证券代码：600180 证券简称：瑞茂通 公告编号：临 2020-063 瑞茂通供应链管理股份有限公司 关于参加山东辖区上市公司 2020 年投资者 网上集体接待日活动的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、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责任。 为进一步加强瑞茂通供应链管理股份有限公司（以下简称"公司"）与投资 者特别是中小投资者的沟通交流，提升公司投资者关系管理水平，保护投资者权 益，公司将于 2020 年 9 月 29 日参加中国证券监督管理委员会山东监管局、山东 上市公司协会和深圳市全景网络有限公司联合举办的"山东辖区上市公司 2020 年度投资者网上集体接待日活动"，现将有关事项公告如下： 一、活动时间 2020 年 9 月 29 日（星期二）下午 15:00—16:55 二、活动方式 本次网上集体接待日活动将在深圳市全景网络有限公司提供的网上平台采 取网络远程的方式进行，公司将与投资者进行"一对多"形式的在线交流，投资 者可以登录全景•路演天下（http://rs.p5w.net）参与本次活动。 三、参加人员 届时，董事会秘书张菊芳 ...

Financial Performance - The company's operating revenue for the first half of 2020 was approximately ¥17.15 billion, an increase of 3.78% compared to ¥16.53 billion in the same period last year[22]. - The net profit attributable to shareholders of the listed company decreased by 54.22% to approximately ¥147.17 million, down from ¥321.45 million in the previous year[22]. - The net cash flow from operating activities was approximately ¥1.62 billion, a decrease of 10.11% compared to ¥1.81 billion in the same period last year[22]. - Basic earnings per share for the first half of 2020 were ¥0.1448, a decrease of 54.21% from ¥0.3162 in the same period last year[22]. - The weighted average return on net assets was 2.36%, down by 3.12 percentage points from 5.48% in the previous year[22]. - The company reported a total coal shipment of 3,209.74 million tons, representing a year-on-year growth of 10.39%[76]. - The non-coal bulk commodity business generated operating revenue of CNY 3.845 billion, an increase of 34.44% year-on-year, accounting for 22.71% of total bulk commodity revenue[79]. - The company’s financial expenses decreased by 49.24% to CNY 125.71 million due to a reduction in financing scale compared to the same period last year[84]. - The company reported a significant decrease in financial expenses, totaling ¥125,711,742.73, down from ¥247,657,641.05 in the previous year, indicating a reduction of approximately 49.2%[187]. - Net profit for the first half of 2020 was ¥147,208,906.08, a decrease from ¥321,450,257.12 in the same period of 2019, reflecting a decline of approximately 54.3%[187]. Assets and Liabilities - The total assets increased by 19.89% to approximately ¥27.11 billion, compared to ¥22.61 billion at the end of the previous year[22]. - The total liabilities increased to ¥20,929,718,224.60 from ¥16,423,085,596.24, indicating a rise of about 27.5%[177]. - The total equity attributable to shareholders decreased slightly to ¥6,158,014,819.10 from ¥6,166,503,832.82, a decline of about 0.1%[177]. - Accounts receivable increased by 65.06% to ¥6,578,489,247.40, driven by enhanced cooperation with joint ventures and key trading enterprises[87]. - Inventory rose by 68.61% to ¥1,487,442,490.95, attributed to increased oil business volume and longer customs clearance times for international coal business[87]. - Total current assets increased to ¥19,072,070,998.13, up from ¥15,875,864,952.58, representing a growth of approximately 20.7% year-over-year[172]. - Total non-current assets reached ¥8,040,129,890.19, up from ¥6,738,153,740.46, reflecting a growth of approximately 19.4%[175]. - The company's total assets amounted to ¥27,112,200,888.32, compared to ¥22,614,018,693.04, showing an increase of approximately 19.8%[177]. Investment and Financing - The company’s investment activities generated a net cash outflow of CNY 1.308 billion, an increase of 53.84% compared to the previous year, due to significant equity investments[84]. - Investment income amounted to ¥69,335,637.51, accounting for 47.11% of net profit attributable to shareholders, primarily from long-term equity investment income and futures trading[85]. - The company has established a digital supply chain platform, "Yimei," integrating online and offline operations to enhance transaction efficiency and resource allocation[62]. - The total amount raised from the "17 Rui Mao 01" bond issuance was RMB 9.5 billion, with a net amount of RMB 9.46 billion after deducting issuance costs[158]. - The company received a total bank credit of RMB 617.1 million, with RMB 141.63 million remaining unused as of June 30, 2020[167]. - The company repaid bank loans totaling RMB 425.91 million during the first half of 2020, with all interest and principal payments made on time[167]. Risk Management - There were no significant risks identified that could adversely affect the company's future development strategy or ongoing operations[9]. - The company faces risks from external macroeconomic fluctuations, including unpredictable coal market prices due to domestic and international supply-side reforms and the impact of the COVID-19 pandemic[100]. - Regulatory policy changes pose uncertainties for the company's operations, with ongoing monitoring and research on industry regulations being essential[103]. - The company is exposed to RMB exchange rate fluctuations, which could directly affect profit levels, prompting a focus on risk awareness and international market expansion[104]. - Supply chain finance risks arise from potential inadequate risk control, with plans to strengthen the risk management system using new technologies like blockchain and big data[107]. - The company has developed a robust risk control system, which has been crucial for its healthy development over the past two decades[64]. Strategic Initiatives - The company has evolved from a coal trader to a technology supply chain ecosystem service provider over the past two decades[36]. - The "Yimei Net" technology supply chain platform covers various supply chain segments, including information services, trading services, and financial services[38]. - The company aims to enhance supply chain efficiency and reduce costs through the integration of blockchain, big data, and cloud computing technologies[38]. - The company is actively exploring the application of technologies like blockchain and big data in the coal supply chain to provide comprehensive services[55]. - The company is focusing on market expansion and new product development as part of its strategic initiatives for future growth[187]. - The company is expanding its global commodity supply chain network, covering major coal production and consumption areas, and responding to the Belt and Road Initiative[60]. Corporate Governance - The company has not proposed any profit distribution or capital reserve increase for the half-year period[114]. - The integrity of the company and its major stakeholders remains strong, with no significant debts or public reprimands from regulatory bodies[120]. - The company experienced a change in its board of directors, with two directors resigning and two new directors being elected in 2020[146][147]. - The company has not reported any significant accounting errors that require retrospective restatement during the reporting period[133]. - The company has not experienced any changes in its share capital structure during the reporting period[136]. - The company is actively managing its investor relations, ensuring compliance with the Shanghai Stock Exchange's investor suitability regulations[152].

Financial Performance - The company's operating revenue for 2019 was CNY 40,256,607,815.40, representing a 5.67% increase from CNY 38,095,793,349.71 in 2018[21] - The net profit attributable to shareholders for 2019 was CNY 413,361,034.23, a decrease of 13.06% compared to CNY 475,468,061.41 in 2018[21] - The net profit after deducting non-recurring gains and losses was CNY 235,218,196.18, down 30.28% from CNY 337,390,642.39 in the previous year[21] - The net cash flow from operating activities increased by 79.23% to CNY 7,044,356,768.09 from CNY 3,930,390,639.94 in 2018[21] - The total assets at the end of 2019 were CNY 22,614,018,693.04, an increase of 9.78% from CNY 20,599,320,120.61 at the end of 2018[21] - The net assets attributable to shareholders increased by 8.04% to CNY 6,166,503,832.82 from CNY 5,707,814,994.90 in 2018[21] - The basic earnings per share for 2019 were CNY 0.4067, a decrease of 13.06% from CNY 0.4678 in 2018[22] - The diluted earnings per share also stood at CNY 0.4067, reflecting the same percentage decrease as basic earnings[22] - The weighted average return on net assets was 6.96%, down 1.79 percentage points from 8.75% in 2018[22] Quarterly Performance - In Q4 2019, the company's operating revenue reached CNY 14.35 billion, marking a significant increase compared to previous quarters[25] - The net profit attributable to shareholders in Q4 2019 was CNY 51.11 million, showing a decline from Q1 and Q2 but an increase from Q3[25] - The net cash flow from operating activities in Q3 2019 was CNY 3.46 billion, indicating strong cash generation capabilities during that period[25] Government Subsidies and Non-Operating Income - The company reported a total of CNY 5.04 million in government subsidies for the year, with Q2 contributing CNY 3.41 million, the highest among the quarters[26] - Non-operating income and expenses showed significant fluctuations, with a net non-operating income of CNY 17.81 million in Q4 2019, primarily influenced by government subsidies and futures gains[30] - The total non-recurring losses for 2019 amounted to CNY 11.85 million, indicating challenges in asset disposal and other non-operating activities[41] Market Trends and Challenges - The average CCI index prices for coal in 2019 were CNY 527.7, CNY 522.5, CNY 515, and CNY 493 for each quarter, reflecting a downward trend in coal prices[40] - The company experienced a decrease in net profit attributable to shareholders after deducting non-recurring gains, down CNY 1.02 billion compared to 2018, mainly due to reduced factoring business scale and declining coal prices[37] - The company's futures gains fluctuated significantly, with Q4 2019 showing a loss of CNY 1.27 billion, contrasting with gains in earlier quarters[38] Supply Chain and Business Model - The company has transitioned from a coal trader to a digital supply chain ecosystem service provider over the past two decades, enhancing its market position[55] - The company aims to improve supply chain efficiency in the coal industry, which has high circulation costs and low resource allocation efficiency, with some costs exceeding 50%[51] - The company is focusing on expanding its international energy resource market and consumption market, integrating domestic and international coal business[55] - The company has established a digital supply chain platform "Yimei Net" that covers various supply chain segments including information, research, index, warehousing, logistics, trading, and finance[57] - The self-operated business model involves full engagement from procurement to final consumption, ensuring a comprehensive supply chain management[62] Risk Management and Financial Strategies - The company adopted a combination of hedging strategies to mitigate risks associated with commodity price fluctuations, particularly in coal and oil markets[40] - The company utilizes a payment model of "payment before delivery" for upstream resource providers, ensuring timely cash flow[71] - The company actively explores information technologies such as blockchain, big data, and cloud computing to innovate traditional coal business models[57] - The company has implemented a strict credit policy for downstream clients, with credit limits and terms based on annual trade volume and risk assessments[75] - The company is focused on enhancing risk management capabilities through the integration of financial derivatives with spot trading[57] Revenue and Profitability - The company achieved a total revenue of 50,356,326.70 RMB from government subsidies related to normal business operations, excluding certain non-operational subsidies[44] - The company’s coal supply chain business has a total operating cost of approximately RMB 15.99 billion, with significant costs attributed to imported coal and domestic coal procurement[86] - The total sales volume of the coal sales business reached 16,417,444.31 tons, generating revenue of 5,773,210,482.68 RMB, accounting for 87.92% of sales volume and 78.84% of sales revenue[89] - The platform business revenue for 2019 was 14,363,235,800.72 RMB, showing a growth of 37.89% compared to 2018, primarily driven by the expansion of coke business[107] - The self-operated business revenue for 2019 was 16,145,733,901.19 RMB, a decrease of 14.18% from 2018, mainly due to the decline in domestic coal prices[107] Investments and Joint Ventures - The company has engaged in mixed-ownership cooperation with state-owned enterprises to leverage its resource advantages[57] - The company has formed joint ventures with Shaanxi Coal and other major groups, improving its resource integration capabilities[140] - The company has signed cooperation agreements with 32 domestic ports and stations, strengthening its logistics network[141] - The company has established long-term partnerships with major shipping companies, including BG SHIPPING CO., LTD. and CENTURY SCOPE GROUP PTE. LTD.[143] Digital Transformation and Innovation - The company aims to transform from a supply chain management service provider to a digital supply chain ecosystem platform, utilizing technologies like blockchain and IoT[151] - The company has invested approximately 221.3 million yuan in building an e-commerce platform, "Yimei Net," which integrates coal information, trading, and finance[145] - The company has implemented an ERP system since 2018, with related development expenses of about 12.5 million yuan in 2019, enhancing management capabilities across five key areas[146] - The company is enhancing its digital supply chain platform by optimizing the SAP integrated financial system and developing the new Yimei platform[159] Customer and Supplier Relationships - The company's major customers accounted for 13.71% of total sales, while major suppliers represented 18.61% of total purchases, indicating a diversified customer and supplier base[180] - The company has established procurement and sales contracts with upstream and downstream clients, which are negotiated on a mutually beneficial basis[82] - The company has a reasonable pricing freedom within a market-determined range, indicating it bears the main risks and rewards of the transactions[82] International Expansion - The company is actively pursuing mixed-ownership reform to enhance its competitive advantages and expand its supply chain capabilities[154] - The company is enhancing its international presence, responding to the Belt and Road Initiative, with operations in countries such as Russia, Indonesia, and Australia[126] - The company is actively expanding overseas energy consumption markets, with shipments to countries like Pakistan and Vietnam exceeding 1 million tons each[166]

Financial Performance - Net profit attributable to shareholders decreased by 47.73% to CNY 124,227,919.77 year-on-year[18] - Operating income rose by 4.28% to CNY 7,597,491,507.30 compared to the same period last year[18] - Basic and diluted earnings per share fell by 47.73% to CNY 0.1222[18] - Total profit for Q1 2020 was approximately ¥155.21 million, down 45.8% from ¥286.35 million in Q1 2019[56] - Net profit for Q1 2020 was approximately ¥124.26 million, a decrease of 47.8% from ¥237.64 million in Q1 2019[56] Cash Flow - Net cash flow from operating activities decreased significantly by 77.62% to CNY 335,083,859.33[18] - Cash inflows from operating activities totaled CNY 9,212,549,756.44, down from CNY 10,263,135,762.00 in the same period last year, representing a decline of approximately 10.2%[65] - The net cash flow from operating activities was CNY 335,083,859.33, significantly lower than CNY 1,497,433,283.67 in the previous year, indicating a decrease of about 77.7%[65] - The net cash flow from financing activities was CNY 21,718,066.04, a significant recovery from a negative CNY -766,500,635.35 in the previous year[67] - Cash inflows from financing activities totaled CNY 4,922,384,720.74, slightly up from CNY 4,787,138,937.40 year-over-year[67] Assets and Liabilities - Total assets increased by 5.96% to CNY 23,961,237,656.75 compared to the end of the previous year[18] - The company's total current assets increased from CNY 15,875,864,952.58 to CNY 17,153,327,415.32[39] - Non-current liabilities totaled ¥17,657,980,800.65, an increase of 7.52% from ¥16,423,085,596.24[44] - Total liabilities increased to ¥17,657,980,800.65 from ¥16,423,085,596.24, marking a rise of approximately 7.52%[44] - The company's cash and cash equivalents decreased to ¥91,756,176.10 from ¥270,140,830.13, a decline of approximately 66.0%[44] Shareholder Information - The total number of shareholders reached 18,965, with the largest shareholder holding 50.19% of shares[24] - The company has a significant portion of shares pledged, with 477,500,000 shares pledged by the largest shareholder[24] Investment and Expenses - Investment income increased by 88.76% from CNY 50,056,140.99 to CNY 94,484,368.91[31] - Sales expenses for Q1 2020 were approximately ¥335.69 million, a decrease of 5.6% from ¥355.49 million in Q1 2019[54] - Management expenses for Q1 2020 were approximately ¥77.80 million, down 15.7% from ¥92.38 million in Q1 2019[54] - Financial expenses for Q1 2020 were approximately ¥91.00 million, a decrease of 11.1% from ¥102.35 million in Q1 2019[54] Other Financial Metrics - The weighted average return on equity dropped by 2.11 percentage points to 1.99%[18] - The company reported a significant increase in credit impairment losses by 308.15%, from CNY 1,157,310.74 to CNY 4,723,563.03[31] - The total comprehensive income amounted to CNY 1,814,081.24, a decrease of CNY 6,926,829.15 compared to the previous period[61] - Other comprehensive income after tax for Q1 2020 was approximately -¥11.93 million, compared to -¥44.80 million in Q1 2019[56]

Financial Performance - The company's operating revenue for 2019 was CNY 40,256,607,815.40, representing a 5.67% increase from CNY 38,095,793,349.71 in 2018[20] - The net profit attributable to shareholders for 2019 was CNY 413,361,034.23, a decrease of 13.06% compared to CNY 475,468,061.41 in 2018[20] - The basic earnings per share for 2019 were CNY 0.4067, down 13.06% from CNY 0.4678 in 2018[21] - The diluted earnings per share for 2019 were also CNY 0.4067, reflecting the same percentage decrease as basic earnings[21] - The weighted average return on net assets for 2019 was 6.96%, a decrease of 1.79 percentage points from 8.75% in 2018[21] - The company reported a net profit of 413,361,034.23 RMB for 2019, with a profit distribution ratio of 30.00%[188] Cash Flow and Assets - The net cash flow from operating activities increased by 79.23% to CNY 7,044,356,768.09 from CNY 3,930,390,639.94 in the previous year[20] - The total assets as of the end of 2019 were CNY 22,614,018,693.04, up 9.78% from CNY 20,599,320,120.61 at the end of 2018[20] - The company's net assets attributable to shareholders increased by 8.04% to CNY 6,166,503,832.82 from CNY 5,707,814,994.90 in 2018[20] - The company's total assets increased by 9.78% to RMB 22.61 billion, while equity attributable to shareholders rose by 8.04% to RMB 6.17 billion[110] - The company’s accounts receivable factoring balance decreased by 45.50% to RMB 3.76 billion by the end of the reporting period[107] Dividends and Shareholder Returns - The company plans to distribute a cash dividend of CNY 1.22 per 10 shares, totaling CNY 124,010,250.61 based on the total share capital of 1,016,477,464 shares[6] - The company reported a cash dividend of 1.220 RMB per 10 shares for the year 2019, amounting to a total of 124,010,250.61 RMB, which represents 30.00% of the net profit attributable to shareholders[188] - The company has not adjusted its cash dividend policy during the reporting period, maintaining a consistent approach to shareholder returns[187] Industry and Market Context - The company operates in a coal industry characterized by high circulation costs, with intermediary costs accounting for over 50% in some regions[35] - The coal industry faces challenges with low transaction transparency and high costs for financial institutions to engage with the market[36] - The total energy consumption in China reached 486 million tons of standard coal in 2019, with a year-on-year growth of 4.74%[34] - The coal circulation market in China is characterized by high concentration at the production and consumption ends, while the middle circulation sector is fragmented with many small private traders, leading to increased operational challenges and reduced profitability[37] - The company’s coal consumption accounted for 57.7% of total energy consumption in China, with a total consumption of 4.86 billion tons of standard coal in 2019[83] Strategic Initiatives and Innovations - The company has evolved from a "trader" to a "supply chain management service provider" and now to a "digital supply chain ecosystem service provider" over the past two decades, adapting to market changes and customer needs[40] - The "Yimei Network" digital supply chain platform covers various supply chain segments including information, research, indices, warehousing, logistics, trading, and finance, catering to diverse customer needs[45] - The company actively explores new technologies such as blockchain, big data, and cloud computing to innovate traditional coal trading models and promote digital transformation[42] - The company aims to enhance resource allocation efficiency in the coal industry through the "Yimei Network" platform, transforming traditional operations into standardized online processes[59] - The company is transitioning from a supply chain management service provider to a digital supply chain ecosystem platform, enhancing its service capabilities through technology integration[87] Risk Management and Compliance - The company has not identified any significant risks that would adversely affect its future development strategy or ongoing operations during the reporting period[8] - The company has developed a robust risk control capability, leveraging financial derivatives to manage commodity price volatility and enhance operational resilience[41] - The company has established a comprehensive customer risk rating system to enhance risk control in its supply chain finance operations[181] - The company is committed to monitoring regulatory policy changes and will adapt its strategies accordingly to manage business uncertainties[174] International Expansion - The company is actively expanding its international presence, covering major coal production and consumption areas, and has established a global coal supply chain network across countries including Russia, Indonesia, and Australia[69] - The company is actively expanding into overseas energy markets, with significant shipments to countries like Pakistan and Vietnam exceeding one million tons each[102] - The company plans to enhance its awareness of exchange rate risks and will focus on expanding its coal business in international emerging markets, which will be priced and settled in USD to mitigate currency fluctuation risks[178] Financial Instruments and Standards - The company will implement the new financial instrument standards starting from January 1, 2019, affecting the classification and measurement of financial assets[196] - Financial assets will be categorized into three types: measured at amortized cost, measured at fair value with changes recognized in other comprehensive income, and measured at fair value with changes recognized in profit or loss[196] - The company will recognize expected credit losses for financial assets measured at amortized cost and certain debt instruments[196] - The impact of the new financial instrument standards on the consolidated financial statements will be evaluated[199]

Financial Performance - Operating revenue for the period was ¥25,905,132,727.45, a decrease of 8.34% compared to the same period last year[18]. - Net profit attributable to shareholders of the listed company was ¥362,249,749.45, down 4.11% year-on-year[18]. - Basic earnings per share for the period were ¥0.3564, a decrease of 4.12% compared to the previous year[21]. - The weighted average return on net assets was 6.17%, down 0.83 percentage points from the previous year[21]. - Total operating revenue for Q3 2019 was approximately ¥9.38 billion, an increase from ¥8.10 billion in Q3 2018, representing a growth of 15.8%[60]. - Net profit for Q3 2019 reached ¥40.82 million, up from ¥28.04 million in Q3 2018, indicating a growth of 45.5%[63]. - The company reported a total profit of approximately ¥33.74 million for Q3 2019, compared to ¥23.06 million in Q3 2018, which is an increase of 46.2%[60]. - The total comprehensive income for Q3 2019 was approximately ¥82.78 million, slightly up from ¥80.76 million in Q3 2018, indicating a growth of 2.5%[66]. Assets and Liabilities - Total assets at the end of the reporting period reached ¥21,387,796,887.03, an increase of 3.83% compared to the end of the previous year[18]. - Non-current assets totaled ¥4,903,522,932.16, compared to ¥2,114,380,522.48, indicating a significant increase of about 131.77%[46]. - Current liabilities rose to ¥15,315,181,051.21 from ¥13,914,928,446.57, reflecting an increase of approximately 10.00%[47]. - Total liabilities reached ¥15,315,832,675.07, up from ¥14,887,585,870.92, marking a growth of around 2.87%[47]. - Owner's equity increased to ¥6,071,964,211.96 from ¥5,711,734,249.69, showing an increase of about 6.31%[47]. - The company reported a significant increase in accounts payable, which rose to ¥3,903,841,626.63 from ¥3,475,919,780.62, reflecting an increase of approximately 12.29%[45]. Cash Flow - Net cash flow from operating activities for the year-to-date was ¥5,262,955,332.10, representing a significant increase of 72.06% compared to the same period last year[18]. - Cash inflow from operating activities for the first three quarters of 2019 was CNY 36,333,348,640.54, down from CNY 38,743,147,229.17 in the same period of 2018[73]. - The net cash flow from operating activities for the first nine months of 2019 was ¥1,859,652,877.75, a decrease of 30% compared to ¥2,660,811,855.93 in the same period of 2018[78]. - The net cash flow from investing activities was -¥639,000,000.00, compared to a positive cash flow of ¥34,203,042.16 in the same period of 2018[78]. - The total cash and cash equivalents at the end of the period was ¥52,718,513.33, a decrease from ¥146,848,809.84 at the end of the same period in 2018[81]. Shareholder Information - The total number of shareholders at the end of the reporting period was 19,634[25]. - The largest shareholder, Zhengzhou Ruimaotong Supply Chain Co., Ltd., held 51.67% of the shares, with 521,000,000 shares pledged[25]. Expenses - Sales expenses rose by 89.19% from CNY 731,940,951.01 to CNY 1,384,751,486.14[30]. - Management expenses increased by 33.42% from CNY 182,709,264.67 to CNY 243,762,580.94[30]. - The company incurred a management expense of CNY 3,264,827.88 in Q3 2019, down from CNY 3,837,689.61 in Q3 2018[68]. Investments - Long-term equity investments surged by 155.61% from CNY 1,796,956,168.03 to CNY 4,593,187,554.06[29]. - The company reported a significant investment in long-term equity investments, amounting to approximately $1.80 billion[84]. - The company has a long-term investment strategy, as indicated by its substantial long-term equity investments and ongoing development expenditures of approximately $16.63 million[84].

Financial Performance - The company's operating revenue for the first half of 2019 was ¥16,529,022,846.90, a decrease of 18.04% compared to the same period last year[21]. - The net profit attributable to shareholders of the listed company was ¥321,450,257.12, down 8.10% year-on-year[21]. - The net profit attributable to shareholders after deducting non-recurring gains and losses was ¥192,726,610.65, a significant decrease of 53.94% compared to the previous year[21]. - Basic earnings per share for the first half of 2019 were ¥0.3162, down 8.11% from ¥0.3441 in the same period last year[22]. - The weighted average return on net assets was 5.48%, a decrease of 1.00 percentage points compared to the previous year[25]. - The company achieved a total operating revenue of 16.53 billion yuan, a year-on-year decrease of 18.04%[79]. - The net profit attributable to shareholders was 321 million yuan, down 8.10% year-on-year[79]. - The company reported a net profit of ¥3,288,890,277.89, an increase from ¥3,014,801,866.09, which is a growth of about 9.09%[184]. - The company reported a net profit of CNY 41,328,758.87 for the first half of 2019, compared to CNY 8,297,060.57 in the same period of 2018, marking a significant increase[190]. - The total comprehensive income for the period was CNY 304,437,401.76, down from CNY 376,372,195.54, indicating a decrease of about 19.1%[197]. Cash Flow and Assets - The net cash flow from operating activities was ¥1,806,688,556.97, an increase of 9.22% compared to the same period last year[21]. - The total assets at the end of the reporting period were ¥21,931,987,022.58, reflecting a growth of 6.47% from the end of the previous year[21]. - The net assets attributable to shareholders of the listed company increased to ¥5,964,681,251.34, up 4.50% from the previous year[21]. - The company reported a net cash flow from operating activities of 1.81 billion yuan, an increase of 9.22% year-on-year[91]. - The company's total assets reached CNY 11,504,007,854.89, up 16.5% from CNY 9,869,648,536.23 at the end of 2018[190]. - The total current assets were reported at ¥18,813,295,062.33, compared to ¥18,484,939,598.13 in the previous period, reflecting a growth of approximately 1.78%[179]. - The company's cash and cash equivalents stood at ¥4,564,703,062.28, showing an increase from ¥4,395,203,696.00, which is a rise of about 3.85%[179]. - Accounts receivable decreased to ¥3,292,426,124.39 from ¥4,163,052,621.44, marking a decline of approximately 20.87%[179]. - Inventory surged to ¥2,304,840,367.22, significantly up from ¥958,664,416.37, representing an increase of about 140.66%[179]. Business Operations and Strategy - The company has established itself as a leading global commodity supply chain service provider, focusing on coal, petrochemical products, and other bulk commodities[30]. - The company has upgraded its "Yimei Network" to provide a comprehensive e-commerce platform for coal, integrating services such as online trading and supply chain finance[33]. - The coal supply chain business is divided into self-operated and platform operations, enhancing efficiency and reducing costs for upstream and downstream clients[37][38]. - The company aims to optimize the allocation of coal resources between producers and consumers, addressing inefficiencies in the domestic coal market[34]. - The company is actively expanding its non-coal bulk commodity operations, which include petrochemical products, to diversify revenue sources[44]. - The company has developed a comprehensive information data service platform for the coal industry, providing diversified and customized information and research reports to clients, enhancing decision-making support[48]. - The company has transformed traditional offline trading processes into standardized online transactions, optimizing industry trading habits and improving efficiency through real-time data interconnectivity with third-party platforms[49]. - The company has established a supply chain financial service platform, leveraging extensive industry data to enhance risk identification capabilities for financial institutions, thereby supporting the development of the real economy[50]. - The company has expanded its global coal supply chain network, covering major coal production and consumption areas, and has actively pursued international market opportunities in countries such as Indonesia, Malaysia, and India[65]. Risk Management - There are no significant risks identified that could adversely affect the company's future development strategy or ongoing operations[8]. - The company faces risks from external macroeconomic fluctuations, including unpredictable coal market prices and global economic slowdown, which may impact operational strategies[107]. - Regulatory policy changes pose uncertainties for business operations, with the company committed to monitoring and adapting to new financial regulations[108]. - The company is exposed to RMB exchange rate fluctuations due to its import business primarily priced in USD and SGD, which could affect profit levels[109]. - International operations face risks from complex political and economic environments, prompting the company to enhance information collection and analysis for overseas projects[110]. - The company is strengthening its risk control systems in supply chain finance to mitigate potential business risks from client monitoring failures[111]. - Increased competition in the coal industry necessitates strategic consolidation to build core competitive advantages[114]. Shareholder and Capital Structure - The company does not plan to distribute profits or increase capital from reserves during the reporting period[6]. - The company has not proposed any profit distribution or capital reserve transfer plans for the reporting period[116]. - The total number of ordinary shareholders at the end of the reporting period was 19,708[143]. - Zhengzhou Ruimao Tong Supply Chain Co., Ltd. held 51.67% of shares, totaling 525,195,326 shares, with 511,000,000 shares pledged[143]. - The company did not experience any changes in share capital structure during the reporting period[142]. - The company did not disclose any new strategic investors or changes in controlling shareholders[148]. - The company did not grant any stock incentives to directors, supervisors, or senior management during the reporting period[148]. - The company reported no significant changes in the number of shares held by major shareholders or any related party transactions[148]. Debt and Financing - The company approved a loan from its controlling shareholder, Zhengzhou Ruimaotong Supply Chain Co., Ltd., with a maximum balance of RMB 3 billion for 2019, expecting interest not to exceed RMB 200 million[127]. - As of June 30, 2019, the company borrowed a total of RMB 280 million from Zhengzhou Ruimaotong for Shenzhen Qianhai Ruimaotong Supply Chain Platform Service Co., Ltd. and other subsidiaries[128]. - The company completed a significant equity investment by acquiring 49% of Henan Pingrui Supply Chain Management Co., Ltd. for 49,569,985.49 RMB[100]. - The total amount of guarantees provided by the company, excluding those to subsidiaries, reached RMB 440 million as of the report date[135]. - The total guarantee amount, including those to subsidiaries, was RMB 11.39 billion, representing 199.53% of the company's net assets[138]. - The company provided guarantees exceeding 50% of net assets amounting to RMB 8.53 billion[138]. - The company has established a special debt repayment account at China Everbright Bank for the 17 Rui Mao 01 bond, ensuring timely interest payments[167]. - The company maintained a loan repayment rate of 100% during the reporting period[171]. - The company's debt-to-asset ratio increased to 72.80% from 72.27% year-over-year, reflecting an increase in notes payable[171].

Financial Performance - The company's operating income for 2018 was CNY 38,095,793,349.71, representing a 1.60% increase compared to CNY 37,496,505,109.83 in 2017[25] - The net profit attributable to shareholders of the listed company decreased by 33.51% to CNY 475,468,061.41 from CNY 715,124,912.34 in the previous year[25] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 337,390,642.39, down 49.98% from CNY 674,529,168.63 in 2017[25] - The basic earnings per share for 2018 was CNY 0.7029, reflecting a decrease of 33.45% compared to CNY 1.0560 in 2017[26] - The weighted average return on net assets was 14.35%, a decrease of 5.60 percentage points from 19.95% in 2017[26] - The total operating revenue for 2018 was CNY 38.10 billion, an increase of CNY 599 million compared to 2017, primarily driven by growth in supply chain management shipment volumes[35] - The net profit after deducting non-recurring gains and losses for 2018 was CNY 3.37 billion, down CNY 338 million from 2017, influenced by reduced factoring business scale and increased one-time expenses[40] - The company reported a significant loss from fair value changes of financial assets and liabilities, impacting overall profitability[52] - The company’s non-coal bulk commodity revenue reached 8.06 billion, with petrochemical products accounting for 85.87% of this figure[115] Cash Flow and Assets - The net cash flow from operating activities was CNY 3,930,390,639.94, a significant increase of 290.43% compared to a negative cash flow of CNY -2,063,919,167.16 in 2017[25] - As of the end of 2018, total assets amounted to CNY 20,599,320,120.61, a decrease of 2.65% from CNY 21,159,781,932.78 at the end of 2017[26] - The company's total equity attributable to shareholders increased by 9.12% to CNY 5,707,814,994.90 from CNY 5,230,688,252.02 in 2017[25] Shipment and Sales - In Q1 2018, the company reported revenue of CNY 11.27 billion, which decreased to CNY 8.90 billion in Q2 and further to CNY 8.08 billion in Q3, before recovering to CNY 9.85 billion in Q4[28] - The company shipped a total of 60 million tons of coal, an increase of 11.79% year-on-year[183] - The self-operated coal shipment reached 40.122 million tons, growing by 7.46% from 2017[183] - The platform business accounted for 33.13% of coal supply chain operations, with a shipment of 19.877 million tons, down 7.67% year-on-year[183] - The company achieved overseas sales exceeding 6 million tons, a year-on-year increase of 404.20%[192] Risk Management and Strategy - There were no significant risks identified that could adversely affect the company's future development strategy or ongoing operations[10] - The company plans to adopt a risk-hedging model combining spot and futures trading to mitigate the impact of market fluctuations on profitability[40] - The company has implemented a strict risk management framework for its small loan business, ensuring that no single borrower's loan balance exceeds 5% of the company's net capital[149] - The company has established a comprehensive loan approval process, including a one-vote veto power for the executive director at each approval stage[153] Supply Chain Management - The company has established a comprehensive coal supply chain management business, integrating procurement, warehousing, processing, logistics, and sales[57] - The company utilizes internet thinking and big data technology to enhance its e-commerce platform "Yimei Net," providing a one-stop service for coal supply chain management[57] - The coal supply chain business is divided into self-operated and platform operations, with self-operated business covering the entire supply chain from procurement to consumption[62] - The company aims to optimize coal allocation between producers and consumers, enhancing operational efficiency and reducing logistics costs[57] - The company has established a comprehensive procurement and sales network covering major coal production and consumption areas in China, enhancing its resource organization and distribution capabilities[96] Financial Services - The company’s supply chain finance business focuses on commercial factoring and small loans, leveraging strong customer resources to identify low-risk quality assets[132] - The company's receivable factoring balance for 2018 was 6.896 billion, with major clients coming from its supply chain[145] - The company has issued factoring amounts without any overdue situations from 2016 to 2018, with a comprehensive factoring business interest rate range of 8%-15%, averaging around 12%[147] - The company has provided loans primarily to small and medium-sized enterprises within its coal supply chain, with a total loan issuance of CNY 114,747.65 million in 2018, up from CNY 46,634.70 million in 2017[156] Market Presence and Expansion - The company has expanded its international footprint, engaging in coal trade with countries such as Indonesia, Malaysia, and Australia, ranking among the top in domestic commodity traders[96] - The company has become the first Chinese supplier for several key markets, including the Philippines and Vietnam, establishing a strong foothold in the Belt and Road Initiative countries[192] - The company has long-term partnerships with 30 inland railway stations, 55 Yangtze River inland ports, 33 northern coastal ports, 53 southern coastal ports, and 33 overseas ports, strengthening its logistics support[101]

2019 年第一季度报告 公司代码：600180 公司简称：瑞茂通 瑞茂通供应链管理股份有限公司 2019 年第一季度报告 1 / 25 2019 年第一季度报告 í 二、 11Í 四、 目录 | --- | |----------------| | | | 重要提示 . | | 公司基本情况 . | | 重要事项 . | | 附录 . | 2 / 25 2019 年第一季度报告 单位：元 币种：人民币 一、 重要提示 1.1 公司董事会、监事会及董事、监事、高级管理人员保证季度报告内容的真实、准确、完整， 不存在虚假记载、误导性陈述或者重大遗漏，并承担个别和连带的法律责任。 1.2 公司全体董事出席董事会审议季度报告。 1.3 公司负责人燕刚、主管会计工作负责人刘建辉及会计机构负责人（会计主管人员）杨爽保证 季度报告中财务报表的真实、准确、完整。 1.4 本公司第一季度报告未经审计。 二、 公司基本情况 2.1 主要财务数据 | --- | --- | --- | --- | --- | |-------------------------------------------------|--------- ...

Financial Performance - The company's total revenue for 2018 was CNY 38,095,793,349.71, representing a 1.60% increase from CNY 37,496,505,109.83 in 2017[24] - The net profit attributable to shareholders of the listed company decreased by 33.51% to CNY 475,468,061.41 from CNY 715,124,912.34 in the previous year[24] - The net profit attributable to shareholders after deducting non-recurring gains and losses was CNY 337,390,642.39, down 49.98% from CNY 674,529,168.63 in 2017[24] - Basic earnings per share for 2018 were CNY 0.7029, down 33.45% from CNY 0.7029 in 2017[27] - The weighted average return on net assets was 14.35%, a decrease of 5.60 percentage points compared to 2017[27] - The company reported a total of ¥21,482,316.86 in government subsidies related to normal business operations during 2018[32] - The total non-operating income and expenses for 2018 included a significant loss from other operating income amounting to -¥13,015,210.50[38] - The company achieved a total revenue of CNY 38.096 billion, representing a year-on-year growth of 1.60%[91] - The net profit attributable to shareholders decreased by 33.51% to CNY 475 million[124] - Total assets amounted to CNY 20.599 billion, a decline of 2.65% year-on-year[124] - The equity attributable to the parent company increased by 9.12% to CNY 5.708 billion[124] Cash Flow and Financing - The net cash flow from operating activities was CNY 3,930,390,639.94, a significant increase of 290.43% compared to -CNY 2,063,919,167.16 in 2017[24] - The company’s cash flow from operating activities increased significantly by 290.43% to CNY 3.930 billion[91] - The company reported a net cash inflow from operating activities of CNY 3.930 billion, with a turnover period of 26 days, a decrease of 10.34% year-on-year[119] - The financing cash inflow increased by 21.58% to approximately ¥18.22 billion, compared to ¥14.98 billion in the previous year, driven by increased financing from banks and institutions[141] - The company’s total cash outflow from financing activities rose by 58.93% to approximately ¥21.91 billion, up from ¥13.78 billion in the previous year, due to increased repayments of corporate bonds and loans[142] - The company successfully issued CNY 2.769 billion in bonds during the reporting period, ensuring timely repayment[103] - The company optimized its financing structure, increasing bank credit limits by CNY 1.346 billion compared to 2017[103] Operational Efficiency and Business Model - The company has been actively innovating its business model and enhancing operational efficiency in the commodity supply chain sector, particularly in coal and petrochemical products[44] - The company upgraded its online platform "Yimei Network," which now offers comprehensive services including industry research and supply chain financial services[44] - The company has developed a comprehensive information platform, "Yimei Information," which offers industry insights and data services, enhancing decision-making for clients[58] - The trading platform "Easy Trading" employs smart algorithms to optimize resource matching and improve transaction efficiency[59] - The financial service platform "Ruiyi Cloud Control" provides secure supply chain financial services, leveraging extensive industry data[60] - The company focuses on supply chain finance, primarily through commercial factoring and small loans, to enhance client retention and service value[66] - The company aims to reduce financing costs and improve transaction efficiency through the integration of its three strategic business segments: supply chain management, supply chain finance, and e-commerce[69] Market Expansion and Strategic Initiatives - The company established a global coal supply chain network, expanding operations to countries such as Indonesia, Malaysia, and Australia, in response to the Belt and Road Initiative[72] - The company is actively pursuing global market expansion and aims to become a global integrator of bulk commodity supply chains[174] - The company plans to expand its international market transshipment business, settling in USD to effectively mitigate exchange rate fluctuation risks[187] - The company aims to strengthen information collection and analysis for overseas trade projects and cultivate composite talents to support its international expansion[188] Risk Management and Compliance - There were no significant risks identified that could adversely affect the company's future development strategy or ongoing operations[10] - The company recognizes the risks posed by external economic fluctuations and regulatory policy changes, and will adjust its operational strategies accordingly[185][186] - The company faces risks in supply chain finance due to potential inadequate risk control and changes in customer repayment capabilities[191] - The company will improve its risk control system and establish a comprehensive customer risk rating and tracking warning system[191] - The company will strengthen its governance structure and improve operational efficiency, focusing on risk management and compliance with regulatory changes[182] Industry Trends and Challenges - The coal market is expected to maintain a "tight balance" in 2019 due to macroeconomic stability and environmental regulations affecting production capacity[169] - The domestic coal industry is becoming increasingly competitive, and the company must address competition from both domestic and international players[192] - The company intends to accelerate industry consolidation and build core competitive barriers in the coal supply chain management sector[192] Corporate Governance and Culture - The company emphasizes the importance of maintaining its corporate culture while fostering an innovative and service-oriented organizational atmosphere[181] - The cash dividend policy remained unchanged during the reporting period, with a cash dividend of 0.468 RMB per 10 shares in 2018, representing 10.01% of the net profit attributable to ordinary shareholders[196] - The company has committed to avoiding competition with its peers and regulating related party transactions to ensure compliance and transparency[199]