[Section I Important Notice](index=4&type=section&id=Section%20I%20Important%20Notice) This section outlines the company's declarations, audit status, and the directory of reference documents [1.1 Statement and Guarantee](index=4&type=section&id=1.1%20Statement%20and%20Guarantee) Company directors, supervisors, senior management, and relevant personnel guarantee the truthfulness, accuracy, and completeness of the report and assume corresponding responsibilities - Company directors, supervisors, and senior management guarantee that this report contains no false records, misleading statements, or major omissions, and assume individual and joint liability for its truthfulness, accuracy, and completeness[8](index=8&type=chunk) - Company head Fan Rong, chief accountant Bai Huaqin, and accounting department head Guo Xiaoqun guarantee the truthfulness, accuracy, and completeness of the financial report within the quarterly report[8](index=8&type=chunk) [1.2 Audit Status](index=4&type=section&id=1.2%20Audit%20Status) This quarterly report has not been audited by an accounting firm, and no directors, supervisors, or senior management have objections or cannot guarantee its content - This quarterly report has not been audited by an accounting firm[9](index=9&type=chunk) - No company directors, supervisors, or senior management have objections to the quarterly report content or cannot guarantee its truthfulness, accuracy, and completeness[10](index=10&type=chunk) [1.3 Directory of Reference Documents](index=4&type=section&id=1.3%20Directory%20of%20Reference%20Documents) Reference documents include signed and stamped financial statements and all publicly disclosed company documents and announcements, stored in the Board Secretary's office - Reference documents include financial statements bearing the signatures and seals of the company head, chief accountant, and head of the accounting department[11](index=11&type=chunk) - Reference documents include all original company documents and announcements publicly disclosed on designated information disclosure platforms during the reporting period[11](index=11&type=chunk) - Documents are stored in the Board Secretary's office[11](index=11&type=chunk) [Section II Company Basic Information](index=5&type=section&id=Section%20II%20Company%20Basic%20Information) This section provides the company's fundamental details, key financial data, and explanations for significant financial changes [2.1 Basic Information](index=5&type=section&id=2.1%20Basic%20Information) Panzhihua Bingyang Technology Co., Ltd. (stock code 836675) operates in special ceramic product manufacturing, with Fan Rong as legal representative and a registered capital of 172,198,000 yuan Basic Information Overview | Indicator | Content | | :--- | :--- | | Stock Abbreviation | Bingyang Technology | | Stock Code | 836675 | | Industry | Manufacturing (C) - Non-metallic Mineral Products Industry (C30) - Ceramic Products Manufacturing (C307) - Special Ceramic Products Manufacturing (C3072) | | Legal Representative | Fan Rong | | Registered Capital (Yuan) | 172,198,000 | | Registered Address | Vanadium-Titanium Industrial Park, Renhe District, Panzhihua City, Sichuan Province | | Office Address | Within Vanadium-Titanium Industrial Park, Renhe District, Panzhihua City, Sichuan Province | | Sponsor Institution | Huaxi Securities Co., Ltd | [2.2 Major Financial Data](index=5&type=section&id=2.2%20Major%20Financial%20Data) As of September 30, 2022, total assets reached 784 million yuan, up 13.19%; year-to-date revenue was 294 million yuan, up 34.18%, but operating cash flow significantly decreased by 317.64% to -32.8 million yuan, while Q3 revenue and net profit grew substantially Major Financial Data Overview (End of Reporting Period) | Item | End of Reporting Period (September 30, 2022) (Yuan) | End of Previous Year (December 31, 2021) (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Total Assets | 783,629,224.41 | 692,339,828.45 | 13.19% | | Net Assets Attributable to Shareholders of Listed Company | 528,215,218.95 | 516,138,596.51 | 2.34% | | Asset-Liability Ratio (Consolidated) | 32.59% | 25.45% | - | Major Financial Data Overview (Year-to-Date) | Item | Year-to-Date (January-September 2022) (Yuan) | Same Period Last Year (January-September 2021) (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 294,105,136.94 | 219,186,911.28 | 34.18% | | Net Profit Attributable to Shareholders of Listed Company | 45,884,150.82 | 46,001,755.20 | -0.26% | | Net Cash Flow from Operating Activities | -32,795,878.65 | -7,852,758.85 | -317.64% | | Basic Earnings Per Share (Yuan/Share) | 0.27 | 0.27 | 0.00% | Major Financial Data Overview (Current Reporting Period July-September 2022) | Item | Current Reporting Period (July-September 2022) (Yuan) | Same Period Last Year (July-September 2021) (Yuan) | Change Ratio (%) | | :--- | :--- | :--- | :--- | | Operating Revenue | 113,410,626.60 | 63,528,125.62 | 78.52% | | Net Profit Attributable to Shareholders of Listed Company | 14,220,256.31 | 10,723,539.30 | 32.61% | | Net Cash Flow from Operating Activities | -33,085,421.31 | -14,143,037.41 | -133.93% | | Basic Earnings Per Share (Yuan/Share) | 0.08 | 0.06 | 33.33% | [2.3 Reasons for Significant Changes in Financial Data](index=6&type=section&id=2.3%20Reasons%20for%20Significant%20Changes%20in%20Financial%20Data) Company financial data changes are primarily due to operating activities, investment activities, and policy impacts, affecting balance sheet items, profit growth, and cash flow [2.3.1 Explanation of Significant Changes in Balance Sheet Data](index=6&type=section&id=2.3.1%20Explanation%20of%20Significant%20Changes%20in%20Balance%20Sheet%20Data) Significant balance sheet changes include increases in notes and accounts receivable due to customer settlements, construction in progress from new projects, and decreases in other current assets from cash management withdrawals, alongside increases in accounts payable and taxes payable - Notes receivable at the end of the reporting period increased by **140.68%** compared to the end of the previous year, primarily due to increased commercial acceptance bill settlements by customers from January to September 2022[18](index=18&type=chunk) - Accounts receivable at the end of the reporting period increased by **121.22%** compared to the end of the previous year, primarily due to customer funding arrangements from January to September 2022[18](index=18&type=chunk) - Construction in progress at the end of the reporting period increased by **849.46%** compared to the end of the previous year, primarily due to increased expenditures on the company's fundraising projects "400,000 tons/year ceramsite clay technical renovation and expansion project" and "600,000 tons/year quartz sand fracturing proppant project" from January to September 2022[19](index=19&type=chunk) - Other current assets at the end of the reporting period decreased by **96.19%** compared to the end of the previous year, primarily due to the recovery of **40 million yuan** from large-denomination certificates of deposit used for cash management of idle raised funds from January to September 2022[18](index=18&type=chunk)[19](index=19&type=chunk) - Accounts payable at the end of the reporting period increased by **69.45%** compared to the end of the previous year, primarily due to increased purchases and an increase in un-derecognized commercial acceptance bills endorsed but not yet due from January to September 2022[18](index=18&type=chunk)[19](index=19&type=chunk) - Taxes payable at the end of the reporting period increased by **84.10%** compared to the end of the previous year, primarily due to the company benefiting from tax deferral policies[18](index=18&type=chunk)[19](index=19&type=chunk) [2.3.2 Explanation of Significant Changes in Income Statement Data](index=7&type=section&id=2.3.2%20Explanation%20of%20Significant%20Changes%20in%20Income%20Statement%20Data) Profit statement changes reflect increased revenue from sales volume, higher costs due to raw material and energy prices, increased credit impairment losses, and significant non-operating income from a new associate - Operating revenue from January to September 2022 increased by **34.18%** compared to the same period last year, primarily due to increased product sales volume[20](index=20&type=chunk) - Operating costs from January to September 2022 increased by **48.87%** compared to the same period last year, primarily due to increased product sales volume and higher purchase prices for major raw materials and energy costs[20](index=20&type=chunk) - Credit impairment losses from January to September 2022 increased by **891.15%** compared to the same period last year, primarily due to increased provision for bad debts from higher balances of accounts receivable and notes receivable at period-end[21](index=21&type=chunk) - Non-operating income from January to September 2022 increased by **3,615.37%** compared to the same period last year, primarily due to the recognition of the difference between the initial investment cost and the fair value of identifiable assets from the newly added associate Leshan Taizhong[22](index=22&type=chunk) [2.3.3 Explanation of Significant Changes in Cash Flow Statement Data](index=8&type=section&id=2.3.3%20Explanation%20of%20Significant%20Changes%20in%20Cash%20Flow%20Statement%20Data) Operating cash flow significantly decreased due to increased payments for goods and services, while investing cash flow improved due to the recovery of cash management funds - Net cash flow from operating activities from January to September 2022 decreased by **317.64%** compared to the same period last year, primarily due to increased cash payments for goods and services[22](index=22&type=chunk) - Net cash flow from investing activities from January to September 2022 increased by **89.92%** compared to the same period last year, primarily due to the recovery of **40 million yuan** from large-denomination certificates of deposit used for cash management of idle raised funds[22](index=22&type=chunk) [2.4 Non-recurring Gains and Losses Items and Amounts](index=8&type=section&id=2.4%20Non-recurring%20Gains%20and%20Losses%20Items%20and%20Amounts) Year-to-date non-recurring net gains totaled 872,453.77 yuan, primarily from government subsidies, gains from investment cost differences, and fair value changes of financial assets Non-recurring Gains and Losses Items and Amounts (Year-to-Date) | Item | Amount (Yuan) | | :--- | :--- | | Government subsidies included in current profit and loss | 666,598.97 | | Gains from investment cost being less than the fair value of identifiable net assets of the invested entity at the time of acquisition of subsidiaries, associates, and joint ventures | 194,300.32 | | Fair value changes of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities, and investment income from disposal of transactional financial assets, derivative financial assets, transactional financial liabilities, derivative financial liabilities, and other debt investments, excluding effective hedge accounting related to normal business operations | 148,750.75 | | Other non-operating income and expenses apart from the above items | 16,766.16 | | Total non-recurring gains and losses | 1,026,416.20 | | Income tax impact | 153,962.43 | | Net non-recurring gains and losses | 872,453.77 | [2.5 Common Stock Capital Structure and Shareholder Information](index=9&type=section&id=2.5%20Common%20Stock%20Capital%20Structure%20and%20Shareholder%20Information) As of the reporting period, total share capital increased to 172.198 million shares, with 6,007 common shareholders; unrestricted shares accounted for 45.33%, and restricted shares for 54.67%; controlling shareholder Fan Rong and his concerted party Sang Hongmei collectively hold 71.11% with no pledges or judicial freezes Common Stock Capital Structure Changes | Share Nature | Beginning of Period Quantity (Shares) | Beginning of Period Ratio (%) | Current Period Change (Shares) | End of Period Quantity (Shares) | End of Period Ratio (%) | | :--- | :--- | :--- | :--- | :--- | :--- | | Total Unrestricted Shares | 45,790,360 | 26.80% | 32,271,710 | 78,062,070 | 45.33% | | Total Restricted Shares | 125,089,640 | 73.20% | -30,953,710 | 94,135,930 | 54.67% | | Total Share Capital | 170,880,000 | - | 1,318,000 | 172,198,000 | - | | Number of Common Shareholders | - | - | - | - | 6,007 | Top Ten Shareholders or Shareholders Holding 5% or More at Period-End | No. | Shareholder Name | Shareholder Nature | Shares Held at Period-End (Shares) | Holding Ratio (%) | Restricted Shares Held at Period-End (Shares) | Unrestricted Shares Held at Period-End (Shares) | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | 1 | Fan Rong | Domestic Natural Person | 80,442,720 | 46.72% | 60,332,040 | 20,110,680 | | 2 | Sang Hongmei | Domestic Natural Person | 41,990,880 | 24.39% | 31,493,160 | 10,497,720 | | Total | - | - | 129,451,868 | 75.19% | 92,344,200 | 37,107,668 | - Controlling shareholder Fan Rong and Sang Hongmei are a married couple; Fan Liang and Fan Rong are brothers; Fan Liang and Sang Hongmei are uncle and sister-in-law; other shareholders have no associated relationship[29](index=29&type=chunk) [2.6 Preferred Stock Related Information](index=11&type=section&id=2.6%20Preferred%20Stock%20Related%20Information) The company had no preferred stock related situations during the reporting period - The company had no preferred stock related situations during the reporting period[31](index=31&type=chunk) [Section III Significant Events](index=12&type=section&id=Section%20III%20Significant%20Events) This section details the company's compliance with significant events, including related party transactions, equity incentive plans, and asset pledges [3.1 Compliance with Significant Matters](index=12&type=section&id=3.1%20Compliance%20with%20Significant%20Matters) During the reporting period, the company complied with internal review procedures and timely disclosure requirements for routine and other significant related party transactions, equity incentive plans, disclosed commitments, and asset pledges - During the reporting period, routine related party transactions, other significant related party transactions, equity incentive plans, disclosed commitments, and situations where assets were seized, attached, frozen, mortgaged, or pledged were all subject to internal review procedures and timely disclosure[33](index=33&type=chunk) - No lawsuits, arbitrations, external guarantees, external loans, occupation or transfer of company funds by shareholders or related parties, share repurchases, investigations, penalties, or dishonesty occurred during the reporting period[33](index=33&type=chunk) [3.2 Details and Progress of Significant Matters](index=12&type=section&id=3.2%20Details%20and%20Progress%20of%20Significant%20Matters) Significant events include new routine related party transactions with Leshan Taizhong, credit applications with related party banks secured by actual controllers and mining rights, implementation of a restricted stock equity incentive plan, and multiple asset pledges for bank credit, with all disclosed commitments being fulfilled [3.2.1 Routine Related Party Transactions](index=12&type=section&id=3.2.1%20Routine%20Related%20Party%20Transactions) The company added routine related party transactions with Leshan Taizhong, with an estimated amount not exceeding 50 million yuan, and cumulative transactions totaling 23.0214 million yuan by the end of the reporting period - The company added routine related party transactions with associate Leshan Taizhong, with an estimated amount not exceeding **50 million yuan**, and cumulative transactions totaling **23.0214 million yuan** by the end of the reporting period[34](index=34&type=chunk) [3.2.2 Other Significant Related Party Transactions](index=12&type=section&id=3.2.2%20Other%20Significant%20Related%20Party%20Transactions) The company and its subsidiaries applied for credit lines up to 73 million yuan from Panzhihua Rural Commercial Bank, secured by actual controllers and mining rights, and up to 100 million yuan from Kunlun Bank Xi'an Branch, secured by accounts receivable and actual controllers - The company and its subsidiaries applied for a credit line not exceeding **73 million yuan** from related party Panzhihua Rural Commercial Bank Co., Ltd., with **70.45 million yuan** utilized by the end of the reporting period[34](index=34&type=chunk) - The credit line from Panzhihua Rural Commercial Bank is guaranteed by the company's actual controllers Fan Rong and Sang Hongmei, and secured by the subsidiary's mining rights, with a guarantee balance of **70.45 million yuan**[35](index=35&type=chunk)[38](index=38&type=chunk)[39](index=39&type=chunk) - The company applied for a credit line not exceeding **100 million yuan** from Kunlun Bank Co., Ltd. Xi'an Branch, secured by accounts receivable and guaranteed by the company's actual controllers Fan Rong and Sang Hongmei, with a guarantee balance of **29.20 million yuan** by the end of the reporting period[36](index=36&type=chunk) [3.2.3 Equity Incentive Plan](index=13&type=section&id=3.2.3%20Equity%20Incentive%20Plan) On February 14, 2022, the company granted 1.318 million restricted shares to 37 incentive recipients at 5.2 yuan/share, completing registration by March 24, 2022, and receiving 6.8536 million yuan in subscription payments - On February 14, 2022, the company granted **1,318,000 restricted shares** to 37 incentive recipients at **5.2 yuan/share**, completing the registration of restricted share grants on March 24, 2022[36](index=36&type=chunk) - By the end of the reporting period, the company had received **6,853,600.00 yuan** in subscription payments for restricted shares from 37 incentive recipients[36](index=36&type=chunk) [3.2.4 Disclosed Commitments](index=13&type=section&id=3.2.4%20Disclosed%20Commitments) All disclosed commitments were being normally fulfilled during the reporting period, with no overdue or violated commitments - All disclosed commitments were being normally fulfilled during the reporting period, with no overdue or violated commitments[37](index=37&type=chunk) [3.2.5 Asset Mortgage and Pledge Status](index=13&type=section&id=3.2.5%20Asset%20Mortgage%20and%20Pledge%20Status) The company mortgaged machinery, property, and land for a 25 million yuan credit line from Agricultural Bank of China, and pledged subsidiary mining rights and accounts receivable for other credit lines - The company mortgaged machinery, property, and land for a credit line not exceeding **25 million yuan** from Agricultural Bank of China Panzhihua Bingcaogang Branch, with **24.50 million yuan** utilized by the end of the reporting period[37](index=37&type=chunk) - Subsidiary Panzhihua Bingyang Mining Co., Ltd.'s mining rights were used as collateral, with a guarantee balance of **70.45 million yuan**[38](index=38&type=chunk)[39](index=39&type=chunk) - The company pledged accounts receivable as collateral, with a guarantee balance of **29.20 million yuan**[36](index=36&type=chunk) [3.3 Profit Distribution and Capital Reserve to Share Capital Increase](index=14&type=section&id=3.3%20Profit%20Distribution%20and%20Capital%20Reserve%20to%20Share%20Capital%20Increase) The company did not implement profit distribution or capital reserve to share capital increase during the reporting period, nor did the board of directors propose any such plans - The company did not implement profit distribution or capital reserve to share capital increase during the reporting period[40](index=40&type=chunk) - The board of directors did not propose any equity distribution plan when reviewing the quarterly report[40](index=40&type=chunk) [Section IV Financial Accounting Report](index=15&type=section&id=Section%20IV%20Financial%20Accounting%20Report) This section presents the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2022 [4.1 Audit Status of Financial Report](index=15&type=section&id=4.1%20Audit%20Status%20of%20Financial%20Report) This quarterly financial report has not been audited by an accounting firm - This quarterly financial report has not been audited[42](index=42&type=chunk) [4.2 Financial Statements](index=15&type=section&id=4.2%20Financial%20Statements) This section provides the company's unaudited consolidated and parent company balance sheets, income statements, and cash flow statements for the third quarter of 2022, detailing financial position, operating results, and cash flows [4.2.1 Consolidated Balance Sheet](index=15&type=section&id=4.2.1%20Consolidated%20Balance%20Sheet) This subsection presents the consolidated balance sheet data as of September 30, 2022, and December 31, 2021 - Presents consolidated balance sheet data as of **September 30, 2022**, and **December 31, 2021**[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk) [4.2.2 Parent Company Balance Sheet](index=17&type=section&id=4.2.2%20Parent%20Company%20Balance%20Sheet) This subsection presents the parent company balance sheet data as of September 30, 2022, and December 31, 2021 - Presents parent company balance sheet data as of **September 30, 2022**, and **December 31, 2021**[47](index=47&type=chunk)[48](index=48&type=chunk)[49](index=49&type=chunk) [4.2.3 Consolidated Income Statement](index=19&type=section&id=4.2.3%20Consolidated%20Income%20Statement) This subsection presents the consolidated income statement data for July-September 2022, July-September 2021, January-September 2022, and January-September 2021 - Presents consolidated income statement data for **July-September 2022**, **July-September 2021**, **January-September 2022**, and **January-September 2021**[51](index=51&type=chunk)[52](index=52&type=chunk)[53](index=53&type=chunk)[54](index=54&type=chunk) [4.2.4 Parent Company Income Statement](index=22&type=section&id=4.2.4%20Parent%20Company%20Income%20Statement) This subsection presents the parent company income statement data for July-September 2022, July-September 2021, January-September 2022, and January-September 2021 - Presents parent company income statement data for **July-September 2022**, **July-September 2021**, **January-September 2022**, and **January-September 2021**[56](index=56&type=chunk)[57](index=57&type=chunk)[58](index=58&type=chunk) [4.2.5 Consolidated Cash Flow Statement](index=24&type=section&id=4.2.5%20Consolidated%20Cash%20Flow%20Statement) This subsection presents the consolidated cash flow statement data for January-September 2022 and January-September 2021 - Presents consolidated cash flow statement data for **January-September 2022** and **January-September 2021**[59](index=59&type=chunk)[60](index=60&type=chunk) [4.2.6 Parent Company Cash Flow Statement](index=25&type=section&id=4.2.6%20Parent%20Company%20Cash%20Flow%20Statement) This subsection presents the parent company cash flow statement data for January-September 2022 and January-September 2021 - Presents parent company cash flow statement data for **January-September 2022** and **January-September 2021**[62](index=62&type=chunk)[63](index=63&type=chunk)

Stock Incentive Plan - The company granted 1,318,000 restricted stocks at a price of 5.2 RMB per share to 37 incentive objects on February 14, 2022[5] - The company completed the restricted stock grant registration on March 24, 2022[5] - A total of 1,318,000 restricted stocks were granted to 37 incentive objects at a price of CNY 5.2 per share, with a total subscription amount of CNY 6,853,600.00[88] - The fair value of the restricted stocks granted on February 14, 2022, was CNY 7.54 per share, impacting the accounting costs over multiple periods[92] - The total estimated impact of the stock incentive plan on the company's financials is CNY 3,084,120.00, distributed over three unlocking periods[92] - The company distributed cash dividends of CNY 2.00 per share to all shareholders on May 18, 2022, which adjusted the repurchase price of the restricted stocks to CNY 5.00 per share[89] - There were no instances of restricted stocks being released from restrictions or repurchased during the reporting period[88] - The incentive plan excludes supervisors, independent directors, and shareholders holding more than 5% of the company's shares[87] Financial Performance - The company's operating revenue for the current period is CNY 180,694,510.34, representing a 16.08% increase compared to CNY 155,658,785.66 in the same period last year[28] - The net profit attributable to shareholders of the listed company decreased by 10.25% to CNY 31,663,894.51 from CNY 35,278,215.90 in the previous year[28] - The gross profit margin for the current period is 29.07%, down from 36.29% in the previous year[28] - The company's basic earnings per share decreased by 9.52% to CNY 0.19 from CNY 0.21 in the previous year[28] - The company achieved total operating revenue of 180.69 million yuan, an increase of 25.04 million yuan, or 16.08%, compared to the same period last year[41] - The total operating cost for the period was 128.17 million yuan, an increase of 28.99 million yuan, or 29.23%, compared to the same period last year[41] - The net profit attributable to shareholders was 31.66 million yuan, a decrease of 3.61 million yuan, or 10.25%, compared to the same period last year[41] - The company sold 146,900 tons of fracturing proppants, an increase of 32,100 tons, or 27.94%, compared to the same period last year[41] - The sales revenue from proppants was 180.65 million yuan, an increase of 25.01 million yuan, or 16.07%, compared to the same period last year[42] Assets and Liabilities - The total assets increased by 5.06% to CNY 727,350,002.55, up from CNY 692,339,828.45 at the end of the previous year[29] - The total liabilities rose by 21.52% to CNY 214,119,265.35, compared to CNY 176,201,231.94 at the end of the previous year[29] - The company's cash flow from operating activities decreased significantly by 95.40% to CNY 289,542.66 from CNY 6,290,278.56 in the same period last year[30] - Accounts receivable increased by 47.04% compared to the end of the previous year, mainly due to customers arranging funds based on their financial conditions[48] - Long-term equity investments grew by 100.00% year-over-year, primarily due to the acquisition of a 19.98% stake in Leshan Taizhong to expand the quartz sand business[48] - Construction in progress surged by 306.06% compared to the previous year, mainly due to increased expenditures on the "400,000 tons/year clay modification and capacity expansion project"[48] Market and Competition - The company’s performance is closely linked to oil prices, with potential negative impacts if oil prices remain low[14] - The company faces risks from market demand changes for fracturing proppants, which could adversely affect operating performance if not addressed[13] - The company has a high customer concentration risk, primarily depending on a few major clients for its revenue[13] - The company reported a significant reliance on major clients, with 100% of revenue from the top five customers in the first half of 2022, and 92.94% of revenue from China National Petroleum Corporation[71] - The company faces risks from intensified market competition in the fracturing proppant sector, which could slow revenue growth if market demand does not expand correspondingly[72] - The main revenue source is from the sale of ceramic proppants, and the company has limited bargaining power in a highly market-driven pricing environment[73] Research and Development - The company is engaged in the research, production, and sales of fracturing proppants, primarily used in the extraction of oil and gas from shale formations[34] - The company has incurred significant research and development expenses during the reporting period, indicating ongoing investment in innovation[179] Corporate Governance - The company has not engaged in any significant related party transactions during the reporting period[87] - The company has committed to avoiding competition, preventing fund occupation, and regulating related transactions, among other commitments, which are being fulfilled[97] - The actual controllers and major shareholders have issued commitments regarding tax payment methods and compensation for penalties or late fees due to changes in tax collection methods[97] - The company’s board members and senior management have issued commitments to avoid fund occupation and regulate related transactions[97] - The company has a total of 9 board members and 3 supervisory board members[124] - The company appointed new independent directors, including Tian Congxue, Liu Xinchun, and Yang Jianqiang, during the reporting period[129] - The company’s general manager, Li Rucheng, was newly appointed during the reporting period[129] - The company has not executed any profit distribution or capital reserve transfer during the reporting period[123] Environmental and Social Responsibility - The company emphasizes environmental protection in all production processes, adhering to national standards and promoting resource recycling[70] - The company has implemented strict environmental assessments for construction projects and promotes clean production practices[70] - The company has established a mechanism to support employees in difficulty and actively participates in social welfare activities[68] - The company is committed to improving employee working conditions and ensuring timely payment of wages and social insurance contributions[69] Fundraising and Investments - The company allocated 11.8841 million RMB of unused fundraising to its wholly-owned subsidiary for the construction of a 600,000-ton annual fracturing quartz sand proppant project[113] - A total of 6,378,829.31 RMB was invested in fundraising projects during the reporting period, with the largest investment being 3,629,616.81 RMB for the 600,000-ton annual fracturing quartz sand proppant project[114] - The remaining balance of fundraising (including net interest income after bank fees) at the end of the reporting period was 73,672,699.11 RMB[114] - The total amount of fundraising with changed purposes was 1,188.41 million RMB, accounting for 4.94% of the net fundraising amount[116] - The cumulative investment of fundraising reached 16,891.98 million RMB, with 637.88 million RMB invested during the reporting period[116] - The company approved the use of up to 80 million RMB of temporarily idle fundraising for cash management, with a maximum investment term of 12 months[113] Accounting and Financial Reporting - The company has not changed its accounting policies or estimates compared to the previous year, ensuring consistency in financial reporting[177] - The company’s financial statements have been prepared based on actual transactions and in accordance with relevant accounting standards, ensuring transparency and accuracy[182] - The company adheres to the accounting standards, ensuring that financial statements accurately reflect its financial position, operating results, and cash flows[185]

Financial Performance - Operating revenue for the first quarter of 2022 was CNY 74,903,573.52, reflecting a growth of 5.19% year-over-year[14] - Net profit attributable to shareholders for the first quarter of 2022 was CNY 16,721,830.78, a slight increase of 0.19% compared to the same period last year[14] - The net profit for the first quarter of 2022 was 17,011,778.19, an increase from 16,812,316.63 in the same period of 2021, representing a growth of approximately 1.18%[42] - The total comprehensive income for the first quarter of 2022 reached 17,226,137.70, compared to 16,951,920.53 in the first quarter of 2021, indicating an increase of about 1.62%[42] - The operating profit for the first quarter of 2022 was 19,661,266.76, slightly higher than 19,149,283.87 in the first quarter of 2021, showing a growth of about 2.66%[42] Cash Flow - The net cash flow from operating activities increased by 129.34% to CNY 5,149,149.01, primarily due to increased cash receipts from sales[15] - Cash inflows from operating activities amounted to 61,932,147.57 in the first quarter of 2022, up from 40,446,963.38 in the first quarter of 2021, reflecting a growth of approximately 53.2%[44] - The net cash flow from operating activities for the first quarter of 2022 was 5,149,149.01, a significant improvement compared to a net outflow of -17,547,430.72 in the same period of 2021[44] - Cash inflows from investment activities totaled 40,000,000.00 in the first quarter of 2022, while cash outflows were 14,735,319.23, resulting in a net cash flow of 25,264,680.77 from investment activities[44] - The net cash flow from financing activities for the first quarter of 2022 was 20,780,317.08, compared to a net outflow of -7,249,581.67 in the first quarter of 2021, indicating a positive shift in financing[46] Assets and Liabilities - Total assets as of March 31, 2022, reached CNY 726,544,576.06, an increase of 4.94% compared to the end of 2021[14] - The total liabilities to assets ratio (consolidated) as of March 31, 2022, was 26.63%, up from 25.45% at the end of 2021[14] - Total current assets increased to ¥465,817,524.13, up from ¥438,961,259.76, representing a growth of approximately 6.5% year-over-year[30] - Total liabilities increased to ¥193,469,789.26 from ¥176,201,231.94, representing a rise of approximately 9.8%[32] - Total assets reached ¥726,544,576.06, up from ¥692,339,828.45, indicating an increase of about 4.9%[33] Shareholder Information - The registered capital of the company is CNY 172,198,000[12] - The number of ordinary shareholders as of the report date was 5,988[19] - The total number of shares held by major shareholders reached 132,593,706, representing 77.02% of the total shares[22] - The largest shareholder, Fan Rong, holds 80,442,720 shares, accounting for 46.72% of the total shares[21] - The second-largest shareholder, Sang Hongmei, holds 41,990,880 shares, representing 24.39% of the total shares[21] Expenses and Costs - Total operating costs for Q1 2022 were CNY 55,856,584.17, up from CNY 52,367,052.86 in Q1 2021, indicating an increase of about 9.5%[37] - Research and development expenses decreased to CNY 2,091,687.91 in Q1 2022 from CNY 4,065,765.23 in Q1 2021, a reduction of approximately 48.6%[37] - The company reported a financial expense of CNY 684,117.39 in Q1 2022, compared to CNY 590,868.07 in Q1 2021, reflecting an increase of approximately 15.8%[37] Corporate Governance - The company has not engaged in any litigation or arbitration matters during the reporting period[25] - The company provided unconditional guarantees for loans to related parties, including Panzhihua Rural Commercial Bank[26] - The company approved a stock incentive plan during the board meeting on January 12, 2022, which was submitted for shareholder approval[26] - The company has issued commitments to avoid competition and ensure proper management of related transactions[27] - The company’s subsidiary, Bingyang Mining, provided guarantees for loans using its mining rights[27]

Corporate Recognition and Structure - In 2021, the company was recognized as a second batch of industrial resource comprehensive utilization base in Sichuan Province[5]. - A new wholly-owned subsidiary was established to invest in a project for producing 600,000 tons/year of quartz sand fracturing proppant, enhancing market expansion[8]. - The company established Sichuan Guangmao New Materials Co., Ltd. with a registered capital of 30 million RMB in November 2021[106]. - The company holds a 100% stake in Panzhihua Bingyang Mining Co., Ltd., which reported a net loss of -¥34,014.88 in 2021[85]. - The company also fully owns Yanbian Hongjinxing Clay Mine Co., Ltd., which reported a net loss of -¥519,161.93 in 2021 due to being in the project construction phase[85]. Financial Performance - The company's operating revenue for 2021 was CNY 302,238,558.53, a decrease of 21.39% compared to 2020[31]. - The net profit attributable to shareholders for 2021 was CNY 60,607,799.67, representing a growth of 2.34% year-over-year[31]. - The gross profit margin improved to 31.53% in 2021, up from 25.62% in 2020[31]. - The company's debt-to-asset ratio was 25.45% at the end of 2021, down from 26.12% at the beginning of the year[33]. - The net cash flow from operating activities was CNY 66,735,890.33, a significant increase of 1,408.23% compared to a negative cash flow in 2020[35]. Revenue Sources and Customer Concentration - The company’s main revenue source is from the sale of ceramic proppants, with potential impacts from price fluctuations in the oil and gas industry[16]. - In 2021, sales to the top five customers accounted for 99.99% of total revenue, indicating high customer concentration risk[15]. - Sales to China National Petroleum Corporation (CNPC) represented 82.34% of total revenue, highlighting dependency on a single major client[15]. Market Risks and Demand - The company faces risks from changes in market demand for specific proppant products, which could adversely affect operating performance[15]. - The company is aware of the changing market dynamics for proppants and is adjusting its product structure accordingly[16]. - The company’s main revenue source is ceramic proppants, and any decline in proppant prices could negatively impact financial performance due to weak bargaining power[118]. Research and Development - The company has developed a core technology for ceramic proppant production, which is protected by a combination of patents and trade secrets[16]. - The company initiated 4 independent R&D projects and 1 collaborative project with Southwest Petroleum University, focusing on environmentally friendly low-density proppants for shale gas fracturing[95]. - The company applied for a total of 4 patents during the reporting period, including 3 invention patents and 1 utility model patent, which has been authorized[95]. Governance and Management - The company has a total of 7 board members and 3 supervisors, ensuring a diverse governance structure[159]. - The company revised its articles of association to increase the board size from 7 to 9 members, including 3 independent directors[182]. - The company has established a performance evaluation system for senior management, linking compensation to economic performance and work objectives[196]. - The company has implemented a robust internal control system in line with national regulations, ensuring effective risk management[194]. Shareholder Information - The largest shareholder, Fan Rong, holds 80,442,720 shares, representing 47.08% of the total shares[145]. - The total number of shares held by the top ten shareholders is 133,716,846, representing 78.25% of the total shares[143]. - The company’s total share capital increased from 142,400,000 shares to 170,880,000 shares following a cash dividend distribution of 1 yuan per 10 shares and a capital reserve conversion of 2 shares for every 10 shares held[140]. Environmental and Social Responsibility - The company emphasizes environmental protection in its production processes, adhering to national standards and promoting resource recycling[110]. - The company has implemented a mechanism to support employees in need and actively participates in social welfare activities[109]. Future Plans and Strategies - The company plans to continue focusing on the research, production, and sales of fracturing proppant series products as its main business strategy[24]. - The company plans to focus on expanding its product offerings and enhancing operational efficiency to adapt to market changes[65]. - The company aims to become a leading domestic oil proppant enterprise by focusing on ultra-low density high-strength ceramic proppant products[113].

公告编号：2021-077 证券代码：836675 证券简称：秉扬科技 主办券商：华西证券 攀枝花秉扬科技股份有限公司 关于接待机构投资者调研情况的公告 | --- | --- | |------------------------------------------------------------------------|-------| | | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 | | | 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 | | | 带法律责任。 | | 攀枝花秉扬科技股份有限公司（以下简称"公司"）于 2021 年 11 月 4 日接 待了 3 家机构的调研，现将主要情况公告如下： 一、 调研情况 调研时间：2021 年 11 月 4 日 调研地点：公司会议室 调研形式：现场调研 调研机构：南京李光辅投资有限公司、四川天府新区科创投有限公司、攀枝 花市国投集团有限公司 公司接待人员：董事长樊荣先生、董事廖利女士、董事会秘书江凌云先生、 财务负责人白华琴女士、副总经理李玉昌先生。 二、 调研的主要问题及公司回复概要 问 ...

公告编号：2021-068 证券代码：836675 证券简称：秉扬科技 主办券商：华西证券 攀枝花秉扬科技股份有限公司 关于接待机构投资者调研情况的公告 | --- | |------------------------------------------------------------------------| | | | 本公司及董事会全体成员保证公告内容的真实、准确和完整，没有虚假记载、 | | 误导性陈述或者重大遗漏，并对其内容的真实性、准确性和完整性承担个别及连 | | 带法律责任。 | 攀枝花秉扬科技股份有限公司（以下简称"公司"）于 2021 年 8 月 27 日接 待了 4 家机构的调研，现将主要情况公告如下： 一、 调研情况 调研时间：2021 年 8 月 27 日下午 3 点 10 分 调研地点：公司会议室 调研形式：现场调研 调研机构：浙江思考私募基金股份有限公司、南京李光辅投资管理有限公司、 四川秦南投资有限公司、福建必胜投资有限公司 公司接待人员：董事长樊荣先生、董事廖利女士、董事会秘书江凌云先生、 财务总监白华琴女士 二、 调研的主要问题及公司回复概要 问题 1 近期股价波动， ...