● 会 议 召 开 地 点 ： 上 海 证 券 交 易 所 上 证 路 演 中 心 （ 网 址 ： http://roadshow.sseinfo.com/）。 ● 会议召开方式：上证路演中心网络互动 ● 投资者可于 2023 年 6 月 9 日（星期五）至 6 月 15 日（星期四）16:00 前登 录 上 证 路 演 中 心 网 站 首 页 点 击 " 提 问 预 征 集 " 栏 目 或 通 过 公 司 邮 箱 investor-serv@rightwayholdings.com 进行提问。公司将在说明会上对投资者普遍关 注的问题进行回答。 证券代码：600321 股票简称：正源股份 编号：2023-036 正源控股股份有限公司 关于召开 2022 年年度业绩说明会的公告 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。 重要内容提示： ● 会议召开时间：2023 年 6 月 16 日（星期五）上午 9:00-10:00。 一、说明会类型 本次投资者说明会以网络互动形式召开，公司将针对 2022 年年度的经营成果 及财 ...

Financial Performance - The company's operating revenue for Q1 2023 reached CNY 344,260,636.38, representing a significant increase of 179.74% compared to the same period last year[6] - Net profit attributable to shareholders of the listed company was CNY 15,216,056.13, with a basic earnings per share of CNY 0.0101[6] - The net cash flow from operating activities was CNY 84,032,559.98, indicating strong cash generation capabilities during the quarter[6] - Total revenue for Q1 2023 reached CNY 344,260,636.38, a significant increase from CNY 123,062,797.06 in Q1 2022, representing a growth of approximately 179.5%[29] - Operating profit for Q1 2023 was CNY 15,194,214.04, a turnaround from a loss of CNY 36,956,482.27 in Q1 2022[30] - The net profit for Q1 2023 was CNY 15,006,871.93, compared to a net loss of CNY 34,154,565.74 in Q1 2022, marking a significant improvement[30] - The total comprehensive income for Q1 2023 was ¥15,009,511.03, compared to a comprehensive loss of ¥35,136,654.31 in the same period last year[31] - Basic and diluted earnings per share for Q1 2023 were both ¥0.0101, recovering from a loss of ¥0.0228 per share in Q1 2022[31] Assets and Liabilities - Total assets at the end of Q1 2023 were CNY 4,995,101,552.20, a decrease of 1.42% from the end of the previous year[7] - Current liabilities decreased to CNY 2,839,243,288.76 from CNY 3,205,342,362.11 at the end of 2022, reflecting a reduction of approximately 11.4%[25] - Long-term borrowings increased to CNY 535,973,878.11 from CNY 257,050,000.00, showing a growth of about 108.5%[26] - The company's total equity increased slightly to CNY 1,618,600,131.10 from CNY 1,603,590,620.07 at the end of 2022[26] Revenue Drivers - The company confirmed that the increase in revenue was primarily due to the sales of residential properties from the "Shuangliu·Zhengyuan International Huichan City Integration Project" which commenced delivery in February 2023[9] Cash Flow - Cash inflows from operating activities totaled ¥226,756,209.11 in Q1 2023, up from ¥202,192,007.30 in Q1 2022, indicating a 12.7% increase[32] - The net cash flow from financing activities was -¥49,545,996.53 in Q1 2023, worsening from -¥23,313,207.05 in the same quarter last year[33] - The cash outflow for operating activities was ¥142,723,649.13, down from ¥252,157,940.80 in Q1 2022, showing a reduction of 43.3%[32] Shareholder Activities - The second largest shareholder, Sichuan Guodong Construction Group, increased its stake by 1.07% through its action group, Chengdu Guodong Nanyuan Investment, acquiring 16.2 million shares[21] - The controlling shareholder, Zhengyuan Real Estate Development, had 15,306,593 shares subject to judicial auction, which were successfully transferred during the reporting period[19] Guarantees and Loans - The company approved a guarantee limit of up to RMB 1.7 billion for its subsidiaries for the year 2023, with the ability to adjust this limit based on actual operational needs[13] - As of the end of the reporting period, the company has utilized RMB 1.095 billion of the approved guarantee limit, leaving a remaining limit of RMB 605 million[16] - The company’s subsidiary, Chengdu Zhengyuan Xiyue Hotel, applied for a loan of RMB 10 million, for which the company provided a joint liability guarantee[15] - The company’s subsidiary, Zhengyuan Hui, borrowed RMB 75 million from Qingdao Yueyou, with the company providing a joint liability guarantee[15] - The company adjusted the guarantee limit for its subsidiary Zhengyuan Hui from RMB 200 million to RMB 50 million for certain projects[17] - The company’s subsidiary has provided a total of RMB 119.76 million in joint liability guarantees for qualified mortgage loan clients[17] Other Information - The company reported a non-recurring loss of CNY 424,414.02, mainly due to fair value changes in financial assets and liabilities[8] - The company has not disclosed any new product developments or market expansion strategies in this report[9] - There were no significant mergers or acquisitions reported during the quarter[9] - The company plans to continue monitoring and adjusting its financial strategies based on market conditions and operational performance[22] - The company did not apply new accounting standards or interpretations for the first time in 2023[34]

Financial Performance - The company's operating revenue for 2022 was ¥680,243,355.31, a decrease of 46.15% compared to ¥1,263,115,651.19 in 2021[22] - The net profit attributable to shareholders was -¥193,325,888.47, representing a decline of 543.31% from a profit of ¥43,609,769.59 in the previous year[22] - The net profit after deducting non-recurring gains and losses was -¥191,391,190.37, down 604.36% from ¥37,947,283.31 in 2021[22] - Cash flow from operating activities was ¥91,655,135.02, a decrease of 59.68% compared to ¥227,329,478.70 in 2021[22] - Basic earnings per share for 2022 was -0.1281 yuan, a decrease of 543.25% compared to 0.0289 yuan in 2021[24] - The diluted earnings per share for 2022 also stood at -0.1281 yuan, reflecting the same percentage decrease as basic earnings[24] - The weighted average return on equity decreased to -10.64% in 2022, down 12.88 percentage points from 2.24% in 2021[24] - The net profit attributable to shareholders for Q4 2022 was -85,131,759.29 yuan, contributing to an annual net loss of -193,325,000.37 yuan[26] Operational Challenges - The company faced significant operational challenges in 2022 due to COVID-19, extreme weather, and rising raw material costs, impacting production stability[33] - The production line utilization rate for engineered wood products was insufficient, leading to increased fixed costs and ongoing pressure on operating margins[33] - The company is focusing on risk management strategies to stabilize operations amid fluctuating market conditions[33] Business Segments Performance - The company’s artificial board business achieved sales revenue of 453 million yuan, a decrease of 10.29% compared to the same period last year[34] - The hotel management business, Zhengyuan Xiyue Hotel, reported operating revenue of 28.59 million yuan, significantly impacted by the pandemic and high temperatures[36] - The construction business, operated by subsidiary Yuyuan Construction, generated operating revenue of 23.73 million yuan, reflecting a significant decline due to project delays[37] Investments and Projects - The company plans to upgrade production lines in Yibin and Nanchong, with the Yibin project currently pending land acquisition issues[34] - The company has invested approximately 10 billion yuan in the "Shuangliu Zhengyuan International Integration Project," which will be developed in phases over 5-8 years[46] - The company plans to invest in a new project for producing 300,000 cubic meters of super strong particleboard[122] Environmental and Compliance Efforts - The company’s environmental performance is above national standards, with real-time monitoring of emissions from its subsidiaries[35] - The company has implemented environmental upgrades to its fiberboard production lines, achieving ultra-low emissions that exceed national standards[49] - The company has established a comprehensive environmental management system in its construction subsidiary, ensuring green practices throughout the project lifecycle[175] Governance and Compliance - The company has implemented new internal control measures and governance systems to enhance operational efficiency and compliance[118] - The company has maintained a stable governance structure with no significant deviations from regulatory requirements[119] - The company has been focusing on strengthening its operational compliance and governance practices in response to regulatory scrutiny[135] Shareholder and Management Information - The total remuneration for directors and senior management during the reporting period amounted to 753.22 million yuan[124] - The company held three shareholder meetings during the reporting period, ensuring compliance with legal requirements and protecting shareholder rights[115] - The board of directors convened 11 meetings, maintaining a clear decision-making process and oversight to safeguard shareholder interests[116] Future Outlook and Strategy - The company provided a positive outlook, projecting a revenue growth of 10-15% for the next quarter[126] - Future guidance includes a focus on sustainability initiatives, aiming for a 30% reduction in carbon footprint by 2025[126] - The company plans to optimize its engineered wood manufacturing business to enhance competitiveness in response to environmental regulations and market demands[98] Risks and Challenges - The company faces risks related to rising raw material costs and potential project delays due to policy changes, which could impact profitability[103] - The company is addressing liquidity risks by optimizing its financing structure and improving cash flow management amid challenging market conditions[105] - The company is monitoring the financial health of its controlling shareholder, Zhengyuan Real Estate, which has filed for reorganization due to debt issues, potentially affecting its operations[107]

Financial Performance - The company's operating revenue for Q3 2022 was ¥172,441,328.01, representing a year-on-year increase of 25.77%[6] - The net profit attributable to shareholders was -¥38,253,570.91, with a year-to-date net profit of -¥108,194,129.18, indicating a significant decline[6] - The basic and diluted earnings per share for Q3 2022 were both -¥0.0251, reflecting a decrease from -¥0.0717 in the same period last year[7] - Total revenue for the first three quarters of 2022 was CNY 460,148,093.14, a decrease of 26.7% compared to CNY 627,990,099.49 in the same period of 2021[38] - The net loss for the third quarter of 2022 was CNY 109,498,792.78, compared to a net loss of CNY 29,178,714.54 in the same quarter of 2021, indicating a significant increase in losses[39] - The company's total assets as of the end of the third quarter of 2022 were CNY 5,167,274,988.51, up from CNY 5,091,983,007.58 at the end of 2021[35] - The company's equity attributable to shareholders decreased to CNY 1,804,379,165.66 from CNY 1,913,869,012.49 year-over-year[35] - The company's cash flow from operating activities for the year-to-date period was ¥89,975,838.66, showing a decrease of 57.71% compared to the previous year[7] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,167,274,988.51, a slight increase of 1.36% from the previous year-end[7] - Total liabilities increased to CNY 3,348,050,809.10 in the third quarter of 2022 from CNY 3,160,365,839.00 in the previous year[35] - The long-term equity investments decreased to CNY 170.34 million from CNY 197.28 million, a decline of approximately 13.6%[33] Cash Flow and Investments - The company's cash and cash equivalents decreased to CNY 168.48 million from CNY 319.87 million, a decline of approximately 47.4%[33] - Cash inflow from operating activities for the first three quarters of 2022 was approximately $753.75 million, down 28% from $1.05 billion in the same period of 2021[42] - Net cash flow from operating activities decreased to approximately $89.98 million, a decline of 58% compared to $212.75 million in the previous year[42] - Cash inflow from investment activities totaled approximately $208.20 million, significantly higher than $20.82 million in the same period of 2021[43] - Net cash flow from investment activities was negative at approximately -$15.84 million, an improvement from -$24.81 million in the previous year[43] - Cash inflow from financing activities was approximately $166.44 million, down 75% from $664.89 million in the same period of 2021[43] - Net cash flow from financing activities was negative at approximately -$217.41 million, compared to -$50.74 million in the previous year[43] Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 62,645[13] - The top ten shareholders hold a total of 1.1 billion shares, with Zhengyuan Real Estate Development Co., Ltd. and Sichuan Guodong Construction Group Co., Ltd. being the largest shareholders[14] - The company has not engaged in any financing or transfer business involving its top ten shareholders[15] Guarantees and Financing - The company approved a guarantee limit of RMB 1.7 billion for its subsidiaries in 2022, with the guarantee forms including but not limited to guarantees, mortgages, and pledges[16] - As of the end of the reporting period, the company has utilized RMB 246.49 million of the approved guarantee limit, leaving a remaining limit of RMB 1.453 billion[18] - The subsidiary Chengdu Zhengyuan Hui Real Estate Co., Ltd. borrowed RMB 1.7 billion to meet its operational financing needs, with the company providing joint liability guarantee and pledge guarantees[17] - The company has provided a guarantee for up to RMB 200 million for accounts receivable related to its subsidiary Zhengyuan Hui[17] - The company has adjusted the guarantee limit for its subsidiary Zhengyuan Hui from RMB 500 million to RMB 200 million for certain mortgage loan customers[20] Operational Challenges - The company attributed the decline in net profit to the recurring impact of the pandemic on revenue generation[11] - The company is monitoring the operational performance of Beijing Taihe Maternity Hospital, which is under financial pressure due to industry cyclicality and market competition[25] - The company's controlling shareholder, Zhengyuan Real Estate, has applied for reorganization, which introduces uncertainties regarding its operational stability[28] - The company is focusing on reducing costs and improving operational efficiency in response to the declining revenue trend[38] Projects and Subsidiaries - The company is actively developing the "Shuangliu Zhengyuan International Hui Project," with land integration and construction work ongoing on 106.25 acres and 98.49 acres respectively[21] - The company has established three new subsidiaries in Hong Kong in collaboration with partners, focusing on renewable energy technology and materials[22] - The company is in the process of establishing a new subsidiary in Hong Kong for construction material trade, which is currently in the exploratory phase and has not yet generated economic benefits[24] Miscellaneous - Non-recurring gains and losses for the reporting period totaled -¥337,681.55, significantly impacted by various factors including government subsidies and asset disposals[10] - The weighted average return on net assets for Q3 2022 was -2.10%, a decrease of 1.29 percentage points from the previous year[7] - The company reported a significant increase in management expenses to CNY 68,227,717.39 in 2022 from CNY 65,294,589.52 in 2021[39] - The company did not report any new product launches or technological advancements during this quarter[45]

Financial Performance - The company's operating revenue for the first half of 2022 was ¥287,706,765.13, a decrease of 41.39% compared to ¥490,877,294.91 in the same period last year[20] - The net profit attributable to shareholders of the listed company was -¥69,940,558.27, compared to -¥13,786,632.58 in the previous year, indicating a significant loss[20] - The net cash flow from operating activities was ¥12,291,067.30, down 86.70% from ¥92,385,387.53 in the same period last year[20] - The basic earnings per share for the first half of 2022 was -¥0.0463, compared to -¥0.0091 in the same period last year[21] - The weighted average return on net assets was -3.7733%, a decline from -0.7179% in the previous year[21] - The company reported a revenue of 287.71 million RMB for the reporting period, a year-on-year decrease of 41.39%, with a net profit attributable to shareholders of -69.94 million RMB[38] - The company's main product, fiberboard, saw a production volume of 201,500 cubic meters, a decrease of 15.23% year-on-year, and sales volume of 176,500 cubic meters, down 12.19% year-on-year, generating main business revenue of 241.48 million RMB, a decrease of 6.98%[38] - The company reported a net loss of CNY 713,344,619.23, compared to a loss of CNY 657,644,541.44 in the previous period[118] - The company reported a total comprehensive loss of CNY 70,878,635.71 for the first half of 2022, compared to a comprehensive loss of CNY 13,660,991.48 in the first half of 2021[125] Assets and Liabilities - The total assets at the end of the reporting period were ¥5,159,738,598.07, an increase of 1.33% from ¥5,091,983,007.58 at the end of the previous year[20] - The total liabilities reached CNY 3,300,544,261.59, up from CNY 3,160,365,839.00 at the start of the year[118] - Current liabilities totaled CNY 2,960,058,070.36, compared to CNY 2,673,475,730.24 previously, reflecting a 10.7% increase[118] - Non-current liabilities decreased to CNY 340,486,191.23 from CNY 486,890,108.76, indicating a reduction of 30.1%[118] - The total guarantee amount (including subsidiaries) reached CNY 301,807.40 million, accounting for 157.69% of the company's net assets[100] - The total guarantee amount exceeding 50% of net assets was CNY 206,113.95 million[100] - The total current assets as of June 30, 2022, amounted to RMB 3,599,816,112.33, an increase from RMB 3,464,111,317.01 at the beginning of the period[116] - The total non-current assets decreased from RMB 1,085,851,573.84 to RMB 1,049,610,710.15, a decline of approximately 3.3%[116] Cash Flow - The cash inflow from operating activities decreased to ¥506,392,616.18 in the first half of 2022, down 43.3% from ¥896,733,447.26 in the same period of 2021[131] - The cash outflow for operating activities totaled ¥494,101,548.88, down from ¥804,348,059.73 in the same period of 2021[131] - The cash inflow from sales of goods and services was ¥419,908,301.51, a decrease of 37.3% from ¥671,551,599.70 in the previous year[130] - The cash outflow for investing activities increased significantly, resulting in a net cash flow of -¥15,498,442.61, compared to -¥20,774,423.47 in the previous year[132] - Cash inflow from financing activities was ¥153,135,000.00, a decrease of 63.6% from ¥420,500,000.00 in the first half of 2021[132] - The net cash flow from financing activities was -¥94,280,298.59, compared to -¥27,558,493.90 in the same period of 2021, indicating increased cash outflows[132] Investments and Projects - The company is involved in the "Zhengyuan International Huai" project, which aims to enhance urban economic development and integrate industry with city planning[30] - The company has signed agreements for the "Smart Home High-end Board Project" to enhance its product offerings and market reach[26] - The company signed an investment agreement for the "Shuangliu Zhengyuan International Integration Project" with the Chengdu Shuangliu District People's Government, with a total investment of approximately 10 billion RMB, including direct investment of about 8.5 billion RMB, expected to be completed in 5-8 years[31] - The company is actively promoting the "Three Lines and Three Bases" investment construction project in the fiberboard business, with ongoing negotiations for investments in various regions[39] - The company has ongoing construction projects in Beijing, Nanjing, and Dalian, which have not yet recognized revenue due to project delays[40] Environmental and Sustainability Efforts - The company is actively upgrading its production lines to improve efficiency and market share, aligning with future environmental standards[27] - The company’s fiberboard products utilize sustainable raw materials, contributing to resource conservation and environmental protection[27] - The company upgraded its fiberboard production lines to achieve ultra-low emissions, exceeding national emission standards, and has been supported by environmental technology experts from the Sichuan Provincial Environmental Science Research Institute[35] - The company has established a resource comprehensive utilization policy, benefiting from tax incentives where the VAT refund ratio increased from 70% to 90% for products made from agricultural and forestry residues[35] - The company has implemented a 24/7 online monitoring system for emissions, ensuring transparency and compliance with environmental standards[75] - The company has adopted clean energy sources and reduced production during high pollution alerts to minimize carbon emissions[79] - The company encourages employees to practice "green commuting" to further reduce energy consumption and pollution[79] - The company’s emissions for nitrogen oxides are below 50 mg/m3, and for volatile organic compounds (VOCs) below 30 mg/m3, demonstrating compliance with environmental regulations[74] Corporate Governance and Compliance - The company has committed to avoiding any actions that could jeopardize the stability of its control rights after the completion of the equity change, ensuring no competition with its own subsidiaries[82] - The company guarantees that its senior management will work exclusively for the listed company and will not hold positions in other companies controlled by it, ensuring independence[83] - The company has established a complete independent asset management system, ensuring that all assets are under the control of the listed company[83] - The company has committed to maintaining an independent financial department and accounting system, ensuring compliance with financial regulations[83] - The company has pledged to independently manage its tax obligations, ensuring compliance with tax laws[83] - The company has established a complete governance structure, ensuring that its board and management operate independently according to laws and regulations[83] Shareholder Information - The company had a total of 61,607 common shareholders as of the end of the reporting period[106] - The largest shareholder, Zhengyuan Real Estate Development Co., Ltd., held 375,235,863 shares, accounting for 24.84% of total shares[108] - The second-largest shareholder, Sichuan Guodong Construction Group Co., Ltd., held 329,670,000 shares, representing 21.82% of total shares[108] - The actual number of shares repurchased was 1.6602 million, representing 0.11% of the total share capital, with a total payment of CNY 3.5064 million[104] - The company faced regulatory criticism for low completion rates of its share repurchase plan[105] - The company terminated its share repurchase plan to prioritize operational expenses and debt repayments[104] Risks and Challenges - The company is facing risks related to rising raw material costs and operational pressures in the artificial board production sector, which may impact profitability[56] - The company has a significant amount of interest-bearing debt, with a large portion maturing within one year, posing liquidity risks[58] - The company is closely monitoring the liquidity issues faced by its controlling shareholder, Zhengyuan Real Estate, and is taking measures to prevent risks associated with fund occupation by major shareholders[60] - The company will continue to monitor the progress of the controlling shareholder's legal matters related to debt repayment[88] Future Outlook - The company plans to enhance its market expansion strategies to recover from the current financial downturn[138] - New product development initiatives are underway, aimed at improving overall performance in the upcoming quarters[138] - The company is exploring potential mergers and acquisitions to strengthen its market position and diversify its offerings[138] - Future performance guidance remains cautious, with expectations of gradual recovery in the next fiscal period[138]

Financial Performance - The company's operating revenue for Q1 2022 was ¥123,062,797.06, representing a decrease of 45.62% compared to the same period last year[6] - The net profit attributable to shareholders was a loss of ¥34,483,764.18, with a basic and diluted earnings per share of -¥0.0228[6] - The net cash flow from operating activities was -¥49,965,933.50, reflecting a significant decline of 138.00%[6] - Total operating revenue for Q1 2022 was CNY 123,062,797.06, a decrease of 45.7% compared to CNY 226,296,089.99 in Q1 2021[27] - The company reported a net loss of CNY 677,904,927.99 for Q1 2022, compared to a net loss of CNY 657,644,541.44 in Q1 2021[24] - The net profit for Q1 2022 was a loss of CNY 35.14 million, compared to a loss of CNY 14.16 million in Q1 2021, indicating an increase in losses of approximately 148.5%[29] - The total operating costs for Q1 2022 were approximately CNY 163.77 million, a decrease from CNY 242.75 million in Q1 2021, representing a reduction of about 32.5%[28] - The basic earnings per share for Q1 2022 was reported at CNY -0.0228, compared to CNY -0.0094 in Q1 2021, indicating a worsening of earnings per share[29] Assets and Liabilities - Total assets at the end of the reporting period were ¥5,098,645,413.43, showing a slight increase of 0.13% from the end of the previous year[7] - The equity attributable to shareholders decreased by 1.87% to ¥1,878,072,427.81 compared to the end of the previous year[7] - Cash and cash equivalents as of March 31, 2022, were CNY 250,622,229.28, down from CNY 319,871,050.64 at the end of 2021, representing a decline of 21.6%[22] - Accounts receivable decreased to CNY 329,435,610.06 from CNY 361,692,445.85, a reduction of 8.9%[22] - Inventory increased to CNY 2,800,576,978.60 from CNY 2,678,397,448.63, an increase of 4.6%[22] - Total liabilities increased to CNY 3,203,732,524.12 from CNY 3,160,365,839.00, an increase of 1.4%[24] - Non-current liabilities totaled CNY 534,969,340.92, up from CNY 486,890,108.76, reflecting an increase of 9.9%[24] - The company’s total equity decreased to CNY 1,894,912,889.31 from CNY 1,931,617,168.58, a decline of 1.9%[24] Operational Challenges - The decline in operating revenue was primarily due to the resurgence of COVID-19, which affected construction, hotel management, and manufacturing operations[8] - The company reported a significant reduction in prepayments, which contributed to the negative cash flow from operating activities[8] Shareholder and Financing Activities - The top two shareholders hold a combined 46.66% of the company's shares, with 正源房地产开发有限公司 holding 24.84% and 四川国栋建设集团有限公司 holding 21.82%[10] - The company approved a guarantee limit of RMB 1.7 billion for its subsidiaries in 2022, with a remaining available limit of RMB 1.653 billion as of the report date[12] - The company provided a joint liability guarantee for a loan of RMB 10 million for its subsidiary Chengdu Zhengyuan Xiyue Hotel Co., Ltd.[13] - The company has utilized RMB 46.489 million of the approved guarantee limit for 2022, which is within the set limit[14] - The company’s subsidiaries have provided a total of RMB 99.541 million in joint liability guarantees for mortgage loans as of the report date[14] - The company terminated its share repurchase plan to prioritize operational expenses and debt repayments[17] - The company repurchased 1.6602 million shares, accounting for 0.11% of the total share capital, with a total expenditure of RMB 3.5064 million, which did not meet the lower limit of the repurchase plan[17] Project Developments - The company is developing the "Shuangliu Zhengyuan International Huichan City Integration Project," with the first phase covering 106.25 acres and the second phase covering 98.49 acres[19] - The company obtained a pre-sale permit for the first batch of buildings in the second phase of the project on January 13, 2022[19] Investment and Cash Flow - The company reported cash inflows from investment activities of CNY 56.58 million in Q1 2022, compared to CNY 2.02 million in Q1 2021, marking a significant increase[32] - Cash flow from financing activities resulted in a net outflow of CNY 23.31 million in Q1 2022, compared to a net outflow of CNY 71.08 million in Q1 2021, showing an improvement in cash management[32] - The cash flow from operating activities showed a net outflow of CNY 49.97 million in Q1 2022, contrasting with a net inflow of CNY 131.50 million in Q1 2021[31] Market Strategy - The company has not disclosed any new product developments or market expansion strategies in this report[6] - The company did not report any new product launches or significant market expansion strategies during this quarter[33]

Financial Performance - The company's operating revenue for 2021 was CNY 1,263,115,651.19, representing a 72.68% increase compared to CNY 731,484,888.83 in 2020[21]. - The net profit attributable to shareholders for 2021 was CNY 43,609,769.59, a significant recovery from a loss of CNY 768,456,787.49 in 2020[21]. - The net profit after deducting non-recurring gains and losses was CNY 37,947,283.31, compared to a loss of CNY 773,527,692.09 in the previous year[21]. - The cash flow from operating activities for 2021 was CNY 227,329,478.70, a recovery from a negative cash flow of CNY 1,697,834,819.22 in 2020[21]. - The basic earnings per share for 2021 was CNY 0.0289, a significant improvement from a loss of CNY 0.5087 in 2020[22]. - The weighted average return on equity increased to 2.24% in 2021 from -32.98% in 2020[22]. - The net profit attributable to shareholders for Q4 2021 was CNY 72,836,437.75, marking a recovery from losses in previous quarters[24]. - The net cash flow from operating activities for Q1 2021 was CNY 131,501,746.12, indicating strong cash generation despite challenges[24]. - The company achieved a revenue of 1.263 billion RMB, representing a year-on-year growth of 72.68%[47]. - The net profit attributable to shareholders was 43.61 million RMB, marking a turnaround from loss to profit[47]. Assets and Liabilities - Total assets increased by 16.44% to CNY 5,091,983,007.58 at the end of 2021, up from CNY 4,373,016,230.67 at the end of 2020[21]. - The company's net assets attributable to shareholders decreased slightly by 0.69% to CNY 1,913,869,012.49 at the end of 2021[21]. - The company has a total of restricted assets amounting to RMB 2,846,352,965.12, including bank deposits of RMB 546,288.68 and inventory valued at RMB 2,590,218,361.85 due to loan collateral[65]. - The company’s long-term borrowings decreased by 75.01%, amounting to 480,140,000.00 compared to 1,921,228,191.13 in the previous year[64]. - The company has a significant amount of interest-bearing debt, with a large portion maturing within a year, posing liquidity risks amid ongoing market pressures[92]. Operational Efficiency - The company has enhanced its management team and implemented lean management practices to improve operational efficiency[45]. - The company has implemented a tax incentive policy, benefiting from a 90% VAT refund for products made from agricultural and forestry waste materials starting March 1, 2022[44]. - The company is committed to lean management to improve operational efficiency and control costs, thereby enhancing overall capital utilization[93]. - The company has implemented advanced continuous hot pressing technology, improving production efficiency and product quality[75]. - The company has upgraded its fiberboard production lines to achieve ultra-low emissions, exceeding national standards for environmental protection[44]. Market and Sales - The company's sales revenue from the engineered wood business was CNY 505 million, a decrease of 10.30% compared to the previous year[29]. - The company achieved sales revenue of CNY 404 million from the Chengdu Zhengyuanhui Real Estate Co., Ltd. during the reporting period, despite lower-than-expected operational efficiency due to market and policy impacts[32]. - The hotel management business, Zhengyuan Xiyue Hotel, generated revenue of CNY 50.15 million by optimizing services and expanding self-operated channels[32]. - The engineering business saw a revenue increase of 170.24%, attributed to the gradual recovery of construction activities as the pandemic situation normalized[52]. - The company reported a 95.02% increase in revenue from outside Sichuan province, mainly driven by engineering construction services[52]. Risk Management - There were no significant risks that materially affected the company's operations during the reporting period[6]. - The company has outlined various risks it may face, including operational, liquidity, and tax policy risks[6]. - The company is facing operational risks due to rising prices of raw materials and potential project delays, which could impact profitability and project implementation[91]. - The company is actively monitoring regional market competition and demand changes in the engineered wood panel sector to adjust its operational strategies accordingly[92]. Governance and Compliance - The company received a standard unqualified audit opinion from its accounting firm, indicating the financial statements are accurate and complete[7]. - The company has improved its internal control systems and governance structures, aligning with regulatory requirements to enhance operational quality[102]. - The company received disciplinary actions from the Shanghai Stock Exchange for information disclosure violations, resulting in public reprimands for the company and key personnel[119]. - The company was ordered to rectify issues related to significant related-party transactions and inaccurate financial reporting by the Sichuan Securities Regulatory Bureau[120]. - The company has established a commitment to maintain independent financial management and accounting systems, ensuring no shared bank accounts with controlled entities[169]. Environmental Responsibility - The company has invested in environmental upgrades for its fiberboard production lines, significantly reducing emissions below national standards[151]. - The company has implemented a comprehensive environmental management system across its subsidiaries, ensuring compliance with local environmental regulations[155]. - The company has established emergency response plans for environmental incidents, which have been reviewed and approved by experts[153]. - The company promotes low-carbon living through green commuting initiatives and encourages subsidiaries to use energy-efficient construction vehicles[159]. - The company emphasizes maximizing customer, employee, shareholder, and social value while adhering to high standards of environmental protection and achieving ultra-low emissions[160]. Employee and Management - The total remuneration for all directors, supervisors, and senior management at the end of the reporting period amounted to CNY 7.2617 million[117]. - The company has a structured performance evaluation system for senior management, linking their remuneration to the completion of operational targets[117]. - The company has conducted training for directors and senior management to enhance governance and operational capabilities[135]. - The company has established a comprehensive internal training system, combining internal and external training methods tailored to business needs[134]. - The company has improved employee welfare by providing health check-ups, free meals, and training opportunities, fostering a positive work environment[163].

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。 重要内容提示： 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、误导性陈述或重大遗漏，并承担个别和连带的法律责任。 公司负责人、主管会计工作负责人及会计机构负责人（会计主管人员）保证季度报告中财务 报表信息的真实、准确、完整。 2021 年第三季度报告 证券代码：600321 证券简称：正源股份 正源控股股份有限公司 2021 年第三季度报告 第三季度财务报表是否经审计 □是 √否 一、 主要财务数据 (一)主要会计数据和财务指标 单位：元 币种：人民币 | 项目 | 本报告期 | 本报告期比 上年同期增 | 年初至报告期末 | 年初至报告期 末比上年同期 | | --- | --- | --- | --- | --- | | | | 减变动幅度 | | 增减变动幅度 | | | | (%) | | (%) | | 营业收入 | 137,112,804.58 | -29.11% | 627,990,099.49 | 26.9 ...

Financial Performance - The company's operating revenue for the first half of 2021 was approximately RMB 490.88 million, representing a year-on-year increase of 62.89% compared to RMB 301.36 million in the same period last year[19]. - The net profit attributable to shareholders of the listed company was a loss of approximately RMB 13.79 million, an improvement from a loss of RMB 114.13 million in the previous year[19]. - The net cash flow from operating activities was approximately RMB 92.39 million, a significant recovery from a negative cash flow of RMB 790.64 million in the same period last year[19]. - The basic earnings per share for the first half of 2021 was -0.0091 RMB, an improvement from -0.0756 RMB in the same period last year[20]. - The diluted earnings per share for the first half of 2021 was -0.0091 RMB, compared to -0.0756 RMB in the previous year[20]. - The weighted average return on net assets increased by 3.5621 percentage points to -0.7179% from -4.2800% year-on-year[20]. - The company achieved operating revenue of RMB 490.88 million during the reporting period, representing a year-on-year increase of 62.89%, with a comprehensive gross margin of 9.59%[38]. - The company reported a net loss of ¥716,472,058.83, compared to a loss of ¥702,685,426.25 in the previous period, indicating a slight increase in losses[112]. - The net loss for the first half of 2021 was ¥13,660,991.48, compared to a net loss of ¥114,052,208.37 in the first half of 2020, indicating a substantial improvement[119]. Assets and Liabilities - Total assets increased by 12.84% to approximately RMB 4.93 billion, compared to RMB 4.37 billion at the end of the previous year[19]. - The net assets attributable to shareholders of the listed company decreased by 0.82% to approximately RMB 1.91 billion, down from RMB 1.93 billion at the end of the previous year[19]. - The company's total current assets amounted to RMB 3,230,455,455.76, an increase from RMB 2,597,584,811.59 at the end of 2020, representing a growth of approximately 24.4%[110]. - The company's total liabilities rose to ¥3,010,884,477.62, compared to ¥2,433,615,489.30, indicating an increase of about 23.7%[112]. - The total equity attributable to shareholders decreased to ¥1,911,334,838.99 from ¥1,927,196,753.05, a decline of approximately 0.8%[112]. - The total non-current assets amounted to ¥2,442,588,961.86, down from ¥2,481,208,092.80, reflecting a decrease of about 1.6%[115]. Cash Flow - The net cash flow from operating activities for the first half of 2021 was ¥11,087,086.64, compared to a negative cash flow of ¥4,507,680.56 in the same period of 2020, indicating a significant improvement[130]. - Total cash inflow from operating activities was ¥896,733,447.26, compared to ¥365,768,381.21 in the first half of 2020, indicating a growth of approximately 145%[126]. - Cash outflow from operating activities decreased to ¥804,348,059.73 from ¥1,156,405,653.87 in the same period last year, showing a reduction of about 30%[126]. - The company reported cash and cash equivalents at the end of the period amounting to ¥99,066,273.78, up from ¥47,409,421.93 at the end of the first half of 2020[127]. - The company received cash from sales of goods and services totaling ¥671,551,599.70, which is a substantial increase from ¥344,977,305.58 in the same period of 2020[126]. Investments and Projects - The company has signed investment agreements for the smart home high-end board project in Yibin City, with ongoing work as per schedule[25]. - The company is actively pursuing urban integration business opportunities to enhance regional economic development and land value[29]. - The company has signed an investment agreement for the "Shuangliu Zhengyuan International Integration Project" with the Chengdu Shuangliu District People's Government, with a total investment of approximately RMB 10 billion, including direct investment of about RMB 8.5 billion, planned to be executed in three phases over 5-8 years[31]. - The company has established a subsidiary, Sichuan Yifengyuan Board Co., Ltd., for the smart home high-end board project, with agreements signed for investment in this project[36]. - The company is actively developing the Shuangliu Zhengyuan International Huai project, with ongoing construction and investment in phases[40]. Environmental and Regulatory Compliance - The company has upgraded its fiberboard production lines to achieve ultra-low emissions, significantly exceeding national emission standards, enhancing its competitiveness in the green production transition[35]. - The company’s emissions from major pollutants were consistently below national standards, demonstrating compliance with environmental regulations[69]. - The company has implemented pollution prevention facilities and has been actively monitoring emissions to ensure compliance with environmental laws[70]. - The company is committed to enhancing environmental protection technologies to comply with stricter regulations[58]. - The company has implemented an emergency response plan for environmental incidents, which has been approved by experts and filed with local environmental protection authorities[71]. Corporate Governance and Management - The company held 2 temporary shareholder meetings and 1 annual shareholder meeting during the reporting period, approving 18 proposals with no rejections[63]. - The company appointed Guo Buzhen as the Chief Financial Officer on April 6, 2021, with a term lasting until the end of the current board's tenure[64]. - There were changes in the supervisory board, with Yang Hua resigning and Cui Ning elected as the new employee representative supervisor[65]. - The company has no current employee stock ownership plans or other incentive measures in place[68]. - The company guarantees the independence of its financial and operational management, ensuring no overlap with its controlling entities[79]. Shareholder Information - The total number of ordinary shareholders at the end of the reporting period was 69,658[100]. - The largest shareholder, Zhengyuan Real Estate Development Co., Ltd., held 375,235,863 shares, accounting for 24.84% of the total shares[102]. - The controlling shareholder, Zhengyuan Real Estate Development Co., Ltd., holds 26.79% of the company's total shares, amounting to 404,738,963 shares[151]. - The company has cumulatively repurchased 1,390,000 shares, representing 0.092% of the total share capital, with a total transaction amount of RMB 288.81 million[99]. Financial Reporting and Accounting Policies - The financial statements are prepared based on the going concern assumption, with no significant doubts about the company's ability to continue operations for the next twelve months[160]. - The company adheres to the accounting policies and estimates in accordance with the Chinese Accounting Standards, ensuring a true and complete reflection of its financial status as of June 30, 2021[161]. - The company uses Renminbi as its accounting currency[164]. - The company recognizes its share of assets and liabilities in joint operations and accounts for them according to relevant accounting standards[177].

Financial Performance - The company's operating revenue for 2020 was approximately ¥731.48 million, a decrease of 48.18% compared to ¥1.41 billion in 2019[19]. - The net profit attributable to shareholders of the listed company was approximately -¥768.46 million, a decline of 3,591.17% from ¥22.01 million in the previous year[19]. - The net cash flow from operating activities was -¥1.70 billion, a decrease of 1,322.86% compared to ¥138.84 million in 2019[19]. - Basic earnings per share for 2020 was -0.5087 CNY, a decrease of 3,584.25% compared to 0.0146 CNY in 2019[21]. - The diluted earnings per share for 2020 also stood at -0.5087 CNY, reflecting the same percentage decrease as basic earnings[21]. - The weighted average return on equity decreased to -32.98% in 2020, down 33.79 percentage points from 0.8147% in 2019[21]. - The company's comprehensive gross margin was -11.40%, a decrease of 21.26 percentage points year-on-year[57]. - The company reported a net profit of -768,456,787.49 RMB for 2020, with no cash dividend proposed for that year[118]. Cash Flow and Investments - The net cash flow from operating activities was -1,697,834,819.22, a decrease of 1322.86% compared to the previous year due to land transfer payments[76]. - The net cash flow from investing activities decreased by 25.40% to 48,206,552.80, primarily due to the previous period's receipt of partial equity transfer payments from Jiatai CNC[76]. - The net cash flow from financing activities was 1,519,473,312.29, an increase of 1785.80% compared to the previous year, mainly due to loans received from Qingdao Yueyou[76]. - The company incurred a total loss of CNY 121.24 million from the disposal of fixed assets related to its subsidiary, Tai Xiang Yuan, due to production halts since 2019[41]. - The company recognized impairment losses totaling 55,082.51 million, which fully impacted the 2020 net profit[79]. Production and Capacity - The company's fiberboard production capacity reaches 870,000 m³ per year, making it the largest producer of mid-to-high-end fiberboard in Southwest China[31]. - The company produced 386,300 cubic meters of fiberboard and sold 446,000 cubic meters during the reporting period[52]. - The company plans to invest in a new high-end board project in Yibin City, which includes the construction of a super strong particle board production line[48]. - The company has four production lines for medium and high-density fiberboard, with one line (Hongtengyuan) currently undergoing relocation and upgrade[95]. Market and Strategic Initiatives - The company is actively adjusting its production base layout and optimizing product structure in response to the rapid development of customized furniture[33]. - The company plans to relocate and upgrade its subsidiary Hongtengyuan's fiberboard production line to a super strong particleboard production line, enhancing product competitiveness[33]. - The company is engaged in the wood processing industry, which is subject to strict regulations and policies impacting operations[88]. - The company is focusing on the development of its urban integration business, leveraging existing assets to capitalize on urban development opportunities[108]. Risk Management and Compliance - The company has not identified any significant risks that could materially affect its operations during the reporting period[10]. - The company has acknowledged the potential risks it may face in its operations, including operational, safety, environmental, and changes in national tax policies[10]. - The company has not provided any guarantees in violation of regulatory decision-making procedures[10]. - The company has not engaged in any non-operating fund occupation by controlling shareholders or related parties[10]. Corporate Governance and Shareholder Relations - The company has committed to ensuring the accuracy and completeness of the annual report, with all board members present at the meeting[10]. - The company emphasizes long-term sustainable development and investor returns in its profit distribution policy[117]. - The company has not proposed a cash profit distribution plan for 2020 despite having a positive profit available for distribution to ordinary shareholders[120]. - The company has established a commitment to maintain the independence of its management personnel, ensuring they do not hold positions in other controlled enterprises[123]. Employee Engagement and Social Responsibility - The company has improved employee engagement through health checks, team-building activities, and a fair performance evaluation mechanism, enhancing overall employee satisfaction[146]. - The company has increased employee income significantly through reforms in the performance compensation system, achieving a win-win situation for both the enterprise and its employees[147]. - The company actively engages with stakeholders to enhance its social responsibility practices and improve communication[144]. - The company ensures fair treatment of all investors and provides timely and accurate information disclosure to enhance investor confidence in future development[145]. Environmental and Safety Measures - The company has committed to enhancing safety and environmental protection measures, ensuring compliance with strict environmental standards[112]. - The company has invested in environmental upgrades for its production lines, ensuring that emissions are significantly below national standards[150]. - The company has established an emergency response plan for environmental incidents, which has been evaluated and approved by experts[151]. - The company actively reduces energy consumption and pollution emissions, promoting sustainable development across its subsidiaries[154].