Financial Performance - The company's operating revenue for the first half of 2015 was ¥302,445,639.55, a decrease of 9.07% compared to ¥332,609,723.44 in the same period last year[16]. - The net profit attributable to shareholders of the listed company was -¥5,776,789.02, showing an improvement from -¥21,348,048.92 year-on-year[16]. - The net cash flow from operating activities increased significantly to ¥32,308,311.06, a rise of 708.97% compared to ¥3,993,739.26 in the previous year[16]. - The total assets at the end of the reporting period were ¥610,073,891.05, down 1.93% from ¥622,061,438.42 at the end of the previous year[17]. - The net assets attributable to shareholders of the listed company decreased to ¥77,062,724.73, a decline of 4.77% from ¥80,919,718.85[17]. - The basic earnings per share for the first half of 2015 was -¥0.02, an improvement from -¥0.09 in the same period last year[18]. - The weighted average return on net assets was -7.40% for the reporting period[18]. - The total operating revenue for the first half of 2015 was CNY 302,445,639.55, a decrease of 9.05% compared to CNY 332,609,723.44 in the same period last year[77]. - The company reported a net loss of CNY 579,737,002.72 for the period, compared to a loss of CNY 568,872,394.34 in the previous period[75]. - The company reported a total of 11,557,176.73 RMB in other receivables, an increase from 10,525,999.23 RMB, reflecting a growth of about 9.8%[71]. Revenue and Sales - The sales revenue from acrylamide decreased by 9.04%, primarily due to a decline in sales prices compared to the previous year[31]. - The gross margin for acrylamide products was 13.51%, which increased by 6.10 percentage points compared to the previous year[31]. - The northern region's revenue fell by 28.43%, attributed to significant declines in both sales volume and prices due to market downturns[33]. - Jiangxi Changjiu Agricultural Science and Technology Co., Ltd. (Changjiu Agricultural Science) achieved revenue of RMB 298 million in the first half of 2015, turning a profit of RMB 4.75 million compared to a loss in the previous year[106]. Assets and Liabilities - The company's total assets as of June 30, 2015, were CNY 610,073,891.05, a decline from CNY 622,061,438.42 at the beginning of the year[73]. - Total liabilities decreased to CNY 451,297,596.36 from CNY 462,396,442.61, reflecting a reduction of 2.37%[73]. - The total equity attributable to shareholders of the parent company was CNY 77,062,724.73, down from CNY 80,919,718.85, indicating a decrease of 3.43%[73]. - The company reported a decrease in cash and cash equivalents from 32,880,307.79 RMB to 21,854,497.89 RMB, a decline of approximately 33.5%[71]. - Accounts receivable increased from 25,168,872.82 RMB to 35,368,135.11 RMB, reflecting a growth of about 40.5%[71]. - Inventory decreased from 52,170,338.96 RMB to 45,162,111.31 RMB, a reduction of approximately 13.5%[71]. Government Support and Subsidies - The company received government subsidies amounting to ¥3,000,000.00, which were included in the current period's profit[20]. Related Party Transactions - The total amount of related party transactions reached CNY 1,656,173.50, indicating ongoing business necessities with related parties[41]. - The company reported a related party debt of CNY 188,940,154.21 at the end of the reporting period, reflecting a decrease of CNY 1,172,960.03[44]. - The company provided funding to related parties amounting to CNY 30,080.44 during the reporting period[44]. - The company’s reliance on related parties for business operations is minimal, ensuring independence[41]. - The company’s related party transactions do not impact its independence[41]. Management and Governance - The company has been operating under a strict governance structure in compliance with relevant laws and regulations[57]. - The company has not experienced any significant changes in its share capital structure during the reporting period[59]. - The company has not made any changes to its accounting policies or estimates during the reporting period[58]. - The company appointed Gao Liping as a new supervisor, replacing Zhu Liyan who resigned due to work changes[66]. Future Plans and Strategies - The company plans to focus on developing the acrylamide industry through its subsidiary, Changjiu Agricultural Science, to enhance sustainable operational capabilities[23]. - The company aims to improve asset quality by actively disposing of idle assets to increase cash flow and support ongoing operations[24]. - The company is actively seeking financial support from major shareholders to ensure ongoing operational capabilities[108]. - The company is committed to optimizing its asset structure by classifying and disposing of idle assets to reduce debt burden and improve cash flow[108]. - The company is enhancing its internal control system to improve management levels and ensure compliance with internal regulations[108]. Financial Reporting and Compliance - The financial statements were approved by the board of directors on August 21, 2015, indicating timely reporting practices[102]. - The company includes all subsidiaries under its control in the consolidated financial statements[117]. - The company has reduced the number of subsidiaries in the consolidated financial statements by one compared to the previous period[104]. Taxation - The company has a corporate income tax rate of 15% for its subsidiaries Jiangsu Nantian Agricultural Chemical Co., Ltd. and Rudong Nantian Agricultural Chemical Co., Ltd.[196]. - Jiangxi Changjiu Agricultural Chemical Co., Ltd. was recognized as a high-tech enterprise, allowing it to enjoy a reduced income tax rate of 10%, effective until October 8, 2014, after which the rate increased to 25%[197]. - Jiangsu Nantian Agricultural Chemical Co., Ltd. received high-tech enterprise certification, allowing it to maintain a 10% income tax rate until August 14, 2015[198]. - Rudong Nantian Agricultural Chemical Co., Ltd. was certified as a high-tech enterprise with a valid period from September 2, 2014, to September 1, 2017, also benefiting from a 10% income tax rate[198].

Financial Performance - Operating revenue rose by 10.73% to CNY 152,642,494.60 from CNY 137,847,742.76 in the same period last year[7] - Net profit attributable to shareholders of the listed company improved to a loss of CNY 1,870,969.10, compared to a loss of CNY 9,334,346.07 in the previous year[7] - Basic and diluted earnings per share were both -0.021 CNY, an improvement from -0.052 CNY in the previous year[7] - Net loss for Q1 2015 was CNY 4,942,472.12, compared to a net loss of CNY 14,517,745.49 in Q1 2014, indicating an improvement[28] - The company's operating revenue for the current period is CNY 3,934,700.50, a decrease of 3.4% compared to CNY 4,072,857.66 in the previous period[30] - Operating profit for the current period is -CNY 2,446,021.27, an improvement from -CNY 7,168,363.10 in the previous period[30] - The net profit for the current period is -CNY 3,758,435.05, showing a reduction in losses compared to -CNY 8,592,477.01 in the previous period[30] - The total comprehensive income for the current period is -CNY 3,758,435.05, compared to -CNY 8,592,477.01 in the previous period, indicating a positive trend[30] Cash Flow and Liquidity - Cash flow from operating activities reached CNY 37,323,291.09, a significant recovery from a negative cash flow of CNY -2,954,134.87 in the same period last year[7] - The net cash flow from operating activities was ¥37,323,291.09, a significant recovery from a negative cash flow of -¥2,954,134.87 in the previous period[15] - Cash and cash equivalents increased by 81.61% to ¥59,713,845.30 from ¥32,880,307.79 due to increased sales recovery funds[15] - Cash and cash equivalents at the end of the period amount to CNY 59,713,845.30, an increase from CNY 56,986,998.02 in the previous period[32] - The company incurred financial expenses of CNY 1,812,194.98, down from CNY 5,681,050.91 in the previous period, indicating cost control efforts[30] - The company has a cash flow from financing activities net amount of -CNY 4,900,081.48, a decline from CNY 24,831,399.96 in the previous period, suggesting reduced financing activities[32] Assets and Liabilities - Total assets increased by 2.62% to CNY 638,352,773.06 compared to the end of the previous year[7] - The total assets as of March 31, 2015, were CNY 264,404,471.93, slightly down from CNY 266,848,298.01 at the beginning of the year[24] - Total liabilities as of March 31, 2015, were CNY 240,905,785.66, compared to CNY 239,591,176.69 at the beginning of the year[24] - The company's total equity attributable to shareholders was CNY 23,498,686.27, down from CNY 27,257,121.32 at the beginning of the year[25] Shareholder Information - The total number of shareholders at the end of the reporting period was 28,204[12] - The largest shareholder, Jiangxi Changjiu Chemical Group Co., Ltd., holds 18.22% of the shares, totaling 43,980,000 shares[12] Operational Efficiency - The company reported a significant increase in cash flow from operating activities, indicating improved operational efficiency[7] - Sales expenses increased by 83.54% to ¥7,377,600.06 from ¥4,019,537.68 due to higher shipping costs[15] - Management expenses rose by 38.84% to ¥6,506,807.70 from ¥4,686,561.42 due to performance compensation accruals[15] - The company paid CNY 102,075,746.87 for goods and services, a decrease from CNY 137,466,191.94 in the previous period, reflecting improved efficiency[31] Future Plans - The company plans to enhance the operational capacity of its subsidiary Changjiu Agricultural Science, focusing on the acrylamide industry[16] - The company has approved the purchase of 60 acres of industrial land to establish a new product R&D and production base[16] Non-Recurring Items - Non-recurring gains and losses totaled -3,231,502.50 CNY for the period[11]

Financial Performance - The net profit attributable to the parent company for 2014 was CNY 34,988,394.25, resulting in a total distributable profit of CNY -521,182,461.84 after accounting for the beginning retained earnings[2]. - The company will not distribute profits for the 2014 fiscal year nor implement capital reserve transfers to increase share capital[2]. - The company has reported a significant retained earnings deficit of CNY 556,170,856.09 at the beginning of the year[2]. - The company's operating revenue for 2014 was CNY 725.82 million, a 0.85% increase from CNY 719.69 million in 2013[24]. - The net profit attributable to shareholders for 2014 was CNY 34.99 million, a significant recovery from a loss of CNY 194.64 million in 2013[24]. - The basic earnings per share for 2014 was CNY 0.14, compared to a loss of CNY 0.81 per share in 2013[25]. - The company reported a positive net profit for 2014, amounting to approximately 34.99 million RMB, a significant improvement from the previous year's loss of approximately 194.64 million RMB[72]. - The total comprehensive income attributable to the parent company was CNY 34,988,394.25, compared to a loss of CNY 194,639,280.72 in the previous year[162]. - The net profit for 2014 was CNY 40,385,342.68, a substantial recovery from a net loss of CNY 205,914,885.32 in the previous year[161]. - The company reported a cumulative unabsorbed loss of RMB 521,182,461.84 as of December 31, 2014[188]. Operational Changes - The company has not changed its main business operations since the last report period, which includes the production and sale of various chemical products[18]. - The company plans to focus on developing the acrylamide industry and improving asset quality to enhance cash flow and sustainable operations in 2015[30]. - The company aims to enhance the operational capacity of the Jiangsu base through production integration and technological upgrades[188]. - The company plans to optimize its asset structure by disposing of idle assets to reduce debt burden and increase cash flow[56]. - The company is committed to developing high value-added products by increasing R&D investment and enhancing its R&D capabilities, targeting the downstream polyacrylamide industry[189]. Financial Management - The company has engaged Dahuacpa as its accounting firm, which provided an unqualified audit opinion with emphasis on certain matters[21]. - The company has implemented new accounting standards effective July 1, 2014, which resulted in adjustments to financial statements, including reclassification of long-term equity investments and deferred income[68]. - The company has maintained effective internal control over financial reporting with no significant deficiencies identified as of the evaluation date[146]. - The financial statements comply with the requirements of enterprise accounting standards, reflecting the company's financial status and operational results accurately[191]. Shareholder Relations - The company has adjusted its cash dividend policy to prioritize shareholder returns, with a clear plan for the next three years (2014-2016) to enhance transparency and protect minority investors' rights[69]. - The company received shareholder contributions amounting to CNY 52,008,400.72 during the year, indicating ongoing support from investors[179]. - The company has established a management system for investor relations to enhance communication with shareholders[138]. Governance and Compliance - The board of directors has emphasized the importance of accurate financial reporting and has taken legal responsibility for the report's content[4]. - The company has not reported any significant litigation or arbitration issues during the reporting period, indicating stable operational conditions[76]. - The company has not faced any penalties or public reprimands from the China Securities Regulatory Commission or stock exchanges during the reporting period[94]. - The company has established a system for managing insider information to maintain disclosure fairness[138]. Market Challenges - The company plans to navigate challenges in the chemical industry due to international trade tensions and stricter environmental regulations, while also seeking opportunities from national development strategies[54]. - The company faces risks related to the cyclical nature of the chemical industry and fluctuations in raw material prices, particularly acrylonitrile[61]. Production and Capacity - The company achieved a revenue of CNY 706.82 million from its main product, acrylamide, in 2014, an increase of CNY 23.66 million from the previous year[30]. - The production capacity of the Jiangsu production base for acrylamide has reached 40,000 tons per year, with plans to increase it to 50,000 tons[57]. - The company aims to enhance production efficiency and capacity at the Nanchang base, focusing on the core strategy of strengthening and refining the production of acrylamide products, with an annual production capacity of 30,000 tons[189]. Employee and Management Structure - The company currently employs a total of 425 staff, with 291 in production, 23 in sales, 15 in technical roles, 20 in finance, and 76 in administration[128]. - The company has only 10 employees with a college degree or above and approximately 20 with intermediate titles, indicating a significant talent shortage[126]. - The company has a structured approach to board and management appointments, ensuring compliance with regulatory requirements[119]. Asset Management - The total assets decreased by 7.38% to CNY 622.06 million at the end of 2014 from CNY 671.59 million at the end of 2013[24]. - The company has classified and disposed of idle assets to optimize its asset structure and improve cash flow, thereby reducing debt burden[65]. - The company’s total liabilities decreased from CNY 713,000,501.91 to CNY 462,396,442.61, indicating a reduction of about 35.1%[156].

Financial Performance - Operating revenue for the first nine months was CNY 527,401,415.48, down 1.26% from the same period last year[7] - The net profit attributable to shareholders of the listed company for the first nine months was CNY -32,910,774.77, an improvement of 40.23% compared to the previous year[7] - Basic and diluted earnings per share were both CNY -0.136, a 40.35% improvement from CNY -0.228 in the previous year[8] - The net loss for the period increased to CNY 9,307,889.50, compared to a loss of CNY 8,423,714.66 in the same period last year[31] - The total profit for the first nine months of 2014 was a loss of CNY 30,361,654.01, compared to a loss of CNY 44,188,318.13 in the same period last year, indicating a year-over-year improvement of approximately 31.3%[35] - The company's operating profit for Q3 2014 was a loss of CNY 7,046,479.70, an improvement from a loss of CNY 9,581,794.82 in Q3 2013[35] - The total comprehensive income for Q3 2014 was a loss of CNY 12,390,894.64, compared to a loss of CNY 14,442,988.62 in Q3 2013, reflecting a year-over-year improvement of approximately 14.3%[32] Assets and Liabilities - Total assets at the end of the reporting period reached CNY 672,314,376.20, a slight increase of 0.11% compared to the previous year[7] - The total equity attributable to shareholders decreased to CNY -146,830,923.49 from CNY -115,573,607.40, indicating a worsening financial position[28] - Total liabilities included short-term borrowings of ¥160,800,000.00, reflecting a minor increase from the previous period[23] - Total current assets decreased to CNY 76,453,936.05 from CNY 77,716,135.26 at the beginning of the year, a decline of 1.62%[27] - Total liabilities increased to CNY 740,356,815.69 from CNY 713,000,501.91, representing a growth of 3.03%[28] - The company's total assets decreased to CNY 277,532,636.13 from CNY 286,629,067.50, a decline of 3.73%[28] Cash Flow - The net cash flow from operating activities for the first nine months was CNY -4,525,014.17, showing an improvement of 87.70% year-on-year[7] - Cash flow from operating activities for the first nine months of 2014 was a net outflow of CNY 4,525,014.17, an improvement from a net outflow of CNY 36,800,322.50 in the same period last year[38] - Total cash inflow from operating activities was CNY 31,437,573.87, down 66.3% from CNY 93,151,426.04 year-on-year[40] - Cash outflow from operating activities totaled CNY 29,820,992.90, a reduction of 63.5% compared to CNY 81,798,710.14 in the previous year[40] - Investment activities resulted in a net cash outflow of CNY 2,035,000.00, compared to a net outflow of CNY 471,435.96 in the same period last year[41] - Cash flow from financing activities showed a net outflow of CNY 28,484,711.11, with no cash inflow reported[41] Shareholder Information - The total number of shareholders at the end of the reporting period was 36,052[11] - The largest shareholder, Jiangxi Changjiu Chemical Group Co., Ltd., held 43,980,000 shares, accounting for 18.22% of the total shares[11] Operational Changes - Management expenses decreased by 42.83% to ¥17,251,047.04 due to personnel restructuring and reduced labor costs[13] - Operating expenses decreased by 38.57% to ¥15,398,720.94 due to reduced production personnel and lower idling losses[13] - The company reported a significant increase in asset impairment losses by 150.83% to ¥2,882,594.96 due to increased bad debt provisions[13] - The company has not disclosed any new product developments or market expansion strategies in this report[4] Sales and Revenue - The company received CNY 5,913,231.85 from sales of goods and services, a significant decline from CNY 16,997,540.48 in the same period last year[40] - Total cash received from other operating activities was CNY 25,524,342.02, down 66.5% from CNY 76,153,885.56 year-on-year[40] - Cash paid for purchasing goods and services was CNY 2,160,236.48, a decrease from CNY 7,151,464.41 in the previous year[40] - The company reported a decrease in cash flow due to higher operational costs and reduced sales revenue[40]

Financial Performance - The company reported a revenue of RMB 332.61 million for the first half of 2014, a decrease of 11.21% compared to RMB 374.59 million in the same period last year[18]. - The net profit attributable to shareholders was a loss of RMB 21.35 million, improving from a loss of RMB 40.88 million in the previous year[18]. - The company achieved a net cash flow from operating activities of RMB 3.99 million, a significant improvement from a negative cash flow of RMB 36.24 million in the same period last year[18]. - The company's operating revenue decreased by 11.21% to ¥332,609,723.44 compared to ¥374,588,779.88 in the previous year[23]. - Operating costs fell by 12.22% to ¥307,304,166.14 from ¥350,088,120.18 year-on-year[23]. - The company reported a basic earnings per share of -0.09 yuan, an improvement from -0.17 yuan in the same period last year[18]. - The weighted average return on net assets was -930.58%, reflecting the ongoing financial challenges faced by the company[18]. - The company reported a net loss of ¥21,348,048.92 for the first half of 2014, compared to a profit in the previous year, indicating a substantial decline in profitability[79]. - The company reported a total profit of -¥21,728,209.38, an improvement from -¥32,819,883.96 in the previous period[69]. Operational Changes - The production capacity of the acrylamide product at the Jiangsu Yudong base has been increased from 30,000 tons to 35,000 tons, with plans for a future capacity of 50,000 tons[21]. - The company has integrated its Jiangsu production bases to strengthen its operational capabilities[21]. - The revenue from the acrylamide product segment decreased by 9.34%, while the gross margin increased by 1.02 percentage points due to higher sales prices[26]. - The revenue from plastic pipe products plummeted by 98.68% as production was halted and the production facility was leased out[26]. - The company has implemented a debt relief plan involving ¥250 million and the disposal of idle assets to address financial obligations[25]. Asset and Liability Management - The total assets of the company increased by 1.68% to RMB 682.88 million compared to RMB 671.59 million at the end of the previous year[18]. - Total liabilities rose to CNY 739,635,390.79 from CNY 713,000,501.91, an increase of approximately 3.75%[62]. - Current liabilities totaled CNY 699,000,023.03, up from CNY 670,150,848.43, indicating an increase of about 4.3%[62]. - The company reported a net loss of CNY -577,518,905.01, worsening from CNY -556,170,856.09 at the beginning of the year[62]. - Total equity decreased to CNY -56,752,120.83 from CNY -41,407,605.70, reflecting a decline of approximately 37%[62]. Shareholder Information - The total number of shareholders at the end of the reporting period was 55,028, with the largest shareholder, Jiangxi Changjiu Chemical Group, holding 18.22% of the shares[52]. - The company did not experience any changes in its share capital structure or the number of restricted shares during the reporting period[50]. - The company’s board of directors and senior management did not hold any shares in the company during the reporting period[58]. - Zhang Ran resigned from her position as an independent director due to work commitments abroad, effective July 19, 2014[59]. Governance and Compliance - The company has maintained compliance with corporate governance standards and has not faced any penalties or criticisms from regulatory bodies during the reporting period[43]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties during the reporting period[6]. - No significant litigation, arbitration, or media inquiries during the reporting period[36]. - The company has no bankruptcy reorganization matters during the reporting period[36]. Cash Flow and Investments - Cash and cash equivalents increased to CNY 45,685,137.41, up from CNY 35,165,952.93, representing a growth of approximately 30%[61]. - The company incurred cash outflows from financing activities totaling ¥28,484,711.11, with no cash inflows reported during the period[75]. - The company plans to focus on improving cash flow management and exploring new investment opportunities to enhance future performance[80]. Accounts Receivable and Provisions - Total accounts receivable at the end of the period was ¥115,180,270.29, with a bad debt provision of ¥67,227,454.73, indicating a provision ratio of 58.37%[186]. - The aging analysis of accounts receivable shows that 55.38% of the total is overdue by more than five years[188]. - The company has recognized a significant impairment loss on major accounts receivable, totaling CNY 19,771,634.04, which represents 43.61% of the total accounts receivable[191]. - The overall provision for bad debts across all categories reflects a cautious approach to credit risk management, with a total provision amounting to CNY 39,906,113.91[191]. Subsidiaries and Investments - The company holds a 40% market share in the domestic acrylamide market, with over 20% of its production exported to more than 20 countries[29]. - The company’s subsidiary, Xinyu Changjiu Xinxin Chemical Co., was declared bankrupt and has not been operational since 2007[175]. - The company’s subsidiary Jiangxi Changjiu Qingyuan has a production capacity of 6,168.20 million RMB, with a 100% ownership[175]. - Jiangxi Changjiu Kangping Gas Co. reported a net investment of 200.94 million RMB, with a 40.19% ownership stake[175]. Financial Reporting and Accounting Policies - The company’s financial statements are prepared in accordance with the accounting standards set by the Ministry of Finance, ensuring a true and complete reflection of its financial status[97]. - The company confirmed that no changes were made to accounting policies or estimates during the reporting period[166]. - The company recognizes goodwill as the excess of the cost of a business combination over the fair value of identifiable net assets acquired[166].

Financial Performance - Operating revenue for the first quarter was CNY 137,847,742.76, representing a 6.41% increase year-on-year[10] - Net profit attributable to shareholders was a loss of CNY 12,651,568.82, an improvement from a loss of CNY 27,423,848.14 in the same period last year[10] - Total operating revenue for the current period is ¥137,847,742.76, an increase of 6.4% from ¥129,541,261.83 in the previous period[21] - Operating profit improved to -¥9,927,618.36 from -¥23,603,528.06, showing a significant reduction in losses[21] - Net profit for the current period is -¥14,517,745.49, compared to -¥32,927,249.08 in the previous period, indicating a 56% improvement[21] - Basic and diluted earnings per share both improved to -¥0.052 from -¥0.114[21] Cash Flow - Cash flow from operating activities showed a significant decline, with a net outflow of CNY 2,954,134.87, down 113.13% compared to the previous year[10] - Cash flow from operating activities generated a net outflow of -¥2,954,134.87, down from a net inflow of ¥22,500,901.96 in the previous period[25] - The net cash flow from operating activities was -$2,313,047.05, a significant decrease from $14,581,963.06 in the previous period, indicating a decline of approximately 115.8%[28] - Total cash inflows from operating activities amounted to $13,964,256.25, down 80.3% from $70,826,383.30 in the prior period[28] - Cash outflows from operating activities totaled $16,277,303.30, a decrease of 71.1% compared to $56,244,420.24 last period[28] - The net increase in cash and cash equivalents was -$2,313,047.05, compared to -$14,144,528.05 in the previous period, showing an improvement in cash flow dynamics[28] - The ending balance of cash and cash equivalents was $1,489,138.75, down from $6,669,569.83 in the prior period, representing a decline of 77.7%[28] Assets and Liabilities - Total assets increased by 6.60% to CNY 715,897,486.39 compared to the end of the previous year[10] - Current assets rose to CNY 326,263,615.43, up from CNY 267,814,787.13, indicating a growth of about 21.8%[16] - Total liabilities increased to CNY 772,133,665.10 from CNY 713,000,501.91, reflecting an increase of approximately 8.3%[17] - Current liabilities totaled CNY 729,284,011.62, up from CNY 670,150,848.43, marking an increase of around 8.8%[17] - The company's total equity showed a negative balance of CNY -56,236,178.71, worsening from CNY -41,407,605.70[17] Shareholder Information - The number of shareholders increased to 56,851, with the largest shareholder, Jiangxi Changjiu Chemical Group Co., Ltd., holding 18.22% of the shares[12] Accounts Receivable and Payable - Accounts receivable rose by 26.94% to CNY 40,889,677.11, attributed to increased credit sales due to intensified market competition[14] - Accounts receivable rose to CNY 40,889,677.11 from CNY 32,212,844.07, reflecting an increase of about 27.0%[16] - The company experienced a 38.23% increase in accounts payable, reaching CNY 78,175,258.69, as procurement volumes increased[14] Expenses - The company reported a significant reduction in management expenses, down 61.98% to CNY 4,686,561.42, due to lower personnel costs[14] - Sales expenses decreased to ¥4,019,537.68 from ¥5,045,646.93, a reduction of 20.3%[21] - Management expenses significantly decreased to ¥4,686,561.42 from ¥12,326,004.66, a reduction of 61.9%[21] Inventory and Prepayments - Inventory increased slightly to CNY 40,817,274.65 from CNY 39,208,746.72, showing a growth of approximately 4.1%[16] - Prepayments surged by 109.99% to CNY 60,732,281.16, driven by fluctuations in raw material prices[14]

Financial Performance - The net profit attributable to the parent company for 2013 was -194,639,280.72 RMB, resulting in a total distributable profit of -556,170,856.09 RMB, leading to no profit distribution for the year[6]. - The company reported a total revenue of RMB 719.69 million in 2013, a decrease of 6.19% compared to RMB 767.14 million in 2012[26]. - The net loss attributable to shareholders was RMB 194.64 million in 2013, an increase in loss of RMB 4.99 million compared to RMB 144.68 million in 2012[27]. - The basic earnings per share for 2013 was -0.81 RMB, compared to -0.60 RMB in 2012[22]. - The company reported a significant decrease in inventory by 32.42% to CNY 39,208,746.72, indicating reduced stockpiling[41]. - The company incurred a loss of RMB 4.67 million related to corporate restructuring expenses in 2013[23]. - The company’s weighted average return on equity was -220.94% in 2013, reflecting significant financial challenges[22]. - The company reported a net profit decrease of CNY 250,236,084.38 for the current period, compared to a net profit decrease of CNY 113,234,536.38 in the same period last year, indicating a significant decline in profitability[145][147]. Cash Flow and Assets - The company achieved a net cash flow from operating activities of RMB 36.80 million, a significant increase of 3,601.18% from RMB 0.99 million in 2012[28]. - The company’s total assets decreased by 21.36% to RMB 671.59 million at the end of 2013, down from RMB 854.01 million at the end of 2012[23]. - Cash and cash equivalents decreased from CNY 20,814,097.88 to CNY 3,802,185.80, highlighting liquidity challenges[129]. - The company’s total liabilities decreased to CNY 713,000,501.91 from CNY 745,620,908.32, showing a reduction in overall debt[130]. - The company’s total assets decreased significantly from CNY 503,217,332.76 to CNY 286,629,067.50, indicating a substantial decline in asset value[130]. Business Operations - The company’s main business remains unchanged, focusing on the research, production, and sales of various chemical products including methanol, urea, and biological chemicals[18]. - The production of acrylamide increased by 20.57% to 60,441.50 tons in 2013, while sales rose by 20.62% to 61,353.39 tons[29]. - The company plans to focus on the development of the acrylamide industry and improve cash flow by utilizing idle assets to offset debts[27]. - The company aims to enhance its operational capabilities and asset quality through strategic measures, including debt forgiveness and asset disposal[27]. - The company plans to integrate its Jiangsu production bases to increase acrylamide production capacity from 30,000 tons to 50,000 tons annually, aiming to enhance profitability[60]. Corporate Governance - The company has maintained a good corporate image and relationships with stakeholders, adhering to environmental regulations without incidents in 2013[65]. - The internal control system is being strengthened to improve management standards and ensure compliance with regulations[62]. - The board of directors has seen multiple resignations, including the general manager and financial director, due to work-related reasons[75]. - The company conducted investor and media briefings to address concerns regarding information disclosure, confirming no violations were found[67]. - The company strictly adhered to the regulations of the Articles of Association and ensured equal rights for all shareholders, particularly minority shareholders[108]. Risks and Challenges - The company has outlined potential risks in its future development plans, which investors should be aware of[10]. - The company faces risks related to the cyclical nature of the chemical industry and potential fluctuations in raw material prices, which could impact production costs[57]. - The company has accumulated losses of CNY 556.17 million as of December 31, 2013, and its current liabilities exceed current assets by CNY 402.33 million[59]. - The company is currently planning a major asset restructuring, but the approval from relevant authorities remains uncertain[122]. Related Party Transactions - The company’s related party transactions included sales of water and electricity, with a total transaction amount of RMB 2,440,316.72[68]. - The company’s related party debts included RMB 323,465,928.15 owed to its controlling shareholder, with an additional RMB 62,050,000 incurred during the reporting period[69]. - The company reported a total guarantee amount of RMB 80 million for its subsidiaries during the reporting period[70]. Research and Development - The total R&D expenditure amounted to ¥6,178,115.81, representing 0.86% of the operating revenue[32]. - The company plans to focus on sustainable development in 2014, emphasizing technological innovation and improving economic efficiency[50]. Legal Matters - The company faced a lawsuit regarding a restructuring fund issue, with a claim of RMB 352 million, leading to the auction of 18 million shares of the company by the court[67]. - The company is involved in a lawsuit seeking 352 million RMB in overdue restructuring funds from Jiangxi Guokong and Ganzhou Industrial Investment Group, which has impacted its restructuring projects[74].