Financial Performance - The company's operating revenue for 2021 was ¥38,006,666,063.62, representing a 21.89% increase compared to ¥31,181,474,489.98 in 2020[14]. - Net profit attributable to shareholders for 2021 reached ¥3,533,729,145.13, a significant increase of 134.80% from ¥1,505,001,110.40 in 2020[14]. - The net profit after deducting non-recurring gains and losses was ¥4,583,670,917.29, up 256.67% from ¥1,285,128,834.84 in 2020[14]. - The net cash flow from operating activities for 2021 was ¥8,463,875,829.39, an increase of 113.34% compared to ¥3,967,332,491.62 in 2020[14]. - Basic earnings per share for 2021 were ¥1.47, reflecting a 133.33% increase from ¥0.63 in 2020[15]. - The weighted average return on equity for 2021 was 19.42%, an increase of 10.39 percentage points from 9.03% in 2020[15]. - The total assets at the end of 2021 were ¥66,225,637,851.84, a 15.21% increase from ¥57,482,736,564.80 at the end of 2020[14]. - The company reported a total revenue of 1.5 billion RMB for the fiscal year 2021, representing a year-over-year increase of 10%[86]. - The company provided a future outlook, projecting a revenue growth of 12% for the next fiscal year, aiming for 1.68 billion RMB[86]. Dividend and Shareholder Returns - The company plans to distribute a cash dividend of 5.00 CNY (including tax) for every 10 shares based on a total share capital of 2,405,000,000 shares as of December 31, 2021[3]. - The company plans to distribute a total of 48,000,000.00 CNY in cash dividends to preferred shareholders based on a total of 10,000,000 preferred shares as of December 31, 2021[109]. - The company has a three-year shareholder return plan for 2021-2023, which was discussed in the seventh meeting[81]. - The company distributed a total of 48,000,000.00 RMB in 2021, representing 100% of the allocation amount[184]. Risk Management and Compliance - There are no significant risks that materially affect the company's production and operations during the reporting period[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders and their related parties[4]. - The company has not violated decision-making procedures for providing guarantees[4]. - The company emphasizes that forward-looking statements regarding development strategies and operational plans are subject to market condition changes and do not constitute a substantive commitment to investors[4]. - The company has established a comprehensive internal control system to manage subsidiaries and mitigate operational risks[114]. - The company has no significant internal control deficiencies reported during the evaluation period[113]. Environmental and Social Responsibility - The company has actively engaged in environmental protection measures, ensuring compliance with pollution discharge standards[120]. - The company reported a total of 5 organized emission points for particulate matter, with an average emission concentration of 13.02 mg/m³, which is below the regulatory limit of 20 mg/m³[130]. - The company has implemented self-monitoring plans for environmental compliance, approved by local environmental protection bureaus[125]. - Huayang Co. achieved a 1.22% year-on-year reduction in total energy consumption, with coal production energy consumption decreasing by 20% to 4.24 kg standard coal per ton[136]. - The company has developed and patented new technologies for restoring vegetation on acidic coal gangue hills, contributing to environmental sustainability[133]. Corporate Governance - The company has established a financial management system ensuring independent accounting, with the largest shareholder not interfering in financial activities[76]. - The company held one annual and seven temporary shareholder meetings, ensuring equal rights for all shareholders, especially minority shareholders[73]. - The board of directors convened thirteen meetings during the reporting period, adhering to legal requirements for decision-making processes[74]. - The company has a structured approach to remuneration, requiring shareholder approval for directors and board decisions for senior management[90]. - The company is actively managing its financial and operational independence from its largest shareholder, ensuring compliance with corporate governance standards[76]. Strategic Initiatives and Future Outlook - The company launched a new subsidiary focused on the "photovoltaic + energy storage" industry, marking a strategic shift towards renewable energy[23]. - The company is focusing on technological innovation and digital transformation to drive high-quality development[70]. - The company plans to invest in new coal mine projects, equipment purchases, and the development of new energy storage materials[68]. - The company is actively pursuing strategies for market expansion and financing through convertible bonds and loan guarantees[81]. - The company is committed to developing a collaborative ecosystem integrating research, industry, and capital, focusing on both traditional and new energy sectors[67]. Operational Efficiency and Production - The company achieved a coal production of 46.1 million tons, representing a year-on-year increase of 6.66%[29]. - The average selling price of coal reached 605.12 RMB per ton, an increase of 69.51% year-on-year[29]. - The company implemented a cost control strategy resulting in a year-on-year decrease in various system indicators, with a coal quality compliance rate of 97.3%[22]. - The company’s coal production and supply were maintained despite challenges posed by the COVID-19 pandemic, ensuring stable operations[24]. - The company has established strategic partnerships with major domestic and international steel and power companies, enhancing market resilience[27]. Financial Management and Audit - The company has received a standard unqualified audit report from Lixin Certified Public Accountants[2]. - The company is committed to ensuring the authenticity, accuracy, and completeness of the annual report's financial statements[2]. - The company has reported no significant changes in accounting policies or estimates that would impact its financial statements[146]. - The audit report confirmed that the financial statements fairly reflect the company's financial position and operating results for the year ended December 31, 2021[199].

Financial Performance - The company's operating revenue for Q3 2021 reached ¥9,116,429,877.51, representing an increase of 18.51% year-over-year[4]. - Net profit attributable to shareholders was ¥1,139,011,408.15, a significant increase of 205.03% compared to the same period last year[4]. - The basic earnings per share for the quarter was ¥0.47, reflecting a year-over-year increase of 193.75%[4]. - Total operating revenue for the first three quarters of 2021 reached ¥28,003,593,809.65, an increase of 21.78% compared to ¥23,002,945,634.39 in the same period of 2020[20]. - Net profit for the first three quarters of 2021 was ¥2,659,790,690.58, compared to ¥1,191,553,327.99 in 2020, representing a significant increase of 123.73%[20]. - The net profit attributable to the parent company shareholders for Q3 2021 was ¥2,291,207,153.50, a significant increase from ¥1,094,540,227.27 in Q3 2020, representing a growth of approximately 109.0%[21]. - The total comprehensive income for Q3 2021 reached ¥2,664,279,029.49, compared to ¥1,196,663,637.63 in Q3 2020, marking an increase of about 122.0%[21]. - Basic and diluted earnings per share for Q3 2021 were both ¥0.95, up from ¥0.46 in Q3 2020, reflecting a growth of approximately 106.5%[21]. Assets and Liabilities - Total assets at the end of the reporting period were ¥65,382,429,958.96, up 13.74% from the end of the previous year[5]. - The company's total assets as of the end of Q3 2021 amounted to ¥65,382,429,958.96, up from ¥57,482,736,564.80 at the end of Q3 2020, indicating a growth of 13.09%[19]. - Total liabilities increased to ¥39,886,972,546.23 in Q3 2021 from ¥31,477,981,691.59 in Q3 2020, marking a rise of 26.88%[19]. - Current liabilities totaled approximately ¥25.40 billion, showing a slight decrease of ¥35.40 million from the previous period[26]. - Non-current liabilities reached approximately ¥6.08 billion, a decrease of ¥314.42 million compared to the previous period[26]. - Total liabilities were approximately ¥31.48 billion, down by ¥349.82 million from the previous period[26]. - Shareholders' equity totaled approximately ¥26.00 billion, remaining stable compared to the previous period[26]. Cash Flow - The net cash flow from operating activities increased by 70.01% year-to-date, amounting to ¥4,772,756,265.84[4]. - Cash flow from operating activities for the first nine months of 2021 was ¥4,772,756,265.84, compared to ¥2,807,374,617.39 in the same period of 2020, indicating an increase of around 70.0%[22]. - Cash and cash equivalents at the end of Q3 2021 totaled ¥13,399,154,972.31, up from ¥6,138,651,274.79 at the end of Q3 2020, representing an increase of approximately 118.4%[23]. - The company reported cash inflows from financing activities of ¥14,216,333,595.72 in Q3 2021, compared to ¥6,019,000,000.00 in Q3 2020, showing an increase of about 135.0%[23]. - Cash outflows from financing activities were ¥11,873,761,221.82 in Q3 2021, compared to ¥4,083,818,489.58 in Q3 2020, reflecting an increase of approximately 190.0%[23]. - The company’s total operating cash inflows for Q3 2021 were ¥29,119,161,641.90, compared to ¥25,824,338,082.46 in Q3 2020, indicating a growth of about 8.9%[22]. - The net cash flow from investing activities for Q3 2021 was -¥1,505,108,719.17, an improvement from -¥4,052,051,086.89 in Q3 2020, showing a reduction in cash outflow by approximately 62.9%[22]. Shareholder Information - The number of ordinary shareholders at the end of the reporting period was 133,801, with the largest shareholder holding 55.52% of the shares[9]. - The total number of preferred shareholders at the end of the reporting period was 4, with the largest shareholder holding 8 million shares, representing 80% of the preferred shares[12]. - The largest shareholder, Huayang New Materials Technology Group Co., Ltd., holds 1,335,347,578 shares, accounting for 47.47% of its total shares and 26.35% of the total share capital[11]. - The company has not disclosed any related party relationships among its top shareholders, ensuring transparency in ownership[11]. - The company has pledged 633,828,458 shares, which represents 47.47% of its total shares held by the largest shareholder[11]. Investment and Expansion Plans - The company plans to continue expanding its market presence and investing in new projects to sustain growth[6]. - The company plans to establish a 5GW high-efficiency photovoltaic module production base in Shanxi Province, with a total investment of approximately RMB 1.097 billion[13][14]. - The company is currently awaiting approval from the Shanxi Provincial State-owned Capital Operation Company for the photovoltaic project, which may face risks due to policy changes and market conditions[14]. Research and Development - Research and development expenses for the first three quarters of 2021 were ¥191,827,705.57, an increase from ¥163,500,360.36 in 2020, showing a growth of 17.28%[20]. Financial Standards and Policies - The company has implemented a new leasing standard effective January 1, 2021, which is not expected to significantly impact operational results[28]. - The company did not restate comparable data for the end of 2020 due to the accounting policy change[28].

Financial Performance - The company's operating revenue for the reporting period reached CNY 15,310,669,400.23, representing a year-on-year increase of 23.36%[18]. - The net profit attributable to shareholders was CNY 721,079,177.46, showing a significant increase of 59.79% compared to the same period last year[18]. - The basic earnings per share (EPS) increased to CNY 0.48, reflecting a growth of 60.00% year-on-year[19]. - The weighted average return on net assets rose to 6.62%, an increase of 2.37 percentage points from the previous year[19]. - The total assets of the company amounted to CNY 57,482,736,564.80, marking an 8.58% increase compared to the end of the previous year[18]. - The net cash flow from operating activities was CNY 1,571,243,724.19, which is a 16.46% increase year-on-year[18]. - The company reported non-recurring gains and losses totaling CNY 45,274,748.82 for the period[21]. - The total profit reached 187.67 million RMB, marking a significant increase of 91.23% year-on-year[28]. - The company achieved a net profit of RMB 2.044 billion from coal sales, with a total coal transportation volume of 736 million tons during the reporting period[47]. - The company achieved a total revenue of 38,387 million RMB and a net profit of 9,169 million RMB during the reporting period[51]. Business Operations - The company continues to focus on coal production, electricity generation, and heat supply as its main business segments[22]. - The coal mining industry remains stable with demand influenced by macroeconomic conditions and related downstream industry developments[23]. - The company's raw coal production reached 23.71 million tons in the first half of 2021, an increase of 9.95% year-on-year[28]. - The total sales of coal amounted to 38.34 million tons, a decrease of 3.94% compared to the same period last year[28]. - The comprehensive selling price of coal was 464.84 RMB/ton, reflecting a year-on-year increase of 28.39%[28]. - The company is actively expanding its production capacity, with two new mines under construction expected to add 10 million tons of capacity[25]. - The company has established strategic partnerships with major domestic and international steel and power companies, enhancing its market resilience[25]. - The company is committed to technological innovation, focusing on smart mining and the development of new coal mining technologies[26]. Financial Management - The company has implemented a cash flow management-centered comprehensive budget management model to enhance financial stability[23]. - Operating costs rose to approximately ¥15.04 billion, reflecting a 16.35% increase from ¥12.93 billion year-on-year[30]. - Research and development expenses increased by 71.73% to approximately ¥120.74 million, up from ¥70.31 million in the previous year[30]. - The company’s financing activities generated a net cash flow of approximately ¥2.76 billion, a 76.91% increase from ¥1.56 billion in the previous year[31]. - The company reported a significant increase in coal sales revenue, which rose by ¥337.22 million, while electricity sales decreased by ¥0.45 million[32]. Environmental and Safety Management - The company has a comprehensive safety system in place, including regulations and training programs, to prevent major accidents and manage gas risks effectively[55]. - The company has completed ultra-low emission renovations and has no environmental pollution incidents reported[67]. - The company has established emergency response plans for environmental incidents, with specific registration numbers for each power plant[70]. - The company has initiated ecological restoration projects for waste rock dumps, completing the restoration of the Xin Xing waste rock dump slopes and drainage areas[79]. - The company has made significant investments in pollution control technologies, including the installation of integrated dust collection systems and bag filters at dust emission points[79]. Shareholder and Corporate Governance - The company did not distribute profits or increase share capital from reserves during the reporting period[4]. - The company reported that 59.21% of total shares were represented at the first extraordinary general meeting held on January 13, 2021[59]. - The largest shareholder, Huayang New Materials Technology Group Co., Ltd., held 58.34% of the shares and had 701,519,120 shares pledged[104]. - The company has not reported any changes in its share capital structure during the reporting period[103]. - The company has not experienced any changes in its controlling shareholder or actual controller during the reporting period[108]. Debt and Financing - The company has a total guarantee amount of 7,868.32 million RMB provided to shareholders, actual controllers, and their related parties[101]. - The company reported a loan balance of 20,000.00 million RMB for its subsidiary, which is part of a project financed by China Construction Bank[101]. - The company has not faced any overdue debts during the reporting period[118]. - The company has issued 10 million preferred shares at a price of RMB 100 each, with a dividend rate of 4.80%[109]. - The company issued a total of 13.5 billion RMB in bonds with a 6.90% interest rate, maturing on July 30, 2021[117]. Accounting and Financial Reporting - The company's financial report is guaranteed to be true, accurate, and complete by the responsible persons[3]. - The company’s financial statements are prepared in accordance with the accounting standards, reflecting a true and complete picture of its financial status[156]. - The company has established a comprehensive method for accounting treatment in mergers and acquisitions, ensuring fair value measurement of identifiable assets and liabilities[158]. - The company recognizes expected credit losses for receivables and contract assets based on the entire expected lifetime of the financial instruments[168]. - The company applies the same impairment measurement for accounts receivable as for other financial assets[170].

Financial Performance - The company's operating revenue for the reporting period reached CNY 15,310,669,400.23, representing a year-on-year increase of 23.36%[18]. - The net profit attributable to shareholders was CNY 721,079,177.46, reflecting a significant increase of 59.79% compared to the same period last year[18]. - The net cash flow from operating activities amounted to CNY 1,571,243,724.19, which is an increase of 16.46% year-on-year[18]. - Basic earnings per share for the first half of the year were CNY 0.48, up 60.00% from CNY 0.30 in the same period last year[19]. - The weighted average return on net assets increased by 2.37 percentage points to 6.62% compared to the previous year[19]. - The total assets of the company were CNY 57,482,736,564.80, showing an increase of 8.58% from the end of the previous year[18]. - The company reported non-recurring gains of CNY 45,274,748.82, which included government subsidies and other income[21]. - Total profit reached 187.67 million RMB, an increase of 91.23% compared to the previous year[28]. - Net profit attributable to the parent company was 115.22 million RMB, marking a year-on-year increase of 59.79%[28]. - The company achieved a net profit of RMB 2.04 million from coal sales operations, with a total coal transportation volume of 7.36 million tons during the reporting period[47]. Production and Operations - The coal business remains the primary driver of the company's performance, with profit growth attributed to increased production and cost control[23]. - The company's raw coal production reached 23.71 million tons, an increase of 9.95% year-on-year[28]. - The total sales of coal amounted to 38.34 million tons, a decrease of 3.94% compared to the same period last year[28]. - The comprehensive selling price of coal was 464.84 RMB/ton, reflecting a year-on-year increase of 28.39%[28]. - The company is focused on enhancing its coal mining management and safety systems to improve operational efficiency and safety standards[22]. - The company is implementing a centralized procurement strategy to enhance efficiency and reduce costs in its operations[23]. - The company is actively expanding its production capacity with two new mines under construction, expected to add 10 million tons of capacity[24]. Financial Position and Liabilities - The total guarantee amount (excluding guarantees to subsidiaries) is CNY 7,868.32 million[100]. - The total guarantee amount (including guarantees to subsidiaries) is CNY 27,868.32 million, accounting for 1.21% of the company's net assets[101]. - The company has a loan balance of CNY 20,000.00 million for the construction of a thermal power project, with a floating interest rate based on LPR[101]. - The company reported a maximum loan amount of CNY 10 million for the thermal power project, with a repayment period of 13 years[101]. - The company has a financial company as a related party, with a deposit balance of CNY 9,761,979,717.32 at the end of the period[94]. - The company has a loan balance of CNY 384,000,000.00 with a financial company, with a loan limit of CNY 750,000,000.00[95]. - The company incurred a commission expense of CNY 603,627.73 for entrusted loan services[97]. Environmental and Safety Measures - The company operates in a high-risk coal mining industry, facing significant safety risks due to geological factors and high gas emissions[55]. - The company has implemented comprehensive safety measures, including enhanced training and improved monitoring equipment, to mitigate safety risks[55]. - The company is closely monitoring macroeconomic trends and coal market dynamics to adjust production and optimize market strategies[55]. - The company has completed ultra-low emission renovations and is operating normally, with no environmental pollution incidents reported[67]. - The company has established emergency response plans for environmental incidents, with registrations completed for both power plants[70]. - The company has reported a significant reduction in emissions, with organized dust emissions at 44.6 mg/m³ and unorganized emissions at 0.117 mg/m³, both below the standard limits of 80 mg/Nm³ and 1.0 mg/Nm³ respectively[78]. - The company has completed the upgrade of its wastewater treatment system, with the second mine's system fully operational and in the debugging phase, while the first mine's new water treatment station is under construction[79]. Shareholder and Corporate Governance - The company held its first extraordinary shareholders' meeting on January 13, 2021, with 59.21% of total shares represented, approving proposals for entrusted loans to subsidiaries and bank credit applications[59]. - The second extraordinary shareholders' meeting on January 21, 2021, had 59.32% of total shares represented, approving a proposal to change the company's name and amend relevant articles in the articles of association[59]. - The annual shareholders' meeting on May 14, 2021, had 60.51% of total shares represented, approving 18 proposals including the 2020 financial report and profit distribution plan[59]. - The company appointed Liu Jiyong as the new Chief Engineer on June 9, 2021, following the resignation of previous executives[62]. - The company did not report any changes in share capital structure during the reporting period[103]. - There were no significant changes in the number of shares held by directors, supervisors, and senior management during the reporting period[108]. Research and Development - Research and development expenses surged by 71.73% to ¥120,742,718.25, up from ¥70,308,941.25, indicating increased investment in innovation[30]. - The company is focusing on technological innovation in coal mining, implementing smart mining technologies to improve efficiency[26]. - The company plans to continue expanding its market presence and investing in new technologies to enhance operational efficiency[34]. Cash Flow and Financial Management - The company reported a significant increase in financing cash flow, reaching ¥2,764,344,617.13, a 76.91% increase from ¥1,562,606,365.20, primarily due to increased borrowings[31]. - The cash flow from operating activities for the first half of 2021 was approximately ¥1.83 billion, an increase of 16.4% compared to ¥1.57 billion in the same period of 2020[136]. - The company received cash from financing activities amounting to approximately ¥8.91 billion, significantly higher than ¥3.99 billion in the same period of 2020, reflecting increased borrowing[136]. - The company reported a net increase in cash and cash equivalents of CNY 3.03 billion, compared to a decrease of CNY 0.19 billion in the previous year[139]. Corporate Bonds and Preferred Shares - The company issued preferred shares with a total quantity of 10,000,000 at a price of 100 yuan per share, with a dividend rate of 4.80%[109]. - The company has issued several corporate bonds, including a total of 13.50 billion yuan for the 2018 third phase of perpetual corporate bonds at a rate of 6.90%[117]. - The company also issued 15.00 billion yuan in corporate bonds in 2019, with interest rates ranging from 4.00% to 4.68%[117]. - The preferred shares are accounted for as equity instruments in accordance with the relevant accounting standards[114]. Inventory and Asset Management - The inventory level decreased to CNY 551.24 million from CNY 680.64 million, indicating a reduction of about 19%[126]. - The company reported a decrease in inventory by CNY 6,402,656.59, which may reflect improved inventory management[145]. - The company has a perpetual inventory system in place for inventory management[174]. Accounting Policies and Financial Reporting - The company has established specific accounting policies tailored to its operational characteristics, including revenue recognition and inventory measurement[155]. - The company’s accounting period runs from January 1 to December 31, aligning with standard fiscal practices[157]. - The company recognizes expected credit losses for financial assets measured at amortized cost and those measured at fair value, considering past events, current conditions, and forecasts of future economic conditions[168].

Financial Performance - Operating revenue for the first quarter reached CNY 10.77 billion, a 27.46% increase year-on-year[4] - Net profit attributable to shareholders was CNY 462.30 million, up 22.41% from the same period last year[4] - The net cash flow from operating activities was CNY 1.30 billion, representing a 15.21% increase year-on-year[4] - Coal production for the first quarter was 1.24 million tons, a 15.56% increase compared to the same period last year[6] - Coal sales volume reached 2.35 million tons, up 14.22% year-on-year[6] - Gross profit from coal sales increased by 54.45% to CNY 156.61 million[6] - Basic and diluted earnings per share were both CNY 0.19, an increase of 18.75% compared to the previous year[4] - Total operating revenue for Q1 2021 reached ¥10,773,691,408.40, a 27.4% increase from ¥8,452,393,935.86 in Q1 2020[25] - Net profit for Q1 2021 was ¥614,835,726.55, representing a 48.3% increase compared to ¥414,769,964.24 in Q1 2020[26] - The net profit attributable to shareholders of the parent company was ¥462,295,790.20, up from ¥377,667,721.20 in Q1 2020, marking a 22.4% increase[26] - Basic earnings per share for Q1 2021 were ¥0.19, compared to ¥0.16 in Q1 2020, indicating a growth of 18.8%[26] Assets and Liabilities - Total assets increased by 7.58% to CNY 61.84 billion compared to the end of the previous year[4] - The total current assets at the end of the reporting period amounted to 19,273,620,923.97 million RMB, up from 15,416,868,059.28 million RMB[19] - Current liabilities rose to ¥29.74 billion, compared to ¥25.40 billion in the previous year, marking an increase of about 17.5%[21] - Non-current liabilities totaled ¥6.40 billion, up from ¥6.08 billion, indicating an increase of around 5.3%[21] - The company's total liabilities amounted to ¥36.14 billion, compared to ¥31.48 billion, showing a rise of approximately 14.0%[21] - The equity attributable to shareholders decreased to ¥23.21 billion from ¥23.68 billion, a decline of about 2.0%[21] - Total liabilities increased to ¥26,069,249,396.60 in Q1 2021 from ¥22,315,896,688.64 in Q1 2020, reflecting a growth of 16.0%[24] - Total equity decreased to ¥20,811,542,090.31 in Q1 2021 from ¥21,542,518,250.71 in Q1 2020, a decline of 3.4%[24] Cash Flow - Cash and cash equivalents increased by 356,582.35 million RMB, a growth of 41.78% compared to the previous year[11] - Net cash flow from operating activities reached 129,517.15 million RMB, an increase of 15.21% compared to the previous year[15] - Cash inflow from operating activities reached ¥4,454,359,122.35, up from ¥3,752,693,087.51 in Q1 2020, representing a growth of approximately 18.7%[31] - Net cash flow from operating activities was ¥888,944,133.69, slightly increasing from ¥856,611,965.18 in the same quarter last year[31] - The net cash flow from investing activities was negative CNY 483,250,824.45, an improvement from negative CNY 2,797,634,917.16 in Q1 2020[30] - The net cash flow from financing activities increased to CNY 2,619,269,599.46, compared to CNY 1,831,897,114.33 in Q1 2020, reflecting a growth of 43.3%[30] - Cash and cash equivalents at the end of Q1 2021 totaled CNY 11,220,827,485.49, compared to CNY 5,617,916,256.22 at the end of Q1 2020, an increase of 99.8%[30] Shareholder Information - The total number of shareholders at the end of the reporting period was 80,711[7] - Total number of preferred shareholders at the end of the reporting period is 4[9] - The largest preferred shareholder, Everbright Yongming Asset Management, holds 8,000,000 shares, representing 80% of the total[9] Research and Development - The company’s research and development expenses decreased by 1,050.19 million RMB, a reduction of 57.03% year-on-year[13] - Research and development expenses for Q1 2021 were ¥7,914,095.42, down 57.0% from ¥18,415,967.05 in Q1 2020[25] - Research and development expenses decreased to CNY 6,296,052.38 from CNY 16,797,924.00, a reduction of 62.5% year-on-year[27] Financial Expenses - Financial expenses rose by 8,424.17 million RMB, marking an increase of 128.06% compared to the previous year[13] - The company incurred financial expenses of CNY 87,889,111.45, compared to a financial income of CNY 11,706,934.34 in Q1 2020[27] Accounting Standards - The company implemented a new leasing standard starting January 1, 2021, which is not expected to have a significant impact on operating results[32] - Fixed assets were reported at ¥25,421,284,157.32 as of December 31, 2020, with a slight adjustment due to the new leasing standard[33] - The company has adjusted its long-term liabilities, including lease liabilities, in accordance with the new accounting standards[34] - The company did not restate comparable data for the end of 2020 due to the implementation of the new leasing standard[32]

Financial Performance - The company's operating revenue for 2020 was approximately ¥31.18 billion, a decrease of 4.52% compared to ¥32.66 billion in 2019[15]. - The net profit attributable to shareholders for 2020 was approximately ¥1.51 billion, down 11.51% from ¥1.70 billion in 2019[15]. - The net cash flow from operating activities increased by 13.19% to approximately ¥3.97 billion in 2020, compared to ¥3.50 billion in 2019[15]. - The total assets at the end of 2020 were approximately ¥57.48 billion, reflecting a 12.57% increase from ¥51.07 billion in 2019[15]. - The basic earnings per share for 2020 was ¥0.63, a decrease of 11.27% from ¥0.71 in 2019[16]. - The weighted average return on net assets for 2020 was 9.03%, down 0.85 percentage points from 9.88% in 2019[16]. - The total profit for the year was 1.94 billion RMB, down 15.72% year-on-year, with a net profit attributable to shareholders of 1.51 billion RMB, a decrease of 11.51%[28]. - The company reported a significant increase in financial expenses, with interest expenses at CNY 449,884,595.06 compared to CNY 433,178,178.39 in 2019[184]. Cash Flow and Investments - The net cash flow from operating activities increased to CNY 396.73 million, a year-on-year increase of 13.19% from CNY 350.49 million[44]. - The net cash flow from investing activities decreased by 50.26% to CNY -458.21 million, compared to CNY -304.95 million in the previous year[44]. - The net cash flow from financing activities increased significantly by 551.11% to CNY 291.60 million, compared to CNY -64.64 million in the previous year[44]. - The company had cash and cash equivalents of CNY 8.53 billion at the end of the period, an increase of 36.53% from CNY 6.25 billion in the previous year[46]. - The cash inflow from investment activities totaled CNY 4,561,674,492.32, slightly down from CNY 4,844,838,169.32 in 2019[191]. - The total cash outflow from investing activities was CNY 9,901,817,461.51, compared to CNY 6,319,728,403.87 in 2019, reflecting a rise of 56.5%[191]. Shareholder Information and Dividends - The company plans to distribute a cash dividend of 2.50 CNY (including tax) for every 10 shares based on a total share capital of 2,405,000,000 shares as of December 31, 2020[3]. - The company proposed a cash dividend of 2.50 RMB per 10 shares for the year 2020, totaling 601,250,000.00 RMB, which represents 39.95% of the net profit attributable to ordinary shareholders[69]. - For the year 2019, the cash dividend was 2.80 RMB per 10 shares, amounting to 673,400,000.00 RMB, which accounted for 39.59% of the net profit attributable to ordinary shareholders[69]. - The total number of shares for the cash dividend distribution in 2020 is based on 240,500,000 shares as of December 31, 2020[69]. - The company has maintained a consistent cash dividend policy over the past three years, with dividends paid in 2018, 2019, and 2020[69]. Operational Highlights - The company primarily engages in coal production, processing, and sales, along with electricity and heat production, with coal products being the main revenue source[23]. - The company’s raw coal production reached 43.22 million tons, an increase of 5.39% year-on-year, while coal sales volume grew by 8.52% to 81.92 million tons[28]. - The average selling price of coal was 356.98 RMB/ton, down 11.99% compared to the previous year[28]. - The company has established strategic partnerships with major steel and power enterprises, enhancing its market resilience and sales capabilities[25]. - The company benefits from a strategic location in Yangquan City, facilitating efficient transportation through rail and highway networks[25]. Risk Management and Compliance - There are no significant risks that materially affect the company's production and operations during the reporting period[5]. - The company has confirmed that there are no non-operating fund occupations by controlling shareholders and their related parties[4]. - The company has not violated decision-making procedures for providing guarantees[4]. - The company has not reported any significant issues regarding the use of funds or overdue receivables during the reporting period[74]. - The company has not faced any risks of suspension or termination of listing during the reporting period[77]. Environmental and Social Responsibility - The company has completed ultra-low emission renovations at its power plants, ensuring no environmental pollution incidents occurred[96]. - The company has established emergency response plans for environmental incidents, with registrations completed for both of its power plants[98]. - The company has implemented comprehensive pollution control measures, including the construction of wastewater treatment facilities and the installation of dust collection systems[104]. - The company actively participates in poverty alleviation efforts, providing support to multiple villages in Shanxi Province[87]. - The company invested a total of 41.12 million RMB in poverty alleviation projects, helping 306 registered impoverished individuals to escape poverty[90]. Strategic Initiatives and Future Outlook - The company plans to continue focusing on coal production and electricity generation while exploring new market opportunities and technological advancements[41]. - The company is focused on technological innovation to achieve safe, green, and intelligent coal mining practices[24]. - The company is exploring opportunities for mergers and acquisitions to strengthen its market position[58]. - Future guidance indicates a focus on sustainability initiatives, with a target of reducing carbon emissions by 30% by 2025[127]. - The company plans to enhance its workforce training programs, investing 10 million CNY to improve employee skills in new technologies[130].

Financial Performance - The company's operating revenue for the first half of the year was ¥15.31 billion, a decrease of 1.39% compared to ¥15.53 billion in the same period last year[12]. - Net profit attributable to shareholders was ¥721.13 million, down 32.18% from ¥1.06 billion year-on-year[12]. - Basic earnings per share decreased to ¥0.30, down 31.82% from ¥0.44 in the same period last year[13]. - The weighted average return on equity was 4.25%, a decrease of 0.60 percentage points compared to 4.85% in the previous year[13]. - The total profit decreased by 34.09% to 981.38 million yuan, with net profit attributable to shareholders dropping by 32.18% to 721.13 million yuan[26]. - The comprehensive selling price of coal was 362.04 yuan per ton, down 13.68% year-on-year[26]. - The company achieved a total revenue of 35,146 million CNY with a net profit of 17 million CNY during the reporting period, having transported 1.11 million tons of coal[50]. - The company reported a decrease in sales expenses to CNY 86,707,042.90, down 31.2% from CNY 125,940,258.87 in the previous year[125]. - Total comprehensive income for the first half of 2020 was CNY 761,740,117.53, compared to CNY 1,098,560,792.58 in the previous year[126]. Cash Flow and Liquidity - The net cash flow from operating activities increased significantly to ¥1.57 billion, a 281.38% improvement from a negative cash flow of ¥866.29 million in the previous year[12]. - Cash flow from operating activities generated a net amount of approximately ¥1.57 billion, a significant improvement from a net outflow of approximately ¥866.29 million in the first half of 2019[128]. - Total cash inflow from operating activities was ¥9,025,859,785.02, up from ¥7,634,659,862.35, representing an increase of approximately 18.2% year-over-year[130]. - Cash outflow for purchasing goods and services decreased to ¥5,587,304,224.26 from ¥6,328,389,781.60, a reduction of about 11.7%[130]. - The company’s current ratio decreased to 0.66 from 0.72, a decline of 8.33% due to a significant reduction in short-term borrowings[117]. - The quick ratio also fell to 0.61 from 0.68, reflecting a 10.29% decrease attributed to the same reason of reduced short-term borrowings[117]. Debt and Financing - The company raised 1 billion yuan through the issuance of corporate bonds during the reporting period[26]. - The company has a debt repayment plan in place, with interest payments scheduled annually for its bonds, ensuring timely servicing of debt obligations[111]. - The company maintained a loan repayment rate of 100% for the reporting period, consistent with the previous year[117]. - The company reported stable operations and smooth financing channels, ensuring no impact on investors' repayment capabilities[119]. - The company’s bond ratings have consistently remained at AAA, indicating strong creditworthiness and stability in the financial market[109]. Operational Efficiency - The company has implemented a centralized procurement and cash flow management system to improve operational efficiency and mitigate debt risks[17]. - The company is focusing on technological development in coal selection processes and automation systems to improve operational efficiency and product quality[56]. - The company plans to continue focusing on cost control and efficiency improvements in the upcoming quarters to enhance profitability[127]. Market and Sales - The coal market has shown signs of recovery with increasing prices due to improved downstream demand after initial pandemic disruptions[23]. - The company is focused on technological innovation for safe and green coal mining, having developed key technologies for self-igniting coal gangue mountain management[20]. - The coal products are marketed nationwide, with strategic partnerships established with major steel and power plants, enhancing market resilience[21]. - The company plans to continue its strategy of "railway first, long-term contracts first" to stabilize coal transportation and sales[24]. Environmental Compliance - The company has completed ultra-low emission renovations and is now in normal operation without any environmental pollution incidents[84]. - The company reported zero emissions of sulfur dioxide and nitrogen oxides from its operations, indicating compliance with environmental standards[91]. - The company has established emergency response plans for environmental incidents, with registrations completed for both the second and third power plants[87]. - The company has engaged third-party professional organizations to ensure compliance with environmental monitoring requirements[88]. Shareholder Information - The annual shareholders' meeting on May 15, 2020, had 32 shareholders present, representing 1,434,827,050 shares, accounting for 59.66% of the total share capital[63]. - The largest shareholder, Yangquan Coal Industry (Group) Co., Ltd., holds 1,403,038,240 shares, accounting for 58.34% of the total shares[98]. - The company did not propose any profit distribution or capital reserve transfer increase for the half-year period[65]. Corporate Governance - The company appointed Wang Pinghao as the Secretary of the Board and Deputy General Manager, effective from March 18, 2020[100]. - The seventh board of directors was elected on August 7, 2020, with Yang Naishi as the Chairman and Wu Xuegang as the General Manager[101]. - The company has independent directors including Sun Guorui, Xin Maoxun, and Liu Zhiyuan elected to the seventh board[102]. Risk Management - The company has detailed potential risks in the "Discussion and Analysis of Operating Conditions" section of the report[4]. - The company emphasizes safety management and has implemented comprehensive safety regulations to mitigate risks associated with coal mining, including geological hazards and gas emissions[60]. - The company confirmed that there were no major related party transactions during the reporting period[70]. Acquisition and Investments - The company is actively promoting the acquisition of 100% equity in Qiyuan Coal Industry Co., Ltd. to enhance its competitive advantage in the coal market[24]. - The company has agreed to acquire 100% equity of Qiyuan Mining from Yangmei Group, with an initial payment of RMB 2.499 billion made for mining rights as of June 30, 2020[71]. - The company is currently evaluating the overall assets of Qiyuan Mining as part of the acquisition process, which is still ongoing[71]. Accounting and Financial Reporting - The report is unaudited, ensuring the accuracy and completeness of financial statements as declared by the management[2]. - The company has not disclosed any changes in accounting policies or estimates during the reporting period[95]. - The financial statements comply with the enterprise accounting standards, reflecting the company's financial status accurately[142].