China Agritech, Inc. A# Room 0706-0707 The Spaces International Center No. 8 Dongdaqiao Road Chaoyang District 100020 China
China Agritech, Inc. Room301 No. 11 Building No. 1 Zone of Future Business Center 1st Street of Wuliqiao Road Chaoyang District Beijing Tel:86-10-5962-1220 Fax:86-10-5962-1220 Postcode:100024
Share Structure: AS: 100M OS: 24,699,615 (as of 03/27/08 per 10Q)
Revenue: 2007 $39,270,292 2006 $29,525,577
Our revenues are derived primarily from the sale of our organic fertilizer products to our customers. We are a leading manufacturer of fertilizer products in China, specifically, organic fertilizer products in liquid form. We have been producing organic liquid compound fertilizer product in China since 1994.
Sales revenues increased $9,744,715, or 32.9% to $39,270,292 for the year ended December 31, 2007 from $29,525,577 for the year in 2006. This increase was mainly attributable to increase in sales to our existing customers and new customers from the new geographical penetrated mainly in central, southern and northwestern of China subsequent to the additional of new facilities in Beijing, Anhui, Chongqing and Xinjiang.
Cost of Goods Sold. Our cost of goods sold increased $4,778,367, or 34% to $18,939,725 for the year ended December 31, 2007 from $14,161,358 in the same period in 2006. The increase was primarily due to an increase in sales of our fertilizer products which required us to purchase more raw materials, packaging materials and higher direct labor costs incurred which is in line with the increase in sales. As a percentage of net revenues, the cost of goods sold increased slightly to 48.2% during the year ended December 31, 2007 from 48% in 2006. There was no significant variation in cost of good sold as a percentage of net revenues. There are no significant variation in the cost of good sold as a percentage of net revenues for the year ended December 31, 2007 as compared to December 31, 2006.
Gross Profit. Our gross profit increased $4,966,348 to $20,330,567 for the year ended December 31, 2007 from $15,364,219 for the same period in 2006. Gross profit as a percentage of net revenues was 51.8% for the year ended December 31, 2007, as compared to 52.0% during the same period in 2006. There was no significant variation in the gross profit as a percentage of net revenue for the year ended December 31, 2007 as compared to December 31, 2006.
Administrative Expenses. Our administrative expenses increased $403,643 or 20% to $2,418,895 for the year ended December 31, 2007 from $2,015,252 for the same period in 2006. As a percentage of net revenues, administrative expenses decreased to 6.2% for the year ended December 31, 2007 from 6.8% for the same period in 2006. Higher administration expenses for the year ended December 31, 2006 as compared to December 31, 2007 was primarily attributable to expenses incurred in setting up new production facilities in Beijing and Anhui in 2006. No such expenses were incurred in 2007.
Number of Share Holders of Record: 975 as of Mar 28, 2008
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