allocates interest subsidy to the company the company will offset the relevant borrowing costs with the corresponding interest
subsidy.
40. Deferred income tax assets/deferred income tax liabilities
Income tax includes current income tax and deferred income tax. Except for adjustments to goodwill arising from enterprise merge or
deferred income tax related to transactions or events directly recognized in shareholders’ equity they are all recognized as income
tax expenses in gains and losses of current period.The deferred income tax is recognized with the balance sheet liability method and in terms of the temporary difference between the
book value of assets and liabilities on the balance sheet date and the tax basis.All taxable temporary differences are recognized as related deferred income tax liabilities unless the taxable temporary differences
arise in the following transactions:
(1) The initial recognition of goodwill or the initial recognition of assets or liabilities arising from transactions with the following
characteristics: the transaction is not a business merger and does not affect accounting profits or taxable income at the time of the
transaction (except for individual transactions where the initially recognized assets and liabilities result in equal taxable temporary
differences and deductible temporary differences);
(2) For taxable temporary differences related to investments in subsidiaries joint ventures and associated enterprises the timing of
the reversal of such temporary differences can be controlled and it is likely that they will not be reversed in the foreseeable future.For deductible temporary differences deductible losses that can be carried forward to future years and tax deductions the company
recognizes deferred tax assets arising from them to the extent of future taxable income that is likely to be obtained for offsetting
deductible temporary differences deductible losses and tax deductions unless the deductible temporary differences arise in the
136深圳市深粮控股股份有限公司2025年年度报告全文
following transactions:
(1) This transaction is not a enterprise merger and it does not affect accounting profits or taxable income at the time of transaction
(except for individual transactions where initially recognized assets and liabilities result in equal taxable temporary differences and
deductible temporary differences);
(2) For deductible temporary differences related to investments in subsidiaries joint ventures and associated enterprises if the
following conditions are met simultaneously the corresponding deferred income tax assets shall be recognized: temporary
differences are likely to be reversed in the foreseeable future and taxable income that can be used to offset deductible temporary
differences is likely to be obtained in the future.On the balance sheet date the company measures deferred income tax assets and liabilities at the applicable tax rate during the
expected period of asset recovery or liability settlement and reflects the income tax impact of the expected method of asset recovery
or liability settlement on the balance sheet date.On the balance sheet date the company reviews the book value of deferred income tax assets. If it is likely that sufficient taxable
income will not be obtained in the future period to offset the benefits of deferred income tax assets the book value of deferred
income tax assets shall be written down. When it is highly possible to obtain sufficient taxable income the written down amount
shall be reversed.On the balance sheet date deferred income tax assets and deferred income tax liabilities are presented at the net amount after
offsetting when they simultaneously meet the following conditions:
(1) The taxpayer within the company has the legal right to settle current income tax assets and current income tax liabilities on a net
basis;
(2) Deferred income tax assets and deferred income tax liabilities are related to the income tax levied by the same tax administration
department on the same taxpayer within the company.
41. Leasing
(1) The company as lessee
On the commencement date of the lease term the Company recognizes the right-of-use assets and lease liabilities for all leases
except for simplified short-term lease and low value asset lease.The accounting policies for the right-of-use assets can be found in Note III. 32 of the auditor’s report.The initial measurement of lease liabilities is based on the present value of lease payments that have not been paid on the start date of
the lease term calculated using the implicit interest rate of the lease. If the implicit interest rate of the lease cannot be determined the
incremental borrowing rate is used as the discount rate. The lease payment amount includes fixed payment amount and substantial
fixed payment amount. If there is a lease incentive the relevant amount of the lease incentive shall be deducted; Variable lease
payments depending on index or ratio; The exercise price of the purchase option provided that the lessee reasonably determines that
the option will be exercised; The amount to be paid for exercising the option to terminate the lease provided that the lease term
reflects that the lessee will exercise the option to terminate the lease; And the expected amount to be paid based on the residual value
of the guarantee provided by the lessee. Subsequently the interest expense of the lease liability for each period of the lease term shall
be calculated at a fixed periodic interest rate and included in the current profit and loss. Variable lease payments that are not included
in the measurement of lease liabilities are recognized in the gains and profits of current period when they are actually incurred.Short term leasing
137深圳市深粮控股股份有限公司2025年年度报告全文
Short term lease refers to a lease with a lease term not exceeding 12 months from the start date of the lease term excluding leases
with purchase options.The company will recognize the lease payments for short-term leases in the relevant asset costs or current profit and loss with the
straight-line method during each period of the lease term.For short-term leasing the company adopts the simplified treatment method mentioned above for the items that meet the short-term
leasing conditions in the following asset types according to the category of leased assets.Low value asset leasing
The low value asset leasing refers to leasing with lower value when a single leased asset is a brand new asset.The company will record the lease payments for low value asset leases in the relevant asset costs or current profit and loss with the
straight-line method during each period of the lease term.For low value asset leasing the company chooses to adopt the simplified treatment method mentioned above based on the specific
situation of each lease.Lease change
If there is a change in lease and the following conditions are met simultaneously the company will treat the lease change as a
separate lease for accounting treatment: * The lease change expands the lease scope by adding the right to use one or more leased
assets; * The increased consideration is equivalent to the individual price for the expansion of the lease scope adjusted according to
the situation of the contract.If the lease change is not accounted for as a separate lease on the effective date of the lease change the Company shall reallocate the
consideration of the contract after the change redetermine the lease term and remeasure the lease liability based on the present value
of the lease payment amount after the change and the revised discount rate.If the lease change results in a reduction in the lease scope or lease term the company shall adjust the book value of the right-of-use
assets accordingly and record the relevant gains or losses from partial or complete termination of the lease in the gains and profits of
current period.If other lease changes result in the remeasurement of lease liabilities the Company shall adjust the book value of the right of use
assets accordingly.
(2) The company as a lessor
When the company acts as the lessor leases that have substantially transferred all risks and rewards related to asset ownership are
recognized as financing leases while leases other than financing leases are recognized as operating leases.Finance lease
In financial leasing at the beginning of the lease term the company uses the net lease investment as the book value of the receivable
financing lease payments. The net lease investment is the sum of the unguaranteed residual value and the present value of the lease
payments that have not yet been received on the start date of the lease term discounted at the implicit interest rate of the lease. the
company as the lessor calculates and recognizes interest income for each period of the lease term at a fixed periodic interest rate.The variable lease payments obtained by the company as the lessor which are not included in the net lease investment measurement
are recognized in the gains and profits of current period when actually incurred.
138深圳市深粮控股股份有限公司2025年年度报告全文
The derecognition and impairment of receivable financing lease payments shall be accounted for in accordance with the provisions of
Accounting Standards for Enterprises No. 22- Recognition and Measurement of Financial Instruments and Accounting Standards for
Enterprises No. 23- Transfer of Financial Assets.Operating lease
The rent of operating leases is recognized in the gains and profits of current period using the straight-line method for each period
during the lease term. The initial direct expenses related to operating leases shall be capitalized amortized over the lease term on the
same basis as rental income recognition and recognized in the gains and profits of current period in installments. The variable lease
payments related to operating leases that are not included in the lease income are recognized in the gains and profits of current period
when actually incurred.Lease change
If there is a change in the operating lease the company will treat it as a new lease for accounting treatment from the effective date of
the change. The prepaid or receivable lease payments related to the lease before the change are considered as the new lease payments.If there is a change in financing lease and the following conditions are met simultaneously the company will treat the change as a
separate lease for accounting treatment: * The change expands the lease scope by adding the right to use one or more leased assets;
* The increased consideration is equivalent to the individual price for the expansion of the lease scope adjusted according to the
situation of the contract.If there is a change in financing lease that has not been accounted for as a separate lease the Company will treat the changed lease as
follows: * If the change takes effect on the lease commencement date the lease will be classified as an operating lease. The
Company will treat it as a new lease from the effective date of the lease change and use the net lease investment before the effective
date of the lease change as the book value of the leased asset; * If the change takes effect on the commencement date of the lease
the lease will be classified as a financing lease and the company will conduct accounting treatment in accordance with the provisions
of the Accounting Standards for Enterprises No. 22- Recognition and Measurement of Financial Instruments regarding the
modification or renegotiation of contracts.
42. Other important accounting policy and estimation
43.Changes of important accounting policy and estimation
(1) Changes of important accounting policies
□Applicable ?Not applicable
(2) Changes of important accounting estimation
□Applicable□Not applicable
(3) Implementation of new accounting standards adjustment for the first time starting from 2025 and implementation of
relevant financial statement items at the beginning of the year for the first time
□Applicable ?Not applicable
139深圳市深粮控股股份有限公司2025年年度报告全文
44.Others
VI. Tax
1. Type of tax and rate for main applicable tax
Taxes Basis Rate
Taxable value added (The taxable
amount is calculated by multiplying the
taxable sales amount by the applicable
VAT 13.00% 9.00%6.00%5.00%3.00%
tax rate and deducting the input tax
allowed for deduction in the current
period)
Consumption tax Actual paid turnover tax 7.00%5.00%
Urban maintenance and construction tax Actual paid turnover tax 3.00%
Enterprise income tax Taxable income 25.00%
For ad valorem taxes 1.2% of the
remaining value after deducting 20.00%
from the original value of the property
Property tax 1.20%12.00%
shall be calculated and paid; For levy
based on rent calculated and paid at
12.00% of rental income
When real estate property rights are
transferred a one-time payment shall be
Deed tax 3.00%-5.00%
made to the property transferee at the
agreed contract price
Rate of income tax for different taxpaying body:
Taxpaying body Rate of income tax
Shenzhen Cereals Holdings Co. Ltd. 25.00
25.00% tax exemption for some
Shenzhen Cereals Group Co. Ltd (hereinafter referred to as “SZCG”)
businessesShenzhen Hualian Grain and Oil Trading Co. Ltd. (hereinafter referred to as “Hualian Cereals
25.00and Oil”)
Dongguan Shenliang Hualian Cereals and Oil Trading Co. Ltd (hereinafter referred to as
25.00
“Dongguan Hualian”)
Shenzhen Shenliang Hongjun Catering Management Co. Ltd. (hereinafter referred to as
25.00
“Shenliang Hongjun”)
25.00% tax exemption for some
Shenzhen Flour Co. Ltd (hereinafter referred to as “Shenzhen Flour”)
businessesShenliang Quality Inspection Co. Ltd. (hereinafter referred to as “Shenliang QualityInspection”) 25.00
Hainan Shenliang Oil & Food Co. Ltd. (hereinafter referred to as “Hainan Oil & Food”) 20.00
Shenzhen Shenliang Doximi Business Co. Ltd. (hereinafter referred to as “Doximi”) 25.00Shenzhen Shenliang Big Kitchen Food Supply Chain Co. Ltd (hereinafter referred to as “BigKitchen”) 25.00Shenzhen Shenliang Property Development Co. Ltd. (hereinafter referred to as “ShenliangProperty Development”) 25.00Shenzhen Shenliang Property Management Co. Ltd. (hereinafter referred to as “ShenliangProperty Management”) 20.00
Dongguan Shenliang Logistics Co. Ltd. (hereinafter referred to as “Dongguan Logistics”) 25.00
Dongguan International Food Industrial Park Development Co. Ltd. (hereinafter referred to as
“International Food”) 25.00Dongguan Shenliang Oil & Food Trade Co. Ltd. (hereinafter referred to as “Dongguan Oil & 25.00
140深圳市深粮控股股份有限公司2025年年度报告全文Food”)
Shuangyashan Shenliang Cereals Base Co. Ltd. (hereinafter referred to as “Shuangyashan”) 25.00Shenzhen Shenbao Huacheng Technology Co. Ltd. (hereinafter referred to as “ShenbaoHuacheng”) 15.00Wuyuan Ju Fang Yong Tea Industry Co. Ltd (hereinafter referred to as “Wuyuan Ju FangYong”) 15.00Shenzhen Shenshenbao Investment Co. Ltd (hereinafter referred to as “ShenshenbaoInvestment”) 25.00
Shenzhen Shenshenbao Tea Culture Commercial Management Co. Ltd. (hereinafter referred
to as “Shenbao Tea Culture”) 25.00
Hangzhou Fuhaitang Catering Management Chain Co. Ltd. (hereinafter referred to as
“Fuhaitang Catering”) 25.00Hangzhou Fuhaitang Tea Ecology Technology Co. Ltd (hereinafter referred to as “FuhaitangTea Ecology”) 25.00
Mount Wuyi Shenbao Rock Tea Co. Ltd. (hereinafter referred to as “Shenbao Rock Tea”) 25.00
Yunnan Shenbao Pu’er Tea Supply Chain Management Co. Ltd. (hereinafter referred to as
“Pu’er Tea Supply Chain”) 25.00
Shenzhen Shenliang Food Co. Ltd. (hereinafter referred to as “Shenzhen Shenliang Food”) 25.00
Huizhou Shenliang Food Co. Ltd. (hereinafter referred to as “Huizhou Shenliang Food”) 20.00
Huizhou Shenbao Technology Co. Ltd. (hereinafter referred to as “Huizhou Shenbao”) 25.00Shenliang Hongli Grain and Oil (Shenzhen) Co. Ltd (hereinafter referred to as “Shenliang
25.00Hongli”)
Xingye Food Co. Ltd. (hereinafter referred to as “Xingye Food”) 16.50Shenzhen Shenliang Smart Warehousing Co. Ltd.(hereinafter referred to as “SmartWarehousing”) 25.00
2. Preferential taxation
1. VAT discounts and approvalAccording to the “Notice of the Ministry of Finance and the State Administration of Taxation on the Issues Concerning the VATCollection and Exemption of Grain Enterprises (CSZ [1999] No. 198)” and “Shenzhen Tax Service State Taxation Administrationand Shenzhen Finance Bureau SGSF (SCF [1999] No.428)” confirming that SZCG the Company’s subsidiary and its subsidiaries
are state-owned grain purchase and sale enterprises that undertake grain collection and storage tasks for Shenzhen the grain sold is
subject to tax-free declaration by rule and enjoys the exemption from VAT. In addition according to the stipulation of the“Announcement of State Administration of Taxation on Relevant Management Matters After Clarifying the Cancellation of theApproval of Some VAT Preferential Policies” (SAT Announcement 2015 No. 38) the approval for exemption from VAT and the
involved tax review and approval procedures for the state-owned grain enterprises that undertake grain collection and storage tasks
other grain enterprises that operate tax-free projects and enterprises that have edible vegetable oil sales business for government
reserves are canceled and changed to record management. The taxpayer does not change the content of the record materials during
the period of tax exemption can be put on a one-time record. In December 2013 SZCG obtained the notice of the VAT preferential
record (SGSFJBM [2013] No.2956) from Shenzhen Futian State Administration of Taxation. In the case of no change in policy this
limited filing period started on January 1st 2014.The VAT input tax amount of the preferential item was separately accounted for
and the input VAT calculation method cannot be changed within 36 months after the selection. As of December 31 2024 the tax
exemption policy has been in effect since its filing in 2014 and the company’s VAT input tax has not changed since it was accounted
for separately in 2014 so the company continues to enjoy the tax preference.
2. Stamp duty house property tax and urban land use tax preferences
According to the stipulations of the Announcement of the Ministry of Finance and the State Administration of Taxation onContinuing the Implementation of Tax Preferential Policies for Some National Reserve Commodity Reserves([2023]No48)” and
documents of Guangdong Province Department of Finance Guangdong Provincial Taxation Bureau of the State Administration of
Taxation and Guangdong Provincial Food and Material Reserve Bureau (YCSH [2020]No.2 confirming that the fund account
141深圳市深粮控股股份有限公司2025年年度报告全文
book of SZCG the Company’s subsidiary and its direct depots is exempt from stamp duty confirming that the written purchase
and sale contracts of SZCG in the process of undertaking the commodity reserve business are exempt from stamp duty and
confirming that SZCG’s house property and land used for the commodity reserve business are exempt from house property tax and
urban land use tax. The execution time limit for this tax preference policy is from January 1 2024 to December 31 2027.
2. Enterprise income tax
* In accordance with the Notice of the Ministry of Finance and the State Taxation Administration on Enterprise Income Tax
Treatment of Earmarked Financial Funds (CSH[2011] No. 70) government service income obtained by 深粮集团 a subsidiary of
the Company and its subsidiaries from performing government grain reserve business constitutes earmarked financial funds. Eligible
income may be treated as non-taxable income and deducted from the total income in the calculation of taxable income. Expenses
incurred from the expenditure of the aforementioned non-taxable income shall not be deducted in the calculation of taxable income.Depreciation and amortization calculated on assets formed from such expenditure shall not be deducted in the calculation of taxable
income.Any portion of the financial funds treated as non-taxable income in accordance with the Notice that is not expended and not
repaid to the finance department or other funding government authorities within five years (60 months) shall be included in the total
taxable income in the sixth year following receipt of such funds. From January 1 2025 all earmarked financial funds from
government service income received by the Company are included in the current taxable income.* On December 26 2024 Shenbao Huacheng a subsidiary of the Company obtained the High-tech Enterprise Certificate
(Certificate No.: GR202444206671) jointly issued by the Shenzhen Science and Technology Bureau the Shenzhen Finance Bureau
and the Shenzhen Tax Service State Taxation Administration which is valid for three years. According to the relevant preferential
policies of the state for high-tech enterprises the qualified high-tech enterprises will pay corporate income tax at a reduced income
tax rate of 15.00% within three years from the year of identification. Shenbao Huacheng will enjoy the preferential tax policy from
2024 to 2026.
* On November 19 2024 Wuyuan Ju Fang Yong a subsidiary of the Company obtained the High-tech Enterprise Certificate
(Certificate No.: GR202436001138) jointly issued by the Science and Technology Department of Jiangxi Province the Finance
Department of Jiangxi Province and the Jiangxi Provincial Tax Service State Taxation Administration which is valid for three years.According to the relevant preferential policies of the state for high-tech enterprises qualified high-tech enterprises will pay corporate
income tax at a reduced income tax rate of 15.00% within three years from the year of identification. Wuyuan Ju Fang Yong will
enjoy the preferential tax policy from 2024 to 2026.* Shenzhen Flour a subsidiary of the Company is a flour primary processing enterprise according to the stipulations of the “Noticeon Issuing the Scope (Trial) of Primary Processing of Agricultural Products Applicable to the Corporate Income Tax PreferentialPolicy (CS[2008]No.149)” and the Supplementary Notice on the Scope of Primary Processing of Agricultural Products Applicable to
the Corporate Income Tax Preferential Policy of the Ministry of Finance and the State Administration of Taxation (CS[2011]No.26)
the wheat primary processing is exempt from income tax.* According to the Announcement on Relevant Tax and Fee Policies to Further Support the Development of Small and Micro
Enterprises and Individual Industrial and Commercial Households (CSHZJ[2023]No.12) from January 1 2023 to December 31
2027 small and low-profit enterprises shall calculate taxable income at a reduced rate of 25% and pay enterprise income tax at a tax
rate of 20%. The company’s subsidiary Hainan Grain and Oil Shenliang Propertyand Huizhou Shenliang are small and low-profit
enterprises and in line with the preferential tax conditions.
142深圳市深粮控股股份有限公司2025年年度报告全文
3. Other
VII. Notes to main items of consolidated financial statements
1. Monetary funds
In RMB
Item Ending balance Opening balance
Cash on hand 6237.19 9442.96
Cash in bank 69918970.17 164844740.19
Other monetary fund 4281838.39 3345108.08
Deposits in financing companies 0.00 0.00
Total 74207045.75 168199291.23
Including: total amounts deposited
overseas 3817186.95 3949901.14
Other explanation:
2.Tradable financial assets
In RMB
Item Ending balance Opening balance
Financial assets measured at fair value
and with variation reckoned into current 0.00 0.00
gains/losses
Including:
Equity investment instrument 0.00 0.00
Including:
Total 0.00 0.00
Other explanation:
3.Derivative financial assets
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
Other explanation:
4.Note receivable
(1) By category
In RMB
Item Ending balance Opening balance
Bank acceptance bill 2567464.00 2327160.00
Total 2567464.00 2327160.00
143深圳市深粮控股股份有限公司2025年年度报告全文
(2) Accrued bad debts reserve
In RMB
Ending balance Opening balance
Book value Bad debtsreserve Book value
Bad debts
Category reserve
Accru Book value Accru Book
Amount Ratio Amount ed Amount Ratio
Amou ed value
ratio nt ratio
Includin
g:
Notes
receivable
with bad
debts
2567464.00100.00%2567464.00
reserve
accrual on
portfolio
Includin
g:
2567464.00100.00%2567464.00
Total 2567464.00 100.00% 2567464.00
Bad debts reserve accrual on a single basis:
In RMB
Opening balance Ending balance
Name
Book balance Bad debts Bad debtsreserve Book balance reserve Accrual ratio Accrual causes
Bad debts reserve accrual on portfolio:
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Explanation on the basis for determining portfolio:
If the bad debts reserve of account receivable is made on the basis of the general model of expected credit losses:
□Applicable□Not applicable
(3) Bad debts reserve accrual collected or reversal in the period
Bad debts reserve accrual in the period:
In RMB
Amount changed in the period
Category Opening balance Accrual Collected or Written-off Other Ending balancereversal
Including major amount bad debts reserve that collected or reversal in the period:
□ Applicable□Not applicable
(4) Notes receivable already pledged by the Company at the end of the period
In RMB
144深圳市深粮控股股份有限公司2025年年度报告全文
Item Amount pledged at period-end
(5) Notes endorsed or discounted and undue on balance sheet date
Item Ending derecognized amount Ending not derecognized amount
Bank acceptance bill 11720000.00
Total 11720000.00
(6) Note receivable charged off in the period
In RMB
Item Amount charged off
Including major note receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on note receivable charged off:
5.Account receivable
(1) By aging
In RMB
Aging Ending book balance Beginning book balance
Within 1 year(inclusive) 185690803.12 237689963.04
1-2 years 3037867.95 4395809.28
2-3 years 3589291.31 812823.91
Over 3 years 96629712.65 95921013.66
3-4 years 723726.31 664460.24
4-5 years 663462.34 2096832.37
Over 5 years 95242524.00 93159721.05
Total 288947675.03 338819609.89
(2) Accrued bad debts reserve
In RMB
Ending balance Opening balance
Category Book balance Bad debts reserve Book balance Bad debts reserve
Book value Book value
Amount Ratio Amount Accrualratio Amount Ratio Amount
Accrual
ratio
Account
receivable
with bad
debts reserve 99944508.82 34.59% 99934578.73 99.99% 9930.09 100008783.63 29.52% 99914189.37 99.91% 94594.26
accrual on a
single basis
Including:
Account
receivable
with bad
debts reserve 189003166.21 65.41% 3412214.40 1.81% 185590951.81 238810826.26 70.48% 3115854.61 2.63% 235694971.65
accrual on
portfolio
Including
Portfolio
of sales 157172501.15 54.39% 3412214.40 2.17% 153760286.75 118311513.69 34.92% 3115854.61 2.63% 115195659.08
receivable
145深圳市深粮控股股份有限公司2025年年度报告全文
Object-
specific 31830665.06 11.02% 31830665.06 120499312.57 35.56% 120499312.57
portfolio
Total 288947675.03 100.00% 103346793.13 35.77% 185600881.90 338819609.89 100.00% 103030043.98 30.41% 235789565.91
Bad debts reserve accrual on a single basis:99934578.73
In RMB
Opening balance Ending balance
Name
Book balance Bad debtsreserve Book balance
Bad debts
reserve Accrual ratio Accrual causes
Account receivable
with bad debts reserve
accrual on a single 100008783.63 99914189.37 99944508.82 99934578.73 99.99
basis
Bad debts reserve accrual on portfolio: 3412214.40yuan
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Portfolio of sales receivable 157172501.15 3412214.40 2.17%
Object-specific portfolio 31830665.06
Total 189003166.21 3412214.40
Explanation on the basis for determining portfolio:
If the bad debts reserve of account receivable is made in accordance with the general model of expected credit losses:
□Applicable □Not applicable
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses Expected credit losses for the entire Expected credit losses for the entire
over next 12 months duration (without credit impairment duration (with credit impairment
Total
occurred) occurred)
Balance on Jan. 1
2025 in the period
Classification basis and bad debts reserve ratio for each stage
Description of significant changes in the book balance of accounts receivable with changes in impairment provision during the
current period:
□Applicable□Not applicable
(3) Bad debts reserve accrued collected or reversal
Bad debts reserve accrued in the period:
In RMB
Change in current period
Category Opening balance Collected or Ending balanceAccrued reversal Charged off Other
Bad debts
reserve for
accounts 103030043.98 470760.15 81751.79 72259.21 103346793.13
receivable
Total 103030043.98 470760.15 81751.79 72259.21 103346793.13
Important bad debts reserve collected or reversal:
In RMB
Name Collected or reversal Reason for reversal Manner of reversal Basis and rationality to
define the accrued ratio
146深圳市深粮控股股份有限公司2025年年度报告全文
of original bad debts
reserve
(4) Account receivable charged off in the period
In RMB
Item Amount charged off
Including major account receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on account receivable charged off:
(5) Top 5 receivables and contract assets at ending balance by arrears party
In RMB
Ratio in total Ending balance ofEnding balance of
Name Ending balance of Ending balance of account receivable ending balance of
bad debt reserve
account receivable contract assets account receivable and impairmentand contract assets and contract assets reserve of contractassets
First 22933824.80 22933824.80 7.94% 229338.25
Second 17181822.06 17181822.06 5.95% 0.00
Third 13997821.50 13997821.50 4.84% 139978.22
Fourth 12497358.60 12497358.60 4.33% 124973.59
Fifth 10910581.00 10910581.00 3.78% 109105.81
Total 77521407.96 77521407.96 26.84% 603395.87
6.Contract asset
(1) Contract asset
In RMB
Ending balance Opening balance
Item
Book balance Bad debtsreserve Book value Book balance
Bad debts
reserve Book value
Total 0.00 0.00
(2) Amount and reasons for significant changes in book value during the reporting period
In RMB
Item Amount of change Reason for change
(3) Accrued bad debts reserve
In RMB
Ending balance Opening balance
Category Book value Bad debts reserve Book Book value Bad debts reserve Book
Amount Ratio Amount Accrued valueratio Amount Ratio Amount
Accrued value
ratio
Including:
Including:
147深圳市深粮控股股份有限公司2025年年度报告全文
Bad debts reserve accrual on a single basis:
In RMB
Opening balance Ending balance
Name
Book balance Bad debts Book balance Bad debtsreserve reserve Accrual ratio Accrual causes
Bad debts reserve accrual on portfolio:
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Explanation on the basis for determining portfolio:
If the bad debts reserve of account receivable is made on the basis of the general model of expected credit losses:
□Applicable□Not applicable
(4) Bad debts reserve accrued collected or reversal
In RMB
Collected or reversal in Written-off in the
Item Accrued in the period Reason
the period period
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
define the accrued ratio
Enterprise Collected or reversal Reason for reversal Manner of reversal
of original bad debts
reserve
Other explanation:
(5) Contract assets charged off during the reporting period
In RMB
Item Amount charged off
Including major contract assets charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on contract assets charged off:
Other explanation:
7.Account receivable financing
(1) Category of account receivable financing
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
148深圳市深粮控股股份有限公司2025年年度报告全文
(2) Accrued bad debts reserve
In RMB
Ending balance Opening balance
Category Book value Bad debts reserve Book Book value Bad debts reserve Book
Amount Ratio Amount Accrued valueratio Amount Ratio Amount
Accrued value
ratio
Including:
Including:
Bad debts reserve accrual on a single basis:
In RMB
Opening balance Ending balance
Name
Book balance Bad debts Bad debtsreserve Book balance reserve Accrual ratio Accrual causes
Bad debts reserve accrual on portfolio:
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Explanation on the basis for determining portfolio:
The bad debts reserve of account receivable is made on the basis of the general model of expected credit losses:
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses Expected credit losses for the entire Expected credit losses for the entire
over next 12 months duration (without credit impairment duration (with credit impairment
Total
occurred) occurred)
Balance on Jan. 1
2025 in the period
Classification basis and accrued ratio of bad debts reserve for each stage
Explanation on significant changes in the book balance of accounts receivable financing with changes in impairment provision in
the current period:
(3) Bad debts reserve accrued collected or reversal
In RMB
Amount changed in the period
Category Opening balance Collected or Ending balanceAccrued reversal Written-off Other
Bad debts reserve
Total
Important bad debts reserve collected or reversal
In RMB
Basis and rationality to
define the accrued ratio
Enterprise Collected or reversal Reason for reversal Manner of reversal
of original bad debts
reserve
Other explanation:
(4) Account receivable financing already pledged by the Company at period-end
In RMB
149深圳市深粮控股股份有限公司2025年年度报告全文
Item Amount pledged at period-end
(5) Account receivable financing endorsed or discounted and undue on balance sheet date
In RMB
Item Amount derecognized at period-end Amount not derecognized at period-
end
(6) Account receivable financing charged off in the period
In RMB
Item Amount charged off
Including major account receivable financing charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on account receivable financing charged off:
(7) Changes of account receivable financing and change of fair value in the period
(8) Other explanation
8.Other accounts receivable
In RMB
Item Ending balance Opening balance
Interest receivable 0.00 0.00
Dividend receivable 0.00 0.00
Other accounts receivable 23492545.72 19978436.61
Total 23492545.72 19978436.61
(1) Interest receivable
1)Category of interest receivable
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
2)Significant overdue interest
In RMB
Whether impairment has occurred
Borrower Ending balance Overdue period Overdue reason
and its judgment basis
Other explanation:
150深圳市深粮控股股份有限公司2025年年度报告全文
3)Accrued bad debts reserve
□Applicable□Not applicable
4)Bad debts reserve accrued collected or reversal
In RMB
Amount changed in the period
Category Opening balance
Accrued Collected or
Ending balance
reversal Written-off Other
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
Enterprise Collected or reversal Reason for reversal Manner of reversal define the accrued ratioof original bad debts
reserve
Other explanation:
5) Interest receivable charged off in the period
In RMB
Item Amount charged off
Including major interest receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on interest receivable charged off:
Other explanations:
(2) Dividend receivable
1)Category of dividend receivable
In RMB
Item (or investee) Ending balance Opening balance
Total 0.00 0.00
2)Significant dividend receivable with aging over one year
In RMB
Whether impairment
Item (or investee) Ending balance Aging Reason for not received has occurred and its
judgment basis
3)Accrued bad debts reserve
□Applicable□Not applicable
151深圳市深粮控股股份有限公司2025年年度报告全文
4)Bad debts reserve accrued collected or reversal
In RMB
Amount changed in the period
Category Opening balance Collected or Ending balanceAccrued reversal Written-off Other
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
define the accrued ratio
Enterprise Collected or reversal Reason for reversal Manner of reversal
of original bad debts
reserve
Other explanation:
5) Dividend receivable charged off in the period
In RMB
Item Amount charged off
Including major dividend receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on dividend receivable charged off:
Other explanation:
(3) Other account receivable
1)By nature
In RMB
Nature Ending book balance Beginning book balance
Deposit and margin 17012035.14 16410289.56
Other intercourse funds 106754608.92 105477322.66
Total 123766644.06 121887612.22
2)By aging
In RMB
Aging Ending book balance Beginning book balance
Within 1 year(inclusive) 8982394.22 9698491.15
1-2 years 9637881.46 7784603.76
2-3 years 6589021.50 5278542.28
Over 3 years 98557346.88 99125975.03
3-4 years 2834609.30 2121384.83
4-5 years 2104472.35 737000.59
Over five years 93618265.23 96267589.61
Total 123766644.06 121887612.22
152深圳市深粮控股股份有限公司2025年年度报告全文
3)Accrued bad debts reserve
□Applicable □Not applicable
In RMB
Ending balance Opening balance
Category Book balance Bad debts reserve Book balance Bad debts reserve
Amount Ratio Amount Accru
Book value
Amount Ratio Amount Accru
Book value
al ratio al ratio
Other
account
receivabl
e with
bad 101489238.2 99037039.8 97.58 100150753. 98211005.4 98.06 18038688.debts 82.00% 2452198.34 82.17%
reserve 3 9 % 95 8 % 14
accrual
on a
single
basis
Includin
g:
Other
account
receivabl
e with
bad 101489238.2 99037039.8 97.58 100150753. 98211005.4 98.06 18038688.debts 82.00% 2452198.34 82.17%
reserve 3 9 % 95 8 % 14
accrual
on a
single
basis
Other
account
receivabl
e with
bad 21736858.2 17.01 1939748.4
debts 22277405.83 18.00% 1237058.45 5.55% 21040347.38 17.83% 3698170.137 % 7
reserve
accrual
on
portfolio
Includin
g
Portfolio
of 23.35 40.05 4739392.4
expected 5298871.42 4.28% 1237058.45 4061812.97 7905973.60 6.49% 3166581.16% % 4
credit
loss
Object- 13830884.6 13299295.specific 16978534.41 13.72% 16978534.41 11.34% 531588.97 3.84%7 70
portfolio
123766644.0100.00100274098.81.02121887612.100.00101909175.83.6119978436.
Total 23492545.72
6%34%22%61%61
Bad debts reserve accrual on a single basis: 99037039.89 yuan
In RMB
Opening balance Ending balance
Name
Book balance Bad debtsreserve Book balance
Bad debts
reserve Accrual ratio Accrual causes
Bad debts reserve accrual on portfolio: 1237058.45 yuan
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Portfolio of expected credit
5298871.421237058.4523.35%
loss
Object-specific portfolio 16978534.41
153深圳市深粮控股股份有限公司2025年年度报告全文
Total 22277405.83 1237058.45
Explanation on the basis for determining portfolio:
If the bad debts reserve of other account receivable is made in accordance with the general model of expected credit losses:
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses Expected credit losses for the entire Expected credit losses for the entire Total
over next 12 months duration (without credit impairment duration (with credit impairmentoccurred) occurred)
Balance on Jan. 1
2025 in the period
Classification basis and bad debts reserve ratio for each stage
Changes in book balance with significant changes in impairment provision in the current period
□Applicable□Not applicable
4)Bad debts reserve accrued collected or reversal
Bad debts reserve accrued in the period:
In RMB
Opening Amount changed in the periodCategory balance Accrued Collected or reversal Written-
Ending balance
off Other
Bad debts reserve of
other accounts 101909175.61 -575790.45 1054992.67 4294.15 100274098.34
receivable
Total 101909175.61 -575790.45 1054992.67 4294.15 100274098.34
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
define the accrued ratio
Name Collected or reversal Reason for reversal Manner of reversal
of original bad debts
reserve
5) Other account receivable charged off in the period
In RMB
Item Amount charged off
Including major other account receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on other account receivable charged off:
6)Top 5 other accounts receivable at ending balance by arrears party
In RMB
Proportion in total
Enterprise Nature Ending balance Aging other receivables at Ending balance of
ending balance (%) bad debt reserve
154深圳市深粮控股股份有限公司2025年年度报告全文
First Intercourse funds 23615502.46 Over five years 19.08% 21187644.18
Second Intercourse funds 8326202.63 Over five years 6.73% 8326202.63
Third Intercourse funds 8285803.57 Over five years 6.69% 8285803.57
Fourth Intercourse funds 8257311.80 Over five years 6.67% 8257311.80
Fifth Performance bond 7558936.58 1-2 years 6.11% 0.00
Total 56043757.04 45.28% 46056962.18
7)Those booked into other account receivables due to centralized fund management
In RMB
Other explanation:
9.Account paid in advance
(1) By aging
In RMB
Ending balance Opening balance
Aging Amount Ratio Amount Ratio
Within 1 year 83616000.98 99.03% 7575700.47 77.49%
1-2 year 73787.80 0.09% 1614572.15 16.52%
2-3 years 158754.05 0.19% 367510.00 3.76%
Over 3 years 582496.08 0.69% 218246.08 2.23%
Total 84431038.91 9776028.70
Explanation on reasons for not timely settling important account paid in advance with aging over one year:
(2) Top 5 accounts paid in advance at ending balance by prepayment object
Prepaid objects Ending balance Proportion in total prepayment balance
at the end of period (%)
First 73117445.60 86.60%
Second 4117930.35 4.88%
Third 1476635.22 1.75%
Fourth 807082.80 0.96%
Fifth 500714.00 0.59%
Total 80019807.97 94.78%
Other explanation:
10.Inventory
Whether the Company needs to comply with the disclosure requirements of the real estate industry or not
No
(1) By category
In RMB
155深圳市深粮控股股份有限公司2025年年度报告全文
Ending balance Opening balance
Inventories fall Inventories fall
provision or provision or
Item contract contract
Book balance performance Book value Book balance performance Book value
costs costs
impairment impairment
provision provision
Raw materials 71233125.89 13935531.10 57297594.79 80869593.40 14029193.74 66840399.66
Goods in
process 29052810.30 373605.59 28679204.71 26297439.74 0.00 26297439.74
Finished
goods 3945666033.12 107552367.87 3838113665.25 3990325129.27 87793814.10 3902531315.17
Goods in
transit 5427563.31 5427563.31 15150734.79 0.00 15150734.79
Low value
8862548.982109973.126752575.866304862.832190627.194114235.64
consumables
Work in
process- 5388642.06 5388642.06 0.00 5388642.06 5388642.06 0.00
outsourced
Materials in
transit 32612559.36 0.00 32612559.36 30064517.52 0.00 30064517.52
Total 4098243283.02 129360119.74 3968883163.28 4154400919.61 109402277.09 4044998642.52
(2) Data resource recognized as inventory
In total
Data resource inventory
Data resource inventory Data resource inventory
Item acquired with other Total
outsourced self-processed
manners
1. Ending book value
2. Beginning book
value
(3) Inventories fall provision or impairment provision of contract performance costs
In RMB
Opening Current amount increased Current amount decreasedItem balance Accrual Other Reversal or
Ending balance
write-off Other
Raw materials 14029193.74 8999.77 102662.41 13935531.10
Goods in
process 0.00 373605.59 373605.59
Finished goods 87793814.10 121396059.73 101637505.96 107552367.87
Low value
consumables 2190627.19 19133.39 99787.46 2109973.12
Work in
process- 5388642.06 5388642.06
outsourced
Total 109402277.09 121797798.48 101839955.83 129360119.74
Inventories fall provision accrued in terms of portfolio
In RMB
Ending Opening
Portfolio name
Ending balance Inventories fall
Accrued ratio of
inventories fall Opening Inventories fall
Accrued ratio of
provision provision balance provision
inventories fall
provision
Standard for inventories fall provision accrued in terms of portfolio
156深圳市深粮控股股份有限公司2025年年度报告全文
(4) Explanation on the capitalized amount of borrowing costs included in the ending balance of inventory
(5) Explanation on the current amortization amount of contract performance costs
11.Assets held for sale
In RMB
Item Ending book Impairment Ending book Fair value Estimated Estimatedbalance provision value disposal cost disposal time
Other explanation:
12. Non-current asset due within one year
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
(1) Creditors’ investment maturing within one year
□Applicable□Not applicable
(2) Other creditors’ investment maturing within one year
□Applicable□Not applicable
13.Other current assets
In RMB
Item Ending balance Opening balance
Input tax to be deducted 73822826.88 111305418.60
Prepayment of income taxes 499623.76 1424165.18
Prepaid and deferred expense 1149134.70 513701.48
Other 32160.80 0.00
Total 75503746.14 113243285.26
Other explanation:
14.Creditors’ investment
(1) Creditors’ investment
In RMB
Ending balance Opening balance
Item Book balance Impairment Impairmentprovision Book value Book balance provision Book value
Changes of impairment provision of creditors’ investment in current period
In RMB
Item Opening balance Current increase Current decrease Ending balance
157深圳市深粮控股股份有限公司2025年年度报告全文
(2) Important creditors’ investment at period-end
In RMB
Ending balance Opening balance
Item Face Coupon Actual Maturity Overdue Face Coupon Actual Maturity Overdue
value rate rate date principal value rate rate date principal
(3) Accrual of impairment provision
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses Expected credit losses for Expected credit losses for Total
over next 12 months the entire duration (without the entire duration (withcredit impairment occurred) credit impairment occurred)
Balance on Jan. 1 2025
in the period
Classification basis and accrued ratio of bad debts reserve for each stage
(4) Creditors’ investment charged off in the period
In RMB
Item Amount charged off
Including major creditors’ investment charged off:
Explanation on creditors’ investment charged off:
Changes in book balance with significant changes in the current period's impairment provision
□Applicable□Not applicable
Other explanation:
15.Other creditors’ investment
(1) Other creditors’ investment
In RMB
Accumulated
impairment
Item Opening Accrual Interest
Change of fair Ending Accumulated provision
balance interest adjustment value in theperiod balance
Cost change of recognized in Note
fair value other
comprehensive
income
Total 0.00 0.00
Changes in impairment provision of other creditors’ investments in the current period
In RMB
Item Opening balance Current increase Current decrease Ending balance
(2) Other creditors’ investment at year-end
In RMB
Other Ending balance Opening balance
158深圳市深粮控股股份有限公司2025年年度报告全文
creditors’ Face Coupon Actual Maturity Overdue Face Coupon Actual Maturity Overdue
item value rate rate date principal value rate rate date principal
(3) Accrual of impairment provision
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses Expected credit losses for Expected credit losses for
over next 12 months the entire duration (without the entire duration (with
Total
credit impairment occurred) credit impairment occurred)
Balance on Jan. 1 2025
in the period
Classification basis and accrued ratio of bad debts reserve for each stage
(4) Other creditors’ investment charged off in the period
In RMB
Item Amount charged off
Including major other creditors’ investment charged off:
Explanation on other creditors’ investment charged off:
Changes in book balance with significant changes in the current period's impairment provision
□Applicable□Not applicable
Other explanation:
16.Other equity instrument investment
In RMB
Accumulated Accumulated Reasons for
Gains Losses gains losses designating
recognized in recognized in recognized in recognized in Dividend fair value
other other other other income measurement
Item Ending Openingbalance balance comprehensive comprehensive comprehensive comprehensive
recognized with changes
income for the income for the income at the income at the in this recognized in
current period current period end of this end of this period other
period period comprehensiveincome
Total 0.00 0.00
Other equity instrument investment derecognized in current period
In RMB
Accumulated gains carried Accumulated losses carried
Item name Reason for de-recognition
forward to retained gains forward to retained gains
Sub-item disclosure of current non-trading equity instrument investments
In RMB
Amount of Reasons for Reasons for
other designating fair transferring
Item Dividends Accumulated Accumulated comprehensive value otherincome gains losses income measurement comprehensive
transferred to with changes income to
retained recognized in retained
159深圳市深粮控股股份有限公司2025年年度报告全文
earnings other earnings
comprehensive
income
Other explanation:
17.Long-term account receivable
(1) Long-term account receivable
In RMB
Ending balance Opening balance
Discount rate
Item Bad debts Bad debts
Book balance Book value Book balance Book value range
reserve reserve
0.000.00
(2) Accrued bad debts reserve
In RMB
Ending balance Opening balance
Category Book balance Bad debts reserve Book Book balance Bad debts reserve Book
Amount Ratio Amount Accrued valueratio Amount Ratio Amount
Accrued value
ratio
Including:
Including:
Bad debts reserve accrual on a single basis:
In RMB
Opening balance Ending balance
Name
Book balance Bad debtsreserve Book balance
Bad debts
reserve Accrual ratio Accrual causes
Bad debts reserve accrual on portfolio:
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Explanation on the basis for determining portfolio:
The bad debts reserve is made in accordance with the general model of expected credit losses:
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses Expected credit losses for Expected credit losses for
over next 12 months the entire duration (without the entire duration (with
Total
credit impairment occurred) credit impairment occurred)
Balance on Jan. 1 2025
in the period
Classification basis and accrued ratio of bad debts reserve for each stage
(3) Bad debts reserve accrued collected or reversal
In RMB
160深圳市深粮控股股份有限公司2025年年度报告全文
Amount changed in the period
Category Opening balance Collected or Ending balanceAccrued reversal Written-off Other
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
define the accrued ratio
Enterprise Collected or reversal Reason for reversal Manner of reversal
of original bad debts
reserve
Other explanation:
(4) Long-term account receivable charged off in the period
In RMB
Item Amount charged off
Including major long-term account receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on long-term account receivable charged off:
18.Long-term equity investment
In RMB
Current changes (+/-)
Openin Opening Cap Investment Other Othe Cash Accrualg Addit O Ending Ending
Investee balance balance of ional ital gains comprehen
r
equit dividend or
of
impairm t balance balance of
(book impairmen redu recognized sive profit h (book impairmen
value) t provision
invest
ment ctio under income
y announced ent e value) t provision
n equity adjustment change to issued
provisio
n r
I. Joint venture
II. Associated enterprise
Shenzhen Duoxi
Equity 578887461 -
Investment Fund 043. 0.00
Management .14 309417.23
Co. Ltd. 91
Zhuhai Hengxing -32724 31336
Feed Industrial 1388030.Co. Ltd. 440.12 409.8230
Shenzhen 11744 11880
Shenyuan Data 135918.89
Tech. Co. Ltd 987.18 906.07
578-
4535643217
Subtotal 043. 1561528.
888.44315.89
9164
578-
4535643217
Total 043. 1561528.
888.44315.89
9164
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable□Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable□Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years' impairment testing
161深圳市深粮控股股份有限公司2025年年度报告全文
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
Other explanation:
19.Other non-current financial assets
In RMB
Item Ending balance Opening balance
Equity instrument investment 57500.00 57500.00
Total 57500.00 57500.00
Other explanation:
20.Investment real estate
(1) Measured by cost
□Applicable □Not applicable
In RMB
Item House and building Land use right Construction inprogress Total
I. Original book value
1.Opening balance 670655915.53 670655915.53
2.Current amount
increased 0.00 0.00
(1) Outsourcing
(2) Inventory\fixed
assets\construction in
process transfer-in
(3) Increased by
combination
3.Current amount
decreased 55930921.98 55930921.98
(1) Disposal
(2) Other transfer-out 55930921.98 55930921.98
4.Ending balance 614724993.55 614724993.55
II. Accumulated
depreciation and
accumulated
amortization
1.Opening balance 368580668.78 368580668.78
2.Current amount
increased 17089054.76 17089054.76
(1) Accrual or
amortization 17089054.76 17089054.76
3.Current amount
decreased 2826785.04 2826785.04
(1) Disposal
(2) Other transfer-out 2826785.04 2826785.04
4.Ending balance 382842938.50 382842938.50
III. Impairment
provision 0.00 0.00
1.Opening balance 0.00 0.00
162深圳市深粮控股股份有限公司2025年年度报告全文
2.Current amount
increased 0.00 0.00
(1) Accrual
3. Current amount
decreased 0.00 0.00
(1) Disposal
(2) Other transfer-out
4.Ending balance 0.00 0.00
IV. Book value
1.Ending book value 231882055.05 231882055.05
2. Opening book value 302075246.75 302075246.75
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable□Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable□Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years' impairment testing
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
Other explanation:
(2) Measured at fair value
□Applicable□Not applicable
(3) Converted to investment real estate and measured at fair value
In RMB
Accounts before Reason for Approval Impact on Impact on otherItem conversion Amount conversion procedures gains/losses comprehensiveincome
(4) Investment real estate without property certificate completed
In RMB
Reason for not obtaining the property
Item Book value
rights certificate
Other explanation:
21.Fixed assets
In RMB
Item Ending balance Opening balance
Fixed assets 1993966742.36 2009520283.95
Disposal of fixed assets 0.00 0.00
Total 1993966742.36 2009520283.95
163深圳市深粮控股股份有限公司2025年年度报告全文
(1) Fixed assets
In RMB
Item House and buildings Machinery Transport Electronic andequipment equipment other equipment Total
I. Original
book value:
1.Opening
balance 1941461273.74 791741297.79 17305299.91 100915108.88 2851422980.32
2.Current
amount 95261430.86 34403700.68 51607.85 6768944.24 136485683.63
increased
(1)
Purchase 7416311.38 51607.85 3283335.28 10751254.51
(2)
Construction
in progress 39699256.56 26987389.30 3229377.88 69916023.74
transfer-in
(3)
Increased by
combination
(4) Other
increase 55562174.30 256231.08 55818405.38
3.Current
amount 145916288.38 13744884.79 3001602.79 5370972.83 168033748.79
decreased
(1)
Disposal or 3493058.17 1345245.56 3633286.97 8471590.70
scrap
(2) Other
decrease 145916288.38 10251826.62 1656357.23 1737685.86 159562158.09
4.Endin
g balance 1890806416.22 812400113.68 14355304.97 102313080.29 2819874915.16
II.Accumulate
d
depreciation
1.Opening
balance 395620432.09 352024780.44 14857378.46 76831770.85 839334361.84
2.Current
amount 48555193.05 35484685.49 587459.37 10411723.49 95039061.40
increased
(1) Accrual 45774495.32 35484685.49 587459.37 10382836.49 92229476.67
(2) Other
increase 2780697.73 - - 28887.00 2809584.73
3.Current
amount 95715333.90 8091668.38 2681732.69 4544850.00 111033584.97
decreased
(1)
Disposal or - 2206113.39 1277924.39 2999419.27 6483457.05
scrap
(2) Other
decrease 95715333.90 5885554.99 1403808.30 1545430.73 104550127.92
4.Ending
balance 348460291.24 379417797.55 12763105.14 82698644.34 823339838.27
III.Impairment 0.00
provision
1.Opening
balance 0.00 2558444.66 9889.87 2568334.53
2.Current
amount 0.00 0.00 0.00 0.00 0.00
increased
(1) A
ccrua
164深圳市深粮控股股份有限公司2025年年度报告全文
l
3.Current
amount 0.00 0.00 0.00 0.00 0.00
decreased
(1)
Disposal or
scrap
4.Ending
balance 0.00 2558444.66 0.00 9889.87 2568334.53
IV. Book
value
1.Ending
book value 1542346124.98 430423871.47 1592199.83 19604546.08 1993966742.36
2.
Opening 1545840841.65 437158072.69 2447921.45 24073448.16 2009520283.95
book value
(2) Temporarily idle fixed assets
In RMB
Item Original book value Accumulated Impairmentdepreciation provision Book value Note
(3) Fixed assets leased out by operation
In RMB
Item Ending book value
(4) Fix assets without property certification held
In RMB
Item Book value Reasons for without the propertycertification
Office building 13769735.24 Remaining issues currently beingfollowed
No. 1 Grain and Oil Headquarters 78533292.79 The joint inspection has not beencompleted temporarily
Other explanation:
(5) Impairment testing of fixed assets
□Applicable□Not applicable
(6) Disposal of fixed assets
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
Other explanation:
165深圳市深粮控股股份有限公司2025年年度报告全文
22.Construction in progress
In RMB
Item Ending balance Opening balance
Construction in progress 51951405.25 39312847.70
Total 51951405.25 39312847.70
(1) Construction in progress
In RMB
Ending balance Opening balance
Item
Book balance Impairmentprovision Book value Book balance
Impairment
provision Book value
Grain
warehousing
and wharf 23185559.25 0.00 23185559.25
supporting
project
Berth no.3
construction
29296847.970.0029296847.97
project
Factory
building
4266057.794266057.79
construction
project
Lifting
equipment
construction
892543.31892543.31
project for
berths No.1 and
No.2
Industrial park
CDE
warehouses and
6281644.106281644.10
wharf
supporting
project
Other 22396529.56 4900573.38 17495956.18 14746217.73 4900573.38 9845644.35
Total 56851978.63 4900573.38 51951405.25 44213421.08 4900573.38 39312847.70
(2) Changes of major construction in progress
In RMB
Inclu
Accu ding: Intereamou st
Transfe Other
Proporti mulat
on of ed nt of capita CapOpenin Current amount r-in decrea capita lizati italItem Budget g increased fixed sed in Ending balance
project Progres capita
investm s lizati lizati on resobalance assets the ent in on of on of rate urcePeriod budget intere intere in s
st st in PerioPerio d
d
Berth 185184073. 29296352.7 29296352.7 15.82 15.82 Oth
no.3 19 5 5 % % ers
166深圳市深粮控股股份有限公司2025年年度报告全文
const
ructi
on
proje
ct
Ping
hu
Ware
39421859
hous 35000000.0 15822276.4 96.65 96.65
246.11905.1172617.38
e 0 3 % %
621
Reno
vatio
n
Dong
guan
Grai
n
Stora
ge
and
23183861
Whar 124200000 21029062.4 5602 100.00 100.00
5559.2329.
f 0.00 0 292. % %
2535
Supp 30
ortin
g
Facil
ities
Proje
ct
27125720
14621840766147691.55602
Total 7805. 4234.
3.198292.30468970.1
4156
303
(3) Impairment provision of construction in progress
In RMB
Item Opening balance Current increase Current decrease Ending balance Reason for accrual
Other explanation:
(4) Impairment testing of construction in progress
□Applicable□Not applicable
(5) Engineering material
In RMB
Ending balance Opening balance
Item Book balance Impairmentprovision Book value Book balance
Impairment
provision Book value
Other explanation:
167深圳市深粮控股股份有限公司2025年年度报告全文
23.Productive biological asset
(1) Measured at cost
□Applicable □Not applicable
In RMB
Item Plant Livestock Forestry Fisheries Total
I. Original book
value
1.Opening
balance 416771.28 416771.28
2.Current
amount increased
(1) Outsourcing
(2) Self-cultivate
3.Current
amount decreased
(1) Disposal
(2) Other
4.Ending
balance 416771.28 416771.28
II. Accumulated
depreciation
1.Opening
balance 67846.68 67846.68
2.Current
amount increased 9692.40 9692.40
(1) Accrual 9692.40 9692.40
3.Current
amount decreased
(1) Disposal
(2) Other
4.Ending
balance 77539.08 77539.08
III. Impairment
provision
1.Opening
balance
2.Current
amount increased
(1) Accrual
3.Current
amount decreased
(1) Disposal
(2) Other
4.Ending
balance
IV. Book value
1.Ending book
value 339232.20 339232.20
2. Opening
book value 348924.60 348924.60
168深圳市深粮控股股份有限公司2025年年度报告全文
(2) Impairment testing of productive biological asset measured at cost model
□Applicable□Not applicable
(3) Productive biological asset measured at fair value
□Applicable□Not applicable
24. Oil and gas asset
□ Applicable□Not applicable
25. Right-of-use asset
(1) On right-of-use asset
In RMB
Item House and building Land use rights Total
I. Original book value
1.Opening balance 195429902.49 2875969.39 198305871.88
2.Current amount
increased 9716866.47 9716866.47
(1) Lease 9716866.47 9716866.47
3.Current amount
126057465.55126057465.55
decreased
Other decrease 126057465.55 126057465.55
4.Ending balance 79089303.41 2875969.39 81965272.80
II. Accumulated depreciation
1.Opening balance 82054858.58 992973.13 83047831.71
2.Current amount
increased 27474738.49 256434.67 27731173.16
(1) Accrual 27474738.49 256434.67 27731173.16
3.Current amount
decreased 83615270.74 83615270.74
(1) Disposal
(2) Other decrease 83615270.74 83615270.74
4.Ending balance 25914326.33 1249407.80 27163734.13
III. Impairment provision
1.Opening balance
2.Current amount
increased
(1) Accrual
3.Current amount
decreased
(1) Disposal
4.Ending balance
IV. Book value
1.Ending book value 53174977.08 1626561.59 54801538.67
2. Opening book value 113375043.91 1882996.26 115258040.17
169深圳市深粮控股股份有限公司2025年年度报告全文
(2) Impairment testing of right-of-use assets
□Applicable□Not applicable
Other explanation:
26.Intangible assets
(1) Intangible assets
In RMB
Non-
Item Land use Patent patent Shop use Software Forest use Trademaright technolo rights usage rights rights rk rights Total
gy
I. Original
book value
1.Opening 587907374. 54891301. 3610487. 116819200. 22859104. 98073.3 786185542.
balance 86 41 37 84 98 2 78
2.Current
amount 9238338.97 9238338.97
increased
(1)
Purchase 2954717.35 2954717.35
(2) Internal
R&D
(3)
Increased
by
combinatio
n
(4) Other
increase 6283621.62 6283621.62
3.Current
amount 87427104.5 93388399.45961294.86
decreased 6 2
(1)86122268.586122268.5
Disposal 6 6
(2) Other
decrease 1304836.00 5961294.86 7266130.86
4.Ending 500480270. 54891301. 3610487. 120096244. 22859104. 98073.3 702035482.
balance 30 41 37 95 98 2 33
II.Accumulat
ed
depreciatio
n
1.Opening 144678876. 32459698. 1675382. 69123935.1 9229847.1 93727.6 257261466.
balance 08 26 19 6 6 2 47
2.Current
amount 13077682.5 1653961.6 15187347.4 30794544.797520.27 774906.10 3126.70
increased 4 8 2 1
(1) Accrual 13077682.5 1653961.6 15187347.4 30794544.797520.27 774906.10 3126.70
4821
(2) Other
increase
3.Current
amount 26220795.0 28161803.81941008.79
decreased 7 6
(1)25624945.425624945.4
Disposal 7 7
170深圳市深粮控股股份有限公司2025年年度报告全文
(3) Other
decrease 595849.60 1941008.79 2536858.39
4.Ending 131535763. 34113659. 1772902. 82370273.7 10004753. 96854.3 259894207.
balance 55 94 46 9 26 2 32
III.Impairment
provision
1.Opening 5553283.5
balance 5553283.544
2.Current
amount
increased
(1) Accrual
3.Current
amount
decreased
(1)
Disposal
4.Ending 5553283.5
balance 5553283.544
IV. Book
value
1.Ending 368944506. 15224357. 1837584. 37725971.1 12854351. 436587991.
book value 1219.0075 93 91 6 72 47
2. Opening 443228498. 16878319. 1935105. 47695265.6 13629257. 523370792.
book value 4345.7078 61 18 8 82 77
Ratio of the intangible assets formed by internal R&D in balance of intangible assets at period-end
(2) Data resource recognized as intangible assets
□Applicable □Not applicable
(3) Land use rights without certificate of ownership
In RMB
Reasons for without the property
Item Book value
certification
Land use right 7849990.00 Still in progress
Other explanation:
(4) Impairment testing of intangible assets
□Applicable□Not applicable
27.Goodwill
(1) Original book value of goodwill
In RMB
Investee or Current increased Current decreased
matters forming Opening balance Formed bybusiness Disposal Ending balancegoodwill combination
171深圳市深粮控股股份有限公司2025年年度报告全文
Total
(2) Impairment provision of goodwill
In RMB
Investee or Current increased Current decreased
matters forming Opening balance Accrual Disposal Ending balancegoodwill
Total
(3) Related information of asset group or asset group portfolio where goodwill is included
Component and basis of asset Consistent with previous
Name Operation segment and basis
group or asset group portfolio years(Y/N)
Changes in asset group or asset group portfolio
Objective fact and basis
Name Component before change Component after change
leading to change
Other explanation
(4) Specific method of determining the recoverable amount
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable□Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable□Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years' impairment testing
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
(5) Completion of performance commitments and corresponding impairment of goodwill
When goodwill is formed there is a performance commitment and the reporting period or the previous period is within the
performance commitment period
□Applicable□Not applicable
Other explanation:
28.Long-term expenses to be apportioned
In RMB
Item Opening balance Current amount Currentincreased amortization Other decreased Ending balance
Decoration fee 5869803.29 1222826.12 2648703.90 53525.46 4390400.05
Improvement
expenditure for fix 17166598.90 3347270.58 4937095.15 976490.52 14600283.81
assets
Other 2976786.49 54520.00 784469.65 60915.77 2185921.07
Total 26013188.68 4624616.70 8370268.70 1090931.75 21176604.93
172深圳市深粮控股股份有限公司2025年年度报告全文
Other explanation:
29.Deferred income tax asset /Deferred income tax liabilities
(1) Deferred income tax assets not offset
In RMB
Ending balance Opening balance
Item Deductible temporary Deferred income tax Deductible temporary Deferred income tax
differences asset differences asset
Impairment provision
for assets 99386125.59 24284726.94 78886233.43 19113818.29
Unrealized profits in
internal transactions 1511260.27 226689.05 1955326.35 293298.96
Credit impairment loss 129373347.11 31926345.31 131272060.28 32427392.41
Lease liabilities 57798738.00 14449684.50 72583919.01 18145979.75
Total 288069470.97 70887445.80 284697539.07 69980489.41
(2) Deferred income tax liability not offset
In RMB
Item Ending balance Opening balance
Taxable temporary Deferred income tax Taxable temporary Deferred income tax
differences liabilities differences liabilities
Asset evaluation
appreciation of
enterprise combination 40325797.60 10081449.40 41980665.84 10495166.46
under different control
Right-of-use asset 54808175.81 13702043.94 68309530.63 17077382.66
Total 95133973.41 23783493.34 110290196.47 27572549.12
(3) Deferred income tax assets and deferred income tax liabilities listed as net amount after offsetting
In RMB
Offsetting between the Ending balance of Trade-off between the Opening balance of
Item deferred income tax deferred income tax deferred income tax deferred income taxassets and liabilities assets or liabilities after assets and liabilities at assets or liabilities after
offsetting period-begin offsetting
Deferred income tax
asset 13702043.94 57185401.86 17077382.66 52903106.75
Deferred income tax
liabilities 13702043.94 10081449.40 17077382.66 10495166.46
(4) Details of unrecognized deferred income tax assets
In RMB
Item Ending balance Opening balance
Deductible temporary differences 27474738.49 256434.67
Deductible loss 27474738.49 256434.67
Total 27474738.49 256434.67
(5) Deductible losses of unrecognized deferred income tax assets expiring in following years
In RMB
Year Ending balance Opening balance Note
173深圳市深粮控股股份有限公司2025年年度报告全文
202559047529.92
202619484453.9624075232.20
202715031259.3237011114.59
202885404328.2195247245.53
202959406260.4281843220.20
203038491553.461592707.06
20317114166.8011566491.62
20325673197.696231412.69
20337780257.862672397.80
20347396405.74
Total 245781883.46 319287351.61
Other explanation:
30.Other non-current asset
In RMB
Item Ending balance Opening balance
Book balance Impairmen Book Impairment provision Book value balance t provision Book value
Shuguang
Grain
Warehous 51100263.93 51100263.93
e
Property
to be 3523917.2 3523917.212868260.22 12868260.22
relocated 4 4
Prepaid
for 2497360.7 2497360.71919383.97 1919383.97
engineer 3 3
Prepaid
for system 602767.82 602767.82
Total 6021277.9 6021277.966490675.94 - 66490675.94
77
Other explanation:
The Company's Shuguang Grain Depot was included in the scope of Phase I of the Land Readjustment Project for the Xili High-
speed Railway Hub and Related Works due to government reasons. In September 2025 the Xili Sub-district Office of Nanshan
District Shenzhen and the Company entered into the Relocation Compensation Agreement for Phase I of the Xili High-speed
Railway Hub and Related Works Readjustment Project. As of the date of the audit report this matter is still in progress.
31.Assets with restricted ownership or use rights
In RMB
Ending Beginning
Item Book Book value Restriction Restriction Book Restriction Restrictionbalance type status balance Book value type status
Letter of Letter of
Monetary credit credit
fund 4280703.44 4280703.44 margin 9263948.38 9263948.38 marginlitigation litigation
preservation preservation
Total 4280703.44 4280703.44 9263948.38 9263948.38
Other explanation:
174深圳市深粮控股股份有限公司2025年年度报告全文
32.Short-term loans
(1) By category
In RMB
Item Ending balance Opening balance
Loan in credit 1155754328.18 1484605101.05
Total 1155754328.18 1484605101.05
Explanation on category of short-term loans:
(2) Overdue and unpaid short-term loans
The overdue and unpaid short-term loans was 0.00 yuan at period-end including follow major amount:
In RMB
Borrower Ending balance Loan rate Overdue time Overdue interest
Other explanation:
33. Tradable financial liability
Item Ending balance Opening balance
Including:
Including:
Other explanation:
34.Derivative financial liability
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
Other explanation:
35. Note payable
In RMB
Category Ending balance Opening balance
Notes expiring at year-end not repaid was 0.00 yuan.
36. Account payable
(1) Account payable
In RMB
Item Ending balance Opening balance
Trade accounts payable 246567085.98 279249140.30
175深圳市深粮控股股份有限公司2025年年度报告全文
Account payable for engineering and
equipment 55607350.97 69278292.34
Pinghu Warehouse Rental Fee 3019639.49 2600723.24
Other 49892928.38 2600723.24
Total 345768271.72 392787099.23
(2) Major accounts payable with aging over one year or overdue major accounts payable
In RMB
Item Ending balance Reason for not repaying or carry-over
Shenzhen Municipal Engineering The project has been completed but not
Corporation 14976465.35 settled and the payment node stipulated inthe contract has not been reached.Guangdong Henghui Construction Co. Ltd. 14404674.30 Partial projects are unsettled
Total 29381139.65
Other explanation:
(3)Does the Company have any overdue and unpaid payables to small and medium-sized enterprises
Is the enterprise classified as a large-scale enterprise
□ Yes □ No
37.Other account payable
In RMB
Item Ending balance Opening balance
Interest payable 0.00 0.00
Dividend payable 2933690.04 2933690.04
Other account payable 260522669.16 265387637.46
Total 263186359.20 268321327.50
(1) Interest payable
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
Important overdue and unpaid interest situation:
In RMB
Borrower Overdue amount Overdue reason
Other explanation:
(2) Dividend payable
In RMB
Item Ending balance Opening balance
Shenzhen Investment Management
Company 2690970.14 2690970.14
Untrusted shares 242719.90 242719.90
Total 2933690.04 2933690.04
Other explanations including important dividends payable that have not been paid for more than one year should disclose the
176深圳市深粮控股股份有限公司2025年年度报告全文
reasons for non payment:
(3) Other account payable
1)By nature
In RMB
Item Ending balance Opening balance
Accounts receivable and other expenses 192976382.72 181075520.70
Deposit and margin 54313673.64 71419422.77
Engineering quality assurance deposit and
final payment 1079444.38 439888.55
Accrued expenses 11883168.42 12452805.44
Total 260252669.16 265387637.46
2)Significant other account payable with aging over 1 year or overdue significant other account payable
In RMB
Item Ending balance Reason for not repaying or carry-over
Other explanation:
38.Accounts received in advance
(1) Accounts received in advance
In RMB
Item Ending balance Opening balance
Lease payment received in advance 361950.00 1120604.23
Other 562382.28 569144.63
Total 924332.28 1689748.86
(2) Significant accounts received in advance with aging over one year or overdue significant accounts received in advance
In RMB
Item Ending balance Reason for not repaying or carry-over
In RMB
Item Change in amount Reason for change
39.Contract liabilities
In RMB
Item Ending balance Opening balance
Advance on sales 77779348.91 126590458.95
Total 77779348.91 126590458.95
Significant contract liabilities with aging over 1 year
In RMB
Item Ending balance Reason for not repaying or carry-over
Amount and reasons for important changes in book value in the period
In RMB
177深圳市深粮控股股份有限公司2025年年度报告全文
Item Change in amount Reason for change
40.Wage payable
(1) Wage payable
In RMB
Item Openingbalance Current increased Current decreased Ending balance
I. Short-term
compensatio 173956857.9 278926518.46 315058620.87 137824755.53
n 4
II. After-
service
welfare-
defined 6866982.09 38021317.57 40288870.53 4599429.13
contribution
plans
III.Dismissed 726674.60 433123.19 433123.19 726674.60
welfare
Total 181550514.6 317380959.22 355780614.59 143150859.26
3
(2) Short-term compensation
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Wage
bonus
allowance and 166282245.23 232997780.56 268443855.24 130836170.55
subsidy
2. Employees’
welfare 368527.83 4988071.92 4763022.26 593577.49
3. Social
insurance 382704.75 7810112.08 7797414.56 395402.27
charges
Including:
medical 347882.18 6668540.52 6655420.79 361001.91
insurance
premium
Industr
ial
injury
insuran 6129.88 615612.59 616539.85 5202.62
ce
premiu
ms
Matern
ity
insuran
ce 28692.69 525958.97 525453.92 29197.74
premiu
ms
4. Housing
public reserve 51276.78 19862129.10 19786832.28 126573.60
5. Trade union
fee and 6725952.35 5113235.31 6057812.90 5781374.76
education fee
Non-monetary
welfare 141151.00 8155189.49 8209683.63 86656.86
178深圳市深粮控股股份有限公司2025年年度报告全文
Other short-
term 5000.00 - - 5000.00
compensation
Total 173956857.94 278926518.46 315058620.87 137824755.53
(3) Defined contribution plans
In RMB
Item Opening balance Current increased Current decreased Ending balance
1. Basic
endowment
insurance 56501.10 20726553.30 20691288.17 91766.23
premiums
2.
Unemploymen
t insurance - 993354.55 988615.19 4739.36
premiums
3. Enterprise
annuity 6810480.99 16301409.72 18608967.17 4502923.54
Total 6866982.09 38021317.57 40288870.53 4599429.13
Other explanation:
41.Taxes payable
In RMB
Item Ending balance Opening balance
VAT 2185699.76 2133176.38
Enterprise income tax 223830634.62 95215697.77
Personal income tax 1026973.43 1450305.23
Urban maintenance and construction tax 119906.94 113475.35
Property tax 1336335.07 1350095.44
Stamp tax 835850.04 1089799.33
Educational surtax 91940.30 81630.62
Use tax of land 138387.07 138387.07
Other 2644.11 666872.16
Total 229568371.34 102239439.35
Other explanation:
42.Liability held for sale
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
Other explanation:
43.Non-current liabilities due within one year
In RMB
Item Ending balance Opening balance
Lease liabilities due within one year 26385962.57 42927367.21
Total 26385962.57 42927367.21
Other explanation:
179深圳市深粮控股股份有限公司2025年年度报告全文
44.Other current liabilities
In RMB
Item Ending balance Opening balance
Deferred output tax 4373517.22 8042645.47
Total 4373517.22 8042645.47
Changes of short-term bonds payable:
In RMB
Accrual Premium Breach
Bonds Face Issuance Bonds Amount Opening
Issued in interest and Paid in Ending contract
value date term issued balance theperiod by face discount
the
period balance orvalue amortization not(Y/N)
Total
Other explanation:
45.Long-term loan
(1) Category of long-term loan
In RMB
Item Ending balance Opening balance
Explanation on category of long-term loans:
Other explanation including interest rate range:
46. Bonds payable
(1) Bonds payable
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
(2) Changes of bonds payable (not including preferred stock perpetual capital securities and other
financial instruments classified as financial liability)
In RMB
Issued Accrual Premium Breach
Bonds Face Coupon Issuance Bonds Amount Opening in the interest and
Paid Ending contract
value rate date term issued balance in theperiod by face discount balance orvalue amortization period not(Y/N)
Total —— ——
(3) Description of convertible bonds
(4) Other financial instruments classified as financial liability
Basic information of the outstanding preferred stock and perpetual capital securities at period-end
180深圳市深粮控股股份有限公司2025年年度报告全文
Changes of outstanding preferred stock and perpetual capital securities at period-end
In RMB
Outstanding Period-beginning Current increased Current decreased Period-e
financial
instrument Amount Book value Amount Book value Amount Book value Amount Book value
Explanation on the basis for classifying other financial instrument into financial liability
Other explanation
47.Lease liability
In RMB
Item Ending balance Opening balance
Lease payments 57694189.71 126474987.95
Unrecognized financing charges -1839958.48 -5463119.98
Minus: lease liabilities due within one
year -26385962.57 -42927367.21
Total 29468268.66 78084500.76
Other explanation:
48.Long-term account payable
Item Ending balance Opening balance
Special account payable 16732409.88 16636326.62
Total 16732409.88 16636326.62
In RMB
(1) By nature
In RMB
Item Ending balance Opening balance
Other explanation:
(2) Special account payable
In RMB
Item Opening Current Current Endingbalance increased decreased balance Causes
Depreciation funds for fixed assets of government
reserve grain depots 16421849.53 96083.26 16517932.79
Special funding for research in the grain public
welfare industry 207477.09 207477.09
Grain and oil market monitoring and early
warning subsidy 7000.00 7000.00
Total 16636326.62 96083.26 16732409.88
Other explanation:
181深圳市深粮控股股份有限公司2025年年度报告全文
49. Long-term wage payable
(1) Long-term wage payable
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
(2) Changes of defined benefit plans
Present value of the defined benefit plans:
In RMB
Item Current Period Last Period
Scheme assets:
In RMB
Item Current Period Last Period
Net liability (assets) of the defined benefit plans
In RMB
Item Current Period Last Period
Content of defined benefit plans and relevant risks impact on future cash flow of the Company as well as times and uncertainty:
Major actuarial assumption and sensitivity analysis of defined benefit plans:
Other explanation:
50.Accrual liabilities
In RMB
Item Ending balance Opening balance Causes
Total 0.00 0.00
Other explanation including relevant important assumptions and estimation:
51.Deferred income
In RMB
Item Opening balance Current increased Current decreased Ending balance Causes
Government grant 79203615.99 7513100.00 8044115.37 78672600.62
Total 79203615.99 7513100.00 8044115.37 78672600.62 --
Other explanation:
52.Other non-current liabilities
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
Other explanation:
182深圳市深粮控股股份有限公司2025年年度报告全文
53. Share capital
In RMB
Current increased (decreased) +/-
Opening balance New shares SharesBonus shares converted from Other Subtotal Ending balanceissued public reserve
Total shares 1152535254.00 1152535254.00
Other explanation:
54. Other equity instrument
(1) Basic information of the outstanding preferred stock and perpetual capital securities at period-end
(2) Changes of outstanding preferred stock and perpetual capital securities at period-end
In RMB
Outstanding financial instrument Period-beginning Current increased Current decreased Period-endQuantity Book value Quantity Book value Quantity Book value Quantity Book value
Total 0.00 0.00
Explanation on changes in other equity instrument reasons for changes and relevant accounting treatment basis:
Other explanation:
55. Capital reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Capital premium (Share capital premium) 1263011835.48 1263011835.48
Other capital reserve 8896381.86 8896381.86
Total 1271908217.34 1271908217.34
Other instructions including changes in the current period reasons for changes:
56. Treasury stock
In RMB
Item Opening balance Current increased Current decreased Ending balance
Total 0.00 0.00
Other explanation including changes and reason for changes:
57. Other comprehensive income
In RMB
Current Period
Less: written in other Less: written in other
Account comprehensive comprehensive
Item Opening before income in previous income in previous
Less: Attributable Attributable Ending
balance income period and carried period and carried income to parent to minority balance
tax in the forward to forward to retained tax company shareholders
period gains/losses in earnings in current expense after tax after tax
current period period
183深圳市深粮控股股份有限公司2025年年度报告全文
II. Other
comprehensive
income re- - --105864.61
classified into 620406.95 726271.56
gains/losses
Exchange
differences on
translation of
foreign - --105864.61
currency 620406.95 726271.56
financial
statements
Total of other
comprehensive - --105864.61
income 620406.95 726271.56
Other explanation including the active part of the hedging gains/losses of cash flow transfer to initial reorganization adjustment
for the arbitraged items:
58. Reasonable reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Work safety fee 1152617.76 1152617.76 0.00
Total 1152617.76 1152617.76 0.00
Other explanation including changes in current period and reason for changes:
59. Surplus public reserve
In RMB
Item Opening balance Current increased Current decreased Ending balance
Statutory surplus reserves 616729697.68 25968220.55 642697918.23
Total 616729697.68 25968220.55 642697918.23
Other explanation including changes in current period and reasons for changes:
60. Retained profit
In RMB
Item Current period Last period
Retained profit at last period-end before
adjustment 1877968762.99 1916792566.57
Retained profit at period-beginning after
adjustment 1877968762.99 1916792566.57
Add: net profit attributable to shareholder of parent
company 243215785.97 325309578.52
Less: withdrawal of legal surplus reserve 25968220.55 133626331.30
Common stock dividends payable 172880288.10 230507050.80
Retained profit at period-end 1922336040.31 1877968762.99
Details about adjusting the retained profits at the beginning of the period:
1) Due to the retroactive adjustments to Accounting Standards for Business Enterprises and its relevant new regulations the
retained profit at the beginning of the period was affected by 0.00 yuan.
2) Due to changes in accounting policies the retained profit at the beginning of the period was affected by 0.00 yuan.
3) Due to major accounting error correction the retained profit at the beginning of the period was affected by 0.00 yuan
4) Due to changes in merge scope caused by the same control the retained profits at the beginning of the period was affected by
0.00 yuan.
184深圳市深粮控股股份有限公司2025年年度报告全文
5) Due to other adjustments the retained profits at the beginning of the period was affected by 0.00 yuan.
Description on the details of using capital surplus to make up for losses:
61. Operating revenue and operating cost
In RMB
Item Current period Last periodIncome Cost Income Cost
Main business 5497942871.63 4619914898.74 5371493401.89 4477833978.58
Other business 7336750.72 3495174.80 3596445.02 1167456.25
Total 5505279622.35 4623410073.54 5375089846.91 4479001434.83
Whether the lowest among the audited total profits and the net profit before and after deduction of non-recurring gains/ losses is
negative or not
□Yes □No
Information on breakdown of operation income and cost:
In RMB
Branch 1 Branch 2 Total
Category Operating Operating Operating Operating Operating Operating Operating Operating
revenue cost revenue cost revenue cost revenue cost
Business
types
Including:
Classification
by business
area
Including:
Market or
customer
type
Including:
Contract
types
Including:
Classification
by time of
goods
transfer
Including:
Classification
by contract
duration
Including:
Classification
by sales
channel
Including:
Total
Information relating to performance obligations:
Item Time for Important Nature of the Is it the main Expected Types of quality
185深圳市深粮控股股份有限公司2025年年度报告全文
performance payment terms goods promised responsible refunds to assurance
obligations to transfer by person customers borne provided by the
the company by the company company and
related
obligations
Other explanations
Information related to the transaction price allocated to the remaining performance obligations:
At the end of this reporting period the contract has been signed but the income corresponding to unfulfilled or incomplete
performance obligations is 77779348.91 yuan which is expected to be recognized in the year of 2026.Related information of contract variable price:
Significant contract changes or significant transaction price adjustments
In RMB
Other Item Accounting treatment method Impact on income
expla
nation:
62.Tax and surcharge
In RMB
Item Current period Last period
Urban maintenance and construction tax 1251637.11 1221674.64
Education surcharge 988000.52 944426.67
Property tax 13285255.45 13228693.85
Use tax of land 1729101.13 1860162.47
Vehicle and vessel use tax 18447.28 21598.24
Stamp duty 2255913.62 2363400.05
Other 17822.25 12703.14
Total 19546177.36 19652659.06
Other explanation:
63.Administration expenses
In RMB
Item Current period Last period
Labor and social security benefits 138545607.32 92027598.27
Depreciation and amortization of long-
term assets 40065454.48 43892426.93
Office expenses 6926393.10 7832785.01
Intermediary agency fees 4830127.46 4537569.50
Communication expense 1921919.54 2163612.00
Vehicle usage fee 876589.01 1694972.94
Travelling expense 2090358.79 1130140.38
Rental 873279.88 713648.91
Repairing expense 420488.08 624504.35
Low-value consumable 311.03 505314.41
Business hospitality 355529.68 409836.76
Relocation and shutdown costs 23903.00 37526.60
Other 9322661.12 12675264.53
Total 206252622.49 168245200.59
Other explanation:
186深圳市深粮控股股份有限公司2025年年度报告全文
64.Sales expense
In RMB
Item Current period Last period
Labor and social security benefits 99375448.52 99897664.20
Depreciation and amortization of long-
term assets 5335256.64 9900670.84
Office expenses 5347325.54 10845695.36
Sales service fee 9527498.45 7295139.32
Storage and loading/unloading fees 4791.71 1298777.88
Low value consumables and other loss
expenses 4401679.45 3722408.10
Travel expenses 3125891.37 2556940.10
Business hospitality 817153.75 1098538.42
Advertising expenses 293650.78 274794.60
Rental 743315.66 514723.11
Property insurance premium 722159.77 1199180.50
Logistics and transportation costs 610556.01 702660.09
Vehicle use fee 527032.61 284432.28
Other 7452777.99 10218705.16
Total 138284538.25 149810329.96
Other explanation:
65.R&D expenses
In RMB
Item Current period Last period
Labor and social security benefits 13312238.00 12077363.97
Direct investment 4481904.08 7521427.97
Depreciation and amortization 3217929.48 3063811.07
Entrusted R&D expense 0.00 80188.68
Travel expense 733780.72 847673.24
Inspection and debugging expense 974920.80 929050.82
Other expenses 2241881.90 689128.68
Total 24962654.98 25208644.43
Other explanation:
66.Financial expense
In RMB
Item Current period Last period
Interest expenses 32969675.94 33986936.32
Interest income -1073602.35 -1832540.57
Exchange gains/losses -26631.77 75332.11
Handling fee and others 575638.03 448518.55
Total 32445079.85 32678246.41
Other explanation:
67.Other income
In RMB
Sources Current period Last period
Government grant 57883182.09 10243944.62
187深圳市深粮控股股份有限公司2025年年度报告全文
Input tax deduction 1197133.26 1579562.14
Handling fees for withholding personal
income tax 325554.54 454718.47
Other 11014.91 62310.23
Total 59416884.80 12340535.46
68.Net exposure hedge gains
In RMB
Item Current period Last period
Total 0.00 0.00
Other explanation:
69.Income of fair value changes
In RMB
Sources Current period Last period
Total 0.00 0.00
Other explanation:
70.Investment income
In RMB
Item Current period Last period
Long-term equity investment income
measured with equity method -1561528.65 -3992524.74
Investment income from the disposal of
long-term equity investment 1025212.79 2890749.95
Investment income from the disposal of
tradable financial assets 2123849.30
Income from financial products 2394668.46
Total -536315.86 3416742.97
Other explanation:
71.Credit impairment loss
In RMB
Item Current period Last period
Loss of bad debt of accounts receivable -389008.36 -417686.25
Loss of bad debt of other accounts
receivable 1630783.12 643505.99
Loss of bad debts of accounts prepaid 0.00 -59090.80
Total 1241774.76 166728.94
Other explanation:
72.Asset impairment loss
In RMB
Item Current period Last period
I. Inventory depreciation loss and
impairment loss of contract performance -121690077.25 -102204026.35
cost
188深圳市深粮控股股份有限公司2025年年度报告全文
VI. Impairment losses of construction in
progress -155050.00
Total -121690077.25 -102359076.35
Other explanation:
73.Income from disposal of assets
In RMB
Sources Current period Last period
Income from the disposal of fixed assets
(losses shall be filled in with “-”) 3148837.05 41906.80
Income from the disposal of intangible
assets (losses shall be filled in with “-”) 15811193.73 5239932.45
Total 18960030.78 5281839.25
74.Non-operation income
In RMB
Amount included in the
Item Current period Last period current non-recurring
gains/losses
Government grants 16500.00
Gains from inventory surplus 6762.35 3081.80 6762.35
Liquidated damages
compensation income 664722.00 246085.99 664722.00
Other 2945850.33 328634.72 2945850.33
Gains from damage and
scrapping of non-current assets 46593.68 14444.62 46593.68
Relocation Signing Incentive 45254340.00 45254340.00
Total 48918268.36 608747.13 48918268.36
Other explanation:
75.Non-operating expenditure
In RMB
Item Current period Last period Amount included in currentnon-recurring gains/ losses
External donations 100000.00 21613.38 100000.00
Penalty expenses and
liquidated damages 39647.74 13907.66 39647.74
Loss of scrap from inventory 55822.13 176715.04 55822.13
Loss from damage and
scrapping of non-current 157452.63 142968.10 157452.63
assets
Other 530642.79 248775.50 530642.79
Total 883565.29 603979.68 883565.29
Other explanation:
76.Income tax expense
(1) Income tax expense
In RMB
Item Current period Last period
Current income tax expenses 227804384.58 96132421.18
189深圳市深粮控股股份有限公司2025年年度报告全文
Deferred income tax expenses -5256753.02 -931158.99
Total 222547631.56 95201262.19
(2) Adjustment process of accounting profit and income tax expenses
In RMB
Item Current period
Total profit 465805476.18
Income tax expenses calculated by statutory/applicable tax rate 116451369.05
Impact from different tax rate applicable with subsidiaries -686235.14
Effect of adjusting income tax in the previous period 1395.20
Impact of non-taxable income -28247730.50
Impact of cost expenses and losses unable to be deducted 15141765.94
Impact of the use of a previously unrecognized deferred income
tax asset on deductible losses -32296101.21
Impact of unrecognized deferred income tax assets in current
period on deductible temporary differences or deductible losses 10869709.12
Tax influence of additional deduction of R&D expenditure
(filled in with “-”) -1883295.80
Share of Profit or Loss of Joint Ventures and Associates
Accounted for Using the Equity Method 246461.04
Other 142950293.86
Income tax expenses 222547631.56
Other explanation:
77. Other comprehensive income
Refer to notes for details.
78. Items of cash flow statement
(1) Cash received with operating activities concerned
Cash received with other operating activities concerned
In RMB
Item Current period Last period
Intercourse funds and deposit 373903177.93 255222055.70
Government grants 51352166.72 6582472.32
Interest income 1073602.35 1446480.80
Other 53531309.07 2734551.18
Total 479860256.07 265985560.00
Note of cash paid with other operating activities concerned:
Cash paid with other operating activities concerned
In RMB
Item Current period Last period
Intercourse funds and deposit 391163419.69 12814346.92
Daily operating expenses 103691367.23 116004859.92
Other 4521224.48 4979022.31
Total 499376011.40 133798229.15
Note of cash paid with other operating activities concerned:
190深圳市深粮控股股份有限公司2025年年度报告全文
(2) Cash with investment activities concerned
Cash received with other investment activities concerned
In RMB
Item Current period Last period
Total 0.00 0.00
Significant cash received with investment activities concerned:
In RMB
Item Current period Last period
Explanation on cash received with other investment activities concerned：
Cash paid with other investment activities concerned
In RMB
Item Current period Last period
Net cash flow from the disposal of
subsidiaries 7559395.68
Total 0.00 7559395.68
Significant cash paid with investment activities concerned
In RMB
Item Current period Last period
Cash paid with other operating activities concerned
(3) Cash with financing activities concerned
Cash received with other financing activities concerned
In RMB
Item Current period Last period
Letter of credit deposit 5249428.86
Total 5249428.86 0.00
Note of cash received with other financing activities concerned:
Cash paid with other financing activities concerned
In RMB
Item Current period Last period
Operating lease paid 31120836.59 21955877.40
Purchase of minority shareholder equity 28856000.00
Total 31120836.59 50811877.40
Explanation on cash paid with other financing activities concerned:
Changes in liabilities arising from financing activities
?Applicable □Not applicable
Increase during the period Decrease during the period
Item Beginning balance Ending balance
Cash changes Non-cash Non-cashchanges Cash changes changes
Short-
term
borrowi 1484605101.05 1675756479.40 599443050.71 2604050302.98 1155754328.18
ngs
Lease
liabiliti 121011867.97 1496489.81 33854821.91 32799304.64 55854231.23
es
Total 1605616969.02 1675756479.40 600939540.52 2637905124.89 32799304.64 1211608559.41
191深圳市深粮控股股份有限公司2025年年度报告全文
(4) Cash flow listed at net amount
Item Relevant facts Basis for being listed at netamount Financial impact
(5) Significant activities and financial impacts that do not involve current cash inflow and outflow but
affect the financial condition of the company or may affect the cash flow of the company in the future
79.Supplementary information of cash flow statement
(1) Supplementary information of cash flow statement
In RMB
Supplementary information Current amount Last amount
1. Net profit adjusted to cash flow of
operation activities:
Net profit 243257844.62 324143607.16
Add: Impairment provision of assets 121690077.25 103280186.26
Depreciation of fixed assets
consumption of oil assets and depreciation 109318531.43 132209130.59
of productive biology assets
Depreciation of right-of-use
assets 27731173.16 5228150.97
Amortization of intangible assets 30794544.71 32504390.74
Amortization of long-term
deferred expenses 8370268.70 7307115.11
Loss from the disposal of fixed
assets intangible assets and other long- -18960030.78 -5294363.80
term assets (income is listed with “-”)
Losses on scrapping of fixedassets (income is listed with “- “) 110858.95 50779.47Loss from change of fair value(income is listed with “- “) - 0.00Financial expenses (income is
listed with “-”) 32943044.17 76139497.95
Investment loss (income is listed
with “-”) 536315.86 -14559424.88
Decrease of deferred income tax
assets (increase is listed with “-”) -1467697.24 -419064.89
Increase of deferred income tax
asset ((increase is listed with “-”) -3789055.78 -413717.40
Decrease of inventory (increase
is listed with “-”) 157997592.42 761631627.99
Decrease of operating receivable
accounts (increase is listed with “-”) 1560904864.65 1167426765.77
Increase of operating payable
accounts (decrease is listed with “-”) -1167756453.46 -2605796038.83
Other -1241774.76 978008.60
Net cash flow from operating
activities 1100440103.90 -15317619.38
2. Material investment and financing not
involved in cash flow
Conversion of debt into capital
Convertible company bonds due
within one year
Financing lease of fixed assets
3. Net change of cash and cash equivalents:
Ending balance of cash 69926342.31 158935342.85
192深圳市深粮控股股份有限公司2025年年度报告全文
Less: opening balance of cash 158935342.85 236745667.10
Add: ending balance of cash
equivalents 0.00 0.00
Less: opening balance of cash
equivalents 0.00 0.00
Net increase of cash and cash
equivalents -89009000.54 -77810324.25
(2) Net cash paid for obtaining subsidiary in the Period
In RMB
Amount
Including:
Including
Including:
Other explanation:
(3) Net cash received by disposing subsidiaries in the Period
In RMB
Amount
Cash and cash equivalents received in the current period from
disposal of subsidiaries in the current period 665400.00
Including:Shenzhen Zhenshihui Cold Chain Distribution Co.Ltd. 665400.00
Add: Cash and cash equivalents received in the current period
from disposal of subsidiaries in prior periods 1718711.71
Including:Zhenpin Market Operation Technology Co. Ltd. 1718711.71
Including:
Net cash received from disposal of subsidiaries 2384111.71
Other explanation:
(4) Component of cash and cash equivalents
In RMB
Item Ending balance Opening balance
I. Cash 69920105.12 158935342.85
Including: Cash on hand 6237.19 9442.96
Bank deposit available for
payment at any time 69926342.31 158925899.89
II. Cash equivalents 0.00 0.00
III. Ending balance of cash and cash
equivalents 69926342.31 158935342.85
(5) Items with restricted application scope still belong to cash and cash equivalents
In RMB
Item Current amount Last amount Reason for still belonging tocash and cash equivalents
(6) Monetary funds not belonging to cash and cash equivalents
In RMB
193深圳市深粮控股股份有限公司2025年年度报告全文
Item Current amount Last amount Reason for not belonging tocash and cash equivalents
Other explanation:
(7) Explanation on other significant activities
80. Notes of changes of owners’ equity
Explain the name and adjusted amount in “Other” that have been adjusted to the ending balance of the previous year
81. Foreign currency monetary items
(1) Foreign currency monetary items
In RMB
Item Ending foreign currency balance Convert rate Ending RMB balance converted
Monetary fund 5280436.18
Including: USD 186980.43 7.0288 1314248.04
EURO
HKD 4391165.09 0.90322 3966188.14
Account receivable 4466226.06
Including: USD 594099.78 7.0288 4059761.42
EURO
HKD 450049.12 0.90322 406464.64
Long-term borrow
Including: USD
EURO
HKD
Other explanation:
(2) Explanation on overseas operating entities including disclosure of their main overseas operating
location accounting currency and selection criteria for important overseas operating entities. If the
accounting currency changes the reasons should also be disclosed.□Applicable□Not applicable
82.Lease
(1) The company as leaser
□Applicable □Not applicable
Variable lease payments not included in the measurement of lease liabilities
□Applicable□Not applicable
Simplified rental fees for short-term leases and low value asset leases
□Applicable □Not applicable
194深圳市深粮控股股份有限公司2025年年度报告全文
Item Current amount
Short-term leases 56720290.37
Total 56720290.37
Circumstances involving sale-leaseback transactions
(2) The company as leasee
Operating lease with the company as leasee
□Applicable □Not applicable
In RMB
Item Lease income Including: income related to variable leasepayments not included in lease payments
Lease income 129983008.12
Total 129983008.12
Financing lease with the company as lessor
□Applicable□Not applicable
Annual lease payments not discounted in the next five years
□Applicable□Not applicable
Adjustment table for lease payment not discounted and net lease investments
(3) Recognize gains/losses from financing lease as producer or dealer
□Applicable□Not applicable
83.Data resource
84.Others
VIII. R&D expenditure
In RMB
Item Current period Last period
Labor and social security benefits 13312238.00 12077363.97
Direct investment 4481904.08 7521427.97
Depreciation and amortization 3217929.48 3063811.07
Entrusted R&D expense 0.00 80188.68
Travel expense 733780.72 847673.24
Inspection and debugging expense 974920.80 929050.82
Other expenses 2241881.90 689128.68
Total 24962654.98 25208644.43
1.R&D items that meet capitalization conditions
In RMB
Current increase Current decrease
Item Opening Internal Recognized Carriedbalance Ending
development Other as forward to balance
expenditure intangible currentassets gains/losses
195深圳市深粮控股股份有限公司2025年年度报告全文
Total
Major capitalized R&D items
Estimated Expected way ofItems R&D progress generating Starting point of
Specific basis for
completion time economic benefits capitalization
starting
capitalization
Impairment provision for R&D expenditure
In RMB
Item Opening balance Current increase Current decrease Ending balance Impairment test
2. Important outsourced projects under research
Item Expected way of generating economic The criteria and specific basis forbenefits determining capitalization or expensing
Other explanation:
IX. Changes in consolidation range
1. Enterprise combination not under the same control
(1) Enterprise combination not under the same control
In RMB
Ac Time point Cost to Ratio of Way to Purcha Standard to Income of acquiree Net profit of acquiree Cash flow of acquiree
quir to acquire acquire equity acquire sing determine the from purchasing date to from purchasing date to from purchasing date to
ee equity equity acquired equity date purchasing date period-end period-end period-end
Other explanation:
(2) Combination cost and goodwill
In RMB
Consolidation cost
--Cash
--Fair value of non-cash assets
--Fair value of debts issued or assumed
--Fair value of equity securities issued
-- Fair value of contingent consideration
--Fair value of the equity prior to the purchasing date
--Other
Total combination cost
Less: shares of fair value of identifiable net assets acquired
Portion of goodwill/combination cost less than the shares of fair
value of identifiable net assets acquired
Explanation on the method for determining the fair value of combination costs
Explanation on contingent considerations and their changes:
Main reasons for the formation of large goodwill
Other explanation:
196深圳市深粮控股股份有限公司2025年年度报告全文
(3) Identifiable assets and liabilities of the acquiree on purchasing date
In RMB
Fair value on purchasing date Book value on purchasing date
Assets:
Monetary funds
Accounts receivable
Inventory
Fixed assets
Intangible assets
Liability:
Loan
Accounts payable
Deferred tax liabilities
Net assets
Less: minority interests
Net assets acquired
Determination method for fair value of the identifiable assets and liabilities:
Contingent liabilities assumed by the acquiree in enterprise combination:
Other explanation:
(4) Gains/losses arising from the equity held before purchasing date which are re-measured at fair value
Did there exist any business combination achieved through multiple transactions in which control was obtained during the
reporting period
□Yes □No
(5) Explanation on failing to reasonably determine the combination consideration or the fair value of identifiable assets
and liabilities of the acquiree on the purchasing date or at the combination period-end
(6) Other explanation
2. Business combination under the same control
(1) Business combination under the same control in the Period
In RMB
A Ratio of Basis of Com Standard tocq equity enterprise determine Income of the acquiree Net profit of the acquiree Income of the Net profit of the
ui acquired in combination binat the from the combination from the combination acquiree during acquiree during
re combinatio under the same ion combination period-begin to the period-begin to the the comparison the comparison
e n control date date combination date combination date period period
(2) Combination cost
In RMB
Combination cost
--Cash
-- Book value of non-cash assets
-- Book value of debts issued or assumed
197深圳市深粮控股股份有限公司2025年年度报告全文
-- Face value of equity securities issued
--Contingent consideration
Explanation on contingent consideration and its changes:
Other explanation:
(3) Book value of the assets and liabilities of the acquiree on combination date
In RMB
Combination date Ending balance of last period
Assets:
Monetary funds
Account receivable
Inventory
Fixed assets
Intangible assets
Liabilities:
Loan
Account payable
Net assets 4039399.55
Less: minority interests
Net assets acquired 4039399.55
Contingent liability of the combined party assumed by the Company during combination:
Other explanation:
3. Reverse purchase
Basic transaction information basis of counter purchase whether making up business due to the assets and liability reserved by
listed company and basis determination of combination cost amount and calculation on adjusted equity by equity transaction:
4. Disposal of subsidiaries
Whether there is any situation where a single disposal of investment in a subsidiary result in loss of control or not
□Yes □No
In RMB
The
difference Method
between and main
the On the Fair value assumptio
The amount
of other
disposal date of of ns forThe loss of determini comprehensprice and remaining ive income
Proporti Dispos the share of proporti control equity in Gains/loss ng the fair related to
Disposal on of al the on of the book es arising value of
price at disposal metho Time of Basis for subsidiary’ remaini value of
the from re- remaining equity
Subsidia ds at determining the ng the consolidat measurem equity in investments
ry name the time at the losing s net assets ed inof loss of time of the time of losing equity remaining ent of the
control loss of time of
control control in the on the equity in financial remaining consolidat subsidiaries
losing consolidate date of the statementcontrol d financial on the equity at ed
transferred
control statements loss of consolidat date of fair value financial
to
control ed statement investmentcorrespondi
ng to the financial
loss of
control on the
gains/losses
statement date of or retaineddisposal of loss of earningsinvestment control
Shenzhe
n 665400. 100.00 2025.02
As
00 % Sell .28 stipulated/agreed
44412.930.00%
Shenlian in the agreement
198深圳市深粮控股股份有限公司2025年年度报告全文
g Cold
Chain
Logistic
s Co.Ltd.Other explanation:
Whether there is any situation where investments in subsidiaries are disposed by steps through multiple transactions and control is
lost in the current period or not
□Yes □No
5. Other reasons for changes in consolidation range
Consolidation scope changes caused by other reasons (e.g establish new subsidiaries liquidate subsidiaries) and the related
circumstances:
6.Other
X. Equity in other entities
1. Equity in subsidiaries
(1) Membership of enterprise group
Shareholding
Subsidiary Registere Main place Registrati ratiod capital of operation on place Business nature Dire Indir Acquisition way
ctly ectly
SZCG 1530000 Shenzhen Shenzhen000.00 City City Grain & oil trading
100. Combine under the same
00% control
Hualian Grain & 1000000 Shenzhen Shenzhen
Oil 00.00 City City Grain & oil trading
100. Combine under the same
00% control
Shenzhen Flour 3000000 Shenzhen Shenzhen 100. Combine under the same0.00 City City Flour processing 00% control
Shenliang Quality 8000000 Shenzhen Shenzhen
Inspection .00 City City Inspection
100. Combine under the same
00% control
Hainan Grain and 1000000 Haikou City Haikou Feed production 100. Combine under the sameOil 0.00 City 00% control
Doximi 1000000 Shenzhen Shenzhen0.00 City City E-commerce
100. Combine under the same
00% control
Big Kitchen 1000000 Shenzhen Shenzhen Sales and processing of grainoil and 100. Combine under the same0.00 City City relevant products 00% control
Shenliang 9500000 Shenzhen Shenzhen
Property .00 City City Property development and management
100. Combine under the same
00% control
International 2210000 Dongguan Dongguan Port operation food production 100. Combine under the sameFood 00.00 City City 00% control
Dongguan Grain 1000000 Dongguan Dongguan
and Oil 00.00 City City Food production
100. Combine under the same
00% control
Dongguan 2980000 Dongguan Dongguan
Logistics 00.00 City City Storage logistics
49.0 51.0 Combine under the same
0% 0% control
Shuangyashan 1000000 Shuangyasha Shuangyas Construction of food base and development 100. Combine under the same00.00 n City han City of related complementary facilities 00% control
Shenliang 3000000 Shenzhen Shenzhen 51.0
Hongjun 0.00 City City Catering 0% Establishment
Dongguan 1000000 Dongguan Dongguan 100.Hualian 0.00 City City Grain and oil trade 00% Establishment
Shenliang
Property 5000000 Shenzhen Shenzhen.00 City City Property management
100.
Management 00%
Establishment
Shenbao 2074513 Shenzhen Shenzhen 100.Huacheng 00.00 City City Manufacturing 00% Establishment
Wuyuan Ju Fang 2900000 Shangrao Shangrao
Yong 00.00 City City Manufacturing
100.
00% Establishment
Huizhou Shenbao 6000000 Huizhou Huizhou 100.0.00 City City Comprehensive businesses 00% Establishment
Shenshenbao 5000000 Shenzhen Shenzhen 100.Investment 0.00 City City Investment management 00% Establishment
199深圳市深粮控股股份有限公司2025年年度报告全文
Shenbao Tea 1500000 Shenzhen Shenzhen 100.Culture 0.00 City City Commercial trade 00% Establishment
Shenliang Hongli 5000000 Hangzhou Hangzhou 100.0.00 City City Grain and oil wholesale 00% Establishment
Fuhaitang 1000000 Hangzhou Hangzhou 100.Catering .00 City City Catering 00% Establishment
Fuhaitang
Ecology 2000000 Hangzhou Hangzhou.00 City City Tea planting production and sales
100. Business combination not
Technology 00% under the same control
Shenbao Rock 2070000 Wuyishan Wuyishan 100.Tea 0.00 City City Manufacturing 00% Establishment
Pu’er Tea Supply 2000000
Chain 0.00 Pu’er City Pu’er City Wholesale business
100.
00% Establishment
Shenliang Food 30150000.00 Pu’er City Pu’er City Manufacturing
100.
00% Establishment
Huizhou 5000000 Huizhou Shenzhen 100.Shenliang Food .00 City City Wholesale business 00% Establishment
Xingye Food 500000.0 Hong Kong
Hong
Kong Wholesale business 100. Business combination0 China China 00% under the same control
Smart 1000000 Shenzhen Shenzhen Loading unloading handling and 100.Warehousing 0.00 City City warehousing 00% Establishment
Explanation on shareholding ratio in subsidiaries different from ratio of voting right:
Explanation on the basis for controlling the investee with half or below voting rights held and without controlling the investee or
explanation on the basis for not controlling the investee with over half voting rights:
Explanation on the basis for controlling the important structured entities included in the consolidation scope:
Basis for determining whether the company is an agent or consignor:
Other explanation:
(2) Important non-wholly-owned subsidiary
In RMB
Subsid Shareholding ratio of Gains/losses attributable to Dividend announced to distribute for Ending equity
iary minority shareholders minority in the Period minority in the Period of minority
Explanation on the situation where the shareholding ratio of minority shareholders is different from the voting right ratio of minority
shareholders:
Other explanation:
(3) Main financial information of the important non-wholly-owned subsidiaries
In RMB
Subs Ending balance Opening balance
idiar Curre Non- Total Current Non- Total Curre Non- Total Current Non- Total
y nt current asset liabiliti current liabilit nt current asset liabiliti current liabilitassets assets s es liabilities ies assets assets s es liabilities ies
In RMB
Current Period Last Period
Subsi
diary Operating
Net Total Net Total
revenue profi comprehensive
Cash flow from Operating profi comprehensive Cash flow from
t income operating activities revenue t income operating activities
Other explanation:
200深圳市深粮控股股份有限公司2025年年度报告全文
(4) Significant restrictions on the use of enterprise group assets and the repayment of debts of the enterprise group
(5) Financial or other support offered to the structured entities included in consolidated financial statements
Other explanation:
2. Transactions where the share of owner’s equity in a subsidiary changes while the subsidiary is still
controlled
(1) Explanation on changes in the share of owner’s equity in subsidiary
(2) Impact of such transaction on equity of minority interests and owners’ equity attributable to parent company
In RMB
Purchase cost/disposal consideration
--Cash
--Fair value of non-cash assets
Total of purchase cost/disposal consideration
Less: Subsidiary’s share of net assets calculated in terms of the
proportion of acquired/disposed equity
Difference
Including: Adjust capital reserve
Adjust surplus reserve
Adjust undistributed profit
Other explanation
3. Equity in joint venture and associated enterprise
(1) Important joint venture or associated enterprise
Shareholdin
Joint venture/Associated Main place Registrati Business g ratio Accounting treatment on investment in
enterprise of operation on place nature Dire Indir joint venture and associated enterprise
ctly ectly
Zhuhai Hengxing Feed Aquatic fee 40.0
Industrial Co. Ltd. Zhuhai Zhuhai and animal fee 0% Equity method
Shenzhen Shenyuan Data
Technology Co. Ltd Shenzhen Shenzhen IT Services
40.0
0% Equity method
Description on situation where the shareholding ratio in joint ventures or associated enterprises is different from the ratio of voting
rights:
Description on the basis for holding less than 20% of voting rights but having significant influence or holding 20% or more of
voting rights but having no significant influence.
(2) Main financial information of important joint venture
In RMB
201深圳市深粮控股股份有限公司2025年年度报告全文
Ending balance/Current period Opening balance/Last period
Current assets
Including: cash and
cash equivalents
Non-current assets
Total assets
Current liabilities
Non-current liabilities
Total liabilities
Minority interests
Shareholders’ equity
attributable to parent
company
Share of net assets
calculated in terms of
shareholding ratio
Adjustment items
--Goodwill
--Unrealized profit of
internal trading
-- Other
Book value of equity
investment in joint
venture
Fair value of the equity
investment in joint
ventures with public
offers concerned
Operating revenue
Financial expenses
Income tax expenses
Net profit
Net profit of
discontinuing operation
Other comprehensive
income
Total comprehensive
income
Dividends received
from joint venture in
the period
Other explanation
(3) Main financial information of important associated enterprises
In RMB
Ending balance/Current period Opening balance/Last period
Zhuhai Hengxing Feed Shenzhen Shenyuan Shenzhen Shenyuan
Industrial Co. Ltd. Data Technology Co.Zhuhai Hengxing Feed Data Technology Co.Ltd Industrial Co. Ltd. Ltd
Current assets 177733923.64 32313337.52 178447054.01 30423052.48
Non-current assets 17712966.01 177189.62 20408430.87 248223.69
Total assets 195446889.65 32490527.14 198855484.88 30671276.17
Current liabilities 92333577.10 2778722.14 89109413.45 1299268.40
Non-current
liabilities 27086580.88 - 28373574.24 -
Total liabilities 119420157.98 2778722.14 117482987.69 1299268.40
Net asset 76026731.67 29711805.00 81372497.19 29372007.77
202深圳市深粮控股股份有限公司2025年年度报告全文
Minority interests
Equity attributable
to shareholder of 76026731.67 29711805.00 81372497.19 29372007.77
parent company
Share of net assets
measured in terms 30410692.67 11884722.00 32548998.88 11748803.11
of shareholding
Adjustment -925717.15 -3815.93 175441.24 -3815.93
--Goodwill
--Unrealized profit
of internal trading
-- Other -925717.15 -3815.93 175441.24 -3815.93
Book value of
equity investment
in associated 31336409.82 11880906.07 32724440.12 11744987.18
enterprise
Fair value of the
equity investment
of associated
enterprise with
public offers
concerned
Operating revenue 302288237.41 20264967.99 316639653.00 20245700.80
Net profit -5607523.39 339797.23 -3241833.61 147024.43
Net profit of
discontinuing
operation
Other
comprehensive
income
Total
comprehensive -5607523.39 339797.23 -3241833.61 147024.43
income
Dividends received
from associated
enterprise in the
year
Other explanation:
(4) Summary of financial information of unimportant joint ventures and associated enterprises
In RMB
Ending balance/Current Period Opening balance/Last Period
Joint venture:
Amount calculated in terms of shareholding ratio
Associated enterprise:
Total carrying amount of investments 887461.14
Total amount calculated in terms of shareholding ratio
Net profit -700262.67
Other comprehensive income -
Total comprehensive income -700262.67
Other explanation
203深圳市深粮控股股份有限公司2025年年度报告全文
(5) Major limitation on capital transfer ability to the Company from joint ventures or associated
enterprises
(6) Excess loss occurred in joint venture or associated enterprise
In RMB
Joint
venture/Associated Accumulated Derecognized losses not recognized in the Period Accumulated derecognized
enterprise derecognized losses (or net profit enjoyed in the Period) losses at period-end
Other explanation
(7) Unrecognized commitment related to joint venture investment
(8) Intangible liabilities related to joint venture or associated enterprise investment
4. Major joint operation
Name Main place of operation Registration place Business nature Shareholding ratio/ shares enjoyedDirectly In-directly
Explanation on situation where shareholding ratio or shares enjoyed in joint operation is different from voting right ratio in joint
operation:
Explanation on the classification basis of joint operation in case the entity of joint operation is the separate entity:
Other explanation:
5. Equity in structured entities not included in the scope of consolidated financial statements
Explanation:
6. Other
XI. Government grant
1. Government grant recognized at period-ending in terms of amount receivable
□Applicable□Not applicable
Reasons for not receiving the expected amount of government grants at the expected time point
□Applicable□Not applicable
2.Liabilities involved with government grant
□Applicable □Not applicable
In RMB
Current Amount Other
Item Opening balance increase in
booked into Amount carried
government non-business forward to other
changes in Ending balance Asset/income
income in income current relatedgrant current period period
Deferred
income 79203615.99 7513100.00 8044115.37 78672600.62 Asset related
204深圳市深粮控股股份有限公司2025年年度报告全文
3. Government grant booked into current gains/losses
□Applicable □Not applicable
In RMB
Accounting title Current period Last period
Other revenue 57883182.09 10243944.62
Other explanation:
XII. Risk related with financial instrument
1. Various risks arising from financial instruments
The company’s main financial instruments include monetary funds notes receivable accounts receivable other receivables other
current assets trading financial assets other non-current financial assets accounts payable other payables short-term borrowings
non-current liabilities due within one year and lease liabilities. The detailed information of various financial instruments has been
disclosed in the relevant notes. The risks associated with these financial instruments as well as the risk management policies adopted
by the company to reduce these risks are described below. The management of the company manages and monitors these risk
exposures to ensure that the aforementioned risks are controlled within a limited range.
(1) Risk management objectives and policies
The main risks caused by the company’s financial instruments are credit risk liquidity risk and market risk (including exchange rate
risk interest rate risk and commodity price risk).The goal of the company’s risk management is to strike an appropriate balance between risk and return striving to reduce the adverse
impact of financial risks on our financial performance. Based on this risk management objective the company has developed a risk
management policy to identify and analyze the risks we face set appropriate acceptable levels of risks and design corresponding
internal control procedures to monitor our risk level. The company will regularly review these risk management policies and related
internal control systems to adapt to market conditions or changes in our business activities. The internal audit department of the
company also regularly or randomly checks whether the implementation of the internal control system complies with risk
management policies.The board of directors is responsible for planning and establishing the company’s risk management structure formulating the
company’s risk management policies and related guidelines and supervising the implementation of risk management measures. The
company has developed risk management policies to identify and analyze the risks we face. These risk management policies clearly
define specific risks and cover various aspects such as market risk credit risk and liquidity risk management. The company regularly
evaluates changes in the market environment and our business activities to determine whether to update our risk management
policies and systems. The risk management of the company is carried out by relevant departments in accordance with the policies
approved by the board of directors. These departments identify evaluate and mitigate related risks through close cooperation with
other business departments of the company.The company diversifies investment and business portfolio appropriately to diversify financial instrument risks and reduces risks
concentrated in a single industry specific regions or specific counterparties by formulating corresponding risk management policies.
1) Credit risk
Credit risk refers to the risk of a financial loss caused by the counter party’s failure to fulfill its contractual obligations.Credit risks of the Company arises mainly from monetary funds note receivable account receivable other receivable.
205深圳市深粮控股股份有限公司2025年年度报告全文
The company’s bank deposits are mainly deposited in state-owned banks and other large and medium-sized listed banks and we
anticipate that there is no significant credit risk associated with bank deposits.For notes receivable accounts receivable and other receivables the company has established relevant policies to control credit risk
exposure. The company evaluates the credit qualifications of customers based on their financial status credit records and other
factors such as current market conditions and sets corresponding credit periods. The company will regularly monitor customer credit
records. For customers with poor credit records we will use written reminders shorten or cancel credit periods etc. to ensure that our
overall credit risk is within a controllable range.The debtors of the company’s accounts receivable are customers distributed across different industries and regions. the company
continuously conducts credit assessments on the financial condition of accounts receivable and purchases credit guarantee insurance
when appropriate.The maximum credit risk exposure that the company is exposed to is the carrying amount of each financial asset on the balance sheet.the company has not provided any other guarantees that may expose the company to credit risk.Among the accounts receivable of the company the accounts receivable of the top five customers account for 27.65% of the total
accounts receivable of the company (2024:47.26%) ; Among the other receivables of the company the other receivables of the top
five companies with outstanding amounts account for 45.28% of the total other receivables of the company (2024: 45.75%).On the balance sheet date the book value of the company’s debt investments is listed as follows according to the items in the
financial statements:
2) Liquidity risk
Liquidity risk refers to the risk of a shortage of funds encountered by the company when fulfilling its obligations to settle cash or
other financial assets.When managing liquidity risk the company maintains cash and cash equivalents that the management deems sufficient and monitors
them to meet the company’s operational needs and reduce the impact of cash flow fluctuations. The management of the company
monitors the use of bank loans and ensures compliance with loan agreements. Simultaneously obtain commitments from major
financial institutions to provide sufficient reserve funds to meet both short-term and long-term funding needs.the company raises operating funds through funds generated from business operations and bank loans. At the end of the period the
unused bank loan amount of the company was 10114617300.00 yuan (as of the end of last year: 8798534600.00 yuan).At the end of current period the financial liabilities and off-balance sheet guarantee items held by the company were analyzed based
on the maturity period of undiscounted remaining contract cash flows (in 10000 yuan):
Current ending balance
Item
Within 1 year 1-3 years Over 3 years Total
Financial liabilities:
Short-term borrowing 115575.43 115575.43
Accounts payable 34576.83 34576.83
Other accounts payable 26025.27 26025.27
Non-current liabilities maturing within one
year 2739.47 2638.60
Other current liabilities(not including deferred
income) 437.35 437.35
Lease liabilities 2925.28 104.67 5769.42
Total of financial liabilities or contingent
liabilities 179354.35 2925.28 104.67 185022.90
206深圳市深粮控股股份有限公司2025年年度报告全文
At the end of last period the financial liabilities and off-balance sheet guarantee items held by the company were analyzed based
on the maturity period of undiscounted remaining contract cash flows (in 10000 yuan):
Last ending balance
Item
Within 1 year 1-3 years Over 3 years Total
Financial liabilities:
Short-term borrowing 148460.51 148460.51
Accounts payable 39278.71 39278.71
Other accounts payable 26963.35 26963.35
Non-current liabilities maturing within one year 4292.74 4292.74
Other current liabilities(not including deferred
income) 804.26 804.26
Lease liabilities - 4838.35 2970.10 7808.45
Total of financial liabilities or contingent
liabilities 219799.57 4838.35 2970.10 227608.02
The amount of financial liabilities disclosed in the above table represents undiscounted contract cash flows which may differ from
the carrying amount in the balance sheet.The maximum guarantee amount of a signed guarantee contract does not represent the amount to be paid.
3) Market risk
The market risk of financial instruments refers to the risk of fluctuations in the fair value or future cash flows of financial instruments
due to market price changes including interest rate risk exchange rate risk and other price risks.Interest rate risk
Interest rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments due to changes in
market interest rates. Interest rate risk can arise from both confirmed interest-bearing financial instruments and unconfirmed financial
instruments (such as certain loan commitments).Financial liabilities with floating rate expose the company to cash flow interest rate risk while financial liabilities with fixed rate
expose the company to fair value interest rate risk. The company determines the relative ratio of fixed and floating rate contracts
based on the market environment at that time and maintains an appropriate combination of fixed and floating rate instruments
through regular review and supervision.The company closely monitors the impact of interest rate changes on our interest rate risk. The company currently does not adopt an
interest rate hedging policy. But the management is responsible for monitoring interest rate risk and will consider hedging significant
interest rate risks when necessary. An increase in interest rates will increase the cost of new interest-bearing debt and the interest
expenses on floating interest-bearing debt that the company has not yet paid off and will have a significant adverse impact on the
company's financial performance. Management will make timely adjustments based on the latest market conditions which may
involve arranging interest rate swaps to reduce interest rate risk.The interest-bearing financial instruments held by the company are as follows (unit: 10000 yuan):
Item Current amount Last amount
Financial instrument with fixed rate
Financial liability 115575.43 148460.51
207深圳市深粮控股股份有限公司2025年年度报告全文
Item Current amount Last amount
Including: short-term borrowing 115575.43 148460.51
Total 115575.43 148460.51
(4) Exchange rate risk
Exchange rate risk refers to the risk of fluctuations in the fair value or future cash flows of financial instruments due to changes in
foreign exchange rates. Exchange rate risk may arise from financial instruments denominated in foreign currencies other than the
accounting base currency.The exchange rate risk mainly lies in the impact of foreign exchange rate fluctuations on the company's financial position and cash
flows. In addition to the subsidiaries established in Hong Kong holding assets denominated in Hong Kong dollars as the settlement
currency the company has only a small amount of investment business in the Hong Kong market. The proportion of the company’s
foreign currency-denominated assets and liabilities in the overall assets and liabilities is not significant. Therefore the company
believes that the exchange rate risk it faces is not significant.The company closely monitors the impact of exchange rate changes on its exchange rate risk. Currently the company has not taken
any measures to avoid exchange rate risks. However the management is responsible for monitoring exchange rate risks and will
consider hedging significant exchange rate risks when necessary.
(2) Capital management
The goal of the company’s capital management policy is to ensure that we can continue to operate provide returns to shareholders
and benefit other stakeholders while maintaining the optimal capital structure to reduce capital costs.In order to maintain or adjust its capital structure the company may adjust its financing methods adjust the amount of dividends paid
to shareholders return capital to shareholders issue new shares and other equity instruments or sell assets to reduce debt.The company monitors its capital structure based on the asset liability ratio (total liabilities divided by total assets). At the end of the
current period the company’s asset liability ratio was 32.31% (36.21% at the end of the last period).
2.Hedge
(1) Risk management for hedge business
□Applicable□Not applicable
(2) The company conducted eligible hedging business and applied hedging accounting
In RMB
Book value related to Adjustment of Sources of hedge Impact of hedge
hedged items and accumulated fair value effectiveness and hedge accounting on the
Item hedging instruments hedging included in the ineffectiveness company’s financial
recognized book value
statements
of hedged items
Type of hedge risk
Type of hedge
Other explanation
208深圳市深粮控股股份有限公司2025年年度报告全文
(3) The company carried out hedging business for risk management and expected to achieve risk management goals but
has not applied hedge accounting
□Applicable□Not applicable
3.Financial assets
(1) By transfer manner
□Applicable ?Not applicable
(2) Financial assets derecognized due to transfer
□Applicable ?Not applicable
(3) Financial assets which are transferred and involved continuously
□Applicable ?Not applicable
Other explanation
XIII. Disclosure of fair value
1. Ending fair value of the assets and liabilities measured at fair value
In RMB
Item Ending fair valueFirst-order Second-order Third-order Total
I. Sustaining measured at fair value -- -- -- --
Other non-current financial assets 57500.00 57500.00
II. Non-sustaining measured at fair value -- -- -- --
2. Basis for recognizing the market price of items sustaining and non-sustaining measured at fair value
on first-order
3.Valuation technique qualitative and quantitative information on major parameters for items
sustaining and non-sustaining measured at fair value on second-order
4.Valuation technique qualitative and quantitative information on major parameters for items
sustaining and non-sustaining measured at fair value on third-order
Content Ending fair value Valuation technology Unobservable input value
Equity instrument investment
Non-listed equity investment 57500.00 Market method Investment cost
209深圳市深粮控股股份有限公司2025年年度报告全文
5.Adjustment information and sensitivity analysis of unobservable parameters for items sustaining and
non-sustaining measured at fair value on third-order
6. Reasons for conversion and policies for conversion time point of items sustaining measured at fair
value in case there is conversion between all levels
7. Changes of valuation technique in the Period and reasons
8. Financial assets and liabilities not measured at fair value
The financial assets and financial liabilities measured at amortization cost of the company mainly include: monetary funds notes
receivable accounts receivable other receivables short-term borrowings accounts payable other payables etc. The book value of
financial assets and financial liabilities not measured at fair value differs very little from their fair value.
9. Other
XIV. Related party and related transactions
1. Parent company
Registr Registe Ratio of Ratio of voting
Parent company ation Business nature red shareholding on right on the
place capital the Company Company
Shenzhen Shenzh Food distribution platform and safety infrastructure 5000Agricultural Power en construction domestic trade industrial investment million 63.79% 72.02%Group Co. Ltd. and operation etc yuan
Explanation on parent company of the Company
The ultimate controller of the Company is Shenzhen Municipal People’s Government State-owned Assets Supervision &
Administration Commission
Other explanation:
2. Subsidiaries of the Company
For more details of subsidiaries of the Company please refer to “Note VII.1”.
3. Joint venture and associated enterprise of the Company
For more details of important joint venture and associated enterprise of the Company please refer to “Note VII (7)”.Other joint venture and associated enterprise that have related transaction with the Company in the Period or that have balance
with the Company arising from transaction in last period are described as follows:
Joint venture/Associated enterprise Relationship with the enterprise
Other explanation
4.Other related parties
Other related parties Relationship between other related parties and the company
Shenzhen Agricultural Products Group Co. Ltd Shareholder of the company
210深圳市深粮控股股份有限公司2025年年度报告全文
Shenzhen Food Group Co. Ltd Shareholder of the company
Shenzhen Shennong Kitchen Co. Ltd. Holding subsidiary of parent company
Xi'an Moer Agricultural Products Co. Ltd Holding subsidiary of parent company
Shenzhen Zhenchu Supply Chain Co. Ltd. Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Zhanjiang Changshan (Shenzhen) Ecological Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Aquaculture Co. Ltd party
Shenzhen Cabbage Technology Co. Ltd Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Shenzhen Medical Materials Co. Ltd. Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Guangxi Higreen Agricultural Products Subsidiary of the Company’s shareholders controlled by the ultimate controlling
International Logistics Co. Ltd. party
Zhanjiang Haitian Aquatic Feed Co. Ltd Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Shenzhen Shenyuan Data Tech. Co. Ltd Associated enterprise of the company
Changzhou Shenbao Chacang E-business Co. Associated enterprise of the company
Ltd.Shenzhen Shenliang Cold Transport Co. Ltd. Associated enterprise of the company
Shenzhen Duoxi Equity Investment Fund Associated enterprise of the company
Management Co. Ltd.Shenzhen Shichumingmen Catering Associated enterprise of the company
Management Co. Ltd.Shenzhen Higreen International Agricultural Shareholding subsidiary of Shenzhen Agricultural Products Group Co. Ltd
Products Logistic Management Co. Ltd
Chengdu Agricultural Products Center Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Wholesale Market Co. Ltd. party
Ningxia Higreen International Agricultural Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Products Logistic Management Co. Ltd party
Shenzhen Zhunshihui Cold Chain Distribution Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Co. Ltd. party
Shenzhen Guangming Higreen Agricultural Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Products Industry Development Co. Ltd party
Shenzhen Shennong Revitalization Rural Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Industry Development Co. Ltd. party
Huaiji County Shennong Modern Agriculture Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Development Co. Ltd party
Hunan Higreen Supply Chain Co. Ltd Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Zhenpin Market Operation Technology Co. Ltd. Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Huizhou Higreen Agricultural Products Subsidiary of the Company’s shareholders controlled by the ultimate controlling
International Logistics Co. Ltd. party
Shenzhen Higreen Agricultural Products Food Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Import and Export Trade Service Co. Ltd. party
Shenzhen Shenliang Cold Chain Logistics Co. Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Ltd. party
Shenzhen Zhenpin Group Co. Ltd Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Shenzhen Agricultural Power Group Co. Ltd. Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Shenzhen Futian Agricultural Products Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Wholesale Market Co. Ltd. party
Yueyang Higreen International Agricultural Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Products Market Development Co. Ltd. party
Shenzhen Agricultural Science and Technology Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Innovation Group Co. Ltd party
Tianjin Higreen Agricultural Products Logistics Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Co. Ltd party
211深圳市深粮控股股份有限公司2025年年度报告全文
Danzhou City Shennong Modern Agricultural Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Development Co. Ltd. party
Shenzhen Agricultural Products Small Loan Co. Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Ltd party
Shenzhen Southern Agricultural Products Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Logistics Co. Ltd. party
Shenzhen Shenyuan Data Tech. Co. Ltd Subsidiary of the Company’s shareholders controlled by the ultimate controllingparty
Changsha Mawangdui Agricultural Products Subsidiary of the Company’s shareholders controlled by the ultimate controlling
Co. Ltd. party
Shenzhen Municipal People’s Government Subsidiary of the Company’s shareholders controlled by the ultimate controlling
State-owned Assets Supervision & party
Administration Commission
Directors Manager Chief Financial Officer and Key management
Secretary of the Board
Other explanation:
5. Related transaction
(1) Goods purchasing labor service providing and receiving
Goods purchasing/labor service receiving
In RMB
Related party Related transaction Current Period Approved Whether more Last Period
content transaction limit than the
transaction limit
(Y/N)
Shenzhen Information software
Shenyuan Data development 9902560.74 9902560.74 N 8670750.00
Tech. Co. Ltd
Shenzhen Procurement of goods
Shennong Kitchen 6251795.69 6251795.69 N 2844421.97
Co. Ltd
Chengdu Procurement of goods
Agricultural
Products Center 564174.29 564174.29 N
Wholesale Market
Co. Ltd.Ningxia Higreen Procurement of goods
International
Agricultural
561513.07 561513.07 N
Products Logistic
Management Co.Ltd
Shenzhen
Zhunshihui Cold
Transportation service 352923.38 352923.38 N
Chain Distribution
Co. Ltd.Shenzhen
Guangming
Higreen
Agricultural Transportation service 279031.93 279031.93 N
Products Industry
Development Co.Ltd
Shenzhen Transportation service 118242.72 118242.72 N
212深圳市深粮控股股份有限公司2025年年度报告全文
Shennong
Revitalization
Rural Industry
Development Co.Ltd.Huaiji County Transportation service
Shennong Modern
Agriculture 114638.53 114638.53 N
Development Co.Ltd
Xi'an Moer Transportation service
Agricultural 102741.63 102741.63 N 17286.56
Products Co. Ltd
Hunan Higreen Transportation service
Supply Chain Co. 78057.71 78057.71 N
Ltd
Zhenpin Market Transportation service
Operation
72053.40 72053.40 N
Technology Co.Ltd.Huizhou Higreen Transportation service
Agricultural
Products 42328.76 42328.76 N
International
Logistics Co. Ltd.Shenzhen Higreen Transportation service
Agricultural
Products Food
16371.67 16371.67 N
Import and Export
Trade Service Co.Ltd.Xi'an Moer Transportation service
Agricultural N 73260.00
Products Co. Ltd
Goods sold/labor service providing
In RMB
Related party Content of related transaction Current period Last period
content
Hunan Higreen Supply Chain
Product sales 2355398.17
Co. Ltd
Shenzhen Shennong Kitchen
Product sales 975120.95 301419.38
Co. Ltd
Xi'an Moer Agricultural
Product sales 615653.10 38867.25
Products Co. Ltd
Shenzhen Zhenpin Group Co.Product sales 529079.75 429377.89
Ltd
Shenzhen Zhenchu Supply Grain and oil sales
406038.501066771.53
Chain Co. Ltd. transportation service.Huizhou Higreen Agricultural
Products International Product sales 317361.95 533883.17
Logistics Co. Ltd.Shenzhen Agricultural Power
Product sales 152665.87
Group Co. Ltd.Shenzhen Higreen
International Agricultural Product sales 69237.73 50499.00
Products Logistic
213深圳市深粮控股股份有限公司2025年年度报告全文
Management Co. Ltd
Shenzhen Zhunshihui Cold
Service providing 68067.62
Chain Distribution Co. Ltd.Shenzhen Higreen
Agricultural Products Food Related party transactions
66466.69
Import and Export Trade related to daily operations
Service Co. Ltd.Changzhou Shenbao Chacang
Service providing 60000.00
E-business Co. Ltd.Shenzhen Shennong
Revitalization Rural Industry Product sales 48506.95
Development Co. Ltd.Shenzhen Guangming Higreen
Agricultural Products Industry Product sales 35237.91 99980.00
Development Co. Ltd
Shenzhen Futian Agricultural
Products Wholesale Market Product sales 30299.15
Co. Ltd.Zhanjiang Changshan
(Shenzhen) Ecological Property management service 30188.68
Aquaculture Co. Ltd
Shenzhen Cabbage
Product sales 26021.59 10364.60
Technology Co. Ltd
Yueyang Higreen International
Agricultural Products Market Product sales 20729.20
Development Co. Ltd.Shenzhen Zhunshihui Cold
Product sales 17083.34
Chain Distribution Co. Ltd.Shenzhen Medical Materials
Product sales 12955.75
Co. Ltd.Shenzhen Agricultural
Product sales 9634.02 25560.85
Products Group Co. Ltd
Shenzhen Agricultural Science
Related party transactions
and Technology Innovation 6900.00 35815.00
related to daily operations
Group Co. Ltd
Changzhou Shenbao Chacang
Product sales 6333.00 28301.89
E-business Co. Ltd.Tianjin Higreen Agricultural
Product sales 5182.30
Products Logistics Co. Ltd
Danzhou City Shennong
Modern Agricultural Product sales 5095.74
Development Co. Ltd.Zhenpin Market Operation
Property management service 4528.32
Technology Co. Ltd.Shenzhen Agricultural Product sales
4318.58282.36
Products Small Loan Co. Ltd
Huaiji County Shennong Product sales
Modern Agriculture 2591.15
Development Co. Ltd
Shenzhen Agricultural Power
Service providing 1780.00 24540.51
Group Co. Ltd.Guangxi Higreen Agricultural
Products International Product sales 1080.31 25911.50
Logistics Co. Ltd.Shenzhen Shenliang Cold Grain sales warehousing
98874.41
Transport Co. Ltd. services tea sales
Chengdu Agricultural Product sales 75823.00
214深圳市深粮控股股份有限公司2025年年度报告全文
Products Center Wholesale
Market Co. Ltd.Shenzhen Duoxi Equity
Products sales property
Investment Fund Management 16322.90
management service
Co. Ltd.Shenzhen Southern
Agricultural Products Product sales 2591.15
Logistics Co. Ltd.Explanation on goods purchasing labor service providing and receiving
The related sales of the company are priced on the basis of open bidding and fair market prices. The related procurement of the
company is priced on the basis of open bidding and fair market prices.
(2) Related trusteeship management/contract & entrust management/outsourcing
Trusteeship management/contract:
In RMB
Client/ Truste Type of Start date of End date of Pricing basis for Earnings of trusteeship
Contrac e/Cont trusteeship trusteeship trusteeshipmanagement/con management/co management/co earnings of trusteeship
management/contract
t issuer ractor tract asset ntract ntract management/contract
recognized in current
period
Related trusteeship management/contract:
Entrusted management/outsourcing:
In RMB
Client/co Trustee/ Type of Start date of End date of Pricing basis of Entrust/outsourcing
ntract Contract entrusted/outsou entrusted/outso entrusted/outso entrust/outsourcing expense recognized in
issuer or rced assets urced urced expense current period
Related management/ outsourcing:
(3) Related lease
The company acts as the lessor:
In RMB
Lessee Assets type Lease income recognized in current Lease income recognized in lastperiod period
Shenzhen Shenyuan Data Technology Lease of
Co. ltd. houses 368457.16 407339.97
Zhenpin Market Operation Technology Lease of
Co. Ltd. houses 13609.00
The company acts as the lessee:
In RMB
Variable lease
Simplified rental fees for payments not
short-term leases and low included in the Rent paid Interest expense Increased right-
Lessor Assets value asset leases (if measurement of lease
on lease liabilities of- use assets
type applicable) liabilities (if assumed
applicable)
Current Last period Current Last Current Last Current Last Current Lastperiod period period period period period period period period
Shenzhen
Agricultural Lease
Power Group Co. of 155400.00 105600.00
Ltd. houses
Shenzhen Lease 31542.00 31542.00 31542.00 31542.00
215深圳市深粮控股股份有限公司2025年年度报告全文
Higreen of
International houses
Agricultural
Products Logistic
Management Co.Ltd
Explanation on related lease
(4) Related guarantee
The Company acts as the guarantor
In RMB
Guaranted party Guarantee amount Guarantee start date Guarantee expiry date Whether the guarantee has been fulfilled
The Company acts as the guaranted party
In RMB
Guarantor Guarantee amount Guarantee start date Guarantee expiry date Whether the guarantee has been fulfilled
Explanation on related guarantee:
(5) Related party’s borrowed funds
In RMB
Related party Borrowing amount Start date Expiry date Note
Borrowing
Lending
(6) Assets transfer and debt reorganization of related party
In RMB
Related party Content of related transaction Current period Last period
(7) Remuneration of key executives
In RMB
Item Current period Last period
Remuneration of key executives 8384900.00 9899300.00
(8) Other related transaction
6. Accounts receivable from /payable to related parties
(1) Accounts receivable from related parties
In RMB
Ending balance Opening balance
Item Related party
Book balance Bad debtsreserve Book balance Bad debts reserve
Account Hunan Higreen Supply
receivable 2699056.00 26990.56 104884.00 1048.84Chain Co. Ltd
Account Xi'an Moer Agricultural
receivable 654696.00 6546.96Products Co. Ltd
Account Shenzhen Zhenpin Group
receivable 36784.00Co. Ltd
216深圳市深粮控股股份有限公司2025年年度报告全文
Huizhou Higreen
Account Agricultural Products
receivable 237960.30 2379.60 204.00 2.04International Logistics
Co. Ltd.Account Shenzhen Shennong
receivable 126145.65 1407.65 128645.65 424.37Kitchen Co. Ltd.Account Shenzhen Agricultural
receivable 84880.00 848.80 52172.00 580.28Power Group Co. Ltd.Account Shenzhen Zhenchu
receivable 45720.00 457.20 92854.00 928.54Supply Chain Co. Ltd.Shenzhen Guangming
Account Higreen Agricultural
receivable 27744.00 277.44Products Industry
Development Co. Ltd
Tianjin Higreen
Account
receivable Agricultural Products 29280.00 2400.96 23424.00 234.24
Logistics Co. Ltd
Yueyang Higreen
Account International Agricultural
receivable 23424.00 234.24Products Market
Development Co. Ltd.Shenzhen Higreen
Account International Agricultural
receivable 75033.94 750.34Products Logistic
Management Co. Ltd
Shenzhen Shennong
Account Revitalization Rural
receivable 2676.30 26.76Industry Development
Co. Ltd.Account Shenzhen Agricultural
receivable 44.00 - 436.00Products Group Co. Ltd
Shenzhen Higreen
Account Agricultural Products
receivable 31885.20 318.85 46769.40 467.69Food Import and Export
Trade Service Co. Ltd.Shenzhen Agricultural
Account Science and Technology
receivable 9900.00 99.00Innovation Group Co.Ltd
Huaiji County Shennong
Account
receivable Modern Agriculture 104.00 1.04
Development Co. Ltd
Shenzhen Agricultural
Account
receivable Products Small Loan Co. 5856.00 58.56
Ltd
Guangxi Higreen
Account Agricultural Products
receivable 29280.00 292.80International Logistics
Co. Ltd.Other Changzhou Shenbao
account Chacang E-business Co. 23615502.46 21187644.18 24138742.46 22187944.18
receivable Ltd.Other Shenzhen
account Shichumingmen Catering 1908202.67 1908202.67 1908202.67 1908202.67
receivable Management Co. Ltd.Other
account Shenzhen Higreen 50000.00 50000.00
receivable International Agricultural
217深圳市深粮控股股份有限公司2025年年度报告全文
Products Logistic
Management Co. Ltd
Other Zhanjiang Changshan
account (Shenzhen) Ecological 5520.00 5520.00 5520.00 5520.00
receivable Aquaculture Co. Ltd
Other
account Shenzhen Shenyuan Data 153584.90 248742.14
receivable Tech. Co. Ltd
Other Changsha Mawangdui
account Agricultural Products Co. 5000.00 5000.00
receivable Ltd.Other Chengdu Agricultural
account Products Center
receivable 19000.00 4000.00Wholesale Market Co.Ltd.Other Tianjin Higreen
account Agricultural Products 3000.00 3000.00
receivable Logistics Co. Ltd
Other
account Shenzhen Agricultural 26400.00 - 26400.00 -
receivable Power Group Co. Ltd.Other
account Shenzhen Zhenpin Group 1718711.71 17187.12
receivable Co. Ltd
(2) Accounts payable to related parties
In RMB
Item Related party Ending bookbalance Opening book balance
Account Ningxia Higreen International Agricultural Products Logistic
11532.00967.00
payable Management Co. Ltd
Account Shenzhen Shennong Revitalization Rural Industry
5289.5040880.51
payable Development Co. Ltd.Account
Hunan Higreen Supply Chain Co. Ltd 3038.00 2545.20
payable
Account Chengdu Agricultural Products Center Wholesale Market Co.
2160.00
payable Ltd.Account
Xi'an Moer Agricultural Products Co. Ltd 641.00 9444.00
payable
Account
Other subtotal 1264.53
payable
Account
Shenzhen Shenyuan Data Tech. Co. Ltd 16350.00
payable
Account Shenzhen Higreen Agricultural Products Food Import and
31680.00
payable Export Trade Service Co. Ltd.Account Huaiji County Shennong Modern Agriculture Development
24804.00
payable Co. Ltd
Account Shenzhen Municipal People’s Government State-owned
40574195.2841658943.35
payable Assets Supervision & Administration Commission
Other account
Shenzhen Shenyuan Data Tech. Co. Ltd 2396937.66 65400.00
payable
Other account
Shenzhen Shennong Kitchen Co. Ltd. 275000.00
payable
Other account
Zhanjiang Haitian Aquatic Feed Co. Ltd 20000.00 20000.00
payable
Other account
Shenzhen Agricultural Power Group Co. Ltd.payable 146162941.72
146162941.72
218深圳市深粮控股股份有限公司2025年年度报告全文
Other account
Shenzhen Shennong Kitchen Co. Ltd. 296063.14
payable
Other account
Shenzhen Shennong Kitchen Co. Ltd. 16459.00
payable
7. Related party commitment
8. Other
XV. Share-based payment
1. Overall situation of share-based payment
□ Applicable □ Not applicable
2. Share-based payment settled by equity
□ Applicable □ Not applicable
3. Share-based payment settled by cash
□ Applicable □ Not applicable
4.Share-based payment expense in current period
□Applicable□Not applicable
5. Modification and termination of share-based payment
Nil
6. Other
Nil
XVI. Commitment or contingency
1. Important commitments
Important commitments on balance sheet date
As of December 31 2025 there were no commitments that the company should disclose
219深圳市深粮控股股份有限公司2025年年度报告全文
2.Contingency
(1) Contingency on balance sheet date
(1) Contingent liabilities arising from pending litigation and arbitration and their financial impact
Target
SN Plaintiff Defendant Cause Court (’0000 Progress
yuan)
Guangdong Yongshen Construction The First People’s Court
1 Construction Engineering Co. International Food engineeringIndustrial Park contract dispute of Dongguan City 2175.59 PendingLtd lawsuit Guangdong Province
In December 2025 Guangdong Yongshen Construction Engineering Co. Ltd filed a lawsuit requesting the International
Food Industrial Park to pay a total of RMB 21.7559 million including the high-quality project bonus work safety and
civilized construction award additional project funds for increased steel reinforcement quantity safety and civilized
construction fees as well as legal fees and guarantee fees.The first-instance hearing of this case was held at The First People’s Court of Dongguan City in January 2026. The case is
currently under trial and no judgment has been received to date.As of now the company is unable to determine the financial impact of potential liabilities and estimated liabilities for this pending
lawsuit have not been recognized.
(2) Other contingencies
As of December 31 2024 there are no other contingencies that the company should disclose.
(2) If the Company has no important contingency need to disclosed explain reasons
The Company has no important contingency that need to disclose.
3.Other
XVII. Events after balance sheet date
1. Important non-adjustment matters
In RMB
Item Content Impact on financial status and operation results Reasons of failing to estimate the impact
2.Profit distribution
3. Sales return
4. Other events after balance sheet date
As of Dec. 31 2025 the Company has no other post - balance sheet events that should be disclosed.XVIII. Other important events
220深圳市深粮控股股份有限公司2025年年度报告全文
1. Previous accounting errors correction
(1) Retrospective restatement
In RMB
Content of accounting error correction Procedures Items impact during every comparative period Accumulated impact
(2) Prospective application
Content of accounting error correction Approval procedure Reasons for adopting the prospective applicable method
2. Debt restructuring
3. Assets exchange
(1) Exchange of non-monetary assets
(2) Other assets exchange
4. Pension plan
5. Discontinuing operation
In RMB
Ite Reven Expens Total Income tax Net Profit of discontinuing operation attributable to owners of
m ue es profit expenses profit parent company
Other explanation
6. Branch
(1) Recognition basis and accounting policy for reportable branch
(2) Financial information for reportable branch
In RMB
Item Offset between branches Total
(3) Explain reasons in case the Company has no branches or is unable to disclose total assets and
liabilities of segments
(4) Other explanation
7. Other major transaction and events makes influence on investor’s decision
8. Other
221深圳市深粮控股股份有限公司2025年年度报告全文
XIX. Notes to main items of financial statements of parent company
1. Account receivable
(1) By aging
In RMB
Aging Ending book balance Beginning book balance
Within 1 year(inclusive) 25750909.96 116870897.62
25750909.96116870897.62
1-2 years 73272.00
Over 3 years 37305.68 37305.68
Over 5 years 37305.68 37305.68
Total 25788215.64 116981475.30
(2)Accrued bad debts reserve
In RMB
Ending balance Opening balance
Category Book value Bad debts reserve Book value Book value Bad debts reserve Book value
Amount Ratio Amount Accruedratio Amount Ratio Amount
Accrued
ratio
Account
receivabl
e with
bad debts 28453.0 100.00 28453.0 100.00
reserve 28453.08 0.11% 28453.08 0.02%
accrual 8 % 8 %
on a
single
basis
Including
:
Account
receivabl
e with
bad debts 25759762.5 25752680.4 116953022.2 14409.2 116938612.9
reserve 99.89% 7082.08 0.03% 99.98% 0.01%6 8 2 8 4
accrual
on
portfolio
Including
:
Portfolio
of sales 14409.2
receivabl 8852.60 0.03% 7082.08 80.00% 1770.52 82124.60 0.07% 17.55% 67715.328
e
Object- 25750909.9 25750909.9 116870897.6 116870897.6
specific 99.86% 99.91%
portfolio 6 6 2 2
25788215.6100.0035535.125752680.4116981475.342862.3116938612.9
Total 0.14% 100.00% 0.04%
4%68064
Accrual of bad debts reserve on single item: 28453.08 yuan
In RMB
Opening balance Ending balance
Name
Book balance Bad debts Bad debtsreserve Book balance reserve Accrual ratio Accrual reason
Accrual of bad Reasonably
debts reserve on 28453.08 28453.08 28453.08 28453.08 100.00% provision
a single basis according to
222深圳市深粮控股股份有限公司2025年年度报告全文
enterprise
accounting
standards
Total 28453.08 28453.08 28453.08 28453.08
Make bad debts reserve in terms of portfolio: RMB7082.08 yuan
In RMB
Ending balance
Name
Book balance Bad debts reserve Accrual ratio
Portfolio of sales receivable 8852.60 7082.08 80.00%
Object-specific portfolio 25750909.96 0.00 0.00%
Total 25759762.56 7082.08
Explanation on the basis to determine such portfolio:
Bad debts reserve accrual on portfolio
Ending balance
Name Book balance Bad debts reserve Accrual ratio
Explanation on the basis to determine such portfolio:
If the bad debts reserve of account receivable is made in accordance with the general model of expected credit losses:
□Applicable □Not applicable
(3)Bad debts reserve accrued collected or reversal
Bad debts reserve accrued in the period:
In RMB
Amount changed in the period
Category Opening balance
Accrued Collected or
Ending balance
reversal Written-off Other
Bad debts reserve of
account receivable 42862.36 -7327.20 35535.16
Total 42862.36 -7327.20 35535.16
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
Enterprise Collected or reversal Reason for reversal Manner of reversal define the accrued ratioof original bad debts
reserve
(4) Account receivable charged off in the period
In RMB
Item Amount charged off
Including major account receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on account receivable charged off:
(5)Top five receivables and contract assets at ending balance by arrears party
In RMB
Enterprise Ending balance Ending balance Ending Ratio in total ending Ending balance of bad debtof account of contract balance of balance of account reserves for account receivable
223深圳市深粮控股股份有限公司2025年年度报告全文
receivable assets account receivables and contract and impairment provision of
receivable assets contract assets
and contract
assets
2.Other account receivable
In RMB
Item Ending balance Opening balance
Interest receivable 0.00 0.00
Dividends receivable 0.00 0.00
Other account receivable 2964238623.06 2123872937.65
Total 2964238623.06 2123872937.65
(1) Interest receivable
1) By category
In RMB
Item Ending balance Opening balance
Total 0.00 0.00
2) Important overdue interest
Borrower Ending balance Overdue time Overdue causes Whether impairment occurs and its judgment basis
Other explanation:
3)Accrued bad debts reserve
□Applicable□Not applicable
4)Bad debts reserve accrued collected or reversal
In RMB
Amount changed in the period
Category Opening balance Collected or Ending balanceAccrued reversal Charged off Other
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
Enterprise Collected or reversal Reason for reversal Manner of reversal define the accrued ratioof original bad debts
reserve
Other explanation:
(5) Interest receivable charged off in the period
In RMB
Item Amount charged off
Including major interest receivable charged off:
224深圳市深粮控股股份有限公司2025年年度报告全文
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on interest receivable charged off:
Other explanation:
(2) Dividend receivable
1) Category
In RMB
Item (or the invested entity) Ending balance Opening balance
Total 0.00 0.00
2) Important dividend receivable with aging over one year
In RMB
Item (or Ending Account Reasons for not Whether impairment occurs and its judgment
investee) balance aging collection basis
3) Accrued bad debts reserve
□Applicable□Not applicable
4) Bad debts reserve accrued collected or reversal
Bad debts reserve accrued in the period:
In RMB
Amount changed in the period
Category Opening balance Collected or Ending balanceAccrued reversal Charged off Other
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
define the accrued ratio
Enterprise Collected or reversal Reason for reversal Manner of reversal
of original bad debts
reserve
Other explanation:
5) Dividend receivable charged off in the period
In RMB
Item Amount charged off
Including major dividend receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on those charged off:
Other explanation:
225深圳市深粮控股股份有限公司2025年年度报告全文
(3)Other account receivable
1)By nature
In RMB
Nature Ending book balance Beginning book balance
Margin and deposit 7791342.21 5210066.16
Other intercourse funds 2983277015.89 2146492606.53
Total 2991068358.10 2151702672.69
2)By aging
In RMB
Aging Ending book balance Beginning book balance
Within 1 year(inclusive) 2956794948.32 770755999.84
2956794948.32770755999.84
1-2 year 9897832.02 162272693.15
2-3 years 1193798401.94
Over 3 years 24375577.76 24875577.76
Over 5 years 24375577.76 24875577.76
Total 2991068358.10 2151702672.69
3)Accrued bad debts reserve
In RMB
Ending balance Opening balance
Category Book balance Bad debts reserve Book Book balance Bad debts reserve Book
Amount Ratio Amount Accrual value Amount Ratio Amount Accrual valueratio ratio
Including:
Including:
Bad debts reserve is made on the basis of the general model of expected credit losses:
In RMB
Phase I Phase II Phase III
Bad debts reserve Expected credit losses
Expected credit losses for the entire duration Expected credit losses for Total
over next 12 months (without credit the entire duration (with
impairment occurred) credit impairment occurred)
Balance on Jan. 1
2025213468.1527616266.8927829735.04
Balance on Jan. 1
2025 in the period
Current reversal 37004.40 962995.60 1000000.00
Balance on Dec. 31
2025176463.7526653271.2926829735.04
Classification basis and bad debts reserve ratio for each stage
Changes in book balance with significant changes in the current period's provision for losses
□Applicable□Not applicable
226深圳市深粮控股股份有限公司2025年年度报告全文
4)Bad debts reserve accrued collected or reversal
Bad debts reserve accrued in the period:
In RMB
Amount changed in the period
Category Opening balance Ending balance
Accrued Collected orreversal Charged off Other
Bad debts reserve of
other account 27829735.04 1000000.00 26829735.04
receivable
Total 27829735.04 1000000.00 26829735.04
Important bad debts reserve collected or reversal:
In RMB
Basis and rationality to
Enterprise Collected or reversal Reason for reversal Manner of reversal define the accrued ratioof original bad debts
reserve
5) Other account receivable charged off in the period
In RMB
Item Amount charged off
Including major other account receivable charged off:
In RMB
Enterprise Nature Amount charged off Reason for charged Procedure of charged Resulted by relatedoff off transaction (Y/N)
Explanation on other account receivable charged off:
6) Top 5 accounts receivable at ending balance by arrears party
In RMB
Enterpris Natur Ending Agin Proportion in total other receivables at ending Ending balance of bad debt
e e balance g balance (%) reserve
7)Those booked into other accounts receivables due to centralized fund management
In RMB
Other explanation:
3.Long-term equity investment
In RMB
Ending balance Opening balance
Item
Book balance Impairment Book value Book balance Impairmentprovision provision Book value
Investment in
subsidiary 4036688641.37 5500000.00 4031188641.37 4036688641.37 5500000.00 4031188641.37
Total 4036688641.37 5500000.00 4031188641.37 4036688641.37 5500000.00 4031188641.37
227深圳市深粮控股股份有限公司2025年年度报告全文
(1) Investment in subsidiaries
In RMB
Opening Current changes (+/ -) Ending
Investee Opening balance balance of Accrual of Ending balance balance of(book value) impairment Additional Capital (book value) impairment
provision investment reduction
impairment Other
provision provision
Shenzhen
Cereals Group 3291415036.82 3291415036.82
Co. Ltd
Dongguan
Shenliang
Logistics Co. 321680000.00 321680000.00
Ltd.Huizhou
Shenbao
Technology 60000000.00 60000000.00
Co. Ltd.Shenzhen
Shenbao
Huacheng 223228545.91 223228545.91
Technology
Co. Ltd.Shenzhen
Shenshenbao
Investment 50000000.00 50000000.00
Co. Ltd
Shenzhen
Shenliang 80520842.36 5500000.00 80520842.36 5500000.00
Food Co. Ltd.Xingye Food 4344216.28 4344216.28
Total 4031188641.37 5500000.00 4031188641.37 5500000.00
(2) Investment in associated enterprises and joint venture
In RMB
Openi Openin Current changes (+/ -)
ng g
Ending
Invest
balance ment Other Othe
Cash balance
balan Additio Capita comprehe r dividen
Accrual Ending
Inves ce of gains d or
of balance(b of
tee impair nal l recogni nsive equit profit impair Oth
impair
(book ookment investm reduct zed income y ment ervalue value)
ment
provisio ent ion under adjustmen chan
announ
ced to provisio
provisio
) n equity t ge
n
issued n
I. Joint venture
II. Associated enterprise
The recoverable amount is determined on the basis of the net amount after deducting disposal expenses from fair value
□Applicable□Not applicable
The recoverable amount is determined on the basis of the present value of expected future cash flows
□Applicable□Not applicable
Reasons for significant discrepancies between the aforementioned information and the information or external information used in
previous years' impairment testing
Reasons for significant discrepancies between the information used in the company's previous annual impairment tests and the
actual situation of the current year
(3) Other explanation
4.Operating revenue and operating cost
In RMB
228深圳市深粮控股股份有限公司2025年年度报告全文
Current period Last period
Item
Revenue Cost Revenue Cost
Main business 209782091.19 79488777.80 169747663.69 2337079.04
Other business 132956.12 471590.28 208390.08 471590.28
Total 209915047.31 79960368.08 169956053.77 2808669.32
Breakdown information of operating income and operating costs:
In RMB
Contract Branch 1 Branch 2 Total
category Revenue Cost Revenue Cost Revenue Cost Revenue Cost
Business
type
Including:
Classification
by business
area
Including:
Market or
customer
type
Including:
Contract
types
Including:
Classification
by time of
goods
transfer
Including:
Classification
by contract
duration
Including:
Classification
by sales
channel
Including:
Total
Information related to performing obligations:
Item Time for Important Nature of the Is it the main The expected The types of
performance payment terms goods promised responsible refunds to quality
obligations to transfer by person customers borne assurance
the company by the company provided by the
company and
related
obligations
Other explanation
Information related to the transaction price apportioned to the remaining performance obligations:
The amount of income corresponding to performing obligations that have been signed at the end of this reporting period but have
not yet been fulfilled or have not done with fulfillment is 0.00 yuan among them 0.00 yuan of revenue is expected to be
recognized in the year
229深圳市深粮控股股份有限公司2025年年度报告全文
Significant contract changes or significant transaction price adjustments
Item Accounting treatment method Impact on income
Other explanation:
5. Investment income
In RMB
Item Current Period Last Period
Investment income of long-term equity
investment measured with cost method 213293709.44 1209380685.39
Investment income from the disposal of
long-term equity investment 1567130.20
Investment income during the holding
period of tradable financial assets 2190832.84
Investment income from the disposal of
tradable financial assets 2123849.30
Total 213293709.44 1215262497.73
6.Others
XX. Supplementary information
1. Current non-recurring gains/losses
□ Applicable □Not applicable
In RMB
Item Amount Note
Gains/losses from the disposal of non-current asset (including the written-off
of accrued impairment provision of assets) 19858457.99
It mainly refers to
Governmental subsidies reckoned into current gains/losses (except for those the relocation
with normal operation business concerned and conform to the national compensation
policies & regulations and are enjoyed according to certain standard and 51731273.31 received by the
having a continuous impact on the company’s gains/losses) Company fromShuguang Grain
Depot.Gains/losses arising from changes in fair value of financial assets and
financial liabilities held by non-financial enterprises as well as gains/losses
from the disposal of financial assets and financial liabilities except for
effective hedging business related to the normal operation of the company.Gains/losses of assets delegation on others’ investment or management
Reversal of impairment provision of accounts receivable which are treated
with separate depreciation test 1017988.27 --
Other gains/losses that conform to the definition of non-recurring gains/losses:
□ Applicable□ Not applicable
The Company does not have other gains/losses that conform to the definition of non-recurring gains/losses.Information on the definition of non-recurring gains/losses listed in the Q&A Announcement No.1 on Information Disclosure for
Companies Offering Their Securities to the Public --- Non-recurring Gains/Losses as Recurring Gains/Losses
□Applicable □Not applicable
230深圳市深粮控股股份有限公司2025年年度报告全文
2. ROE and earnings per share
Earnings per share
Profits during reporting period Weightedaverage ROE Basic earnings per Diluted earnings pershare (RMB/Share) share (RMB/Share)
Net profits attributable to common stock stockholders of the
Company 4.91% 0.2110 0.2110
Net profits attributable to common stock stockholders of the
Company after deducting non-recurring gains/ losses 3.00% 0.1288 0.1288
3. Difference of the accounting data under accounting rules in and out of China
(1) Difference of the net profit and net assets disclosed in financial report under both IAS (International
Accounting Standards) and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable □Not applicable
In RMB
Net profit Net asset
Current amount Last amount Ending balance Opening balance
Under Chinese GAPP 243215785.97 325309578.52 4988751158.32 4919674142.82
Items and amount adjusted under IAS
1067000.001067000.00
Under IAS 243215785.97 325309578.52 4989818158.32 4920741142.82
(2) Difference of the net profit and net assets disclosed in financial report under both foreign accounting
rules and Chinese GAAP (Generally Accepted Accounting Principles)
□ Applicable□Not applicable
(3) Explanation on data differences under the accounting standards in and out of China; as for the
differences adjustment audited by foreign auditing institute listed name of the institute
4. Other
231
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